8809-15 Authorizing agreement with Rockport Square LLC

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AMENDED AND RESTATED TAX INCREMENT FINANCING AND DEVELOPMENT AGREEMENT THIS AMENDED AND RESTATED TAX INCREMENT FINANCING AND DEVELOPMENT AGREEMENT (referred to herein as this "Development Agreement" or this "Agreement ") has been made and entered into as of the — day of 2015 (the "Effective Date "), by and among the CITY OF LAKEWOOD, OHIO (the "City "), a municipal corporation and political subdivision duly organized and validly existing under the Constitution and laws of the State of Ohio, and acting by authority of Ordinance No. 47 -04, passed (the "TIF Ordinance ") (Exhibit ) and Ordinance No. , passed _ (the "Development Agreement Ordinance ") (Exhibit ), and Rockport Square, LLC (" Developer"; the Developer and the City are collectively, the "Parties" or individually a "Party "), a limited liability company duly organized and validly existing under the laws of the State of Ohio. WIT SSETH: A. The City and the Developer enteredirto that certain Tax Increment Financing and Development Agreement dated August 13, 2004, as`atrlendecCby that certain First Amendment to Tax Increment Financing and Development Agreement did August 18, 2004 (as amended, the "Original Development Agreement "). B. Pursuant to the terms of the Original Development- Agreement, the City acquired and thereafter the Dev-, acquired from the City and partially redeveloped certain real property totaling approximatelyaur (4) acres within the City and located at the eastern end of Detroit Road (the "Dev_elopmentTroperty "), which Development Property is more particularly described on Exhibit A =1 attached hereto. C. In connection w%t the Developer's redevelopment efforts with respect to the Development Property, the City'Council (the�`Council ") created the Rockport Square Incentive District pursuant to Section 5709 40W the Ohio Revised Code, the boundary of which Incentive District and the parcels in the Incentive District are depicted on Exhibit A -2 hereto (the "Incentive District "), which Incentive District is an area not more than 300 acres in size enclosed by a continuous boundary and includes the Development Property. D. In connection with the creation of the Incentive District, the City required that certain public improvements be constructed and certain demolition activities be undertaken which benefit and serve the Incentive District and the Development Property (collectively, the "Original Public Improvements"), which Original Public Improvements are described in Exhibit B -1 attached hereto. E. The City acquired the Development Property and financed the Original Public Improvements and performed its other obligations under the Original Development Agreement, by issuing its $4,265,000 Rockport Square Improvement General Obligation Bonds, Series 2004 (the "Bonds "), which Bonds are more particularly described on Exhibit hereto. (03163827.DOCX;6 ) 11727136.4 (2026928x2)