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12650 Detroit Avenue • Lakewood, Ohio 44107 • (216) 529 -6630 • (216) 529 -5936 FAX <br />ECONOMIC DEVELOPMENT GRANTAGREEMENT <br />Between <br />The City of Lakewood <br />And <br />WXZ Residential Group /Lakewood, LLC <br />THIS GRANT AGREEMENT (the "Agreement ") is entered into as of 2019 by and between <br />the CITY OF LAKEWOOD (the "City" or "Grantor "), an Ohio municipal corporation, and WXZ Residential <br />Group /Lakewood, LLC ( "Grantee ") an Ohio limited liability company located at 22720 Fairview Center Or # <br />150, Cleveland, OH 44126 duly organized and validly existing under the laws of the State of Ohio, by and <br />through its duly authorized representative. <br />WITNESSETH: <br />A. WHEREAS, the Grantee has requested an economic development grant (the "Grant ") to assist <br />with the environmental assessment, petroleum storage tank removal, environmental <br />remediation and site preparation including demolition of the existing service station and placing <br />clean fill to grade (collectively, the "Environmental /Site Work ") at the site at 13900 Lake <br />Avenue, PPN 312 -05 -011 (the "Project Site "); <br />B. WHEREAS, the City has determined that the project is an economic development project as <br />explained in the City of Lakewood Financial Policies and Guidelines adopted by Lakewood City <br />Council; <br />C. WHEREAS, WXZ Residential Group /Lakewood, LLC has requested assistance in order to <br />complete a <br />financial package to conduct the Environmental /Site Work at the Project Site; and <br />D. WHEREAS, The City's funding will be used for a portion of the Environmental /Site Work, <br />recognizing this as an opportunity to convert a former non - conforming use and environmental <br />hazard to a residential use more compliant with the character of Lake Avenue; and <br />E. WHEREAS, the City desires to make the Grant (as defined herein) to Grantee so that Grantee <br />can carry out its plans, subject to the terms and conditions of this Agreement as set forth below; <br />and <br />Page 1 of 18 <br />