48-2020 - TIF for Solove Development

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DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT (the "Agreement") is entered into as of [ t 20211) by and between the CITY OF LAKEWOOD (the "City"), a municipal corporation duly organized and validly existing under the laws of the State of Ohio, having an address 12650 Detroit Ave., Lakewood, OH 44107 and JDSI VODW, LLC, an Ohio limited liability company (the "Developer"), with its principal offices at []. (The City and Developer are collectively referenced as "Parties.") WHEREAS, the Developer is pursuing the redevelopment of an approximately 2.75-acre site currently identified as 16000 Detroit Avenue, 16200 Detroit Avenue, 15 801 Detroit Avenue, 16003 Detroit Avenue, and 16011 Detroit Avenue and as Parcel IDs 31130025, 311330275 313250115 313250125 31325013, 313250145 313220015 313220025 31322149, and 31322150, and more particularly described in Exhibit A, attached hereto and made a part hereof (the "Development Site"). The Developer intends to demolish existing structures on the Development Site and develop it for commercial purposes and in accordance with the Development Plan (as defined herein), including office, retail, and multi -family residential housing (the "Development"), with a portion to be developed as a Parking Lot, as defined herein (the "Parking Lot Improvements"); and WHEREAS, certain infrastructure improvements, are necessary in order to ensure the success of the Development, including, without limitation, the construction of certain infrastructure improvements described in Exhibit B attached hereto and made a part hereof (the "Inftastructure Improvements" and, together with the Parking Lot Improvements, the "Project'); and WHEREAS, the City has determined that the construction of the Project, the creation of jobs at the Development Site in connection with the Development, the affordability of the residential apartment units required hereunder, and the mutual fulfillment of this Agreement are all in the vital and best interests of the City and the health, safety, and welfare of its residents, and in accordance with the public purposes and provisions of applicable federal, state, and local laws and regulation; and WHEREAS, Resolution No. 2019-08 passed by City Council on December 2, 2019 amended the City's CRA ordinance ("CR,4 Ordinance") to foster the investment and development of affordable housing in new multi -family and mixed use construction projects in Community Reinvestment Area # l , as more particular described in Exhibit C (the "CPA"); and WHEREAS, the City plans to establish a tax increment financing program pursuant to Ohio Revised Code Section 5709.41 with respect to the Development Site (the "TIF'). The TIF shall be a non -school TIF and run for 30 years and provide a 100% exemption on the increase in assessed value of the Development Site. The City intends to submit for Council approval the legislation establishing the TIF no later than forty-five (45) days after the effective date of this Agreement. As described herein, the allocation of TIF revenue will be dependent on the continued compliance by the Developer and the Development with this Agreement; and 15785832v23