22-2021 - TIF for W. 117 Development LLC Fieldhouse

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IV. COVENANTS RUNNING WITH THE LAND Promptly upon execution of this Agreement, an original counterpart of this Agreement shall be recorded by the Developers and shall be a covenant running with the land and shall be binding upon and inure to the benefit of the Parties and any successors and assigns of the Parties, including any future owners of the Development Site, who shall be subject to the provisions of this Agreement applicable to the Developers, to the fullest extent permitted by law and equity for the benefit of the City, whether or not such provision is included in any succeeding deed to the Developers' successors and assigns. V. DESCRIPTION OF THE PROJECT Developers shall construct, or cause to be constructed, two entertainment venues, The Fieldhouse at Studio West, and The Phantasy at Studio West (to be known as Studio West 117) on the Development Site. City acknowledges that the names or title of the venues may change or be modified before or after construction is completed and agrees that Developers may make such changes or modifications without City consent. The Project shall be generally consistent with the site plan attached hereto as Exhibit C (the "Site Plan") and include the following components: • The Fieldhouse shall be an approximate 20,000 square foot facility with three restaurant concepts, outdoor dining patio, rooftop deck, and an indoor and outdoor sports complex; and • The Phantasy shall contain five unique entertainment venues and commercial space, totaling approximately 56,000 square feet; The City must approve any revisions or changes to the aforementioned components. VI. TIF ORDINANCE The City and Developers agree that the TIF Ordinance related to the Fieldhouse and Phantasy shall be presented for approval by Council as soon as possible after written request by Developers. VII. CONVEYANCE OF THE DEVELOPMENT SITE Transfer by Developers (or, if applicable, the current fee title owner (the "Existing Owner") of the title to the Development Site to the City (the "Initial Conveyance") shall take place on a date the parties may agree upon (the "Initial Conveyance Date"); provided, however that the Initial Conveyance shall occur prior to the passage of the TIF Ordinance. On the Initial Conveyance Date, Developers shall convey or cause the Existing Owner to convey the Development Site to the City for $1.00, by Limited Warranty Deed. Developers shall pay all customary closing costs relating to the Initial Conveyance, including but not limited to recording fees. The City, during the period it holds title to the Development Site, agrees to (a) neither make, nor permit to be made, any changes to the condition of the Development Site and (b) neither grant nor suffer to exist any 0