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

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the Rockport TIF remains in effect. The City will include in the TIF Ordinance an amendment to the Rockport TIF to remove the Development Site from the Rockport TIF. XIII. TIF REIMBURSEMENT The Developers will pay the statutory service payments generated from the Project (the "Project TIF Revenue") to the Cuyahoga County Treasurer, pursuant to a service payment agreement to be entered into by and between the City and the Developers (the "Service Agreement"), in the same manner and amount as if the TIF with respect to the Development Site had not been established in accordance with the Service Agreement. The Project TIF Revenue will be distributed by the Cuyahoga County Treasurer to an urban redevelopment tax increment equivalent fund (the "TIF Fund"). Subject to the conditions hereof, the City shall distribute 90% of the amounts on deposit in the TIF Fund to the Developers up to a maximum of $5,000,000, in accordance with the process set forth in the Service Agreement. The Developers shall pay all reasonable third party costs of the City in establishing the TIF and this Agreement, including, but not limited to, legal fees, closing costs and other costs associated with the required property transfer. The amount of said fees and costs for reimbursement to the City shall have been earned and payable only if and when Developers acquire title to the Development Site; provided, however, that the Developers shall reimburse the City for third party fees and costs associated with the land transfer required to establish the TIF regardless of whether or not the Developers acquire fee title to the Development Site. XIV. MAINTENANCE Developers will maintain the Project in a commercially reasonable manner, consistent with other high quality mixed -use developments of similar age in Northeast Ohio, including necessary building and site maintenance. XV. DEFAULT; REMEDIES O. Developers' Defaults. Any one or more of the following shall constitute a "Developer Default": a. Default by the Developers in the due and punctual payment, performance, or observance of any material obligation of the Developers under this Agreement or any other written agreement by and between the City and the Developers with respect to the initial construction of the Project (each a "Project Agreement") as to which default the City has given a Default Notice (as defined below) to the Developers, which default the Developers do not cure within the period of time specified in the Default Notice which shall not be less than sixty (60) days (provided that the foregoing cure right shall not apply to the construction deadlines set forth in Section X hereunder, subject to Force Majeure, and the cure period for any monetary default shall be ten (10) days); 12