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

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of its residents, and in accordance with the public purposes and provisions of applicable federal, state, and local laws and regulation; 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 3 0 years and provide a 100% exemption on the increase in assessed value of the Development Site. The City shall submit for Council approval the legislation establishing the TIF upon the written request of the Developer. As described herein, the provision of TIF revenue to the Developers hereunder will be dependent on the continued compliance by the Developers and the Development with this Agreement; and WHEREAS, in order to create a TIF for the Project under R.C. 5709.41, the City must have held fee title to the Development Site prior to the enactment of the TIF Ordinance. Accordingly, the current owners will convey fee title to the Development Site to the City for $1.00 following the date this Agreement is executed, and the City will re -convey the Development Site to the current owners thereafter for the same amount, in each case on, and subject to, the terms of this Agreement; and WHEREAS, the Developers have represented and agreed, and the City's support for the Project is predicated on the understanding that, the Project will comply with the terms and provisions of this Agreement; and WHEREAS, the City, by adoption of Ordinance No. [ ], duly adopted by City Council [ ] (the "Implementing Ordinance"), has authorized the Mayor to enter into this Agreement for the development of the Development Site; and WHEREAS, the Parties desire to place of record against the Development Site this Agreement and the agreed upon plan and schedule of development, including restrictions on use of the Development Site, with the intent that same shall be construed as covenants binding on the Parties and their successors in interest, and benefitting and running with the land, enforceable by the Parties hereto in accordance with the terms hereof. NOW, THEREFORE, in consideration of the premises and the mutual covenants and promises herein contained, the sufficiency of which are acknowledged by the Parties hereto, the City and the Developers hereby agree as follows: I. INCORPORATION OF RECITALS; INTERPRETATION A. The recitals and "Whereas" clauses set forth above are fully incorporated in this Agreement and specifically made a part hereof, as if fully restated here. B . Any reference herein to the City or the City Council, or to any officer thereof, includes entities or officials succeeding to their respective functions, duties or responsibilities pursuant to or by operation of law or lawfully performing their functions.