03-2024 - Authorize Development Agreement with LDC Warren LTD, LLC

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DocuSign Envelope ID: 92860B03-367C-49AA-BA95-OFDE6BFCF177 ORDINANCE NO. 03-2024 1st read & referred to HPD 3/4/2024 2nd reading 3/18/2024 BY: Bullock, Kepple, Marx, Rader, Shachner, Strebig AN ORDINANCE authorizing a development agreement with LDC Warren LTD, LLC in connection with the redevelopment of certain real property in the City of Lakewood, Ohio as part of a tax increment financing program under Ohio Revised Code Section 5709.41. WHEREAS, LDC Warren LTD, LLC is an Ohio limited liability company (the "Developer") actively pursuing the redevelopment of certain real property located in the City of Lakewood, Ohio (the "City"), which real property is identified on Exhibit A attached hereto (the "Property"); and WHEREAS, the Developer desires to develop and redevelop the Property for a mixed -use development for commercial and residential purposes (collectively, the "Project"), in accordance with the terms, conditions, covenants and warranties in the Development Agreement that has been negotiated by the Developer and City attached hereto as Exhibit B; and WHEREAS, the Project will be in furtherance of the City's urban redevelopment activities, and accordingly the City anticipates providing project -based tax increment financing for the Project, to be authorized by a separate ordinance pursuant to Ohio Revised Code ("R.C.") Section 5 709.41; and WHEREAS, Section 13 of Article VIII of the Ohio Constitution provides that it is in the public interest and proper public purpose for the City to support economic development and improve the economic and general well-being of the people of the City to create or preserve jobs and employment opportunities. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Development Agreement, substantially in the form attached hereto as Exhibit B, which Development Agreement specifies, among other things, that (A) the plans for the Project be prepared and submitted to the City for approval in accordance with all customary City requirements, and (B) the Developer obtain all building permits, zoning approvals, and other governmental approvals required for the Project, is hereby authorized and approved, together with such revisions or additions thereto as approved by the Mayor and Law Director as are consistent with the objectives and requirements of this Ordinance and not otherwise materially adverse to the City. The Mayor, for and in the name of the City, with the approval of the Law Director, is hereby authorized to execute the Development Agreement and any amendments thereto deemed by the Mayor to be necessary. The approval of changes or amendments by the Mayor, and the character of the changes or amendments as not being inconsistent with this Ordinance and not being substantially adverse to the City, shall be evidenced conclusively by the execution thereof by the Mayor, with the approval of the Law Director. Section 2. That this Council authorizes the Mayor and the Director of Planning and Development and all proper City officials to take actions necessary to fulfill the terms of this