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

Home Browse Search

DocuSign Envelope ID: 92860B03-367C-49AA-BA95-OFDE6BFCF177 VIII. CRA ORDINANCE The City and Developer agree that the implementing Ordinance in support of, without limitation, the Community Reinvestment Area ("CR,4') and related legislation (the "CRA Ordinance"), shall be submitted for City Council consideration and approval as soon as practicable, but, in any event, by no later than March 31, 2024. The Developer will submit a CRA application in accordance with the CRA Ordinance and, upon receipt, the City and Developer will negotiate in good faith a CRA Agreement outlining the terms of the CRA, which shall be substantially as outlined herein. The CRA Agreement will outline, among other things, circumstances under which an agreement may be revoked by the City for noncompliance and the manner by which already -received benefits may be recovered, as outlined by R.C. 3735.671. IX. LOAN AGREEMENT The City and the Developer agree that the Loan will be for an amount not less than Three Hundred Thousand and No/100 Dollars ($300,000.00), and shall be disbursed to Developer in -full upon execution of mutually -agreeable loan documents with the following terms: (i) the Loan shall accrue 0% interest; (ii) shall be fully -amortized over a 30-year repayment term; and (iii) shall be non -recourse. X. GRANT AGREEMENT The City and the Developer agree that Grant shall be on a reimbursement basis for pre - approved energy efficiency improvements for the Project to be negotiated and agreed by the Parties. The City further agrees to reimburse the Developer for all qualifying expenditures within thirty (30) days of Developer's written request therefore and the submission of receipts, cancelled checks, and/or other reasonably requested documentation/substantiation. XI. CONTINGENCIES FOR INCENTIVES The obligation of the City to provide the Project Incentives is contingent upon the satisfaction or waiver of all of the contingencies with respect to the Project set forth herein below. The Developer agrees to submit to the City for review all plans, documents, requested modifications, zoning, or any other item which concerns the Project in accordance with the City's current and generally applicable regulations. Each of the items required to be submitted to the City to satisfy the City shall be in form and substance reasonably acceptable to the City. A. Plans. The Project shall have been approved by the State Historic Preservation Office and meet the Secretary of the Interior Standards for Historic Preservation. The Developer will submit any plans necssary for the review and approval by the Planning Commission of a Conditional Use Permit for the residential portion of the Project. Addiitonally, the Developer will secure all necessary permits for the renovation of the buildings and pay the standard fees for permits and plan review.. 8