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DocuSign Envelope ID: 92860B03-367C-49AA-BA95-OFDE6BFCF177 <br />DEVELOPMENT AGREEMENT <br />THIS DEVELOPMENT AGREEMENT (the "Agreement") is entered into as of January <br />2024 by and between the CITY OF LAKEWOOD (the "City"), a municipal corporation <br />duly organized and validly existing under the laws of the State of Ohio, having an address 12650 <br />Detroit Ave., Lakewood, OH 44107, and LDC Warren LTD, LLC, an Ohio limited liability <br />company with its principal offices at 28045 Ranney Parkway, Suite E, Westlake, OH 44145 (the <br />"Developer"). The City and Developer are collectively referenced as the "Parties." <br />WHEREAS, the Developer is pursuing the redevelopment of an approximately 1.65-acre <br />site currently identified as 1456 Warren Road (Parcel ID 314-04-064) (the "East Rockport <br />School") constructed in 1879, and 1470 Warren Road (Parcel ID 314-04-065) (the "Grant <br />School"), constructed in 1899, both located in the City of Lakewood, County of Cuyahoga, and <br />State of Ohio, and more particularly described in Exhibit A, attached hereto and made a part hereof <br />(collectively, the "Development Site"); and <br />WHEREAS, the Developer has already taken critical steps to the ensure these historic <br />properties are preserved by locally designating the building as Historic Properties, placing both <br />buildings on the National Register of Historic Places and securing both State and Federal historic <br />tax credits for the buildings; and <br />WHEREAS, the Developer intends to develop the Development Site for commercial and <br />residential purposes in accordance with the Development Plan (as defined herein), and the <br />redeveloped Development Site will be known as Liberty Common (the "Development"); and <br />WHEREAS, certain infrastructure improvements are necessary in order to ensure the <br />success of the Development, including, without limitation, the construction of the infrastructure <br />improvements described in Exhibit B attached hereto and made a part hereof (the "Infrastructure <br />Improvements" and, together with the East Rockport School and Grant School, the "Project"); and <br />WHEREAS, Developer intends to prioritize completion of the East Rockport School <br />construction portion of the Project ("Phase One") over the completion of the Grant School portion <br />of the Project ("Phase Two"); and <br />