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

Home Browse Search

DocuSign Envelope ID: 92860B03-367C-49AA-BA95-OFDE6BFCF177 WHEREAS, the City has determined that the construction of the Project, the creation of jobs at the Development Site in connection with the Development and the mutual fulfillment of this Agreement are all in the vital and best interests of the City and the health, safety, and welfare 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 intends to propose the establishment of a tax increment financing program pursuant to Ohio Revised Code Section 5709.41 with respect to the Development Site (the "TIF'). The proposed TIF shall be a non -school TIF and run for 30 years and provide a 100% exemption on the increase in assessed value of the Development Site. The City intends to submit for Council approval the legislation establishing the TIF (the "TIF Ordinance") no later than forty- five (45) days after the effective date of this Agreement. As described herein, the provision of TIF revenue to the Developer hereunder will be dependent on the continued material compliance by the Developer and the Development with this Agreement; and WHEREAS, in order to create a TIF for the Project under R.C. 5 709.41, 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 on the date following the full execution of this Agreement, and the City will re -convey the Development Site to the current owners thereafter for the same amount, subject to the terms of this Agreement; and WHEREAS, the City intends to propose the establishment of a Community Reinvestment Area for the Project pursuant to Ohio Revised Code Section 3735.65 (the "CRA"). The proposed CRA shall grant a 15-year, 100% abatement on the improved value for the residential portion of the Project, and a 15-year 75% abatement on the improved value of the commercial portion of the Project. The City intends to submit for Council approval the legislation establishing the CRA (the "CRA Ordinance") no later than forty-five (45) days after the effective date of this Agreement; and WHEREAS, the City intends to further support the Project with a grant of $200,000.00 directed toward energy efficiency enhancements to the buildings (the "Grant"), and a loan of $300,000 directed toward the rehabilitation, restoration, and preservation of historic features (the "Loan", and collectively with, without limitation, the TIF, and CRA, and the Grant, the "Incentives"); and WHEREAS, the Developer has 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 0)