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ORDINANCE NO.22-2021
<br />Placed on 1st
<br />reading &
<br />referred to HPD 6/21/21;
<br />2nd reading 7/6/21
<br />E ill®cic, Kepple, Litten, Neff, O'Malley, Rader
<br />AN ORDINANCE authorizing a development agreement with West 117 Development
<br />LLC, West 117 Development Fieldhouse LLC, and West 117 Development Phantasy LLCin
<br />connection with the development and redevelopment of certain real property in the City of
<br />Lakewood, Ohio as part of a tax increment financing program under Ohio Revised Code Section
<br />5709.41.
<br />WHEREAS, West 117 Development, LLC, West 117 Development Fieldhouse LLC, and
<br />West 117 Development Phantasy LLC, each an Ohio limited liability company (collectively, the
<br />"Developer"), or their affiliates, are actively pursuing the development and redevelopment of
<br />certain real property located in the City of Lakewood, Ohio (the "City"), which real property is
<br />identified on Exhibit A attached hereto (the "Property"); and
<br />WHEREAS, the Developer desires to develop and redevelop the Property for a mixed -
<br />use development featuring (i) the Fieldhouse, an approximately 20,000 square foot facility with
<br />three restaurant concepts, outdoor dining patio, rooftop deck, and an indoor and outdoor sports
<br />complex; and (ii) Phantasy, an approximately 56,000 square foot facility including five unique
<br />entertainment venues and commercial space, at an estimated cost of approximately $14,250,000
<br />(collectively, the "Project"), in accordance with the terms, conditions, covenants and warranties
<br />in the Development Agreement that has been negotiated by the Developer and City attached
<br />hereto as Exhibit B; and
<br />WHEREAS, the Project will be in furtherance of the City's urban redevelopment
<br />activities, and accordingly the City anticipates providing project -based tax increment financing
<br />for the Project, to be authorized by a separate ordinance pursuant to Ohio Revised Code ("R.C.")
<br />Section 5709.41; and
<br />WHEREAS, Section 13 of Article VIII of the Ohio Constitution provides that it is in the
<br />public interest and proper public purpose for the City to support economic development and
<br />improve the economic and general well-being of the people of the City to create or preserve jobs
<br />and employment opportunities.
<br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
<br />LAKEWOOD, STATE OF OHIO:
<br />Section 1. That the Development Agreement, substantially in the form attached hereto as
<br />Exhibit B. which Development Agreement specifies, among other things, that (A) the plans for
<br />the Project be prepared and submitted to the City for approval in accordance with all customary
<br />City requirements, and (B) the Developer obtain all building permits, zoning approvals, and
<br />other governmental approvals required for the Project, is hereby authorized and approved,
<br />together with such revisions or additions thereto as approved by the Mayor and Law Director as
<br />are consistent with the objectives and requirements of this Ordinance and not otherwise
<br />materially adverse to the City. The Mayor, for and in the name of the City, with the approval of
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