2004 042 Ordinance - Laserfiche WebLink

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DEVELOPMENT AGREEMENT THIS AGREEMENT is made by and betinreen Mayfield Village, a municipal corporation which is a political subdivision of the State of Ohio, having an address at 6621 Wilson Mills Road, Mayfield Village, Ohio 44143 ("Village") and Skoda, Minotti Properties, LLC, an Ohio limited liability corporation, having an address at 6685 Beta Drive, Mayfield Village, 44143 ("Skoda, Minotti "). WHEREAS, Skoda, Minotti and the Village enter into this development agreement with the purpose. of facilitating the expansion of Skoda, Minotti's facilities on the property whose street address is 6685 Beta Drive, permanent parcel number 831- 013-013 ("Property"), and WHEREAS, Skoda, Minotti intends to expand its facilities located at 6685 Beta Drive and construct other improvements on the Property (collectively the "Development"), and WHEREAS, the parties wish to make provision for various matters relating to the Development. NOW, THEREFORE, Skoda, Minotti and the Village hereby agree as follows: 1. TAX INCREMENTAL FINANCING AGREEMENT Promptly following. execution of this Agreement, the Village_ shall prepare and submit to Skoda, Minotti for its consideration a Tax Incremental Financing (TIF) Agreement ("TIF Agreement") in substantial form similar to the exemplar attached hereto as Exhibit 1, for its consideration but with the clear intent to enter into such an agreement with the Village whereby the incremental property taxes generated by the Development will be abated and in their stead Skoda, Minotti will agree to make service payments or payments in lieu of taxes (PILOTs). The Village will structure the TIF Agreement in such manner that it will have a neutral or positive financial impact on the Mayfield City Schools. The PILOTs in turn will be used by the Village to finance public improvements in and around the Property. The specific improvements to be funded through the PILOTs will be set forth in the TIF Agreement and may include but will not be limited to the construction and installation of conduit and fiber optics in and around 6685 Beta Drive and the landscaping and improvements on and about the property. However, it is understood that the Village has the right to prioritize its construction of any and all improvements and this agreement shall not be construed to be binding the Village to construct any or all of the improvement referred to here or in other agreements with the Company. Page 1 of 4