2005 018 Ordinance - Laserfiche WebLink

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? % ' . % / ` DEVELOPMENT AGREEMENT THIS AGREEMENT is made by and between Mayfield Village, a municipal corporation which is a political subdivision of the State of Ohio, having an address at 6622 Wilson Mills Road, Mayfield Village, Ohio 44143 ("Village") and Progressive Casualty Insurance Company, an Ohio corporation, having an address at 6300 Wilson`-- Mills Road, Mayfield Village, Ohio 44143 ("Progressive"). PREAMBLE WHEREAS, Progressive intends to acquire +/- 57 acres of undeveloped land fronting on S.O.M. Center Road, Mayfield Village, Ohio, (the "Property") in connection with the construction of two or more office buildings and other facilities for use in its business operations (collectively the "Development"); and ' WHEREAS, the Village intends to acquire +/- 7.5 acres of certain adjacent property (the "Adjacent Property") fronting on S.O.M. Center Road for economic development, municipal recreational and park land purposes; and WHEREAS, the parties wish to make certain provision for the Property, the Adjacent Property, the Development and economic development in general, including the transfers by each party to the other of a portion of the Property and/or Adjacent Property, and the construction of various infrastructure improvements in furtherance of the Development pursuant to a Tax Incremental Financing ("T.I.F.") Agreement to be executed by the parties; and WHEREAS, the provisions set forth above and as provided herein are in furtherance of the Village's 1997 Master Plan for the area; and WHEREAS, in addition to the above the Village and Progressive agree to execute an Income Tax Grant Agreement and in accordance and pursuant to that agreement, so long as the future income tax paid to the Village from Progressive (i.e., employee income tax withholding) meets a certain baseline, fifty percent (50%) of such income tax revenues generated from the Development will be paid in the form of a grant to Progressive NOW, THEREFORE, subject to final site plan approval for the Development, and the parties' execution of a Tax Incremental Financing Agreement and an Income Tax Grant Agreement, Progressive and the Village hereby agree as follows: 1. COMMENCEMENT OF DEVELOPMENT. Progressive shall prepare and submit to the Village plans for the construction of the Development. The Village agrees to approve these plans as promptly as possible, including such reasonable adjustments as allowed by the zoning code or as approved by the Village (similar to those approved for Progressive's existing facilities at 300 North Commons Blvd.), subject to all applicable zoning and regulatory requirements. Subject to timely performance of the Village's Page 1