2013 001 Ordinance - Laserfiche WebLink

Home Browse Search

DEVELOPMENT AGREEMENT This DEVELOPMENT AGREEMENT (this "Development Agreement") is made and entered into this day of , 2013, by and between MAYFIELD VILLAGE, OHIO, an Ohio Municipal Corporation, having a mailing address of 6622 Wilson Mills Road, Mayfield Village, Ohio 44143 (the "Village") and EAST COMMONS, LTD., an Ohio Limited Liability Company, having a mailing address of 30799 Pinetree Road, #254, Pepper Pike, Ohio 44124 ("East Commons"). RECITALS: WHEREAS, East Commons, is the equitable owner of approximately 5.81 acres of land located in Mayfield Village, Cuyahoga County, Ohio (the "East Commons Property") and which is more specifically depicted in Exhibit "A" attached hereto and incorporated herein by reference; WHEREAS, East Commons proposes an office, laboratory, medical condominium development on the East Commons Property hereinafter referred to as (the "Development"); WHEREAS, the East Commons Property is zoned partly Office-Laboratory and partly Single Family Residential; WHEREAS, the East Commons Property is also subject to a certain Court Ordered Settlement Agreement in Case No. 2005 ADV 0102032 consolidated with Case No. CV 05- 566681 which will hereinafter be referred to as (the "Settlement"), a copy of which is attached hereto as Exhibit "B"; WHEREAS, pursuant to the Settlement, any development of the East Commons Property, among other items must comply with the following provisions: a. PPN 831-OS-015 and 831-OS-007 shall comply with the then current zoning; b. Any structure(s) built on the East Commons Property must have compatible architecture with the Governor's Village Development; c. There shall be no access to SOM Center Rd. through or over PPN 831-OS-007 or any other adjoining or adjacent properties on SOM; and d. PPN 831-OS-007 shall remain "green" undeveloped land. WHEREAS, as a result of the Development, the Village has projected that the annual income and real estate tax revenue to the Village will increase by approximately Five Hundred Thousand Dollars ($500,000.00) over current tax revenues being generated; and WHEREAS, this Development Agreement is entered into by the parties to recognize and ensure full compliance with the East Commons Property zoning, the parameters and provisions of the Settlement and to fully memorialize the parties' respective rights, agreements and obligations relating to the Development.