2011 002 Ordinance - Laserfiche WebLink

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~- AMENDMENT TO DEVELOPMENT AGREEMENT THIS AMENDMENT entered into this day of , 2011 is made by and between HAYFIELD 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") and amends the Development Agreement entered into between the Parties on March 29, 2006. This Agreement amends the Development Agreement and hereinafter shall be referred to as the "Amendment". PREAMBLE WHEREAS, due to the change in circumstances occurring since the Parties executed the Development Agreement in 2006; and the counterpart Ordinance No. 2005-18 (both attached hereto and incorporated by reference as Exhibit "A" and Exhibit "B" and hereinafter referred to collectively as the "2006 Agreement"), which changes include inter alia Progressive's decision to refrain from constructing what has commonly been identified as "Campus 3", the Parties, through this Amendment, pursuant to Paragraph 23 of the 2006 Agreement, supported by valuable consideration, rededicate their mutual promises to effectuate the purposes and provisions of the 2006 Agreement where applicable; and WHEREAS, this Amendment herein reiterates the Village's threefold legislative intent set forth in its 2005 "Complaint for the Appropriation of Property" in the case captioned, Village of Mayfield v. Costanzo & Son- Co., et al., Case No. 2005 ADV 0102032, filed in the Court of Common Pleas, Probate Court Division, Cuyahoga County, Ohio, a copy of which is attached hereto and incorporated herein as Exhibit "C"; said threefold legislative intent stated in 2005 as follows: To further the public purposes of: 1. Economic development; 2. The conservation of natural resources of the Village by the creation of parks and greenspace; and 3. To allow the continuation of a planned development; and WHEREAS, said case was settled in 2006, as evidenced by Exhibit "D", a copy of the Court's Journal Entry, attached and incorporated herein by reference, which settlement inter alia . was supported by monetary consideration paid by Progressive to the Village in excess of $3 million as reimbursement for the acquisition of land and legal expenses for-the case, and further consideration expended by the Village in the exercise of its governmental eminent domain powers and the deeding over to Costanzo and Son Company some ± six (6) acres of public lands in 2006, along with other good and valuable consideration as more fully set forth in the Court's Journal Entry; and