Laserfiche WebLink
DEVELOPMENT AGREEMENT <br />This DEVELOPMENT AGREEMEN (this "Development Agreement") is made and <br />entered into this 7 day of ~,) Bz~M , 2011, by and between MAYFIELD <br />VILLAGE, OHIO, an Ohio Municipal Corporation, having a mailing address of 6622 Wilson <br />Mills Road, Mayfield Village, Ohio 44143 ("the Village") and Winfield Deacon Limited <br />Partnership and Deacon's Chrysler, Inc. , 835 SOM Center Road, Mayfield Village, OH 44143 <br />("Deacon"). <br />RECITALS: <br />WHEREAS, Deacon is the owner of approximately 2.35 acres of commercially zoned <br />land located within the Village of Mayfield, Cuyahoga County, Ohio (the "Deacon Property") <br />and is more specifically depicted in Exhibit "A" attached hereto and incorporated herein by <br />reference; <br />WHEREAS, the Deacon Property is currently used as a car dealership; and <br />WHEREAS, Deacon also owns certain other property adjacent and contiguous to the <br />Deacon Property and intends to rezone this additional property, comprising approximately 1.3 <br />acres (the "Rezoned Property") specifically identified on Exhibit "B" from its current zoning of <br />residential to commercial so as to facilitate the construction of an improved and expanded <br />commercial car dealership with a estimated project budget of $2.5 million dollars (the <br />"Improvement"); and <br />WHEREAS, such rezoning is by Village Charter subject to a referendum vote, which the <br />parties contemplate will take place on November 8,'2011 at the regularly scheduled election; and <br />WHEREAS, the Improvement will reduce current dealership obsolescence and will make <br />the dealership more competitive with dealers in the region; and <br />WHEREAS, the Improvement will increase annual income and real estate tax revenue to <br />the Village by approximately $20,000.00 over current tax revenues being generated; and <br />WHEREAS, a Tax Incremental Financing Agreement, (the "TIF"), shall be executed in a <br />form acceptable to the Village so as to facilitate certain public improvements to be more fully <br />identified in that agreement; and <br />WHEREAS, the Improvement will ensure that that the public interest is protected and <br />prohibit an independent commercial use on the Rezoned Property because the Rezoned Property <br />if rezoned pursuant to a vote of the electorate shall only be so used in coordination and as part of <br />the Improvement; and <br />WHEREAS, this Agreement shall be fully contingent upon aVillage-wide referendum <br />vote; and <br />,,. ~ <br />