1998 009 Ordinance - Laserfiche WebLink

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2-13-19`8 6.0,1 PM FROM D I EMERT/ASSOC. 216 dd2 0825 P. 2 ' ~0'_ ~~ 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 6621 Wilson Mills Road, Mayfield Village, Ohio 44143 ("Village's and Progressive Casualty Insurance Company, an Ohio corporation, having an address at 6300 Wilson Mills Raad, Mayfield Village. Ohio 44143 ("Progressive"). WHEREAS, Progressive and Village will enter in#o Purchase Agreements dated simultaneously herewith. ("Purchase Agreement"') under which Progressive will purchase from Village a parcel of real property located on SOM Center Road, Mayfield Village, Ohio and more particularly described in the Purchase Agreement ("Property"), and Mayfield will be simultaneously acquiring property from Progressive for municipal recreation purposes; and WHEREAS, Progressive intends to construct one or more office buildings and/or other facilities on the Property for use in its business operations (collectively the "Development'); and WHEREAS, the parties wish to make provision for various matters relating to the Development- NOW, THEREFORE, Progressive and Village hereby agree as follows: COMMENCEMENT OF DEVELOPMENT. Promptly following execution of this Agreement, Progressive shall prepare and submit to Village plans for the construction of the Development. Village agrees to approve these plans as promptly as possible, subject to all applicable zoning and regulatory requiremen#s. Subject to timely performance of Village's obligations under the other provisions of this Agreement, Progressive shall commence construction promptly following receipt of all necessary approvals and permits, and will construct on a continuous basis for the first three buildings, including the fitness center. Progressive commits to a minimum construction cost investment in the first three buildings that will be not less than $30,000,000. Progressive shall use its best efforts- consistent with its business needs, to ensure that Progressive and its affiliated entities employ in the facilities to be constructed on the Property at least 600 workers by the end of the first year following completion of construction and 1000 workers by the end of the third year following such completion. 2. FITNESS AND SWIMMING FACILITIES. As part of the Development, Progressive will construct a fitness center on the Property of not less than 15,000 square feet. Progressive shall determine the design and location of the fitness canter and pay all casts of construction. Progressive shaft allow residents of the Village to use the fitness center subject to any conditions and limitations of a type customarily imposed by owners and operators of fitness facilities. Progressive shall determine the center's hours of operation and may impose usage, membership and other fees. However, during the first 24 months of operation, Village residents will not be charged a fee in excess of that charged to Progressive employees. After the first 24 months, fees may be increased for Village residents in excess of that being charged to