1998 014 Ordinance - Laserfiche WebLink

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98-14 Exhibit A 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") and Progressive Casualty Insurance Company, an Ohio corporation, having an address at 6300 Wilson Mills Road, Mayfield Village. Ohio 44143 ("Progressive"). WHEREAS, Progressive and Village will enter into 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 recrea#ion purposes; and WHEREAS, Progressive intends to construct two 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: 1. 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 requirements. 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. However, these commitments are conditioned upon the construction of a roadway accessing the- site with a curb .on SOIVI Center Road=~by 12/31 /98, and a curb cut to 1Nhite Road by 12/31 /00. 2. FITNESS AND SWIMMING FACIL1TiES. 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 center and pay all costs of construction. Progressive shall 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 lyol ~~~