2008-046 Resolution - Laserfiche WebLink

Home Browse Search

NOW, 'CF9EREFURE, %f= cansiclera'tiQn ;af t:he mufual prtinfiises hereinafter sek forth, the 7EaZ Parties hereto agree and t?ind tfierraselves; *hei~ agents, eMployees aiiC successarsr as follaws: Section 1. Creation of the 7crint Ecvrresrmic Dex+elo.pment Zone. i he ;iEGZ ?ar2ies, by tt-:eir combinev action evid°neeu b}, the signinq ot fi-his Agreement, hereby : reate a joint ecorrtrmic development zone in aceordance with the terms anci provisiorts vt this Agreemenl. The.jflint econrnnic deveiaprnent zone created pursuant to t.his Agreement shai` k'ae known as the "Nagel-lnterstate 90 Joint Ecnnomic bevelopment Ztsne" (the "Zone"). Siectinn 2. Purpose, Ir accordanee with 5ection 715.69 of the Revised Code, the .lEL7Z Parties intend t:hat the ereation ana operatian of thc, ZonL sha11, anci it is the purp4se of the Zone to, facilitate r»w or expanried growth fat' ccsrnmercial or ecanomie deve{aprrtent for the benefifi af their restdents and of the State. Settion 3. Territory ofi the Zone. 1"he territot-iai bocrndary of the Zanc, shali cons9st of 791:42 acres which s5 more fiully described in the attached Exhibit A. Section 4. Term, Unfess eariier iermlriated in arcordance with its terms, or amended by mutuai wrttt.en agreement of the parties, this Agceement shall be for a term of Ch'rriy (30) years commencing on the Effeetive bate of this Agreernent. Section S. Contriba.ftion to the Zsrne. {a} ?;.?':? ntrtaign. City's cor€tribution tct the Zone is its agreement to support and aduocate for County, 5tate andJor Federal funcfing, as applicabie, for irnprovemen," of cettain roadways determined to be irnpacted by deueiopment within the Zone in the cities of 8ay Viilage and Westlake, inc{uding, but not lirnited to, improvernent5 to the intersectior; of Nagei and Braclley Roac1s in B3y ViiCage and irriprovernents to Avon Road in Westlake, and Citr`s performaRCe o` a[1 other covenarts ot City stated in this Aqreement, (b) Avon's Corttribution. Avon's rorrtributian to the Zcrne is it5 agreement to encvurage commerciaf and industrial developrnent ne?essary or appropriate to Pror'note Pconomic deveioptrrent wathir, the Zone and perforni ai; other ecrvenants of Avan stated 1n this Agreernent. Sectiun 6„ Limitation an the use of Tax Abaternents. (a} Real EsMate Tax Abatefflents. Auan agsees fihat fcar any business reiocatirtg fram C:ity inio the Zcsne, Auan shaIl not provide to t.hat buslness any industrial or commercial real estate tax abatement exceeding seversty-five (75) percent The term af any ccromercia! or i:adustrial real estate iax abatement shaFl not exceed ten (iQ) years, (b) 1ncgm?._Tax. Attaterrients. Avori agrees ifiat it sttafl tiot prauicle any incorne t,ax abaterr,ent ta any husiness re{ocdking frorn 04i into the Zone, 2