2023-066 Ordinance - Laserfiche WebLink

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EXHIBIT A PASS-THROUGH SALE -PURCHASE AND DEVELOPMENT AGREEMENT This Pass -Through Sale -Purchase and Development Agreement (this 'Agreement") is entered into on this —day of 2023, by and between CITY OF NORTH OLMSTED ("Buyer') and the CUYAHOGA COUNTY LAND REUTILIZATION CORPORATION (the "CCLRC') under the following circumstances: A. Buyer is a municipality duly organized and existing under Ohio Law B. The CCLRC is an Ohio nonprofit community improvement corporation, exempt from federal income taxation under Section 115(1) of the Internal Revenue Code, organized for the purposes of, among others, (i) facilitating the reclamation, rehabilitation, and reutilization of vacant, abandoned, tax -foreclosed, or other real property within Cuyahoga County, Ohio (the "County'l for whose benefit the corporation is organized; and (ii) efficiently hold and manage vacant, abandoned, or tax -foreclosed real property pending its reclamation, rehabilitation, and reutilization. C. Certain real property bearing the street address of 0000 Brookpark Rear, North Olmsted, Ohio 44070 and being identified as Permanent Parcel Number 237-19-027 in the real estate records of the County (hereinafter, the "Real Property") is tax delinquent and may be eligible to be transferred to the CCLRC in lieu of tax foreclosure, as a result of tax foreclosure or forfeiture, or may otherwise become available for acquisition by the CCLRC. D. Buyer has indicated its willingness to acquire the Real Property from CCLRC for the purpose of redevelopment if the CCLRC is willing and able to acquire the Real Property. E. In accordance with its statutory purposes of facilitating the reclamation, rehabilitation, and reutilization of real property within the County, the CCLRC is willing to acquire the Real Property and transfer it to Buyer on the terms, provisions and conditions set forth below. NOW THEREFORE, Buyer and the CCLRC in consideration of the mutual promises made herein and in Addendum 1, and for other good and valuable consideration, the receipt of which is hereby acknowledged, hereby agree and promise as follows: Buyer's Obligations. Buyer agrees as follows: a. that Buyer shall accept title to the Real Property at closing and that closing shall occur within thirty (30) days from the CCLRC Acquisition Date. The "CCLRC Acquisition Date" shall mean the date the deed vesting title to the Real Property in the name of the CCLRC is recorded in the real estate records of the County and the "CCLRC Holding Period" shall mean the time period between the CCLRC Acquisition Date and closing. The CCLRC Holding Period may be extended by the CCLRC in its sole discretion after a written request for such extension by the Buyer; b. to pay the CCLRC at closing the purchase price of One Hundred Dollars ($100.00) ("Purchase Price"); c. to pay one hundred percent (1(30%) of all closing and title insurance costs, if any; RRNS 21)5.39