2024-021 Ordinance - Laserfiche WebLink

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NOW, THEREFORE, for and in consideration of the mutual agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by both parties hereto, the City and the Company agree to the foregoing and as follows: Section 1. Company Obligation to Complete Project Consistent with City Approvals. The Company shall prepare, in consultation with the City, design and construction plans for the Project (the "Design Plan"). In consideration for the TIF Exemption and the CRA Exemption, the City shall have the right to approve or deny the Design Plan, in its sole discretion. Once the City has approved the Design Plan, the Company agrees to pay for and complete the Project. The Company is responsible for ensuring the provision, through contractors or otherwise, of all traffic control devices, flaggers and police officers required to properly and safely maintain traffic during the construction of the Project. All traffic control devices must be fumished, erected, maintained and removed in accordance with the Ohio Department of Transportation's "Ohio Manual of Uniform Traffic Control Devices" related to construction operations. Section 2. Net TIF Revenue: Prevailing Wages. The City and the Company acknowledge that successful completion of the Project requires tax increment financing to reimburse the Company for certain costs of the Project. In order to assist the Company in the demolition of the existing building, and upon completion of the Project (as evidenced by issuance of all certificates of occupancy), the City shall pay to, or at the direction of the CAmpany, the Net TIF Revenue in an amount equal to the lesser of (a) 50016 of the certified cost of the demolition project and (b) $250,000. The total construction cost of the demolition project shall be certified to the City by the Company within ninety (90) days following issuance of a certificate of occupancy for the Project. The City's obligation to make payments to the Company pursuant to this Section terminates if the Project is not completed by December 31, 2025. Completion of the Project shall be evidenced by the issuance of certificates of occupancy for all portions of the Project. The Company agrees to make improvements to the Cmat Northern Mall in further of attracting new tenants and creating and retaining job opportunities in a dollar amount equal to the amount of Net TIF Revenue paid or to be paid by the City to the Company under this Agreement. If the Company fails to make such investment within 24 months of receiving the Net TIF Revenue, then the Company shall refund the amount of Net TIF Revenue received to the City within 30 days of written demand by the City for the refund. The foregoing obligation is a minimum service payment obligation under Section 5709.91 of the Ohio Revised Code. If the Company does not timely refund the amount due, then the City may certify such overdue amount, plus interest and collection expenses equal to 10% of the amount due, to the County Fiscal Officer for collection on the tax list for the Project parcel. The City may at its option record this Agreement against the Project parcel. It is expressly understood and agreed by the City and the Company that prevailing wages are required to be paid under all construction contracts for the Projects if and to the extent required by law. The City's Engineer shall serve as prevailing wage coordinator for the Project and the Developer will be required to submit or cause to be submitted appropriate documentation certifying prevailing wage to the City's prevailing wage coordinator prior to or at the time reimbursement is requested under this Section. The Company and the City will take all actions and -2-