2024-081 Ordinance - Laserfiche WebLink

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WHEREAS, pursuant to Section 3735.67(A) of the Revised Code and in conformance with the format required under Section 3735.671(6) of the Revised Code, the parties hereto desire to set forth their agreement with respect to matters hereinafter contained. NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained and the benefit to be derived by the parties from the execution hereof, the parties hereto agree as follows: Company shall facilitate the construction of 7,926 square foot restaurant located at 4954 Great Northern Boulevard (the "Facility") in the City of North Olmsted. The Facility shall be constructed at 4954 Great Northern Boulevard, North Olmsted, Ohio 44070 on Parcel Number(s) 236-09-008 as the same is known and designated on the Auditor's revised list of lots in the City of North Olmsted, Ohio. The Project will involve a total investment of Eight Million Dollars ($8,000,000.00, plus or minus 10%), at 4954 Great Northern Boulevard, North Olmsted, Ohio 44070. The Project will begin on or about October 31, 2024 and all acquisition, construction and installation will be completed by December 31, 2025, unless otherwise agreed to by the parties hereto. 2. Company shall cause to he created through agreements within a time period not exceeding thirty-six (36) months after the completion of construction of the aforesaid Facility, equivalent of thirteen (10) new full-time permanent job opportunities and one hundred and ten (I 10) part time jobs with a total associated payroll of $1,697,440 at the Facility at 4954 Great Northern Boulevard, North Olmsted, Ohio 44070. This increase in the number of employees will result in approximately One Million Six Hundred Ninety -Seven Thousand Four Hundred and Forty Dollars ($1,697,440.00) in payroll generated from Nineteen (10) full-time permanent jobs and (I 10) part-time jobs. Company acknowledges and agrees that in calculating annual payroll for purposes of compliance with this Agreement, any person holding a job created at the Facility (and whose anticipated job is included in the jobs calculation / projection set forth herein) who is required or elects to pay a local income tax to a municipal taxing entity other than the City of North Olmsted as a result of any work performed (payroll earned) by that employee outside of the City of North Olmsted and who in fact pays said tax to another municipal taxing district, shall not have that taxable portion of said employee's payroll earned outside the City of North Olmsted and taxed elsewhere included in the annual payroll requirements set forth herein. 3. Company in its Application attached hereto has described this Project as "demolition and site preparation activities". The project is associated with the construction of a new restaurant to further the revitalization of the Great Northem Mall property Company shall provide to the proper Tax Incentive Review Council or the Mayor or her designee any information reasonably required by the council to evaluate the property {10574489:3 ) 2