2026-014 Ordinance - Laserfiche WebLink

Home Browse Search

Service Payment shall be in the same amount as the real property taxes that would have been charged and payable against the Improvements on the TIF Property had an exemption from taxation not been granted. The obligations of the owner to make the Service Payments shall be unconditional, and shall not be terminated for any cause, and there shall be no right to suspend or set off such Service Payments for any cause, including without limitation any acts or circumstances that may constitute failure of consideration, destruction of or damage to the Development, commercial frustration of purpose, or any failure by the City to perform or observe any obligation, or covenant, whether express or implied, arising out of or connection with this Agreement. (b) It is intended and agreed, that the covenants provided in this Section 5.3 shall be covenants running with the land and that they shall, in any event and without regard to technical classification or designation, legal or otherwise, be binding to the fullest extent permitted by law and equity, for the benefit and in favor of and enforceable by, the City, against an owner, whether or not this Agreement remains in effect or whether or not such provision is included by an owner in any succeeding deed by such owner conveying any real property comprising all or a portion of or interest in the TIF Property. It is further intended and agreed that these agreements and covenants shall remain in effect for the full period of exemption permitted in accordance with the requirements of the TIF Statutes and the TIF Ordinance. Such covenants running with the land and the exemption on the TIF Property described herein and in the TIF Ordinance shall have priority over any other lien or encumbrance or property tax exemption on the TIF Property, except those approved by the City. Section 5.4 Declaration of Covenants. The TIF Property shall be made subject to the covenants running with the land provided in Section 5.3 hereof, by the execution and recording by the applicable Developer (or its successor) of one or more declarations of covenants (each, a "Declaration"), in substantially the form attached hereto as Exhibit B, with respect to the TIF Property, and which Declaration shall be executed by the applicable Developer and recorded in the official records of Cuyahoga County as soon as possible following the execution of this Agreement or after the passage of the TIF Ordinance if not already passed, and prior to any subsequent conveyance of any portion of the TIF Property, or any portion of or interest in the TIF Property and prior to commencement of any construction on the TIF Property. The Declarations and said covenants shall be specifically enforceable by the City against the applicable Developer and any subsequent owner of the TIF Property by mandatory injunction and/or any other remedy at law or in equity. Section 5.5 TIF Exemption. The City agrees to execute, if and as necessary, one or more applications for the exemption to be granted pursuant to the TIF Ordinance. Section 5.6 Application of Service Pavments. No later than ten (10) business days following the City's receipt of the semi-annual distribution of Settlement Payments, the City will apply all Settlement Payments that it has received attributable to the Development since the prior application of such funds in the following order of priority: (i) To the City for the payment or reimbursement of the costs incurred by the City in performing its obligations under this Agreement, not to exceed $r per year. In 19575939-4