2026-014 Ordinance - Laserfiche WebLink

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NOW, THEREFORE, pursuant to the Development Agreement, the Owner, as owner of the Property, hereby declares and agrees for itself and any of its successors, and for every successor in interest to the Property, or any individual parcel thereof or interest therein, as follows: 1. For the period that all or part of the "Improvements" with respect to the Property ("Improvements" shall have the meaning as defined in Ohio Revised Code Section 5709.41) are exempt from real property taxation (the "Exemption Period") pursuant to the Act and the TIF Ordinance and any additional ordinances amending or supplementing the TIF Ordinance, heretofore or hereafter adopted, the Owner, for itself and any successors in interest to the Property, or any part thereof or interest therein, hereby agrees to make semiannual service payments in lieu of taxes (the "Service Payments") with respect to the exempted portion of the Improvements pursuant to and in accordance with the requirements of the Act, and pursuant to the TIF Ordinance and any amendments or supplements thereto. Such Service Payments shall be made semiannually to the Cuyahoga County Fiscal Officer (or to his designated agent for collection of the Service Payments) on or before the date on which real property taxes would otherwise be due and payable for the Improvements. 2. The Owner agrees that any late Service Payments shall bear interest and shall be subject to penalties at the same rate and in the same amount and payable at the same time as delinquent taxes. Each semiannual Service Payment shall be in the same amount as the real property taxes that would have been charged and payable against the Improvements had an exemption from taxation not been granted, and otherwise shall be in accordance with the requirements of the Act. 3. The Owner agrees that the exemption from real property taxation for the Improvements authorized by the Act and the TIF Ordinance shall be superior to any other exemption with respect to the Property or portion of the Property granted under any other provision of the Ohio Revised Code. Accordingly, the Owner agrees to prepare and file, in cooperation with the City, all necessary applications and supporting documents to obtain the exemption from real property taxation for the Improvements authorized by the Act and the TIF Ordinance as soon as possible following execution of this Agreement. The Owner further agrees, for itself and any successor in interest to the Property, to refrain from filing any application for exemption that would conflict with the exemption authorized by the Act and the TIF Ordinance. 4. It is intended and agreed, and it shall be so provided by the Owner in any future deed from the Owner conveying the Property or any part thereof, unless the parcel is described in this Declaration, that the covenants provided in this Declaration 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 the Owner and its successors in interest, to all of the Property or any part hereof or interest therein, including, without limitation, any grantee in a conveyance of the Property or any part thereof through judicial process, whether or not the Development Agreement remains in effect or whether or not such provision is included by the Owner in any succeeding deed by the Owner to its successors in interest to the Property. It is further intended and agreed that these agreements and covenants shall remain in 19575939-4