2026-014 Ordinance - Laserfiche WebLink

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EXHIBIT 1 l DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT (this "Agreement") is entered into as of , 2026 (the "Effective Date") by and between THE CITY OF NORTH OLMSTED, OHIO, a municipal corporation and political subdivision of the State of Ohio (the "City") and R6 MOTORS, INC., an Ohio corporation (the "Developer"). RECITALS A. The Developer is the owner of certain real property located in the City of North Olmsted, Ohio more particularly described and depicted on Exhibit A attached hereto and incorporated herein (the "Development Site"), which comprises a portion of Great Northern Mall. B. The Developer has desires to pursue the redevelopment of the Development Site into a [Grocery Super Center and associated gas station/convenience store] (the "Project") on the portion of the Property depicted on Exhibit A attached hereto and incorporated herein (the "Project Site") with additional commercial development on the balance of the Development Site (collectively, the "Development"). C. The City has determined that the development of all or a portion of the Development Site and surrounding area is in the best interest of the City and the health, safety and welfare of its residents, and is necessary for the purpose of the creation of jobs and employment opportunities in the City and to improve the economic welfare of City residents. D. After analysis, deliberation and review, the City formulated a strategy for development of the Property and surrounding area that best embodies the vision for the future of the City and its residents and has reflected such strategy in the MAMU Ordinance (defined below). E. On June 10, 2025, the City Council adopted the MAMU Ordinance to which the Development Site is subject, which establishes the MAMU Overlay District (defined below) and provides development regulations for building expansion and new construction that advances community goals in areas where existing zoning does not adequately result in desired development. F. The Developer has requested, and the City has agreed to provide, the City's support and aid in connection with the redevelopment of the Development Site, including, but not limited to, the implementation of tax increment financing to support the Development. G. Development of all or a portion of the Development Site will confer benefits, including the creation of jobs and employment opportunities in the City, while encouraging significant redevelopment in the surrounding area. H. The TIF Ordinance will provide that the owners of the TIF Property will make Service Payments (defined below) with respect to the TIF Property. I. The City and Developer desire to enter into this Agreement to provide for the improvements contemplated under this Agreement, the collection of the Service 19575939-4