2026-014 Ordinance - Laserfiche WebLink

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Payments and to memorialize their mutual understandings with regard to the manner in which the Development Site will be developed or redeveloped. J. This Agreement is deemed essential to the design, development and construction of the Development (each defined below). K. The City Council adopted Ordinance No. r I on r 1, 2026, determining that the development of the Development Site contemplated under this Agreement will confer substantial benefits, including additional jobs and revenues, upon the City and its constituents, approving the form of this Agreement, and authorizing the City to enter into this Agreement on behalf of the City and to take or cause to be taken all necessary and proper actions to effectuate the intent of this Agreement. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants, agreements, and considerations set forth herein and for other good and valuable consideration, the City and Developer hereby covenant and agree to the foregoing and as follows: ARTICLE I DEFINITIONS AND INTERPRETATION Section 1.1 Recitals. The Recitals set forth above are hereby fully incorporated in this Agreement and specifically made a part hereof, as if fully restated herein, and the same are deemed to be fully effective between, and an expression of the agreements and understandings of, the parties. Section 1.2 Definitions. As used in this Agreement, the following terms have the meanings provided below: "5709.41 TIF Statutes" means, collectively, Ohio Revised Code Section 5709.41, 5709.42 and 5709.43. "5709.41 TIF Exemption Year" means each tax year that the exemption granted pursuant to the TIF Ordinance is effective. "Affiliate" means an entity which controls, is controlled by, or is under common control with, a Developer, whether by ownership of equity interests or voting power. "Agreement" means this Development Agreement by and between the City and Developer and dated as of the Effective Date, including all Exhibits, as the same may be amended from time to time as provided herein. "Applicable Laws" means all federal, state and local laws, statutes, ordinances, rules and regulations applicable to the Development. "Business Day" means all days, excluding (a) Saturday and Sunday, and (b) any day that is a national holiday in the United States or a state holiday in the State of Ohio. "City" means the City of North Olmsted, Ohio, a municipal corporation and political subdivision of the State of Ohio. -2- 19575939-4