2026-014 Ordinance - Laserfiche WebLink

Home Browse Search

"City Council" means the City Council of the City. "Commencement Date" means the date after satisfaction of the Initial Development Conditions and on which the Developer has installed footers for the Project. "Concept Plan" means the concept plan for the Development Site submitted by the Developer and approved by City pursuant to the terms of the MAMU Ordinance. "Conveyance Ordinance" has the meaning assigned to it in Section 5.2. "County" means Cuyahoga County, Ohio. "Demolition Grant" means an up to $600,000.00 reimbursement to the Developer for the costs of demolition of the former Sears building located on the Development Site and will be paid to the Developer upon the completion of and issuance of a temporary or permanent certificate of occupancy for any portion of the Project. "Developer" means R6 Motors, Inc., an Ohio corporation, its successors and/or assigns. "Development Plan" means any development plan for all or a portion of the Development Site approved in accordance with the terms of the MAMU Ordinance. "Development Site" has the meaning assigned to it in Recital B and depicted on the map included in Exhibit A attached hereto. "Effective Date" has the meaning assigned to it in the preamble. "Force Majeure Event" means any unforeseeable cause, event or circumstance beyond Developer's reasonable control, including, but not limited to, acts of nature or of the public enemy, acts of the federal, state or local government, acts or omissions of the City or any employee, agent, contractor or consultant of the City, fires, floods, adverse weather delaying construction of the Development, epidemics (including the COVID-19 epidemic), freight embargoes, tariffs, unavailability or shortages of materials, delays in deliveries, delays in the issuance of permits, strikes or delays of contractors, subcontractors, or materialmen due to any of such causes, but not including any cause, event or circumstance caused by the financial capacity of Developer or Developer's ability to obtain financing. "Improvement" has the meaning set forth in Section 5709.41 of the Ohio Revised Code. "Indebtedness" means any note, bond, instrument or other agreement evidencing a loan to, or investment in Developer or the Development from Developer, an Affiliate of Developer or any lender or investor for the payment of certain fees, costs and expenses relating to the Development, all as more particularly described in the Tax Increment Financing Agreement. "Initial Development Conditions" means, collectively, the following conditions: (a) City Council shall have adopted the Conveyance Ordinance and the TIF Ordinances and any other legislation necessary to authorize the terms and conditions of this Agreement, and such TIF Ordinances and other legislation shall have become effective; (b) the City and the Developer shall have entered into all agreements relating to the TIF Ordinances, including, but not limited -3- 19575939-4