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TO AUTHORIZE THE MAYOR TO ENTER INTO AMENDMENT TO THE DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF GAHANNA, OHIO, AND VALUE RECOVERY GROUP II, LLC, RELATING TO THE BEDFORD I CORF PROJECT; AND TO ENTER INTO OPEN END MORTGAGE.
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WHEREAS, this amendment is needed to properly secure the City's position for reimbursement of the investment made relating to the environmental remediation and redevelopment of the Bedford I Landfill and development of surrounding land within the City's boundaries known as Central Park of Gahanna; and
WHEREAS, for this purpose the City wishes to enter into Amendment to the Development Agreement with VRG II; and
WHEREAS, by this ordinance the City is also entering into Open End Mortgage;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That the Mayor is hereby authorized to enter into Amendment to the Development Agreement By and Between The City of Gahanna, Ohio and VRG II, LLC, 919 Old Henderson Road, Columbus, OH 43220, Relating to the Bedford I CORF Project; Agreement attached as EXHIBIT A, and made a part herein.
Section 2. That a promissory note, attached hereto as EXHIBIT B, shall be executed by Value Recovery Group II upon signature of the amended agreement.
Section 3. That VALUE RECOVERY GROUP II will execute an Open End Mortgage designating the City as the Mortgagee; said Mortgage attached as EXHIBIT C, and made a part herein.
Section 4. That this ordinance shall be in full force and effect after passage by this Council and 30 days after date of signature approval by the Mayor.