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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VALUE RECOVERY GROUP II, LLC, RELATING TO THE BEDFORD I CORF PROJECT; TO EXTEND THE TERM OF THE DEVELOPERS AGREEMENT ORIGINALLY MADE WITH THE CENTRAL OHIO COMMUNITY IMPROVEMENT CORPORATION AND LATER ASSIGNED TO VRG II; FOR THE LAND KNOWN AS THE JUNKERMANN PROPERTIES; AND TO ENTER INTO OPEN END MORTGAGE.
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WHEREAS, ORD-0105-2004 authorized the Mayor to purchase the Junkermann property, and by ORD-0037-2005 the City transferred the Junkermann property to the Central Ohio CIC for the purpose of adding it to the collection of developable property that was necessary to stimulate job creation in Gahanna as a part of the City's effort to remediate Bedford Landfill; and
WHEREAS, ORD-0024-2008 approved the assignment of all outstanding obligations the COCIC had with the City to Value Recovery Group; and
WHEREAS, due to the current economic climate the Director of Development has recommended that the City extend the term of the Developers Agreement with VRG II for the Junkermann property for a period of five (5) years;
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 with VALUE RECOVERY GROUP II for the Junkermann property; Agreement attached as EXHIBIT A, and made a part herein.
Section 2. That VALUE RECOVERY GROUP II will execute an Open End Mortgage designating the City as the Mortgagee; said Mortgage attached as EXHIBIT B, and made a part herein.
Section 3. That VALUE RECOVERY GROUP II will also sign a Promissory Note for $1,275,000; Promissory Note 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.