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Ordinance 67-23RECORD OF ORDINANCES Dayton Legal Blank, Inc. Form No. 30043 Ordinance No. 67-23 Passed , 20. AUTHORIZING THE CITY MANAGER TO ENTER INTO A DEVELOPMENT AGREEMENT AND OTHER RELATED AGREEMENTS FOR THE DEVELOPMENT OF Y BLOCK WITH CRAWFORD HOYING DEVELOPMENT PARTNERS, LLC WHEREAS, the City has prepared a strategy for comprehensive development within an area of the City known as the Bridge Street District and has endeavored to work collaboratively with public entities, including but not limited to the Dublin City School District, the Tolles Career and Technical Center, Columbus-Franklin County Finance Authority, Bridge Street New Community Authority, and private entities to plan for and facilitate the development of the District; and WHEREAS, the City’s strategy for development within the Bridge Street District is primarily focused on creating a new, more urban, walkable core for the City, including a dynamic mix of commercial and residential development types generally not currently available within the City; and WHEREAS, the City has determined that the successful implementation of the City’s strategy for the Bridge Street District is vital to the long-term economic health of the City and that the portions of the Bridge Street District located along the Scioto River should be among the highest priority redevelopment areas; and WHEREAS, Crawford Hoying Development Partners, LLC (the “Developer”) has acquired certain real property within the Scioto River Corridor portion of the Bridge Street District, which property is located on the southeast quadrant of the intersection of State Route 161 and Riverside Drive and referred to as “Y Block”, and has proposed to the City a plan to redevelop that real property with private development consistent with that intended by the City for the Bridge Street District and to provide for the construction of various related public infrastructure improvements; and WHEREAS, to facilitate the private development and to provide for the construction of the various related public infrastructure improvements, the City and the Developer have proposed to enter into various related agreements; and WHEREAS, this Council has determined that it is necessary and appropriate and in the best interests of the City to provide for the execution of various agreements which will facilitate the private development and provide for the construction of the various related public infrastructure improvements for Y Block; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Dublin, __ of its elected members concurring, that: Section 1. The following agreements, each of which generally provide for the terms as described below, each by and between the City and the Developer or the other named parties thereto, are hereby approved: (a) the Development Agreement, in substantially the form on file with the Clerk of Council, which generally provides for the development of the mixed-use project generally known as “Y Block” as well as supporting public infrastructure improvements including a parking garage, (b) a Service Agreement, in substantially the form of existing Service Agreements to which the City is a party for the Bridge Street District, and which generally provides for the collection of TIF payments, including minimum service payments, obligations by the property owners to insure and rebuild the development in case of casualty, obligations by the property owners to maintain their buildings, and obligations by the property owners to pay costs of operating and maintaining the public improvements, (c) a Community Reinvestment Area Agreement, in substantially the form of existing Community Reinvestment Area Agreements to which the City is a party for RECORD OF ORDINANCES Dayton Legal Blank, Inc. Form No. 30043 33 2 67-23 Passed Page 2 of 2 20 Ordinance No. the Bridge Street District, and which generally provides for an exemption from real property taxation for the parking garage within the Y Block Development, (d) a Tax Increment Financing and Cooperative Agreement, which generally provides for the issuance of debt for the public improvements for Y Block and the ownership, construction, operation and maintenance of those public improvements by the Columbus-Franklin County Finance Authority or such other political subdivisions as are approved by the City Manager on behalf of the City, and The City Manager, for and in the name of this City, is hereby authorized to execute each of the foregoing agreements with such changes therein and amendments thereto that are not inconsistent with this Ordinance and not substantially adverse to this City and which shall be approved by the City Manager, provided further that the approval of changes or amendments to any such agreement by the City Manager, and their character as not being substantially adverse to the City, shall be evidenced conclusively by the City Manager's execution thereof. In the City Manager’s discretion, the Service Agreement, the Community Reinvestment Area Agreement and the Tax Increment Financing and Cooperative Agreement may be entered into in the form of amendments to existing agreements of the City for the Bridge Street District. Section 2. The City Manager is hereby authorized to execute any and all agreements and other instruments necessary to implement the real estate transactions contemplated in the Development Agreement. Section 3. This City Council further hereby authorizes and directs the City Manager, the Director of Finance, the Director of Law, the Director of Development, the Clerk of Council or other appropriate officers of the City to prepare and sign all documents and instruments and to take any other actions as may be appropriate to implement this Ordinance, including, without limitation, assignments of the Community Reinvestment Area Agreement to owners of the real property subject to that agreement. Section 4. This City Council finds and determines that all formal actions of this City Council and any of its committees concerning and relating to the passage of this Ordinance were taken in an open meeting of this City Council or any of its committees, and that all deliberations of this City Council and any of its committees that resulted in those formal actions were in meetings open to the public, all in compliance with the law including Ohio Revised Code Section 121.22. Section 5. The Ordinance shall take effect at the earliest date allowed by law. e Passed this Ll day of Dende , 2023. Ag Mayor - Preping Office” 7 ATTEST: Clerkof Coyficil To: Members of Dublin City Council From: Megan D. O’Callaghan, City Manager Date: November 21, 2023 Initiated By: Matthew L. Stiffler, Chief Financial Officer/Director of Finance Jennifer M. Rauch, Director of Planning Mitchell Ament, Management Analyst Kendel Blake, Management Analyst Re: Ordinance No. 67-23 – Y Block Development – Crawford Hoying Development Partners Background Staff and Crawford Hoying Development Partners (the “Developer”) have been working together to negotiate the terms of a Development Agreement (“Agreement”) for “Y Block” at Bridge Park (the “Y Block Project”). The major purpose of the Agreement is to provide the financial framework by which the City’s and the Developer’s respective public and private improvement obligations are established. The Agreement does not substitute for, or supersede, any of the City’s applicable development review and approval processes. The Developer has made clear that it has a continued interest in investing in Dublin. This ordinance authorizes the execution of the proposed Agreement with the Developer for the Y Block Project, along with related agreements such as a Service Agreement for the proposed tax increment financing, a Community Reinvestment Area Agreement for the real property tax abatement for the parking garage and the Tax Increment Financing and Cooperative Agreement for the proposed TIF bonds. Project Summary and Development Agreement The Developer is in the planning stage for the Y Block Project, located at the southeast corner of SR 161 and Riverside Drive in the Bridge Street District. The Developer is planning to construct a development with approximately 90,000 SF of class A office space, an upscale (e.g. 5-star) 115-key, full-service hotel with event space, 14,000 SF of retail/restaurant space, 60 residential rental apartment units, and a 370-space parking garage on approximately 3.8 acres. The Y Block Project continues the City’s strategy of comprehensive development with the Bridge Street District by creating a new, more urban, walkable core for the City, including a dynamic mix of commercial and residential development types generally not previously available within the City. The following provides an overview of key points of the proposed Agreements and by no means is all inclusive. Public Improvements In order to serve the private development, the City and the Developer have proposed the following with respect to the Public Improvements: Section 7.1 – Public Improvements – Community Facilities (means the Parking Facilities) Office of the City Manager 5555 Perimeter Drive • Dublin, OH 43017 Phone: 614.410.4400 Memo Memo re. Ordinance No. 67-23 – Y Block Development – Crawford Hoying Development Partners November 21, 2023 Page 2 of 6 Working cooperatively with the Bridge Street NCA and the Columbus Franklin County Finance Authority (CFCFA), the Developer agrees to provide for the financing and construction of the Community Facilities. These facilities, along with the associated Block and the anticipated public improvement cost are as follows: Block Community Facility Public Improvement Cost Block Y Parking Garage $25,244,531 The Community Facilities will be owned by the CFCFA and financed primarily with bonds issued by the CFCFA. The operation and maintenance of the parking facility will be governed by an Operation and Maintenance Agreement. This will be an agreement between the Developer and the Block Owner, which will be entered into and recorded as a covenant running with the land. This agreement will include the Developer and Block Owner’s covenants to keep and maintain, or cause to be kept and maintained, the parking facilities in good, operable, and usable condition and repair, normal wear and tear excepted, but in any event, consistent with other first class parking facilities in the Central Ohio area. Additionally, each Operation and Maintenance Agreement shall provide that the non- reserved parking spaces within the Parking Facilities shall be kept open and available to the general public at all times, the Developer shall fund any shortfalls between the revenue generated by the NCA or the Community Facilities and available to pay the cost of operating and maintaining the Community Facilities and the actual cost of operating and maintaining the Community Facilities. The City and the Bridge Park NCA will be third party beneficiaries of the Operation and Maintenance Agreement and will have the right to enforce the obligations of the Developer, Block Owner, Bridge Park NCA and CFCFA. Economic Development Tools To provide the financial framework to facilitate the public improvements (parking facility), the City and the Developer have agreed to the utilization of the following economic development tools: Section 6 – Community Reinvestment Area (CRA) – On May 4, 2015, City Council established the Bridge Street District CRA (Ordinance No. 33-15) which, in part, defined the property tax exemptions that could be available to property owners within that CRA. The ordinance authorized up to a 100% real property tax exemption on the construction of multiple unit residential structures and commercial (including retail) facilities, for a period of up to 15 years. The Developer has determined that a 15-year, 100% real property tax exemption is needed for the Community Facility (parking facility) on this block. This is consistent with prior Bridge Park blocks. No property tax exemption will be provided for commercial improvements (apartments, retail, office, hotel, etc.) Section 8 – Tax Increment Financing (TIF) – The City will agree to pass the TIF Ordinances and create a tax increment financing area within the Y Block Project. The service payments received will be applied pursuant to the Agreement. These service payments will be secured with a minimum service payment (MSP) from the Developer. This MSP will total $71.6 million with payments of Memo re. Ordinance No. 67-23 – Y Block Development – Crawford Hoying Development Partners November 21, 2023 Page 3 of 6 $2,165,665 in calendar year 2027. This amount will increase with each triennial update or sexennial reappraisal to a final amount totaling $2,639,933 due in calendar year 2056. Section 9 – New Community Authority (NCA) - The Bridge Park NCA, which was established by Council through Ordinance No. 25-15 on March 19, 2015. Pursuant to the NCA Petition, the Bridge Park NCA shall impose a NCA Charge and collect the charge from owners of real property located within the Bridge Park NCA. The Bridge Park NCA is expected to levy an additional bed tax on the hotel to be located on Y Block and an additional sales tax on retail sales within the NCA’s boundaries. The Developer and City will cooperate as necessary to add Y Block to the Bridge Park NCA district. Funding for Community Facility The Community Facility on Y Block (parking facility) will be funded through the NCA Charges and TIF Service Payments. As Council is aware, the above mentioned Economic Development Tools will all be utilized to provide the funding for this Community Facility. The funding sources can best be summarized by the following:  A TIF will be established for the Y Block Project which will run for a 30 year time period.  If revenue received from the Service Payments is not sufficient to meet the debt service on the Community Facilities (and other allowable expenditures), the NCA will impose a charge on owners of real property located within Y Block and from businesses operating within Y Block. These NCA charges will be used to fund the Community Facilities. The NCA charges and the Service Payments received over the course of 30 years will be used to retire the debt on the Community Facilities. The application of service payments and NCA revenues is detailed in Exhibit E of the Agreement. Incentive Contingencies The incentives offered by the City to the Developer are defined collectively as any real property tax abatement set forth in the CRA agreements (parking facility), the TIF ordinance and Service Payments collected. This Agreement sets forth the conditions for the delivery by the City of the Incentives (the “Incentive Contingencies”). The obligation of the City to provide the incentives is contingent upon the satisfaction of all the contingencies. These contingencies, referred to as “Incentive Contingencies,” are defined in Section 10 of the Development Agreement and include the following key provisions:  Public Improvement Plans – The Developer must prepare and submit to the City for review and approval the detailed final working drawings and specifications for the construction of the Community Facilities.  Public Improvement Scope and Budget – The Developer shall prepare for the City and the City shall have approved the Public Improvement Budget for the Community Facility, including the schedule of values. The Developer must provide evidence that their lender has approved the Public Improvements Budget.  Disbursement Schedule – The Developer must develop and the City shall have approved a Memo re. Ordinance No. 67-23 – Y Block Development – Crawford Hoying Development Partners November 21, 2023 Page 4 of 6 schedule of disbursement of proceeds of the private financing for payment of the commercial costs and the schedule of disbursements of private financing and public funding for payment of costs of the public improvements. The City shall have the right to review and request additional documentation and to further request modifications of the Disbursement Schedule based on the information submitted by the Developer.  Community Facilities Property – The Developer must provide to the City documents conveying each portion of the Community Facilities Property to the CFCFA or Bridge Park NCA.  CFCFA/NCA Debt – The Developer must provide to the City the fully executed bond documents for the CFCFA/NCA Debt providing bond proceeds sufficient to pay all Public Improvement Costs for the Community Facilitates and evidence that the purchase price for the CFCFA/NCA debt has been fully paid and deposited with a trustee for the CFCFA/NCA debt.  Commercial Budget – The Developer shall prepare and submit to the City the Commercial Budget. Additionally, the Developer must provide to the City evidence that the lender has approved the commercial budget.  Proforma – The Developer must prepare and submit to the City the proforma, based on the most current information available to the Developer regarding the budgeted Commercial Costs, the projected stabilized operating income and expense statement. Additionally, the Developer must provide to the City evidence that the lender has approved the proforma.  Equity Investment – The Developer shall have provided evidence that the Equity Investment has been funded for the Commercial Costs not funded with Loans plus the Public Improvement Costs not anticipated to be paid from the Public Funding. All of the Equity Investment Documents shall be executed and delivered by the parties thereto, and the Equity Investment shall otherwise be closed as contemplated by the Equity Investment Documents. The Developer shall provide to the City (i) then current drafts of the Equity Investment Documents at least two weeks prior to the scheduled Closing Date, and (ii) copies of the executed Equity Investment Documents on or about the Closing Date.  Operation and Maintenance Agreement – The Developer and the CFCFA and/or Bridge Park NCA will have entered into the Operation and Maintenance Agreement for the Community Facilities.  NCA Declaration – The Developer and Block Owner have executed and recorded the NCA Declaration providing for collection of the NCA charge.  Environmental Reports – The Developer shall have submitted such environmental reports for the Development Site to the City as have been requested by the City and evidencing there are no Hazardous Materials located on the Development Site or violations of Environmental Laws that would prevent development of the Development Site in accordance with the Conceptual Development Plan. Developer shall have delivered a reliance letter from the preparer of the environmental reports authorizing reliance on those reports by City and the owners of the Community Facilities. Memo re. Ordinance No. 67-23 – Y Block Development – Crawford Hoying Development Partners November 21, 2023 Page 5 of 6  Cooperative Agreement – The City, the CFCFA, and the NCA shall have entered into a Cooperative Agreement providing for the issuance of CFCFA/NCA debt to fund the Community Facilities, the payment to the CFCFA/NCA of service payments and NCA Revenue as necessary to make debt service payments on CFCFA/NCA Debt, and the construction, operation and maintenance of the Community Facilitates.  Completion Guaranty – The Developer and Principals shall have executed and delivered to the City the Completion Guaranty substantially in the form of the completion guarantees for Bridge Park, with each Completion Guaranty evidencing guaranty of completion of no less than the Commercial Improvements and Community Facilities.  Permits and Construction Contracts – The Developer shall have obtained the required permits necessary for the Commercial Improvements and Community Facilities. The Developer shall have provided fully executed copies of the guaranteed maximum or fixed price construction contracts for the construction of the Commercial Improvements and Community Facilities.  Hotel Brand Confirmation – The Developer shall have secured and submitted to the City, and the City shall have approved, the branding and operator for the hotel that is part of the Private Improvements. Unless otherwise approved by the City, the hotel shall be branded as a Marriott Autograph with a minimum development budget of $300,000 per guest room.  Plan for Parcel 273-008269 – The Development Site constitutes a portion of current Franklin County tax parcel 273-008269. The Developer shall have prepared and submitted a master plan for reference for the remainder of that parcel in conjunction with the Concept Plan for the Development Site. This master plan, among other things, shall illustrate the Developer’s redevelopment plans for that parcel and the functional interrelationships between the Project and the improvements to be made to that parcel as part of its redevelopment.  Service Agreement. The Service Agreement shall be effective and shall have been recorded against the real property comprising the Development Site, prior to all mortgages or other liens or encumbrances except those approved by the City.  Construction Agency Agreement for Community Facilities – CFCFA or Bridge Park NCA and the Developer shall have entered into the Construction Agency Agreement.  Public Parking Covenant – Block Owner and owner of the Community Facilities have executed and recorded a covenant running with the land in favor of City for the Parking Facilities. Such covenant shall provide that all parking spaces in the Parking Facilities, except those reserved as described in Section 4.5, shall be held open to the public and subject to parking charges, if any, as provided in the applicable Operation and Maintenance Agreement or as otherwise approved by City. Such covenant shall be prior to all mortgages or other liens or encumbrances except those approved by the City.  Closing Opinions - On the Closing Date, the Developer and Block Owner will provide to City (i) a certificate confirming the representations of the Developer or Block Owner set forth in this Agreement or in any of the other Project Agreements and (ii) an opinion of Developer’s and Block Owner’s counsel, subject to customary assumptions, qualifications and limitations, confirming that the Project Agreements to which the Developer or Block Owner is a party Memo re. Ordinance No. 67-23 – Y Block Development – Crawford Hoying Development Partners November 21, 2023 Page 6 of 6 (either as a named party or by acceptance of fee title to all or any of the Development Site) have been duly authorized, executed and delivered by the Developer and Block Owner and constitutes the legal, valid and binding obligation of the Developer and Block Owner enforceable in accordance with its terms and that neither the entry into nor the performance of and compliance with those Project Agreements have resulted or will result in any violation of, or a conflict with or a default under, any judgment, decree, order, contract or agreement by which the Developer or Block Owner is bound and any legal requirement applicable to the Developer or Block Owner. Financial Benefits The redevelopment of this site will confer substantial benefits, including additional jobs and revenues, upon the City and its constituents, while encouraging continued redevelopment in the surrounding area. The Y Block Project is anticipated to provide the following financial benefits to the City of Dublin over the 30-year term of the TIF: • ~$16 million in projected income taxes from Y Block Office over 30 years (~$540,000 annually) • >$20 million in projected City bed taxes from Y Block Hotel (6% rate) over 30 years (>$660,000 annually) • ~$2.1 million in projected income taxes from Y Block Hotel over 30 years ($70,000 annually) • ~$8 million in excess TIF revenues from Y Block Recommendation Staff recommends approval of Ordinance No. 67-23 at the second reading/public hearing on December 11, 2023. Draft November 16, 2023 DEVELOPMENT AGREEMENT by and between CITY OF DUBLIN, OHIO and CRAWFORD HOYING DEVELOPMENT PARTNERS, LLC relating to ______________________________________________________ Y BLOCK DEVELOPMENT ______________________________________________________ dated as of ___________, 2023 TABLE OF CONTENTS Page -i- SECTION 1. DEFINITIONS AND INTERPRETATION ........................................................ 3 1.1. Definitions.............................................................................................................. 3 1.2. Interpretation ........................................................................................................ 10 SECTION 2. GENERAL AGREEMENT AND TERM ......................................................... 11 SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE PARTIES ................. 11 3.1. City Representations and Warranties ................................................................... 11 3.2. Developer Representations and Warranties ......................................................... 12 SECTION 4. TRANSFERS OF REAL PROPERTY; COMMUNITY ENTERTAINMENT DISTRICT; OPEN SPACE REQUIREMENTS ............ 14 4.1. Conveyance of Real Property Relating to 5709.41 TIF Ordinance ..................... 14 4.2. Transfer of Community Facilities Property ......................................................... 14 4.3. Community Entertainment Districts .................................................................... 14 4.4. Open Space Requirements ................................................................................... 14 SECTION 5. COMMERCIAL IMPROVEMENTS ............................................................... 14 SECTION 6. COMMUNITY REINVESTMENT AREA AGREEMENTS ........................... 15 SECTION 7. PUBLIC IMPROVEMENTS ............................................................................ 15 7.1. Community Facilities ........................................................................................... 15 7.2. City Financial Obligations ................................................................................... 16 SECTION 8. TAX INCREMENT FINANCING .................................................................... 17 8.1. TIF Ordinances .................................................................................................... 17 8.2. Application of Service Payments ......................................................................... 17 8.3. Minimum Service Payments ................................................................................ 17 SECTION 9. NEW COMMUNITY AUTHORITY ................................................................ 17 9.1. General ................................................................................................................. 17 9.2. NCA Charge......................................................................................................... 17 9.3. Application of NCA Revenues ............................................................................ 18 SECTION 10. INCENTIVE CONTINGENCIES ..................................................................... 18 10.1. Public Improvement Plans ................................................................................... 18 10.2. Public Improvement Scope and Budget ............................................................... 18 10.3. Disbursement Schedule ........................................................................................ 19 10.4. Community Facilities Property ............................................................................ 19 10.5. CFCFA/NCA Debt............................................................................................... 19 10.6. Commercial Budget ............................................................................................. 19 10.7. Proforma .............................................................................................................. 19 10.8. Loan; Loan Funding Contingencies ..................................................................... 19 10.9. Equity Investment ................................................................................................ 19 TABLE OF CONTENTS (continued) Page -ii- 10.10. Operation and Maintenance Agreement .............................................................. 20 10.11. NCA Declaration ................................................................................................. 20 10.12. Environmental Reports ........................................................................................ 20 10.13. Cooperative Agreement ....................................................................................... 20 10.14. Completion Guaranty ........................................................................................... 20 10.15. Permits and Construction Contracts..................................................................... 20 10.16. Hotel Brand Confirmation ................................................................................... 20 10.17. Plan for Parcel 273-008269 ................................................................................. 21 10.18. Service Agreement ............................................................................................... 21 10.19. Construction Agency Agreement for Community Facilities ............................... 21 10.20. Public Parking Covenant...................................................................................... 21 10.21. Closing Opinions ................................................................................................. 21 SECTION 11. EVENTS OF DEFAULT AND REMEDIES .................................................... 21 11.1. Developer Default ................................................................................................ 21 11.2. Remedies for Developer Default ......................................................................... 22 11.3. City Default .......................................................................................................... 23 11.4. Remedies for City Default ................................................................................... 23 11.5. Default Notices .................................................................................................... 23 11.6. Enforcement ......................................................................................................... 24 11.7. Self-Help .............................................................................................................. 24 11.8. Interest .................................................................................................................. 24 11.9. Costs of Enforcement ........................................................................................... 24 SECTION 12. INDEMNIFICATION ....................................................................................... 24 SECTION 13. MISCELLANEOUS .......................................................................................... 25 13.1. Estoppel Certificates ............................................................................................ 25 13.2. Administrative Actions ........................................................................................ 26 13.3. Recording ............................................................................................................. 26 13.4. Confidentiality ..................................................................................................... 26 13.5. Authorized Officers ............................................................................................. 26 13.6. Assignment .......................................................................................................... 26 13.7. Binding Effect ...................................................................................................... 26 13.8. Captions ............................................................................................................... 26 13.9. Day for Performance ............................................................................................ 26 13.10. Entire Agreement ................................................................................................. 27 13.11. Executed Counterparts ......................................................................................... 27 13.12. Extent of Covenants; No Personal Liability ........................................................ 27 13.13. Governing Law .................................................................................................... 27 13.14. Notices ................................................................................................................. 27 13.15. No Waiver ............................................................................................................ 28 13.16. Ohio Laws ............................................................................................................ 28 13.17. Recitals ................................................................................................................. 28 TABLE OF CONTENTS (continued) Page -iii- 13.18. Severability .......................................................................................................... 28 13.19. Survival of Representations and Warranties ........................................................ 28 13.20. Time of the Essence. Time is of the essence of this Agreement.......................... 28 13.21. Construction ......................................................................................................... 28 13.22. Successors and Assigns........................................................................................ 29 13.23. Exhibits ................................................................................................................ 29 13.24. Diligent Performance ........................................................................................... 29 13.25. No Partnership ..................................................................................................... 29 Exhibits: Exhibit A – Conceptual Development Plan Exhibit B – Depiction and Description of the Community Facilities Exhibit C – [Reserved] Exhibit D – Disbursement Requirements Exhibit E – Application of Service Payments and NCA Revenue - 1 - DEVELOPMENT AGREEMENT This DEVELOPMENT AGREEMENT (the “Agreement”) is made and entered into as of ____________, 2023 (the “Effective Date”), by and between the CITY OF DUBLIN, OHIO (the “City”), a municipal corporation duly organized and validly existing under the Constitution and the laws of the State of Ohio and its Charter, and CRAWFORD HOYING DEVELOPMENT PARTNERS, LLC (the “Developer”), an Ohio limited liability company, for itself and its permitted successors and assigns and any Affiliates (the capitalized terms not defined in the recitals are being used therein as defined in Section 1). W I T N E S S E T H: WHEREAS, the City has prepared a strategy for comprehensive redevelopment within an area of the City generally known as the Bridge Street District and that strategy was effected by the approval of the Bridge Street District Area Plan therefor by the City on July 1, 2013; and WHEREAS, after extensive planning, study and analysis the City has determined that the successful implementation of the Bridge Street District Area Plan for the Bridge Street District is essential to the long term economic health and competitiveness of the City, and that implementation of that Bridge Street District Area Plan along the Scioto River Corridor portion of the Bridge Street District should be among the City’s highest implementation priorities; and WHEREAS, in order to encourage the safety and functionality of the Riverside Drive-State Route 161 intersection, address critical transportation needs of the City, and allow for the establishment of a park along the east bank of the Scioto River, the City has undertaken substantial public improvement projects to relocate Riverside Drive and replace the intersection of Riverside Drive and State Route 161 with a traffic roundabout; and WHEREAS, the City has completed further substantial public improvement projects within the Bridge Street District to provide services and facilities to serve all residents of Dublin including, without limitation, construction of public parks along both sides of the Scioto River and construction of a pedestrian bridge over the Scioto River, as part of the City’s approved Capital Improvement Plan; and WHEREAS, as a result, in part, of the City’s public improvements, including the relocation of Riverside Drive, the establishment of the public park and construction of the pedestrian bridge, the Developer has presented to the City its plan to develop a mixed-use development project, including residential units, commercial and retail spaces, hotel and community events/conference facilities, and public parking and related public improvements situated on the southeast quadrant of Riverside Drive and State Route 161 within the Bridge Street District and the City, being more particularly described in this Agreement as the Project to be constructed upon the Development Site; and WHEREAS, the City has determined that the Developer’s proposed development plan is consistent with the City’s plan for the Bridge Street District and is located within Scioto River Corridor portion of the Bridge Street District, the highest priority redevelopment area of the District; and - 2 - WHEREAS, the Developer is desirous of the City providing public support for the Project by including the Development Site within the Bridge Park NCA, granting real property tax abatements and tax increment financing incentives, and by providing certain financing to support the Community Facilities, all as further described herein (collectively, the “Incentives”); and WHEREAS, this Agreement sets forth the conditions precedent to the delivery by the City of the Incentives (the “Incentive Contingencies”); and WHEREAS, the Developer shall construct the Project in accordance with all laws with diligence to completion within 36 months of satisfaction of all Incentive Contingencies with respect to the Project, except as otherwise provided herein; and WHEREAS, the redevelopment of the Development Site will confer substantial benefits, including additional jobs and revenues, upon the City and its constituents, while encouraging significant redevelopment in the surrounding area; and WHEREAS, the City desires to facilitate the redevelopment of the Development Site to provide for new and needed residential housing options, walkable commercial and retail spaces, new types of urban office environments, larger community event/conference facilities to meet the growing needs of local residents and Dublin businesses, and public parking and related public improvements within the Bridge Street District, and has determined to provide for the Incentives, upon satisfaction of the Incentive Contingencies, to facilitate the construction of the Parking Facilities as well as the overall redevelopment of the Development Site; and WHEREAS, the City has endeavored to work collaboratively with public entities, including but not limited to the Dublin City School District and the Tolles Career and Technical Center, to plan for and facilitate the development of the Bridge Street District, and in furtherance of that effort, the City has entered into a Compensation Agreement with each of those school districts which permits the City to create tax increment financing areas and incentive districts from time to time and offer real property tax abatements within the Bridge Street District; and WHEREAS, the City Council expects to pass the 5709.41 TIF Ordinance, which ordinance will declare that 100% of the increase in the assessed value of the Development Site will be a public purpose and exempt from taxation in accordance with the requirements of the TIF Statutes; and WHEREAS, the TIF Ordinance provides or will provide that the owners of the Development Site will make Service Payments with respect to the Development Site; and WHEREAS, the City passed the CRA Ordinance (Ordinance No. 33-15) on May 4, 2015 which established the Bridge Park CRA and will generally make provision for exemptions from real property taxation of up to 100% of the assessed valuation of a new structure or remodeling of an existing structure located within the Bridge Street District CRA for a period of up to fifteen years; and WHEREAS, the City heretofore passed the NCA Ordinance (Ordinance No. 25-15) on March 19, 2015, which provided for the creation of the Bridge Park NCA within the Development Site in accordance with the requirements of the NCA Act; and - 3 - WHEREAS, the Developer will provide certain guarantees to the City and will secure unto the City the timely performance of Developer’s obligations under the Agreement, and completion of the Project, in accordance with the terms of this Agreement; and WHEREAS, the City and the Developer desire to enter into this Agreement to provide for the construction of the Community Facilities, the development of the Project, the collection of the Service Payments, Minimum Service Payment and the NCA Charges, and to memorialize their mutual understandings with regard to the manner in which the Development Site, the Commercial Improvements and the Public Improvements will be developed; and WHEREAS, this Agreement is deemed vital to the design, development and construction of the Project; and WHEREAS, the Developer represents that it has the requisite expertise, capability and access to financial resources to carry out its obligations under this Agreement and fully develop the Project as described herein, and represents and warrants that it will at all times devote sufficient time and resources to carry out its obligations hereunder and fully develop the Project; and WHEREAS, the City Council passed Ordinance No. [__]-23 on _________, 2023, determining that the development of the Project on the Development Site as described herein will confer substantial benefits, including additional jobs, tourism and revenues, upon the City and its constituents, while encouraging significant development in the surrounding area; approving the form of this Agreement, and authorizing the City Manager to execute 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 the Agreement; and NOW, THEREFORE, in consideration of the promises and covenants contained herein, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, the Parties acknowledge and affirm the foregoing and agree as follows: Section 1. Definitions and Interpretation. 1.1. Definitions. In addition to the words and terms defined elsewhere in this Agreement or by reference to another document, the words and terms set forth herein have the meanings set forth in this Section 1 unless the context or use clearly indicates another meaning or intent. As used herein: “5709.41 TIF Ordinance” means the ordinance to be passed by City Council pursuant to Ohio Revised Code Section 5709.41 which will declare that 100% of the increase in the assessed value of the commercial portions of the Development Site subsequent to acquisition of that property by City to be a public purpose and exempt from taxation in accordance with the requirements of Ohio Revised Code Sections 5709.41, 5709.42 and 5709.43 (collectively, the “5709.41 TIF Statute”). “Affiliate” means a corporation, limited liability company, partnership or other entity controlled by, controlling or under common control with the Developer or a Block Owner. For purposes of this definition, “control” means the power to direct or cause the direction of - 4 - management and policies of the entity, whether through the ownership of ownership interests in the entity, by contract or otherwise. “Agreement” means this Development Agreement by and between the City and the Developer and dated as of the Effective Date, including all Exhibits, as the same may be amended from time to time. “Block Owner” means, individually, the owner of record of the fee interest in all or any portion of the Development Site and, collectively, all owners of record of the fee interest in the Development Site, in each case other than City, CFCFA or another governmental entity. “Bridge Park NCA” means the Bridge Park New Community Authority created pursuant to the NCA Ordinance and the NCA Petition. “Bridge Street District” means an area located within the City, consisting of approximately 1,100 acres and generally bounded by I-270, West Dublin-Granville Road and Sawmill Road, as more specifically delineated in the BSD Zoning Regulations. “Bridge Street District Area Plan” means the Special Area Plan for the Bridge Street District within the Dublin Community Plan as adopted by City Council on July 1, 2013, as amended. “Bridge Street District CRA” means the Bridge Street District Community Reinvestment Area as created by the CRA Ordinance and approved by the Ohio Development Services Agency on June 9, 2015. “BSD Zoning Regulations” means the zoning regulations for the Bridge Street District which are codified in Chapter 153 of the City’s Code of Ordinances and are applicable to the development of the Development Site. “CFCFA” means the Columbus-Franklin County Finance Authority, a duly constituted Ohio Port Authority. “CFCFA/NCA Debt” means up to $35,000,000 in aggregate principal amount of debt issued by CFCFA or Bridge Park NCA to provide funding for costs of the Community Facilities, or such higher amount as approved by City. “City” means the City of Dublin, Ohio, an Ohio municipal corporation. “City Council” means the City Council of City. “City Parking Facility Funding” has the meaning assigned to it in Section 7.2.2. “Closing Date” means the date on which the Loan funding the Commercial Improvements closes in accordance with the applicable Loan Documents for the Loan. “Commercial Budget” means the budget of Commercial Costs submitted by Developer to City as contemplated by Section 10.6. - 5 - “Commercial Costs” means the hard and soft costs of developing the Commercial Improvements as necessary to obtain a certificate of occupancy for the Commercial Improvements, including the costs of acquiring the Development Site and the costs of designing, financing, constructing and equipping the Commercial Improvements, including commercially reasonable contingency amounts and development fees but excluding the Public Improvement Costs. “Commercial Improvements” means approximately 90,000 square feet of class A office space, an upscale (e.g. 5-star) hotel with approximately 115 guest rooms, approximately 14,000 square feet of commercial retail and restaurant space and approximately 60 residential rental apartment units, together with related site amenities, as generally depicted on the Conceptual Development Plan. Commercial Improvements do not include any Public Improvements. “Commercial Property” means that portion of the Development Site upon which the Commercial Improvements will be constructed as identified in the Conceptual Development Plan. “Community Facilities” means the Parking Facilities. The Developer may propose, and the City may approve in its sole discretion, additional public improvements that may be funded by the CFCFA/NCA Debt if and to the extent that proceeds of that debt exceed the Public Improvements Costs of the Parking Facilities. “Community Facilities Property” means that portion of the Development Site or other property upon which all or a portion of the Community Facilities will be constructed, as identified in the Conceptual Development Plan or otherwise by the City and Developer. “Community Plan” means the key policy guide for decision-making about the City’s built and natural environments, containing detailed recommendations for future development including the appropriate location and density or intensity of residential and commercial uses; the general location and character of roads; the general location of parks, open space and public buildings; and the general sites for and extent of public water and sanitary sewer utilities. “Completion Guarantors” means the Developer and the Principals. “Completion Guaranty” means the Completion Guaranty by the Completion Guarantors for the benefit of the City in substantially the form of the Completion Guaranty for Block C, in each case guaranteeing Developer’s timely performance of its obligations under this Agreement, including, without limitation, the timely completion of the Commercial Improvements and the Community Facilities. “Conceptual Development Plan” means the conceptual plan for the Project attached as EXHIBIT A, as the same may be modified by the Developer with City’s consent. The Developer will be required to follow and fulfill all of the BSD Zoning Regulations and related processes in order to implement this conceptual plan. “Construction Agency Agreement” means the Construction Agency Agreement or Construction Manager at Risk Agreement between CFCFA or Bridge Park NCA and the Developer or its Affiliate pertaining to the construction of the Community Facilities, as the same may be amended from time to time pursuant to its terms. - 6 - “Construction Commencement Deadline” means the date that is two calendar years after the Effective Date. “Cooperative Agreement” means the Tax Increment Financing and Cooperative Agreement by and among the City, the Bridge Park NCA and, unless otherwise approved by City, the CFCFA, pursuant to which CFCFA or Bridge Park NCA will construct, operate and maintain the Community Facilities, and City and Bridge Park NCA will provide for the collection and distribution of Service Payments and NCA Revenue, as the same may be amended from time to time pursuant to its terms. “CRA Agreement” means the Community Reinvestment Area Agreement dated as of the Effective Date and provided for in Section 6. “CRA Ordinance” means Ordinance No. 33-15 passed by the City Council on May 4, 2015, which created the Bridge Street District CRA and generally makes provision for exemptions from real property taxation of up to 100% of the assessed valuation of a new structure or remodeling of an existing structure located within the Bridge Street District CRA for a period of up to 15 years (each a “CRA Exemption”), all in accordance with the requirements of Ohio Revised Code Sections 3735.65 et seq. (collectively, the “CRA Statute”). “Default Notice” has the meaning given in Section 11. “Developer” means Crawford Hoying Development Partners, LLC, a limited liability company organized and existing under the laws of the State, including any successors or assigns thereof permitted under this Agreement. “Developer Default” has the meaning given in Section 11. “Development Site” means the real property on which the Commercial Improvements and the Community Facilities will be located as depicted on the Conceptual Development Plan. “Director of Finance” means the Director of Finance of the City. “Disbursement Schedule” has the meaning given in Section 10.3. “Dublin CSD” means the Dublin City School District, Ohio. “Effective Date” means the date defined as such in the introductory paragraph of this Agreement. “Engineer” means the City Engineer, or any architectural or engineering firm licensed to perform engineering services within the State and appointed by the City. “Environmental Laws” means any federal, state, local, municipal, foreign, international, multinational or other applicable constitutions, laws, ordinances, principles of common law, regulations, statutes or treaties designed to minimize, prevent, punish or remedy the consequences of actions that damage or threaten the environment or public health and safety, including, without limitation, all applicable federal, state and local environmental, land use, zoning, health, chemical - 7 - use, safety and sanitation laws, statutes, ordinances and codes relating to the protection of the environment and/or governing the use, storage, treatment, generation, transportation, processing, handling, production or disposal of Hazardous Substances, and the rules, regulations, policies, guidelines, interpretations, decisions, orders and directives of federal, state and local governmental agencies and authorities with respect thereto, including, without limitation, CERCLA. “Equity Investment” means, with respect to the Commercial Costs and the Public Improvement Costs not anticipated to be paid from Public Funding, the capital contributions to the Developer, Block Owner or their Affiliates to finance the portion of such costs not anticipated to be financed by the Loan. “Equity Investment Documents” means the documents evidencing one or more binding commitments issued by one or more investors to the Developer, Block Owner or their Affiliates to provide the Equity Investment. “Force Majeure” means acts of God; fires; epidemics; landslides; floods; strikes; lockouts or other industrial disturbances; acts of public enemies; acts or orders of any kind of any governmental authority; insurrections; riots; civil disturbances; arrests; explosions; breakage or malfunctions of or accidents to machinery, transmission pipes or canals; partial or entire failures of utilities; shortages of labor, materials, supplies or transportation; lightning, earthquakes, hurricanes, tornadoes, storms or droughts; periods of unusually inclement weather or excessive precipitation; or any other cause or event not reasonably within the control of the Developer or the City, as the case may be, excluding, however, the inability of the Developer to obtain financing for its obligations hereunder. “Governmental Authority” means, collectively, the State, any political subdivision of the State, any municipality, and any agency, department, commission, board or bureau of any of the foregoing having jurisdiction over the Project. “Hazardous Substance” means, without limitation, any flammable explosives, radon, radioactive materials, asbestos, urea formaldehyde foam insulation, urban fill/soil, polychlorinated biphenyls, petroleum and petroleum products, methane, hazardous materials, hazardous wastes, hazardous or toxic substances or related materials as defined in CERCLA, the Hazardous Materials Transportation Act, as amended (49 U.S.C. §§1801, et seq.), RCRA, or any other applicable Environmental Law and in the regulations adopted pursuant thereto. “Incentives” mean, collectively, the real property tax abatements set forth in the CRA Agreements, the Public Funding for the Public Improvements, and the TIF Ordinances and the Service Payments collected thereto and applied pursuant to Section 8. “Incentive Contingencies” has the meaning given in Section 10. “Issuance Costs” means all costs incident to the issuance of the CFCFA/NCA Debt, including underwriting fees or discounts, bond counsel fees, and other usual and customary fees incurred in connection with the issuance of municipal debt. “Legal Requirements” means all applicable laws, statutes, ordinances, rules and regulations of Governmental Authorities. - 8 - “Lender” means the bank or banks providing the Loan for a portion of the Commercial Costs. “Loan” means one or more loans made by one or more lenders to the Developer and/or its Affiliates to finance a portion of the Commercial Costs. “Loan Documents” means the documents evidencing, securing and/or executed for the benefit of the Lender in connection with the Loan. “Minimum Service Payments” means the minimum service payments to be made to the City in lieu of taxes on each parcel of Commercial Property as further defined and described in Section 8.3 and the Service Agreement. “NCA Act” means Ohio Revised Code Chapter 349. “NCA Charge” means the community development charges which will be levied and collected by the Board of Trustees of the Bridge Park NCA from time to time and used for the purpose of paying the costs of various community facilities and community services, as further defined in Section 8. “NCA Declaration” means the declaration of covenants recorded against the Commercial Property and providing for the collection of the NCA Charge from such property. “NCA Ordinance” means Ordinance No. 25-15 passed by the City Council on March 19, 2015, which created the Bridge Park NCA in accordance with the requirements of the NCA Act. “NCA Petition” means the Petition for Organization of a New Community Authority dated February 17, 2015, relating to the creation of the Bridge Park NCA, as amended from time to time. “NCA Revenue” means all income received by or on behalf of the Bridge Park NCA from the Development Site, including all NCA Charge income and income from the operation of the Community Facilities. “Operation and Maintenance Agreement” means the Operation and Maintenance Agreement for the Community Facilities to be entered into by and among the CFCFA and/or Bridge Park NCA, the Developer and the Block Owner, and approved by the City, providing for the operation, maintenance and capital repair of the Community Facilities, as the same may be amended from time to time pursuant to its terms. Each Operation and Maintenance Agreement for Parking Facilities shall be in substantially the form of the Operation and Maintenance Agreement used for Bridge Park parking facilities, or as otherwise agreed by Developer, Block Owner and CFCFA or Bridge Park NCA, as applicable, and approved by City. “Parking Facilities” mean the structured parking facilities and related site improvements (e.g. retaining walls and surface improvements providing access to the structured parking facilities) to be located on the Development Site as further described and depicted in the Conceptual Development Plan and EXHIBIT B. - 9 - “Parties” mean the City and the Developer, with each of the City and the Developer in its respective individual capacity referred to as a “Party”. “Principals” means, with respect to the Completion Guaranty, Brent Crawford, Bob Hoying, and any other entity or individual providing a completion guaranty to the Lender. “Private Financing” means the Loan and the Equity Investment. “Project” means, collectively, the Commercial Improvements and Public Improvements, which will consist generally of a proposed mixed-use development to be constructed by the Developer upon the Development Site consisting of residential units, office, restaurant and retail spaces, hospitality and a community event facilities, together with roadway improvements and parking facilities necessary to accommodate such development, all as further described and depicted in this Agreement. “Project Agreements” mean, collectively, this Agreement, the Service Agreement, the Operation and Maintenance Agreement, the Construction Agency Agreement, the NCA Declaration, the Completion Guaranty, and any other agreement or document between City and Developer with respect to the Project, with each such agreement or document referred to individually as a “Project Agreement.” “Public Funding” means the net proceeds of the CFCFA/NCA Debt available to pay Public Improvement Costs. “Public Improvements” means the Parking Facilities. The Developer may propose, and the City may approve in its sole discretion, additional public improvements that may be funded by the CFCFA/NCA Debt if and to the extent that proceeds of that debt exceed the Public Improvements Costs of the Parking Facilities. “Public Improvement Budget” means the budget of Public Improvement Costs prepared and approved as contemplated by Section 10.2. “Public Improvement Costs” means the costs of designing, constructing and equipping the Public Improvements as approved by the City, including, without limitation, the categories of costs for permanent improvements set forth in Section 133.15, Ohio Revised Code, but excluding real property acquisition costs, Issuance Costs, debt service reserves and capitalized interest on the Public Party Debt. “Public Improvement Plans” means the detailed final working drawings and specifications and addenda thereto for the construction of the Public Improvements. “Public Parties” means the City, the NCA and the CFCFA, together with any other public issuers within the State of Ohio that may provide funding through investment grade bond funds. “Public Party Debt” means any debt issued by a Public Party to finance the Public Funding and to pay any Issuance Costs, debt service reserves and capitalized interest. - 10 - “Service Agreement” means the Service Agreement by and between the Developer, any Block Owner and the City, as the same may be amended from time to time pursuant to its terms, establishing covenants running with each parcel of the Commercial Property and providing for the collection of Service Payments and Minimum Service Payments for that parcel, the parcel owner’s obligations regarding the operation, maintenance and capital repair of the Commercial Improvements, and other matters provided therein. “Service Payments” means service payments in lieu of taxes which will be paid by the owners of the Commercial Property pursuant to and in accordance with Ohio Revised Code Section 5709.42. “State” means the State of Ohio. “TIF Ordinance” means the 5709.41 TIF Ordinance. “TIF Statutes” means, collectively, Ohio Revised Code Sections 5709.41, 5709.42 and 5709.43. 1.2. Interpretation. 1.2.1. Any reference in this Agreement to City or to any officers of City includes those entities or officials succeeding to their functions, duties or responsibilities pursuant to or by operation of law or lawfully performing their functions. 1.2.2. Any reference to a section or provision of the Constitution of the State, or a section, provision or chapter of the Revised Code includes the section, provision or chapter as modified, revised, supplemented or superseded from time to time; provided, that no amendment, modification, revision, supplement or superseding section, provision or chapter will be applicable solely by reason of this paragraph if it constitutes in any way an impairment of the rights or obligations of any Party under this Agreement. 1.2.3. No presumption will apply in favor of any Party in the interpretation of this Agreement or in the resolution of any ambiguity of any provision hereof. 1.2.4. Unless the context indicates otherwise, words importing the singular number include the plural number, and vice versa; the terms “hereof”, “hereby”, “herein”, “hereto”, “hereunder” and similar terms refer to this Agreement; and the term “hereafter” means after, and the term “heretofore” means before, the date of this Agreement. Words of any gender include the correlative words of the other gender, unless the sense indicates otherwise. References to articles, sections, subsections, clauses, exhibits or appendices in this Agreement, unless otherwise indicated, are references to articles, sections, subsections, clauses, exhibits or appendices of this Agreement. 1.2.5. The captions and headings in this Agreement are solely for convenience of reference and in no way define, limit or describe the scope of the intent of any article, section, subsection, clause, exhibit or appendix of this Agreement. - 11 - 1.2.6. Any references herein to exhibits which are attached hereto shall be intended to incorporate the information contained on such exhibit at the point of such reference. Section 2. General Agreement and Term. For the reasons set forth in the Recitals hereto, which Recitals are incorporated herein by reference as a statement of the public purposes of this Agreement and the intended arrangements between the Parties, the Parties shall cooperate in the manner described herein to facilitate the construction of the Project in a manner consistent with the objectives of the Bridge Street District Area Plan, included in the Community Plan and the BSD Zoning Regulations. The Developer acknowledges that the City has adopted the BSD Zoning Regulations and various other development and construction regulations which are codified in the City’s Code of Ordinances and are applicable to the development of the Project and agrees, except as provided in Sections 4.8 and 4.10, that it will be required to follow and fulfill all of the BSD Zoning Regulations and related processes. The Developer agrees that the Project will be constructed in a manner which is consistent with generally accepted construction industry standards and guidelines applicable to similar projects and in conformity with installation guidelines as may be recommended by the various manufacturers of the building materials. If any portion of the Project does not meet the requirements of the BSD Zoning Regulations, the Developer acknowledges that it will be required to obtain the applicable City approvals for such portion(s) of the Project through the appropriate reviewing body or reconstruct the portion of the Project that does not meet said requirements. As the Developer develops the Project, the Commercial Costs and, except to the extent the Public Parties provide the Public Funding as described herein, the Public Improvement Costs shall be paid solely and exclusively from funding obtained by the Developer. The City will provide certain Incentives, which are based on the Commercial Improvements to be made, the Commercial Budget and market rent conditions, and which are conditioned upon the satisfaction of certain Incentive Contingencies, all as provided herein. This Agreement shall become effective as of the Effective Date and terminates (a) if the Incentive Contingencies have not been met before the Construction Commencement Deadline, upon written notice delivered by City to Developer, or (b) on such earlier date as may be determined pursuant to Section 11 or mutually agreed by the Parties; provided, however, the following provisions shall survive any termination of this Agreement: (i) the provisions of Section 12, and (ii) the provisions of Sections 1, 4.11, 11 and 13. Section 3. Representations and Warranties of the Parties. 3.1. City Representations and Warranties. The City represents and warrants as of the date of delivery of this Agreement that: 3.1.1. It is a municipal corporation and political subdivision duly organized and validly existing under the Constitution and laws of the State of Ohio and its Charter. 3.1.2. It is not in violation of or in conflict with any provisions of the laws of the State or of the United States of America applicable to City which would impair its ability to carry out its obligations contained in this Agreement. - 12 - 3.1.3. It is legally empowered to execute, deliver and perform this Agreement and to enter into and carry out its obligations contemplated by this Agreement. Execution, delivery and performance by City do not and will not violate or conflict with any provision of law applicable to City, including its Charter, and do not and will not conflict with or result in a default under any agreement or instrument to which City is a party or by which it is bound wherein a violation, conflict or default would materially and adversely affect the City’s ability to carry out its obligations under this Agreement. 3.1.4. This Agreement has, by proper action, been duly authorized, executed and delivered by City and all steps necessary to be taken by City have been taken to constitute this Agreement, and the obligations of City contemplated herein are legal, valid and binding obligations of City, enforceable in accordance with their terms, except as limited by applicable relief, liquidation, conservership, bankruptcy, moratorium, rearrangement, insolvency, reorganization or similar laws affecting the rights or remedies of creditors generally, as in effect from time to time. 3.1.5. There is no litigation pending or, to the knowledge of the individuals signing this Agreement on behalf of the City, threatened against or by the City wherein an unfavorable ruling or decision would materially and adversely affect the City’s ability to carry out its obligations under this Agreement. 3.1.6. It will do all things in its power that are reasonable and necessary in order to maintain its existence and assure the assumption of its obligations under this Agreement by any successor public body. 3.2. Developer Representations and Warranties. The Developer represents and warrants as of the date of delivery of this Agreement and as of the date of each disbursement of Public Funding that: 3.2.1. It is a limited liability company duly organized and validly existing and in full force and effect under the laws of the State, and has power to do business in the State. 3.2.2. It is not in violation of or in conflict with any provisions of the laws of the State or of the United States of America applicable to the Developer that would impair its ability to carry out its obligations contained in this Agreement. 3.2.3. It is legally empowered to execute, deliver and perform this Agreement and to enter into and carry out the transactions contemplated by this Agreement. That execution, delivery and performance do not and will not violate or conflict with any provision of law applicable to the Developer, and do not and will not conflict with or result in a default under any agreement or instrument to which the Developer is a party or by which it is bound. Neither the execution and delivery of this Agreement or any Project Agreement to which the Developer, Block Owner or an Affiliate of the Developer is a party, nor consummation of any of the transactions herein or therein contemplated nor compliance with the terms and provisions hereof or thereof will contravene the organizational documents of the Developer, Block Owner or of its Affiliate nor any laws to which Developer or its Affiliate is subject, or any judgment, decree, license, order or permit applicable to the Developer, or will conflict with or be inconsistent with, or result in any breach of - 13 - any of the terms of the covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of a lien upon any of the property or assets of the Developer, Block Owner or its Affiliates pursuant to the terms of, any indenture, mortgage, deed of trust, agreement or other instrument to which the Developer, Block Owner or any of its Affiliates is a party or by which Developer or any Affiliate is bound, or to which Developer, Block Owner or any Affiliate is subject. 3.2.4. This Agreement has, by proper action, been duly authorized, executed and delivered by the Developer and all steps necessary to be taken by the Developer have been taken to constitute this Agreement, and the covenants and agreements of the Developer contemplated herein are valid and binding obligations of the Developer, enforceable in accordance with their terms. The execution, delivery and performance by the Developer, Block Owner or any of their Affiliates of the Project Agreements to which it is a Party are within the Developer’s, Block Owner’s and the Affiliate’s powers, respectively, and have been duly authorized by all necessary action of the Developer, Block Owner and their Affiliates. The individual executing this Agreement on behalf of the Developer or any of the Project Agreements on behalf of the Developer, Block Owner or any Affiliate has been duly authorized to act for and to bind that party to its terms. No consent, authorization, approval, order or other action by, and no notice to or filing with, any court or Governmental Authority or regulatory body or third party, is required for the execution, delivery and performance by Developer of this Agreement or by Developer, Block Owner or any Affiliate of the Project Agreements to which it is a party. 3.2.5. There is no litigation pending or, to the knowledge of the Developer, threatened against or by the Developer, Block Owner or any Affiliate wherein an unfavorable ruling or decision would materially and adversely affect the Developer’s ability to carry out its obligations under this Agreement. 3.2.6. It is in compliance with State of Ohio campaign financing laws contained in Ohio Revised Code Chapter 3517. 3.2.7. No event has occurred and no condition exists with respect to it that would constitute a Developer Default under this Agreement or that, with the lapse of time or with the giving of notice or both, would constitute a Developer Default under this Agreement. 3.2.8. It will comply with all laws and regulations (including, without limitation, zoning and permitting laws and regulations) applicable to its development of the Development Site and the Project, as applicable. 3.2.9. Developer is currently in compliance with, and not currently in violation of, any provisions of Ohio Revised Code Section 2921.42 that may be applicable to it, and (ii) will take no action inconsistent with those laws, as any of them may be amended or supplemented from time to time. 3.2.10. Developer is not aware of any finding for recovery having been issued against it or any Block Owner or Affiliate by the Auditor of the State of Ohio which is “unresolved”. - 14 - Section 4. Transfers of Real Property; Community Entertainment District; Open Space Requirements. 4.1. Conveyance of Real Property Relating to 5709.41 TIF Ordinance. Solely as it relates to passage of the 5709.41 TIF Ordinance in furtherance of the City’s urban redevelopment activities, Developer shall convey to the City title to such portion of the Development Site as may be necessary and requested by the City from time to time for that purpose via a quitclaim deed and the City shall accept title thereto. The City shall re-convey to Developer title to that property via a quitclaim deed one business day following its acceptance of title to that property. The City and Developer each agree that it will not permit third parties to access such property during the City’s period of ownership. 4.2. Transfer of Community Facilities Property. Developer shall, on or before the Closing Date, transfer long term leasehold or fee title to the Community Facilities Property located to CFCFA or Bridge Park NCA, as appropriate. Such title shall be free and clear of all liens and encumbrances except for (a) the Service Agreement, (b) the NCA Declaration, (c) the Operation and Maintenance Agreement, (d) any covenants requested by Developer and acceptable to City to provide for reserved parking spaces in the Parking Facilities for tenants of the Commercial Improvements, provided, however, that the total number of reserved spaces shall not exceed eighty (80) spaces unless otherwise approved by City, and (e) such other encumbrances as approved by City. Developer shall provide all environmental reports and property surveys as requested by City, and shall provide a title insurance policy in favor of CFCFA or Bridge Park NCA, each in form and substance acceptable to City. 4.3. Community Entertainment Districts. The City is hereby committed, and agrees to use its best efforts, to create one or more Community Entertainment Districts that encompass the Project. 4.4. Open Space Requirements. The Project will comply with all BSD Zoning Regulation requirements for open space dedication. Under the BSD Zoning Regulations, a fee-in- lieu is required for any open space deficiencies. Section 5. Commercial Improvements. The Developer intends to develop the Development Site as described in this Agreement and the Conceptual Development Plan attached as EXHIBIT A. The Developer will develop the Commercial Improvements and the Project in accordance with all Legal Requirements, including, without limitation, the BSD Zoning Regulations. The final Commercial Budget will be delivered by Developer to City in accordance with Section 10.6. Developer agrees, and each respective Block Owner shall agree in the Service Agreement, that, unless otherwise approved by City: (i) the hard costs and total costs of the Commercial Improvements shall be no less than $67,454,390, (ii) it will complete construction of the Commercial Improvements in accordance with all Legal Requirements and this Agreement within 36 months of satisfaction of the Incentive Contingencies (subject to extensions of time for Force Majeure), and (iii) not encumber the Commercial Property with any liens other than those created by the Project Agreements or the first mortgage securing the Loan and duly and punctually - 15 - pay, perform and observe their respective obligations under the Loan Documents for the Loan until the completion of all Commercial Improvements and Community Facilities. Section 6. Community Reinvestment Area Agreements. The City heretofore passed the CRA Ordinance and created the Bridge Street District CRA, which Bridge Street District CRA has been approved by the Ohio Development Services Agency. City and Developer (or its designated Affiliate Block Owner) will enter into one or more CRA Agreements on the Effective Date collectively providing for real property tax exemptions for the Community Facilities. Each Block Owner and CFCFA and/or Bridge Park NCA, as necessary or appropriate, will join the applicable CRA Agreement. The CRA Agreements shall include, among other things, an acknowledgement by Developer and Block Owner that City may terminate the CRA Agreement if Developer and Block Owner do not satisfy the Incentive Contingencies by the Construction Commencement Deadline. The CRA Agreements will provide for a 15 year, 100% real property tax exemption for the Community Facilities. That exemption will take priority over the real property tax exemption provided by the TIF Ordinance. Section 7. Public Improvements. The Parties agree that the following Public Improvements will benefit and serve the Project and such Public Improvements will be constructed as follows: 7.1. Community Facilities. The Developer agrees that, working cooperatively with the Bridge Street NCA and, unless otherwise approved by City, the CFCFA, it will provide for the financing and construction of the Community Facilities. 7.1.1. Ownership; Contracting. The Community Facilities will be owned by CFCFA, Bridge Park NCA or such other Ohio political subdivision the determination of which shall be reasonably approved by the City and must be built in accordance with City approved designs and City building standards, and pursuant to one or more guaranteed maximum price construction contracts between the CFCFA, Bridge Park NCA or Developer and qualified contractors. The Developer will provide construction services in connection with the Community Facilities pursuant to the Construction Agency Agreement by and between the CFCFA or Bridge Park NCA and Developer, and the CFCFA or Bridge Park NCA will retain an owner’s representative to provide construction and disbursement oversight, with the scope of duties for the owner’s representative further defined in the Cooperative Agreement. The City will be a third party beneficiary of the Construction Agency Agreement and will have the right to enforce the obligations of the Developer and CFCFA or Bridge Park NCA thereunder. Except as otherwise approved by City, all construction contracts for the Community Facilities must contain customary public contract disbursement, performance bond, payment bond, maintenance bond, warranty, insurance and indemnity provisions and step-in rights for CFCFA or Bridge Park NCA and City in the event of default by Developer under the Construction Agency Agreement. All construction contracts and the Construction Agency Agreement for the Community Facilities must be in form and substance acceptable to City. 7.1.2. Public Funding and Disbursements. The Community Facilities will be financed primarily with bonds issued by the CFCFA or the Bridge Park NCA. Developer shall use its best efforts to place with purchasers the CFCFA/NCA Debt containing the most favorable interest rates and other terms as possible given then current market conditions, provided that the - 16 - interest rate on any series CFCFA/NCA Debt purchased by Developer or its Affiliates shall not exceed the lesser of (a) 6.00% per year or (b) the sum of (i) 30-year rate for revenue bonds as included in the “Bond Buyer Revenue Bond Index” database maintained by The Bond Buyer on the date immediately preceding the issuance date of the applicable bonds or, if such index is unavailable, then such other publicly available index or measurement of 30-year high-yield fixed- rate revenue bonds selected by City and Developer and (ii) 2.00%. Developer shall provide any credit enhancements necessary for placements it arranges, whether in the form of a letter of credit, a guaranty, or otherwise. The City may elect to cause another party to place or refund the CFCFA/NCA Debt; provided, however, the terms of such debt must comply with the terms of the CFCFA/NCA Debt set forth in the following sentence unless otherwise approved by Developer. Unless otherwise approved by City, all CFCFA/NCA Debt shall (i) amortize based on substantially level payments of principal and interest, (ii) permit optional redemption at a redemption price of par plus accrued interest no later than 10 years after the date of issuance, and (iii) limit Issuance Costs to 3.50% of the principal amount. All documents related to the CFCFA/NCA Debt must be in form and substance acceptable to City. Public Funding for the Community Facilities shall be disbursed pursuant to the requirements of EXHIBIT D and corresponding provisions of the Cooperative Agreement. The Developer may propose, and the City may approve in its sole discretion, additional public improvements that may be funded by the CFCFA/NCA Debt if and to the extent that proceeds of that debt exceed the Public Improvements Costs of the Parking Facilities. 7.1.3. Operation and Maintenance of Parking Facilities. The Developer and the applicable Block Owner will enter into and record as a covenant running with the Development Site an Operation and Maintenance Agreement for the Parking Facilities. The Operation and Maintenance Agreement will be in substantially the form of the Operation and Maintenance Agreements entered into for Bridge Park and will include Developer and Block Owner’s covenants to keep and maintain, or cause to be kept and maintained, the Parking Facilities in good, operable, and usable condition and repair, normal wear and tear excepted, but, in any event, consistent with other first class parking facilities in the central Ohio area and in compliance with generally accepted industry standards for the long term maintenance and capital reinvestment for parking facilities of this type, located within the central Ohio climate, and shall make or cause to be made any and all repairs or replacements as may be required to maintain such standards. Specifically, the Developer and applicable Block Owner shall perform the specific maintenance with respect to the Parking Facilities generally in accordance with a maintenance standards manual developed by Developer and Block Owner and approved by City. The Operation and Maintenance Agreement shall provide, among other things, that the non-reserved parking spaces within the Parking Facilities shall be kept open and available to the general public at all times, the Developer or Block Owner shall fund any shortfalls between the revenue generated by the Bridge Park NCA or the Community Facilities and available to pay the cost of operating and maintaining the Community Facilities and the actual cost of operating and maintaining the Community Facilities. The City and the Bridge Park NCA will be third party beneficiaries of the Operation and Maintenance Agreement, and will have the right to enforce the obligations of the Developer, Block Owner, Bridge Park NCA and CFCFA thereunder. 7.2. City Financial Obligations. All payment obligations of the City hereunder are expressly subject to appropriation by City Council of funds necessary to make those payments and are binding on City only to the extent of such appropriation. Any of City’s payment obligations - 17 - under this Agreement do not constitute an indebtedness of the City within the provisions and limitations of the laws and the Constitution of the State of Ohio, and the Developer does not have the right to have taxes or excises levied by the City for the payment of any amount owed by the City hereunder. Except as specifically provided for herein, the City has no responsibility for the financing, design, construction, operation, maintenance and/or repair of the Community Facilities. Section 8. Tax Increment Financing. 8.1. TIF Ordinance. Subject to Section 2, the City agrees to pass the TIF Ordinance and create a tax increment financing area within the Development Site. City Council will adopt the 5709.41 TIF Ordinance within 90 days of the date all Incentive Contingencies are satisfied. The TIF Ordinance shall provide that the first tax year for the real property tax exemption thereunder shall be tax year 2026 (collection year 2027). 8.2. Application of Service Payments. The City will apply the Service Payments and Minimum Service Payments it receives pursuant to EXHIBIT E and the related provisions of the Cooperative Agreement. 8.3. Minimum Service Payments. The Service Agreement will provide that the owner of each parcel of Commercial Property will provide for a minimum service payment obligation pursuant to Ohio Revised Code Section 5709.91 (the “Minimum Service Payments”). The Minimum Service Payments consist of two amounts: (i) an amount equal to the amount of the NCA Charge due for that parcel as described in the NCA Declaration applicable to that parcel, which amount is due and payable only to the extent that the NCA Charge is not paid when due, and (ii) an aggregate amount equal to $71,614,546, with annual payments of that amount first due in calendar year 2027 in the amount of $2,165,665, thereafter increasing with each triennial update or sexennial reappraisal to a final annual amount of $2,639,933 due in calendar year 2056 (or in each case, such higher amounts as the Developer, Block Owner and City agree). The Minimum Service Payment described in the foregoing clause (ii) will be allocated to each tax parcel of Commercial Property as described in the Service Agreement. The amount of Service Payments paid to the Franklin County Treasurer for each tax parcel in a calendar year will be credited against the Minimum Service Payments due for that parcel for that calendar year. Section 9. New Community Authority. 9.1. General. The Developer heretofore prepared and filed the NCA Petition with the City on February 17, 2015, proposing the creation of the Bridge Park NCA and the City Council heretofore approved on March 19, 2015, the creation of the Bridge Park NCA. City and Developer will cooperate as necessary to add the Development Site to that district. To the extent not payable from available NCA Revenue, Developer shall pay all reasonable and necessary expenses of the Bridge Park NCA. 9.2. NCA Charge. 9.2.1. General. Pursuant to the NCA Act, the NCA Petition and the Cooperative Agreement, the Parties acknowledge that the Bridge Park NCA shall impose NCA Charges and collect such NCA Charges from owners of real property located within the Development Site and from business operating within the Development Site. The NCA Declaration shall provide for an - 18 - annual NCA Charge based on assessed valuation (the “Assessed Valuation Charge”), an NCA Charge based on retail gross sales, and a NCA Charge based on the gross receipts of hotels operating within the Development Site. 9.2.2. Timing of NCA Charge. The NCA Declaration will provide that the Assessed Valuation Charge will first be collected during the earlier of (i) the first full calendar year after issuance of a certificate of occupancy for any portion of the Commercial Improvements and (ii) the first full calendar year that begins at least 24 months after the satisfaction of the Incentive Contingencies. 9.2.3. Calculation of Assessed Valuation Charge. The Assessed Valuation Charge for each parcel of Commercial Property will be determined as described in the NCA Petition, provided that the per square foot value of commercial office property shall be no less than $159.00, hotels shall be no less than $200.00, commercial retail property shall be no less than $164.00, and apartments shall be no less than $184.00, or the then current value assessed by the Franklin County Auditor. The amount of Service Payments paid to the Franklin County Treasurer or Minimum Service Payments paid to the Franklin County Treasurer or City for each tax parcel in a calendar year will be credited against the Assessed Valuation Charge due for that parcel for that calendar year. 9.3. Application of NCA Revenues. Pursuant to the Cooperative Agreement, the Bridge Park NCA shall pay all NCA Revenues to the City. City will apply the NCA Revenues it receives pursuant to EXHIBIT E and the related provisions of the Cooperative Agreement. Section 10. Incentive Contingencies. The obligations of the City to provide Incentives are contingent upon the satisfaction of all of the following contingencies (collectively, the “Incentive Contingencies”). Each of the agreements, evidence or other document required to be submitted to satisfy an Incentive Contingency must be in form and substance acceptable to City in order for the Incentive Contingency to be satisfied. The Parties will proceed diligently and in good faith to pursue the satisfaction of the Incentive Contingencies in a timely and coordinated manner intended to result in the timely development of the Project in accordance with the Conceptual Development Plan and final development plan approvals. The Parties will coordinate their efforts to pursue the satisfaction of the Incentive Contingencies in a logical order intended to result in the satisfaction of all of the Incentive Contingencies as soon as practical. From time to time, at the request of the Developer, the City shall confirm the satisfaction, waiver or failure of any of the Incentive Contingencies which have been satisfied, waived or have not been met. 10.1. Public Improvement Plans. The Developer shall have caused the Public Improvement Plans to be prepared and submitted to the City, and the City shall have approved, the Public Improvement Plans for the Community Facilities. 10.2. Public Improvement Scope and Budget. The Developer shall have prepared and submitted to the City, and the City shall have approved, the Public Improvement Budget for the Community Facilities (including the Schedule of Values for those Community Facilities) based on the approved Public Improvement Plans and other information then most currently available, itemizing and detailing the Public Improvement Costs for those Community Facilities, including commercially reasonable contingency amounts, and with documentation satisfactory to the City. - 19 - Developer shall also have provided to City evidence that the Lender has approved the Public Improvement Budget. 10.3. Disbursement Schedule. The Developer shall have developed and submitted to the City, and the City shall have approved, a schedule of disbursements of proceeds of the Private Financing for payment of Commercial Costs (including disbursements to date) and the schedule of disbursements of Private Financing and Public Funding for payment of costs of the Public Improvements (the “Disbursement Schedule”). The City shall have the right to review and request additional documentation and to further request modifications of the Disbursement Schedule based on the information submitted by the Developer. 10.4. Community Facilities Property. The Developer and CFCFA or Bridge Park NCA shall have executed, delivered and provided to City documents conveying each portion of the Community Facilities Property to CFCFA or Bridge Park NCA as provided in Section 4.6. Developer shall have obtained and delivered to CFCFA or Bridge Park NCA and City a commitment for title insurance for CFCFA’s or Bridge Park NCA’s interest in the Community Facilities Property. 10.5. CFCFA/NCA Debt. Developer shall have provided to City (i) the fully executed bond documents for the CFCFA/NCA Debt providing bond proceeds sufficient to pay all Public Improvement Costs for the Community Facilities and (ii) evidence that the purchase price for such CFCFA/NCA Debt has been fully paid and deposited with the trustee or is in the process of collection as required by Ohio Revised Code Section 5705.41. 10.6. Commercial Budget. The Developer shall have prepared and submitted to the City the Commercial Budget. The Commercial Budget must include commercially reasonable contingency amounts and detailed documentation with respect to each element of the Commercial Cost. The Commercial Budget shall reflect those items and costs as the Developer determines, in its best professional judgment, are reasonable and necessary to develop the Commercial Improvements as described in the then current Conceptual Development Plan. Developer shall also have provided to City evidence that the Lender has approved the Commercial Budget. 10.7. Proforma. The Developer shall have prepared and submitted to the City the proforma for the Private Improvements, which shall be based on the most current information available to Developer regarding the budgeted Commercial Costs and the projected stabilized operating income and expense statement for the Private Improvements. Developer shall also have provided to City evidence that the Lender has approved the proforma. 10.8. Loan; Loan Funding Contingencies. The Developer shall have obtained and provided to the City the Loan Documents for the Loan for the Commercial Costs. All of the Loan Documents shall be executed and delivered by the parties thereto, and the Loan shall otherwise be closed as contemplated by the Loan Documents. Developer shall provide to the City (i) then current drafts of the Loan Documents at least two weeks prior to the scheduled Closing Date, and (ii) copies of the executed Loan Documents on or about the Closing Date. The Loan Documents shall provide that the Lender shall send to City a notice of any default by the borrower under the Loan Documents. - 20 - 10.9. Equity Investment. The Developer shall have provided evidence that the Equity Investment has been funded for the Commercial Costs not funded with Loans plus the Public Improvement Costs not anticipated to be paid from the Public Funding. All of the Equity Investment Documents shall be executed and delivered by the parties thereto, and the Equity Investment shall otherwise be closed as contemplated by the Equity Investment Documents. The Developer shall provide to the City (i) then current drafts of the Equity Investment Documents at least two weeks prior to the scheduled Closing Date, and (ii) copies of the executed Equity Investment Documents on or about the Closing Date. 10.10. Operation and Maintenance Agreement. The Developer and CFCFA and/or Bridge Park NCA shall have entered into the Operation and Maintenance Agreement for the Community Facilities. The Operation and Maintenance Agreement for Parking Facilities shall be in substantially in the form of the Operation and Maintenance Agreement for the Bridge Park parking facilities and shall comply with the requirements of Section 7.2.3. Each Operation and Maintenance Agreement shall have been recorded against the real property comprising the Development Site on or before the Closing Date, prior to all mortgages or other liens or encumbrances except those approved by the City. 10.11. NCA Declaration. Developer and the Block Owner have executed and recorded the NCA Declaration providing for collection of the NCA Charge, with each the NCA Declaration to be in form and substance acceptable to Developer and the City. 10.12. Environmental Reports. Developer shall have submitted such environmental reports for the Development Site to City as have been requested by City and evidencing there are no Hazardous Materials located on the Development Site or violations of Environmental Laws that would prevent development of the Development Site in accordance with the Conceptual Development Plan. Developer shall have delivered a reliance letter from the preparer of the environmental reports authorizing reliance on those reports by City and the owners of the Community Facilities. 10.13. Cooperative Agreement. The City, CFCFA (unless otherwise approved by City) and NCA shall have entered into the Cooperative Agreement providing for, among other things, the issuance of CFCFA/NCA Debt to fund Community Facilities, the payment to CFCFA or Bridge Park NCA of Service Payments and NCA Revenue as necessary to make debt service payments on CFCFA/NCA Debt, and the construction, operation and maintenance of the Community Facilities. 10.14. Completion Guaranty. The Developer and Principals shall have executed and delivered to the City the Completion Guaranty substantially in the form of the completion guarantees for Bridge Park, with each Completion Guaranty evidencing guaranty of completion of no less than the Commercial Improvements and Community Facilities. 10.15. Permits and Construction Contracts. The Developer shall have obtained the required permits necessary for the Commercial Improvements and Community Facilities. The Developer shall have provided fully executed copies of the guaranteed maximum or fixed price construction contracts for the construction of the Commercial Improvements and Community Facilities. - 21 - 10.16. Hotel Brand Confirmation. The Developer shall have secured and submitted to the City, and the City shall have approved, the branding and operator for the hotel that is part of the Private Improvements. Unless otherwise approved by the City, the hotel shall be branded as a Marriott Autograph with a minimum development budget of $300,000 per guest room. 10.17. Plan for Parcel 273-008269. The Development Site constitutes a portion of current Franklin County tax parcel 273-008269. The Developer shall have prepared and submitted a master plan for reference for the remainder of that parcel in conjunction with the Concept Plan for the Development Site. This master plan, among other things, shall illustrate the Developer’s redevelopment plans for that parcel and the functional interrelationships between the Project and the improvements to be made to that parcel as part of its redevelopment. 10.18. Service Agreement. The Service Agreement shall be effective and shall have been recorded against the real property comprising the Development Site, prior to all mortgages or other liens or encumbrances except those approved by the City. 10.19. Construction Agency Agreement for Community Facilities. CFCFA or Bridge Park NCA and the Developer shall have entered into the Construction Agency Agreement. 10.20. Public Parking Covenant. Block Owner and owner of the Community Facilities have executed and recorded a covenant running with the land in favor of City for the Parking Facilities. Such covenant shall provide that all parking spaces in the Parking Facilities, except those reserved as described in Section 4.5, shall be held open to the public and subject to parking charges, if any, as provided in the applicable Operation and Maintenance Agreement or as otherwise approved by City. Such covenant shall be prior to all mortgages or other liens or encumbrances except those approved by the City. 10.21. Closing Opinions. On the Closing Date, the Developer and Block Owner will provide to City (i) a certificate confirming the representations of the Developer or Block Owner set forth in this Agreement or in any of the other Project Agreements and (ii) an opinion of Developer’s and Block Owner’s counsel, subject to customary assumptions, qualifications and limitations, confirming that the Project Agreements to which the Developer or Block Owner is a party (either as a named party or by acceptance of fee title to all or any of the Development Site) have been duly authorized, executed and delivered by the Developer and Block Owner and constitutes the legal, valid and binding obligation of the Developer and Block Owner enforceable in accordance with its terms and that neither the entry into nor the performance of and compliance with those Project Agreements have resulted or will result in any violation of, or a conflict with or a default under, any judgment, decree, order, contract or agreement by which the Developer or Block Owner is bound and any legal requirement applicable to the Developer or Block Owner. Section 11. Events of Default and Remedies. 11.1. Developer Default. Any one or more of the following shall constitute a “Developer Default”: (a) Default by the Developer in the due and punctual payment, performance or observance of any material obligation of the Developer or Block Owner under this Agreement or any other Project Agreement as to which City has given a - 22 - Default Notice to the Developer, which default the Developer does not cure within the period of time specified for cure in such Default Notice; (b) Any representation or warranty made by the Developer or Block Owner in this Agreement or any other Project Agreement is false or misleading in any material respect as of the time made; (c) Any report, certificate or other document furnished by the Developer or Block Owner to a Public Party pursuant to this Agreement or any other Project Agreement is false or misleading in any material respect as of the time furnished and has been relied upon by City to its material detriment prior to correction by the Developer; (d) The filing by the Developer or Block Owner of a petition for the appointment of a receiver or a trustee; (e) The making by the Developer of a general assignment for the benefit of creditors; (f) The entry of an order for relief pursuant to any Chapter of Title 11 of the U.S. Code, as the same may be amended from time to time, with the Developer as debtor; (g) The filing by the Developer of an insolvency proceeding with respect to the Developer or any proceeding with respect to the Developer for compromise, adjustment or other relief under the laws of any country or state relating to the relief of debtors; or (h) The occurrence of a default by the Developer or Block Owner under any of the Loan Documents or Equity Investment Documents that is not either (i) cured within the applicable cure period, if any, provided therein or (ii) waived in writing by the Developer’s or Block Owner’s Lender or investor(s), as applicable. 11.2. Remedies for Developer Default. At any time as of which a Developer Default exists, the City at its option, may, but shall not be obligated to, exercise any one or more of the following remedies: (a) By written notice to the Developer, terminate this Agreement, provided that such termination shall not affect the obligations of the Developer that have then accrued; (b) By written notice to the Developer and the Trustee, cease disbursements of proceeds of the Public Funding if no Loan proceeds have been disbursed or if the Lender has temporarily or permanently ceased disbursements of the Loan; (c) (i) recover from the Developer any sums of money that are due and payable by the Developer to or for the benefit of the City under this Agreement; (ii) - 23 - commence an action for specific performance or other equitable relief against the Developer with respect to the defaulted obligations as provided in Section 11.6; and (iii) exercise the City’ rights under Section 11.7 with respect to the Developer Default; and (d) Enforce, or avail themselves of, any other remedies available to them at law or in equity. 11.3. City Default. Any one or more of the following shall constitute a “City Default”: (a) Default by City in the due and punctual payment, performance or observance of any obligation of City under this Agreement or any other Project Agreement, as to which the Developer has given a Default Notice to the City, which default the City do not cure within the period of time specified for cure in the Default Notice; (b) Any representation or warranty made by City in this Agreement or any other Project Agreement is false or misleading in any material respect as of the time made and has been relied upon by the recipient to its material detriment prior to correction by City; or (c) Any report, certificate or other document furnished by City to the Developer pursuant to this Agreement or any other Project Agreement is false or misleading in any material respect as of the time made and has been relied upon by the recipient to its material detriment prior to correction by City. 11.4. Remedies for City Default. At any time as of which a City Default exists, the Developer, at its option, may, but shall not be obligated to, exercise any one or more of the following remedies: (a) By written notice to the City, terminate this Agreement, provided that such termination shall not affect the obligations of the City that have then accrued; (b) (i) recover from City any sums of money that are due and payable by City to or for the benefit of the Developer under this Agreement; (ii) except for obligations requiring City Council approval, commence an action for specific performance or other equitable relief against City with respect to the defaulted obligations as provided in Section 11.6; and (iii) exercise the Developer’s rights under Section 11.7 with respect to the City Default; and (c) Enforce, or avail itself of, any other remedies available to it at law or in equity. 11.5. Default Notices. At any time when there exists a default by the Developer in the due and punctual payment, performance or observance of any obligation of the Developer under this Agreement or Developer or Block Owner any other Project Agreement, City may give the Developer a written notice, indicated as being a “Default Notice” under this Section, identifying the default and specifying a period of time for the cure of the default. At any time when there exists a default by City in the due and punctual payment, performance or observance of any - 24 - obligation of City under this Agreement or any other Project Agreement, the Developer may give the City a written notice, indicated as being a “Default Notice” under this Section, identifying such default and specifying a period of time for the cure of the default. Any notice given in accordance with this Section is called a “Default Notice.” The period of time for cure to be set forth in any Default Notice may be not shorter than such period of time as is reasonable in light of the nature of the default and the time reasonably required to cure the default. 11.6. Enforcement. As the remedy at law for the breach of any of the terms of this Agreement may be inadequate, each enforcing Party has a right of temporary and permanent injunction, specific performance and other equitable relief that may be granted in any proceeding brought to enforce any provision hereof, without the necessity of proof of actual damage or inadequacy of any legal remedy. 11.7. Self-Help. Without limiting the provisions of Section 11.6, (i) should any defaulting Party fail to remedy any default identified in a Default Notice within the reasonable cure period specified in the Default Notice, or (ii) should any default under this Agreement exist which (A) constitutes or creates an immediate threat to health or safety or (B) constitutes or creates an immediate threat of damage to or destruction of property, then, in any such event, the non- defaulting Party has the right, but not the obligation, to enter upon the property of the defaulting Party to take such steps as the non-defaulting Party may elect to cure, or cause to be cured, the default or violation. If a non-defaulting Party cures, or causes to be cured, a default as provided above in this Section, then there will be due and payable by the defaulting Party to the non- defaulting Party upon demand the amount of the reasonable costs and expenses incurred by the non-defaulting Party in pursuing the cure, plus interest thereon from the date of demand at the rate set forth in Section 11.8. 11.8. Interest. Except as otherwise expressly provided herein, amounts that are due and payable by the Developer to City under this Agreement will bear interest if not paid when due, until paid, (a) at the prime rate published in the “Money Rates” section of the Wall Street Journal from time to time for the first 30 days after due, and (b) at the higher of the rate provided for in clause (a) or 8% per annum beyond the first 30 days after due. 11.9. Costs of Enforcement. If an action is brought by the City for the enforcement of any provision of this Agreement, the Developer, and only to the extent that the Developer or Block Owner is found to be in default or breach of this Agreement or another Project Agreement, will pay to the City all costs and other expenses that become payable as a result thereof, including without limitation, reasonable attorneys’ fees and expenses. Section 12. Indemnification. Developer shall, at its cost and expense, defend, indemnify and hold the City and any officials, employees, agents and representatives of the City, its successors and assigns (collectively the “Indemnified Parties” and each an “Indemnified Party”), harmless from and against, and shall reimburse the Indemnified Party for, any and all loss, cost, claim, liability, damage, judgment, penalty, injunctive relief, expense or action (collectively the “Liabilities” and each a “Liability”), other than Excluded Liabilities, whether or not the Indemnified Party shall also be indemnified as to any such claim by any other person, the basis of which claim (a) was caused by or results from the actions or failures to act of Developer, Block Owner, or their Affiliates, agents, employees, contractors, subcontractors and material - 25 - suppliers while in possession or control of the Project, whether or not such action or inaction was negligent or reckless, or is in any way related to the construction of the Project or the selection of contractors, subcontractors or material suppliers relating thereto; (b) is based, in whole or in part upon failure or alleged failure of Developer, Block Owner or their Affiliates to satisfy their obligations under this Agreement or another Project Agreement; (c) relates to fraud, misapplication of funds, illegal acts, or willful misconduct on the part of Developer, Block Owner or their Affiliates; or (d) relates to the bankruptcy or insolvency of Developer, Block Owner or their Affiliates. The indemnity provided for herein shall survive the expiration or termination of and shall be separate and independent from any remedy under any Project Agreement. “Excluded Liability” means each Liability to the extent it is attributable to (i) the gross negligence or willful misconduct of any Indemnified Party or the failure of any Indemnified Party that is a third party beneficiary of this Agreement to perform any obligation required to be performed by the Indemnified Party as a condition to being indemnified hereunder, including without limitation, the settlement of any Liability without the consent of the Developer, or, to the extent the Developer’s ability to defend a Liability is prejudiced materially, the failure of an Indemnified Party to give timely written notice to the Developer of the assertion of a Liability. Upon notice of the assertion of any Liability, the Indemnified Party shall give prompt written notice of the same to the Developer. Upon receipt of written notice of the assertion of a Liability, the Developer shall have the duty to assume, and shall assume, the defense thereof, with power and authority to litigate, compromise or settle the same; provided that, the Indemnified Party shall have the right to approve any obligations imposed upon it by compromise or settlement of any Liability or in which it otherwise has a material interest, which approval may be withheld in its sole discretion. At Developer’s expense, an Indemnified Party may employ separate counsel and participate in the defense of any Liability; provided, however, that any such fees and expenses must be reasonable and necessary to protect the interests of the Indemnified Party. The Developer shall not be liable for any settlement of any Liability made without its written consent, but if settled with the written consent of the Developer, or if there is a final judgment for the plaintiff in an action, the Developer agrees to indemnify and hold harmless the Indemnified Party, except only to the extent of any Excluded Liability. Section 13. Miscellaneous. 13.1. Estoppel Certificates. Each Party (a “Responding Party”) will, from time to time, within fifteen business days after written request by another Party (a “Requesting Party”), execute and deliver to the Requesting Party and/or any third party designated by the Requesting Party, a statement in writing certifying (i) that (except as may be otherwise specified by the Responding Party) (A) this Agreement is in full force and effect and unmodified, (B) the Responding Party is not in default in the performance or observance of its obligations under this Agreement, and (C) to the Responding Party’s actual knowledge, the Requesting Party is not in default in the performance or observance of the Requesting Party’s obligations under this Agreement, and (ii) as to any other factual matters as the Requesting Party may reasonably request about this Agreement, the status of any matter relevant to this Agreement. - 26 - 13.2. Administrative Actions. To the extent permitted by law, and except as otherwise provided in this Agreement, all actions taken or permitted to be taken by the City under or in furtherance of this Agreement may be taken by the City Manager and will not require legislative action of a City Council beyond the legislative actions authorizing this Agreement. The City Manager, on behalf of the City, is authorized to make all approvals and consents that are contemplated by this Agreement and other Project Agreements, without the separate approval by the City Council, including reviews, approvals, and consents (including but not limited to, such actions with respect to the Incentive Contingencies) and any and all such other approvals contemplated herein. All actions, approvals, and consents of City required under this Agreement must be given in writing in order to be effective. 13.3. Recording. This Agreement will not be recorded. However, various provisions of this Agreement may be included in other Project Agreements that are intended to be recorded. 13.4. Confidentiality. Unless otherwise directed by court order, City will treat the Loan Documents, the Equity Investment Documents, the commitments of any tenants or purchasers to the Project, the expected or actual tenant and ownership mix of the Project, any proformas, and any other information provided to the Public Parties and clearly marked “trade secret” as trade secrets and not as public records or information, and will not disclose such documents or information to any third party without the written consent of the Developer. The City will promptly notify the Developer of (a) any public records request made to it that seeks disclosure of such documents or information and (b) any court action filed against it to compel the disclosure of such documents or information. The City will reasonably cooperate with the Developer in defending any such court action. The Developer will defend City against any third party claim related to the Developer’s designation of certain records as exempt from public disclosure, and will hold harmless the City for any liability or award to a plaintiff for damages, costs and reasonable attorney’s fees, incurred by the City by reason of such claim. 13.5. Authorized Officers. For the purpose of executing the necessary approvals or consents under this Agreement and any other Project Agreement, the following individuals are authorized to execute such approvals or consents on the behalf of their respective Parties: (i) for the City, the City Manager; (ii) for the Developer, Brent Crawford or other representative designated by written notice given by the Developer to City. 13.6. Assignment. Except as expressly provided hereunder, this Agreement may not be assigned without the prior written consent of the non-assigning party. 13.7. Binding Effect. The provisions of this Agreement shall be binding upon the successors and/or assigns of the Parties. 13.8. Captions. The captions and headings in this Agreement are for convenience only and in no way define, limit or describe the scope or intent of any provisions or sections of this Agreement. 13.9. Day for Performance. Wherever herein there is a day or time period established for performance and such day or the expiration of such time period is a Saturday, Sunday or legal holiday, then such time for performance shall be automatically extended to the next business day. - 27 - 13.10. Entire Agreement. This Agreement, together with the other Project Agreements, constitute the entire Agreement between the Parties on the subject matter hereof and supersedes all prior negotiations, agreements and understandings, both written and oral, between the Parties with respect to such subject matter. In the event of conflict between this Agreement and any of the other Project Agreements, the terms of the other Project Agreement shall control. This Agreement may not be amended, waived or discharged except in an instrument in writing executed by the Parties. 13.11. Executed Counterparts. This Agreement may be executed in several counterparts (including electronically executed counterparts), each of which shall be deemed to constitute an original, but all of which together shall constitute but one and the same instrument. It shall not be necessary in proving this Agreement to produce or account for more than one of those counterparts. Signatures transmitted by facsimile or electronic means are deemed to be original signatures. 13.12. Extent of Covenants; No Personal Liability. All covenants, obligations and agreements of the Parties contained in this Agreement shall be effective to the extent authorized and permitted by applicable law. No such covenant, obligation or agreement shall be deemed to be a covenant, obligation or agreement of any present or future member, officer, agent or employee of the City or the Developer other than in his or her official capacity, and neither the members of the legislative body of the City nor the members or owners of the Developer nor any City official or authorized representative of the Developer executing this Agreement shall be liable personally under this Agreement or be subject to any personal liability or accountability by reason of the execution thereof or by reason of the covenants, obligations or agreements of the City contained in this Agreement. 13.13. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State without regard to its principles of conflicts of laws. All claims, counterclaims, disputes and other matters in question between the City, its agents and employees, and the Developer, its employees and agents, arising out of or relating to this Agreement or its breach will be decided in a court of competent jurisdiction within Franklin County, Ohio. 13.14. Notices. Except as otherwise specifically set forth in this Agreement, all notices, demands, requests, consents or approvals given, required or permitted to be given hereunder shall be in writing and shall be deemed sufficiently given if actually received or if hand-delivered or sent by recognized, overnight delivery service or by certified mail, postage prepaid and return receipt requested, addressed to the other Party at the address set forth in this Agreement or any addendum to or counterpart of this Agreement, or to such other address as the recipient shall have previously notified the sender of in writing, and shall be deemed received upon actual receipt, unless sent by certified mail, in which event such notice shall be deemed to have been received when the return receipt is signed or refused. For purposes of this Agreement, notices shall be addressed to: To the City at: City of Dublin, Ohio 5200 Emerald Parkway Dublin, Ohio 43017 Attention: City Manager - 28 - To the Developer at: Crawford Hoying Development Partners, LLC 6640 Riverside Drive, Suite 500 Dublin, Ohio 43017 Attention: Brent Crawford The Parties, by notice given hereunder, may designate any further or different addresses to which subsequent notices; certificates, requests or other communications shall be sent. 13.15. No Waiver. No right or remedy herein conferred upon or reserved to any Party is intended to be exclusive of any other right or remedy, and each and every right or remedy shall be cumulative and in addition to any other right or remedy given hereunder, or now or hereafter legally existing upon the occurrence of any event of default hereunder. The failure of any Party to insist at any time upon the strict observance or performance of any of the provisions of this Agreement or to exercise any right or remedy as provided in this Agreement shall not impair any such right or remedy or be construed as a waiver or relinquishment thereof. Every right and remedy given by this Agreement to the Parties hereto may be exercised from time to time and as often as may be deemed expedient by the parties hereto, as the case may be. 13.16. Ohio Laws. Any reference to a section or provision of the Constitution of the State, or to a section, provision or chapter of the Ohio Revised Code shall include such section, provision or chapter as modified, revised, supplemented or superseded from time to time; provided, that no amendment, modification, revision, supplement or superseding section, provision or chapter shall be applicable solely by reason of this paragraph if it constitutes in any way an impairment of the rights or obligations of the Parties under this Agreement. 13.17. Recitals. The Parties acknowledge and agree that the facts and circumstances as described in the Recitals hereto are an integral part of this Agreement and as such are incorporated herein by reference. 13.18. Severability. If any provision of this Agreement, or any covenant, obligation or agreement contained herein is determined by a court to be invalid or unenforceable, that determination shall not affect any other provision, covenant, obligation or agreement, each of which shall be construed and enforced as if the invalid or unenforceable portion were not contained herein. That invalidity or unenforceability shall not affect any valid and enforceable application thereof, and each such provision, covenant, obligation or agreement shall be deemed to be effective, operative, made, entered into or taken in the manner and to the full extent permitted by law. 13.19. Survival of Representations and Warranties. All representations and warranties of the Parties in this Agreement shall survive the execution and delivery of this Agreement. 13.20. Time of the Essence. Time is of the essence of this Agreement. 13.21. Construction. No provision of this Agreement shall be construed against a Party by reason of such Party having drafted such provision. - 29 - 13.22. Successors and Assigns. This Agreement is binding upon and inures to the benefit of the Parties and their respective successors and assigns, provided that this does not authorize any assignment or transfer not permitted by this Agreement. 13.23. Exhibits. All exhibits to this Agreement are incorporated herein by reference and made a part hereof, to the same extent as if set out in full herein. 13.24. Diligent Performance. With respect to any duty or obligation imposed on a Party by this Agreement, unless a time limit is specified for the performance of such duty or obligation, it is the obligation of that Party to commence and perform the same in a diligent and workmanlike manner and to complete the performance of that obligation as soon as reasonably practicable after commencement of performance. 13.25. No Partnership. This Agreement does not and may not be construed to create a partnership or joint venture between or among any of the Parties. (REMAINDER OF PAGE INTENTIONALLY LEFT BLANK – SIGNATURE PAGES FOLLOW) - 30 - IN WITNESS WHEREOF, the City and the Developer have caused this Development Agreement to be executed in their respective names by their duly authorized officers as of the last date set forth below. CITY OF DUBLIN, OHIO By: Printed: Megan D. O’Callaghan Title: City Manager Date: Approved as to Form and Correctness: By: Printed: Title: Law Director Date: CRAWFORD HOYING DEVELOPMENT PARTNERS, LLC By: Printed: Title: Date: D-1 EXHIBIT D Disbursement Requirements Section 1. Definitions. As used in this EXHIBIT D, the following terms have the meanings set forth in this Section. Capitalized terms not defined in this Section or elsewhere in this Exhibit have the meanings set forth in Section 1 of the Agreement. “Architect” means the independent architect of record for the Community Facilities or Commercial Improvements, as applicable, retained by Developer and acceptable to City. “Cost Certificate” means the Cost Certificate for any disbursement request submitted by Developer to CFCFA or Bridge Park NCA pursuant to the Construction Agency Agreement. “Engineer” means the independent engineer of record for the Community Facilities retained by Developer and acceptable to City. “Owner’s Representative” means a qualified construction management company retained by CFCFA or Bridge Park NCA to provide owner’s representative services with respect to the Community Facilities, including the certifications described in this Exhibit. “Schedule of Values” means the schedule of values for each Community Facility submitted by Developer and approved by City pursuant to Section 10.2 of the Agreement. Section 2. General Requirements. Requests by Developer for disbursements of Public Funding are subject to the following requirements, each of which shall be incorporated into the Cooperative Agreement and Construction Agency Agreement for the Community Facilities: (1) Written certification from the Architect to City confirming that based on the schedule of values for the Commercial Improvements and the progress of construction completion, sufficient funds are available from the Equity Investment and Loan to complete the Commercial Improvements in accordance with the Commercial Budget. (2) Written certification from Developer and Lender to City confirming that disbursements of the Equity Investment and Loan through the requested date of disbursement are at least equal to disbursements shown on the Disbursement Schedule that correspond to the requested disbursement of Public Funding. (3) Written certification from Lender to City that (a) Developer and Block Owners are not then in default under the terms of the Loan Documents, (b) the Loan is not “out of balance” or similar concept as set forth in the Loan Documents, (c) subject to funding the Equity Investment as required by the Loan Documents and continued construction of the Commercial Improvements in accordance with the Construction Budget, Developer and Block Owner have satisfied all requirements to disburse the Loan, and (d) Lender is not aware of any event that with notice and the passage of time would create a default under the Loan Documents. D-2 (4) No Developer Default has occurred and is continuing, and no event has occurred that, with the lapse of time or with the giving of notice or both, would constitute a Developer Default. Each document required to be submitted for a disbursement must be in form and substance acceptable to City. Section 3. Progress Payments. Payment of Public Funding for Public Improvement Costs actually incurred by Developer or its contractors for the Community Facility, less a retainage equal to five percent (5.00%) (the "Retainage"), shall be made, based on periodic Cost Certificates submitted to CFCFA or Bridge Park NCA and the percentage of completion of that Community Facility per the Schedule of Values, in each case for services actually performed by Developer and its contractors. Payments for work properly performed shall be made within thirty (30) days following the satisfaction of each of the following conditions: (1) Submittal of the Cost Certificate with all required supporting documentation including, but not limited to, all applicable conditional and unconditional lien waivers, which shall be based upon statements prepared and submitted by Developer to City in such detail as City shall reasonably require to enable City to verify, evaluate and approve the services completed in accordance with the terms and conditions stated herein. (2) Submittal of an application for payment on AIA Document G702/G703 to Developer from every contractor on whose account Developer is seeking payment in the Cost Certificate. (3) Written certification from the Architect is provided to City confirming that (a) the portion of the Community Facility for which Developer is requesting payment, based on the Schedule of Values, is properly complete, and (b) sufficient funds are available to complete the Community Facility in accordance with the Public Improvement Budget. (4) The Engineer shall have inspected and approved all such work and delivered to City its approval in writing as to the completion of all work for which reimbursement is being requested in a good and workmanlike manner, in full compliance with the Public Improvement Plans and in accordance with applicable law, and Architect or Engineer shall have delivered written certification to City confirming that all government inspections, approvals and/or completion certificates required for such work have been obtained and copies of such inspections, approvals and certificates have been delivered to City. (5) Written certification from the Owner’s Representative is provided to City confirming that the portion of the Community Facility for which Developer is requesting payment, based on the certifications provided by Architect and Engineer, is properly complete in accordance with the Schedule of Values. (6) A title update, satisfactory to City, is provided to City confirming that the Community Facilities Property for the Community Facility is free and clear of all D-3 mechanic's liens or other encumbrances previously asserted or claimed in connection with the construction work performed hereunder by Developer. (7) Submission by Developer of evidence reasonably acceptable to City that all conditions of Section 2 of this Exhibit have been met. (8) The City may withhold payment, in whole or in part, (a) to the extent reasonably necessary to protect the City from nonconforming or incomplete work or from loss for which the Developer or a contractor is or may be responsible, or (b) if any protocol under this Section has not been satisfied in the City’s reasonable discretion. Section 4. Substantial Completion Payment and Release of Retainage. Payment of Public Funding for Public Improvement Costs actually incurred by Developer or its contractors for the Community Facility upon substantial completion of the Community Facility per the Schedule of Values shall be made, and the Retainage shall be released except to the extent necessary to complete all punch list items, by City within thirty (30) days following the satisfaction of each of the following conditions: (1) Submittal of the Cost Certificate with all required supporting documentation including, but not limited to, all applicable conditional and unconditional lien waivers, which shall be based upon statements prepared and submitted by Developer to City in such detail as City shall reasonably require to enable City to verify, evaluate and approve the services completed in accordance with the terms and conditions stated herein. (2) Submittal of an application for payment on AIA Document G702/G703 to Developer from every contractor on whose account Developer is seeking payment in the Cost Certificate. (3) Written certification from the Architect is provided to City confirming that (a) substantial completion of the Community Facility, in accordance with the Schedule of Values and the construction contracts for the Community Facility, has occurred, and (b) sufficient funds are available to complete the Community Facility in accordance with the Public Improvement Budget. (4) The Engineer shall have inspected and approved all such work and delivered to City its approval in writing as to the substantial completion of the Community Facility in a good and workmanlike manner, in full compliance with the Public Improvement Plans and in accordance with applicable law, and the Architect or Engineer shall have delivered written certification to City confirming that all government inspections, approvals and/or completion certificates required for such work have been obtained and copies of such inspections, approvals and certificates have been delivered to City. (5) Written certification from the Owner’s Representative is provided to City confirming that substantial completion of the Community Facility, based on the certifications provided by the Architect, Engineer and inspections performed by D-4 Owner’s Representative, has occurred in accordance with the Schedule of Values and the construction contracts for the Community Facility. (6) A title update, reasonably satisfactory to City, is provided to City confirming that the Community Facilities Property for the Community Facility is free and clear of all mechanic's liens or other encumbrances previously asserted or claimed in connection with the construction work performed hereunder by Developer. (7) A certificate of substantial completion is issued by the Architect or Engineer and delivered to City. (8) The punch list and an estimate of the costs to complete the punch list items, certified by the Architect and Engineer, shall have been delivered to City; provided, however, that in no event shall the sum of the costs of completing the punch list items exceed five percent (5%) of the Public Improvement Costs for the Community Facility. (9) Submission by Developer of evidence reasonably acceptable to City that all conditions of Section 2 of this Exhibit have been met. (10) The City may withhold payment, in whole or in part, (a) to the extent reasonably necessary to protect the City from nonconforming or incomplete work or from loss for which the Developer or a contractor is or may be responsible, or (b) if any protocol under this Section has not been satisfied in the City’s reasonable discretion. Section 5. Final Payment. The final payment of Public Funding for Public Improvement Costs actually incurred by Developer or its contractors for the Community Facility per the Schedule of Values shall be made within thirty (30) days following the satisfaction of each of the following conditions: (1) Submittal of the Cost Certificate with all required supporting documentation including, but not limited to, all applicable conditional and unconditional lien waivers, which shall be based upon statements prepared and submitted by Developer to City in such detail as City shall reasonably require to enable City to verify, evaluate and approve the services completed in accordance with the terms and conditions stated herein. (2) Submittal of an application for payment on AIA Document G702/G703 to Developer from every contractor on whose account Developer is seeking payment in the Cost Certificate. (3) Written certification from the Architect is provided to City confirming that final completion of the Community Facility and all punch list items has occurred. (4) Receipt of written notice from Developer that it is in compliance with all of its obligations hereunder. D-5 (5) The Engineer shall have certified to City in writing that all construction of the Community Facility has been completed in a good and workmanlike manner, in full compliance with the Public Improvement Plans and in accordance with applicable law, and the Architect or Engineer shall have delivered written certification to City confirming that and all government inspections, approvals and/or completion certificates required for such work shall have been performed and obtained and copies of such inspections, approvals and certificates have been delivered to City. (6) Contractor's affidavits are provided by Developer to City from all contractors and major material suppliers used in the performance of the work on the Community Facility, together with copies of all final lien and claim waivers from such parties. (7) Written certification from the Owner’s Representative is provided to City confirming that final completion of the Community Facility and all punch list items, based on the certifications provided by the Architect, Engineer and inspections performed by Owner’s Representative, has occurred in accordance with the Schedule of Values. (8) A title update, reasonably satisfactory to City, is provided to City confirming that the Community Facilities Property for the Community Facility is free and clear of all mechanic's liens or other encumbrances previously asserted or claimed in connection with the construction work performed. (9) A final set of reproducible drawings of the Community Facility is provided to City. (10) A final ALTA As-Built survey showing all improvements to the Community Facilities Property for the Community Facility is delivered to City. (11) Submission by Developer of evidence reasonably acceptable to City that all conditions of Section 2 of this Exhibit have been met. (12) City may withhold payment, in whole or in part, (a) to the extent reasonably necessary to protect City from nonconforming or incomplete work or from loss for which the Developer or a contractor is or may be responsible, or (b) if any protocol under this Section has not been satisfied in the City’s reasonable discretion. (REMAINDER OF PAGE INTENTIONALLY LEFT BLANK – END OF EXHIBIT) E-1 EXHIBIT E Application of Service Payments and NCA Revenues Section 1. Definitions. As used in this EXHIBIT E, the following terms have the meanings set forth in this Section. Capitalized terms not defined in this Section or elsewhere in this Exhibit have the meanings set forth in Section 1 of the Agreement. “Trustee” means the indenture trustee for the applicable issue of CFCFA/NCA Debt. Section 2. Payment of NCA Revenue to City. The Cooperative Agreement shall provide that the Bridge Park NCA will retain all NCA Revenue it receives (other than NCA Revenue that would otherwise be collected as part of the Minimum Service Payment described in clause (ii) of Section 8.3 of the Development Agreement, which shall be paid to City) and apply that NCA Revenue pursuant to the waterfall in Section 4. Section 3. Application of Service Payments. If the City collects Minimum Service Payments pursuant to clause (i) of Section 8.3 of the Development Agreement (i.e. if the NCA Charge is not paid when due), the City will remit all such amounts (other than amounts collected to satisfy the obligations described under clause (ii) of Section 8.3 of the Development Agreement) to or at the direction of the Bridge Park NCA for the Bridge Park NCA to the waterfall in Section 4. . Section 4. Application of Service Payments and NCA Revenue. The Cooperative Agreement shall provide that the City will apply on each May 15 and November 15, or such later date that the City receives the semi-annual distributions of Service Payments and NCA Charges, all Service Payments and NCA Revenue that it has received since the prior application of such funds in the following order of priority, provided that, unless otherwise approved by City, NCA Revenues shall be applied first, and Service Payments shall be applied second: (1) If Service Payments are collected pursuant to the TIF Ordinance, to the City for payment to the Dublin City School District and the Tolles Career and Technical Center the amount due pursuant to Section 1(a) of the Bridge Street District Cooperative Agreement between such school district and City (generally being an amount equal to 10% of the taxes each school district would have otherwise received absent the exemptions provided by the TIF Ordinance in years 16-30 of each such exemption). (2) To the Trustee for payment of any rebate liability to the federal government with respect to the CFCFA/NCA Debt. (3) To the Trustee the amount necessary for the payment of interest and principal on the next payment date (to the extent not already funded) plus, for CFCFA/NCA Debt with annual principal payments, one-half of the scheduled principal amount due on the next principal payment date on the CFCFA/NCA Debt (subject to the interest rate restrictions on the CFCFA/NCA Debt described in Section 7.2.2 of the E-2 Agreement), plus any fixed fees of the Trustee and the CFCFA as issuer of the CFCFA/NCA Debt approved by the City. (4) To the Trustee an amount equal to 100% of the Service Payments and NCA Revenues for deposit into the debt service reserve fund for the CFCFA/NCA Debt until the amount on deposit in that fund equals a maximum of 10% of the outstanding principal amount of the CFCFA/NCA Debt. (5) To the Trustee, 50% of the amount remaining after application of paragraphs 1-4 to be used for optional redemption of the CFCFA/NCA Debt, beginning for the year in which the earliest optional redemption date occurs under the documents for the CFCFA/NCA Debt. (REMAINDER OF PAGE INTENTIONALLY LEFT BLANK – END OF EXHIBIT)