File #: O-066-21    Version: 1 Name:
Type: Ordinance Status: Approved
File created: 2/2/2021 In control: Economic Development Department
On agenda: 2/16/2021 Final action: 2/17/2021
Title: Authorizing the Mayor to enter into a First Amendment to an Option to Purchase Real Estate Agreement with 22135 Roscoe Canoga Park, LLC and Alexis Property LLC for the purpose of facilitating the sale and conveyance of a 11.2-acre portion of city-owned real property known as the former North Towne Mall site to Development 2002 LLC; making certain findings with respect thereto; and declaring an emergency.
Attachments: 1. Talking Points
Label
AmendmenttoNorthTowneOption
Economic Development
B. Sehlhorst (x1692) / P. Syring (x1025)

Title
Authorizing the Mayor to enter into a First Amendment to an Option to Purchase Real Estate Agreement with 22135 Roscoe Canoga Park, LLC and Alexis Property LLC for the purpose of facilitating the sale and conveyance of a 11.2-acre portion of city-owned real property known as the former North Towne Mall site to Development 2002 LLC; making certain findings with respect thereto; and declaring an emergency.

Body
SUMMARY & BACKGROUND:
The North Towne Square Mall opened in 1980 and closed in 2005. Between 2005 and 2011 the former mall structure fell in to an extreme state of disrepair. The City negotiated an agreement with the owners that addressed blighted and hazardous conditions and secured its investment by taking title to the mall site ("Property"). Pursuant to Ordinance 537-11, the City entered into a Development Agreement and Real Estate Purchase Option Agreement with the owners of the site. The City acquired the Property and remediated and demolished the structure using brownfield remediation funding from the U.S. EPA and Racetrack Redevelopment Funding from the Ohio Development Services Agency. In exchange and in consideration for the transfer of title for a nominal amount, the mall owners were granted in return an option to re-purchase the property at the appraised value less the documented costs related to demolition and holding expenses. Since 2011, the Property has remained vacant without real potential of redevelopment primarily because of cross-access easements between the city-owned parcel and an adjacent property. The property owned by Development 2002, LLC was a former department store that was attached to the mall complex. It is now home to Super Fitness, a popular health and fitness center. The cross-access easements were originally in place to allow mall patrons to access all parts of the mall despite differences in property ownership. The c...

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