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ORDINANCE NO. 50-78
<br />
<br />BY' MesSrs. Brockman, Brown,
<br /> Chinnock, Magnotto, McBride,
<br /> Salmon
<br />
<br /> AN I~Mt!I~GEN(.~ Ot~DINANCE auLhorizina tile execution of an ~re(-~nt
<br />w~th ttoty Enterpri.~es Corp. pertain:in~ t() fi nmm~ng the c()~1; of acquiring,
<br />const~ctin~ and equipping a c~u~rcial facility w~thin the lx)undaries
<br />the City' of I~tkewo~, Ohio, to be o~med by Ibty Ente~rises Corp. or its
<br />designee and e~x~cted to contain a c('~m:n-cial racquet-ball facility, a
<br />pr~shop, a driv~in bank ~d a b~ber shop.
<br />
<br /> Wt~FAS, the City of Lakew(x)d, Ohio (hereinafter cai]ed the
<br />"Issuer") by virtue of the laws of the State of Ohio, particularly Chapter
<br />1(35, Ohio Revised (2)de, including amendn~2nts thereto included in /knended
<br />Substitute Senate B~I] No. 104 of tile lllth General Assembly, and the
<br />authorities therein mention(d, wishes to t:a.ke the necessary actions for
<br />the issuance of revenue bx)ncks in the aggregate principal ~mnt m)w estimated
<br />not to excee,~l $850,000 for the ptwpose of providing funds to pay costs
<br />of 'the acquisition of property and construction of a commercial facility
<br />(herein called "Project") within the boundaries of the Issuer, which Project
<br />will be o~m~d by tloty F~terprises Corp. or its desigmee and will contain
<br />a crx~nerci, al racquet-ball facility, a pro-shop, a drive-in bank m~d a b~rber
<br />shop.
<br />
<br /> ~]fl,~fl~AS, this ordimmce is hereby dec].ared to b(? ,mn c~r~ency
<br />n~?i~ure ncceaaa~ for Ctua ~m~d:iate l')reserwtL :i on of the pub] i c p('ace, health
<br />and safety, ~d for further remson that this ()r(iill~ulce ~.INL be im~Miately
<br />effective in order to eliminate the h~ards and'oxpense~ to the I~suer ~d
<br />its p~p].e resulting fr~ lack of job opportunities; now, therefore,
<br />
<br />OtliO:
<br />
<br />BE IT OPJ)AINH0 BY THE COUNCIL OF ~ CITY OF LAKI'7~ZIDI), STATE OF
<br />
<br />Section 1. ibis Council hereby finds and determines that'
<br />
<br />(al
<br />
<br />Ih(? Proj(~ct will tie a "project" within l,h(~ maning of
<br />that, term m~ defined in Section 165.01, Ohio Revised
<br />Code; and
<br />
<br />(bi
<br />
<br />'Ihe Project is consistent with the purbx)ses of Section
<br />13 of Article VIII, Ohio Constituti()n, t:o create or
<br />preserve ',jobs and cn~l().iauent ol.)tx)rtuni ties ~md to
<br />improve the economic welfare of the pex)ple of the
<br />State of Ohio.
<br />
<br /> Section 2. In order to provide funds to pay costs of the Project,
<br />this Council hereby agrees to authorize and issue revenue bonds of the Is.suer
<br />pursuant to Chapter 165, Oh_Jo Revised Code, utx)n the terns provid~ in the.
<br />fora of Agre~ent to Issue I~)nds by m~d between the Issuer and
<br />Enterprises ~)~. attach(~ hereto as E~Jbit 1, which is hereby in all
<br />respects approve. ~D~e Mayor of the City ~s h(:~re~y m~thor~zed and directed
<br />to execute such Agre~ent substantially in ~ch fora with such chan~es
<br />are not adverse to the Issuer m% suct~ ~unci] ~bera ~aV aDprove, s~ch
<br />execution being conclusive evidence of approval of any such ch~ges.
<br />
<br /> Section 3. It is found and determined that all formal actions
<br />of this C, ouncil concerning and relating to the ~(.)pti()n of this ordinance
<br />were adol)t~ in an ()pen n~eting of this Council, and that all d(,liberations
<br />or this (k)unc, J 1 and of any (ir i ts c(~,,ni t;t, ees t:hat rc,stll l,f?(t in allch 'roll,al
<br />aeCion, xv(~re Jn mceLi_ng~ open to the public, in c(~)limme with all legal
<br />requir~nts including Section ~21.22 of the Ohio ~vised ~e.
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