11-79 Town Cntr Phase I - purchase property, etc

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-2- 314-4-14, on the west by Victoria Avenue and on the east by the extension of the easterly line of 313-.4-13 and 313-4-14, located within the boundaries of Phase I of the study area of the Lakewood Town Center Phase I Redevelopment Area Report is owned by the City, is not needed for public use by the City, and should be sold by means of granting an option to purchase to the Community Dev.elopment Corporation of Lakewood for a period of nine months and that such a sale is in the best interests .of the City and Will further the interest .of the City and its residents. Section 2. That this Council hereby approves the City granting of the nine month option to the Developer for a purchase price of $300,O00.00, which purchase price Ps hereby determined to be satisfactory and not less than the fair value of said real property. The Director of Law is hereby authorized and directed to prepare such option to purchase and to further provide that the sale of such property shall be subject to such restrictions and covenants running with the land as to insure that any development taking place pursuant thereto 'shall not be inconsistent with the provisions of the'Lakewood Town Center Phase I Redevelopment Area Report relating to Phase I thereof. The Mayor and the Director of Finance are hereby authorized and directed tO execute said option to purchase as prepared by the Director of Law and are further authorized and directed to execute all documents including deeds or other conveyances of title as required by said option to purchase and are further authorized and directed to execute or certify any other documents and instruments and to do all other things that are necessary to consummate the sale of the aforesaid property pursuant to said option to purchase. Section 3. That it is found and determined that all formal actions of this Council concernin§ and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all such deliberations of this Council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including Sect-ion 121.22 of the Ohio Revised Code. Section 4. That this ordinance having been declared to be an emergency measure for the reasons stated in the preamble hereof and provided it receives the affirmative vote of two-thirds of all members elected to Council. it shall take effect and be in force immediately-upon its adoption and approval by the Mayor; otherwise it shal.1 take effect and be in force from and after the eaPliest period allowed by law.