09-80 Agreement w/ Court Club Lakewood Assoc

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ORDINANCE NO. 9-80 BY: Brown, Chinnock, McBride, Graham, Salmon, Wendlin§ AN EMERGENCY ORDINANCE authorizing the execution of an Agreement with Court Club Lakewood Associates pertaining to financing the cost of acquiring, constructing and equipping a commercial facility within the boundaries of the City of Lakewood, Ohio, to be owned by Court Club Lakewood Associates or its designee and expected to contain a commercial racquetball facility. WHEREAS, the City of Lakewood, Ohio (hereinafter called the "Issuer") by virtue of the laws of the State of Ohio, particularly Chapter 165, Ohio Revised Code, including amendments thereto included in Amended Substitute Senate Bill No. 104 of the lllth General Assembly, and the authorities therein mentioned, wishes to take the necessary actions for the issuance 'of revenue bonds in the aggregate principal amount now estimated not to exceed $500,000 for the purpose of providing funds to pay costs of the acquisition of property and construction of a commercial facility (herein called "Project") within the boundaries of the Issuer, which Project will be owned by Court Club Lakewood Associates or its designee and will contain a commercial racquet-ball facility. WHEREAS, this ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety, and for further reason that this ordinance must be immediately effective in order to eliminate the hazards and expenses to the Issuer and its people resulting from lack of job opportunities; now, therefore, OF OHIO: BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE Section l. This Council hereby finds and determines that: a) The Project will be a "project" within the meaning of that term'as defined in Section 165.O1, Ohio Revised Code; and b) The Project is consistent with the purposes of Section 13 of Article VIII, Ohio Constitution, to create or preserve jobs and employment opportunities and to improve the economic welfare of the people of the State of Ohio. Section 2. In order to provide funds to pay costs of the Project, this Council hereby agrees to authorize and issue revenue bonds of the Issuer pursuant to Chapter 165, Ohio Revised Code, upon the terms provided in the form of Agreement to Issue Bonds by and between the Issuer and Court Club Lakewood Associates attached hereto as Exhibit l, which is hereby in all respects approved. The Finance Director of the City is hereby authorized and directed to execute such Agreement substantially in such form with such changes as are not adverse to the Issuer as such Council members may approve, such execution being conclusive evidence of approval of any such changes. Section 3. It is found and determined that all formal actions of this Council concerning and relating to the adoption of this ordinance were adopted in an open meeting of this Council, and that all 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 Section 121.22 of the Ohio Revised Code.