52-80 Agreement w/ Lkwd Town Cntr Devel Co.

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ORDINANCE NO. 52-80 By: Salmon, Wendling, Brown, Chinnock, Gallagher, Graham~ McBride An EMERGENCY ORDINANCE authorizing the execution and delivery of an Agreement with Lakewood Town Center Development Company, an Ohio limited partnership, pertaining to financing the cost of acquiring, constructing, improving and equipping a commercial facility within the boundaries of the City of Lakewood, Ohio, to be owned by Lakewood Town Center Development Company or its designee for use as a retail shopping center within which space shall be leased to commercial tenants. 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 illth 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 $1,250,000 (hereinafter called the "Bonds") for the purpose of providing funds to pay the costs of the acquisition, construction, improvement and equipping of a commercial facility (herein called "Project") within the boundaries of the Issuer, which Project will be owned by Lakewood Town Center Development Company (herein called "LTCDC"), an Ohio limited partnership, or its designee to be used as a retail shopping center within which space shall be leased to commercial tenants. BE IT ORDAINED by the City Council of the City of Lakewood in the State of Ohio: Section 1. This Council hereby finds and determines that: (a) The Project will be a "project" within the M~ing of that term as defined in Section 165.01, 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 LTCDC attached hereto as Exhibit A, which is hereby in all respects approved. The Mayor and Director of Finance are, and each of them hereby is, authorized to execute such Agreement substantially in such form with such changes as are not adverse to the Issuer as they 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. ~ Section 4. 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, and further provided it receives the affirmative vote of two-thirds of all