70-83 Purchase medical office building

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By: Brown, Chinnock, Gallagher, Graham, McBride, Wendling ORDINANCE NO. 70-R.~ AN ORDINANCE AlYrHORIZING THE ACQUISI- TION BY PURCHASE OF A MEDICAL OFFICE BUILDING TO CONSTITUTE PART OF THE HOSPITAL FACILITIES OF THE CITY OF LAKE~OOD, OHIO; AUTHORIZING THE EXECUTION. AND DELIVERY OF AN AGREEHENT OF PURCHASE AND SALE WITH RESPECT TO SUCH PURCHASE; APPROPRIATING CERTAIN MONEYS TO PAY A PORTION OF Tti~ PUR- CHASE PRICE FOR SUCH BUILDING; PROVID- ING FOR CERTAIN OTHER MATTERS RELATED TO SUCH'PLr~CflASE; AND DELCARING AN EMERGENCY. I~IEP. EAS, the City of Lakewood, Ohio (the "City"), a municipal corporation and political subdivision in and of the State of Ohio (the "State") and duly organized and existing under and by virtue of the laws of the State, has heretofore established and is the owner of a general hospital affording hospital care and treatment for its residents and for the general public; and I~IEREAS, this Council has determined that the City's acquisition of the medical office building known as the Professional Building and located at 14601 Detroit Avenue, Lakewood, Ohio (the "Medical Office Building") will enable the City to improve and enhance its Hospital Facilities (to be defined in the Indenture referred to hereinbelow) by providins additional, conveniently located space currently needed by the City for the administration and operation of its Hospital Facilities and eventually expected to be needed to accommodate antici- pated growth of the Hospital Facilities, which determination is supported by findings of independent hospital consultants; and I~EREAS, this Council has determined that it is necessary and desirable for the City to acquire the Medical Office Building on the terms and conditions set forth in the A~reement of Purchase and Sale authorized pursuant to Section 1 hereof, and that its doing so will serve a proper public municipal purpose; and WHEREAS, this Council hereby determines that it will be necessary to and hereby declares its intention to authorize the issuance of revenue bonds (the "Bonds") for the purpose of paying a portion of the costs of acquiring the Medical Office Building, the principal of and interest on the Bonds to be paid solely from revenues derived from the Hospital Facility,in an amount sufficient to pay the balance of the purchase price of the Medical Office Butldins and costs and fees incurred in connection with the issuance of the Bonds and the purchase of the Medical Office Building; and I~IiEREAS, the City proposes to provide the balance of the funds required for the payment of the purchase price for the Medical Office Building from accumulated surplus revenues derived from the Hospital Facilities, other than moneys representing funded depreciation; and'