05-84 Purchase medical office building

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ORDINANCE NO. 5-84 BY: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN ORDINANCE authorizing the acquisition by purchase of a medical office building to constitute part of the Hospital facilities of the City of Lakewood, Ohio; authorizing the execution and delivery of an agreement of purchase and sale with respect to such purchase'; appropriating certain monies to pay for the purchase price for such building; providing for certain other matters related to such purchase; and declaring an emergency. WHEREAS, 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 hereto- fore established and is the owner of a general hospital affording hospital care and treatment for its residents and'for the general public; and WHEREAS, this Council has determined that the City's acquisition of the medical office building known as the Madison Square Medical Building, located at 15644 Madison Avenue, Lakewood, Ohio (the "Medical Office .Building") will enable the City to improve and enhance its Hospital facilities (defined in the existing Trust Indenture) by providing 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 anticipated growth of the Hospital facilities, which determination is supported by findings of independent hospital consultants; and WHEREAS, 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 Agreement of Purchase and Sale authorized pursuant to Section I hereof, and that its doing so will serve a proper public municipal purpose; and WHEREAS, the Board'of Trustees of Lakewood Hospital has recommended the acquisi- tion of the Medical Office Building pursuant to Resolution 817 adopted December 20, 1983 and requested Council approve said acquisition; and WHEREAS, the City proposes to provide 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 monies representing funded depre- ciation; and WHEREAS, this Ordinance is legislation determined to be an emergency measure, the immediate passage of which is necessary for the.immediate preservation of the public peace, property, health, safety and welfare, in that it is necessary that prompt provision be made for the acquisition of the Medical Office Building in order for the City to continue to provide efficiently., effectively and economically for the health care, safety and welfare of its residents and of the general public; now, therefore, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, OHIO: Section 1. This Council hereby (a) acknowledges that the form of an Agreement of Purchase and Sale (the "Agreement of Purchase and Sale") by and between the City and Madison~Square Building.~.Inc., an Ohio corporation ("MSB"), providing for the City's purchase and MSB's sale of the Medical Office Building, has been placed on file with the Clerk of this Council; (b) authorizes the City's purchase of the Medical Office Building for a. purchase price of $1,065,000.00 and on the other terms and subject to the conditions set forth in the Agreement of Purchase and Sale as executed and delivered in accordance with this Section 1; (c) approves the Agreement of Purchase and Sale substantially in the form on file with the Clerk iwth such changes therein not substantially adverse to the City as may be approved by the office executing the same on behalf of the City,