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ORDI~CI!: ltO. 22-84
<br />
<br />BY:
<br />
<br />Brown, Chinnock, Gallagher, Graham,
<br />McBride, Salmon, Wendling
<br />
<br /> AN ~RGENCY ORDIHANt2 authorizing the execution of an A~reement with
<br />Lakevood-~arren-Detroit Partnership, Lcd. pertaining to the financing of a
<br />C0~nerctal faCilttyv~thim the boundaries of the City of Lakewood for the use
<br />of Lakewood-Warren-Detroit Partnership, LCd.
<br /> ~RBAS, the City of Lakewood, Ohio, ('Issuer'), by virtue of the
<br />laws of the State of Ohio, particularly Chapter 165, Ohio Revised Code, and
<br />the author/ties theretn~encioned, wishes, to take the necessary actions for
<br />the issuance of revenue obligations of the Issuer in order to assist Lakewood-
<br />Warren-Detroit Partnership, Ltd. ('Company'), an Ohio li~ted partnership duly
<br />organized and validly existing under the la~s of the State of Ohio, tn the
<br />financing of a comerctal facility locaCedvichtn Cuyahoga County at 14801-13
<br />Detroit Avenue, Lakevood, Ohio more particularly described in Exhibit A Co the
<br />form of Agreement hereinafter described ('Project'), which Project ~/ll be
<br />located within the boundaries of the Issuer;
<br />
<br /> NO~, IIt~R~FOR~, BE IT ORDAIh-~D by the Council of the City of Lake-
<br />wood, Cuyahoga County, Ohio:
<br />
<br />Section 1. This Councll does hereby find and decer~tne that:
<br />
<br /> (a) The Project vtll be a 'prOject' within the mean-
<br />ing of thaC term as defined in Section 165.01, Ohio Revised
<br />Code; and
<br />
<br /> (b) The Project ts consistent with the purposes of
<br />Section 13 of Article VIII, Ohio Constitution, to create or
<br />preserve Jobs and employment opportunities and Co improve
<br />the econo~ic welfare of the people of the State of Ohio.
<br />
<br /> Section 2. In order to assist in the financing of the Project this
<br />Council hereby agrees, subject co compliance with the requirements of Section
<br />103(k) of the Internal Revenue Code of 1954, as amended, to authorize and is-
<br />sue revenue obligations of the Issuer in the maximum aggregate face amount of
<br />$1,780,000, ('Bonds'), pursuant Co Chapter 165, Ohio Revised Code. This offi-
<br />cial action is further evidenced by the form of A~reement to Issue Bonds by
<br />and between the Issuer and the Company attached hereto as Exhibit I ('Agree-
<br />ment'), which ts hereby in all respects approved. The llayor is hereby autho-
<br />rized and directed to execute the Agreement substantially In such form wtCh
<br />such changes as are not adverse to the Issuer as the Hayor may approve, such
<br />execution being conclusive evldence of approval of any such changes.
<br />
<br /> Section 3. It is found and determined thaC all formal actions of
<br />chis Council concerning and relating Co the passage of this ordinance were
<br />passed in an open meeting oE Chis Council, and Chat all deliberations of Chis
<br />Council and of any of its co~ittees that resulted in such /or~al action, were
<br />in meetings open Co the public, in compliance v iCh all legal requirements, in-
<br />cluding Section 121.22 of the Ohio Revised Code.
<br />
<br /> Section 4. Thac Chis ordinance, having been declared to be an emer-
<br />gency measure, shall be in full force and effect from and t~medtately after
<br />its passage and approval by the Hayor.
<br />
<br /> - ! '- / Prpstdenc oE Counitl
<br />ApProved: ~~/~/ , 198, ~~ .8' ~
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