60-87 Ratify Exchange agreement - SOHIO

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ORDINANCE NO. 60-87 BY: Chinnock, Gallagher, Graham, McBride AN EMERGENCY ORDINANCE ratifying an Exchange Agreement dated June 5, 1987, by and between Sohio Oil Company as Seller and the City of Lakewood as Purchaser, relating to property located at West ll7th Street and Detroit Avenue in the City of Lakewood (Permanent Parcel No. 312-33-20), and formally approving same. WHEREAS, at its meeting of June 1, 1987, this Council duly adopted Resolution No. 6146-87 authorizing the Mayor to negotiate the purchase of the property located at the northwest corner of West ll7th Street and Detroit Avenue (Permanent Parcel No. 312-33-20) from Sohio O~il Company at a price not to exceed ten percent above the appraised value as shown by the City's appraisal dated May 19, 1987, and WHEREAS, as a result of such negot'iations, Sohio Oil Company has indicated its willingness to sell said property to the City for the consideration of $195,.000 as set forth in an Exchange Agreement dated June 5, 1987, all subject to approval by the Council of the City of Lakewood pursuant to duly adopted ordinance, and WHEREAS, Council hereby reaffirms that it is in the best interest of the City to purchase said property to be used for a public purpose and desires to so formally approve and ratify said Exchange Agreement, and WHEREAS, this ordinance constitutes an emergency measure providing for the immediate preservation of the public safety and welfare and for the usual daily operation of a municipal department; now, therefore, OF OHIO: BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE Section 1. That Council hereby ratifies the Exchange Agreement dated June 5, 1987, by and between Sohio Oil Company, an Ohio Corporation, and the City of Lakewood relating to the purchase of the property located at the northwest corner of West ll7th Street and Detroit Avenue (Permanent Parcel No. 312-33-20) by the City for the sum of One Hundred Ninety-Five Thousand ($195,000) Dollars, said Exchange Agreement to be substantially in the form of Exhibit "A" attached hereto and made a part hereof as if fully rewritten herein. Section 2. That pursuant to the conditions of the aforementioned Exchange Agreement as set forth in Section 8 thereof, Council hereby formally approves the purchase of the property hereinabove described and the terms and conditions set forth in said Agreement. Section 3. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all such 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.