37-03 Share West End Tax w/ Schools

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ORDINANCE NO. 37-03 PLACED OH 1ST READING & REFERRED TO THE COMMITTEE. OF THE WHOLE 4/21/03. PLACED ON 2ND READING 5/5/03. By: Corrigan, Dever, George, Roth, Seelie. AN EMERGENCY ORDINANCE authorizing the Mayor or her designee to enter into an agreement with the Lakewood City School District regarding sharing with the School District of tax revenue and service payments received by the City under a proposed Development Agreement relating to the West End Redevelopment Area and waiving the School District's 'right to a forty-five (45) business day notice of such agreement. WHEREAS, by Ordinance No. 146-02, passed December 16, 2002, this Council approved the Community Development Plan for the West End District dated July 25, 2002 for the Plan District described in such Plan (such Plan, as the same may be amended from time to time, is sometimes herein referred to as the "Plan", and the Plan area for the Plan is sometimes herein referred to as the "Plan District"), which Plan includes undertakings and activities by the City comprising an urban renewal project in accordance with Ohio Revised Code Chapter 725 (the "ACt"). for the elimination and prevention of blight and for the prevention of the further development and spread of blight; and WHEREAS, Lakewood Shoppes LLC, an Ohio limited liability company formed by an agreement between CenterPoint Properties and ~leffrey R. Anderson Real Estate, :[nc. (the "Developer"), and Heartland Developers, LLC (the "Residential Developer'0 has proposed to the City a redevelopment project comprised of a mixed-use commercial/residential lifestyle center (the "Project") within the Plan District, which Project is consistent with the Plan, and the Developers are willing to enter into a Development Agreement with the City (the "Development Agreement") relating to the proposed redevelopment within the Plan District; and WHEREAS, pursuant to Section 725.02 of the Ohio Revised Code, improvements to real property within the Plan District and consistent with the Plan, may be declared to be a public purpose in the Development Agreement; and WHEREAS, pursuant to Section 725.02 of the Ohio Revised Code, such improvements so declared to be a public purpose in the Development Agreement shall be exempt from real property taxation; and WHEREAS, pursuant to Section 725.04 of the Ohio Revised Code, the owners of such improvements are required to make annual urban renewal service payments (the "Service Payments'') in lieu of taxes that would have been paid had such improvements not been exempt; and WHEREAS, the Lakewood City School District (the "School District'') has been notified of the intent to enter into the Development Agreement authorized herein, in compliance with Section 725.02 of the Ohio Revised Code, and the School District, by resolution adopted by a majority of the Board of Education of the School District and certified to this Council on May 12, ., 2003, has approved the exemption from real property taxation in the percentage requested by this Council on the condition that the City enter into an agreement with the District in substantially the form on file with the Clerk of Council; and WHEREAS, this Council by a vote of at least five (5) members elected thereto determines that this Ordinance is an emergency measure, and that this Ordinance shall take effect at the earliest date possible as set forth in ARTICLE TTI, SECTION 10 and 13 of the SECOND AMENDED CHARTER OF THE CTTY OF LAKEWOOD, and that immediate action is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City of Lakewood and for the usual daily operation of the City of Lakewood for the timely execution of the Development Agreement with the Lakewood City School District. NOW, THEREFORE, Page 1 of 2