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SECTION 1. This Council hereby finds and determines that the Developer and the <br />Residential Developer identified in the Development Agreement each has the ability to perform or <br />cause to be performed the respective provisions of the Development Agreement, including, <br />without limitation, the requirement that the Developer and the Residential Developer shall <br />redevelop portions of the Plan District in a manner consistent with the Plan. <br /> <br /> SECT~'ON 2. The IVlayor or her designee, alone or together, are hereby authorized, <br />for and in the name of the City and on its behalf and on behalf of this Council, to execute the <br />Development Agreement by and among the City, the Developer and the Residential Developer in <br />substantially the form thereof now on file with the Clerk of Council, with such changes therein as <br />are not inconsistent with this Ordinance and not substantially adverse to the City and which shall <br />be approved by Director of Law. The approval of changes to the Development Agreement, and <br />that such changes are not substantially adverse to the City, shall be conclusively evidenced by the <br />execution of the Development Agreement by the officer or officers of the City authorized to <br />execute those documents. <br /> <br /> SECTION 3. This Council hereby determines that, pursuant to and in accordance <br />with Article V, Section 2(B) of the Second Amended Charter of the City of Lakewood and <br />Lakewood Codified Ordinance Section 111.04(a)(10), the construction contracts for the Public <br />Improvements shall be competitively bid using procedures set forth in the Development <br />Agreement, the form of which is now on file with the Clerk of Council and in Exhibit F attached <br />hereto. <br /> <br /> SECT:ION 4. The portion of the assessed valuation of improvements constructed by <br />the Developer, its successors and assigns, pursuant to the Development Agreement (the <br />"Improvements") is hereby and in the Development Agreement declared to be a public purpose. <br /> <br /> SECTTON 5. One Hundred Percent (100%) of the assessed valuation of the <br />[mprovements is hereby declared exempt from real property taxation. Said exemption shall <br />commence on the date of the execution of the Development Agreement by the City and shall <br />continue for the period set forth in the Development Agreement and thereafter for so long as <br />there are outstanding any urban renewal bonds payable from the urban renewal service payments <br />provided for in the Development Agreement and Section 6 hereof (the "Exemption Period"). <br /> <br /> SECTTON 6. Pursuant to Section 725.04 of the Ohio Revised Code and the <br />Development Agreement, the Developer and, upon acquisition of property within the Plan District, <br />the Residential Developer (or the other or successor owner(s) of the Improvements) shall make <br />semiannual urban renewal service payments for the Exemption Period in lieu of said exempt taxes, <br />to the Cuyahoga County Treasurer; said payments shall be collected at the same time that real <br />property taxes are collected, and shall be in an amount equal annually to the amount of .real <br />property taxes that would have been paid on the portion of the assessed valuation of the <br />Tmprovements had the exemption period not been specified by this City. <br /> <br /> SECTION 7. The semiannual urban renewal service payments collected pursuant to <br />Section 5 hereof shall be distributed by the Cuyahoga County Treasurer to the Director of Finance <br />of the City; and a portion of the service payments so deposited shall be used to pay the principal <br />(whether at maturity or by prior redemption) of, and interest on urban renewal bonds (the <br />"Bonds'3 to be issued by the City, pursuant to additional, appropriate legislation of this Council, to <br />finance a portion of the costs of the Improvements, and the costs attributable to the sale of the <br />Bonds, inclusive of attorneys' fees, appraisals and other similar fees. <br /> <br /> SECTION 8. Upon execution of the Development Agreement by the City, the City is <br />hereby authorized and directed to certify to the Auditor of Cuyahoga County and to the Tax <br />Commissioner of the State of Ohio that the Exemption Period has been specified and that the <br />Development Agreement has been entered into and is in effect. <br /> <br /> SECTION 9, There is hereby created the City of Lakewood Tax Tncentive Review <br />Council (the "~R Council'') pursuant to Section 5709.85 of the Ohio Revised Code. The 'I'~R <br />Council shall perform those duties and functions prescribed under said Section 5709.85. <br /> <br />Page :2 of 3 <br /> <br /> <br />