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<br />ORDmANCE NO .
<br />
<br />47-04
<br />
<br />PLACED ON 1ST READING & REFERRED
<br />COMMITTEE OF THE WHOLE 4/19/04.
<br />READING 513104.
<br />By·
<br />
<br />TO THE
<br />PLACED ON 2ND
<br />
<br />Corrigan, Demro, Dever, Dunn,
<br />FitzGerald,!Madigan, Seelie.
<br />
<br />,
<br />I
<br />AN EMERGENCY ORDINANCE establishing an incentive district on the ea~tem e~d of Detroit Avenue and
<br />declaring improvements to certain parcels of real property in the incentive district to be ~ public purpose for purposes of
<br />sections 5709.40 and 5709.42 of the Ohio Revised Code; describing the public improv~ents to be made to benefit or
<br />serve the incentive district, requiring the owners of that parcel to make service paymen~s in lieu of taxes; establishing a
<br />municipal public improvement tax increment equivalent fund for the deposit of service payments and related.authorizations
<br />pursuant to Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43; establishing a ti\x incentive review council; and
<br />authorizing the execution of varìous contracts, certifications and other documents related tbereto
<br />I
<br />
<br />WHEREAS, Rockport Square LLC (the "Developer") has submitted a propos_bJ for the redevelopment of the
<br />various parcels of real property within the City located on Detroit Avenue betweeniRidgewood and Newman (the
<br />"Project Site") as more fully described in Exhibit A attached hereto; and
<br />
<br />WHEREAS, to revitalize the Project Site and the area adjacent thereto, this CouÞcil has detennined to create the
<br />De1roit A venuelRockport Square Incentive District pursuant to Section 5709.40 of the Ghib Revised Code, the boundary of
<br />whiCh Incentive District and the parcels in the Incentive District are set forth in Exhibit B ~ereto (the "Incentive District"),
<br />which Incentive District is an area not more than 300 acres in size enclosed by a continuous boundary; and
<br />
<br />WHEREAS, as required pursuant to Ghio Revised Code Section 5709.40(A)(5)(a), the Director of Plarming and
<br />Development of the City has determined that at least fifty-one percent of the resident~ of the Incentive District have
<br />incomes of less than eighty percent of the median income of residents of the City, as determined in the same manner
<br />specified under Section 119(b) of the ''Housing and Community Development Act of 1974," 88 Stat. 633, 42 US,c. 5318,
<br />as amended; and
<br />
<br />WHEREAS, as required pursuant to Ohio Revised Code Section 5709..40 (A)(5)(c) the Director ofPlannmg and
<br />Development of the City has further detennined that at least twenty percent (20%) of the pþople residing in the district live
<br />at or below poverty level as defined in the federal Housing and Community Developmeht Act of 1974 USe. 5301, as
<br />amended, and regulations adopted pursuant to that act; and
<br />
<br />WHEREAS, Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43 provid¿ that this Council may describe
<br />public improvements to be made which benefit or serve the parcels of real property irl the Incentive District, declare
<br />Improvements (as defined in Ohio Revised Code Section 5709.40) with respect to such parcels to be a public purpose,
<br />thereby authorizing the exemption of those Improvements rrom real property taxation for ~ period of time, and provide for
<br />the making of service payments in lieu of taxes by the owners of such parcels, _ an~ establish a municipal public
<br />improvement tax increment equivalent fund into which such service payments shall be dep9sited; and
<br />
<br />WHEREAS, tbis Council desires to make or cause to be made the public in:fi-astrdcture improvements in the City
<br />described in Exhibit C hereto (the "Public Improvements''), that once made would benefit or serve parcels located in the
<br />Incentive District (those parcels, excluding the portion thereof upon which there are or -Jill be public improvements are
<br />hereinafter referred to as the "Property"); and
<br />
<br />WHEREAS, the City has detennined that it is necessary and appropriate and in ~e best interests of the City to
<br />provide for service payments in lieu of taxes with respect to the Property (the "Service J¡>ayments") pursuant to Section
<br />5709.42 ofthe Ohio Revised Code; and
<br />
<br />WHEREAS, the City desires to acquire, construct and finance the Publio Improvetnents by the issuance of bonds
<br />of the City payable rrom the Service Payments pursuant to separate legislation to be passed by this Council; and
<br />
<br />WHEREAS, the City has authorized entering into a Tax Increment Financing ancj. Development Agreement (the
<br />"Agreement") with the Developer, the substantiaIly final fonn of wbich is on file with ¡this Council, under which the
<br />Developer has agreed, among other things, to pay Service Payments, as further described in ;the Agreement; and
<br />,
<br />WHEREAS, the Lakewood City School District (the "District") has been notifie~ of the intent to enter into the
<br />Development Agreement authorized herein, in compliance with Section 5709.40 of the; Ohio Revised Code, and the
<br />District, by resolution adopted by a majority of the Board of Education of the District ahd certified to this Council on
<br />Mav 10 .:l:Òc,4' . has approved the exemption ITom real property taxation in the percentage requested by
<br />this Council; ånd
<br />
<br />WHEREAS, this Council by a vote of at least five (5) members elected thereto ~etennines that this ordinance
<br />is an emergency measure, and that this ordinance shall take effect at the earliest date possible as set forth in ARTICLE
<br />III, SECTlON 10 and 13 of the SECOND AMENDED CHARTER OF THE CITY! OF LAKEWOOD, and that
<br />immediate action is necessary for the safety and welfare in the City of Lake wood and to ensure the timely execution of
<br />the Development Agreement and of the redevelopment of the Project Site, NOW THE~FORE,
<br />
<br />BE IT ORDAINED BY 11JE ClTY OF LAKEWOOD, STATE O~ OHlO.
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