64-04 Vedda & Sons Property Improvements

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(Substitute for prior 64-04) ORDINANCE NO. 64-04 PLFASE SUBSTITUTE FOR ORDINANCE NO. 6á-04 BLAGED ON 1 ST READING & REFERRED 1'0 THE COffl1TTTF.E OF THF. WHOLE '/7/04. 2nn READING 6/21/04. DEFRRRED 7/6/04.. By: CorriQan. Demro. Dever. Dunn. FitzGerald~ MadiRan. Seelie. AN ORDINANCE declaring improvements to a parcel of real property located at 12000 Berea Road (PP# 315-25-007) to be a public purpose for purposes of sections 5709.40 and 5709.42 of the Ohio Revised Code; desctibing the public improvements to be made to benefit or serve the parcel, requiring the owner of that parcel to make service payments in lieu of taxes; establishing a municipal public improvement tax increment equivalent fund for the deposit of service payments and related authorizations pursuant to Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43; establishing a tax incentive review council; and authorizing the execution of various contracts, certifications and other documents related thereto. WHEREAS, Phil Vedda & Sons, Inc. (the "Developer") has submitted a proposal for the redevelopment of the parcel of real property within the City and located at 12000 Berea Road Lakewood Ohio 44107 (the "Project Site') and being known as Permanent Parcel No. 315-25-007, as more fully described in Exhibit A attached hereto; and WHEREAS, Developer has entered into a Purchase Agreement to acquire the afore- mentioned property for the purposes of constructing a new printing facility on the Project Site; and WHEREAS, in order to redevelop the Project Site, Geopier soil reinforcement or equivalent method will be required to support the proposed new building, which Geopier soil reinforcement and other site preparation will provide a direct benefit to the Project Site; and WHEREAS, the City desires to utilize the increase in the assessed value of the Project Site as a result of the development thereof to pay for the costs of, or to finance improvements to, the Project Site as described in Exhibit B hereto (the "Public Improvements"), thereby providing for the advancement of the economic development of the Berea Road Industrial Corridor, particularly Redevelopment Area 5 in the Berea Road and West 117th Street Corridors Economic DeveloDment Prooram adopted by the Lakewood Planning Commission on February 16, 2000 and accepted by the Lakewood City Council; and WHEREAS, when authorized. by Council by appropriate legislation, the increase in the assessed value of the Project Site that would first appear on the tax list and duplicate of real and public utility property after the effective date of this ordinance were it not for the exemption provided herein (the "Improvements') may be declared to be a public purpose and the owner thereof may be required to make annual service payments in lieu of taxes to the County Treasurer; and WHEREAS, pursuant to Section 5709.40(b) of the Ohio Revised Code, such Improvements so declared to be a public purpose may be exempt from real property taxation; and WHEREAS, pursuant to Section 5709.42 of the Ohio Revised Code, the owner of such Improvements may be required to make annual service payments in lieu of taxes that would have been paid had such Improvements not been exempt; and WHEREAS, the City has authorized entering into a Tax Increment Financing Agreement (the "Agreement') with the Developer, the substantially final form of which is on file with this Council, under which the Developer has agreed, among other things, to pay Service Payments, as further described in the Agreement; and WHEREAS, the Lakewood City School District (the "District") has been notified of the intent to enter into the Development Agreement authorized herein, in compliance with Section 5709.40 of the Ohio Revised Code, and the District, by resolution adopted by a majority of the Board of Education of the District and certified to this Council on , has approved the exemption from real property taxation in the percentage requested by this Council; and Page 1 of 5