64-04 Vedda & Sons Property Improvements

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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 III, SECTIONS 10 and 13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the immediate preservation of the public property, health and safety, and that immediate action is necessary in order to facilitate the timely redevelopment of the Project Site. NOW THEREFORE, BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: SECTION 1. This Council hereby finds and determines that the construction of the Public Improvements will directly benefit the Project Site by permitting the construction of light industrial business on the Project Site. This Council further finds and determines that the construction on the Project Site of the Public Improvements described on Exhibit B is necessary for the public health, safety and welfare to avoid improper construction of buildings within the city and to permit the economic development of the Berea Road Industrial Corridor. SECTION 2. In order to facilitate the development of the Project Site, the City proposes to pay for a portion of the cost of the Public Improvements on the Project Site. SECTION 3. The Improvements are hereby declared to be a public purpose for purposes of Section 5709.40 and 5709.42 of the Ohio Revised Code. SECTION 4. Pursuant to and in accordance with the provisions of Ohio Revised Code Section 5709.40, this Council hereby finds arid determines that 100% of 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 (which increase in assessed value is herein referred to as the "Improvement" or "Improvements" as defined in said Section 5709.40) is a public purpose, and 100% of said Improvement is hereby declared to be a public purpose for a period of twenty-five (25) years and exempt from taxation commencing with the tax year in which the Improvements first appear on the tax list and duplicate of real and public utility property after the effective date of this Ordinance and ending on the earlier of (1) the date the Improvements have been exempted from taxation for a period of twenty-five (25) years or (2) the date on which the City has collected into the Fund established in Section 6 hereof a total amount of Service Payments available for and sufficient (i) to pay costs of the Public Improvements, (ii) to pay the principal, interest and premium, if any, on financing for such costs of the Public Improvements, or (Iii) to reimburse the City for other City funds used by the City to pay such costs or such principal, interest or premium, prior to receipt of Service Payments, all as further provided in Section 5 hereof. SECTION 5. As provided in Section 5709.42 of the Revised Code, and as more specifically provided in the Agreement, the Developer is hereby required to, and shall make, annual Service Payments to the County Treasurer on or before the final dates for payment of real property taxes, which Service Payments shall be deposited in the Municipal Public Improvement Tax Increment Equivalent Fund established in Section 6 hereof. This Council hereby authorizes the Mayor, Finance Director and Law Director, and other appropriate officers of the City, to provide such information and certifications, and execute and deliver or accept delivery of such instruments, as are necessary and incidental to collect those Service Payments, and to make such arrangements as are necessary and proper for payment of said Service Payments, including, without limitation the provision for the payment of said Service Payments by the Developer pursuant to the Agreement. SECTION 6. This Council hereby establishes pursuant to and in accordance with the provisions of Section 5709.43 of the Ohio Revised Code, the Berea Road Redevelopment Area 5 Public Improvement Tax Increment Equivalent Fund (the "Fund"), into which shall be deposited all of the Service Payments distributed to the City with respect to the Improvements on the Property by or on behalf of the County Treasurer as provided in Section 5709.42 of the Ohio Revised Code, together with any associated rollback payments received by the City, and hereby provides that all of the moneys deposited in the Fund shall be used for any or all of the following purposes: (i) to pay any and all acquisition, construction, installation, financing costs, and any and all other direct and indirect costs of the Public Improvements, including those costs set forth in Ohio Revised Code Section 133.15(B); Page 2 of 5