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<br />Substitute for Prior Ordinance 47-06
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<br />PLACED ON 1ST READING & REFERRED TO THE
<br />COMMITTEE OF THE WHOLE 5/15/06, 2ND READING
<br />6/5/06. DEFERRED 6/19/06. SUBSTITUTED
<br />7/3/06
<br />
<br />ORDINANCE NO
<br />
<br />By· Àntonio, Butler, Demro, Dever,
<br />FitzGerald, Madigan, Seelie.
<br />
<br />AN ORDINANCE to take effect immediately provided it received the affIrmative
<br />vote of at least fIve (5) members elected to Council, otherwise, it shall take effect and be in
<br />force after the earliest period allowed by law, authorizing the Mayor or his designee to enter
<br />into an agreement with the Lakewood City School District regarding sharing with the School
<br />District of service payments received by the City under a proposed Development Agreement
<br />relating to the Sloane Avenue fucentive District
<br />
<br />/
<br />
<br />WHEREAS, Foran Montlack Development, LLC, an Ohio limited liability company
<br />(the "Developer"), has proposed to the City a development project comprised of a 46-unit
<br />for-sale residential development (the "Project") withìn the Sloane Avenue Incentive District
<br />at the west end of the City, which Project is consistent with the City's plarming; and
<br />
<br />WHEREAS, the Developer is willing to enter into a Tax Increment Financing and
<br />Development Agreement with the City (the "Development Agreement") relating to the
<br />proposed redevelopment in order to obtain the City's assistance with tax increment financing
<br />permitted under Ohio Revised Code Sections 570940, 5709.42 and 5709.43 (the "Act"); and
<br />
<br />WHEREAS, by Ordinance No 4B-06 , passed Jdy L7 , 2006, this
<br />Council approved the Development Agreement for The Cliffs Project in the Sloane Avenue
<br />Incentive District (the "Incentive District"), which agreement includes undertakings ~d
<br />activities by the City comprising its Public Improvements in accordance with Ohio Revised
<br />Code Chapter 5709.40 and the public purpose authorized thereunder; and
<br />
<br />WHEREAS, pursuant to Section 5709 40 of the Ohio Revised Code, improvements to
<br />real property within the Incentive District may be declared to be a public purpose in the
<br />Development Agreement; and
<br />
<br />WHEREAS, pursuant to Section 5709 40 of the Ohio Revised Code, such
<br />improvements so declared to be a public purpose in the Development Agreement shall be
<br />exempt fTom real property taxation; and
<br />
<br />WHEREAS, pursuant to Section 5709.42 of the Ohio Revised Code, the owners of
<br />such improvements are required to make armual service payments (the "Service Payments")
<br />/Ìn lieu of taxes that would have been paid had such improvements not been exempt; and
<br />
<br />WHEREAS, the Lakewood City School District (the "School District") has been
<br />notified previously of the intent of the City to enter into the Development Agreement, in
<br />compliance with Section 5709 40 of the Ohio Revised Code, and the School District, by
<br />resolution adopted by a majority of the Board of Education of the School District and
<br />certified to this Council on June 7, 2006, has approved the exemption from real property
<br />taxation in the percentage requested by this Council on the condition that the City enter into
<br />an agreement with the District in substantially the fonn on file with the Clerk of Council; and
<br />
<br />WHEREAS, this Council by a vote of at least fIve (5) members elected thereto
<br />detennines that this Ordinance is an emergency measure, and that this Ordinance shall take
<br />effect at the earliest date possible as set forth in ARTICLE III, SECTION 10 and 13 of the
<br />SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that immediate
<br />action is necessary for the immediate preservation of the public peace, property, health,
<br />safety and welfare in the City of Lakewood and for the usual daily operation of the City of
<br />Lakewood for the timely execution of the Agreement with the Lakewood City School
<br />District.
<br />
<br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF LAKEWOOD,
<br />STATE OF OHIO'
<br />
<br />SECTION 1. The agreement between the City and the Lakewood City School
<br />District, in the fonn presently on fIle with the Clerk of Council, providing for, among other
<br />things, payments of Service Payments by the City to the School District compensating the
<br />School District for tax revenue the School District would have received had property
<br />comprising the Project not been exempted fTom taxation by the City, is hereby approved and
<br />authorized with changes thereto not inconsistent with this Ordinance and not substantially
<br />
<br />{VDB4419.DOC;2}
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