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<br />Authori1:ÿ")~ as agent for the City; payable from the Service Payments pursuant to separate <br />legislation to be passed by this Council; and <br /> <br />WHEREAS, the City expects to enter into a Tax Increment Financing and Development <br />Agreement (the "Agreement") with the Developer, the substantially final fonn of which is on file <br />with the Clerk of this Council, under which the Developer agrees, among other things, for itself and <br />its successors and assigns, to pay Service Payments, as further described in the Agreement; and <br /> <br />WHEREAS, public hearings pursuant to Ohio Revised Code Section 5709 40(C) were held <br />by the City on May 10, 2006 and June 13, 2006, in counection with the intention of the City to <br />apply for exemptions from taxation under Section 5709 911 of the Ohio Revised Code on behalf of <br />owners of real property located within the Incentive District; and <br /> <br />WHEREAS, the Lakewood City School District (the "District") has been notified of the <br />intent to enter into the Development Agreement authorized herein, in compliance with Section <br />5709.40 of the Ohio Revised Code, and the District, by resolution adopted by a majority of the <br />Board of Education of the District and certified to this Council on June 7, 2006, has approved the <br />exemptio:Ö. from real property taxation in the percentage and for the number of years requested <br />by this Council; and <br /> <br />WHEREAS, this Council has, by separate ordinance, approved the execution of an <br />agreement between the City and the District (the "School Agreement") pursuant to which the <br />District will retain all real property taxes derived from new levies and will receive from Service <br />Payments (defined below) at least thirty percent (30%) of the amount the District wonld have <br />received as real property taxes from the Project based upon the current real property taxes levied <br />by the District; and <br /> <br />WHEREAS, the Board of Cuyahoga County Conunissioners (the "Board") has been <br />notified of the intent to pass this ordinance and to enter into the Development Agreement <br />authorized herein, in compliance with Section 5709.40 of the Ohio Revised Code, and the Board, <br />has accepted the exemption fÌom real property taxation in the percentage and for the number of <br />years requested by this Council <br /> <br />WHEREAS, this Council by a vote of at least five (5) members elected thereto <br />determines that this ordinance is an emergency measure, and that this ordinance shall take ,effect <br />at the earliest date possible as set forth in ARTICLE III, SECTIONS 10 and 13 of the SECOND <br />AMENDED CHARTER OF THE CITI OF LAKEWOOD, that immediate action is necessary <br />for the immediate preservation of the public peace, property, health, safety and welfare of the <br />City of Lakewood and for the usual daily operation of the City of Lakewood for the timely <br />execution of the Agreement with the Developer to preserve the City's economies on the <br />borrowing interest rate; <br /> <br />NOW, THEREFORE, BE IT ORDAINED by the City of Lake wood, Ohio, that; <br /> <br />SECTION 1. This Council hereby creates the Sloane Avenue Jncentive District for the area <br />described on Exhibit A, which constitutes an Incentive District as defined in Revised Code Section <br />5709.40(A)(5)(a). The Sloane Avenue Jncentive District shall continue in existence ftom the <br />effective date of this Ordinance to the date on which the real property tax exemption provided for in <br />Section 3 hereof is no longer en effect. <br /> <br />SECTION 2. This Council hereby identifies the construction of the Project as placing <br />additional demands on the public infiastructure of the City, and in connection therewith, the Public <br />Improvements described in Exhibit B hereto are hereby designated as those Public Improvements <br />that benefit or serve, or that once made will benefit or serve, the parcels in the Incentive District <br />This Council hereby confirms that the Public Jmprovements are necessary for the public health, <br />safety and welfare and that construction of the Project places additional demand on such public <br />inftastructure improvements, <br /> <br />[ <br />I <br /> <br />SECTION 3 Pursuant to and in accordance with the provisions of Ohio Revised Code <br />Section 5709.40, this Council hereby finds and determines that 100% of the increase in the assessed <br />value of the Property that would first appear on the tax list and duplicate of real and public utility <br />property after the effective dale of this Ordinance (which illcrease in assessed value is herein <br />