48-07 JEDZ Agreement - Laserfiche WebLink

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Please subsfitate for 48-07 Placed on 1st Reading May 7, 2007 Placed on 2d Reading May 21,2007 ORDINANCE NO: 48-07 BY' A~to~ip~ ButleJ, Demro, Madiga~ S~elie. AN ORDINANCE, to take effect immediately provided it receives the affirmative vote of at least five (,5) members elected to Council, otherwise it shall take effect and be in force at the earliest time permitted by law, authorizing the Mayor to enter into a Joint Economic Development Zone Agreement with the City of Cleveland in connection with both the reduction of Cleveland's water rate increases adopted through 2010 and the reduction of any further increases during the balance of the twenty-year term of' the JEDZ Agreement. WHEREAS, the City of Lakewood and the City of Cleveland desire to work toward a regional economy focused upon growth, innovatidn, and cooperative efforts, rather than competition; and WHEREAS, the City of Lakewood and the City of Cleveland utilize Cleveland's investment in collection of and treatment of water from Lake Erie for a supply of high quality water service, but, unlike the direct service communities of the region, Lakewood maintains distribution lines, meters, and collection for water service on its own through a Master Meter arrangement with Cleveland; and WHEREAS, Cleveland has proposed assuming responsibility for distribution and its related capital investment for water system improvements in direct service communities in exchange for Joint Economic Development Zone ("0EDZ") agreements, with agreements with the cities of Parma Heights and University Heights already executed; and WHEREAS, Cleveland will not be required to make water system capital nvestments in the City of Lakewood but desires the same JEDZ benefits; and WHEREAS, Cleveland has proposed, in exchange for a similar JEDZ agreement with Lakewood, to reduce the Master Meter water rates for the City of Lakewood through 20:t0 by extending the Amended Water Service agreement through the term of the JEDZ agreement; and WHEREAS, the proposed reduction in Lakewood water rates will result in a Thirb/~four Cents rate reduction for each Metric £ubic Foot ($.34/mcf) for 2007, Thirty-five cents for each Metric Cubic Foot ($.35/mc0 for 2008 through 2009, Thirty-six cents for each Metric Cubic Foot ($.36/mc0 for 20;L0, and similar reduction for the balance of the term of' the 0EDZ reflecting Cleveland's capital investments in the direct service communities; and WHEREAS, the substantial elements of the 3EDZ requirements reflect a mutually beneficial sharing of income taxes, incentives, and limits of any tax abatements for businesses moving between communities in the 3EDZ; and WHEREAS, this Council by a vote of at least five (5) members elected hereto 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 ITT, SECTIONS :tO and :t3 of the SECOND AMENDED CHARTER OF THE C1TY OF LAKEWOOD, and that immediate action is necessaw to facilitate the timely