56-08 Extend Tax Increment Financing for Cliff Project

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PLACED ON 1ST READING & REFERRED TO THE FINANCE COMMITTEE 5/5/08, 2ND READING 5/19/08. ORDINANCE N0. 56-08 BY' Antonio, Bullock, Butler, Madigan, Summers. AN ORDINANCE authorizing the Mayor to enter into a First Amendment to the Tax Increment Financing and Development Agreement with Foran Montlack Development, LLC to extend the specific dates set forth in the Tax Increment Financing and Development Agreement with Foran Montlack Development, LLC dated September 15, 2007, for a period of nine (9) months in order to facilitate the "Cliffs Project." WHEREAS, the City of Lakewood and Foran Montlack Development, LLC, the parties, entered into a development agreement in anticipation that the project would proceed and that bonds would be issued no later than March 31, 2008; and WHEREAS, due to unforeseen difficulties in obtaining an agreement on the final descriptions of the location of roadways, the project has been delayed; and WHEREAS, current national economic considerations unrelated to the project or the credit rating of the parties have adversely affected all debt markets; and WHEREAS, the City and the Developer both deem it imprudent to incur debt at current rates but are desirous of proceeding with the project when economic conditions again become more favorable. Now Therefore, BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Mayor, on behalf of the City, is hereby authorized to enter into a First Amendment to the Tax Increment Financing and Development Agreement with Foran Montlack Development, LLC, attached hereto as "Exhibit A," to extend the time in the Tax Increment Financing and Development Agreement with Foran Montlack Development, LLC, dated September 15, 2007, for a period of nine (9) months to facilitate the "Cliffs Project." Section 2. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in