7903-04 Notice to Board of Ed - Vedda TIF

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RESOLUTION NO: 7903-04 BY:Corrígan~ Demro, Dever, Dunn, FitzGerald, Madigan, Seelie. An RESOLUTION authorizing the Clerk of Council to provide notice to the Board of Education of the Lakewood City School District regarding proposed tax increment financing for the Vedda & Sons Printing Expansion and Redevelopment Project at 12000 Berea Road (P.P.N. 315- 25-007). WHEREAS, Vedda & Sons Printing, Inc., an Ohio for-profit corporation (the "Developer''), has proposed to. the City of Lakewood (the "City'') a redevelopment project comprised of a new light industrial printing facility (the "Project''), and the Developer is negotiating the terms and conditions of a tax increment financing agreement (the "TIF Agreement'') and a development agreement with the City relating to the proposed redevelopment of certain real property within the boundaries of the City located at 12000 Berea Road, specifically the Cuyahoga County Auditor's Permanent Parcel Number 315-25-007 (the "Project Site''); and WHEREAS, the City is considering the passage of an ordinance (the "TIF Ordinance'') exempting from real property taxes pursuant to Section 5709.40(b) of the Ohio Revised Code 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 the TIF Ordinance were it not for the exemption granted by that ordinance (such increase being defined herein and in Section 5709.40(a)(4) as the "Improvements'') and in connection therewith, such Improvements to the Project Site may be declared to be a public purpose; and WHEREAS, pursuant to Section 5709.40 of the Ohio Revised Code, if this Council passes the TIF Ordinance, such Improvements so declared to be a public purpose in the TIF Ordinance would be exempt from real property taxation; and WHEREAS, pursuant to Section 5709.42, of the Ohio Revised Code, the owners of such improvements would be required to make annual service payments in lieu of taxes that would have been paid had such Improvements not been exempt; and WHEREAS, this Council is required by Section 5709.40 and 5709.83 of the Ohio Revised Code to notify the Lakewood City School District (the "District'') of the City's intent to enter into the TIF Agreement not less than forty-five business days prior to execution of the TIF Agreement, and the District must indicate its approval of the exemption from real property taxation of more than seventy-five percent (75%) of the assessed valuation of the Improvements by resolution adopted by a majority of the Board of Education of the District not less than fourteen (14) days prior to the date the TIF Agreement would be executed by the City; and WHEREAS, this Council desires to provide such notice to the District in a timely fashion so that the District may respond to the notice and provide the terms and conditions, if any, on which the District will agree to such exemption, and this Council may consider such terms and conditions in considering the terms and conditions of the TIF Agreement; and WHEREAS, this Council by a vote of at least five (5) members elected thereto determines that this Resolution is an emergency measure, and that this Resolution shall take effect at the earliest date possible as set forth in ARTICLE III, SECnON 10 and 13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that immediate action Is necessary for the immediate preservation of the public peace, property, health, safety and welfare In the City of Lakewood and to ensure the timely execution of the TIF Agreement and the Development Agreement and redevelopment of the Project Site. NOW THEREFORE BE IT RESOLVED BY THE CITY OF LAKEWOOD, STATE OF OHIO: SEmON 1. The Clerk of Council is hereby authorized and directed to send a notice to the Board of Education of the Lakewood City School District regarding this Council's present intent to consider a proposed TIF Agreement and the exemption from real property taxation of more than seventy-five percent (75%) of the assessed value of the Improvements, as required by Sections 5709.40 and 5709.83, Ohio Revised Code. Such notice shall be in substantially the form of Exhibit Page 1 of3