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PLACED ON 1ST READING & REFERRED TO THE <br />HOUSING COMMITTEE 7/5/11. <br />RESOLUTION NO. $503-11 By: Anderson, Bullock, Juris, <br />Madigan, Nowlin, Smith. <br />A RESOLUTION to take effect immediately provided it received the affirmative vote of at <br />least five (5) members of Council or otherwise, or otherwise it shall take effect and be in force <br />after the earliest period allowed by law, implementing section 3735.65 through 3735.70 of the <br />Revised Code, establishing and describing the boundaries of a Community Reinvestment Area in the City <br />of Lakewood. <br />WHEREAS, Ohio Revised Code Sections 3735.65 through 3735.70 (collectively, the "Act") have <br />authorized counties or municipalities to designate areas as Community Reinvestment Areas for the <br />purpose of encouraging economic and community development in areas that have not enjoyed <br />reinvestment by remodeling or new construction; and <br />WHEREAS, this Council desires to pursue all reasonable and legitimate incentive measures to <br />assist and encourage development of new residential housing within the City consistent with the City's <br />planning and zoning needs referred to below; and <br />WHEREAS, as required by Section 3735.66 of the Ohio Revised Code, a survey of housing (the <br />"Survey") has been prepared for the area proposed to be included in the Community Reinvestment Area <br />designated in this Resolution and described and depicted in attached Exhibit A to this Resolution (the <br />"Area"); and <br />WHEREAS, the Survey shows the facts and conditions relating to existing housing in that <br />proposed Community Reinvestment Area, including, among other things, evidence of deterioration and <br />lack of new construction in substantial portions of the Area; and <br />WHEREAS, the City has determined, that there has been and is a shortage of new residential <br />housing within the City and the City therefore wishes to encourage the construction of new residential <br />housing within the Area; and <br />WHEREAS, Council hereby finds and determines that the construction of structures in the <br />Community Reinvestment Area, consistent with the City's land use requirements, would serve to <br />encourage residential growth and stability, maintain real property values, and generate new employment <br />opportunities within the City; and <br />WHEREAS, there has been recommended to this Council the approval of the designation of the <br />proposed Community Reinvestment Area as a Community Reinvestment Area and this Council has been <br />apprised of the Survey and the facts and conditions relating to the Community Reinvestment Area; and <br />this Council has determined that the construction of new housing facilities in the Area would serve to <br />encourage economic stability and growth, maintain real property values, and generate new employment <br />opportunities in the City; and <br />WHEREAS, the construction of new residential housing facilities in the Community <br />Reinvestment Area constitutes a public purpose for which real property exemptions may be granted and is <br />supported by the Survey; and <br />