07-2021 - Solove TIF Spitzer Chrysler site

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WHEREAS, as evidenced by the Development Plans, the City is "engaged in urban redevelopment" as provided in Ohio Revised Code ("R.C.") Section 5709.41; and WHEREAS, in connection with the Project, the Developer desires to construct certain private improvements (the "Developer Improvements") as defined and described in Exhibit B attached hereto; and WHEREAS, in furtherance of the development efforts articulated in the Development Plans, the City desires to pass this Ordinance to assist the Developer with the Project and the Developer Improvements; and WHEREAS, as required by the TIF Statutes and R.C. Section 5709.83, the City has provided all required notices to the Lakewood City School District (the "School District"), or such notice has been waived; and WHEREAS, the Property is located within an existing community reinvestment area ("CRA"), and any exemptions (the "CRA Exemptions") provided for the Project under the CRA shall take precedence over the exemptions authorized in this Ordinance; and WHEREAS, the City is in receipt of a proposed Service Payment Agreement with respect to the Project (the "Service Payment Agreement") between the City and the Developer, which Service Payment Agreement is on file with the City and attached hereto as Exhibit "C", and sets forth the terms regarding payment of service payments in accordance with this Ordinance and the Development Agreement dated January 28, 2021 (the "Development Agreement") by and between the City and the Developer; and WHEREAS, as set forth in Section 2.12 of the Third Amended Charter of the City of Lakewood, this Council by a vote of at least two thirds of its members determines that this ordinance is an emergency measure and that it shall take effect immediately, and that it is necessary for the immediate preservation of the public property, health, and safety and to provide for the usual daily operation of municipal departments, in that this assistance should be made available to the developer of the project to facilitate the planning and construction of the project; now, therefore Section 1. Subject to the terms of the Development Agreement, one hundred percent (100%) of the increase in the assessed value of each parcel within the Property (each a "Parcel") after the date that the City obtained fee title to the Property (each of which increase in assessed value is an "Improvement" as defined in R.C. Section 5709.41) shall be a public purpose and shall be exempt from real property taxation commencing for each Parcel on the effective date of this Ordinance, and ending for each Parcel on the earlier of (a) thirty (30) years after such commencement, or (b) the date on which the City can no longer require service payments in lieu of taxes, all in accordance with the requirements of the TIF Statutes. The exemption for each Improvement pursuant to this Ordinance shall be subordinate to any CR.A, Exemption on the Property, irrespective of who files the exemption application under R.C. Section 5709.911.