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Placed on 1st reading & <br />referred to Finance <br />11/15/21;2nd reading 12/6/21 <br />Bullock, Kepple, Littenf Neff <br />ORDINANCE NO. 52-2021 BY: <br />Rader, Shachner <br />AN ORDINANCE to take effect January 1, 2021 provided it receives the affirmative vote <br />of at least two thirds of the members of Council enacting new Section 155.09, Proceeds from Sale <br />of Real Property of the Lakewood Codified Ordinances. <br />WHEREAS., currently the proceeds of the sale of real property are credited to the fund from <br />which the purchase was made; and <br />WHEREAS, the Land Acquisition Fund has no dedicated revenue stream and was depleted <br />with the purchase and development of the Cove Church site; and the City desires to have resources <br />available for future development in key areas of the City; and <br />WHEREAS, the Administration and Council wish to create a manner in which to maintain <br />a sufficient fund balance to allow Lakewood to continue to focus on development and resources <br />necessary for important City projects; and <br />WHEREAS, as set forth in Section 2.12 of the Third Amended Charter of the City of <br />Lakewood, this Council by a vote of at least two thirds of its members determines that this <br />ordinance is an emergency measure and that it shall take effect immediately and that it is necessary <br />for the immediate preservation of the public property, health, and safety and to provide for the <br />usual daily operation of municipal departments in that these provisions should be retroactive in <br />order to capture the sale of properties that have occurred in 202 1; now, therefore <br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, OHIO: <br />Section 1. That new Section 155.09 Proceeds from Sale of Real Property of the Lakewood <br />Codified Ordinances reading as follows: <br />155.09 PROCEEDS FROM SALE OF REAL PROPERTY. <br />All proceeds from the sale of real property shall be deposited into the Land Acquisition Fund <br />unless otherwise determined by Council or the original purchase was funded from an enterprise <br />fund. <br />Section 2., It is found and determined that all formal actions of this Council concerning <br />and relating to the passage of this ordinance were adopted in an open meeting of this Council, and <br />that all such deliberations of this Council and of any of its committees that resulted in such formal <br />action were in meetings open to the public in compliance with all legal requirements. <br />4-1 <br />