07-2022 TIF for W. 117th Phantasy/Mack Buildings

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Placed on 1st reading & referred to FIN 2/22/22 Baker, Bullock, Kepple, Litten, ORDINANCE NO. 07-2022 O'Malley, Rader, S ha cline r AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least two thirds of the members of Council declaring improvement to real property within the city of Lakewood, Ohio to be a public purpose; exempting such improvement from real property taxation; requiring the owners of the property to make service payments in lieu of real property taxes; establishing an urban redevelopment tax increment equivalent fund for the deposit of service payments, making related authorizations pursuant to Ohio Revised Code Sections 5709.41, 5709.425 5709.43 and 5709.83; and authorizing a service payment agreement in connection with the same. WHEREAS, Ohio Revised Code ("R.C.") Sections 5709.41, 5709.42 and 5709.43 (the "TIF Statutes") provide that this Council may, under certain circumstances, declare Improvement (as defined below and in the TIF Statutes) to certain parcels of real property located in the City of Lakewood, Ohio (the "City") to be a public purpose and exempt from real property taxation, provide for the payment service payments in lieu of real property taxes by the owners of such property and establish an urban redevelopment tax increment equivalent fund for the deposit of such service payments in lieu of taxes; and WHEREAS, West 117 Development, LLC, West 117 Development Fieldhouse LLC, and West 117 Development Phantasy LLC (collectively, the "Developers") desire to construct or cause to be constructed a commercial development (the "Project") on certain parcels of real property described and depicted on Exhibit A attached hereto (the "Property") within the City; and WHEREAS, the Developers have requested that the City enact this Ordinance pursuant to the TIF Statutes to assist the Developers with the development of the Project; and WBEREAS, in order to enact this Ordinance, the TIF Statutes specify that (1) the City must hold fee title to the Property prior to the adoption of this Ordinance, and (2) the Property must be conveyed or leased to any person either before or after the adoption of this Ordinance; and WHEREAS, as authorized by Ordinance No. 23 -2021, passed July 19, 2021, by two limited warranty deeds each dated July 22, 2021, the current owners of the Property have conveyed fee title to the Property to the City, and by two quitclaim deeds each dated July 22, 2021, the City has conveyed fee title to the Property back to the current owners of the Property; and WHEREAS, the aforementioned deeds have been recorded in the records of the Cuyahoga County Recorder; and WHEREAS, the City has implemented several planning initiatives to further its economic development efforts, including, but not limited to, the Gold Coast Master Plan, the Lakewood Park Master Plan, the Detroit Avenue Streetscape Plan, the Kaufman Park Master Plan and the Uptown Madison Parking Study (collectively, the "Development Plans"); and 167279130