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

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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 Developers desire 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 Developers 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 City is in receipt of a proposed Service Payment Agreement with respect to the Project (the "Service Payment Agreement") between the City and the Developers, 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 and reimbursement to the Developers of a portion equal to 90% of the same, up to a maximum of $5,000,000, all in accordance with this Ordinance and the Development Agreement dated July 21, 2021 (the "Development Agreement") by and between the City and the Developers; 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 moving forward with the development of this property quickly is in the best interest of the public; now, therefore BE IT ORDAINED BY THE CITY OF LAKEWOOD, OHIO: 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 with the first tax year that begins after the effective date of this Ordinance and in which an Improvement on that Parcel would first - appear on the tax list and duplicate of real and public utility property were it not for the exemption granted by 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. Section 2. As provided in R.C. Section 5709.42, the owner of any Parcel with an Improvement is required hereby to make annual payments in lieu of taxes to the Cuyahoga County 167279130