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ORDINANCE NO.
<br />
<br />97 -84 BY:
<br />
<br />Brown, Chinnock, Gallagher,
<br />Graham, Salmon, Wendling
<br />
<br /> AN EMERGENCY ORDINANCE authorizing the extension of an Agreement with
<br />Lakewood-Warren-Detrott Partnership, Ltd. pertaining to the financing of a
<br />commercial facility within the boundaries of the City of Lakewood for the use
<br />of Lakewood-Warren-Detroit Partnership, Ltd.
<br /> WHEREAS, the City of Lakewood, Ohio, ("Issuer"), by virtue of the
<br />laws of the State of Ohio, particularly Chapter 165, Ohio Revised Code, and
<br />the authorities therein mentioned, wishes to take the necessary actions for
<br />the issuance of revenue obligations of the Issuer in order to assist Lakewood-
<br />Warren-Detroit Partnership, Ltd. ("Company"), an Ohio limited partnership duly
<br />organized and validly existing under the laws of the State of Ohio, in the
<br />financing of a commercial facility located within Cuyahoga County at 14801~13
<br />Detroit Avenue, Lakewood, Ohio more particularly described in Exhibit A to the
<br />Agreement between the Issuer and the Company relating to the issuance of such
<br />revenue obligations by the Issuer, which Agreement was authorized by Ordinance
<br />No. 22-84, passed by this Council on April 2, 1984; and
<br /> WHEREAS, the Agreement provides that it would expire, unless extended
<br /> pursuant to an ordinance passed by the Council of the Issuer, if a first
<br /> series of Bonds was not issued within 120 days from the date of the Agreement,
<br /> which period of time has now passed without such issuance having occurred'; and
<br /> WHEREAS, the Company has notified[ the Issuer that the issuance of the.
<br /> Bonds and commencement of the Project (as both terms are defined in the Agree-
<br /> ment) are now anticipated to occur on or about October 26, 1984 and has re-
<br /> quested that the Agreement be extended for a further period as provided, here-
<br /> in; and
<br /> WHEREAS, this Council by two-thirds of the members elected thereto
<br /> determin'es that this ordinance is an emergency measure which is necessary for
<br /> · the immediate preservation of the public peace, property, health and safety
<br /> and for the further reason that this ordinance must take effect at the earli-
<br /> est possible time in order to proceed promptly with the issuance and sale of
<br /> the Bonds in order to maintain and create jobs and advance and promote com-
<br /> mercial and economic development within the boundaries of the Issuer;
<br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lake-
<br /> wood, Cuyahoga County, Ohio:
<br /> Section 1. In order to assist in the financing of the Project this
<br /> Council hereby agrees that the Agreement to Issue Bonds by and between the
<br /> Issuer and the Company authorized and executed on behalf of the Issuer pursu-
<br /> ant to Ordinance No. 22-84, passed April 2, 1984, may be extended to December
<br /> 31, 1984. The Mayor is hereby authorized and directed to execute an amendment
<br /> or addendum to the Agreement evidencing the extension thereof as hereby autho-
<br /> rized.
<br /> Section 2. It is found and determined that all formal actions of
<br /> this Council concerning and relating to the passage of this ordinance were
<br /> passed in an open meeting of this Council, and that all deliberations of this
<br /> Council and of any of its committees thal~ resulted in such formal action, were
<br /> in meetings open to the public, in compliance with all legal requirements, in-
<br /> cluding Section 121.22 of the Ohio Revised Code.
<br /> Section 3. That this ordinance, having been declared to be an emer-
<br /> gency measure, shall be in full force and 'effect from and immediately after
<br /> its passage and approval by the Mayor.
<br />
<br /> Passed:
<br />
<br />
<br />
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