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IDB109 <br /> <br />ORDINANCE NO. 73-85 <br /> <br /> AN EMERGENCY ORDINANCE AUTHORIZING THE EXECUTION OF <br />AN AGREEMENT WITH MADISON AVENUE ASSOCIATES, AN OHIO GENERAL <br />PARTNERSHIP, PERTAINING TO FINANCING THE COST OF THE ACQUISITION, <br />CONSTRUCTION, IMPROVEMENT, FURNISHING AND EQUIPPING OF REAL AND <br />PERSONAL PROPERTY TO BE USED AS A COMMERCIAL FACILITY FOR 'USE BY <br />DENTISTS, PHYSICIANS AND OTHER COMMERCIAL TENANTS WITHIN THE <br />BOUNDARIES OF THE CITY OF LAKEWOOD, OHIO, TO BE OWNED BY MADISON <br />AVENUE ASSOCIATES OR ITS DESIGNEE AND DECLARING AN EMERGENCY. <br /> <br /> WHEREAS, the City of Lakewood, Ohio (the "Issuer"), <br />by virtue of the laws of the State of Ohio, particularly Chapter 165 <br />of the Ohio Revised Code and the authorities therein mentioned, <br />desires to take the actions necessary for the issuance of an <br />industrial development revenue bond in the principal amount now <br />estimated not to exceed $1,300,000 for the purpose of the acquisition, <br />construction, improvement, furnishing and equipping of real and <br />personal property to be used as a commercial facility for use by <br />dentists, physicians and other commercial tenants (the "Project") <br />within the boundaries of the Issuer, which Project will be owned by <br />Madison Avenue Associates, an Ohio General Partnership, or its <br />designee (the "Borrower"); and <br /> <br /> WHEREAS, the Borrower desires to proceed <br />immediately with the Project, which will create and preserve <br />employment and job opportunities and enhance the economic welfare of <br />the Issuer and the State of Ohio, and for that purpose to obtain <br />interim financing for such activities during the period that is <br />required for the Issuer to undertake the proceedings leading to the <br />issuance of an industrial development revenue bond of the Issuer <br />pursuant to Article VIII, Section 13 of the Ohio Constitution and <br />Chapter 165 of the Ohio Revised Code; and <br /> <br /> WHEREAS, this ordinance is an emergency measure <br />which is necessary for the immediate preservation of the public peace, <br />property, health or safety in that the immediate execution and <br />delivery of the Agreement to Issue Bond, hereinafter referred to, will <br />enable the Borrower to proceed promptly with the Project in order to <br />preserve and create jobs and promote and advance industrial and <br />economic development within the boundaries of the Issuer which will <br />eliminate the hazards and expenses to the Issuer and its people <br />resulting from the lack of job opportunities; <br /> <br /> NOW, THEREFORE, BE IT ORDAINED by the City of <br />Lakewood, in the State of Ohio: <br /> <br />determine that: <br /> <br />Section 1. <br /> <br />That this Council does hereby find and <br /> <br /> (a) The Project will be a "project" within <br />the meaning of that term as described in Section 165.01(H), Ohio <br />Revised Code; and <br /> <br /> <br />