44-88 Consent to transfer - Austin E. Knowlton Co.

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ORDINANCE NO. 44-88 By: Brown, Chinnock, Gallagher, Gazzana, George, Wendling AN EMERGENCY ORDINANCE to consent to the transfer by the Austin E. Knowlton Company of its interest in a contract with the City of Lakewood, Ohio to Lakewood Associates, Inc. WHEREAS, by Ordinance No. 86-85 passed November 18, 1985, the Council authorized the Mayor to enter into a Preliminary Development Agreement with the Austin E. Knowlton Company to redevelop certain properties within the City of Lakewood; and WHEREAS, in accordance with such authorization the Mayor entered into an agreement entitled the Preliminary Cooperation Agreement between the City o~~ Lakewood, Ohio and the Austin E. Knowlton Company; and WHEREAS, under Section 8(d) of such Preliminary Cooperation Agreement, the Austin E. Knowlton Company may not assign or transfer any estate or interest in the Preliminary Cooperation Agreement without the consent of the City of Lakewood; and WHEREAS, the Austin E. Knowlton Company has requested that the City of Lakewood consent to a transfer of all its right, title and interest and any estate in the Preliminary Cooperation Agreement to Lakewood Associates, Inc., an Ohio corporation, 71.43% of the stock of which is owned by the Austin E. Knowlton Company and 28.57% of the stock of which is owned by W. Rayburn Cadwallader; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the further reason that the consent granted by this ordinance is essential to the timely nego- tiation of a final development agreement between the City of Lakewood and the project's developers. NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuya- hoga County, Ohio: Section 1. That the City of Lakewood hereby consents to the transfer of all of the Austin E. Knowlton Company's right, title, inter- est and any estate in the Preliminary Cooperation Agreement to Lakeside Associates, Inc. Section 2. That the Clerk of Council is hereby directed to forward a certified copy of this ordinance to Lakewood Associates, Inc. Section 3. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance