|
<br />ORDINANCE NO :
<br />
<br />46-04
<br />
<br />PLACED ON 1ST READING & REFERRED TO THE
<br />COMMITTEE OF THE WHOLE 4/19104.
<br />PLACED ON 2ND READING 513104.
<br />
<br />By· Corrigan, Demro, Dever, Dunn,
<br />FitzGerald~ Madigan, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE authorizing the execution of a tax increment financing and
<br />development agreement relating to Rockport Square; and authorizing the execution of various contracts,
<br />certifications and other documents related thereto
<br />
<br />WHEREAS, Rockport Square LLC, an Ohio limited liability company (the "Developer"), has
<br />proposed to the City of Lakewood (the "City") a redevelopment project (the "Project'') for the area described
<br />on Exhibit A hereto (the "Rockport Site"), and the Developer is willing to enter into a tax increment
<br />financing and development agreement with the City (the "Development Agreement") relating to the
<br />proposed redevelopment of the Rockport Site; and
<br />
<br />WHEREAS, this Council by a vote of at least five (5) members elected thereto detennines that this
<br />ordinance is an emergency measure, and that this ordinance shall take effect at the earliest date possible as
<br />set forth in ARTICLE III, SECTION 10 and 13 of the SECOND AMENDED CHARTER OF TIIE CITY OF
<br />LAKEWOOD and that immediate action is necessary for the safety and welfare in the City of Lakewood and
<br />to ensure the timely execution of the Tax Increment Financing and Development Agreement and the
<br />redevelopment of the Project Site. NOW THEREFORE,
<br />
<br />BE IT ORDAINED BY THE CITY OF LAKEWOOD STATE OF OHIO'
<br />
<br />SECTION I This Council hereby (i) finds and detennines that the portion of the Project Site not
<br />needed for the Public Improvements, when acquired by the City, will not need to be retained for municipal use,
<br />and that the sale and conveyance of that portion of the Project Site to Developer in accordance with the
<br />Agreement is necessary to create jobs and employment opportunities; (ii) approves the sale price of that
<br />portion ofthe Project Site to be sold to the Developer and finds that the covenants of the Developer to redevelop
<br />the Project Site with commercial and residential improvements constitute substantial additional valuable
<br />consideration to the City, and approves the sale by negotiation as being the method of disposition necessary to
<br />accomplish the City's public purposes and objectives; (iii) approves the construction by the City of the Pnblic
<br />hnprovements as necessary, among other things, for the safe and efficient flow of traffic through the area; and
<br />(iv) finds and detennines that the Developer has the ability to perfonn or cause the perfonnance of the
<br />Development Agreement; all of which aforesaid approvals are hereby made notwithstanding and as an exception
<br />to the requirements, if any, of any other ordinance of the City.
<br />
<br />SECTION 2. The Mayor and the Director of Finance, alone or together, are hereby authorized,
<br />for and in the name of the City and on its behalf and on behalf of this Council, to execute the Development
<br />Agreement by and among the City and the Developer in substantially the fonn thereof now on file with the
<br />Clerk of Council, with such changes therein as are not inconsistent with this Ordinance and not substantially
<br />adverse to the City and which shall be approved by the Director of Law. The approval of changes to the
<br />Development Agreement, and that such changes are not substantially adverse to the City, shall be
<br />conclusively evidenced by the execution ofllie Development Agreement by the officer or officers of the City
<br />authorized to execute those documents. The Mayor is authorized to acquire the Project Site as provided in the
<br />Development Agreement and to reconvey said Project Site to the Developer .in accordance with the
<br />Development Agreement for the fair value thereof, subject to the provisions of the Development Agréement,
<br />and to execute and deliver Deeds in fOlills consistent with the requirements of the Agreement;
<br />
<br />SECTION 3 The Mayor and the Director of Finance, alone or together, are further authorized
<br />and directed to ex~cute any certifications, financing statements, assignments, agreements, instruments and
<br />other documents as may be necessary, and to take such further actions, as are necessary or appropriate to
<br />effect the transactions contemplated in the Development Agreement and to consummate the transactions
<br />contemplated in this Ordinance and the Development Agreement and to undertake, complete and fmance the
<br />public improvements in accordance therewith, as are not inconsistent with this Ordinance and not
<br />snbstantially adverse to the City and which shall be ~11l'roveJlhy_fue Director of Law. The approval of such
<br />changes, and that such changes are not substantially adverse to the City, shall be conclusively evidenced by
<br />the execution ofthose documents by those officers. This Council hereby detennines, that, pursuant to and in
<br />accordance with Article V, Section 2 (B) of the Seconded Amended Charter of the City of Lakewood and
<br />Lakewood Codified OrdinaÌ1ce Section 111.04 (a)(lO) the construction contracts for the Pubiic
<br />Improvements shall be competitively bid using the procedures set forth in the Development Agreement, the
<br />fonn of which is now on file with the Clerk of Council. All actions heretofore taken by the officers and
<br />officials 'Of the City and of this Council in connection with the Project and the acquisition, construction,
<br />operation, maintenance and financing thereof are hereby ratified and approved.
<br />
<br />Page I of2
<br />
|