51-04 Sharing Rockport Taxes w/ Schools

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PLACED ON 1ST READING AND REFERRED TO CQ~UTEE or TKE j>mo¡:'E 513104. PLACED ON 2ND READING 5/17/04. ORDINANCE NO. 51-04 By' Corrigan, Demro, Dever, Dunn, FitzGerald, Madigan, Seelie. AN EMERGENCY ORDINANCE authorizing the Mayor or his designee to enter into an agreement with the Lakewood City Schooi District regarding sharing with the School District of tax revenue and service payments received by the City under a proposed Development Agreement reiating to the Detroit Avenue/Rockport Square Incentive District WHEREAS. Rockport Square LLC. an Ohio limited liability company has proposed to the City a redevelopment project comprised of a mixed-use residentiall commercial development (the "Project'Î within the Detroit Avenue/Rockport Square and adjacent areas at the east end of the City. which Project is consistent with the City's planning; and WHEREAS. the Developer is wiiling to enter into a Development Agreement with the City (the "Development Agreement'1 relating to the proposed redeveiopment in order to obtain the City's assistance with tax incentive financing permitted under Ohio Revised Code Section 5709.40 (the "Act"); and WHEREAS. by Oroinance No 46-04 , passed June 7· . 2004, this Council approved the project development agreement for the Rockport Square Revitalization Project of the Detroit Avenue/Rockport Square incentive District (the' "Incentive District"), which agreement inciudes unoertakings and activities by the City comprising its Public Improvements in accordance with Ohio Revised Code Chapter 5709.40 and the public purpose authorized thereunder; and WHEREAS. pursuant to Section 5709.40 of the Ohio Revised Code. improvements to real property within the Incentive District. may be declared to be a public purpose in the Development Agreement; and WHEREAS. pursuant to Section 5709.40 of the Ohio Revised Code, such improvements so declareo to be a public purpose in the Development Agreement shall be exempt from real property taxation; and WHEREAS. pursuant to Section 5709 40 of the Ohio Revised Cooe, the owners of such improvements are required to make annual service payments (the "Service Payments") in lieu of taxes that would have been paid had such improvements not been exempt; and WHEREAS, the Lakewood City School District (the "School District") has been notified previously of the intent of the City to enter into the Development Agreement. in compliance with Section 5709 40 of the Ohio Revised Code. ano the School District. by resolution adopted by a majority of the Board of Education of the School District and certified to this Council on May 10 . 2004. has approved the exemption from real property taxation in the percentage requested by this Council on the condition that the City enter into an agreement with the District in substantially the form on file with the Clerk of Council; and WHEREAS. this Council by a vote of at least five (5) members elected thereto determines that this Ordinance is an emergency measure. and that this Ordinance shall take effect at the earliest date possible as set forth in ARTICLE III. SECTION 10 and 13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD. and that immediate action is necessary for the immediate preservation of the public peace. property. health. safety and welfare in the City of Lakewood ano for the usual daily operation of the City of Lakewood for the timely execution of the Deveiopment Agreement with the Lakewood City School District NOW. THEREFORE.