63-04 Development Agreement w/ Vedda & Sons

Home Browse Search

(Substitute for prior 63-04) ORDINANCE NO: 63-04 PLEASE SUBSTITUTE FOR ORDINANCE NO. 63-04 PLACED ON 1ST READING- &'+\~J:ERRED TO THE COMMTTTRE OF THE WHOT.E 6/7/04, 2ND R~iNG 6/21/04, DEFERRED 7/6/04. BY: Corrigan. Demro. Dever. Dunn~ FitzGerald. Madigan, Seelie. AN ORDINANCE authorizing the Mayor or his designee to enter into a Development Agreement with Phil Vedda & Sons, Inc. ("Vedda"), for a financial assistance package for the purposes of Site Preparation in support of the retention and expansion of the Company and the Redevelopment of the property located at 12000 Berea Road, takewood, Ohio, (Permanent Parcel Number 315-25-007) and specifically approving the "Development Agreement" attached hereto as Exhibit A. WHEREAS, pursuant to the Lakewood Community Vis/on and the Berea Road West 117'" Street Study, Berea Road is recommended to be maintained and strengthened as an industrial corridor in the City of Lakewood; and WHEREAS, the property located 12000 Berea Road Lakewood, Ohio (PP# 315-25-007) has been vacant for nearly ten (10) years, and it is in the public interest to support the retention, expansion and significant planned capital investment of Vedda, in the purchase and redevelopment of said vacant property into an economically viable and tax generating business on Berea Road; and WHEREAS, the City of Lakewood has completed a Phase I/II Environmental and Geotechnical Assessment of the property, utilizing federal Community Development Block Grant dollars through the Public Investment Program (PIP) of the Economic Deveiopment Fund (EDF) Program, which indicated the need for costly Site Preparation activities to address geotechnical soil issues on the site, far exceeding the typical site preparation costs, that must be undertaken prior to the construction of a building; and WHEREAS, pursuant to Ordinance and Ordinance adopted by Lakewood City Council on , 2004, the Mayor is authorized to expend EDF funds and to establish a Tax Increment Financing (TIF) District for the purpose of funding the necessary Site Preparation; and WHEREAS, Vedda has entered into a Purchase Agreement to acquire the aforementioned property for the purposes of constructing a new printing facility on the Project Site; and WHEREAS, the City and Vedda desire to enter into a Development Agreement to set forth their agreement as to their respective rights and obligations in relation to the project. 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, SECTIONS 10 and 13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that immediate action is necessary to provide for the immediate preservation of the public property, health and safety, and to facilitate the timely site preparation necessary for the redevelopment of said property for an economically viable and tax generating use prior to the expiration of the Purchase Agreement. NOW, WHEREFORE, BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. The Council of the City of Lakewood hereby authorizes the Mayor or his designee to enter into a Development Agreement with Phil Vedda & Sons Printing, Inc. ("Vedda"), for a financial assistance package for the purposes of Site Preparation in support of the retention and expansion of the Company and the Redevelopment of the property located at 12000 Berea Road, Lakewood, Ohio, (Permanent Parcel Number 315-25-007) and specifically approves the "Deveiopment Agreement" attached hereto as Exhibit A. Section 2. The Council of the City of Lakewood hereby determines that entering into a Development Agreement with Vedda to undertake site preparation and redevelopment of said property is in the best interest of the public health, .safety, and welfare of the City of Lakewood and will further the goal of returning the property to an economicaily viable and tax generating use.