7755-03 Notice Board of Ed - West End TIF

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RESOLUTION NO. 7755-03 By: Corrigan, Dever, Dunn, FitzGerald, George, Roth, Seelie. An EMERGENCY RESOLUTION authorizing the Clerk of Council to provide notice to the Board of Education of the Lakewood City School District regarding proposed tax increment financing relating to the West End Redevelopment Area. WHEREAS, by Ordinance No.146-02, passed December 16, 2002, this Council approved the Community Development Plan for the West. End District dated .luly 25, 2002 for the Plan District described in such Plan (such Plan, as the same may be amended from time to time, is sometimes herein referred to as the "Plan", and thePlan area for the Plan is sometimes herein referred to as the "Plan District"), which Plan includes undertakings and activities by the City comprising an urban renewal project in accordance with Ohio Revised Code Chapter 725 (the "Act") for the elimination and prevention of blight and for the prevention of the further development and spread of blight; and WHEREAS, Lakewood Shoppes LLC, an Ohio limited liability company formed by an agreement between CenterPoint Properties and .leffrey R. Anderson Real Estate, Inc. (the "Developer'S), and Heartland Developers LLC (the "Residential DevelopeF~ has proposed to the City of Lakewood (the "City'0 a redevelopment project comprised of a mixed-use 'commercial/residential lifestyle center (the "Project'~ within the Plan District, which Project is consistent with the Plan, and the Developers are negotiating the terms and conditions of a Development Agreement with the City (the "Development Agreement'~ relating to the proposed redevelopment within the Plan District; and WHEREAS, pursuant to Section 725.02 of the Ohio Revised Code, improvements to real property within the Area and consistent with the Plan, may be declared to be a public purpose in the Development Agreement; and WHEREAS, pursuant to Section 725.02 of the Ohio Revised Code, if this Council authorizes the Development Agreement, such improvements so declared to be a public purpose in the Development Agreement would be exempt from real property taxation; and · WHEREAS, pursuant to Section 725.04 of the Ohio Revised Code, the owners of such improvements would be required to make annual urban renewal service payments in lieu of taxes that would have been paid had such improvements'not been exempt; and WHEREAS, this Council is required by Section 725.02 of the Ohio Revised Code to notify the Lakewood City School District (the "School District'0 of the City's intent to enter into the Development Agreement. not less than forty-five (45) business days prior to execution of the Development Agreement, and the School District must indicate its approval of the exemption from real property taxation of more than seventy-five percent (75%) of the assessed valuation of the improvements constructed pursuant to the Development Agreement by resolution adopted by a majority of the Board Qf Education of the School District not less than fourteen (14) days prior to the date the Development Agreement would be executed by the City; and WHEREAS, this Council desires to provide such notice to the School District in a timely fashion so that the School District may respond to the notice and provide the terms and conditions, if any, on which the School District will agree to such exemption, and this Council may consider such terms and conditions in considering the terms and conditions of the Development Agreement; and WHEREAS, this Council by a vote of at least five (5) members elected thereto determines that this Resolution is an emergency measure, and that this Resolution 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 and for the usual daily operation of the City of Lakewood for the timely execution of the Development Agreement with the Lakewood City School District. NOW, THEREFORE, Page 1 of 3