7886-04 Notify Board of Ed Rockport TIF

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RESOLUTION NO.: 7886-04 By: Corrígan. DeJVeŒ. Fi:t.zGer:allrl¡j. "~': .f,r,_",~8._~~:,o Madigan, 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 and tax abatement pursuant to a Community Reinvestment Area Ordinance for the Rockport Square Revitalization Project. WHEREAS, Rockport Square, LLC, an Ohio limited liability company (the "Developer"), has proposed to the City of Lakewood (the "City") a redevelopment project comprised of a mixed-use residential and commercial development (the "Project"), and the Developer is negotiating the tenns and conditions of a tax increment fmancing and development agreement with the City (the "Development Agreement") relating to the proposed redevelopment of certain real property within the boundaries of the City (the "Project Site"); and WHEREAS, the City is considering the establishment of an incentive district pursuant to Section 5709 40(c) of the Ohio Revised Code (the ''Incentive Distric¡"') and in connection therewith, improvements to real property within the Incentive District, including the Project Site, may be declared to be a public purpose in the Development Agreement; and WHEREAS, pursuant to Section 5709.40 of the Ohio Revised Code, if this Council authorizes the creation of the incentive district, such improvements so declared to be a public purpose in the Development Agreement and pursuant to ordinance of the City would be exempt from real property taxation; and WHEREAS, pursuant to Section 5709.42, 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, the City is considering the creation of a "Community Reinvestment Area 2" to include new residential construction within the incentive district in the tax abatement program; and WHEREAS, this Council is required by Section 5709.40 and 5709.83 of the Ohio Revised Code to notify the Lakewood City School District (the "District") of the City's intent to enter into the Development Agreement not less than forty-five business days prior to execution of the Development Agreement, and the 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 of Education of the 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 District in a timely fashion so that the District may respond to the notice and provide the tenus and conditions, if any, on which the District will agree to such exemption, and this Council may consider such tenus and conditions in considering the tenus and conditions of the Developme~t Agreement; and WHEREAS, this Council by a vote of at least five (5) members elected thereto detennines 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, SECTIONS 10 AND 13 ofthe SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that immediate action is necessary for the safety and welfare in the City of Lakewood and to ensure the timely notice of the Board of Education of the Lakewood City School District regarding the proposed Tax Increment Financing. NOW THEREFORE, BE IT RESOLVED BY THE CITY OF LAKEWOOD, STATE OF OHIO: SECTION I. The Clerk of Council is hereby authorized and directed to send a notice to the Board of Education of the Lakewood City School District regarding this Council's present intent to consider a proposed Development Agreement and the exemption from real property taxation of more than seventy-five percent (75%) of the assessed value of the improvements constructed pursuant to the Development Agreement. as required by Sections 5709.40 and 5709 83, Ohio Revised Code and tax abatement pursuant to a Community Reinvestment Area Ordinance. Such notice shall be in substantially the fonn of Exhibit A attached hereto_ and incorporated by reference herein, with such changes thereto as are not adverse to the City and as are approved by the Director of Law Page 1 of3