8503-11A Establish boundaries of a CRA

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Introduced & referred to the Housing Committee 9/19/11; please substitute for the original. RESOLUTION NO. 8503-11A BY;, Anderson, Bullock, Juris, Madigan, Nowlin, Powers, Smith. A RESOLUTION to take effect immediately provided it received the affirmative vote of at least five (5) members of Council or otherwise, or otherwise it shall take effect and be in force after the earliest period allowed by law, implementing section 3735.65 through 3735.70 of the Revised Code, establishing and describing the boundaries of a Community Reinvestment Area in the City of Lakewood. WHEREAS, Ohio Revised Code Sections 3735.65 through 3735.70 (collectively, the "Act") have authorized counties or municipalities to designate areas as Community Reinvestment Areas for the purpose of encouraging economic and community development in azeas that have not enjoyed reinvestment by remodeling or new construction; and WHEREAS, this Council desires to pursue all reasonable and legitimate incentive measures to assist and encourage development of new residential housing within the City consistent with the City's planning and zoning needs referred to below; and WHEREAS, as required by Section 3735.66 of the Ohio Revised Code, a survey of housing (the "Survey") has been prepared for the area proposed to be included in the Community Reinvestment Area designated in this Resolution and described and depicted in attached Exhibit A to this Resolution (the "Area"); and WHEREAS, the Survey shows the facts and conditions relating to existing housing in that proposed Community Reinvestment Area, including, among other things, evidence of deterioration and lack of new constmcfion in substantial portions of the Area; and WHEREAS, the City has determined, that there has been and is a shortage of new residental housing within the City and the City therefore wishes to encourage the construction of new residential housing within the Area; and WHEREAS, Council hereby finds and determines that the construction of structures in the Community Reinvestment Area, consistent with the City's land use requirements, would serve to encourage residential growth and stability, maintain real property values, and generate new employment opportunities within the City; and WHEREAS, there has been recommended to this Council the approval of the designation of the proposed Community Reinvestment Area as a Community Reinvestment Area and this Council has been apprised of the Survey and the facts and conditions relating to the Community Reinvestment Area, and this Council has determined that the construction of new housing facilities in the Area would serve to encourage economic stability and growth, maintain real property values, and generate new employment opportunities in the City; and WHEREAS, the constmction of new residential housing facilities in the Community Reinvestment Area constitutes a public purpose for which real property exemptions may be granted and is supported by the Survey; and