04-2024 - Transfer title for TIF - 1456 & 1470 Warren

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DocuSign Envelope ID: 92860B03-367C-49AA-BA95-OFDE6BFCF177 ORDINANCE NO. 04-2024 1st read & referred to HPD 3/4/2024 2nd reading 3/18/2024 BY: Bullock, Kepple, Marx, Rader, Shachner, Strebig AN ORDINANCE to take effect immediately provided it receives the vote of at least two thirds of the members of Council, or otherwise to take effect at the earliest period allowed by law, authorizing the City of Lakewood, Ohio to accept title to certain real property located within the City and immediately transfer title back to the current owner for the purpose of implementing tax increment finance pursuant to Ohio Revised Code Section 5709.41. WHEREAS, the City of Lakewood, Ohio (the "City") is desirous of encouraging economic development within the City to create jobs and housing opportunities for its residents and to increase the City's tax base; and WHEREAS, in furtherance of those efforts, the City has implemented several planning initiatives, including, but not limited to, the Gold Coast Master Plan, the Lakewood Park Master Plan, the Parks System Strategic Plan, the Detroit Avenue Streetscape Plan, the Kaufman Park Master Plan, the Active Transportation Plan, the Safe Streets for All Action Plan, and various Parking Studies (collectively, the "Development Plans"); and WHEREAS, as evidenced by the Development Plans, the City is "engaged in urban redevelopment" as provided in Ohio Revised Code ("R.C.") Section 5709.41; and WHEREAS, pursuant to R.C. Sections 5709.41, 5709.42 and 5709.43, the City is authorized to enact an ordinance (the "TIF Ordinance") to declare "Improvement" (as defined in R.C. Section 5709.41) to be a public purpose and exempt from real property taxation so long as (1) the City held fee title to such real property prior to the adoption of the TIF Ordinance, and (2) such real property is leased or conveyed to any person either before or after the adoption of the TIF Ordinance; and WHEREAS, LDC Warren LTD, LLC (the "Developer") desires to construct or cause to be constructed a mixed -use commercial and residential development (the "Project") on certain parcels of real property described and depicted on Exhibit A attached hereto (the "Property") within the City; and WHEREAS, the City desires to support the project through the passage of the TIF Ordinance pursuant to R.C. Section 5709.41; and WHEREAS, in order to pass the TIF Ordinance, the City is required to accept fee title to the Property and transfer fee title to the Property back to the current owner; WHEREAS, as set forth in Section 2.12 of the Third Amended Charter of the City of Lakewood, this Council by a vote of at least two thirds of its members determines that this ordinance is an emergency measure and that it shall take effect immediately, and that it is necessary for the immediate preservation of the public property, health, and safety and to provide for the usual daily operation of municipal departments, in that this agreement should be executed as soon as possible to facilitate the project; now, therefore