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ORDINANCE NO. 2008-13 INTRODUCED BY: Mayor Rinker and Council as a Whole AN EMERGENCY ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A PURCHASE AGREEMENT FOR THE ACQUISITION OF 6826 MEADOWOOD DRIVE, MAYFIELD VILLAGE, OHIO WHEREAS, the Village entered into an Option and Right of First Refusal to Purchase Real Estate (the "Option") for the real estate located at 6826 Meadowood Drive, Mayfield Village, Ohio, with the owners of the property, John R. and Joan S. Cotton (the "Cottons"), pursuant to Ordinance No. 2006-10; and WHEREAS, pursuant to the terms of the Option, the Cottons, as the Optionors, were given the right to sell the real estate to the Village; and WHEREAS, the Cottons, as th"e Optionors under the terms of the Option, have exercised such right set forth under Section 5 of the Option; and WHEREAS, the required appraisals have been prepared for the property by the Village and by the Cottons pursuant to Section 3 of the Option to determine a purchase price of Two Hundred Forty-Two Thousand, Five Hundred Dollars ($242,500.00) represented by the average of the two appraisals which were within ten percent (10%) of each other; and WHEREAS, this Council, in accordance with the Option, does hereby authorize the acquisition as indicated hereafter. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT: SECTION 1. The Mayor is hereby and herein authorized and directed to enter into a Purchase Agreement for the acquisition of 6826 Meadowood Drive, Mayfield Village, Ohio for an amount not to exceed Two Hundred Forty-Two Thousand Five Hundred Dollars ($242,500.00) based upon the terms and conditions as outlined in the Purchase Agreement attached hereto and incorporated herein by reference as Exhibit ,~A„ SECTION 2. The Law Director and Director of Finance are authorized to execute and carry out all documents necessary for the acquisition referred to herein and for the payment of the purchase price as indicated. SECTION 3. The Council finds and determines that all formal actions of this Council relating to the adoption of this Ordinance have been taken at open meetings of this Council; and that deliberations of this Council and of its committees, resulting in such formal action, took place in meetings open to the public, in compliance with all statutory requirements including the requirements of Section 121.22 of the Ohio Revised Code.