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ORDINANCE N0.2008-18 INTRODUCED BY: Mayor Rinker and Council as a Whole AN EMERGENCY ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR TO ENTER INTO A DEVELOPMENT AGREEMENT WITH KEYSTONE REALTY INVESTMENTS, LTD. AND WESTON OR ITS AFFILIATE, INC. REGARDING 600 BETA DRIVE. WHEREAS, the Village, Keystone Realty Investments, Inc. and Weston or its Affiliate, Inc. desire to enter into an agreement involving the renovation and Lease of facilities located at 600 Beta Drive and the construction of other improvements at the property (collectively the "Development") incoordination with the Cuyahoga County Commissioners and the Village's eligibility to apply for a loan from the Commercial Redevelopment Fund; and WHEREAS, Weston or its Affiliate, Inc. will make a good faith effort to purchase the property at 600 Beta Drive with the intent to renovate and lease the facility and construct other improvements to the property; and WHEREAS, the Village agrees to submit an application to the Cuyahoga County Commissioners through the Cuyahoga County Department of Development for a loan from the Commercial Redevelopment Fund which if said application is approved, based on certain terms and conditions, will then be provided as a loan to Weston or its Affiliate, Inc. to assist with the Development. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL, OF HAYFIELD VILLAGE, OHIO, THAT: SECTION 1. The Mayor, President of Council, and Director of Finance are authorized and directed to enter into a Development Agreement with Keystone Investments, Ltd. and Weston or its Affiliate, Inc. in a form substantially similar to that set forth in Exhibit "A" attached hereto and incorporated herein by reference. SECTION 2. 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 12.1.22 of the Ohio Revised Code. SECTION 3. This Ordinance is hereby declared to be an emergency measure immediately necessary for the health, safety and welfare of the residents of Mayfield Village, Ohio. It shall, therefore, take effect immediately upon the passage by the affirmative vote of not less than five (5)