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CITY OF NORTH OLMSTED ORDINANCE NO. 2005 — 75 By: Mayor O'Grady AN ORDINANCE AMENDING ORDINANCE NO 97 -74 IN ORDER TO DIFFERENTLY DESIGNATE REVENUES DERIVED FROM LEASES AND SUBLEASES OF CITY -OWNED PROPERTIES FOR TELECOMMUNICATION FACILITIES, AND DECLARING AN EMERGENCY. WHEREAS, this Council previously adopted Ordinance No. 97 -74, providing for a certain split between the Economic Development Fund and the Recreation Fund of the revenues generated by leases of city -owned property involving the location and co- location of telecommunication facilities; and WHEREAS, this Council, pursuant to Ordinance No. 2002 -48, subsequently provided a one- time different designation of revenues derived from the collocation of Sprint PCS on the Clague Park Monopole; and WHEREAS, it is the desire of this Council to amend said Ordinance. No. 97 -74 so as to provide that all future revenues derived from all such leases or subleases for telecommunications facilities on City -owned lands, be designated as follows: (a) seventy -five percent (75 %) to the Recreation Fund, and (b) twenty -five percent (25 %) to the Economic Development Fund; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: SECTION 1: That Section 1 of Ordinance 97 -74, which presently reads as follows: "Section 1: That twenty -five percent (25 %) of the cash downpayment received from AT &T Wireless in connection with the lease of City -owned property at Clague Park for use as a telecommunications facility be designated to the Economic Development Fund established by Ordinance No. 93 -24. The remaining seventy -five percent (75 %) of said downpayment from AT &T Wireless and all other revenues received by the City from AT &T Wireless and any other telecommunications entity in connection with the lease of City -owned land used as a site for a telecommunications facility shall be designated to the City's Recreation Fund. BE AMENDED, AND, AS AMENDED, SHALL READ AS FOLLOWS: "Section 1: That twenty -five percent (25 %) of the cash downpayment received from AT &T Wireless in connection with the lease of City -owned property at Clague Park for use as a