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<br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2004 - 55 <br />BY: Council Member Gareau <br />AN ORDINANCE AMENDING SECTION ONE OF ORDINANCE <br />NO. 93-24, WHICH CREATED AN ECONOMIC DEVELOPMENT <br />FUND WITHIN THE CITY'S SPECIAL REVENUE FUND GROUP, <br />IN ORDER TO CLARIFYAND EXPANDTHE PURPOSES FOR <br />WHICHMONIES MAYBE EXPENDED FROM THE SAID FUND <br />FOR ECONOMIC DEVELOPMENT RELATED PURPOSES, AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, Ordinance No. 93-24 created an Economic Development Fund <br />within the City's Special Revenue Fund Group for the purpose of providing funds for <br />"schooling, promoting and publicizing commercial and residential economic <br />development and re-development within the City"; and <br />WHEREAS, it is the desire of this Council to clarify and expand the economic <br />development related purposes for which said funds may be expended from the Economic <br />Development Fund; <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NORTH <br />OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: <br />SECTION 1: That Section 1 of Ordinance No. 93-24, which presently reads as <br />follows: <br />"Section 1: That there is hereby created an Economic Development Fund within <br />the Special Revenue Fund group for the purpose of providing funds for schooling, <br />promoting and publicizing commercial and residential economic development and re- <br />development." <br />BE AMENDED, AND, AS AMENDED, SHALL READ IN ITS ENTIRETY AS <br />FOLLOW S: <br />"Section 1: That there is hereby created an Economic Development Fund within <br />the Special Revenue Fund group for the purpose of providing funds for economic <br />development and related planning activities. Such activities may include business <br />attraction and marketing, business retention and expansion, redevelopment, and <br />development of those plans and strategies that support economic development efforts in <br />the City." <br />