Laserfiche WebLink
CITY OF NORTH OLMSTED <br />RESOLUTION NO. 2004 - 64 <br />BY: Mayor Musial <br />A RESOLUTION AIITHORIZING THE MAYOR OF THE CITY OF <br />NORTH OLMSTED TO CONSENT TO THE ASSIGNMENT AND <br />ASSUMPTION AGREEMENT ENTERED INTO BY AND BETWEEN <br />THE OSTERLAND COMPAIVY AND THE SHELLY COMPANY FOR <br />PURPOSES OF THE SHELLY COMPANY PERFORMING THE <br />REMAINING OBLIGATIONS OF THE OSTERLAND COMPANY ON <br />THE LORAIN ROAD REHABILITATION PROJECT, AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, the City has, pursuant to Ord. No. 2003-12, entered inta a public works <br />project Agreement with The Osterland Company dated May 28, 2003, for the roadway <br />resurfacing, curb repair and incidental work known as the Lorain Road Rehabilitation Project; <br />and <br />WHEItEAS, the Osterland Company entered into a corporate asset purchase agreement <br />with the Shelly Company, which acquired Osterland assets, including its interests in the Lorain <br />Road Rehabilitation Project, and Shelly also agreed to assume Osterland's contractual <br />obligations to the City; and <br />WHEREAS, Section 16.3 of the City's Agreement with Osterland requires the City's <br />consent to the assignment of rights or proceeds under the said Agreement and, accordingly, the <br />She11y Company has presented its Assignment and Assumption Agreement with Osterland for <br />the City's review and consent; and <br />WHEREAS, it is the desire of this Council, based on the advice and recomrnendation of' <br />the Director of Public Service and representations of the Shelly Company, to authorize the <br />Mayor to consent, on behalf of the City, to the Assignment and Assumption Agreement by and <br />between Osterland and the Shelly Company, pursuant to Section 16.3 of the City's Lorain Road <br />Rehabilitation Project Agreement; <br />NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: <br />