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1 <br /> <br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2000-57 <br />BY: MAYOR MUSIAL <br />AN ORDINANCE APPROVING AND A UTHORIZING THE EXECUTION OF A <br />COMMUNITY REINilESTMENT AREA (CRA) TAX FXEMPTION AGREEMENT <br />BETWEEN THE CITY OF NORTH OLMSTED AND D UKE-WEEKS REALTY <br />LIMITED PARTNERSHIP, AND DECLARING ANEMERGENCY, AS <br />AMENDED. <br />WHEREAS, this Council, pursuant to Sections 3735.66 through 3735.70 of the Ohio <br />Revised Code and by Ordinance No. 91-175, passed February 18, 1992, and amended by <br />subsequent Ordinance No. 94-79, passed June 21, 1994, established and preserved certain <br />designated Community Reinvestment Areas (CRAs) within the City of North Olmsted; and <br />WHEREAS, Duke-Weeks Realty Limited Partnership (hereinafter "Duke Realty"), has <br />submitted an application to the City requestirrg exemption from real property taxation in <br />connection with its proposed construction of an office building on property consisting of 6.7206 <br />acres, located on the southwest corner of Great Northern Blvd. and Al Moen Drive, and known <br />as Parcel IA-B-Revised; and <br />WHEREAS, the property upon which the Project is to be constructed is located with a <br />CRA in the City of North Olmsted; and <br />WHEREAS, in its amended application for tax exemption, Duke Realty has represented to <br />the City that the two three-story office buildings to be constructed will have a total of <br />approximately 120,000 square feet of office space; that it will cost approximately $10,500,000.00 <br />to build; that an estimated $3,500,000.00 in annual payroll will be generated within one year after <br />completion of construction of the building, and an estimated $9,000,000.00 in annual payroll by <br />the end of the third year following completion of the building; and <br />WHEREAS, the City desires to act upon Duke Realty's application and grant it abatement <br />in new real property taxes resulting from the construction of the said office building for a ten (10) <br />year period, said abatement being sixty percent (60%) in the first two years, seventy-six percent <br />(76%) in the third and fourth years, and sixty-eight percent (68%) in years five through ten; and