83-139 Ordinance - Laserfiche WebLink

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.._ ??.. _...?. ,_ _.....,. _.?. ...?. __ _ . .e., . _._ ? C375004/01 11/21/$3 , , ,_ CITY OF NORTH OLMSTED ORDINANCE N0. gl,j - /,39 B Y : /?&. "?e?wte?-.? _ AN ORDINANCE AUTHORIZING THE EXECUTION OF AN AGREEMENT WITH FAIRVIEW ENTERPRISES, INC., AN OHIO CORPORATION, AS AGENT FOR AN OHIO LIM- ITED PARTNERSHIP TO BE FORMED, PERTAINING TO THE FINANCING OF THE COSTS OF ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF A COMMERCIAL FACILITY FOR USE AS A MEDICAL OFFICE BUILDING WITHIN THE BOUNDARIES OF THE CITY OF NORTH OLMSTED, OHIO, TO BE OWNED BY THE PARTNERSHIP TO BE FORMED AND DECLARING AN EMERGENCY. WHEREAS, the Council of the City of North Olmsted (herein caZled the "Issuer"), by virtue of the laws of the State of Ohio, and Chapter 165, Ohio Revised Code, and the authorities therein mentioned, wishes to take the necessary actions for the issuance of revenue bonds in the aggregate principal amount of $2,500,000, for the purposes of finan- cing the acquisition, construction, improvement and equip- ping of a commercial facility for use as a medical office building within the boundaries of the City of North Olmsted, Ohio (herein called the "Project"), which Project will be owned by Fairview Enterprises, Inc., an Ohio corporation, or its nominee (herein called the "Owner") and leased to var- ious physician and hospital tenants. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF oxzo: SECTION 1. This Council hereby finds and determines that: (a) The Project.will be a"project" within the meaning of that term as defined in Section 165.01, Ohio Revised Code, and (b) The Project is consistent with the purposes of Section 13 of Article VIII, Ohio Constitution, to create and preserve jobs and employment opportunities and to improve the economic welfare of the people of the State of Ohio. SECTION 2. In order to provide funds to pay the costs of this Project, this Council hereby agrees to authorize and issue revenue bonds of the Issuer pursuanlu- to Chapter 165, Ohio Revised Code, upon the terms provided in the form of the Agreement to Issue Bonds by and between the Issuer and the Owner, attached hereto as Exhibit 1, which is hereby in all respects approved. The Mayor is hereby authorized and directed to execute such Agreement in substantially such form with such changes as are not adverse to the Issuer as he may approve, such execution being conclusive evidence of approval of such changes. SyCTION 3. It is found and determined that all formal actions of this Council concerning and relating to the adoption of this Ordinance were adopted in an open meeting of this Council and that all deliberations of this Council and of any of its committees that resulted in such formal action.were in meetin9s open to the public, in compliance 1