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~` . '~_~ <br />". <br />CITY OF NORTH OLMST~~ <br />ORDINANCE NO. 74 <br />Page 2 <br />B. The consideration to be paid for the residential zoned <br />real estate within Permanent Parcel Nos. 232-33-24, <br />232-34-1 and 232-34-2 owned jointly by Forest City <br />Enterprises, Inc. and Eastland Estates, Inc. <br />shall be Ten Thousand Dollars ($10,000.00) per acre <br />with the total acreage of approximately 12.71192 acres <br />for an amount not to exceed One Hundred Twenty-seven <br />Thousand, One Hundred Twenty Dollars ($127,120.00), and <br />the same is to be paid upon execution and delivery to <br />the City of North Olmsted of a good and sufficient <br />warranty deed accompanied by title guaranty conveying <br />said premises to the City in fee simple, free and clear <br />of all encumbrances, excepting conditions and restrictions <br />of record, zoning ordinances and taxes and assessments <br />levied and assessed before and subsequent to the date of <br />conveyance. Said warranty deed and title guaranty are <br />to be to the satisfaction of the Director of Law. <br />SECTION 3: The amount to be paid for said property, together <br />with any cost or expense incurred by the City in connection with the <br />acquisition thereof, including taxes to be paid by the City after <br />acquiring said property, shall be paid from funds derived from the <br />sale of bonds authorized by Ordinance No. 74-51, adopted by this <br />Council on May 21, 1974. <br />SECTION 4: That this ordinance is hereby declared to be an <br />emergency measure immediately necessary for the preservation of the <br />public health, safety and welfare, and for the further reason that <br />it is immediately necessary to provide for the purchase of land so <br />that the City may immediately begin construction of recreation <br />facilities which are greatly needed, and further provided it receives <br />the affirmative vote of two-thirds of all members elected to Council, <br />it shall take effect and be in force immediately upon its passage <br />and approval by the Mayor. <br />PAS SED - ~~,~;~,,y`---- <br />ATTEST: <br />~a a. <br />~~ <br />NORA T. HILL, CLERK OF COUNCIL FRANCIS J. O' EILL, PRESIDENT OF <br />COUNCIL <br />APPROVED: G/it//~J y <br />RALPH CHRISTMAN, MAYOR <br />i <br />