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<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 80 - 139
<br />By: Ronald Wilamosky
<br />AN ORDINANCE APPROVING AND AUTHORI7ING THE EXECUTION OF AN AGREEMENT WITH FOGG-
<br />NORTH OLMSTED, LTD., AN OHIO LIMITED PARTNERSHIP, AND $RYANT & STRATTON BUSINESS
<br />INSTITUTE, INC., A NEW YORK CORPORATION QUALIFIED TO DO BUSINESS IN THE STATE
<br />OF OHIO, RELATING TO ACQUIRING, CONSTRUCTING, IMPROVING, INSTALLING AND EQUIP-
<br />PING OF REAL AND PERSONAL PROPERTY CONSISTING OF A COMMERCIAL FACILITY AND EQUIP-
<br />MENT LOCATED WITHIN THE BOUNDARIES OF THE CITY TO BE LEASED TO BRYANT & STRATTON
<br />BUSINESS INSTITUTE., INC. FOR USE BY SUCH CORPORATION FOR THE TRAINING AND EDUCA-
<br />TION OF ITS STUDENTS FOR VARIOUS BUSINESS CAREER PROGRAMS INCLUDING MANAGERIAL,
<br />TECHNICAL, CLERICAL, SECRETARIAL AND FOR RELATED PURPOSES AND DECLARING AN
<br />EMERGENCY .
<br />WHEREAS, Fogg-North Olmsted, Ltd., an Ohio Limited Partnership under the laws
<br />of the State of Ohio, (Fogg), and Bryant & Stratton Business Institute, Inc., a
<br />New York corporation qualified to do business in the State of Ohio (Corporation),
<br />have approached the City of North Olmsted with a request that the City of North
<br />Olmsted provide financing pursuant to Article VIII, Section 13 of the Ohio Con-
<br />stitution and Chapter 165 of the Ohio Revised Code for acquiring, constructing,
<br />improving, installing and equipping of real and personal property consisting of
<br />a commercial facility and equipment located within the boundaries of the City to
<br />be leased to Corporation for use by such corporation for the training and educa-
<br />tion of its students for various business career programs including managerial,
<br />technical, clerical, secretarial and for related purposes (the "Project"),
<br />which real and personal property will provide additional jobs and employment
<br />opportunities within the City of North Olmsted and increase the economic wel-
<br />fare of the State of Ohio and the City of North Olmsted; and
<br />WHEREAS, Fogg has advised the City of North Olmsted that it will proceed with
<br />the acquisition, construction, improving, installing and equipping of the Project
<br />and provide its own moneys for interim financing of such acquisition and purchase
<br />of the facility and equipment until the City can complete the necessary pro-
<br />cedures to authorize the issuance of revenue bond pursuant to said Chapter 165
<br />if the City will agree to issue such revenue bond; and
<br />WHEREAS, it is the desire of the City Council of City of North Olmsted that the
<br />additional jobs and employment opportunities from the Project be provided at
<br />the earliest possible moment and that the economic improvement produced by the
<br />operation of the Project within the City occur at the earliest possible time
<br />and that it is the consensus of this City Council that it should take all steps
<br />necessary to provide the Project and the leasing thereof; and
<br />WHEREAS, this City Council wishes to take the necessary formal steps to secure
<br />the commitment of Fogg to acquire and proceed with the Project and to provide
<br />for other matters incidental thereto;
<br />NOW, THEREFORE BE IT ORDAINED by the Council of the City of North Olmsted,
<br />State of Ohio:
<br />Section 1. That this Council does hereby find and determine that:
<br />a) The property to be acquired by purchase and construction with
<br />the proceeds of the bond to be hereafter authorized will, after
<br />improvement, be useful to the Project and will be a "project" within
<br />the meaning of that term as defined in Section 165.01 of the Ohio
<br />Revised Code.
<br />b) The utilization of such property in the creation and location
<br />of the Project would be economically sound and would benefit
<br />the people of the City and the State of Ohio by creating jobs and
<br />increasing opportunities for employment and strengthening the economic
<br />welfare of the City; and promoting the industrial and economic develop-
<br />ment of the City.
<br />c) The industrial, commercial and economic welfare of the City
<br />will be benefited by Fogg acquiring and proceeding with the
<br />Project, and the City, by the Agreement hereafter identified, has
<br />negotiated with Fogg whereby it has been determined that the Project
<br />should be acquired for the purpose and upon the terms and conditions
<br />to be provided in a Lease or Loan Agreement and such other agreements
<br />as may be required to be hereafter submitted to this Council for its
<br />approval.
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