97-116 Ordinance - Laserfiche WebLink

Home Browse Search

CITY OF NORTH OLMSTED ORDINANCE NO. 97- 116 BY: MAYOR ED BOYLE AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF AN AGREEMENT WITH THE NORTH OLMSTED CITY SCHOOL DISTRICT PROVIDING FOR THE SHARING OF CERTAIN MUNICIPAL INCOME TAX REVENUES RELATED TO A PROJECT TO BE OWNED AND CONSTRUCTED BY SCHIRMER CONSTRUCTION CO., AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Sections 3735.66 through 3735.70 of the Revised Code, and Ordinance No. 91-175, passed February 18, 1992, and subsequently amended in Ordinance No. 94-79, the City established the "North Olmsted Community Reinvestment Area" (the CRA); and WHEREAS, Schirmer Construction Co., Inc. has submitted an application requesting exemption from real property taxation for a facility to be constructed and owned by VIltS, Ltd; and WHEREAS, pursuant to Section 5709.82 of the Revised Code, the City may agree to compensate the North Olmsted City School District for any loss of property tax revenue resulting from those real property tax exemptions; and WHEREAS, the City intends to enter into an agreement with the School District to share certain municipal income tax revenues derived from this new facility; and WHEREAS, the City has determined that the proposed Agreement between the City and the School District, attached hereto (the "Agreement"), under which the City agrees to share certain municipal income tax revenues derived from the Project to compensate the School District for any loss of property tax revenue resulting from the real property tax exemptions relating to the Project is in the vital and best interest of the City and will improve the health, safety and welfare of the citizens of the City of North Olmsted; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: SECTION 1: The Mayor, on behalf of the City is hereby authorized to enter into an Agreement with the School District substantially in the form of the Agreement attached hereto, together with such revisions to the Agreement as are approved by the Mayor and Director of Law. The Mayor, Director of Law and other appropriate City officials are further authorized to execute, certify or furnish such other instruments and do such other things, as are necessary for -. •nIR'v~/k.. .. ... ¢.n~.MJiY.t:.~.. ,~:.., ...a:,. ~. {w.~a~G'MS. ._.