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CITY OF NORTH OLMSTED ORDINANCE NO. 97- 115 BY.• Ed Boyle, Mayor AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A TAX EXEMPTIONAGREEMENT BETWEEN THE CITY OF NORTH OLMSTED AND YIRS, LTD., AND DECLARING AN EMERGENCY. WHEREAS, this Council, pursuant to Sections 3735.66 through 3735.70 of the Ohio Revised Code and by Ordinance No. 91-175, passed February 18, 1992, and amended by subsequent Ordinance No. 94-79, passed June 21, 1994, established and preserved certain designated Community Reinvestment Areas (CRAB) within the City of North Olmsted; and WHEREAS, Schirmer Construction Co. and YIRS, Ltd., have submitted an application to the City requesting exemption from real property taxation for an office and warehouse facility to be constructed in the North Olmsted Industrial Park and to be owned by YIRS, Ltd.; and WHEREAS, the property upon which the Project is to be constructed is located with a CRA in the City of North Olmsted; and WHEREAS, pursuant to Section 5709.82 of the Ohio Revised Code, the City is prepared to enter into a separate agreement with the North Olmsted Board of Education in order to compensate the School District for any loss of tax revenue which will occur as a result of the Tax Exemption Agreement proposed with YIlZS, Ltd.; and WHEREAS, this Council desires to approve and authorize the execution of a Tax Exemption Agreement with YIRS, Ltd., in order to induce Schirmer Construction Co. and YIRS, Ltd., to undertake construction of the said facility; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA, STATE OF OHIO: SECTION 1: That the Council hereby approves and hereby authorizes The Mayor, in the name of and on behalf of the City of North Olmsted, to execute and deliver the Tax Exemption Agreement with YIRS, Ltd., in substantially the form attached hereto as Exhibit A. The said Agreement is hereby approved and authorized with changes therein not inconsistent with this Ordinance, not substantially adverse to the City, and approved by the Director of Law. The approval of those changes as not being substantially adverse to the City shall be conclusively determined by the approval of the Director of Law and the execution of the Agreement by the Mayor.