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~~-.,_._ ._~ CITY OF NORTH OLMSTED ORDINANCE NO. 97- 4 BY.• MAYOR ED BOYLE AN ORDINANCE APPRDVING AND AUTHORIZING THE EXECUTION OF AN AGREEMENT WITHTHEMIRTHOLMSTED CITYSCHOOL DLSTRICT PROVIDING FOR THE SHARING OF CERTAIN MUNICIPAL INCOME TAX REVENUES RELATED TO A PROTECT TO BE OWNED AND CONSTRUCTED BYHARSAX INCORPORATED. WHEREAS, pursuant to Sections 3735.66 through 3735.70 of the Revised Code, and Ordinance No. 90-185, passed February 18, 1992, the City established the "North Olmsted Community Reinvestment Area" (the CRA); and WHEREAS, Harsax Incorporated has submitted an application requesting exemption from real property taxation for a facility to be constructed and owned by Harsax Incorporated; 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 Agreement between the City and the School District, in the fonm on file with the clerk of Council (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 form 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 on file with the C}erk of Council, 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 and incidental to carrying out the transactions contemplated in the Agreement. '_. ;r,>p+1K~~zRt?~ - .. .~._,. -. _. ,.r ....~»,.,da<a.w~s~°~*~~,~n;€*°-~~~'ywr ^!a~^ ~gta~~~4y~.,.zwr+vi.,~,,.c» .e.su a.y~, .w-.,-.' ,;,~.. .: ,., _;