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<br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 98- 80 <br />BY: MAYOR NORMAN MUSIAL <br />AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION <br />OF AN AGREEMENT WTTH THE NORTH OLMSTED CITY SCHOOL <br />DISTRICT PROVIDING FOR THE SHARIlNG OF CERTAIN <br />MUNICIPAL INCOME TAX REVENUES RELATED TO A PROJECT TO <br />BE OWNED AND CONSTRUCTED BY DUKE REALTY LIlVIITED <br />PARTNERSHIP, AND DECLARING AN EMERGENCY. <br />WHEREAS, pursuant to Sections 3735.66 et seq. of the Ohio Revised Code, and <br />Ordinance No. 91-175, passed February 18, 1992, and subsequently amended in Ordinance No. <br />94-79, the City established the "North Olmsted Community Reinvestment Area" (the CRA); and <br />WHEREAS, the City has entered into an agreement with Duke Realty Limited <br />Partnership (hereafter "Duke") providing exemption from real property taxation for an office <br />building to be constructed and owned by Duke; and <br />WHEREAS, pursuant to Section 5709.82 of the Revised Code, the City may agree to <br />compensate the North Olmsted City School District for any loss of properry tax revenue resulting <br />from those real property tax exemptions; and <br />WHEREAS, the City intends to enter into an agreement with the School District to share <br />certain municipal income tax revenues derived from this new facility; and <br />WHEREAS, the City has determined that the proposed Agreement between the City and <br />the School District, attached hereto (the "Agreement"), under which the City agrees to share <br />certain municipal income tax revenues derived from the Project to compensate the School District <br />for any loss of property tax revenue resulting from the real property tax exemptions relating to the <br />Project is in the vital and best interest of the City and will improve the health, safety and welfare <br />of the citizens of the City of North Olmsted; <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCiL OF THE CITY OF <br />NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: <br />SECTION 1: The Mayor, on behalf of the City is hereby authorized to enter into an <br />Agreement with the School District substantially in the form of the Agreement attached hereto, <br />together with such revisions to the Agreement as are approved by the Mayor and Director of <br />Law. The Mayor, Director of Law and other appropriate City officiais are further authorized to <br />execute, certify or furnish such other instruments and do such other things, as are necessary for <br />,., ? ??-W...