98-050 Ordinance - Laserfiche WebLink

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001"' THIS AGREEMENT is made and entered into as of the 151" day of May, 1998 by and between CITY OF NORTH OLMSTED, OHIO (the "City"), a municipal corpora.tion and political subdivision of the State of Ohio, and DLJKE REALTY LIMITED PARTNERSHIl', an Indiana limited parhiership ("Duke"), of which Duke Realty Investments, Inc., an Indiana corporation, is the general partner. A. Pursuant to Ordinance No. 91-175 (the "Authorizing Legislation"), adopted by the council of the City February 18, 1992, the City has established the "North Olmsted Community Reinvestment Area" (the "CRA"), a community reinvestment area within the meaning of Ohio Revised Code ("ORC") Sections 3735.65 thrQugh 3735.70, inclusive (the "Act") for the purpose of promoting the maintenance and construction of structures within the CR.A in order to encourage economic stability, maintain real property values and generate new employment opportunities within the City. B. Duke has submitted an Application dated March 23, 1998, as supplemented by an Economic Impact Matrix dated April 10, 1998 and modified May 12, 1998, a copy of which (collectively the "Application") is atta,ched hereto as F;achibit A and incorpora.ted herein by reference, wherein Duke has described its intention to construct a facility (the "Project") at the location designated in the Application (the "Project Site"), a description of which is attached hereto as Fxbi$it.B. and incorporated herein by reference. C. In the letter transmitting the Application, Duke has requested the exemption from real property taxation of the Project for a period of fifteen (15) years commencing with the year following the calendar year in which the Application is delivered and certified to the County Auditor of the County of Cuyahoga, Ohio (the "County Auditor"). 'k D. Pursuant to ORC Section 5709.83, the City has notified the boazd of education of the school district in which the Project Site is located of Duke's request for tax exemption. E. The City's Tax Incentive Review/Housing Council has considered the Application and has recommended to the Mayor of the City (the "Mayor") that sixty-eight percent (68%) of the value of the Project be exempted from real property taxes for a period of ten (10) years. F. Duke is prepared to accept the exemption recommended by such council. G. The City and Duke desire to set forth the conditions under which the Mayor shall direct the Housing Officer (as defined in the Authorizing Legislation) to submit the Application to the County Auditor. .?.??..,, ..