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<br />t <br />1-. <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 92-167 <br />BY: MAYOR BOYLE <br />AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION <br />OF AN AGREEMENT WITH THE NORTH OLMSTED CITY SCHOOL <br />DISTRICT PROVIDING FOR THE SHARING OF CERTAIN MUNICI- <br />PAL INCOME TAX REVENUES RELATED TO A PROJECT TO BE <br />OWNED AND CONSTRUCTED BY DIVERSIFIED EQUITIES LIMITED <br />PARTNERSHIP AND LEASED TO MOEN, INC. <br />WHEREAS, pursuant to Sections 5709.61 through 5709.66 of the Revised <br />Code, the City, by Ordinance No. 92-22, passed March 6, 1992, consented to the <br />creation of an urban enterprise zone in the City (the "Zone") and requested <br />designation thereof by the Board of County Commissioners of Cuyahoga County; <br />and <br />WHEREAS, the Board of County Commissioners of Cuyahoga County, by a <br />resolution adopted May 5, 1992, designated the Zone and the Director of <br />Development of the State Department of Development approved and certified the <br />Zone on June 8, 1992; and <br />WHEREAS, pursuant to Sections 3735.66 through 3735.70 of the Revised <br />Code and Ordinance No. 91-175, passed February 18, 1992, the City established <br />the "North Olmsted Community Reinvestment Area" (the "CRA"); and <br />WHEREAS, Diversified Equities Limited Partnership (the "Lessor") has <br />submitted an application requesting exemption from real property taxation for <br />a facility to be constructed and owned by the Lessor (the "Project") and <br />leased to, among others, Moen, Inc. (the "Lessee"), which Project is located <br />in the Zone and the CRA; and <br />WHEREAS, the Lessee has submitted an application for exemption from <br />personal property taxation for eligible personal property to be located at the <br />Project; and <br />WHEREAS, pursuant to Section 5709.82 of the Revised Code, the City <br />may agree to compensate the North Olmsted City School District (the "School <br />District") for any loss of property tax revenue resulting from those real and <br />personal property tax exemptions; and <br />WHEREAS, the School District has determined not to object to the <br />creation of the Zone and the tax exemptions described above in consideration <br />of the agreement by the City to share with the School District certain munici- <br />pal income tax revenues derived from the Project; and <br />WHEREAS, the City intends to enter into an agreement with the School <br />District to share certain municipal income tax revenues derived from each of