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,.?u,.r1».,?w.,. ._ ,.. . . _ . .._. <br />, ' .... ,P. <br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 96-1 <br />BY: MAYOR ED BOYLE <br />AN ORDINANCE APPROVING AND AUTHOR/Z/NG THE EXECUT/ON <br />OF AN AGREEMENT WITH THE NORTH OLMSTED CITY SCHOOL DISTRICT <br />PROVID/NG FOR THE SHAR/NG OF CERTA/N MUNICIPAL lNCOME TAX <br />REVENUES RELATED TO A PROJECT TO BE OWNED AND CONSTRUCTED <br />BY FORTNEY & WEYGANDT, INC. <br />WHEREAS, pursuant to Sections 3735.66 through 3735.70 of the Revised <br />Code, and Ordinance No. 90-185, passed February 18, 1992, the City <br />established the "North O/msted Community Reinvestment Area" (the CRA); and <br />WHEREAS, Fortney & Weygandt, Inc. has submitted an application <br />requesting exemption from rea/ property taxation for a facility to be constructed <br />and owned by KJMC LTD. (Robert Fortney); and <br />WHEREAS, pursuant to Section 5709.82 of the Revised Code, the City <br />may agree to compensate the North Olmsted City Schoo/ District for any /oss of <br />property tax revenue resulting from those rea/ property tax exemptions; 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 this new <br />facility; and <br />WHEREAS, the City has determined that the Agreement between the <br />City and the Schoo/ District, in the form on file with the C/erk of Council (the <br />"AgreemenY; under which the City agrees to share certain municipal income tax <br />revenues derived from the Project to compensate the Schoo/ District for any /oss <br />of property tax revenue resulting from the real property tax exemptions re/ating to <br />the Project is in the vital and best interest of the City and will improve the health, <br />safety and welfare of the citizens of the City of North Olmsted; <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY <br />OF NORTH Olmsted, COUNTY OF CUYAHOGA AND STATE OF OHIO: <br />SECTION 1: The Mayor, on behalf of the City is hereby authorized to <br />enter into an Agreement with the Schoo/ District substantially in the form of the <br />Agreement on file with the C/erk of Council, together with such revisions to the <br />Agreement as are approved by the Mayor and Director of Law. The Mayor, <br />Director of Law and other appropriate City officials are further authorized to <br />execute, certify or furnish such other instruments and do such other things, as