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CITY OF NORTH OLMSTED ORDINANCE NO. 2014 — 51 BY: Mayor Kennedy AN ORDINANCE AMENDING AND RE- ESTABLISHING CHAPTER 171 OF THE ADMINISTRATIVE CODE ENTITLED "COMMUNITY REINVESTMENT" IN ORDER TO UPDATE THE STANDARDS AND PROTOCOLS FOR AWARDING AND MANAGING TAX ABATEMENT, AND DECLARING AN EMERGENCY. WHEREAS, the City of North Olmsted in 1992 created a Community Reinvestment Area (`CRA ") under the provisions of R.C. §3735.65 through R.C. §3735.70; and WHEREAS, the standards for "tax abatement" issued prior to 1994 under a pre -1994 CRA Ordinance are significantly less advantageous to a community like North Olmsted when compared to those standards required to be incorporated into a post -1994 CRA Ordinance and its CRA program; and WHEREAS, the City of North Olmsted is currently operating under a pre -1994 CRA Ordinance; and WHEREAS, the City of North Olmsted has undertaken a new and revised housing study to support a revised CRA Ordinance; and WHEREAS, it is the recommendation of the Administration that Chapter 171 of the Administrative Code entitled "Community Reinvestment" be amended to follow the post -1994 CRA standards of State law; and WHEREAS, it is the desire of this Council, consistent with the recommendations of the Administration, to amend and re- establish Chapter 171 of the Administrative Code. NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, CUYAHOGA COUNTY, AND STATE OF OHIO: SECTION 1: That Chapter 171 "Community Reinvestment" which presently reads in its entirety as set forth in Exhibit A, which is attached to this Ordinance and incorporated by reference as if fully rewritten herein, shall be amended and, as amended, shall read in its entirety as set forth in Exhibit B, which is likewise attached to this Ordinance and likewise incorporated by reference as if fully rewritten herein. SECTION 2: That any Ordinance, or part of Ordinance, in conflict or inconsistent with this Ordinance, is, to the extent of any such conflict or inconsistency, repealed. Conflicting or inconsistent provisions of any Ordinance shall be corrected at re- codification.