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CITY OF NORTH OLMSTED ORDINANCE NO. 2015— 103 By: Mayor Kennedy AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A COMMUNITY REINVESTMENT AREA (CRA) AGREEMENT WITH BIW PROPERTIES, LLC, FOR THE ALOFT HOTEL PROJECT AND PARTIAL TAX ABATEMENT,AND DECLARING AN EMERGENCY WHEREAS, On August 5, 2014, this Council adopted Ordinance No. 2014-51, and designated a Community Reinvestment Area(CRA)pursuant to Revised Code Chapter 3735; WHEREAS, in accordance with R.C. 3735.671, the Administration has negotiated with BIW Properties, LLC, to enter into a CRA Agreement for the development of an Aloft hotel project, located at Moen Drive and Great Northern Blvd., and to grant partial tax abatement, the terms of which are incorporated herein and a copy of which is attached as Exhibit"A"; WHEREAS, On October 20, 2015, this Council adopted Ordinance No. 2015-98, to approve the Aloft hotel project and to authorize the Director of Law to enter into a modification of the judicial journal entries which control the permitted usage of the Aloft project property; WHEREAS, On October 20, 2015, this Council, following the recommendation of the Planning and Design Commission, approved the Aloft hotel development proposal; WHEREAS, this Council finds, based on the advice of the Director of Law and of the Director of Planning and Economic Development, that statutory notification has been served on the North Olmsted City School District and that more than fourteen (14) days have since elapsed; WHEREAS, this Council finds, based on the advice of the Director of Law and of the Director of Planning and Economic Development, that the attached CRA Agreement meets or exceeds the statutory requirements for the real estate tax abatement program, as enabled by Revised Code Chapter 3735 and adopted by Ord. No. 2014-51, satisfying key economic development and payroll objectives to support such partial tax abatement; and WHEREAS, it is the desire of this Council to authorize the Mayor to enter into the CRA Agreement with BIW Properties, LLC, for the purpose of granting real estate tax abatement in connection with the Aloft hotel project and to further authorize the Mayor to execute the attached CRA Agreement and other documents required to meet statutory requirements. NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, CUYAHOGA COUNTY,AND STATE OF OHIO: SECTION 1: That the Mayor be and he is hereby authorized to enter into a CRA Agreement, a copy of which is attached hereto and marked as Exhibit "A," with BIW Properties, LLC to develop a select service Aloft hotel project and to grant real estate tax abatement for a ten year exemption period, in the amount of 50% of the tax on the Building, and as otherwise specified by the CRA Agreement upon satisfaction of terms, fees and conditions.