Ordinance 2015-103 - Laserfiche WebLink

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CITY OF NORTH OLMSTED, OHIO COMMUNITY REINVESTMENT AREA AGREEMENT This Agreement made and entered into by and between the City of North Olmsted,Ohio,a municipal corporation,with its main offices located at 5200 Dover Center Road,North Olmsted,Ohio 44070 (hereinafter referred to as"North Olmsted")and BIW Properties,LLC,an Ohio Corporation with its main offices located at 34555 Chagrin Blvd.,Moreland Hills,Ohio 44022(hereinafter referred to as "BIW Properties"), WITNESSETH; WHEREAS,the City of North Olmsted has encouraged the development of real property and the acquisition of personal property located in the area designated as a Community Reinvestment Area; and WHEREAS, BIW Properties is desirous of construction of a new select service hotel with 135 guest rooms, meeting facilities and other amenities to serve the hospitality needs of the southwest suburban Cleveland market providing a modern authentic design throughout and technology to serve travelers' needs (hereinafter referred to as the "PROJECT") within the boundaries of the aforementioned Community Reinvestment Area, provided that the appropriate development incentives are available to support the economic viability of said PROJECT; and WHEREAS, the Council of the City of North Olmsted, Ohio by Ordinance No. 2014-51 adopted August 5, 2014, designated the area as an "Community Reinvestment Area" pursuant Chapter 3735 of the Ohio Revised Code; and WHEREAS, effective December 5,2014, the Director of Development Services Agency of the State of Ohio determined that the aforementioned area designated in said Ordinance No.2014-51 contained the characteristics set forth in Section 3735.66 of the Ohio Revised Code and confirmed said area as a Community Reinvestment Area under said Chapter 3735; and WHEREAS, City of North Olmsted,_having the appropriate authority for the stated type of project,is desirous of providing BIW Properties with incentives available for the development of the PROJECT in said Community Reinvestment Area under Chapter 3735 of the Ohio Revised Code; and WHEREAS,BIW Properties submitted a proposed agreement application(herein attached as Exhibit A)to City of North Olmsted said application(hereinafter referred to as "APPLICATION"); and WHEREAS,BIW Properties has remitted the required state application fee of Seven Hundred Fifty Dollars($750)made payable to the Ohio Development Services Agency with the applicationto be forwarded to said department with a copy of the final agreement; and WHEREAS,the Mayor of the City of North Olmsted has investigated the application of BIW Properties and has recommended the same to the Council of City of North Olmsted on the basis that BIW Properties is qualified by financial responsibilityand business experience to create and preserve employment opportunities in said Community Reinvestment Area and improve the economic climate of the City of North Olmsted; and