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CITY OF NORTH OLMSTED ORDINANCE NO. 2018 — 85 By: Mayor Kennedy AN ORDINANCE AUTHORIZING THE MA YOR TO ENTER INTO A COMMUNITY REINVESTMENT AREA (CRA) AGREEMENT WITH OMNI SENIOR LIVING, LLC. FOR THE NORTH OLMSTED SENIOR LIVING COMMUNITY PROJECT, 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 Omni Senior living, LLC., to enter into a CRA Agreement for the development of a senior living facility, located at 28462-29857 Lorain Road, North Olmsted, OH 44070 on Parcel Number(s) 23414005, 23414006, 23414007, 23414008, 23414009, 23414010, and 23414021, and to grant partial tax abatement, the terms of which are incorporated herein and a copy of which is attached as Exhibit "A"; WHEREAS, Omni proposes to construct a new senior living complex on a 9 -acre site on Lorain Road; the 161 -unit development will consist of 88 independent living apartments in a three- story building, 64 assisted living and memory care units in an adjacent one and two-story structure, and 9 one-story independent villas; and 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 will be served on the North Olmsted City School District and that more than fourteen (14) days will lapse before any further action is taken on this legislation; 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 Omni Senior Living, LLC., for the purpose of granting real estate tax abatement in connection with the North Olmsted Senior Living 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 ORDAINED 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 Omni Senior Living, LLC. to develop a Senior Living Project and to grant real estate tax abatement for a 15 year exemption period, in the amount of 50% of the tax on the Facility, "Facility" defined as a