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CITY OF NORTH OLMSTED ORDINANCE NO. 2022-57 Br: Mayor Jones AN ORDINANCE AUTHORIZING THE .MAYOR TO ENTER INTO A COMMUNITY REINVESTMENT AREA (C'.R✓1.) AGREEMENT WITH FIELDSTONE DEVF_LOPER.S, INC. AND 313.51 INDUSTRIAL PARKWAY, LLC. FOR THE CONSTRUCTION OF A WAREHOUSE / OFFICE COMPLEX IN THE CITY OF NORTH OLMSTED. WHEREAS. On August 5. 2014. this Council adopted Ordinance No. 2014-51. and designated a Community Reinvestment Arca (CRA) pursuant to Revised Code Chapter 3735: and WHEREAS, in accordance with R.C. 3735.671, the Director of Economic and Community Development has negotiated with Fieldstone Developers. Inc. and 31351 Industrial Parkway. I.I.C_. (collectively "Developer) to enter into a CNA Agreement for the development of a warehouse / office complex, located at 31330 Industrial Parkway, North Olmsted, Ohio 44070 on Parcel Number(s) 234-11-139 and 234-11-141 as the same is known and designated on the Auditor s reyiscd list of lots in the Citr of North Olmsted, Ohio and to grant tax abatement, the temps of which are incorporated herein and a copy of which is attached as Exhibit "A" and WHEREAS. this Council finds that statutory notification was served on the North Olmsted City School District and Polaris Career Center and that more than fourteen (14) days will lapse before any further action is taken on this legislation; and WHEREAS, this Council further finds, based on the determination of the Director of Economic and Community Development_ that the terms of an agreement between the administration and the Developer, all as memorialized and set forth in the attached CRA Agreement, meets or exceeds the statutory requirements for the real estate tax abatement progrann, as enabled by Revised Code Chapter 3735 and adopted by Ord. No. 2014-51, satisfying key economic development and payroll objectives to support such tax abatement: and WIIF_REAS, it is the desire of this Council to authorize the Mayor to enter into the CRA Agreement with Developer, for the purpose of granting real estate tax abatement in connection with the warehouse / office complex project. located at 31330 Industrial Parkway, North Olmsted, Ohio 44070 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 Mucor be and she is hereby authorized to enter into a CRA Agreement. a copy of which is attached herein and marked as Exhibit "A," with Fieldstone Developers_ Inc. and 31351 Industrial Parkway, Ll C. to develop a Warehouse / Office Project and to grant real estate tax abatement Ror a 15 -scar exemption period. in the amount of 100% of the tax on the Facility torten(IO) years, and 75% on the Facility for five (5) years. 'Facility- as used herein is defined as a warehouse / office complex on 31330 Industrial Parkway, North