2022-073 Ordinance - Laserfiche WebLink

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13. The City may convey to the Corporation lands and interest in lands owned by the City and determined by the City Council not to be required by the City for its purposes and determined that such conveyance will promote the welfare of the people of the City, stabilize the economy, provide employment and assist in the development of industrial, commercial, distribution and research activities to the benefit of the people of the City and provide additional opportunities for their gainful employment. The consideration for any such lands and interest in lands so conveyed shall be determined by the City Council. The terms of any such conveyance shall be as determined by the City Council. The Corporation may also acquire, from others than the City, additional lands or interests in lands for such consideration and upon such terms as the Corporation may agree upon, provided, however, that any lands or interests in land conveyed to the Corporation, by the City or by others, shall be conveyed or leased by it for uses, as determined by the Corporation, that will promote the welfare of the people of the City, stabilize the economy, provide employment, and assist in the development of industrial, commercial, distribution mid research activities- required for the people of the City and for their gainful employment. Any conveyance or lease by the City to the Corporation shall be made without advertising and receipt of bids. If any lands or interests in lands conveyed by the City to the Corporation are sold by the Corporation at a price in excess of the consideration received by the City from the Corporation therefor, such excess shall be paid to the City after deducting therefrom the following costs to the extent incurred by the Corporation: the costs of acquisition and sale by the Corporation, taxes, assessments, cost of maintenance, costs of improvements to the land by the Corporation, debt service charges of the Corporation attributable to such lands or interests, and a reasonable service fee determined by the Corporation. 14. The activities of the Corporation shall be carried out in accordance with the applicable planning and zoning requirements. 15. Pursuant to Section 3 of Article XVIII of the Ohio Constitution, and in light of Sections 307.78 and 505.701 of the Ohio Revised Code, the North Olmsted City Council has the authority to make a contribution of money to a community improvement corporation as long as the contribution is considered a public purpose. 16. The Corporation, a nut-Cor-protit corporation under Ohio law, shall be exempt from federal income taxes as an agency and instrumentality of the City. 17. Not less than two-fifths (2/5) of the membership of the Board of Directors of the Corporation shall be appointed or elected officers of the City of North Olmsted. 18. The City and the Corporation agree that each will exert its best efforts to persuade those persons, firms and corporations, over which neither has control, to coordinate through the Corporation their activities and efforts for industrial,