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CITY OF NORTH OLMSTED <br />RESOLUPION NO. 2022 -NII <br />BY: Mavor Jones <br />A RF_SOLUTION A(i THORIZING THE DIRECTOR OF LAW, ON <br />BEHALF OF THE CITY OF ,NORTH OLMSTED, TO ENTER INTO <br />AN AGREEMENT WITH THE LAW FIRM OF SQUIRE PATTON <br />BOGGS TO PROVIDE PROFESSIONAL LEGAL SERVICES FOR <br />COMMUNITY AND ECONOMIC DEVELOPMENT AND FOR THE <br />CREATION AND MODIFICATION OF' TAX INCREMENT <br />FINANCING ("TIF) INCENTIVE, DISTRICTS, AND DECLARING <br />AN EMERGENCY, AS AMENDED. <br />WHEREAS, the ON of North Olmsted via 2012-72 created the first Fax <br />Increment Financing (I IF) district for properties in and about Great Northern Mall; and <br />WHEREAS, the 2012 TIF District arises from Ohio Revised Code Sections <br />5709.40. 5709.42 and 5709.43 (the' Act ) which provide that Council may describe public <br />im)nroventents to be made which directly benefit certain parcels, declare Improvements (as <br />defined in Ohio Revised Code Section 5709.40) with respect to such parcels of real property <br />located in the City of North Olmsted to be a public purpose, thereby authorizing the <br />exemption of those Improvements from real property laxation for a period of time. and <br />provide for the making of service payments in lieu of taxes by the owner of such parcels. <br />and establish a municipal public improvement tax increment equivalent fund into which <br />such service payments shall be deposited: and <br />WHEREAS. the "FIF district currently generates approximately $300,000.00 in <br />payments to utilize toward the improvement of real property for public purposes: and <br />WHEREAS, given the success of the 'III program, the Administration <br />recommends that the current 'IIP district be reviewed for modification and further <br />recommends that an additional TIP district (or districts) be implemented: and <br />WHEREAS, the law lirm of Squire Patton Boggs has expertise in public finance <br />and community and economic development legal matters (including "Ills). created the <br />current 111; District in the City of North Olmsted and has a longstanding relationship with <br />the City. <br />NOW, THEREFORE, BE 17 RESOLVED BY THE COUNCIL OF THE CFTY <br />OF NORTH OLMSTED, COUNTY OF CUYAHOGA, AND STA IF OF 01110: <br />SECTION I: That the Director of Law be and he is hereby authorized to enter <br />into an agreement not to exceed the total sum of twenty-five thousand dollars <br />($25,OOOA0) with the law Lon of Sepiire Patton &eggs lu provide professional legal <br />