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• CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2023 - % <br />BY: Mayor Jones <br />AN ORDINANCE DIRECTING THAT THE REAL PROPERTY OWNED BY <br />THE CITY OF NORTH OLMSTED AS A PARTICIPANT IN - AND <br />ADMINISTRATOR OF- THE NORTH OLMSTED LAND REUTILIZATION <br />PROGRAM AND OTHERWISE KNOWN AS PPN 237-]9-027, BE SOLD TO <br />GDIH VENTURES, LLC AND FURTHER AUTHORIZING THE MAYOR <br />TO EXECUTE A PURCHASE AND SALE AGREEMENT AND ALL OTHER <br />DOCUMENTS REQUIRED TO EFFECTUATE SAID SALE. <br />WHEREAS, the City of North Olmsted by and through adoption of Ord. No. 2013-50 <br />participates in a Land Reutilization Program created through R.C. §5722 for the purpose of <br />facilitating the reutilization of nonproductive land with the City of North Olmsted; and <br />WHEREAS, the City of North Olmsted in 2023 acquired in the North Olmsted Land <br />Reutilization Program a parcel from the Cuyahoga County Land Reutilization Program known as <br />PPN 237-19-027; and <br />WHEREAS, GDIII Ventures, LLC. has presented to the City a proposed development of <br />• PPN 237-19-027 and surrounding properties for an upscale Multifamily Apartment tax <br />producing use; and <br />WHEREAS, the proposed purchase price, as a matter of law, cannot be for less than the <br />appraised value of the property; and <br />WHEREAS, it is the desire of this Council to sell the real property from the North <br />Olmsted Land Reutilization Program known as PPN 237-19-027 to GDIII Ventures, LLC. upon <br />the terms and conditions negotiated by the Mayor. <br />NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />NORTHOLMSTED, CUYAHOGA COUNTY, AND STATE OFOHIO. <br />SECTION 1: That the Mayor be and she is authorized to execute a Purchase and Sale <br />Agreement with GDIII Ventures, LLC. for the sale of real property in the North Olmsted Land <br />Reutilization Program and known as PPN 237-19-027 for an amount not less than appraised <br />value, with such contract in substantially the form and substance as evidenced in the Agreement <br />attached to this Ordinance as "Exhibit I," with only such changes to said Agreement to be <br />hereinafter made as are not substantially adverse to the City and which are approved by the <br />Director of Law. The character of any such changes as not being substantially adverse to the City <br />shall be evidenced conclusively by the execution of the agreement by the Mayor and the <br />approval of the agreement by the Director of Law. <br />L-1 <br />