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ac- t0-6S=-;0a4 CITY OF NORTH OLMSTED ORDINANCE NO. 2024 — 81 By: Mayor Jones AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A COMMUNITY REINVESTMENT AREA (C.R.A.) AGREEMENT WITH STAR WEST GREAT NORTHERN MALL, LLC, FOR PERMANENT PARCEL NUMBER 236-09-008 TO PROVIDE FOR PARTIAL TAX ABATEMENT FOR A DEVELOPMENT PROJECT IN THE CITY OF NORTH OLMSTED. 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; and WHEREAS, in accordance with R.C. 3735.671 and Chapter 171 of the Codified Ordinance of the City of North Olmsted, the CRA Housing Officer designated by the City of North Olmsted has negotiated with Star West Great Northern Mall, LLC, ( "Property Owner") to enter into a CRA Agreement for the purposes of development, redevelopment and construction of improvements to real property located at 5100 Great Northern Mall, North Olmsted, Ohio 44070, commonly known as Great Northern Mall, m the same is known and designated on the County Auditor's records as Parcel Number 236-09-008; and WHEREAS, the CRA Agreement, the terms and conditions of which are incorporated herein and a copy of which is attached as Exhibit "A", provides for an exemption of real property taxes in the amount of Forty (400/6) percent upon the valuation of construction of new structures for a period of ten (10) years commencing 12/31/25; 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 review and recommendation of the Director of Economic and Community Development, that the terms of an agreement between the administration and the Property Owner, all as memorialized and set forth in 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 tax abatement; and WHEREAS, it is the desire of this Council to authorize the Mayor to enter into the CRA Agreement with the Property Owner for the purpose of granting real estate tax abatement in consideration of and to provide economic incentives toward improvements at Great Northern Mall 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: