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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2024 -103 <br />BY: Mayor Jones <br />AN ORDINANCE AUTHORIZING A REAL PROPERTY TAX <br />ABATEMENT WITHIN THE CITY COMMUNITY REINVESTMENT <br />AREA FOR THE PURPOSE OF ENCOURAGING ECONOMIC <br />DEVELOPMENT AND AUTHORIZING THE MAYOR TO ENTER <br />INTO AN AMENDED AND RESTATED COMMUNITY <br />REINVESTMENT AREA AGREEMENT WITH FIELDSTONE <br />DEVELOPERS, INC AND 31351 INDUSTRIAL PARKWAY, LLC,• <br />AND DECLARING AN EMERGENCY. <br />WHEREAS, On August 5, 2014, this Council adopted Ordinance No. 2014-51 and <br />designated a Community Reinvestment Area (CRA) pursuant to Revised Code Chapter 3735; <br />and <br />WHEREAS, in accordance with R.C. 3735.671 and Ordinance 2022-57 adopted by this <br />Council on July 5, 2022, the City entered into a Community Reinvestment Area Agreement (the <br />"Original CRA Agreement") with Fieldstone Developers, Inc. and 31351 Industrial Parkway, <br />LLC (collectively the "Developers"); and <br />WHEREAS, this Council finds, based on determinations of the Director of Economic and <br />Community Development, that the Original CRA Agreement should be amended and restated, all <br />as memorialized and set forth in the attached Amended and Restated Community Reinvestment <br />Area Agreement (the "Amended and Restated CRA Agreement"); and <br />WHEREAS, it is the desire of this Council to authorize the Mayor to enter into the <br />Amended and Restated CRA Agreement with the Developer, for the purpose of granting real <br />estate tax abatement in connection with the development of the project described in the Amended <br />and Restated CRA Agreement. <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, <br />Cuyahoga County, Ohio, that: <br />SECTION 1: That the Amended and Restated CRA Agreement, a copy of which is <br />attached hereto and marked as Exhibit "A", is hereby approved. <br />SECTION 2: The Mayor, for and in the name of this City, is hereby authorized to <br />execute and deliver that Amended and Restated CRA Agreement, attached as Exhibit A, and any <br />amendments thereto that are not substantially adverse to the City and do not increase the <br />percentage or number of years of the tax abatement, provided further that the approval of <br />changes, completions or amendments thereto by that official, and their character as not being <br />substantially adverse to the City, shall be evidenced conclusively by the Mayor's execution <br />thereof. This Council further hereby authorizes the Mayor, the Director of Economic and <br />Community Development, the Finance Director and the Law Director, and other appropriate <br />