2024-103 Ordinance - Laserfiche WebLink

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EXHIBIT CITY OF NORTH OLMSTED, OHIO AMENDED AND RESTATED COMMUNITY REINVESTMENT AREA AGREEMENT This Amended and Restated Agreement made and entered into by and between the City of North Olmsted, Ohio, a municipal corporation, with its main offices located at 5200 Dover Center Road, North Olmsted, Ohio 44070 (the "City") and Fieldstone Developers, Inc. and 31351 Industrial Parkway, LLC, both of which have main offices located at 31330 Industrial Parkway, North Olmsted, Ohio 44070 (hereinafter collectively referred to as the "Company") amends and restated the Agreement made and entered into by and between the City and the Company dated June 1, 2023. WHEREAS, the City of North Olmsted has encouraged the development of real property and the acquisition of personal property located in the area designated as a Community Reinvestment Area; and WHEREAS, Company is desirous of construction of a warehouse / office complex (hereinafter referred to as the "Project") within the boundaries of the aforementioned Community Reinvestment Area, provided that the appropriate development incentives are available to support the economic viability of said Project; and WHEREAS, the Council of the City by Ordinance No. 2014-51 adopted August 5, 2014, designated the area as an "Community Reinvestment Area" pursuant to Chapter 3735 of the Ohio Revised Code (the "Revised Code"); and WHEREAS, effective December 5, 2014, the Director of Department of Development of the State of Ohio determined that the aforementioned area designated in said Ordinance No. 2014- 51 contained the characteristics set forth in Section 3735.66 of the Revised Code and confirmed said area as a Community Reinvestment Area under said Chapter 3735; and WHEREAS, the City of North Olmsted, having the appropriate authority for the stated type of Project, is desirous of providing Company with incentives available for the development of the Project in said Community Reinvestment Area under Chapter 3735 of the Revised Code; and WHEREAS, Company submitted a proposed agreement application (herein attached as Exhibit A) to the City (hereinafter referred to as the "Application"); and WHEREAS, Company has remitted the required state application fee of Seven Hundred Fifty Dollars ($750) made payable to the Ohio Department of Development with the application to be forwarded to said department with a copy of the final agreement; and WHEREAS, the Mayor of the City of North Olmsted has investigated the application of Company and has recommended the same to the Council of the City of North Olmsted on the basis that Company is qualified by financial responsibility and business experience to create and preserve employment opportunities in said Community Reinvestment Area and improve the economic climate of the City of North Olmsted; and WHEREAS, the project site as proposed by Company is located in the North Olmsted City School District and the Polaris Career Center and the Board of Education of the North Olmsted