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CITY OF NORTH OLMSTED RESOLUTION NO. 2025-41 BY: Mayor Jones A RESOLUTION AUTHORIZING THE DIRECTOR OF L W, ON BEHALF OF THE CITY OF NORTH OLMSTED, TO ENTER INTO AN AGREEMENT WITH THE LAW FIRM OF SQUIRE PA THIN BOGGS TO PROVIDE PROFESSIONAL LEGAL SERVICES FOR COMMUNITYAND ECONOMICDEVELOPMENTAND FOR THE CREATION AND MODIFICATION OF TAX INCREMENT FINANCING ("TIF") INCENTIVE DISTRICTS, AND DECLARING ANEMERGENCY. WHEREAS, the City of North Olmsted via 2012-72 crested the first Tax Increment Financing (TIF) district for properties in and about Cxeat Northam Mall; and WHEREAS, the 2012 TIF District arises fiom Ohio Revised Code Sections 5709A0. 5709.42 and 5709.43 (the "Act') which provide that Cowell may describe public improvements to be m ie which directly bandit certain parcels, declare Improvements (as defined in Ohio Revised Code Section 5709.40) with respect to such travels of be property located in the City of North Olmsted to be a public purpose, thereby authorizing the exemption of those Improvements fimn real property taxation for a period of time, and provide for the making of service payments in lieu of taxes by the owner of such parcels. and establish a municipal public improvement mx iwement equivalent find into which such service payments shall be deposited; and WHEREAS, given the success of the TIF program, the Administration, with the asusmnce of Squire Paton Boggs, implemented modifications to the TIF program pursuant to legislation undimmed by Council; and WHEREAS, rapidly developing, crifical changes in the City's commercial base, including vacancies at Coe[ Northam Mall and its anchor stores as well as the closing of Most, require specialized expertise to, among other things; (1) immolate mitigation strategies to respond to the diminishing tax base; (2) create programs to maximize development opportunities for the City to offset the effect of vacant properties; (3) present fuller changes to the TIF program; (4) review a possible partnership with a New Community Authority to facilitate redevelopment of the Great North Mall area; and (5) implement best practices to rmvigate complex has consequences associated with redevelopment of the Great Northern Mall area. WHEREAS, the law firm of Squire Patton Boggs has expertise in public fivance and community and economic development legal matters (including TIFs) and has a longstanding relationship with the City.