84-060 Ordinance - Laserfiche WebLink

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ORDINANCE NO. PT ` & a AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF NORTH OLMSTEAD, OHIO, AUTHORIZING THE EXECUTIUN OF AN AGREEMENT WITH FOGG-NORTH OLMSTEAD, LTD., PERTAINING TO THE FINANCING OF A COMMERCIAL FtND INDUSTRIAL FACILITIES AND EQUIPMENT LOCATED WITH- IN THE BOUNDARIES OF THE CITY TO BE FINANgED THROUGH THE ISSUANCE AND SALE OF INDUSTR L DEVELOPMENT FIRST MORTGAGE REVENUE BONDS OF ?E CITY PURSUANT TO THE PROVISIONS OF CHAPTER 165 OF THE REVISED CODE AND DECLARING AN EMERGENCY. WHEREAS, Fogg-North Olmstead, Ltd., an Ohio Limited Partnership, its successors and assigns ("Borrower") has approached the City Council of the City of North Olmstead with a request that the City of North Olmstead ("City") provide financing pursuant to Article VIII, Section 13 of the Ohio Constitution and Chapter 165 of the Ohio Revised Code for the acquisition, construction, improvement, installation and equipping of real and personal property comprising an addition to a commercial facility located within the boundaries of the City to be owned by Borrower and leased to Bryant & Stratton, which is engaged in training students for various business career programs and for related purposes (the "Project"), which facilities will provide additional jobs and employment oppor- tunities within the City of North Olmstead and increase the economic welfare of the State of Ohio and the City; and WHEREAS, Borrower has advised the City Council of the City of North Olmstead that it will proceed with the acquisition, construction, improvement, installation and equipping of the Project and provide its own moneys for interim financing of such acquisition, construction, improveme nt, installation and equipping of real and personal property until the City can comple te the necessary procedures to authorize the issuance of reve nue bonds pursuant to said Chapter 165, in aggregate princi- pal amount now estimated not to exceed $420,000, if the City will agree to issue such reve nue bonds; and WHEREAS, it is the desire of the City Council of the City of North Olmstead that the additional jobs and employme nt oppor- tunities from the Project be provided at the earliest possible moment and that the economic improvement produced by the opera- tion of the Proiect within the City occur at the earliest possible time and that it is the consensus of this Council that it should take all steps necessary to provide the Project; and WHEREAS, this Council wishes to take the necessary formal steps to secure the commitme nt of Borrowe r to acquire and pro- ceed with the Proje ct and to provide for other matters incide nt- al thereto; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORTH OLMSTEAD, OHIO: Section 1. That this City Council does hereby find and determine that: -1-