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..::.? ? CITY OF NORTH OLMSTED ORDINANCE NO. 79- 123 BY: AN ORDINANCE AUTHORIZING THE MAYOR OF THE CITY OF NORTH OLM5TED TO ENTER INTO AN AGREEMENT WITH CITY LINE, INC., AN OHIO CORPORATION, FOR THE PURPOSE OF TRANSFERRING THE CITY'S INTEREST BACK TO CITY LINE, INC., WITH RESPECT TO PROPERTY KNOWN AS PERMANENT PARCEL NUMBER 234-I8-21, FOR VALUABLE CONSIDERATION. WHEREAS, the City of North Olmsted had an ownership interest in Permanent Parcel Number 234-18-21 by virtue of the fact that City Line, Inc., on resubdividing its original subdivision conveyed to the City of North 0lmsted said parcel which was to be used for recreation purposes, and WHEREAS, a restriction in the deed specified that if the City of North Olmsted did not use the property for recreation purposes that said property would revert back to the Grantor, namely, City Line, Inc., and WHEREAS, the City of North Olmsted has no desire to develop said parce.Z for recreation purposes, and WHEREAS, after negotiatinq with the Grantor, City Line, Inc., it was determined that the property could be sold and used to develop residential lots and that if the City would convey back its interest by deed, that the City would participate to the extent that they would receive forty percent (40i) of the net sel.Zing price of said lot or 1ots, and WHEREAS, it is the desire of this Council to authorize the Mayor to enter into an agreement with the City Line, Inc., for the purpose of having said Iots sold and developed for residential lots. NONI THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COIJNTY OF CUYAHOGA AND STATE OF OHIO: SECTION I: That the Mayor be and he is hereby authorized to enter into an agreement with the City Line, Inc., whereby the City wi11 convey back its interest in Permanent Parcel Number 234-I8-21 to City Line, Inc., and City Line, Inc.,in return will se1Z said lots with the understanding that the City of North Olmsted will receive forty percent ( 400 ) of the net sales price of said 1ot or 1ots. The Director of Law is directed to prepare an agreement reflecting the conditions herein specified, which agreement shall be signed by the Mayor. SECTION 2: That this Ordinance shall take effect and be in force from and after the earliest period allowed by Iaw. PASSED: ? ,2,,?1f72_ ATTEST: F'LORENCE CAMPBELL, CLERK OF COUNCIL . DE E - LIMPERT, P ES ENT OF COUNCIL APPRO ED: /o - Z r- 7 'S ROBERT W. SWIETYNIOWSKI, M OR First reading: q? Second reading: Q ? Third reading: