72-096 Ordinance - Laserfiche WebLink

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Z ., .:. CITY OF NORTH OLMSTED ORDINANCE N0. 74 - ~b BY• AN ORDINANCE AUTHORIZING THE MAYOR TO PURCHASE REAL PROPERTY AT THE WEST 260TH STREET BLOCK OF LORAIN ROAD IN THE CITY OF 1~RTH OLMSTED FOR RECREATIONAL PURPOSES, AND DECLARING AN EMERGENCY. WHEREAS, the City of North Olmsted is in the proxess of providing for the construction of a new recreation complex, and WHEREAS, the Planning Commission and the Administration, as well as Council, deem it necessary and beneficial to construct a recreational complex on land situated in the West 260th Street block of Lorain Road, and WHEREAS, the proposed site contains Permanent Parcel No. 232-33-22, owned by the Lorain 260 Realty Company, a partnership, and Permanent Parcel Nos. 232-33-24, 232-34-1 and 232-34-2, owned jointly by Forest City Enterprises, Inc. and Eastland Estates, Inc. and the owners of said parcels desire to sell said property, and WHEREAS, this Council has determined that the purchase price requested by the sellers is fair and reasonable; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: SECTION l: That the Mayor be and he is hereby authorized and directed to purchase the following described real estate to be used for the construction of a recreation complex: A. All of Permanent Parcel No. 232-33-22 containing approximately 16.12 acres zoned residential, and approximately 1.37 acres zoned commercial. B. The residential portion of Permanent Parcel Nos. 232-33-24, 232-34-1 and 232-34-2 containing approximately 12.71192 acres of land. SECTION 2: A. The consideration to be paid for the property having Permanent Parcel No. 232-33-22, owned by Lorain 260 Realty Company, shall be Tin Thousand Dollars ($10,000.00) per acre for residential property, and Seventy-five Thousand Dollars ($75,000.00) per acre for commercial property for a total purchase price not to exceed Two Hundred Sixty-three Thousand, Nine Hundred Fifty Dollars ($263,950.00), and the same is to be paid upon execution and delivery to the City of North Olmsted of a good and sufficient warranty deed accompanied by title guaranty conveying said premises to the City in fee simple, free and clear of all encumbrances, excepting conditions and restrictions of record, zoning ordinances and taxes and assessments levied and assessed before and subsequent to the date of conveyance, Said warranty deed and title guaranty are to be to the satisfaction of the Director of Law.