82-156 Ordinance - Laserfiche WebLink

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.,? CITY OF NORTH OLMSTED ORDINANCE N0. 82 - 156 11., BY: AN ORDINANCE AUTHORIZING THE EXECUTION OF AN AGREEMENT WITH MR. JOSEPH P. RICCARDI PERTAINING TO FINANCING THE COST OF CONSTRUCTING AND EQUIPPING A COMMERCIAL FACILITY WITHIN THE BOUNDARIES OF THE CITY OF NORTH OLMSTED, OHIO, TO BE OWNED BY MR. JOSEPH P. RICCARDI, PRESIDENT OF J.P.R., INC., OR HIS DESIGNEE AND LEASED TO J.P.R., INC. dba DUFF'S FAMOUS SMORGAS- BORD, AN OHIO CORPORATION, TO BE USED AS A RESTAURANT, AND DECLARING AN EMERGENCY. WHEREAS, the Council of the City of North Olmsted, Ohio (here- inafte0 called the "Issuer") by virtue of the laws of the State of Ohio, particularly Chapter 165 Ohio Revised Code, including amendments thereto included in Amended Substitute Senate Bill No. 104 of the lllth General Assembly, and the suthorities therein mentioned, wishes to take the necessary actions for the issuance of revenue bonds in the aggregate principal amount now estimated not to exceed $1,600,000 for the purpose of providing funds to pay costs of the construction and equipping of a commercial facility (herein called "Project") within the boundaries of the Issuer, which Project will be owned by Mr. Joseph P. Riccardi, President of J.P.R., Inc., (hereinafter called "Owner") or his designee and leased to J.P.R., Inc., dba Duff's Famous Smorgasbord, an Ohio corporation to be used as a restaurant. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: Section 1. This Council hereby finds and determines that: (a) The Project will be a"project" within the meaning of that term as defined in Section 165.01, Ohio Revised Code; and (b) The Project is consistent with the purposes of Section 13 of Article VIII, Ohio Constitution, to create or preserve jobs and employment opportunities and to improve the economic welfare of the people of the State of Ohio. Section 2. In order to provide funds to pay costs of the Project this Council hereby agrees to suthorize and issue revenue bonds of the Issuer pursuant to Chapter 165, Ohio Revised Code, upon the terms provided in the form of Agreement to Issue Bonds by and between the Issuer and the Owner etteched hereto as Exhibit A, which is hereby in all respects approved. The Mayor is hereby authorized and directed to execute such Agreement substantially in such form with such changes as are not adverse to the Issuer as he may approve, such execution being conclusive evidence of approval of any such changes.