82-047 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. 82 - 47 BY: MR. WILAMOSKY AN ORDINANCE AUTHORIZING THE EXECUTION OF AN AGREEMENT WITH GREAT NORTHERN SHOPPING CENTER, AN OHIO LIMITED PARTNERSHIP, AS AGENT FOR AN OHIO LIMITED PARTNERSHIP TO BE FORMED, PERTAININ.r, TO THE FINANCING OF THE COSTS OF ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF A COMMERCIAL FACILITY FOR USE AS A RETAIL FOOD SALES OPERATION WITHIN THE BOUNDARIES OF THE CITY OF NORTH OLMSTED, OHIO, TO BE OWNED BY THE PARTNERSHIP TO BE FORMED AND DECLARING AN EMERGENCY. WHEREAS, the Council of the City of North Olmsted (herein called the "Issuer"), by virtue of_ the laws of the State of Ohio, particularly Section 13 of Article VIII of the Ohio Constitution and Chapter 165, Ohio Revised Code, and the authorities therein men- tioned, wishes to take the necessary actions for the issuance of revenue bonds in the aggregate nrincipal amount of $1,940,000, for the purposes of financing the acquisition, construction, improvement and equipping of a commercial facility for use as a retail food sales operation within the boundaries of the City of North Olmsted, Ohio (herein called the "Project"), which project will be owned by Great Northern Shopping Center, an Ohio limited partnership, or its nominee (herein called the "Owner") and leased to First National Supermarkets, Inc. 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) This project wi11 be a"Project" within the meaning of that term as defined in Section 165.01, Ohio Revised Code, and (b) This Project is consistent with the purposes of Section 13 of Article VIII, Ohio Constitution, to create and preserve jobs and emnloyment opportunities and to improve the economic welfare of the people of the State of Ohio. SECTION 2. In order to provide funds to pay the costs of this Project, this Council hereby agrees to authorize 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, attached hereto as Exhibit 1, which is hereby in all respects approved. The Mayor is hereby authorized and directed to execute such Agreement in substantially 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. SECTION 3. It is found and determined that all formal actions of this Council concerning and relating to the adoption of this Ordinance were adopted in an open meeting of this Council and that all delibera- tions of this Council and of any of its committees that resulted in such formal action were in meetings open to the public, in compliance with all legal requirements, including Secti.on 121.22, Ohio Revised Code.