2024-021 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2024 — 21 By: Mayor Jones AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A DEVELOPMENT AND TIF REIMBURSEMENT AGREEMENT WITH STAR WEST GREAT NORTHERNLLC WHEREAS, in accordance with R.C. 3735.65, et seq., the City of North Olmsted has negotiated with Star West Great Northern, LLC, ( "Company") to enter into a Development and TIF Reimbursement Agreement for the purposes of the development, redevelopment and construction of improvements at 5100 Great Northern Mall, North Olmsted, Ohio 44070, commonly known as Great Northern Mall, specifically incentives to induce the demolition of a blighted structure and the construction of a new 7,900 square foot restaurant ("Project); and WHEREAS, the Project has an estimated value of $4,500,000.00 million and expects to hire 100 employees with an annual payroll estimated at $1,600,000.00 million; and WHEREAS, this Council, enabled by R. C. 5709.41, adopted Ord. No. 2023-132 ("TIF Ordinance") in order to provide for economic incentives known as Tax Increment Financing ("TIF"), to authorize exemption of up to 100% of the incremental assessed value of a designated Project from real property taxes for a period of time of up to 30 years, thereby generating revenue for development of the said Project; and WHEREAS, on February 27, 2024, the Community Development Corporation met to review and recommend approval of the Development and TIF Reimbursement Agreement, the terms and conditions of which are incorporated herein and a copy of which is attached as Exhibit "A"; and WHEREAS, it is the desire of this Council to authorize the Mayor to enter into the Development and TIF Reimbursement Agreement with the Company for the purpose of authorizing the use of net TIF revenue on the development of the Project in consideration of and to provide economic incentives toward improvements at Great Northern Mall and to further authorize the Mayor to execute the attached TIF Reimbursement Agreement and other documents required to meet statutory requirements. NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, CUYAHOGA COUNTY, AND STATE OF OHIO. SECTION 1: That the Mayor be and she is hereby authorized to enter into a Development and TIF Reimbursement Agreement, a copy of which is attached hereto and marked as Exhibit "A," with Star West Great Northern LLC. Said Agreement shall be substantially in the form of the Agreement marked as Exhibit "A" with only such changes therein as are not substantially adverse to the City and which are approved by the Director of Law. SECTION 2: That this Ordinance shall take effect and be in force from and after the earliest date provided for by law.