Explanation
BACKGROUND: Pursuant to Ordinance No. 2135-2023 passed July 24, 2023, the City entered into the First Amended and Restated Economic Development Agreement dated as of August 29, 2023 (the “Restated EDA”) with The North Market Development Authority, Inc. and NM Developer LLC (the “NM Developer”), which contemplated the creation of a new community authority for Parcel No. 010-307276 (the “Project Site”) under Ohio Revised Code (“R.C.”) Chapter 349. The City, as the former owner of the Project Site and therefore the statutory “Developer” as defined by R.C. Section 349.01(E), submitted a Petition for Organization of a New Community Authority (the “Petition”) on October 28, 2022 to the Clerk of City Council. As the organizational board of commissioners under R.C. Section 349.01(F), City Council adopted Resolution No. 0220X-2022 on November 16, 2022 to determine the sufficiency of the Petition and to hold a public hearing date for the Petition on November 30, 2022.
Pursuant to R.C. Section 349.03(A), City Council adopted Resolution No. 0134X-2023 on July 24, 2023 to (i) amend and approve the Petition, (ii) establish the NM Mixed-Use New Community Authority (the “Authority”), (iii) amend and establish the Authority’s new community district (the “District”), and (iv) make the initial appointments to the Authority’s nine-member board of trustees. In accordance with the Restated EDA, City Council by Ordinance No. 2154-2023, passed July 24, 2023, approved the City’s transfer on August 31, 2023 of the Project Site encompassing the District to NM Developer. In furtherance of the Restated EDA and the Petition, this ordinance will authorize the Director of the Department of Development to execute the Assignment and Assumption of Rights, Duties, and Responsibilities of Developer to allow the City to assign and NM Developer to assume the role of statutory Developer under the Petition, Resolutions 0220X-2022 and 0134X-2023, and R.C. Chapter 349. This ordinance will a...
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