Title
TO AUTHORIZE THE MAYOR TO ENTER INTO INFRASTRUCTURE AGREEMENT ESTOPPEL WITH CREEKSIDE INVESTMENT PARTNERS, LLC; AND TO DECLARE AN EMERGENCY
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Body
WHEREAS, it is the desire of the Administration, the City Attorney, and this Council to enter into an Infrastructure Agreement Estoppel with Creekside Investment Partners LLC as the new owner of the foreclosed Creekside properties; and
WHEREAS, the Developer and the City recognize the extraordinary financial and real estate market conditions that have been detrimental to the success of the project and desire to enter into this agreement to reflect their support of the further redevelopment and revitalization of the project; and
WHEREAS, it is the desire of the City to put this estoppel into effect as soon as possible for the redevelopment and revitalization of the area; and all for the preservation of the public peace, property, health, safety and welfare;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That the Mayor is hereby authorized to enter into Infrastructure Agreement Estoppel with Creekside Investment Partners, LLC, 1427 W. Saginaw, Suite 150, East Lansing, MI 48823, said agreement attached hereto as Exhibit A.
Section 2. That, for the reasons set forth in the preamble hereinabove, this ordinance is declared emergency legislation and shall be in full force and effect after passage by this Council and on date of signature approval by the Mayor.