Holiday Inn TIF Reimbursement

[2026-15 Holiday Inn TIF Reimbursement.pdf]
CITY OF NORTH OLMSTED 
ORDINANCE NO. 2026 - 15 
 
By:  Mayor Jones 
 
AN ORDINANCE APPROVING A DEVELOPMENT AND TIF 
REIMBURSEMENT AGREEMENT IN CONNECTION WITH 
THE HOLIDAY INN PROJECT. 
 
 
WHEREAS, Shiva Sai Hotel, LLC (the “Developer”) desires to  undertake the demolition 
of a certain blighted property (the “Project Site”) for economic development purposes and re-
construct a 118,222 square foot hotel with certain amenities such as a bar and conference room 
activities with an estimated value of $8,500,000 million and further desires, as a result of the 
project to hire 25  full time equivalent employees with an annual payroll of  $600,000 (collectively, 
the “Project”); and 
 
WHEREAS, the Developer has requested tax increment financing assistance from the City 
for demolition costs, which are necessary for economic development purposes and constitute 
public infrastructure improvements (as defined in Ohio Revised Code Section 5709.40(A)(8)) and 
necessary to support the Project (the “Public Infrastructure Improvements”), and this Council has 
by its Ordinance No. 2023-132, passed July 17, 2023 (the “TIF Ordinance”) has exempted 100% 
of the incremental assessed value of the Project from real property taxes to provide that support; 
and  
 
WHEREAS, the Developer has proposed that the City and the Developer enter into a 
Development and TIF Reimbursement Agreement (Holiday Inn Project) (the “Development & TIF 
Reimbursement Agreement”) to provide reimbursements to the Developer for certain eligible costs 
of the Public Infrastructure Improvements from Net TIF Revenues (as defined in the Development 
& TIF Reimbursement Agreement), and the provision of information from the Developer to the 
City to confirm Project and payroll information in support of any grant applications or as otherwise 
may be needed by the City, along with other related matters; 
 
 
NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF 
NORTH OLMSTED, CUYAHOGA COUNTY, AND STATE OF OHIO, THAT: 
 
 
SECTION 1. Development & TIF Reimbursement Agreement .  In order to provide for 
the development of the Project in accordance with City approvals and reimbursement of certain 
eligible costs of the Project  to the Developer, the Development & TIF Reimbursement Agreement 
in substantially the form on file with the City Clerk is hereby approved with changes therein and 
amendments thereto not inconsistent with this ordinance and not substantially adverse to this City 
and which shall be approved by the Mayor. The Mayor, for and in the name of this City, is hereby 
authorized to execute and deliver the Development & TIF Reimbursement Agreement in 
substantially the form on file with the City Clerk, along with any changes therein or amendments 
thereto, provided that the approval of such changes and amendments thereto by the Mayor, and 
the character of those changes and amendments as not being substantially adverse to this City, 
shall be evidenced conclusively by the Mayor’s execution thereof.

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SECTION 2. Further Authorizations. This Council hereby further authorizes the Mayor, 
Law Director, and the Finance Director or other appropriate officers of the City to prepare and sign 
all documents and to take any other actions as may be appropriate to implement this Ordinance. 
 
SECTION 3. Open Meetings. This Council finds and determines that all formal actions of 
this Council and any of its committees concerning and relating to the passage of this Ordinance 
were taken in an open meeting of this Council, and that all deliberations of this Council and any 
of its committees that resulted in those formal actions were in meetings open to the public, all in 
compliance with the law including Section 121.22 of the Revised Code. 
 
SECTION 4. Effective Date. This Ordinance shall take effect and be in force from and 
after the earliest date provided for by law. 
 
PASSED: _________________ 
First Reading: _________________ 
 
 
 
 
Second Reading: _______________ 
 
 
 
 
Third Reading:_________________ 
 
 
 
 
Committee: ___________________ 
 
ATTEST: 
 
 
_____________________________ 
______________________________ 
BEATRICE TAYLOR  
 
LOUIS J. BROSSARD 
Clerk of Council 
 
 
President of Council 
 
 
 
APPROVED: ______________________ 
APPROVED AS TO LEGAL FORM: 
 
 
 
 
 
 
/s/ Michael R. Gareau, Jr 
_____________________________ 
______________________________ 
MAYOR NICOLE DAILEY JONES 
MICHAEL R. GAREAU, JR. 
 
 
 
 
 
Director of Law