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Yellow Springs Public Notices

ORDINANCE AUTHORIZING A SALE AGREEMENT OF 8 ACRES TO CRESCO LABS

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ORDINANCE AUTHORIZING THE VILLAGE MANAGER TO ENTER A SALE AGREEMENT OF 8 ACRES OF LAND TO CRESCO LABS AND DECLARING AN EMERGENCY

ORDINANCE 2017-13, VILLAGE OF YELLOW SPRINGS, OHIO

Interested persons will take note that the Village Council of Yellow Springs
on Monday, June 19, 2017, gave first reading to an ordinance and passed as an
emergency, text to follow.

WHEREAS, the Village owns certain real property commonly known as the
Center for Business and Education (“CBE”) which contains 8 acres more or less
(the “Property”) upon which Cresco Labs Ohio, LLC (“Cresco”) seeks to enter
into a Purchase Option Agreement; and

WHEREAS, the Village previously entered into a Letter of Intent with Cresco
for the purchase of a portion of CBE acreage for the purpose of cultivation and
processing of medical marijuana; and

WHEREAS, it would be beneficial for the Village to enter into an Purchase
Option Agreement (the “Agreement”) with Cresco for the Property contingent
upon the State of Ohio granting Cresco one or more licenses to cultivate and
process medical marijuana; and

WHEREAS, Village Council has determined that the Property is not needed
for any municipal purpose; and

WHEREAS, the Village Manager recommends Village Council authorize the
Village Manager to enter into the Agreement with Cresco for the sale of the Property
for the purpose of cultivation and/or processing of medical marijuana; and

WHEREAS, a deadline of June 30, 2017 for application of the required licenses
for cultivation and processing of medical marijuana has been set by the State of
Ohio, and companies such as Cresco must submit an application which demonstrates
site control of real estate appropriate for the construction of a cultivation
and processing facility; and,

WHEREAS, Council has determined that there have been significant efforts
undertaken to inform Village citizens regarding the economic development opportunities
generated by selling the Property to Cresco and the urgency to enter into
the Agreement given the application deadline set by the State of Ohio,

NOW, THEREFORE, COUNCIL FOR THE VILLAGE OF YELLOW SPRINGS, OHIO HEREBY ORDAINS THAT:

Section 1. Village Council hereby approves the contingent sale of approximately
8 acres, more or less, identified above as the Property, for the purpose of
cultivation and/or processing of medical marijuana.

Section 2. Village Council hereby authorizes the Village Manager to enter
into an Option Agreement with Cresco in the same or substantially similar form
as the Agreement attached hereto as Exhibit A and expressly approves the sale of
the Property when Cresco exercises its option should it be granted the cultivation
license it seeks.

Section 3. This Ordinance is hereby declared to be an emergency measure
necessary to create economic development in the Village in a manner that will
benefit the public health and welfare through provision of increased revenue to
the tax base of the Village, creation of new jobs, and provision of additional funding
to the school district.

Karen Wintrow, President of Council

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ORDINANCE AUTHORIZING A SALE AGREEMENT OF 8 ACRES TO CRESCO LABS

by YS News Staff