50-01 Heritage Home Loan Program

Home Browse Search

PLACED ON 1ST READING & REFERRED TO THE HOUSING COMMITTEE 10/15/01. PLACED ON 2ND READING 11/5/01. ORDINANCE NO. 50-01 BY: Corrigan, FitzGerald, George, Roth, Seelie, Skindell, Smith. AN EMERGENCY ORDINANCE authorizing the Mayor of the Oty of Lakewood, Ohio to enter into a Cuyahoga County Participating Community Agreement for the Heritage. Home Loan Program and related matters. WHEREAS, pursuant to Ohio Revised Code Section 135.80 (the "Act"), the Cuyahoga County Treasurer (the ~'l'reasurer") on behalf of Cuyahoga county, Ohio (the "county") has established a linked, deposit Iow-interest loan program relating to historic properties referred to as the Cuyahoga county Treasurer's Heritage Home Loan Program (the "County Heritage Home Loan Program") with the Cleveland Restoration Society, a non-profit historic preservation organization and KeyBank National Assodafion (KeyBank), as the lending institution, for the purpose of enhancing histodc properties throughout the County; WHEREAS, the City of Lakewood, Ohio (the "City") has determined to partidpate in the County Treasurer's Heritage Home Loan Program; WHEREAS, through the County Treasurer's. Heritage Home Loan Program, KeyBank will provide Iow-interest loans to eligible borrowers for certain housing repairs and improvements relating to histodc properties (each a ~Hedtage Unked Deposit Loan"); WHEREAS, in order for the histodc dwellings in the City to be eligible to partidpate in the County Treasurer's Heritage Home Loan Program, the City must execute a Cuyahoga CoUnty Partidpating Community Hedtage Home Loan Program Agreement (a ~Partidpating Community Agreement'~ with the County, whereby the City agrees to perform program monitoring for Linked Deposit Loans made to its residents; WHEREAS, the Council of the City hereby determines that it is necessarY to immediately proceed with the county Treasurer's Hedtage Home Loan Program; WHEREAS, this Council by a vote of at least five (5) members elected thereto determines that this ordinance is an emergency measure, and that this ordinance shall take effect at the earliest date possible as set forth in ARTICLE III, SECTIONS 10 and 13 of the SECOND AMENDED CHARTER OF THE CTFY OF LAKEWOOD, and that it is necessary to provide for the usual daily operation of municipal departments in that immediate action is necessarY in order to meet the County schedule for participating cities. Now therefore, BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Hayor is authorized to enter into the Cuyahoga County Hedtage Home Loan Program Participating Community Agreement, whereby the City agrees, among other things, to perform program monitoring for the residents of the City that receive a Hedtage Unked Deposit Loan; said agreement to contain such terms and conditions as deemed necessary by the Director of Lawto protect the public interest. Section 2. It is found and determined that all formal actions of this council 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 of any of its committees that resulted in such formal actions were in meetings open to the public, in compliance with all legal requirements. Section 3. That this ordinance is hereby declared an emergency measure necessarY for the usual daily operation of the City for the reasons set forth and defined in the preamble to this ordinance, and provided it rece'wes the affirmative vote of at least five (5) of its members elected to Coundl, this ordinance shall take effect and be in force immediately upon its adoption by the Council and approval by the Mayor otherwise, it shall take effect and be in force after the earliest period allowed by law. ~ President of Council Mayor