|
ORDINANCE NO: zo6-o2
<br />
<br />FINANCE COMMITTEE 4/15/02. PLACED ON
<br />SECOND RF-~DING 5/6/02.
<br /> BY: Corrigan, Dunn, FitzGeralds George,
<br /> Roth, Seelie, Sktndell.
<br />
<br /> AN EMERGENCY ORDINANCE authorizing the Mayor or her designee to enter into an
<br />agreement with Dr. Susan Ross, d.b.a. Optometric Arts, Inc. for participation in the Lakewood
<br />Business Investment Program (BIP) of the Economic Development Fund (EDF) for a zero-percent
<br />(0%) interest loan in an amount not to exceed Forty Thousand Dollars ($40,000.00).
<br />
<br /> WHEREAS, as an authorized use of the City of Lakewood's entitlement allocation of federal
<br />Community Development Block Grant dollars, the EDF was established and approved by Lakewood
<br />City Council on December 2, :[996 in order to promote business investment and redevelopment in
<br />the City of Lakewood for the purpose of supporting Lakewood" competitiveness and attractiveness
<br />as a location for new businesses and the expansion of existing businesses; and
<br />
<br /> WHEREAS, the BIP was established ant{ approved by Lakewood City Council on 3une 2,
<br />1997 as a means for implementing the EDF in order to provide needed and appropriate financial
<br />assistance and support to companies investing in Lakewood that would foster redevelopment
<br />efforts, 'iOt:rease jobs, generate new tax revenue and provide for physical improvements in
<br />Lakewood; and
<br />
<br /> WHEREAS, Dr. Susan Ross, d.b.a.. Optometric Arts, Inc., has applied for a zero interes~
<br />(0%) loan for a term of five (5) years under the BIP in an amount not to exceed Forty Thousand
<br />Dollars ($40,000.00) for leasehold improvements to result in converting a vacant shopping plaza
<br />storefront into an Optometric office. Improvements to include, but not limited to, addition of non-
<br />supportive walls, extension of plumbing, elecbical improvements, and the acquisition of office
<br />furniture, machinery and equipment; and
<br />
<br /> WHEREAS, this application by Dr. Susan Ross, d.b.a. Optomebic Arts, Inc., meets and
<br />exceeds the General Assistance Guidelines of the B[P; and
<br />
<br /> WHEREAS, the Economic Development Committee convened on April 4, 2002 and,
<br />reviewed, and unanimously recommended approval of the B[P application submRted by Dr. Susan
<br />Ross, d.b.a. Optometric Arts, [nc.; and
<br />
<br /> WHEREAS, an Agreement pursuant to Section [[ - Basic Criteria of the BIP General
<br />Assistance Guidelines has been executed by Dr. Susan Ross d.b.a. Optometric Arts, Inc wherein
<br />Dr. Susan Ross agreed to the initial job creation of three (3) full-time and three (3) part-time jobs
<br />for a total of four (4) full-time equivalents (three (3) of which can be considered available for
<br />Iow/moderate income persons) and further, in accordance with such Agreement, Dr. Susan Ross
<br />d.b.a. Optometric Arts, Inc. has executed a five (5) year lease for sterefront space located in the
<br />Sloane Plaza Shopping Center at 182:[6 Sloane Avenue; and
<br />
<br /> WHEREAS, in order to enter into loan agreements under the B[P with Dr. Susan Ross, d.b.a.
<br />Optomebic Arts, Inc., Lakewood City Council must grant authority for the City to enter into such
<br />agreements; and
<br />
<br /> WHEREAS, this Council by a vote of at least five (5) members elected hereto determines
<br />that this ordinance is an emergency measure, and that this ordinance shall take effect at the
<br />earliest date possible as set forth in ARTICLE [[[, SECTIONS :[0 and 13 of the SECOND AMENDED
<br />CHARTER OF THE CITY OF LAKEWOOD, and that immediate action is necessary to provide for the
<br />preservation of the public health, safeb/and welfare and for the reason that finandal assistance
<br />provided under the EDF is an investment in the City of Lakewood which promotes business
<br />redevelopment, generates jobs, increases tax revenues and provides for physical improvements
<br />thereby s~abilizing the community and improving the quality of life within the City. NOW,
<br />THEREFORE,
<br />
<br /> BE TI' ORDAINED BY THE cTrY OF LAKEWOOD, STATE OF OHIO:
<br />
<br />Page 1 of 2
<br />
<br />
<br />
|