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Please substitute for Ordinance 112-02
<br />(Placed on 1~t reading and referred to the
<br />Committee of the Whole on 5-20-02, and
<br />Referred to Citizens Advisory Committee on 6-3-02.)
<br />
<br />ORDINANCE NO: 112-02
<br />
<br />BY: Corrigan, Dunn, FitzGerald,
<br />George, Ko/h, Seelie, Skindell.
<br />
<br /> AN ORDINANCE authorizing the Mayor or her ~esignee to enter into an agreement with
<br />Lakewood Community Progress, Inc. (LCPI), a non-profit economic development corporation, upon
<br />its creation, to provide Ten Thousand Dollars ($10,000.00) from the City of Lakewood's Fiscal Year
<br />2002 Community Development Block Grant (CDBG) funds for purposes of matching the Lakewood
<br />Chamber of Commerce's contribution of Ten Thousand Dollars ($10,000.00) to provide initial
<br />funding for LCPI.
<br />
<br /> WHEREAS, the Main Street Economic Revitalization InitiaUve, adopted by the Lakewood
<br />Planning Commission as amended on 3uly 3, 2001, and revised on April 29, 2002, identified a
<br />number of economic development strategies to be studied further; and
<br />
<br /> WHEREAS, one of the economic development strategies identified in the Main Street
<br />Economic Revitalization Initiative was to consider forming a non-profit economic development
<br />corporation; and
<br />
<br /> WHEREAS, the Administration and the Lakewood Chamber of Commerce, through the
<br />Chamber's Economic Development Committee, have undertaken a six-month extensive review of
<br />the need for and structure of such a non-profit economic development corporation; and
<br />
<br /> WHEREAS, the Administration and the Lakewood Chamber of Commerce's Economic
<br />Development Committee have concluded that. it is necessary and proper to form a nj'n-profit
<br />economic development corporation to assist in facilitating sound city-wide economic development;
<br />and
<br />
<br /> WHEREAS, the Board of Directors of the Lakewood Chamber of Commerce has unanimously
<br />voted to create, in partnership with the City of Lakewood, a non-profit economic development
<br />corporation to be named "Lakewood Community Progress, Inc." (LCPI); and
<br />
<br /> WHEREAS, the Board of Directors of the Lakewood Chamber of Commerce has unanimously
<br />voted to allocate initial funding in the amount of Ten Thousand Dollars ($10,000.00) for LCPI; and
<br />
<br /> WHEREAS, LCPI would be incorporated to encourage and support quality city-wide
<br />planning, economic development, redevelopment, rehabilitation, and restoration of the unique
<br />assets of the City of Lakewood; and
<br />
<br /> WHEREAS, the Citizens Advisory Committee of Lakewood, Ohio convened on 3une 12, 2002,
<br />and reviewed and recommended approval of the expenditure of Ten Thousand Dollars
<br />($:[0,000.00) from the City of Lakewood's Fiscal Year 2002 Community Development Block Grant
<br />(CDBG) funds for purposes of matching the Lakewood Chamber of Commerce's contribuUon of Ten
<br />Thousand Dollars ($10,000.00). NOW, THEREFORE,
<br />
<br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO:
<br />
<br /> Section 1. That Council of the City of Lakewood hereby authorizes the Mayor or her
<br />designee to enter into an agreement with Lakewood Community Progress, Inc. (LCPI), a non-profit
<br />economic development corporation, upon its creation, to provide Ten Thousand Dollars
<br />($10,000.00) from the City of Lakewood's Fiscal Year 2002 Community Development Block Grant
<br />(CDBG) funds for purposes of matching the Lakewood Chamber of Commerce's contribution of Ten
<br />Thousand Dollars ($10,000.00) to provide iniUal funding for LCPI.
<br />
<br />
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