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<br />,
<br />PLACED ON lSl READING & REFERRED TO THE
<br />COMi'IU!EE o~ T!\E WROLE 9/3/02.
<br />
<br />PLACED ON 2ND READING 9/16/02.
<br />
<br />ORDINANCE NO: 138-02
<br />
<br />BY: Corrigan, Dunn, Fit~Gerald, George,
<br />Roth. Seelie, Skindel1.
<br />
<br />AN EMERGENCY ORDINANCE authorizing the Mayor or her designee to enter into an
<br />agreement with Virginia Marti Inc. d.b.a. Virginia Marti College for participation in the Lakewood
<br />Business Investment Program (BIP) of the Economic Development Fund (EDF) for a five (5) year
<br />forgivable loan in an amount of One Hundred Thousand Dollars ($100,000.00) for costs associated
<br />with the redevelopment and renovation of the property located at 11726-28 Detroit Avenue and
<br />1385-87 Hird Avenue (PP# 312-33-017) Lakewood, Ohio.
<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, 1996 in order to promote business investment and redevelopment in
<br />Lakewood for the purpose of supporting Lakewood's competitiveness and attractiveness as a
<br />location for new businesses and the expansion of existing businesses; and
<br />
<br />WHEREAS, the BIP was established and approved by Lakewood City Council on June 2,
<br />1997 as a means for implementing the EDF in order to provide needed and appropriate assistance
<br />and support to companies investing in Lakewood that would foster redevelopment efforts to
<br />increase jobs, generate new tax revenue and provide for physical improvements in Lakewood; and
<br />
<br />WHEREAS, Virginia Marti, lnc. d.b.a. Virginia Marti College, has applied fOr a loan under the
<br />BIP in order to complete a financial package to support a significant planned capital investment in
<br />the expansion of the existing college and the purchase and redevelopment of the property (PP#
<br />312-33-017) located at 11726-28 Detroit Avenue and 1385-87 Hlrd Avenue, Lakewood, Ohio; and
<br />
<br />WHEREAS, pursuant to Ordinance 38-01 adopted by Lakewood City Council on October 15,
<br />2001, the City of Lakewoodentered into a Cuyahoga County Brownfield Loan agreement to
<br />purchase and remediate said property in the best interest of the public health, safety, and welfare
<br />of the City of Lakewood; and
<br />
<br />WHEREAS, pursuant to Ordinance 39-01 adopted by Lakewood City Council on October 15,
<br />2001, the City of Lakewood entered into a Development Agreement with Virginia Marti, Inc. d.b.a.
<br />Virginia Marti College setting forth the respective rights and obligations of both parties regarding
<br />the Virginia Marti College expansion project, including the City's obligation to provide a One
<br />Hundred Thousand Dollar ($100,000.00) five (5) year forgivable EDF Loan to the Virginia Marti
<br />College; and
<br />
<br />WHEREAS, pursuant to Ordinance 40-01 adopted by Lakewood City Council on October 15,
<br />2001, the City of Lakewood entered into a Real Property Purchase Agreement to expend Two
<br />Hundred Fifty Thousand Dollars ($250,000.00) from the Cuyahoga County Brownfield
<br />Redevelopment Loan Fund for the purposes of purchasing the property located at 11726-28
<br />Detroit Avenue and 1385-87 Hird Avenue (PP# 312-33-017) Lakewood, Ohio; and
<br />
<br />WHEREAS, pursuant to Ordinance 41-01 adopted by Lakewood City Council on October 15,
<br />2001, the City of Lakewood entered into a Real Property Sale Agreement with Virginia Marti, Inc.
<br />d.b.a. Virginia Marti College and to receive Two Hundred Sixty-Five Thousand Dollars
<br />($265,000.00) for the sale of the property located at 11726-28 Detroit Avenue a-nd 1385-87 Hird
<br />Avenue (PP# 312-33-017) Lakewood, Ohio; and
<br />
<br />,
<br />
<br />WHEREAS, the Economic Development Committee convened, on August 28, 2002 and,
<br />reviewed, and approved recommendation of the BIP application by Virginia Marti, Inc. d.b.a.
<br />Virginia Marti College; and
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