138-02 Virginia Marti BIP - Laserfiche WebLink

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WHEREAS, an Agreement pursuant to Section II - Basic Criteria of the BIP General Assistance Guidelines will be executed with Virginia Marti, Inc. d.b.a. Virginia Marti College wherein Virginia Marti agrees to the initial job creation of eighteen (18) new jobs, a combination of such that totals ten (10) full-time equivalents and further, in accordance with such Agreement, Virginia Marti, Inc. d.b.a. Virginia Marti College is prepared to purchase the property at 11726-28 Detroit Avenue and 1385-87 Hird Avenue (PP# 312-33·017) Lakèwood, Ohio and to keep the business in Lakewood for five (5) years; and WHEREAS, this Council' by a vote of at least five (5) members elected hereto 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 CITY OF LAKEWOOD, and that immediate action is necessary to facilitate the timely remediation, redevelopment and renovation of said property for an economically viable and tax generating use. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, COUNTY OF CUYAHOGA, STATE OF OHIO: Section 1. That the Mayor or her designee is hereby authorized and directed to enter into an agreement with Virginia Marti, Inc. d.b.a. Virginia Marti College for participation in the Lakewood Business Investment Program (BIP) of the Economic Development Fund (EDF) for a five (5) year forgivable loan in an amount of One Hundred Thousand Dollars ($100,000.00) for costs associated with the redevelopment and renovation of the property located at 11726-28 Detroit Avenue and 1385-87 Hird Avenue (PP# 312-33-017) Lakewood, Ohio in compliance with and under the terms of the Business Investment Program of the Economic Development Fund; said agreements to contain such terms and conditions as deemed necessary by the Director of Law to 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 adopted in an open meeting of this Council, and that all such deliberations of this Council and 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. This Ordinance is hereby declared to be an emergency measure for the reasons set forth and defined in the preamble of this Ordinance, and provided it receives the affirmative vote of at least five (5) of its members elected to Council, this Ordinance shall take effect and be in force at the earliest date possible upon its adoption by the Council and approval by the Mayor. Adopted: &(/~ í; Jo oJ- Approved: (QJ . !¡ Wò L q~.k~ President 1u ~~ ì.Ik?f~ ~~