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ORDINANCE NO: 43-03 PLACED ON 1ST READING & REFERRED TO THE FINANCE COMMITTEE 5/5/03. PLACED ON 2ND READING 5/19/03. BY: Corrigan, Dever, Dunn, FitzGerald, George, Roth, Seelie. AN EMERGENCY ORDINANCE adjusting appropriations for expenditures in the General Fund for the fiscal year ending December 31, 2003 for the purposes of accepting payment from the Virginia Marti College of Fashion and Design per the Development Agreement dated October 18, 2001, which in tum shall be applied by the City toward payment of the outstanding loan balance due on the related Cuyahoga County Brownfield Redevelopment Loan. WHEREAS, in ]uly 2001 Council adopted a Resolution for the City of Lakewood to apply for financial assistance through the Cuyahoga County Brownfield Redevelopment Loan Fund for the purposes of assisting with the Virginia Marti College of Fashion and Design expansion project; and WHEREAS, the City of Lakewood entered into a Development Agreement with the Virginia Marti College of Fashion and Design on October 18, 2001 as authorized by Ordinance 39-01, dated October 15, 2001; and WHEREAS, the City of Lakewood has successfully completed the remediation portion of the expansion project and has closed the Cuyahoga County Brownfield Redevelopment Loan; and WHEREAS, the Virginia Marti College of Fashion and Design expansion project is nearing completion; and the college will be making a payment of One Hundred Thousand Dollars ($100,000.00) to the City of Lakewood per the Development Agreement dated October 18, 2001, which in turn shall be applied by the City toward payment of the outstanding loan balance due on the Cuyahoga County Brownfield Redevelopment Loan; and WHEREAS, appropriations are needed, of One Hundred Thousand Dollars ($100,000.00) to reflect such payment from the College; and 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 C1TY OF LAKEWOOD, to provide for the immediate preservation of the of the public property, health and safety, and to provide for the timely repayment of the outstanding loan balance on this important commercial property. NOW, THEREFORE, BE 1T ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Director of Finance is hereby authorized and directed to increase appropriations in the following fund by the amount stated below: General Fund $100,000.00 Section 2. That the Director of Finance be and she is hereby authorized to draw checks upon the City depositories for the amounts appropriated in this ordinance whenever claims are presented properly, approved by the head of the department for which the indebtedness is incurred, providing the President of Council shall approve all claims for the City Council. Section 3. 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