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<br />ORDINANCE NO:
<br />
<br />71-03
<br />
<br />PLACED ON 1ST READING & REFERRED TO THE
<br />COMMITTEE OF THE WHOLE 10/6/03. PLACED ON 2ND
<br />BY: READING 10/20/03.
<br />
<br />Corriga~, Dever, Dunn, FitzGerald, George.
<br />Roth, Seelie.
<br />
<br />AN EMERGENCY ORDINANCE authorizing the Mayor or her designee to enter into an agreement with
<br />Hinkley Lighting, Inc. for participation in the Lakewood Business Investment Program (BIP) of the Economic
<br />Development Fund (EDF) for a five (5) year forgivabie loan in an amount of One Hundred Fifty-Five Thousand
<br />Doliars ($155,000.00) to assist Hinkley Lighting, Inc. with the redevelopment of 12600 Berea Road (Permanent
<br />Parcel No. 315-24-010) and 12750 Berea Road (Permanent Parcel No. 315-24-005), Lakewood Ohio.
<br />
<br />WHEREAS, as an authorized use of the City of Lakewood's entitlement allocation of federal Community
<br />Deveiopment Block Grant dollars, the EDF Was established and approved by Lakewood City Council on
<br />December 21 1996 in order to promote business investment and redevelopment in lakewood for the purpose
<br />of supporting lakewoodTs competitiveness and attractiveness as a location for new businesses and the
<br />expansion of existing businesses; and
<br />
<br />WHEREAS, the BIP was established and approved by Lakewood City Council on June 2, 1997 as a
<br />means for implementing the EDF in order to provide needed and appropriate assistance and support to
<br />companies investing in Lakewood that would foster redevelopment efforts to increase jobs, generate new tax
<br />revenue and provide for physical improvements in Lakewood; and
<br />
<br />WHEREAS, Hinkley Lighting, Inc., has applied for a loan under the BIP in order to complete a financial
<br />package to support a significant planned capital investment in the construction of a new distribution and
<br />warehouse facility at 12600 and 12750 Berea Road, Lakewood, Ohio; and
<br />
<br />WHEREAS, this application by Hinkiey Lighting, Inc. meets and exceeds the General Assistance
<br />Guidelines of the BIP; and
<br />
<br />WHEREAS, the Economic Developn¡ent Committee convened on March 13, 2003 and, reviewed, and
<br />unanimously approved recommendation of the BIP application by Hinkley Lighting, Inc.; and
<br />
<br />WHEREAS, an Agreement pursuant to Section II - Basic Criteria of the BIP General Assistance
<br />Guidelines will be executed by Hinkley Lighting, Inc. wherein Hinkley Lighting, Inc. agrees to the
<br />retention/creation of seventy-three (73) full-time equivalent jobs and further, in accordance with such
<br />Agreement, Hinkley Lighting, Inc. is prepared to keep the business in Lakewood for five (5) years; and
<br />
<br />WHEREAS, In order to enter into loan agreements under the BIP with Hinkley Lighting, Inc., Lakewood
<br />City Council must grant authority for the City to enter into such agreements; and
<br />
<br />WHEREAS, this Council by a vote of at least five (5) members elected hereto determines that this
<br />ordinance is an emergency measure, and that this ordinance shall take effect at the earliest date possible as
<br />set forth in ARTICLE III, SECTIONS 10 and 13 of the SECOND AMENDED CHARTER OF THE CITY OF
<br />LAKEWOOD, and that immediate action is necessary to provide for the preservation of the public health, safety
<br />and welfare and for the reason that financial assistance provided under the EDF for the Hinkley Lighting, Inc.
<br />project is an investment in the City of Lakewood which promotes business redevelopment, generates joÞs,
<br />increases tax revenues and provides for physical improvements thereby stabilizing the community and
<br />improving the quality of life within the City. NOW, THEREFORE,
<br />
<br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO:
<br />
<br />Section 1. That the Mayor or her designee is authorized to enter into an agreement with Hinkley
<br />Lighting, Inc. for participation in the Lakewood Business Investment Program (BIP) of the Economic
<br />Development Fund (EDF) for a five (5) year forgivable ioan in an amount of One Hundred Fifty-Five Thousand
<br />Doliars ($155,000.00) to assist Hinkiey Lighting, Inc. with the redevelopment of 12600 Berea Road (Permanent
<br />Parcel No. 315-24-010) and 12750 Berea Road (Permanent Parcel No. 315-24-005), Lakewood Ohio.
<br />
<br />Section 2. It is found and determined that all formal actions of this Council concerning and relating
<br />to the passage of this Ordinance were adopted in an open meeting of this Council, and that ali such
<br />deliberations of this Council and any of its committees that resulted in such formal actions, were in meetings
<br />open to the public in compliance with ali iegal requirements.
<br />
<br />Section 3. This Ordinance is hereby declared to be an emergency measure for the reasons set forth
<br />and defined in the preamble of this Ordinance, and provided It receives the affirmative vote of at least five (5)
<br />of its members elected to Councii, this Ordinance shall take effect and be in force at the earliest date possible
<br />upon its adoption by the Council and approval by the Mayor.
<br />
<br />AdoPted~~ f. 2()tJ ?
<br />
<br />~,k
<br />
<br />President
<br />
<br />Approved: ~) ¡NeMy--¡
<br />I
<br />
<br />4. l..(¡1J J
<br />I
<br />
<br />'h~7.~Þ-
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<br />
<br />Mayor J
<br />
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