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<br />Section 1. That the Mayor or his designee is hereby authorized and directed to enter into <br />an agreement with The Martindale Electric Company for participation in the Lakewood Business <br />Investment Program (BIP) of the Economic Development Fund (EDF) for a five (5) year forgivable <br />loan in an amount of fifteen thousand dollars ($15,000.00) toward the purchase of the machinery <br />and equipment to be located at 1365 Hird Avenue, Lakewood, Ohio in compliance with and under <br />the terms of the Business Investment Program of the Economic Development Fund; said <br />agreements to contain such terms and conditions as deemed necessary by the Director of Law to <br />protect the public interest. <br /> <br />Section 2. It is found and determined that all formal actions of this Council concerning <br />and relating to the passage of this Ordinance were adopted in an open meeting of this Council, <br />and that all such deliberations of this Council and any of its committees that resulted in such <br />formai actions, were in meetings open to the public in compliance with all legal requirements. <br /> <br />Section 3. This Ordinance is hereby declared to be an emergency measure for the <br />reasons set forth and defined in the preamble of this Ordinance, and provided it receives the <br />affirmative vote of at least five (5) of its members elected to Council, this Ordinance shall take <br />effect and be in force at the earliest date possible upon its adoption by the Council and approval <br />by the Mayor. <br /> <br />Adopted: ~ l't, .1()-O 7 <br /> <br />7~,~ <br /> <br />President <br /> <br />~~7~ <br />lerk of C ncil <br /> <br />Approved: r'1 /}o, :h\,"I <br /> <br />~)f~1' 1x¡</ <br />Mayor r <br />