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<br />WHEREAS, this Council by a vote of at least five (5) members eiected hereto determines <br />that this ordinance is an emergency measure, and that this ordinance shall take effect at the <br />earliest date possible as set forth in ARTICLE III, SECTIONS 10 and 13 of the SECOND AMENDED <br />CHARTER OF THE CTIY OF LAKEWOOD, and that immediate action is necessary to provide for the <br />preservation of the public health, safety and welfare and for the reason that financial assistance <br />provided under the EDF is an investment in the City of Lakewood which promotes business <br />redevelopment, generates jobs, increases tax revenues and provides for physical improvements <br />thereby stabilizing the community and improving the quality of life within the City. NOW, <br />THEREFORE, <br /> <br />BE IT ORDAINED BY THE CTIY OF LAKEWOOD, STATE OF OHIO: <br /> <br />Section 1. That the Mayor or his designee is hereby authorized and directed to enter into <br />an agreement 1388 Riverside Partners LLC d.b.a. Netknowledge Inc. (also known as Thinsolutions) <br />for participation in the Lakewood Business Investment Program (BIP) of the Economic <br />Development Fund (EDF) for a five (5) year forgivable loan in an amount of Sixty Thousand Doliars <br />($60,000.00) toward the purchase of the property located at 1388 Riverside Avenue, Lakewood, <br />Ohio (Permanent Parcel Number 311-15-039) and a five (5) year forgivable loan in an amount of <br />Forty Thousand Doliars ($40,000) for the purchase of machinery and equipment in compliance <br />with and under the terms of the Business Investment Program of the Economic Development <br />Fund; said agreements to contain such terms and conditions as deemed necessary by the Director <br />of Law to 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 />formal 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: (!)¡;tH--'----4, )()O,/ <br /> <br />YÁ~.~ <br /> <br />PréSident <br /> <br />~Æ~7 #0/= <br />lerk of Cou <br /> <br />Approved: (þf!Ã' SI'1-t>o'f <br /> <br />MH"~ <br />