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<br />PLACED ON 1ST READING & REFERRED TO THE COMMITTEE <br />OF THE WHOLE 5/15/05. SECOND READ 6/6/05. <br /> <br />ORDINANCE NO: 50-05 <br /> <br />BY: Corrigan, Demro, Dever, <br />Dunn, FitzGerald, Madigan, <br />Seelie. <br /> <br />AN ORDINANCE authorizing the Mayor or his designee to enter into an <br />agreement with North Coast Capital Partners LLC for participation in the Lakewood <br />Business Investment Program (BIP) of the Economic Development Fund (EDF) for a five <br />(5) year forgivable loan in an amount of Two Hundred Thousand Dollars ($200,000.00). <br /> <br />WHEREAS, as an authorized .use of the City of Lakewood's entitlement allocation <br />of federal Community Development Block Grant dollars, the EDF was established and <br />approved by Lakewood City Council on December 2, 1996 in order to promote business <br />investment and redevelopment in Lakewood for the purpose of supporting Lakewood's <br />competitiveness and attractiveness as a location for new businesses and the expansion <br />of existing businesses; and <br /> <br />WHEREAS, the BIP was established and approved by Lakewood City CóunciI on <br />June 2, 1997 as a means for implementing the EDF in order to provide needed and <br />appropriate assistance and support to companies investing in Lakewood that would <br />foster redevelopment efforts to increase jobs, generate new tax revenue and provide <br />for physical Improvements in Lakewood; and <br /> <br />WHËREAS, North Coast Capital Partners LLC has applied for a loan under the BIP <br />ih order to assist with costs associated with the construction of a new, mixed-use <br />building located at 15726 Detroit Avenue and 1413 Rosewood Avenue; and <br /> <br />WHEREAS, this application by North Coast Capital Partners LLC meets and <br />exceeds the General Assistance Guidelines of the BIP; and <br /> <br />WHEREAS, the Economic Development Committee convened on May 5, 2005 and <br />reviewed and unanimously approved recommendation of the BIP application by North <br />Coast Capital Partners LLC; and <br /> <br />WHEREAS, an Agreement pursuant to Section II ~ Basic Criteria of the BIP <br />General Assistance Guidelines will be execùted by North Coast Capital Partners LLC <br />wherein North Coast Capital Partners LLC agrees to cause the initial job creation of nine <br />(9) full-time jobs and further, in accordance with such Agreement, North Coast Capital <br />Partners LLC is prepared to undertake the project and to keep the business in <br />Lakewood for five (5) years; and <br /> <br />WHEREAS, in order to enter into loan agreements under the BIP with North <br />Coast Capital Partners LLC, Lakewood City Council must grant authority for the City to <br />enter Into such agreements; and <br /> <br />WHEREAS, this Council by a vote of at least five (5) members elected hereto <br />determines that this ordinance is an emergency measure, and that this ordinance shall <br />take effect at the earliest date possible as set forth in ARTICLE III, SECTIONS 10 and <br />13 of the SECOND AMENDED CHARTER OF THE cm OF LAKEWOOD, and that <br />immediate action Is necessary to provide for the preservation of the public health, <br />safety and welfare and for the reason that financial assistance provided under the EDF <br />is an investment in the City of Lakewood which promotes business redevelopment, <br />generates jobs, increases tax revenues and provides for physical improvements thereby <br />stabilizing the community and improving the quality of life within the City; now, <br />therefore, <br />