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<br />BE IT ORDAINED BY THE cm OF LAKEWOOD, STATE OF OHIO: <br /> <br />Section 1. That the Mayor or his designee is hereby authorized and directed to <br />enter into an agreement with North Coast Capital Partners LLC for participation in the <br />Lakewood Business Investment Program (BIP) of the Economic Development Fund <br />(EDF) for a five (5) year forgivable loan in an amount of two hundred thousand dollars <br />($200;000.00) toward the costs associated with the construction of a new mixed-use <br />building located at 15726 Detroit Avenue and 1413 Rosewood Avenue, Lakewood, Ohio <br />in compliance with and under the terms of the Business Investment Program of the <br />Economic Development Fund; said agreements to contain such terms and conditions as <br />deemed necessary by the Director of Law to protect the public interest. <br /> <br />Section 2. It is found and determined that all formal actions of this Council <br />concerning and relating to the passage of this Ordinance were adopted in an open <br />meeting of this Council, and that all such deliberations of this Council and any of its <br />committees that resulted in such formal actions, were in meetings open to the public in <br />compliance with all legal requirements. <br /> <br />Section 3. This Ordinance is hereby declared to be an emergency measure for <br />the reasons set forth and defined In the preamble of this Ordinance, and provided it <br />receives the affirmative vote of at least five (5) of its members elected to Council, this <br />Ordinance shall take effect and be in force at the earliest date possible upon its <br />adoption by the Council and approval by the Mayor. <br /> <br />Adopted: 711-J <br /> <br />2-0. ')..o6r <br />, . <br /> <br />Ç?~ ¿~ <br /> <br />President <br /> <br />~~ 7· /10 <br />Clerk of uncil <br /> <br />Approved: r .1-11 dOo7j <br /> <br />Ma*1'/~ <br />