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<br />PLACED ON 1ST READING &.REFERRED TO THE ~~~~E OF
<br />~~mI JìJI¡t6S~1iJj¡¡IJHOI.EE6Ø1llß/RE"'DING 6/6/06.
<br />
<br />ORDINANCE NO: 51-05
<br />
<br />BY: Corrigan, Demro, Dever, Dunn,
<br />FitzGerald, Madigan, Seelie.
<br />
<br />AN ORDINANCE authorizing the Mayor or his designee to enter into an agreement with
<br />Córnucopia, Inc. for participation in the Lakewood Business Investment Program (BIP) of the
<br />Economic Deveiopment Fund (EDF) for a five (5) year forgivable loan in an amount of Seventy
<br />Five Thousand Dollars ($75,000.00).
<br />
<br />WHEREAS, as an authorized use of the City of Lakewood's entitlement ailocation of federal
<br />Community Development Block Grant dollars, the EDF was estabiished and approved by Lakewood
<br />City Council on December 2, 1996 in order to promote business investment and redevelopment in
<br />Lakewood fór the purpose of supporting Lakewood's competitiveness and attractiveness as a
<br />location for new businesses and the expansion of existing businesses; and
<br />
<br />WHEREAS, the BIP was estabiished and approved by Lakewood City Council on June 2,
<br />1997 as a means for implementing the EDF in order to provide needed and appropriate assistance
<br />and support to companies investing in Lakewood that wouid foster redevelopment efforts to
<br />increase jobs, generate new tax revenue and provide for physical improvements in Lakewood; and
<br />
<br />WHEREAS, Cornucopia, Inc has appiied for a loan under the BIP in order to assist with the
<br />expansion of its facility located at 18120 Sloan Avenue, Lakewood, OH 44107; and
<br />
<br />WHEREAS, this appiication by Cornucopia, Inc. meets and exceeds the General Assistance
<br />Guideiines of the BIP; and
<br />
<br />WHEREAS, the Economic Development Committee convened on May 5, 2005 and reviewed,
<br />and unanimously approved recommendation of the BIP appiication by Cornucopia, Inc; and
<br />
<br />WHEREAS, an Agreement pursuant to Section II - Basic Criteria of the BIP General
<br />Assistance GUidelines will. be executed by Cornucopia, Inc wherein Cornucopia, Inc. agrees to
<br />retain twenty (20) full-time jobs and to the initial job creation of three (3) full-time jobs and
<br />further, in accordance with such Agreement, The Cornucopia, Inc. is prepared to undertake the
<br />project and to keep the business in Lakewood for five (5) years; and
<br />
<br />WHEREAS, this expansion will allow for the training of an additional twelve (12) people with
<br />serious disabilities inciuding mental retardation, mental illness, developmental disabiiities and
<br />injuries resulting from illness or accidents; and
<br />
<br />WHEREAS, in order to enter into loan agreements under the BIP with Cornucopia, Inc.,
<br />Lakewood 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
<br />that this ordinance is an emergency measure, and that this ordinance shall take effect at the
<br />eariiest date possible as set forth in ARTICLE III, SECTIONS 10 and 13 of the SECOND AMENDED
<br />CHARTER OF THE cm OF LAKEWOOD, and that immediate action is necessary to provide for the
<br />preservation of the pubiic heaith, 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 quaiity of iife within the City; now, therefore,
<br />
<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 enter into
<br />an agreement with Cornucopia, Inc. for participation in the Lakewood Business Investment
<br />Program (BIP) of the Economic Development Fund (EDF) for a five (5) year forgivable loan in an
<br />amount of seventy-five thousand dollars ($75,000.00) toward the renovation and expansion of its
<br />estabiishment located at 18120 Sloane Avenue, Lakewood, Ohio in compiiance with and under the
<br />terms of the Business Investment Program of the Economic Development Fund; said agreements
<br />to contain such terms and conditions as deemed necessary by the Director of Law to protect the
<br />pubiic Interest.
<br />
<br />"'-,
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