103-07 RAD-CON BIP - Laserfiche WebLink

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PLACED ON IST READING & REFERRED TO THE COMMITTEE OF THE WfIOLE 12/3/07. PLACED ON 2ND READING 12/17/07. ORDINANCE N0. -i)7 BY~ Antonio, Bullock, Butler, Dever, 103-07 Madigan, Suromera. AN ORDINANCE authorizing the Mayor or his designee to enter into an agreement with RAD-CON, Incorporated for participation in the Lakewood Business Investment Program (BIP) of the Economic Development Fund (EDF) for a five (5) year forgivable loan in an amount of One Hundred Twenty Thousand Dollars ($120,000.00. WHEREAS, as an authorized use of the City of Lakewood's entitlement allocation of federal Community Development Block Grant dollars, the EDF was established and approved by Lakewood City Council on December 2, 1996 in order to promote business investment and redevelopment in Lakewood for the purpose of supporting Lakewood's competitiveness and attractiveness as a location for new businesses and the expansion of existing businesses; and WHEREAS,. the BIP was established and approved by Lakewood City Council oh June 2, 1997 as a means for implementing the EDF in order to provide needed and appropriate assistance and support to companies .investing in Lakewood that would foster redevelopment efforts to increase jobs, generate new tax revenue and provide for physical improvements in Lakewood; and WHEREAS, RAD-CON, Incorporated has applied for a loan under the BIP in order to complete a financial package to support the payment of professional services and the purchase of machinery and equipment to be located at 13001 Athens Avenue, Lakewood OH 44107; and WHEREAS, RAD-CON, Incorporated has established a successful business and needs to expand to require additional office space; and WHEREAS, the. Economic Development Committee convened on November 28, 2007 and, reviewed, and unanimously approved recommendation of the BIP application by RAD-CON, Incorporated; and WHEREAS, an Agreement pursuant to Section II -Basic Criteria of the BIP General Assistance Guidelines will be executed RAD-CON, Incorporated agrees to create three (3) full time equivalents and further, in accordance with such Agreement, and RAD-CON, Incorporated is prepared to move the business in Lakewood for five (5) years; and WHEREAS, in order to enter into loan agreements under the BIP with RAD-CON, Incorporated, Lakewood City Council must grant authority for the City to enter into such agreements; and WHEREAS, this Council by a vote of at least five (5) members elected hereto determines that this ordinance is an emergency measure, and that this ordinance shall take effect at the earliest date possible as set forth in ARTICLE III, SECTIONS 10 and 13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that immediate action is necessary to provide for the preservation of the public health, safety and welfare and for the reason that financial assistance provided under the EDF is an investment in the City of Lakewood which promotes business redevelopment, generates jobs, increases tax revenues and provides for physical improvements thereby stabilizing the community and improving the quality of life within the City. NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Mayor or his designee is hereby authorized and directed to enter into an agreement with RAD-CON, Incorporated for participation in the Lakewood Business Investment Program (BIP) of the Economic Development Fund (EDF for a five (5) year forgivable loan in an amount of One Hundred and Twenty Thousand Dollars ($120,000.00) for the payment of professional services and for the purchase of machinery and equipment in compliance with and under the terms of the Business Investment Program of the Economic Development Fund; said