27-07 Agreement w/ WECO for SEED

Home Browse Search

PLACED ON 1ST READING & REFER/LED TO THE SECOND READING 3/19/07. ORDINANCE NO' 27-07 BY'Ant ohio, ~But ler, Demro, Dever, FitzGerald~ Madigan, Seelie, AN ORDINANCE to authorize the Director of P~anning and Development to enter into an agreement with WECO Fund, Inc (WECO) to administer the Lakewood Start Up and Existing Entrepreneurial Development Program (SEED) in an amount not to exceed $100,000 WHEREAS, SEED aims to create a financing mechanism for local entrepreneurs to utilize these funds for interior build-out, furniture, and fixtures to help populate our storefronts with new retailers and offices; and WHEREAS. SEED will target entrepreneurs, that traditional lending institutions find unsuitable Yet these individuals have the necessary skills and work ethic to deve OD a successful business ~hat will add to the economic vitality of the City; and WHEREAS, WECO is a not for profit organization which, for more than 35 years, working with the "pre-bankable" market and has successfully helped people and businesses achieve financial stability; and WHEREAS WECO will provide business support services to enhance the financial assistance provided by the loan fund: and WHEREAS, SEED oromises to retain or create jobs Now Therefore, BE IT ORDAINED BY THE CITY OF LAKEWOOD. STATE OF OHIO Section 1 That the Director of Planmng and Development to enter into an agreement with WECO Fund. Inc. to administer the Lakewood Start Up and Existing Entrepreneurial Development Program (SEED) in an amount not to exceed $100,000 Section 2. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Councit and of any of its committees, that resulted in such formal actions, were in meetings open to the public in compliance with all legal requirements 7