97-08 BIP Wholesome Foods - Laserfiche WebLink

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PLACED ON 1~ READING & REFERRED TO THE COMMITTEE OF THE WHOLE 12/1/08. SECOND READING 12/15/08. ORDINANCE N0. 97-08 By: Antonio, sullock, sutler, Dever, Madigan, Powers, Summers. AN ORDINANCE authorizing the Mayor or his designee to enter into an agreement with Wholesome Development, LLC or its designee for participation in the Lakewood Business Investment Program (BIP) of the Economic Development Fund (EDF) for a five (5) year loan in an amount of One Hundred Thousand Dollars ($100,000.00). 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 on 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, Wholesome Development, LLC has applied for one loan under the BIP in order to complete a financial package to support the redevelopment of property located at 15000 Detroit (Permanent Parcel Number 312-14-116) and will invest $2,400,000 of other funds into the site; and WHEREAS, Wholesome Development, LLC has established a successful business; and WHEREAS, this application by Wholesome Development, LLC meets and exceeds the General Assistance Guidelines of the BIP; and WHEREAS, the Economic Development Committee convened on November 21~, 2008 and, reviewed, and unanimously approved recommendation of the BIP application by Wholesome Development, LLC; and WHEREAS, an Agreement pursuant to Section II -Basic Criteria of the BIP General Assistance Guidelines will be executed by Wholesome Development, LLC, agrees to create or cause to be created at least ten (10) full-time equivalent jobs; and WHEREAS, Wholesome Development, LLC agrees to cause Wholesome Burger, LLC to locate the corporate headquarters of Wholesome Burger, LLC, the owner -operator of ## Five Guys Burgers and Fries franchises in Pennsylvania and Ohio, in Lakewood, Ohio before the end of calendar year 2009, and