66-09 $200K 7-yr loan for 14701 Detroit, LLC

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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, and to encourage construction before weather conditions prohibit construction. 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 14701 Detroit, LLC or its designee for participation in the Lakewood Business Investment Program (BIP) of the Economic Development Fund (EDF) for a seven (7) year loan in an amount of Two Hundred Thousand Dollars ($200,000.00) toward the redevelopment of the property located at 14701 Detroit Avenue (the INA Building) and 14725 Detroit Avenue (the Bailey Building) in compliance with and under the terms of the Business Investment Program of the Economic Development Fund; said agreements to contain such terms and conditions as deemed necessary by the Director of Law to protect the public interest. 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 Council, and that all such deliberations of this Council and any of its committees that resulted in such formal actions, were in meetings open to the public in compliance with all legal requirements. Section 3. This Ordinance is hereby declared to be an emergency measure for the reasons set forth and defined in the preamble of this Ordinance, and provided it receives the affirmative vote of at least five (5) of its members elected to Council, this Ordinance shall take effect and be in force at the earliest date possible upon its adoption by the Council and approval by the Mayor. Adopted: ~~~,5 ~ 2ao j -~- .~~, esident Approved: 1~( p~( ~~~~' ~ ~ ~~~ ~...r Clerk of cil Mayor //