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PLACED ON 1~ READ & REFERRED TO FINANCE 11/16/09 <br />~, ~~ 5~i E` ~ ~? +G'~ 2ND READING l2/7~09 <br />ORDINANCE N0. 89-09 ~ By: AntQn~,q, Bullock, sutler,. <br />Dever, Madigan, Powers, Summers <br />AN ORDINANCE authorizing the Mayor or his designee to enter into an agreement with <br />University Tees, Inc or its designee for participation in the Lakewood Business Investment <br />Program (BIP) of the Economic Development fund (EDF) for a five (5) year loan in an amount of <br />Fifty Thousand. Dollars ($50,000.00). <br />WHEREAS, as an authorized use of the City of Lakewood's entitlement allocation of federal <br />Community Development Block Grant dollars, the EDF was established and approved by Lakewood <br />City Council on December 2, 1996 in order to promote business investment and redevelopment in <br />Lakewood for the purpose of supporting Lakewood's competitiveness and attractiveness as a <br />location for new businesses and the expansion of existing businesses; and <br />WHEREAS, the BIP was established 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 would foster redevelopment efforts to <br />increase jobs, generate new tax revenue and provide for physical improvements in Lakewood; and <br />WHEREAS, University Tees, Inc has applied for one loan under the BIP in order to finance <br />capital equipment, facilitate job growth, and locate business operations in Lakewood, Ohio; and <br />WHEREAS, this application by University Tees, Inc meets and exceeds the General <br />Assistance Guidelines of the BIP; and <br />WHEREAS, the Economic Development Committee convened November 10th, 2009 and, <br />reviewed, and unanimously approved recommendation of the BIP application by University Tees, <br />Inc; and <br />WHEREAS, an Agreement pursuant to Section II -Basic Criteria of the BIP General <br />Assistance Guidelines will be executed by University Tees, Inc, agrees to create or cause to be <br />created at least four (4) full-time equivalent jobs; and <br />WHEREAS, in order to enter into loan agreements under the BIP with University Tees, Inc, <br />Lakewood City Council must grant authority for the City to enter into such agreements; and <br />:~; , <br />