91-09 Forgive balance of Beck Center loan

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13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the immediate preservation of the public property, health and safety, and to provide for the usual daily operation of municipal departments in that it is in the best interest of all partied that this transaction be completed within the current fiscal year. Now Therefore, BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Director of Planning and Development (Director) is hereby authorized and directed, on behalf of the City, to enter into an agreement forgiving the balance of the loan owed to the City by the Beck Center, in the amount of $45,027.12 plus applicable fees and interest charges, originally entered upon on April 28~', 2009 for a principal amount of $92,110.86 in a form approved by the Director of Law. 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 deliberation of the Council and of any of its committees that resulted in such formal action were in meetings open to the public in compliance with all legal requirements. Section 3. That this ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the usual daily operation of the City for the reasons set forth and defined in the preamble to 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 immediately upon its adoption by the Council and approval by the Mayor otherwise, it shall take effect and be in force after the earliest period allowed by law. Adopted: ~ Z~, 2aOq ~~~~~-YG9/. President Approved ~~~ ~~~ ~ -~ i/