8604-12 Agreement with Cornucopia Inc. for BIP

Home Browse Search

REFERRED TO THE CONAtITTEE OF THE WHOLE 9/17/12. RESOLUTION NO: 8604-12 BS'~ Anderson, Bullock, .Turfs, t4adigan, Poxaans.., ,. .. .. . _ . A RESOLUTION to take effect immediately provided it receives the affirmative vote of at least five (5) members of Council, or otherwise to take effect at the earliest period allowed by law, authorizing the Mayor or his designee to enter into an agreement with Cornucopia, Inc. for Iiarticipation in the Lakewood Business Investment Program (BIP) of the Economic Development Fuud (EDT') for a five (5) year forgivable loan in an amount of $75,000.00. 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 L ake~aood City Council on December 2, 1996 in order to promote business investment and redevelopment in Lakewood for the purpose of supporting Lakewood's conTpelitiveness 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 WIiEREAS, Cornucopia, Inc has applied for a loan under the BIP iu order to assist with the expansion of its facility located at 18120 Sloane Avenue, Lakewood, OH 44107. WHEREAS, this application by Cornucopia, lue, meets and exceeds the General Assistance Guidelines of the BIP; and WHEREAS, the B1P Econanic Development Committee convened on September 6th, 2012 and, reviewed, and unanimously approved recommendation of the BIP application by Cornucopia, Inc; and WIIEREAS, an Agreement pursuant to Section II -Basic Criteria of the BIP Genera( Assistance Guidelines will be executed by Cornucopia, Inc wherein Cornucopia, Inc. agrees to the initial job creation of three (3) full-timejobs and further, in accordance with such Agreement, Cornucopia, Inc. is prepared to undertake the project and to keep the business in Lakewood for five (5) years; and WI IEREAS, in order to enter into loan agreements under the BIP with Cornucopia, hTC., Lakewood City Council must grant authority for the City to enter into such agreements; and WI IEREAS, this Council by a vote of at least five (5) of itsmembers determines that this resolution is an emergency measure, and that it 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 oi' Lakewood,