8604-12 Agreement with Cornucopia Inc. for BIP

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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 taY revenues and provides for physical improvements thereby stabilizing the conununity and improving the quality of life within the City; now, therefore, BE IT RESOLVED BY TI IE CITY OF LAKGWOOD, OI IIO: Section I . That the Mayor or his designee is hereby authorized and directed to enter into an agreement with Cornucopia, ]nc for participation in the Lakewood Business investment Program (BIP) of the Economic Development Fiord (EDF) for a five (5) year forgivable loan in an amount of $75,000.00 toward the renovation and expansion oC its establishment located at 18120 Sloane Avenue, Lakewood, Ohio in compliance with and under the terms of the Business hivestmeut Program of the Econanic Devclopnrent 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 Couueil concerning and relating to the passage of this resolution were adopted in au open meeting of this Council, and that all such deliberations of this Council and any of its committees that resulted iu such formal actions, were in meetings open to the public in compliance with all Legal requirements. Section 3. This resolution is hcreb}~ declared to be an emergency measure for the reasons set forth and defined in its preamble, and provided it receives the affirmative vote of at least five (5) members of Council, this resolution shall take effect and be iu force at the earliest date possible upon its adoption by the Council and approval by the Mayor. Adopted: oc? ~r~~,~h-- ~~ 2 ~~/~--~ Approved: ~ciG~'~ ~ 2~~~ President Clerk of Co~~ it ~~~ ~~. Mayor