8923-17 Economic Development Grant to University Tees

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REFERRED TO THE COMMITTEE OF THE WHOLE 3/6/17. RESOLUTION NO. 8923 -17 BY: Anderson, Bullock, Litten, Marx, Nowlin, O'Leary, O'Malley. A RESOLUTION to take effect immediately provided it receives the affirmative vote of at least five 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 University Tees, Inc. for an economic development grant, issued in the form of annual rebates, for a total amount not to exceed one hundred thousand dollars ($100,000.00). WHEREAS, University Tees conducts its business at the Omni Building, 13000 Athens Avenue; and WHEREAS, while the property remains structurally sound, it is in need of upgrades and rehabilitation in order to bring it to its highest and most productive use; and WHEREAS, University Tees, Inc. has requested assistance in order to assist with rehabilitation of the building, including the erection of interior walls, installation of electrical upgrades, installation of plumbing upgrades, installation of HVAC equipment, installation of windows, and other improvements which represent a permanent investment in the building where they are a tenant, and will invest in excess of $400,000 into the rehabilitation of the building; and WHEREAS, this assistance will be provided in the form of rebates issued after permanent improvement work is complete and job creation requirements are met as detailed in "Exhibit A "; and WHEREAS, the City's funding will be used for permanent improvements to the building, which would remain in place even if University Tees, Inc. ceased to operate and these permanent improvements are therefore a benefit to both University Tees, Inc. and their landlord Omni Lakewood, Ltd.; and WHEREAS, this is an opportunity to help the property reach its highest and best use, to retain a top employer within the City, and to facilitate growth of a company which is an economic anchor in the Birdtown neighborhood; and WHEREAS, this Council by a vote of at least five members thereof determines that this resolution is an emergency measure, and that this resolution 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 it provides for the usual daily operation of mrmicipal departments in that the grant agreement should be executed immediately to allow improvements to the real property to begin; now, therefore