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REFERRED TO COMMITTEE OF THE WHOLE <br />5/15/17. <br />RESOLUTIONNO. 8932 -17 BY: Bullock, Litten, Marx, Nowlin, <br />O'Leary, O'Malley. <br />A RESOLUTION to take effect immediately provided it receives the affirmative vote of <br />at least five members of Council, or otherwise to take effect and be in force after the earliest <br />period allowed by law, authorizing the Mayor or his designee to enter into an agreement with <br />Western Reserve Distillers, LLC or its designee for participation in the Lakewood Business <br />Investment Program (BIP) of the Economic Development Fund (EDF) for a three -year loan in <br />the amount of $90,000.00. <br />WHEREAS, as an authorized use of the City of Lakewood's entitlement allocation of <br />federal Community Development Block Grant dollars, the EDF was established and approved by <br />Lakewood City Council on December 2, 1996 in order to promote business investment and <br />redevelopment in Lakewood for the purpose of supporting Lakewood's competitiveness and <br />attractiveness as a 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; <br />and <br />WHEREAS, Western Reserve Distillers, LLC has applied for one loan under the BIP in <br />order to complete a financial package to support the improvement of property located at 14221 <br />Madison Avenue, Lakewood, Ohio 44107 (Permanent Parcel 314 -22 -007); and <br />WHEREAS, Western Reserve Distillers, LLC has established a successful business; and <br />WHEREAS, this application by Western Reserve Distillers, LLC meets and exceeds the <br />General Assistance Guidelines of the BIP; and <br />WHEREAS, the Economic Development Committee convened on N'\N JLe , 2017 and, <br />reviewed, and approved recommendation of the BIP application by Western Reserve Distillers, <br />LLC; and <br />WHEREAS, an Agreement pursuant to Section II — Basic Criteria of the BIP General <br />Assistance Guidelines will be executed by Western Reserve Distillers, LLC, agrees to create or <br />cause to be created at least five (5) full -time- equivalent jobs; and <br />WHEREAS, in order to enter into loan agreements under the BIP with Western Reserve <br />Distillers, LLC, Lakewood City Council must grant authority for the City to enter into such <br />agreements; and <br />