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12650 Detroit Avenue • Lakewood, Ohio 44107 • (216) 529 -6630 • (216) 529 -5936 FAX <br />ECONOMIC DEVELOPMENT FUND PROGRAM <br />LOAN AGREEMENT <br />Between <br />The City of Lakewood <br />Western Reserve Distillers, LLC <br />THIS LOAN AGREEMENT (the "Agreement ") is entered into as of , 2017 by <br />and between the CITY OF LAKEWOOD (the "City" or "Lender "), an Ohio municipal corporation, <br />and Western Reserve Distillers, LLC., an Ohio Limited Liability Company located at 14221 <br />Madison Avenue, Lakewood, OH 44107 duly organized and validly existing under the laws of the <br />State of Ohio, by and through its duly authorized representative. <br />WITNESSETH: <br />A. WHEREAS, the Borrower has applied for an Economic Development Fund ( "EDF ") <br />LOAN (the "Loan ") to assist with permanent building improvements at 14221 <br />Madison Avenue, PPN 314 -22 -007 (the "Project Site "); <br />B. WHEREAS, the City has determined the project to be funded by the Loan meets <br />the objectives and requirements of the Lakewood Economic Development Fund <br />and the federal Community Development Block Grant Program; <br />C. WHEREAS, the City has determined the Loan project, as defined in Section 1.01 <br />of this Agreement, is in the public interest and that the Borrower's performance <br />of the Loan development activities will accomplish some or all of the following: <br />alleviate physical and economic deterioration, eliminate and /or prevent the <br />recurrence of slum and blight, stimulate economic revitalization, improve the <br />declining tax base and create and /or retain jobs and employment in the <br />community; <br />Page 1 of 19 <br />