2021-35 - Loan for historic preservation of St. James School

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Read & referred to HPD 7/19/21 Bulloc l<, Kepp-le, Littei-i, -Neff, 0)Malley, Rader, RESOL UTION NO. 2021-3 5 BY: S t W u l`I rt e r A RESOLUTION to take effect immediately provided it receives the affirmative vote of at least two thirds of the members of Council, or otherwise to take effect and be in force after the earliest period allowed by law, authorizing the Mayor and/or her designee to enter into an agreement with STJS Holdings, LLC (Oster Services, LLC and Oster Services Commercial, LLC) for an economic development loan for a total amount not to exceed One Hundred Seventy -Five Thousand Dollars ($175,000), forgivable over five (5) years at Thirty -Five Thousand ($35,000) per annum upon satisfaction of all terms of said Agreement, for the rehabilitation of the historic former St. James School located at 17514 Detroit Avenue, Lakewood, Ohio 44107 and adaptive reuse as an office building; WHEREAS, in 2010 the City of Lakewood Planning Commission approved the local designation of the St. James Catholic Church properties located at 17514 Detroit Avenue (PPN 311-23-022) as a historic district pursuant to Chapter 1134 of the City of Lakewood Codified Ordinances; and WHEREAS, the school and rectory buildings on the St. James Catholic Church properties have been vacant for several years and are no longer needed for the previous uses; and WHEREAS, while the buildings are structurally sound, they need rehabilitation in order to bring them to the highest and most productive use; and WHEREAS, STJS Holdings, LLC has an agreement to purchase, rehabilitate, and adaptively reuse the historic former St. James School located at 17514 Detroit Avenue for office purposes, including retaining and continuing to operate their business within the City of Lakewood and; WHEREAS, STJS Holdings, LLC has requested financial assistance for the rehabilitation of the building, including installation of HVAC, electrical, and plumbing upgrades; repair and replacement of windows and doors, replacement of the front steps, and other improvements which represent a permanent investment of over $3,000,000 in the building; and WHEREAS, this is an opportunity to preserve and adaptively reuse a designated historic building to reach its highest and best use, to create new office space opportunities support economic and job growth, and facilitate the retention of growing companies in our community; and WHEREAS, as set forth in Section 2.12 of the Third Amended Charter of the city of Lakewood, this Council by a vote of at least two thirds of its members determines that this resolution is an emergency measure and that it shall take effect immediately, and that it is necessary for the immediate preservation of the public peace, property, health and safety, and to provide for the usual daily operation of municipal departments in order to receive and make these funds available as soon as possible; now, therefore.