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amount not to exceed One Hundred Fifty Thousand Dollars ($150,000), forgivable over five <br /> (5) years at$30,000 per annum upon satisfaction of all terms of said Agreement, for the <br /> substantial rehabilitation of the former Bi-Rite Building located at 12501 Madison Avenue, <br /> Lakewood, Ohio 44107 and the structure's adaptive reuse as retail and office space. <br /> (Referred to HPD 7/19/21) <br /> Director Leininger spoke to the use of CDBG funds on a mixed use project at the former Bi-Rite <br /> Building in Birdtown. The project has received historic preservation tax credits, with the goal of <br /> returning the building to its former historic character, along with adding an elevator with roof <br /> access. <br /> Little Jemmy LLC is the developer of the project and is asking for a $150,000 loan plus $50,000 <br /> in storefront renovation. The total cost of the project is $4 million. <br /> Discussion of the business commitments and loan terms ensued. The developer must create 25 <br /> full-time employees, with 51% of those jobs being suitable for low-moderate income persons in <br /> that they do not require extensive training except for that which is provided on the job. The low- <br /> moderate income designation will be based on self-declaration of the applicants. <br /> Chairman Shachner made a motion, seconded by Councilmember Rader to recommend adoption <br /> of Resolution 2021-36 for adoption by the full Council. All in favor. Motion passed. <br /> Chairman Shachner adjourned the meeting. <br /> The meeting was adjourned at 6:30 p.m. <br /> 4 <br />