63-97 Galaxy Balloons BIP - Laserfiche WebLink

Home Browse Search

PLACED ON 1st Reading & Referred TO FINANCE COMMITTEE ON 11/17/97. PLACED ON 2nd READING ON 12/1/97. ORmN~¢~ NO. 6 5 - 9 7 BY: Boscia, Corrigan, Flannery, George, Roth, Seelie, Smith AN EMERGENCY ORDINANCE authorizing the Mayor, on behalf of the City of Lakewood, to enter into agreements with Galaxy Balloons, Inc~ and its lending institutions for participation in the Lakewood Business Investment Program (BIP) of the Economic Development Fund (EDF). WHEREAS, as an authorized use of the City of Lakewood's entitlement allocation of federal Community Development Block Grant dollars, the EDF was established and approved by Lakewood City Council on December 2, 1996 in order to promote business investment and redevelopment in identified areas of Lakewood for the purpose of supporting Lakewood's competitiveness and attractiveness as a location for new businesses and the expansion of existing businesses; and WHEREAS, the BIP was established and approved by Lakewood City Council on June 2, 1997 as a means for implementing the EDF in order to provide needed and appropriate assistance and support to companies investing in Lakewood that would foster redevelopment efforts to increase jobs, generate new tax revenue and provide for physical improvements in Lakewood; and WHEREAS, Galaxy Balloons, Inc. has applied for a loan under the BIP in order to complete a finance package to support a significant planned capital investment in new machinery and equipment as part of its return to Lakewood; and WHEREAS, this application by Galaxy Balloons, Inc. meets and exceeds the General Assistance Guidelines of the BIP; and WHEREAS, the Economic Developmem Committee has convened, reviewed and unanimously approved recommendation of the BIP application by Galaxy Balloons, Inc.; and WHEREAS, ii1 order m emer into loan agreements under the BIP with Galaxy Balloons, Inc., Lakewood City Council must grant authority for the City to enter into such agreements; and WHEREAS, this ordinance constitutes an emergency measure providing for the immediate preservation of the public health, safety, and welfare for the reason that financial assistance provided under the EDF is an investment in the City which promotes business redevelopment, generates jobs, increases tax revenues and provides for physical improvements, thereby stabilizing the community and improving the quality of life within the City; now, therefore, BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO Section 1. That the Mayor, on behalf of the City, is hereby authorized and directed to enter into agreements with Galaxy Balloons, Inc. and its various lending insfitunons to provide a loan for the purchase of machinery and equipment in compliance with and under the terms of the Business Investment Program of the Economic Development Fund; said agreements to contain such terms and conditions as deemed necessary by the Director of Law to protect the public interest.