122-02 Dr. K Jordan / Optimal Health Chiropractic BIP

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Please substitute for Ordinance 3.22-02 (Placed on readincl June 17, 2002 and 2~ reading on July 3., 2002 ORDINANCE NO: 122-02 BY: Corrigan, Dunn, FitzGerald, George, Roth, Seelie, Skindell. AN EMERGENCY ORDINANCE authorizing the Mayor or her designee to enter into an agreement with Dr. Keith 3ordan d.b.a. Optimal Health Chiropractic Clinic LLC for participation in the Lakewood Business Investment Program (BIP) of the Economic Development Fund (EDF) for a five (5) year forgivable loan in an amount of Two Hundred Thousand Dollars ($200,000.00). 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 Coundl on December 2, 1996 in order to promote business investment and redevelopment in 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, Dr. Keith Jordan d.b.a. Optimal Health Chiropractic Clinic LLC, has applied for a loan under the BIP in order to complete a financial package to support a significant planned capital investment in the purchase and complete rehabilitation of the former Yorktown Motel property located at 11860 Clifton Boulevard, Lakewood, Ohio; and WHEREAS, the Common Pleas Court declared the Yorktown Motel to be ma location where multiple felony and misdemeanor violations have occurred'; and that the Motel therefore "constitutes a Nuisance subject to abatement under Ohio Revised Code §3767.01"; and WHEREAS, through this Court action, the City of Lakewood has been successful in terminating operations of the Yorktown Motel the blighted area known as :1.1860 Clifton Boulevard; and WHEREAS, the City of Lakewood has until August 2, 2002 to locate a buyer for the aforementioned property before it becomes available to revert back to a motel operation; and WHEREAS, Dr. Keith .~ordan d.b.a. Optimal Health Chiropractic ainic LLC has established a successful chiropractic clinic in Lakewood and has expanded his business to require additional office space; and WHEREAS, Dr. Keith Jordan d.b.a. Optimal Health Chiropractic Clinic LLC is willing to purchase the property known as 11860 Clifton Boulevard and completely remodel the structure to accommodate his chiropractic business as well as enhandng the outside of the property to fit more closely with the surrounding residential properties along Clifton Boulevard; and WHEREAS, this application by Dr. Keith 3ordan d.b.a. Optimal Health Chiropractic Clinic LLC meets and exceeds the General Assistance Guidelines of the BIP; and WHEREAS, the Economic Development Committee convened on .~une 11, 2002 and, reviewed, and unanimously approved recommendation of the BIP application by Dr. Keith .~ordan d.b.a. Optimal Health Chiropractic Clinic LLC; and