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<br />PLEASE SUBSTITUTE FOR ORDINANCE NO. 65-04
<br />PLACED ON 1ST READING & REFERRED TO THE
<br />COM}IITTEE OF THE WHOLE 6/7/04, 2ND READING
<br />6/21/04, DEFERRED 7/6/04.
<br />
<br />(Substitute for prior 65-04)
<br />ORDINANCE NO: 65-04
<br />
<br />BY: Cor¡iW:gan. Demro ~ Dever. Dunn.
<br />FitzGerald~ Madigan, Seelie.
<br />
<br />AN ORDINANCE authorizing the Mayor or his designee to expend Two Hundred Thousand
<br />Dollats ($200,000.00) of the Lakewood Public Investment Program (PIP) of the Economic
<br />Development Fund (ED F) for costs associated with site preparation of the property located at
<br />12000 Berea Road Lakewood, Ohio (Permanent Parcel Number 315-25-007) for the retention and
<br />expansion of Phil Vedda & Sons, Inc.
<br />
<br />WHEREAS, as an authorized use of the City of Lakewood's entitlement ailocation of federai
<br />Community Development Block Grant dollars, the EDF Program was established and approved by
<br />Lakewood City Councii on December 2, 1996 in order to promote business investment and
<br />redeveiopment in Lakewood for the purpose of supporting Lakewood's competitiveness and
<br />attractiveness as a location for new businesses and the expansion of existing businesses; and
<br />
<br />WHEREAS, the PIP was established and approved by Lakewood City Council on June 2,
<br />1997 as a means for implementing the EDF in order to provide needed and appropriate public
<br />investments in support of companies investing in lakewood that would foster redevelopment
<br />efforts to increase jobs, generate new tax revenue and provide for physical improvements in
<br />Lakewood; and
<br />
<br />WHEREAS, funding of the proposed site improvements in support of the retention and
<br />expansion of Phil Vedda & Sons, Inc., under the PIP will complete a financial package to support a
<br />significant pianned capital investment in purchase and redeveiopment of the property (PP#315-25-
<br />007) located at 12000 Berea Road, Lakewood, Ohio; and
<br />
<br />WHEREAS, pursuant to Ordinance _ adopted by Lakewood City Council on
<br />, 2004, the City of Lakewood will supplement the EDF Program through the
<br />issuance of a Tax Increment Financing (TIF) bond for site preparation of the property in the best
<br />interest of the public health, safety, and welfare of the City of Lakewood; and
<br />
<br />WHEREAS, pursuant to Ordinance adopted by Lakewood City Council on
<br />, 2004, the City of Lakewood is authorized to enter into a Development Agreement with
<br />Phii Vedda & Sons, Inc. setting forth the respective rights and obligations of both parties regarding
<br />the Vedda Printing expansion project, including the City's obligation to provide Two Hundred
<br />Thousand Dollar ($200,000.00) through the PIP arm of the EDF Program in support of the Phil
<br />Vedda & Sons, Inc. expansion project; and
<br />
<br />WHEREAS, the Economic Development Committee convened, on March 31, 2004 and,
<br />reviewed, and approved recommendation to City Council of the expenditure of $200,000 for site
<br />Improvements through the PIP arm of the EDF Program based on the application submitted by Phil
<br />Vedda & Sons, Inc.; and
<br />
<br />WHERÈAS, a Development Agreement will be executed with Phii Vedda & Sons, Inc.
<br />wherein Phil Vedda agrees to purchase the property at 12000 Berea Road Lakewood, Ohio
<br />(Permanent Parcel Number 315-25-007), to construct a new printing facility at this location, and to
<br />keep the business in Lakewood for five (S) years; and
<br />
<br />WHEREAS, this Council by a vote of at least five (5) members elected hereto determines
<br />that this ordinance is an emergency measure, and that this ordinance shall take effect at the
<br />earliest date possible as set forth in ARTICLE III, SECTIONS 10 and 13 of the SECOND AMENDED
<br />CHARTER OF THE CITY OF LAKEWOOD, and that immediate action is necessary to facilitate the
<br />timely remediation and redevelopment of said property for an economically viable and tax
<br />generating use. NOW, THEREFORE,
<br />
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