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<br />(Please Substitute for Ordinance No. 81-04. <br />Placed on 1" Reading and Referred to the <br />Finance Committee 9/7/04. Placed on 2nd <br />Reading 9/20/04.) <br /> <br />ORDINANCE NO. 81-04 <br /> <br />By: Corrigan, Demro~ Dever, Dunn, FitzGerald, <br />Madigan, Seelie. <br /> <br />AN EMERGENCY ORDINANCE authorizing the Mayor or his designee to enter into an <br />agreement with 1388 Riverside Partners LLC d.b.a. NetkQowledge Inc. (also known as <br />Thinsolutions) for participation in the Lakewood Business Investment Program (BIP) of the <br />Economic Development Fund (EDF) for a five (5) year forgivable loan in an amount of Sixty <br />Thousand Dollars ($60,000.00) and a separate five year forgivable loan for forty thousand dollars <br />($40,000). <br /> <br />WHEREAS, as an authorized use of the Oty of Lakewood's entitlement allocation of federal <br />Community Development Block Grant dollars, the EDF was established and approved by Lakewood <br />City Council on December 2, 1996 in order to promote business investment and rede\(elopment in <br />Lakewood for the purpose of supporting Lakewood's competitiveness and attractiveness as a <br />location for new businesses and the expansion of existing businesses; and <br /> <br />WHEREAS, the BIP 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 assistance <br />and support to companies investing in Lakewood that would foster redevelopment efforts to <br />increase jobs, generate new tax revenue and provide for physical improvements in Lakewood; and <br /> <br />WHEREAS, 1388 Riverside Partners LLC d.b.a. Netknowledge Inc. (also known as <br />Thinsolutions) has applied for two (2) loans under the BIP in order to compiete a financial package <br />to support the purchase of property located at 1388 Riverside Avenue, Lakewood OH 44107 <br />(Permanent Parcel Number 311-15-039) and the purchase of machinery and equipment also <br />located at 1388 Riverside Avenue, Lakewood, OH 44107 (Permanent Parcel Number 311-15-039); <br />and <br /> <br />WHEREAS, 1388 Riverside Partners LLC d.b.a. Netknowledge Inc. (also known as <br />Thinsolutions) has established a successful business and næds to expand to require additional <br />office space; and <br /> <br />WHEREAS, this application by 1388 Riverside Partners LLC d.b.a. Netknowledge Inc. (also <br />known as Thinsolutions) meets and excæds the General Assistance Guidelines of the BIP; and <br /> <br />WHEREAS, the Economic Deveiopment Committee convened on August 19, 2004 and, <br />reviewed, and unanimously approved recommendation of the BIP application by 1388 Riverside <br />Partners LLC d.b.a. Netknowledge Inc. (also known ás Thinsolutions); and <br /> <br />WHEREAS, an Agræment pursuant to Section II - Basic Criteria of the BIP General <br />Assistance Guidelines will be executed by 1388 Riverside Partnérs LLC d.b.a. Netknowledge Inc. <br />(also known as Thinsolutions) agræs to bring sixteen (16) full-time to the City and to the initial job <br />creation of four (4) full-time jobs or a combination of such that totals twenty (20) full time <br />equivalents and further, in accordance with such Agræment, 1388 Riverside Partners LLC d.b.a. <br />Netknowledge Inc. (also known as Thinsolutions) Is prepared to purchase the property at 1388 <br />Riverside and to move the bUSiness in Lakewood for five (5) years; and <br /> <br />WHEREAS, in order to enter into loan agreements under the BIP with 1388 Riverside <br />Partners LLC d.b.a. Netknowledge InC. (also known as Thinsolutions), Lakewood City Council must <br />grant authority for the City to enter into such agræments; and <br />