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ORDINANCE NO: lo6-o5 <br /> <br />BY: Corrigan~LDem~o,,De~er, <br /> FitzGerald, Madigan, Seelie <br /> <br /> AN EMERGENCY ORDINANCE authorizing the Mayor or his designee to amend the <br />agreement with Dr. Keith Jordan d.b.a. Optimal Health Chiropractic Clinic LLC for participation in <br />the Lakewood Business Investment Program (BIP) of the Economic Development Fund (EDF) for a <br />five (5) year forgivable loan in an amount of Two Hundred Thousand Dollars ($200,000.00). <br /> <br /> Whereas the City entered into a contract pursuant to Ordinance 122-02 with Dr, Keith <br />Jordan d.b.a, Optimal Health Chiropractic Clinic LLC and Dr. Jordan now wishes to transfer title <br />and the agreement into the name of K & L Realty and the terms and conditions of the original <br />agreement will still be in effect including the same guarantees; and, <br /> <br /> Whereas. Dr. Jordan has redeveloped the former Yorktown motel into a successful medical <br />office facility; and, <br /> <br /> WHEREAS, in order to enter into loan agreements under the BIP with K & L Realty, <br />Lakewood City Council must grant authority for the City to enter into such agreements; 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 IiT, SECTIONS 10 and 13 of the SECOND AMENDED <br />CHARTER OF THE CI-FY OF LAKEWOOD, and that immediate action is necessary to provide for the <br />preservation of the publ!c health, safety and welfare and for the reason that financial assistance <br />provided under the EDF is an investment in the City of Lakewood which promotes business <br />redevelopment, generates jobs, increases tax revenues and provides for physical improvements <br />thereby stabilizing the community and improving the quality of life within the City. NOW, <br />THEREFORE, <br /> <br />Adopted:' c~ ~)/ ~2()0 )'~ <br /> <br /> BE ~' ORDAINED BY THE C~TY OF LAKEWOOD, STATE OF OHIO: <br /> <br /> Section 1. That the Mayor or her designee is hereby authorized and directed to amend <br />the contract with Dr. Keith Jordan d.b.a. Optimal Health Chiropractic Clinic LLC to change the <br />borrower to K & L Realty for participation in the Lakewood Business Investment Program (BIP) of <br />the Economic Development Fund (EDF) for a five (S) year forgivable loan in an amount of Two <br />Hundred Thousand Dollars ($200,000.00) toward the purchase of the property located at 11860 <br />Clifton Boulevard, Lakewood, Ohio in compliance with and under the terms of the Business <br />Investment Program of the Economic Development Fund; said agreements to contain such terms <br />and conditions as deemed necessary by the Director of Law to protect the public interest. <br /> <br /> Section 2. It is found and determined that all formal actions of this Council concerning <br />and relating to the passage of this Ordinance were adopted in an open meeting of this Council, <br />and that all such deliberations of this Council and any of its committees that resulted in such <br />formal actions, were in meetings open to the public in compliance with all legal requirements. <br /> <br /> Section 3. 'This Ordinance is hereby declared to be an emergency measure for the <br />reasons set forth and defined in the preamble of this Ordinance, and provided it receives the <br />affirmative vote of at least five (5) of its members elected to Council, this Ordinance shall take <br />effect and be in force at the earliest date possible upon its adoption by the Council and approval <br />by the Mayor. <br /> <br /> President <br /> <br /> Clerk of ~:ouncil <br /> <br />Approved:'~, ~'/ <br /> <br /> <br />