26-06 Agreement w/ Tyson Foods - BIP - $50,000 loan

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PLACED ON 15TREADING & REFERRED TO THE FINANEE COMMITTEE 4/3/06. SECOND READING 4/17/06. ORDINANCE N0. 26-D6 BY~ Antonio, sutler, nemro, Dever, FitiGerald,Dladigan,Seelie. AN EMERGENCY ORDINANCE authorizing the Mayor or his designee to enter into an agreement with Tyson Food. Groups, Ltd. LLC or its designee for participation in the Lakewood Business Investment Program (BIP) of the Economic Development Fund (EDF) for a five (5) year loan in an amount of Fifty Thousand Dollars ($50,000.00). 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 Council 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, Tyson Food Groups, Ltd. LLC has applied for two (2) loans under the BIP in order to complete a financial package to support the purchase of property located at 18100 Detroit (Permanent Parcel Number 311-17-011) and 1$110 Detroit (Permanent Parcel Numbers 311-17- 012] and the purchase of machinery and equipment also located at 18100 Detroit Avenue, Lakewood, OH 44107 (Permanent Parcel Number 311-17-011); and WHEREAS, Tyson Food Groups, Ltd. LLC has established a successful business; and WHEREAS, this application by Tyson Food Groups,. Ltd. LLC meets and exceeds the General Assistance Guidelines,of the BIP; and WHEREAS, the Economic Development Committee convened on January 26, 2006 and, reviewed, and unanimously approved recommendation of the BIP application by Tyson Food Groups, Ltd. LLC; and WHEREAS, an Agreement pursuant to Section II -Basic Criteria of the BIP General Assistance Guidelines will be executed by Tyson Food Groups,. Ltd. LLC agrees to create two (2) full-time jobs and further, in accordance with such Agreement, Tyson Food Groups, Ltd. LLC is prepared. to purchase the property at 18110 Detroit; and WHEREAS, in order to enter into loan agreements under the BIP with Tyson Food Groups, Ltd. LLC, Lakewood City Council must grant authority for the City to enter into such agreements; and WHEREAS, this Council by a vote of at least five (5) members elected hereto determines that this ordinance is an emergency measure, and that this ordinance shall take effect at the earliest date possible as set forth in ARTICLE III, SECTIONS 10 and 13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and that immediate action is necessary to provide for the preservation of the public health, safety and welfare and for the reason that financial assistance provided under the EDF is an investment in the City of Lakewood 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 Tf ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Mayor or his designee is hereby authorized and directed to enter into an agreement with Tyson Food. Groups; Ltd. LLC or its designee for participation in the Lakewood Business Investment Program (BIP) of the Economic Development Fund (EDF) for a five (5) year