14-07 Bazetta Group - BIP - Laserfiche WebLink

Home Browse Search

ORDINANCE NO: 14-07 PLACED O~ 1ST READING & REFERRED TO BY: SSCOi~D R~AO:I~ ~//0~/'07. FitzGerald, Madigan, Seelie. AN ORDINANCE to take effect immediately provided it received the affirmative vote of at least five (5) members elected to Council otherwise, it shall take effect and be in force alter the earliest period allowed by law, authorizing the Mayor or his designee to enter into an agreement with Bazetta Group, 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 Council on DecembeF 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 3une 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, Bazetta Group, LLC has applied for a loan under the BIP in order to assist with the purchase of the machinery and equipment. WHEREAS, this application by Bazetta Group, LLC meets and exceeds the General Assistance Guidelines of the BIP; and WHEREAS, the Economic Development Committee convened on 3anuary 8, 2007 and, reviewed; and unanimously approved recommendation of the BIP application by the Bazetta Group, LLC; and WHEREAS, an Agreement pursuant to Section II - Basic Criteria of the BIP General Assistance Guidelines will be executed by the Bazetta Group, LLC wherein Bazetta Group, LLC agrees to the initial job creation of eight (8) full-time jobs and further, in accordance with such Agreement, the Bazetta Group, LLC is prepared to undertake the project and to keep the business in Lakewood for five (5) years; and WHEREAS; in order to enter into loan agreements under the BIP with the Bazetta Group, 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 C1/Y 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 1/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 Bazetta Group, 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) toward the purchase machinery and equipment lo be located at what is commonly known as "Plant 3" located at 13001 Athens Avenue, L~kew0od, Ohio (Permanent Parcel Number 315-21-049) in compliance with and under the terms of the Business Investment Program of the Economic Development Fund; said agreements to