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ORDINANCE NO: <br /> <br />17-07 <br /> <br /> PLACED ON 1ST RE~DING & REFERRED TO <br />SECOND READING 2/20707) <br /> <br /> An~onio, Butler, Demro, De~er~ FitzGerald, <br />AN ORDINANCE to authorize the Director of ~'~ and Development to enter <br />into padicipant agreements for the Grow Lakewood Housing Program in a total~amount <br />not to exceed $150,000. <br /> <br /> WHEREAS, the Grow Lakewood Committee in its report to Council included in <br />its critical recommendations the preservation and grov~h of housing values to the future <br />of Lakewood; and <br /> <br /> WHEREAS, Lakewood's Community Vision recommended developing programs <br />to encourage homeownership; and <br /> <br /> WHEREAS, the Administration wishes to establish a ~row Lakewood Housing <br />Program for the purpose of financially assisting property owners with the conversion of <br />two-family homes to single family homes; and <br /> <br /> WHEREAS, finar]cial assistance will be in the form of a deferred loan, secured <br />by a mortgage, on the property; and <br /> <br /> WHEREAS, sixty-one percent of Lakewood's housing stock was built prior to <br />1939; and <br /> <br /> WHEREAS, the Grow Lakewood Housing Program will encourage owner <br />occupancy ,of existing two-family homes are increasingly becoming solely renter <br />occupiedl and <br /> <br /> WHEREAS, the Grow Lakewood HoUsing PrOgram will help ou[dated homes <br />meet current regional market needs, by assisting owners in creating great rooms, larger <br />bathrooms and master suites Now Therefore, <br /> <br /> BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO <br /> <br /> Sect[on 1. That the Director of Planning and Development to enter into <br />participant agreemehts for the Grow Lakewood Housing Program in a total amount not <br />to exceed $150,000 <br /> <br /> Section 3. It is found and determined that all formal actions of this <br />Council concerning and relating to the passage of this ordinance were adopted <br />in an open meeting of this Council and of any of its committees, that resulted in <br />such formal actions, were in meetings open to the Pu61ic in compliance with all <br />legal requirements <br /> <br />Approved: ~/~r ~20 7 <br /> <br /> <br />