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PLACED ON 15T READING & REFERRED TO THE COMMITTEE OF THE WHOLE 9/9/09 <br />2ND READING 9/21/09. <br />ORDINANCE N0. 66-09 gy; Antonio, Bullock, Butler, <br />Madigan, Powers, Summers. <br />AN ORDINANCE authorizing the Mayor or his designee to enter into an agreement with <br />14701 Detroit, LLC or its designee for participation in the Lakewood Business Investment Program <br />(BIP) of the Economic Development Fund (EDF) for a seven (7) year loan in an amount of Two <br />Hundred Thousand Dollars ($200,000.00). <br />WHEREAS, as an authorized use of the City 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 redevelopment 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 />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 />WHEREAS, 14701 Detroit, LLC has applied for one loan under the BIP in order to complete <br />a financial package to support the redevelopment of property located at 14701 Detroit Avenue <br />(the INA Building) and 14725 Detroit Avenue (the Bailey Building) and will invest $5,500,000 of <br />other funds into the site; and <br />WHEREAS, 14701 Detroit, LLC is comprised of principals who are regional leaders in <br />property acquisition, rehabilitation and; and <br />WHEREAS, this application by 14701 Detroit, LLC meets and exceeds the General Assistance <br />Guidelines of the BIP; and <br />WHEREAS, the Economic Development Committee convened August 18th, 2009, and, <br />reviewed, and unanimously approved recommendation of the BIP application by 14701 Detroit, <br />LLC; and <br />WHEREAS, an Agreement pursuant to Section II -Basic Criteria of the BIP General <br />Assistance Guidelines will be executed by 14701 Detroit, LLC, agrees to create or cause to be <br />created at least ten (10) full-time equivalent jobs; and <br />WHEREAS, in order to enter into loan agreements under the BIP with 14701 Detroit, LLC, <br />Lakewood City Council must grant authority for the City to enter into such agreements; and <br />