91-09 Forgive balance of Beck Center loan

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ORDINANCE N0. 91-09 BY: Antonio, Bullock, Butler, Dever, Madigan, Powers, Summers AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least five (5) members elected to Council otherwise, it shall take effect and be in force after the earliest period allowed by law, authorizing the Director of Planning and Development to enter into an agreement with the Beck Center forgiving the balance of the loan owed to the City by the Beck Center, in the amount of $45,027.12 plus interest and applicable,fees. WHEREAS, the Beck Center for the Cultural Arts entered into a loan with the Community Development Corporation of Lakewood, anon-profit corporation, for $92;110.86 on April 28"', 1995 secured by a mortgage on the property owned by the Beck Center; and WHEREAS, the Community Development Corporation of Lakewood was voluntarily dissolved and the City of Lakewood Division of Community Development established to administer the former CDC's interests, assets and authorities in 1996; and WHEREAS, the Beck Center, formerly Lakewood Little Theatre, has been a valued community and cultural arts institution and coveted. asset to our city for more than 75 years; and WHEREAS, the Beck Center is anon-profit, performing arts and arts education organization that provides professional and amateur theatrical productions, comprehensive and curriculum-based arts education in dance, music, theatre, visual arts, and creative art therapies; and WHEREAS, a recent independent economic development study concluded that the Beck Center stimulates a total economic impact of over $10 million in an average year through salaries, vendor and visitor spending; and WHEREAS, the Beck Center has announced a significant recapitalization plan, capital upgrades to support long term self-sufficiency, operation improvements and a sustained giving program; and WHEREAS, the Beck Center has requested that the City of Lakewood forgive the loan balance of $45,027.12 plus fees and interest as part of this plan to achieve a clean audit, required to receive significant sustained funding from other sources; and WHEREAS, the Beck Center has agreed to appoint. three (3) board seats to be appointed by the City of Lakewood. WHEREAS, ,this Council by a vote of at least five (5) members elected thereto 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, SECTONS SO and