7677-02 Economic Development Fund

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Resolution No: 7677-02 PLACED ON iST READING & REFERRED TO THE COMMITTEE OF THE WHOLE 6/17/02. By: PLACED ON 2ND READING 7/1/02. Corrigan, Dunn, FitzGerald, George, Roth, Seelie, Skindell. AN EMERGENCY RESOLUTION expressing the acceptance and approval by the Lakewood City Council of recommended revised guidelines for an enhanced Economic Development Fund (EDF) for utilization by the City's Department of Planning and Development in operating and administrating such program. WHEREAS, the City of Lakewood has funded (through federal Community Development Block Grant Dollars) and operated an Economic Development Fund Program since 1996; and WHEREAS, the City's internal Economic Development Committee and the Citizens Advisory Committee have approved revised guidelines in order to introduce increased financial incentives and greaber flexibility into the operation of this program; and WHEREAS, such incentives and increased flexibility within this program will encourage greater utilization of the Economic Development Fund (EDF) Program; and WHEREAS, a greater utilization of the Economic Development Fund (EDF) Program will also result in increased private investment within Lakewood business districts and, increase the City's ability, to compete in retaining and attracting businesses and in maintaining a strong and viable economy; and WHEREAS, this Council by a vote of at least five (5) members elected hereto determines that this Resolution is an emergency measure, and that this Resolution shall take effect at the earliest date possible as set forth in ARTICLE 111, SECTIONS :[0 and 13 of the SECOND AMENDED CHARTER OF THE CITY OF LAKEWOOD, and is necessary to allow Lakewood commercial businesses and property owners to take advantage of the enhanced Economic Development Fund (EDF) Program in a timely manner; NOW THEREFORE, BE ri- RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO, Section 1. The Council of the City of Lakewood hereby approves and accepts the revised guidelines for utilization by the City's Department of Planning and Development in operating and administering an enhanced Economic Development Fund (EDF) Program as described in EXH[BI-I' A attached hereto and as further accepted and approved by the City's internal Economic Development Committee on 3une 11, 2002 and the Citizens Advisory Committee of Lakewood, Ohio at a special public hearing held on 3une 12, 2002. Section 2. It is found and determined that all formal actions of this Council concerning and relating to the passage of this Resolution were adopted in an open meeting of this Council, and that all such deliberations of this Council and any of its committees that resulted in such formal actions, were in meetings open to the public in compliance with all legal requirements. Section 3. This ResoluUon is hereby declared to be an emergency measure for the reasons set forth and defined in the preamble of this Resolution, and provided it receives the affirmative vote of at least five (5) of its members elected to Coundl, this Resolution shall take effect and be in force immediately upon its adopUon by the Coundl and approval by the Mayor. Section 4. That the Clerk of Council be and she is hereby authorized and directed to forward a copy of this Resolution and EXHIBIT A to the Department of Planning and Development for the City of Lakewood, Ohio to keep and maintain on file as proper documentaUon of the establishment of revised guidelines for operation of the Economic Development Fund (EDF) Program. PI~ESIDENT Approved: CLER~ MAYO1