8640-13 Authorizing Agreement with WECO Fund Inc.

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REFERRED TO THE COhfhffTTEE OF THE WHOLE 3/4/13. RESOLUTION NO. 8640-13 BY: Anderson, Bullock, Suris, Madigan, Nowlin, Powers, Smith. A RESOLUTION to take effect immediately provided it receives the affirmative vote of at least five (5) members of Council, or otherwise to 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 WECO Fund, Inc. to accept the assignment of microloans that were made as a result of the Lakewood Start-up and Existing Entrepreneurial Development (SEED) Program; to assign the administration of the SEED Loan Program to the Division of Community Develop- ment; and to enter into necessary agreements to make and service loans under this program. WHEREAS, in 2007 the City of Lakewood entered into an agreement with WECO Fund, Inc. to administer the Lakewood Start-up and Existing Entrepreneurial Development (SEED) Program which is asmall-business, City-funded, microloan program; and WHEREAS, that agreement has expired and WECO Fund, Inc. is shutting down its cor- porate business; and WHEREAS, loans made on behalf of the City of Lakewood must continue to be serviced, which requires the City to accept assignment of the loans from WECO Fund, Inc.; and WHEREAS, this Council by a vote of at least five (5) of its members 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 III, Sections 10 and 13 of the Second Amended Charter of the City of Lakewood, and that it is necessary for the immediate preservation of the public peace, property, health and safety, and to provide for, the usual daily operation of municipal departments in that this agreement is required to continue the collection of payments under the loan program; now; therefore, BE IT RESOLVED BY THE CITY OF LAKEWOOD, OHIO: Section 1. The Director of Planning and Development is hereby authorized to enter into an agreement with WECO Fund, Inc. to accept the assignment of loans that were made on behalf of the City of Lakewood's Start-up and Existing Entrepreneurial Development (SEED) Program. Section 2. The administration of any microloans under the SEED Program shall be as- signed to and a function of the Division of Community Development, Section 3. The Director of Planning and Development is hereby authorized to enter, into any ancillary or related agreements necessary to make and service loans under the SEED Pro- gram. Section 4. 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, 55