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REFERRED TO TEH COMMITTEE OF THE WHOLE <br />JNWlk• 7/21/14. <br />RESOLUTIONNO. 8759 -14 BY: Anderson, Bullock, Juris, Madigan, <br />Marx, Nowlin, O'Leary. <br />A RESOLUTION authorizing the Mayor or his designee to enter into an agreement with <br />Omni Lakewood, Ltd. or its designee for participation in the Lakewood Business Investment <br />Program (BIP) of the Economic Development Fund (EDF) for a five -year loan in an amount of <br />$100,000.00. <br />WHEREAS, as an authorized use of the City of Lakewood's entitlement allocation of <br />federal Community Development Block Grant dollars, the EDP was established and approved by <br />Lakewood City Council on December 2, 1996 in order to promote business investment and <br />redevelopment in Lakewood for the purpose of supporting Lakewood's competitiveness and <br />attractiveness as a 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; <br />and <br />WHEREAS, Omni Lakewood, Ltd. has applied for one loan under the BIP in order to <br />complete a financial package to support the improvement of property located at 13001 Athens <br />Avenue, Lakewood, Ohio 44107 (Permanent Parcel 315 -21 -002); and <br />WHEREAS, Omni Lakewood, Ltd. has established a successful business; and <br />WHEREAS, this application by Omni Lakewood, Ltd. meets and exceeds the General <br />Assistance Guidelines of the BIP; and <br />WHEREAS, the Economic Development Committee convened on July 15, 2014 and, <br />reviewed, and unanimously approved recommendation of the BIP application by Omni <br />Lakewood, Ltd.; and <br />WHEREAS, an Agreement pursuant to Section II - Basic Criteria of the BIP General <br />Assistance Guidelines will be executed by Omni Lakewood, Ltd., agrees to create or cause to be <br />created at least four fiill- time - equivalent jobs; and <br />WHEREAS, in order to enter into loan agreements under the BIP with Omni Lakewood, <br />Ltd., Lakewood City Council must grant authority for the City to enter into such agreements; <br />now, therefore <br />BE IT RESOLVED BY THE CITY OF LAKEWOOD, OHIO: <br />