8846-16 Economic Development loan to Roundstone Mangement

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RESOLUTION NO. 8846 -16 Referred to the Committee of the Whole 1 -4 -16. Please substitute for the original. By:AutdQxsoru„ Bullock, Litten, Marx, Nowlin, O'Leary, O'Malley. A RESOLUTION to take effect immediately provided it receives the affirmative vote of at least five members of Council, or otherwise to take effect and be in force after the earliest period allowed by law, authorizing the Mayor or his designee to enter into an agreement with Roundstone Management, Ltd or its designee for an economic development loan for a four (4) year loan in an amount of Fifty Thousand Dollars ($50,000.00). WHEREAS, the property located at 15422 Detroit Avenue has been vacant since 2009; and WHEREAS, while the property remains structurally sound, it is in need of upgrades in order to bring it back to a productive use; and WHEREAS, Roundstone Management, Ltd has entered into a purchase agreement with the current property owners of the above property in order to establish its business headquarters in Lakewood; and WHEREAS, Roundstone Management, Ltd has requested assistance in order to complete a financial package to assist with the rehabilitation of the building, including the purchase and installation of building materials and infrastructure to make exterior and interior building repairs and renovations to the property located at 15422 Detroit Avenue (312 -14 -101) and will invest an excess of $300,000 of other funds into the rehabilitation of the site; and WHEREAS, The city's funding will be used for improvements to the building and the site, recognizing this as an opportunity to help protect the property, and secure the long tern stability of one of Lakewood's original structures along Detroit Avenue; and WHEREAS, this Council by a vote of at least five 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 property, health and safety, and to provide for the usual daily operation of municipal departments in that this agreement is necessary to provide assistance to Roundstone Management, Ltd in order for it to secure funding to close on the purchase agreement for the property located at 15422 Detroit Avenue; now, therefore BE IT RESOLVED BY THE CITY OF LAKEWOOD, OHIO: Section 1. The Mayor or his designee is hereby authorized and directed to enter into an agreement with Roundstone Management, Ltd. or its designee for an economic development loan for a four (4) year loan in an amount of Fifty Thousand Dollars ($50,000.00) toward the redevelopment of the property located at 15422 Detroit Avenue, Lakewood, OH 44107 (Permanent Parcel 312 -14 -101); said agreement to contain such terms and conditions as deemed necessary by the Director of Law to protect the public interest and in substantially the same form as attached as "Exhibit A." 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