DOCKET OF A MEETING OF THE LAKEWOOD CITY COUNCIL TO ...

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DEPARTMENT OFPLANNING DEVELOPMENT
NATHANIKELLY
DIRECTOR
12650 DetroitAvenue 44107 x216 529 6630 FAX 216 529 5936
wwwonelakewcodcdm
November 11 2009
Lakewood City Council
12650 Detroit Avenue
Lakewood Ohio 44107
RE EDF Support for 717Ink University Tees
Dear Members ofCouncil
The attached proposed ordinance proposes an Economic Development Fund Loan to 717Ink and
University Tees a growing business owned by Lakewood residents Recently the principals of
717hr1c and University Tees applied for an Economic Development Fund Loan to finance the
purchase ofscreen printing equipment
University Tees markets apparel to college campuses nationwide with management and sales
representatives currently based in Westlake Theirbusiness is expanding and their supply chain
is changing University Tees is going to stop outsourcing their screen printing in favor oftheir
newly created 717Ink which has entered into a lease at Lakewood s Templar Office Complex
formerlythe Lake Erie Screw Building
To help grow their business they have applied fora50 000 loan to finance the purchase of
capital equipment to stimulate their growth If approved University Tees wiII move their eight
employees to Lakewood and operate 717Ink in Lakewood Currently University Tees has a
250 000 payroll Once operational 717Ink will have a payroll of178 000 Their conservative
growth projections place their 2011 payroll over 500 000 They expect to double their size in
five years
On November 1001 the Economic Development Committee reviewed the application and
recommended loan approval using eligible CDBG funds with repayment to begin in April 2010
I look forward to discussing the proposal further in the appropriate committee
Respectfully
EathanKelly
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