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

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WHEREAS this Council by a vote of at least five 5 members elected hereto determines<br />

that this ordinance is an emergency measure and that this ordinance shall take effect at the<br />

earliest date possible as set forth in ARTICLE III SECTIONS 10 and 13 of the SECOND AMENDED<br />

CHARTER <strong>OF</strong> <strong>THE</strong> <strong>CITY</strong> <strong>OF</strong> <strong>LAKEWOOD</strong> and that immediate action is necessary to provide for the<br />

preservation of the public health safety and welfare and for the reason that financial assistance<br />

provided under the EDF is an investment in the City of Lakewood which promotes business<br />

redevelop rent generates 3cbs increastax revenues and prav des forphysr Fmprd en<br />

thereby stabilizing the community and improving the quality of life within the City and to<br />

encourage construction before weather conditions prohibit construction NOW <strong>THE</strong>REFORE<br />

BE IT ORDAINED BY <strong>THE</strong> <strong>CITY</strong> <strong>OF</strong> <strong>LAKEWOOD</strong> STATE <strong>OF</strong> OHIO<br />

Section 1<br />

That the Mayor or his designee is hereby authorized and directed to enter into<br />

an<br />

agreement with University Tees Inc or its designee for participation in the Lakewood Business<br />

Investment Program BIP of the Economic Development Fund EDF for a five 5 year loan in an<br />

amount of Fifty Thousand Dollars50 000<br />

to finance capital equipment facilitate job growth<br />

a locate business operations in Lakewood Ohio in compliance with and under the terms of the<br />

Business Investment Program of the Economic Development Fund said agreements to contain<br />

such terms and conditions as deemed necessary by the Director of Law to protect the public<br />

interest<br />

Section 2<br />

It is found and determined that all formal actions of this Council<br />

concerning<br />

and relating to thepassage of this Ordinance were<br />

adopted in an<br />

open meeting of this Council<br />

and that all such deliberations of this Council and any of its committees that resulted in such<br />

formal actions were in meetings open to the public in compliance with all legal requirements<br />

Section 3 This Ordinance is hereby declared to be an<br />

emergency measure for the<br />

reasons set forth and defined in the preamble of this Ordinance and provided it receives the<br />

affirmative vote of at least five 5 of its members elected to Council this Ordinance shall take<br />

effect and be in force at the earliest date possible upon its adoption by the Council and approval<br />

by the Mayor<br />

Adopted<br />

President<br />

Clerk of Council<br />

Approved<br />

Mayor<br />

cf

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