COMMITTEE:                                                                FINANCE COMMITTEE                     

INTRODUCED BY:                                     COUNCILMEMBER PINKERTON                             

INTRODUCED ON:                                                                          JUNE 13, 2011

DATE OF FIRST READING:                                                           JUNE 13, 2011           

DATE OF SECOND READING:                                              ________________ 

DATE OF THIRD READING:                                                  ________________

EMERGENCY CLAUSE:                                                                                 YES/NO

TITLE ONLY PURSUANT TO SECTION 4.07 OF THE CHARTER:           YES/NO

AN ORDINANCE AUTHORIZING AND DIRECTING

 THE VILLAGE MANAGER TO ENTER INTO

 A REVOLVING LOAN DEVELOPMENT AGREEMENT

 WITH HERITAGE OAKS BANQUET CENTER, LTD FOR TWENTY SEVEN THOUSAND SIX HUNDRED DOLLARS ($27,600.00);

 AND DECLARING AN EMERGENCY.

WHEREAS the Village Council has previously established a Revolving Loan Fund to aid in the economic development within the Village.

WHEREAS the Village Council has previously provided loans to Village businesses to aid in the expansion of their operations within the community; and

WHEREAS Heritage Oaks Banquet Center, LTD has requested a loan from the Revolving Loan Fund to aid in the façade improvements to a building located at 230 South Twelfth Street.

NOW, THEREFORE BE IT ORDAINED BY THE COUNCIL OF THE MUNICIPALITY OF SEBRING, MAHONING COUNTY, OHIO:

Section 1:        That the Village Manager is hereby authorized and directed to enter into a Revolving Loan Development Agreement with Heritage Oaks Banquet Center, LTD for a sum of Twenty Seven Thousand Six Hundred Dollars ($27,600.00) at Zero Percent (0.0%) interest for a period of 24 months for façade improvements at 230 South Twelfth Street, in accordance with attached Exhibit “A”.  The Loan shall be documented with a Promissory Note and secured by Mortgage upon the property located at 230 South Twelfth Street, Sebring, Ohio.

Section 2:        That it is FOUND and DETERMINED that all formal actions of this Council relating to the passage of this Ordinance or adopted in an open meeting of this Council, and that all deliberations of this Council, and of any of its committees which resulted in such formal actions were made in compliance with all legal requirements,

including those of section 121.22 of the Ohio Revised Code, all pursuant to Section 3.11 of the Charter of the Village of Sebring.



Section 3:        That this Ordinance is hereby determined to be an EMERGENCY MEASURE necessary for the immediate preservation of the public health, safety and welfare of the citizens of the Municipality of Sebring, Ohio and for the further reason that the same is necessary to ensure the timely execution of the loan agreement.

                                                                                    _____________________________

                                                                                    JOHN W. SMITH

                                                                                    Mayor/President of Council

ATTEST:                                                                     APPROVED AS TO LEGAL FORM:

_________________________                                  _________________________

Malea G. Sanor                                                           Andrew L. Zumbar

Clerk of Council                                                         Assistant Solicitor