#07-07

PASSED 3/12/07

COMMITTEE REVIEW:	FINANCE COMMITTEE
INTRODUCED BY:	COUNCILMEMBER FRASHER
INTRODUCED ON:	MARCH 12, 2007
DATE OF FIRST READING:	MARCH 12, 2007
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 A THIRTY THOUSAND DOLLAR ($30,000.00) REVOLVING LOAN TO JSI PROPERTIES, INC.; AND DECLARING AN EMERGENCY

WHEREAS, the Village of Sebring manages a Revolving Loan Fund #712 for the purpose of revitalizing, attracting and retaining business in the Village of Sebring; and

WHEREAS, JSI Properties, Inc. is the owner of the property located at 194 West Georgia Avenue, Sebring, Mahoning County, Ohio known as Parcel #21-0-020-520-00.0; and

WHEREAS, the Finance Committee of Council has reviewed the application of JSI Properties and recommended approval of a Thirty Thousand Dollar ($30,000.00) loan from the Revolving Loan Fund to JSI Properties, Inc. at a rate of 5.4% interest for a period of thirty (30) months for the purpose of improving the real property located at 194 West Georgia Avenue, Sebring, Ohio in accordance with attached Exhibit “A”.

THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF SEBRING, MAHONING COUNTY, OHIO, AS FOLLOWS:

Section 1. That the Manager is hereby authorized and directed to take all steps necessary to effect a Thirty Thousand Dollar ($30,000.00) loan from the Revolving Loan Fund (Fund #712) to JSI Properties, Inc. at an interest rate of 5.4% per annum for a period of thirty (30) months for the purpose of improving the building and real estate located at 194 West Georgia Avenue, Sebring, Mahoning County, Ohio in accordance with attached Exhibit “A”. The loan shall be documented with a Promissory Note and secured by a Mortgage upon the property located at 194 West Georgia Avenue, Sebring, Ohio.

Section 2. The Council of the Village of Sebring specifically finds that this loan is consistent with the purpose of the Revolving Loan Fund to promote the revitalization of property within the Village of Sebring and serves to promote business with the retention and/or creation of job and commercial activity.

Section 3. 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 4. 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 Village of Sebring, Ohio and for the further reason for the need to commence construction to permit revitalization and economic development.

	_____________________________ JOHN W. SMITH Mayor/President of Council

ATTEST:	APPROVED AS TO LEGAL FORM:

_________________________ Malea G. Sanor Clerk of Council	_________________________ Andrew L. Zumbar Assistant Solicitor