The Observation Deck

Jim O'Bryan wrote:Ryan

I forgot to mention this last week.

Thanks for posting.

How does this affect Lakewood, and the money we "lent/gave" them. The reason seemed very weak at best.

Can we get it back?

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ORDINANCE NO. 71-03 - AN EMERGENY ORDINANCE authorizing the Mayor or her designee to enter into an agreement with Hinkley Lighting, Inc. for participation in the Lakewood Business Investment Program (BIP) of the Economic Development Fund (EDF) for a five (5) year forgivable loan in an amount of One Hundred Fifty-Five Thousand Dollars ($155,000.00) to assist Hinkley Lighting, Inc. with the redevelopment of 12600 Berea Road (Permanent Parcel No. 315-24-010) and 12750 Berea Road (Permanent Parcel No. 315-24-005), Lakewood Ohio. (PLACED ON 1ST READING AND REFERRED TO THE COMMITTEE OF THE WHOLE 10/6/03, PLACED ON 2ND READING 10/20/03)

The proposed public/private partnership between Hinkley Lighting, Cuyahoga County, and the City of Lakewood, will result in a $2.5 million redevelopment project, over 80% of which will be private investment into our community by Hinkley Lighting. At this time, the City is seeking formal authorization of the following legislation:
Ordinance 70-03 - Authorizing the City to enter into a Development Agreement with Hinkley Lighting, Ordinance 71-03 - Authorizing the city to enter into an Economic Development Fund Loan Agreement with Hinkley Lighting, in an amount of $155,000, and Ordinance 72-03, adjusting appropriations for expenditures in the General Fund for the purpose of accepting and expending a $387,(722) Economic Development Grant from Cuyahoga County related to this project.
This project will not only result in the retention and expansion of a highly respected industry that is anchored on Berea Road but also the City has successfully obtained $387,000 grant from Cuyahoga County; environmental clean-up of a Brownfield property there, construction of a 40,000 plus distribution facility with associated machinery and equipment, job retention of over 70 jobs, additional employment of potentially 6-10 jobs over the next few years, retention and expansion o over $100,000/year corporate taxpayer to City of Lakewood and an Increased tax revenue for both the City and the Schools over 100% annually once the project is complete.
As such, Ordinances 70-03, 71-03, and 72-03 were all recommended at the Committee of the Whole Meeting this evening for adoption.

Grace O'Malley wrote:This is what happens when you give welfare to corporations.

They make bad choices. They need to take responsibility for themselves. Government shouldn't be there with a handout.

Grace O'Malley wrote:This is what happens when you give welfare to corporations.

They make bad choices. They need to take responsibility for themselves. Government shouldn't be there with a handout.

dl meckes wrote:I think it's an over simplification to say that Hinkley, the City, or the County made bad choices (aside of course, from leaving).

That parcel of land could have been empty over the past five years. Those jobs could have been lost, and that Brownfield may never had been addressed. I have no information to assess what taxes have been paid to the City over the past five years by the company or the employees.

It doesn't seem helpful to taxpayers when a business is looking for the next good deal from another community to expand into, but Hinkley has been a good neighbor. I'll miss the outlet store.

I tend to think that if the City can encourage businesses to come or stay here, it's valuable. It's probably a lot easier to build something new on open land than it is to locate to a first tier suburb.