(a) A Division of Community Development (DCD) is established, effective January 1, 1997, within the Department of Planning and Development to administer Lakewood’s Low Interest Loan Program and other rehabilitation and development programs for the public welfare purpose of enhancing the economic and physical resources of the City and its residents.
(b) The members of the Community Development Corporation (CDC) shall voluntarily dissolve and wind up the affairs of the non-profit corporation and facilitate the transfer of all assets, interests and authority of the CDC to the newly formed DCD.
(c) The Board of Trustees of the existing CDC shall remain a volunteer governing body charged with the authority, oversight and discretion necessary and proper to administer any and all loan decisions made under the programs of the DCD, effective January 1, 1997. Such Board shall also serve as a program advisory board to the Department of Planning and Development to promote future programming to benefit Lakewood. This governing body shall be titled the “Loan Approval Board for the Division of Community Development”, and all Board functions of a magisterial, representative or fiduciary character shall comply with the policies and procedures of the Department of Planning and Development, the Codified Ordinances of the City of Lakewood, and the laws of the State of Ohio.
(d) Section 111.02 of the Administrative Code shall not apply to loan agreements entered into by the Loan Approval Board of the DCD.
(e) Any and all program income generated by Lakewood’s Low Interest Loan programs and other rehabilitation and development programs shall, subject to future HUD regulations, remain committed to reuse for such respective programs. In addition, the DCD shall annually seek and apply for its necessary portion of the City’s CDBG allocation within HUD’s Consolidated Plan process in order to assure the future availability of sufficient funding for Lakewood’s Low Interest Loan Programs and other rehabilitation development programs.
(Ord. 41-96. Passed 12-2-1996.)