48-07 JEDZ Agreement - Laserfiche WebLink

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rates to offset the cost of capital improvements made to the water distribution system on behalf of the Direct Service communities who have entered into similar _IEDZ agreements. 6. The 3EDZ Parties intend to enter into this Agreement to create and provide for the operation of a joint economic development zone in accordance with Section 715.69 of the Revised Code for the purpose of facilitating new or expanded growth for commercial or economic development for the benefit of their residents and of the State. 7. Cleveland is an impacted city as defined in division (C) of section 1728.01 of the Revised Code. NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth, the 3EDZ Parties hereto agree and bind themselves, their agents, employees and successors, as follows: Section 1. Creation of the 3oint Economic Development Zone: Name, The JEDZ Parties, by their combined action evidenced by the signing of this Agreement, hereby create a joint economic development zone in accordance with the terms and provisions of this Agreement. The joint economic development zone created pursuant to this Agreement shall be known as the " .~oint Economic Development Zone" (the "Zone"). Section 2. Purpose. Tn accordance with R;C. 715.69, the _~EDZ Parties intend that the creation and operation of the Zone shall, and it is the purpose of the Zone to, facilitate new or expanded growth for commercial or economic development for the benefit of their residents and of the State. Section 3. Territory of the Zone. The territorial boundary of the Zone shall be the combined total area of the municipal boundaries of the .]EDZ Parties Section 4. Term. Unless earlier terminated in accordance with its terms, or amended by mutual written agreement of the parties, this Agreement shall be for a term of twenty (20) years commencing on the first day after execution of this Agreement by Cleveland, and shall automatically continue in effect from year to year thereafter. This Agreement may be cancelled by either .]EDZ Parb/ by giving written notice to the other at least five (5) years prior to the effective date of termination, provided that no such notice may be given until fifteen (15) years after the date upon which this Agreement is executed by Cleveland. Section S, Contribution to the Zone, (a) Cleveland's Contribution. Cleveland's contribution to the Zone is its agreement to extend the term of water service agreement in accordance with