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Agreement between Cuyahoga County Board of County Commissioners and Mayfield Village <br />Pu rpo~e <br />The purpose of Cuyahoga Innovation Zones (CIZ) is to accelerate the rate of innovation in the economy <br />of Cuyahoga County and Northeast Ohio (NEO). The initiative is designed to "leverage" the economic <br />development capacity of the region's institutional and industrial strengths and tie them together through a <br />strategic place-based economic development plan. <br />An Innovation Zone is abusiness-friendly environment focused on unique market segments of the <br />regional economy with an enduring network of places that are attractive to entrepreneurs, businesses, <br />professionals, and investment capital. The initiative provides an opportunity to focus physical <br />development of Cuyahoga County and Northeast Ohio. <br />Cuyahoga Innovation Zones are designed to promote collaboration through practical benefits for the <br />participants. <br />Benefits to participating businesses and entrepreneurs include: <br />• Access to facilities and resources for business development. <br />• Access to creative new ideas and market opportunities. <br />• Connections to colleges and universities to identify and recruit talented students and faculty. <br />• Opportunities to work with colleges, universities, and/or research institutions to design custom <br />training and/or research collaborations programs. <br />• Access to new investment opportunities and capital for business development. <br />Benefits to research organizations and higher education institutions include: <br />• Institutions becoming more attractive and competitive organizations for collaboration with <br />businesses, because of the "value adding" proposition to businesses. <br />• Access to new career networks for students. <br />• Access to business development networks for faculty and researchers. <br />• Opportunities to strengthen networks with alumni and other supporters. <br />Benefits to surrounding communities and chambers of commerce include: <br />• Enhancement of the "value adding" proposition to businesses, making communities more <br />attractive and competitive places for business to locate. <br />• Access to new business investment. <br />• Opportunities to leverage Zone economic development efforts. <br />H:\Economic Development\Blue Ribbon\Innovation Zones\Applications\Mayfield Village\Phase I\Mayfield 11 <br />CIZ Phase 1 Contract DRAFT 07-17-2008.doc <br />