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Agreement between Cuyahoga County Board of County Commissioners and Mayfield Village ~/ision, Mission, and Goals Vision Cuyahoga Innovation Zones will leverage the economic assets of the County and region to create self- sustaining Zones that will attract people and grow businesses, advancing the region's economic competitiveness. Mission To promote collaboration and build business-friendly place-based environments that will help drive the region's economic resurgence. Guiding Principles • Zones are networks of places where innovation takes place. • Zones couple colleges and universities, entrepreneurs, businesses, professionals, and capital to the Zone HotSpots, where physical development takes place. • Each Zone has unique characteristics and offerings with which to attract people and businesses. Success Accomplishing this mission will be evidenced by establishing successful Innovation Zones. The success of the Zone will be demonstrated by: Direct • Employment growth -rate of growth in private sector, Zone-based jobs within the Zone HotSpot 0 1 job per $50,000 of County funding over three year period • Increase property values -rate of increase in property values within the Zone HotSpots 0 15% increase in property values, after any abatement that may be offered by the local community or the state within a five year period. • Business startups and attraction -rate of firm location or creation within the Zone 0 3 new business start-ups or attractions within a three year period ^ Firms must be directly supportive to the Zone market focus -relevant and rational connection ^ Intra-county relocations will not count as an attraction nor will they qualify for funding ^ Retail firms will not be counted for creation or attraction nor will they qualify for funding Indirect • Income growth -rate of growth in average Zone-based wage per capita • Productivity growth -rising ratio of Zone-based output to employment growth multiplied by income growth • Private-to-Public capital ratio growth -rising ratio of economic development funding coming from the private sector to funding coming from the public sector H:~Economic Development~Blue Ribbon~Innovation Zones~Applications~lvlayfield Village~Phase I~Mayfield 12 CIZ Phase 1 Contract DRAFT 07-17-2008.doc