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Agreement between Cuyahoga County Board of County Commissioners and Mayfield Village Elements of a Cuyahoga Innovation Zone A Cuyahoga Innovation Zone is abusiness-friendly place-based environment focused on unique segments of the regional economy. A Zone is a limited service area, anchored by businesses and/or institutions with the capacity to address the market focus of the Zone. The Zone must be properly Zoned for commercial/industrial activity and all parcels in the Zone must be contiguous, no islands or donuts. The Cuyahoga Innovation Zone concept is designed to promote collaboration through practical benefits for the participants. A minimum of two anchor partners are required to establish an Innovation Zone. There can be more than two founding partners. The anchor partnership must consist of at least one 501(c)(3) nonprofit economic development organization and one or more organizations (private industry, colleges or universities, or a leading research and development organization will qualify) with unique capacity to assess and understand the underlying market focus of the Zone. ~ One of the partners will be designated to be the lead or anchor organization. The anchor organization must be a designated 501(c)(3) nonprofit organization, with a clearly stated purpose to advance community and economic development. By definition, an anchor organization must be of sufficient size and scope to undertake the anchor role in launching, developing, branding and administering the general Zone business plan. The anchor partnership provides initial leadership, resources, and funding, to develop an Innovation Zone Business Plan, necessary for securing County funding to launch the Zone. The anchor partners together guide the development of the Zone and evaluate progress with a consistent set of metrics. Cuyahoga Innovation Zone must include the following elements: 1. Zone Business Plan: identifies a market relevant approach to physical development. The business plan provides the value adding proposition to companies for becoming affiliated with the Zone. The plan will identify the focus and target market of the proposed Innovation Zone. The business plan must clearly illustrate the Innovation Zone's competitive advantage for the identified target market. This requires a core competency assessment of the potential Zone to identify critical resources and assets that will advance the ability of businesses to innovate. The business plan will also include: ~. Budget detailing the sources and uses of funds b. Identified commercial market focus c. Core competency assessment d. Zone management structure and plan e. Defined outcomes f. Project schedule/time table 2. Zone Development Plan: establishes the geographic focus of the Zone and specifies the development objectives of the Zone. The geographic focus of the Zone indicates the place-based environment of the business plan. Anchor partners must inventory physical space and submit a physical development plan that complements and adheres to the overall business plan. The identified area provides the spatial context of the business plan. This requires that physical developments within the Zone foster revenue generation and support the market focus of the Zone. For the pilot program, and due to limited funding, Zones must contain 20 contiguous city blocks (50 acres). 1 While local municipalities and other local government agencies are critical partners in developing and implementing an Innovation Zone, local government does not qualify as an anchor partner. The anchor partnership must possess specific market knowledge to ensure the Zone and the assets associated with the Zone contribute to a company's income statement. This is not the primary function of government. H:~Economic Development~Blue Ribbon~Innovation Zones~Applications~lVlayfield Village~Phase I~1Vlayfield 13 CIZ Phase 1 Contract DRAFT 07-17-2008.doc