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Agreement between Cuyahoga County Board of County Commissioners and Mayfield Village a. The physical development plan must designate at least one "HotSpot" and demonstrate the economic benefit to the targeted market sector. HotSpots are geographic places where the anchor partners will concentrate physical development. A Hot Spot is limited to no more than 2 contiguous city blocks (5 acres). This activity requires that the anchor partners obtain commitments from real estate owners and developers to a development plan that fits the Zone's purpose. 3. Zone Business Development Network: required to help cultivate the Zones capacity to facilitate business innovation. The network is the "glue" that holds the Zone together and guides its development. It connects businesses and provides focus to the development of the Innovation Zone. The Zone development network must be composed of individuals and organizations capable of addressing the underlying market focus of the Zone. This network should include, but is not limited to, angel investors, later-stage investors, business development professionals, experienced entrepreneurs, professional. service providers, and others who understand specific, market feasible innovations and how to translate innovations into successful businesses quickly. 4. Zone Incentive Package (ZIP): required to attract new businesses and support existing businesses located within the Zone. The ZIP is a cohesive support services strategy designed to create cost advantages for businesses. Essentially the ZIP is a strategic plan for developing new or organizing existing business incentive programs. The ultimate objective of the ZIP is to draw people and business into the Zone, and then support those people and businesses. ZIPs may consist of: a. cost sharing of goods and services among business within a Zone: COSE and other active chambers of commerce are an excellent model of this concept. b. in-kind service transactions among business within a Zone: Zone business offer each other special rates or other in-kind services (i.e. discounted rents, accounting services, or legal assistance). c. incentive utilization plan for capitalizing existing federal, state, and local business incentive programs: Zone anchor partners establish aone-stop-shop of tax incentive programs available to Zone businesses. IdeaCrossing is a new Internet resource created and managed by Jumpstart, Inc. for the purpose of creating the connections that build businesses. Entrepreneurs find assistance to launch promising new business ventures, and the Capital Community identifies and screens new investment opportunities. (www.icleacrossing.org) 5. Workforce Development Plan: required to identify and map entrepreneurship education and career pathways that will emerge and grow the Zone's activities and networks. Mapping entrepreneurship education and career pathways can help align resources and insure a tight fit between colleges and universities and the career requirements and opportunities in a Zone and the region. 6. Performance Measure Plan: required to gauge the success of the Zones according to established success indicators. In addition to fulfilling program-required success indicators, Zone management also must define Zone specific outcomes and indicate how the outcomes will be measured. Each Zone will be required to devise a "balanced scorecard" of operational indicators to measure and report on Zone development and share with other Zones knowledge of "what works". 7. Marketing Plan: required to promote the Zone network and further leverage the Zone through promotion and the creation of stories around Zone activities and accomplishments. When a Zone is fully operational, including the business network and ZIP, it provides the Zone with a unique identity. Tying the unique assets of a Zone, such as HotSpots and business networks, to the Zone's name gains identity and promotional leverage. H:\Economic Development\Blue Ribbon\Innovation Zones\Applications\Mayfield Village\Phase I\Mayfield 14 CIZ Phase 1 Contract DRAFT 07-17-2008.doc