2008 033 Ordinance - Laserfiche WebLink

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Agreement between Cuyahoga County Board of County Commissioners and Mayfield Village Use of Funds The following guidelines provide a description of eligible use of funds. The Cuyahoga Innovation Zone Program will award funding to successful applicants to be used for the following purposes: • To hire architectural, engineering, legal, appraisal, insurance, and consultant services in order to perform the requisite business development plan, physical infrastructure plan, business development network, incentive utilization package, workforce development plan, and marketing strategy. ~ To fund infrastructure enhancements, upgrades to commercial space, .and/or services dedicated to advance for-profit commercial endeavors directly related to the market focus of the Zone. Funding support may include adopting and implementing written plans identifying capital improvements and/or service delivery mechanisms necessary to establish the Zone. Implementing plans for improvements or services involves design, acquisition, construction, enlargement, or alteration of critical physical or programmatic Zone infrastructure. • To create or support entrepreneurial and business development services dedicated to attract companies well positioned to benefit from collaborating directly with the Zone's anchor partnership. Funds may be used to conduct business plan analysis, marketing analysis, prototyping, patent research and filing, intellectual property assessment, structuring licensing and royalty agreements, and other uses to be defined. This includes support of innovation and technology transfer and commercialization from and between various Zone partnering organizations, such as universities or companies. It is preferred that these services include business planning, education, networking and other services rather than the direct funding of staff. • To provide direct financial assistance to a business attraction or expansion project within the Zone. Funding may include challenge grants and/or loans. Loans, rather than grants, should be considered especially if the funding is being used to assist companies with the purchase of machinery or equipment for their project. • Grant funds may not be used to: o Support general administrative overhead of any participating Zone partner. o Fund travel. o Fund improvements or services in lieu of any improvement or service provided by any political subdivision or participating Zone partner. o Perform building construction or renovation for the expressed use of any participating Zone partner. o Support long-term staff salaries. o Support non-Zone companies. o Lobbying, campaign contributions, or any other purpose prohibited by law. NOTE: APPLICANTS INTENDING TO USE AN INNOVATION ZONE AWARD MUST IIE ABLE TO llEN(ONSTRATE A SUSTAINABLE ['UNllING SOURCE AFTER T}~E INITIAL COUNTY FUNDING. H:~Economic Development~Blue Ribbon~Innovation ZonesWpplications~Nlayfield Village~Phase I~Nlayfield 15 CIZ Phase 1 Contract DRAFT 07-17-2008.doc