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Agreement between Cuyahoga County Board of County Commissioners and Mayfield Village <br />Cuyahoga Innovation Zone Phases <br />Requirements for Funding <br />The process for launching, developing, and branding a Cuyahoga Innovation Zone follows three phases. <br />Securing Phase I funding for a proposed Zone requires two or more prospective anchor partners to file a <br />prospectus application. The prospectus should outline the proposed Zone and its elements, the rationale <br />for the Zone, an overview of how the anchor partners will develop the Zone, and estimates of the <br />expected values accruing to the region from the Zone. The application for funding should include a <br />formal statement of cooperation outlining the expectations of the proposed partners in the anchor <br />partnership. <br />Phase I -Zone Prepa~~ation <br />Objective: Outline and start securing the major relationships that will drive innovation within the Zone, <br />and set forth a business model for the Zone to become financially self-sustaining. <br />Funding: Maximum funding of $5,000 to $20,000 for Innovation Zone business planning grant. Business <br />planning grant must be leveraged -one-to-two match. <br />Application Process: The Zone anchor partnership must submit Prospectus Application Form. Upon <br />approval by the County, applicant must enter into an agreement with the County. <br />Deliverable One: A comprehensive Innovation Zone business plan that includes descriptions of: <br />1. Background Information -Anchor Partnership <br />a. Commitments and brief summary of each anchor partner <br />2. Innovation Zone Business Plan -Background <br />a. Zone Market Focus: Describe the primary commercial market focus of the proposed <br />Zone <br />b. Proposal/Rationale: Describe the business case or value-add proposition of the Zone. <br />SWOT analysis <br />c. Core Competency: Identify core resources and assets that form the foundation of the <br />Zone <br />d. Target Clientele/Identifying Businesses :Provide criteria for identifying companies <br />within the Zone's target commercial focus (portfolio of potential companies) <br />e. Measurable Objectives: Define Zone specific outcomes and objectives. Beyond <br />program required success indicators, describe how success will be defined. What are <br />the 3 - 5 - 10 year goals? <br />f. Management: Detail the Zone administration structure. (organizational chart) <br />g. Budget: Use the attached spreadsheet to illustrate apro-forma budget. (evidence of <br />equity) <br />3. Innovation Zone Physical Development Plan <br />a. Zone: Identify the geographic focus of the Zone (must include a map identifying the <br />Zone and Hotspot) <br />b. Physical Development Plan: Describe the physical development plan for the Zone <br />that addresses the Zone commercial market focus. <br />c. Physical Infrastructure Assessment: Describe how the Zone physical infrastructure <br />and resources will advance the physical development plan and commercial market <br />focus. <br />H:\Economic Development\Blue Ribbon\Innovation Zones\Applications\Mayfield Village\Phase I\Mayfield 16 <br />CIZ Phase 1 Contract DRAFT 07-17-2008.doc <br />