2008 033 Ordinance - Laserfiche WebLink

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Agreement between Cuyahoga County Board of County Commissioners and Mayfield Village Phase II -Zone Launch Objective: Begin implementation of the Zone development plan, secure additional major relationships that will drive innovation within the Zone, and to begin open innovation network promotion. Funding: Maximum funding of $150,000 implementation grant administered over two years. The implementation grant must be leveraged -one-to-one match. Application Process: The Zone anchor partnership must submit a comprehensive Innovation Zone business plan completed in Phase I. The applicant must provide detailed scope of work for the Innovation Zone project for which funding is being sought. The applicant must clearly describe the Zone activity and identify outcomes. Upon approval by the County, applicant must enter into an agreement with the County. Deliverable One: Demonstrate at least one physical development project underway within the identified Zone HotSpot and coordinated with other area physical development plans. Deliverable Two: Launch business development plan, ZIP, and workforce development plan Deliverable Three: Secure four more signed agreements between one or more anchor partners and business development network members for business development services, ZIP contribution, and workforce development activities. Time of Performance: Award recipients are given two (2) years to present all deliverables to the Cuyahoga County Department of Development. Amendment to the time of performance shall be subject to the County's determination that the award recipient has exhibited the utmost in good faith in the performance of the award agreement and that there is just cause based upon the intervention of a circumstance unforeseeable at the execution of the agreement document. Any change in the time of performance shall be agreed to by the award recipient and the County in writing, and said writing shall be incorporated in written amendments to the agreement signed by the parties. Success li'Ietric: Within two years of receiving Phase II, award recipients must demonstrate: • Employment growth within the Zone HotSpot -1 job per $50,000 of County funding 2 Business startups and/or attraction within the Zone HotSpot Remedies: Upon the determination of the Cuyahoga County Department of Development that the award recipient has failed to achieve sufficient progress in meeting the success metrics or providing deliverables on time and in a form acceptable to the County, the County shall have the right to declare default and to exercise concurrently or successively any one or more of the following rights or remedies: a. Wholly or partially terminate the award agreement and the rights given to the award recipient; temporarily or permanently withhold or reduce funds not yet paid; b. Recover funds previously paid to the award recipient; c. Disallow all or part of the cost of a noncompliant activity; d. Wholly or partially suspend the Agreement; e. Exercise any and all additional rights the County may have in law or equity; In the event of default, the County shall provide the award recipient notice and thirty days to cure the default. If the award recipient fails to cure within thirty days of the notice, the County may choose any of the other remedies outlined above. Termination shall be effective five (5) days after the date the County has given written notice to the award recipient of such termination. Should the County determine to proceed in recovering previously paid funds, the award will convert to a principle only zero (0.00%) percent loan that must be repaid within sixty (60) months of the County H:\Economic Development\Blue Ribbon\Innovation Zones\Applications\Mayfield Village\Phase I\Mayfield 18 CIZ Phase 1 Contract DRAFT 07-17-2008.doc