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RESOLUTION N0.2016-07 INTRODUCED BY: Mayor Bodnar and Council as a Whole A RESOLUTION IN SUPPORT OF OFFERING AN ECONOMIC DEVELOPMENT INCENTIVE PROGRAM GRANT TO MAGNUS EQUIPMENT, LLC, AND DECLARING AN EMERGENCY ' WHEREAS, upon discussion between the Mayor, the Economic Development Director and the owners of Magnus Equipment, LLC ("Magnus"), the Mayor and the Economic Development Director recommend that the Village enter into formal negotiations with Magnus in accordance with the terms outlined in a certain letter of intent to provide an Economic Development Incentive Program grant to Magnus; and WHEREAS, this recommendation is made to provide Magnus the appropriate economic development grant to support the economic viability of Magnus's relocation of its operations to the Village and facilitate the expansion of its business operations at 600 Beta Drive; and WHEREAS, the Village will provide Magnus for the first five (5) years of Magnus's lease of 600 Beta Drive an annual grant in an amount equal to thirty percent (30%) of Magnus's income taxes withheld for wages earned in Mayfield Village and/or paid to the Village on its final net annual payroll, so long as a threshold minimum amount of net income tax revenue is paid to the Village; the Village will provide Magnus assistance in securing an economic development loan from Cuyahoga County's Department of Development; and the Village will provide, if Magnus so elects to utilize the Village's fiber optic network, a connection to the network and access to the services provided over the network; and WHEREAS, based upon the above, the Mayor and the Economic Development Director request Council's formal support of their recommendation. NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: SECTION 1. This Council hereby supports the recommendation, set forth above and incorporated herein, of the Mayor and the Economic Development Director, and consents to the terms being further set forth in writing in a certain letter of intent, between the Village and Magnus. SECTION 2. The Mayor is hereby authorized to immediately and forthwith, upon obtaining a signed letter of intent from Magnus, to commence negotiations with Magnus so that appropriate agreements and legislation can be prepared to formalize the grant and for the Company to move forward with the relocation of its operations in the Village.