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Por the first five years of Wireless Environment's Lease of 600 Beta Drive, Mayfield <br />Village will provide an annual grant of an amount equal to thirty percent (30%) of <br />Wireless Environment's income taxes withheld for wages earned in Mayfield Village <br />and/or paid to the Village on its final net annual payroll. In the Village's initial <br />assessment, Wireless Environment was only eligible fora 1 s% grant, but CEDC decided <br />on a 30% grant because of the impact that Wireless Environment's relocation to 600 <br />Beta will bring. Mayfield Village will set a threshold amount of minimum income tax <br />revenue iequired for the annual grant based on the financial records of the company and <br />as further agreed between the Village and Wireless Enviromnent. If Wireless <br />Environment faits to meet this threshold in any year then Wireless Environment would <br />not be entitled to the thirty percent (30%) grant for that tax year.. The annual grant <br />payment will be calculated based on information provided by the Regional Income Tax <br />Agency (RITA). <br />Notwithstanding that either or both, the Village and Wireless Environment, may expend <br />substantial efforts and sums in anticipation of entering into an Incentive Grant agreement <br />and relocating to Mayfield Village, the parties acknowledge that this letter shall in no event <br />be construed as an enforceable agreement to require the provision of any Incentive Grant <br />from the Vflllage to Wireless Environment; and each party accepts the risk that no such <br />Incentive Grant will be provided. Each party will be free to terminate negotiations with the <br />other for any reason whatsoever, at any time prior to both parties' authorization of and <br />execution of any agreement(s) formalizing the Incentive Grant, without incurring any <br />liability to the other. <br />Please carefully review the information set forth above. If your company is interested in pursuing <br />the Incentive Grant outlined above, please sign and return this letter to me as soon as possible. <br />Upon receipt of the signed letter, we will seek a resolution of support from Council at their next <br />voting meeting. Once the resolution of support is passed, we will draft the Incentive Grant <br />agreement. The Incentive Grant agreement requires Mayfield Village Council approval. <br />If you have any questions, please contact me at 440-461-7894 or tesbom@mayfieldvillage.com. <br />~~Q <br />Ted Esborn <br />Economic Development Director <br />Mayfield Village <br />?D~t/1/J~:1' <br />David Levine <br />President <br />Wireless Environment, LLC <br />cc: Jejj''Binstock <br />{ozoss9so - 1} 4 <br />