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RESOLUTION NO. 2015-10 <br />INTRODUCED BY: Mayor Rinker and Council as a Whole <br />AN EMERGENCY RESOLUTION <br />AMENDING RESOLUTION NO. 2007-13 CHANGING THE FUND NAME OF <br />"COUNTY INNOVATION ZONE (CIZ) FUND," ALSO KNOWN AS THE <br />"MAYFIELD INNOVATION ZONE (MIZ) FUND," TO <br />"MAYFIELD COMMUNITY IMPROVEMENT CORPORATION FUND," <br />AUTHORIZING THE DEPOSIT OF FUNDS INTO SUCH ACCOUNT, <br />AND MERGING ALL RELATED FUNDS. <br />WHEREAS, it is the desire of Council to amend the name of the Fund <br />established in 2007, to consolidate funds for economic development, and to <br />continue to set aside monies for the purpose of addressing economic <br />development, drainage and infrastructure issues in the Village. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF MAYFIELD <br />VILLAGE, OHIO THAT: <br />SECTION 1. That the fund known as the "County Innovation Zone (CIZ) <br />Fund," also known as the "Mayfield Innovation Zone (MIZ) Fund," and the <br />"M.C.I.C. Fund" are amended to be known as the "Mayfield Community <br />Improvement Corporation Fund." The sources of monies deposited into said fund <br />shall continue to include but will not be limited to the Excise Tax on Lodging as <br />outlined in Chapter 171 of the Mayfield Village Codified Ordinances, Cable <br />Television Franchise Fees as described in Chapter 945.17 of the Mayfield Village <br />Codified Ordinances and other revenues as determined by Council from time to <br />time. Expenditures made from this fund will be for the purpose of paying the costs <br />of creating and operating the Mayfield Community Improvement Corporation, a <br />501(c)(3), whose mission will be the planning, marketing and encouraging of <br />economic development and retention throughout the Village, drainage and <br />infrastructure issues, and any other expenses authorized by Council in relation to <br />such issues. <br />SECTION 2. The Director of Finance is authorized and directed to amend <br />and establish said funds, and to deposit monies therein as indicated by Council. <br />SECTION 3. The Director of Finance is further authorized and directed to <br />transfer monies from the fund known as the "M.C.I.C. Fund" into the "Mayfield <br />Community Improvement Corporation Fund," and to eliminate the fund known as <br />the "M.C.I.C. Fund" after such transfer of funds. <br />SECTION 4. The Council finds and determines that all formal actions of <br />this Council relating to the adoption of this Resolution have been taken at open <br />meetings of this Council; and that deliberations of this Council and of its