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\ <br />ORDINANCE NO. 2005-16 (As Amended) <br />INTRODUCED BY: Mayor Rinker and Council as a Whole <br />AN EMERGENCY ORDINANCE <br />AUTHORIZING AND DIRECTING THE MAYOR <br />TO ENTER INTO A DEVELOPMENT AGREEMENT <br />WITH PANZICA INVESTMENTS <br />WHEREAS, PANZICA 1NVESTMENTS and the Viliage desire to enter into <br />a Development Agreement for the purpose of facilitating investment for companies <br />relocating to Mayfield Village by providing capital and in-kind services to those <br />companies and to facilitate the relocation of these companies to PANZICA <br />INVESTMENTS' properties; and <br />WHEREAS, the Village will agree to a public/private partnership and <br />reciprocal arrangements bebnreen the 1/illage and PANZICA 1NVESTMENTS, with <br />the Village splitting the cost of incentives PANZICA INVESTMENTS wishes to <br />provide these companies in the form of free rent. <br />NOW, THEREFORE, BE IT ORDAfNED BY THE COUNCIL OF MAYFIELD <br />VlLLAGE, D-HID THAT: <br />SECTION 1. The Mayor and Director of Finance are authorized and <br />directed to enter into the Development Agreement PANZICA INVESTMENTS, in a <br />form substantially similar to that set forth 'irr Exhibit A, attached- hereto and <br />ancorporated herein by re#erence. <br />SECTION 2. The Council finds and determines that all formal actions of <br />this Council relating to the adoption of this Ordinance have been taken at open <br />meetings of this Council; and that deliberations of this Council and of its <br />commi##ees, resul#ing in such formal ac#ion, #ook place in mee#ings open #o the <br />public, in. compliance wifh. all. statutnry requirements includin.g.the. requirem.ents_ o.f <br />Section 121.22 of the Ohio Revised Code. <br />SECTION 3. This Ordinance is hereby declared to be an emergency <br />measure imrnedia#eiy necessary for the fieal#h, safety and welfare of the residen#s <br />of Mayfield Village, Ohio. It shall, therefore, take effect immediately upon the <br />passage by the affirmative vote of not less than five (5) members elected to <br />Council and approval by the Mayor or otherwise at the earliest time allowed by <br />law.