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Jan 2O 00 02:45p Diemert & Associates (440)442-0825 p.3 ?-- C) R- lG L RESOLUTION NO. 2000- OI CO) INTRODUCED BY: Mayar Rinker and Council as a Whole A RESOLUTION ESTABLISHfNG THE "LOCAL ECONOMIC DEVELOPMENT FUND" WHEREAS, the Village has the authority to establish and create new funds for the purpose of the ongoing business of the Village; and WHEREAS, it is the desire of Council to create what will be known as a"Loca! Economic Development Fund" which will be funded by the General Fund of the Village in the amount of $250,000.00, for the purpose of giving low interest rafie foans to business and industrial enterprises wishing to locate within the Village, and which will create new jobs within the Village and establish a positive income tax return to the Village above and beyond fhe costs incurred; and WHEREAS, CBIZ is proposing such an arrangement with the Village at this time under such a program. NOW, THEREFORE, BE 1T RESOLVED BY THE COUNCIL OF MAYFIELD VILLAGE, OH10, THAT: SECTION 1. That there is hereby and herein created a new fund entitled "Locaf Economic Developmenf Fund." SECTION 2. The Council does hereby and herein alfacate the sum of $250,000_00 oufi of the General Fund for deposit in the Local Economic Development Fund which will be used for the purpose of providing low interest loans to companies locating wifihin the Village, and who wi(I provide a positive and agreeabfe rate of return to fhe Village and ultimately to the General Fund. SECTION 3. No loans will be made out of the Local Economic Development Fund unleSS adequate collateral and return to the Village is guaranteed upvn terms arld condifiions approved by the Council and the Department of Law. SECTION 4. The Council finds arrd determines that all formal actions of the Council relating to fihe adoption of this Resolution have been taken at open meetings of this Council; and that deliberations of this Council and of ifs committees, resulting in such formal action, took place in meetings open to the public in campliance with all stafiutory requirements inciuding the requirements of Section 121.22 of the Ohio Revised Code. WILLIAM MARQUARDT, Counci! President