1998 013 Ordinance - Laserfiche WebLink

Home Browse Search

1 r ('TR_ANT AGREEMENT This Grant Agreement (the "Agreement") is made and entered into by and between the State of Ohio, Department of Development, (the "Grantor") and 1l~Iayfield Village (the "Grantee"), in respect of funds being used to help pay for road improvements and the construction of two public access roads for the planned construction of athree-building office complex by the Progressive Casualty Insurance Company in Mayfield Village, Cuyahoga County, Ohio (hereinafter referred to as the "Project"). This Agreement shall have the ODOD Grant Control Number of ECDD 98-142. BACKGROUND INFORMATION A. The Grantor desires to increase employment opportunities and improve the economic welfaze of the people of the State of Ohio. - B. The Roadwork Development Fund was established by Amended Sub. H.B. 210 enacted by the 122nd General Assembly for the purpose of funding the design, upgrade, and/or construction of Public Roadways serving commercial or industrial economic development projects. C. By the authority vested in it by Section 9 of Amended Sub. H.B. 210 of the 122nd General Assembly, the Grantor desires to induce Grantee to undertake and complete the Project that will retain or attract businesses for Ohio. D. Funds in the amount of Six Hundred Thousand and No/100 Dollars ($600,000.00) have been made available to the Grantor by Controlling Boazd Action No. DEV 099, dated December 15, 1997. STATEMENT OF THE AGREEMENT NOW, THEREFORE, in consideration of the foregoing and the mutual promises and covenants hereinafter set forth, the parties hereby agree as follows: 1. Grant of Funds. The Grantor hereby grants funds to the Grantee in the amount of Six Hundred Thousand and No/100 Dollazs ($600,000.00) (the "Funds"), for the sole and express purpose of undertaking and completing the Project. The Grantee shall undertake the Project as set forth in Exhibit I, "Scope of Work", which is attached hereto and made a part hereof. Grantee shall receive the Funds granted herein on a reimbursement basis upon submission to the Grantor and approval by the Grantor of proper invoices detailing expenditures already incurred by the Grantee in accordance with Exhibit I. The Grantor shall be the sole judge of the adequacy of such invoices. 2. Use of Funds. The Funds and any and all interest income shall be used solely for the stated purposes set forth in this Agreement and shall be supported by contracts, invoices, vouchers, paid receipts and other data as appropriate, evidencing the costs already incurred by the Grantee in performing the work set forth in Exhibit I. If the Funds and any and all interest income aze not expended in accordance with the terms, conditions and time period set forth in this Agreement or the total amount of the Funds and any and all interest income exceeds the eligible costs of the 629fy981mayfield.142 ~_ ~ /~ 1