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V <br />ORDINANCE N0.2015-20 <br />INTRODUCED BY: Mayor Rinker and Council as a Whole <br />AN EMERGENCY ORDINANCE <br />AUTHORIZING AND DIRECTING THE MAYOR <br />AND PRESIDENT OF COUNCIL <br />TO ENTER INTO AN ECONOMIC DEVELOPMENT <br />GRANT AND INCENTIVE AGREEMENT BETWEEN THE <br />MAYFIELD COMMUNITY IMPROVEMENT CORPORATION, <br />MAYFIELD VILLAGE, OHIO, AND QUALITY ELECTRODYNAMICS <br />WHEREAS, Quality Electrodynamics ("Company") has been operating at 700 <br />Beta Drive since 2009 as a manufacturer of medical imaging devices and has proposed to <br />relocate to 6655 Beta Drive, where it will expand into 77,000 square feet; and <br />WHEREAS, the Village formed the MCIC in 1983 for the purpose of advancing, <br />encouraging, and promoting the industrial, economic, commercial, and civic development <br />of the Village by acting as the designated agency and instrumentality of the Village for <br />industrial, commercial, distribution, and research development in the Village pursuant to <br />Ohio Revised Code § 1724.10; and <br />WHEREAS, pursuant to the MCIC and the Mayfield Village Economic <br />Development Incentive Program, the Village Economic Development Director has <br />received and reviewed information from the Company necessary to apply for an <br />economic development incentive grant, performed the analysis developed as part of the <br />Economic Development Incentive Program, and recommended incentive terms for such a <br />grant; and <br />WHEREAS, it is anticipated that retaining the Company will result in the retention <br />of 130 jobs in the Village, for which an $8 million annual payroll generates $160,000 in <br />income tax revenue for the Village per year; and <br />