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ORDINANCE N0.2015-20 Page Two WHEREAS, the Company acknowledges that MCIC and the Village's providing the economic development grants under an economic development grant and incentive agreement is one of the key decision factors in remaining in the Village; and WHEREAS, the Company is unlikely to remain in the Village long-term without an incentive grant because without the incentive from the Village, relocation to another municipality is likely to be in the Company's best financial interest; and WHEREAS, such an economic development incentive grant will advance, encourage, and promote the industrial, economic, commercial, and civic development of the Village. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: SECTION 1. Council authorizes the Mayor and President of Council to enter into an Economic Development Grant and Incentive Agreement with ,Quality Electrodynamics and the Mayfield Community Improvement Corporation, substantially similar to the copy of the Agreement attached as Exhibit "A" and incorporated by reference, for the purpose of advancing, encouraging, and promoting the industrial, economic, commercial, and civic development of the Village. SECTION 2. Council finds and determines that all formal actions of this Council relating to the adoption of this Ordinance have been taken at open meetings of this Council; and that deliberations of this Council and of its committees, resulting in such formal action, took place in meetings open to the public, in compliance with all statutory requirements including the requirements of Section 121.22 of the Ohio Revised Code. ' SECTION 3. This Ordinance is hereby declared to be an emergency measure immediately necessary for the health, safety and welfare of the residents of Mayfield Village, Ohio. It shall, therefore, take effect immediately upon the passage by the