2015 020 Ordinance - Laserfiche WebLink

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7. The Company shall and does acknowledge that this Agreement does not create or act as an extension of credit to the Company by either the Village or the MCIC, and that this Agreement does not delegate governmental powers to the Company. The Company further acknowledges that this Agreement does not create a lien on the Village's or the MCIC's money, property or other assets, and that this Agreement does not restrict any future right of action by the legislative authority of the Village as may be prohibited by law; 8. The Company shall and does acknowledge that it is a corporation duly authorized to do business in the State of Ohio, that it has the power and authority to enter into and perform under this Agreement; 9. The Company will cooperate with and provide any reasonable assistance, but not financial assistance, requested by the Village and the MCIC if this Agreement is challenged or threatened to be challenged; SECTION III -RESPONSIBILITIES OF THE VILLAGE The Village agrees to provide a grant to the Company for the scope and purpose set forth in this Agreement in the amount of Four Hundred Thousand Dollars ($400,000.00) out of the Mayfield Community Improvement Corporation Fund maintained by the Village ("Grant"). The Grant shall be distributed on or prior to October 15, 2015. The Grant shall be distributed as a single payment in the form of a check issued by the Village Director of Finance to the Company and shall be made payable to the Company. No further payments shall be made to the Company under this Agreement. SECTION IV -RESPONSIBILITIES OF THE MCIC The MCIC shall act in its capacity as the designated agency of the Village and shall administer the terms of this Agreement. In administering the terms of this Agreement the MCIC shall, among other things, receive, review and issue a recommendation to the Village where appropriate concerning any notice or other document received from the Company. The MCIC shall also forward any required notices or information to the Company, including any information received by the Village or the MCIC from RITA concerning the Company. In addition, at the beginning of each year following a calendar year in the Term, the MCIC shall perform an annual review and assessment of the Company's compliance with the terms of this Agreement. Such annual review shall include a review and determination of whether the Company has generated the requisite MITR for the preceding calendar year of the Term. Upon completion of such annual review, the MCIC shall issue a notice of its determination to the Village and the Company. Within sixty (60) days of a default or a termination of this Agreement, the MCIC shall perform a review and assessment of the Company's compliance with the terms of this Agreement Page 3