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ORDINANCE N0.2015-21 <br />PAGE 2 <br />WHEREAS, it is anticipated that retaining the Company will result in the retention <br />of 89 jobs in the Village, for which a $4.5 million annual payroll generates $ 90,000 in <br />income tax revenue for the Village per year; and <br />WHEREAS, the Company acknowledges that MCIC and the Village's providing <br />the economic development grants under an economic development grant and incentive <br />agreement is one of the key decision factors in remaining in the Village; and <br />WHEREAS, the Company is unlikely to remain in the Village long-term without <br />an incentive grant because without the incentive from the Village, relocation to another <br />municipality is likely to be in the Company's best financial interest; and <br />WHEREAS, such an economic development incentive grant will advance, <br />encourage, and promote the industrial, economic, commercial, and civic development of <br />the Village. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF HAYFIELD <br />VILLAGE, OHIO, THAT: <br />SECTION 1. Council authorizes the Mayor and President of Council to enter into <br />an Economic Development Grant and Incentive Agreement with The Freedonia Group, <br />Inc. and the Mayfield Community Improvement Corporation, substantially similar to the <br />copy of the Agreement attached as Exhibit "A" and incorporated by reference, for the <br />purpose of advancing, encouraging, and promoting the industrial, economic, commercial, <br />and civic development of the Village. <br />SECTION 2. Council finds and determines that all formal actions of this Council <br />relating to the adoption of this Ordinance have been taken at open meetings of this <br />Council; and that deliberations of this Council and of its coirunittees, resulting in such <br />formal action, took place in meetings open to the public, in compliance with all statutory <br />requirements including the requirements of Section 121.22 of the Ohio Revised Code. <br />SECTION 3. This Ordinance is hereby declared to be an emergency measure <br />irrunediately necessary for the health, safety and welfare of the residents of Mayfield <br />