2015 031 Ordinance - Laserfiche WebLink

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ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT This Economic Development Incentive Agreement ("Agreement") is entered into between Mayfield Village, Ohio, a chartered political subdivision of the State of Ohio having an address of 6622 Wilson Mills Road, Mayfield Village, Ohio 44143 (the "Village"), the Mayfield Community Improvement Corporation, an Ohio not-for-profit corporation established as an agency of the Village as permitted by law and having an address of 6621 Wilson Mills Road, Mayfield Village, Ohio 44143 ("MCIC"), and Mars Electric Co., an Ohio for-profit corporation having an address of 38868 Mentor Avenue, Willoughby, Ohio 44094 ("Company"). The Village, MCIC, and the Company are collectively referred to as the "Parties." PREAMBLE WHEREAS, the promotion of economic development, including the attraction of businesses to the Village, has been and continues to be a significant goal of the Village; and WHEREAS, to accomplish this goal, the Village and the MCIC have created an Economic Development Incentive Program ("Program"); and . WHEREAS, the MCIC was first incorporated in December 1983, and continues in existence as an Ohio not-for-profit corporation, known as a community improvement corporation, under Title XVII, Chapters 1724 and 1702 of the Ohio Revised Code formed for the purpose of advancing, encouraging, and promoting the industrial, economic, commercial, and civic development of the Village; and WHEREAS, the MCIC acts as the designated agency and instrumentality of the Village for the purpose of industrial, commercial, distribution and research development in the Village pursuant to Ohio Revised Code Section 1724.10; and WHEREAS, the Company is a regional supplier of interior electrical equipment, and is exploring relocation to 6655 Beta Drive, and represents that it is unlikely to relocate to Mayfield Village without any financial assistance from the Village; and WHEREAS, the Company represents that with the provision of financial assistance under this Agreement, it is more likely to relocate to the Village and will occupy 80,000 - 110,000 square feet at 6655 Beta Drive, resulting in the attraction of approximately 70 employees generating approximately $83,000.00 in annual income tax revenue for the Village; and WHEREAS, the Village and the MCIC enter into this Agreement with the Company based on the _Company's representations concerning job creation and annual income tax revenue generated by the Company; and WHEREAS, the Company is relying on a grant as provided hereunder to evaluate the overall cost of tenancy in choosing a location to operate its business; and Page 1