2015 031 Ordinance - Laserfiche WebLink

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4. For each calendar year of the Term of this Agreement, the Company shall generate a minimum income tax revenue of $82,889.51, such amount being equal to 1'00% of the income tax revenue generated by the Company in 2014 ("MITR"). Only income tax revenue generated by the Company as withholding tax revenue within the Village, and collected and reported by RITA, will be considered under this Agreement; 5. The Company shall inform the MCIC as soon as it becomes aware of any inability of the Company to generate the requisite MITR for any calendar year of the Term of this Agreement; 6. The Company shall utilize any grant provided under this Agreement only for lawful purposes that promote the development and economic viability of the Company and its operations in the Village; 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 maybe prohibited by law; 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 ("Grant"). The Grant shall consist of one (1) payment to be made to the Company on or prior to April 1 following each calendar year of the Term, for a total of five (5) payments under this Agreement. The amount of each payment will be 30% of the income tax revenue actually generated by the Company in the preceding calendar year. Each payment will be made out of the Mayfield Community Improvement Corporation Fund maintained by the Village. Each Grant payment shall be distributed in the form of a check issued by the Village Director of Finance to the Company and shall be made payable to the Company. Page 3