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Minutes of the Combined Caucus/Council Meeting 7-16-07 Page 5 Brett will arrange to have the gentlemen come in from Proxim at the same time to make a presentation. Mr. Brett stated that he found it very promising. This is probably what we were looking at. We can tweak it with small incremental expenses. Mr. Marrie suggested that we have the committee meet on its own and kick it around with a lot of questions so that when Proxim does come with their presentation, we are better prepared. Section 5- Bond purpose notes. This kind of parlays what we will be discussing in Executive Session this evening. First is the letter from Mr. Demanelis from Squire, Sanders reminding him that September 11`" is the renewal on the short-term bond anticipation notes. Mr. Brett would look to maintaining the same level of BANS that we currently have, $3,650,000.00. He has broken out how he would suggest that those anticipation notes be used on the following page. . Section 6- This is again still in formulation. Mr. Brett will be meeting with Steve Braunfield from First Energy and John Folkman and Dr. Price from the Mayfield City Schools next Monday at 7:00 a.m. to discuss the CIZ at this point. We are bouncing axound ideas. Mr. Brett gave everyone the first portion of the business plan for that so far. Eventually, Mr. Brett would like to give the CIZ the autonomy it needs while still maintaining accountability, by forming a 501(c)(3) as a charitable organization that would have one appointment from Council, one from the Alliance and one from the schools as the directors. They would in turn appoint officers. Neither the directors or officers would receive compensation. That is part of the state law. They would be charged with running it. Mr. Brett has also outlined where he would see the potential funding coming from. He has outlined ways to maximize the grant dollars that we would be able to receive from the County. Mayor Rinker asked Mr. Brett to state basically the increments of this program, how it grows, how it phases in. Mr. Brett explained that right now we are the recipients of a phase one grant that will be announced July 315t. Mr. Brett will be speaking about it at CuyahogaNext to discuss the CIZ at that point. We have received a grant for $20,000.00. Our match would be $10,000.00. That is just simply for the first stage which is a planning stage developing a business plan. The second phase would be a match dollar for dollar with Cuyahoga County over the next two years, $75,000.00 each so the Village would be paying $150,000.00 and the county would give us $150,000.00 to start putting the innovation zone into place and then it goes to a one for two match where the county would match every $2.00 that we committed with $1.00 of county funding. They have set up certain benchmarks for j ob creation and the like. Mr. Brett spoke with Tracy Nichols informally at the CDBG municipal grant seminar. She is making us aware of a commercial redevelopment fund which is modeled after what the mayors and managers had proposed about a year and a half ago on a much smaller scale but these are monies that would be put out there to basically rehab existing facilities to be more amenable to redevelopment: It is kind of like a Brownfield fund without a Brownfield. They had a lot of people that were using the Brownfield funds who were saying, we might have had an oil tanker here and it might have spilled and therefore it is a Brownfield. So, rather than go into all of that which carries with it a lot of liability issues and things like that, they said let's just create a fund where it is just revamping existing buildings in the hopes of facilitating economic development. Mr. Brett sees