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Minutes of the Regular Meeting of Council <br />Monday, July 15, 2013 <br />Page 7 <br />The second memo was about a letter of intent to a company called Stride Tool which is in <br />Glenwillow considering a move to Mayfield Village. .That letter of intent has been sent. It said <br />that with this Council's approval if Stride Tool were to move to 6660 Beta Drive, Mayfield <br />Village would grant back to them 30% of the new withholding tax revenue that they would bring <br />in for the first 5 years of their Lease and 15% for the next five years. Diane Calta and I are <br />dra$ing a Grant Agreement. We are going to gage how things proceed with that Company and <br />their timeframe and at some point as long as things continue to move forward with the Company <br />I will bring that Agreement to this Council for their approval. <br />Council President Buckholtz stated, I know you were working real hard on a template of <br />different scenarios that we could offer. Is this in line with that or something that is embodied in <br />that document and have you taken it to the Community Economic Development Committee? <br />Mr. Esborn replied, yes and yes. This Company was evaluated using precisely the method we <br />developed in CEDC. <br />Council President Buckholtz asked, so we know the number of employees and a. weighted <br />average of salaries and so forth? <br />Mr. Delguyd replied, yes. <br />Mr. Esborn added, a density of payroll per square foot. We were able to analyze that and use it <br />to come up with the terms of the proposed offer. I was able to talk to the members of CEDC <br />before Caucus. <br />Council President Buckholtz stated, I liked the historical grid you set up of the sewers. Most of <br />us have been through this. Joanne, since the beginning. There has been talk of, can we can find a <br />way to go ahead with it not relying on State funds? I am just being clear. I know it is going to <br />change, the monies we ask for, but it is kind of like time to do it. <br />Mayor Rinker replied, the Reader's Digest version is we will make one more application. If we <br />don't get it, we should be in a position, assuming all budget decisions, going into next year, sync <br />up, where we would have the money available to do it. The way the funding works, we apply this <br />year, we typically don't find out until late, 2014: By the time we get specs and everything done, <br />we are almost into 2015 regardless. We are at that stage, having salted the money away where <br />we have that option. We feel it behooves us to make one more effort. It's always good to get <br />money that helps to defray some of our overhead. Apart from that, we should be a position to go <br />forward. It is a project that has just been hanging out so long. <br />Mr. Esborn replied, the graph shows that we have split the two streets apart, combined them with <br />other streets in the Village, but it's tough to fund these conversion projects through State money. <br />Council President Buckholtz remembers those applications were usually in September and then <br />we didn't hear from them until February, March,. April.