07/19/2010 Meeting Minutes - Laserfiche WebLink

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Regular Council Meeting Minutes 7-19-10 Page 14 Village's way of saying that were we to receive sufficient income tax receipts and we actually had a sliding scale, some of you may remember Mr. Ferrante's comments on that point, that if we dipped below a certain number, it would diminish accordingly, but the idea was to show good faith that we were supporting our School District and that while real estate taxes were being foregone for that period, income tax receipts were sufficient to support this payment to the school in exchange for which the school would demonstrate on an annual basis. This would go to Mayfield Village locations, so the High School and Center School, and be focused upon science and technology. The Board of Education at that time had just adopted a five-year plan before they even added the science wing. So over the years, the first couple of years, toward the end of each calendar year that we were able to reach that mark and make the payment. By the third year we hit the number probably in February or March. That's the way that Progressive grew. To take it full cycle, last year, given the constraints we had, without much discussion at all, had agreement from the school not to make that payment. Recall that this $100,00 really was due last year. It's an interesting postscript when you look at all of the history of what has gone on with Progressive Insurance Company and the impact on our community and certainly on our School District. It's something that Council collectively can look at with no little pride. It was unorthodox in many respects for Council to make that commitment of income tax receipts which were earmarked for particular school purposes to support an important institution. Council President Buckholtz asked if there were any additional comments. There were none. ADJOURNMENT Mrs. Mills, seconded by Mr. Marquardt, made a motion to adjourn. The meeting adjourned at approximately 8:45 p.m. The next Council meeting is scheduled f9x--lb4pnday, August 16, 2010 at 8:00 p.m. WILLIAM BUCIKHOLTZ, fCOUNCIL PRESID MARY BETSA, CLERK OF COUNCIL I