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ORDINANCE NO. 2018-34 Page Two WHEREAS, the Village wishes to act under its full Home Rule powers as granted by Article XVIII, Section 3 of the Ohio Constitution, as well as its economic development powers granted under Ohio Constitution Article VIII, Section 13 and Article VIII, Section 2(p) and enter into an Incentive Grant Agreement with the Company to award the Company an economic developinent incentive grant based on the Company's representations concerning job creation and annual income tax revenue generated by the Company; and WHEREAS, the Village wishes to authorize an economic development incentive grant ("Incentive Grant") in an amount equal to Thirty Percent (30%) of the Company's income taxes withheld on wages earned at 767 Beta Drive in the Village and/or paid to the Village in excess of Forty-Two Thousand Dollars ($42,000.00) based upon the Company's final net annual payroll during the five (5) calendar years beginning January 1, 2019 and concluding December 31, 2023 ("Term"); and WHEREAS, the MCIC, in its role as the designated agency for the Village, will be the administrator of the terms of the Incentive Grant Agreement and as the administrator will conduct an annual review and assessment of the Company's compliance with the terms of the Incentive Grant Agreement; and WHEREAS, all income tax revenue considered under the Incentive Grant Agreement will be income taxes withheld and/or paid directly to the Village for wages earned at 767 Beta Drive in the Village and collected and reported by the Regional Income Tax Authority ("RITA") on the Company's final net annual payroll. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT: SECTION 1. Council authorizes the Mayor and President of Council to enter into an Economic Development Incentive Grant Agreement with PreEmptive Solutions LLC and the Mayfield Community Improvement Corporation, substantially similar to the copy of the Agreement attached as Exhibit "A" and incorporated by reference, for the purpose of advancing, encouraging, and promoting the industrial, economic, commercial, and civic development in the Village. SECTION 2. Council finds and determines that all formal actions of this Council relating to the adoption of this Ordinance have been taken at open meetings of this Council; and that deliberations of this Council and of its committees, resulting in such formal action, took place in meetings open to the public, in compliance with all statutory requirements including the requirements of Section 121.22 of the Ohio Revised Code.