2015 031 Ordinance - Laserfiche WebLink

Home Browse Search

ORDINANCE N0.2015-31 INTRODUCED BY: Mayor Rinker and Council as a Whole AN EMERGENCY ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND PRESIDENT OF COUNCIL TO ENTER INTO AN ECONOMIC DEVELOPMENT GRANT AND INCENTIVE AGREEMENT BETWEEN THE MAYFIELD COMMUNITY IMPROVEMENT CORPORATION, MAYFIELD VILLAGE, OHIO, AND MARS ELECTRIC CO. WHEREAS; Mars Electric Co. ("Company") is a regional supplier of interior electrical equipment, and is exploring relocation to 6655 Beta Drive, and represents that it is unlikely to relocate to Mayfield Village without any financial assistance from the Village; and WHEREAS, the Village formed the .MCIC in 1983 for the purpose of advancing, encouraging, and promoting the industrial, economic, commercial, and civic development of the Village by acting as the designated agency and instrumentality of the Village for industrial, commercial, distribution, and research development in the Village pursuant to Ohio Revised Code § 1724.10; and WHEREAS, pursuant to the MCIC and the Mayfield Village Economic Development Incentive Program, the Village Economic Development Director has received and reviewed information from the Company necessary to apply for an economic development incentive grant, performed the analysis developed as part of the Economic Development Incentive Program, and recommended incentive terms for such a grant; and WHEREAS, it is anticipated that the Company's occupation of 80,000 - 110,000 square feet and operations at 6655 Beta Drive would result in the attraction of approximately 70 employees generating approximately $83,000.00 in annual income tax revenue for the Village; and WHEREAS, the Company acknowledges that MCIC and the Village's providing the economic development grants under an economic development grant and incentive agreement is one of the key decision factors in determining whether to relocate to the Village; and WHEREAS, the Company is unlikely to relocate to the Village without an incentive grant because without the incentive from the Village, relocation to another municipality is likely to be in the Company's best financial interest; and WHEREAS, such an economic development incentive grant will advance, encourage, and promote the industrial, economic, commercial, and civic development of the Village. 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 Grant and Incentive Agreement with Mars Electric Co. and the Mayfield Community Improvement Corporation, substantially similar to the copy of the