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CITY OF NORTH OLMSTED <br />RESOLUTION NO. 2007 -154 <br />By: Mayor O'Grady <br />A RESOL UTION APPRO VING THE A WARD OF A JOB CREA TION <br />GRANT TO ADVANSTAR COMMUNICATIONS, INC.; FURTHER <br />A UTHORIZING THE MA YOR TO ENTER INTO A GRANT A GREEMENT; <br />AND DECLARING AN EMERGENCY. <br />WHEREAS, this Council created, through the adoption of Ordinance No. 2007-102, an <br />Economic Development Committee, for the purpose of reviewing applications for the City's Job <br />Creation Grant and recommending eligibility as well as appropriate grant terms; and <br />WHEREAS, Advanstar Communications, Inc. ("Advanstar") has executed a lease of <br />approximately 32,100 square feet of office space for a period of 10'/z years at 24950 Country <br />Club Blvd., Suites 130 & 200, North Olmsted, Ohio 44070 where it will conduct the operations it <br />previously conducted at 7500 Old Oak Blvd., Middleburg Heights, Ohio and Fort Lauderdale, <br />FL and invest more than $5 million in tenant improvements; and, <br />WHEREAS, Advanstar intends to relocate 130 employees to the City in 2008 and will <br />create an additional 39 full time jobs in the City before 2011; and <br />WHEREAS, this Economic Development Committee recommended that Advanstar <br />Communications, Inc. ("Advanstar") receive a Job Creation Grant with a five year term <br />beginning in 2008 which would pay Advanstar the following percentages of gross income tax <br />withheld by Advanstar for its employees located in the City: 1) 50% for 2008; 2) 40% for 2009; <br />3) 30% for 2010; 4) 20% in 2011; and 5) 10% in 2012; and <br />WHEREAS, it is accordingly the desire of this Council to approve the Advanstar Job <br />Creation Grant and authorize the Mayor to enter into a Job Creation Grant Agreement with <br />Advanstar; <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />NORTH OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: <br />SECTION 1: That a Job Creation Grant be awarded to Advanstar Communications, <br />Inc. ("Advanstar") for five year period beginning in 2008 which would pay Advanstar the <br />following percentages of gross income tax withheld by Advanstar for its employees located in <br />the City: 1) 50% for 2008; 2) 40% for 2009; 3) 30% for 2010; 4) 20% in 2011; and S) 10°% in <br />2012. <br />SECTION 2: That the Mayor be and is hereby authorized to enter into a Job Creation <br />Grant Agreement with Advanstar consistent with the grant awarded in Section 1 of this <br />legislation and with the provisions of Chapter 174 ("Job Creation Grant Program") of the North <br />Olmsted Administrative Code. Said agreement shall be in a form and substance that is ot <br />substantially adverse to the City and which is approved by the Director of Law. The character of