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CITY OF NORTH OLMSTED <br />RESOLUTION NO. 2008 - 132 <br />By: Mayor O'Grady <br />A RESOL UTION APPRO VING THE A WARD OF A JOB CREA TION <br />GRANT TO IQS, INC; FURTHER AUTHORIZING THE MAYOR TO <br />ENTER INTO A GRANT AGREEMENT; AND DECLARING AN <br />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 City Job <br />Creation grants and recommending eligibility as well as appropriate grant terms; and <br />WHEREAS, IQS, Inc., a company that develops management software far use by <br />companies in the manufacturing, aerospace/defense and medical industries, and that was recently <br />designated by Manufacturing Business Technology as a Top 40 emerging software vendor, has <br />proposed to relocate its Ohio offices currently in Rocky River, Ohio, to 25000 Country Club <br />Blvd. (Duke Realty building), North Olmsted, Ohio, where it will lease 6,207 square feet for a <br />five year term with options for renewals; and <br />WHEREAS, IQS intends to relocate 26 employees from its office in Rocky River to its <br />proposed new office in North Olmsted, and will create an additional 16 new jobs in the City <br />before 2011, with its payroll by 2011 reaching more than $3 million; and <br />WHEREAS, the Economic Development Committee has recommended that IQS, Inc. <br />receive a Job Creation Grant with a five year term beginning in 2009, which would pay IQS the <br />following percentages of gross city income taxes withheld by IQS for its employees located in <br />the City: 1) 50% for 2009; 2) 30% for 2010; 3) 20% for 2011; 4) 10% in 2012; and 5) 10% in <br />2013; and <br />WHEREAS, it is accordingly the desire of this Council to approve the IQS, Inc. Job <br />Creation Grant application and to authorize the Mayor to enter into a Job Creation Grant <br />Agreement with IQS, Inc; <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 IQS, Inc. for a five year period <br />beginning in the year 2009 which would pay IQS, Inc. the following percentages of gross City of <br />North Olmsted income taxes withheld by IQS for its employees located in the City: 1) 50% for <br />2009; 2) 30% for 2010; 3) 20% for 2011; 4) 10% in 2012; and 5) 10% in 2013.