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CITY OF NORTH OLMSTED <br />RESOLUTION NO. 2017 - 54 <br />By: Mayor Kennedy <br />A RESOLUTION APPROVING THE AWARD OF A JOB RETENTION <br />GRANT TO MOEN AND FURTHER AUTHORIZING THE MAYOR TO <br />ENTER INTO A GRANT AGREEMENT, AND DECLARING AN <br />EMERGENCY. <br />WHEREAS, this Council enacted Chapter 176 of the Administrative Code entitled "Job <br />Retention Grant Program" to provide the necessary tools to preserve and expand the job base in <br />the City of North Olmsted; and <br />WHEREAS, Moen is the largest employer in the City of North Olmsted with 880+ <br />employees split between their headquarters facility on Al Moen Drive and several leased spaces <br />at Millennium Place on Country Club Boulevard; and <br />WHEREAS, the Millennium Place landlord has proposed that Moen consolidate office <br />spaces into one of the two office buildings, which will incur significant additional cost for Moen <br />to relocate and refurbish office space; and <br />WHEREAS, due to this change, Moen considered other potential locations for these <br />employees, some outside of North Olmsted; and <br />WHEREAS, to help defray the significant cost specifically related to relocation, Moen <br />has applied for a Job Retention Grant. The grant calculations are based upon the 200 employees <br />retained at the Millennium Place facility only; and <br />WHEREAS, the Planning & Development Director and the Economic Development <br />Manager have recommended to the Mayor that the applicant be awarded a Job Retention Grant <br />for a term of seven (7) years at 55% for the first three years, 45% for the next three years and <br />40% the last year; and <br />WHEREAS, it is accordingly the desire of this Council to approve the Moen Job <br />Retention Grant application and to authorize the Mayor to enter into a Job Retention Grant <br />Agreement with Moen; <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 Retention Grant be awarded to Moen for a seven (7) year period <br />which would pay Moen 55% of income tax collected at the Millennium Place facility only for the <br />first three years, 45% for the next three years and 40% the last year. <br />SECTION 2: That the Mayor be and is hereby authorized to enter into a Job Retention <br />Grant Agreement with Moen consistent with the grant awarded in Section 1 of this legislation <br />