2017-054 Resolution - Laserfiche WebLink

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JOB RETENTION GRANT AGREEMENT This agreement made and entered into by and between the City of North Olmsted, Ohio, an Ohio municipal corporation, located at 5200 Dover Center Road, North Olmsted, Ohio 44070 (hereinafter referred to as "City") and Moen Incorporated ("Company"), a Delaware corporation, with its headquarters located at 25300 Al Moen Drive, North Olmsted, Ohio 44070 as of this day of , 2017. WHEREAS, the City encourages economic stability and the retention of job opportunities in the City; and, WHEREAS, the Company has executed a lease of the property located at 25145 and 25221 Country Club Blvd. (Millennium Place I & II aka Millennium Place East & West) with permanent parcel numbers 236-13-011 and 236-10-002 for a period of 10 years and plans to invest more than $1.2 million in tenant improvements; and, WHEREAS, the Council of the City by Ordinance No. 2016-76, adopted August 16, 2016, created the Job Retention Grant Program pursuant to Article XVIII, Section 3 and Article VIII, Section 13 of the Ohio Constitution; and, WHEREAS, the City, having the appropriate authority to establish such a program, desires to provide the Company with appropriate incentives; and, WHEREAS, the Company has submitted the required application to the City which is attached as Exhibit A to this Agreement; and, WHEREAS, the appropriate committees and representatives of the City have reviewed the application of the Company and have recommended to the Council of the City that the Company is a qualified applicant for the Program because it has both the financial responsibility and business experience to create employment opportunities in the City; and, NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows: 1. The Project The Company has leased approximately 45,000 square feet of office space at the property commonly known as 25221 Country Club Blvd., North Olmsted, Ohio 44070 (the "Site") through 2027, beginning in 2017 for the purpose of expanding its business. The Company has an option, exercisable at the end of the tenth year to extend the term of the lease. 2. Project Investment The Company intends to invest at least $1,200,000.00 at the Site in tenant improvements. Said investment will not likely result in an increased real estate assessment value for the parcel.