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 Quality Electrodynamics
WHEREAS, Quality Electrodynamics (“Company”) has been operating at 700 Beta Drive since 2009 as a manufacturer of medical imaging devices and has proposed to relocate to 6655 Beta Drive, where it will expand into 77,000 square feet; 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 retaining the Company will result in the retention of 130 jobs in the Village, for which an $8 million annual payroll generates $160,000 in income tax revenue for the Village per year; 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 remaining in the Village; and
WHEREAS, the Company is unlikely to remain in the Village long-term 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 Quality Electrodynamics and the Mayfield Community Improvement Corporation, substantially similar to the copy of the Agreement attached as Exhibit “A” and incorporated by reference, for the purpose of advancing, encouraging, and promoting the industrial, economic, commercial, and civic development of the Village.
SECTION 2. Council finds and determines that all formal actions of this Council relating to the adoption of this Ordinance have been taken at open meetings of this Council; and that deliberations of this Council and of its committees, resulting in such formal action, took place in meetings open to the public, in compliance with all statutory requirements including the requirements of Section 121.22 of the Ohio Revised Code.
SECTION 3. This Ordinance is hereby declared to be an emergency measure immediately necessary for the health, safety and welfare of the residents of Mayfield Village, Ohio. It shall, therefore, take effect immediately upon the passage by the affirmative vote of not less than five (5) members elected to Council and approval by the Mayor or otherwise at the earliest time allowed by law.