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Chapter 802: Economic Development Fund

Section 802.01

There is hereby created the Cuyahoga County Economic Development Fund, which shall be administered by the County Executive through the Department of Development.

(Ordinance No. O2011-0049, Enacted 1/24/2012, Effective 1/29/2012)

Section 802.02

Council hereby approves and adopts the County Executive’s plan for the administration of the Economic Development Fund attached hereto as Exhibit A.

(Clerk’s Note:  A true copy of Exhibit A is attached to Ordinance No. O2011-0049 below)

(Ordinance No. O2011-0049, Enacted 1/24/2012, Effective 1/29/2012) 

Section 802.03

The Economic Development Fund shall undertake and administer the following three priorities with the listed programs:

A. Innovation Development

1.  Micro Enterprise
2.  Pre-Seed Funding
3.  Next Stage Funding
4.  Innovation Match

B. Commercial Property Reutilization

1.  Redevelopment and Modernization
2.  Site Expansion
3.  Redevelopment Ready

C. Business Growth, Commercialization and Attraction

1.  Small Business Growth
2.  Incumbent Worker Training
3.  Accelerated Growth
4.  Large Scale Attraction

(Ordinance No. O2011-0049, Enacted 1/24/2012, Effective 1/29/2012)

Section 802.04

The Department of Development, Cuyahoga County Community Investment Corporation or the appropriate approving authority shall have the ability to modify parameters or terms for any individual transaction in the $100 Million Economic Development Fund including but not limited to loan amount, interest rate and time period.  Any changes to the parameters or terms shall be provided to the appropriate approving body as part of the review of documents.

(Ordinance No. O2011-0049, Enacted 1/24/2012, Effective 1/29/2012) 

Section 802.05

The Department of Development shall make a report to the County Council detailing the operations, performance measures and changes to the Fund annually in concert with updates to the County’s Five Year Economic Development Plan as required by the County Charter.  

(Ordinance No. O2011-0049, Enacted 1/24/2012, Effective 1/29/2012)