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Section 802.01

Section 802.02

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)

Section 802.06

Submission of Economic Development Assistance Proposals to County Council

A. The submission to County Council of any and all economic development assistance (“assistance”) made pursuant to Cuyahoga County’s Economic Development programs now or hereafter established pursuant to this Code or the Cuyahoga County Economic Development Plan, shall be accompanied by the term sheet approved by the Cuyahoga County Community Improvement Corporation (“CCCIC”) specifying the essential material terms of the proposed assistance. Such term sheet, which shall include the project name, the borrowing entity as currently named, the developer entity, and the total project sources and uses, shall be incorporated by reference into the legislation approving the assistance.

B. Where the Department intends to amend the term sheet referenced in paragraph A, above, following Council approval:

1. In the event the Department seeks to amend the essential material terms of the proposed assistance, the Department shall: (i) for assistance originally reviewed by the CCCIC, the Department shall resubmit such changes to the CCCIC for its review and recommendation; and (ii) if approved by the CCCIC, seek subsequent Council approval of the revised assistance by appropriate legislation.
2. In all other cases, the Department shall promptly notify the chair of the Council Economic Development and Planning Committee of any such changes by providing a copy of the amended term sheet with the changes noted.

C. For the purposes of this Section:

1. “Essential material terms” shall include the following, as may be applicable:
   a) Principals of the recipient of the assistance;
   b) Loan-to-value ratio for the assistance;
   c) The character and amount of assistance. The character of the assistance shall include but not be limited to whether the assistance is in the form of a loan, grant, credit enhancement, or other form of financial assistance, and whether any portion of the terms of repayment may be subject to forgiveness;
   d) Purpose of the assistance, including any authorized use of County proceeds;
   e) Source(s) of funding provided by the County;
   f) The County’s loan terms, including:
   
   i. Interest rate(s);
   ii. Term length(s), repayment schedule(s), and amortization;
   iii. Security position, collateral, and/or guaranty;
   iv. Debt service coverage ratio and other financial covenants, if any; and
   v. Expenses and/or fees incurred by the County.
2. “Assistance” does not include revenue bonds issued in accordance with Ohio Revised Code Chapter 165 or funding provided to for-profit or nonprofit corporations to provide workforce development, technical assistance, or other support to local businesses.

(Ordinance No. O2025-0002, Enacted 2/25/2025, Effective 3/4/2025)