RESOLUTION NO 2014
125
INTRODUCED BY COUNCILPERSONS

ASSEFF WAGNER WISNIESKI
REV 1

A RESOLUTION
AUTHORIZING THE MAYOR TO ENTER INTO
A JOB RELOCATION AND CREATION GRANT AGREEMENT WITH
LONGBOW RESEARCH
TO ESTABLISH OPERATIONS WITHIN THE CITY

WHEREAS on August 28 2014 Longbow Research 6000 Lombardo Center
Suite 500 Seven Hills Ohio 44131 entered into a Letter of
Understanding with the City
to establish operations within the corporate boundaries of the City and
WHEREAS Longbow Research has agreed to maintain a minimum annual City
500 with fifty 50 fulltime employees at a location within the
6
00
payroll of 000
boundaries
of the City as set forth in the Letter of
corporate
Understanding dated
August 28 2014 attached hereto as Exhibit A and
WHEREAS the City would like to relocate and assist in the creation of

new

employment opportunities
Longbow Research with a Job Relocation and Creation
Grant partially payable thirty 30 days after the date of issuance of the Certificate of
Occupancy for the Property located within the corporate boundaries of the City and the
remainder payable subsequent to that occupancy as set forth in the Letter of
at

Understanding dated August 28 2014 attached hereto

as

Exhibit A and

WHEREAS the City would like to enter into a Job Relocation and Creation Grant
Agreement with Longbow Research in a form acceptable to the Law Director in
connection with the establishment of its operations within the corporate boundaries of

City in terms and conditions substantially similar to those contained
Understanding dated August 28 2014 attached hereto as Exhibit A

the

NOW

THEREFORE BE IT
Independence State of Ohio that
Section 1

The

Mayor

is

RESOLVED

by

the

Council

in the Letter of

of

the

City

of

hereby authorized and directed to enter into a Job
Agreement with Longbow Research 6000 Lombardo
Center Suite 500 Seven Hills Ohio 44131 in a form acceptable to the Law Director to
establish operations within the corporate boundaries of the City in terms and conditions
substantially similar to those contained in the Letter of Understanding dated August 28
Relocation and Creation Grant

2014 attached hereto

1
73054092

as

Exhibit A

 Section 2

The Council

hereby approves a Job Relocation and Creation Grant
Longbow Research 6000 Lombardo Center Suite 500 Seven Hills Ohio 44131 in a
form acceptable to the Law Director in connection with the establishment of its
operations within the corporate boundaries of the City in terms and conditions
substantially similar to those contained in the Letter of Understanding dated August 28
to

2014 attached hereto

as

Exhibit A

Section 3

This Resolution provides for the usual and ordinary operation of the
Development Department Wherefore this Resolution shall take effect and
be in force at the earliest time allowed by law
Economic

Introduced

September 9 2014

First

September 9

Reading

SeerEmt3eR

Passed

2014

A01

Altadir ALif
Gregory

P Kurtz

Mayor

Attest

era

J Beal

i lerk of Council

CERTIFICATE OF POSTING
h the undersigned dark of the dty
Indepsndsnee

A
Ohio hereby certify that to foregoing I A 0
1
0 rH
was posted on the
r
day of 14
and for the period of fifteen days thereafter by duly
pouting true ooplas thereof In three of the most publlo
the tame as determined and
pleas within the
deluded by Council

01ngD
ti
C

CLERK

1
73054092

 CiI

of

City of Independence Ohio
n

THE HEART OF CUYAHOGA COUNTY

INDEPENDENCE OHIO 44131

6800 BRECKSVILLE ROAD

Ve
n
d
en
1 8 14

216

5244131

MEMORANDUM

City Council

Kurtz

TO

Mayor

FROM

Jeremy

Rowan

Economic

Development

Director

2014

DATE

August 28

RE

Relocation and Job Creation Grant for

Longbow Research Longbow currently employs
an

office location in the

survey company and

City of

Seven Hills

Longbow Research

50 full time

Longbow

is

a

employees with

a

payroll

of

well known equity research firm that

investors The firm also has divisions that focus

industry reports for

500
6
000

on

at

publishes

trading and

sales
current lease in Seven Hills

s
Longbow
been

expires

in

early

2015 Over the past few months the firm has

considering lease options in Seven Hills and Independence Longbow is currently considering the

lease of 13
000 square feet of office space in the Park Center

complex

on

Oak Tree Boulevard for

a

term

of 12 years

000 of
Longbow has approximately 330
move

into

to be

nearly

new

relocation costs

furniture generator moving costs etc

to

office space For the firm to relocate into Independence it needs for the relocation costs

revenue

neutral

so as not

to have

a

direct negative impact

on

the

required capital

reserves

s trading operations
for the firm
In

s relocation
support of the Longbow

Creation Grant of

issued

a

Certificate of

000 payment
85

The first

000
285

Occupancy

will be

granted

and company commitments

are

on

I

am

recommending the City offer

the firm

000 will be payable
payment of 200

30

a

Relocation and Job

days after Longbow

is

000 square feet of office space in Independence The remaining
13

at the end of the first calendar year of

operating

in the

City The City

outlined in the attached Letter of Understanding

to
requesting legislation be prepared for the September Council meeting authorizing the Mayor
enter into a Relocation and Job Creation Grant with Longbow Research for an amount not to exceed

I

am

000
285
Company representatives and

I will be available at the Council Caucus to answer any

PRINTED ON RECYCLED PAPER

questions

 o
c

of

City of Independence Ohio

iaii

THE HEART OF CUYAHOGA COUNTY

6800 BRECKSVILLE ROAD

INDEPENDENCE OHIO 44131

e

ereensle

1

4

1 8

August 28

216

5244131

2014

Matt Griswold

CFO COO

Longbow Research
6000 Lombardo Center Suite 500
Seven Hills Ohio 44131
Dear Mr Griswold

I

am

pleased

s Longbow
Longbow Research
000 sf of
possible relocation into 13
of
such
as
City
Independence City Attracting companies
Longbow is
it
as
contributes
to
the
overall
of
local
the
City
vitality
economy and
In
community
support of Longbow
s possible relocation the City can

to learn of

office space within the
very important to the

of life in the
offer the assistance outlined below

quality

If the terms contained in this

binding letter are acceptable it will form the basis for an
City The Agreement will outline the conditions under
Agreement
which the City will assist your company in achieving its relocation plans Please note that the
Agreement is subject to approval by City Council
between

Longbow

non

and the

s Commitment Longbow will relocate its operations and workforce to a
Longbow Research
000 sf office location within the corporate boundaries of the City for a lease term of not less
13
than 12 years Longbow commits to basing a minimum of 50 full time employees within the
corporate boundaries of the City of Independence with an annual payroll of not less than
500 If Longbow ceases operations within the corporate boundaries of the City for any
6
000
000 through the payroll withholding taxes
reason or fails to annually pay the City at least 130
of its employees in any of the first 6 years of the lease Longbow agrees to immediately pay the
difference to the City in an amount equal to the difference between the actual amount of payroll
000 This
withholding taxes paid by Longbow to the City for that calendar tax year and 130
on
of
be
binding
any
s successors or assigns
Longbow
obligation will also
Commitment The City will provide Longbow a Relocation and Job Creation Grant with
value of 000
285 The first payment of 200
000 will be provided within 30 days from the
date a Certificate of Occupancy is issued for 13
000 sf of office space within the corporate

s
City

a

boundaries of the City provided 50 full time employees with a 000
500 annual payroll have
6
relocated during that time The remaining 85
000 payment will be granted at the end of the first

PRINTED ON RECYCLED PAPER

 August 28

2014

Matt Griswold

CFO COO

Longbow Research
Page 2
calendar year of operating within the corporate boundaries of the City if employment and
commitments have been achieved and all municipal income taxes have been paid

payroll

This represents the material conditions under which the City will support Longbow
s relocation
a
below
to
serve as a mutual understanding concerning these
The City requests
signature
conditions Upon return of this letter an Agreement will be prepared as outlined above for

approval by

the

City

this office within 30

Council In the event that this letter has not been executed and returned to

days

the above offer is

automatically rescinded

the desire of

Longbow to relocate its operations within the City Longbow will be a
welcome addition to the City
s impressive list of corporate citizens Please feel free to contact
me should you have any questions or need additional information
I

appreciate

Sincerely
CITY OF INDEPENDENCE

Jeremy

owan

Economic

Development

Director

ACCEPTANCE BY
LONGBOW RESEARCH

Ma

Gri

Longbow Research

Date