1. Informational Overview of The Stow Community Improvement Corporation May 10, 2010

2.  Stow CIC designated as economic development agency for the City of Stow in Ord. No. 1986-52  Stow CIC dormant from 1987 – 2007  2006 Stow Economic Development Strategic Plan: Revive Stow CIC  Stow Ord. No. 2007-48 funded CIC  Received tax exempt 501(c)(3) status in 2008  Granted full range of economic development tools in 2010

3.  Establish a formal public-private partnership in economic development: broad community participation  Bring private sector expertise to the community’s economic development efforts  Provide the community with additional economic development tools  Augment and strengthen the City’s current economic development efforts

4.  Ohio Constitution § 8.13 authorizes designation of a nonprofit corporation for economic development purposes  R.C. Chapter 1724 authorizes the creation of CICs  Ord. No. 1986-52 designates the CIC as the City’s agent

5.  Hold and sell City-owned real estate granted or sold to the CIC by City Council  Hold and sell real estate granted or sold to the CIC by private entities  Grant funds to accomplish goals established in the CIC’s and City’s economic development plans  Provide loans to qualified entities  Purchase, receive grants of, and hold an equity interest in private companies

6.  Must establish and follow an economic development plan  May not utilize tax monies to purchase equity in private companies  Loans made through the CIC must demonstrate that applicant companies have been denied debt financing from traditional funding sources  Subject to annual state audits

7.  CICs designated as the agent of a public entity are subject to the requirements of the Ohio Open Meetings and Public Records Acts  Exception – any financial or proprietary information of a business is protected as confidential

8.  Section 1724.10(B)(1) of the Ohio Revised Code requires that not less than two-fifths of the CIC governing board shall be composed of City officials  Ex-officio publically-elected members  Mayor  Law Director  Finance Director  Three members of City Council  Ex-officio non-elected City staff  Director of Planning and Development  Appointed public sector members  Private sector members (three-fifths of the CIC governing board)

9.  Initial funding is through annual allocations from the City of Stow Transient Accommodations Tax (Lodging Tax)  Future funding may be through:  Repayment of principal and interest on CIC issued loans  Receipt of cash, real estate and personal property grants  Debt issuance  Administrative fees for services rendered  Dividends, and the appreciation on the sale of CIC-owned equity investments  Lease payments on property owned or controlled by the CIC  Sale of CIC controlled real estate and personal property

10.  Additional tool to promote economic development in Stow  Greater private sector participation in the conduct of economic development activities

11.  To augment the other economic development activities available to the City  To protect the privacy of proprietary information submitted by companies seeking assistance through the CIC  To fill financing gaps for projects that have significant community benefits  To fulfill a recommendation of the 2006 City of Stow Economic Development Strategic Plan to create more public/private sector participation in economic development.

12.  A state authorized tool that provides flexibility in addressing a community’s economic development needs  A community-based, private sector driven program  Accountable to the community through its statutorily mandated organizational structure  A tool that augments the City’s existing economic development efforts

13.  Required to abide by the State of Ohio public meeting requirements  Subject to the State of Ohio public records requirements  Subject to an annual audit by the Auditor of the State of Ohio

14. The City of Stow must continue the existence of, and support for, this invaluable tool to assure a healthy, community-oriented approach to addressing the economic development opportunities and challenges unique to the City of Stow. Through the establishment of the CIC economic development in the City of Stow has become more open and community based.