HomeMy WebLinkAboutOrdinance 020-16RECORD OF ORDINANCES
Ordinance No. 26-16 Passed
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AN ORDINANCE AUTHORIZING THE PROVISION OF A CERTAIN
INCENTIVE TO COGNITIVE VENTURES, LLC TO INDUCE IT TO RETAIN
AND EXPAND AN OFFICE AND ITS ASSOCIATED OPERATIONS AND
WORKFORCE WITHIN THE CITY, AND AUTHORIZING THE
EXECUTION OF AN ECONOMIC DEVELOPMENT AGREEMENT.
WHEREAS, consistent with its Economic Development Strategy (the " Strategy)
approved by Dublin City Council Resolution No. 07 -94 adopted on June 20, 1994, and
the updated Strategy approved by Dublin City Council Resolution No. 30 -04 adopted on
July 6, 2004, the City desires to encourage commercial office development and create
and preserve jobs and employment opportunities within the City; and
WHEREAS, Cognitive Ventures, LLC (the "Companyl recently performed a
comprehensive examination of its workforce needs, and based on the results of this
examination, and induced by and in reliance on the economic development incentive
provided in the proposed Economic Development Agreement (as described below), the
Company is desirous of leasing a facility within the City to retain and expand an office
and its associated operations and workforce within the City in order to achieve the
payroll withholding targets set forth in the Economic Development Agreement; and
WHEREAS, this Council has determined that it is necessary and appropriate and in the
best interests of the City to provide for a certain economic development incentive to
the Company, as described in the proposed Economic Development Agreement; and
WHEREAS, this Council has determined to offer the economic development incentive,
the terms of which are set forth in a substantially final form of Economic Development
Agreement presently on file in the office of the Clerk of Council, to induce the Company
to lease a facility and retain and expand an office and its associated operations and
workforce, all within the City, which will result in the retention and creation of new jobs
and employment opportunities, thereby improving the economic welfare of the people
of the State of Ohio and the City, all as authorized in Article VIII, Section 13 of the Ohio
Constitution;
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Dublin, State of
Ohio, --q- of the elected members concurring, that:
Section 1. The Economic Development Agreement by and between the City and the
Company, in the form presently on file with the Clerk of Council, providing for, among
other things, the provision of a certain economic development incentive in consideration
for the Company's agreement to lease a facility within the City for the retention and
expansion of an office and its associated operations and workforce within the City,
which will result in the retention and creation of new jobs and employment
opportunities, is hereby approved and authorized with changes therein not inconsistent
with this Ordinance and not substantially adverse to this City and which shall be
approved by the City Manager. The City Manager, for and in the name of this City, is
hereby authorized to execute that Economic Development Agreement, provided further
that the approval of changes thereto by that official, and their character as not being
substantially adverse to the City, shall be evidenced conclusively by the execution
thereof. This Council further authorizes the City Manager, for and in the name of the
City, to execute any amendments to the Economic Development Agreement, which
amendments are not inconsistent with this Ordinance and not substantially adverse to
this City.
Section 2. This Council further hereby authorizes and directs the City Manager, the
Director of Law, the Director of Finance, the Clerk of Council, or other appropriate
officers of the City to prepare and sign all agreements and instruments and to take any
other actions as may be appropriate to implement this Ordinance.
Section 3. This Council finds and determines that all formal actions of this Council and
RECORD OF ORDINANCES
Day n L g Blank,1m. _ P. N. MM3
Ordinance No. 20 -16 Passed Page 2 of 2 20
any of its committees concerning and relating to the passage of this Ordinance were
taken in open meetings of this Council or committees, and that all deliberations of this
Council and any of its committees that resulted in those formal actions were in meetings
open to the public, all in compliance with the law including Section 121.22 of the Revised
Code.
Section 4. This Ordinance shall be in full force and effect on the earliest date
-!WI A L..• 1n...
Clerk of Council
Passed: 2016
Effective: 2016
U In Office of the City Manager
lr 5200 Emerald Parkways Dublin, OH 43017-1090
Phone; 614 - 410-4400 •Fax; 614 - 410.4490
Toy Members of Dublin City Council
�rom� Dana L McDaniel, City
aid ) '/�2
Date. April 21, 2016
Initiated Bye Rachel Ray, AICP, Economic Development Administrator
Rey Ordinance 2016 - Economic Development Agreement with Cognitive Ventures,
LLC (SpartsBrain)
Background
Economic Development staff has been in discussions with SportsBrain, awh�lly -owned subsidiary of
Cognitive Ventures, LLC, about the retention and expansion of its office facilities in Dublin, The
company has outgrown its current space at the Dublin Entrepreneurial Center, and has been
conducting a competitive real estate search in several other Central Ohio communities.
SportsBrain is a healthcare company making a difference in the sports, military, corporate and
healthcare sectors. In addition to providing cognitive, mental toughness, and leadership
development training to maximize mental performance, SportsBrain promotes brain safety and is a
national leader in concussion testing and comprehensive end -to -end management. SportsBrain also
provides cognitive treatment and performance programs for youth, high school, college, and
professional sports organizations.
This project results in the addition of 21 new employees by the end of 2020 (the company currently
employs only independent contractors). The company must sign a lease extension through at least
June 2021 at an office location within the City of Dublin,
The Economic Development Agreement proposed by the Ciiy of Dublin to Cognitive Ventures, LLC
(SportsBrain) is a three -year, 20 %Performance Incentive on withhoidings collected for all employees
(2017- 2019), capped at $20,000 for the term of the agreement In consideration, the company
agrees to add approximately 21 new jobs in Dublin by the end of 2020. The company must sign a
minimum five -year lease and reach predetermined annual withholdings targets to qualify for these
performance incentives.
In addition to the proposed Performance Withholding Incentive, the City of Dublin has offered the
company one (1) provisioned data cabinet inside Metro Data Center located at 565 Metro PEace South
with a monthly credit of $6Q8 for a period of two years (capped at $14,592). This economic
development incentive, authorized under Resolution 46 -15 as part of the Dublink 100wgigabit
program, also requires the company tosign aminimum fve -year (ease in Dublin corporation limits,
If the company extends their initial five -year (ease within the City by an additional five years before
June 2Q21, running through at (east June 2Q26, the City will add an additional twoTMyear (2021 -2Q22)
20 °/o Performance Incentive on withholdings collected for all employees, capped at $21,QQQ.
Ord. 20 -16 - EDA with Cognitive Ventures, LLC (SportsBrain)
April 21, 2016
Page 2 of 2
The State of Ohio has also provided economic development incentives to Cognitive Ventures, LLC
(SportsBrain) to help retain and expand its workforce and investment in Ohio and relocate its
headquarters from Chicago to Dublin. The project was in competition with the states of Illinois and
Florida.
The City expects to net approximately $104,223 over the initial five -year term, and approximately
$319,491 over an extended 10 -year period.
Recommendation
Staff recommends Council passage of Ordinance 20 -16 at the second reading /public hearing on
May 9, 2016. If you have questions, please contact Rachel Ray at 410 -4630.
ECONOMIC DEVELOPMENT AGREEMENT
THIS ECONOMIC DEVELOPMENT AGREEMENT (the Agreement') is made and entered into this
day of , 2016 (the Effective Date "), by and between the CITY OF DUBLIN, OHIO
(the "City"), a municipal corporation duly organized and validly existing under the Constitution
and the laws of the State of Ohio (the "State ") and its Charter, and COGNITIVE VENTURES, LLC, a
Delaware limited liability company (the "Company" and together with the City, the Parties "), under
the circumstances summarized in the following recitals.
RECITALS:
WHEREAS, consistent with its Economic Development Strategy (the "Strategy") approved by
Dublin City Council Resolution No. 07 -94 adopted on June 20, 1994, and the updated Strategy
approved by Dublin City Council Resolution No. 30 -04 adopted on July 6, 2004, the City desires to
encourage commercial office development and create and preserve jobs and employment
opportunities within the City; and
WHEREAS, based on the results of the Company's recent comprehensive examination of
workforce needs, and induced by and in reliance on the economic development incentive provided
in this Agreement, the Company desires to retain and expand an office and associated operations and
workforce within the City; and
WHEREAS, pursuant to Ordinance No. 20 -16 passed on , 2016 (the
"Ordinance "), the City has determined to offer the economic development incentive described herein
to induce the Company to lease a facility within the City for the retention and expansion of an office
and associated operations and workforce within the City, which will result in the retention and
creation of new jobs and employment opportunities to improve the economic welfare of the people
of the State of Ohio and the City, all as authorized in Article VIII, Section 13 of the Ohio
Constitution; and
WHEREAS, the City and the Company have determined to enter into this Agreement to
provide this incentive in order to induce the Company to lease a facility and retain and expand its
operations and workforce, all within the City;
Now THEREFORE, the City and the Company covenant, agree and obligate themselves as
follows:
Section 1. Companv's Agreement to Lease a Facilitv and Retain and Expand Its
Operations and Workforce Within the Citv.
(a) In consideration for the economic development incentive to be provided by the City
herein, the Company agrees that it will lease afacility within the City for the retention and expansion
of an office and associated operations and workforce within the City, all consistent with the terms of
this Agreement. The Company expects to retain existing employee positions in the City. The
Company also expects to create approximately eighteen (18) new employee positions in the City by
December 31, 2019. The total estimated payroll withholdings for existing and new employee
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positions is estimated to be One Hundred Thirty -Eight Thousand, Eight Hundred Fifteen and 00 /100
Dollars ($138,815) over the term of this Agreement.
(b) The Company agrees that the City's obligation to remit payments pursuant to Section
2 of this Agreement shall be contingent upon the Company delivering to the City a fully executed
copy of an agreement evidencing the Company's lease of a facility within the City for aterm through
at least June 30, 2021 (the "Initial Lease Agreement"); provided, however, and notwithstanding any
provision herein to the contrary, if the Company shall, after having acted in good faith, fail to execute
the Initial Lease Agreement within the period set forth in subsection 3(r)(i), (a) this Agreement will
terminate without such failure constituting a breach by the Company, (b) the City's obligation to remit
any Annual Incentive Payments or Bonus Annual Incentive Payments will be terminated and (c) the
Company will owe no penalties to the City as a result of such failure.
Section 2. Citv's Agreement to Provide Incentive.
(a) General. In consideration for the Company's agreement to execute the Initial Lease
Agreement for the retention and expansion of an office and associated operations and workforce
within the City, the City agrees to provide economic development incentive to the Company in
accordance with this Section.
(b) Workforce Creation Incentive.
(i) Calculation of Actual Pavroll Withholding Taxes. On or before March 15 of
each of the years 2018 through 2020, and provided the requirements of subsection 2(b)(vi)
are satisfied, also on or before March 15 of each of the years 2022 and 2023, the City shall
calculate the actual payroll withholding taxes collected and received during the then preceding
calendar year and in respect of that preceding calendar year by the City from all Employees
(as defined below). For purposes of that calculation, the Company acknowledges and agrees
that the total amount of actual payroll withholding taxes in respect of any calendar year shall
be determined based solely upon the amount of payroll withholding tax payments actually
received by the City from the Company during that calendar year. The Company agrees that
the determination of whether to include in such calculation any amount received by the City
in respect of any calendar year but following the conclusion of that calendar year, shall be
solely within the discretion of the City. For purposes of this Section 2, `Employees" shall
include only those individuals employed by the Company and working within the City.
(ii) Information Relating to Employees. The Company agrees that, in accordance
with the Dublin City Code, the annual payroll reconciliation and related W -2 forms relating
to its Employees will be provided to the City prior to February 28 of each calendar year.
(iii) Federal Employer Identification Number. The Company's Federal Employer
Identification Number is 47-3463838. The Company agrees that if the Federal Employer
Identification Number changes at any time during the term of this Agreement, the Company
will notify the City of such change, including the new Federal Employer Identification
Number, within thirty (30) days of the occurrence of such change.
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(iv) Annual Incentive Payments to the Company. If the actual payroll withholding
taxes collected and received by the City pursuant to subsection 2(b)(i) during the then
preceding calendar year and in respect of that preceding calendar year from all Employees,
net of refunds (such amount being referred to as the Actual Withholdings'), equal or exceed
the Target Withholdings (as defined in subsection 2(b)(v)) for that preceding calendar year,
the City shall, on or before April 15 of the then current calendar year, pay to the Company,
solely from nontax revenues (as defined in subsection 2(d)), an amount equal to the product
of (A) the Actual Withholdings for that preceding calendar year, multiplied by (B) twenty
percent (20 %) (with each such product being referred to as an Annual Incentive Payment");
provided, however, that (1) the City shall not be required pursuant to this subsection 2(b) to
remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined
in subsection 2(b)(v)) in any calendar year and (2) the aggregate amount of all Annual
Incentive Payments remitted pursuant to this subsection 2(b) by the City to the Company shall
not exceed Twenty Thousand and 00 /100 Dollars ($20,000.00), and if the requirements of
subsection 2(b)(vi) are satisfied, the sum of all Annual Incentive Payments and Bonus Annual
Incentive Payments remitted pursuant to this subsection 2(b) by the City to the Company shall
not exceed Forty -One Thousand Dollars ($41,000).
(v) Target Withholdings and Annual Can. The Target Withholdings and Annual
Cap for each of the calendar years 2017 through 2019 and 2021 and 2022 shall be:
Calendar Year Target Withholdings Annual Cap
2017 $ 24,122 $ 5,500
2018 31,546 7,000
2019 33,748 7,500
2021(1) 45,619 10,500
2022(1) 47,662 10,500
O) Payments in respect of calendar years 2021 and 2022 are also subject to subsection 2(b)(vi).
(vi) Bonus Annual Incentive Payments and Related Annual Can. The City agrees
that if the Company provides to the City on or before June 30, 2021 afully executed copy of
an agreement which either (A) extends the Initial Lease Agreement for a minimum additional
term of five (5) years or (B) obligates the Company to a lease space at another location within
the City for a minimum additional term of five (5) years, then the Company shall be eligible
to receive an Annual Incentive Payment (each a `Bonus Annual Incentive Payment") in
respect of each of the calendar years 2021 and 2022 which will be calculated at the same time
and in the same manner as described in subsection 2(b)(iv) and paid in accordance with this
Section 2; provided that each Bonus Annual Incentive Payment shall be subject to an Annual
Cap (as defined in subsection 2(b)(v)) in each such calendar year.
(vii) Forfeiture of Right to Receive Workforce Creation Incentive Payment. The
Company agrees and acknowledges that the Annual Incentive Payments and the Bonus
Annual Incentive Payments provided for in subsection 2(b) are being made by the City to the
Company in consideration for the Company's agreement to execute the Initial Lease
Agreement and the subsequent lease extension or agreement, respectively, for the retention
and expansion of an office and associated operations and workforce within the City and to
retain and create jobs and employment opportunities, all within the City. The Company
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further agrees that if the Target Withholdings requirement is not met for any given calendar
year as set forth in subsection 2(b)(v), the City shall not be obligated to make an Annual
Incentive Payment or a Bonus Annual Incentive Payment, as the case may be, to the Company
for the calendar year in respect of which the Target Withholdings requirement was not
satisfied. Failure to satisfy the Target Withholdings requirement in respect of any one
calendar year does not prohibit the Company from receiving an Annual Incentive Payment or
a Bonus Annual Incentive Payment, as the case may be, for any subsequent calendar year in
respect of which the Target Withholdings requirement is satisfied.
(c) Method of Payment. The payments to be paid to the Company as provided in this
Section 2 shall be made by the City to the Company by electronic funds transfer or by such other
manner as is mutually agreed to by the City and the Company.
(d) City's Obligation to Make Payments Not Debt: Payments Limited to Nontax
Revenues. Notwithstanding anything to the contrary herein, the obligation of the City pursuant to
this Agreement shall not be a general obligation debt or bonded indebtedness, or a pledge of the
general credit or taxes levied by the City, and the Company shall have no right to have excises or
taxes levied by the City, the State or any other political subdivision of the State for the performance
of any obligations of the City herein. Consistent with Section 13 of Article VIII, Ohio Constitution,
any payments or advances required to be made by the City pursuant to this Section 2 shall be
payable solely from the City's nontax revenues and on a subordinated basis to the payment of debt
service charges as may hereafter be payable on securities of the City which are payable from the
City's nontax revenues. Further, since Ohio law limits the City to appropriating monies for such
expenditures only on an annual basis, the obligation of the City to make payments pursuant to this
Section 2 shall be subject to annual appropriations by the City Council and certification by the
Director of Finance of the City as to the availability of such nontax revenues. For purpose of this
Agreement, "nontax revenues" shall mean, all moneys of the City which are not moneys raised by
taxation, to the extent available for such purposes, including, but not limited to the following: (i)
grants from the United States of America and the State; (ii) payments in lieu of taxes now or
hereafter authorized to be used for the purposes by State statute; (iii) fines and forfeitures which
are deposited in the City's General Fund; (iv) fees deposited in the City's General Fund from
properly imposed licenses and permits; (v) investment earnings on the City's General Fund and
which are credited to the City's General Fund; (vi) investment earnings of other funds of the City
that are credited to the City's General Fund; (vii) proceeds from the sale of assets which are
deposited in the City's General Fund; (viii) rental income which is deposited in the City's General
Fund; and (ix) gifts and donations.
Section 3. Miscellaneous.
(a) Assignment. This Agreement may not be assigned without the prior written consent
of all non - assigning Parties.
(b) Binding Effect. The provisions of this Agreement shall be binding upon and inure to
the benefit of the Parties and their respective successors and permitted assigns.
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(c) Captions. The captions and headings in this Agreement are for convenience only and
in no way define, limit or describe the scope or intent of any provisions or sections of this Agreement.
(d) Day for Performance. Wherever herein there is a day or time period established for
performance and such day or the expiration of such time period is a Saturday, Sunday or legal holiday,
then such time for performance shall be automatically extended to the next business day.
(e) Economic Development Assistance Certification. The Company has made no false
statements to the City in the process of obtaining approval of the incentives described in this
Agreement. If any representative of the Company has knowingly made a false statement to the City
to obtain the incentives described in this Agreement, the Company shall be required to immediately
return all benefits received under this Agreement pursuant Ohio Revised Code Section 9.66(C)(2)
and shall be ineligible for any future economic development assistance from the State, any State
agency or a political subdivision pursuant to Ohio Revised Code Section 9.66(C)(1). The Company
acknowledges that any person who provides a false statement to secure economic development
assistance may be guilty of falsification, a misdemeanor of the first degree, pursuant to Ohio Revised
Code Section 2921.13(F)(1), which is punishable by a fine of not more than $1,000 and/or a term of
imprisonment of not more than six months
(f) Entire Agreement. This Agreement constitutes the entire Agreement between the
Parties on the subject matter hereof and supersedes all prior negotiations, agreements and
understandings, both written and oral, between the Parties with respect to such subject matter. This
Agreement may not be amended, waived or discharged except in an instrument in writing executed
by the Parties. Notwithstanding the foregoing, the Parties acknowledge that a separate agreement will
be executed between the Parties to relating to the provision to the Company of a data cabinet inside
the Metro Data Center.
(g) Events of Default and Remedies. Except as otherwise provided in this Agreement, in
the event of any default in or breach of this Agreement, or any of its terms or conditions, by any Party
hereto, such defaulting Party shall, upon written notice from any non - defaulting Party, proceed
immediately to cure or remedy such default or breach, and, in any event, within thirty (30) days after
receipt of such notice. In the event such default or breach is of such nature that it cannot be cured or
remedied within said thirty (30) day period, then in such event the defaulting Party shall upon written
notice from any non - defaulting Party commence its actions to cure or remedy said breach within said
thirty (30) day period, and proceed diligently thereafter to cure or remedy said breach. In case such
action is not taken or not diligently pursued, or the default or breach shall not be cured or remedied
within a reasonable time, the aggrieved non - defaulting Party may institute such proceedings as may
be necessary or desirable in its opinion to cure and remedy such default or breach, including, but not
limited to, proceedings to compel specific performance by the defaulting Party.
(h) Executed Counterparts. This Agreement may be executed in several counterparts,
each of which shall be deemed to constitute an original, but all of which together shall constitute but
one and the same instrument. It shall not be necessary in proving this Agreement to produce or
account for more than one of those counterparts.
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(i) Extent of Covenants: No Personal Liabilitv. All covenants, obligations and
agreements of the Parties contained in this Agreement shall be effective to the extent authorized and
permitted by applicable law. No such covenant, obligation or agreement shall be deemed to be a
covenant, obligation or agreement of any present or future member, officer, agent or employee of the
City or the Company other than in his or her official capacity, and neither the members of the
legislative body of the City nor any official executing this Agreement shall be liable personally under
this Agreement or be subject to any personal liability or accountability by reason of the execution
thereof or by reason of the covenants, obligations or agreements of the City and the Company
contained in this Agreement.
0) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Ohio without regard to its principles of conflicts of laws. All claims,
counterclaims, disputes and other matters in question between the City, its agents and employees, and
the Company, its employees and agents, arising out of or relating to this Agreement or its breach will
be decided in a court of competent jurisdiction within Franklin County, Ohio.
(k) Legal Authority. The Parties respectively represent and covenant that each is legally
empowered to execute, deliver and perform this Agreement and to enter into and carry out the
transactions contemplated by this Agreement. The Parties further respectively represent and covenant
that this Agreement has, by proper action, been duly authorized, executed and delivered by the Parties
and all steps necessary to be taken by the Parties have been taken to constitute this Agreement, and
the covenants and agreements of the Parties contemplated herein, as avalid and binding obligation of
the Parties, enforceable in accordance with its terms.
(1) Limit on Liabilitv. Notwithstanding any clause or provision of this Agreement to the
contrary, in no event shall City or the Company be liable to each other for punitive, special,
consequential, or indirect damages of any type and regardless of whether such damages are claimed
under contract, tort (including negligence and strict liability) or any other theory of law.
(m) Notices. Except as otherwise specifically set forth in this Agreement, all notices,
demands, requests, consents or approvals given, required or permitted to be given hereunder shall be
in writing and shall be deemed sufficiently given if actually received or if hand - delivered or sent by
recognized, overnight delivery service or by certified mail, postage prepaid and return receipt
requested, addressed to the other Party at the address set forth in this Agreement or any addendum to
or counterpart of this Agreement, or to such other address as the recipient shall have previously
notified the sender of in writing, and shall be deemed received upon actual receipt, unless sent by
certified mail, in which event such notice shall be deemed to have been received when the return
receipt is signed or refused. For purposes of this Agreement, notices shall be addressed to:
(i) the City at: City of Dublin, Ohio
5800 Shier Rings Road
Dublin, Ohio 43016 -7295
Attention: Economic Development Director
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(ii) the Company at: Cognitive Ventures, LLC
500 Lake Cook Road #350
Deerfield, IL 60015
Attention: Kristine Gross
The Parties, by notice given hereunder, may designate any further or different addresses to which
subsequent notices; certificates, requests or other communications shall be sent.
(n) No Waiver. No right or remedy herein conferred upon or reserved to any Party is
intended to be exclusive of any other right or remedy, and each and every right or remedy shall be
cumulative and in addition to any other right or remedy given hereunder, or now or hereafter legally
existing upon the occurrence of any event of default hereunder. The failure of any Party to insist at
any time upon the strict observance or performance of any of the provisions of this Agreement or to
exercise any right or remedy as provided in this Agreement shall not impair any such right or remedy
or be construed as a waiver or relinquishment thereof. Every right and remedy given by this
Agreement to the Parties hereto may be exercised from time to time and as often as may be deemed
expedient by the parties hereto, as the case may be.
(o) Recitals. The Parties acknowledge and agree that the facts and circumstances as
described in the Recitals hereto are an integral part of this Agreement and as such are incorporated
herein by reference.
(p) Severability. If any provision of this Agreement, or any covenant, obligation or
agreement contained herein is determined by a court to be invalid or unenforceable, that determination
shall not affect any other provision, covenant, obligation or agreement, each of which shall be
construed and enforced as if the invalid or unenforceable portion were not contained herein. That
invalidity or unenforceability shall not affect any valid and enforceable application thereof, and each
such provision, covenant, obligation or agreement shall be deemed to be effective, operative, made,
entered into or taken in the manner and to the full extent permitted by law.
(q) Survival of Representations and Warranties. All representations and warranties of the
Parties in this Agreement shall survive the execution and delivery of this Agreement.
(r) Term of Agreement. This Agreement shall become effective as of the Effective Date
and shall continue until the earlier of (i) the One Hundred Eightieth (180"') day following the Effective
Date provided that on that day the Company shall have theretofore failed to satisfy the requirements
of subsection 1(b), (ii) June 30, 2021 if the Company shall have failed to satisfy the requirements of
subsection 2(b)(vi) as of that date or (iii) the day on which the final Annual Incentive Payment or
Bonus Annual Incentive Payment, as the case may be, which the City is obligated to pay hereunder
is received by the Company.
(s) Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended
to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under
or by reason of this Agreement.
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IN WITNESS WHEREOF, the City and the Company have caused this Agreement to be executed
in their respective names by their duly authorized representatives, all as of the date first written above.
Approved as to Form:
C
Printed:
Title: Law Director's Office
CITY OF DUBLIN, OHIO
MM
Printed: Dana L. McDaniel
Title: City Manager
COGNITIVE VENTURES, LLC
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FISCAL OFFICER'S CERTIFICATE
The undersigned, Director of Finance of the City under the foregoing Agreement, certifies
hereby that the moneys required to meet the obligations of the City under the foregoing Agreement
during Fiscal Year 2016 have been appropriated lawfully for that purpose, and are in the Treasury of
the City or in the process of collection to the credit of an appropriate fund, free from any previous
encumbrances. This Certificate is given in compliance with Sections 5705.41 and 5705.44, Ohio
Revised Code.
Dated: .2016
Angel L. Mumma
Director of Finance
City of Dublin, Ohio
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