Final Draft 03-01-2007
Jimmy DimoraTimothy F. HaganPeter Lawson Jones
Vision, Mission, and Goals
Cuyahoga Innovation Zones will leverage the economic assets of the County and region to create self-sustainingZones that will attract people and grow businesses, advancing the region’s economic competitiveness.
To promote collaboration and build business-friendly place-based environments that will help drive the region’seconomic resurgence.
Zones are networks of places where innovation takes place.
Zones couple colleges and universities, entrepreneurs, businesses, professionals, and capital to the ZoneHotSpots, where physical development takes place.
Each Zone has unique characteristics and offerings with which to attract people and businesses.
Accomplishing this mission will be evidenced by establishing successful Innovation Zones. The success of theZone will be demonstrated by:
Employment growth – rate of growth in private sector, Zone-based jobs within the Zone HotSpot
1 job per $50,000 of County funding over three year period
Increase property values – rate of increase in property values within the Zone HotSpots
15% increase in property values, after any abatement that may be offered by the local communityor the state within a five year period.
Business startups and attraction – rate of firm location or creation within the Zone
3 new business start-ups or attractions within a three year period
Firms must be directly supportive to the Zone market focus – relevant and rationalconnection
Intra-county relocations will not count as an attraction nor will they qualify for funding
Retail firms will not be counted for creation or attraction nor will they qualify for funding
Income growth – rate of growth in average Zone-based wage per capita
Productivity growth – rising ratio of Zone-based output to employment growth multiplied by incomegrowth
Private-to-Public capital ratio growth – rising ratio of economic development funding coming from theprivate sector to funding coming from the public sector