1994 055 Ordinance - Laserfiche WebLink

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.TAN- 4-95 WED 15:27 Il I EMER'!'a'?ASSDC. P.02 t7RD3PiANCE NO. 94-55 (aa amended) INTROLDL7CED BY: Mayor Rinkar and CpuiYCf.l ap a Wflaole AN QRbINANCE PRaVI DING F'QR TA}i REVENUE SKARING WITH THE MAYFIELA DISTRICT SCHOOLS, WITii CONDITIONS WH$RSA3, the Village of Mayfield is anticipating an increase in income tax reveraueS based on the establishment of Pragressive insurance Company within the Villaqe; and WHEREAS, the relocation of Prdgressive to the Village of Mayfie1d was due in part to the tax abatements agreed to by the Villaga ot Mayfield that Will Qxtend over a fifteen (15) year period; and WHEREA3, it is the intention af Caunail to share a portien of such increased tax revenues with the MayfieZd Village Sehaols for the reason that the sGhoals are an integxal pa7ct of the Village of Mayfield, and that the pragrams which will be enhanQed by suah revenue will be of great benefit to the residents Qf thi,s V'illage? and WHEREAS, Counesil hereby cammits td shaxe guoYa revenue as herei»after prsvidedt aontingea°?t ori annual reports from the School District, writhin a time frame Mtua y acireed upan, and iointlv distributed td all Village regidents, specifying how such revenues have been allOCatecl, used and/or committed; and further contingent upon an Annual in-depth analysis and review by Mayox and Gouncil to verify the use of such xevenue as being o4nsistent w$th and towaxds the best interests af Vi13age residents, and baxring a neqative conclusion at such review, the reaenue sharing will cantinue for the remaining -year period of this comtqitment. NOWi TFiEREFARE p, BE YT ORAAINED BY THE COUNCIL OF MAYFYELD VILLPiGE, OHIO, THAT: SECmaQN 1 0 (a) For fifteen (15) years, beginning in 1995, the Vgllage will share 13-t of the inarexnentecd revenue from the Progressive CasuaIty Insurance Company using 1992 as a bass year except thaLt at no time will the revenue sharacl wfth the Schoo]. District exceecl $100, 000. 00 per year. 5uch revenue sharing will be contingernt on the Vi3.lage receiving fram the Scshool District._ an vi-?et- detailing how such revenues have been aYlocated, used and/or cornmitted; and, further apntingent upon an annual in depth analysis and review at the-e?e; ten (? n) ye= r, lby the Mayor ar?d Council, to verify the use ef such revenue as being car?sistent with and towards the loest interests of Village residents; and barring a negative oonalusion after suGh review, the revenue sharing Will automatically cQntinue far the rem$ining five-{5-} years of this commitment. (3)