Laserfiche WebLink
ORDINANCE NO. 94-55 <br />INTRODUCED BY: Mayor Rinker and Council as a Whole <br />AN ORDINANCE <br />PROVIDING FOR TAX REVENUE SHARING WITH THE <br />MAYFIELD DISTRICT SCHOOLS, WITH CONDITIONS <br />WHEREAS, the Village of Mayfield is anticipating an increase <br />in income tax revenues based on the establishment of Progressive <br />Insurance Company within the Village; and <br />WHEREAS, the relocation of Progressive to the Village of <br />Mayfield was due in part to the tax abatements agreed to by the <br />Village of Mayfield that will extend over a ten year period; and <br />WHEREAS, it is the intention of Council to share a portion of <br />such increased tax revenues with the Mayfield Village Schools for <br />the reason that the schools are an integral part of the Village of <br />Mayfield, and that the programs which will be enhanced by such <br />revenues will be of great benefit to the residents of this Village. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF MAYFIELD <br />VILLAGE, OHIO, THAT: <br />SECTION 1. (a) For ten (10) years, beginning with the 1995 <br />tax year, the Village of Mayfield will allocate to the Mayfield <br />School District the amount of One Hundred Thousand Dollars <br />($100,000.00) per year, or Thirteen Percent (13%) of the difference <br />between the municipal income tax withheld from the operations at <br />the Progressive Casualty Insurance Company in the Village of <br />Mayfield in any given year, less the amount of tax withheld in <br />fiscal year 1992, whichever figure is less. <br />(b) Should the Mayor and Director of Finance determine that <br />proportionate payments throughout the tax year would be more <br />beneficial to the school district, and capable of being calculated <br />and allocated by the administration, then the administration may <br />make advanced proportionate payments throughout the tax year at <br />their discretion. <br />(c) Should the difference in the tax withheld in the fiscal <br />year 1992 and the income tax withheld from the operations at the <br />Progressive Casualty Insurance Company in any one of the ten years <br />provided for herein, be less than Four Hundred Fifty Thousand <br />Dollars ($450,000.00), then no income tax revenue sharing will be <br />allocated to the Mayfield School District. <br />SECTION 2. That a certified copy of this ordinance shall be <br />directed to the Superintendent of Schools, and to the Board of <br />Education for the Mayfield School District. <br />SECTION 3. The Council finds and determines that all formal <br />actions of this Council relating to the adoption of this Ordinance <br />have been taken at open meetings of this Council; and that