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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 in income <br />tax revenues based on the establishment of Progressive Insurance Company <br />within the Village; and <br />WHEREAS, the relocation of Progressive to the Village of Mayfield was <br />due in part to the tax abatements agreed to by the Village of Mayfield that will <br />extend over a ten year period; and <br />WHEREAS, it is the intention of Council to share a portion of such <br />increased tax revenues with the Mayfield Village Schools for the reason that the <br />schools are in integral part of the Village of Mayfield, and that the programs <br />which will be enhanced by such revenue will be of great benefit to the residents <br />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 in 1995, the Village will <br />share 13% of the incremented revenue from the Progressive Casualty <br />Insurance Company using 1992 as a base year except that at no time will the <br />revenue shared with the School District exceed $100.000. <br />(b) Should the Mayor and Director of Finance determine that <br />proportionate payments throughout the tax year would be more beneficial to the <br />school district, and capable of being calculated and allocated by the <br />administration, then the administration may make advanced proportionate <br />payments throughout the tax year at their discretion. <br />(c) Should the difference in the tax withheld in the fiscal year 1992 and <br />the income tax withheld from the operations at the Progressive Casualty <br />lnsurance Company in any one or the ten years provided for herein, be less <br />than Four Hundred Fifty Thousand Dollars ($450,000.00), then no income tax <br />revenue sharing will be allocated to the Mayfield School District. <br />SECTION 2. That a certified copy of this ordinance shall be directed to <br />the Superintendent of Schools, and to the Board of Education for the Mayfield <br />School District. <br />SECTION 3. The Council finds and determines that all formal actions of <br />this Council relating to the adoption of this Ordinance have been taken at open <br />meetings of this Council; and that deliberations of this Council and of its <br />committees, resulting in such formal action, took place in meetings open to the