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ORDINANCE NO. 94-55 (as amended) <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 />Mayf ield was due in part to the tax abatements agreed to by the <br />Village of Mayfield that will extend over a fifteen (15) year <br />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 />revenue will be of great benefit to the residents of this Village; <br />and <br />WHEREAS, Council hereby commits to share such revenue as <br />hereinafter provided, contingent on annual reports from the School <br />District, within a time frame mutually agreed upon, and jointly <br />distributed to all Village residents, specifying how such revenues <br />have been allocated, used and/or committed; and further contingent <br />upon an annual in-depth analysis and review by Mayor and Council to <br />verify the use of such revenue as being consistent with and towards <br />the best interests of Village residents, and barring a negative <br />conclusion at such review, the revenue sharing will continue for <br />the remaining period of this commitment. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF MAYFIELD <br />VILLAGE, OHIO, THAT: <br />SECTION 1. (a) For fifteen (15) years, beginning in 1995, the <br />Village will share 13% of the incremented revenue from the <br />Progressive Casualty Insurance Company using 1992 as a base year <br />except that at no time will the revenue shared with the School <br />District exceed $100,000.00 per year. Such revenue sharing will be <br />contingent on the Village receiving from the School District an <br />annual report, by a date each year mutually agreed upon, and <br />jointly distributed to all Village residents, detailing how such <br />revenues have been allocated, used and/or committed; and, further <br />contingent upon an annual in depth analysis and review by the Mayor <br />and Council, to verify the use of such revenue as being consistent <br />with and towards the best interests of Village residents; and <br />barring a negative conclusion after such review, the revenue <br />sharing will automatically continue for the remaining years of this <br />commitment. <br />(3)