2000-058 Ordinance - Laserfiche WebLink

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?. AGREEMENT This Agreement (the "Agreement") is made and entered into this , 2000, by and between the City of North Olmsted, and the North Olmsted City School District (the "School District"). WITNESSETH day of Ohio (the "City") WHEREAS, pursuant to Sections 3735.65 et seq. of the Ohio Revised Code, and by Ordinance No. 2000-57 passed , 2000, the Duke-Weeks Realty Limited Partnership office buildings project to be located on the southwest corner of Great Northern Boulevard and A1 Moen Drive, [hereinafter, "the Project"] was granted real property tax exemption; and WHEREAS, pursuant to Section 5709.82 of the Revised Code, the City is authorized to compensate the School District for any loss of property tax revenue resulting from such property tax exemption; and WHEREAS, the City and the School District have determined that this Agreement is in the vital and best interests of the City and will improve the health, safety and welfare of the citizens of the City of North Olmsted; WHEREAS, this Agreement has been authorized by North Olmsted Council pursuant to Ordinance No. 2000-58. NOW, THEREFORE, in consideration of the premises and covenants contained herein, the parties agree as follows: SECTION 1: Amount of City Payments. During each of the years in which the School District would have received enhanced property tax payments derived from the Project but for the tax exemptions referred to above, the City hereby agrees to pay the School District an annual amount equal to the percentage abated in real estate property tax, not exceeding 50% in municipal income tax revenues received by the City in that year from its levy on the wages, salaries, commissions and other compensation of persons, who are "new employees" as defined in R.C. Section 5709.82, for work done or services performed in or at the Project and on the net profits derived from or attributed to the Project from the Lessor, the Company or any other lessee of the Project; provided, however, in no event sha11 the payment to the School District in any one year exceed the additional amount of real property tax revenues the School District would have otherwise derived from the Project for that year, but for the tax exemptions related to the Project;