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., CITY OF NORTH OLMSTED ORDINANCE NO. 97-75 BY: MAYOR BOYLE AN ORDINANCE DESIGNATING A PERCENTAGE OF INCOME TAX REVENUES DERIVED FROM TAX ABATEMENT PROJECTS TO THE CITY'S ECONOMIC' DEVELOPMENT FUND, AS AMENDED. WHEREAS, the City is authorized, pursuant to various provisions of the Ohio Revised Code, including Sections 5709.61 et seq., to enter into agreements, including enterprise zone agreements, with business owners, which provide the owners with exemptions from personal and/or real property tax liability for certain specified periods of time, as an incentive for the owner to bring to the City, or preserve within the City, employment opportunities; and WHEREAS, the City, from time to time, has entered into such agreements, which have generated additional income tax revenues to the City; and WHEREAS, it is the desire of this Council to designate a portion of the said increases in income tax revenues generated by such agreements to the Economic Development Fund established by Ordinance No. 93-24; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO: SEC770N 1: That five percent (5 %) of new or increased income tax revenues, received by the City after December 31, 1997, which derive from an agreement, past or future, entered into by the City pursuant to R.C. Sections 5709.61 et seg., or any other provisions of the Ohio Revised Code, which authorize the cities to enter into agreements providing tax exemptions to businesses as an incentive to increase or preserve employment opportunities within the city ,shall be, and are, designated to the City's Economic Development Fund established by Ordinance No. 93-24. Such percentage of the new or increased revenues derived from any such agreement shall be designated to the Economic Development Fund only during the period of abatement provided for in the agreement. SECTION 2: That the Director of Finance be and he is hereby directed to record said percentage of receipts from income revenues derived from such agreements into the Economic Development Fund consistent with the provisions of this Ordinance. SECTION 3: That the Clerk of Council shall immediately forward an attested copy of this Ordinance to the Auditor of Cuyahoga County and the Auditor of the State of Ohio. SECTION 4: That this Ordinance shall take effect and be in force from and after January 1, 1998. _.~. x~.w,.w~. a,., , .. „ ..~, . ,«...~ ., .~.