Ordinance 2015-103 - Laserfiche WebLink

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and eighteen (18) new part-time permanent jobs in year two. The job creation period begins on or about May 1, 2016 and all jobs will be in place by June 1, 2017. This increase in the number of employees will result in approximately Eight Hundred Thousand Dollars ($800,000) of additional annual payroll by the operator of the hotel. The following is an itemization by the type of new jobs created: full-time permanent Six Hundred Ten Thousand Dollars ($610,000) and part-time permanent One Hundred Ninety Thousand Dollars ($190,000). 3. BIW Properties shall provide to the proper Tax Incentive Review Council any information reasonably required by the council to evaluate the property owner's compliance with the Agreement,including returns filed pursuant to section 5711.02 of the Ohio Revised Code if requested by the council. 4. The City of North Olmsted hereby grants BIW Properties a tax exemption for real property improvements made to the PROJECT site pursuant to Section 3735.67 of the Ohio Revised Code and shall be in the following amounts: The identified PROJECT improvement will receive a Ten (10) year exemption period as pertaining only to the exemption provided on the Building. The exemption will be in the amount of fifty percent (50%) of the tax on the Building for the ten (10) years. The exemption commences the first year for which the real property would first be taxable were that property not exempted from taxation. No exemption shall commence after December 31, 2017 or beyond December 31, 2027. BIW Properties must file the appropriate tax forms with the County Auditor to effect and maintain the exemptions covered in the Agreement. 5. BIW Properties shall pay an annual fee equal to the greater of one percent(1%)of the dollar value of incentives offered under the Agreement or Five Hundred Dollars($500): provided, however, that if the value of the incentives exceeds Two Hundred Fifty Thousand Dollars ($250,000), the fee shall not exceed Two Thousand Five Hundred Dollars ($2,500). The fee shall be made payable to the City of North Olmsted once per year for each year the Agreement is effective no later than March 1St. This fee shall be deposited in a special fund created for such purpose and shall be used exclusively for the purpose of complying with section 3735.671(D) of the revised code and by the tax incentive review council created under section 3735.671(D)of the revised code exclusively for the purposes of performing the duties prescribed under that section. 6. BIW Properties shall pay such real and tangible personal property taxes as are not exempted under this Agreement and are charged against such property and shall file all tax reports and returns as required by law. If BIW Properties fails to pay such taxes or file such returns and reports,all incentives granted under this Agreement are rescinded beginning with the year for which such taxes are charged or such reports or returns are required to be filed and thereafter. 7. The City of North Olmsted shall perform such acts as are reasonablynecessaiy or appropriate