2018-085 Ordinance - Laserfiche WebLink

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Hundred Thousand Dollars ($2,200,000) of additional annual payroll by the operator of the Facility. The following is an itemization by the type of new jobs created: full-time permanent equivalent Two Million Two Hundred Thousand Dollars ($2,200,000). Omni 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 Omni 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 fifteen (15) year exemption period as pertaining only to the exemption provided on the Facility. The exemption will be in the amount of fifty percent (50%) of the tax on the Facility for the fifteen (15) 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, 2021 or beyond December 31, 2036. Omni must file the appropriate tax forms with the County Auditor to effect and maintain the exemptions covered in the Agreement. Omni shall pay an annual fee equal to the greater of one percent (I%) 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 I". 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. Omni 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 Omni 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 reasonably necessary or appropriate to effect, claim, reserve, and maintain exemptions from taxation granted under this Agreement including, without limitation, joining in the execution of all documentation and providing any necessary certificates required in connection with such exemptions.