2018-090 Resolution - Laserfiche WebLink

Home Browse Search

8. Cleveland is an impacted city as defined in R.C. §1728.01(C). NOW, �THEREFORE, in consideration of the mutua| promises hereinafter set forth, the Parties hereto agree and bind themselves, their agents, employees and Successors, as follows: Section 1. Creation of the Municipal Utility District: Name. The Parties, hvtheir combined action evidenced by the signing of this Agreement, hereby create O municipal utility district in aC[Ord8n[C with the terms and provisions of this Agreement. The municipal ULi||tv district created pursuant tOthis Agreement shall be known as the "Cleveland —Municipal Utility District" (the "0Strict'). Section 2. Purpose. In accordance with R.C. G715.84, the Parties intend that the creation and operation of the District shall, and it is the purpose of the District to, facilitate new or expanded growth for commercial or economic development for the benefit 0ftheir residents and of the State. Section 3. Territory of the District. The territorial boundary of the District shall be the combined total area of the OOVDiUp3| boundaries of the Parties Section 4. Term. Unless earlier terminated iOaccordance with its terms, 0ramended by mutual written agreement of the Parties, this Agreement shall be for a term of twenty /ZU\ years commencing On the first day after execution of this Agreement by Cleveland, and shall automatically continue in effect from year tOyear thereafter. This Agreement may be cancelled by either Party bygiving written notice tOthe other at least five (5) years prior tothe effective date of termination, provided that no such notice may be given UDU| fifteen (15) years after the date upon which this Agreement i6 executed by Cleveland. Section 5. Contribution Nmthe District. (a) . Cleveland's contribution tothe District isits agreement to extend the term of water service agreement in accordance with the Restatement of the Water Service Agreement, executed by O8V8|and and, the assumption of ownership of the distribution systems; the cleaning, relining, OlaiOhsDanC2/ repair, and replacement responsibilities related to all infrastructure; and performance of all other covenants of Cleveland stated in this Agreement. (b) Contribution. contribution Uothe District isits agreement toencourage commercial and industrial development necessary orappropriate tO promote economic development within the District; provide appropriate 0uDiC|pa| services and public improvements to promote economic development; and perform all other covenants ofstated in this Agreement. Section 6. Limitation on the use of Tax Abatements; Allowable Incentives; Uniform training incentives. (0) FLe4l Estate Tax Abatements. The Parties agree that for any business relocating between Cleveland and, there shall be limit on any new industrial or commercial real estate tax abatement to a term not to exceed 10 years. The abatement shall not exceed 75 percent. (b) Income Tax Abatements. The Parties agree that they shall not provideany income tax abatement to any businesses relocating between Cleveland and. /ci . Notwithstanding the provisions of subsections (a) and (b) of this Section 6` the Parties may continue to offer incentives including, but not limited to, the discounted sale of property, low-interest loans, and tax increment financing as provided for in 7