2023-043 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2023 - 43 BY: Mayor Jones AN ORDINANCE AUTHOR/Z/NG AN INCOME TAX REVENUE SHARING AGREEMENT AMONG THE CITY OF NORTH OLMSTED AND THE NORTH OLMSTED CITY SCHOOL DISTRICT, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ohio Revised Code Section 3735.671, the City expects to enter into a Community Reinvestment Area Agreement (the "CRA Agreement") with 31351 Industrial Parkway, LLC and Fieldstone Developers (collectively, the "Company") under which the City would approve a 15 -year community investment area real property tax exemption for 100% for years one through ten of the exemption period and 75% for years eleven through fifteen of the exemption period (the "CRA Exemption") for property located at 31330 Industrial Parkway within the City of North Olmsted (the "Project Site") and within the City's Community Reinvestment Area certain improvements to the Project Site consisting of a warehouse/office complex (the "Improvements"), all as further described in the CRA Agreement; and WHEREAS, the General Assembly of the State of Ohio, by the enactment of O.R.C. 5709.82 et seq., requires the City to compensate the North Ohnsted City School District and the Polaris Joint Vocational School District (together, the "School District") for tax revenue foregone as a result of the CRA Exemption; and WHEREAS, pursuant to O.R.C. 5709.82 et seq., the City may compensate the School District according to a formula prescribed therein or enter into a separate income tax revenue sharing agreement with the North Olmsted City School District; and WHEREAS, to enable the construction of the Improvements and to share income tax revenue generated by the Improvements, the City and the North Olmsted City School District have determined to enter into a Revenue Sharing Agreement (the "Agreement"), which Agreement is in the vital and best interest of the City and the School District and will improve the health, safety and welfare of the citizens of the City and the School District; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio, that: SECTION 1: Approval of Agreement. This Council hereby approves the Agreement providing for the School District to receive 50% of income taxes received for jobs constructing the Project and jobs located on the Project Site during each year of the construction of the Project or that a CRA Exemption applies to the Project Site. That Agreement shall be in substantially the form of the Agreement on file with the Clerk of Council, with such revisions as are approved by the City Attorney; and this Council hereby authorizes the Mayor to execute the Agreement on behalf of the City.