2023-043 Ordinance - Laserfiche WebLink

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NOW, THEREFORE, in consideration of the premises and covenants contained herein the parties agree to the foregoing and as follows: Section 1. Approval of CRA Agreement and CRA Exemption. The School District hereby approves the proposed CRA Agreement between the City and the Company, in substantially the same form as attached hereto as Exhibit "A", and the CRA Exemption in the amount of for 1000% for years one through ten of the exemption period and 75% for years eleven through fifteen of the exemption period of the Project. The CRA Exemption shall apply only to the value of improvements to the structures, as provided in Ohio Revised Code Sections 3735.67, as determined by the Cuyahoga County Auditor. As provided in Ohio Revised Code Sections 3735.67, no exemption from real property taxes is extended to the land. The School District waives any and all notices of the CRA Agreement or the CRA Exemption provided for in the CRA Agreement, required by Ohio law, including, without limitation, notices required pursuant to Ohio Revised Code Sections 3735.671 and 5709.83. Section 2: Payments to School District. In connection with the CRA Exemption pursuant to the CRA Agreement, the City will make annual payments to the School District for each calendar year during which the Project is constructed and each tax year of the CRA Exemption equal to (a) 50% of the Shared Income Tax Revenue, as defined below, for that year; less (b) the amount payable to the Polaris Joint Vocational School District pursuant to Ohio Revised Code Section 3735.671 or 5709.82 for that year. Such payments will be made only for the years the City receives payments from the income taxes levied and collected by the City on the incomes of the persons employed in the construction of the Project, the Company's Employees at the Project, and the Employees of any tenants or subtenants at the Project (the "Shared Income Tax Revenue"). "Employees" as used herein shall be defined as all full-time, part-time, temporary and leased employees. Payments for a calendar year or tax year will be made annually on or before June I of the following year. Consistent with Ohio Revised Code Section 5709.82(D), the City shall calculate the Shared Income Tax Revenue as the amount of income taxes levied and collected by the City for each calendar year during construction of the Project or tax year of the CRA Exemption. By way of example, for tax year 2024, for which the real property taxes abated from the CRA Exemption would have been paid by the Company in calendar year 2025, the City shall calculate the Shared Income Tax Revenue as the income taxes levied and collected by the City in calendar year 2024, and pursuant to this Section 2, the annual payment for tax year 2024 would be due on or before June 1, 2025. Each subsequent annual payment shall be calculated and paid by the City as herein provided. Section 3: Infrastructure Offset. Notwithstanding the provisions of R.C. 5709.82(D), the City shall be entitled no offset from the Shared Income Tax Revenue for infrastructure costs and/or debt service on public infrastructure directly supporting the development of the Facility incurred by the City in the preceding calendar year. The term "infrastructure costs" shall have the same meaning as set forth under Section 5709.82(A)(2) of the Ohio Revised Code. Section 4: Review of Records. The School District may from time to time, with reasonable advance notice, review the records of the City relating to the municipal income taxes it derived from the Project, in each case to the extent such information may he made available to the