2024-055 Ordinance - Laserfiche WebLink

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WHEREAS, pursuant to Section 3735.67(A) of the Revised Code and in conformance with the format required under Section 3735.671(B) of the Revised Code, the parties hereto desire to set forth their agreement with respect to matters hereinafter contained. NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained and the benefit to be derived by the parties from the execution hereof, the parties hereto agree as follows: Company shall construct a warehouse / office complex on 29992 Lorain Road (the "Facility") in the City of North Olmsted. The Facility shall be constructed at 29992 Lorain Road, North Olmsted, Ohio 44070 on Parcel Number(s) 233-11-004 as the same is known and designated on the Auditor's revised list of lots in the City of North Olmsted, Ohio. The Project will involve a total investment of Two Million Dollars ($2,000,000.00, plus or minus 10%), at 29992 Lorain Road, North Olmsted, Ohio 44070. The Project will begin on or about October 31, 2024 and all acquisition, construction and installation will be completed by December 31, 2025, unless otherwise agreed to by the parties hereto. 2. Company shall cause to be created through agreements within a time period not exceeding thirty-six (36) months after the completion of construction of the aforesaid Facility, equivalent of thirteen (13) new full-time permanent job opportunities at the Facility at 29992 Lorain Road, North Olmsted, Ohio 44070. Company's or the Facility operator's schedule for hiring is as follows: create thirteen (13) new equivalent full-time permanent jobs in year one; five (5) new equivalent full-time permanent jobs in year three with a payroll of $510,000 by year five (5). The job creation period begins on or about January 1, 2026 and all jobs will be in place by December 31, 2029. This increase in the number of employees will result in approximately One Million Eight Hundred fifty Thousand Dollars ($1,850,000.00) in payroll generated from Eighteen (18) full-time permanent jobs. Company acknowledges and agrees that in calculating annual payroll for purposes of compliance with this Agreement, any person holding a job created at the Facility (and whose anticipated job is included in the jobs calculation / projection set forth herein) who is required or elects to pay a local income tax to a municipal taxing entity other than the City of North Olmsted as a result of my work performed (payroll earned) by that employee outside of the City of North Olmsted and who in fact pays said tax to another municipal taxing district, shall not have that taxable portion of said employee's payroll earned outside the City of North Olmsted and taxed elsewhere included in the annual payroll requirements set forth herein. 3. Company in its Application attached hereto has described this Project as "one building for the relocation of JL Moore Construction LLC." (105/4487:3 t