2024-103 Ordinance - Laserfiche WebLink

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4. The City of North Olmsted hereby grants Company a tax exemption for real property improvements made to the Project site pursuant to Section 3735.67 of the 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 one hundred percent (100%) of the tax on the Project for years one (1) through ten (10) and the seventy-five percent (75%) for years eleven (11) through fifteen (15). 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, 2026 or beyond December 31, 2041. Company must file the appropriate tax forms with the County Auditor to effect and maintain the exemptions covered in the Agreement. Company agrees that it alone has the sole responsibility for filing required forms. Neither the City nor agent or employee thereof shall have any responsibility for taking any actions other than those expressly set forth herein to effect or maintain such exemption. Company shall pay such real and tangible personal property taxes as are not exempted under this Agreement and we charged against such property and shall file all tax reports and returns as required by law. If Company fails to pay such taxes or file such terms and reports, all incentives granted under this Agreement are rescinded beginning with the year for which such taxes are charged or such reports or returns are required to be filed and thereafter. 6. 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. Company agrees that the City shall have no monetary liability for any damages caused or incurred by Company for any failure of the City to perform its obligations under section seven (7) or any other provisions of this Agreement. If for any reason the Community Reinvestment Area designation expires, the Director of the Ohio Department of Development revokes certification of the Community Reinvestment Area, or revokes the designation of the Community Reinvestment Area, entitlements granted under this Agreement shall continue for the number of years specified under this Agreement, unless the Company materially fails to fulfill its obligations under this Agreement and the City of North Olmsted terminates or modifies the exemptions from taxation granted under this Agreement. 8. If Company materially fails to fulfill its obligations under this Agreement, or if the City of North Olmsted determines that the certification as to delinquent taxes required by this Agreement is fraudulent, the City of North Olmsted, may, in its sole, unreviewable discretion terminate or modify the exemptions from taxation granted under this Agreement and may require the repayment of the amount of taxes that would have been payable had