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the Township of Olmsted and the City of North Olmsted, Cuyahoga County, Ohio, as Twice <br />Amended. <br />Councilman Marrie: <br />Mr. President. <br />Council President Brossard: <br />Councilman Marrie. <br />Councilman Marrie: <br />I move to adopt Resolution 2026-7 and ask for a second. <br />Councilman Madden: <br />Second. <br />Council President Brossard: <br />Motion to adopt Resolution 2026-7 made by Councilman Marrie, seconded by Councilman <br />Madden. Roll call, please. <br />Council Clerk: <br />Mr. Marrie: Yes <br />Mr. Madden: Yes <br />Ms. Gilchrist: No, with comment. The proposed JEDD imposes a 2% income tax, with North <br />Olmsted receiving 0.5% and Olmsted Township receiving 1.5%. However, North Olmsted's share <br />will first be reduced by credits, refunds, economic development incentives, and the District's <br />operating, administrative, and legal expenses. More concerning, the contract provides that if <br />expenses exceed District revenues, North Olmsted and Olmsted Township are responsible for <br />those excess costs based on the same revenue split. With no cap on those expenses, this <br />creates an open-ended financial obligation for our City at a time when we are already facing <br />financial challenges. I'm also concerned that the contract does not address the long-term <br />maintenance set -aside referenced in Ohio Revised Code Section 715.72(F)(5)(d), which requires <br />a resolution levying the income tax to establish an annual percentage to be set aside for the <br />District's long-term maintenance. JEDDs can be valuable economic developmental tools, but I <br />do not believe this agreement adequately protects the financial interests of North Olmsted. <br />While I support pursuing new sources of revenue for our City, I cannot support a 25-year <br />agreement that exposes our residents to an uncapped financial obligation. For those reasons, I <br />will be voting no. Thank you. <br />Ms. Carr: No <br />