2026-007 Resolution - Laserfiche WebLink

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(3) The parties agree that during the term of this Contract, all Township taxes collected by the Cuyahoga County Fiscal Officer after the Contract is accepted by the City, by resolution or ordinance, will be paid directly to the Township. This would also include the Township taxes generated as a result of new businesses located on or in the Property after acceptance of the Contract. All such taxes shall be paid at whatever the Township millage or other taxing rate in existence at the time the collection is made by the Cuyahoga County Fiscal Officer. (4) The parties further agree that, during the term of this Contract, taxes for any Township levy, which as of the date of execution are general, fire, EMS, parks and recreation, police and road levies, that the Township would have received but for the acceptance of this Contract, shall be paid to the Township at the time collection is made by the Cuyahoga County Fiscal Officer, under millage rates in effect at the time of the collection. The City will not be responsible for any payments to the Township that will be lost to the Township from a taxing district that would become part of the incorporated area of the City. (5) In the event that any such taxes, which by the terms of this Contract are to be paid to the Township, are collected by the Cuyahoga County Fiscal Officer and paid to the City instead of the Township, the City agrees to promptly remit to the Township an amount equal to said taxes it receives. Payment by the City to the Township of any taxes erroneously received shall be made within thirty (30) days of the receipt of such funds from the Cuyahoga County Fiscal Officer, or of discovery and written notice to the City of such error. (6) Notwithstanding the above, any amounts of real property and personal property taxes that City may be entitled to receive for City millage only, over and above the amount the Township receives or would have received under the existing Township millage rates if the annexation had not taken place, shall be paid to City. (B) Income Tax: The Board at its first meeting shall adopt a resolution to levy an income tax at a rate of two percent (2%) in the District in accordance with ORC Section 715.72(F)(5) that can only be levied in the District based on income earned by persons working in the District, on the net profits of businesses operating in the District, and on the income of persons residing within the District. The authority of the Board to levy an income tax shall go into effect upon the effective date of this Contract. The rate of the income tax shall change from time to time so that it is equal to the rate of the municipal income tax levied by the City. The revenues of that income tax shall be used for the purposes of the District and the contracting parties pursuant to this Contract. The Board shall adopt, by resolution, all of the provisions (other than the rate) of the City's income tax legislation, as it may be amended from time to time, as applicable to the income tax. The income tax levied by the Board pursuant to this Contract and ORC Section 715.72(F)(5) shall apply in the entire District throughout the term of this Contract, notwithstanding that all or a portion of the District becomes subject to annexation, merger or incorporation. In accordance with ORC Section 715.72(F)(5)(c), the Board shall enter into an agreement with the City to administer, collect, and enforce the income tax on behalf of the District (the 8