Although Ohio R.C. Sections 5709.62 to 5709.66 permit granting tax incentives in municipal Enterprise Zones of up to one hundred percent (100%) for real and personal tangible property for up to ten years, it shall be the policy of the City and of the Negotiating Board to generally consider the following chart of criteria when negotiating with any given applicant.
The Negotiating Board shall prepare its recommendations for tax incentives in a fashion generally consistent with these guidelines. In cases where the Negotiating Board's recommendations deviate from these guidelines, a written explanation of this deviation shall accompany the recommendation to the City.
The City may accept, reject or amend the Board's recommendation. However, it is the express intention in generating these guidelines to present the City's policy towards Enterprise Zone tax incentives in a fashion which will result in general consistency in their implementation.
The Negotiating Board may recommend tax incentives for incremental investments in real and personal tangible property up to one hundred percent (100%) for a maximum of ten years by considering the following investment, payroll and job location criteria and summing the level of incentive suggested for each of the three criteria:
(a) Investment Criteria.
Incentive Suggested (%) | Type of Project (Years) | Level of Investment |
0 | 0 | Under $100,000 |
25 | 5 | $100,000 to $499,999 |
30 | 8 | $500,000 to $1,999,999 |
40 | 10 | $2 - $10 million |
50 | 10
| Over $10 million |
(b) Payroll Generation Criteria.
Incentive Suggested (%) | Type of Project (Years) | Level Annual Payroll Retained/Generated |
0 | 0 | Less than $100,000 |
10 | 5 | $100,000 to $999,999 |
15 | 8 | $1,000,000 - $5,000,000 |
20 | 10 | Over $5,000,000 |
(c) Local Job Creation/Retention Criteria.
Incentive Suggested (%) | Type of Project (Years) | City Jobs Retained/Created |
0 | 5 | Under 5 |
10 | 5 | 5 - 25 |
15 | 8 | 26 - 100 |
20 | 10 | Over 100 |
The Negotiating Board may require the submission of annual financial or other performance reports to document job, payroll and investment levels. Such information shall be submitted to the City within thirty days of the end of the applicant's fiscal year or at such other time deemed appropriate by the Negotiating Board. Furthermore, the Negotiating Board may recommend varying terms and levels of incentives up to a maximum of ten years and a percentage incentive not to exceed the sum of the percentage suggested for each level of investment, payroll and job creation/retention. Percentages of incentive granted may vary on a year-by-year basis, but should generally not exceed the maximum percentage suggested by the sum of the three criteria.
(Ord. 101-90. Passed 11-5-90.)