119.02 PRINCIPLES AND GUIDELINES.

   (a)   The Mayor and Council of the City of Highland Heights, Ohio, hereby formally adopt the City of Highland Heights Enterprise Zone Principles and Guidelines:

      (1)   All information in regard to tax abatement and pertinent industries shall be shared with the schools.

      (2)   New real property would be abated no more than an average of seventy-five percent (75%) over a ten year period.

      (3)   It is the intention of the City not to exceed the guidelines of the City ordinance.

      (4)   Data on which both political subdivisions shall rely would come from the County Auditor's Office (real and personal property taxes) and from the Regional Income Tax Agency (income taxes) and if any additional information is available it shall be shared with the School System.

      (5)   The timing of payments to the School Board (for those specific agreements that include the sharing of City taxes) would be made to the School System in one annual payment at the end of the City's calendar year.

      (6)   The City shall attempt to have a signed agreement on principles with the School System prior to the County Commissioner's action.

         (Res. 107-1992. Passed 10-27-92.)