A company buying or leasing a vacant commercial building or developing and subsequently occupying a building on a vacant commercial lot shall be eligible to apply for and receive an annual MVP grant payment, through an MVP agreement with the village, under the following terms and conditions:
(A) Any of the following four scenarios are proposed for the vacant site:
(1) The owner/business has a current payroll, excluding benefits, of at least $500,000, and is creating new jobs that will result in at least $250,000 in annual payroll, excluding benefits, within a three-year period, and the owner/business is not the recipient of an Enterprise Zone or Community Reinvestment Area tax incentive; or
(2) The owner/business has a current payroll, excluding benefits, of at least $750,000, and the owner/business is not the recipient of an Enterprise Zone or Community Reinvestment Area tax incentive;
(3) The owner/business has a current payroll, excluding benefits, of at least $1,000,000, and the owner/business is the recipient of an Enterprise Zone or Community Reinvestment Area tax incentive; or
(4) The owner/business has a current payroll, excluding benefits, of at least $100,000, and the owner/business is not the recipient of an Enterprise Zone or Community Reinvestment Area tax incentive and the site for the proposal is located within an area zoned as a Central Business District.
(B) The owner/business agrees to maintain the existing payroll and new jobs for the period of the credit. Should the existing and/or new payroll decline from the level existing at the time of the initial MVP agreement, the village shall not pay, and the owner/business shall not receive, the grant payment for the year in which the payroll is below the level existing at the time of the initial MVP agreement. Failure of the owner/business to maintain existing and new payroll commitments two years in a row shall result in a mandatory discontinuance of the MVP agreement.
(C) The owner/business commits that it will comply with all laws and ordinances of the village. Failure to do so during the term of the MVP agreement may result in a termination of the MVP agreement by the village.
(D) The owner/business does not owe any delinquent taxes to the State of Ohio or any political subdivision of the State of Ohio. Any delinquency to the State of Ohio or any political subdivision of the State of Ohio in the payment of any tax may result in the termination of the MVP agreement by the village.
(E) The owner/business applies for and signs the MVP agreement prior to occupying the property.
(Ord. 50, passed 10-4-07; Am. Ord. 39, passed 5-7-08; Am. Ord. 2009-72, passed 11-4-09)