(A) Except as provided in division (B) of this section, an MVP grant recipient, whose site is located within a Central Business District, is eligible to receive an annual grant payment equal to no more than 50% of the total annual payroll taxes paid to the village for the duration of the MVP agreement. Maximum duration of the MVP agreement is dependent upon annual payroll and is indicated in the following schedule, provided, however that the duration of the MVP agreement may not exceed the lease term if the benefiting owner/business is leasing space:
Total Annual Payroll | Duration |
$100,000 to $200,000 | 2 Years |
$200,000 to $300,000 | 3 Years |
$300,000 to $400,000 | 4 Years |
$400,000 to $500,000 | 5 Years |
(B) In addition to the grant amounts provided in division (A) of this section, an MVP grant recipient who intends to occupy commercial real property with an appraised value exceeding $2,000,000, as appraised by the Summit County Fiscal Officer or Portage County Auditor, at the time the grant application is submitted to the village, is eligible for an additional annual grant payment in an amount of $10,000 or one-third of the annual payroll taxes paid to the village, whichever is less, for a maximum of five years, commencing the first year following the last year of the initial grant payments set forth in this division (B). To be eligible for this additional grant payment, the MVP grant recipient must either be the owner of the commercial real property at issue or must provide the village, for each year that a payment is sought under this division (B), with a copy of a fully executed lease for the commercial real property, indicating that the MVP recipient is the lessee of the property and that the MVP grant recipient is responsible for the payment of all real property taxes and assessments for the commercial real property.
(Ord. 50, passed 10-4-07; Am. Ord. 39, passed 5-7-08; Am. Ord. 2009-72, passed 11-4-09)