(a) It is required that each enterprise which requests and receives a tax abatement enter into an agreement requiring that the enterprise shall pay an annual fee equal to the greater of one percent (1%) of the dollar value of incentives offered under the tax abatement agreement or five hundred dollars ($500.00); provided, however, that if the value of the incentives exceeds two hundred fifty thousand dollars ($250,000), the fee shall not exceed two thousand five hundred dollars ($2,500).
(b) The fee shall be payable to the legislative authority one per year for each year the tax abatement agreement is effective on the days and in the form specified in the agreement. Fees paid shall be deposited in a special fund created for such purpose by the legislative authority and shall be used by the legislative authority exclusively for the purpose of complying with Ohio R.C. 5709.68 and by the tax incentive review council created under Ohio R.C. 5709.85 exclusively for the purposes of performing the duties prescribed under that section.
(c) The Area Development Foundation is designated to prepare the annual reports required by Ohio R.C. 5709.68.
(Ord. 1995-31. Passed 12-18-95.)