Upon certification by the Ohio Department of Development (ODOD) of the municipality’s Enterprise Zone Program, the following incentives shall be provided to businesses making eligible investments:
(A) Real and personal property tax incentives.
(1) The municipality can grant real and/or personal property tax exemptions within its certified Enterprise Zone of up to 75% of the value of the eligible new investment of the project. Terms of these incentives can be for up to 10 years. The municipality will decide the appropriate incentive level and term based on a project-by-project evaluation of the associated costs and benefits.
(2) The municipality may exceed the stated incentive cap regardless of the term average if the New Lebanon Board of Education or Miami Valley Career Technology Center approves the proposal. The municipality must formally request that each school board review and consider such a proposal.
(3) The Ohio Enterprise Zone Act allows a local government to expand the potential incentive to include existing taxable assets in two particular situations:
(a) If a business plans to purchase and operate a large manufacturing operation that has employed an average of 1,000 employees per year during the past five years that has closed or has announced closure proceedings, the municipality may grant an exemption to such purchasing business of up to 100% of the value of the existing real and personal property for up to 10 years.
(b) If a business agrees to remediate an environmentally contaminated facility by expending at least 250% of the existing value of the facility on a new investment project including at least 10% investment on remediation activities, then the municipality can exempt up to 50% of the existing real property and 100% of the new real and personal property investment described as the project.
(B) State franchise tax incentives. A business is eligible for state franchise tax benefits, in accordance with criteria established by the Ohio Department of Development (ODOD), if it is in compliance with an existing local Enterprise Zone Agreement, has created new jobs, and did not close or reduce employment at any other Ohio location as a result of this project. The business must file the appropriate State Franchise Tax application with ODOD between January 1st and April 30th.
(Res. 2000-41, passed 9-19-00)