(a) The City will determine, on a case by case basis, the amount and duration of the real property and/or personal property tax abatement which will be approved by the City in connection with a particular enterprise zone project. Factors which the City will weigh in connection with such approval include, but are not limited to, the following:
(1) The demonstration made by the company to the City regarding the amount and duration of real property and/or personal property tax exemption required to enable the proposed project to proceed.
(2) The number of jobs to be created and maintained in connection with the project.
(3) The amount of new private business investment to be made in connection with the project, in real property improvements and/or machinery, equipment and inventory.
(4) The extent to which the proposed enterprise zone project will result in the elimination or mitigation of environmental hazards or problems on an existing site or in an existing facility, and the extent to which the proposed enterprise zone project will result in the renovation and productive use of existing vacant or partially vacant facilities.
(5) The degree to which the proposed enterprise zone project will have a positive impact on the community, including, without limitation, company covenants to give preference, to the extent feasible, to the employment of unemployed residents of the City; company covenants to work cooperatively with and to directly or indirectly assist the North Royalton City Schools District; and any other covenants of the company for the general benefit of the City as a community.
(b) With respect to the subject of maximum obtainable property tax exemptions, the State Urban Jobs and Enterprise Zone Program does permit exemptions of up to 100 percent for new real and personal property improvements. However, as a general guideline, the City projects that the maximum property tax exemptions that can be approved in the City will be seventy-five percent, provided, however, that a greater maximum exemption may be approved in special circumstances where the number of jobs and the amount of payroll and investment would support a greater exemption.
(c) These Guidelines, with respect to the amount or duration of real or personal property tax exemption, may be amended, from time to time, based upon actual experience with enterprise zone projects.
(Ord. 93-183. Passed 7-6-93.)