All enterprise zone agreements entered into between the City and any enterprise located within the enterprise zone, in addition to complying with all other legal requirements, shall contain terms and conditions which incorporate the following requirements:
(a) Each enterprise shall pay a one-time nonrefundable local application fee to the City, not to exceed the application fee payable to the Director of the Ohio Department of Development. The local application fee shall be payable to the City at the time the enterprise submits a proposed enterprise zone agreement to the City. The fee may be waived on a case-by-case basis by the Enterprise Zone Committee, subject to the approval of Council.
(b) Real or personal property tax exemptions granted to any enterprise shall not exceed seventy-five percent of the value of the eligible new investment of a project.
(c) The term of any real or personal property tax exemption granted to any enterprise shall not exceed ten years.
(d) Each enterprise shall show preference to residents of the City when hiring new employees, the exact percentage of which shall be negotiated on a case-by-case basis by the Enterprise Zone Committee, subject to the approval of Council.
(e) Each enterprise shall create one or more temporary internships for students and create a scholarship, or provide another form of educational financial assistance for students, in exchange for a student's commitment to work for the enterprise upon completion of the internship.
(f) Each enterprise shall pay an annual monitoring fee to the County or, if authorized by the County, to the City, in an amount equal to the lesser of one percent of the dollar value of incentives offered under the enterprise zone agreement or two thousand, five hundred dollars ($2,500). The monitoring fee shall be shared equally between the County and the City. The monitoring fee is due by the third Monday in January of each year that the enterprise receives a tax benefit under the enterprise zone agreement. All monitoring fees received by the city will be deposited in a special fund and used exclusively for the purpose of administering and monitoring enterprise zone agreements.
(g) Each enterprise shall maintain a membership in the City of Parma Chamber of Commerce.
(h) In the event an enterprise materially fails to fulfill its obligations under the agreement, the enterprise shall be required to repay the amount of taxes that would have been payable had the property not been exempted from taxation under such agreement.
(Ord. 263-95. Passed 9-18-95.)