(A) By Executive Order EO-C-95-1 dated February 6, 1995, Executive Order EO-C-96-1 and Ordinance O-C-04-6 passed by the County Council on July 22, 2004, the county has pledged up to 30% of its distributive share of EDIT revenues to pay debt service or lease rentals on obligations issued to finance the acquisition of land and certain infrastructure improvements in or serving Perry County Economic Development Areas No. 2 and 3 respectively. The pledges are hereby reaffirmed and incorporated in the Plan.
(B) The county will deposit the funds into a separate interest-varying account identified as the EDIT Community Economic Development Fund, pursuant to the provisions of that certain interlocal agreement dated as of December 6, 1993, by and between the county, the City of Tell City and the Town of Troy. The funds shall be utilized and expended to satisfy the pledges. The balance, if any, shall be utilized and expended as follows:
(1) Up to and not to exceed $15,000 thereof shall be paid to the County Port Authority to assist in defraying the annual salary of the Vice President and CEO of the County Port Authority; and
(2) Any balance remaining thereafter shall be used and expended pursuant to the terms of the interlocal agreement at the request of the County Development Corporation to provide financial incentives to attract new industrial investment, assist existing industry and develop infrastructure to advance industrial development in the county.
(C) For the three-year period beginning January 1, 2015, from the revenue it receives from the county economic development income tax, the county shall utilize an amount up to but not exceeding $15,500 to make improvements to the existing Emergency Management Services building that are necessary for its occupation by certain governmental agencies.
(Ord. O-C-99-9, passed 8-16-1999; Ord. O-C-04-7, passed 7-22-2004; Am. Ord. O-C-15-3, passed 6-1-2015)