(A) Degree of investments required. Only industry that agree to make substantial investment in either real property or personal property shall be eligible to receive the benefits available under the program. The amount of the investment needed to qualify as a substantial investment shall depend on the facts and circumstances of each applying industry. As a general guideline, a substantial investment in real or personal property shall exist when a combination of the following conditions apply. State guidelines govern the minimum requirements.
(1) Local governments. When new construction is involved, total project costs will be at least $250,000, unless eight or more jobs are created.
(2) State requirement.
(a) Expand. Make expenditures to add land, buildings, machinery, equipment or other materials, except inventory, to a facility that equals at least 10% of market value of the facility prior to such expenditures, as determined for the purpose of local property taxation.
(b) Renovate. Make expenditures to alter or repair a facility that equal at least 50% of the market value of the facility prior to such expenditures, as determined for the purpose of local property taxation.
(B) Impact on jobs. Any business applying for the incentives available, in addition to the other requirements herein, must agree by agreement that their project will result in the creation of new full time jobs or will preserve employment opportunities for existing employees. In reviewing whether the job impact agreed upon by a business has been complied with, employment of minimum target of 70% of the number of full-time jobs, created or retained, that has been agreed to in the agreement shall be considered sufficient.
(C) Other requirements. In addition to the guidelines set forth herein, any businesses applying must comply with all other applicable local, county and state regulations pertaining to the Enterprise Zone program. Applicants must submit all information required by the village. The above guidelines are subject to the provisions of the Enterprise Zone statutes being R.C. § 5709.61 and regulations promulgated thereunder.
(Ord. 93-8, passed 8-23-1993)