(a) Application information and forms may be obtained from the Office of the Mayor and shall be submitted to that office. The completed application must be accompanied by a non-refundable two hundred dollars ($200.00) application processing fee.
(b) Data required to be submitted on and with the application, or required by the Committee, shall be verified and analyzed by persons or firms to be designated by the Enterprise Zone Committee.
(c) The Committee, or persons designated by it, shall conduct a "cost - benefit analysis" of the proposed project.
(d) When terms of an agreement have been agreed upon by the applicant and the Committee, the terms shall be forwarded to the Director of Law for preparation of a contract and an implementing ordinance, which shall be offered to Council for introduction as soon as practicable.
(e) Any completed agreement shall provide for payment by the applicant of an implementation fee equal to two and one-half percent (2 1/2%) of the estimated tax savings to the applicant over the life of the agreement based on data provided in the application and verified by the Committee. Such fees shall be deposited in the City's Revolving Loan Fund.
(f) The agreement shall take effect upon approval of Council by ordinance and upon execution of the written agreement by all necessary parties. The agreement shall then be processed by the City pursuant to Ohio R.C. Chapter 5709.
(Ord. 86-11. Passed 3-3-86.)