Only those businesses that are "qualified by financial responsibility and business experience to create and preserve employees opportunities in the area to improve the economic climate of the municipal corporation..." and falling within the purview of Ohio R.C. 3735.67 may apply for the tax incentives available. For expansion, renovation or occupation as defined in Ohio R.C. 3735.67, the standards therein shall apply. Particularly, an expenditure to alter or repair a vacant facility must be equal to at least 20% of the market value of the facility prior to such expenditures, as determined for the purposes of local property taxation. No abatement shall be granted for real estate taxes on an existing building except as applies to the 20% expenditure for alterations or repairs.
(Ord. 89-2-9. Passed 2-7-89.)