AN ORDINANCE AUTHORIZING THE CITY OF LORAIN TO ENTER INTO A COMMUNITY REINVESTMENT AREA TAX ABATEMENT WITH ABSOLUTE MACHINE TOOLS HOLDINGS AND DECLARING AN EMERGENCY
 

WHEREAS, Absolute Machine Tools Holdings is desirous of entering into an agreement for tax abatement for a commercial development project; and
WHEREAS, the total investment of the project is approximately $1.8 million. The project will create 12 new full-time permanent positions within eight (8) months of the completion of the project, resulting in $1,080,000 for employee salaries; and
WHEREAS, pursuant to Ohio Revised Code Section 3735 and Lorain City Ordinances Nos. 178-89 and 34-10, the City of Lorain is required to negotiate the terms of the exemption on a case-by-case basis and be approved by City Council prior to the commencement of construction or remodeling; and
WHEREAS, pursuant to Ohio Revised Code Section 3735.67(f), the owner of a dwelling constructed in a community reinvestment area may file an application for an exemption after the year the construction first became subject to taxation. The City requires approval from the Firelands Local School District for the tax abatement. If approved, the application shall be processed in accordance with the procedures prescribed under this section and shall be granted if the construction that is subject of the application otherwise meets the requirements for an exemption under this section. The exemption sought in the application first applies in the year the application is filed. An exemption approved pursuant to this division only for those years remaining in the period described in (D)(2) of this section. No exemption may be claimed for any year in that period that precedes the year in which the application is filed.
 

Ordinance — consideration for passage