Ohio § 5709.881

§ 5709.881.

Each agreement entered into under section 5709.88 of the Revised Code shall be in writing and shall include all of the information and statements prescribed

by this section.  Agreements may include terms not prescribed by this section, but such terms shall

in no way derogate from the information and statements prescribed by this section. (A) Each agreement shall include the following information: (1) The names of all parties to the agreement; (2) A description of the investments to be made by the applicant enterprise or by another

party at the facility whether or not the investments are exempted from taxation, including

existing or new building size and the cost thereof;  the value of machinery, equipment,

furniture, and fixtures, including an itemization of the value of machinery, equipment,

furniture, and fixtures used at another location in this state prior to the agreement

and relocated or to be relocated from that location to the facility, and the value

of machinery, equipment, furniture, and fixtures at the facility prior to the execution

of the agreement that will not be exempted from taxation;  the value of inventory

at the facility, including an itemization of the value of inventory held at another

location in this state prior to the agreement and relocated or to be relocated from

that location to the facility, and the value of inventory held at the facility prior

to the execution of the agreement that will not be exempted from taxation; (3) The scheduled starting and completion dates of investments made in building, machinery,

equipment, furniture, fixtures, and inventory; (4) Estimates of the number of employee positions to be created each year of the agreement

and of the number of employee positions retained by the applicant enterprise due to

the project, itemized as to the number of full-time, part-time, permanent, and temporary

positions; (5) Estimates of the dollar amount of payroll attributable to the positions set forth

in division (A)(4) of this section, similarly itemized; (6) The number of employee positions, if any, at the project site and at any other location

in the state at the time the agreement is executed, itemized as to the number of full-time,

part-time, permanent, and temporary positions. (B) Each agreement shall set forth the following information and incorporate the following

statements: (1) A description of real property to be exempted from taxation under the agreement,

the percentage of the assessed valuation of the real property exempted from taxation,

and the period for which the exemption is granted, accompanied by the statement:  “The

exemption commences the first year for which the real property would first be taxable

were that property not exempted from taxation.  No exemption shall commence after _____ (insert date) nor extend beyond _____ (insert date).” The tax commissioner shall adopt rules prescribing the form the description of such

property shall assume in order to ensure that the property to be exempted from taxation

under the agreement is distinguishable from property that is not to be exempted under

that agreement. (2) A description of tangible personal property to be exempted from taxation under the

agreement, the percentage of the assessed value of the tangible personal property

exempted from taxation, and the period for which the exemption is granted, accompanied

by the statement:  “The exemption commences the first year for which the tangible

personal property would first be taxable were that property not exempted from taxation.  No exemption shall commence after _____ (insert date) nor extend beyond _____ (insert date).” The tax commissioner shall adopt rules prescribing the form the description of such

property shall assume in order to ensure that the property to be exempted from taxation

under the agreement is distinguishable from property that is not to be exempted under

that agreement. (3) “ _____ (insert name of enterprise) shall pay such real and tangible personal property taxes

as are not exempted under this agreement and are charged against such property and

shall file all tax reports and returns as required by law.” (4) “ _____ (insert name of municipal corporation or county) shall perform such acts as are reasonably

necessary or appropriate to effect, claim, reserve, and maintain exemptions from taxation

granted under this agreement, including, without limitation, joining in the execution

of all documentation and providing any necessary certificates required in connection

with such exemptions.” (5) “ _____ (insert name of enterprise) shall provide to the proper tax incentive review council

any information reasonably required by the council to evaluate the enterprise's compliance

with the agreement, including returns filed pursuant to section 5711.02 of the Ohio Revised Code if requested by the council.” (6) “ _____ (insert name of enterprise) and _____ (insert name of municipal corporation or county) acknowledge that this agreement

must be approved by formal action of the legislative authority of _____ (insert name of municipal corporation or county) as a condition for the agreement

to take effect.  This agreement takes effect upon such approval.”