Ohio Code § 5709.511

§ 5709.511.

(A) As used in this section, “ multinational for-profit entity ” means an entity that is organized for profit, headquartered in Ohio, and has business

operations in both the United States and other countries. (B) The legislative authority of a municipal corporation, a board of township trustees,

or a board of county commissioners may amend, or provide in, an ordinance or resolution

adopted in accordance with division (B) of section 5709.40 , section 5709.41 , division (B) of section 5709.73 , or division (A) of section 5709.78 of the Revised Code , as applicable, to extend the exemption from taxation of improvements to the parcel

or parcels designated in the ordinance or resolution for an additional period of not

more than thirty years if all of the following conditions are met: (1) The buildings and structures on the parcels are owned by a multinational for-profit

entity. (2) The multinational for-profit entity has maintained a presence on the site for more

than twenty-five years. (3) The multinational for-profit entity will commit to investing at least one hundred

million dollars at the location over the period of the extended exemption authorized

by this section. (4) The multinational for-profit entity will commit to retaining at least one thousand

jobs related to the parcels over the period of the extended exemption authorized by

this section. (5) The improvements were previously subject to an exemption from taxation pursuant to

an ordinance or resolution adopted in accordance with division (B) of section 5709.40 , section 5709.41 , division (B) of section 5709.73 , or division (A) of section 5709.78 of the Revised Code and that exemption expired after tax year 2024. (C) Not later than fifteen days after adopting or amending an ordinance or resolution

under this section, the legislative authority of the municipal corporation, board

of township trustees, or board of county commissioners shall send a copy of the amendment

to the director of development. (D) The extension of a tax exemption under division (B) of this section may, as provided

in the ordinance or resolution authorizing the extension, commence in tax year 2025

or any succeeding tax year and apply as applicable to succeeding tax years regardless

of the effective date of this section.