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<br />Section 5. The Enterprise Zone Committee shall allocate the funds received as a result of <br />the public benefit contribution to the city, county and local educational institutions. Not less than <br />40% shall be allocated to the County, and not less than 40% shall be allocated to the City. The <br />balance shall be allocated by the Enterprise Zone Committee among the City, County and local <br />educational services, including Section 501(c)(3) tax exempt education foundations. <br /> <br />Section 6. Following receipt of a precertification application for the enterprise zone tax <br />exemption, the Enterprise Zone Committee shall hold a public hearing. The purpose of the public <br />hearing shall be to receive input about both the appropriate amount of a public benefit contribution, <br />and how the funds, if any, should be allocated among the city, county and local educational <br />institutions. Notice of the public hearing shall be published in a newspaper of general circulation <br />in Lane County. In addition, individual notices of the public hearing shall be provided to the local <br />educational institutions, requesting their input. Following the public hearing, the Enterprise Zone <br />Committee shall determine the amount of the public benefit contribution, and how the funds shall <br />be allocated. The Committee's decision shall be a recommendation forwarded to the Board of <br />Commissioners and the City Council. In the event the Board of Commissioners or the City Council <br />does not agree, the amount of the payment shall be the percentage recommended by the Committee <br />or 10%, whichever is less. The City Council and Board of Commissioners may by mutual agreement <br />select a percentage different than that recommended by the Committee, so long as the percentage <br />is less than 15%. <br /> <br />Section 7. If any section, subsection, clause or portion of this Resolution is for any reason <br />held invalid or unconstitutional by a court of competent jurisdiction, such portion shall be deemed <br />a separate, distinct, and independent provision and such holding shall not affect the validity of the <br />remaining portions hereof. <br /> <br />Section 8. This Resolution shall take effect immediately upon adoption by the Council and <br />adoption of a substantially similar resolution by the Board of County Commissioners. <br /> <br />The foregoing Resolution adopted the 30th day of June, 1997. <br /> <br /> <br />~ 6--. Ci~ !Zer <br /> <br />Resolution - 3 <br /> <br />06/30/97 <br />