The governing body of any Oregon county shall forward appropriate prospective eligible projects to the Oregon Business Development Department for processing.
For purposes of this section, for projects located on a federally recognized Oregon Indian reservation, the governing body of a county shall be considered to be the governing body of the federally recognized Oregon Indian tribe.
The county may not make the request under subsection (1) of this section unless, after a public hearing:
The county and, if the proposed eligible project will be located within a city, the city have entered into an agreement with the business firm, as described in this subsection.
The agreement provides for the payment of a fee by the business firm, as follows:
The fee shall be for community services support that relates to the direct impact of the eligible project on public services.
The fee shall be in an amount equal to 25 percent of the property taxes that would, but for the exemption, be due on the exempt property in each assessment year, but not exceeding $2.5 million in any year.
The fee shall be paid annually during the tax exemption period, as of a date set forth in the agreement.
The agreement provides for the refunding or crediting of overpayments, for interest on late payments or underpayments and for the manner in which the appeal of the assessed value of the property included in the project will affect the fee.
The agreement described in subsection (4) of this section may provide for any other requirements related to the project.
(a) The fee collected under subsection (4)(b) of this section shall be distributed by the county based on an agreement. The agreement is effective only if:
The county and the city, if any, in which the eligible project is located have entered into the agreement; and