51-04 Sharing Rockport Taxes w/ Schools

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AGREEMENT ROCKPORT SQUARE REVITALIZATION PROJECT TAX INCREMENT FINANCING draft of 4/28/04 THIS AGREEMENT (the "Agreement") is made and entered into as öf May , 2004 between the City of Lakewood, Ohio (the "City") and the Lakewood City School District (the "School District"), under the following circumstances (words and terms being used in these recitals with the meanings given them in Section 1 below): A. In connection with the proposed mixed-use residential and commercial project sometimes known as the "Rockport Square Revitalization Project" (the "Project"), the City intends to promote the development of the site of such Project and of the adjacent area through the designation of an Incentive District under Section 5709.40 of the Ohio Revised Code and the construction of certain Public Improvements within the Incentive District. B. In accordance with Section 5709.40 of the Ohio Revised Code and the TIF Ordinance of the City, the City has proposed to exempt from real and public utility property taxation 100% of the assessed value of certain Improvements constructed on Property within the Incentive District and, pursuant to Section 5709.42 of the Revised Code, to collect Service Payments in lieu of the taxes that would otherwise be payable with respect to the Improvements. C. The Prop\Õrty is located in the School District. D. To assure that the School District will benefit from the development of the Project, and from the Improvements on the Property generally, the City has agreed to transfer certain portions of the Service Payments to the School District. E. By Resolution No. --104, adopted , 2004, the Board of Education of the School District has approved the TIF Exemption, subject to the condition that an agreement be entered into between the City and the School District incorporating the terms of the development proposal, as described in that Resolution. NOW, THEREFORE, the parties agree as follows: Section 1. Definitions. "Bonds" means certain bonds (as well as any notes issued in anticipation of those bonds and refunding obligations issued to refinance any such notes or bonds) expected to be issued by the City in connection with the Project and related Public Improvements in an amount sufficient to provide the City with net proceeds, after paying the costs of issuing the Bonds, of $4 million, or such greater amount as may be approved by the School District Treasurer on behalf of the School District.