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<br />percentage of total Property Taxes on residential property in the Incentive District <br />for the current year that would be retained by Cuyahoga County [or by Lakewood <br />Public Library] in the absence of the TIP Exemption shall be divided equally <br />between the City and the School District and (ii) the remainder of the balance of the <br />Fund shall be divided between the City and the School District in the same <br />proportion as the millage of Property Taxes then levied by the City on residential <br />property in the Incentive District bears to the corresponding millage of Property <br />Taxes then levied on such property by the School District. <br /> <br />Section 3. School District Agreements. The School District confinns its approval of the <br />TIP Ordinance and the TIP Exemption. <br /> <br />(a) Waiver. The School District acknowledges that it has received sufficient notice of the <br />proposed passage of the TIP Ordinance and the TIP Exemption and waives the right to <br />any further notice as may be required under Ohio Revised Code Section 5709.83 with <br />respect to the TIP Ordinance. The School District waives its right to fue one-half share of <br />new income taxes resulting from the Project and the Improvements provided for in <br />Section 5709.82(D), Revised Code. The School District's waiver of its right to income <br />taxes under this Section (a) does not apply to any School District Income Tax. If the <br />School District levies or is the beneficiary of a School District Income Tax, the following <br />apply: <br /> <br />(1) The School District shall not reduce any property tax millage in connection with <br />the School District Income Tax, or <br /> <br />(2) If the School District reduces property tax millage in connection with the School <br />District Income Tax, the City will receive an annual credit against its payments <br />under Section 2 equal to the difference between the Service Payments that the <br />City would have received in that year had the millage not been reduced and the <br />Service Payments that the City actually received in that year. The credit under <br />this Section 3 (a)(2) will be applied beginning in the first collection year that the <br />millage reduction takes effect, and ending in the earlier of the last year that the <br />millage reduction is in effect or the last year that the TIP Exemption is in effect. <br /> <br />(b) Except as provided in Section 2, all Non-TIP Revenues belong to the City and the School <br />District has no right to them. <br /> <br />Section 4. Citv Agreements. <br /> <br />(a) So long as the TIP Exemption is in effect, the City must obtain the School District's prior <br />written approval before granting or approving an exemption from real, public utility, or <br />personal property taxation of the assessed value of the Property under any tax exemption <br />or tax increment financing program, including, without limitation, the Community <br />Reinvestment Program under Chapter 3735, Revised Code, the Enterprise Zone program <br />under Chapter 5709, Revised Code, the Urban Renewal program under Chapter 725, <br /> <br />4 <br />