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EXHIBIT A <br /> <br />Board of Education <br />Lakewood City School District <br />:[470 Warren Road <br />Lakewood, OH 44:~07 <br />Attention: P..~oseph Madak, PhD, <br /> Superintendent <br /> <br />Ladies and Gentlemen: <br /> <br />Pleased be advised that the City of Lakewood (the "City") is considering authorizing a Development <br />Agreement with Lakewood Shoppes LLC, an Ohio limited liability company formed by an agreement <br />between CenterPoint Properties and .leffrey R. Andersen Real Estate, ]nc. (the "Developer") and Heartland <br />Developers LLC (the "Residential Developer) relating to the project known as the West End Revitalization <br />Project. Pursuant to the proposed Development Agreement and Chapter 725 of the Ohio Revised Code, the <br />portion of the assessed valuaUon of improvements constructed pursuant to a development agreement <br />declared to be a public purpose in the development agreement shall be exempt from real property taxation <br />by all political subdivisions and taxing districts. As required by Section 725.02, the City hereby notifies you <br />as follows: <br /> <br />1. The parcels proposed to be exempt from real property taxation are described on Schedule I <br />attached hereto. <br /> <br />2. The proposed improvements to the parcels include the redevelopment of approximately nineteen <br />acres by the acquisition of lafld, demolition of existing buildings, and construction thereon of a mixed-use <br />commercial/residential lifestyle center, including the construction of more than 200 for-sale condominiums <br />and approximately 400,000 square feet of new retail and entertainment facilities. <br /> <br />3. The estimate of the true value in money of the proposed improvements is $130,000,000. <br /> <br />4. The period for which the improvements would be exempted from real property taxation shall not <br />exceed thirty years from the date of the ordinance authorizing the development agreement and exempting <br />the property from real property taxation. <br /> <br />5. One hundred percent (100%) of the assessed valuation of the improvements would be exempt from <br />real property taxation. <br /> <br />6. This Council would not pass an ordinance authorizing the execution of the Development Agreement <br />prior to May 19, 2003. <br /> <br />The City further requests the School District' to waive the forty-five (45) business day notice required by <br />Section 725.02(B), and to certify such waiver to the City as required by such Section. Pursuant to Section <br />725.02(B), the City hereby requests the School District to approve the one hundred percent (~'00%) <br />exemption, by resolution adopted by the Board of Education of the School District, and to deliver such <br />approval to the City not later than Hay 15, 2003. The City hereby waives the requirement that the Board of <br />Education certify its resolution to this Council not later than fourteen (14) days prior to the date of <br />execution of the Development Agreement. <br /> <br />Please be advised that this letter is provided for notice purposes only. The Council of the ~City has not <br />passed any ordinance authorizing a development agreement with the Developers or exempting the <br />assessed value of the improvements from real property taxation, and may or may not pass such an <br />ordinance in the future. <br /> <br />We appreciate the School District's cooPeration and assistance. <br /> <br />Very truly yours, <br /> <br />Mary Hagan, Clerk of Council <br /> <br />Page 3 of 3 <br /> <br /> <br />