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<br />EXHIBIT A <br /> <br />Board of Education <br />Lakewood City School District <br />1470 Warren Road <br />Lakewood. OH 44107 <br />Attention: P Joseph Madak, PhD, <br />Superintendent <br /> <br />Ladies and Geutlemeu: <br /> <br />Pleased be advised that the City of Lakewood (the "City") is cousidering establishing a tax <br />iucentive district, as defmed in Section 5709 40(a) of the Ohio Revised Code and authorizing a Tax <br />Increment Financing and Development Agreement with Rockport Square LLC (the "Developer") <br />relating to the project known as the Rockport Square Revitalization Project. Pursuant to the proposed <br />Development Agreement and Chapter 570940(c) of the Ohio Revised Code, the portion of the <br />assessed valuation of improvements constructed pursuant within the incentive district and declared to <br />be a public purpose in the development agreement shall be exempt from real property taxation by all <br />political subdivisions and taxing districts. As required by Section 5709.40 and Section 5709.83, the <br />City hereby notifies you as follows' <br /> <br />1 The parcels proposed to be included in the incentive district and thereby exempt ITom <br />real property taxation are described on Schedule I attached hereto <br /> <br />2. The proposed improvements to the parcels include the redevelopment of <br />approximately 4 acres by the acquisition of land, demolition of existing buildings, and construction <br />thereon of a mixed-use residential and commercial project including the construction of more than <br />ì 15 for-sale condominilUlls, and approximately 26,000 square feet of new retail facilities. <br /> <br />3. The estimate of the true value in money of the proposed improvements is $39,000,000. <br /> <br />4. The period for which the improvements would be exempted from real property <br />taxation shall not exceed thirty years ITom the date of the ordinance authorizing the development <br />agreement and exempting the property from real property taxation. <br /> <br />5. One hundred percent (100%) of the assessed valuation of the improvements would be <br />exempt ITom real property taxation, to the extent that such real property taxation is not abated <br />pursuant to the Community Reinvestment Act ordinance <br /> <br />6 The real property taxes of the new residential units are proposed to be abated to the <br />purchasers at 100% for two (2) years and fifty percent (50%) for three (3) years. <br /> <br />7. This Council would not pass an ordinance authorizing the execution of the <br />development agreement prior to May 17, 2004 <br /> <br />The City further requests the School District to waive the forty-five business day notice <br />required by Section 5709.40, and to certify such waiver to the City as required by such Section. <br />Pursuant to Section 570940, the City hereby requests the School District to approve the one hundred <br />percent (100%) exemption, by resolution adopted by the Board of Education of the School District, <br />and to deliver such approval to the City not later than May 13, 2004 <br /> <br />Please be advised that this letter is provided for notice purposes only. The Council of the City <br />has not passed any ordinance authorizing a development agreement with the Developer or exempting <br />the assessed value of the improvements from real property taxation or abating the real property taxes <br />of the proposed residential units, and mayor may not pass such ordinances in the future. <br /> <br />We appreciate the School District's cooperation and assistance <br /> <br />Very truly yours, <br /> <br /> <br />ftt~~ <br /> <br />Mary Hagan, Clerk of Council <br /> <br />Page 3 00 <br />