7903-04 Notice to Board of Ed - Vedda TIF

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Board of Education Lakewood City School District 1470 Warren Road Lakewood, OH 44107 Attention: P. Joseph Madak, PhD, Superintendent EXHIBIT A Ladies and Gentlemen: Pleased be advised that the City of Lakewood (the "City") is considering exempting from real property taxation pursuant to Section 5709.40(b) of the Ohio Revised Code the Improvements (as such term is defined in Section 5709.40(a)(4), Ohio Revised Code), to a certain parcel of real property known as 12000 Berea Road (P.P.N. 315-25-007 and authorizing a Tax Increment Financing Agreement (the "TIF Agreement") with Vedda & Sons Printing, Inc. (the "Developer'') reiating to the project known as the Vedda 8< Sons Printing, Inc. Expansion and Redevelopment Project. Pursuant to the proposed TIF Agreement and Chapter 5709.40(b) of the Ohio Revised Code, the increase in the assessed value of the Project Site that would first appear on the tax list and duplicate of real and public utility property after the effective date of the TIF Ordinance were it not for the exemption granted by that ordinance shall be exempt from real property taxation by all political subdivisions and taxing districts. As required by Section 5709.40 and Section 5709.83, the City hereby notifies you as follows: 1. The parcel proposed to be exempted from real property taxation is Cuyahoga County Auditor's Permanent Parcel Number 315-25-007 as further described on Schedule I attached hereto. 2. The proposed improvements to the parcel include the redevelopment of approximately 2.8 acres by the acquisition of land, site preparation (including excavation and grading, "geopier" soil reinforcement, "Geogrid" fabric installation, hauling and placing on site of engineered fill, reinforcement of the building slab, all other site work related to such site preparation and all related soft costs), and construction thereon of a new light industrial printing facility of approximately 16,000 square feet. 3. The estimate of the true value in money of the proposed Improvements is $1,200,000. 4. The period for which the Improvements would be exempted from real property taxation shall not exceed twenty (20) years from the first day of the tax year in which the Improvements first appears on the tax list and duplicate of real and public utility property and that begins after the effective date of the ordinance. 5. One hundred percent (100%) of the assessed valuation of the improvements wouid be exempt from real property taxation. 6. This Council would not pass an ordinance authorizing the execution of the TIF agreement prior to May 17, 2004. The City further requests the School District to waive the forty-five business day notice required by Section 5709.40, and to certify such waiver to the City as required by such Section. Pursuant to Section 5709.40, the City hereby requests the School District to approve the one hundred percent (100%) exemption, by resolution adopted by the Board of Education of the School District, and to deliver such approval to the City not later than May 13, 2004. The City hereby waives the requirement that the Board of Education certify its resolution to this Council not later than (14) days prior to the date of execution of the Development Agreement. Please be advised that this ietter is provided for notice purposes only. The Council of the City has not passed any ordinance authorizing a TIF Agreement or a Development Agreement with the Developer or exempting the assessed value of the improvements from reai property taxation, and mayor may not pass such an ordinance in the future. We appreciate the School District's cooperation and assistance. , Very truly yours, M~I/~ Mary Hagan, Clerk of Council Page 3 00