8587-12 Settle agreement w/ Ice Land USA over tax valuation

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June 8, 2012 Appraisal Department Cuyahoga County County Administration Building 1219 Ontario Street Cleveland, Ohio 44113 In re: Property Owner: City of Lakewood Property Address: 14740 Lakewood Heights Boulevard PPN: 314-13-022 Dear Administrator: Please accept this request submitted by counsel for the City of Lakewood ("Owner") and Ice Land USA-Lakewood, LLC ("Tenant") and counsel for the Lakewood City School District Board of Education ("BOE"). Owner, Tenant and BOE have considered the fair market value of the real property identified by the above address and Permanent Parcel Number, which is commonly known as the Serpentini Arena at Winterhurst Ice Skating Rink (the "Property"), for years and involved in the 2009 triennium. The parties acknowledge that the valuation of the Property is difficult given its special use and the absence of similar properties and sales of similar properties. Recently, the parties stipulated to the fair market value for the 2009 triennium as follows, with the taxable value being 35% of each of said numbers: Pelrnanent Parcel Number Land Value Buildin Value Total Value 314-13-022 $337,500 $1,012,500 $1,350,000 The pazrties reached the agreement for the 2009 triennium after discussion, negotiation, consideration of a real estate appraisal valuing the subject property at $1,040,000 for each of January 1, 2009 and January 1, 2010 (which we enclose herewith for your consideration) and an analysis of the financial information provided by the Tenant. Certainly, the parties understand that the matter of establishing the value is the province of the Fiscal Officer, to the exclusion of the parties. However, given our familiarity with the Property, its operations and other facilities obtained and axe discussions regarding the 2009 triennium, we wanted to pass along our thoughts and conclusions. Based upon the foregoing, we request that you consider a value of $1,350,000 is a fair mazket value for real estate tax purposes for 2012 and the 2012 triennium. Should you have any questions, 6:00114451.DOC :XHIBIT