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

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WHEREAS, Lakewood filed acounter-complaint with the BOR for tax year 2011 seeking to maintain the Fiscal Officer's fair-market value of the Property of $3,369,200 which was assigned BOR Case Number 201205310118 (the "2011 Counter-Complaint"); WHEREAS, on June 12, 2012, the BOR will conduct a hearing as to the 2009 Complaint, 2009 Counter-Complaint, 2011 Complaint and 2011 Counter-Complaint before Board C; WHEREAS, subject to the terms below, the parties desire to agree to establish the value of the Property for each of the tax years 2009 through 2014; WHEREAS, for tax years 2009 through 2011, the parties agree to present to the BOR a stipulation of value establishing afair-market value of $1,350,000 for tax years 2009 and 2011; WHEREAS, for tax years 2012 through 2014, the parties agree to present to the County Fiscal Officer a stipulation of value establishing afair-market value of $1,350,000 for tax years 2012 through 2014; WHEREAS, each party having taken into account (i) the potential for the increase or• decrease in real estate taxes upon the Property for tax year 2009 through tax year 2014 which could arise from the prosecution of the aforesaid complaints, counter-complaints, the effects of the granting or denial of the exemption applications, and the appeals therefrom or additional complaints, (ii) the additional legal and appraisal costs each party would respectively bear in such prosecution, (iii) the risk of an adverse determination of each party's respective position in such prosecution, (iv) the respective adverse effects the delay of the resolution of this dispute would have upon the parties, (v) the further delay and expense of the expected appeal of the parties from an adverse decision of the Ohio Department of Taxation and/or the BTA to the Ohio Supreme Court, and (vi) the net advantage to each of the respective parties and the Lakewood students of the resolution set forth herein, the parties desire to enter into this Agreement. NOW THEREFORE, in receipt of valuable consideration, the adequacy and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 2