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

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1. The parties hereby agree that for tax year 2009 through 2011 the fair-market value of the Property shall be $1,350,000 and the parties shall submit a stipulation in the form of Exhibit A regarding the 2009 Complaint, the 2009 Counter-Compliant, the 2011 Complaint, and the 2011 Counter-Complaint to the BOR accordingly. 2. The parties further agree that they will submit a proposed value in the amount of $1,350,000, in the form of Exhibit B, to the Fiscal Officer regarding the 2012 tlrrough 2014 fair-market value of the Property. 3. Should the Fiscal Officer's fair-market value of the Property for tax years 2012, 2013, or 2014 be other than $1,350,000, then the aggrieved party shall file a complaint with the BOR for the applicable tax year and each party to this Agreement agrees to execute an agreed stipulation of value at the fair-market value of $1,350,000 and submit the agreed stipulation of value to the BOR. The form of such is attached as Exhibit C. 4. In the event the agreed stipulations for tax years 2009, 2010, 2011, 2012, 2013, or 2014, as applicable, are not accepted by the BOR, the parties acknowledge and agree that either of the parties may file an appeal with the BTA and the parties shall submit an agreed stipulation to the BTA for the applicable tax year, in the form of Exhibit D attached hereto, to the same values set forth in the agreed stipulation prepared for the BOR. 5. The parties agree that each of them will support via oral and written stipulations and argument the validity of each of the 2009 Complaint, the 2009 Counter-Compliant, the 2011 Complaint, and the 2011 Counter-Complaint. 5. The parties further agree that neither Lakewood, City nor Ice Land will file real estate complaints with the BOR challenging the value of the Property for tax years 2012, 2013, or 2014 except per Paragraph 3 and/or one or more of the following exceptions as set out in O.R.C. §5715.19(A)(2) are applicable: a. The Property was sold in an arm's-length transaction, as described in section 5715.03 of the Revised Code; b. The Property lost value due to some casualty; c. Substantial improvement was added to the Property. 6. The parties hereby agree that for so long as the value of the Property for real estate tax purposes rises and falls from the $1,350,000 fair market value based upon the general inflation and deflation of other commercial property in the City of Lakewood, Ice Land shall provide Lakewood High School Hockey Team with free ice time at the average number of hours that the Hockey Team has used during the 2010/2011 school year and the 2011/2012 school year. By means of clarification (i) as to timing, as the 2014 taxes are payable in January, 2015 and July 2015, Ice Land's obligation shall extend through the 2014/2015 school year as to tax year 2014, and (ii) the intention of the parties is that so long as the foregoing agreed valuation amount generally rises and falls with inflation and deflation of general commercial properties in Lakewood, Ice Land's obligation shall continue, provided however, Ice Land shall have no obligation which extends beyond its possession of the Property.