8809-15 Authorizing agreement with Rockport Square LLC

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F. The City acknowledges that Developer concluded its obligations under the Development Agreement by (i) constructing the seventeen (17) townhome units in the area east of Hopkins Avenue ( "Phase 1 Developer Improvements "), and fifteen (15) townhome units in the area west of Winchester Avenue ( "Phase 2 Developer Improvements ") (collectively, the "Original Developer Improvements "), which Original Developer Improvements are more particularly described on Exhibit attached hereto and (ii) performing certain demolition, clearing and other site preparation work in connection with the Developer Improvements ( "Original Public Improvements ") (the Original Developer Improvements and the Original Public Improvements shall be referred to herein, collectively, as the "Original Project'). G. The Board of Education of the Lakewood City School District (the "District') approved the exemption from real property taxation of is Development Property in the percentage requested by the Council by resolution adepte"y a majority of the Board of Education of the District and certified to Council on May 10, 2004 Exhibit ). H. The City made available Four Million Dollars ($4,000:000) from the proceeds of the Bonds (the "Net Bond Proceeds ") for the acquisition of the Development Property and completion of the Original Public Improvements. L In connection with the establishment of the Incentive District and -the exemption from real property taxation of the real property included within such Incentive District, the Developer agreed to make service payments irr lieu of taxes with respect to the Development Property (the "Project Service Payments ") pursuant. to Section 5709.42 of the Ohio Revised Code. J. The City and Developer have- ave agreed-to update -the scope of the original Project (as such term is defined in the Original Development Agreement) to include the construction of (i) internal driveways, outdoor common areas, utilities stubbed to the boundaries of a pad for a Building (dammed below) and rough grading, 166alted within the Additional Development Proper (defined belotiv) (collectively, the "Additional Developer Improvements "), to accommodate approximately fifty one (51) single family townhouse residential units ( collectively, _the "Residential Units" and each individually a "Residential Unit') in 3 story buildings (collectively, the "Buildings" or individually a "Building ") and (ii) the construction of certain additional public improvements, such as sanitary sewer, storm sewer, sidewalks, curbs and utility infrasYmaure wlthiffAe public rights of way, as more particularly described on Exhibit attached hereto (collectively, the "Additional Public Improvements "; the Additional Developer Improvements and the Additional Public Improvements shall be referred to herein, collectively, as the "Additional Project'), all to be located on the portion of the Development Property located on the north side of Detroit Avenue between Beach Avenue and Fry Avenue, which is presently planned for thirty five (35) Residential Units ("Phase 3 ") and on the south side of Detroit Avenue between Winchester Avenue and Hopkins Avenue, which is presently planned for sixteen (16) Residential Units ( "Phase 111"; Phase IB and Phase 3 are collectively, the "Phases" or individually a "Phase "), all as depicted on Exhibit attached hereto and described on Exhibit attached hereto (the "Additional Development Property "). It is noted that the Additional Developer Improvements do not include construction of the buildings and improvements which will comprise the Residential Units, which construction will be undertaken by the Builder (defined below). (03163827.DOCX;6 ) 11727136.4 (2026928v2) 2