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SERVICE PAYMENT AGREEMENT
<br />THIS SERVICE PAYMENT AGREEMENT (the "Agreement") is made and entered into as of
<br />the day of March, 2021, by and among the CITY OF LAKEWOOD, OHIO, a
<br />municipal corporation (the "City"), and JDSI VODW, LLC an Ohio limited liability company (the
<br />"Developer").
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<br />WHEREAS, the Developer is pursuing the development of several parcels of land as a mixed -use
<br />development (the "Development"), consisting of an approximately 2.75-acre site currently identified as
<br />16000 Detroit Avenue, 16200 Detroit Avenue, 15801 Detroit Avenue, 16003 Detroit Avenue, and 16011
<br />Detroit Avenue and as Parcel IDs 31130025, 31133027, 313250115 31325012, 313250135 31325014,
<br />313220015 313220025 31322149, 31322150, 311331315 311331305 31133129, 31133124, 31133125,
<br />31133127, 311331225 311331205 31133128, 311331265 311331215 31133123, and 31133030 and more
<br />particularly described in Exhibit A attached hereto and incorporated herein by this reference (the "TIF
<br />Site"); and
<br />WHEREAS, the TIF Site is located within the municipal corporate boundaries of the City, the
<br />territorial boundaries of the County of Cuyahoga, Ohio (the "County"); and
<br />WHEREAS, upon completion, the Development would significantly increase the assessed
<br />valuation of the TIF Site; and
<br />VMEREAS, the Developer, in its capacity as owner of the fee simple interest in the TIF Site, may
<br />in the future convey all or any portion of or interest in any of the real property comprising the TIF Site to
<br />subsequent owners of all or any portion of or interest in any of the real property comprising the TIF Site
<br />(singularly an "Owner" and collectively the "Owners"); and
<br />VJHER.EAS, pursuant to Ohio Revised Code ("O.R.C.") Sections 5709.41 through 5709.43
<br />(together with related provisions of the Ohio Revised Code, the "TIF Act"), and Ordinance No. [�
<br />passed by the Council of the City (the "Council") on March [_], 2021, a copy of which is attached as
<br />Exhibit B attached hereto and incorporated herein by this reference (the "TIF Ordinance"), the City has,
<br />among other actions: (1) declared 100% of the improvement to the real property (the "Improvement")
<br />included in the TIF Site to be a public purpose and exempt from real property taxation for the Exemption
<br />Period (as defined herein) (the "TIF Exemption"); (2) provided for service payments in lieu of taxes (the
<br />"Service Payments"), as an obligation running with the land for the Exemption Period (as defined herein)
<br />payable with respect to the real property comprising the TIF Site; (3) authorized the use of the Service
<br />Payments for such uses by the City as permitted under Ohio law, including, without limitation, payment
<br />of the costs of any improvements for urban redevelopment purposes and other purposes described in the
<br />TIF Ordinance related to the TIF Site as authorized in O.R.C. Section 5709.41; and (4) determined to
<br />enter into this Agreement with the Developer, as initial Owner of the entire TIF Site during the term of
<br />construction of the Development, to provide for, among other things, the payment of the Service
<br />Payments by the Owners with respect to the TIF Site; and
<br />WHEREAS, pursuant to Ordinance No. 2019-08 passed by the Council on December 2, 2019
<br />(the "CRA Ordinance"), the City, to foster the investment and development of affordable housing in new
<br />multi -family and mixed use construction projects in Community Reinvestment Area # 1, has, among other
<br />actions: (i) declared the construction of new multi -family and certain portions of mixed -use construction
<br />projects (the "CRA Improvements") within the Community Reinvestment Area 41, which area includes
<br />the TIF Site, to be a public purpose; (ii) declared that 100% of the CRA Improvements may be exempt
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