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1lTOTICE To: Board of Education of the Mayfield City School District c/o Superintendent Phillip G. Price Re: Mayfield Village Tax Increment Financing Proceedings Pursuant to Ohio Revised Code Section 5709.40, Mayfield Village is hereby providing notice that the Village Council intends to consider passage of an ordinance (the "TIF Ordinance") that would declare the "Improvements" (as defined below) relating to construction of a proposed hotel by 700 Beta Drive LLC (the "Project") on the Property described in Exhibit B to the TIF Ordinance (the "Property"), to be a public purpose and exempt from real property taxation. Improvements are defined in Ohio Revised Code Section 5709.40 to be the increase in the assessed value of the Property that would first appear on the tax list and duplicate of real and public utility property in tax year 2009. A copy of the proposed form of the TIF Ordinance is attached hereto as Exhibit A. In connection with the development of the Project on the Property, the Village may construct and install certain public improvements described in Exhibit C to the TIF Ordinance (which public improvements are referred to collectively as the "Public Improvements"). To finance the costs of the Public Improvements, the Council intends to consider passage of the TIF Ordinance exempting 100% of the Improvements from real property taxation for a period of 30 years or fox such lesser period of exemption as is required to enable the Village to collect payments in lieu of taxes paid by the owners of the Improvements in an amount sufficient to pay costs of the Public Improvements, including principal, interest and premium on any Village notes or bonds or other obligations, as more fully described in the TIF Ordinance. The TIF Ordinance wills eci that Payments in lieu of taxes shall be.Paid to the Mayfield City School District in the amount of the taxes that would have been Payable if there had been no exemption. The Council plans to consider and may pass the TIF Ordinance pursuant to Ohio Revised Code Section 5709.40 at its regular meeting to be held in Council Chambers in the Civic Hall at 6622 Wilson Mills Road, Mayfield Village, Ohio on November 26, 2007, which meeting would commence at 8:00 P.M. EST. It is contemplated that the TIF Ordinance will be effective immediately upon such passage and approval by the Mayor. Because the TIF Ordinance will specify that payments in lieu of taxes provided for in Ohio Revised Code Section 5709.42 shall be paid to the School District in the amount of the taxes that would have been payable to the School District if the Improvements had not been exempted from taxation, Board of Education approval of the passage of the TIF Ordinance will not be required. However, any comments which you may have concerning that proposed TIF Ordinance should be made to the undersigned or to Philip Brett, Director of Finance, prior to that meeting.