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DEVELOPMENT AGREEMENT <br />THIS AGREEMENT is made by and between Mayfield Village, a municipal <br />corporation which is a political subdivision of the State of Ohio, having an address at <br />6621 Wilson Mills Road, Mayfield Village, Ohio 44143 ("Village") and PANZICA <br />INVESTMENTS, LLC, an Ohio limited liability company, having an address at 767 Beta <br />Drive, Mayfield Village, 44143 ("PANZICA INVESTMENTS"). <br />WHEREAS, PANZICA INVESTMENTS and the Village enter into this <br />development agreement with the purpose of facilitating the expansion of PANZICA <br />INVESTMENTS' facilities on the property whose street address is 767 Beta Drive, <br />permanent parcel number 831-014-004 ("Property"), and on other parcels at other <br />addresses on Beta Drive and throughout the Village, and <br />WHEREAS, PANZICA INVESTMENTS intends to provide its facilities located at <br />767 Beta Drive at a subsidized rent as an incentive for certain companies and renovate <br />its properties or construct other improvements on the Property (collectively the <br />"Development"), and <br />WHEREAS, the.parties wish to create a partnership to facilitate the relocation of <br />certain companies to 767 Beta Drive or other addresses along Beta Drive for the <br />revitalization and economic development purposes. <br />NOW, THEREFORE, PAIVZICA INVESTMENTS and the Village hereby agree as <br />follows: <br />1. COST SHARING <br />Promptly following execution of this Agreement, the Village shall advance <br />Panzica Investments $12,500 for the sole purpose of providing incentives to <br />certain companies to relocate to 767 Beta Drive. After said companies have <br />relocated to 767 Beta Drive with no less than eight (8) jobs and have remained at <br />767 Beta Drive for no less than three (3) months, the Village will advance <br />another $12,500. Within five (5) months of execution of this agreement or at <br />such time when new jobs at 767 Beta Drive equal fourteen (14) or more, <br />whichever occurs first, the Village will provide a third payment of $12,500 and <br />after nine (9) months after the execution of this agreement or at such time when <br />new jobs at 767 Beta Drive equal twenty (20) or more whichever occurs first, the <br />Village will provide Panzica Investments with a final payment of $12,500. <br />Page 1 of 3