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WHEREAS, in connection with financing the Public Improvements the Village has <br />/ <br />determined that it is necessary and in the best interests of the Village to provide for the making of <br />service payments in lieu of taxes by Mayfran and its successors and assigns with respect to the <br />Property, pursuant to and in accordance with Ohio Revised Code Sections 5709.40, 5709.42 and <br />5709.43 (the "Act"); and the Village intends to pass an ordinance <br />Ordinance"), to declare that 100% of the increase in assessed value of <br />the individual parcels thereof that will result from the <br />purpose and will be exempt from real property tafton <br />TIF Ordinance and ending on the earlier of the <br />O.R.C. Section 5709.40 have been exeifl <br />paid those costs of, and principal of'd j <br />money deposited in the ? <br />be established pursuant to <br />WHEREAS, in or <br />enable t lic 4"ro <br />the terms r er pY <br />NOW, EF <br />to induce the Village p? <br />agree as follows: <br />is a public <br />on the effective date of such <br />Property and <br />as defined in <br />date on which the Village has <br />for, the Public Improvements from <br />Tax Increment Equivalent Fund to <br />collection of such payments in lieu of taxes and to <br />out, the parties desire to enter into this Agreement on <br />in consideration of the preinises and covenants contained herein, and <br />with the construction of the Public Improvements, the parties hereto <br />to the Act (the "TIF <br />Draft of T.I.F. Agreement between Mayfield Village and MF Real Estate Partners, LLC <br />Page 2 of 18 As of 11/18/05 4:19 PM