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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 Mayfran <br />Incorporated, an Ohio corporation, having an address at 6650 Beta Drive, Mayfield <br />Village, 44143 ("Mayfran"). <br />WHEREAS, Mayfran and the Village enter into this development agreement with <br />the purpose of facilitating the retention and possible expansion of Mayfran's facilities on <br />the property whose street address is 6650 Beta Drive, permanent parcel number 831- <br />012-004 ("Property"), and <br />WHEREAS, Mayfran intends to maintain it facilities located at 6650 Beta Drive <br />and possibly construct other improvements on the Property (collectively the "Facility"), <br />and <br />WHEREAS, the parties wish to make provision for various matters relating to the <br />Facility. <br />NOW, THEREFORE, Mayfran and the Village hereby agree as follows: <br />1. APPLICATION FOR JOB CREATION TAX CREDIT <br />Mayfran agrees to apply to the Ohio Job Creation Tax Credit Authority for Job <br />Creation Tax Credits to help secure its continued presence in the State of Ohio <br />and on Beta Drive. The Village agrees to assist Mayfran in its application for Job <br />Creation Tax Credits including but not limited to providing cash incentives or in- <br />kind services to Mayfran. Specifically, the Village will provide to Mayfran one <br />thousand, three hundred fifty dollars ($1,350.00) in cash or cash and in-kind <br />services totaling one thousand three hundred fifty dollars($1,350.00) upon the <br />execution of this development agreement. In 2005 and in the following three <br />years, the Village-upon receipt of evidence that Mayfran is continuing to receive <br />the Ohio Job Creation Tax Credit and is complying with all State recordkeeping <br />requirements-will make an additional cash payment of one thousand three <br />hundred twenty five dollars ($1,325.00) or cash and in-kind services totaling one <br />thousand three hundred twentyfive ($1,325.00) dollars. <br />Page 1 of 3