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Development Agreement between Mayfran Incorporated and Mayfield Village <br />2. TAX INCREMENTAL FINANCING AGREEMENT <br />In the event that Mayfran expands or rebuilds its facilities at 6650 Beta Drive or <br />at any other location in the Village, the Village shall prepare and submit to <br />Mayfran for its consideration a Tax Incremental Financing (TIF) Agreement ("TIF <br />Agreement") in substantial form similar to the exemplar attached hereto as <br />Exhibit 1, for its consideration but with the clear intent to enter into such an <br />agreement with the Village whereby the incremental property taxes generated by <br />the expansion of the Facility will be abated and in their stead Mayfran will agree <br />to make service payments or payments in lieu of taxes (PILOTs). The Village will <br />structure the TIF Agreement in such manner that it will have a neutral or positive <br />financial impact on the Mayfield City Schools. The PILOTs in turn will be used by <br />the Village to finance public improvements in and around the Property. The <br />specific improvements to be funded through the PILOTs will be set forth in the <br />TIF Agreement and may include but will not be limited to the widening and <br />improvement of S.O.M. Center Road and any improvements ancillary to S.O.M. <br />Center Road including but not limited to the acquisition of property for roadway <br />improvements or parkland, the widening and improvement of the road, the <br />construction of all purpose paths and lighting for same and the construction and <br />installation of conduit and fiber optics in and around 730 S.O.M. Center Road <br />and the landscaping and improvements to the easement areas. <br />3. COMMENCEMENT OF DEVELOPMENT <br />Promptly following notice of its intent to expand its Facility, Mayfran shall r <br />prepare and submit to the Village plans for the expansion of the Facility. The <br />Village agrees to approve these plans as promptly as possible, subject to all <br />applicable zoning and regulatory requirements. <br />4. ENTIRE AGREEMENT <br />This Agreement constitutes the entire agreement of the parties concerning the <br />subject matter hereof and supersedes all prior and contemporaneous <br />agreements, understandings and arrangements concerning such subject matter. <br />Page 2 of 3