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WHEREAS, pursuant to Resolution No. 91-92 , passed <br />Nov. 21, 1991, the Mayor and Council President are authorized to <br />enter into this Agreement with the Company; and <br />.il <br />WI-IEREAS, the Village and the Company.agree that <br />construction of the Project is desirable and appropriate, and <br />accordingly, the parties have determined to enter into this <br />Agreement on the terms and conditions as hereinafter provided; <br />NOW, THEREFORE, in consideration of the promises and <br />mutual obligations of the parties hereto, each of them does <br />hereby covenant and agree with the other as follows: <br />Section 1. THE PROJECT. The Company hereby agrees to <br />improve the Property by construction thereon of the Project. The <br />Company agrees to commence such construction on or before <br />December 31, 1992, and to substantially complete the construction <br />of the Project or before December 31, 1994. In accordance in <br />Chapter 1173 of the Codified Ordinances of Mayfield Village, the <br />Company will comply with the Village's usual requirements and <br />procedures with respect to application for building permits and <br />compliance with applicable building codes. <br />Section 2. CONDITIONS TO COMPANY'S 033LIGATION. The <br />Company's obligation to construct the Project are subject to and <br />conditioned upon the adoption by Village Council of Ordinance No. <br />91-51 , a copy of which is attached hereto as Exhibit "C" <br />desiynating the area encompassing the Property as a Community <br />Reinvestment Area pursuant to Ohio Revised Code §§ 3735.65-70 and <br />providing anexemption from real property taxation for commercial <br />- 2 -