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~ ~~ <br />2~0~-2~ <br /> <br />DEVELOPMENT AGREEMENT <br />THIS AGREEMENT is entered into this 31~` day of August, 2000, by and between <br />HAYFIELD VII,LAGE, OHIO {hereinafter the "Village"), a Municipal Corporation <br />organized and existing under the Constitution of the laws of the State of Ohio and <br />GOVERNOR'S VII,LAGE L.L.C., a 1ldichigan Corporation registered in Ohio as a <br />foreign Limited Liability Company, with its main offices located at SSOb Hendricks <br />Road, Mentor, Ohio 44060 (hereinafter the "Company"). <br />WITNESSETH: <br />WHEREAS, the Company owns title to certain real property located in the <br />Village; and is proposing to construct assisted living facilities composed of <br />approximately forty-eight (48) units; and <br />WHEREAS, the financing of this improvemern will partly occur pursuant to a <br />Tax Increment Financing Agreemern, which is attached hereto and incorporated herein <br />as Exhibit A; and <br />WHEREAS, in consideration of the Village's approval of this improvement as <br />well as the Tax Increment Financing Agreement {hereinafter "TIF°'), the Company will <br />undertake to remove the median along North Commons Boulevazd, allowing access to <br />both the Company site as well as any entrance that the Village may eventually desire on <br />the eastside of North Commons Boulevard. <br />NOW, TI~REFORE, in consideration of the premises and covenants <br />contained herein, the parties hereto agree as follows: <br />1. The parties do hereby covenairt and agree to enter into the Tax <br />Increment Financing Agreement, attached hereto and incorporated <br />herein as Exhibit A. <br />Z. The Village will provide the appropriate Building and Zoning <br />approvals far the improvement as described therein pursuant to <br />the Codes of the Village of Mayfield. <br />The Company will undertake to remove the median strip along <br />North Commons Boulevard so as to provide access to both the <br />Company's site and the Village's property on the eastside of North <br />Commons Boulevazd, at a location to be determined and agreed <br />upon between the parties. <br />4. The Village agrees to reimburse the Company for the costs of <br />removing the median and modifying the road so as to provide <br />ingress and egress to both sides of North Commons Boulevard. <br />• <br />This Agreement shall be binding upon the Company and its <br />successors and assigns, as well as the Village and its successors <br />and assigns. <br />Development Agreement <br />Page I of 3 <br />