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and business experience to create and preserve employment opportunities in said Community Reinvestment Area and improve the economic climate of the Village; and WHEREAS, the Project as proposed by GLHG is located in the Mayfield City School District and the Board of Education of the Mayfield City School District has been notified in accordance with Section 5709.83 and been provided with a copy of the Application; and WHEREAS, pursuant to Section 3735.67(A) and in conformance with the format required under Section 3735.671(B) of the ORC, the Parties hereto desire to set forth their agreement with respect to matters hereinafter contained; NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained and the benefit to be derived by the parties from the execution hereof, the parties herein agree as follows: 1. GLHG shall complete the Project by renovating the Holiday Inn Mayfield at 780 Beta Drive, PPN 831-14-006, Mayfield Village, Ohio (the "Project Site") in accordance with the franchise license agreement between GLHG and Intercontinental Hotels Group. The Project will involve comprehensive improvements to the building exterior, windows and cladding, life safety systems, guest rooms, interior common areas, lighting, plumbing, furniture, fixtures and equipment. The Project will involve a total investment by GLHG of One Million One Hundred Sixty - Eight Thousand One Hundred Twelve Dollars ($1,168,112.00), plus or minus 10%, at 780 Beta Drive. Included in this investment are Nine Hundred Fifty Thousand Dollars ($950,000.00) for exterior and interior building renovations, and Two Hundred Eighteen Thousand One Hundred Twelve Dollars ($218,112.00) to purchase and install fixtures and equipment. No abatement shall be granted for the current appraised value of the existing land or the current real estate improvements, nor is any abatement granted for the value of the machinery, equipment, furniture and fixtures or other items taxed as personal property whether currently owned or hereinafter acquired. The Project will begin after receipt of approval from the Ohio Development Services Agency and after a copy of this Agreement is delivered to the Cuyahoga County Auditor, and all acquisition, construction and installation will be completed by January 31, 2022. 2. GLHG and Restaurant currently have twenty one (21) existing full-time jobs and nineteen (19) part-time jobs in the State of Ohio. GLHG and Restaurant shall cause to be created within a time period not exceeding twenty four (24) months after the commencement of construction of the Project, the equivalent of five (5) new full-time non -construction job opportunities, and thirteen (13) new part-time non -construction job opportunities at the 2