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<br />WHEREAB, pursuant to Section 5709.63 of the Ohio Revised <br />Code, the parties hereto desire to set forth their agreement with <br />respect to matters hereinafter contained. <br />NOW, THEREFORE, in consideration of the mutual covenants <br />hereinafter contained and the benefit to be derived by the <br />parties from the execution hereof, the parties herein agree as <br />follows: <br />1. The Company will undertake the Project and estimates <br />that it will incur the expenditures shown as item 12 in <br />Exhibit A. The Company represents that such <br />expenditures will enable the Company to acquire and <br />construct the Facility. <br />2. The Company shall use its best efforts to create or <br />cause to be created within a time period not exceeding <br />twenty- four (24) months after the commencement of <br />operation of the project, the equivalent of fifty- <br />seven (57) full-time permanent job opportunities, <br />resulting in an additional annual payroll of Five <br />Hundred Forty-Eight Thousand Dollars ($548,000.00). <br />3. The Company shall cooperate with and provide necessary <br />information to the designated Tax Incentive Review <br />Council (the "Council") to enable the Council to review <br />and determine annually during the period this Agreement <br />is in effect, the compliance by the Company with the <br />terms of this Agreement in connection with the Project. <br />4. The City hereby consents to the granting to the Company <br />of a tax exemption for all tangible personal property <br />first used in business in the State of Ohio at the <br />Project Site and acquired as part of the Project. The <br />amount of such exemption shall be equal to 60 percent <br />(60%) of the tangible personal property taxes on such <br />property and shall be for a period of ten years. <br />The exemption shall commence in the first year in <br />which, but for that exemption, the tangible personal <br />property identified as part of the Project would become <br />taxable. <br />The Company acknowledges that it must annually file the <br />appropriate tax forms with the County Auditor and with <br />the State Department of Taxation to maintain the <br />exemption covered in this Agreement. <br />5. The Company shall, during the exemption period and <br />thereafter continue to pay any property taxes which are <br />due and payable and are not abated by this Agreement <br />and any other applicable taxes which are the <br />responsibility of the Company.