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-d=:.~ y, Tax Exemption Agreement page 2 City of North Olmsted - YIRS, Ltd. North Olmsted Industrial Park WHEREAS, pursuant to Sections 3735.65 et seq., of the Ohio Revised Code, and Section 171.06 of the Codified Ordinances of the City of North Olmsted, 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 hereto agree herein as follows: 1. The names of the parties to this Agreement are YIltS, Ltd., an Ohio limited liability company, and the City of North Olmsted, Ohio, an Ohio municipal corporation. 2. The Project involves the construction of an Office and Warehouse (approximately 14,000 square feet) in the North Olmsted Industrial Park; the estimated cost of construction is $750,000.00 to $1,050,000.00; the purchase price of the real property is approximately $329,000.00-$3 50,000.00. 3. The Company represents that the foregoing expenditures will enable it to acquire the subject vacant real property and construct the Office and Warehouse upon it. 4. Attached to this Agreement as Exhibit B is a list and valuation of all of the machinery, equipment, furniture and fixtures to be located at the facility, including an itemization of the value of machinery, equipment, furniture and fixtures used at another location in this state prior to the Agreement and relocated or to be relocated from that location to the property in North Olmsted, and the value of machinery, equipment, furniture, and fixtures at the facility prior to the execution of the Agreement; the value of inventory at the property, including an itemization of the value of inventory held at another location in this state prior to the Agreement and relocated or to be relocated from that location to the property, and the value of inventory held at the property prior to the execution of the Agreement. 5. The Company will use its best efforts to commence and complete construction of the Project; the scheduled starting date for construction is April, 1998, and the scheduled completion date is October, 1998. 6. The estimated number of employee positions to be created each year of the agreement is 11-12 within one year following completion of construction, and 13-15 within three years after completion of construction; these are all full-time positions. ,~ a.,~ _ w, .. ~.. ~ ... h. _ .