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AGREEMENT This eement (the "Agreement") is made and entered into ttris 029 t`h day of 1998 by and between the City of North Olmsted, Ohio (the "City") and the No lrnsted City School District (the "School District"). WITNESSETH WHEREAS, pursuant to Sections 3735.65 et seq. of the Ohio Revised Code, and by Ordinance No. 98-50 passed May 12, 1998, the Duke Realty Limited Partnership project to be located at the Great Northern Corporate Office Complex, [hereinafter, "the Project"] was granted real property tax exemprion; and WHEREAS, pursuant to Sedion 5709.82 of the Revised Code, the City is authorized to compensate the School District for any lass of properry tax revenue resulting from such property tax euemption; and WHEREAS, the City and the School District have determined that tius Agreane,nt is in the vital and best urterests of the City and will improve the health, safety and welfare of the citizens of the City of North Olmsted; WHEREAS, this Agreeanent has been authorized by North Olmsted Council pursuant to Ordinance No. 98-$0-. NOW, THEREFORE, in consideration of the premises and covenants contained herein, the parties agree as follows: SEC1'iON 1: Amount of City Payments. During each of the years in which the School District would have received enhanced property tax payments derived from the Project but for the tax exemptions referred to above, the City hereby agrees to pay the School District an annual amount equal to the percentage abated in real estate property tax, not exceeding 500/a in municipal income tax revenues received by the City in that year from its levy on the wages, salaries, comrnissions and other compensation of persons for work done or services performeci in or at the Project and on the net profits derived from or attributed to the Project from the Lessor, the Company or any other lessee of the Project; provided, however, in no event shall the gayme,nt to the School District in any one year exceed the additional amount of real property taac revenues the School District would have othervvise derived from the Project for that year, but for the tax exemptions related to the Project.