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?A t CITY !1F NORTN OLMSTED URD/NANGE NO. 98-50 BY: 1NAYOR MUSIAL ?..?' AN URUINANG`E APPROVING ANI) A U'LEtORIZING THE F:XECU770N OF A C01404UMTY RE/M{F..STMENT ARF.?9 TAX EXF.1 hlP770N AGREFMENT BE7WEEN THE CITY QF NOt2TH OIM.17'1.sD ANA Dt/KE REAL1Y INVCS7MF.10S. INC., AS ilMF,NDED. ANU UECLARING AN IMERGF,NC'Y. WHBRF.AS, this Couacil, pursuaiit to Sections 3735.66 thra,gh 3735.70 of the Ohio Rewind Codc and by Ordinance Na 91-175, passed Fcbruary 18, 1992, and amcnded by wbsec}uer?t Ordinance No. 94-79, passed June 21, 1994, estabtished and preserocd catain designatod Community Reinvestmcnt Areas (CRAs) within the City of North Olmsted; and WHERF.ilS, Duke Realty lnvestments, Inc. (hereinafter "Duke Reslty"), has submitted an appiication to thc C+ty requeating exemption from real property taxation in connection with its proposed c;onstruction of a» offtce buiiding to be located at the Great Northern Corporate Centcr.; and WHERFr4S, the property upon which the Project is to be constructed is focated with a CRA in the City of North Otmsted; and WHEREAS, in its applicatiun for tax exemption, Duke Realty has rcpre9entcd to the City thst the officc building to be construeted will have approximately 67,000 square feet; chat it witi cost approximatdy S5,000,000.00 to build; that an estimated $3,120,000.00 in anruai Fayroll will be generated within one ycar after compietion of conmuction of tlx buitding, and an additionat estimated $4,630,000.00 in annual payroll by the end of the third year fopowing compietion of the building; and WHEREAS, the City desires to act upon Duke Reaity's application and grant it a sixty- eight percent (68%) abatemenc in new rexl pruperty taxes resu{ting ftom the constructian of the said office buiiding for a tcn (lU) year period ; and WHEREAS, Duke Realty and the City bclieve that the fvrego+ng tax exernption will annually resutt in a tax savings to Duke Realty of approximatcly 574,800.00 in real propcrty