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s , orahuwc No. 98-50 Duke Rcalty Tax Excmption Agrccment pago 2 taxea; and thst the new jobs crcatcd as a result of the oanstruction of the oflScc buitding, once the building is fully icased, will gencrate approximatdy $155,000.00 in new income tax revenues to the City annuaUy; and N'H£RFi4.S, the City t?as, as required by R.C. Section 5709.83, given fvurteen (14) days' notice to the North tNmsted Boacd af Educatioa (hereinafter the "Board of Education") r,f its intent to enter into an agrccrnent with Duke Reatty, and hAS submitted to the Board of Education a capy of the Application of Duke Realty and the proposed Tauc Excmption Agreement, prior to taking finat actian on this Ordinaace; and iYHERE4S, pursusni to Section 5709.82 of the Ohio Reviscd Codt, the City has negoiiatcd with aad intends to ente* intp s sepurate agreement with the Board of Education in order to compensate the Schooi pistrict for the loss of real propecty tax revenues to it which will occur as a result of the Tax Exemption Agreement propased with Duke Realty; and WHEREAS, this Council desires to approve and authoriu the execution of a Tax Exanption Agreemcnt with Ihike ptcalty., in order for it to undcrtake construction of the said office building and crcate additional officc jobs in the community; NOW, TXEREFURE, BE I?' ORDAINED BY THE CY)U.NCIL OF TElE ClTY OF NORTH OLMSTEA, GOUNTY OF CUYAHOGA, STA?'E OF UFIIO: SECTIfIN 1: That the Councff hereby approves and hereby authorius the Mayor, in the name of and on behalf of the City of North Olmstcd, ta execute and dctiver the Tax Exesnption Agroeinent with Duke Reaity in subataf?tiatly the form attuched hcreto as Exhibit A. The said Agreemem is hereby approved and authoriud with changes thertin not in:,onsisrent with this Ordine?nce, not subatantiaily adverse to the City, and approved by the Dircctor of Law. The approval of those ehanges as nat being substantially adverse io the City shall be wriclusively determinad by the approval vf the Director of i.aw and the execution of the Agresmern by the Mayor. In na event, howcver, shall the Agrccrncnt provide for real propc.rty tax a?batemtat in an amount in excess of siatty-eight percent (68%) in any year or for a periad longer than ten (10) years. SECTIUN Z: That, upon execution of the ?ax Examption Agrecment by the Mayor, the Hausing Officer dosigr?ated in Sectioa 171.04 of the Codified Ordinances of the City of North Olsnsted , shall be and hereby is directcd to forward a certified copy af the Agreement, tagether with the Appiication for Tax Exemption, to the following officials and boards: the Cuyahoga County Auditor, the North plmstcd Board of Education, the Director of Development for the