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WHEREAS,the project site as proposed by BIW Properties is located in the North Olmsted <br /> City School District and the Polaris Career Center and the Board of Education of the North Olmsted <br /> City School District has been notified in accordance with Section 5709.83 and been given a copy of <br /> the APPLICATION; and <br /> WHEREAS, pursuant to Section 3735.67(A) and in conformance with the format required <br /> under Section 3735.671(B) of the Ohio Revised Code, the parties hereto desire to set forth their <br /> agreement with respect to matters hereinafter contained; <br /> NOW,THEREFORE,in consideration of the mutual covenants hereinafter contained and the <br /> benefit to be derived by the parties from the execution hereof, the parties herein agree as follows: <br /> 1. BIW Properties shall construct a new select service hotel with 135 guest rooms, meeting <br /> facilities and other amenities to serve the hospitality needs of the southwest suburban <br /> Cleveland market,providing a modern authentic design throughout and technology to serve <br /> travelers'needs(the`Building"). The Building shall be constructed at 5550 Great Northern <br /> Blvd., North Olmsted, OH 44070 on Parcel Number(s) 236-11-009 as the same is known <br /> and designated on the Auditor's revised list of lots in the City of North Olmsted, Ohio. <br /> In addition, BIW Properties or others will purchase and install new furniture and fixtures, <br /> including but not limited to beds, sofas, lighting, desks, chairs, computers, electronic <br /> equipment, tables,bookcases, and partitions. <br /> The PROJECT will involve a total investment by BIW Properties,LLC or an entity owned or <br /> controlled by BIW Properties, LLC of Fourteen Million Four Hundred Thousand Thirty <br /> Three Dollars ($14,400,033), plus or minus 10%, at 5550 Great Northern Blvd., North <br /> Olmsted, OH 44070. Included in this investment are Ten Million Four Hundred Ninety <br /> Thousand Two Hundred Seventy Eight Dollars($10,490,278)for construction of the facility, <br /> One Million Five Hundred Seventy Five Thousand Five Hundred Seventy Nine Dollars <br /> ($1,575,579) to purchase first used furniture and fixtures, Eight Hundred Sixty Five <br /> Thousand Nine Hundred Forty Six Dollars ($865,946) for land acquisition, Six Hundred <br /> Eighty Thousand Five Hundred Forty Six Dollars ($680,546) for training, and Seven <br /> Hundred Eighty Seven Thousand Six Hundred Eighty Four Dollars ($787,684) for interest <br /> and contingency. <br /> The PROJECT will begin on or about November 1, 2015 and all acquisition, construction <br /> and installation will be completed by June 1, 2017. <br /> 2. BIW Properties shall cause to be created through operating agreements within a time <br /> period not exceeding thirty-six(36)months after the commencement of construction of the <br /> aforesaid facility, equivalent of twenty (20)new full-time permanent job opportunities, and <br /> eighteen (18) new part-time permanent job opportunities at 5550 Great Northern Blvd., <br /> North Olmsted, OH 44070. <br /> thw BIW Properties' or the hotel operator's schedule for hiring is as follows: create zero (0) <br /> new jobs in year one(construction); twenty(20) new full-time permanent jobs in year two <br />