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
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