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WHEREAS, the project site as proposed by Omni is located in the North Olmsted City
<br />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
<br />of the APPLICATION; and
<br />WHEREAS, pursuant to Section 3735.67(A) and in conformance with the format
<br />required under Section 3735.671(B) of the Ohio Revised Code, the parties hereto desire to set
<br />forth their agreement with respect to matters hereinafter contained;
<br />NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained and
<br />the benefit to be derived by the parties from the execution hereof, the parties herein agree as
<br />follows:
<br />Omni shall construct a new senior living complex on a 9 -acre site on Lorain Road; the
<br />161 -unit development will consist of 88 independent living apartments in a three-story
<br />building, 64 assisted living and memory care units in an adjacent one and two-story
<br />structure, and 9 one-story independent villas (the "Facility"). The Facility shall be
<br />constructed at 28462-29857 Lorain Road, North Olmsted, OH 44070 on Parcel
<br />Number(s) 23414005, 23414006, 23414007, 23414008, 23414009, 23414010 and
<br />23414021 as the same is known and designated on the Auditor's revised list of lots in the
<br />City of North Olmsted, Ohio.
<br />The PROJECT will involve a total investment by Omni Senior Living or an entity owned
<br />or controlled by Omni Senior Living of Thirty -Three Million Seven Hundred Thousand
<br />Dollars ($33,700,000), plus or minus 10%, at 28462-29857 Lorain Road, North Olmsted,
<br />OH 44070. Included in this investment are Twenty -Three Million Dollars ($23,000,000)
<br />for construction of the facility, One Million One Hundred Thousand Dollars ($1,100,000)
<br />to purchase first used furniture and fixtures, Two Million Four Hundred Thousand
<br />Dollars ($2,400,000) for land acquisition, Three Hundred Thousand Dollars ($300,000)
<br />for first used machinery and equipment, One Million Six Hundred Thousand Dollars
<br />($1,600,000) for on-site infrastructure, and Five Million Three Hundred Thousand
<br />Dollars ($5,300,000) for interest, marketing, legal and contingency costs.
<br />The PROJECT will begin on or about January 1, 2019 and all acquisition, construction
<br />and installation will be completed by December 31, 2020.
<br />2. Omni shall cause to be created through operating agreements within a time period not
<br />exceeding thirty-six (36) months after the commencement of construction of the aforesaid
<br />facility, equivalent of fifty (5 0) new full-time permanent job opportunities at the Facility
<br />at 28462-29857 Lorain Road, North Olmsted, OH 44070.
<br />Omni's or the facility operator's schedule for hiring is as follows: create thirty (30) new
<br />equivalent full-time permanent jobs in year one; fifteen (15) new equivalent full-time
<br />permanent jobs in year two and five (5) new equivalent full-time permanent jobs in year
<br />three. The job creation period begins on or about January 1, 2020 and all jobs will be in
<br />place by December 31, 2022.
<br />This increase in the number of employees will result in approximately Two Million Two
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