Laserfiche WebLink
Exhibit B <br />Form of Declaration <br />FORM OF DECLARATION OF COVENANTS <br />Tax Increment Financing <br />This Declaration of Covenants (the "Declaration") which is to be effective as of <br />, is entered into by f 1 LLC, an Ohio <br />limited liability company ("Owner") having a mailing address of Ohio <br />under the circumstances summarized in the following recitals. <br />WITNESSETH: <br />WHEREAS, the Owner has acquired certain real property located in the City of North <br />Olmsted, Cuyahoga County, Ohio and described in Exhibit A attached hereto (the "Property"); <br />and <br />WHEREAS, the Owner intends to cause the development of the Property by the <br />construction of a r I (the "Project"); and <br />WHEREAS, the City has determined that certain commercial improvements are a public <br />purpose; and <br />WHEREAS, the City of North Olmsted has determined that it is necessary and in the best <br />interests of the City to provide for the making of service payments in lieu of taxes by the Owner <br />and any successors in interest with respect to the Property, pursuant to and in accordance with <br />Ohio Revised Code Sections 5709.41, 5709.42 and 5709.43 (the "Act"); and the City has passed <br />its Ordinance No. on pursuant to the Act (the "TIF Ordinance"), <br />and declared that 100% of the increase in assessed value of the Property and any individual <br />parcels thereof after the date of the TIF Ordinance is a public purpose and will be exempt from <br />real property taxation for a period of 30 years commencing the first tax year an improvement to <br />such parcel attributable to a new structure appears on the tax list and duplicate for such parcel <br />and ending on the earlier of (1) the date the Improvements on the Property have been exempted <br />from taxation for a period of 30 years or (2) the date on which the City can no longer require <br />service payments in lieu of taxes, all in accordance with the requirements of the Act. <br />WHEREAS, to implement the TIF Ordinance and the Act, the City of North Olmsted and <br />the Owner entered into a Development Agreement dated as of , 2026 (the "Development <br />Agreement"), which Development Agreement includes covenants by the Owner to make <br />semiannual service payments in lieu of taxes with respect to the property comprising the Project <br />pursuant to the Act, and to execute, file and record this Declaration. <br />19575939-4 <br />