Tecumseh Redevelopment Inc.

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Redevelopment Concept Memorandum of Understanding This non-binding Memorandum of Understanding (MOU), dated as of the 14 day of April, 2005, is by and among the County of Erie ("County"), a municipal corporation of the State of New York with principle offices at 95 Delaware Avenue, Buffalo, NY; the City of Lackawanna ("City") , a municipal corporation of the State of New York with principal offices at 500 Ridge Road, Lackawanna, NY; and Tecumseh Redevelopment, Incorporated ("Tecumseh"), a C corporation of the State of Delaware, with principal offices at 4020 Kinross Lakes Parkway, Richfield, OH, and a subsidiary of the International Steel Group, Incorporated (collectively, the "Parties"). WHEREAS, The creation of new jobs and the addition of property to the local tax base through the redevelopment of Brownfields is a critical priority for the City of Lackawanna and Erie County; and WHEREAS, Tecumseh owns a parcel of land compromised of approximately 1,100 acres located in the City of Lackawanna on the west side of NYS Route 5, which was formerly used for the production of steel by the Bethlehem Steel Corporation (the "Property"); and WHEREAS, Solid and hazardous wastes were disposed in numerous solid waste management units (SWMUs) throughout the Property by previous owners; and WHEREAS, Tecumseh is working to complete an ongoing RCRA Facility Investigation and is negotiating an Order on Consent with the New York State Department of Environmental Conservation (DEC) to undertake corrective measures at certain SWMUs on the Property; and WHEREAS, The City and the County wish to see the Property redeveloped consistent with Tecumseh's Master Plan (attached hereto as Exhibit A) and all subsequent amendments to the Plan; and WHEREAS, Tecumseh believes that redevelopment goals outlined in the Master Plan are consistent with Tecumseh's plans to remediate the site and can be integrated with expected corrective action measures that will be required by the DEC; and WHEREAS, Redevelopment of the Property in a manner consistent with Tecumseh's anticipated cleanup obligations will promote the use and development of inter-modal facilities, mixed commercial/industrial uses, green energy facilities, and recreational uses with public lake front access; and WHEREAS, The redevelopment of the Property will maximize the utilization of benefits provided by the New York State Empire Zone program, tax credits available in the New York State Brownfield Cleanup Program and tax credits and tax incentives provided in the federal Community Renewal Tax Relief Act of 2000 and any other state and/or federal funding which may become available. Now, therefore, the Parties have reached an understanding and state as follows: 1. This MOU describes actions the Parties currently expect to undertake. The Parties agree that under no circumstance does this document create in any Party or any other person or entity any obligation or right of any kind. The Parties further intend and agree that this MOU is never to be used by any Party or other person or entity to be the basis of any claim against any Party or other person or entity. 2.

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