R2022-160 Resolution Authorizing Redevelopment Agreement with CCI Properties LLC

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3.3 Easements. The City agrees to grant such temporary easements to the Developer as necessary for the construction and completion of the Project or any phase thereof. 3.4 Water. City can provide water for Project in an amount sufficient to meet Developer's reasonable demand requirement for the stated intended use. Potable water connection shall be made at the property line in accordance with City and building Code, and requirements and pay for said water in accordance with and consistent with City Code. Execution of this Agreement and the City's reimbursement of the water line expense shall obligate the Developer into solely purchasing and utilizing water from the City for use in its manufacturing process as well as potable water supply needs. ARTICLE IV: PUBLIC INVESTMENT 4.1 Public Investment. The City will provide an annual reimbursement for the City portion of property taxes(i.e. real estate taxes)incurred by Developer and actually received by the City for the Project as follows: (a) Commencing in 2024, ,the Developer shall receive within later than sixty(60)days of written request to a tax of Hundred(100%)Percent of the City portion of Real Estate Taxes for the previous calendar year actually received by the City for this Project. (b) The obligation for the reimbursement of Property Taxes received by the City for shall terminate upon the earlier of: 1. Fifteen(15)years from the start of the reimbursement. 2. When the project fails to produce a minimum of forty thousand(40,000) yards of sales tax generating concrete in a calendar year, as evidenced by Illinois Department of Revenue reports or actual sales taxes received by the City. (c) The City agrees to waive permit fees for demolition and building permits through December 31,2023, as an incentive for the Developer to make timely improvements to the property. Developer agrees they will apply for and receive permits for all work requiring permits. (d) The City agrees to reimburse the Developer for the four-inch water line being brought to the east property line of the Project as shown in the Exhibit 2, in an amount not to exceed$35,000. The responsibility of this new water line after completion of construction shall by on the Developer and not the City. The City will also provide to the Developer the vacant lot that the new line goes through. 4.2 Reimbursement Conditions. The obligation for the reimbursement for expenses incurred by Developer for Property taxes of the Project and as part of the Project shall be paid by City within 60 days of