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� <br /> ?� <br /> ,� <br /> M� flgreement ta OI' 111 respect of ihe Developer until such 11111� as the <br /> a Developer furnishes ihe rec�uired infoi•mation to the Municipality. <br /> � <br /> � <br /> 11 5A. MUNICIPALITY'S AGR��MENT TO CONSTRUCT IMPROV�MENTS <br /> ��7 <br /> � The Municipality further agrees to construct, in strici accor•dance wiih Developer's <br /> �' design requirements and construction schedule, and with iis own labor and ai its <br /> ,� sole expense: all sidewalks, streetscapes and landscapes on ihe North, West, Easi <br /> Qand South sides of the building footprint to be constructed on the Premises. Said <br /> � improvements are generally described in EXHIBIT D hereto. Municipality agrees <br /> �� that any concrete poured contiguous to the Premises will be siandardized in color <br /> and finish to concrete used by Developer•on the Premises. <br /> SB. RIGHT OF FIRST REFUSAL <br /> Municipality is the owner of certain real estate legally described on EXHIBIT C <br /> hereto (the " Vacant Property"). Municipality agrees that prior to offering its <br /> ownership interest in the Vacant Property to anyone not a party to this <br /> Agreement, or upon receiving an offer to purchase its ownership interest in the <br /> Vacant Property from anyone not a party to this Agreement, and after. issuing <br /> request for proposals, Municipality shall first offer to Developer, the opportunity <br /> to buy the Municipality's ownership interest in the Vacant Property, which said <br /> offer shall remain open for a period of sixty (60) days. In the event the Developer <br /> exercises the right of first refusal in the purchase of the property, Developer <br /> agrees to redevelop and/or rehabilitate the premises in a time period that is <br /> comparable to those time periods being offered by bona fide third parties to the <br /> Municipality. In the event Developer eaercises its right of first refusal, the <br /> purchase price shall be as mutually agreed as between the Developer and the <br /> Municipality. If the Developer and the Municipality are unable to arrive at a <br /> mutually agreeable price, then the purchase price shal] be determined by the <br /> following appraised valuation process: <br /> 1) Each of the parties shall choose one appraiser within thirty (30) days after the <br /> eaercise of the right of first refusal. If one of the two appraisers originally chosen <br /> refuses to complete or cannoi complete his duties as appraiser, the same party <br /> who originally chose him shall choose a successor. <br /> 2) Each appraiser selected shall be an experienced, reputable MAI certified <br /> appraisei• in Central Illinois and shall be competent and impartial and of good <br /> moral and business reputation. <br /> 3) The appraisers shall view the Vacant Property and surrounding and <br /> comparable properties and shall confer concerning ihe value of the Vacant <br /> Property. They shall atiempt to agree in writing upon a fair cash purchase price of <br /> the Vacant Property. If they are unable to agree upon a fair cash purchase price, <br /> said appraisers sl�all mutually agree upon the selection of a thit•d appraiser. If the <br /> - 16 - <br />