R2010-200 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

Home Browse Search

, � Agreement to or in respect of the Developer until such time as the Developer furnishes the required information to the Municipality. SA. MUNICIPALITY'S AGREEMENT TO CONSTRUCT IMPROVEMENTS The Municipality further agrees to construct, in strict accordance with Developer's design requirements and construction schedule, and with its own labor and at its sole expense: all sidewalks, streetscapes and landscapes on the North, West, East and South sides of the building footprint to be constructed on the Premises. Said improvements are generally described in EXHIBIT D hereto. Municipality agrees that any concrete poured contiguous to the Premises will be standardized in color and finish to concrete used by Developer on the Premises. SB. RIGHT OF FIRST REFUSAL Municipality is the owner of certain real estate legally described on EXHIBIT C hereto (the " Vacant Property"). Municipality agrees that prior to offering its ownership interest in the Vacant Property to anyone not a party to this Agreement, or upon receiving an offer to purchase its ownership interest in the Vacant Property from anyone not a party to this Agreement, and after issuing request for proposals, Municipality shall first offer to Developer, the opportunity to buy the Municipality's ownership interest in the Vacant Property, which said offer shall remain open for a period of sixty (60) days. In the event the Developer exercises the right of first refusal in the purchase of the property, Developer agrees to redevelop and/or rehabilitate the premises in a time period that is comparable to those time periods being offered by bona fide third parties to the Municipality. In the event Developer exercises its right of first refusal, the purchase price shall be as mutually agreed as between the Developer and the Municipality. If the Developer and the Municipality are unable to arrive at a mutually agreeable price, then the purchase price shall be determined by the following appraised valuation process: 1) Each of the parties shall choose one appraiser within thirty (30) days after the exercise of the right of first refusal. If one of the two appraisers originally chosen refuses to complete or cannot complete his duties as appraiser, the same party who originally chose him shall choose a successor. 2) Each appraiser selected shall be an experienced, reputable MAI certified appraiser in Central Illinois and shall be competent and impartial and of good moral and business reputation. 3) The appraisers shall view the Vacant Property and surrounding and comparable properties and shall confer concerning the value of the Vacant Property. They shall attempt to agree in writing upon a fair cash purchase price of the Vacant Property. If they are unable to agree upon a fair cash purchase price, said appraisers shall mutually agree upon the selection of a third appraiser. If the - 16 -