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Municipality, and the health, safety, morals and welfare of its residents, and in accord with the public <br /> purposes set forth in the Redevelopment Plan. <br /> AGREEMENT <br /> Now, therefore, in consideration of the above premises and the promises contained herein and other good <br /> and valuable consideration, the adequacy and sufficiency of which are hereby acknowledged, each party <br /> hereto hereby agrees as follows: <br /> ARTICLE I. DEFINITIONS <br /> 1.1 Definitions. As used in this Agreement, the following words and terms shall have the <br /> following meanings: <br /> "Act" or "TIF Act" means the Tax Increment Allocation Redevelopment Act, Chapter 65, Sections <br /> 5/11-74.4-1 through 5/11-74.4-11 ofthe Illinois Compiled Statutes, as amended. <br /> "Agreement" means this Redevelopment Agreement, as the same may be from time to time <br /> modified, amended, or supplemented in writing by the Municipality and the Developer. <br /> "Certificate of Substantial Completion" means one or more documents substantially in the form of <br /> E�ibit B, attached hereto and incorporated herein by reference, delivered by the Developer to the <br /> Municipality in accordance with this Agreement and evidencing the Developer's satisfaction of all <br /> obligations and covenants to implement all or the specified functional portion of the Development Project. <br /> "Concept Site Plan" means a preliminary plan sheet, attached to this Agreement as Exhibit C and <br /> incorporated by reference herein, depicting the conceptual program for the improvements to be <br /> constructed in accordance with the Redevelopment Plan and this Agreement. <br /> "Construction Inspector" means the Director of Economic and Urban Development for the <br /> Municipality, or his designee. <br /> "Construction Plans" means plans, drawings, specifications, construction schedules and related <br /> documents for the construction of the Development Project, together with all supplements, amendments <br /> or corrections thereto, submitted by the Developer to the Municipality in accordance with this Agreement. <br /> Public improvements to be constructed by the Developer shall also include the cost of such <br /> improvements. <br /> "Developer" means DemirCo Properties (300 N. Water), an Illinois L.L.C., or its successors or <br /> assigns in interest as authorized by this Agreement. <br /> "Development Project" means the project described in the Concept Site Plan, and this Agreement. <br /> "Development Property" means the real property owned, acquired or otherwise controlled by the <br /> Developer, constituting approximately 2.5 +/- acres, on a portion of those blocks bounded by William, <br /> 2 <br />