R2003-67 RECEIVING AGREEMENT - Laserfiche WebLink

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