2005 018 Ordinance - Laserfiche WebLink

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obligations under the other provisions of this Agreement, Progressive shall commence construction following receipt of all necessary approvals and permits, and will construct on a continuous basis at least two office buildings, parking facilities and related improvements. Progressive commits to a minimum construction investment for the first two buildings, parking facilities and related improvements of not less than one hundred million dollars ($100,000,000.00). Progressive shall use its best efforts, consistent with its business needs, to ensure that Progressive and its affiliated entities employ in the facilities to be constructed at the Development not less than one thousand (1,000) employees, as further defined in the Income Tax Grant Agreement by the end of the twelve month period following completion of construction. Both parties agree that a roadway will be constructed (hereinafter "the Roadway") and various utilities provided or supplied to a mutually agreeable location on or adjacent to the Development (collectively the "Utilities") to service the Development, as further provided herein. 2• PURCHASE OF ADJACENT PROPERTY. The Village has commenced and will pursue diligently to completion all action necessary with its full powers to acquire the Adjacent Property generally depicted in Exhibit A attached hereto and incorporated herein, needed for the Development. Once acquired by the Village, Progressive agrees to purchase from the Village the Adjacent Property for the price of Three Million dollars ($3,000,000.00). Progressive agrees to fund such purchase price in advance, at the time that the Village acquires the Adjacent Property, and thereafter, the Village agrees to transfer title to the Adjacent Property when so requested by Progressive or, at the latest, promptly after such time as the current owner thereof vacates the Adjacent Property in accordance with the Village's Journalized Agreement with such current owner. Progressive also agrees to reimburse the Village for its out-of-pocket costs, including legal fees, associated with the acquisition of the Adjacent Property. 3. DONATION OF PROPERTY BY PROGRESSIVE. Progressive agrees to donate to the Village 2.87 acres of the Adjacent Property fronting on SOM Center Road for municipal recreation and park land purposes and 2.28 acres of land located to the North of the Adjacent Property for purposes of the construction of the Roadway, (collectively the "Donated Property") generally depicted in Exhibit B attached hereto and incorporated herein. The parties will coordinate and consult as necessary to effect a lot consolidation and/or lot split as necessary for the Development and to implement the terms of this Agreement as soon as practicable after Progressive's acquisition of the Adjacent Parcel per Section 2 above. Progressive will retain the surveyor and pay the necessary surveying fees and filing fees associated therewith. The parties acknowledge that all acreage figures included in this Agreement are intended to be estimates pending the final determinations shown on the plat(s) to Page 2