2018 045 Resolution - Laserfiche WebLink

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the greenspace and buffering for the proposed Development, subject to the terms and conditions herein, and to further allow the Development Property to be presented for a referendum vote, which the parties contemplate will take place in May 2019 at a regularly scheduled election; and WHEREAS, the Village desires to enter into this Agreement with Developer to ensure the public interest is protected and the Development Property, if rezoned pursuant to a vote of the electorate, shall only be so used as set forth in this Agreement; and WHEREAS, this Agreement shall be fully contingent upon a Village-wide referendum vote; and WHEREAS, the parties desire to enter into this Agreement in order to set forth the respective rights, agreements and obligations of the parties as more fully provided herein. WITNESSETH: For and in consideration of the covenants herein contained, and upon the terms and conditions herein set forth, the Village and Developer hereby agree as follows: Council Approval.. Each party shall take such steps as are necessary and advisable to place the Development Property on Council's agenda for Council to vote on placing a referendum for rezoning said parcels from SFR and PDD to PRD on the general election ballot in May of 2019, with an anticipated first read at Council's October 15, 2018 regular meeting. In addition, the Village shall place this Agreement on the Council's regular meeting agenda in conjunction with Council's consideration of the referendum resolutions. 2. Acquisition of Village Property. If the anticipated May 2019 election results in approval of the rezoning of the Village Property and the Developer Property from SFR and PDD to PRD, Developer agrees to purchase the Village Property from the Village within ninety (90) days for $250,000.00 (the "Purchase Price"). The Purchase Price exceeds the Village Property's fair market value as determined by a licensed appraiser. The sale sha11 be "as is where is" and subject to all liens, encumbrances and restrictions of record. 3. Construction of Improvement. Developer shall construct and install the Development in a good and workmanlike manner, according to all applicable Village codes and specifications and in substantial conformance with the site plans attached hereto as Exhibit "C" which aze incorporated herein by reference (the "Plans"). All required applications shall be submitted and fees paid in accordance with applicable laws, rules, regulations, codes and ordinances, in effect on the Effective Date. All permits necessary for the Development shall be issued by the Village, subject to Developer's qualifying therefor, as soon as practicable after submittal and in tlie usual course of business. 4. Timiuig of Improvement and Development. Developer shall commence work upon the Development no later than twelve (12) months after the affirmative vote by the electorate