Page 160 - 2018 Village Ordinance Book 122818

A. DEFINITIONS.

1. "Commencement of Construction" shall mean final approval of plans for all
improvements for the Development by the necessary state and local permitting authorities, the
issuance of a building permit(s) or such other authorizations as are necessary to actually
commence physical construction of the Development and the actual commencement of physical
construction of the Development.

2. "Substantial Completion" shall mean that the Building shell has been
substantially completed in accordance with the approved plans and specifications thereof, as
certified by Developer’s architect and as determined by the Village’s Building Inspector (such
determination by the Village’s Building Inspector not to be unreasonably withheld, delayed or
conditioned), and subject to the later completion of landscaping, punch list items, and weather-
dependent items and that an occupancy permit has been issued by the Village Building Inspector.

3. “Term” of this agreement shall mean the period of time from effective date for a
period of forty (40) years, unless terminated sooner by the terms of this Agreement or by
agreement of the parties.

II. SALE OF PROPERTY AND ECONOMIC INCENTIVES

A. DEVELOPMENT.

Subject to the force majeure provisions of Section VII.F., the Village agrees to sell the
property to the Developer at a cost of Six Hundred Thousand ($600,000.00) Dollars and that the
Developer agrees that it shall improve the Property with a Development, in compliance with
Village-approved plans and achieve Substantial Completion, by June 30, 2020. Developer shall
comply with and/or obtain all necessary and applicable local, county, state, and federal laws,
regulations, approvals, and permits pertaining to the Development, including, without limitation,
any and all requisite approvals by the Village Plan Commission and/or Village Board with
respect to architectural, engineering, grading, design, and/or construction plans and
specifications. Developer shall timely pay any and all fees required to be paid by Developer to
the Village pertaining to the Development, including REC Fees imposed by the Racine Water
Utility, and shall dedicate to the Village any rights-of-way or easements necessitated by the
construction of the Development. Also, additionally, during the Term of this Agreement,
Developer shall have no delinquent fines, penalties, or financial obligations whatsoever,
including, without limitation, taxes owed to the federal government, the State of Wisconsin,
Racine County, the Village, or any other government agency or entity on a federal, state, or local
level, which remain unpaid after thirty (30) days’ notice of said delinquency has been given to
Developer, unless timely appealed in good faith by Developer in the manner provided by law.

B. COMMENCEMENT OF CONSTRUCTION.

Developer agrees to commence construction of the Development, as defined above, no
later than December 31, 2018.

DAVISON LAW OFFICE, LTD. Page 2
1207 55th Street, Kenosha, Wisconsin 53140 (Rev. 4/27/18)
Telephone No. (262) 657-5165 Fax No. (262) 657-5517 Email: dmltd@sbcglobal.net