Common use of BACKGROUND INFORMATION & RECITALS Clause in Contracts

BACKGROUND INFORMATION & RECITALS. 3.1 9908 New Town LLC is the fee simple owner of the Property on the Effective Date. Developer is the sole manager and member of 9908 New Town LLC. The Property is located within the corporate limits of the Village. 3.2 Developer desires to develop a commercial project on the Property as generally described in the Master Plan attached as Exhibit B hereto (“Project”). To permit Development of the Property for the Project, the conditional rezoning and associated Master Plan must be approved by the Village Council. 3.3 The purpose of this Agreement is to facilitate the Development (as defined herein) of the Property in a way that best realizes the benefits to the Parties. 3.4 The Development of the Property requires a major investment by the Developer and substantial commitment of resources to achieve the benefits of the Development for the Parties. The Developer will be unable to make and realize the benefits from such commitments without the assurances of the City as provided by this Agreement. 3.5 The ▇▇▇▇▇▇ Heritage District Small Area Plan (the “Small Area Plan”) was adopted by the Village of ▇▇▇▇▇▇ Village Council on December 14, 2021 and describes as a principle goal the fostering of a village center that “pays tribute to our rural heritage, incorporates pedestrian oriented design, neighborhood uses and inter-connected greenways” Other goals include the establishment of a Municipal Service District for the Heritage District “to create revenue to use finds for certain installation and maintenance of infrastructure and amenities in the ▇▇▇▇▇▇ Heritage District”. 3.6 The associated Future Land Use Map to the Small Area Plan envisions use of the Property for Commercial Only purposes. 3.7 Without this Agreement, the Village will not be able to properly assure the provision of an efficient, effective, and practical overall plan for addressing the Development of the Property, including the protection of natural resources, the provision of open space and parkland, and commitments with respect to transit, greenways, multi‐ use paths, sidewalks, and road and other infrastructure improvements, as applicable. 3.8 After careful review and deliberation, the Village has determined and concluded that the above described Project on the Property complies with all statutory requirements and Current Regulations (unless otherwise provided herein), is consistent with the Small Area Plan and other adopted Village policies and that it is reasonable and in the public interest as the Project would further the Village’s land use policies and objectives, as well as the health, safety and economic wellbeing of the Village. 3.9 The Village has also determined that development of Property for the Project presents a unique opportunity for the Village to secure quality planning and growth. 3.10 Accordingly, Developer and Village desire to enter into this Agreement for the purposes of (a) coordinating the construction of infrastructure that will serve the Project and the community at large; and (b) providing assurances to Developer and its successors in interest that Developer may proceed with the development of the Project on the Property in accordance with the Master Plan and the terms of this Agreement without encountering future changes in ordinances, regulations, or policies that would affect Developer’s ability to develop the Project and the Property under the Master Plan and the terms hereof for the term of this Agreement. 3.11 After careful review and deliberation, the Village Council has determined and concluded that the Agreement meets the goals and needs of the Parties.