MEMORANDUM OF UNDERSTANDING



MEMORANDUM OF UNDERSTANDINGState of Wisconsin Department of Transportationand Village of Sturtevant, WisconsinandVillage of Mount Pleasant, WisconsinandAdams Street Development, LLC BACKGROUNDThe State of Wisconsin Department of Transportation (“DOT”) is improving roads in the area generally between of STH 11, CTH H, CTH KR and the I94 East Frontage Road related to the Village of Mount Pleasant’s TID No. 5, which is located adjacent to the Village of Sturtevant. Adams Street Development, LLC, a Wisconsin limited liability company (“Adams Street”), owns property in the Village of Sturtevant on the north side of Braun Road, east of CTH H including that known as Parcel 702, Tax Key No. 181-03-22-28-004-000, and Parcel 703, Tax Key No. 181-03-22-28-005-000. PURPOSEThe purpose of this Memorandum of Understanding (“MOU”) is to outline the generally agreed-upon terms and responsibilities related to the construction, maintenance and benefits of a storm water pond to be located on Parcel 702 and the construction of a water system booster station on Parcel 703. AGREEMENT OF PARTIESThe Parties agree as follows:DOT acknowledges and agrees to:At its expense, construct a storm water pond on Parcel 702, as depicted on Exhibit A attached hereto (the “Pond”). The Pond will serve to store storm water from Braun Road and Parcel 703. The Village of Sturtevant acknowledges and agrees to:Own and maintain the Pond, at its expense, after DOT’s construction is completed. At its expense, maintain the parking and driveway created by the Village of Mount Pleasant on Parcel 703 within the Easement described below, as depicted on Exhibit B. Consider requests for additional use of the Pond, which requests are subject to its approval. At the time of development of Parcels 701 and 702, the Village of Sturtevant will work with Adams Street to execute a Development Agreement that will address terms and conditions related to the development of Parcels 701 and 702, including but not limited to, Adams Street dedicating a portion of land within Parcel 702, as mutually agreed upon by Adams Street and the Village of Sturtevant, based upon industry standards relating to pond sizing requirements, for the Village of Sturtevant to design, construct, and maintain storm water management facilities.The Village of Mount Pleasant acknowledges and agrees to:Acquire Parcel 703 from Adams Street for consideration of $80,000. At its expense, build the booster station on Parcel 703, as depicted on Exhibit B attached hereto. Grant an Easement to the Village of Sturtevant for the parking and driveway on Parcel 703 which will serve a future Village of Sturtevant public park to be created by the Village of Sturtevant on Parcel 702 (the “Easement”). At its expense, within the Easement, build the aforementioned parking and driveway as depicted on Exhibit B. Convey Parcel 703 to the Racine Water Utility upon completion of the construction of the booster station.Adams Street acknowledges and agrees to: Convey to the Village of Sturtevant the land on Parcel 702 necessary for the Pond.Convey Parcel 703 to the Village of Mount Pleasant for the development of the booster station. MUTUAL ACKNOWLEDGEMENTSAll of the Parties shall act expeditiously to undertake their respective responsibilities identified herein. Further, the Parties recognize that the terms of this MOU are subject to additional refinement and negotiations as well as the fiduciary and statutory obligations of the Parties. (SIGNATURES ON FOLLOWING PAGE)Date: _____________________, 2019WISCONSIN DEPARTMENT OF TRANSPORTATION_______________________________________________________________Date: _____________________, 2019ADAMS STREET DEVELOPMENT, LLC___________________________________Alan S. Yeung, Authorized RepresentativeDate: _____________________, 2019VILLAGE OF MOUNT PLEASANT___________________________________David DeGroot, Village PresidentDate: _____________________, 2019VILLAGE OF STURTEVANT___________________________________Jayme Hoffman, Village President33008639_3.DOCXEXHIBIT A EXHIBIT B ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download