HomeMy WebLinkAboutRESOLUTION - 69-20 - 9/8/2020 - Elk Grove Holdings, LLC -Planet Fitness, Amendment to Redevlopment AgreementRESOLUTION NO.69-20
A RESOLUTION AUTHORIZING THE MAYOR AND VILLAGE CLERK TO
EXECUTE AN AMENDMENT TO THE REDEVELOPMENT AGREEMENT (PLANET
FITNESS)
BE IT RESOLVED by the Mayor and Board of Trustees of the Village of Elk Grove
Village, Counties of Cook and DuPage, State of Illinois as follows:
Section 1: That the Mayor be and is hereby authorized to sign the attached documents
marked:
AMENDMENT TO THE REDEVELOPMENT AGREEMENT
(PLANET FITNESS)
a copy of which is attached hereto and made a part hereof as if fully set forth and the Village
Clerk is authorized to attest said document upon the signature of the Mayor.
Section 2: That this Resolution shall be in full force and effect from and after its passage
and approval according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 8th day of September 2020.
APPROVED this 8th day of September 2020.
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk
A'INIENDNIENT TO THE REDEVELOPMENT AGREEMENT
WHEREAS, The Village of Elk Grove Village and Elk Grove Folding, LLC
(Developer) (collectively, the Parties) have previously entered into a Redevelopment
Agreement on .Tune 19, 2018 with respect to property located in the Elk Grove Town
Center; and
WHEREAS, Elk Grove Holdings, LLC assigned its entire right, title and interest
in and to the Redevelopment Agreement to South London Holdings, LLC; and
WHEREAS, due to circumstances which have occurred subsequent to the
effective date of said Agreement, the Parties have determined it to be in their respective
best interests to amend the Agreement as hereinafter set forth; and
WHEREAS, the Vacant Store, as defined in the initial Redevelopment
Agreement, currently consists of an 18,000 square foot Fitness Facility and
approximately 55,000 square feet which remains vacant and which Developer has
indicated that a substantial portion thereof will be developed into two new retail
facilities -a PPE retail store of approximately 31,000 square feet and a Dollar Tree retail
facility of approximately 9,500 square feet.
NOW, THEREFORE, for good and valuable consideration, the sufficiency of
which is hereby acknowledged, it is hereby agreed by and between the Parties that the
Redevelopment Agreement be amended as follows:
1. That Section 3.01 General Description of Project be amended to permit
Developer to divide the remaining vacant area of the Project into multiple
stores or facilities as agreed to by the Village in addition to Developer's
18,000 square foot Fitness Facility.
That Section 5.01 ii pertaining to financial assistance by the Village. be
amended by granting Developer a payment of Seven Hundred Fifty
Thousand Dollars ($750,000) contingent on Developer obtaining Certificates
Of Occupancy for the PPE retail facility and the Dollar Tree Facility and that
the 18,000 square foot Fitness Facility remains fully operational, payment to
be made as follows:
A. $569.000, payable within ten (10) business days after a Certificate of
Occupancy is issued for the entire PPE retail facility.
B. $181,000. payable within ten (10) business days after a Certificate of
Occupancy is issued for the Dollar Store Retail Facility.
C. Developer will use its best effort to have both Certificates of
Occupancy prior to December 31, 2020 provided that should that not
occur, Developer will remain eligible for the final reimbursement set
forth in Paragraph 3 below.
3. If Developer has complied with the obligations set forth in Section 5.01 ii as
amended, Developer will be eligible for a final TIF Improvement
Reimbursement payment of Seven Hundred Fifty Thousand Dollars
($750,000) provided that a third Certificate of Occupancy has been issued for
the third facility in the Vacant Store, payable as follows:
A. On May 1, 2021, upon receipt by the Village of a minimum of $50,000
of sales tax from the dates of occupancy of any retail facilities Sales
Tax, the Village will pay Developer a pro -rated amount based upon a
quotient wherein the numerator is the amount of Sales Tax received by
the Village prior to May 1, 2021 and the denominator is $1 10.000
times $750.000.
B. Upon receipt of the total $ t 10,000 of Sales Tax, the receipt of which
must occur prior to November 30, 2021, a final payment of the
remaining balance of the $750,000.
C. Should the Village not receive a minimum of $50,000 of Sales Tax by
May I, 2021, the Village shall have no obligation to make the payment
set forth in Paragraph A above. Thereafter, payment of the $750,000
will be made in its entirety at time the Village receives a total of
$1 10,000 of Sales Tax, which receipt must occur prior to November
30, 2021. Should the Village not receive the anticipated amount of
Sales Tax of $1 10.000 by November 30. 2021, the Village will pay
Developer a pro -rated amount based upon a quotient wherein the
numerator is the amount of Sales Tax received by the Village through
November 30. 2021 and the denominator is $1 10,000 times $750,000.
4. That the payment and time requirements presently set forth in Section 5.01
are hereby superseded by the amendments set forth herein.
IN WITNESS WHEREOF, the Parties have duly executed this Agreement
pursuant to all requisite authorizations as of the date first above written.
VILLAGE OF ELK GROVE VILLAGE,
COOK AND DUPAGE COUNTIES,
ILLINOIS, an
Illinois Municipal Corporation
BY:
Mayor Craig B. _Ioluison
ATTEST:
Village Clerk
STATE OF ILLINOIS )
) SS
COUNTY OF COOK )
I, , a Notary Public in and for the said County, in the State
aforesaid, DO HEREBY CERTIFY that _ _ of the Village of Elk
Grove Village, personally known to me to be the same person whose name is subscribed
to the foregoing instrument as such , respectively appeared before
me this day in person and acknowledged that he/she signed and delivered the said
instrument as his/her own free and voluntary act and as the free and voluntary act of said
Village, for the uses and purposes set forth therein; and the said Village Clerk then and
there acknowledged that he/she, as custodian of the corporate seal of said Village, did affix
the corporate seal of said Village to said instrument, as his/her own free and voluntary act
and as the free and voluntary act of said Village, for the uses and purposes set forth therein.
Fitness my hand and notarial seal this
.2020.
Notary Public
My Commission Expires
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ELK GROVE HOLDINGS, LLC
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to thy' foregoing instrument as such '` , apperare before me Lrrs day in person and
acknowledged that they signed. sealed and delivered the said instrument as their free and
voluntary act for the uses and purposes therein set forth.
GIVEN UNDER my hand and Notarial Seal this 2-�>� day of 1`>._.__; 2020.
Notary Public
My Commission Expires: L�I"—Z' -?-Ll2-3
(Seal) Commonweakh of Pennsylvania -Notary Seal
6yong Lee, Notary Public
Montgomery County
My Commission Expires April 2, 2023
Commission Number 1289686