HomeMy WebLinkAboutRESOLUTION - 18-24 - 3/26/2024 - WINGSPAN DEVELOPMENT GROUP, LLC-FIRST AMENDMENT AGREEMENT-ARLINGTON-HIGGINSRESOLUTION NO. 18-24
A RESOLUTION AUTHORIZING THE MAYOR AND VILLAGE CLERK TO
EXECUTE A FIRST AMENDMENT TO THE AGREEMENT AND REAL ESTATE
TERMS AND CONDITIONS FOR CONVEYANCE OF VILLAGE -OWNED PROPERTY
BETWEEN THE VILLAGE OF ELK GROVE VILLAGE AND WINGSPAN
DEVELOPMENT GROUP. LLC ARLINGTON-HIGGINS TIF
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, Illinois as follows;
Section 1: That the Mayor be and is hereby authorized to sign the attached document
marked:
FIRST AMENDMENT TO THE AGREEMENT AND REAL ESTATE TERMS AND
CONDITIONS FOR CONVEYANCE OF
VILLAGE -OWNED PROPERTY BETWEEN
THE VILLAGE OF ELK GROVE VILLAGE, IL
AND
WINGSPAN DEVELOPMENT GROUP, LLC.
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:4 NAYS: 0 ABSENT: 2
PASSED this 261h day of March 2024.
APPROVED this 26'h day of March 2024.
Mayor CraigO. Johnson
Village of FA Grove Village
ATTEST:
Fes.
Loretta M. Murphy, Villige'Clerit
THIS FIRST AMENDMENT TO AGREEMENT -REAL ESTATE TERMS AND CONDITIONS
FOR CONVEYANCE OF VILLAGE -OWNED PROPERTY (this "Amendment") is made and entered into as
of the2CAday of March 2024 by and between WINGSPAN DEVELOPMENT GROUP, LLC, an Illinois limited
liability company ("Purchaser") and VILLAGE OF ELK GROVE VILLAGE, an Illinois
Municipal Corporation ("Seller").
WHEREAS, Purchaser and Seller entered into that certain Agreement -Real Estate Terms and
Conditions for Conveyance of Village -Owned Property dated as of January 23, 2024 (the "Agreement"). with
respect to the purchase and sale of that certain property located in Elk Grove Village, Illinois, commonly
known 1 E. Higgins Road and also I I I E. Higgins Road, Elk Grove Village, Illinois 60007 and more
particularly described in the Agreement; and
WHEREAS, Purchaser and Seller wish to amend the Agreement as hereinafter set forth_
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties to this Amendment hereby agree as follows:
I. Recitals_ The recitals set forth above are true and correct and are hereby incorporated into
this Amendment.
2. Defined Terms: Conflict. Unless otherwise indicated, all capitalized terms used in this
Amendment shall have the same meaning as given to such terms in the Agreement. In the event of any
conflict between the terms and provisions of this Amendment and the terms and provisions of the
Agreement, the terms and provisions of this Amendment shall control.
;. D �e Diligence Period. Notwithstanding anything in the Agreement to the contrary, the
"Due Diligence Period" shall mean the period beginning on the Effective Date and continuing through
5:00 p-m. (local time at the Property) on Monday, May 6, 2024.
4. This Amendment may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which shall constitute one and the same agreement. A
facsimile or electronic copy of this Amendment and any signatures thereon shall be considered an original
for all purposes.
5. Except as expressly modified by this Amendment, all of the terms
and provisions of the Agreement shall remain in full force and effect, and the terms thereof are hereby
ratified and confirmed.
(SIGNATURE PAGE TO FOLLOW)
IN WITNESS WHEREOF, each party hereto has caused this Amendment to be duly executed to
be effective as of the day and year first above written.
PURCRASER:
WINGSPAN E
N'LOPMENT GRt UP C,
an Thin 's ntit lcopy
BY:
I-r5:
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SELLER:
LLAPI
an Ill• ois
BY
EL.WGROVE VILLAGE,
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