HomeMy WebLinkAboutRESOLUTION - 58-24 - 9/10/2024 - AGG PROPERTIES, LLC. FIRST AMENDMENT TO TIF REDEVEOPMENT AGREEMENTRESOLUTION NO. 58-24
A RESOLUTION AUTHORIZING THE MAYOR AND VILLAGE CLERK TO EXECUTE
A FIRST AMENDMENT TO A TIF REDEVELOPMENT AGREEMENT BETWEEN THE
VILLAGE OF ELK GROVE VILLAGE AND AGG PROPERTIES LLC. (BUSSE—
ELMHURST 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, State of Illinois as follows:
Section 1: That the Mayor be and is hereby authorized to sign the attached documents
marked:
FIRST AMENDMENT TO REDEVELOPMENT AGREEMENT
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 documents 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 loth day of September 2024
APPROVED this loth day of September 2024
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk
FIRST AMENDMENT TO REDEVELOPMENT AGREEMENT
THIS FIRST AMENDMENT TO REDEVELOPMENT AGREEMENT (this
"Amendment"), is made and entered into as of the I01h day of September, 2024 ("Effective
Date"), by and between the Village of Elk Grove Village, an Illinois home rule municipal
corporation located in Cook and DuPage Counties, Illinois (the "Village"), and AGG Properties,
LLC, an Illinois limited liability company ("Developer"). Developer together with the Village,
are collectively referred to as the "Parties," and sometimes, individually, a "Party."
RECITALS
A. The Parties entered into that certain Redevelopment Agreement dated March 26, 2024, and
recorded with the Clerk of Cook County, Illinois, on April 16, 2024, as Document No.
2410711026 (the "RDA").
B. The purpose and intent of the RDA was the Village to provide financial assistance for
development of a Road Ranger branded truck and passenger vehicle fueling station with
convenience store (the "Project") by Developer on the Property (as defined in the RDA).
C. Developer and Road Ranger were unable to agree to terms and as such moved to terminate
the Project.
D. The Parties remain interested in the redevelopment of the Property with a different fueling
station and convenience store provider or such other use approved by the Village and are
entering into this Amendment to grant a period of time for the Parties to mutually agree on
revisions to the RDA to allow for a new development Project on the Property.
NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and
agreements herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
The Parties agree to work together on terms and conditions for an Amended and Restated
Redevelopment Agreement for the Property ("Amended RDA").
2. In the event the Parties do not enter into an Amended RDA on or before October 31, 2024,
either Party may thereafter terminate the RDA by written notice to the other Party. In such
event, the real property commonly known as 2300 East Higgins Road, Elk Grove Village,
Illinois, shall be reconveyed by Developer to the Village in accordance with the terms set
forth in Section 3.03(D) of the RDA, including payment by the Village to Developer in the
amount of Three Million One Hundred Twenty-five Thousand and 00/ 100 ($3,125,000.00)
Dollars minus any Assistance previously received by Developer from the Village, if any.
3. Except as modified by this Amendment, the RDA shall remain in full force and effect.
4. This Amendment may be executed simultaneously in counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument.
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A facsimile copy or digital (email/PDF) of this Amendment and any signatures thereon
shall be considered originals for all purposes.
This Amendment embodies the entire agreement and understanding between the Parties
relating to the subject matter contemplated hereby and may not be amended, waived or
discharged except by an instrument in writing executed by all Parties.
[SIGNATURE PAGE FOLLOWS]
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