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Home My WebLink AboutRESOLUTION - 43-25 - 6/17/2025 - 500-570 HIGGINS,AGG PROPERTIES, SEOND AMENDMENT TO REDEVELOPMENT AGREEMENTRESOLUTION NO.43-25 A RESOLUTION AUTHORIZING THE MAYOR AND VILLAGE CLERK TO EXECUTE A SECOND AMENDMENT TO THE REDEVELOPMENT AGREEMENT WITH AGG PROPERTIES LLC (500-570- E. HIGGINS ROAD) 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 Village Manager be and is hereby authorized to sign the attached document marked: SECOND 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 document upon the signature of the Village Manager. 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 17th day of June 2025 APPROVED this 1711 day of June 2025 APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Jennifer S. Mahon, Village Clerk Prepared by and Return to: Village of Elk Grove Village Attn: Village Attorney 901 Wellington Avenue Elk Grove Village, IL 60007 [Above space reserved for Recorder] SECOND AMENDMENT TO REDEVELOPMENT AGREEMENT THIS SECOND AMENDMENT TO REDEVELOPMENT AGREEMENT ("Second Amendment") is dated this I7�lay of 2025 ("Second Amendment Effective Date"), and is by and among the VILLAGE OF ELK GROVE VILLAGE, an Illinois home rule municipal corporation with offices located at 901 Wellington Avenue, Elk Grove Village, Illinois ("Village"), and AGG PROPERTIES LLC, an Illinois limited liability company with offices located at 1701 E. Woodfield Road, Suite 925, Schaumburg, Illinois ("Developer") (collectively, the Village and the Developer are the "Parties" and, sometimes, individually a "Party"). RECITALS A. Pursuant to the Village's home rule powers, its authority under the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., and other relevant law, on or about March 26, 2024, the Village passed Resolution Number 17-24 approving a Redevelopment Agreement (as amended, "Redevelopment Agreement') with the Developer relating to the property commonly known as 500 — 570 E. Higgins Road, which property is more specifically described in the Redevelopment Agreement and is legally described in Exhibit A ("Property"). B. On or about November 19, 2024, the Village passed Resolution Number 73-24 amending the Redevelopment Agreement to extend certain deadlines. C. The Developer and Village now wish to further revise the Redevelopment Agreement to modify certain performance deadlines concerning Building A, all as set forth in this Second Amendment. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency are hereby acknowledged, the Village and Developer agree as follows: 1. RECITALS AND EXHIBITS INCORPORATED. The foregoing recitals and all exhibits attached to this Second Amendment are incorporated as though fully set forth in this Section 1. 2. CAPITALIZED TERMS; CONFLICT. Any capitalized term used herein, but not defined herein, shall have the meaning given to such term in the Redevelopment Agreement. In the event of any conflict between the terms and conditions hereof and those set forth in the Redevelopment Agreement, the terms and conditions of this Second Amendment shall control. Redevelopment Agreement, the terms and conditions of this Second Amendment shall control. 3. SCHEDULE AMENDED. Redevelopment Agreement Section 3.03(B) is amended as follows (additions dined and deletions ugh); 3.03 Plans and Permits for Project. B. Building_A. Subject to Unavoidable Delay (as defined in Section 6.05), Developer shall (1) submit to the Village a complete application seeking all zoning and entitlement approvals necessary to construct Building A by no later than June 1, 2024; (2) submit a complete building permit application for Building A, including architectural and construction plans, by no later than January 1, 2025; (3) subject to the Village's performance of its obligations in Section 3.03.E., obtain all necessary permits and begin construction of Building A by no later than May 1. 2� haly 1. 10 .; and (4) complete construction of the shell of Building A and the other improvements depicted on the Development Plans and receive final substantial approval of the shell by no later than N 027 �6. C. Building. Subject to Unavoidable Delay, Developer shall (1) submit to the Village a complete application seeking all zoning and entitlement approvals necessary to construct Building B by no later than June 1, 2024; (2) submit a complete building permit application for Building B, including architectural and construction plans, by no later than January 1, 2025; (3) subject to the Village's performance of its obligations in Section 3.03.E., obtain all necessary permits and begin construction of Building B by no later than May 1 202 ; and (4) complete construction of the shell of Building B and the other improvements depicted on the Development Plans and receive final substantial approval of the shell by no later than M y 1,20276. 4. NO DEFAULT. The Parties represent, warrant, and agree that as of the Second Amendment Effective Date, the Parties have fully performed under the Redevelopment Agreement and that no ongoing uncured default under the Redevelopment Agreement exists. 5. ONE AGREEMENT. The Redevelopment Agreement and the Second Amendment shall be construed as one instrument. The terns and provisions of the Redevelopment Agreement not specifically modified by this Second Amendment shall remain in full force and effect and shall not be construed to have been modified, waived, discharged or otherwise altered by this Second Amendment. The terms and provisions of the Redevelopment Agreement are incorporated herein by reference as if fully stated herein. 6. FINAL FORM. This Second Amendment represents the final agreement between the Parties and may not be contradicted by evidence of prior, contemporaneous, or 2 subsequent oral agreements between the Parties. There are no unwritten oral agreements between the Parties. 7. SEVERABILIT Y. If any term or provision of this Second Amendment, or the application thereof to any person or circumstance shall to any extent be invalid or unenforceable, the remainder of this Second Amendment, or the application of such provision to persons or circumstances other than those as to which it is invalid or unenforceable, shall not be affected thereby. Each provision of this Second Amendment shall be valid and shall be enforceable to the extent permitted by law. 8. AUTHORITY. Each Party represents and warrants to the other that is has the requisite authority to enter into this Second Amendment, and each party shall, upon request, provide evidence of such authority acceptable to the other at the time of execution of this Second Amendment. 9. BINDING EFFECT. This Second Amendment shall be binding upon and inure to the benefit of the successors and permitted assigns of Village and Developer 10. COUNTERPARTS. This Second Amendment may be executed in multiple counterparts, each of which for all purposes is deemed an original, and all of which constitute collectively but one instrument; but in making proof of this Second Amendment, it shall not be necessary to produce or account for more than one such counterpart. 11. RECORDING. On or after the Second Amendment Effective Date, this Second Amendment will be recorded against the Property with the Cook County Clerk, Recordings Division. [Signature page follows] IN WITNESS WHEREOF, this Second Amendment has been executed by the Parties hereto as of the date first above written. ATTEST: By bJetro—n— , Duty Village Clerk 4 AGG PROPERTIES LLC, an Illinois Iimited liability company By: Mario GuIi , Mania er VILLAG OF ELK ROVE VILLAGE, an Illinni. M17nirina By: Craig B. Johnson, ACKNOWLEDGEMENT STATE OF ILLINOIS SS. COUNTY OF COOK This instrument was acknowledged before me on+stl�np, 2025, by CRAIG B. JOHNSON, the Mayor of the VILLAGE OF ELK GROVE VILLAGE, an IIlinois municipal corporation, and by JENNIFER MAHON, the Deputy Village Clerk of said municipal corporation. a do Sfwoom � �. SW ;'�gini�at�ureofotary CanMrl = No. 97=2 SEAL z Cannes Expo Jur 20.2027 My Commission expires: STATE OF �— ) COUNTY OF ) SS. The foregoing instrument was acknowledged before me on : w g, 2025, by MARIO GULLO, the Manager of AGG PROPERTIES LLC, an Illinois limited liability company, as his free and voluntary act in his capacities as manager of said company for the uses and purposes herein. 0"KNAL SEAL FEATHER J mN-DoNADO NOTARY PUBLIC, STATE OF i 00S gignature of Notary W C&M*Nion Expos ir" SEAL My Commission expires: 5 � ? +r r �'� � � � ,� r.-� .-. Exhibit A Property's Legal Description ADDRESS: 500 E. Higgins Road, Elk Grove Village, Illinois 60007 PIN: 08-21-401-027-0000 Lot 77 (excepting therefrom the South 17 feet thereof) in Higgins Road Commercial Subdivision Unit Number 47, being a Resubdivision in Section 21, Township 41 North, Range I1, East of The Third Principal Meridian, according to Plat thereof registered in the Office of the Registrar of Title of Cook County, Illinois, on May 2, 1969 as document number 2448731, in Cook County, Illinois. ADDRESS: 570 E. Higgins Road, Elk Grove Village, Illinois 60007 PIN: 08-21-401-010-0000 Lot 22 (Except the Southerly 17 feet thereof, as condemned in the Case No. 701,7062) in Higgins Road Commercial Subdivision Unit No. 16, being a Resubdivision in Section 21, Township 41 North, Range 11, East of the Third Principal Meridian, in Cook County, Illinois according to the Plat thereof Registered in the Office of the Registrar of Titles of Cook County, Illinois, on April 28, 1967, as Doc. No. 2321821. 3