HomeMy WebLinkAboutRESOLUTION - 29-26 - 4/14/2026 - 7A 900 E. Higgins RoadRESOLUTION NO.29-26
A RESOLUTION DETERMINING THE APPROPRIATENESS FOR CLASS 7A STATUS
PURSUANT TO THE COOK COUNTY REAL PROPERTY CLASSIFICATION
ORDINANCE AS AMENDED FROM TIME TO TIME FOR CERTAIN REAL ESTATE
LOCATED AT 900 E. HIGGINS ROAD ELK GROVE VILLAGE ILLINOIS
WHEREAS, the Village of Elk Grove Village desires to promote the development of
industry in the Village of Elk Grove; and
WHEREAS, the Cook County Assessor is operating under an ordinance enacted by the
Cook County Board of Commissioners, and amended from time to time, which has instituted a
program to encourage industrial and commercial development in Cook County known as the Cook
County Real Property Classification Ordinance; and
WHEREAS, the Petitioner has applied for or is applying for Class 7A property status
pursuant to said aforementioned ordinance for certain real estate located at 900 E. Higgins Road
in the Village of Elk Grove Village, Cook County, Illinois, with the Property Index Number
08-22-301-065-0000, has proven to this Board that such incentive provided for in said ordinance
is necessary for development to occur on this specific real estate.
WHEREAS, The Subject Property is vacant and remains unimproved. The Applicant
plans to invest over $2 million in site and building improvements which include reconstructing the
concrete parking aprons, resurfacing the parking lot, repairing the curb, gutters, and sidewalks,
updating landscaping, resurfacing the fagade, updating the monument sign, removing the pole sign
and adding an elk statue. The Applicant also expects greater efficiency with operations and expects
the site to work synergistically with the surrounding commercial businesses and customers.
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 request of the Petitioner to have certain real estate located at 900 E.
Higgins Road, Elk Grove Village, Cook County, Illinois declared eligible for Class 7A status
pursuant to the Cook County Real Property Classification Ordinance, as amended from time to
time, is hereby granted in that this Board and the Village of Elk Grove Village, Illinois, has
determined that the incentive provided by the said Class 7A Tax Incentive Ordinance is necessary
for the said development to occur on the subject property, legally described as follows:
LOT 2 IN TELAR 4TH RESUBDIVISION OF LOTS I AND 2 IN TELAR 3RD
RESUBDIVISION OF LOT 1 IN FINEGAN SUBDIVISION UNIT NUMBER 3, BEING A
SUBDIVISION IN THE WEST '/2 OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11,
EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
Section 2. That the Village of Elk Grove Village, Illinois hereby supports and consents to
the Class 7A Application and approves the classification of the subject property as Class 7A
property pursuant to the Cook County Real Property Classification Ordinance and the Class 7A
tax incentives shall apply to the designated property located at 900 E. Higgins Road, specifically:
1. The area containing the Subject Property is within a blighted area as designated by
the Village of Elk Grove Village commonly known as 900 E. Higgins Road, Elk
Grove Village, Illinois 60007; and
2. The real estate taxes within said area, during the last six years, have declined,
remained stagnant, or are not being fully realized due to the depressed condition of
the area; and
3. That the proposed improvements are both reasonable and viable and that the
Redevelopment of the Subject Property is likely to go forward on a reasonably
timely basis if the Class 7A Classification is granted; and
4. That the Redevelopment of the Subject Property as planned by the Applicant would
not be feasible and would not go forward without the Class 7A Classification; and
5. That the granting of the Class 7A Classification will result in an increase in real
property tax revenue and an increase in and retention of employment opportunities
within the area; and
Elk Grove Village is in receipt of an economic disclosure statement that is included with the
application packet.
Section 3. The Mayor and Village Clerk are hereby authorized to sign any necessary
documents to implement this Resolution including the Elk Grove Village Class 7A Property Tax
Incentive Terms and Agreement subject to the petitioner completing new construction of a new
ice arena, in substantial conformance with the Applicant completing the improvements stated in
their application.
Section 4. This Resolution shall be in full force and effect from and after its passage and
approval according to law.
VOTE: AYES:5 NAYS:0 ABSENT: 1
PASSED this 14' day of April 2026
APPROVED this 14th day of April 2026
AP 1OVED:
Mayor Craig Johnson
Village of E Grove Village
ATTEST:
k�jj.t
&OA,
Wife S. ta461n, Village Clerk
[f
Elk Grove Village Class 7a Property Tax Terms and Agreement
900 E. Higgins
The APPLICANT shall perform the WORK upon the SUBJECT PROPERTY located at in
accordance with the PLANS and in full compliance with all applicable codes, ordinances, rules, regulations,
permits, and plans as outlined in Attachment A, imposed by the VILLAGE, and shall complete the WORK in a
good and workmanlike manner or risk voiding this agreement. The WORK shall include all building and
landscaping alterations as proposed by the APPLICANT in exchange for the VILLAGE'S approval of a
Cook County Class 7a Property Tax Abatement.
The APPLICANT, will be issued a Letter of Receipt upon submission of a completed Elk Grove
Village Class 7a Application Packet. This letter may be used to inform the Cook County Assessor's Office that
the Village of Elk Grove is in receipt of the Applicant's request for a Cook County Class 7a Property Tax
Abatement. The Letter of Receipt is not a guarantee of final approval and the Applicant may move ahead with
their project at their own risk.
The Letter of Receipt will serve as official notice that the APPLICANT is eligible for the incentive;
however, final approval is not complete until there is an official Resolution passed by the Village. The
Resolution will not be executed until such time all proposed work is complete. The APPLICANT has 365 days
from the execution of this Agreement to complete all proposed alterations and submit a full accounting of costs.
If costs are not consistent with promises made in the original application, the APPLICANT may not be granted a
final resolution of 7a approval.
This AGREEMENT sets forth all the promises, inducements, agreements, conditions and undertaking
between the APPLICANT and the VILLAGE relative to the subject matter thereof, and there are no promises,
agreements, conditions or understandings, either oral or written, expressed or implied, between them, other than
as set forth herein. No subsequent alteration, amendment, change or addition to this AGREEMENT shall be
binding upon the PARTIES hereto unless authorized in accordance with the law and reduced in writing and signed
by them.
In NESS
Village o EIk Grove
901 We ingto I P4 ue
Elk Gr a Village,'Ib--6i
Signed: �� N
Name: Craig B. Johnson
Title: Mayor
Date:
, the parties hereto have executed this Agreement as set forth below:
A est:
!Clerk L•
enniFer
ah n, Village
Schaumburg Bank & Trust Comapny, N A
900 E. Higgins Road
Elk Grove Village, IL 60007
Sig i
1Vame: rsula Moncau ' -
Title: Chief Finaacial•Officer
Date: fxrcu-reve
THE LAW OFFICES OF
LISTON & TSANTILIS
A PROFESSIONAL CORPORATION
200 S. WACKER. SUITE 820 CHICAGO, ILLINOIS 8060E
BRIAN P. LISTON (312) 580-1594 PETER TSANTILIS (312) 804-3808 FACSIMILE (312) 580.1592
April 7, 2026
VIA MAIL & EMAIL
Elk Grove Village
ATTN: Sue Dees
901 Wellington Avenue,
Elk Grove Village, Illinois 60007
R.E. Class 7a Resolution _Request
Schaumburg Bank & Trust Company, N.A.
900 E. Higgins Road,
Elk Grove Village, IL 60007
PIN: 08-22-301-065-0000
Dear Sue:
Schaumburg Bank & Trust Company, N.A. (the "Applicant" or "Wintrust") is the contract
purchaser of the property located at 900 E. Higgins Road (PIN: 08-22-301-065-0000) and is requesting a
Class 7a tax incentive based on Reoccupation of Abandoned Property with a Purchase for Value,
Substantial Rehabilitation and Special Circumstances. The site is located within the B-3 Business Zoning
District (Automotive Oriented) and currently consists of an approximately 4,575 square foot commercial
property (including canopy/drive-thru area) site on an approximately 55,805 square foot lot. The site was
formerly a bank and is already set up with a canopy and drive-thru for banking uses. The property was last
occupied by K & G Customs Service who vacated the site in early 2026 after a wind -down period.
Schaumburg Bank & Trust Company, N.A. has identified the site as an ideal location to relocate
the branch currently located at 100 Biesterfield Road in Elk Grove Village. The Applicant's current
location is shared with a Starbucks, has no drive-thru, and a difficult parking setup. With the acquisition
of the new facility and subsequent relocation, the Applicant expects much greater efficiency with
operations and expects the site to work synergistically with the surrounding businesses. The site is
conveniently located right off E. Higgins Road, and with the existing drive-thru and proposed curb
widening for an entrance/exit on the South entrance (currently exit only), the Applicant expects much
greater convenience for customers as compared to the current location.
Occupant and Employment
After acquisition, the Applicant plans on performing certain renovations and improvements to the
property to renovate, upgrade and configure the site for use by Wintrust - Elk Grove Village, operated by
Schaumburg Bank & Trust Company, N.A. a Wintrust community Bank. (the "Occupant"). Operations
will include a full -service banking institution. Schaumburg Bank & Trust Company, N.A. is a locally
operated community bank currently headquartered at 1180 E. Higgins Road in Schaumburg, Illinois. It is
a member of the Wintrust Community Bank network and operates with a focus on providing community -
oriented retail and commercial banking services to individuals, families, and businesses in the Chicago
suburbs. Beginning in 2026, the bank will provide a full range of retail and commercial banking services,
including consumer banking, small and middle market business banking, commercial and residential
lending, residential mortgage services, and wealth management.
As a Wintrust Community Bank, the Occupant combines the personalized service typical of
smaller community bank, such as local decision -making, relationship banking, and involvement in local
commerce, with the resources and capabilities of a larger banking organization. This enables the bank to
offer a range of financial products and services including personal and business deposit accounts, lending
solutions (residential, commercial, equipment), and cash management services, often supported by
broader Wintrust infrastructure like mortgage and wealth management affiliates. The bank's leadership
and staff emphasize local engagement and responsiveness to community needs, with customer service and
local presence as key differentiators from larger national banks.
The proposed banking facility will operate in a manner that is low -intensity, orderly, and fully
compatible with the surrounding commercial properties. Banking uses, including drive -through facilities,
generate predictable and relatively short -duration vehicle trips, with no late -night activity, outdoor
storage, or operational characteristics that would create excessive noise, lighting, or congestion. The
drive -through component is designed to efficiently accommodate customer demand on site, minimizing
queuing and preventing spillback onto adjacent roadways or neighboring properties.
Proposed hours of operations are 9:00 AM to 5:00 PM, Monday through Friday, and 9:00 AM to
1:00 PM on Saturdays. The Applicant expects anywhere from about 6.5 to 17.5 average drive through
visits per day, with peak hours being from 4:00 PM to 5:00 PM. Further, the proposed site improvements,
including enhanced driveway configuration and circulation, will improve overall traffic flow and safety.
As a result, the proposed use will not be a nuisance or detriment to nearby properties and will instead
function as a stable, well -managed commercial use that complements the existing development pattern
along the Higgins Road corridor.
Upon stabilization, the Applicant expects 5-7 full-time employees at the site, which is expected to
consists of 4-5 transfers and 2-3 new hires over the next three years. The Applicant expects employees
and visitors to frequent Village restaurants, gas stations, stores and more. The Applicant also expects to
attract both new and returning customers who will also frequent nearby establishments. Based on the
employee economic impact chart, the estimated 5-7 full-time employees alone are estimated to spend
between approximately $21,188 - $29,663 per year in the Village on gas, entertainment, groceries, etc.
Employee
Economic Impact Chart
Purchase
Em .
%
Ex ./Week
Weeks
Total
Lunch
5
55%
$55
50
$7,563
Grocery
5
30%
$50
50
$3.750
Consumer Goods
5
25%
$35
50
$2.188
Entertainment
5
15%
$55
50
$2.063
Auto -Gas
5
75%
$30
50
1 $5.625
TOTAL
1$21,188
TOTAL OVER 12 YEARS
$254,250
Em
to ee Economic Impact Chart
Purchase
Em .
%
Ex ./Week
Weeks
Total
Lunch
7
55%
$55
50
$10.588
Grocery
7
30%
$50
50
$5 250
Consumer Goods
7
25%
$35
50
$3 063
Entertainment
7
15%
$55
50
$2,888
Auto -Gas
7
75%
30
50
$7,875
TOTAL
$29,663
TOTAL OVER 12 YEARS
$355,950
Subject Property Improvements, Real Estate Tax and Economic Analvsis
The Applicant is under contract to purchase the property for $1,030,000 and plans to invest over
$1,650,000 in building improvements & $375,000 in site work for a total of $2,025,000 in costs. The
Applicant is still in the process of finalizing design and receiving estimates/bids - please see the
preliminary budget below and enclosed working design plans.
Site Work: $375,000.00
Exterior Building Work: $675,000.00
Interior Renovations: $975,000.00 _
Total Estimated Construction Costs: $2,025,000
After the proposed improvements and subsequent reoccupation, the Applicant expects the property
to have a stabilized market value of around $2,680,000, which would generate approximately $956,631 in
taxes over the life of the incentive (or approx. $70,862 per year). Without the incentive, the Applicant
may be unable to complete all planned improvements and may eventually be forced to sell the property,
leaving it 100% vacant and unused. With full vacancy relief, the Subject Property would generate only
$643,551 in taxes over the life of the incentive (or approx. $53,629 per year). Even without vacancy
relief, the site is estimated to generate more in taxes with the proposed improvements and a 6b than the
full value of the site currently without an incentive. Therefore, should the Class 6b tax incentive be
approved, the Subject Property would generate $313,080 in additional real estate taxes over the life of the
Class 6b. Please see the attached "12 Year Tax Comparison Chart."
In addition to increased property tax revenues, Wintrust's presence will significantly benefit the
local community. The move from their current location will result in increased business, efficiency, and
community impact based on the Subject Property's drive -through and prime location along Higgins.
Additionally, the Applicant expects employees and visitors will frequent Village restaurants, gas stations,
stores and more. Applicant also expects to attract both new and returning customers who will also
frequent nearby establishments. As mentioned above, an estimated 5-7 full time individuals are estimated
to spend approximately $21,188 - $29,663 per year in the Village on gas, entertainment, groceries, etc. In
total, the purchase, rehabilitation and reoccupation of the Subject will generate over $500,000+ in
additional revenue over the life of the incentive.
"But -For" Condition Statement
Without the assistance from the Class 7a Tax Incentive, the Applicant will be unable to complete
its purchase and/or proposed improvements to the property. The Applicant has determined that without
the incentive, the heavy Cook County property tax burden (26,441 % Effective Tax Rate) will make the
proposed project infeasible and could eventually force the Company to move to a neighboring county or
state with less of a tax burden. In the event that the Applicant does not re -occupy the property it will
remain vacant thereby lowering its total taxes.
Conclusion
Based on the foregoing, the Applicant requests that Elk Grove Village review its Class 7a Tax
Incentive request and approve a Resolution supporting and consenting to a Class 7a Tax Incentive for the
Subject Property based on Re -Occupation of Abandoned Property with Purchase for Value, Substantial
Rehabilitation and Special Circumstances and Substantial Rehabilitation. Should you need any additional
documentation or have any questions or concerns, do not hesitate to contact me at (312) 604-3898 or via
email at mrogers@ltlawchicago.com.
Respectfully Submitted,
Mark Rogers
COOK COUNTY ASSESSORS OFFICE
COOK COUNTY ASSESSOR s ,.. r 118 NORTH CLARK STREET, CHICAGO, IL 60602
F R I TZ KA E G I = PHONE: 312.443.7550 FAx: 312.603.3616
V MN.COOKCOUNTYASSESSOR.COM
CLASS 7A CONTROL NUMBER
ELIGIBILITY APPLICATION
Carefully review the Class 7a Eligibility Bulletin before completing this Application. For assistance, please contact
the Assessor's Office, Development Incentives Department (312) 603-7529. This application, a filing fee of
$1,000.00, and supporting documentation (except drawings and surveys) must be filed as follows:
This application must be filed PRIOR TO the commencement of New Construction or PRIOR TO the commencement
of Substantial Rehabilitation Activities or PRIOR TO the commencement of Reoccupation of Abandoned Property.
Applicant Information
Name: Schaumburg Bank & Trust Company, N.A.
Company: Schaumburg Bank & Trust Company, N A Telephone: (8- 47 ) 364-2843
Address: 1180 E. Higgins
City: Schaumburg
State: IL Zip Code: 60173
Email Address: umoncau@wintrust.com
Contact Person (if different than the Applicant)
Name: Ursula Moncau
Company: Schaumburg Bank & Truss Company, N.A. Telephone: (847 ) 364-2843
Address: 1180 E. H
city: Schaumburg
ins
State: I L
Email Address: umoncau@wintrust.com
Zip Code: 60173
Property Description (per PIN)
If you are applying for more than three different PINs, please submit the additional PIN
information in an attachment.
Street address: (1) 900 E. Higgins
Permanent Real Estate Index Number: 08-22-301-065-0000
(2)
Permanent Real Estate Index Number:
(3)
Permanent Real Estate Index Number:
City: Elk Grove Village State: Illinois Zip Code: 60007
Township: Elk Grove
Existing Class: 5-17
Page 1 of 7
Identification of Persons Having an Interest in the Property
Attach a complete list of all owners, developers, occupants and other interested parties (including all
beneficial owners of a land trust) identified by names and addresses, and the nature and extent of their
interest.
Property Use
General Description of Proposed Property Usage Bank &Associated Drive -Through
Attach a detail description of the precise nature and extent of the intended use of the subject property,
specifying in the case of the multiple uses the relative percentages of each use.
Attach legal description, site dimensions and square footage and building dimensions and square
footage.
Include copies of materials, which explain the occupant's business, including corporate letterhead,
brochures, advertising material, leases, photographs, etc.
Employment Opportunities
How many construction jobs will be created as a result of this development? Approx. 10-15
How many permanent full-time and part-time employees do you now employ in Cook County?
Full-time: Approx.65 Part-time: Approx.5
How many new permanent full-time jobs will be created by this proposed development? Approx, 5-7
How many new permanent part-time jobs will be created by this proposed development? NIA
Nature of Development
Indicate nature of the proposed development by checking the appropriate space:
[ ] New Construction (Read and Complete Section A below)
p(( Substantial Rehabilitation (Read and complete Section A below)
[ ] Occupation of Abandoned Property — No Special Circumstances (Read and complete
Section B)
j Occupation of Abandoned Property — With Special Circumstances (Read and complete
Section C)
Page 2 of 7
SECTION A NEW CONS TRUCTIONISUBSTANTIAL REHABILITATION
If the proposed development consists of New Construction or Substantial Rehabilitation, provide the
following information:
Estimated date of construction commencement (excluding demolition if any)- ASAP
Estimated date of construction completion:
Total redevelopment cost, excluding land:
Attach copies of the following:
Approx. Q3-Q4 2026
$ Approx. $1,000,000+
1. Specific description of the proposed New Construction or Substantial Rehabilitation
2. Current Plat of Survey for subject property
3. 1 st floor plan or schematic drawings
4. Building permits, wrecking permits and occupancy permits (including date of issuance)
5. Complete description of the cost and extent of the Substantial Rehabilitation or New Construction
(including such items as contracts, itemized statements of all direct and indirect costs,
contractor's affidavits, etc)
Page 3 of 7
SECTION B ABANDONED PROPERTY WITH NO SPECIAL CIRCUMSTANCE)
If the proposed development consists of the reoccupation of abandoned property, purchased for value,
complete (1) and (2) below:
1. Was the subject property vacant and unused for at least 12 continuous months prior to the
purchase for value?
[ ] YES [ ] NO
When and by whom was the subject property last occupied prior to the purchase for value?
Attach copies of the following documents:
(a) Sworn statements from person having personal knowledge attesting to the fact and the
duration of vacancy and abandonment
(b) Information (such as statements of utility companies) which demonstrate that the property
was vacant and unused and indicate duration of such vacancy
2. Application must be made to the Assessor prior to occupation.
Estimated date of reoccupation:
Date of Purchase:
Name of purchaser:
Name of seller:
Relationship of purchaser to seller:
Attach copies of the following documents:
(a) Sale Contract
(b) Closing Statement
(c) Recorded Deed
(d) Assignment of Beneficial Interest
(e) Real Estate Transfer Declaration
Page 4 of 7
SECTION C (SPECIAL CIRCUMSTANCES
If the applicant is seeking special circumstances to establish that the property was abandoned for purposes
of the Incentive where there was a nurchase for value, but the period of abandonment prior to purchase
was less than 12 months, complete section (1).
If the applicant is seeking special circumstances to establish that the property was abandoned for purposes
of the Incentive where there was no purchase for value, but the period of abandonment prior to the
application 12 continuous months or greater, complete section (2).
SECTION 1 - Property Purchase less than 12 months vacant
How long was the period of abandonment prior to the purchase for value? Approx. 2 Months (+ wind -down period)
When and by whom was the subject property last occupied prior to the purchase for value?
The property was last occupied by KEAG 900 in early 2026 and the property will be 100%
vacant and unused through (and for some time after) closing
Attach copies of the following documents:
(a) Sworn statements from persons having personal knowledge attesting to the fact and the
duration of the vacancy and abandonment
(b) Information (such as statements of utility companies) which demonstrate that the property
was vacant and unused and indicate duration of vacancy
(c) Include the finding of special circumstances supporting "abandonment" as determined by
the municipality, or the County Board, if located in an unincorporated area. Also include the
ordinance or resolution from the Board of Commissioners of Cook County stating its
approval forless than 12-month abandonment period (for additional information contact the
Cook County Bureau of Economic Development — 312-603-1000).
Application must be made to the Assessor prior to the commencement of reoccupation of the
abandoned property.
Estimated date of Reoccupation:
Date of purchase:
Name of purchaser:
Name of seller:
Relationship of purchaser to seller:
Approx. Q3 2026
Approx. March 2026
Schaumburg Bank & Trust Company, N.A.
KEAG900 Property LLC
None
Attach copies of the following documents:
(a) Sale Contract
(b) Closing Statement
(c) Recorded Deed
(d) Assignment of Beneficial Interest
(e) Real Estate Transfer Declaration
Page 5 of 7
SECTION 2 -- No Purchase more than 12 months vacant)
How long has the subject property been unused?
[ ] 12 or greater continuous months (Eligible for Special Circumstance)
[ ] Less than 12 continuous months (Not Eligible for Special Circumstance)
When and by whom was the subject property last occupied prior to the filing of this application?
Attach copies of the following documents:
(a) Sworn statements from persons having personal knowledge attesting to the fact and the
duration of the vacancy and abandonment
(b) Information (such as statements of utility companies) which demonstrate that the property
was vacant and unused and indicate duration of vacancy
(c) Include the finding of special circumstances supporting "abandonment' as determined by
the municipality, or the County Board, if located in an unincorporated area. Also, include
the ordinance or resolution from the Board of Commissioners of Cook County stating its
approval for lack of a purchase for value (for additional information contact the Cook County
Bureau of Economic Development — 312-603-1000).
Application must be made to Assessor prior to the commencement of reoccupation of the
abandoned property.
Estimated date of reoccupation:
Page 6 of 7
Local Approval
A certified copy of a resolution or ordinance from the municipality in which the real estate is located (or the
County Board, if the real estate is located in an unincorporated area) must accompany this Application. The
ordinance or resolution must expressly state that the municipality supports and consents to this Class 7a
Application and that it finds Class 7a necessary for development to occur on the subject property. This
resolution must expressly state that the five eligibility factors, which must be present to demonstrate the
area is "in need of commercial development', are satisfied.
Finalizing the Incentive Process
In order to finalize the class change you will need to file an Incentive Appeal with supporting
documentation (including Proof of Occupancy) in the year that the property has been substantially
occupied. It is advised that you access our website (www.cookcountyassessor.com) to determine the
allowable filing dates for such action.
The property cannot receive Class 7A designation until you file an Incentive Appeal,
AND this office grants reclassification for the parcel(s).
I, the undersigned, certify that I have read this Application and that the statements set forth in
this Application and in the attachments hereto are true and correct, except as those matters stated
to be on information and belief and as to such matters the undersigned certifies the same to be
true.
.�
)gnQatiure�p
Ursula Moncau
3-1-1 -a-�
Date
Chief Executive Officer
Print Name Title
*Note: If title to the property is held in trust or by a corporation or a partnership, this Class 7a
Eligibility Application must be signed by the beneficiary, officer and/or general partner
Revised 4/1/2022
Page 7 of 7
VACANCY AFFIDAVIT
I, 6 9,4 C Z- k14, if called to testify, would attest to the following facts;
1. That I am a representative of KIVU) (-/ da rlr- ari�L .who is contract
seller of the property located at 900 E. Higgins Road, Elk Grove Village, IL
60007 (PIN: 08-22-301-065-0000) ("Subject Property").
2. Business operations officially ceased at the Subject Property on or about
l;rvk ,20--4
3. The Subject Property has been 100% vacant and unused but for dead storage
since .201-6
4- The Subject Property remains 100% vacant and unused but for dead storage
as of the date of this affidavit.
Further Affiant Sayeth Not
Date: SAL eV;{ /3 , ->-0 y(!�'
Subscribed and sworn before me
This 13 dayof March, 2026
(}FFICIAL SEAL
49 i Fkature- of No IW-M`11-1
PHANIE N MARTME2
y PUbIICS1A1e of IIIZ-a
mmission No 888901
Commission Expires
icembor 08, 2079
Petition Form for
Class 7a Program_
For Office Use On!
Address of Subject Property: 900 E. Higgins_
Signed Affidavit Dated. -
To the Applicant:
Anyone who intends to submit a request for a Cook County Class 7a Property Tax Abatement within
the corporate limits of the Village of Elk Grove Village must first complete this petition in all its entirety.
The contents of this petition are as follows:
Petition
Detailed Letter of Transmittal
Property Tax Analysis
Eligibility Checklist
$1,000 Filing Fee
Please read the entire form and complete every section as thoroughly as possible. If you have any
questions, please call Sue Dees, Director of Business Development & Marketing, at 847-357-4005.
kr. r. rrrr
l
PETITION FOR COOK COUNTY CLASS 7a
VILLAGE OF ELK GROVE VILLAGE
We, the undersigned, being owners of record of the following described real estate, do hereby request
that the following business and legally described real estate be granted a Cook County Class 7a Property
Tax Abatement:
Business: Schaumburg Bank & Trust Comapny, N.A., a Wintrust Community Bank
Address: 900 E. Higgins, Elk Grove Village, IL 60007
08-22-301-065-0000
Permanent Real Estate Tax Index No.
Assessed Valuation 2025 $245,250
(last 3 years) 20 24_ $265,252
2023 $265,252
Attach Legal Description of Property
Owners of Record:
Print Name: KEAG900 LLC (Grace Kiml Signature:
900 E. Higgins, Elk Grove Village, IL 60007
(Address City, State)
Phone: (847) 312-7047 Fax: N/A
Email: gracekim@kgchb.com
Business Applicant's Name: /h"
Print Name: Ursula Moncau Si natu :L-k. COED 3//T hl)h
Schaumburg Bank & Trust Comapny, N.A., a Win lust Community Bank
Business/Corporation Name
1180 E. Higgins, Schaumburg, Illinois 60173
(Address City, State)
Phone: (847) 364-2843 Fax: N/A
Email: umoncau@wintrust.com
ar
a f
PETITION FOR COOK COUNTY CLASS 7a
VILLAGE OF ELK GROVE VILLAGE
We, the undersigned, being owners of record of the following described real estate, do hereby request
that the following business and legally described real estate be granted a Cook County Class 7a Property
Tax Abatement:
Business: Schaumburg Bank $ Trust Comapny, N.A., a Wintrust Community Bank
Address: 900 E. Higgins, Elk Grove Village, IL 60007
Permanent Real Estate Tax Index No_
Assessed Valuation 20 25
(last 3 years) 2024
2023
$245,250
$265,252
$265,252
Y Attach Legal Description of Property
za--3 o6S— o�'Ga
Owners of Record:
�-p4jtTy
Print Name: KEAG90PLC (Grace Kim) Sianature: J
U
900 E. Higgins, Elk Grove Village, IL 60007
(Address City, State)
Phone: (847) 312-7047
Email: gracekim@kgchb.com
Business Applicant's Name:
Fax: N/A
Print Name: Ursula Moncau Signature:
Schaumburg Bank & Trust Comapny, N.A., a Wintrust Community Bank
Business/Corporation Name
1145 N. Arlington Heights Road, Itasca, Illinois 60143
(Address City, State)
Phone: (847) 364-2843 Fax: N/A
Email: umoncau@wintrust.com
Disclosure of Ownership
I . When submitting documentation required for the Cook County Class 7a Property Tax Abatement
Program, the applicant is required to submit all required and supporting documentation for the
application. The applicant is REQUIRED to submit the following information:
❑ A Letter of Transmittal detailing the existing and intended use of the property, reason for Class
7a, property alterations, pertinent business operational information, or any information of note that
may be beneficial for staff and the Village Board.
❑ Completion of the Class 7a Eligibility Checklist for the property in question.
❑ Completion of the property tax analysis spreadsheet.
❑ Current property photographs and renderings of property/building modifications, if applicable.
❑ Proposed Site Plan, if applicable.
If property is:
❑ Owned by the individuals
a Title Tract Search, or
• One copy of the latest recorded deed with affidavit
❑ Administered by a trust
10.
One certified copy of the trust agreement, trust deed and a list of beneficiaries
* Has the property been, or is now, the subject of any other action by the Village? No
If YES, give details on a separate sheet of paper.
b
VILLAGE OF ELK GROVE VILLAGE, ILLINOIS
Petition for Cook County Class 7a Property Tax Abatement
The Village of Elk Grove prides itself on being a business friendly community. As such, the Village
supports the use of the Cook County Class 7a Tax Abatement in cases where it is established that a tax
disparity exists and is detrimental to tenancy and where the project presents a clear benefit to the
community. The Village reserves the right to review applications and render its approval or disapproval
based on the information provided.
Adhering to all Village codes and ordinances with respect to building and landscaping alterations is
required. Furthermore, proposed building and landscaping construction must follow the design
guidelines promulgated in the Industrial and Commercial Revitalization Master Plan Update for 2011.
Proposed enhancements should be in accordance with the attached Industrial Design Guidelines Packet.
The purpose of the Cook County Class 7a Property Tax Abatement Program is to stimulate the re -
occupancy of vacated commercial buildings through a reduction in property taxes. Property approved
for Class 7a status allows the owner of the property to have the assessment level lowered for a
period of twelve years. Under the program the assessment schedule is 10% of fair market value for ten
years then 15% in the eleventh year and 20% in the twelfth year. Commercial property is regularly
assessed at 25% of fair market value in Cook County.
I - INITIATION:
The following procedures are necessary for a completed petition for Cook County Class 7a Property
Tax Abatement consideration:
A. Documents required:
1. Petition (attached) completed in full
2. Detailed Letter of Transmittal demostraing need for the incentive "But For Clause."
3. Completion of Class 7a Eligibility Checklist
5. Legal description of the property.
6. Photographs, both aerial and land based, of the area for which the property tax exemption is
requested
7. Detailed rehabilitation plans with color elevations and site plan
8. Detailed rehabilitation budget showing itemized total cost
9. Detailed landscaping plan and signage plan with color elevcations
10. For new construction, detailed colored elevations and an architectural site plan
B. Fees:
Submit a check made payable to the VFI lave of llk Grave Village to meet the following:
1. $1,000.00 filing fee.
Documents and fees are to be submitted to the Village Manager's Office, Attn: Director of
Marketing & Business Development, 901 Wellington, Elk Grove Village, Illinois 60007.
II - REVIEW AND PROCESSING
Upon receipt of the petition for Cook County Class 7a Property Tax Abatement and fee, the
Director of Business Development & Marketing will:
A. Examine the request for compliance with the above requirements for information, documents and
fees. Incomplete inquiries will be returned to the petitioner or applicant for their action. Step "B"
will be taken when all petition requirements have been fulfilled.
B. Distribute petition and required documents for departmental review and comment by Village
Manager's Office, Community Development, Public Works, and Finance. Departments will submit
written comments to Director of Business Development & Marketing.
C. Department comments will be communicated to applicant for correction.
D. When your application is determined to be complete by staff, the petition will be presented to the
Mayor & Board of Trustees at the next regularly scheduled Village Board Meeting for
consideration.
E. Fully completed petitions will be reviewed by the Mayor & Board of Trustees to ensure that the
project has a clear and demonstrated benefit to the community. If the project is deemed to have
merit and the Applicant has demonstrated that the project could not occur without the assistance
provided by the Cook County Class 7a Property Tax Abatement, then the Mayor & Board of
Trustees will provide the applicant with a Letter of Receipt from the Village.
This letter may be used to inform the Cook County Assessor's Office that Elk Grove Village is in
receipt of the Applicant's request for a Cook County Class 7a Property Tax Abatement. The Letter
of Receipt is not a guarantee of approval and the Applicant can move ahead with their project at
their own risk.
F. The Village will maintain contact with the applicant to ensure that the stated obligations have been
met.
G. Once the stated obligations have been met, Village staff will present a Resolution of Support to the
Mayor & Board of Trustees at a regularly scheduled Village Board Meeting for consideration.
III -FINAL ACTION
Upon their review, the Mayor and Board of Trustees at a Village Board Meeting will:
A. Deny the request
B. Approve the request with or without modification
C. Adopt appropriate resolution
If approved, the Applicant will receive a certified copy of the Village's Resolution in support of
the Cook County Class 7a Property Tax Abatement.
NOTE: While the Village will do its best to expedite the review and approval process,
applicants should allow at least 30 days for review by staff and consideration by the
Mayor & Board of Trustees. Furthermore, additional time may be needed depending
on the complexity of the development.
Vyn.ye
VILLAGE OF ELK GROVE VILLAGE, ILLINOIS
Petition for Cook County Class 7a Property Tax
Abatement Eligibility Checklist
In order to be considered for the Cook County Class 7a Property Tax Abatement, the Eligibility
Checklist must be completed. The initial application must score 16 out of 16 points. Each item will
receive 1 point for Yes and 0 points for No.
Packet Item
Yes
No
Letter of Transmittal
f X
Name of the Applying Company
X
Current and Proposed Location/Address of the Ap2licant
X
Proposed Use of the Pro er�y
X
Proof of Vacancy
X
Job Creation and Retention Data (excluding one-time construction jobs)
X
Total roect Cost of Proposed Improvements exclude landpurchase)
X
Proposed Detailed Construction Budget of Proposed Improvements
X
Proposed Landscape Budget and Plan
Total Square Footage of the BuildinE
X
X
Current Color Photographs of the Building
X
Prior Five Years of Tax History
X
Breakdown of Taxes Paid Occupied With 7a v. Occu ied Without 7a
X
Tax PIN
X
Legal Description
X
Letter from Applicant Explaining the Need for the Tax Abatement on
Company Letterhead
X
Application Fee of $1,000 _
Total Points
X
16
Below is a list of recommended items to be included in your Letter of Transmittal as part of the
submission:
• Nature of the proposed operation.
• Documentation detailing how long the building has been vacant.
• Owner occupied or leased.
• Justification explaining the need for the property tax abatement.
• Note if retail sales will take place at the proposed location.
■ Proposed number of employees, which should include full-time and part-time, as well as any
potential growth and time -frame for filling new positions.
• Detailed breakdown of what needs to be done to the property to make it suitable for the proposed
operation.
■ How the proposed improvements conform with the Village's Industrial/Commercial Revitalization
Master Plan.
• How the proposed improvements will increase the valuation of the property.
■ How the neighboring businesses will benefit from the proposed improvements.
i
Elk Grove Village Class 7a Property Tax Terms and Agreement
900 E Higgins
The APPLICANT shall perform the WORK upon the SUBJECT PROPERTY located at in
accordance with the PLANS and in full compliance with all applicable codes, ordinances, rules, regulations,
permits, and plans as outlined in Attachment A, imposed by the VILLAGE, and shall complete the WORK in a
good and workmanlike manner or risk voiding this agreement. The WORK shall include all building and
landscaping alterations as proposed by the APPLICANT in exchange for the VILLAGE'S approval of a
Cook County Class 7a Property Tax Abatement.
The APPLICANT, will be issued a Letter of Receipt upon submission of a completed Elk Grove
Village Class 7a Application Packet. This letter may be used to inform the Cook County Assessor's Office that
the Village of Elk Grove is in receipt of the Applicant's request for a Cook County Class 7a Property Tax
Abatement. The Letter of Receipt is not a guarantee of final approval and the Applicant may move ahead with
their project at their own risk.
The Letter of Receipt will serve as official notice that the APPLICANT is eligible for the incentive;
however, final approval is not complete until there is an official Resolution passed by the Village. The
Resolution will not be executed until such time all proposed work is complete. The APPLICANT has 365 days
from the execution of this Agreement to complete all proposed alterations and submit a full accounting of costs.
If costs are not consistent with promises made in the original application, the APPLICANT may not be granted a
final resolution of 7a approval.
This AGREEMENT sets forth all the promises, inducements, agreements, conditions and undertaking
between the APPLICANT and the VILLAGE relative to the subject matter thereof, and there are no promises,
agreements, conditions or understandings, either oral or written, expressed or implied, between them, other than
as set forth herein. No subsequent alteration, amendment, change or addition to this AGREEMENT shall be
binding upon the PARTIES hereto unless authorized in accordance with the law and reduced in writing and signed
by them.
In WITNESS WHEREOF, the parties hereto have executed this Agreement as set forth below:
Village of Elk Grove Village
901 Wellington Avenue
Elk Grove Village, IL 60007
Signed:
Name: Craig B. Johnson
Title: Mayor
Date:
Attest:
Jennifer B. Mahon, Village Clerk
Schaumburg Bank & Trust Comapny, N.A.
900 E. Higgins Road
Elk Grove V i page,, ILr60007.
Sigrte;�' �'+-��f:,.., I.�,�1.C�u~'.cl
Nanse:lJrsula Moncau
Title: Chief F-financial Officer
Date: &(r u-r,v
i ter.
Elk Grove Village Class 7a Property Tax Terms and Agreement
Terms & Conditions
Attachment A
The WORK must be completed in accordance with the application packet submitted. Any alteration of the
proposed work requires Village approval. Please note all improvements must conform to the Village codes and
ordinances. At the time of plan review and permitting, the Village reserves the right to alter the applicant's
plan to ensure conformity. The 7a will not be granted until all improvements are completed to the satisfaction
of the Village.
The APPLICANT shall perform the WORK upon the SUBJECT PROPERTY as outlined below and shown in
the 7a Application Packet...
I. The two aprons out to Martin Dr. are in cracked, settled and holding water and shall be reconstructed in accordance with Elk
Grove Village standards and approved Special Use permit hearing documentation. https:Hdoccentral.elkgrove.org/WebLink/
El ectronicFile. aspx?docid=1740171 &dbid=0&repo=egv
2. The monument sign is dated, faded and in need of refreshed or replacement. The existing non -conforming pole -type sign
will need to be replaced with the one approved at the Special Use hearing.
3. The parking surface is cracking and in need of a minimum 2" mill and resurface.
4. The onsite sidewalk surrounding the entrances have several areas where trip hazards are present. Sidewalk shall be removed
and replaced to remove trip hazards.
5. The existing storm sewer shall be cleaned, and jetted to ensure proper operation.
6. Sections of the onsite curb and gutter are broken and in need of removal and replacement.
7. The stormwater detention basin on the west side of the property shall be cleared of overgrowth at the top of the basin and
restored to grass. The stormwater emergency overflow shall be restored per the previously permitted plans.
8. The stormwater ditch along the west side has recently been cleared of overgrowth and treated for woody weeds by the
Village. The property owner must clean any and all debris from the ditch line and shall be responsible for continuous
maintenance of the ditch to keep it clear of all debris.
9. The bollards in the ATM island shall be repainted or replaced.
10. A screened dumpster corral will be required to be installed meeting Zoning code Section 11-4-A requirements and located
in an approvable location. https://www.elkgrove.org/home/showpublisheddocument/15516/638960529692170000
11. The Landscaping is dated and shall be replaced; a new landscaping plan shall be provided in accordance with Elk Grove
Village landscaping requirements.
Property Characteristics for PIN:
08-22-301-065-0000
0 See coill par ahle I"Iope-`lirs
;1r'r_1 other inlom*,� r,on a'•
COONEWER
TAX BILLED AMOUNTS
& TAX HISTORY
2025: $38,821.15'
2024: $70,583.91 Paid in Full
2023: $67,358.23 Paid in Full
2022: $64,809.45 Payment History
2021: $71,868.04 Payment History
2020: $69,230.87 Payment History
"=(1st Install Only)
More Tax Bill Information
PROPERTY ADDRESS
900 E HIGGINS RD
ELK GROVE VILLAGE
60007
Township: ELK GROVE
MAILING ADDRESS
KEAG900 PROPERTY LLC
900 E HIGGINS RD
ELK GRV VLG, IL 60007
Update Name or Mailing Address
EXEMPTIONS
Search Again I Tax Calculator I More Property Characteristic Information
PROPERTY CHARACTERISTICS
CURRENT INFORMATION
Assessed Value:
(2023 Assessor Certified)
Assessment Information:
265,252
Estimated Property Value:
$1,061,008
Assessed Value History
Lot Size (SclFt):
55,803
Building (SgFt):
Property Class:
5-28
Property Class Description
Tax Rate:
8.766
Tax Rate History
Tax Code:
16141
Taxing Districts' Financial Statements
Tax Rate Information
APPEALS
2025:
Not Available
2025:
NotAvailab[e
2024:
0 Exemptions Received
2024:
Not Available
2023:
0 Exemptions Received
2023:
Not Available
2022:
0 Exemptions Received
2022:
Not Available
2021:
0 Exemptions Received
2021:
Not Available
2020:
0 Exemptions Received
2020:
Appeal Filed
More Exemption Information More Appeal Information
EDS AFFIDAVIT
I, lIeSULA Aoq "L& as agent for Schaumburg Bank & Trust, N.A. (the "Applicant")
does hereby certify that it would attest to the following facts as required by Sections 74-46 and 74-62 through
74-73 of the Cook County Code if called to testify:
That I am a duly authorized agent for Applicant Schaumburg Bank & Trust, N.A., who is the
contract purchaser of the property located at located at 900 E. Higgins, Elk Grove Village, IL
60007 (PIN: 08-22-301-065-0000) (the "Subject Property").
2. The Applicant holds title to the following other properties in Cook County:
1180 E. Higgins Road,
Schaumburg, IL 60173
3. Applicant's ownership is as follows:
See enclosed.
4. To my knowledge and after reviewing the Applicant's records, Applicant is not delinquent in
the payment of any property taxes administered by Cook County or by a local municipality.
JOANNA MAZZONE
OFFICIAL SEAL
Notary Public, State of Illinois
My Commission Expires
_ -
November 01. 2026
Subscribed and sworn before me
This a day of MRYGI� 2026
nona ftwpo,
i nature of Notary VWic
Further Affiant Sayeth Not
Date: -7— ji '2(O
Identification of Persons Having an Interest in the Property
900 E. Higgins,
Elk Grove Village, IL 60007
PIN:08-22-301-065-0000
Applicart: Schaumburg Bank & Trust Company, N.A
See enclosed FDIC information
Occupant(s)-
• Wintrust - Elk Grove Village
o Operated by Schaumburg Bank & Trust Company, N.A., a Wintrust community
Bank
After acquisition, the Applicant plans on performing certain renovations and
improvements to the property to renovate, upgrade and configure the site for use by Wintrust -
Elk Grove Village. As a Wintrust Community Bank, the Occupant combines the personalized
service typical of smaller community bank, such as local decision -making, relationship
banking, and involvement in local commerce, with the resources and capabilities of a larger
banking organization.
Beginning in 2026, the bank will provide a full range of retail and commercial banking
services, including consumer banking, small and middle market business banking, commercial
and residential lending, residential mortgage services, and wealth management.
I ome > Resources > Data Tools > BankFind Sulle, Find Insured Banks
< tl BankFlyd SulteNome
Schaumburg Bank & Trust Company, National Association
Institution Details
G)
FDIC Insured
Since 01122/20D1
FDIC Cent
57103
Established
Ol/22/2001
Bank CharWClass
National Banks, member of the Federal Reserve
Systems (FRS)
Primary Federal Regulator
CamPtroller of the Currency
History
Corporate Headquarters
1180 E Higgins Rd
Schaumburg, IL60173
Primary WebsRe
pi— al
Locations
7 domestic locations: I state and 0 territories
D in forelgn locations
Other Institution Identifiers used by Regulatory Agencies
Help
Download Results
Data as of 03/13/2026
other Names
ConsumerAssrsterce
HgipWIIhMyBankggk
Contact the FDIC
Q�r o-n tnoua Rank mfnrmHbn
FDIC Unique Number(UNINUM)
Q 357824
FRBID(RSS40)
0 2970657
FRB ID for Bank Holding Company(RSSDHCR)
2260406
OCC Clatter Number(CHARTER)
Q 24150
Home > Resources > Data Tools > P40+CAd Sv-!= > Find Insured Banks
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Schaumburg Bank & Trust Company, National Association Download Results
Data as of 03/13/2026
Institution Details History Financials
Other names and websttes used by Schaumburg Bank &Trust Company, National Association Q2.
Trade Names'
Addison Bank Tmst
Bloomingdale BankTrust
Elk Grove Village Bank Trust
Wood Dale Bank Trust
Prior Names "
Advantage National Bank
Deposit Accepting Websites
This information is currently not available.
'Data reported as of 12/3112025. Trade Names are presented as reported by the institution on Schedule RC-M of the FFI EC Call Report, with no system edits.
'Data reported as of03/1312026. Please refer to the History tab to determine if the instltution was FDIC -insured under that prior name.
Legal Description, Site and Building 5 uare Foota e
900 E. Higgins,
Elk Grove Village, IL 60007
PIN: 08-22-301-065-0000
The site is located within the B-3 Business Zoning District (Automotive Oriented) and
currently consists of an approximately 4,575 square foot commercial property (including canopy/drive-
thru area) site on an approximately 55,805 square foot lot. The site was formerly a bank and is already
set up with a canopy and drive-thru for banking uses. The property was last occupied by K & G
Customs Service who vacated the site in early 2026 after a wind -down period.
With the acquisition of the new facility and subsequent relocation, the Applicant expects much
greater efficiency with operations and expects the site to work synergistically with the surrounding
businesses. The site is conveniently located right off E. Higgins Road, and with the existing drive-thru
and proposed curb widening for an entrance/exit on the South entrance (currently exit only) , the
Applicant expects much greater convenience for customers as compared to the current location.
Attached hereto please find:
• Legal Description
■ Survey
• Aerial of Subject Property
• Street View of the Subject Property
• Renderings/Landscaping/Signage/Design Plan
Exhibit "A" - Legal Description
Property Located At: 900 E. Higgins Rd., Elk Grove Village, IL 60007
Permanent Index Numbers: 08-22-301-065-0000
Legal Description:
LOT 2 IN TELAR 4 "' RESUBDIVISION OF LOTS 1 AND 2 IN TELAR 3RD RESUBDIVISION
OF LOT 1 IN FINEGAN SUBDIVISION UNIT NUMBER 3, BEING A SUBDIVISION IN THE
WEST % OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD
PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS.
20
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FLOOD ZONE INFORMATION
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900 E HIGGINS ROAD
ELK GROVE VILLAGE, COOK COUNTY ILLINOIS
LOCATED IN. SECTION 22, TOWNSHIP 41 NORTH, RANGE II EAST
THIRD PRINCIPAL MERIDIAN
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Wintrust_Elk Grove
Project Number: 25120 03.18.26
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Commercial Use & Proiected Employment
900 E. Higgins,
Elk Grove Village, IL 60007
PIN: 08-22-301-065-0000
After acquisition, the Applicant plans on performing certain renovations and
improvements to the property to renovate, upgrade and configure the site for use by Wintrust -
Elk Grove Village, operated by Schaumburg Bank & Trust Company, N.A. a Wintrust
community Bank. (the "Occupant"). Operations will include a full -service banking institution.
Schaumburg Bank & Trust Company, N.A. is a locally operated community bank currently
headquartered at 1180 E. Higgins Road in Schaumburg, Illinois. It is a member of the Wintrust
Community Bank network and operates with a focus on providing community -oriented retail and
commercial banking services to individuals, families, and businesses in the Chicago suburbs.
Beginning in 2026, the bank will provide a full range of retail and commercial banking services,
including consumer banking, small and middle market business banking, commercial and
residential lending, residential mortgage services, and wealth management.
As a Wintrust Community Bank, the Occupant combines the personalized service typical
of smaller community bank, such as local decision -making, relationship banking, and
involvement in local commerce, with the resources and capabilities of a larger banking
organization. This enables the bank to offer a range of financial products and services including
personal and business deposit accounts, lending solutions (residential, commercial, equipment),
and cash management services, often supported by broader Wintrust infrastructure like mortgage
and wealth management affiliates. The bank's leadership and staff emphasize local engagement
and responsiveness to community needs, with customer service and local presence as key
differentiators from larger national banks.
The proposed banking facility will operate in a manner that is low -intensity, orderly, and
fully compatible with the surrounding commercial properties. Banking uses, including drive -
through facilities, generate predictable and relatively short -duration vehicle trips, with no late -
night activity, outdoor storage, or operational characteristics that would create excessive noise,
lighting, or congestion. The drive -through component is designed to efficiently accommodate
customer demand on site, minimizing queuing and preventing spillback onto adjacent roadways
or neighboring properties.
Proposed hours of operations are 9:00 AM to 5:00 PM, Monday through Friday, and 9:00
AM to 1:00 PM on Saturdays. The Applicant expects anywhere from about 6.5 to 17.5 average
drive through visits per day, with peak hours being from 4:00 PM to 5:00 PM. Further, the
proposed site improvements, including enhanced driveway configuration and circulation, will
improve overall traffic flow and safety. As a result, the proposed use will not be a nuisance or
detriment to nearby properties and will instead function as a stable, well -managed commercial
use that complements the existing development pattern along the Higgins Road corridor.
Upon stabilization, the Applicant expects 5-8 full-time employees at the site, which is
expected to consist of 4-5 transfers and 2-3 new hires over the next three years. The Applicant
expects employees and visitors to frequent Village restaurants, gas stations, stores and more. The
Applicant also expects to attract both new and returning customers who will also frequent nearby
establishments. Based on the employee economic impact chart, the estimated 5-7 full-time
employees alone are estimated to spend between approximately $21,188 - $29,663 per year in
the Village on gas, entertainment, groceries, etc.
Employee
Economic Im act Chart
Purchase
Em .
%
Exp./Week
Weeks
Total
Lunch
5
55%
$55
50
$7,563
Groce
5
30%
$50
50
$3.750
Consumer Goods
5
25%
$35
50
$2,188
Entertainment
5
15%
$55
50
$2.063
Auto -Gas
1 5
1 75%
1 $30
i 50
$5,625
TOTAL
$21,188
TOTAL OVER 12 YEARS
$254,250
Employee
Economic Impact Chart
Purchase
Emp.
%
Exp./Week
Weeks
Total
Lunch
7
55%
$55
50
$10,588
Grocery
7
30%
$50
50
$5.250
Consumer Goods
7
25%
$35
50
$3,063
Entertainment
7
15%
$55
50
$2,888
Auto -Gas
7
75%
$30
50
$7,875
TOTAL
$29,663
TOTAL OVER 12 YEARS
$355,950
Property Improvements, Potential Growth and Fiscal Effect
900 E. Higgins,
Elk Grove Village, IL 60007
PIN: 08-22-301-065-0000
The Applicant is under contract to purchase the property for $1,030,000 and plans to
invest over $1,650,000 in building improvements & $375,000 in site work for a total of
$2,025,000 in costs. The Applicant is still in the process of finalizing design and receiving
estimates/bids - please see the preliminary budget below and enclosed working design plans.
Site Work: $375,000.00
Exterior Building Work: $675,000.00
Interior Renovations: $975,000.00
Total Estimated Construction Costs: $2,025,000
After the proposed improvements and subsequent reoccupation, the Applicant expects the
property to have a stabilized market value of around $2,680,000, which would generate
approximately $956,631 in taxes over the life of the incentive (or approx. $70,862 per year).
Without the incentive, the Applicant may be unable to complete all planned improvements and
may eventually be forced to sell the property, leaving it 100% vacant and unused. With full
vacancy relief, the Subject Property would generate only $643,551 in taxes over the life of the
incentive (or approx. $53,629 per year). Even without vacancy relief, the site is estimated to
generate more in taxes with the proposed improvements and a 7a than the full value of the site
currently without an incentive. Therefore, should the Class 7a tax incentive be approved, the
Subject Property would generate $313,080 in additional real estate taxes over the life of the
Class 7a. Please see the attached "12 Year Tax Comparison Chart."
In addition to increased property tax revenues, Wintrust's presence will significantly
benefit the local community. The move from their current location will result in increased
business, efficiency, and community impact based on the Subject Property's drive -through and
prime location along Higgins. Additionally, the Applicant expects employees and visitors will
frequent Village restaurants, gas stations, stores and more. Applicant also expects to attract both
new and returning customers who will also frequent nearby establishments. As mentioned above,
an estimated 5-7 full time individuals are estimated to spend approximately $21,188 - $29,663
per year in the Village on gas, entertainment, groceries, etc. In total, the purchase, rehabilitation
and reoccupation of the Subject will generate over $500,000+ in additional revenue over the life
of the incentive.
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12 Year Tax Estimates
900 E, Higgins
Elk Grove Village, Illinois
(PIN: 08-22-301-065-0000)
Esli—bl Taaes Based on:
Purchase Price+Appma $1,00,000 in Building Imp mvemenI, and a Ta
Compered 10
Fina12024 Board Cerllfhe Markel Value al F. II Vacancy B No Ta Incenlive
Compared fo
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$2,—,00o
10%
$26a000
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v fad,CdO
1Y
L\8.000
Sfxe62
$2,680,000
10%
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Tm,862
f1160900
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52,fi00,000
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5102,000
5108,292
S2,BB0.000
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1111.7.
—I Estimatetl Taxes 130251020361
5966,6]t
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Property Taa Revenue Gericratetl Wlmxd ■ra1Yd
Irdm Ote Properrys Glass Ta Taz f919,OB0 IElrykayaf hrpytq-9-T Q1,1f0-f29,889
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SITC 19
$2,680,000
26%
MI.—
8116,019
SIM,—
26%
MI.—
S176,319
$2,680,000
2-
S66T,068
$176,]T9
fS.M0A6d
as
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52680.000
26%
5661068
$176,379
1:,BSOA00
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$2,111..,
Tlw 2024 Effective Tax Rale Oh. 20241ax mte x the 2024 mApba waz used II does.1lake W. armunl am inamses or decreases In the Efr.- Tae Rale between 2024 — 20M
"The above Is based on the assumption lhal Oro Class 2a Tax Incenlive for the subject property will be gramed In 2026 — aollVated In 2026T2027
'••A 20%arcupamy Fedor vws applied to IbeFwl 2024 Bawd--g Assessed Value, — yrzslhen added to Ina 2024 Final B—Lana As:e Value I.C.— a mused 2.4 -- Value vMh 11.1
acancy Redu— The revved 2024 As -seed V-- Talal Va R tim was Ihen —ip tl by 410 — Ihe'Edimaled Markel Velee Bated on the 2024 Cook County A— Value al Full
Vazancy -NO Impmvemems
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peso 1 M 1
Special Circumstances
900 E. Higgins,
Elk Grove Village, IL 60007
PIN: 08-22-301-065-0000
The Subject Property is applying for the Cook County 7a tax incentive with Special
Circumstances since the property has not been vacant and unused for 12 continuous months. There are
a number of special circumstances at the property which qualify the site for a 7a tax incentive. First,
without the assistance of the tax incentive the Applicant would not be making the $2,025,000 in
improvements as proposed and may be unable to complete the required financing and/or purchase
without the comfort of the 7a tax incentive. Without purchase, the site would remain vacant and
unused. Even assuming the purchase is completed, the high Cook County effective tax rate of 26.441 %
will make the Applicant's proposed operations and improvements infeasible and may eventually result
in a relocation of the branch outside of Elk Grove as a whole.
Second, while the property has not been vacant for 12 months, an ideal user has been identified
for the former banking location who would immediately take, improve and re-establish the site as a
community drive -through bank supporting local residents and businesses. The site has a number of
specialty components such as the drive -through, canopy and internal banking layout, which makes the
site incompatible with the majority of commercial businesses (but ideal for Wintrust). Instead of
allowing the site to sit vacant for an additional 8+ months (with no employees and minimal tax
revenue), the Applicant is ready to purchase and will begin improvements immediately in order to
open & begin operations in 2026.
Lastly, per the Cook County Assessor the `building' value at this site is only $4,448, whereas
the land value is $976,552. The `special' nature of the valuation indicates that the building itself is in
need of improvements. Here, the Applicant is looking to invest approx. $1,650,000 in building
improvements, which should significantly increase the value of the property. Based on the enclosed
estimates, the Subject Property with the proposed improvements with the 7a would generate more in
taxes than the site does currently without a 7a OR vacancy relief. Thus, the purchase, improvements
and subsequent re -occupation will generate more in taxes for the Village, as well as all surrounding
taxing bodies.
Preliminary Itemized Bu(Net (SuNect to Change)
F 900 E. Higgins,
Elk Grove Village, IL 60007
PIN: 08-22-301-065-0000
Wintrust (Elk Grove Village)
CSI Division
Cost
Division 01- General Requirement
$25,000.00
Division 02 - Existing Conditions
$80,000.00
Division 03 - Concrete
$60,000.00
Division 04 - Masonry
$70,000.00
Division 05 - Metals
$150,000.00
Division 06 - Woods and Plastics
$250,000.00
Division 07 -Thermal and Moisture Protection
$150,000.00
Division 08 - Doors and Windows
$160,000.00
Division 09 - Finishes
$160,000.00
Division 10 - Specialties
$10,000.00
Division 11- Equipment
$0.00
Division 12 - Furnishings
$85,000.00
Division 13 - Special Construction
$40,000.00
Division 14 - Conveying Equipment
$0.00
Division 21- Fire Alarm
$30,000.00
Division 22 - Plumbing
$35,000.00
Division 23 - HVAC
$80,000.00
Division 26 - Electrical
$210,000.00
Division 27 - Communications
$30,000.00
Division 32 - Exterior Improvements
$200,000.00
General Conditions
$140,150.00
GC Fee (3%)
$59,850.00
$2,025,000.00
AGREEMENT OF PURCHASE AND SALE
THIS AGREEMENT OF PURCHASE AND SALE (this "Agreement") is made and
entered into as of the ! fihday of November 2025 by and between KEAG900 Property, LLC, an
Illinois limited liability company (the "Seller") and Schaumburg Bank & Trust Company. N.A.
(the "Buyer").
W ITN ESSETH
WHEREAS, the Seller is the fee simple owner of certain improved real property located in
Elk Grove Village, Illinois and commonly known as 900 E. Higgins Rd., Elk Grove Village, IL
60007, Cook County, Illinois (PIN No. 08-22-301-065-0000) which is legally described in Exhibit
"A" which is attached hereto and made a part hereof. The real property has an area of
approximately 128 acres, and is improved with a one-story building of approximately 4,575
square feet (including canopy/drive thru area), together with all other improvements situated
thereon (all of such real property, including improvements and fixtures, being hereinafter called
"Property").
WHEREAS, Seller currently fully occupies the Property and will tenderthe full possession
of the Property at closing free of any leases or tenancies.
WHEREAS, Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, on
the terms and conditions hereinafter set forth, the Property.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained
herein, the parties hereto agree as follows:
ARTICLE I
PURCHASE AND SALE
1.1 Purchase and Sale of Property. Subject to and in accordance with the provisions of
this Agreement, at the "Closing" (as defined in Section 1.2 hereof), Seller shall sell and convey to
Buyer, and Buyer shall purchase from Seller, good and marketable fee simple title to the Property
and all easements, free of all liens, liabilities, obligations, security interests, restrictions and
encumbrances of any character whatsoever (an "Encumbrance"), other than the "Permitted
Exceptions" (as defined in Section 3.3 hereof).
1.2 Time and Place of C losing, Subject to and in accordance with the provisions of
this Agreement, including Section 1.4, the closing (the "Closing") shall be held at the offices of
Fidelity National Title Insurance Company in Schaumburg (the "Title Company") ten (10) days
after the later of the expiration of the "Due Diligence Period" (defined at Section 5.3 herein) or the
"Regulatory Approval Contingency Date" (as such may be extended pursuant to Section 5.4), or
on such other date mutually agreed to by the parties (the "Closing Date"). Notwithstanding the
foregoing, the Closing Date will be no sooner than February 5, 2026.
1.3 Purchase Price.
1 Y 25619907 4 137194 147307
LP 25619907 5 137194 147307
ram
(a) The purchase price of the Property (the "Purchase Price") to be paid by
Buyerto Seller shall be One Million Thirty Thousand and No/100 Dollars (�1,030,000.00).
The Buyer and Seller agree that the Purchase Price shall be allocated as set forth in Exhibit
:,C..
(b) Within three (3) business days after the Effective Date, Buyer shall deliver
to the Title Company, the sum of Fifty Thousand and No/100 Dollars ($50,000.00)
("Earnest Money") to be held by the Title Company in accordance with the terms of a
strict joint order escrow, the form of which is attached hereto as Exhibit "D". The
Earnest Money, and all other sums deposited with the Title Company by Buyer
pursuant to this Agreement, together with interest accrued thereon is hereinafter
collectively referred to as the "Earnest Money".
(c) If the transaction contemplated hereby closes, the Earnest Money shall be
paid as a credit against the Purchase Price, If Buyer shall default under any of the terms of
this Agreement and such default is not cured within five (5) days after written notice is
delivered by Seller to Buyer, then Seller's sole right and remedy hereunder shall be to
terminate this Agreement and to retain the Earnest Money and all interest accrued thereon,
if any, as liquidated damages. THE PARTIES AGREE THAT THE ACTUAL
DAMAGES WHICH WOULD BE SUFFERED BY SELLER WOULD BE
UNCERTAIN AND IT WOULD BE IMPRACTICABLE OR EXTREMELY
DIFFICULT TO FIX A DAMAGE AMOUNT, PRIOR TO SIGNING THIS
AGREEMENT. THE PARTIES ALSO AGREE THAT THEY MUTUALLY
INTEND TO AGREE IN ADVANCE A REASONABLE AMOUNT TO BE PAID TO
SELLER AS LIQUIDATED DAMAGES. THEREFORE, IF BUYER SHALL
DEFAULT AS AFORESAID, SELLER SHALL BE ENTITLED TO THE
EARNEST MONEY AS LIQUIDATED DAMAGES. UPON PAYMENT OF SAID
SUM TO SELLER, BUYER SHALL BE RELEASED FROM ANY FURTHER
LIABILITY TO SELLER ARISING BY REASON OF BUYER'S BREACH OF
THIS AGREEMENT, AND ANY ESCROW CANCELLATION FEES AND TITLE
COMPANY CHARGES SHALL BE PAID BY SELLER. THE SUM OF
LIQUIDATED DAMAGE IN THE AMOUNT OF THE EARNEST MONEY IS NOT
INTENDED BY THE PARTIES TO BE A FORFEITURE OR PENALTY, ONLY A
REASONABLE LIQUID DAMAGE AMOUNT. If Seller defaults under any of the
terms of this Agreement on or prior to Closing and if such default is not cured within five
(5) days after written notice is delivered by Buyer (or the Closing Date, if sooner), Buyer
shall be entitled to either: (i) terminate this Agreement, in which event: (A) the Title
Company shall deliver the Farnest Money and all interest accrued thereon, if any, to Buyer:
and (B) Seller shall pay to Buyer upon demand an additional sum of money on account of
Buyer's out of pocket due diligence and legal expenses in an amount not to exceed Fi fteen
Thousand and No/100 Dollars ($15,000.00); or (ii) commence an action for specific
performance, provided such complaint is filed and delivered to Seller within ninety (90)
days after the originally scheduled Closing Date. Notwithstanding anything herein to the
contrary, in the event that the default by Seller is not susceptible to the remedy of specific
performance, Buyer shall have the right to exercise any and all available rights or remedies
at law or in equity as a result thereof. In the event of a default by Seller occurring after
Closing, including, without limitation, a breach of any representation or warranty not
discovered until after Closing, Buyer shall be entitled to exercise any and all rights and
remedies at law or in equity, subject to the other limitations set forth in this Agreement.
The Seller's obligation to consent to the return of the Earnest Money shall survive the
termination of this Agreement pursuant to subsection (i) above.
(d) Provided the conditions to closing set forth herein have been satisfied or
waived by Buyer, the Purchase Price, net of prorations and adjustments as provided in
Section 6.2 hereof, and further less the amount of the Earnest Money to be applied against
the Purchase Price, shall be paid on the Closing Date and Seller shall deliver the
instruments of transfer and other Seller documents as specified in Section 43 hereof.
ARTICLE ll
RF.PRf SENTATIONS AND WARRANTIES OF SELLER
Notwithstanding any independent investigation by Buyer or any other provision of this
Agreement, and as a material inducement to Buyer's execution, delivery and performance of this
Agreement, Seller hereby represents, warrants and covenants to Buyer on as of the date hereof and
on and as of the Closing Date as follows:
2.1 Seller Authorit_Y. Seller has full capacity, right, power and authority to execute,
deliver and perform this Agreement and all documents to be executed by Seller pursuant hereto,
and all required action and approvals have been duly taken and obtained. The individuals signing
this Agreement and all other documents executed or to be executed pursuant hereto on behalf of
Seller are and shall be duly authorized to sign the same on Seller's behalf and to bind Seller thereto.
This Agreement and all documents to be executed pursuant hereto by Seller are and shall be
binding upon and enforceable against Seller in accordance with their respective terms set forth in
this Agreement.
2.2 Property- Other than as disclosed in this Agreement.
(a) Seller has good and marketable fee simple title to the Property.
(b) There are no leases, subleases, licenses, concessions or other agreements,
written or oral, granting to any party or parties the right of use or occupancy of any portion
of the Property and there are no parties (other than Seller) in possession of the Property.
No person, firm or entity has any right of first refusal or first offer or any option to acquire
title to the Property or any part thereof or interest therein.
(c) "(here are no contracts, agreements, service contracts, maintenance
agreements, licenses, invoices, bills, understandings of any nature, written or oral, formal
or informal, affecting or relating to the service, maintenance, use or other functions
pertaining to the Property or the operation thereof which may not be terminated upon thirty
(30) days' notice, and unless Buyer delivers a written notice to Seller to the contrary, shall
be terminated at Seller's sole cost, effective as of the Closing Date.
(d) "I-o Seller's knowledge, there is no litigation, arbitration or administrative
proceeding pending threatened with respect to the Property, Seller or this Agreement.
(e) Seller has not received any written notice, and to Seller's knowledge, Seller
is not aware that the Property is currently in violation of any applicable building, tire,
health, safety or other laws, rules or regulations.
(f) Seller is not a party to any contracts or agreements for the performance of
work or the furnishing of materials to any portion of the Property which have not been fully
performed and paid for, and releases of all liens therefor recorded. There are no unpaid
claims against any portion of the Property or the Seller for or on account of work done,
materials furnished, or utilities supplied to the Property at the instance and request of the
Seller.
(g) The Property is not subject to any use, development or occupancy
restrictions or any type of development moratorium (except those imposed by applicable
zoning and subdivision laws and regulations), special taxes and assessments or utility "tap -
in" fees (except those generally applicable throughout the tax district in which the Property
is located), or charges or restrictions, whether existing of record or arising by operation of
law, unrecorded agreement, the passage of time or otherwise (other than the Permitted
Exceptions).
(h) Seller has not filed any voluntary petition in bankruptcy nor any petition or
answer seeking any reorganization, arrangement, composition, readjustment, liquidation,
wage earner's plan, assignment for the benefit of creditors, receivership, dissolution or
similar relief under the present or future Bankruptcy Code or any other present or future
applicable federal, state or other statute or law.
(i) Seller is in compliance with the requirements of Executive Order No.
13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the `'Order") and other similar requirements
contained in the rules and regulations of the Office of Foreign Assets Control, Department
of the Treasury ("OFAC") and in any enabling legislation or other Executive Orders or
regulations in respect thereof (the Order and such other rules, regulations, legislation or
orders are collectively called the ("Orders")), Seller (a) is not listed on the Specially
Designated Nationals and Blocked Person List maintained by OFAC pursuant to the Order
and/or on any other list of terrorists or terrorist organizations maintained pursuant to any
of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists
are collectively referred to as the "Lists"), (b) are not a Person (as defined in the Order)
who has been determined by competent authority to be subject to the prohibitions contained
in the Orders, or (c) are not owned or controlled by (including without limitation by virtue
of such Person being a director or owning voting shares or interests), or acts for or on behalf
of, any person on the Lists or any other Person who has been determined by competent
authority to be subject to the prohibitions contained in the Orders.
0) Prior to (to the best of Seller's knowledge and belief), and during Seller's
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ownership of the Property, (i) no Hazardous Materials have been located on the Property
or have been released into the environment, or discharged, placed or disposed of at, on or
under the Property; (ii) no underground storage tanks have been located on the Property;
and (iii) the Property has never been used as a dump for waste material; and (iv) the
Property and its prior uses comply with and at all times have complied with, any applicable
governmental law, regulation or requirement relating to environmental and occupational
health and safety matters and Hazardous Materials.
The term "Hazardous Materials" means: (a) any hazardous substance, material or
waste, toxic substance or regulated material including but not limited to any substance
defined in or regulated by any and all Environmental Laws; (ii) crude oil, petroleum or any
fraction thereof, which is liquid at standard conditions of temperature and pressure (60
degrees Fahrenheit and 14.7 pounds per square inch absolute); (iii) any waste oil; (iv) any
flammable or explosive material; (v) any radioactive materials; (vi) asbestos and asbestos -
containing materials in any form or condition; (vii) polychlorinated biphenyls (PCBs) or
substances or compounds containing PCBs; (viii) urea formaldehyde foam insulation; (ix)
pesticides, rodenticides and insecticides; (x) lead -based paint; (xi) special waste; and (xii)
any and all other chemicals, pollutants, contaminants, mixtures or dangerous substances,
materials or wastes.
The term "Environmental laws" shall mean any and all federal, state or local
statutes, laws, regulations, ordinances, codes, rules, orders, licenses, judgments, decrees or
requirements relating to public health and safety and the environment now or hereafter in
force as amended and hereafter amended, including but not limited to: (i) the
Comprehensive linvironmental Response, Compensation and Liability Act (42 U.S.C.
§9601 et seq.); (ii) any so-called "Superlien" law; (iii) the Hazardous Materials
Transportation Act (49 U.S.C. § 1802 et seg.); (iv) the Resource Conservation and
Recovery Act (42 U.S.C. §6902 et seg.) (v) the Clean Air Act (42 U.S.C. §7401 ct se .);
(vi) the Clean Water Act (33 U.S.C. § 1251 et sec .); (vi i) the Toxic Substances Control Act
(15 U.S.C. §2601 et sue,); (viii) the Federal Insecticide, Fungicide, and Rodenticide Act (7
U.S.C. § 136 et sere .); and (x) the Illinois Environmental Protection Act (415 ILCS 5/1 ct
M.).
2.3 Extent of Rereserttations_attd Warranties. All representations and warranties by
Seller contained herein, and all statements and other information contained in any Appendix,
certificate or other instrument furnished or to be furnished to Buyer pursuant hereto or in
connection with the transactions contemplated hereunder are and shall be true, correct and
complete in ail material respects and the same shall not omit any material information required to
make the submission thereof fair, true and complete. All representations and warranties contained
in Article 11 shall be deemed restated on and as of the Closing Date and shall survive the Closing
far one hundred eighty (180) days after Closing.,
ARTICLE III
COVENANTS
3.1 Operation of the Property Prior to Closing: Casualty Condemnation_
(a) From and after the Effective Date until the Closing Date or earlier
termination of this Agreement, Seller shall not cause or permit any documents to be
recorded against title to the Property and shall not modify, amend or terminate any existing
documents of record, unless in each case Buyer approves. Seller shall maintain the
Property in its current condition, ordinary wear and tear excepted.
(b) Seller shall not sell, transfer or otherwise dispose of the Property. Seller
shall not incur any obligation or create any Encumbrance on the Property or enter into any
contract which would be binding on Buyer or the Property after Closing.
(c) All risk of loss to the Property shall remain upon Seller until the conclusion
of the Closing. Seller shall immediately noti fy Buyer of any casualty damage affecting the
Property or of any condemnation taking or notice of a condemnation taking. Within ten
(10) days after Seller provides notice to Buyer of such casualty or condemnation: (i)
terminate this Agreement if such is a Material Casualty or Material Condemnation; or (ii)
proceed with the purchase the Property (even if such is a Material Casualty or Material
Condemnation), in which event Seller shall assign to Buyer all Seller's right, title and
interest in all amounts due or collected by Seller under any insurance policies or as
condemnation awards on account of the casualty or condemnation (and provide Buyer with
a credit in the amount of any deductible or self -insured retention under any insurance
policies). if Buyer fails to provide such notice within such 10-day period, Buyer shall be
deemed to have elected option (ii) above. Upon any termination of this Agreement
pursuant to this Section 3.1(c), Buyer shall be entitled to a return of the Earnest Money and
all obligations under this Agreement shall terminate except for the Surviving Obligations.
As used above: (A) the term "Material Casualty" shall mean any casualty: (1) if the
proceeds of available insurance are insufficient to pay for all repairs required in connection
with such casualty; or (11) the cost of which to repair is in excess of $10,000.00; and (B)
the term "Material Condemnation" shall mean a condemnation which: (w) involves the
physical taking of any portion of any building located upon any Property; (x) results in the
taking of any material portion of any parking at any Property; (y) results in the taking of
any point of access to or from any Property; or (z) renders any Property in non-compliance
with any applicable building, zoning or other applicable law, ordinance or code.
(d) Seller shall terminate, as of the Closing Date, all service, maintenance and
other contracts and agreements pertaining to the Property except those which Buyer elects
to accept, as set forth in written notice by Buyer to Seller given no later than the expiration
of the Due Diligence Period.
(e) Seller shall promptly furnish Buyer copies of all written notices received by
Sel ler which is from: (i) a governmental entity alleging a violation by Seller or the Property
of federal, state or municipal laws, ordinances, regulations, orders, or requirements of
departments of housing, buildings, fire, labor, health, or other federal, state or municipal
departments or other governmental authorities having jurisdiction against or materially
affecting the Property or the use or operation thereof; (ii) a third party to any recorded
documents alleging a Seller default under such recorded document; or (iii) any other person
MA
that alleges a breach or default by Seller with respect to the Property (all of the foregoing
being referred to as "Default Notices").
(f) Seller shall not actively market the Property for sale and shall not accept or
actively negotiate any letter of intent or purchase agreement with respect to the Property
(other than this Agreement).
3.2 Access and Information. From the date hereof until the Closing Date, Seller shall
Provide Buyer and its representatives, agents, and contractors with access, upon reasonable notice,
to inspect the Property. Buyer shall have the right to inspect to Property within twenty-four (24)
hours of Closing. In the event that such inspection reveals a substantial change in the condition of
the Property froth the date hereof, other than ordinary wear and tear, or otherwise in a condition
not in accordance with the terms of this Agreement, Buyer shall not be obligated to close hereunder
until such condition is corrected by Seller at Seller's sole expense, which correction shall occur
within fourteen (14) days of the date of such inspection. or until Seller has made arrangements
reasonably satisfactory to Buyer to make such corrections. If the Seller fails to correct the
substantial change in the condition of the Property, as set forth herein, then, Buyer may terminate
this Agreement.
3.3 Title Insurance. Seller shall (at its expense), within rive (5) days ofthe Effective
Date. order a title commitment for the Property including legible copies of all documents of
recorded referred to therein (the "Title Commitment") from the Title Company, to issue to Buyer
at Closing an ALTA Form Owner's Title Policy with endorsements as specified below (the "Title
Policy") describing the Property (which legal description shall be deemed incorporated into this
Agreement), listing Buyer as the prospective named insured and showing the Purchase Price as
the amount of insurance coverage. The Title Policy shall include endorsement over the general
exceptions, costs of any additional endorsements shall be borne by the Buyer.
Prior to the Due Diligence Period, Buyer shall notify Seller in writing of: (i) any objection
Buyer may have to any exceptions reported in the Title Commitment or any matter shown on or
absent from the ALTA Survey: or (ii) any required endorsements or closing deliveries to be made
by Seller in connection with the issuance of the Title Policy (defined herein) as a condition to
Closing (the "Buyer's Objections"). Within rive (5) business days after receipt of the Buyer's
Objections (the "Defect Response Date"), Seller shall then notify Buyer in writing (a "Defect
Response") that it will, by Closing, either cure or satisfy the Buyer's Objections in a manner
reasonably satisfactory to Buyer or that Seller is unwilling, in its sole discretion, to cure or satisfy
such Buyer's Objections.
If Seller is unwilling to cure any or all of the Buyer's Objections as disclosed by the Defect
Response (or if Seller fails to deliver a Defect Response prior to the Defect Response Date), Buyer
shall have the right to either: (i) terminate this Agreement by sending written notice of such
termination to Seller; or (ii) waive such Buyer's Objections and accept title to the Property subject
thereto. If Buyer wishes to terminate this Agreement pursuant to subsection (i) it must do by
giving written notice to Seller within five (5) business days lollowing Buyer's receipt of Seller's
Delcct Response (or within five (5) business days following the Defect Response Date if Seller
!'ails to deliver a Defect Response). If Buyer so terminates this Agreement, the Deposit shall be
refunded by the Title Company to Buyer promptly as Buyer's sole and exclusive remedy, and.
except as explicitly stated herein, neither Seller nor Buyer shall have any further obligations under
this Agreement. If Buyer does not elect either (i) or (ii) above within the applicable five (5)
business day period, then Buyer shall be deemed to have elected (ii) above.
Notwithstanding the foregoing, at or prior to Closing, Seller at Seller's expense shall
remove or insure over any exceptions on the Title Commitment that relate to (collectively
"Mandatory Removal Items"): (i) all Encumbrances, in the form of deeds of trust, mortgages,
financing statements, financing liens, (ii) mechanics' and materialmens' liens encumbering the
Property, (iii) delinquent tax liens of Seller relating to the Property, (iv) other liens or
encumbrances which secure other monetary obligations of Seller which are of a definite,
undisputed and ascertainable amount; or (v) any exceptions to title raised in the Title Commitment
after the Due Diligence Period which are caused by the acts or omissions of the Seller. On the
Closing Date, Seller shall convey title to the Property free from all defects, exceptions and
encumbrances created by Seller, except For the Permitted Exceptions (defined below). The term
"Permitted Exceptions" as used herein shall collectively mean all of the following: (i) general real
estate taxes and assessments which are not yet due and payable as of the Closing Date; (ii)
exceptions to title relating to any matters created by, through, or under the acts of Buyer or its
agents; (iii) all title exceptions and survey matters which Buyer agrees to take title subject to
pursuant to the provisions of this Section 3 above; and (iv) any other exceptions to title approved
in writing by Buyer. Permitted Exceptions shall not include any matters of title or survey first
arising after the effective date of the Title Commitment or the ALTA Survey that are not approved
by Buyer (unless such are caused by the acts of Buyer or approved by Buyer in accordance with
this Section 3). In no event shall Mandatory Removal Items ever be Permitted Exceptions.
If after the Due Diligence Period, there is an update to the 'Title Commitment which first
discloses an exception (which exception does not arise from or out of an act of Buyer or its
representatives, agents, employees or independent contractors) other than those constituting
Permitted Exceptions (a "New I:xcep[ivai"), then, except to the extent that such New Exception is
a Permitted Exception, Buyer may object in writing to Seller to the new exception within three (3)
business days after Buyer receives the Title Commitment that discloses the New Exception, unless
such New Exception constitutes Mandatory Removal items. Seller shall have the right for a period
ofthree (3) days after receipt of Buyer's written objection to such New Exception to provide Buyer
with assurances that the New Exception will be removed or endorsed over on or before Closing, it
being understood that Seller may, but shall not be required to, provide such assurances with respect
to any one or more of the matters raised by Buyer. if Seller fails to deliver assurances, reasonably
satisfactory to Buyer with respect to any one or more of the New Exceptions set forth in Buyer's
written objection above, then on or prior to three (3) business days after the expiration Seller's
three (3) day response period, Buyer may elect to terminate this Agreement and receive a return
of the Deposit and neither party will have any further rights, obligations, or liabilities under this
Agreement except as otherwise set forth in this Agreement or those that survive termination. if
Buyer fails to timely object to the New Exception, then, except for Mandatory Removal Items,
such New Exception shall be deemed to be a Permitted Exception. The Closing shall be extended,
as necessary, to permit the periods of time in this Section 3 to run.
3.4 Survey. Seller shall provide within five (5) days of the Effective Date to Buyer any
ON
existing surveys of Seller. Buyer, at Buyer's expense, may obtain a new or updated ALTA Survey
prepared by a licensed Illinois land surveyor in accordance with the 2021 Minimum Standard
Detail Requirements for ALTA/NSPS Land Title Survey and containing such Table A items as
Buyer may require (the "ALTA Survey"),
ARTICLE IV
CLOSING AND CLOSING DOCUNIENTS
4.1 Deliveries by Seller
(a) Property Documents. A special warranty deed in customary form
reasonably acceptable to Buyer and the Title Company (the "Deed"), and all other
documents, certificates or affidavits that may be required to convey to Buyer good and
marketable fee simple title to the Property and/or to obtain title insurance as described in
Section 3.3 hereof.
(b) Title Insurance Policy. The Title Policy.
(c) Closing S ernent. A comprehensive settlement statement prepared by the
Title Company (the "Closing Statement").
(d) FIRPTA Affidavit. Certification of Non -foreign Status of Seller in a form
accepted by the Title Company.
(e) Warranties. An assignment of all guaranties and warranties with respect to
any portion of the Property, if any.
(t) Assignment, An assignment, in form and substance reasonably acceptable
to Buyer, of all leases, licenses, and contracts, if any (the "Assignment").
(h) ALI'A. An owner's affidavit in the form required by the Titic Company
sufficient to remove all general exceptions.
(i) GA P l ndertakin "GAP" undertaking.
0) Broker Affidavit_ Such documentation as shall evidence the release of any
right of any real estate broker or property manager retained by Seller to place a lien upon
the Property or otherwise assert a claim against the Buyer or the Property.
(k) Other Ancillary Documents. Such other documents and instruments as are
reasonably required to transfer the Seller's interest in the Property to Buyer; and State of
Illinois, Cook County transfertax forms, prepared and submitted in electronic format using
https://mytax.illinois.gov/MyDec, as are required by law as to the Property, and Elk Grove
Village transfer tax declarations.
6
j9.%--
i tem s:
(1) BiIl of Sale. A bill of sale in customary form conveying title to any personal
property and the intangible property owned by Seller in connection with the Property.
(m) Authority. Evidence of the existence, organization and authority of Seller
satisfactory to the Title Company.
(n) Certificate of Seller's Representations and Warranties, A certificate from
Seller that reaffirms the continued accuracy of all of Seller's representations and warranties
in this Agreement as being true and correct as of'Closing.
(o) At Closing, Seller shall deliver to Buyer outside of escrow all of the
following: (i) keys or access codes to the Property (if any); and (ii) any other books and
records pertaining exclusively to the Property and required, necessary or reasonably
desirable for the future ownership and operation of the Property, if any.
4.2 Deliveries by Buyer. At the closing, Buyer shall deliver to Seller the following
(a) Purchase Price. The Purchase Price, plus or minus prorations and less the
Earnest Money as provided herein; and
(b) Other Ancillary Documents. Counterparts to the Closing Statement and
Assignment. Evidence of the existence, organization and authority of Buyer satisfactory
to the Title Company. Such other documents as may be reasonably required by Title
Company to effectuate the closing of the transaction contemplated hereunder, provided
however, in no event shall such documents expand the scope of Buyer's obligations or
liabilities under this Agreement.
4.3 Intentionally Omitted.
4A Intentionally Omitted.
4.5 Possession. Possession ofthe Property shall be delivered to Purchase at the Closing
in broom clean condition, subject only to the Permitted Exceptions.
ARTICLE V
CONDITIONS TO CLOSING
5_1 Conditions to Buyer's Obligations. If any condition set forth herein is not fully
satisfied as of the dates or within the time periods specified below and Buyer has notified Seller in
writing prior to expiration of the contingency, the Buyer may, in its sole and exclusive discretion
and alter notice to Seller, terminate the Agreement. If the Buyer elects to terminate the Agreement,
the Earnest Money shall immediately be returned to Buyer and Buyer shall be released from all
obligations of Seller under this Agreement. The conditions are as follows:
(a) Accuracy of Representations_ and Warranties. The representations and
IU
0
warranties of Seller set forth in this Agreement and any Seller delivery shall be true and
correct in all material respects on the Closing Date with the same force and effect as
through made on and as of such date and said representations and warranties shall survive
Closing; and
(b) Performance of Agreements. Seller shall have timely complied in all
material respects with all of its covenants and agreements set forth in this Agreement to be
performed by Seller on or prior to the Closing Date, and
(c) Title. At Closing, Title Company shall be committed to issue at the Closing
with respect to the Property an extended coverage ALTA owner's title insurance policy in
the amount of the Purchase Price, subject only to the Permitted Exceptions and containing
such endorsements as may be required by Buyer and in the condition required by this
Agreement, including, without limitation, Section 3.3 hereof; and
(d) Condition. At Closing, the Property shall be in the same condition as of the
date hereof, ordinary wear and tear excepted, and no material adverse change in the
physical condition of the Property shall have occurred since the expiration of the Due
Diligence Period, including, without limitation, no material adverse change in the
environmental condition of the Property; and
(e) Closing Documents. Seller shall have delivered to Buyer all of the items
required to be delivered to Buyer pursuant to the terms of this Agreement, including but
not limited to, those provided for in Section 4.1; and
(f) Ri-,A Lstoppcis. If applicable, Seller shall obtain an estoppel certificate (the
"REA Estoppel Certificate") from any counterparty to a reciprocal easement agreement
recorded against the Property that calls for the delivery of estoppels (each an "REA")
provided the form of REA estoppel Certificate is to Buyer's Objections and such REA
Estoppel Certificate shall in all events certify: (A) that the REA remains in full force and
effect; (B) that Seller is not in default under the REA; and (C) that all amounts due from
Seller have been paid in full; and
(g) No Violations. Prior to Closing, there shall be no cited violations or notices
received by Seller of an alleged violation of any applicable law with respect to the Property
(which was not known to the Buyer as of the Due Diligence period) shall exist as of the
Closing Date.
5.2 Conditions to Seller's Obligations. Seller's obligation to consummate the
transactions contemplated by this Agreement at Closing is subject to the Buyer's payment of the
Purchase Price at Closing.
5.3 Due Diligence. For ninety (90) days following the Effective Date (the "Due
Diligence Period"), Buyer and its employees, agents, advisors and engineers shall have the right
to inspect the Property and have the right, and are hereby authorized, to enter upon the Property to
conduct inspections and investigations (including, without limitation, inspections relating to the
physical condition of the Property), to conduct environmental assessments and for all other
reasonably purposes. No later than five (5) days following the Effective Date, Seller shall deliver
to Buyer copies of any prior tests or reports of the Property, licenses, permits, governmental
approvals, license agreements affecting the Property, to Buyer, without representation of what if
any Seller has in its possession. If Buyer, in its sole and absolute discretion, may terminate this
Agreement for no reason or for any reason by delivery of written notice of such termination at any
time after the Effective Date by serving written notice on Seller and the Title Company of its
election to terminate before the expiration of the Due Diligence Period or any extension thereof.
In the event notice oftermination is given on or before the expiration of the Due Diligence Period
or any extension thereof, the Earnest Money shall be returned to Buyer (without any necessity of
a consent by Seller or Seller's attorney) and this Agreement shall be terminated and have no further
force and effect, with the exception of obligations that expressly survive termination ("Surviving
Obligations"). If written notice is not served within the time specified, Buyer shall be deemed to
have waived all rights to terminate this Agreement under this Section 5.3 and this Agreement shall
remain in full force and effect.
5.4 Government Approvals and Regulatory Approvals.
(a) This Agreement, Buyer's performance hereunder and the payment of the Purchase
Price are expressly made subject to, and pre -conditioned upon Buyer obtaining the appropriate and
necessary federal and state governmental and/or regulatory approvals applicable to the operation
of' the Property as a "Financial Services Institution", which shall mean (i) the operation of a
commercial bank, which consists of retail financial services of any type, including, without
limitation, banking, mortgage lending, insurance, securities services, savings and loan, and
Financial services, and office use ancillary thereto. and (ii) the operation of any sort of automated
teller machine, remote/off-site teller machine, cash dispensing machine, or other similar machine
("ATMs") (collectively, the "OCC Approvals") by 5:00 p.m. (CST) on the date which is ninety
(90) days after the Effective Date of this Agreement (the "Regulatory Approval Contingency
Date").
(b) In the event that Buyer has not obtained the OCC Approvals on or before the
Regulatory Approval Contingency Date, Buyer, in Buyer's sole discretion, may elect, by written
notice given to the Seller on or before the Regulatory Approval Contingency Date, to: (1) terminate
this Agreement, and in such event. the Earnest Money shall forthwith be returned to Buyer and
this Agreement shall be null and void and of no further force or effect, with the exception of the
Surviving Obligations; or (11) extend the Regulatory Approval Contingency Date for an additional
sixty (60) day period (the "Extended Regulatory Approval Contingency Date"). In the event that
Buyer has not obtained the OCC Approvals on or before the Regulatory Approval Contingency
Date and Buyer has not provided Seller written notice of its election to terminate this Agreement
or extend the Regulatory Approval Contingency Date, in accordance with the foregoing, the
Regulatory Approval Contingency Date shall automatically be extended pursuant to this
subsection (b)(]i) above.
(0 In the event that Buyer, in Buyer's sole discretion, elects to extend the Regulatory
Approval Contingency Date as provided herein, and Buyer does not obtain the OCC Approvals on
or before the Extended Regulatory Approval Contingency Date, Buyer may, by written notice
12
given to the Seller on or before the Extended Regulatory Approval Contingency Date, elect to: (i)
terminate this Agreement, and in such event, the Earnest Money shall forthwith be returned to
Buyer and this Agreement shall be null and void and of no further force or effect, with the
exception of the Surviving Obligations, or (ii) waive this condition precedent for obtaining the
OCC Approvals and proceed to close subject to Buyer's other rights set forth in this Agreement.
In the event that Buyer has not obtained the OCC Approvals on or before the Extended Regulatory
Approval Contingency Date and Buyer has not provided Seller written notice of termination of
this Agreement or notice that it has waived this condition precedent for obtaining approval from
the OCC to operate as a Financial Services Institution for the Property, on or before the Extended
Regulatory Approval Contingency Date, the Extended Regulatory Approval Contingency Date
shall automatically be extended for an additional sixty (60) day period. Seller shall cooperate with
Buyer and execute all documentation, applications, approvals and authorizations reasonably
necessary and required by Buyer to obtain the OCC Approvals so long as it results in no
unreasonable additional cost or expense to Seller
(d) Buyer shall have the period (hereinalier referred to as the "Government Approval
Period") beginning upon the Effective Date, and ending at 5:00 p.m. (CST) on the date which is
ninety (90) days after the Effective Date of this Agreement, to obtain the following approvals,
rezoning and permits (collectively the "Government Approvals"): (i) approval by the Elk Grove
Village and all other applicable authorities which are necessary for Buyer to construct Buyer's
intended improvements on the Property with one or more drive -through lanes, road access, curb
cuts, and Buyer's required traffic circulation; and (ii) any and all building department, subdivision
construction, Buyer's proposed signage, fee verification and other applicable variances, zoning or
rezoning of the Property (if necessary), site plan approvals (including special use permit for a
drive -through facility), and all other, permits and approvals necessary to allow Buyer to construct
a Financial Services Institution on the Property in accordance with Buyer's plans and
specifications, and to operate its business on the Property for Buyer's specific intended use, and
public financing assistance and the creation of tax increment financing district or redevelopment
area acceptable to Buyer, and applicable wetland/floodplain authority approvals, Seller will
cooperate and work with Buyer through the zoning process with the Elk Grove Village, including
but not limited to attending public and community hearings.
(e) In the event that Buyer has not obtained the Government Approvals on or before
the end of the Government Approval Period, Buyer, in Buyer's sole discretion, may elect, by
written notice given to the Seller on or before the end of the Government Approval Period, to: (1)
terminate this Agreement, and in such event, the Earnest Money shall forthwith be returned to
Buyer and this Agreement shall be null and void and of no further force or effect, with the
exception of the Surviving Obligations; or (11) extend the Government Approval Period for an
additional sixty (60) day period. In the event that Buyer has not obtained the Govemment
Approvals on or before the end of the Government Approval Period and Buyer has not provided
Seller written notice of its election to terminate this Agreement or extend the Government
Approval Period, in accordance with the foregoing, the Government Approval Period shall
automatically be extended pursuant to this subsection (11) above.
ARTICLE VI
MISCELLANEOUS
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6.1 AS -IS SALE. Except for the representations and warranties of the Seller set forth
in this Agreement or in any documents executed and delivered in connection Closing, Buyer
acknowledges and agrees that it will be purchasing the Property based solely upon its inspection
and investigation and that the sale of the Property shall be on an "as-is/where is" basis "with all
faults." Without limiting the generality of the foregoing, Buyer acknowledges that, except as may
otherwise be specifically set forth elsewhere in this Agreement, neither Seller nor its principals,
officers, employees, consultants, brokers or agents have made any representations or warranties of
any kind, express or implied or arising by operation of law (including warranties of condition,
habitability, merchantability or fitness for particular purpose) upon which Buyer is relying as to
any matters concerning the Property, including the condition of the land or any improvements,
6.2 Fees, Expenses, Prorations_and Apportionment. Seller shall pay: (i) the cost of real
estate conveyance tax, intangible taxes and other transfer taxes imposed by the State, County or
City in connection with the conveyance of the Property contemplated hereby; (ii) the cost of
recording fees any releases required in accordance with Section 3 hereof; (iii) all of the costs and
expenses of its counsel; (iv) one-half of Title Company's escrow fees, (v) the cost of recording
fees for the releases to clear title pursuant to Section 3.3; (vi) the costs of the Title Commitment;
(vii) the premium for the Title Policy (including extended coverage) and the cost of any
endorsements required to cure title defects caused by Seller; and (viii) such other costs and
expenses related to the acquisition of the Property normally paid by a seller in Elk Grove Village.
Illinois. In addition, Seller shall pay any and all costs and fees associated with and/or resulting
from any inspections (if any) required by local authorities to transfer title to the Property, and shall
comply at its sole cost with any inspection requirements, required by local authorities with respect
to or arising out of the transfer of the Property to Buyer. If applicable, any repairs or escrows
required as a result of said inspections shall be the responsibility of Seller. Buyer shall pay: (i) all
of the costs and expenses of its counsel; (ii) one-half or Title Company's escrow fees; (iii) the
premium for lender's title insurance policy (if any) and the premiums for any endorsements
required by Buyer to the Title Policy (excluding extended coverage which shall be paid by Seller);
(iv) the cost of any studies and inspections conducted by Buyer during Buyer's due diligence; (v)
the cost of the ALTA Survey; (vi) the cost of recording fees for the Deed and (vii) such other costs
and expenses related to the acquisition of the Property normally paid by a buyer in Elk Grove
Village, Illinois.
Water, sewer and utility charges, annual permits and/or inspection fees shall be ratable
prorated. Seller shall have final meter readings done with respect to any utility services, if any,
billed to Seller as of the day prior to Closing. All Property "fax bills issued prior to closing on the
Property shall be paid by Seller. Seller shall provide Buyer a credit at the time of Closing for all
real and personal property taxes and assessments on the Property on an accrual basis based on the
actual number of days elapsed from January 1, 2026 through the Closing Date and based upon
105% of the most recent tax bill with respect to the Property. The proration provided to Buyer at
closing will be final and no reprorations post -closing.
6.3 Not Any notice required or permitted to be given hereunder shall be in writing
and shall be deemed given (a) when personally delivered; (b) on the date delivered, if sent by
reputable overnight courier service; or (c) on the date sent by e-mail when sent by e-mail before
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5:00 p.m. Chicago time on a business day (as evidenced by the time stamp generated by the
sender's computer), provided that such e-mail clearly indicates that it was intended as a
"FORMAL NOTICE" pursuant to the terms of this Agreement. Notices may be sent by an
attorney for a party from the firms identified below and when so sent shall be deemed notice by
the party so represented. Notices shall be addressed to the parties as follows, or at such other
address as either party hereto may designate by giving written notice in the aforesaid manner.
Ifto Seller: Attn: Grace Kim
KEAG900 Property, LLC
900 E. Higgins Rd.
Elk Grove Village, IL 60007
Phone: 847-312-7047
Email: g1-aceltiinverkachh,com
With acopy to: Richard Kim
Law Offices of CK & Associates, LLC
8930 Waukegan Rd., Ste. 210
Morton Grove, IL 60053
Phone: 224.25 f .8666
Email: richwsrcltl;rterr.com 3c tillaintr�kl�i��rc.com
If to Buyer: Schaumburg Bank & Trust Company, N.A.
Ursula Moncau & John Reagan
1145 N. Arlington Heights Rd.
Itasca, IL 60143
Phone: 847.364.2843
Email: Jkl, \ JAN'ei�y.intrust.com &
unu>ncau`i�VvintrusLc�m
With a copy to: Levenfeld Pearlstein, LLC
Michael G. Yip & Elizabeth C. O'Brien
120 S. Riverside Plaza, Suite 1800
Chicago, IL 60606
Phone. 773.848.1391
Email: ni% ip rr 1plr gl.ctm Jc �ubricn,ci'Iplcgal.c�,m
6.4 Third Party (tights. Nothing in this Agreement, express or implied, is intended to
confer any rights or remedies whatsoever upon any person, other than Seller and Buyer and their
respective successors and permitted assigns and transferee.
6.5 Entire Agreement; Assignment; Amendment. This Agreement, including the
Schedules and Exhibits attached hereto (all of which are made a part hereof and incorporated by
reference herein): (a) constitutes the entire agreement among the parties with respect to the subject
matter hereof and supersedes all other prior agreements and understandings, both written and oral.
among the parties with respect to the subject matter hereof; (b) may be assigned by Buyer in which
event Buyer shall be released of all liability hereunder; and (c) may not be amended without the
15
written consent of all parties hereto. This Agreement shall be binding upon, and inure to the benefit
of, the parties hereto and their respective successors and assigns.
6.6 Brokerage Fees, Buyer and Seller represent to each other they dealt with no real
estate broker, agent or finder in connection with the transaction contemplated by this Agreement.
Seller agrees to indemnify, defend and hold Buyer harmless from any loss, liability, damage, cost
or expense (including, without limitation, reasonable attorney's fees) paid or incurred by Buyer by
reason of any claim to any broker's, finder's, or other fee in connection with this transaction by any
party claiming by, through or under Seller.
6.7 Counterparts. This Agreement may be executed in counterparts (including scanned
email), each of which shall be deemed an original, and all of which, taken together, shall constitute
one and the same instrument.
6.8 Time is of the Essence. Time is of the essence in this Agreement. Unless otherwise
specified, in computing any period of time described herein, the day of the act or event after which
the designated period of time begins to run is not to be included and the last day of the period so
computed is to be included, unless such last day is a Saturday, Sunday or legal holiday for national
banks in the location where the Property is located, in which event the period shall run until the
end of the next day which is neither a Saturday, Sunday, or legal holiday.
6.9 Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Illinois.
6.10 Confidentiality. Both Parties agree that all information given to each other in
connection with this Agreement is intended to be kept confidential by each Party and that each
Party is responsible for all of the Party's agents, employees and subcontractors obligation not to
disclose any such information to a third party without written consent. This obligation of
confidentiality shall not apply to: (a) information that becomes generally available to the public
through no fault or negligence of the receiving party; (b) information already known to a party at
the time ofthe disclosure; (c) information acquired at any time from a third party that was not
prohibited from making a disclosure, or (iv) information required to be disclosed in order to
comply with any applicable law, order, regulation or ruling.
6.11 Offer and Effective Date. The execution of this Agreement by the first parry to do
so and delivery thereof to the other party constitutes an offer to purchase or sell, as the case may
be, and shall be automatically revoked unless the party to which the offer is made shall execute
and deliver a copy of this Agreement to the offering party at the address given for notice herein on
or before 5:00 p.m., local time, on the date which is seven (7) business days after the date of which
the offering party has executed this Agreement as first set forth above. Regardless of any date
heretofore or hereafter inserted in this Agreement, the tern "Effective Date" as used herein shall
be the date on which this Agreement is executed and delivered in final form by the latter of Buyer
or Seller to so execute and deliver it.
6.12 Miscellaneous Provisions. The several headings and captions of the sections and
subsections used herein are for convenience of reference only, and shall in no way be deemed to
limit, define or restrict the substantive provisions of this Agreement. If any action is instituted
V
Us
between Seller and Buyer in connection with the enforcement ofthis Agreement or any provision
hereof. the party prevailing in such action shall be entitled to recover from the other party all of its
reasonable costs in bringing such action, including, but without limitation, reasonable attorney
fees. If any provision ofthis Agreement is held to be illegal, invalid or unenforceable under present
or future laws. and if such provision is not essential to the effectuation of the basic purposes of this
Agreement, such provision shall be fully severable, this Agreement shall be construed and
enforced as if such illegal, invalid or unenforceable provision had never been a part ofthis
Agreement, and the remaining provisions of this Agreement shall remain in full force and effect.
The waiver by either party of the perfonnance of any covenant, condition or promise shall not
invalidate this Agreement, nor shall it be construed as a waiver of any other covenant, condition
or promise herein.
6.13 Bulk Sales Releases. Buyer agrees to deliver the following (subject to Seller
approval, which will not be unreasonably withheld, conditioned or delayed): (i) to the Illinois
Department of Revenue ("Illinois"), a CBS-1 Notice of Sale, or Purchase of Business Assets (the
"Illinois Notice'); and (ii) to the Cook County Department of Revenue, "fax Compliance Unit
("Cook County") a Notice of Bulk Sales or Transfer (the "Cook County Notice"; together with the
Illinois Notice, the "Bulk Sales Notices"). On or prior to Closing. Seller will deliver a notice of a
release showing that Seller has no liability for the payment of or confirming that the transaction
contemplated by this Agreement and the sale of the Property to Buyer is not subject to, and does
not subject Buyer to liability for the payment (or withholding) of any assessed but unpaid tax,
penalty or interest from each of Illinois or Cook County (collectively, the "Bulk Sale Releases").
If in response to the submission of the Bulk Sales Notices, Buyer or Seller receives a so-called
Bulk Sale Stop Order or any other notice from any of Illinois or Cook County prior to Closing
showing outstanding taxes are due and payable and/or requiring that certain funds be withheld
From the Closing, then Seller shall pay all outstanding taxes or other sums shown on any such
notice on or prior to the Closing and provide written evidence of such payment to Buyer. If Seller
does not pay such amounts and provide written evidence thereof to Buyer, Buyer shall be entitled
to withhold such sums From the Purchase Price at Closing, which shall be deposited with the Title
Company, as the escrowee, pursuant to terms and conditions reasonably acceptable to Seller and
Buyer, to be released upon delivery to the Title Company of release or clearance letter(s) from the
applicable authorities confirming that funds are no longer required to be withheld pursuant to said
Bulk Sale Stop Order(s) or notice(s). if Seller cannot obtain all the Bulk Sales Releases prior to
Closing, Seller will first have the right to extend the Closing Date for ten (10) business days to
obtain all of the missing Bulk Sales Releases. if Seller has no desire to extend the Closing Date as
provided above or cannot obtain all of the missing Bulk Sales Releases, it will not be deemed in
default hereunder, and Buyer's sole remedy will be to either (X) proceed to Closing and at Closing,
a credit -worthy affiliate of Seller shall agree to indemnify, defend and hold Buyer harmless from
and against any and all claims, liabilities, losses, costs, damages and expenses (including
reasonable attorneys' fees and disbursements) incurred by Buyer and arising out of or related to
such Bulk Sale Stop Order(s) or notice(s) (the "Bulk Sales Indemnity"), which indemnity shall
survive the Closing, but shall terminate upon receipt of all missing Bulk Sales Releases, or (Y) to
terminate this Agreement, whereupon the Title Company will return the Earnest Money to Buyer,
and both parties will be relieved of any further obligations hereunder, except for the obligations
hereunder which expressly survive Closing or other termination ofthis Agreement,
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1 Signalures on ►he following page]
18
OR
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year first above written.
BUYER:
Schaumburg Bank & Trust Company, N.A.
B: 4
hs. a'
SELLER:
KEAG900 Property, LLC
By: r—�
Its: 1 f�
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Exhibit "A" -_LMal Description
Property Located At: 900 E. Higgins Rd., Elk Grove Village, IL 60007
Permanent Index Numbers: 08-22-301-065-0000
Legal Description:
LOT 2 IN TELAR4rH RESUBDIVISION OF LOTS 1 AND 2 IN TELAR 3RD RESUBDIVISION
OF LOT l IN FINEGAN SUBDIVISION UNIT NUMBER 3, BEING A SUBDIVISION IN THE
WEST '12 OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD
PRINCIPAL MERIDIAN, IN GOOK COUNTY, ILLINOIS.
01(
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L xhibit -13" - Personal Proper[y
NONE
21
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Exhibit "C" - Purchase Price Allocation
Real Property $1,030,000.00
Personal Property
Total $1,030,000.00
22
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Exhibit "D" — Form of Joint Order Escrow Ag eoment
23