HomeMy WebLinkAboutRESOLUTION - 37-26 - 5/26/2026 - FIRST AMENDMENT TO TO LOAN - SG ELK GROVERESOLUTION NO.37-26
A RESOLUTION AMENDING RESOLUTION NO. 62-25 AND AUTHORIZING THE
MAYOR AND VILLAGE CLERK TO EXECUTE AN AMENDMENT TO THE LOAN
AGREEMENT BETWEEN THE VILLAGE OF ELK GROVE VILLAGE AND SG ELK
GROVE, LLC (600 MEACHAM)
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 I: That the Mayor be and is hereby authorized to sign the attached document
marked:
FIRST AMENDMENT TO LOAN AGREEMENT
a copy of which is attached hereto and made a part hereof as if fully set forth and the Village Clerk
is authorized to attest said document upon the signature of the Mayor.
Section 2: That this Resolution shall be in full force and effect from and after its passage
and approval according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 26th day of May 2026
APPROVED this 26t' day of May 2026
APPROVED:
Mayor -Craig B. Johns fi
Village of Elk Grove/llage
ATTEST:
Je nife S. Mahon, Village Clerk
FIRST AMENDMENT TO LOAN AGREEMENT
THIS FIRST AMENDMENT TO LOAN AGREEMENT ("First Amendment") is
dated this 20�-day of May, 2026 ("First Amendment Effective Date"), and is by and among
the VILLAGE OF ELK GROVE VILLAGE, an Illinois home rule municipal corporation with
offices located at 901 Wellington Avenue, Elk Grove Village, Illinois ("Village"), and SG ELK
GROVE, LLC, an Illinois limited liability company with offices located at 1001 Feehanville
Drive, Mount Prospect, Illinois ("Borrower") (collectively, the Village and the Borrower are the
"Parties" and, sometimes, individually a "Party").
RECITALS
A. On or about November 18, 2025, the Village passed Resolution Number 62-25
approving a Purchase, Sale, and Redevelopment Agreement ("Redevelopment Agreement")
with the Borrower relating to the property commonly known as 600 Meacham Road, Elk Grove
Village, Illinois, which property is more specifically described in the Redevelopment Agreement
("Property").
B. Redevelopment Agreement Exhibit C is a Loan Agreement ("Loan Agreement")
detailing certain financing terms related to the Property's redevelopment.
C. The Parties now wish to amend the Loan Agreement to update the loan repayment
schedule, all as set forth in this First Amendment.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
are hereby acknowledged, the Village and Borrower agree as follows:
1. RECITALS AND F,XHIBITS INCORPORATED. The foregoing recitals and all
exhibits attached to this First Amendment are incorporated as though fully set forth in this
Section 1.
2. CAPITALIZED TERMS; CONFLICT. Any capitalized term used herein, but not
defined herein, shall have the meaning given to such term in the Loan Agreement. In the event
of any conflict between the terms and conditions hereof and those set forth in the Loan
Agreement, the terms and conditions of this First Amendment shall control.
3. AMORTIZATION SCHEDULE REPLACED. The Loan Amortization Schedule
identified as Loan Agreement Exhibit A, Schedule A, is struck in its entirety and replaced with
Schedule A attached hereto.
4. NO DEFAULT. The Parties represent, warrant, and agree that as of the First
Amendment Effective Date, the Parties have fully performed under the Loan Agreement and
that no ongoing uncured default under the Redevelopment Agreement exists.
5. ONE AGREEMENT. The Loan Agreement and the First Amendment shall be
construed as one instrument. The terms and provisions of the Loan Agreement not specifically
modified by this First Amendment shall remain in full force and effect and shall not be construed
to have been modified, waived, discharged or otherwise altered by this First Amendment. The
terms and provisions of the Loan Agreement are incorporated herein by reference as if fully
stated herein.
6. FINAL FORM. This First Amendnent represents the final agreement between
the Parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent
oral agreements between the Parties. There are no unwritten oral agreements between the
Parties.
7. SEVERABILITY. If any term or provision of this First Amendment, or the
application thereof to any person or circumstance shall to any extent be invalid or
unenforceable, the remainder of this First Amendment, or the application of such provision to
persons or circumstances other than those as to which it is invalid or unenforceable, shall not be
affected thereby. Each provision of this First Amendment shall be valid and shall be
enforceable to the extent permitted by law.
8. AUTHORITY. Each Party represents and warrants to the other that it has the
requisite authority to enter into this First Amendment, and each Party shall, upon request,
provide evidence of such authority acceptable to the other at the time of execution of this First
Amendment.
9. BINDING EFFECT. This First Amendment shall be binding upon and inure to
the benefit of the successors and permitted assigns of Village and Borrower.
10. COUNTERPARTS. This First Amendment may be executed in multiple
counterparts, each of which for all purposes is deemed an original, and all of which constitute
collectively but one instrument; but in making proof of this First Amendment, it shall not be
necessary to produce or account for more than one such counterpart.
[Intentionally left blank; signature page follows]
Vj
IN WITNESS WHEREOF, the Parties have caused this First Agreement to be executed
as of the day and year noted below.
ATTEST:
B r �'�.g�4(�)
ermif M n, Village Clerk
3
SG ELK GROVE, LLC,
an Illinois limited liability company
By.
Ckj" -7
Name: Kic�ko (a S ?ApOLMC
Title: PA-0JA11111-
Address: 1001 Feehanville Drive
MountPromect. IL 60056
VILLAGE F' ELK/GROVE VILLAGE,
an Illinois cip corporation
By:
Cr . Johnson, yo
Address: 901 W#ington Avenue
Elk ove Village, IL 60007
STATE OF ILLINOIS
COUNTY OF COOK
ACKNOWLEDGEMENT
SS.
}
This instrument was acknowledged before me on 2 , 2026, by CRAIG B.
JOHNSON, the Mayor of the VILLAGE OF ELK GROVE V4LLAGE, an Illinois municipal
corporation, and by JENNIFER MAHON, the Village Clerk of said municipal corporation.
SEAL
My Commission expires:
STATE OF -I,lil ants )
SS.
COUNTY OF
1 mVt
Signature of No
i1KFIpAL �EAt
LIMM JW T MMMIARO
Notary Pdk no of Illinois
COMM1 "No.1025399
My Coaoni dmEv$m February 11, 2030
The foregoing instrument was acknowledged before me on MaV
l 8, 2026, by
i1ti'eho� sP l jtoj� C;he Manager of SG ELK GROVE, LLC, an Ill ois limited liability
company, m his 4ce and voluntary act in his capacities as manager of said company for the uses
and purposes herein.
awj� aaAa&MZA
Signature of Notary
SEAL
CAROLYN STRAHAMMER
My Commission expires: Official Seal
Notary Public - State of Illinois
My Commission Expires Sep 22, 2026
"xa'
n
SCHEDULE A
LOAD AMORTIZATION SCHEDULE
EGIA Year Number
1
First Paymerit due er. of befcve
Pjyri-ient NUInber Due Date (cr or bpforej
1 12/01/26
Amnunt
$400,000
Toni Pzymernl
$800,0n0
2
06/01/27
$400,000
2
3
12101127
$400,000
$enO,nuo
4
06/01/29
$400,000
3
5
12101/29
$400,000
$800,00n
6
06101/29
$400,000
A
7
12/01/29
$40%000
$8n0,00n
8
06101/10
$400,000
5
9
12/01/30
$40%000 -:
$800,000
10
06101/31
$400,000
6
11
12/01131
$500,000
$1,000,000
12
06/01j3t
$500,000
7
13
12/02/32
$500,000
$i3Onn,00n
14
06/01/31
$500,000
It16
15
12101/33
$500,000
$1,00n,b00
06/01/34
$500,000
17
12/01/34
$500,000
$i,b00,000
18
06/01/15
$500,000
30
19
12/01135
$500,000
$1,000,000
20
06/Ol/36
$500,000
11
21
12/02136
$55a,000
$i,ln4,aab
22
06101137
$550,000
12
23
12/01/37
$550,000
$1,104,000
24
06/01158
$550,000
13
25
12101139
$550,000
$1,1nn,ObO
26
06/01/39
$550,000
14
27
12/01/39
$550,000
$1,1000000
28
06/02140
$550,000
15
29
12/01/40
$550,000
$1,inn,000
30
06101/41
$5%000
16
31
12101/41
$60I1,00a
$1,2nn,a0n
32
06/01/42
$600,000
37
33
12/01142
$600,000
$1,2nn,bOn
34
06/01142
$600,000
1$
35
12101/43
$600,000
$1,2n0,00n
36
06/02/44
$600,000
19
37
12/01144
$600,000
$1,2n0,D0n
39
06/01/45
$600,000
ZO
39
12101145
$600,000
$1 ,200,000
40
41
06/01/46
0.
$6001OW
6,500,()00
Final Payment
Toial
$27,000,000
$27,000,000