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Home My WebLink AboutAGENDA - 03/11/2025 - VB ADDENDUM PACKETPage 1 of 1 ADDENDUM REGULAR VILLAGE BOARD MEETING MARCH 11, 2025 7:00 PM 6. CONSENT AGENDA i.Consideration to adopt Resolution No. 20-25 authorizing the Mayor and Village Clerk to execute a First Amendment to the Purchase and Sale Agreement between the Village of Elk Grove Village and BLDG Elk Grove HD LLC, a Delaware limited liability company, BLDG Elk Grove HD II LLC, a Delaware limited liability company, FEIGA II/HD, LLC, a Delaware limited liability company and COURT STREET ASSOCIATES/HD, LLC, a Delaware limited liability company (610 Meacham Avenue). (On January 14, 2025, the Village Board adopted Resolution No. 6-25 entering the Village into a Purchase and Sale Agreement for property located at 610 Meacham Road. (Additional time is needed for due diligence, thus the need for the First Amendment.) In compliance with the Americans with Disabilities Act and other applicable Federal and State laws, the meeting will be accessible to individuals with disabilities. Persons requiring auxiliary aids and/or services should contact the Village Clerk, preferably no later than five days before the meeting. RESOLUTION NO. ________ A RESOLUTION AUTHORIZING THE MAYOR AND VILLAGE CLERK TO EXECUTE A FIRST AMENDMENT TO THE PURCHASE AND SALE AGREEMENT BETWEEN THE VILLAGE OF ELK GROVE VILLAGE AND BLDG ELK GROVE HD LLC, A DELAWARE LIMITED LIABILITY COMPANY, BLDG ELK GROVE HD II LLC, A DELAWARE LIMITED LIABILITY COMPANY, FEIGA II/HD, LLC, A DELAWARE LIMITED LIABILITY COMPANY AND COURT STREET ASSOCIATES/HD, LLC, A DELAWARE LIMITED LIABILITY COMPANY (610 MEACHAM AVENUE) NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois as follows: Section 1: That the Mayor be and is hereby authorized to sign the attached document marked: PURCHASE AND SALE AGREEMENT (610 MEACHAM) 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: NAYS: ABSENT: PASSED this day of 2025 APPROVED this day of 2025 APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Loretta M. Murphy, Village Clerk FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT This First Amendment to Purchase and Sale Agreement (“Amendment”) is made as of March __, 2025 (the “Effective Date”) by and between BLDG Elk Grove HD LLC, a Delaware limited liability company, BLDG Elk Grove HD II LLC, a Delaware limited liability company, FEIGA II/HD, LLC, a Delaware limited liability company and COURT STREET ASSOCIATES/HD, LLC, a Delaware limited liability company, as tenants in common (collectively, “Seller”), and VILLAGE OF ELK GROVE VILLAGE, an Illinois home rule municipal corporation (“Purchaser”). RECITALS A. Purchaser and Seller have previously executed and delivered that certain Purchase and Sale Agreement dated January 14, 2025 (the “Purchase Agreement”), for the purchase and sale of certain real property located at 610 Meacham Road, in Elk Grove Village, Cook County, Illinois, 60007, as more particularly described in the Purchase Agreement. B. Seller and Purchase acknowledge and agree that Purchaser is diligently pursuing the REA Approval and, despite those efforts, REA Approval will not be obtained during the Inspection Period. C. Purchaser and Seller desire to amend certain terms and provisions of the Purchase Agreement. AGREEMENTS: NOW THEREFORE, in consideration of the Recitals and Agreements contained herein, the parties agree as follows: 1. All initially capitalized terms not otherwise defined herein shall have the same meanings ascribed to them in the Purchase Agreement. The foregoing recitals are incorporated into this Section by reference. 2. Except as set forth in Section 3(f), Purchaser irrevocably waives its right to terminate the Purchase Agreement pursuant to Section 3 of the Purchase Agreement because of the Property’s physical condition. 3. Section 3(f) and Section 7(a) of the Purchase Agreement are hereby modified to provide that Purchaser may, during the Inspection Period and the REA Approval Period, negotiate the Lease Termination in accordance with the terms of the Purchase Agreement. In the event the requisite parties do not enter into the Lease Termination prior to the expiration of the REA Approval Period, Purchaser shall have the same right to terminate the Purchase Agreement as Purchaser has in Section 3(f) thereof. Purchaser and Seller shall use commercially reasonable efforts to enter into the Lease Termination prior to the expiration of the REA Approval Period. 4. The Seller and Purchaser agree that no further notice, written or otherwise, is required from Purchaser for Purchaser to exercise its right to the REA Approval Period. The REA Approval Period will begin on March 15 and shall expire on April 29, 2025. Docusign Envelope ID: ADDB7344-C9FE-4D52-8C75-DFDEA265EFBC 5. Except as modified by this Amendment, the Purchase Agreement remains in full force and effect. To the extent there is any inconsistency or conflict between the terms and provisions of the Purchase Agreement and this Amendment, the terms and provisions of this Amendment shall govern to the extent necessary to resolve such inconsistency or conflict. 6. This Amendment may be executed in any number of identical counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the same instrument. [Remainder of Page is Intentionally left Blank] [Signature Pages to First Amendment to Purchase and Sale Agreement to Follow] Docusign Envelope ID: ADDB7344-C9FE-4D52-8C75-DFDEA265EFBC Docusign Envelope ID: ADDB7344-C9FE-4D52-8C75-DFDEA265EFBC FEIGA II/HD LLC, a Delaware limited liability company By: Kings Mountain II, L.P., a Delaware limited partnership, its Sole Member By: FEIGA II, INC., a Delaware corporation, its General Partner By: Name: Craig Koenigsberg Title: President COURT STREET ASSOCIATES/HD, LLC, a Delaware limited liability company By: Court Street Associates, LLC, a New York limited liability company, its Sole Member By: Name: Craig Koenigsberg Title: Manager [Signature Page to First Amendment of Purchase and Sale Agreement – Elk Village] Docusign Envelope ID: ADDB7344-C9FE-4D52-8C75-DFDEA265EFBC PURCHASER: VILLAGE OF ELK GROVE VILLAGE, an Illinois home rule municipal corporation By: _________________________ Name: Title: [Signature Page to First Amendment of Purchase and Sale Agreement – Elk Village] Docusign Envelope ID: ADDB7344-C9FE-4D52-8C75-DFDEA265EFBC