08-230i `
Resolution No. 08 -230
RESOLUTION
AUTHORIZING EXECUTION OF A SECOND AMENDMENT TO DEVELOPMENT
AGREEMENT WITH RANDALL 90, LLC, HEATH 79, LLC, SWC RAND & WILLOW LLC,
AND WOLF & LARAWAY LLC FOR THE DEVELOPMENT OF AN AUTO MALL
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that
Ed Schock, Mayor, and Diane Robertson, City Clerk, be and are hereby authorized and directed to
execute a Second Amendment to Development Agreement on behalf of the City of Elgin with
Randall 90, LLC, Heath 79, LLC, SWC Rand & Willow, LLC and Wolf & Laraway LLC for the
development of an auto mall in Elgin, Illinois, a copy of which is attached hereto and made a part
hereof by reference.
Presented: October 8, 2008
Adopted: October 8, 2008
Omnibus Vote: Yeas: 5 Nays: 0
Attest:
s/ Diane Robertson
Diane Robertson, City Clerk
s/ Ed Schock
Ed Schock, Mayor
SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
The Second Amendment, dated as of this FO—� day of 06Wet,, 2008, by and
among the City of Elgin, an Illinois municipal corporation (hereinafter referred to as the
"City ") and Randall 90, LLC, an Illinois limited liability company ( "Randall 90 "), Heath
79, LLC, an Illinois limited liability company ( "Heath "), SWC Rand & Willow, LLC, an
Illinois limited liability company ( "SWC ") and Wolf & Laraway, LLC, an Illinois limited
liability company ( "Wolf'); (Randall 90, Heath, SWC and Wolf being hereinafter
collectively called the "Owners ").
WHEREAS, on and as of December 5, 2007, the City and Randall 90 did enter
into a certain Development Agreement bearing said date pursuant to City Resolution #07-
296, and subsequently entered into the First Amendment to the Development Agreement
dated February 28, 2008 (collectively the "Development Agreement "); and
WHEREAS, the terms and provisions of the Development Agreement are hereby
incorporated herein by reference. Capitalized terms used but not otherwise defined
herein shall have the meanings as set forth in the Development Agreement; and
WHEREAS, all of the Owners, collectively, were, and still are, the owners in fee
simple of the Subject Property, as tenants in common; and
WHEREAS, Randall 90 was, and still is, the duly authorized agent of all of the
Owners for purposes of executing and entering into the Development Agreement and this
Second Amendment; and
WHEREAS, the parties desire to further amend to the Development Agreement to
provide greater clarification of the expectations and purposes behind the parties' decision
to enter into the Development Agreement;
AGREEMENT
NOW, THEREFORE, in consideration of the mutual observance of the covenants,
conditions and promises set forth below and in consideration of the sale of the Real
Estate, of TEN DOLLARS ($10.00) and for additional consideration, the receipt and
sufficiency of which are hereby mutually acknowledged, the parties agree as follows:
1. Additional Recitals. The following paragraphs G through J (each of
which the City finds to be true and correct) shall be inserted in their entirety into the
Development Agreement as additional Recitals G through J, respectively:
"G. That the Subject Property has remained vacant for at least one (1) year;
H. That the Auto Mall Project, is expected to create or retain job
opportunities within the City of Elgin;
W:\WORK\35145\DevelopmentAgrcement\SECOND AMENDMENT TO DEVELOPMENT AGREEMENT- v3.doc
I. That the Auto Mall Project will serve to further the development of
adjacent areas;
I. That without the Development Agreement the Auto Mall Project would
not be possible; ;
J. That the Developer meets high standards of creditworthiness and financial
strength as demonstrated by specific evidence of equity financing for not
less than ten percent (10 %) of the total project costs;
K. That the Auto Mall Project will strengthen the commercial sector of the
City of Elgin;
L. That the Auto Mall Project will enhance the tax base of the City of Elgin;
and
M. That the Development Agreement is made in the best interests of the City
of Elgin."
2. Amendment. Except as amended by this Second Amendment, the
Development Agreement shall remain unmodified and in full force and effect.
[signature page to follow]
WAWORR\351450evelopment Agreement \SECOND AMENDMENT TO DEVELOPMENT AGREEMENT- v3.doc
Dated as of the 11 day of 4
V C&4 , 2008
City of Elgin,
a municipal corporation
,A
Attest
"`
Diane Robertson, City Clerk
Randall 90, LLC
an Illinois limited liability company
W:\WORK\35145\DevelopmentAgreement\SECOND AMENDMENT TO DEVELOPMENT AGREEMENT- v3.doe