13-106 i
AMENDMENT TO ECONOMIC INCENTIVE AGREEMENT
THIS AMENDMENT to an economic incentive agreement is made and entered into as of
the day of June, 2013, by and between the City of Elgin, an Illinois municipal
corporation (hereinafter referred to as the "City"), and SHG of Illinois, LLC, an Illinois limited
liability company (hereinafter referred to as the "Developer").
WHEREAS, the City and Developer previously entered into an economic incentive
agreement dated March 21, 2012 (the "Subject Agreement"); and
WHEREAS, the parties have identified a scrivener's error in paragraph 313i of the Subject
Agreement wherein an incorrect figure of base rate sales taxes was stated in such paragraph; and
WHEREAS, the parties wish to enter into this amendment agreement to correct the
scrivener's error.
NOW, THEREFORE, for and in consideration of the mutual undertakings contained
herein, and the mutual undertakings set forth in the Subject Agreement, and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows:
1. That Paragraph 3.B.i. of the Subject Agreement be and is hereby amended to read
as follows:
"The City and the Developer agree that the annual average amount of
Sales Taxes Revenues paid by the Existing Dealership during the years
2010 and 2011 is eighty *hoEi Rd twelve thousand, eight hundred fifty and
00/100 dollars ($80,00012.$50.00),hereafter referred to as the "base rate."
2. That except as specifically amended herein, the Subject Agreement shall remain
in full force and effect.
3. That in the event of any conflict between the terms of this amendment agreement
and the terms of the Subject Agreement, this amendment agreement shall supersede and control.
IN WITNESS WHEREOF, the parties hereto have executed and entered into this
amendment agreement as of the date and year first written above.
CITY OF ELGIN, SHG OF ILLINOIS, LLC, a limited
an Illinois nicipat c ration liability company
By _
David J. tain ayor
ATTEST:
&44�t"
Kimberly A. De s, City Clerk
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