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2017-11-06 - Ordinance 2017-045 - APPROVING ECONOMIC INCENTIVE AGREEMENT WITH BUSINESS IT SOURCE, 850 ASBURY DROrdinance No. 2017 - 045 An Ordinance Approving an Economic Incentive Agreement By and Between the Village of Buffalo Grove and Business IT Source, Inc. WHEREAS, the Village of Buffalo Grove is a Home Rule Unit by virtue of the Illinois Constitution of 1970; and, WHEREAS, Business IT Source, Inc. an Illinois corporation ("BITS") currently conducts its business at the property commonly known as 954 Corporate Wood Parkway, Vernon Hills, Illinois; and WHEREAS, BITS desires to relocate its business into the Village of Buffalo Grove at 850 Asbury Drive, Buffalo Grove, Illinois and operate a computer hardware sales and services company thereon; and WHEREAS, In order to encourage BITS to maintain its Business operation in the Village, and to assist with their project in the Village, the Village agrees, pursuant to the terms of the -attached Economic Incentive Agreement, to share sales tax received by the Village using a formula which corresponds to new sales tax revenue generated by the Business over a finite period of time. NOW THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS: Section 1. The foregoing Whereas clauses are hereby incorporated herein. Section 2. The Village President and Village Clerk are hereby authorized to execute the Economic Incentive Agreement between the Village of Buffalo Grove and BITS a copy of which is attached hereto as Exhibit "A". Section 3. This Ordinance shall be in full force and effect from and after its passage, approval and publication. This Ordinance may be published in pamphlet form. This Ordinance shall not be codified. I Page AYES: 6 — Berman Stein, Ottenheimer, Weidenfeld, Johnson, Smith NAYES: 0 - None ABSENT: 0 - None PASSED: November 6, 2017. APPROVED: November 6, 2017. APPROVED: Beverly Su an, Village President ATTEST: Janet M: Sirabian, Village Clerk 21 Pa-c EXHIBIT A ECONOMIC INCENTIVE AGREEMENT BY AND BETWEEN THE VILLAGE OF BUFFALO GROVE AND BUSINESS IT SOURCE, INC. 3 1 P a g o ECONOMIC INCENTIVE AGREEMENT BY AND BETWEEN THE VILLAGE OF BUFFALO GROVE AND BUSINESS IT SOURCE, INC. This Agreement (the "Agreement") is made and entered into as of the (,9-141 day of 0C)Ve_mJ0.e.,--- , 2017, by and between the Village of Buffalo Grove, an Illinois home rule municipal corporation (the "Village") and Business IT Source, laic. an Illinois corporation ("BITS"). In consideration of the recitals and mutual covenants and agreements set forth herein, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: SECTION 1. RECITALS. A. BITS currently conducts its business at the property commonly known as 954 Corporate Wood Parkway, Vernon Hills, Illinois. B. BITS desires to relocate its business into the Village of Buffalo Grove and occupy space at 850 Asbury Drive, Buffalo Grove, Illinois, hereinafter referred to as the "Premises" (as legally described on Exhibit A hereto) and operate a computer hardware sales and services company thereon. C. The single order acceptance point for BITS is conducted from the Premises. D. In order to encourage BITS to relocate its Business operation in the Village, and to assist with their project in the Village, the Village agrees, pursuant to the terms of this Agreement, to share a portion of its Home Rule Sales Tax received by the Village using a formula which corresponds to new sales tax revenue generated by the Business over a finite period of time. E. As of the date of this Agreement, the total sales tax rate within Lake County, Illinois applicable on the sale of certain tangible personal property is eight percent (8%); the State of Illinois portion which is six and one -quarter percent (6.25%), Village's Home Rule portion of which is one percent (1%) and the Regional Transportation Authority portion which is three-quarters of one percent (0.75%). F. The Village has the power and authority to enter into this Agreement pursuant to, but without limitation, the home rule powers of the Village under Section 6, Article VII of the 1970 Constitution of the State of Illinois. G. The control and conduct of the operation of BITS and its Business is managed by Robert Frauenheim, CEO and Principal. SECTION 2. RULES OF CONSTRUCTION AND DEFINITIONS. A. The language in this Agreement shall be interpreted in accordance with the following rules of construction: The word "may" is permissive and the word "shall" is mandatory; except where the context reveals the contrary. The singular includes the plural and the plural includes the singular, and the masculine gender includes the feminine and neutral. 60751397.2 1 B. Whenever used in the upper case in this Agreement, the following words shall have the following meanings: Agreement. This Economic Incentive Agreement. 2. Annual Taxable Sales. The total amount of taxable sales in any Sales Tax Year generated by BITS and received by the State of Illinois pursuant to Illinois Retailers' Occupation Tax Act and remitted to the Village. 3. Audit. Undertaken at the sole cost and expense of the Village, a review of all of the books and records of the Business of BITS by the financial Consultant for the purpose of making a determination of the amount of Home Rule Sales Tax the Village should have received under the terms of this Agreement and for the purpose of verifying BITS compliance with the terns of this Agreement. 4. Business. All of the sales operations of BITS and its affiliates that occur on the Premises, including but not limited to, the distribution and sales computer hardware. 5. Commencement Date. The first day of the first calendar month following the date upon which BITS is issued a Village Certificate of Occupancy for the operation of the Business on the Premises. 6. Consultant. The person, firm or corporation and agents thereof authorized by the Village to conduct an Audit, at the sole cost and expense of the Village, of the Business regarding all transactions occurring during any given Sales Tax Year following the date of this Agreement. 7. Gross Receipts. The tern "Gross Receipts" shall have the same meaning as that which is ascribed to it in the Illinois Retailers' Occupation Tax Act. Home Rule Sales Tax. The one percent (1%) sales tax imposed in the Village pursuant to Village's Home Rule Sales Tax Ordinance No. 2004-16 enacted in accordance with the Home Rule Municipal Retailers' Occupation Tax Act (65 ILCS 5/8-11-1) and the Home Rule Municipal Service Occupation Tax Act (65 ILCS 5/8-11-5). Pursuant to the Home Rule Municipal Retailers' Occupation Tax Act, said tax shall not be imposed upon an item of tangible personal property titled or registered with an agency of the State of Illinois. 9. Home Rule Sales Tax Payment. The payment to BITS of a portion of the Home Rule Sales Tax that the Village is required to make pursuant to Section 4 of this Agreement. For purposes of this Agreement, the Home Rule Sales Tax Payment shall not include the Village's share of the Retailer's Occupation Tax. 10. Payment Date. Within ninety (90) calendar days after the end of each Sales Tax Year. 11. Premises. The real estate and any improvements located thereon at the commonly known address of 850 Asbury Drive, Lake County, Buffalo Grove, Illinois and as legally described in Exhibit A hereto. 12. Retailer's Occupation Tax Act. The Illinois Retailers' Occupation Tax Act, 35 ILCS 120/1 et seq., as the same has been, and may, from time to time hereafter be, amended. 60751397.2 2 13. Sales Tax(es). Any and all taxes imposed and collected by the State of Illinois pursuant to the Home Rule Sales Tax, the Retailer's Occupation Tax Act, the Service Occupation Tax Act, the Service Use Tax Act, or the Use Tax Act. 14. Sales Tax Year. The period of time commencing on the Commencement Date and ending on the date that is one year after the Commencement Date, and each of the five (5) succeeding one year periods thereafter. 15. Service Occupation Tax Act. The Illinois Service Occupation Tax Act, 35 ILCS 11511 et seq., as the same has been, and may, from time to time hereafter be, amended. 16. Service Use Tax Act. The Illinois Service Use Tax Act, 35 ILCS 110/1 et seq., as the same has been, and may, from time to time hereafter be, amended. 17. Use Tax Act. The Illinois Use Tax Act, 35 ILCS 10511 et seq., as the same has been, and may, from time to time hereafter be amended. 18. Village or Village of Buffalo Grove. The Village of Buffalo Grove, an Illinois municipal corporation and home rule unit as described in the Illinois Constitution. SECTION 3. BITS OBLIGATIONS A. Lease. BITS shall enter in a lease for a term of not less than a six (6) years ("Lease") for approximately 39,000 square feet of office and warehouse space at the Premises. B. Renewal. Prior to the terms of this Agreement being satisfied, BITS shall work with the Village on providing sufficient notice of its future intentions to either renew their lease at their current location or relocate to another facility. C. Failure to Lease. In the event BITS has not entered into a lease and occupied the Premises by June 1, 2018, the Village shall have no obligation whatsoever to perform any of the Home Rule Sales Tax Payments set forth in Section 4 of this Agreement. Upon a written request by BITS, this provision may be extended by the Village Manager to August 1, 2018. SECTION 4. HOME RULE SALES TAX PAYMENT. A. The Village shall pay BITS the Home Rule Sales Tax Payment on or before the Payment Date an amount equal to the following formulas: For the first Sales Tax Year, seventy-five percent (75%) of that year's Home Rule Sales Tax received by the Village for the first $40,000,000.00 in Annual Taxable Sales and one -hundred percent (100%) of that year's Home Rule Sales Tax for Annual Taxable Sales greater than $40,000,000.00. 2. For the second Sales Tax Year, seventy-five percent (75%) of that year's Home Rule Sales Tax received by the Village for the first $40,000,000.00 in Annual Taxable Sales and one -hundred percent (100%) of that year's Home Rule Sales Tax for Annual Taxable Sales greater than $40,000,000.00. For the third Sales Tax Year, seventy-five percent (75%) of that year's Home Rule Sales Tax received by the Village for the first $40,000,000.00 in Annual Taxable Sales and 60751397.2 3 one -hundred percent (100%) of that year's Home Rule Sales Tax for Annual Taxable Sales greater than $40,000,000.00. For the fourth Sales Tax Year, seventy-five percent (75%) of that year's Home Rule Sales Tax received by the Village for the first $40,000,000.00 in Annual Taxable Sales and one -hundred percent (100%) of that year's Home Rule Sales Tax for Annual Taxable Sales greater than $40,000,000.00. For the fifth Sales Tax Year, seventy-five percent (75%) of that year's Home Rule Sales Tax received by the Village for the first $40,000,000.00 in Annual Taxable Sales and one -hundred percent (100%) of that year's Home Rule Sales Tax for Annual Taxable Sales greater than $40,000,000.00. 6. For the sixth Sales Tax Year, seventy-five percent (75%) of that year's Home Rule Sales Tax received by the Village for the first $40,000,000.00 in Annual Taxable Sales and one -hundred percent (100%) of that year's Home Rule Sales Tax for Annual Taxable Sales greater than $40,000,000.00. B. The amount due pursuant to this Agreement shall not be a general obligation of the Village. The Village shall not have an obligation to pay any amounts to BITS except an amount equal to the Village's Home Rule Sales Tax share actually received from Illinois Department of Revenue on account of the Business and not exceeding the Sales Tax rates as set forth in this Agreement. C. The Village shall continue the Home Rule Sales Tax Payments for six (6) years through the terin of this Agreement. D. In the event that any Sales Tax returns that have been submitted to the Village are amended, BITS shall promptly forward a photocopy of such amended sales tax returns to the Village, clearly identifying them as an amendment of a Sales Tax return previously submitted to the Village. E. Should BITS relocate or cease its Business on the Premises within the first two (2) years of the Commencement Date of this Agreement, then BITS shall reimburse to the Village 85% of the total Home Rule Sales Tax Payments received pursuant to this Agreement. Said reimbursement to the Village shall be nnade within ninety (90) calendar days of relocation or cessation of the Business on the Premises. The Village shall have the right to place a lien upon the Business to guarantee payment of the reimbursement amount. F. Should BITS relocate or cease its Business on the Premises after two (2) years of the Commencement Date of this Agreement, then BITS shall reimburse to the Village 70% of the total Home Rule Sales Tax Payments received pursuant to this Agreement. Said reimbursement to the Village shall be made within ninety (90) calendar days of relocation or cessation of the Business on the Premises. The Village shall have the right to place a lien upon the Business to guarantee payment of the reimbursement amount. G. Should BITS relocate or cease its Business on the Premises after three (3) years of the Commencement Date of this Agreement, then BITS shall reimburse to the Village 55% of the total Home Rule Sales Tax Payments received pursuant to this Agreement. Said reimbursement to the Village shall be made within ninety (90) calendar days of relocation or cessation of the Business on the Premises. The Village shall have the right to place a lien upon the Business to guarantee payment of the reimbursement amount. 60751397.2 4 H. Should BITS relocate or cease its Business on the Premises after four (4) years of the Commencement Date of this Agreement, then BITS shall reimburse to the Village 40% of the total Home Rule Sales Tax Payments received pursuant to this Agreement. Said reimbursement to the Village shall be made within ninety (90) calendar days of relocation or cessation of the Business on the Premises. The Village shall have the right to place a lien upon the Business to guarantee payment of the reimbursement amount. I. Should BITS relocate or cease its Business on the Premises after five (5) years of the Commencement Date of this Agreement, then BITS shall reimburse to the Village 35% of the total Home Rule Sales Tax Payments received pursuant to this Agreement. Said reimbursement to the Village shall be made within ninety (90) calendar days of relocation or cessation of the Business on the Premises. The Village shall have the right to place a lien upon the Business to guarantee payment of the reimbursement amount. J. BITS shall provide, upon request by the Village, certified copies of all expenses relating to and in conjunction with the construction and relocation of their new facility at 850 Asbury Drive, Buffalo Grove, Illinois prior to any Home Rule Sales Tax Payment. K. Prior to the expiration of this Agreement, BITS shall promptly deliver to Village copies of all written communications and notices to and received from the landlord regarding the termination, renewal, expansion or amendment of BITS' Lease of the Premises, including any and all written communications or notices regarding the intention to relocate to another facility. The parties acknowledge and agree that BITS shall not be responsible for a penalty outlined in Sections 4. E., F., G., H., and I., should they relocate to another facility and generate Sales Tax within the corporate limits of the Village of Buffalo Grove SECTION 5. LITIGATION AND DEFENSE OF AGREEMENT. A. Litigation. If, during the terns of this Agreement, any lawsuits or proceedings are filed or initiated against either parry before any court, commission, board, bureau, agency, unit of government or sub -unit thereof, arbitrator, or other instrumentality, that may materially affect or inhibit the ability of either party to perform its obligations under, or otherwise to comply with, this Agreement ("Litigation"), the party against which the Litigation is filed or initiated shall promptly deliver a copy of the complaint or charge related thereto to the other party and shall thereafter promptly provide the other party with a copy of all pleadings and written communications it receives based upon, related to or arising out of the Litigation. B. Defense. The Village and BITS each agree to use their respective best efforts to defend the validity of this Agreement, and all ordinances and resolutions adopted and agreements executed pursuant to this Agreement, including every portion thereof and every approval given, and every action taken, pursuant thereto. SECTION 6. REMEDIES. A. Remedies. hi the event of a breach or an alleged breach of this Agreement by either party, either party may, by suit, action, mandamus, or any other proceeding, in law or in equity, including specific performance, enforce or compel the performance of this Agreement. Any claim or suit related to this Agreement shall be filed in the Circuit Court of Lake County. The prevailing party shall be entitled to recovery of its reasonable attorney's fees and costs. 60751397.2 5 B. Notice and Cure. Neither party may exercise the right to bring any suit, action, mandamus or any other proceeding pursuant to Subsection A of this Section without first giving written notice to the other party of the breach or alleged breach and allowing 15 calendar days to cure the breach or alleged breach; provided, however, that if the party accused of the breach or alleged breach cannot cure the condition within 15 calendar days after the notice, notwithstanding the parry's diligent and continuous effort, promptly commenced and diligently continued upon receipt of the notice, then the period to cure the violation or failure shall be extended for the time necessary to cure the violation with diligence and continuity, but in no event longer than 180 calendar days unless extended in writing by the non -breaching party. SECTION 7. TERM. This Agreement shall be in full force and effect from and after the date of its execution until six (6) years after the Commencement Date. SECTION 8. RELEASE OF INFORMATION. A. Prior to any payments by the Village of any sums as provided for in this Agreement, BITS shall cause to be delivered to the Village, on a quarterly basis, the Illinois Retailers' Occupation Tax, Use Tax and Service Occupation Tax returns and/or other documentation submitted by BITS to the Illinois Department of Revenue, which detail the amount of Sales Tax that BITS paid to Illinois Department of Revenue with respect to BITS Business. If necessary, BITS shall provide the Village with a limited power of attorney, addressed to and in a form satisfactory to the Illinois Department of Revenue, authorizing the Illinois Department of Revenue to release to the Village all gross revenue and Sales Tax information submitted by BITS to the Illinois Department of Revenue. Additionally, in the event that the Illinois Department of Revenue does not make available to the Village said documentation, BITS shall provide alternative documentation that details the amount of Sales Taxes that BITS paid to the Illinois Department of Revenue. SECTION 9. GENERAL PROVISIONS. A. Complete Agreement; Supersedence. This Agreement constitutes the complete agreement of the parties regarding the payment of the Home Rule Sales Tax to BITS and shall supersede and nullify all prior drafts and agreements concerning the payment of the Home Rule Sales Tax to BITS. B. Amendments. No amendment to, or modification of, this Agreement shall be effective unless and until it is in writing and is approved by the authorized representative of BITS and by the Village of Buffalo Grove corporate authorities by Ordinance duly adopted, and executed and delivered by the authorized representatives of each party. C. Notices. Any notice or other communication required or permitted to be given under this Agreement shall be in writing, and shall be deemed delivered to and received by the addressee thereof when delivered in person at the address set forth below, or three business days after deposit thereof in any main or branch United States Post Office, certified or registered mail, return receipt requested, postage prepaid, properly addressed to the parties, respectively, as follows: For notices and communications to the Village: Village of Buffalo Grove 50 Raupp Blvd. Buffalo Grove, Illinois 60089 Attention: Director of Finance 60751397.2 6 with a copy to: For notices and communications to BITS: with a copy to: William G. Raysa, Esq. Tressler LLP, 233 S Wacker Drive, 22°d Floor Chicago, IL. 60606 Robert Frauenheim, CEO and Principal 850 Asbury Drive Buffalo Grove, IL 60089 Frank Eichenlaub, Counsel Polsinelli PC 150 N Riverside Plaza, Suite 3000 Chicago, IL 60606 By notice complying with the foregoing requirements of this paragraph, each party shall have the right to change the address or addressee or both for all future notices and communications to such party, but no notice of change of address shall be effective until actually received. D. Indemnity. BITS shall and hereby agrees to defend, hold harmless and indemnify the Village, its President, Trustees, officers, employees, agents and attorneys (each an "Indemnified Party" and collectively, the "Indemnified Parties") from and against any and all claims, demands, suits, damages, liabilities, losses, expenses, and judgments which may specifically arise out of the subject matter of this Agreement. The obligation of BITS in this regard shall include but shall not be limited to all costs and expenses, including reasonable attorneys' fees, incurred by the Village in responding to, defending against, or settling any such claims, demands, suits, damages, liabilities, losses, expenses or judgments specifically and only arising from the subject matter referred to in this Agreement. BITS covenants that it will reimburse the Village, or pay over to the Village, all sums of money the Village pays, or becomes liable to pay, by reason of any of the foregoing, and will make payment to the Village as soon as the Village becomes liable therefore. In any suit or proceeding brought hereunder, the Village shall have the right to appoint counsel of its own choosing to represent it. Notwithstanding the forgoing, the obligation of BITS to indemnify the Indemnified Parties shall not apply to any claims, demands, suits, damages, liabilities, loses expenses and judgements based upon the tortious intentional misconduct or willftil and wanton misconduct of the Village in contravention of its performance of this Agreement E. Governing Law. This Agreement and the rights of the parties hereunder shall be governed by, and construed, interpreted, and enforced in accordance with the internal laws and not the conflict of law rules of the State of Illinois. F. Interpretation. This Agreement has been negotiated by all parties and shall not be interpreted or construed against the party drafting the Agreement. G. Change in Laws. Unless otherwise explicitly provided in this Agreement, any reference to laws, ordinances, rules, or regulations of any kind shall include such laws, ordinances, rules, or regulations of any kind as they may be amended or modified from time to time hereafter. H. Headings. The headings of the sections, paragraphs, and other parts of this Agreement are for convenience and reference only and in no way define, extend, limit, or describe the meaning, scope, or intent of this Agreement, or the meaning, scope, or intent of any provision hereof. 60751397.2 7 I. Time of Essence. Time is of the essence in the performance of all terms and provisions of this Agreement. J. Severability. It is the express intent of the parties hereto that should any provision, covenant, agreement, or portion of this Agreement or its application to any person, entity, or property be held void, invalid, or unenforceable by a court of competent jurisdiction, such action shall not effect the remainder of this Agreement, which shall continue in full force and effect. K. No Third Party Beneficiaries. Nothing in this Agreement shall create, or be construed to create, any third party beneficiary rights in any person or entity not a signatory to this Agreement. L. Counterparts. This Agreement may be executed in any number of multiple identical counterparts and all of said counterparts shall, individually and taken together constitute the Agreement. M. Assignment. BITS may not assign this Agreement or the amounts, in whole or part, to be paid hereunder without the Village's prior written consent. The Village acknowledges that this Agreement is an obligation which runs to BITS and is not a covenant running with the land. Notwithstanding the foregoing, in the event that BITS sells all of its assets, or the principals of BITS sells all or substantially all of their stock, and following the sale, the operations of the Business remain substantially the same and in conformance with all obligations of the Agreement, this Agreement will remain in full force and affect and the Village will grant its approval of the Assignment of the Agreement. The assignee is bound by all of the terms and conditions of the Agreement. O. Audit. Upon prior written notice to BITS, and at a place and time that is mutually beneficial to both parties, the Village shall have the right to conduct an Audit of BITS, at the Village's sole cost and expense, to inspect and review those books and records which are directly related to establishing Gross Receipts for any Sales Tax Year, or any portion thereof. P. No Village Obligation. The parties acknowledge and agree that none of the terms, conditions or provisions of this Agreement shall be construed, deemed, or interpreted as (i) a restriction or prohibition on the Village from eliminating or amending its Home Rule Sales Tax, or (ii) a requirement to impose a sales or other tax for the purpose of providing a source of finds for the Home Rule Sales Tax Payment. Q. Loss of Authority. In the event that the Village's authority to enter into this Agreement or to pay the Home Rule Sales Tax Payment to BITS pursuant to this Agreement are repealed, become unexercisable, null and void or otherwise become invalid then the Village's obligations hereunder shall cease and no further obligations shall be required of the Village. R. Certifications. Each party hereto certifies hereby that it is not barred from entering into this Agreement as a result of violations of either Sections 33E-3 or 33E-4 of the Illinois Criminal Code (720 ILCS 5/33 —E-3, 5/33-E-4), that it has a written policy against sexual harassment in place in full compliance with 775 ILCS 5/2-105(A)(4), and it is in compliance with the Illinois Drug Free Workplace Act (30 ILCS 580/2). S. Prevailing Wage. BITS shall comply with the Illinois Prevailing Wage Act (820 ILCS 130/0.01) during the term of this agreement. 60751397.2 8 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives as of the date first above written. VILLAGE OF BUFFALO GROVE, an Illinois Municipal Corporation ATTEST: Janet S' -abfan Village Clerk Hot eve i6lman Village President IT Source, I ., anydnois Corporation Robert Its: C-? Printed Name Its: Y , ck (—, -(ecytt �- `, 60751397.2 9 ACKNOWLEDGEMENT STATE OF ILLINOIS SS COUNTY OF LAKE This instrument was acknowledged before me on k)oyembej, (o, 2017 by Beverly Sussman, the Village President of the VILLAGE OF BUFFALO GROVE, an Illinois home rule municipal corporation, and by Janet Sirabian, the Village Clerk of said municipal corporation. 1 Julie Kamka 1 Notary Public - State of Illinois Sign Lure of Notary My Commission Expires 04/06/20] 9 SEAL: My Commission expires: (b y f D (o 45Lo 60751397.2 10 ACKNOWLEDGEMENT STATE OF IL,LINOIS SS COUNTY OF LAKE This instrument was acknowledged before me on u ) ec � 2017 by Robert Frauenheinn, CEO/Principal of Business IT Source, Inc. OFFICIAL SEAL AMANDA HARRIS Notary Public - State of Illinois re of to My Commission Expires Mar 12, 2018 SEAL: My Commission expires: 60751397.2 11 F,XHTRTT A THE PREMISES LEGAL DESCRIPTION: LOT 1 IN ASAP SUBDIVISION, BEING A RESUBDIVISION OF LOTS 1 AND 2 IN ASBURY DRIVE SECOND SUBDIVISION ALONG WITH PART OF THE SOUTHWEST 1/4 OF THE NORTHWEST 1/4 OF SECTION 27, ALL IN TOWNSHIP 43 NORTH RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED DUNE 14, 2005 AS DOCUMENT 5797413 IN LAKE COUNTY. SUBJECT PROPERTY COMMON DESCRIPTION PARCEL INDEX NUMBER: 850 Asbury Drive, Buffalo Grove, IL 15-27-102-021, 15-27-102-022, 15-27- 102-023 60751397.2 12