2022-05-10 - Ordinance 2022-050 - AUTHORIZING THE EXECUTION OF A COMMISSION AGREEMENT RELATED TO PROPERTY ACQUISITION ORDINANCE �NO. 2022-050
AN ORDINANCE AUTHORIZING THE EXECUTION OF A COMMISSION AGREEMENT RELATED TO
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PROPERTY AQ4LSITION
WHEREAS, the Village of Buffalo Grove is a home rule unit pursuant to the Illinois Constitution,of
1970; and
WHEREAS, the Village of Buffalo Grove has entered into a purchase and sale agreement for the
potential property acquisition of 1650 Leider Lane; and
WHEREAS, the Village of Buffalo Grove has been represented by Colliers International ("Colliers")
in connection wlth potentiail property acquisition of 1650 Leider Lane.
NOW THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS,as follows:
SECTION 1.. The foregoing recitals are hereby adopted and incorporated and made a part of this Ordinaince
as if fully set forth herein.
SECTION 2. The Village President is authorized to execute a Commission Agreement, attached hereto as
Exl°6bit A, for the potential property acquisiition of 1650 Lei der Lane,
SECTION 3. if any section, paragraph, clause or provision of this Ordinance shall be held invalid, the
invalidity thereof shall not affect any other,provision of this Clrdunance.
SECTION 4. This Ordinance shall be in full force and effect from and after its passage and approval and
not be codified.
AYES: (—so A—ev-Et�J ;
NAYES°
ABSENT:
PASSM May 10, 2022
,APPROVED MAy_LO,,202 2,
APPROVED:
Beverly,Sus+sman, Ib�6gje President
ATTEST:
janet , trabb iaa , 411�7ge Clerk
Exhibit A
Commission Agreement with Collliers International for the potential property acquisition of 16SO Lei:der
Lane
j
May 10, 21022
Dane C. Bragg& Christopher Stilling, AI
VHlage of Buffalo Grove
50 Raupp Boij�levand
Buffalo Grove, ll..60089
En'iaiio
R E: Commission Agreement
1 0 Leider Lane, Buffalo Grove, IL
Dear Dane &Chris:
Thus agreement is to confirm that Steven Tick, SIOR and Reed Adler, Colliers Bennett&Kahnwerlier U-C, dba
Whers lnternational("Colliers")represent the tillage lot l cnffaicu Grove("Purchaser"), It rs agreed between
Pui chaser of the aforementioned Iproplerty and Colliers as broker represenving,the Purchaser,that in the event
of as sale for the above rnentioned property,the Purchaser will pay Collier's a commission with respect to the
said Property as Wows:
'Vwo percent(2,00%)of the total PrffCl1jj,1jSe Pri('re
The total commission(1 00%" )shall be clue UPWI ClOSirl&
The Urr)densiigned under stands that notwithstanding that Colliers will receive its compensation frorn the
ijnders�gined, Colliers"fidUciary obiigations and duties n.rn solely in favor of the Purchaser.
Please acknowledge YOUr acceptance of thiis agreerneint by signing mi the space provided belo . This agreement
shall oernain vallid for 365 days fron-i the date 0 sigruature,
Sincerely,
Colliers International
Steven'Tick, SHOP Reed Adler
Agreed to as above, intending to be legally ticrur-rd this of May, 2022
By:
PUNJ a-ser
Date
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