2022-07-18 - Ordinance 2022-075 - AUTHORIZING A DEVELOPMENT IMPROVEMENT AGREEMENT WITH IMKD 5 LLC (KENSINGTON DEVELOPMENT PARTNERS) (The Clove) ORDINANCE NO. 2022-075
AN ORDINANCE AUTHORIZING A DEVELOPMENT IMPROVEMENT AGREEMENT WITH IMKD 5 LLC
(KENSINGTON DEVELOPMENT PARTNERS)
WHEREAS, the Village of Buffalo Grove is a home rule unit pursuant to the Illinois Constitution of
1970; and
WHEREAS, the Village seeks to enter into a Development Improvement Agreement (DIA) with
IMKD 5 LLC ("Retail Developer") and BGA Residential, LLC ("Residential Developer) for site improvements
associated with The Clove (Town Center) development at 100 McHenry Road,
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 Ordinance
as if fully set forth herein.
SECTION 2. The Development Improvement Agreement is approved subject to review and approval by
the Village Attorney.
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 Ordinance.
SECTION 4. This Ordinance shall be in full force and effect from and after its passage and approval and
shall not be codified.
AYES: 5—Stein,Weidenfeld,Johnson,Smith, Pike
NAYES: 0—None
ABSENT: 1—Ottenheimer
PASSED: July 18, 2022
APPROVED: July 18, 2022
APPROVED:
Beverly Sussm ,Village President
ATTEST:
� . &
JanetEr
an,Village Clerk