2022-09-19 - Ordinance 2022-095 - FIRST AMENDMENT TO THE AGREEMENT BY AND BETWEEN THE VILLAGE OF BUFFALO GROVE AND BUSINESS IT SOURCE, INC. LOCATED AT 850 ASBURY ORDINANCE NO. 2022-095
FIRST AMENDMENT TO THE AGREEMENT BY AND BETWEEN THE VILLAGE OF BUFFALO GROVE AND
BUSINESS IT SOURCE, INC. LOCATED AT 850 ASBURY.
WHEREAS, the Village of Buffalo Grove, hereinafter referred to as "Village" is a Home Rule Unit
by virtue of the Illinois Constitution of 1970; and,
WHEREAS, Business IT Source, Inc. an Illinois corporation, hereinafter referred to as "BITS",
currently conducts its business at the property commonly known as 850 Asbury Drive, Buffalo Grove,
Illinois; and
WHEREAS, the Village and BITS entered into an Economic Incentive Agreement dated November
6, 2017 (hereinafter referred to as the "Agreement"), which Agreement set forth the terms of the rebate
of the Village's Home Rule Sales Tax revenues and is set to expire on May 1, 2024; and
WHEREAS, BITS is expanding their location and entering into a new lease for the property; and,
WHEREAS, both BITS and the Village are desirous to extend the Agreement to June 30,2028,along
with an optional 5-year extension, in accordance to the terms and conditions outlined in the First
Amendment attached as Exhibit "A".
NOW THEREFORE BE IT ORDAINED BYTHE PRESIDENTAND BOARD OFTRUSTEES 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 First
Amendment to the Agreement between the Village of Buffalo Grove and Business IT Source, Inc., a copy
of which is attached hereto as Exhibit "A", subject to the final approval of the Village Attorney and
receipt of an executed lease for the property.
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.
AYES: 5—Stein, Ottenheimer, Weidenfeld, Smith, Pike
NAYES: 0—None
ABSENT: 1—Johnson
PASSED: September 19, 2022
APPROVED: September 19, 2022
APPROVED:
Beverly Sussm ,Village President
ATTEST_
AAAJ -
Ja ^ Village Clerk
EXHIBIT A
First Amendment to the Agreement By and Between the Village of Buffalo Grove and Business IT
Source, Inc. located at 850 Asbury.
FIRST AMENDMENT TO THE ECONOMIC INCENTIVE AGREEMENT
BY AND BETWEEN
THE VILLAGE OF BUFFALO GROVE
AND
BUSINESS IT SOURCE, INC.
;, This First Amendment to the Economic Incentive Agreement is made and entered into as of the
day of S'10 +'?W' , 2022, by and between the Village of Buffalo Grove, an Illinois home
rule municipal corporation ("Village") and Business IT Source Inc. and Illinois corporation ("BITS").
WHEREAS,the Village and BITS entered into an "Economic Incentive Agreement By and Between
the Village of Buffalo Grove and Business IT Source Inc." dated November 6, 2017 (the "Original
Agreement"), which Original Agreement set forth the terms of the rebate of the sales tax revenues; and
WHEREAS,the Original Agreement setforth a term that is set to expire on May 1, 2024; and
WHEREAS, BITS has finalized an updated lease on the Premises for an expansion of the leasable
area and for a term to run through June 30, 2028 or four (4) years and two (2) months longer than they
had originally projected in the Agreement; and
WHEREAS, BITS has requested an amendment to the Original Agreement (the "Amended
Agreement") for an additional four (4) years and two (2) months of revenue sharing; and
WHEREAS, the Village and BITS now desire to amend the Original Agreement in order to align
their respective responsibilities with the modified terms; and
WHEREAS,the Village has determined it is in the public interest to amend the Original Agreement.
NOW THEREFORE, in consideration of the promises and mutual covenants contained herein, and
pursuant to the Village's home rule powers under Section 6, Article VII of the 1970 Constitution of the
State of Illinois, the Village and BITS hereby agree to amend the Original Agreement by replacing the
appropriate sections as set forth below:
SECTION 1. INCORPORATION OF RECITALS
The above recitals and the defined terms contained therein are an integral part of the Original Agreement
and this Amended Agreement and are incorporated by reference into this Amended Agreement. This
Amended Agreement shall be interpreted in light of such recitals.
SECTION 2. AMENDMENTS TO THE ORIGINAL AGREEMENT
The Village and BITS hereby agree to amend the Original Agreement by replacing the appropriate sections
as set forth below:
I. Section 7,Term, of the Original Agreement is hereby amended in its entirety to read as follows:
The Original Agreement and this Amended Agreement shall be in full force and effect
from and after the date of execution this Amended Agreement and through June 30,
2028. The Village and BITS mutually agree that the terms of the Original Agreement and
this Amended Agreement may be extended for up to five (5) additional years from June
30, 2028, upon the sole and exclusion review and approval of the Village Manager of
Buffalo Grove provided that BITS has a current and valid lease that runs conterminous
with the Amended Agreement.
SECTION 3. RESTATED AGREEMENT
In all other respects, other than modified herein, the terms of the Original Agreement shall remain the
same and in full force and effect.
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
Village Pre d n
ATT•FST:
Village CIeN&--'
Business IT Source, Inc., an Illinois Corporation
By:
Robert Frauenheim
Its:
CEO/Principal
ATTEST:
Signature
Printed Name
Its:
ACKNOWLEDGEMENT
STATE OF ILLINOIS
SS
COUNTY OF LAKE
This instrument was acknowledged before me on , 2022 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.
j,f1 6
Signature of Notary
SEAL:
//11��1,, OFFICIAL SEAL J
My Commission expires: I9CtO&✓ /� 202�/ NOTARY PUBLIC,E BROWNSSIE STATE OILLIN0IS
My Commission Expires Oct. 16,2024 p
this Amended Agreement may be extended for up to five (5) additional years from June
30, 2028, upon the sole and exclusion review and approval of the Village Manager of
Buffalo Grove provided that BITS has a current and valid lease that runs conterminous
with the Amended Agreement.
SECTION 3. RESTATED AGREEMENT
In all other respects, other than modified herein, the terms of the Original Agreement shall remain the
same and in full force and effect.
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
By:
Village President
ATTEST:
Village Clerk
Business IT Sourcee, Inc:,an Illinois Corporation
y i
Z/
By:_
Robert Frauenheim
Its: C()
CEO/Principal
ATTEST:
Si nature
ke_vt_tkAtt wc,c,
Printed Name
Its: v\Le. [rest 9c I—I Ac.,14 �_
ACKNOWLEDGEMENT
STATE OF ILLINOIS
SS
COUNTY OF LAKE
7-4
This instrument was acknowledged before me on /o2 , 2022 by Robert
Frauenheim of Business IT Source, Inc., an Illinois Corporation
OFFICIAL SEAL
ASIYAAHMED Signature of Notary
NOTARY PUBLIC-STATE OF ILLINOIS
MY COMPASSION EXPIRES:10/23/23
SEAL:
My Commission expires: I O(.23/a 3