title
An Ordinance Authorizing Delivery of Consent to Assignment of Redevelopment Agreement (Palencia Properties LLC to DPIF4 IL 13 Pinnacle, LLC)
body
WHEREAS, the Village of Romeoville (the "Village") and Palencia Properties LLC ("Assignor") have entered into that certain Redevelopment and Financing Agreement, dated February 1, 2023 and recorded in the office of the Will County Recorder as Document No. R2023010593 (the "Redevelopment Agreement") pertaining to the development of the property described in Exhibit A hereto (the "Property");
WHEREAS, Assignor and DPIF4 IL 13 Pinnacle, LLC ("Assignee," as successor-in-interest by assignment from DPIF4 Acquisition Co LLC) have entered into that certain Agreement of Sale and Purchase, dated November 14, 2024, pertaining to Property (the "Purchase Agreement") and following the conveyance of the Property, the Assignee will be the legal owner of all the Property owned by Assignor that is subject to the Redevelopment Agreement and the Annexation Agreement recorded as Document No. R2005031589, as the same has been amended by the First, Second and Third Amendments;
WHEREAS, the Purchase Agreement provides, among other things, that Assignor will assign all rights and obligations under the Redevelopment Agreement to Assignee pursuant to an assignment and assumption agreement (the "Assignment");
WHEREAS, the Redevelopment Agreement provides that (1) the Assignor may not assign its obligations under the Redevelopment Agreement to any unaffiliated party without the Village's consent and (2) the execution of an assignment in form satisfactory to the Village;
WHEREAS, in light of the Assignee's assumption of the performance of the obligations related to the development of the Property as required by the applicable Village ordinances, the Annexation Agreement and specifically the Third Amendment to the Annexation Agreement approved by Village Ordinance No. ____________ and the Redevelopment Agreement...
Click here for full text