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Home My WebLink About8.3 A RESOLUTION IN SUPPORT OF STOTAN INDUSTRIAL LLC'S APPLICATION FOR A COOK COUNTY CLASS 6B TAX INCENTIVE FOR THE PROPERTY LOCATED AT 350 N. WOLF ROAD.Mr�GauC �'d'+rt;�iect Item Cover Page Subject•LUTION IN SUPPORT OF O INDUSTRIAL FOR •• COUNTY• PROPERTY LOCATED AT 350 N. WOLFROAD. Meeting June 21, 2022 - REGULAR MEETING OF THE MOUNT PROSPECT VILLAGE BOARD - Fiscal Impact false Dollar Amount Budget Source Category NEW BUSINESS Type Action Item Information Stotan Industrial LLC (Stotan) is the contract purchaser of 350 N. Wolf Rd. and is requesting a resolution from the Village of Mount Prospect supporting a Class 6b Tax Incentive for the Subject Property based on New Construction and Substantial Rehabilitation. The property currently consists of 30,000 square foot building and 350,000 square feet of land. Stotan intends on demolishing the current building and constructing a new 104,000 square foot industrial building on a speculative basis for lease to a suitable industrial user(s). The Village has granted several Cook County Class 6b tax incentives to attract and retain businesses. The 6b incentive reduces the assessment level for qualified manufacturing and warehouse/distribution facilities from 25% to 10% for the first 10 years, 15% for year 11 and 20% in year 12. After year 12, the assessment level returns to the full 25% for the benefitting property. The 6b incentive can also be renewed for additional 12 -year terms if supported by the Village. Stotan does not yet have a tenant for the proposed facility but plans to lease the warehouse/distribution facility to one or more industrial users. Stotan expects the project will generate around thirty-five (35) full time employees upon stabilization. They also expect the investment to result in approximately 150 temporary construction jobs. Stotan will invest over $10 million to construct the 1 warehouse facility. Staff has reviewed Stotan's application and is supportive of their request for approval of an inducement resolution in support of their application for a Cook County Class 6b tax incentive. Alternatives 1. Approve a resolution in support of Stotan Industrial LLC's application for a Cook County Class 6b tax incentive for the property located at 350 N. Wolf Rd. 2. Discretion of the Village Board. Staff Recommendation Staff recommends that the Village Board approve a resolution in support of Stotan Industrial LLC's application for a Cook County Class 6b tax incentive for the property located at 350 N. Wolf Rd. ATTACHMENTS: Res Stotan Industrial 6B.pdf 350 N. Wolf - 6b application.pdf 2 RESOLUTION NO. A RESOLUTION IN SUPPORT OF STOTAN INDUSTRIAL LLC'S APPLICATION FOR A COOK COUNTY CLASS 6B TAX INCENTIVE FOR THE PROPERTY LOCATED AT 350 N. WOLF ROAD, MOUNT PROSPECT, ILLINOIS. WHEREAS, the Village of Mount Prospect encourages community development to provide for economic growth and career opportunities; and WHEREAS, through property tax incentives offered by Cook County, various opportunities exist for industrial properties in the Village of Mount Prospect, Cook County; and WHEREAS, without the Cook County property tax incentives, the Village of Mount Prospect is at a competitive disadvantage with the neighboring counties of Lake and DuPage in attracting industrial development; and WHEREAS, Stotan Industrial LLC, has requested the Village of Mount Prospect support its application for the Class 6B Real Property Classification at 350 N. Wolf Road, Mount Prospect; and WHEREAS, the corporate authorities of the Village of Mount Prospect believe that their request is in the best interest of the economic development in the Village of Mount Prospect. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: That the Mayor and Board of Trustees of the Village of Mount Prospect do hereby support and consent to the application for the Class 613 Tax Incentive of a property tax reduction from 25% 10 10% for years 1 through 10, 15% in year 11, and 20% in year 12 from Cook County for the Property located at 350 N. Wolf Road and legally described as: LOT 1 IN WINONA SCHOOL SUBDIVISION IN THE NORTHEAST % OF SECTION 35, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO PLAT THEREOF RECORDED FEBRUARY 3, 1984 AS DOCUMENT LR3353847 (EXCEPTING THAT PART TAKEN FOR CONDEMNATION IN CASE 871-51412 DATED JUNE 16, 1988), IN COOK COUNTY, ILLINOIS PIN: 03-35-200-026-0000. SECTION TWO: That the Village of Mount Prospect supports industrial growth, increased employment and economic development and the "property" is in furtherance of this goal. SECTION THREE: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by law. Stotan 6b res 1 of 2 3 AYES: NAYS: ABSENT: PASSED and APPROVED this 21ST day of June, 2022 Paul Wm. Hoefert Mayor Karen M. Agoranos Village Clerk Stotan 6b res 2 of 2 THE LAW OFFICES OF LISrrOX & TSANTILIS A PROFESSIONAL CORPORATION 33 NORTH LASALLE STREET, 28TH FLOOR CHICAGO, ILLINOIS 60602 BRIAN P. LISTON (312) 580-1594 PETER TSANTILIS (312) 604-3808 FACSIMILE (312) 580-1592 June 1, 2022 VIA MAIL & EMAIL Bill Cooney 50 S. Emerson Street Mount Prospect, IL 60067 RE: Class 6b Eligibility Application Stotan Industrial LLC or its assignee 350 N. Wolf Road Mount Prospect, IL 60056 PIN: 03-35-200-026-0000 Dear Bill, Stotan Industrial LLC or its assignee, is the contract purchaser of the above -referenced property (the "Subject Property") and is requesting a resolution from the Village of Mount Prospect supporting and consenting to a Class 6b Tax Incentive for the Subject Property based on New Construction and Substantial Rehabilitation. The Subject Property currently consists of 30,000 square foot building and 350,000 square feet of land. Stotan Industrial LLC (the "Applicant") intends on demolishing the current building and constructing a new 104,000 square foot industrial building on a speculative basis for lease to a suitable industrial user(s). Please see the attached "Site Plan" for reference. Background of the Applicant Stotan Industrial LLC ("Stotan") is a private equity based industrial real estate acquisition and development firm. The principals and investors at Stotan collectively completed over 100 million square feet of industrial transactions valued at about approximately 25 billion. Stotan is focused on utilizing strategic relationships, deep market knowledge and extensive development experience to maximize opportunities and returns. Stotan's goal is to have deep market and brokerage relationships and to align with strategic partners in the architectural, engineering and construction fields who have executed at a prominent level on numerous projects with key principals. Stotan also strives to provide investment opportunities with land sellers and brokers and to hire the best -in -class employees who are diverse in their skill sets. Potential Occupants, Construction & Employment The Applicant does not yet have a tenant for the Subject Property but plans to lease the proposed facility to one or more industrial users. Furthermore, the Subject Property has remained vacant since December 2021 and is in need of an occupant. The Subject Property will be constructed for a warehouse/distribution type use. The proposed site plan will have approximately ninety-six (96) car parking spaces and nineteen (19) truck trailer parking stalls. Depending on the ultimate end user, the Applicant expects full time employment number around thirty-five (35) full time employees upon stabilization. As such, an estimated thirty-five (35) full time employees would produce approximately $146,194 in annual Village revenue. The Applicant also expects the improvements described below to result in approximately 150 temporary construction jobs. 5 Real Estate Tax Analysis The Applicant is currently under contract to purchase the Subject Property for $4,400,000 and intends on spending approximately $10,100,000 in hard costs to construct the new 104,000 square foot facility. After the purchase of the property and completion of the facility, the Subject Property is projected to have a market value of approximately $14,500,000, which would generate an estimated $6,276,364 in total taxes over the life of the Class 6b Tax Incentive (approximately $464,916 per year). Without the incentive and with full vacancy relief, the Subject Property would generate a total of only $4,077,915 in total taxes (approximately $339,826 per year) over the life of the incentive. Therefore, should the Class 6b Tax Incentive be approved, the Subject Property would generate an additional $2,198,449 in real estate taxes over the life of the Class 6b Tax Incentive. Please see the attached "12 Year Tax Comparison Chart" for more details. Once the facility is constructed, the Applicant plans to lease the Subject Property to one or more industrial users. As mentioned, the Applicant does not yet have a tenant for the space but based on the parking counts and similar projects, expects around thirty-five (35) full time workers to be employed at the site. All employees will be compensated in accordance with Cook County's Living Wage, and the Applicant will suggest that the Occupant will give qualified Mount Prospect residents priority when hiring. Further Economic Benefits In addition to increased property tax revenues, the eventual occupant's operations at the Subject Property will significantly benefit the Village's economy. The Occupant's employees and patrons will frequent City restaurants, gas stations, stores, and more. As mentioned above, an estimated 35 full time employees are projected to contribute an additional $146,194 per year to the Village's economy. In total, the purchase, construction and occupancy of the proposed 104,000 square foot facility will generate approximately $3,952,774 in additional revenue over the life of the incentive. "But -For" Condition Statement Without the assistance from the Class 6b Tax Incentive, the Applicant will not purchase the Subject Property nor construct the proposed facility. The Applicant has determined that the without the incentive, the heavy tax rate for this site will make the project infeasible. In the event the Subject Property will not be purchased, the land will remain vacant and unused. Based on the foregoing, the Applicant requests that the Village of Mount Prospect review its Class 6b Tax Incentive request and approve a Resolution supporting and consenting to a Class 6b Tax Incentive for the Subject Property based on New Construction and Substantial Rehabilitation. Should you need any additional documentation or have any questions or concerns, do not hesitate to contact me at (312) 604-3898 or via email at dreyes@ltlawchicago.com. Respectfully Submitted, David Reyes 6 L Ct 4- C0 COOK COUNTY AssEsSOR'S OFFICE COOK COUNTY ASSESSOR 118 NORTH CLARK STREET, CHICAGO, IL 60602 PHONE: 312.443.7550 FAX: 312.603.6584 FRITZ KAEGIp.WVWV.COOKCOUNTYASSESSOR.COM CLASS 6B ELIGIBILITY APPLICATION Carefully review the Class 6B Eligibility Bulletin before completing this Application. For assistance, please contact the Assessor's Office, Development Incentives Department (312) 603-7529. This application, a filing fee of $500.00, and supporting documentation (except drawings and surveys) must be filed as follows: This application must be filed PRIOR TO the commencement of New Construction or PRIOR TO the commencement of Substantial Rehabilitation Activities or PRIOR TO the commencement of Reoccupation of Abandoned Property, Applicant Information Name: Stotan Industrial LLC Company: Stotan Industrial Address: 9550 W. Higgins Road City: Rosemont Email: bpatterson@stotanindustrial.com Contact Person (if different th an the Applicant) Name: Bobby Patterson Company: Stotan Industrial Telephone: ( 630 800-0031 State: IL Zip Code: 60018 Telephone: (630 ) 800-0031 Address- 9550 W. Higgins Road City: Rosemont State: IL Zip Code: 60018 Email: -bpafterson@stotanindustrial.com Property Description (per PIN) If you are applying for more than three different PINS, please submit the additional PIN information in an attachment. Street Address: (1) 350 N. Wolf Road Permanent Real Estate Index Number: 03-35-200-026-0000 (2) Permanent Real Estate Index Number: (3) Permanent Real Estate Index Number: City: Mount Prospect Township: Wheeling State: IL Zip Code: 60056 Existing Class: 5-97 Attach legal description, site dimensions and square footage and building dimensions and square footage. N Identification of Person Having an Interest in the Property Attach a complete list of all owners, developers, occupants and other interested parties (including all beneficial owners of a land trust) identified by names and addresses, and the nature and extent of their interest. Industrial Use Attach a detail description of the precise nature and extent of the intended use of the subject property, specifying in the case of the multiple uses the relative percentages of each use. Include copies of materials, which explain the occupant's business, including corporate letterhead, brochures, advertising material, leases, photographs, etc. Nature of Development Indicate nature of proposed development by checking the appropriate space: X New Construction (Read and Complete Section A) X Substantial Rehabilitation (Read and Complete Section A) Incentive only applied to the market value attributable to the rehabilitation [ ] Occupation of Abandoned Property - No Special Circumstance (Read and Complete Section B) [ ] Occupation of Abandoned Property - With Special Circumstance (Read and Complete Section C) [ ] Occupation of Abandoned Property - (TEERM Supplemental Application) (Read and Complete Section C) [ ] Occupation of Abandoned Property - (CEERM Supplemental Application) (Read and Complete Section C) SECTION (NEW CONSTRUCTION/SUBSTANTIAL REHABILITATION) If the proposed development consists of New Construction or Substantial Rehabilitation, provide the following information: Estimated date of construction commencement (excluding demolition, ifany): July 2023 Estimated date of construction completion: October 2023 Site Work- September 2022 -November 2022 Attach copies of the following: 1. Specific description of the proposed New Construction or Substantial Rehabilitation 2. Current Plat of Survey for subject property 3. 151 floor plan or schematic drawings 4. Building permits, wrecking permits and occupancy pen -nits (including date of issuance) 5. Complete description of the cost and extent of the Substantial Rehabilitation or New Cw7stl-Uction (including such items as contracts, itemized statements of all direct and indirect costs, contractor's affidavits, etc) R SECTIONB (ABANDONED PROPERTY *7THNO SPECIAL CIRCUMSTANCE If the proposed development consists of the reoccupation of abandoned property, purchased for value, complete (1) and (2) below: 1. Was the subject property vacant and unused for at least 24 continuous months prior to the purchase for value? [ ]YES [ ]NO When and by whom was the subject property last occupied prior to the purchase for value? Attach copies of the following documents: (a) Sworn statements from person having personal knowledge attesting to the fact and the duration of vacancy and abandonment (b) Information (such as statements of utility companies) which demonstrate that the property was vacant and unused and indicate duration of such vacancy 2. Application must be made to the Assessor prior to occupation: Estimated date of reoccupation: Date of Purchase: Name of purchaser: Name of seller: Relationship of purchaser to seller: Attach copies of the following documents: (a) Sale Contract (b) Closing Statement (c) Recorded Deed (d) Assignment of Beneficial Interest (e) Real Estate Transfer Declaration o� SECTION C (SPECIAL CIRCUMSTANCES) If the applicant is seeking special circumstances to establish that the property was abandoned for purposes of the Incentive where there was a purchase for value, but the period of abandonment prior to purchase was less than 24 months, complete section (1). If the applicant is seeking special circumstances to establish that the property was abandoned for purposes of the Incentive where there was no purchase for value, but the period of abandonment prior to the application 24 continuous months or greater, complete section (2). If the applicant is seeking special circumstances to establish that the property was abandoned for purposes of the Incentive where there was no purchase for value, but the period of abandonment prior to the application was greater than 12 continuous months and less than 24 continuous month, complete section (2) and the TEERM Supplemental Application. If the applicant is seeking special circumstances to establish that the property was abandoned for purposes of the Incentive where there was no purchase for value, but the period of abandonment prior to the application was greater than 3 continuous months and applicant will create or maintain at least 250 jobs for employees at the subject location, complete section (2) and the CEERM Supplemental Application. I . How long was the period of abandonment prior to the purchase for value? When and by whom was the subject property last occupied prior to the purchase for value? Attach copies of the following documents: (a) Sworn statements from persons having personal knowledge attesting to the fact and the duration of the vacancy and abandonment (b) Information (such as statements of utility companies) which demonstrate that the property was vacant and unused and indicate duration of vacancy (c) Include the finding of special circumstances supporting "abandonment" as determined by the municipality, or the County Board, if located in an unincorporated area. Also include the ordinance or resolution from the Board of Commissioners of Cook County stating its approval for less than 24 -month abandonment period Application must be made to the Assessor prior to the commencement of reoccupation of the abandoned property. Estimated date of Reoccupation: Date of purchase: Name of purchaser: Name of seller: Relationship of purchaser to seller: Attach copies of the following documents: (a) Sale Contract (b) Closing Statement (c) Recorded Deed (d) Assignment of Beneficial Interest (e) Real Estate Transfer Declaration 2. How long has the subject property been unused? [ ] 24 or greater continuous months (Eligible for Special Circumstance) 12 continuous months but less than 24 continuous months (Eligible for Special Circumstance under• TEERM) - Complete TEERM Supplemental Application 3 continuous months and maintain/create 250 employee jobs (Eligible for Special Circumstance under CEERM) - Complete CEERM Supplemental Application Not Eligible for Special Circumstance if No purchase and less than 12 continuous months vacant, or not a CEERM When and by whom was the subject property last occupied prior to the filing of this application? Attach copies of the following documents: (a) Sworn statements from persons having personal knowledge attesting to the fact and the duration of the vacancy and abandonment (b) Information (such as statements of utility companies) which demonstrate that the property was vacant and unused and indicate duration of vacancy (c) Include the funding of special circumstances supporting "abandonment" as determined by the municipality, or the County Board, if located in an unincorporated area. Also include the ordinance or resolution from the Board of Commissioners of Cook County stating its approval for lack of a purchase for value. Application must be made to Assessor prior to the commencement of reoccupation of the abandoned property. Estimated date of reoccupation: TEERM SUPPLEMENTAL APPLICATION (This form will ONLY be utilized for applicants who specifically elect for TEERM) 772is supplemental eligibility application isfor properties that have been abandoned (due to special circumstances) for at least 12 continuous months and less than 24 continuous months with no purchase taking place. Under the TEERM Program, qualifying industrial real estate would be eligible for the Class 6B level of assessment fr-om the date ofsubstantial re -occupancy ofthe abandoned property. Properties receiving Class 6B will be assessed at 10% of market value for the first 10 years, 15% in the I1 th year and 20% in the 12th year. The terms of this program are Not Renewable. I applicant/representative hereby specifically elect to submit this Supplemental Application for the TEERM program. Further affiant sayeth not. Agent's Signature Agent's Mailing Address Applicant's Name Applicant's e-mail address Subscribed and sworn before me this - day of Signature of Notary Public Agent's Name & Title Agent's Telephone Number Applicant's Mailing Address 20 £� CEERM SUPPLEMENTAL APPLICATION (This form will ONLY be utilized for applicants who specifically elect for CEERM) This supplemental eligibility application is forproperties that have been abandoned (due to special circumstances) where there has been no purchase for value and the buildings and other structures have been vacant and unused for at least three continuous months and applicant has provided sufficient documentation to establish that such applicant will create or maintain at least 250 jobs far employees at the subject location. The CEERM Program shall be limited to the party who is the initial applicant of the Class 6B Incentive under the CEERM Program and the subject of lire municipal Resolution or Ordinance. Under the CEERMProgram, qualifying industrial real estate would be eligible for the Class 6B level ofassessment fi-om the date of substantial re -occupancy of the abandoned property. Properties receiving the Class 6B will be assessed at 10% of market value for the first 10 years, 15% in the 11th year and 20% in the 12th year. The terms of this program are Not Renewable. I applicant/representative hereby specifically elect to submit this Supplemental Application for the CEERM program. Further affiant sayeth not. Agent's Signature Agent's Mailing Address Applicant's Name Applicant's e-mail address Subscribed and sworn before me this Signature of Notary Public Agent's Name & Title Agent's Telephone Number Applicant's Mailing Address day of , 20 17 � EMPLOYMENT OPPORTUNITIES How many construction jobs will be created or maintained as a result of this development? 150 Construction jobs How many new permanent full-time and part-time employees do you now employ in Cook County? Full-time: 35 Part-time: N/A How many new permanent part-time jobs will be created as a result of this proposed development? 35 How many new permanent full-time jobs will be created as a result of this proposed development? N/A LOCAL APPROVAL A certified copy of a resolution or ordinance from the municipality in which the real estate is located (Or the County Board, if the real estate is located in an unincorporated area) should accompany this Application. The ordinance or resolution must expressly state that the municipality supports and consents to this Class 6B Application and that it finds Class 6B necessary for development to occur on the subject property. If a resolution is unavailable at the time the application is filed, a letter from the municipality or the County Board, as the case may be, stating that a resolution or ordinance supporting the incentive has been requested may be filed with this application instead. If the applicant is seeking to apply based on the reoccupation of abandoned property and will be seeking a finding of "special circumstances" from the municipality, in addition to obtaining a letter from the municipality confirming that a resolution or ordinance supporting the incentive has been requested, the applicant must file a letter from the County Board confirming that a resolution validating a municipal finding of special circumstances has been requested. If, at a later date, the municipality or the County Board denies the applicant's request for a resolution or ordinance, the applicant will be deemed ineligible for the Class 6B incentive, whether or not construction has begun. In all circumstances, the resolution must be submitted by the time the applicant files an "Incentive Appeal". 1, the undersigned, certify that I have read this Application and that the statements set forth in this Application and in the attachments hereto are true and correct, except as those matters stated to be on information and belief and as to such matters the undersigned certifies that he/she believes the same to be true. 44?,74- Signature fl000- fio Print Name EDS AFFIDAVIT 1, _ ,41 / 0 as agent for Stotan Industrial LLC (the "Applicant") do hereby certify that it would attest to the following facts as required by Sections 74-46 and 74-62 through 74- 73 of the Cook County Code if called to testify: 1. That I am a duly authorized agent for Applicant, who is the contract purchaser of the property located at located at 350 North Wolf Road, Mount Prospect IL, 60056 (PIN: 03-35-200-026-0000) (the "Subject Property"). 3 -Applicant does not own any other property in Cook County. 2. Applicant's ownership is as follows: Stotan Industrial LLC 9550 W. Higgins Road Suite 910 Rosemont, IL 60018 Jeffrey B. Devine: 12.5% Ownership Steve Disse: 12.5% Ownership Brian Kling: 12.5% ownership Frederick Regnery: 12.5% ownership Thomas Rodeno: 12.5% ownership Matthew Stauber: 12.5% ownership Daniel Fogarty: 12.5% ownership Jim McGill: 12.5% ownership 4. To my knowledge and after reviewing the Applicant's records, Applicant is not delinquent in the payment of any property taxes administered by Cook County or by a local municipality. Further Affiant Sayeth Not Dates�� Subscribed and sworn before me S - This day of ___......_, 202X Signature of Notary Public CAROLINE ATOUT Official Seal Notary Public - State of Illinois My Commission Expires Aug 24. 2025 15 VACANCY AFFIDAVIT n„ ......�,� t,„ ("Affiant") of Comcast Cable Communications Management, LLC, a Delaware limited liability company, as successor -by -merger to Comcast ABB Management, LLC, as successor -by -conversion to Comcast ABB Management Corporation ("Company"), to Affiant's actual and current knowledge, state as follows: 1. That Affiant is an authorized representative of Company. Company is the contract seller of the property located at 350 North Wolf Road, Mount Prospect Illinois, 60056 (PIN: 03-35-200-026-0000) ("Subject Property"). 2. In November 2021, the original occupant moved from the Subject Property. In December 2021, the original occupant decommissioned its activities at the Subject Property. 4. Since said dates, the Subject Property has been non -operational and unused. 5. As of the date noted below, the Subject Property remains vacant and unused. Further Affiant Sayeth Not • 16��' � �� ,�� not personally but olely as e Comcast Cable ° mmun� — of ications Management, LLC, a Delaware limited liability company Date:.....�� 2. z- w State of- County of lTe u..._ .. .................w .mm .......... Subscribed and sworn before me Thisday o'°.M ........:,..-_.� 2022 i ure ' to i alit of Pennsylvania - Notary Seal LORI A. KLM", Notary PWic PhHedelphla County ixy C"nlsslon Expires December 31, 2023 Commission Number 1066637 16 Legal Description, Site and Building Square Footage 350 N. Wolf Road Mount Prospect, IL 60056 PIN: 03-35-200-026-0000 The Subject Property currently consists of 30,000 square foot building and 350,000 square feet of land. Stotan Industrial LLC (the "Applicant") intends on demolishing the current building and constructing a new 104,000 square foot industrial building on a speculative basis for lease to a suitable industrial user(s). Please see the attached "Site Plan" for reference. The Applicant does not yet have a tenant for the Subject Property but plans to lease the proposed facility to one or more industrial users. The Subject Property will be constructed for a warehouse/distribution type use with parking spaces for ninety-six (96) employees. The Applicant is currently under contract to purchase the Subject Property for $4,400,000 and intends on spending approximately $10,100,000 in hard costs to construct the new 104,000 square foot facility. Attached hereto please find: • Legal description • Aerial of Subject Property • Street View of the Subject Property 17 8� Legal Description 350 N Wolf Road, Mount Prospect Illinois, 60056 03-35-200-026-0000 LOT 1 IN WINONA SCHOOL SUBDIVISION IN THE NORTHEAST 1/4 OF SECTION 35, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO PLAT THEREOF RECORDED FEBRUARY 3, 1984 AS DOCUMENT LR3353847 (EXCEPTING THAT PART TAKEN FOR CONDEMNATION IN CASE 87L51412 DATED JUNE 16, 1988), IN COOK COUNTY ILLINOIS. 6L LL m LL K -j Y Y cn cn W 9 9 N Q U U ON t� o U H O O O M �n o U) o ap P m M N W N c O +1 +I rY O LL z Y ° Fn yy+ Z Q d Y d W Z0 4 aawMUIXE- c� Z J Ir u> m Z ...v q W D UL a.Q Z Q Y Q Q. ~a J w � z O W Z S J d 0 O a LLI w o a u w W a a O 0 f- W M Q Q' X n d' J W Y v 0 G to U H W LL O U � Q a /rr / /r 0, / ' i% r Ji / J r _.... ....w....- .. __--------------- 'I- mm AIOM . , --------------.. 777 "Ni9Altia ,,,,... it ""b'b' i, ?^j rr, Jnr sJ�%�/fir y r ✓ ��/ m �/ .5Z L %� ion yi se Ol /% s y D O W / ° " LL "" ✓ 1 r �/, / z N / 61 �� in�i iiirm , ... r �� /r /. / U J �I V Nil /%ii/jp, Vt �"�'" — d I g/w, i ' 4 r i w 1p � � "'�/� J I�i owl " rr i /r i/%/ r/ /r /G;✓K.,r/ fir/ //// / / ow's /t ri „ ,,,, ,,, �eiw„ IN NO IR OPPINK „ o///O//////r%/,2 / i Jn��/ %J//// j r i/iii/ rr %iO w� 010111 oz VICINITY MAP IANF LEGEND ABIR.IIAIZI V, 'M Z 111M= LEGEND GRAPHIC SCALE ALTA/NSPS LAND TITLE AND TOPOGRAPHIC SURVEY ARIA SU - MM -A R-7 LEGAL DESCRIPTION 1 owes) - I 6 RR 1 �ie-11 n IM -.16 .R=2RuRl,R �R'l lr �R fl 0015-56-w(m) 7 M _.... 6102'(0%M I II N00IS'56,w(m) II 40 "Jo 41 LOT I q WINONA SCHOOL SB ?DN tll In V ............. . . .. ... 1-- ........... ................................. . .... --------- . ....... . ...... .. .... ............ 1________............ ......... .. . LOWDEN LANE NOTES SCHEDULE B EXCEPTIONS RRun D 0. T ("N SURMOR'S CERTIFICA rION una y CS—v mo 'w, oo�l dx —1.1 IAIUR -R_ IlAl I W-11,111 MIT, iwx z Al 11jun II 11— -A- Zff e- ll—Ml"ll Iwo col A PASS 11 fRd UTILITY llA E11CINIj. Q SD RVIVING LTD Kimleyo HOT 7 ........................ . .......... ............... . ................ . ..... C: �z II I GRAPHIC SCALE ALTA/NSPS LAND TITLE AND TOPOGRAPHIC SURVEY wa I x '7777— ry /p kl4\ ti x. /v ur .1 ✓ r or 1 D I � s wsr F Se ,. II tMdR. ° W 44 8 ti Q SURVEYING LTD �,�,WOIf " KimM; ley)NHorn ma a.roa �l }q I ^�y ur I Y' M, 1 t Cr1 1 k t I _ _ M 4ir I((Y Y_,y..v w ?. W,...y,.,rk.....r, y „y -.y yy'Y 8 ti Q SURVEYING LTD �,�,WOIf " KimM; ley)NHorn ma a.roa LTII.ITV STA fMNTCOMP4SS ^�y CaOe ng. cenrwc SCALE ALTA/NSPS LAND TITLE AND TOPOGRAPHIC SURVEY e ~ In w IkS f ;Y an'.e .. .0 100 _ i 1 q r N . „ ,✓" - aha,'" a �1 - "�� I '., .� � t Y' r k A aw r "� ,Qu 1 S r �.. ?' x.., _ — .ay9YG4„jy w.n� e ��`V 4� S. '�B •+"'"gib 4X ,.''x. Wit'' O afar- Y lJr .o rf rg"y'. co r }I. b � urvru�, G /✓`/ � � 0 � l ) y� �J p >X � I i w I I A I M a° r' W'f A. .. ..w ._.......u,........,,,,.._,w., .....,,. .,,,, ...... �•n sif °-` `— n ---- --- n e r COMPASS= W x Hom e+ DTIIITYTATFAIFNT C:) EYING LTD SU2Vumley» cz \�\�k+k»\�\7 Ira U.. .J:: (X 0 Rz 1 z \�\�k+k»\�\7 17z 9z Identification of Persons Having an Interest in the Property 350 N. Wolf Road Mount Prospect, IL 60056 PIN: 03-35-200-026-0000 Applicant: Stotan Industrial LLC or its assignee Stotan Industrial LLC 350 N. Wolf Road Mount Prospect, IL 60056 Jeffrey B. Devine: 12.5% Ownership Steve Disse: 12.5% Ownership Brian Kling: 12.5% ownership Frederick Regnery: 12.5% ownership Thomas Rodeno: 12.5% ownership Matthew Stauber: 12.5% ownership Daniel Fogarty: 12.5% ownership Jim McGill: 12.5% ownership Occupant: The Applicant does not yet have a tenant for the Subject Property, but plans to lease the proposed facility to one or more industrial users. The Subject Property will be constructed for a warehouse/distribution type use. 26 LZ Delaware Page 1 The First State I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF FORMATION OF "STOTAN INDUSTRIAL LLC', FILED IN THIS OFFICE ON THE SEVENTH DAY OF MAY, A.D. 2021, AT 1:45 O'CLOCK P.M. 5901381 8100 SR# 20211653920 You may verify this certificate online at corp.delaware.gov/authver.shtml Jo svy w awl=*, smwy .1 Ste, Authentication: 203157569 Date: 05-07-21 8Z CERTIFICATE OF FORMATION OF STOTAN INDUSTRIAL LLC 1. The name of the limited liability company is Stotan Industrial LLC. 2. The address of its registered office in the State of Delaware is: 850 New Burton Road, Suite 201, Dover, Delaware 19904, The name of its registered agent at such address is Cogency Global Inc.. IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation of Stotan Industrial LLC this 7h day of May, 2021, 900500.005815 4824-1899-2104,1 /s/ Andrea S. Todorovic Andrea S. Todorovic, Organizer State of Delaware Secretary of State Dhislon of Corporations Delivered 01:45 P.1105107/2021 FILED 01:45 8105/07/2021 SR 20211653920 - FileNumber 5901381 Industrial Use: 350 N. Wolf Road Mount Prospect, IL 60056 PIN: 03-35-200-026-0000 The Subject Property currently consists of 30,000 square foot building and 350,000 square feet of land. Stotan Industrial LLC (the "Applicant") intends on demolishing the current building and constructing a new 104,000 square foot industrial building on a speculative basis for lease to a suitable industrial user(s). Please see the attached "Site Plan" for reference. Stotan Industrial LLC ("Stotan") is a private equity based industrial real estate acquisition and development firm. The principals and investors at Stotan collectively completed over 100 million square feet of industrial transactions valued at about approximately 25 billion. Stotan is focused on utilizing strategic relationships, deep market knowledge and extensive development experience to maximize opportunities and returns. Stotan's goal is to have deep market and brokerage relationships and to align with strategic partners in the architectural, engineering and construction fields who have executed at a prominent level on numerous projects with key principals. Stotan also strives to provide investment opportunities with land sellers and brokers and to hire the best -in -class employees who are diverse in their skill sets. The Applicant does not yet have a tenant for the Subject Property but plans to lease the proposed facility to one or more industrial users. The Subject Property will be constructed for a warehouse/distribution type use. The proposed site plan will have approximately ninety-six (96) car parking spaces and nineteen (19) truck trailer parking stalls. Depending on the ultimate end user, the Applicant expects full time employment number around thirty-five (35) full time employees upon stabilization. As such, an estimated thirty-five (35) full time employees would produce approximately $146,194 in annual Village revenue. The Applicant also expects the improvements described below to result in approximately 150 temporary construction jobs. Reg Employment Opportunities 350 N. Wolf Road Mount Prospect, IL 60056 PIN: 03-35-200-026-0000 The Subject Property currently consists of 30,000 square foot building and 350,000 square feet of land. Stotan Industrial LLC (the "Applicant") intends on demolishing the current building and constructing a new 104,000 square foot industrial building on a speculative basis for lease to a suitable industrial user(s). Please see the attached "Site Plan" for reference. The Applicant does not yet have a tenant for the Subject Property but plans to lease the proposed facility to one or more industrial users. The Subject Property will be constructed for a warehouse/distribution type use. The proposed site plan will have approximately ninety-six (96) car parking spaces and nineteen (19) truck trailer parking stalls. Depending on the ultimate end user, the Applicant expects full time employment number around thirty-five (35) full time employees upon stabilization. As such, an estimated thirty-five (35) full time employees would produce approximately $146,194 in annual Village revenue. The Applicant also expects the improvements described below to result in approximately 150 temporary construction jobs. In addition to increased property tax revenues, the eventual occupant's operations at the Subject Property will significantly benefit the Village's economy. The Occupant's employees and patrons will frequent City restaurants, gas stations, stores, and more. As mentioned above, an estimated 35 full time employees are projected to contribute an additional $146,194 per year to the Village's economy. In total, the purchase, construction and occupancy of the proposed 104,000 square foot facility will generate approximately $3,952,774 in additional revenue over the life of the incentive. RT11 b£ Purchase Emp. % Exp./Week Weeks Total Lunch 35 55% $55 50 — $52,181 Grocery 35 30% $50 50 $25,875 Consumer Goods 35 25% $35 50 $15,094 Entertainment 35 15% $55 50 $14,231 Auto -Gas 35 75% $30 50 $38,813 TOTAL $146,194 TOTAL OVER 5 YEARS: $1,754,325 Potential Growth & Property Improvements. 350 N. Wolf Road Mount Prospect, IL 60056 PIN: 03-35-200-026-0000 Stotan Industrial LLC or its assignee, is the contract purchaser of the above -referenced property (the "Subject Property") and is requesting a resolution from the Village of Mount Prospect supporting and consenting to a Class 6b Tax Incentive for the Subject Property based on New Construction and Substantial Rehabilitation. The Subject Property will be constructed for a warehouse/distribution type use with parking spaces for ninety-six (96) employees. The applicant intends on spending approximately $10,100,000 in hard costs to construct the new 104,000 square foot facility. After the purchase of the property and completion of the facility, the Subject Property is projected to have a market value of approximately $14,500,000, which would generate an estimated $6,276,364 in total taxes over the life of the Class 6b Tax Incentive (approximately $464,916 per year). Without the incentive and with full vacancy relief, the Subject Property would generate a total of only $4,077,915 in total taxes (approximately $339,826 per year) over the life of the incentive. Therefore, should the Class 6b Tax Incentive be approved, the Subject Property would generate an additional $2,198,449 in real estate taxes over the life of the Class 6b Tax Incentive. Please see the attached "12 Year Tax Comparison Chart" for more details. Once the facility is constructed, the Applicant plans to lease the Subject Property to one or more industrial users. As mentioned, the Applicant does not yet have a tenant for the space but based on the parking counts and similar projects, expects around thirty-five (35) full time workers to be employed at the site. All employees will be compensated in accordance with Cook County's Living Wage, and the Applicant will suggest that the Occupant will give qualified Mount Prospect residents priority when hiring. In addition to increased property tax revenues, the eventual occupant's operations at the Subject Property will significantly benefit the Village's economy. The Occupant's employees and patrons will frequent City restaurants, gas stations, stores, and more. As mentioned above, an estimated 35 full time employees are projected to contribute an additional $146,194 per year to the Village's economy. In total, the purchase, construction and occupancy of the proposed 104,000 square foot facility will generate approximately $3,952,774 in additional revenue over the life of the incentive. Kia N O CD m o0 Maoo @ (D co J N •N of _ W mQo ~ Z O` m } L O N � d V � E A a a a a a a a a a a a m " m _ U r N C 3, O 'z e5 e m R � N a > - � g m x n sd E - w Ww E> r .. E A a a a a a a a a a a tao o d E wQ3 � g o d O N 3 N _ �o �o � � a v m y - _ _ _ N E r W - RTC] 350 WOLF RD — 10ouT. PROSPEcr REAPPI-JICATION . . ... . ..... TABLE OF CONTENTS: • Comments • Site Plan • Preliminary Engineering • Landscaping Plan • Elevations • Photometrics • Engineering - Traffic • Letter to Residents "I' l.. AN I L.0 LC o < U U 0C'4 0 0 0 Cl) C) LC) c6 V, +1 M w z Y 0 0 0 a 0 Y 0 w W F - +1w :w z > w 0 0 X F- 0 W P z z 2 w 9 a w w w W _j W D > W Q x U)QM0rWLLQQ W NO f N N�z /j i ME �M 'Af ---------- Alom - - ------------- I /0"' R, LU fv 3, L f > 0 NI-3AIU0 . ...... ..... . 'W, —X" 711P 77 ""S mp, g am /7 m PR/ 1111N, rl A SIA, 'A /N 9/0 MIN IN C}] COMMENTS BE April 11, 2022 Village of Mount Prospect Mr. Connor Harmon 50 S. Emerson St Mt. Prospect, IL 60056 RE: Stotan Industrial 350 N. Wolf Road PZ -07-22 Zoning Map Amendment Dear Mr. Harmon: In accordance with your review comments letter dated 3/29/22, the following are the reviewers comments along with the responses from our design consultants: Comment Res rise By: Response PlanninDivision: g 1. Please identify the sought after use, or typical uses associated with your type The sought after use is "Warehouse, Distribution and Storage Facilities!'. We of development. Adjacent neighbors and residents are expected to pose this anticipate building a light industrial building which potential industrial tenants question, and staff (and the Petitioner) should be on the same page with what Stotan will utilize for local distribution and/or fight assemblage. This will not be a bulk is expected from a use perspective (refer to Section 14.604 for a complete list distribution facility and primary traffic going in and out of the sites will likely of permitted land uses in the 1-1 Limited Industrial zoning district). be vehicular traffic and single unit truck/van traffic for distribution. There will be minimal semi -truck traffic generated by our project. 2. Please submit the original zoning request application and affidavit of ownership. This Rem is required for a complete submittal. Stotan Waiting on Comcast to provide. Salt it'll be here today or early next week, 3. Keep in mind that all businesses, servicing or processing, shall be conducted All businesses shall be conducted within completely enclosed buildings. The within completely enclosed buildings within the 1-1 zoning district. Additionally, Stotan trailer storage on the north end of the property does not need a zoning all storage of materials shall be within completely enclosed buildings. variance per prior conversation with the Village as materials would be completely enclosed if stored within trailers. Stotan has reserved a meeting room at the Mount Prospect Park District's 4. Provide further clarity on your potential neighborhood meeting and/or St Stotan facility at 420 Dempster Street on Tuesday, April 26th from 6:30 PM to 7:30 PM. Our attached letter to residents includes an invitation to the meeting mailing. Staff would like to be involved in any such event. where we will have an open dialogue with residents surrounding our project. Stotan welcomes the Village to participate in the meeting however it may see fit 5. Plat of Survey: a. The plat of survey shows several existing easements. Part of the proposed development occupies existing easement labeled under In working with the survey team, it appears that pavement can be placed in schedule B exceptions number 5 along the western property line, The Kimley Horn the area of the existing easement. Additional easement information has parking lot may need to be moved out of this easement, pending been provided as part of this submittal. discussion. ,a.1 The pwk�ng lopavernent may rernain in t eaSeMent on aie western propedy fine, however staff wmifd 4ke the light par,, es rnoved oO Of the Kornacki & Light poles shown in the photometric have been moved outside of the easement, as civl di lav show your waw e service and an 84" SesW Assoc existing 10' easement along the western property line, innan m?hm thal addiflonal 10EN3SEMIerlt on the wesieirn rxopeity line. 6. Site Plan: a. The parking layout on the site plan does not correspond to Sheet C3.0'- in the Preliminary Engineering drawings. C3.0 appears to be more Kimley Horn Plans have been updated to reflect the latest site design, between the accurate. architectural set and civil engineering set. b. It would be helpful to know where the building entrance(s) is proposed. Harris Arch Entrances denoted on updated site plan by Harris Architects c. Provide an area for a trash enclosure. If the enclosure will be part of A trash enclosure is proposed outside of the building, in the truck area on the interior buildout, this will be a conditional of approval that a trash Kimley Horn the north side of the site. The enclosure was placed on the north side of the enclosure(s) is required. d. For the property line that directly abuts residential, a fence shall be site to avoid the residential area to the south. erected along the property line. In addition, the fence shall be not less than eight feet (8) from the property line. In addition to the fence, a Fencing has been added along the southern property line, to provide some continuous evergreen or dense deciduous hedge three feet (T) in height screening between the subject parcel and the residential parcels to the and planted two and one-half feet (21/2') on center, shall be planted on the Kimley Horn south. Please note that there is a dense exisitng treeline with plant outside of the fence, facing the abutting residential zoning district, along undergrowth to provide additional screening between the residential parcel the entire length of the fence. This transitional landscape area shall be and subject parcel. maintained and kept free of weeds, e. A fence around the perimeter of the site where feasible is preferred by Noted. Fence will be added along the southern property line as noted above. staff as well. Kimley Horn As the project moves into final design, other areas will be investigated for f. Specify if the drive aisle along the western property line is one or two potential fence installation. way traffic. If two way, minimum width of the drive aisle shall be 24'. In addition, provide a circulation plan for truck traffic as it relates to The fire lane along the west side of the building is sized at 20' wide and is egress/ingress and circulation around the site. Will trucks be able to Kimley Horn only intended for emergencies only. Striping and signage is proposed near access all areas of the site? What signage will be used to deter trucks, if the northwest corner of the building to deter trucks from entering this drive applicable? Staff prefers to have the trucks be isolated on the northern lane. portion of the site. I R45 THOWM RV waulgloa, u WAw)fff - an) 282128Q ME,Jev ", 6£ Comment Res nse By: Response g. Per Section 14.2206.E.3, ingress/egress drive aisles shall have a thirty foot (30) radii on returns. Concrete islands abutting ninety degree (90°) Kimley Horn Curb radii have been revised to show a minimum dimension of 5'. However, parking stalls shall have a five foot (5') radii on returns. Staff notes the site radii for entrances will need to be coordinated with IDOT. Ian shows only 20' and 3' radii in multi le instances. 7. Elevations: a. Provide the building height and building materials in the elevation Harris Arch The two Main Entrances are indicated on the Harris Site Plan 8. Landscape Plan (note these comments can be addressed during permit submittal but keep in mind the landscape plan needs to meet code): a. Per Section 14.2304.B.2, 50% of shrubs shall be deciduous and 50% shall be evergreen. Revise the planting schedule to discern between Wingren shade, ornamental and evergreen trees, and between evergreen and Landscape Updated deciduous shrubs. b. Per Section 14.2304.C.4 and C,5, except areas occupied by planting beds, all landscaping areas located in the front side yards shall be Wingren sodded, and all landscaping areas located in the interior side or rear Landscape Sod is indicated in front, side and rear yards yards shall be so ded or seeded, respectively. c. As previously discussed, landscape islands must be installed every 17 parking spaces in a parking row, and must be installed at the end of each row. Planting materials shall consist of one shade tree shall be provided for every one hundred twenty (120) square feet of area in a landscape Wingren mese have been added planting island. There shall be at least fifty percent (50%) live coverage. Landscape p Live coverage shall consist of a mixture of planting material, including everareens. shrubs,andperennials, d. Along the property line that abuts residential, shade trees shall be provided at the equivalent of fifty feet (50') apart along the abutting lot line, and other planting material, including ornamental trees, evergreens, shrubbery, hedges, and/or other live planting materials shall be provided Wingren have been added at intermittent locations, covering at least seventy five percent (75%) of LandscapeThese the linear frontage. Please make the landscaping changes along the southern property liner to anylihearina. e. Consider adding more permanent landscape screening along the side of the semi- trailer parking to shield these vehicles from view, Wi ngren Additional trees and plantings have been added along the trailer parking Particularly for the sin le-familyresidential homes across Wolf Road.east Landscape areas f. A Tree Preservation Plan and Tree Removal Permit will be required. Wingren Provided Landscape g. An irrigation plan will be required as part of the building permit process. Stotan If an irrigation system will be installed, this will be included in the permit set 9. Photometric Plan (note these comments can be addressed during permit submittal but keep in mind the photometric plan needs to meet code): a. Revise the Lighting Analysis Notes box so that the maximum foot- candles at property line for residential is 0.1 FC for single-family Karnacki & Table an Sht E2 has been updated residential not 0.2 FC), Assoc b. All proposed light poles in a parking lot shall be protected from vehicles Harris Arch/ —by curbed Iandsca a islands. Kornacki Light poles have been relocated and are now in landscape islands Public Works Department: 1. Regarding the Site Plans: a. Show the limits of the floodplain on all plan sheets. Kimley Horn Floodplain limits have been added to all plan sheets. b. Indicate the preliminary overland flood routing. Kimley Horn Overland flood routing has been added on the arading sheet (C4.0). c. Modify the stormwater detention facilities to discharge at a single Looking at existing drainage patters, the site drains to inlets placed within the point to Feehanville Ditch instead of two connections to the existing storm parking lot and outflow to the existing 78" pipe at the northwest corner of the sewer along the west side of the site. Provide a means to dissipate Kimley Horn site. The proposed drainage design follows this drainage pattern, by directing flows north and south of the building to this 78" pipe. This outlet velocity/prevent erosion. point also avoids the chance of settlement and erosion caused by a new storm outlet and trench in the Feehanville Ditch area. 2. Regarding the Traffic Im act Studv: a. Correct the jurisdiction of Wolf Road to be the Village of Mount Prospect, and the jurisdiction of Longford Drive to be the City of DesrKLOAKLOA tocorrect report. Plaines.b. Indicate the minimum parking requirements and the total parkingWarehouse Required Parking: 1 Space per 1,500 sf of gross floor area. Our proposed. site must have 67 parking spaces. Our last plan proposed 101 parking c. Provide turning movement exhibits for trucks entering &exiting the spaces.. To be ad'usteder new Dian with pffking islands. north drivewa . KLOA Turning movements shown on civil drawings d. Indicate the maximum queue length expected for the northbound left KLOA KLOA conducting traffic counts 4/8. Should have answer to use early next turn lane at the north drivewa . week. 3. Additional site comments to be addressed prior to issuing Building Permit: a. Why is the existing storm sewer in the northwest corner of the site to remain? Water draining thru this pipe would bypass the stormwater Kimley Horn The existing storm structure at the northwest corner of the site is now detentions stem. proposed to be removed. b. Sheet C2.0 notes the existing water structure near the south driveway to remain; the existingvalve must be re laced. Kimley Horn The existing water valve at the southeast corner of the site is now proposed C. Show the sidewalks to be installed thru the new driveways on all to be removed and replaced with a new valve vault. Concrete sidewalks through the proposed driveways have been to sheets. Kimley Horn added the ro osed scope. I44 n R@ onflnm' m Ban&°o?tl n, n o'm e •. obv 2i % 12p)I[P'sv ° (' d'AH"1Pdw" unil111u1"u tin 017 Comment Res rise By: Response d. Show STOP signs and striping at both driveway on Sheet C3.0. Kimlev Horn Stop signs and 24" stoD bars have been added to the site plan. e. Show the existing sidewalk to remain on Sheet C5.0. Kimley Horn The existing sidewalk along Wolf road has been added back to the plans on be provided around the perimeter of the building at a maximum of three sheet C5.0. f. Identify the new streetlight location north of the north driveway. Note: Kimley Horn A callout for the relocated light pole has been added to the plans. The new The streetlight may not be moved more than 15' from its existing location. streetlight is currently proposed to shift 13' north. Q. Show the new fire hydrant location near the north driveway. Kimlev Horn A replacement hydrant is now shown on sheet C5.0. h. The sanitary service is noted to be 2" diameter on Sheet C5.0. if this intended to be a forcemain, note to pump station. If not, correct the Kimley Horn The 2" sanitary Zine has been revised to show an 8" sanitary line. This service to be 8" diameter. service will flow by gravity, not a force main. i. Correct the Concrete Sidewalk section on Sheet C6.0; welded wire fabric is not permitted within the public right of way. Kimley Horn WWF has been removed from the sidewalk detail shown on C6.0. j. Use the Village standard Trench Section and Fire Hydrant details, and KimleHorn Village of Mount Prospect details have been added to the construction delete the Typical Valve Settingy and Box detail. details sheet. k. Sheet C6.5 includes a detail for an underground vault for volumeDiscussions control. Has the Seasonally High Groundwater Level be determined? with the geotechnical are currently ongoing. The groundwater The site is adjacent to Feehanville Ditch, and partially located within the Kimley Horn elevation observed from the geotechnical report was assumed to be an floodplain. It is likely that the seasonally high water level is high, and may average across the site. We are working to calculate a more acurate impact the volume control and detention storage desi ns. reading in the area of the northern underground detention. I. Delete the new trees shown to be planted in the parkway on Sheet L1. The applicant shall pay fees as part of the Building Permit for trees to be Wingren Landscape Propsed new parkway trees have been removed selected & planted b the Village, m. Correct Sheet L1 to specify that all disturbed areas within the public Wingren right of wayshall be restored with topsoil & sod. Landscape Note has been added ,BuildingDivision: 1. The existing property is underutilized and is one of the few business center properties that does not have access to the internal business center roadways. No comment The increase in trucks to the property will not affect the internal road structure. 2. If this project is approved for zoning, the building permit application will need to meet the requirements of the newly adopted 2021 IGC Codes and 2020 National Electric Code and all the local amendments. This appears to be a typical tilt up precast panel building, so staff is very familiar with the construction Ok type. The building permit submittal will need to have a full building 1code/plannina analysisom t d and included in the drawim set, Fire Department: 1. For entitlements lease address the followin : a. Additional fire hydrants may be required for this project. Hydrants shall be provided around the perimeter of the building at a maximum of three hundred feet (300') spacing measured along access roads. Such hydrants shall be installed not more than fifty feet (50') nor less than twenty-five feet (25') from the building. Fire hydrants will be required within An additional hydrant has been added along the western side of the buildin 9• three hundred feet (300') (spacing) around the entire building. An additional fire water loop will be required based on the configuration around the building. 2. For permit submittal lease address the following: a. Afire sprinkler and standpipe system in accordance with NFPA 13/NFPA 14 will be required for this project for all buildings. Ensure fire An ESFR fire suppression will be provided and noted on the permit sprinkler shop drawings, hydraulic calculations, and equipment cut sheets drawings. We will provide shop drawings, cut sheets, calculations, etc for are submitted for review. Village of Mount Prospect Fire Prevention Code, review when available after a fire sprinkler contractor has been engaged. 24.202 b. A fire alarm system will be required for this project for all buildings. Ensure fire alarm shop drawings with point-to-point wiring diagrams, A fire alarm system will be provided and noted on the permit drawings. We battery load calculations, and equipment cut sheets are submitted for will provide shop drawings, cut sheets, etc for review when available after a review. Village of Mount Prospect Fire Prevention Code 24.204 fire alarm contractor has been engaged. c. All new sprinkler risers and associated equipment shall be located in a se arate room with a minimum of two-hour construction. Ok Please let me know if you have any questions. 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F § S R ...- p Y+'o n .j F a w m f v u mU.—s Y w r A N A}. q � trV h k ------------ t ELEVATIONS 89 ------------------------------------------ - - - --- - -------------------------------- -- - - - ------------------------------- �-- pis IF .... .... z 20, -P.m IN "o, o wog Dill -4 U T m ow avou Jlom,N ast avoN JIM 'Aini:)vj 3sno"3wm raotaia ivnid3owo 0— U SNS A, 'M zo - IS M 4 .-H LIJ LLJ m ow avou Jlom,N ast avoN JIM 'Aini:)vj 3sno"3wm raotaia ivnid3owo 0— g T rVill. < A, M IS M as eo n 90 z Q jjqq WLU LU (0 w D 0 g T rVill. < PHOTOMETRICS 1• 0 — — --------------- Z9 Sle ............. IVIOUSOHd INnow avoU JIOM'N M �j OVOTiom A iimvA 35noH3uvm aoil ivnidaONOO sss le .......................... . . .....................................il. bli 0) O 64, ix e jt ell ENGINEEIiµ ,F FI 179 99 LTTER TO E RESIDENT'S L9 STOTAN Stotan Industrial, LLC 9550 W. Higgins, Suite 910 Rosemont, IL 60056 April 11, 2022 Resident Name Resident Address Mount Prospect, IL 60056 Dear Resident, I want to take the time to introduce our company and our proposed redevelopment on the current Comcast office building property at 350 N. Wolf Road. Stotan Industrial is the current purchaser of the property and is proposing to build a Class A, light industrial building totaling 100,400 sq feet. The building is being designed for smaller users who are typically more employee intensive and have some value -add component to their operations. This will be a higher image building with significant fencing and landscaping along the Southern property line to ensure the screening nearby residents currently enjoy will not be disrupted. As reflected on the accompanying site plans, the property has access on Wolf Road at two points. While we anticipate minimal semi -truck traffic will be generated by our site, all truck traffic will be restricted to the northern access point to maximize the distance between trucks accessing the site and residences to the South of the property. Additionally, all of the truck docks will be on the north side of the building, creating a natural barrier between the residences to the South and the truck docks. The drive aisle on the West side of the property will be a designated fire lane with signage forbidding trucks from circulating to the south side of the property, further protecting residences to the south. The Southern access point on the property will consist exclusively of vehicular traffic. We don't have an end user identified for the property and plan to move forward developing the property speculatively, however, the building's size, location and design lend it to securing an employee intensive tenant who will be attracted to the high-profile location on Wolf Road, The building's size suggests that it will generate minimal truck traffic and the site will operate with traditional business hours, as opposed to a bulk distribution facility with heavy truck use and 24/7 operations. We expect the end user to have significantly more van and single -unit truck traffic than semi -truck traffic as the likely user will use the facility for value added assembly or local distribution purposes. go STOTAN IN DUSTMAL--- The- The proposed development will be aesthetically and functionally similar in nature to the existing business park and our proposed site plan will not result in either car parking or building being closer to the residential properties to the South. Stotan Industrial is committed to being a positive addition to Mount Prospect's community and stands strongly against creating any negative environmental impacts over the course of construction and future use of the property. Should you be interested speaking directly with us prior to our appearance before Mount Prospect's planning and zoning commission, we're hosting a community meeting at Mount Prospect Park District's facility at 420 W. Dempster on Tuesday, April 26"' at 6:30 PM to 7:30 PM. To be clear, this meeting is not required by the Village of Mount Prospect and is intended to foster constructive dialogue between Stotan Industrial and local residents to ensure we deliver a project that complements the surrounding community. Respectfully, Bobby Patterson Development Manager - Stotan Industrial Mini III'', BI I@ S • Grant of Easement Document • Winona School Plat of Subdivision OL- Evo-OF- CORDED-RATV Public Record Non -Order Search Page I of I Doc: COOKMP92651279 Requested By: firstam07, Printed: 6/1/2020 7:02 PM GRANT OF EASEMENT MAT OF LOT I. WINONA SCHOOL SUBDIVISION,IN THE NC. V4 OF SECTION 35. T 42 U, It. 11 E 00 THE 3— PM. IN COOK COUNT V, ILLINOIS -7: —A! 11 LOT I WIN 0 NA SCHOOL SUBDIVISION 1.2 mwOOIIIM= w,m It'"S jj Si ml- O 0. 1 h4 11', doy of LU4ux�` AO 149E Evo-OF- CORDED-RATV Public Record Non -Order Search Page I of I Doc: COOKMP92651279 Requested By: firstam07, Printed: 6/1/2020 7:02 PM �L !SSZ JOAOA.nS PUDI Yr ul Il Da;a/516ad {86I '0'# of d SloUlfll 'a111AAUa0I v A4NTjyatiy 'ajou Jo Sano 049 y0 DIJO AMID U3 D DUTAJIS as;noD MO. 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The circumstances underlying the execution of this Agreement are as follows: January A. Assignor, as Purchaser, has executed that certain Purchase Agreement dated —, 2022 (the "Purchase Agreement") for the acquisition of the property described on the attached Exhibit A (the "Property") ~rr- COMCAST CABLE COMMUNICATIONS MANAGEMENT, LLC, a Delaware V :ability company, as successor -by -merger to COMCAST ABB MANAGEMENT, .s successor -by -conversion to COMCAST ABB MANAGEMENT CORPORATIC V (" ,atter"), as the seller. B. Assignee wishes to acquire from Assignor the right to acquire an assignment of Assignor's right, title and interest in and to the Purchase Agreement on the terms and conditions set forth in this Agreement, and to thereafter acquire the Property directly from Seller on the terms and conditions set forth in the Purchase Agreement. NOW THEREFORE, the parties agree as follows: 1. Capitalized Terms. Any capitalized terms used but not otherwise defined herein shall have the same meanings ascribed to them in the Purchase Agreement. 2. Agreement to Assign. Assignor hereby agrees to assign to Assignee all of Assignor's right, title and interest in and to the Purchase Agreement on the terms and conditions set forth below. Such assignment shall be accomplished by the execution and delivery by Assignor to Assignee of an Assignment (the "Assignment") in the form attached as Exhibit B. 3. Consideration. Assignee shall pay to Assignor in immediately available funds the sum of One Hundred Dollars and 00/100 Dollars ($100.00) (the "Consideration") at Closing or upon a default by Assignee as provided in Section 12(b) of this Agreement. 4. Initial Deposit Extension Deposit. (a) Immediately upon execution of this Agreement, Assignee shall pay to Assignor in immediately available funds the sum of Four Hundred Forty Thousand and 00/100 Dollars ($440,000.00), representing reimbursement to Assignor for the Deposit being held in escrow by the Title Company. Assignee may direct Assignor to exercise the Extension Options set forth in the Purchase Agreement, provided as part of the direction to exercise an Extension Option, Assignee shall pay to Assignor each applicable Additional Deposit (which shall become part of the "Deposit" upon receipt). In the event the Title Company refunds all or any portion of the Deposit to Assignor after Assignee has reimbursed Assignor for such Deposit under this Section, Assignor agrees to promptly pay the funds so refunded by the Title Company to Assignee. Cooperation with Due Diligence Activities and Closing. 121097.000010 4867-9157-7352.1 tiL (a) Assignor and Assignee shall cooperate with one another in conducting the due diligence activities permissible under the Purchase Agreement, including, without limitation, obtaining a title insurance commitment, survey, environmental reports, testing or other inspections, making title, survey or other objections, communicating with and negotiating any due diligence related matters with Seller or Seller's attorney, agents and representatives. Assignee shall retain a surveying firm and environmental consultant selected by Assignee (together with the Title Company and any other consultants, collectively the "Due Diligence Parties"). Copies of all title commitments, surveys, environmental reports (or drafts thereof) and other due diligence documents shall be promptly provided to the other party to this Agreement by the party receiving such document. Assignee also shall have the right to have a representative inspect the Property upon prior written notice to Assignor, subject to compliance with the terms of the Purchase Agreement. Assignor shall cooperate in arranging inspections with Seller or Seller's agents or representatives. (b) In the event Assignee is not permitted to cause such inspection independently of Assignor, Assignor agrees to cause the Due Diligence Parties to conduct such due diligence as Assignee may reasonably direct, including, without limitation, as to the requirements for any survey and for any environmental testing or investigation to the extent permitted under the Purchase Agreement. (c) Any Title Commitment, Survey or environmental reports shall be certified to both Assignor and Assignee. 6. Payment for Due Diligence Activities. (a) Assignor's Due Diligence Expenses. Assignee shall pay directly the costs and expense due to any Due Diligence Party or legal counsel (collectively, the "Due Diligence Expenses"), and to the extent previously paid by Assignor, Assignee shall reimburse Assignor for any Due Diligence Expenses paid by Assignor. Assignor shall submit paid invoices, purchase orders, receipts and other documentation reasonably requested by Assignee to substantiate the payment by Assignor of Due Diligence Expenses that have not been paid directly by Assignee. (b) Reimbursement If No Assignment or Closing. If Assignee elects not to require Assignor to assign the Purchase Agreement or does not proceed to the Closing under the Purchase Agreement for any reason, Assignee agrees to promptly pay (or reimburse Assignor for) the Due Diligence Expenses as set forth in the prior paragraph above. 7. Exercise of Right to Require Assignment. After conclusion of the due diligence activities, but in any event not less than five (5) days prior to the expiration of the Inspection Period (as may be extended by the Extension Options) (as applicable, the "Election Period") : (a) If Assignee provides written notice to Assignor within the Election Period that it elects to require Assignor to assign the Purchase Agreement to Assignee or its designee, then within two (2) days after the expiration of the Inspection Period (the parties N SL acknowledging that the Purchase Agreement is not assignable prior to the expiration of the Inspection Period), the following shall occur: (i) Assignor and Assignee shall execute the Assignment and deliver it to the Seller in compliance with the terms of the Purchase Agreement; (ii) Assignee shall pay to Assignor the Consideration referred to in Section 3 above; (iii) Assignee shall thereafter in all respects be deemed the Purchaser under the Purchase Agreement and shall succeed to all right, title, interest and obligations as Purchaser thereunder (including, but not limited to, Closing the transaction with Seller on or before the date required under the Purchase Agreement); and (iv) Assignor shall have no further right, title, interest or obligations as Purchaser under the Purchase Agreement. (b) If Assignee provides written notice to Assignor within the Election Period that Assignee does not elect to require Assignor to assign the Purchase Agreement to Assignee or its designee, then this Agreement shall be deemed to be terminated and Assignor may elect whether or not to proceed with the acquisition of the Property under the Purchase Agreement; provided, however, Assignee's payment obligations to Assignor under Section 6 of this Agreement shall survive the termination of this Agreement. (c) If no written notice is provided by Assignee to Assignor within the Election Period, then Assignee shall be deemed to have elected to not require Assignor to assign the Purchase Agreement to Assignee, then this Agreement shall be deemed to be terminated and Assignor may elect whether or not to proceed with the acquisition of the Property under the Purchase Agreement; provided, however, Assignee's payment obligations to Assignor under Section 6 of this Agreement shall survive the termination of this Agreement. (d) Assignee's election to require Assignor to assign the Purchase Agreement to Assignee or its designee under this Section is not revocable. (e) Following Assignee's election (or deemed election) to require the assignment of the Purchase Agreement by Assignor as provided herein, Assignee shall not exercise any termination rights under the Purchase Agreement without Assignor's prior written consent. (f) If, following Assignee's election (or deemed election) to require the assignment of the Purchase Agreement by Assignor as provided herein, Seller defaults under the Purchase Agreement and Assignee chooses not to pursue any remedies against Seller (as evidenced by failure to commence, by filing and service of a complaint in a court of competent jurisdiction, legal proceedings against Seller's within sixty (60) days of such default or by the following notice), Assignee shall provide written notice of such events to Assignor and Assignor shall have the option to require Assignee to assign the Purchase Agreement back to Assignor or its designee and re -execute an Assignment to this effect. 8. Representations and Warranties of Assignor. Assignor hereby represents, warrants and agrees that: (a) Assignor is duly organized and validly exists as a limited liability company under the laws of the State of Delaware. Assignor has the right and authority to enter into this Agreement. The person signing this Agreement on behalf of Assignor is authorized to 3 M do so. The execution and delivery of this Agreement, the Assignment or any other document in connection with the transactions contemplated by this Agreement will not violate any provision of Assignor's organizational documents or of any contract, regulation or law to or by which Assignor is bound. This Agreement has been duly authorized, executed and delivered by Assignor, is a valid and binding0 obligation of Assignor and is enforceable against Assignor in accordance with its terms. (b) To Assignor's knowledge, there is no action or proceeding pending or threatened against Assignor which challenges or impairs Assignor's ability to execute or perform its obligations under this Agreement. (c) Assignor is solvent, has not made an assignment for the benefit of creditors and has not filed any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, nor has any such proceeding been instituted by or against Assignor. (d) Assignor is not a person with whom Seller is prohibited from engaging with in the event of an assignment of the Purchase Agreement due to any United States government embargos, sanctions, or terrorism or money laundering laws, including, without limitation, due to Assignor or any party that has ownership in or control over Assignor being (i) subject to United States government embargos or sanctions, (ii) in violation of terrorism or money laundering laws, or (iii) listed on a published United States government list (e.g., Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control or other lists of similar import). (e) Assignor has not done any of the following, and will not do any of the following without the prior written consent of Assignee: (i) amend or modify the Purchase Agreement; (ii) pledge, transfer, mortgage or otherwise encumber or assign any of Assignor's rights under the Purchase Agreement; (iii) waive, excuse, condone or in any manner release or discharge performance of Seller under the Purchase Agreement; (iv) disaffirm, cancel, terminate or consent to any surrender of the Purchase Agreement; or (v) consummate the purchase of the Property pursuant to the Purchase Agreement, in each case unless this Agreement has been terminated by either party, Assignee has provided written notice (or deemed notice) to Assignor within the Election Period that it does not elect to require such assignment, or Assignee has defaulted under this Agreement. (f) Assignor has not performed any act or executed any instrument which might prevent Assignee from assuming the Purchase Agreement or purchasing the Property pursuant to the terms of the Purchase Agreement. 9. Representations and Warranties of Assignee. Assignee hereby represents, warrants and agrees that: (a) Assignee is duly organized and validly exists as a limited liability company under the laws of the State of Illinois. Assignee has the right and authority to enter into this Agreement. The person signing this Agreement on behalf of Assignee is authorized to do so. The execution and delivery of this Agreement, the Assignment or any other document in connection with the transactions contemplated by this Agreement will not M LL violate any provision of Assignee's organizational documents or of any contract, regulation or law to or by which Assignee is bound. This Agreement has been duly authorized, executed and delivered by Assignee, is a valid and binding obligation of Assignee and is enforceable against Assignee in accordance with its terms. (b) To Assignee's knowledge, there is no action or proceeding pending or threatened against Assignee which challenges or impairs Assignee's ability to execute or perform its obligations under this Agreement. (c) Assignee is solvent, has not made an assignment for the benefit of creditors and has not filed any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, nor has any such proceeding been instituted by or against Assignee. (d) Assignee is not a person with whom Seller is prohibited from engaging with in the event of an assignment of the Purchase Agreement due to any United States government embargos, sanctions, or terrorism or money laundering laws, including, without limitation, due to Assignee or any party that has ownership in or control over Assignee being (i) subject to United States government embargos or sanctions, (ii) in violation of terrorism or money laundering laws, or (iii) listed on a published United States government list (e.g., Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control or other lists of similar import). 10. Indemnity. Assignee shall indemnify, defend and hold Assignor and its Representatives harmless from and against any and all liabilities, damages, claims and expenses, including, but not limited to, reasonable attorneys' fees, incurred by Assignor or its Representatives that arise out of or relate to (i) Assignee's or its Representative's inspection of the Property and/or (ii) a breach and/or default by Assignee or its Representatives under the Purchase Agreement following execution of the Assignment and/or (iii) the failure by Assignee or its Representatives to perform the covenants and agreements contained herein to be performed by Assignee or its Representatives within the time for performance specified herein. For purposes of this Section "Representatives" shall mean any and all shareholders, members, partners, officers, directors, managers, employees, agents, representatives, successors and assigns of the Assignor or Assignee (as applicable). 11. Notices. All notices and other communications required or permitted to be given hereunder shall be in writing and shall be mailed by a nationally recognized commercial courier for next day delivery providing written evidence of delivery, or by e-mail, in each case to the following address: If to Assignor: c/o IDI Logistics, LLC 9500 W. Bryn Mawr Ave., Suite 140 Rosemont, IL 60018 Attn: Scott Gibbel Email: scot t g:k ) Nll i_dilc i_stics.com With copy to: IDI Logistics, LLC 5 OL 1197 Peachtree Street NE, Suite 600 Atlanta, GA 30361 Attn: David Laibstain, Esq. Email: david.laibstain@idilogistics.com If to Assignee: Stotan Industrial LLC 5600 N. River Road, Suite 800 Rosemont, U. 60018 Attn: Jim McGill E-Mail:imcgill@stotanindustrial.com or to such other address as either party may designate to the other by notice. Any notice given by a nationally recognized commercial courier for next day delivery shall be deemed to have been given on the business day following the day such notice was submitted to such courier. Any notice sent by e-mail shall be deemed to have been given upon the date of transmission if given during Monday through Friday, excluding legal holidays, during the hours of 8:00 am to 5:00 pm, or on the first such day following transmission if not given then. 12. Default. (a) Default by Assignor. If Assignor shall have failed (prior to a default by Assignee hereunder) to perform any of the covenants and agreements contained herein to be performed by Assignor within the time for performance as specified herein (including Assignor's obligation to assign the Purchase Agreement), Assignee shall have all rights and remedies available at law or in equity against Assignor with respect to such default, including, but not limited to, filing an action against Assignor for specific performance of this Agreement. (b) Default by Assignee. In the event Assignee defaults in its obligations to perform any of the covenants and agreements contained herein to be performed by Assignee within the time for performance as specified herein or in the event Assignee defaults in its obligations to perform any of the covenants and agreements contained in the Purchase Agreement, which includes the obligation to close the transaction contemplated therein, following Assignee's election (or deemed election) to require the assignment of the Purchase Agreement as provided in Section 7 above, then Assignor shall be paid in a cash an amount equal to the Consideration and Assignor shall have all rights and remedies available at law or in equity against Assignee with respect to any such default, including, but not limited to, filing an action against Assignee for specific performance of this Agreement. 13. Time of the Essence. Time is of the essence of this Agreement. If any date herein set forth for the performance of any obligations by any of the parties hereto or for the delivery of any instrument or other deliverable as herein provided should be on a Saturday, Sunday or legal holiday, the compliance with such obligations or delivery shall be deemed acceptable on the next business day following such Saturday, Sunday or legal holiday. As used herein, the term "legal holiday" means any state or federal holiday for which financial institutions or post offices are generally closed in the State of Michigan for observance thereof. 6L 14. Construction. The headings of various Sections in this Agreement are for convenience only, and are not to be utilized in construing the content or meaning of the substantive provisions hereof. 15. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois, without regard to conflicts of law principles. 16. Partial Invalidity. The provisions hereof shall be deemed independent and severable, and the invalidity or partial invalidity or enforceability of any one provision shall not affect the validity of enforceability of any other provision hereof. 17. Counterpart, This Agreement may be executed in counterparts, each of which shall constitute an original but all of which together shall constitute one and the same instrument. This Agreement shall be signed with "wet signatures" but may thereafter be transmitted by pdf or similar electronic format. [Signatures on following page] 7 M IN WITNESS WHEREOF, Assignor and Assignee have executed this Agreement as of the date first written above. ASSIGNOR: IDI LOGISTICS TRS LLC, a Delaware limited liability company By:_ Name: David Laibstain Its: Executive Vice President, General Counsel ASSIGNEE: STOTANIAL LLC, an Illinois liability company By: Name ame a es Its 'esident F11 bs EXHIBIT A DESCRIPTION OF THE PROPERTY LOT 1 IN WINONA SCHOOL SUBDIVISION IN THE NORTHEAST 1/4 OF SECTION 35, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED FEBRUARY 3, 1984 AS DOCUMENT LR3353847 (EXCEPTING THAT PART TAKEN FOR CONDEMNATION IN CASE 87L51412 DATED JUNE 16, 1988), IN COOK COUNTY ILLINOIS. 121097.000010 4867-9157-7352.1 zo EXHIBIT B FORM OF ASSIGNMENT OF PURCHASE AGREEMENT THIS ASSIGNMENT AND ASSUMPTION OF PURCHASE AGREEMENT (this "Assignment") is made and entered into this day of 20— (the "Effective Date"), by and between IDI LOGISTICS TRS LLC, a Delaware limited liability company ("Assignor"), and STOTAN INDUSTRIAL LLC, an Illinois limited liability company ("Assignee"). RECITALS: WHEREAS, COMCAST CABLE COMMUNICATIONS MANAGEMENT, LLC, a Delaware limited liability company, as successor -by -merger to COMCAST ABB MANAGEMENT, LLC, as successor -by -conversion to COMCAST ABB MANAGEMENT CORPORATION ("Seller"), and Assignor are parties to that certain Purchase Agreement dated January _, 2022, (as amended, the "Purchase Agreement"), pursuant to which Seller shall sell to Assignor, and Assignor shall purchase from Seller, certain real property located at 350 N. Wolf Road, Mount Prospect, Illinois, which is more particularly described in the Agreement; January WHEREAS, Assignor and Assignee entered into that certain Assignment Agreement dated _, 2022 ("Assignment Agreement"), whereby Assignor agreed to assign its right, title and interest in the Agreement to Assignee on the terms and conditions set forth therein; WHEREAS, Assignor desires to transfer and assign to Assignee, and Assignee desires to accept and assume from Assignor, all of Assignor's right, title and interest in, to and under the Agreement. WITNESSETH: NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Assignor and Assignee agree as follows: 1. Assignment and Acceptance. Assignor hereby transfers and assigns to Assignee all of Assignor's right, title and interest in, to and under the Purchase Agreement, including, without limitation, all of Assignor's right, title and interest in and to the Deposit and Extension Deposit (as defined in the Purchase Agreement), as applicable. Assignee hereby accepts and assumes the foregoing assignment by Assignor and all of the obligations and liabilities of Assignor under the Purchase Agreement. 2. Authority. Each individual signing below on behalf of an entity represents and warrants to the other parties that he has full power and authority to execute this Assignment on behalf of the entity on whose behalf he signs and that such entity is duly formed and in good standing, having full power and authority to consummate the transactions contemplated in the Agreement, as amended and/or assigned from time to time. 121097.000010 4867-9157-7352.1 es 3. Counterparts. This Assignment may be executed in one or more pdf, facsimile or original counterparts, each of which when executed and delivered shall be deemed an original and all of which together shall constitute one and the same instrument. IN WITNESS WHEREOF, each of Assignor and Assignee have executed this Assignment as of the Effective Date. ASSIGNOR: IDI LOGISTICS TRS LLC, a Delaware limited liability company By: Name: David Laibstain Its: Executive Vice President, General Counsel ASSIGNEE: STOTAN INDUSTRIAL LLC, an Illinois limited liability company By: Name: James McGill Its: President 11