The Redevelopment Agreement between IG Capital and the Village of Schaumburg is for the opening of the Tony’s Fresh Market in Town Square at 200 S. Roselle Road. Substantial improvements to the site have been made to date but supply chain issues specifically with the refrigeration units has pushed back the construction timeline. The opening date in the agreement is no longer attainable so the attached amended agreement is being presented to allow for IG Capital to continue with construction in preparation for opening the Tony’s Fresh Market by April 1, 2023. Tony's is also requesting that their permit fees in the amount of $32,574.53 be waived.

The Village Manager recommends that the Finance, Legal, Administrative and General Government Committee recommend the Village Board adopt a Resolution authorizing the Village Manager and Village Clerk to execute the First Amendment to the Redevelopment Agreement between the Village of Schaumburg and IG Capital LLC for 200 S. Roselle Road.