My business partners and I are currently looking to change one of our members in our LLC and were unsure of the necessary processes. We saw on the Secretary of State's website that it is a $1 filing fee, but did not k...

Thank you @Andrew Bang, I thought about amending the Operating Agreement of the LLC, sharing 51/49 and withdrawing or reversing it if I have to do a refi in the future.

An amendment related to water quality controls will go into effect on November 1, 2023, unless Watershed Protection brings forward other recommendations before then."

In most CC&Rs/states, a 67% vote is required to amend the declaration and when "use" is affected, a 90% vote is required.

Many jurisdictions have amended that to two exits.  

We know in Chicago you have to allow subleasing but we also know if a solution can be created for the tenant to be off the hook once they fulfill specific terms agreed to that they would prefer that option first and foremost and most likely be amendable to favorable terms you might have as the Landlord.  19 years later we have been able to avoid subleasing for the most part due to the higher risk of messing something up.

I intend on purchasing the land, re-zoning to R-3A (in-progress) and amending the subdivision plat to turn the lots providing both proper frontage.

Amending my last comment...If your pref is based on IRR the sponsor won’t get their promote until investor’s cash in = cash out + the annual compounded pref rate

They would need to put in an application, be approved, and be added to an amended lease. 

More if I can amend the flood map and remove flood insurance in the future.