Title
Resolution to amend the Cooperation Agreement between the City of West Allis and the Community Development Authority of the City of West Allis for Tax Incremental District Number Seven (Summit Place), City of West Allis, Wisconsin.
Body
WHEREAS, the Common Council, by Resolution No. R-2004-0115, adopted April 5, 2004, approved and adopted the Cooperation Agreement between the City of West Allis and the Community Development Authority of the City of West Allis (the "Authority"); and,
WHEREAS, it is necessary to amend the Cooperation Agreement between the City of West Allis and the Authority; and,
WHEREAS, the Authority, by Resolution No. 1084, adopted October 14, 2014, approved as amended Amendment Number Five to Tax Incremental District Number Seven (Summit Place), and by Resolution No. 1085, adopted October 14, 2014, approved as amended an amendment to the Cooperation Agreement between the City of West Allis and the Authority; and,
WHEREAS, the Common Council approved Amendment Number Two on November 20, 2007 through Resolution No. R-2007-0281 for an additional $3,500,000, and Amendment Number Three on February 3, 2009 through Resolution No. R-2009-0031 for an additional $1,500,000 to Tax Incremental District Number Seven's budget authority; and,
WHEREAS, the Cooperation Agreement amendment, a copy of which is attached hereto as "Exhibit A" and by reference made a part hereof, includes the above-mentioned $4,000,000 of expenses in addition to the proposed $2,260,000 proposed with Amendment Number Five to Tax Incremental District Number Seven, for a total of $6,260,000.
NOW, THEREFORE, BE IT RESOLVED by Common Council of the City of West Allis that the Cooperation Agreement for the Tax Incremental District Number Seven (Summit Place) between the City of West Allis and the Community Development Authority of the City of West Allis be amended to provide for an additional Six Million Two Hundred Sixty Thousand Dollar ($6,260,000) loan for on- and off-site improvements and administrative expenses, and the same is hereby approved, a copy of which is attached hereto as "Exhibit A" and by reference made a part hereof, be and is hereby approved and adopted.
BE IT FURTHER RESOLVED that the City Attorney be and is hereby authorized to make such substantive changes, modifications, additions and deletions to and from the various provisions of the Agreement, including any and all attachments, exhibits, addendums and amendments, as may be necessary and proper to correct inconsistencies, eliminate ambiguity and otherwise clarify and supplement said provisions to preserve and maintain the general intent thereof, and to prepare and deliver such other and further documents as may be reasonably necessary to complete the transactions contemplated therein.
BE IT FURTHER RESOLVED that the Mayor and City Clerk are hereby authorized and directed to execute and deliver the aforesaid Agreement on behalf of the City.
Attachment: Amended Cooperation Agreement
cc: Development Department
Finance Department
DEV-R-783-11-3-14