Title
Resolution approving an agreement to transfer interest in the Allis-Chalmers Reorganization Trust (ACRT) property to Whitnall-Summit Company, LLC.
Body
WHEREAS, the developer intends to convert the former 5 Shop (now renamed Summit Place II Building # 4) into an office development for Blue Cross Blue Shield with 192,000 square feet of office space, plus 180 indoor parking stalls; and,
WHEREAS, in addition to the aforementioned indoor parking to be added in the former Summit Place II Building # 4, an additional 300 parking stalls are required to be added to the existing Whitnall- Summit Company, LLC parking structure located at 6642 W. Washington St.; and,
WHEREAS, a financial lender has some concerns that the land that the parking structure is currently located on is land that is not under the direct control of the Whitnall-Summit Company, LLC; and,
WHEREAS, the City of West Allis has a Purchase and Development Agreement effective November 14, 2002, with the Allis-Chalmers Reorganization Trust (ACRT) which provides for the city's acquisition of the Utility Corridor property located 6642 W. Washington St; and,
WHEREAS, it is in the best interests of the City of West Allis to transfer the city's interest in the above-referenced Purchase and Development Agreement to the Whitnall-Summit Company, LLC; and,
WHEREAS, Whitnall-Summit Company, LLC, has agreed that upon acquisition of the property, it will deed the detention pond located thereon to the City for $1.00; and,
WHEREAS, the Department of Development has reviewed and recommends approval of the Transfer of Interest Agreement.
NOW, THEREFORE, BE IT RESOLVED for good and valuable consideration, the receipt of sufficiency of which is hereby acknowledged, that the Common Council of the City of West Allis approves the Transfer of Interest Agreement.
BE IT FURTHER RESOLVED that the Director of Development be and is hereby authorized to execute and deliver the Agreement on behalf of the City of West Allis.
BE IT FURTHER RESOLVED that the City Attorney be and is hereby authorized to make such non-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.
cc: Department of Development
Dev-R-398\bjb\9-20-05