Title
Resolution approving a January 2013 Amendment to Summit Place Business Park amended and Restated Development Agreement.
Body
WHEREAS, the Community Development Authority ("Authority") of the City of West Allis, under Resolution No. 464, dated April 13, 2004, approved a development agreement with Whitnall-Summit Company, LLC; and,
WHEREAS, the Common Council of the City of West Allis approved in October of 2004 the Development Agreement under R-2004-0308; and,
WHEREAS, Whitnall-Summit Company, LLC, the developer, converted the former Allis Chalmers building into a 650,000 sq. ft. office development with 180 indoor parking stalls, and 300 parking stalls added to the parking structure; and,
WHEREAS, the Authority, under Resolution No. 542, dated June 14, 2005, and the Common Council, under Resolution No. R-2006-0324, approved a $2.5 million loan to Whitnall-Summit Company, LLC; and,
WHEREAS, under this amendment, the City will agree to provide a $2-million forgivable loan to Whitnall-Summit Company, LLC or its assigns in 2013 for the construction of additional parking to meet increasing parking demands, promote additional property value growth, and assist with the attraction of future tenants; and,
WHEREAS, under this amendment, the City agrees to refinance the existing notes due and payable totaling $4.5 million for a new term of December 1, 2012 through February 17, 2017. During the term, the note will have no principal payments and interest payments will accrue at 4.5% interest. At maturity, Whitnall Summit Company, LLC will have a balloon payment of all outstanding accrued interest and principal payments; and,
WHEREAS, under this amendment, the City will recommend and endorse a loan in the amount of $600,000 from First Ring Industrial Redevelopment Enterprise, Inc. (FIRE) to Whitnall Summit Company, LLC, with a term of December 1, 2012 and maturity date of February 17, 2017. Interest and principal payments will accrue at 4.5%...
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