Title
Resolution approving the Summit Place Business Park Amended and Restated Development Agreement.
Body
WHEREAS, the amendments, hereby attached and incorporated within will enhance the financial position of Tax Incremental District Number Seven; and,
WHEREAS, the amendments will assist Whitnall Summit, LLC in applying for New Market Tax Credits allocation; and,
WHEREAS, the City has an opportunity to receive a guaranteed repayment amount from Whitnall Summit, LLC for costs associated with Tax Incremental District Number Seven; and,
WHEREAS, the Department of Development has reviewed and recommends approval of the amendments.
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of West Allis approves the Summit Place Business Park Amended and Restated Development Agreement subject to approval by the West Allis Community Development Authority.
BE IT FURTHER RESOLVED that the Director of Development be and is hereby authorized to execute and deliver the Agreements 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-362\bjb\10-5-04