Title
Resolution amending a Purchase and Sale Agreement and the Development Agreement by and between the Community Development Authority of the City of West Allis and Toldt Development, Inc. for properties within the Six Points/Farmers Market Redevelopment Area.
Body
WHEREAS, the Purchase and Sale and Development Agreement (“Agreement”) was approved by the Community Development Authority (“Authority”) via Resolution No. 570, dated October 11, 2005, and by the Common Council via Resolution No.R-2005-0254, dated October 18, 2005 and an amendment was approved by the CDA via Resolution No. 609, dated May 9, 2006 for a 3 phased project, including the purchase, sale and development into a number of mixed use buildings consisting of commercial space and residential units; and,
WHEREAS, Toldt Development Inc. (“Developer”) has completed Phase 1 of the development; and,
WHEREAS, the lending practices of financial institutions has drastically changed since the Agreement was adopted in May of 2006 and the Developer has asked to amend the Agreement in order to foster development for Phase 2 of the initially planned 3-phase development and the parties have resolved the priority issues as stated in Exhibit 1 - Amended Agreement; and,
WHEREAS, the Developer plans to build four multi-unit residential apartment buildings, starting with a $10 million, 112-unit multi-story apartment building on the 5.8 acres of land recognized as Phase 2. The property is bordered by W. National Ave. to the north a railroad spur to the west, Six Points Crossing (S.66 St.) to the east, and stretches of W. Mitchell St. to the south; and,
WHEREAS, the entire development of Phase 2 will increase the number of residential units from 225 units in the existing Agreement to 245 units in Exhibit 1 - Amended Agreement; and,
WHEREAS, in an effort to support the development the City of West Allis agrees to purchase the 0.25 acre gravel parking lot located at 65** W. Lapham St. with Comm...
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