Title
Resolution amending the Purchase and Sale Agreement and Development Agreement between the Community Development Authority of the City of West Allis and Element 84, LLC for a multi-family development within the 84th and Greenfield Redevelopment Area.
Body
WHEREAS, the Community Development Authority of the City of West Allis (the "Authority") approved the Purchase and Sale Agreement and Development Agreement (the "Agreement") between the Community Development Authority of the City of West Allis and Element 84, LLC for a multi-family development (the "Project") within the 84th and Greenfield Redevelopment Area, through Resolution No. 1183 on May 31, 2016; and,
WHEREAS, the Common Council of the City of West Allis (the "City") approved the Purchase and Sale Agreement and Development Agreement between the Community Development Authority of the City of West Allis and Element 84, LLC for a multi-family development within the 84th and Greenfield Redevelopment Area, through Resolution No. R-2016-0144 on June 7, 2016; and,
WHEREAS, Element 84, LLC (the "Developer") is requesting an amendment to the Agreement, seeking an extension of time to the March 31, 2017 deadline in the Agreement, which states that the Developer must have secured a financial commitment letter by the aforementioned date, or the Agreement would terminate; and,
WHEREAS, the Developer is actively seeking financing through the U.S. Department of Housing and Urban Development ("HUD") 221(d)(4) program for the Project, and expects to receive financial approval from HUD by August 31, 2017; and,
WHEREAS, detailed financial benchmarks are provided in the Amended Agreement, copy attached herein and made a part thereof, which if not met, will result in termination of the Agreement; and,
WHEREAS, the Authority will consider such Amendment at the April 11, 2017 meeting; and,
WHEREAS, the Department of Development staff recommends approval of such Amendment.
NOW, THEREFORE, BE IT RESOLVED that the Co...
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