Title
Resolution approving Amendment #2 to 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 Authority 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 approved an Amendment to the Agreement, through Resolution No. 1230 on April 11, 2017 and approved Amendment #2 to the Agreement, through Resolution No. 1241 on August 8, 2017; and,
WHEREAS, the Common Council of the City of West Allis (the "City") approved the Agreement between the Authority 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 approved an Amendment to the Agreement, through Resolution No. R-2017-0090 on April 18, 2017; and,
WHEREAS, Element 84, LLC (the "Developer") is requesting Amendment Number Two to the Agreement, seeking an extension of time to the deadlines in Amendment Number One of the Agreement, which states that the Developer must have secured a Firm Commitment issued by the U.S. Department of Housing and Urban Development, 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 October 27, 2017; and,
WHEREAS, detailed financial benchmarks are provided in the Amendment Number Two to the Agreement, copy attached herein and made a part thereof, which if not met, will result in termination of the Agreement; and,...
Click here for full text