Title
Resolution approving Amendment #3 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 Amendment #1 to the Agreement through Resolution No. 1230 on April 11, 2017, approved Amendment #2 to the Agreement through Resolution No. 1241 on August 8, 2017, and approved Amendment #3 to the Agreement through Resolution No. 1254 on October 10, 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 Amendment #1 to the Agreement through Resolution No. R-2017-0090 on April 18, 2017, approved Amendment #2 to the Agreement through Resolution No. R-2017-0233 on September 5, 2017; and,
WHEREAS, Element 84, LLC (the "Developer") is requesting Amendment #3 to the Agreement, seeking an extension of time to the deadlines in Amendment Number Two 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 December 22, 2017; and,
WHEREAS, HUD financing may require the...
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