Title
Resolution approving an amendment 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 approved
Amendment #4 to the Agreement through Resolution No. 1259 on November 14, 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 approved,
Amendment #3 to the Agreement through Resolution No. R-2017-0292 on October 17, 2017 and,
WHEREAS, Element 84, LLC (the "Developer") is requesting Amendment #4 to the Agreement, seeking financing from the City to provide a second mortgage in the amount of $2.5 million, plus up to three (3) years of capitalized interest, of which the Developer will personally guarantee payments and tax increments generated by the Project will pay the debt service for the mortgage; and,
WHEREAS, the Department of Development staff recomme...
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