Title
Resolution approving revised Amendment #4 to the Purchase and Sale Agreement, Development Financing 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, approved Amendment #3 to the Agreement through Resolution No. 1254 on October 10, 2017, and approved Amendment #4 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. 2017-0292 on October 17, 2017, and approved Amendment #4 to the Agreement through Resolution No. 2017-0319 on November 21, 2017; and,
WHEREAS, Element 84, LLC (the "Developer") is requesting a revision to Amendment #4 to the Agreement, seeking an extension of time to the deadlines in Amendment Number Three of the Agreement, which states that the Developer must obtain a Firm Commitment from HUD on or before December 22, 2017 and close on the HUD ...
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