Title
Resolution amending the Development Agreement between the City of West Allis and developer Lincoln Hospitality Group, LLC regarding Lincoln West Corridor development project.
Body
WHEREAS, Lincoln Hospitality Group, LLC, hereinafter referred to as the "Developer", intends to acquire approximately 3.189 acres on the south side of W. Lincoln Avenue all near the intersection of S. 102nd Street and W. Lincoln Avenue in the City of West Allis, hereinafter referred to as the "Property"; and,
WHEREAS, the City of West Allis (the "City") wishes to encourage economic development, eliminate blight, expand the City's tax base and foster job creation for the City through the development of the Property; and,
WHEREAS, the Common Council of the City of West Allis approved Resolution R-2019-0566 on August 6, 2019 adopting a Development Agreement for the development into a 107-room Holiday Inn Express and Suites, and the creation of an outlot for an estimated 16,000 sq. ft. future office or retail building (the "Project"); and,
WHEREAS, the developer requests that Article IV Section C of the Development Agreement be amended by changing the expiration date of the Assessed Value Guaranty from "closure of the District" to "date that is thirteen (13) years after the issuance of the Municipal Revenue Obligation".
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of West Allis hereby authorizes as follows:
1. The approval of the attached Amended Development Agreement between the City of West Allis and the Developer (Lincoln Hospitality Group, LLC) for development activities within the Lincoln West Corridor.
2. That the Director of Development, with the approval of the City Attorney, or their designees, are hereby authorized and directed to take any and all other actions necessary to effectuate the intent of the Development Agreement.
3. That the Director of Development, with approval of the City Attorney, or their designees, are hereb...
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