Title
Resolution relative to consider a proposed amendment to a Development Agreement between the City of West Allis and Cobalt Partners LLC, Tax Incremental District 16, within the S. 70 St. Corridor (West Quarter)
Body
WHEREAS, the Common Council of the City of West Allis (the "City") approved the Development Agreement between the City of West Allis and developers (West Quarter East, LLC and West Quarter West, LLC regarding the South 70th Street Corridor development project) to replace any prior agreements through Resolution No. R-2019-0214 adopted March 21, 2019; and,
WHEREAS, West Quarter East, LLC and West Quarter West, LLC are requesting an amendment to the Development Agreement, hereby attached as Exhibit A, outlining the request for $2.65 million of additional TIF support; and,
WHEREAS, the Development Agreement was structured as Developer Funded TIF and the additional funds will be provided based on an increased projection of assessed value increment from $21 million to $25 million of assessed incremental value; and,
WHEREAS, the Community Development Authority of the City of West Allis (the "Authority") approved the Second Amendment to the Development Agreement by and between the City of West Allis and developers (West Quarter East, LLC and West Quarter West, LLC) regarding South 70 Street Corridor development project, through Resolution No. 1349 approved on April 14, 2020; and,
WHEREAS, the Second Amendment approves $2.65 million of additional financial support to the Project to address environmental costs, demolition cost exceedances, outlines provisions for McKinley Park area and improvements, and amending the agreement to accordingly increase Development Guaranties and Security for the City for the additional funds; and,
WHEREAS, the City wishes to encourage economic development, eliminate blight, expand the City's tax base and foster job creation for ...
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