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 the City through the development of the Property; and,
WHEREAS, Cobalt Partners LLC and/or its assigns, plans on preparing the Property for redevelopment into a mixed-use project containing one or more office, health/fitness, retail hospitality, restaurant, and residential components, including development of a new public infrastructure collectively referred to as (the “Project”); and,
WHEREAS, the development of the Project would not occur without the benefits to be provided to the Developer as set forth in this Development Agreement.
NOW, THEREFORE BE IT RESOLVED that the Common Council of the City of West Allis hereby recommends as follows:
1. The Second Amendment to the Development Agreement between the City of West Allis and Cobalt Partners LLC, Tax Incremental District 16, within S. 70 St. Corridor (West Quarter).
2. Adopts Exhibit A - Second Amendment hereby attached by reference.
3. That the Director of Development, or his designee, be and is hereby authorized to execute and deliver the aforesaid Contract on behalf of the City.
4. That the City Attorney be and is hereby authorized to make such non-substantive changes, modifications, additions and deletions to and from the various provisions of the contract, including any and all attachments, exhibits, addendums and amendments, as may be necessary and proper to correct inconsistencies, eliminate ambiguity and otherwise clarify and supplement said provisions to preserve and maintain the general intent thereof, and to prepare and deliver such other and further documents as may be reasonably necessary to complete the transactions contemplated therein.
DEV-R-1011-4-22-20