Title
Resolution to consider an amendment to the Development Agreement by and between GG 003 LLC, and the City of West Allis regarding the property located at 7030 W. National Avenue and 15** S. 71 St.
Body
WHEREAS, the Common Council approved Resolution #R-2020-0446 for a Development Agreement by and between GG 003, LLC, a Wisconsin limited liability company ("Developer") and the City of West Allis for over a $2 million development consisting of a 17,800 multi-tenant dental and medical office building and 45 surface parking spaces; and,
WHEREAS, since approval of the Development Agreement, the Developer has requested additional financial assistance in the amount up to $95,000 for construction delays and increased costs associated with the acquisition of 0.6674 acres of real property in the City of West Allis, Wisconsin ("City"), comprised of tax key parcel 453-0270-001, tax key parcel 453-0272-001 and the portion of the 14-foot wide alley separating the two private parcels (the "Property'), as depicted and contained in Exhibit A of the attached Development Agreement; and,
WHEREAS, the increased costs total $95,000 and are outlined in Exhibit B - Delay Impacts; and,
WHEREAS, the Development Department is requesting $3,000 for a professional services consultant, Concord Group, to evaluate and monitor the construction cost increases for the project; and,
WHEREAS, the Director of Development recommends the amendment to the Development Agreement and support for the Forgivable Loan and Storefront Improvement Grant; and,
WHEREAS, the City desires to encourage economic development, eliminate blight, expand the City's tax base and create new jobs within the City, the District and upon the Property. The City finds that the development of the Project and the fulfillment of the terms and conditions of this Agreement will further such goals, are in the vital and best interests of the City and its residents, and...
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