Title
Resolution approving amendment #2 to the Purchase and Sale Agreement by and between Six Points West Allis Apartments, LLC and the Community Development Authority of the City of West Allis relative to the Development Finance Agreement (North of National Avenue "NONA")
Body
WHEREAS, the Community Development Authority of the City of West Allis (the "Authority") entered into a Development Agreement (the "Agreement") with Six Points West Allis Apartments, LLC, dated May 1, 2018, for the development of a 177-unit apartment building located on the northwest side of W. National Ave. and Six Points Crossing (the "Property"); and,
WHEREAS, the Property has reached construction completion and Six Points West Allis Apartments, LLC ("Developer") has obtained permanent financing; and,
WHEREAS, per the Agreement, the Authority was an investor to help advance the redevelopment and to fill a financial gap at the time of Construction; and,
WHEREAS, the terms of the Agreement specifically provide conditions for the Developer to provide repayments of the CDA's investment as well as the distribution of construction savings between the Authority and the Developer; and,
WHEREAS, the Authority, on May 31, 2016 by Resolution No. 1179, authorized the sale of the Property to Mandel Group Properties, LLC and the Common Council, on August 1, 2017 by Resolution No. R-2017-0213, approved an Option to Purchase from Mandel Group Properties, LLC, and on November 11, 2017 by Resolution No. R-2017-0243, approved an amended version to the Purchase and Sale Agreement; and,
WHEREAS, the Authority, on February 9, 2021 by Resolution No. 1378, approved the amendment and acceptance of the payment terms; and,
WHEREAS, the terms of the Agreement specifically provide conditions for the Developer to provide repayments of the CDA's investment as well as the distribution of construction savings between the Authority and the Developer; and,
WHEREAS, the Developer and Authority agree to the follo...
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