HomeMy WebLinkAbout03-35.docFEBRUARY 11, 2003 03-35 RESOLUTION
(CARRIED 7-0 LOST LAID OVER WITHDRAWN .)
PURPOSE:
APPROVE DEVELOPER AGREEMENT TERMS /
TIF #17 CITY CENTER
INITIATED BY: DEPARTMENT OF COMMUNITY DEVELOPMENT
BE IT RESOLVED by the Common Council of the City of Oshkosh that the
proper City officials are hereby authorized and directed to enter into a Developer
Agreement with City Center Associates LLC for the redevelopment of the City Center
Office Complex, in substantially the same terms as attached hereto, and to carry out all
actions necessary to implement the City's obligations under the Developer Agreement.
TERM SHEET FOR CITY CENTER DEVELOPMENT AGREEMENT
BY AND BETWEEN
CITY OF OSHKOSH, WISCONSIN
AND
CITY CENTER ASSOCIATES LLC
Project
a)
b)
c)
Development Site: City Center property generally bounded by Jackson Street,
Division Street, Pearl Avenue, Pearl Avenue, Commerce Street, and the Fox
River.
1)
2)
3)
4)
s)
Project Scope-Developer: Rehabilitation/redevelopment idcmtified as "Owners
Key Element Projects" identified in the approved TID # 17 Project Plan to
generally include the following activities:
Building Rehabilitation
Parking Lot Construction
Retail Construction
Residential Tower
Docking Facilities
Bon'owing by City for Developer Projects: Developer projects will l~e financed
based on estimated or actual tax increments created in the TID. Each year the
City shall include in the Capital Improvement Program, subject to Common
Council approval, the amount equal to the amount it is able to amortize with the
positive increment estimated by the Department of Community Development.
1) The Developer will be entitled to at least 50% of the amount the City is
able to borrow based on actual or estimated increment value.
II.
d)
City Approval of Developer Activities: City must approve and authorize any
redevelopment activity for which financial assistance or reimbursement is
requested.
1)
City Projects
a)
b)
Reimbursement will not be provided for any developer project not
identified as an eligible cost in the TID # 17 Project Plan.
Cooperate With City to Implement Public Improvements: Developer shall
cooperate with City to implement activities identified as "Key City Elements" in
the TID # 17 Project Plan. Developer's cooperation shall not be unreasonably
denied. Key projects generally include:
1)
2)
3)
River Promenade.
Pearl Avenue Streetscaping/N. Main Connections.
Jackson Street Pedestrian/Bicycle Improvements.
Use of Increment: City may use up to 50% of the estimated or actual tax
increment created by the Development.
1) City shall retain the option to fund Developer projects in excess of the
minimum 50% of the increment being made available to Developer.
III. TIF Guarantee
b)
c)
d)
Developer will deliver to City a guarantee of sufficient revenue to pay debt
service on City debt issued to fund City contribution (including any debt service
payment that may be due before receipt of incremental taxes).
Revenue will consist of incremental taxes and, if necessary, additional
Developer payments.
City debt payable over 20 years.
Form of guarantee similar to guarantee delivered to City for other projects.
003.281146.2
IV.
VI.
VII.
Mortgage
a) Deliver to City a ~nortgage interest in development to secure developer
performance under Agreement
b) Subordinate to primary lender(s)
Indemnity
a) Mutual indemnities with respect to project
Nondiscrimination
a) Developer agrees that it will not discriminate in construction, use and operation of
Development.
Insurance
a) Developer agrees that it will insure project for such risks and in such mounts as
is customary for similar projects.
003,281146.2
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