HomeMy WebLinkAbout02-79.docMARCH 12, 2002 02-79 RESOLUTION
(CARRIED 6-1 LOST
LAID OVER WITHDRAWN .)
PURPOSE:
AUTHORIZE DISPOSITION; APPROVE DEVELOPER
AGREEMENT TERMS/460 N. MAIN STREET
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 execute any and all
documents necessary to consummate the sale of 460 N. Main Street to Bent Block
Oshkosh, LLC, and to enter into a Developer Agreement with Bent Block Oshkosh, LLC
for redevelopment of 460 N. Main Street with substantially the same terms as attached
hereto, any changes in the execution copy being deemed approved by their respective
signatures, and said City officials are authorized and directed to take those steps
necessary to implement the City's obligations under the Developer Agreement
TERM SUMMARY
DEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF OSHKOSH
AND
BENT BLOCK OSHKOSH, LLC
REDEVELOPMENT/ADAPTIVE REUSE OF 460 NORTH MAIN STREET
a)
b)
c)
II.
a)
b)
c)
III.
a)
b)
IV.
a)
b)
Project
Property Address: 460 North Main
Description: Adaptive reuse of 460 North Main preserving and improving retail space on
the first floor, creating 12 residential apartments on the second and third floors, exterior
alterations to approximate historic appearance of facades and associated work consistent
with the Secretary of Interior Standards for Historic Property Rehabilitation as described
in development proposal submitted.
Project: On or before June 1, 2003 complete restoration of storefronts and facades
consistent with Historic Tax Credit Program requirements and conversion of second and
third floor space to 11 affordable units and 1 market rate rental units per proposal
submitted.
City Pre-Closing Obligations
Contract for Phase I environmental report and provide to developer
Address any environmental concerns raised by lender in response to Phase I report, at a
cost not to exceed $3,000
Obtain Conditional Use permit for second and third floor conversions
Developer's Pre-closing Obligations
Provide lender financing commitment within 21 days of proposal acceptance by Common
Council;
Submit plans for approval by State Department of Commerce Safety and Buildings
Division on or about April 20, 2002
Closing
On or before May 10, 2002
At closing, City will:
i) Convey property to Developer at a cost of $1 and in consideration for
Developer's commitment to undertake Development