HomeMy WebLinkAbout2023-12-06 Development Agreement-MK LoftsDEVELOPMENT AGREEMENT AMENDMENT
Document Number I Document Title
lord Amendment to Development Agreement between the City of Oshkosh,
isconsin, a Wisconsin municipal corporation (the "City"), and MK LOFTS,
,C, a Wisconsin Limited liability company (the "Developer)."
•iginal Development Agreement recorded on 08/30/2021 as Doc#1861575,
;gister of Deeds Winnebago County, Wl. First Amendment Development
,reement recorded on 11/21/2022 as Doc #1895253, Register of Deeds
innebago County, Wl. Second Amendment recorded on 10/02/2023 as
)c# 1911252 Register of Deeds Winnebago County, Wl.
PAGES: 5
Recording Area
Name and Return Address
Community Development
PO Box 1130 _
Oshkosh, WI 54903-1130
On wr
03-01300-100
Parcel Identification Number (PIN)
LL OF LOT 10F CERTIFIED SURVEY MAP NUMBER 7845 RECORDED AS DOCUMENT NUMBER 1869792, WINNEBAGO
RUNTY REGISTER OF DEEDS, LOCATED IN THE FRACTIONAL SOUTHWEST CORNER OF SECTION 24, TOWNSHIP 18 NORTH,
GE 16 EAST, THIRD WARD, CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN.
D ALSO,
.ANDS DESCRIBED IN DOCUMENT NUMBER 1871307, WINNEBAGO COUNTY REGISTER OF DEED: A PORTION OF VACATED
;OUTH MAIN STREET AS DEDICATED IN VOLUME 1, CERTIFIED SURVEY MAPS, PAGE 6242 (DOCUMENT NUMBER 1475152),
NINNEBAGO COUNTY RECORDS, SAID MAP BEING PART OF BLOCK 10 OF THE PLAT OF ORIGINAL THIRD WARD, LOCATED
N PART OF THE SOUTHWESTi1/4 OF THE SOUTHWEST 1/4.OF SECTION 24, T18N-R16E, THIRD WARD, CITY OF OSHKOSH,
NINNEBAGO COUNTY, WISCONSIN, MORE FULLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER
)F VOLUME 1, CERTIFIED SURVEY MAPS, PAGE 6242, WINNEBAGO COUNTY RECORDS, SAID POINT BEING THE
INTERSECTION OF THE SOUTH 30 FOOT RIGHT OF WAY OF WEST 8TH AVENUE AND THE WEST 30 FOOT RIGHT OF WAY OF
MAIN STREET; THENCE 500-00'18"E, 77.04 FEET ALONG THE EAST LINE OF SAID MAP TO THE POINT OF
:GINNING; THENCE CONTINUING S00°00'18"E, 12.10 FEET ALONG SAID LINE TO THE NORTHEAST CORNER OF LOT 2 OF
AID MAP; THENCE S89°59'42"W, 10.00 FEET ALONG SAID LOT; THENCE N00°00'18"W, 22.10 FEET ALONG SAID LOT;
iENCE S45°00'18"E, 14.14 FEET TO THE POINT OF BEGINNING. RIGHT-OF-WAY TO BE VACATED CONTAINS 171 SQ. FT.,
ORE OR LESS. SUBJECTTO ALL EASEMENTS AND RESTRICTIONS OF RECORD.
instrument drafted by:
Kelly Nieforth
Oshkosh, W154903-1130
�5
THIRD AMENDMENT TO
TAX INCREMENTAL DISTRICT NO.40
DEVELOPMENT AGREEMENT
(MILES KIMBALL BUILDING PROJECT)
This Third Amendment to the Tax Incremental District No. 40 Development
Agreement (the "Third Amendment") is made this iz day of October, 2023 (the
"Effective Date"), by and between the CITY OF OSHKOSH, WISCONSIN, a Wisconsin
municipal corporation and MK LOFTS, LLC, a Wisconsin limited liability company (the
"Developer').
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WHEREAS, the -City has established Tax Incremental District No.40 (the
"District") as a district in which at least fifty percent (50%) of the property within the
District is in need of rehabilitation or conservation work, as defined in Wis. Stat. Sec.
66.1337(2m)(a), and in which certain costs incurred for redevelopment of the District
may be reimbursed from property tax increment as provided by State law; and
WHEREAS, pursuant to the District Plan, a Development Agreement was
entered into on or about August 4, 2021 which required that construction of the
proposed Project begin on or before October 1, 2021 and be diligently pursued with
substantial completion and issuance of a certificate of occupancy on or before
September 1, 2022; and
WHEREAS, an Amendment to the Development Agreement was approved on
October 25, 2022 which extended the date for substantial completion and issuance of a
certificate of occupancy on or before April 1, 2023; and
WHEREAS, a Second Amendment to the Development Agreement was
approved on March 28, 2023 which extended the date for substantial completion and
issuance of a certificate of occupancy on or before October 1, 2023; and
WHEREAS, the Common Council approved a Consent to Assign the TID #40
Development Agreement to MK Lofts, LLC for the redevelopment of the Miles Kimball
building on July 11, 2023; and
WHEREAS, commencement of the construction of the Project was timely but the
delivery of the construction supplies have been delayed and unexpected issues have
arose and have delayed the completion of the project; and
WHEREAS, the Developer has requested to amend the Development Agreement
to amend the date for substantial completion to June 1, 2024.
NOW THEREFORE, in consideration of the recitals, the terms and conditions
contained in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
AMENDMENT.
The parties agree to amend Paragraph II (B) and (E) of the Developer
Agreement as follows:
II. DEVELOPER'S OBLIGATIONS.
B. Project Construction. Developer shall commence construction of
the Developer Project on or before October 1, 2021. Once commenced,
Developer shall diligently pursue completion of construction of the Project
in accordance with applicable City ordinances and City -approved plans for
the Property so that in any case construction shall be substantially
completed by June 1, 2024 (the "Completion Date"). For purposes hereof,
_ ssubstantially_ complete"_shall mean the issuance of a certificate of
- — - - occupancy for the Project. Developer agrees that is shall expend Project
Costs in an amount of not less than Four Million Seven Hundred Seventy
Five Thousand and No/100 Dollars ($4,750,000.00) ("Minimum Project
Costs"). (The "Amended Language").
A. Verification of Project Costs. Developer shall, upon completion of
the Project and, in any event, prior to August 31, 2024, submit to the City
a complete accounting of its Project Costs, including all invoices and
evidence of payment.
II. EFFECT OF AMENDMENT. The Amended Language of this Third Amendment
shall supersede and supplant the language in paragraph II (B) and (E) of the
Development Agreement as amended by the First and Second Amendment
thereto as if stated fully therein. All other paragraphs and provisions of
Development Agreement not otherwise addressed in this First, Second or Third
Amendment shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed
as of the date stated in the first paragraph of this Agreement.
MK LOFTS, LLC
By:
Name: lO GOLPI/'
Title: 0066" y 1-714e-'Z 2
STATE OF W r- }
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COUNTY OF &*M
Personally came before me this 121k day of October, 2023, the abovenamed
CnzL , to me known to be the Mora ' "6ef, of MK
Lofts, LLC, and the person who executed the foregoing instrum4htjon behalf of the
limited liability company.
; J 5LOi °
'NOTAR 2• Taws T �31 o c dor✓�
G Notary Public, State of W�
PUBLt :��: My Commission: -xp. bIa 12o-2-1
CITY OF OSHKOSH, WISCONSIN
By:
Mark"A. Rohloff, City Manager
By:
Q-140 P)
Diane Bakett, City Clerk
Approved as to form:
STATE OF WISCONSIN }
} SS
COUNTY OF WINNEBAGO }
Personally came before me this J2 day of October, 2023, the above named
Mark A. Rohloff and Diane Bartlett, to me known to be the City Manager and City Clerk,
respectively, of the City of Oshkosh, Wisconsin, and the persons who executed the
foregoing instrument.
Notary Public, State of Wisconsin
My Commission:
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My Commission:
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