HomeMy WebLinkAboutMK Lofts LLCDEVELOPMENT AGREEMENT AMENDMENT
Document Number Document Title
ourth Amendment to Development Agreement between the City of Oshkosh,
Jisconsin, a Wisconsin municipal corporation (the "City"), and MK LOFTS,
LC, a Wisconsin Limited liability company (the "Developer)."
Iriginal Development Agreement recorded on 08/30/2021 as Doc#1861575,
.egister of Deeds Winnebago County, Wl. First Amendment Development
,greement recorded on 11/21/2022 as Doc #1895253, Register of Deeds
Jinnebago County, Wl. Second Amendment recorded on 10/02/2023 as
►oc#1911252 Register of Deeds Winnebago County, Wl. Third Amendment
;corded on 12/06/2023 as Doc#1914749 Register of Deeds Winnebago County,
PAGES: 5
Recording Area
Name and Return Address
Community Development
PO Box 1130
Oshkosh, WI 54903-1130
03-01300-100
Parcel Identification Nu,(PIN) /7
L{l1TT...• 1,11''``,� ,v.�I��
LL OF LOT 10F CERTIFIED SURVEY MAP NUMBER 7845 RECORDED AS DOCUMENT NUMBER 1869792, WINNEBAGO
OUNTY REGISTER OF DEEDS, LOCATED IN THE FRACTIONAL SOUTHWEST CORNER OF SECTION 24, TOWNSHIP 18 NORTH,
NGE 16 EAST, THIRD WARD, CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN.
D ALSO,
LANDS DESCRIBED IN DOCUMENT NUMBER 1871307, WINNEBAGO COUNTY REGISTER OF DEED: A PORTION OF VACATED
SOUTH MAIN STREET AS DEDICATED IN VOLUME 1, CERTIFIED SURVEY MAPS, PAGE 6242 (DOCUMENT NUMBER 1475152),
WINNEBAGO COUNTY RECORDS, SAID MAP BEING PART OF BLOCK 10 OF THE PLAT OF ORIGINAL THIRD WARD, LOCATED
IN PART OF THE SOUTHWEST 1/4 OF THE SOUTHWEST 1/4 OF SECTION 24, T18N-R16E, THIRD WARD, CITY OF OSHKOSH,
WINNEBAGO COUNTY, WISCONSIN, MORE FULLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER
OF 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
UTH MAIN STREET; THENCE S00°00'18"E, 77.04 FEET ALONG THE EAST LINE OF SAID MAP TO THE POINT OF
EGINNING; THENCE CONTINUING S00°00'18"E, 12.10 FEET ALONG SAID LINE TO THE NORTHEAST CORNER OF LOT 2 OF
4113 MAP; THENCE S89°59'42"W, 10.00 FEET ALONG SAID LOT; THENCE N00'00'18"W, 22.10 FEET ALONG SAID LOT;
HENCE S45°00'18"E, 14.14 FEET TO THE POINT OF BEGINNING. RIGHT-OF-WAY TO BE VACATED CONTAINS 171 SQ. FT.,
LORE OR LESS. SUBJECTTO ALL EASEMENTS AND RESTRICTIONS OF RECORD.
is instrument drafted by:
Kelly Nieforth
Oshkosh, W154903-1130
FOURTH AMENDMENT TO
TAX INCREMENTAL DISTRICT NO.40
DEVELOPMENT AGREEMENT
(MILES KIMBALL BUILDING PROJECT)
This Fourth Amendment to the Tax Incremental District No. 40 Development
Agreement (the "Fourth Amendment") is made this 0 day of June, 2024 (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").
RECITALS
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, a Third Amendment to the Development Agreement was approved
on October 23, 2023 which extended the date for substantial completion and issuance of
a certificate of occupancy on or before June 1, 2024; and
WHEREAS, commencement of the construction of the Project was timely but the
lack of laborers 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 December 31, 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:
I. 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 December 31, 2024 (the "Completion Date"). For purposes
hereof, "substantially 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").
E. Verification of Project Costs. Developer shall, upon completion of
the Project and, in any event, prior to February 28, 2025, 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 Fourth 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, Third or
Fourth 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: ,�N 6?0017,11
Title:��/?%/
STATE OF
SS
COUNTY OF )
r' Per pally came before me this day of June, 2024, the above -named
I� 65 , to me known to be the /*z of MK Lofts, LLC,
and the person who executed the foregoing instrument on behalf of the limited liability
company.
o `prNoo,.,�,
NOTARY '
�e— = Notary Public, State of L✓'SCon s 2
u'�A'''°L�BL�G -' My Commission:GoZ/�7/ia�
'
�''�� OF WISG\\.'`•
Approved as to form:
By:
A. Lor s n, City Attorney
STATE OF WISCONSIN
} SS
COUNTY OF WINNEBAGO
Personally came before me this d- ?
CITY OF OSHKOSH, WISCONSIN
By:�
Mark A. Rohloff, City Manager
Diane Bartlett, City Clerk
day of June, 2024, 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.
I�"fcj �a z
Notary Public, State of Wisconsin
My Commission:
My Commission:
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