HomeMy WebLinkAbout07-88
MARCH 27, 2007
MARCH 13, 2007
07 -88
RECONSIDER
RESOLUTION
(CARRIED
LOST 3-4
LAID OVER
WITHDRAWN
PURPOSE:
APPROVE REIMBURSEMENT AGREEMENT I HAZEL STREET
INITIATED BY:
DEPARTMENT OF COMMUNITY DEVELOPMENT
BE IT RESOLVED by the Common Council of the City of Oshkosh that the
attached agreement between Benjamin Ganther and Dan Anbar of Community
Retirement Living (CRL) and the City whereby Mr. Ganther and Mr. Danbar agree to
reimburse the City for legal and financial advisory services associated with Mr.
Ganther's and Mr. Danbar's proposed redevelopment of the former Mercy Hospital site
on Hazel Street in the event the proposed redevelopment project does not move
forward, is hereby approved and the proper City officials are hereby authorized to
execute and deliver the agreement in substantially the same form 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 terms and conditions of the Agreement.
AGREElVIENT
This Agreement ("Agreement") is made and entered into as of the ~ day of February ----'
. 2007 by and between Benjamin T. Ganther, and Dan E. Anbar ("Developer"), and THE
CITY OF OSHKOSH, a Wisconsin municipal corporation ("City").
WITNESSETH:
WHEREAS, Developer wishes, or wishes to cause others, to rehabilitate certain
real property generally located at 631 Hazel Street (Subject Property), generally located east of
Hazel Street, south of Cleveland Avenue, west of Grove Street and north of the Parkway
Avenue; and
WHEREAS, the expenses of such rehabilitation are greater than Developer is
willing to bear; and
WHEREAS, for the general welfare of the residents of the City and in order to
remove blight, expand the property tax base, and to promote neighborhood stabilization, the City
wishes the Developer to move forward with its plans for redevelopment of the property
described in Exhibit A; and
WHEREAS, the City is willing to provide tax increment financing (TIP) to pay a
portion of the expenses of the foregoing;
WHEREAS, the City will retain the services oflegal and financial consultants
(Consultants) to review Developer plans and to prepare the necessary legal and financial
documents to facilitate rehabilitation of the Subject Property; and
NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Developer and City agree as follows:
1. City Obligation. The City will retain the services of legal and financial consultants and
will utilize funds from Tax Increment District # 14 to pay for such services in an amount not to
exceed $25,000.
2. Developer Obligation. Developer guarantees to reimburse the City for the City
aforementioned Consultant Services and Developer's plans for rehabilitation and redevelopment
of the Subject Property will commence within 6 months of the date of this Agreement. Failure
or either of these two items, or any other violation of this Agreement, will be considered
Developer Default.
3. Developer Default
a. Remedies. In the event that plans for rehabilitation and redevelopment of the
. Subject Property do not result in City permit issuance for said redevelopment
within 6 months of the date of this agreement and the Developer's default
hereunder which is not cured within thirty (30) days after written notice to
Developer by the City, the City shall have all rights and remedies available under
law or equity with respect to said default. In addition, and without limitation, the
City shall have the following specific rights and remedies:
(1) Injunctive relief;
(2) Action for specific performance; and
(3) Action for money damages.
b. Reimbursement. Any amounts expended by the City in enforcing this
Agreement and the obligations of Developer hereunder, including reasonable
attorney's fees and any amounts expended by the City in curing a default on
behalf of Developer, together with interest at the legal rate, shall be paid by
Developer to the City and shall constitute a lien against the Subject Property until
such are reimbursed or paid to the City, with such lien to be in the nature of a
mortgage and enforceable pursuant to the procedures for foreclosure of a
mortgage.
b. . Remedies are Cumulative. All remedies provided herein shall be cumulative
and the exercise of one remedy shall not preclude the use of any other or all or
said remedies.
c. Failure to Enforce Not a Waiver. Failure of the City to enforce any provision
contained herein shall not be deemed a waiver of the City's right to enforce such
provision of any provision in the event of a subsequent default.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first
above written.
CITY OF OSHKOSH
Approved:
Edward A. Nokes,
City Comptroller
Approved As To Form:
Warren Kraft
City Attorney
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' .... ..... .. ..~. . -coo
Dan E. Anbar
By:
Richard A. W ollangk
City Manager
By:
Pamela R. Ubng,
City Clerk