HomeMy WebLinkAbout07-199
JULY 10,2007
07-199
RESOLUTION
(CARRIED 5-2
LOST
LAID OVER
WITHDRAWN
PURPOSE:
AMEND MASTER DEVELOPMENT AGREEMENT TERM SHEET
FOR DISPOSITION OF MARION ROAD / PEARL AVENUE
REDEVELOPMENT PHASE II AREA TO AKCESS ACQUISITION
GROUP LLC
INITIATED BY;
DEPARTMENT OF COMMUNITY DEVELOPMENT
REDEVELOPMENT AUTHORITY ACTION: Approved
WHEREAS, on January 9, 2007 the Common Council approved Resolution 07-
02 which approved an Option Agreement/Master Development Agreement Term Sheet
for disposition of the Marion Road/Pearl Avenue Redevelopment Phase II Area to
Akcess Acquisition Group LLC; and
WHEREAS, said Option Agreement was executed by the City of Oshkosh, the
Redevelopment Authority of the City of Oshkosh and Akcess Acquisition Group on
January 11, 2007; and
WHEREAS, Akcess Acquisition Group has actively pursued implementation of
The Waterfront development plan for the Phase II Area, including providing a progress
report to the Redevelopment Authority (RDA) and the Common Council on May 16,
2007; and
WHEREAS, based on the status of those efforts, Akcess Acquisition Group has
stated its interest in exercising the option on the Phase II Area, with a request that prior
to such action the City and RDA amend the Master Development Agreement Term
Sheet to modify the Schedule of Development to shift valuation amounts within the
previously set three year time frame for development, while maintaining the same
overall amount of valuation, as set forth in the attached new Schedule of Development;
and
WHEREAS, in consideration of the change to the Schedule of Development and
the shift in valuation amounts within the three year time frame, a new provision will be
integrated within the Term Sheet which provides for a Guaranteed Tax Payment to
ensure property tax payments are sufficient to cover debt service obligations for public
improvement activities relating to The Waterfront/TID #21 area; and
JULY 10,2007
07 -1 99
RESOLUTION
CONT'D
WHEREAS, based on different development scenarios under consideration for
the riverfront areas, Akcess is asking for an additional amendment to the Term Sheet to
allow optional layouts for Development Areas 2 and 3 and the Park Area south of
Marion Road, as generally reflected in the attached exhibit map; and
WHEREAS, the Redevelopment Authority of the City of Oshkosh unanimously
approved of the amends to the Term Sheet as outlined above.
NOW THEREFORE BE IT RESOLVED by the Common Council of the City of
Oshkosh that the above referenced amendments are hereby approved and the proper
City officials are authorized and directed to enter into an appropriate agreement that
includes these amendments.
Attachment 1
New Schedule of Development
D. . Schedule of Development - Negotiation of Development commencement
dates which will result in the following Development:
1. By no later than December 31, 2008, complete Development with
a minimum incremental value of not less than $7,000,000.
2. By no later than December 31, 2009, complete additional
. Development with a minimum value of not less than $17,500,000.
3~ By no later than December 31, 2010, complete additional
Development with a minimum value cfnot less than $6,900,000.
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