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REDEVELOPMENT AUTHORITY OF THE CITY OF OSHKOSH, WISCONSIN
JUNE 25, 2008 08-08 RESOLUTION
(CARRIED_______ LOST _______ LAID OVER _______ WITHDRAWN _______)
PURPOSE: AMEND MASTER DEVELOPMENT AGREEMENT TERM SHEET /
AKCESS ACQUISITION GROUP LLC
WHEREAS, the Redevelopment Authority (RDA) previously approved an Option
Agreement/Master Development Agreement Term Sheet, as amended, for disposition of
the Marion Road/Pearl Avenue Redevelopment Phase II Area to Akcess Acquisition
Group LLC; and
WHEREAS, Akcess Acquisition Group has actively pursued implementation of
The Waterfront development plan for the Phase II Area, 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 time frame for development, and increasing the overall amount of
valuation, as set forth in the attached language modifications; and
WHEREAS, in consideration of the change to the Schedule of Development and
the shift in valuation amounts within the three year time frame, an amendment to the
Guaranteed Tax Payment to increase the value of new improvements to correspond
with the new valuations in the Schedule of Development.
NOW THEREFORE BE IT RESOLVED by the Redevelopment Authority of the
City of Oshkosh that the above referenced amendments are approved and the proper
RDA officials are authorized and directed to enter into an appropriate agreement that
includes these amendments.
PROPOSED AMENDMENTS TO
MASTER DEVELOPMENT AGREEMENT TERM SHEET
AKCESS ACQUISITION GROUP
June, 2008
Section 6(u) would be changed to read:
(u) Developer guarantees that as of December 31, 2009, the assessed value of
the new improvements constructed by the Developer and the Parcel
Developers on the Project Land (not including the value of the land) will
be not less than $19,000,000; and as of December 31, 2010, the assessed
value of the new improvements constructed by the Developer and the
Parcel Developers on the Project Land (not including the value of the
land) will be not less than $24,000,000; and that as of July 31, 2012, the
assessed value of the new improvements constructed by the Developer and
the Parcel Developers on the Project Land (not including the value of the
land) will be not less than $33,000,000.
Section 29, second paragraph would be changed to read:
“At such time as the assessed value of the new improvements constructed by Developer
and the Parcel Developers on the Project Land exceeds $33,000,000.00, if there is any
Available Tax Increment in any calendar year, the City will reimburse the Developer
from Available Tax Increment any amounts paid by Developer under this Paragraph 29.”