HomeMy WebLinkAbout08-239JULY 8, 2008
(CARRIED 4-3
PURPOSE:
INITIATED BY:
08-239 RESOLUTION
LOST LAID OVER WITHDRAWN )
AMEND DEVELOPMENT AGREEMENT TERMS /AKCESS
ACQUISITION GROUP
DEPARTMENT OF COMMUNITY DEVELOPMENT; AKCESS
ACQUISITION GROUP
REDEVELOPMENT AUTHORITY ACTION: Approved 7-0
WHEREAS, the Common Council of the City of Oshkosh previously approved a
Master Development Agreement Term Sheet, as amended, for disposition of the Marion
Road/Pearl Avenue Redevelopment Phase II Area to Akcess Acquisition Group-
Oshkosh, LLC; and
WHEREAS, Akcess Acquisition Group-Oshkosh, LLC 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-
Oshkosh, LLC has stated its intent to break ground on an office building, hotel and
restaurant during 2008; and
WHEREAS, Akcess Acquisition Group-Oshkosh, LLC has stated that in order for
Akcess to proceed with the office building, hotel and restaurant projects in 2008 it is
requesting that the City and Redevelopment Authority modify the Schedule of
Development to shift valuation amounts and the associated completion schedule, and
increasing the overall amount of valuation, as set forth in the attached; and
WHEREAS, in consideration of the change to the Schedule of Development and
the shift in valuation amounts and the associated schedule, that an amendment to the
Guaranteed Tax Payment provision be made to increase the value of new
improvements to correspond with the overall valuation amount set forth in the Schedule
of Development; and
WHEREAS, the Redevelopment Authority approved of the above amendments
and also amended the date by which overall project activities be completed to April 30,
2014, and added a provision that construction must commence on the first project by
December 31, 2008, as set forth in the attached.
NOW THEREFORE BE IT RESOLVED by the Common Council of the City of
Oshkosh that the above referenced amendments, as set forth in the attached, are
approved and the proper City officials are authorized and directed to enter into a
modified agreement that includes these amendments as set forth in the attached, and to
carry out all actions necessary to implement the City's obligations under the
Development Agreement, as revised.
PROPOSED AMENDMENTS TO
MASTER DEVELOPMENT AGREEMENT
WITH
AKCESS ACQUISITION GROUP
June, 2008
• Extending the completion date for meeting valuation thresholds by 19 months, with a
change from December 31, 2010 to July 31, 2012.
• Increasing the overall valuation threshold amount from $31,400,000 to $33,000,000.
• Increasing the overall valuation threshold amount from $31,400,000 to $33,000,000 in
the Guaranteed Tax Payment Section of the Agreement.
• Commencement of construction on the first project is to occur by no later than December
31, 2008, or the Development Agreement may be terminated by either the City/RDA or
Akcess Acquisition Group-Oshkosh, LLC.
• Overall project activities in the Akcess area (i.e. the area subject to the Akcess
Development Agreement) be completed by Apri130, 2014.