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HomeMy WebLinkAbout08-357SEPTEMBER 23, 2008 08 -357 RESOLUTION (CARRIED 7 -0 LOST LAID OVER WITHDRAWN ) PURPOSE: APPROVE AMENDMENT TO DEVELOPER AGREEMENT / EDGEWOOD VILLAGE SUBDIVISION INITIATED BY: DEPARTMENT OF PUBLIC WORKS BE IT RESOLVED by the Common Council of the City of Oshkosh that the attached Amendment to Developer's Agreement for Financing Improvements between the City of Oshkosh and GF Holdings LLC. for Edgewood Village Subdivision — Bayhome Lots / Condominiums Units 1 -12, 15 -18 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. EDGEWOOD VILLAGE SUBDIVISION Bayhome Lots /Condominiums Units 1 -12, 15 -18 FIRST AMENDMENT TO DEVELOPER'S AGREEMENT FOR FINANCING IMPROVEMENTS THIS FIRST AMENDMENT to Developer's Agreement for Financing Improvements ("First Amendment ") is made and entered into as of the day of September, 2008 by and between the City of Oshkosh, a municipal corporation located in Winnebago County, Wisconsin (the "City") and GF Holdings, LLC, a Wisconsin limited liability company (the "Developer "). WHEREAS, pursuant to Section 66.0703 of the Wisconsin Statutes, the City and the Developer entered into a Developer's Agreement for Financing Improvements dated September 22, 2005 (the "Developer's Agreement ") providing for levying and assessing various improvements to the property described therein; and WHEREAS, the property described in and subject to the Developer's Agreement included twenty (20) single - family residential condominium units (the "Condominium Units ") referred to in the Developer's Agreement as "Bayhome Lots 1 -20" created by the Declaration of Condominium (the "Condominium Declaration ") and Condominium Plat (the "Condominium Plat") of Edgewood Village 2005 BayHomes Condominium (the "Condominium ") recorded in the office of the Register of Deeds for Winnebago County, Wisconsin on December 20, 2005 as Document No. 1382069; and WHEREAS, a copy of the Condominium Plat is attached hereto and incorporated as Exhibit 1 of this First Amendment; and WHEREAS, the Developer desires to record an Amended Condominium Declaration (the "Amended Condominium Declaration ") and Amended Condominium Plat (the "Amended Condominium Plat") to reduce the number of Condominium Units/Bayhome Lots from twenty (20) to eighteen (18); and WHEREAS, a copy of the Amended Condominium Plat is attached hereto and incorporated as Exhibit 2 of this First Amendment; and WHEREAS, the reduction in the number of Condominium Units/Bayhome Lots will affect the special assessments levied against the Condominium Units referred to as "Bayhome Lots 1 -20" in the Developer's Agreement; and WHEREAS, two (2) of the Condominium Units/Bayhome Lots have been sold by the Developer and the special assessments due upon the voluntary divestiture of title to said Condominium Units have been paid by the Developer; and WHEREAS, the Developer is still the owner of the other eighteen (18) Condominium Units/Bayhome Lots subject to the Developer's Agreement; and WHEREAS, the City and the Developer are entering into this First Amendment for the purpose of amending the Developer's Agreement to properly address all issues related to the ed Amended Condominium Declaration and Amended Condominium Plat, including the reduction' in the number of Condominium Units /Bayhome Lots from twenty (20) to eighteen (18). NOW, THEREFORE, IT IS HEREBY AGREED to by and between the City and the Developer, in reliance upon the representations and covenants made herein, that the Developer's Agreement shall be amended as follows: 1. The foregoing recitals are adopted by the parties, incorporated herein and made a part of this First Amendment. 2. This First Amendment shall only apply to the tax parcels referred to as "Bayhome Lots 1 -20" in the Developer's Agreement. 3. All references to `Bayhome Lots" shall also apply to the Condominium Unit with the corresponding number (i.e., a reference to Bayhome Lot 1 also refers to Condominium Unit 1). 4. The special assessments due upon the voluntary divestiture of title to the tax parcels designated as Bayhome Lot 13 /Condominium Unit 13 and Bayhome Lot 14/ Condominium Unit 14 on the Condominium Plat were paid in full upon the sale of those Bayhome Lots /Condominium Units. 5. The Developer shall pay the special assessments that would have been due upon the voluntary divestiture of title to Bayhome Lot 19 /Condominium Unit 19 and Bayhome Lot 20 /Condominium Unit 20 (which will be eliminated by the Amended Condominium Declaration and the Amended Condominium Plat) in full prior to the City's approval of the Amended Condominium Declaration and Amended Condominium Plat. 6. The outstanding special assessments on the tax parcels designated as Bayhome Lots /Condominium Units 1 -12 and 15 -16 under the Condominium Declaration and Condominium Plat shall remain in full force and effect and shall continue to be liens upon the tax parcels designated as Bayhome Lots/Condominium Units 1 -12 and 15 -18 under the Amended Condominium Declaration and Amended Condominium Plat. 7. The Developer's Agreement (including all attachments) is incorporated herein by reference. All provisions of the Developer's Agreement not expressly modified by this First Amendment shall remain in full force and effect. 8. This First Amendment and its Exhibits may be recorded at the City's option, and if so done, this document shall serve as notice of lien against such properties. 2 IN WITNESS WHEREOF, the parties heretofore have caused this First Amendment to be signed by the proper persons of each party and their corporate seals, if any, to be hereunto affixed. Approved as to Form and Execution: Lynn A. Lorenson, City Attorney This document was drafted by: Russell J. Reff, Attorney at Law Reff, Baivier, Bermingham & Lim, S.C. 217 Ceape Avenue, P.O. Box 1190 Oshkosh, WI 54903 -1190 GF HOLDINGS, LLC By: Francis J. Shefchik, Managing Member CITY OF OSHKOSH Lynn A. Lorenson, City Attorney By: Pamela R. Ubrig, City Clerk