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HomeMy WebLinkAbout10-08 REDEVELOPMENT AUTHORITY OF THE CITY OF OSHKOSH MARCH 30, 2010 10-08 RESOLUTION (CARRIED________LOST________LAID OVER________WITHDRAWN________) PURPOSE: RATIFY EXECUTION OF LEASES AND ASSIGNMENTS AND AUTHORIZE FUTURE LEASES AND ASSIGNMENTS FOR PURPOSES OF SECURING FINANCING COMMITMENTS FOR THE MARION ROAD/PEARL AVENUE REDEVELOPMENT AREA WHEREAS, The Redevelopment Authority of the City of Oshkosh, the City of Oshkosh and Oshkosh River Development, LLC entered into a Second Amended and Restated Development Agreement dated July 29, 2009, for the purpose of developing the area known as the Marion Road/Pearl Avenue Redevelopment Area; and WHEREAS, the Second Amended and Restated Development Agreement anticipated the sale of the property to Oshkosh River Development prior to the start of construction activities upon each parcel within the Redevelopment Area; and WHEREAS, the City of Oshkosh applied for and received Grants for Environmental Remediation from the United States Environmental Protection Agency, the State of Wisconsin Department of Commerce and the State of Wisconsin Department of Natural Resources in the total amount of $1,000,000; and WHEREAS, the terms of the Grants require that the City of Oshkosh and Redevelopment Authority remain the owner of the property during the environmental remediation activities upon the property and during the life of the grant; and WHEREAS, the most efficient means of undertaking the environmental remediation activities upon the property is to do so in connection with the construction of the planned developments upon the individual parcels requiring the City and RDA to enter into lease agreements and assignments for the purpose of facilitating the construction and financing of the projects during the period prior to completion of the environmental remediation and transfer of the properties to Oshkosh River Development, LLC. WHEREAS, the leases and assignments are consistent with the terms of the Development Agreement; and WHEREAS, time was of the essence with regard to the execution of these documents. MARCH 30, 2010 10-08 RESOLUTION CONT’D NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Authority of the City of Oshkosh that the actions of the Executive Director, City Manager and other appropriate City officials signing and executing the lease and assignment of lease for purposes of facilitating the construction and financing of the projects in the Marion Road/Pearl Avenue Redevelopment Area are hereby ratified. BE IT FURTHER RESOLVED that the Executive Director, City Manager, and any other appropriate RDA and City officials are hereby authorized to sign and execute any additional leases and assignments of leases not inconsistent with the terms of the amended and Restated Development Agreement for the Marion Road/Pearl Avenue Redevelopment Area for the purpose of facilitating the construction and financing of the remaining projects.