Loading...
HomeMy WebLinkAboutMemo TO: Members of the Redevelopment Authority of the City of Oshkosh FROM: Lynn A. Lorenson, City Attorney DATE: April 15, 2010 RE: Revised Resolution to Authorize Amendment to Development Agreement, as Amended and Restated, for Purpose of Allowing Conveyance of Property in the Marion Road/Pearl Avenue Redevelopment Area to Other Entities BACKGROUND The Redevelopment Authority at your last meeting approved a Resolution to amend the Development Agreement for the Marion Road/Pearl Avenue Redevelopment area to allow property within the redevelopment area to be conveyed to other entities owned and controlled by the same persons who own and control Oshkosh River Development, LLC. In the course of developing the parcels within this area, Oshkosh River Development has formed several separate entities to develop and own the separate parcels and projects. Because the Development Agreement had required that parcels be conveyed to Oshkosh River Development, LLC, it is necessary to amend the Development Agreement to allow allow the conveyance of the development property to other entities. ANALYSIS Staff had been provided operating agreements indicating that the other entities would be owned and controlled by the same individuals as Oshkosh River Development, LLC. However, as the financing for this project is being finalized, another entity has been created which includes the tax credit purchasers for the property. It therefore became necessary to amend the Resolution which was presented to the Council and to ask this body to pass a revised Resolution authorizing the proper city officials to prepare and execute the necessary documents to modify the Development Agreement and to address conveyances of the development areas to other entities for the purpose of facilitating financing with the Marion Road Pearl Avenue Redevelopment Area for approved projects consistent with the intent of the Development Agreement, as Amended and Restated. The resolution would allow staff to transfer of the property to an entity that may include other entities not completely owned or controlled by the same persons who had originally entered into the Development Agreement for the purposes of facilitating the financing of approved projects within the Redevelopment Area. The remainder of the Development Agreement would remain in place. All entities will remain bound by the terms of the Development Agreement. The only change is the party to whom property may ultimately be conveyed. FISCAL IMPACT There is no anticipated Fiscal Impact from the requested action. RECOMMENDATION It is recommended that the Redevelopment Authority approve the revised resolution to Amend the Development Agreement, as Amended and Restated, to authorize the proper city officials to prepare and execute the necessary documents to modify the Development Agreement and to address conveyances of the development areas to other entities for the purpose of facilitating financing with the Marion Road Pearl Avenue Redevelopment Area for approved projects consistent with the intent of the Development Agreement, as Amended and Restated.