HomeMy WebLinkAbout33202 / 85-12February 21, 1985 /�12 RESOLUTION
(CARRIED LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE THIRD AMENDMENT TO REDEVELOPMENT CONTRACT -
BRIDGEVIEW CENTER ASSOCIATES
INITIATED BY: PLANNING DEPARTMENT
BE IT RESOLVED by the Common Council of the City of Oshkosh that the
attached Third Amendmeht to Redevelopment Contract between the City and Bridge-
view Center Associates is hereby approved.
SUBMITTED BY
APPROVED
- 16 -
Resolution �k12
•r ��u � • � •• _� •� ;• � �
. ti. �� :- ! - ! - - ' - � - —'-- - �
THIS AM�NDMENT, made as of the 22nd day of February, 1985, by and
between the CITX OF OSHKOSH, (hereinafter referred to as "City"), and
Bridgeview Center Associates, a Wisconsin General Partnership,
(hereinafter referred to as "BCA").
i�7tiEREAS, City and BCA heretofore entered into a contract for the
redevelopment of a portion of the Badget-Excelsiot Redevelopment
Pcoject, ithe "Redevelopment Contract"), dated as of September 22,
1979, tahereby the City agreed to sel l and convey to BCA and BCA agreed
to purchase £rom the City the "Property" as defined in the
Redevelopment Contract; and
WfiEREAS, City and BCA heretofore entered into an Amendment to the
Redevelopment Contract, (the "First Amendment"), dated December 1,
1980, whereby the City and BCA agreed to further amend the
Redevelo�ment Contract; and
WHEREAS, BCA has completed construction o£ one buildi.ng of
approximately 6,000 square feet of improved area, has expendeci funds
ior soils analysis, site planning, sucveying and ena,ineecing and has
incurred additional costs of holding the Project including but not
limited to financing costs, legal costs, insurance and marketinq costs
since the purchase of the Project in January, 1981; and
j9HEREAS, City and BCA are now desirous of again amendinq the
Recievelopment Contract; and
NOCd, THEREPORE� for and in consideration of the mutual covenants
herein contained, City and BCA hereby agree that the Redevelopment
Contract, as amended by the I'irst amendment, shall be and is further
h-c.reby amended in the following respects only:
- 16a -
Itesolution ��12
Section 3 of the First Amendment is hereby revised to
read as follows:
Section 3- Construction Dates: Construction and development of
the project shall continue from the date of this Third amendment
at a rate as described herein. Such rate of progress to be
defined as the construction or rehabilitation of at least 6,000
square feet of improved space during each succeeding calendar
year or the addition of physical on-site improvements in an
amount exceeding 575,000 pex year at the option of BCA. The
improvements of the site or development of improved space shall
for the purpose of this section be cumulative thus providing a
credit to the BCA for improvements in excess of the annual amount
required herein to be applied to subsequent calendar years. BCA
sha11 provide semi-annual progress zeports to the Oshkosh
Planning Corunission commencing January 1983.
City may cancel the Redevelopment Agreement with BCA subject to
BCP. defaulting on the development progress as described herein or
after January 1, 1989. In the event of such defaiult, or after
January l, 19II9, City may enter into a new redevelopment
agreement taith another designated developer and City shall
compensate BCA in an ar�ount equal to the value of all the
Yroperty which is held in ownership by I3CA at the time title is
revested to City. The value of Property held by BCA and the
compensation paid in cash by City for the pucposes of this
�mendment- is defi.ned as follows: the pro-rated amount of the
remaining Property area based upon the original acquisition price
-16b-
Resolution �E12
paid by BCA to City for the Property and any off-site
improvements assessed to the Property by City or paid for by BCA.
In addition, City will pay BCA the cost of any additional
impzovements to the site still under the ownership of BCA at the
time title i5 vested to the City. The compensation paid to BCA
shall include but is not limited to any interest or finance costs
whether on the original land sale or on the installation of
Property improvements and engineering, surveying, architectural
or other professional development expenses.
Except as amended herein, all of the terms and provisions of the
Redevelopment Contract, as amended by the First and Second Amendments,
shall continue in full force and eifect and shall be binding upon and
inure to the benefit oi- the parties hereto, the respective heirs,
executors, administrators and assigns.
IN WITNBSS WHEREOF, City an8 BC1� have caused this Third Amendment
to Redevelopment Contract to be duly executed under seal as of the day
and year first above written.
CITY OF OSHROSH
By:
William D. Frueh,City Pianager
And• __�
Donna C. Serwas, City Clerk
Approved:
Warren P. KLaft
Asst. City Attorney
-16c-
BRIDGEVIEW CENTER ASSOCIATES
By:
J. Pct°r Jungbacker, Generai
Partner
By:
Robert D. Coglianese,
General Partnet
n
H
H
k
n
r
t�1
�
x
�
�,�
�
�
� �
� N
, �
.
� �
� N
�o
H O
r� z
d•
�d
�C O
� H
u,
�
�
�
rt
N
n
�
�
�
0
n
r�
m
n
m
ti
m �o m
a�o m
m rt
� C �
rm
o r
� � N
m r•
� n
rt n�
n
0
� �
a�
��
n m ;�
� � d:�
trt ! 7
fi rt 9
r• o
�
�
�
C
r-
N
£