HomeMy WebLinkAbout32728 / 84-12� . . y
January 19, 1984
(CARRIED
PURPOSE:
INITIATED BY
LOST
�12 RESOLUTION
LAID OVER WITHDRAWN )
APPROVE AMENDMENTS TO UDAG GRANT AGREEMENT
CITY ADMINISTRATION
BE IT RESOLVED by the Common Council of the City of Oshkosh that the
revised amendment to UDAG �rant Number B-83-AA-55-0022 dated January 9, 1984,
is hereby approved.
BE IT FURTHER RESOLVED that the proper City officials are hereby author-
ized and directed to enter into said amendment on behalf of the said City of
Oshkosh.
SUBMITTED BY
9PPROVED
— 15 —
. � RESOLUTION # 12
UNITID STATES DEPARTNG�T OF AOUSING APD UR34N DEVFLOFfFNT
NS:�ISTANT SECREfARY FUR COIu•NNITY FLNv`f7INC AND DEVIIqfT1ENT
Office o£ Urban Develogoeut nc�,��:� �.... .
A M E N D h; E N T/ R E V I 5 E D
U D A C GRANT AGRE:179�NT
Urban Develogr�ent Action Grant
Under Section 119
o£ the
Housing and Comim�nity DeveloFment Act of 1974
(Public 7ew 93-383, as Amended)
C2
H'ame of Recipient: �AG Grunt 17umber:
Oshkosh, Wisconsin 8-83-AA-55-0022
kddrec.s o£ Recipient: Prel�mir�; ppproval Date:
Honorable Robert E. Pung
Mayor of Oshkosh December 29, 1982
Oshkosh, Wisconsin 54902
C182
Amount o£ Granti:
i $ 3,SOO,U00
UDAG OFk`ICE DSE ONLY
' n Revised Grani Agreement n Amendment n Reduction
C641 Action Deobli�tion Amount:
C63� Action hioniior: Sowell C620 Action Attorney: Carlson
Li iner
C635 Action Typist: P C202 First LBC Due Date: 1/31/84
C645 Action HUD�Sign Date: �AN � ��J�� C203 �C Code S(Single)
. . M (Multiple)
DAPA SYSLFI'G U:ili (Nll.Y
C187 Number o£ Transactione
C198 Construction Jobs: C196 Retained Jobs:
C190 New Permanent Jobs: C191 Lo/NOd New Permanent Jobs:_
C192 CEPA Quali£ied Nex Permnent Jobs:_ C793 Minority New Perm Jobs:_
C174 Private Investment:
C172 Qther Public Investrnent:
Tend Acquisition
Construction
Capital Fqui�.ment
, Qther Activity
r.
Co�encement Date
C452�[_
�Z 3�1�89
C472 3�1 � 84
q82 / /
- 15a -
Completion Date
CA`���
CA58 4 /1 ;�eg
�q�g 4 85
C4��_
,1TfEiJllMEN2 TO GFW�7 AG7(£f�TiT7 RESOLUTI�N # 12
Orhnn Aevrlonm.nt Artion Grnnts
Oshkosh, Wisconsin
c
8-83-AA-55-0022
Urban
7'he above-numbered Cran[ Agreement be[veeu the Secre[ary of Housln5 and
U:ban Development end [he a6ave Recipimt, uoder Sec[ioo 119 of tEe
� Bousing e4d Commoni[y Developmen[ Act of 1974, nc emended, is hereby
amended�-js follovs:
E
�
t
i
i
�
Paragraph III (¢)(2) of F�hiSit E shall be deleted in its entirety and
the £ollowing new Section (2) inserted in place thereof:
"(2) ftecipient sha11 acquire, clea: and lease the flotel Site to
Developer with the £ollowir� terms:
The term of the lease is 75 years comveacing in 1g64. 7.es3se payments
shall begin in 1989 as follows:
19a9 $l00,0�0
1990 2�,000
1991 250,000 '
1992 - 2007 5�,� per year
2007 to expiration 2� of Gross Room Revenues"
II
Parag�aph IV (a)(4) o£ �chibit E shall be amended by deleting "1986"
end inserting in place thereof "1987"-
III
Paragraph N(a)(7)(i) of EY:hibit E shall be deleted in its ent;rety
and the following new sutsection (i) inserted in place thereo£:
"(i) For purpoaes of this section, the term Net Annual Cash Flow shall
meen all gross revermes, less debt service on the first and second mort�ge
loans, real estate ta�ces, and reasonable operating eapenses deductible £or
federal income ta�c purposes (without deduction for depreciation) which may
include a mar�ement fee not in excess of £our percent (4�) of �oss
operating revenues paid to the Hotel Operator and an incentive £ee equal to
ten percent (10�) of adjusted gross operating pro£it (which is gross
operating profit less charges for inswance, real estate taees and a reserve
for replacement of £urniture, fixtures and equiFment".
- 15b -
i
�
�
RESOLUTION # 12
[iecipient: Oshkosh, Wisconsin Grant No: &$'rAA-55-0022
IV
Paragraph VI of Echibit E shall be deleted in its entirety and the
following new PareF}�aph VI inserted in place thereo£:
"VI
� (a) Developer shall provide cash equity or obtain a loan for the Hotel .
� and Parking Projects in the amount of not less than $3,CCX1,W0•
(b) Evidence of equity fluids shall be in accordence with Section 10.09
or 10.09 of this Grant Agreement. Evidence of a loan shall be in accordance
with Section 10.06 of this Grant Agreement."
V
Paragraph I(a) of F.�chibit F shall be amended by deleting "NOVember 30,
1983" and inserting in place thereo£ "January 31, 1984".
VI
Paragraph II o£ Ekhibit F shall be deleted in its eniirety and the
£ollowing new Paragraph II inserted in place thereo£:
� "II
The activities more particularly set forth in FXhibits B and C to this
t Grant Agreement shall be com�enced and completed in accordance with the
� £ollowing echedule:
Activi Commencement Date Completion Date
1. Site Acquisition June 1, 1983
2. Construction of
all Projects March 1, 19&} April 1, 1985
3• Purchase and
Installation of March 1, 1984 Apr.l 1, 1985"
Capital Fquigoent
All other terms and conditions o£ the Grant Agreement, as amended,
stiaLi remain in fl�ll force and e££ect.
- 15c -
a
�I
r"
RESOLUTION # 12
SZGNnTURE
The foreqoing emendnients to the Crant Agreemen[ numberAi $'83-A7�-55-0022
are hereby authorized and approved.
Date: "'^" Secretary of Nousing a� Urban Deve2opment
� J.
. � i�
�^ �
gy: F r
LbpflId G. 8 ge
, (�puty Assis[ant Secaetaty
' foz Program Management
� � _ Community Planning and Development
ACCEPTFiNCE
The forcgoing amzndments to the Gran[ Agreement mmberEd 8-83-AA-55-0022
and autMrized and approved by the Depaztment of Nousing and Urban
Developmen[� as shovn above, are hereby accepted by the AppZicant/Grantee.
' THE CITY OF OSHI(OSH� WISCONSIN
Date:
sy:
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