HomeMy WebLinkAbout32233 / 83-20January 6, 1953
��20 RESOLUTION
PURPOSE: ENTER INTO SECOND AMENDMENT FOR BRIDGEVIEW
REDEVELOPMENT CONTRACT
INITIATED BY: CITY ADMINISTRATION
PLAN COMMISSION RECOP4IENDATION: Approved 8-0
BE IT RESOLVED by the Co�on Council of the City of Oshkosh that the proper
City officials are hereby authorized and directed to enter into the attached
Second Amenument to the Redevelopment Contract between the City and Bridgeview
Center Associates.
SUBMITTED BY
AFP3CVED
-20-
'. �
SECOND AMENDMENT TO REDEVELOPMENT CONTRACT BETWEEN
THE CITY OF OSHKOSH AND BRIDGEVIEW CENTER ASSOCIAiES
THIS AMENDMENT, made as of the �r�
�_ day of December, 1982, by and
between the City of Oshkosh, (hereinafter referred to as "City"), and
Bridgeview Center Associates, a Wisconsin General Partnership, (hereinafter
referred to as !'BCA").
WHEREAS, City and BCA heretofore entered into a contract for the re-
development of a portion of the Badger-Excelsior Redevelopment Project, (the
"Redevelopment Contract"), dated as of Sep[ember 22, 1979, whereby the City
agreed to sell and convey to BCA and BGA agreed to purchase from the City
the "Property" as defined in the Redevelopment Contract; and
WHEREAS, 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 Redevelopment Contract;
and
� WHEREAS BCA has completed construction of one building of approxi-
mately 6,000 square feet of improved area, has expended funds for soils
analysis, site planning, surveying and engineering and has incurzed additional
costs of holding the Project including hut not limited to financing costs, legal
costs, insurance and marketing costs since the purchase of the Project in
January, 1981; and
WHEREAS, City and BCA are now desirous of again amending the Re-
development Contract; and
NOW THEREFORE, for and in consideratian of the mutual covenants here-
in contained, City and BCA hereby agree that the Redevelopment Contract,
. as amended by the First amendment, shall be and is further hereby amended
in the following respects only:
1. 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 Second 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 including both the direct and indirect
�..�
'_ •
-z-
cost of such improvemen[s in an amount exceeding 575,000 per 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 credi[ to the BCA for improvements in excess of the annual
amount required herein to be applied to subsequent calendar years. BGA
shall provide semi-annual progress reports to the Oshkosh Planning
Commission commencing 7anuary, 1983.
City may cance] the Redevelopment Agreement with BCA subject to BCA
J����py' 3�
defaulting on the development progress as described hereid: In theeT J2riU3Yj� �.�
�or after Januai'� 1 19�$ 1988
event o: su:h defacl,., City roay enter mt a dev r evelapment agree-
ment with another designated developer and City shall compensate BCA in
an amount equal to the fair market value ("FN.V") of the land they
owned within the Redevelopment Area . FMV herein defined as
prescribed by Wis Stats. §70.32.
If BCA and City do not mutually agree to the FMV of the Property,
f then the amount to be paid by Gity for acquiring BCA's interest in the
Project will be determined by each of the said parties electing a real estate
appraiser who is a member of the Appraisal Insti[ute ("MAI appraiser").
The two MAI appraisers to 6e selected shall select a third appraiser
and the three MAI appraisers so selected shall fix and determine the FMV
of the Project. As a basis for.determining the FMV of ihe Project, said
N,AI appraisers shall take into consideration the character of the Project,
its location and the general values of similar properties in the relevant
real estate market trade area. The findings of suth MAI appraisers. so
chosen, shal] be final and binding upon the parties hereto and City agrees
to pay BCA the FMV so agreed sspon by the parties or so fixed by said
MAI appraisers.
Except as amended herein, all of the terms and provisions of the Re-
development Cantract, as amended by the First Amendment, shall continue
in full force and effect and shall be binding upon and inure to the benefii
of the parties hezeto, the respective heirs, executors, administrators and
assigns.
�
�
' 3 '
IN WITNESS WHEAEOF, City and BCA have <aused this Second Amendment
to Redevelopment Contract to be duly executed under seal as of the day and
year first above wzitten.
CSTY OF OSHKOSH
ey: By
William D. Frueh, City Managez
By: By
Harold A. Kargus, Acting City
Clerk
This instrument drafted by
J. Peter Tungbacker, Attorney
BRIDGEVIEW CENTER ASSOCIATES
O
N
�
�
rjw
:?
�
� �
� �
� �l�-�
.� ��
� o�
� 'N
° �'
I
� ��"' �
r-�1 'D iJ
� ��
tf� N (J] tf� N
.�.� � .�.�
Fl q
W f� W
U] W U]
U] � Fa U] �
W U � [�7 U
� W � � W
6
�l •• H •-
�. Ca W Ca
� H q H
� a ¢ a
a a
O � O 6
E U E C)
b
%.
�
v
` � V
W � `~�`
� �,..
. �
� '� N
� � U
� .-.��-�� •�
�l ' ! U