HomeMy WebLinkAbout32209 / 82-14December 16, 1982 ll 14 RESOLUTION
PURPOSE: COMMITMENT AGREEMENT WITH MRI DEVELOPMENT CORPORATION
INITIATED BY: CITY ADMINISTRATION
PLAN COMMZSSION RECOrQlENDATION: Action planned December 13, 1982
BE IT RESOLVED by the Co�on Council of the City of Oshkosh tLat the proper
City officials are hereby authorized and directed to execute a Preliminary
Development Co�itment Agreement for the development of an office building
in Oshkosh, Wisconsin, with MILI Development Corporation.
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SUBbTITTED BY
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PREI�fAKY DEVEIAP."'.&�tT CO . �'G`JT AGRF�"�^T
FOR Thc.
DEV£LAPM�Pf OF AN OFFICE B[1TLDING Il�i OSh1COSH, WISCONSIN
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Tf� CITY OF OSHKOSH, WISCONS7N
AND
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This Preliminary Develognent Conmitment t�eement, made this day of
, 19 , hy and between the City of Oshlmsh, Wisconsin Zh—ereinafter
referred to as "City"), and NiRI Develomnent Corp. (hereinafter referrd to as
"Develop�" ) .
WTTNESSETH TEL4T:
t�RF�S, the City, a aau'ucipal corparation o£ the State of Wisconsin,
wishes to implement a program f� the ptiapose af revitalizing the Algcma/(lusch
Redevelopment Aroject Site; and
WE�RE4S, City and Developer have concluded and tmrtually agre� that the area
dPS�gnated as a redeveloFxnent site is in fact apc�oriate far the conv�sion of
the �ci.sting Beach Building to a Class A office building and a variety of 13r:d-
sczping ard puhlic site iamrovenents (hereinafter referred to as the "Project"); and
WF�S, the parties hereto dee�n it to their uartual ber�efit to coog�rate
and coordiu�ate the developnent to �zximi.ze its attraction, �uty ar�d itmction
as an asset ��tvally beneficial to each party h�eto; and
WHERF�IS, each party hereto dee�ns it to be to its mutval benefit to outline
and establish this Preliminary Ikvelognent Cca�itment .�,�reement as a guideline
for subseauent cooperation and interaction betwe=n said parties; and
L�.RF�SS, each party hereto recognizes anci deems it to its mutval benefit,
subject to fimther det�^minations of feasibility, to c�it the T�X�TnL^Il COOZdlild-
tion for public and private financing of the pmje.^.t in o�ter to m�ximi.ze the
car�ni�ent to high standards of quality, use and utility; and
TN':I�'FAS, to accc..^�;lisn the pu��.ose herein descri,`�3, the City ras det_-
mi.��3 that tne pubLc int�est can best rz serv�i by tY:e ex2�'utir� oi _:-s :'rel�-
inzsy I�velonment Cerrmi�nt l�re��?n� witn the �veloner in ��riich th° �eveloo�
watrants Ci1 work with the City in conjunction with the filing of a fe?eral Urbari
Develorment Action grant aoolication rel.ated to the Psnject, ar:d su�t ail.
evidentiaty mate_^ials requested by the federal gov�vr.ent which s:�1Z include: cle2s
and convincing proof t7�t the I)eveloper has on hand, or wi1.2 t�ve availab2e to it,
any financing or other things of value necessery to carcy out the p�nises of cor�r-
pleting the activities and making the specific investrnent; and (ii) to �re�arn astd
mnstruct the office in concert with publicly owne3 (City, Fox Va1Zey Vocational
District #12, and the Os.'ikosh Area Schcol District Eo�rd of Fducationl c�,'�onents
of which sl�all be cleared/constructed under applicable state and lccal laws; and
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�EAS, this Preliiairzsy �evelopment C..^mnitrn��t Ag^e.ment is to �e
followed by more definitive a�eements speci.ficzZly defining the roles and
responsibilities of atl inwlved �rties in the develocment of this Project.
NGW, THERE"ORE, for and in consideration of the tmitual pm,rnises herein
contained, the receiot �nd sufficiesicy of whicn is hereby ac?mowledg�, the parCies
heretofore mutually agree as follows:
SECTION 1. PUSLIC SECfDR CONaHTI2�3JTS
A. City will p�u^c.�ase Parcels A, B, and C per the attached map.
8. Cit}r wi11 retain Parcel A, and sell Parcels B E C to Develooer for the
agreed swn of $8D,000.00.
C. City wi11 demolish the structime on Parcel C.
D. Ci�y will create a Tax Increcnent Financ'uL,a District.
E. City will attenpt to obtain an UASG Gt�ant to be,used as a sec.o� anrt�ge
instxtanent. The Developer wi11 agree in Section 2 to renay the martgage
at a�tualZy �greed upon intPSest rate and term.
F. City a,gr.•^ees to g�vide IRB financing in a�tually agreed unon �unt.
G. City will exe�rte a pest�.nent eas�rnnt ac�ss the North poz�tion of
Parcel A to Ch�sch Averiue.
H. City has adopted a redevelo�snent plan ptu�suant to Wisconsin S�te
Statutes Chapter 66.43 in Jvne, 1982.
SECITON 2. PRIVAT£ SECLOR C0�"�TS
A. L�velooer wi11 p�¢�chase Parcels B and C frcan the City for a p�scrase
price of $80,000.00.
B. Developer will convert the s�ucttme on P�*�cel B to a Class A of�ice
tx,ilding, and construct the necess�y p�sicing faci2ities and z�lated
7.am3sc�ping on the x�emaining portion of Pz^cels B and C_
L'- �E'1.°ri OL)°�^ .P � 1 e}�*1°^.d 2S1 ?�OIL'Lt Il� ZPSS �i',�Sl >I. -�J 71iL1CR 1Tl �I12 17.^.�J� L
�entation of (3) �ve.
D. Leveloper wi11 provide any and all intormation requircd by t'r.e City in
conjunction with an application for UDP.G funds, e.q., financial data, pro
forma, jobs crPation, development costs estimates, owners equity, etc.
E. Should the City receive an UDAG Grant, the Developer will re�y to the
�City the aaaunt e�ctended to the Developer in the form of a seccnd rmrtg�
and an interest rate and term z�ecd upon by both parties, and apomve3
by the Departn:ent of Housing and Ur�n Development.
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Page No. 60
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SECITON 3. COOPERATIVE COMtff'Rt&�fPS
The parties to the Prelimin,=.sy Develor,m�*rt Ccrr�nitr�ent P� ear.ent agree to
enter into more definitive agre�nents which sY�11 sun� sede this Agre�ent.
These ao e�nents shal_1 include, tut sna11 not �e 13mited to, a Gen�al Develoement
p,gresnent, a Land Dis�osition P.�eement and an Fasement Elgre�nent. These agree-
ments shal.l be negotiated and conditionally exeeute3 no latex than thirty (30) days
following the notice of the receipt of a UI)AG, with subsequent execution upon
the federal grant comaitnents being received by tne City.
SECTION 4. MLSCELLANEOUS
This prelimir��ry Development Coceaaitment l�emnent entered into the date
here first written above, shall bind the parties h�^eto for a period not to exceed
one Cl) year, agre�i by the p��u�ties hereto 'ti�at this Pre�.�inazy Develognezt Com-
mitrnent Agreenent at�.q be given such extension or ek�z-tsions to reasonably �°fectuate
the p�u�pose hereof whPSe a delay is cause3 by unforeseen reasons or othes compli-
cations beyond the cantr�ol of either party hereto. Neither party shal? unrea-
sonably withhold such extension.
IN WtiNESS 4IIiEREOF, the parties hereto I�ve hereunto czused their hand and
seal to be affixed the day and year above first writt�.
BY:
TTPL,E:
DATE:
9Y:
TITLE:
IYiTE:
Ti� CTTY OF OSHICQSH, 4TiSCONSL�I
BY:
TTTI�:
DATE:
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Page No. 61
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