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HomeMy WebLinkAbout17-02 Buckstaff Lease AgreementREVISED REDEVELOPMENT AUTHORITY OF THE CITY OF OSHKOSH, WISCONSIN FEBRUARY 14, 2017 17-02 RESOLUTION (CARRIED_______ LOST _______ LAID OVER _______ WITHDRAWN _______) PURPOSE:APPROVE LEASE AGREEMENT WITH FOX VALLEY PRO BASKETBALL, INC.; 1212 SOUTH MAIN STREET LOT 2 OF CSM 7081 BE IT RESOLVED by the Redevelopment Authority of the City of Oshkosh that a Lease Agreement with Fox Valley Pro Basketball, Inc. or its affiliates to lease property at the former Buckstaff property at 1212 South Main Street, also known as Lot 2 of CSM 7081 is hereby approved and the proper officials are hereby authorized to enter into a Lease Agreement for purposes of same. TO:City of Oshkosh Redevelopment Authority FROM:Allen Davis, Community Development Director DATE:February 9, 2017 SUBJECT:17-02 Approve Lease Agreement with Fox Valley Pro Basketball, Inc.; 1212 South Main Street Lot 2 of CSM 7081 Background The recent announcement regarding the proposed arena and Milwaukee Bucks D-League team has accelerated the redevelopment of the Buckstaff property. As part of the redevelopment, the owner will have to lease the property to the developer so that WisDNR can review the development plans and construction with the expectation of receiving a Voluntary Party Liability Exemption (VPLE) which requires a Certificate of Completion (CoC). Once the CoC is obtained,the developer/future owner and RDA will have no liability for any pre-existing environmental contamination issues. Analysis This is the same procedure and lease arrangements the RDA has used in all the Marion Road redevelopment projects. Once WisDNR is satisfied that the parking lot, buildings, and other environmental caps have been installed to their satisfaction, the WisDNR will issue the CoC and both the RDA and the developer are free from any pre-existing environmental liabilities.The property is leased for $1 until the CoC is obtained, usually within 6 months of final construction. The Lease Agreement will follow the same format, with similar terms, to the Marion Road leases. Staff will be bringing the draft Development Agreement and Land Sale to the RDA for action at the appropriate time, later this February. Recommendation The RDA approves a Lease Agreement with Fox Valley Pro Basketball, Inc.