HomeMy WebLinkAboutAmendment to TIF District No 31 Development Agreement Fox Valley Pro Basketball and Ground Leasez 9�q
AMENDMENTTO
TAX INCREMENTAL DISTRICT NO. 31
DEVELOPMENT AGREEMENT WITH
FOX VALLEY PRO BASKETBALL, INC.
AND
GROUND LEASE AGREEMENT FOR PROPERTY
LOCATED AT 1118 AND 1212 SOUTH MAIN STREET
The City of Oshkosh and the Redevelopment Authority of the City of Oshkosh,
hereinafter referred to as CITY, and Fox Valley Pro Basketball, Inc., hereinafter referred to
as DEVELOPER, entered into a Development Agreement dated March 17, 2017 pertaining
to City of Oshkosh Tax Incremental District No. 31 for purposes of redevelopment of certain
property located at 1118 and 1212 South Main Street in the City of Oshkosh and the
construction of a sports arena and supporting infrastructure and a Ground Lease Agreement
dated March 17, 2017 pertaining to the same property.
Certain costs associated with the Project have exceeded the estimates identified
within the TIF Project Plan and Development Agreement and CITY and DEVELOPER desire
to amend the terms of the Development Agreement to (1) allow the City to recover certain
costs through the special assessment process, (2) to increase the amount of the maximum
"Developer Incentive Principal" which DEVELOPER may recover under the terms of the
Development Agreement and (3) to permit Developer to collaterally assign the Development
Agreement for purposes of obtaining financing if necessary for the Project.
The parties agree that they each receive a business benefit through this Amendment.
THEREFORE, CITY and DEVELOPER agree as follows:
1. Article I. DEFINITIONS
Q. Proiect Costs. (final sentence) shall be deleted and replaced with the
following:
Notwithstanding the foregoing, the cumulative total of Project Costs making up
the "Developer Incentive Principal" as set forth on Exhibit C shall in no event
exceed $5,549,450.
2. Article III.
Sections
following:
DEVELOPER'S OBLIGATIONS.
C and D shall be deleted in their entirety and replaced with the
C. Costs and Expenses. The Developer shall be responsible for all of its own
costs related to the Project and completion of any other work to be performed
by the Developer under this Agreement, including all engineering, inspections,
materials and labor. City has levied certain costs for public infrastructure to
adjoining property owners as provided within the City of Oshkosh Special
Assessment Policy. Developer consents to and shall pay the costs for the
special assessments levied upon the Property as of the date of this
Amendment and may pay them in installments in accordance with the City's
Special Assessment Policy and Ordinance. Costs for public infrastructure as
generally provided for in Exhibit C shall be paid first from funds deposited by
the Developer under Section III. D. of the Development Agreement. The
remaining costs for public infrastructure as generally set forth in Exhibit C in
excess of the deposited funds shall be invoiced to Developer upon completion
of the public infrastructure. City shall provide Developer with an accounting of
all costs not subject to special assessments that are to be paid by Developer
under this paragraph. Developer shall make payment within 60 days of invoice
for such costs. Developer shall be responsible for payment of all City fees
including impact fees, building permit fees, zoning and sign permit fees,
electrical and plumbing fees for onsite work to the Property.
D. Deposit to Fund Public Improvements. Developer has deposited the sum
of $2,270,000 with the City in order to fund the performance of the
improvements being made by the City to East 11th Avenue, South Park
Avenue, and South Main Street described in Exhibit C. Developer
acknowledges that Developer remains responsible for all costs agreed to
under this Agreement. The amount of the deposit required pursuant to Section
III. D. of this Agreement was reduced by the amount of any WEDC grant
actually received by the City.
3. Article VII. WARRANTIES AND REPRESENTATIONS.
B. 2. shall be deleted in its entirety and replaced with the following:
2. No special assessments or other charges of any kind, except as
provided in Article III. C. above, shall be assessed or levied against or accrue
or come due from the Developer or the Property with respect to the Property
Project Costs.
4. Article XI. MISCELLANEOUS PROVISIONS.
D. 1. Agreement. The following sentence shall be added to the end of Section
D. 1.:
Developer may assign this Agreement to a Lender for collateral purposes upon
written consent by the City which consent shall not be unreasonably withheld.
5. GROUND LEASE. The Ground Lease that was attached to the Development
Agreement and that was executed by and between the Parties on March 17,
2017 shall be amended as follows:
Exhibit B to Ground Lease. 4th full paragraph shall be deleted in its enti
and replaced with:
Fox Valley Pro Basketball, Inc. will be responsible for onsite private
development costs as well as the cost of public infrastructure improvements
required in the right of way to serve the site and arena as provided in the
Development Agreement and its amendments.
All other terms in the March 17, 2017 Development Agreement and Ground Lease
shall remain unchanged and in effect.
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as
of the date stated in the first paragraph of this Agreement.
(Signature Pages to follow)
FOX VALLEY PRO BASKETBALL, INC.
BY:
Its: re .d e
STATE OF Wi'SWn�ln )
SS
COUNTY OF W, nn�Ir�u )
Personall came before me this z1^ day of QC.'" 2017, the
above-named wv Pz. to me known to be the person who executed the
foregoing instrumen .
, otary Public, State of W�S�nS�n
z SpNy y Commission: IZ Igo/� oil'
Sv
STA TE 0� �\
CITY OF OSHKOSH, WISCONSIN
By: „/4— ,"j -
Mark A. Rohloff, City Manager
By:�..
Pamela R. Ubrig, City Jerk
Approved as to form:
By:JA
Lyn A. Lorenson, ity Attorney
STATE OF �PtJ(0010 )
COUNTY OF (W,hW ) SS
Personally came before me this day of VG1'�1i , 2017, the above
named Mayor and City Clerk, to me known to be the person who executed the foregoing
instrument.
Notary Publi , State of Wiscoin
My Commission: 1,3
REDEVELOPMENT AUTHORITY OF THE
CITY OF OSHKOSH, WISCONSIN
By:
Chair
By: ; -F
Executive Director
STATE OF jl 6Cby-N -sin )
) SS
COUNTY OF + n )
Personally came before me this 3ra day of. Wim) g_yyAW 2017, the above
named Chair and Executive Director, to me known to be the person who executed the
foregoing instrument.
L jpt7
Notary Public, State of Wisconsin
My Commission: 2[o Z