HomeMy WebLinkAboutFox Valley Pro Basketball TIF second amendmentSECOND AMENDMENT TO
TAX INCREMENTAL DISTRICT NO. 31
DEVELOPMENT AGREEMENT WITH
FOX VALLEY PRO BASKETBALL, INC.
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 and as amended on October 27, 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.
DEVELOPER is obtaining permanent financing for the Arena, and DEVELOPER'S lender has
requested changes be made to the Agreement to remove references to the annual statutory appropriation of
funds by the Common Council. The Parties hereby agree as follows:
1. ARTICLE IV. City's Obligations. Paragraphs C. and D. shall be amended to read as
follows:
C. Ci1y Grant. In each year beginning in 2019 and ending in 2045 (or, if earlier, when the
total amount of the "Developer Incentive Principal" as set forth on Exhibit C plus interest has
been reimbursed to Developer under this Agreement), in consideration of the Developer
undertaking its obligations under this Agreement, the amount of the Available Tax Increment
shall be applied to make payments under this Agreement to pay the Developer the City Grant.
The City Grant constitutes eligible Projects Costs within the meaning of Section 66.1105(2) of
the Wisconsin Statutes. The first payment shall not be made until the first day of the second
November after the date of this Agreement provided that there is Available Tax Increment.
Such payments shall be made in accordance with the terms of this Agreement, as further
described in this Section N.C. and the City MRO. The amount of the City Grant shall be equal
to the final amount of Project Costs, less Acquisition Costs, Administrative Costs, and any
WEDC grant funds received pursuant to Section IV.B., above. The City Grant shall be paid by
the City only out of the Available Tax Increment, subject to the provisions of this Agreement
and the City MRO. The City covenants and agrees that funds in the special fund of the Property
attributable to the Available Tax Increment generated from the Property (and all improvements
and personal property thereon) shall not be used to pay any other project costs of the District
until the City has applied to the payment due hereunder, in any year, the Available Tax
Increments generated by the Property (and all improvements and personal property thereon)
that this Agreement provides will be applied to payment due hereunder.
Developer acknowledges that, subject to the provisions of this Agreement: (i) only the
Available Tax Increments generated by the Property (and all improvements and personal
property thereon) shall be used to make payments to the Developer; and (ii) if, on November
1, 2045, the amount of the Available Tax Increments to be paid under this Agreement proved
insufficient to pay the entire City Grant, the City shall have no obligation or liability therefor.
The City shall take no action to terminate or dissolve the District early prior to
November 1, 2045, unless the City first pays the outstanding balance due under the City Grant,
subject to the provisions of this Agreement.
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Attached hereto as Exhibit E is the City's projection of revenues and expenditures for
the District over its term, with the City Grant labeled as "Developer Incentive Payments"
thereon. Exhibit E is provided for illustrative purposes only, and Developer acknowledges that
the amounts set forth thereon are estimates only.
D. City Grant not to be Considered Indebtedness. In no circumstances shall amount of the
City Grant due Developer hereunder be considered an indebtedness of the City, and the
obligation of the City hereunder is limited to the Available Tax Increment and only to the extent
as provided in this Agreement. Amounts due hereunder are a special and limited obligation
subject to the terms of this Agreement and Wisconsin Statutes, are not a general obligation of
the City of Oshkosh, and shall not count against the City's constitutional debt limitation, and
no taxes will be levied for its payment or pledged to its payment other than Tax Increment
which has been appropriated for that purpose.
2. ARTICLE VII. Warranties and Representations. Paragraph B. shall be amended to read
as follows:
B. The City hereby warrants and represents to the Developer that:
1. Subject to the approval of City Common Council, the execution and delivery of
this Agreement has been duly authorized and approved by the City, and no other or further
acts or proceedings of the City or its officials are necessary to authorize and approve the
execution and delivery of this Agreement. This Agreement, the exhibits, documents, and
instruments associated herewith and made a part hereof, have, if applicable, been duly
executed and delivered by the City and constitute the legal, valid, and binding agreement
and obligation of the City, enforceable against the City in accordance with their respective
terms, except as the enforceability thereof may be limited by applicable law.
All other terms in the March 17, 2017 Development Agreement and as amended on October 27,
2017 shall remain unchanged and in effect.
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the date stated
below.
[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK,
SIGNATURE PAGE FOLL0WSJ
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FOX VALLEY PRO BASKETBALL, INC.
,� ,')2
BY: �
Its: Ye5�rl P" T
Date: % -3 - 1 2K
STATE OF i5 cpY►S i r1 )
SS
COUNTY OF { h b v
Personally came before me this A rd day of hoa,- 2018, the above-named
qory B.Rjejrc&, to me known to be the person who executed the foregoing instrument.
,� PUBL/C * G4SSanc�r� '
otary Public, State of w j S[,o►ns;n
2 P. y Commission: I a rl 2-o 14
S44 TSF ()V
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CITY OF OSHKOSH, WISCONSIN
By:
Mad A. Rohloff, City Manager
Date:
By:
Pamela R. Ubri Ci Clerk
Date: � - ej —
Approved as to form:
Y:
n . Lorens ity Attorney
Date: ► Z-1 :j- ay ► -1
STATE OF Wisconsin )
) SS
COUNTY OF Winnebago )
Personally came before me this 6 day of December, 2017, the above named City Manager and
City Clerk, to me known to be the persons who executed the foregoing instrum nt.
N ary Public,at of Wis opsin
My Commission:
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REDEVELOPMENT AUTHORITY OF THE
CITY OF OSHKOSH, WISCONSIN
By:
3, r vn!gg5 , Chair
Date /r/ .-P / J--/ 7
By:
ff. AjWn r , Executive Director
Date: t Z 18 /q
STATE OF Wisconsin )
)SS
COUNTY OF Winnebago )
Personally came before me this_r day of Q2Cl�rnb� , 2011 ,the above named Chair
and Executive Director, to me known to be the person who executed the foregoing instrument.
* ,Q,cN`tri __ _
Notary Public, State of.Wisc sin
My Commission:I 2(v 121
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