Sponsor
Alderman Spangenberg
Title
Amendment to Development Agreement Pointe Blue project
Whereas, on September 25, 2006, by adoption of Resolution No. 06-7244, the Common Council of the City of Racine authorized that the City of Racine enter into a development agreement with Key Bridge Group, Inc., its successors and assigns, Pointe Blue, LLC, its successors and assigns and the Redevelopment Authority for the Pointe Blue redevelopment project; and
Whereas, Key Bridge Group has requested an extension of time to arrange for more favorable financing for the redevelopment;.
Now, therefore, be it resolved, that an escrow agreement be executed for a closing on the property acquisition at such time as phase one financing is completed, but no later than April 11, 207.
Further resolved, that the Mayor and City Clerk be authorized and directed to enter into an amended agreement to amend the date of closing to April 11, 2007, for the Pointe Blue Redevelopment Project .
Fiscal Note: N/A