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File #: Res.06-7313    Version: A Name: Amendment to Development Agreement Pointe Blue project
Type: Resolution Status: Passed
File created: 11/21/2006 In control: City Attorney's Office
On agenda: Final action: 11/21/2006
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
Sponsors: James Spangenberg
Related files: 06-2755

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