City of Racine - File #: 09-4483

• File #: 09-4483
• Version: A
• Name: 1425 N. Memorial Dr. revised agreement request
• Type: Communication
• Status: Passed
• File created: 11/25/2009
• In control: Public Works and Services Committee
• Final action: 12/15/2009
• Title: Subject: Communication from the Director of City Development requesting authorization to enter into a revised agreement with E.G. Developments, LLC, for the acquisition of 1425 N. Memorial Drive. (Res.09-1749) Recommendation of the Public Works and Services Committee on 12-8-09: That the Mayor and City Clerk be authorized and directed to enter into an agreement with E.G. Developments, LLC for the acquisition of 1425 N. Memorial Drive with the following terms and conditions: 1. Lease terminates December 31, 2010, rather than December 31, 2013; 2. Sale is conditional upon County granting waiver of tax arrearage; 3. City would pay $316,000 at time of closing (before April 2010 to allow the County time to consider tax waiver) rather than at the end of the lease period; 4. Lease would not be renewable for a 3 year term upon its expiration; 5. There would no longer be an option to purchase granted to E.G. Developments at the time of its lease; 6. We would remove the right of E.G. Developm...
• Related files: Res.09-1749

Date	Ver.	Action By	Action	Result
12/15/2009	A	Common Council	Approved as Presented	Pass
12/8/2009	A	Public Works and Services Committee	Recommended For Approval
12/1/2009	A	Common Council	Referred

Title

Subject: Communication from the Director of City Development requesting authorization to enter into a revised agreement with E.G. Developments, LLC, for the acquisition of 1425 N. Memorial Drive.  (Res.09-1749)

Recommendation of the Public Works and Services Committee on 12-8-09: That the Mayor and City Clerk be authorized and directed to enter into an agreement with E.G. Developments, LLC for the acquisition of 1425 N. Memorial Drive with the following terms and conditions:

1. Lease terminates December 31, 2010, rather than December 31, 2013;

2. Sale is conditional upon County granting waiver of tax arrearage;

3. City would pay $316,000 at time of closing (before April 2010 to allow the County time to consider tax waiver) rather than at the end of the lease period;

4. Lease would not be renewable for a 3 year term upon its expiration;

5. There would no longer be an option to purchase granted to E.G. Developments at the time of its lease;

6. We would remove the right of E.G. Developments to assign its lease interest.

Fiscal Note: The City would pay $316,000 at the time of closing in order to acquire this property. Funds are available in the Intergovernmental Sewer Revenue Share fund for the purchase of this property.