Sponsor
Alderman Spangenberg
Title
Second amendment to Development Agreement for Pointe Blue Redevelopment Project
Whereas, by Resolution 06-7255 adopted on September 25, 2006, the Common Council approved 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 amendment and restatement of the agreement to reflect the financing arranged for the redevelopment with a third party lender.
Resolved, that the Mayor and City Clerk are authorized and directed to execute an amended and restated development agreement with Key Bridge Group, Inc., its affiliates, successors and assigns, Pointe Blue, LLC., its affiliates, successors and assigns, and the Redevelopment Authority of the City of Racine, including the execution of a deed of sale.
Fiscal Note: The amendment does not change the financial obligations of the City as set forth in the original development agreement.