Number
191779
Version
SUBSTITUTE 1
Reference
161506, 170917, 180497
Sponsor
ALD. LEWIS
Title
Substitute resolution approving the First Amendment to Good Hope Library Purchase, Sale & Development Agreement.
Analysis
This substitute resolution approves the First Amendment to Good Hope Library Purchase, Sale and Development Agreement (the “Amendment”), the Completion Agreement and the acceptance of a Note in the amount of $283,096.00 for completion of the Good Hope Library branch located at 7717 West Good Hope Road in the 9th aldermanic district.
Body
Whereas, On October 17, 2017, by passage of File Number 170917, the Common Council approved the Good Hope Library Purchase, Sale and Development Agreement (the “Development Agreement”) between the City and Mill Road Library Redevelopment, LLC (“Developer”), a partnership between Maures Development Group LLC and Royal Capital Group LLC as co-developers for the property located at 7717 W. Good Hope Road; and
Whereas, On July 10, 2018, by passage of File Number 180497, the Common Council approved revised terms for the Development Agreement between the City and Developer which were incorporated into the final signed Development Agreement; and
Whereas, Developer has completed most of the construction work required of it under the Development Agreement with the exception of some storm water work, installation of exterior panels on the building, outstanding landscaping and some punch list items that need to be finalized; and
Whereas, under the terms of the Development Agreement, the Milwaukee Public Library (“MPL”) cannot take ownership of its library branch condominium unit in the development until all outstanding work under the Development Agreement is completed by the Developer; and
Whereas, MPL would like to be able to take ownership of the library branch condominium unit even though all outstanding work is not yet completed under the Development Agreement; and
Whereas, Developer has agreed, thr...
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