Fiscal Note
The proposed resolution authorizes an agreement for Payment in Lieu of Taxes (PILOT) for the Royster Corners development. This resolution is an amendment to Council Adopted RES-17-00540 (File ID 47525), which authorized an $820,000 Tax Incremental Finance Loan to Royster Corners, LLC. No additional City appropriation is required for this amendment.
Title
Amending Resolution 17-00540 Authorizing the Execution of a TIF Loan between the City and Royster Corners, LLC to Permit the Sale of a Condominium Unit to Options in Community Living, Inc., a non-profit, and Enter into a PILOT Agreement.
Body
WHEREAS, Royster Corners, LLC (the “Developer”) and the City entered into the Tax Increment Financing Loan Agreement dated April 6, 2018, and recorded with the Office of the Register of Deeds of Dane County, Wisconsin on April 6, 2018, as Document No. 5400365 (the "TIF Agreement"); and
WHEREAS, the TIF Agreement pertains to Unit 102 and Unit 201 in Royster Crossings, a Condominium (collectively, the "Property"); and
WHEREAS, the Developer's obligations under the TIF Agreement are secured by a Mortgage encumbering the Property and granted by the Developer to the City, dated April 6, 2018, and recorded with the Office of the Register of Deeds of Dane County, Wisconsin on April 6, 2018, as Document No. 5400366 (the "TIF Mortgage"), and further supported by a Note given by Developer and a Personal Guaranty (collectively with the TIF Mortgage and the TIF Agreement, the “TIF Documents”) given by Developer’s principal, Carl Ruedebusch (“Guarantor”); and
WHEREAS, Section 6 of the TIF Agreement requires the Developer to obtain the prior written approval of the City (the "City's Approval") prior to transferring, selling, or conveying all or part of the Property to any entity that is exempt from the general property tax (a "Tax Exempt Entity"); and
WHEREAS, Options in Community Living, Inc. is a not-for-profit Wisconsin corporation ("Options") providing supported li...
Click here for full text