Fiscal Note
The Resolution authorizes amendments to modify the dates and timelines by which various conditions and contingencies must be addressed. The basic project scope or financing is unaffected, and no additional appropriation is required.
Title
Authorizing the execution of a First Amendment to the Purchase and Sale Agreement executed between the City and Gebhardt Development, LLC.
Body
The City of Madison (the “Seller”) executed a Purchase and Sale (the “PSA”) with Gebhardt Development LLC (the “Buyer”), dated July 18, 2013 (the “Effective Date”), that provided that the Buyer will acquire from the Seller properties located at 802 and 854 East Washington Avenue (the former Don Miller property) for the development of a mixed-use project (the "Project").
Subsequent to the execution of the PSA, certain conditions and dates have changed that necessitate an amendment to the PSA (the “First Amendment”). Section 11 of the PSA currently provides that the Buyer shall have one hundred eighty (180) days from the Effective Date to satisfy or waive certain contingencies (the “Buyer’s Contingency Period) including Land Use Approvals and Project Financing, including but not limited to Tax Incremental Financial Assistance (“TIF”). Section 11 also provides that the Buyer’s Contingency Period can be extended for an additional sixty (60) days by written notice to the Seller prior to the expiration of the Buyer’s Contingency Period. The Buyer provided the required written notice prior to the expiration of the Buyer’s Contingency Period and the Buyer’s Contingency Period has been extended to March 15, 2014. Section 12 of the PSA provides that the Seller shall have one hundred eighty (180) days from the Effective Date to satisfy or waive a contingency (the “Seller’s Contingency Period’) that provided the Seller obtain budget authorization from the Common Council for any TIF assistance for the Project. Section 12 also provides that the Seller may extend the Seller’s Cont...
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