Fiscal Note
The proposed resolution authorizes an agreement for Payment in Lieu of Taxes (PILOT) for the University Row Clinic development in the event the property becomes tax exempt. This resolution is an amendment to Council Adopted RES-11-00919 (File ID 24230), which authorized an $1,372,000 Tax Incremental Finance Loan to GI Clinic, LLC, which has been repaid. No additional City appropriation is required for this amendment.
Title
Amending Resolution 11-00919 regarding a TIF Loan to GI Clinic, LLC to authorize the execution of a PILOT Agreement. (District 19)
Body
WHEREAS, pursuant to Council approved RES-11-00919 (File 24230), as amended by RES-12-0752 (File 27556), GI Clinic, LLC (the “Developer”) and the City entered into the Tax Increment Financing Loan Agreement dated February 5, 2013 and recorded with the Office of the Register of Deeds of Dane County, Wisconsin on February 6, 2013 as Document No. 4958402 (the “TIF Loan Agreement”) wherein the City agreed to provide a loan of $1,372,000 to the Developer (the “TIF Loan”).
WHEREAS, the TIF Loan Agreement pertains to property located at 750 University Row and further described in Exhibit A to the TIF Loan Agreement (the “Property”).
WHEREAS, the Developer's obligations under the TIF Loan Agreement are secured by a Mortgage encumbering the Property and granted by the Developer to the City, dated February 5, 2013, and recorded with the Office of the Register of Deeds of Dane County, Wisconsin on February 6, 2013, as Document No. 4958403 (the "TIF Mortgage").
WHEREAS, the Developer will be conducting further development of the Property, which will involve subjecting the Property to a condominium form of ownership and constructing new improvements on the portion of the Property identified in the TIF Loan Agreement as Parcel B, which is currently used as a surface parking lot.
WHEREAS, Section 6 of the TIF Loan Agreement requires the Developer, prior to sale or transfer of Parcel B of the Property, to ...
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