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File #: 49328    Version: 1 Name: 11106 Third Amendment Greywolf PSA CIC Lots 21-23 & 32-34
Type: Resolution Status: Passed
File created: 10/25/2017 In control: FINANCE COMMITTEE
On agenda: 11/21/2017 Final action: 11/21/2017
Enactment date: 11/27/2017 Enactment #: RES-17-00907
Title: Third Amendment to Resolution Enactment No. RES-16-00567, which authorizes the execution of a Purchase and Sale Agreement between the City and Greywolf Partners, Inc. for the purchase of City-owned Lots 21-23 and Lots 32-34 in The Center for Industry & Commerce to extend the due diligence period.
Sponsors: Samba Baldeh
Attachments: 1. 11106 Adopted Reso 43702, 16-00567, 2016-08-02.pdf, 2. 11106 Adopted Reso 44236, 16-00702, 2016-09-20.pdf, 3. 11106 FILE ID 46745 Reso Intro Master06-Apr-2017-08-40-53.pdf
Fiscal Note
No fiscal impact.

Title
Third Amendment to Resolution Enactment No. RES-16-00567, which authorizes the execution of a Purchase and Sale Agreement between the City and Greywolf Partners, Inc. for the purchase of City-owned Lots 21-23 and Lots 32-34 in The Center for Industry & Commerce to extend the due diligence period.
Body
WHEREAS, on August 2, 2016 the execution of a Purchase and Sale Agreement with Greywolf Partners, Inc (“Buyer”) to acquire the City owned lots 21-23 and Lots 32-34 in The Center for Industry and Commerce (“Property”) was approved by the Common Council via Resolution Enactment No. RES-16-00567, File No. 43702 as amended on September 20, 2016 by RES-16-00702, File No. 44236 and again on May 2, 2017 by RES-17-00379, File No. 46745 (collectively, the “Resolution”); and

WHEREAS, the Buyer requests an additional 3 month extension to the Due Diligence Period.

NOW, THEREFORE, BE IT RESOLVED that the Resolution is hereby amended as follows:

1. Section 6 - “Due Diligence Period” is hereby amended to change the definition of Due Diligence Period to: “From the Third Amendment Effective Date until January 12, 2018.”

2. Section 7 - “Construction Contingency” is hereby amended to change the first sentence to read: Buyer shall agree to commence construction on the Property by April 1, 2019 (“Construction Deadline”).”

3. Section 15 - “Closing” is hereby amended as follows:

Subsection (d) is hereby deleted and replaced with the following:

City shall be responsible for any and all special assessments, against the Property existing as of the date of Closing, except Buyer shall be responsible for any special assessments liens relating to the development of John Wall Drive filed against the Property after November 1, 2017. Buyer shall be responsible for any future special assessments against the Property following the date of Closing.

4. Section 16 is hereby amended as follows:

Buyer will be responsible for Madison Metropolitan Sewer D...

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