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From UWM Innovation Park, LLC, requesting an amendment to the Real Property Purchase Agreement for County-owned land located in the Northeast Quadrant of the County Grounds in the City of Wauwatosa
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DATE : January 10, 2011
TO : Committee on Economic and Community Development
Committee on Finance and Audit
FROM : Craig C. Dillmann, Manager of Real Estate Services
Department of Transportation and Public Works
SUBJECT : From UWM Innovation Park, LLC requesting an amendment to the Real Property Purchase Agreement for County-owned land located in the Northeast Quadrant of the County Grounds in the City of Wauwatosa.
BACKGROUND:
In May 2009 the Milwaukee County Board of Supervisors adopted Resolution File No. 09-14(a)(g) approving a Development Agreement and accepting a Real Property Purchase Agreement (“Purchase Agreement”) from UWM Innovation Park, LLC (“UWM”) for approximately 88.9 acres of land in the Northeast Quadrant of the County Grounds for the development of a new College of Engineering and Applied Science Campus, known as Innovation Park. The Purchase Agreement, as extended by the County Board in December 2010, includes the current schedule of payments by UWM for the $13.55 million purchase price as follows:
· Initial $5 million payable at closing on January 15, 2011
· Second $5 million payable on the one (1) year anniversary of closing or January 15, 2012
· $887,500 payable on January 15, 2013
· $887,500 payable on January 15, 2014
· $887,500 payable on January 15, 2015
· $887,500 payable on January 15, 2016
The County Board adopted Resolution File No. 09-14(a)(n) in December 2009 approving a Habitat Restoration Landscaping Plan (“Habitat Plan”), which preserves and protects the environmentally sensitive areas of the land to be acquired by UWM. In response to the County Board approving the Habitat Plan, the Purchase Agreement and Development Agreement were amended to incorporate the elements of the Habitat Plan.
In May 2010, th...
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