FACILITIESAMENDED

village_of_elm_grove_board_of_trustees_agenda_augu.pdf

Elm Grove amends TID development pact for apartments

$8,466,000 TID Grant; $150,000 escrow deposit; $1,400,000 letter of credit security referenced; potential reduction of letter of credit to $530,000Elm Grove villageCAROLINE HEIGHTS APARTMENTS LLCAugust 26, 2025

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Description

The Village of Elm Grove and Caroline Heights Apartments LLC executed a Third Amendment to their Development Agreement that revises the timing and conditions for payment of an $8,466,000 TID Grant tied to stormwater system approval and final occupancy. The amendment also requires the developer to post a $150,000 escrow as additional security, reaffirm existing letters of credit, and clarify the Village’s remedies for incomplete work.

Contract Details

Contract Amount

$8,466,000 TID Grant; $150,000 escrow deposit; $1,400,000 letter of credit security referenced; potential reduction of letter of credit to $530,000

Vendor

CAROLINE HEIGHTS APARTMENTS LLC

Agency

Elm Grove village, WI

Contract Type

FACILITIES

Document Date

August 26, 2025

Contract Term

TID Grant payable within 60 days after later of occupancy permit for last building and Village Engineer approval of SWM System; $150,000 escrow forfeitable or refundable within 45 days after temporary occupancy permit issuance for final building

Renewal Info

Third Amendment to an existing 2023 Development Agreement, following first and second amendments; reaffirms and continues all prior terms and developer obligations, including renewal of letters of credit under Article VIII of the original agreement. No automatic renewal end date is stated; obligations persist until project and SWM system are completed and approvals obtained.

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