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Council approves amendment allowing sale of Riverbend building while retaining developer obligations
Summary
The Common Council approved a third amendment to the Riverbend pre‑development agreement allowing the sale of a building without transferring certain development‑obligation liabilities to the buyer; the Hendricks Group will retain the obligations and stands to be repaid infrastructure advances of about $4,000,000 as increment shifts.
The West Bend Common Council on Feb. 3 approved a third amendment to the pre‑development agreement for the Riverbend development that allows a building sale without transferring the seller’s TID‑backstop obligations to the buyer.
Ian, a city staff member, explained the amendment: "This amendment is doing is allowing the sale of that building and the new owner will not take on those obligations. Those will stay with Hendricks and Riverbend." He and…
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