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Finance committee approves extension to Mandel purchase contract, ties interim deadline to TIF and conservation easement
Summary
Waukesha City’s finance committee unanimously recommended an amendment to the purchase contract with Mandel to make an interim due-diligence date contingent on a TIF agreement and a conservation easement, and to extend the final due-diligence date to July 31, with an anticipated 20-month construction schedule.
The Waukesha City Finance Committee on Nov. 12 voted unanimously to recommend an amendment to the purchase contract between Waukesha City and Mandel that extends key due‑diligence dates and conditions one interim deadline on additional approvals.
Jennifer Andrews of the Community Development Department told the committee that the buyer, Mandel, requested two changes: make the interim due‑diligence date contingent on approval of a tax‑increment financing (TIF) agreement and the conclusion of a conservation easement required because of the property's historic status, and extend the final due‑diligence/closing date to July 31. "Once we've accomplished those two things, then that due diligence date would expire ... and the earnest money would go hard," Andrews said.
Andrews said the buyer expects to begin financing and finalize construction drawings after those approvals and anticipates a roughly 20‑month construction period, which would put final construction completion at the end of 2027 and inclusion on the tax rolls on Jan. 1, 2028.
Alderman Lembke moved to approve and recommend the amendment; the motion was seconded and carried by unanimous voice vote. The committee's recommendation advances the amended contract to the City Council for final action.
No public comment was recorded on the item during the meeting.
