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Resolution terminating the development agreement with TI Investors of Wauwatosa LLC for the property located at 1425 Discovery Parkway
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WHEREAS, on March 26, 2013, the City of Wauwatosa entered into a Development Agreement with TI Investors of Wauwatosa LLC for the development of the property located at 1425 Discovery Parkway; and
WHEREAS, the Development Agreement was subsequently assigned to 1425 Discovery LLC and then to 1425 Discovery Holdings LLC, the current owner of the property; and
WHEREAS, on March 16, 2026, counsel for 1425 Discovery Holdings LLC requested termination of the Development Agreement; and
WHEREAS, the ten-year term of the Development Agreement expired in 2023, all required payments have been made in full, there are no existing defaults, and there are no remaining obligations of the parties under the agreement;
NOW, THEREFORE, BE IT RESOLVED THAT the Development Agreement originally entered into on March 26, 2013, for the property located at 1425 Discovery Parkway, as subsequently assigned, is hereby terminated, and the appropriate City officials are authorized to execute any documents necessary to effectuate such termination.
By: Community Affairs Committee
recommendation
Recommendation: Approve 4-1