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Consideration of termination of a development agreement with TI Investors of Wauwatosa LLC for the property located at 1425 Discovery Parkway
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Submitted by:
Cody Pansing
Department:
City Attorney
Background
On March 26, 2013, the City of Wauwatosa entered into a Development Agreement with TI Investors of Wauwatosa LLC for the development of property located at 1425 Discovery Parkway. In 2016, the agreement was assigned to 1425 Discovery LLC and was subsequently assigned again to 1425 Discovery Holdings LLC, the current owner of the property.
On March 16, 2026, counsel for 1425 Discovery Holdings LLC formally requested that the City terminate the Development Agreement.
Current Status of the Agreement
The Development Agreement has, for all practical purposes, run its course:
The ten (10)-year term of the agreement expired in 2023.
All required payments have been made in full.
There are no existing defaults on the part of either party.
There are no remaining obligations for either the City or the developer.
The only provision that could arguably be considered still active is Section 8(c), which provides that if the developer charges for parking, the City is entitled to fifty percent (50%) of that revenue. However, given that 1425 Discovery Parkway operates as a commercial office building, it is highly unlikely that the owner would begin charging employees for parking. As a practical matter, Section 8(c) is effectively moot.
Recommendation
It is the opinion of the City Attorney that this Development Agreement can and should be terminated consistent with the owner's request. The agreement has fulfilled its intended purpose, all obligations have been met, and no party will be prejudiced by its termination.