Redevelopment Authority — Agenda Packet

AGENDA REDEVELOPMENT AUTHORITY OF THE CITY OF STEVENS POINT Members • Gene Kemmeter • John Gardner • Mike Beacom • Alderperson Kneebone • David Ladick • John Schlice • James Barrett Date and Time: September 29, 2026 3:00 PM Location: Stevens Point Police Department Community Room 933 Michigan Avenue Stevens Point, WI 54481 Agenda 1. Roll Call. 2. Persons who wish to address the Board on specific agenda items other than a “Public Hearing” must register their request at this time. Those who wish to address the Board during a “Public Hearing” are not required to identify themselves until the “Public Hearing” is declared open by the Chairperson. 3. Public comment for pre-registered individuals for matters appearing on the agenda. Discussion and Possible Action on the Following: 4. Approval of Minutes from the July 14th, 2026 meeting of the Redevelopment Authority. 5. Discussion and Possible Action on Amendments to the Neighbor Helping Neighbor Grant 6. Discussion and Possible Action on a Request from the WI DOT for Easements Related to the Hwy 66/Centerpoint Curb Ramp Reconstruction Project 7. Discussion and Possible Action on a Consent to Assignment of Collateral for the North Side Yard Developers Agreement. 8. Amendment of Development Agreement between the Redevelopment Authority, the City of Stevens Point, and Commonwealth Development Corporation (partial Shopko Site redevelopment, PINs 281240832202950 and 281240832202969) 9. Discussion on the Current Planning Progress for the Downtown City Bus Transfer Center 10. Enter into closed session pursuant to Wisconsin Statutes19.85(1)(e) for deliberating or negotiating the purchasing of public properties, investing of public funds, or conducting other specified business, whenever competitive or bargaining reasons require a closed session, relating to the following: A. Downtown Development Fund Loan Application from Justin Bolger, representing Northside Yard Condo 5, LLC 11. Reconvene for possible action on the above-referenced closed session items. 12. Adjournment. Page 1 of 70 PLEASE TAKE NOTICE that any person who has special needs while attending these meetings or needs agenda materials for these meetings should contact the City Clerk as soon as possible to ensure that a reasonable accommodation can be made. The City Clerk can be reached by telephone at (715) 346-1569 or by mail at 1515 Strongs Avenue, Stevens Point, WI 54481. Maps further defining the above area(s) may be obtained from the City of Stevens Point Department of Community Development, 1515 Strongs Avenue, Stevens Point, WI 54481, or by calling (715) 346-1567, during normal business hours. PLEASE TAKE FURTHER NOTICE that a quorum of the Common Council may be in attendance at this meeting. PLEASE TAKE NOTICE that any person who has special needs while attending these meetings or needs agenda materials for these meetings should contact the City Clerk as soon as possible to ensure that a reasonable accommodation can be made. The City Clerk can be reached by telephone at (715) 346-1569 or by mail at 1515 Strongs Avenue, Stevens Point, WI 54481. Maps further defining the above area(s) may be obtained from the City of Stevens Point Department of Community Development, 1515 Strongs Avenue, Stevens Point, WI 54481, or by calling (715) 346-1567, during normal business hours. PLEASE TAKE FURTHER NOTICE that a quorum of the Common Council may be in attendance at this meeting. Page 2 of 70 MINUTES REDEVELOPMENT AUTHORITY OF THE CITY OF STEVENS POINT Members • Chairperson Schlice • Vice-Chairperson Gardner • Alderperson Kneebone • Commissioner Beacom • Commissioner Kemmeter • Commissioner Ladick • Commissioner Barrett Date and Time: July 14, 2026 3:00 PM Location: Stevens Point Police Department Community Room 933 Michigan Avenue Stevens Point, WI 54481 Opening Section: 1. Roll Call • Meeting called to order at 3:00 P.M. • Members Present: Schlice, Gardner, Kneebone, Beacom, Kemmeter, Ladick, Barrett • Members Absent: None 2. Persons who wish to address the Board on specific agenda items other than a “Public Hearing” must register their request at this time. Those who wish to address the Board during a “Public Hearing” are not required to identify themselves until the “Public Hearing” is declared open by the Chairperson. 3. Public comment for pre-registered individuals for matters appearing on the agenda. • Jack and Jeanette Friess registered in favor of item 8b. Discussion and Possible Action on the Following: 4. Approval of Minutes from the February 12th, 2026 meeting of the Redevelopment Authority • Background: Minutes from the February 12th, 2026 meeting of the Redevelopment Authority were included in the agenda packet. • Motion: Kemmeter moves to approve the minutes and place them on file. • Second: Barrett seconds the motion. • Discussion: None. • Vote: Unanimous approval. 5. Discussion on Redevelopment Authority Financial Overview Page 3 of 70 • Background: Director Kivela speaks regarding the financial overview. • Motion: Kemmeter moves to accept the overview. • Second: Ladick seconds the motion. • Vote: Unanimous approval. 6. Discussion and Possible Action on a Request from the City of Stevens Point Community Development Department to extend an agreement to fund a portion of the Director’s Salary from the Redevelopment Authority. • Background: Director Kivela gives an overview of the request. • Motion: Beacom moves to approve the request. • Second: Kneebone seconds the motion. • Call for the vote: Ayes: Schlice, Gardner, Kneebone, Beacom, Kemmeter, Ladick, Barrett. Nays: None. Motion carried. 7. Discussion and Possible Action on an Offer to Purchase from Mid-State Technical College for the Acquisition of 1101 Centerpoint Drive (PIN: 281240832202961) • Background: Neighborhood Planner/Economic Development Specialist Klesmith gives an overview of the offer to purchase. • Discussion: o Ben Nusz, Dean of the Stevens Point Downtown Mid-State Technical College Campus and School of Business & Information Technology, shares a presentation and answers questions from the board. o Director Kivela gives an overview of the decision-making process. • Motion: Beacom moves to approve the request. • Second: Kemmeter seconds the motion. • Call for the vote: Ayes: Schlice, Gardner, Kneebone, Beacom, Kemmeter, Ladick, Barrett. Nays: None. Motion carried. 8. Discussion and Possible Action on Exceptions to Redevelopment Authority Grant and Loan Programs a. A Request from Charles Robinson for an Exception to the Residential Infill Grant for 2157 Prairie Street • Background: Neighborhood Planner/Economic Development Specialist Klesmith gives an overview of the request. • Motion: Kemmeter moves to conditionally approve the request. • Second: Barrett seconds the motion. • Vote: Unanimous approval. b. A Request from Jack and Jeanette Friess for an Exception to the Multi-Family Rental Conversion Grant for 1708 Elk Street • Background: Page 4 of 70 o Jack and Jeanette Friess give an overview of the request and provide brochure (attached to minutes). o Neighborhood Planner/Economic Development Specialist Klesmith provides further information. • Motion: Ladick moves to approve the request in the amount of $50,000 and remove the eligibility restriction that the property must be occupied or vacant for less than 12 months if legal pre-existing use. • Second: Gardner seconds the motion. • Vote: Unanimous approval. c. A Request from Beant and Rebecca Singh for an Exception to the Housing Modernization Loan Program for 700 Michigan Avenue • Background: Neighborhood Planner/Economic Development Specialist Klesmith gives an overview of the request. • Motion: Ladick moves to approve the request. • Second: Kemmeter seconds the motion. • Call for the vote: Ayes: Beacom, Kemmeter, Ladick. Nays: Schlice, Gardner, Kneebone, Barrett. Motion fails. 9. Discussion and Possible Action on Shopko Site Redevelopment Updates a. EPA Brownfields Grant Award and Next Steps in the Process/Project List • Background: Neighborhood Planner/Economic Development Specialist Klesmith gives an overview of next steps. b. Revision of Development Agreement between the Redevelopment Authority, the City of Stevens Point, and Commonwealth Development Corporation (partial Shopko Site redevelopment) • Background: Neighborhood Planner/Economic Development Specialist Klesmith gives an update on the development agreement. 10. Discussion and Possible Action on an Easement Request from Wisconsin Public Service Corporation for Underground Electric Utility Work at PIN: 281240832202804 and 281240832202814 • Motion: Kemmeter moves to approve items 7, 8, and 9 together. • Second: Ladick seconds the motion. • Call for the vote: Ayes: Schlice, Gardner, Kneebone, Beacom, Kemmeter, Ladick, Barrett. Nays: None. Motion carried. 11. Discussion and Possible Action on an Easement Request from Wisconsin Public Service Corporation for Underground Electric and Gas Utility Work at PIN: 281240832202972 Page 5 of 70 12. Discussion and Possible Action on an Easement Request from Wisconsin Public Service Corporation for Underground Electric and Gas Utility Work at PIN: 281240832202804 and 281240832202814 13. Adjournment • Adjourned at 4:37 P.M. Page 6 of 70 Page 7 of 70 Page 8 of 70 City of Stevens Point 1515 Strongs Avenue Stevens Point, WI 54481-3594 Department of Community Development Redevelopment Authority Jarod Kivela, Director Ph: (715) 346-1567 Fax: (715) 346-1498 www.stevenspoint.com Open Records Information: The City of Stevens Point is subject to Wisconsin Statutes relating to public records. Communication, such as this document, sent or received by City employees are subject to these laws. Unless otherwise exempted from the public records law, senders and receivers of City communication should presume that the communications are subject to release upon request, and to state record retention requirements. Page 1 of 2 MEMORANDUM To: Redevelopment Authority From: Mark Kordus, Neighborhood Improvement Coordinator Jarod Kivela, Director of Community Development Date: September 28, 2026 RE: Neighbor Helping Neighbor Grant Amendments Within the Neighbor Helping Neighbor (NHN) grant, I would propose that, under the section labeled “Eligible Improvements,” we add/expand to include interior accessibility accommodations; we have historically only covered exterior access ramps under the grant. We have had two requests this year for interior accessibility accommodations, which is a much more complex issue. To learn more about what programs or funding are, or may be available to residents in these situations, I reached out to Eric Riskus at Midwest Independent Living Choices (MILC) to get some guidance. Based upon these conversations, we would suggest offering three separate possible paths for them to be eligible for NHN funding. These are outlined below: Option 1: Applicant would need to have applied for a Wisloan and be denied, or prove undue financial capability to borrow and pay back a loan. This provides a loan for home modifications for people with disabilities. They can contact MILC to for assistance with applying for Wisloan. Applications will be completed by and in conjunction with Independent Living Center staff at no cost. If denied a loan through Wisloan, then a denial letter would need to be provided. Option 2: If applicant is on Medicaid, or Medicaid eligible, they would need to request to have either a long-term functional screen, or have attempted to enroll in some type of related managed care that may cover those types of accommodation expenses. If Medicaid eligible, but not managed care or long-term care eligible, then a letter of denial from a long-term functional screen would need to be provided. Option 3: Applicants can meet with MILC staff to first conduct a no-cost, in-person evaluation and assessment of needs. If it is determined that there is sufficient evidence that an accommodation is Page 9 of 70 stevenspoint.com necessary, then they would need to conduct a home modification assessment to determine the most viable and cost-effective solutions for modifying their home. Assessors may sometimes determine that assistive technology would be enough to overcome the barrier, rather than structural or component modification. There is a cost associated with this interior dwelling assessment, evaluation, and reporting element of this process. These costs are not covered under the grant and would need to be paid by the applicant out of pocket. Typically, they range in cost from $600-$800, which is paid directly to MILC. Upon providing the report and recommended accommodations to the City, anything related to structural or related component modification would be covered under the grant. This assumes the applicant has met the other income and grant eligibility criteria. The reimbursement is on a matching dollar-for-dollar (50%) basis up to a maximum reimbursement of $5,000, with the exception of any MILC assessment fees, which are not grant eligible. Page 10 of 70 Page 11 of 70 Page 12 of 70 Page 13 of 70 Page 14 of 70 Page 15 of 70 Page 16 of 70 Page 17 of 70 Page 18 of 70 Page 19 of 70 Page 20 of 70 Page 21 of 70 4905-0145-0446 v.1 CONSENT TO COLLATERAL ASSIGNMENT OF REDEVELOPMENT AGREEMENT JPMorgan Chase Bank, National Association, a national banking association chartered under the laws of the United States of America (together with its successors and/or assigns, “Lender”) has agreed, subject to the satisfaction of certain terms and conditions, to make a loan in the original principal amount of up to $34,000,000.00 (the “Mortgage Loan”) to North Side Yard Condo 1 LLC, a Delaware limited liability company, North Side Yard Condo 2 LLC, a Delaware limited liability company, North Side Yard Condo 3 LLC, a Delaware limited liability company, and North Side Yard Condo 4 LLC, a Delaware limited liability company (collectively, “Borrower”), which loan is or will be secured by a lien on that certain multifamily residential apartment project commonly known as North Side Yards, Stevens Point, Wisconsin (the “Mortgaged Property”). Lender is requiring this Consent to Collateral Assignment of Redevelopment Agreement (the “Consent”) as a condition to making the Mortgage Loan. The City of Stevens Point, Wisconsin, a municipal corporation, organized and existing under the laws of the State of Wisconsin and the Redevelopment Authority of the City of Stevens Point, a municipal corporation, organized and existing under the laws of the State of Wisconsin (collectively, the “Authority”), hereby consents to the collateral assignment by Borrower of that certain Amended and Restated Development Agreement (the "Redevelopment Agreement") between the Authority and Borrower, pursuant to the terms of that certain Collateral Assignment of Amended and Restated Development Agreement from Borrower to Lender, dated as of [__________, 2026] (the "Assignment"), for the purpose of (i) securing the Mortgage Loan, (ii) assigning the Redevelopment Agreement to Lender as collateral for the Mortgage Loan as provided in the Assignment, and (iii) redirecting the payments under the Redevelopment Agreement directly to Lender in accordance with the Assignment after Lender's written demand has been delivered to the Authority in the manner set forth in the Redevelopment Agreement. Until such time that Lender succeeds to Borrower's interest under the Redevelopment Agreement pursuant to the terms of the Assignment, the Authority agrees that Lender shall not be deemed to have assumed any of the obligations or liabilities under the Redevelopment Agreement, nor shall Lender be liable to the Authority by reason of any default by any party under the Redevelopment Agreement. At such time that Lender succeeds to Borrower's interest under the Redevelopment Agreement, Lender's liability shall be strictly limited to acts and omissions of Lender occurring during the period of ownership and operation of the Mortgaged Property and the improvements located thereon by Lender. (1) The Authority Representations and Warranties. The Authority hereby represents and warrants to Lender that: (a) it has the right to exercise and deliver this Consent under the terms of the Redevelopment Agreement. The execution of this Consent and performance and observance of its terms have been duly authorized by necessary action and do not contravene or violate any provision of the Authority's organizational documents; (b) to the knowledge of the Authority, Borrower has made no prior assignments of the Redevelopment Agreement that remain outstanding; Page 22 of 70 4905-0145-0446 v.1 (c) the Redevelopment Agreement is in full force and effect, subject to no defenses, setoffs or counterclaims; and there exists no event, condition or occurrence that would cause the Redevelopment Agreement to be subject to any defenses, setoffs or counterclaims; (d) the Authority has performed all of its obligations under the Redevelopment Agreement and there exists no event, condition or occurrence which constitutes, or which with notice and/or the passage of time would constitute, a breach of or default under any te rms or conditions of the Redevelopment Agreement; and (2) The Authority Covenants Regarding Collateral Assignment of Redevelopment Agreement. The Authority hereby covenants and agrees: (a) to faithfully observe and perform all of the obligations and agreements of the Redevelopment Agreement, if any; (b) not to do any act which would destroy or impair the security afforded to Lender under the Assignment; (c) to simultaneously deliver to Lender a copy of each notice delivered by the Authority to Borrower pursuant to the Redevelopment Agreement, including any notice relating to any default, alleged default, or potential default of Borrower, under and pursuant to the Redevelopment Agreement; and (d) not permit or consent to the amendment, modification, cancellation or surrender of the Redevelopment Agreement without the prior written consent of Lender. The Authority acknowledges and agrees that (i) the Authority is executing this Consent to induce Lender to make (A) the Mortgage Loan and (B) approve of the Redevelopment Agreement as additional security for the Mortgage Loan, and (ii) Lender will rely on the representations and agreements made by the Authority herein in connection with Lender's agreement to make the Mortgage Loan and the Authority agrees that Lender may so rely on such representations and agreements. [SIGNATURES CONTINUE ON NEXT PAGE] Page 23 of 70 4905-0145-0446 v.1 Executed as of _______________, 2026. CITY OF STEVENS POINT, WISCONSIN By: Name: Title: By: Name: Title: REDEVELOPMENT AUTHORITY OF THE CITY OF STEVENS POINT, WISCONSIN By: Name: Title: By: Name: Title: Page 24 of 70 4923-2852-7822 v.1 PREPARED BY AND WHEN RECORDED RETURN TO: Nelson Mullins Riley & Scarborough LLP 330 Madison Avenue, 27th Floor New York, New York 10017 Attention: Steven Hantz COLLATERAL ASSIGNMENT OF AMENDED AND RESTATED DEVELOPMENT AGREEMENT THIS COLLATERAL ASSIGNMENT OF AMENDED AND RESTATED DEVELOPMENT AGREEMENT (this "Assignment") is made as of the [_____ day of September, 2026], by North Side Yard Condo 1, LLC, a Delaware limited liability company ("Company 1"), North Side Yard Condo 2, LLC, a Delaware limited liability company ("Company 2"), North Side Yard Condo 3, LLC, a Delaware limited liability company ("Company 3") and North Side Condo 4, LLC, a Delaware limited liability company ("Company 4"; Company 1, Company 2, Company 3 and Company 4 are hereinafter collectively referred to as “Assignor”), in favor of JPMorgan Chase Bank, National Association, a national banking association chartered under the laws of the United States of America (together with its successors and/or assigns, "Assignee"). RECITALS A. Assignor proposes to borrow from Assignee up to $34,000,000 (the "Loan") for the purpose of refinancing the North Side Yard development in Stevens Point, Wisconsin as legally described on attached Exhibit A hereto (the "Project"). The Loan will be evidenced by a promissory note from Assignor (the "Note") payable to Assignee in the total principal sum of the Loan and is secured, in part, by a mortgage ("Mortgage") executed by Assignor for the benefit of Assignee which is or will be a lien on the Project. B. The City of Stevens Point, Wisconsin ("City"), the Redevelopment Authority of the City of Stevens Point, Wisconsin ("RA") and Assignor are parties to that certain Amended and Restated Development Agreement dated October 22, 2020 (the "Development Agreement"), pursuant and subject to which the City agrees to provide annual property tax rebate payments to Assignor through 2041 (and payable through 2042) based on the amount of the additional taxable property valuation created by construction of the completion of the Project. Each Assignor is a special purpose entity contemplated under the Development Agreement. Page 25 of 70 4923-2852-7822 v.1 C. As additional security for the Loan , Assignee requires an assignment of Assignor’s rights to the TIF Revenues to be paid pursuant to the Development Agreement (the "Payments"). NOW, THEREFORE, in consideration of Assignee's agreement to make the Loan, Assignor hereby covenant for the benefit of Assignee as follows: 1. Assignor hereby assigns, grants, transfers and sets over to Assignee all of its right, title and interest in and to the Development Agreement, including but not limited to receipt of the TIF Revenues and Payments. Notwithstanding the above, Assignor shall remain responsible for performance of all obligations under the Development Agreement until such time as Assignee either (i) releases part or all of this Assignment, or (ii) becomes the owner of the Project pursuant to the Mortgage. 2. Assignor agrees that prior to the first Payment being received hereunder, pursuant to Assignee's direction, it shall direct the City to make each annual Payment either jointly payable to Assignor and Assignee, wire such annual Payments to an account under the control of Assignee, or to make such payment directly to Assignee until such time as Assignor and Assignee jointly notify the City in writing to make the Payments to Assignor. 3. Assignor hereby represents and warrants to Assignee that (a) it has the right to make this assignment pursuant to Section 9.12 of the Development Agreement; (b) it has not heretofore assigned or pledged the Development Agreement or the Payments of TIF Revenues thereunder to any other person or entity that remains outstanding, and (c) it will not further pledge or assign the Development Agreement or the Payments except as stated herein. 4. Assignor will indemnify Assignee against and hold Assignee free and harmless from any and all claims, demands, lawsuits, judgments, awards, costs and expenses, including, but not limited to, reasonable attorney fees, actually incurred by Assignee and arising by reason of any loss or impairment of the availability of the TIF Revenues and Payments of the TIF Revenues, except to the extent such claims, demands, lawsuits, judgments, awards, costs and expenses have been incurred due to the gross negligence or willful misconduct of Assignee. 5. Assignor hereby covenants that it (a) will execute any other assignment of its interest in the Development Agreement or the Payments as required by Assignee; (b) will not alter, amend or modify its rights under the Development Agreement without the prior written consent of Assignee; (c) will not release or forego its rights under the Development Agreement or to the Payments without the prior written consent of Assignee; and (d) will promptly deliver to Assignee true and correct copies of all notices or other documents or communications received by it from City with regard to or relating in any way to the Development Agreement or the Payments. 6. This Assignment is irrevocable and shall remain in full force and effect until such time as the earlier of the Loan and all other amounts due under the Loan Agreement shall have been repaid in full or all Payments have been made in accordance with the Development Agreement. 7. Assignee shall have and possess with respect to the Development Agreement and the Payments, and any notes, instruments or proceeds as to which a security interest is granted to Assignee pursuant to this Assignment, a security interest in such collateral, which security interest shall include, without limitation, any and all rights and remedies of a secured Page 26 of 70 4923-2852-7822 v.1 party under the New York Uniform Commercial Code, or otherwise provided by law. Assignor shall execute any and all other documents necessary or desirable to perfect Assignee's security interest under this Assignment. 8. This Assignment, together with the agreements, covenants and warranties contained in this Assignment, shall inure to the benefit of Assignee and any subsequent holder of the Note and Mortgage, and shall be binding upon Assignor or any subsequent owner of the Project or any interest therein. 9. This Assignment may be executed in any number of counterparts by the parties to this Assignment. Each of said counterparts shall be deemed to be an original, and all such counterparts shall constitute but one and the same instrument. 10. This Assignment and the transactions contemplated under this Assignment shall be governed by and construed in accordance with the laws of the State of New York. 11. All notices given pursuant to this Agreement shall be in writing and shall be given by personal service, by United States certified mail or other established express delivery service (such as Federal Express) that guarantees overnight delivery, postage or delivery charge prepaid, addressed to the appropriate party at the address of such party in the Loan Agreement. Notices shall be effective upon receipt or refusal. [remainder of page intentionally left blank; signature page follows] Page 27 of 70 4923-2852-7822 v.1 IN WITNESS WHEREOF the parties have executed this Assignment on the day and year above stated. [BORROWER SIGNATURE BLOCK] [LENDER SIGNATURE BLOCK] [ACKNOWLEDGEMENTS] Page 28 of 70 4923-2852-7822 v.1 EXHIBIT A [attached] Page 29 of 70 Memo Chris Klesmith Neighborhood Planner / Economic Development Specialist City of Stevens Point 1515 Strongs Avenue Stevens Point, WI 54481 (715) 34 1-4171 | cklesmith @stevenspoint.com Page 1 of 1 To: Redevelopment Authority From: Chris Klesmith CC: Jarod Kivela Date: 9/28/26 Subject: Amendment of Development Agreement between the Redevelopment Authority, the City of Stevens Point, and Commonwealth Development Corporation (partial Shopko Site redevelopment , PINs 281240832202950 and 281240832202969) Commissioners, In October and November of 2025, both the Redevelopment Authority and the City of Stevens Point had approved a development agreement with Commonwealth Development to construct a 50-unit workforce housing project with ground floor childcare center. The project requires an award from the Wisconsin Housing and Economic Development Authority’s (WHEDA) Housing Tax Credit program. Unfortunately, the project fell narrowly short of an award in the previous program year. Since being awarded the EPA’s Brownfield Cleanup grant for the Shopko site, a portion of the awarded funds are allocated to assisting a redevelopment project on the portion of the site which was committed to Commonwealth Development. Commonwealth Development intends to pursue an award from the Housing Tax Credit program this upcoming fiscal year under its new qualified allocation plan. As previously discussed, the primary amendments to the development agreement include extending construction start, closing, and construction completion deadlines to align with WHEDA’s and the EPA’s award timelines. If awarded, Commonwealth would continue to complete their financing and expect to begin construction by September 1, 2028. The Redevelopment Authority will need to own the property until remediation is complete. Lastly, the City has renegotiated the financial support committed to the project to align with both programs as well. Attached is the draft development agreement – please note that the changes to the financial support are expected to be negotiated and completed by the upcoming City finance and council meetings. Staff Recommendation: Approve the development agreement amendment subject to forthcoming changes to Article IV, Sections 4.2 and 4.3 to be approved by the City. Cheers, Christopher Klesmith Neighborhood Planner & Economic Development Specialist City of Stevens Point Page 30 of 70 FIRST AMENDMENT OF DEVELOPMENT AGREEMENT This FIRST AMENDMENT OF DEVELOPMENT AGREEMEN T (this “First Amendment”) is made as of the _______ day of _________________________, 20____ by and between the City of Stevens Point, Wisconsin (“City”), the Redevelopment Authority of the City of Stevens Point (“RDA”), Commonwealth Real Estate Acquisitions, LLC, a Wisconsin limited liability company (“Developer”). Individually, each of the foregoing is a “Party” and collectively, they are the “Parties”. RECITALS The Parties acknowledge the following: A. The Parties entered into that certain Development Agreement recorded as document #919506 at the Portage County Register of Deeds dated as of the 4th day of December, 2025 (the “Development Agreement”) regarding the redevelopment and repurposing of certain real property legally described within Exhibit A attached hereto. All capitalized terms not defined in this First Amendment shall have the meanings assigned to them in the Development Agreement. B. The Developer did not receive an award from the 2026 Wisconsin Housing and Economic Development Authority’s Housing Tax Credit Program and intends to reapply for a 2027- 2028 award, delaying the acquisition and construction milestones of the project. C. The RDA has acquired the US Environmental Protection Agency’s Brownfield Cleanup Grant, which will contribute financial assistance to the remediation necessary for redevelopment and require the RDA to own the property until cleanup activities are completed. D. The Parties understand that the project would not happen but for the proposed amendment contained herein. AGREEMENT In consideration of the Recitals, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. The terms of the Development Agreement, as amended, remain unmodified and in full force and effect. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and t he same instrument. This Agreement may be executed via email or facsimile transmission and all PDF (or similar electronic format) or facsimile signature shall be deemed originals for all purposes. Page 31 of 70 AMENDMENTS In consideration of the Recitals, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. The Parties amend the Development Agreement, as follows: a. Article III , Section 3.1(1) is hereby amended to read the following: (1) Developer obtaining commitments for equity, grant funding, and debt financing in amounts and with such terms and conditions acceptable to Developer, in Developer’s sole discretion, for the construction of the Project and any and all related improvements. In the event Developer does not satisfy the foregoing condition, in Developer’s sole discretion, then Developer may elect to terminate this Agreement upon written notice given by Developer to City and RDA not later than September 1, 20287. Upon any such termination, the Parties shall have no further obligations to each other except such obligations which expressly survive the termination of this Agreement. For purposes of clarification, and notwithstanding anything to the contrary in this Agreement, upon any termination in accordance with this Section 3.1, Developer’s obligation to construct the Project and to make Differential Payments shall terminate. b. Article IV, Sections 4.1(2) through Section 4.1(4), Section 4.1(6), and Section 4.1(8) are hereby amended to read the following: (2) Following receipt of all approvals for the Project, Developer will commence construction by no later than September 1, 20287. (3) Developer shall diligently pursue construction of the project and obtain occupancy permits for all Residential Units, in accordance with state and local codes, by December 31, 20298. (4) Developer guarantees that the amount of Taxes to be paid annually for the Property and Project will be not less than $ 93,396 for tax year 20 3029 (payable in 20310) and thereafter through tax year 2046 (payable in 2047) (the “Guaranteed Minimum Tax Payment”). The foregoing Guaranteed Minimum Tax Payment is conditioned on City fulfilling its obligations to provide the City Support, as specified herein. (6) For the tax year 2029 and thereafter ending with the last tax year of the Term covered by this Agreement, Developer guarantees that the amount of Taxes due to City shall be not less than the Guaranteed Minimum Tax Payment. If the amount of Taxes due is less than the Guaranteed Minimum Tax Payment, the City Comptroller/Treasurer shall provide Page 32 of 70 Developer an invoice for the Differential Payment by December 25th of the relevant tax year. Developer shall pay such amount in full by March 31st of the following year. If not fully paid when due, the amount remaining unpaid on and after April 1st shall accrue interest at a rate of 6% per annum until fully paid. City has the option of placing any unpaid amount on the subsequent year’s property tax bill as a special charge, or pursuing any other lawful manner of collecting the unpaid amount. If the Property becomes tax exempt under any circumstance during the Term of this Agreement, including, but not limited to, change of ownership, change of use, or change of law, Developer shall submit to the City annually a Payment In Lieu Of Taxes (PILOT) equal to the amounts of taxes guaranteed in Section 4.1(4). Such payment shall be due annually by March 31st with respect to taxes guaranteed for the prior calendar year. (8) Developer is hereby authorized to apply for funding on behalf of the City to assist the Project pursuant to WEDC’s Brownfields Grant Program and/or Community Development Investment Grant Program not later than July 31, 20287. The City agrees that it shall not submit applications for other projects, or permit the submission of applications on its behalf for other projects, to the extent the foregoing would cause Developer’s application to exceed any application limit for the City imposed by WEDC. If a grant is awarded to the Developer and/or City, Developer shall be responsible for all contract deliverables, including, but not limited to, preparation and submittal of performance reports, completion of schedules of expenditures, and independent audit requirements. The City acknowledges that the Developer may designate a nonprofit corporation (the “Designee”) to be the recipient of any grant funds on the condition that such Designee loan or contribute the grant funds to Developer for Developer’s use in connection with the Project. c. Article IV, Section 4.3 is hereby amended to read the following: Section 4.3 Funding the City Support for The Project Costs. (1) Upfront Support. City shall provide the City Support for the Project Costs of Developer by paying to Developer or Developer’s Designee a total of $1,1450,000, $575725,000 of which shall be paid when the Project is 50% complete and $ 575725,000 of which shall be paid on issuance of the occupancy permit for the Project. Such determination of the Project completion shall be determined by the City’s Chief Building Official. The City acknowledges that Developer’s Designee will loan the proceeds of the City Support to Developer and Developer shall use such proceeds to pay for or reimburse Developer for Project Costs. Formatted: Underline Page 33 of 70 (2) Loan to Developer. In accordance with the requirements of the 2027-2028 Wisconsin Housing and Economic Development Authority’s Housing Tax Credit program (the “Program”) Selection Criteria, the City shall make a loan (the “Loan”) to Developer in the amount of $300,000. The Loan shall have an interest rate not to exceed 1.5% per annum and amortized over no less than 20 years. The Loan may be structured with a balloon payment to come due no earlier than the end of the Developer’s compliance period for the Program, which is estimated to be _________, 2045. d. Article IV, Section 4.4(1) and 4.4(2) are hereby amended to read the following: (1) Subject to compliance with the terms of this Agreement and the satisfaction of the conditions precedent set forth in this Agreement, the RDA agrees to sell the Property to Developer and Developer agrees to acquire the Property. The purchase price for the Property shall be one and no/100 dollars ($1.00) and other good and valuable consideration as identified in this Agreement. The sale of the Property to Developer (the “Closing”) shall be consummated on September December 31, 20297 or such earlier date designated by Developer in a written notice to City and RDA at least ten (10) business days prior to Closing. Such notice shall provide evidence that Developer has secured funding or financing, or commitments therefor , that is sufficient for the purpose of acquiring and completing construction of the Project. The date the Closing actually occurs shall be referred to herein as the “Closing Date.” (2) Developer will obtain (i) a title commitment (the “Commitment”) issued by First American Title Insurance Company, 25 West Main Street, Suite 400 Madison, Wisconsin (“Title Company”) covering the Property, and (ii) true, correct and complete copies of all d ocuments described in the Commitment. At or prior to Closing, RDA shall cause Title Company to provide a so -called “marked -up” Commitment to issue an owner’s policy of title insurance (“Title Policy”) which shall: (a) be in the amount of the purchase price; (b) name Developer as the proposed insured; (c) include a commitment for extended coverage over all of the general exceptions (except Developer shall be responsible for obtaining any survey required to delete any general exception); and (d) insure title to the Property in Developer subject only to the Permitted Exceptions (as defined herein). Any title policy premiums, additional provisions for extended coverage and affirmative endorsements shall be at Developer’s sole cost. Developer shall have until Ma rch 31, 202 87 to notify RDA in writing (the “Objection Notice”) which of the liens, encumbrances and other matters described in the Commitment that Developer agrees to accept (the “Permitted Page 34 of 70 Exceptions”) and which are unacceptable (the “Unpermitted Matters”). RDA shall then have thirty (30) days from receipt of the Objection Notice (the “Response Period”) to remove such Unpermitted Matters or remedy same in a manner satisfactory to Developer, in its sole and absolute discretion. If RDA is unable or unwilling to remove any such Unpermitted Matters or remedy same in a manner satisfactory to Developer, in Developer’s sole and absolute discretion, Developer shall have the option of either (A) proceeding with this Agreement, in which event Developer shall be deemed to have waived any Unpermitted Matters not remedied by RDA and they shall be deemed Permitted Exceptions, provided that RDA must cure at Closing all liens and encumbrances of a definite or ascertainable amount, or (B) terminating this Agreement, in which event neither party shall have any further obligations or liabilities hereunder. Notwithstanding the foregoing, neither liens and encumbrances of a definite or ascertainable amount nor any of the general exceptions to the Commitment shall be deemed Permitted Exceptions and RDA shall cause the same to be removed prior to Closing in accordance with the terms of this Agreement (except Developer shall be responsible for obtaining any survey required to delete any general exception). Developer shall exercise one of its options set forth in clause (A) or (B) above by providing written notice thereof to RDA within five (5) business days of the expiration of the Response Period and, if Developer fails to provide such notice within such time, then Developer shall be deemed to have elected to proceed in accordance with clause (A). - Signatures on Following Pages - Page 35 of 70 IN WITNESS WHEREOF, the Parties hereto have executed this First Amendment as of the date indicated. COMMONWEALTH REAL ESTATE ACQUISITIONS, LLC Dated: ___________________ By:_________________________________ Name: ______________________________ Title: _______________________________ STATE OF WISCONSIN ) ) ss. DANE COUNTY ) Personally came before me this _____ day of ________, 20___, the above - named___________________________________________, to me known to be the person who executed the foregoing instrument and acknowledged the same, as the act and deed of Commonwealth Real Estate Acquisitions, LLC, by its authority. Notary Public, State of Wisconsin My Commission expires: Page 36 of 70 CITY OF STEVENS POINT, WISCONSIN Dated: ___________________ By:_________________________________ Name: ______________________________ Title: _______________________________ Dated: ___________________ By:_________________________________ Name: ______________________________ Title: _______________________________ STATE OF WISCONSIN ) ) ss. PORTAGE COUNTY ) Personally came before me this _____ day of ________, 20___, the above -named ______________________________, and _______________________, the City _______________ and _____________, respectively of the City of Stevens Point, a Wisconsin municipal corporati on, to me known to be the persons who executed the foregoing instrument and acknowledged the same, as the act and deed of said municipality, by its authority. Notary Public, State of Wisconsin My Commission expires: Page 37 of 70 REDEVELOPMENT AUTHORITY OF THE CITY OF STEVENS POINT, WISCONSIN Dated: ___________________ By:_________________________________ Name: ______________________________ Title: _______________________________ Dated: ___________________ By:_________________________________ Name: ______________________________ Title: _______________________________ STATE OF WISCONSIN ) ) ss. PORTAGE COUNTY ) Personally came before me this _____ day of ________, 20___, the above -named ______________________________, and _______________________, the _______________ and _____________, respectively of the Redevelopment Authority of the City of Stevens Point, a Wisconsin municipal corporation, to me known to be the persons who executed the foregoing instrument and acknowledged the same, as the act and deed of said municipality, by its authority. Notary Public, State of Wisconsin My Commission expires: Page 38 of 70 EXHIBIT A Legal Description of Undivided Property THE LAND LEGALLY DESCRIBED AS FOLLOWS: 1. PIN 281-2408-32-2029-50: A parcel of land being part of Lots 12, 13, and 14 of Block 29, part of Lots 6, 7, 8, 9, and 10 of Block 30, part of Lots 4, 5, 7, 8, 9, and 10, and all of Lots 1, 2, and 3 of Block 31, part of Lots 11, 12, 13, and 16, and all of Lots 14 and 15 of Block 32 of Valentine Brown’s Addition to the City of Stevens Point, part of vacated College Avenue document number 380289 and vacated Union Street, located in the Northeast Quarter of the Northwest Quarter of Section 32, Township 24 North, Range 8 East, City of Stevens Point, Portage County, Wisconsin described as follows: Commencing at the north quarter corner of said Section 32; thence South 89 degrees 52 minutes 42 seconds West along the north line of the Northeast Quarter of the Northwest Quarter of said Section 32 a distance of 682.24 feet; thence South 00 degrees 07 minutes 18 seconds East 599.18 feet to the south right of way line of Centerpoint Drive; thence South 45 degrees 18 minutes 49 seconds West 21.23 feet, thence South 00 degrees 21 minutes 05 seconds West 33.29 feet to the point of beginning; thence South 89 degrees 40 minutes 38 seconds East 340.13 feet; thence South 00 degrees 09 minutes 39 seconds West 94.68 feet; thence South 89 degrees 50 minutes 21 seconds East 50.00 feet; thence South 00 degrees 09 minutes 39 seconds West 37.00 feet; thence South 89 degr ees 50 minutes 21 seconds East 30.00 feet; thence South 00 degrees 09 minutes 39 seconds West 139.00 feet; thence North 89 degrees 50 minutes 21 seconds West 80.00 feet; thence North 00 degrees 09 minutes 39 seconds East 10.00 feet; thence North 89 degrees 50 minutes 21 seconds West 333.50 feet; thence North 46 degrees 52 minutes 05 seconds West 10.21 feet; thence North 00 degrees 21 minutes 05 seconds East 254.68 feet to the point of beginning and there terminating. Said parcel of land contains 101,885 square feet (2.339 acres). 2. PIN 281 -2408 -32-2029 -69: A parcel of land being part of Lots 11 and 12 of Block 29, part of Lots 6, 7, 8, 9, and 10, and all of Lots 1, 2, 3, 4, and 5 of Block 30, part of Lots 4, 5, 6, 7, 8, 9, and 10 of Block 31, part of Lots 11, 12, and 13 of Block 32 o f Valentine Brown’s Addition to the City of Stevens Point, part of vacated College Avenue document number 380289 and vacated Union Street, located in the Northeast Quarter of the Northwest Quarter of Section 32, Township 24 North, Range 8 East, City of Ste vens Point, Portage County, Wisconsin described as follows: Commencing at the north quarter corner of said Section 32; thence South 89 degrees 52 minutes 42 seconds West along the north line of the Northeast Quarter of the Northwest Quarter of said Section 32 a distance of 152.82 feet; thence South 00 degrees 07 minutes 18 seconds East 676.21 feet to the south right of way line of Centerpoint Drive and the point of beginning; thence South 19 degrees 00 minutes 42 seconds East along the west right of way line of Church Street 13.41 feet; thence continuing along said west right of way line 151.89 feet along the arc of a 316.48 foot radius curve, not tangent with the last described course, center to the east, the chord bears South 14 degrees 13 minutes 22 seconds West 150.44 feet; thence continuing South 00 degrees 06 minutes 01 second East Page 39 of 70 along said west right of way line 54.78 feet; thence South 89 degrees 56 minutes 50 seconds West 12.47 feet; thence South 00 degrees 06 minutes 01 seconds East 113.43 feet; thence South 89 degrees 56 minutes 50 seconds West 1.00 feet; thence South 00 degrees 06 minutes 01 seconds East 149.42 feet to the north right of way line of Main Street; thence South 89 degrees 55 minutes 13 seconds West along said north right of way line 364.32 feet; thence continuing North 89 degrees 47 minutes 18 seconds West along said north right of way line 51.81 feet; thence North 00 degrees 26 minutes 06 seconds East 242.28 feet; thence South 89 degrees 50 minutes 21 seconds East 254.30 feet; thence South 00 degrees 09 minutes 39 seconds West 10.00 feet; thence South 89 degrees 50 minutes 21 seconds East 80.00 feet; thence North 00 degrees 09 minutes 39 seconds East 139.00 feet; thence North 89 degrees 50 minutes 21 seconds West 30.00 feet; thence North 00 degrees 09 minutes 39 seconds East 37.00 feet; thence North 89 degrees 50 minutes 21 seconds West 50.00 feet; thence North 00 degrees 09 minutes 39 seconds East 94.68 feet; thence North 89 degrees 40 minutes 38 seconds West 340.13 feet; thence North 00 degrees 21 minutes 05 seconds East 33.29 feet; thence North 45 degrees 18 minutes 49 seconds East 21.23 feet to the south right of way line of said Centerpoint Drive; thence South 89 degrees 43 minutes 27 seconds East along said south right of way line 241.64 feet; thence continuing along said south right of way line 48.87 feet along the arc of a 286.50 foot radius curve, tangent with the last described course, center to the south, the chord bears South 85 degrees 05 minutes 04 seconds East 48.81 feet; thence continuing along said south right of way line 250.02 feet along the arc of a 1,116.42 foot radius curve, tangent with the last described course, center to the south, the chord bears South 73 degrees 34 minutes 22 seconds East 249.50 feet to the point of beginning and there terminating. Said parcel of land contains 153,262 square feet (3.518 acres). Page 40 of 70 Page 41 of 70 Page 42 of 70 Page 43 of 70 Page 44 of 70 Page 45 of 70 Page 46 of 70 Page 47 of 70 Page 48 of 70 Page 49 of 70 Page 50 of 70 Page 51 of 70 Page 52 of 70 Page 53 of 70 Page 54 of 70 Page 55 of 70 Page 56 of 70 Page 57 of 70 Page 58 of 70 Page 59 of 70 Page 60 of 70 Page 61 of 70 Page 62 of 70 Page 63 of 70 Page 64 of 70 Page 65 of 70 Page 66 of 70 Page 67 of 70 Page 68 of 70 Page 69 of 70 Page 70 of 70