HomeMy WebLinkAbout510.docDECEMBER 27, 2000 00-510 RESOLUTION
(CARRIED 5-1 LOST
LAID OVER WITHDRAWN .)
PURPOSE:
DETERMINATION OF NECESSITY; ESTABLISH FAIR MARKET
VALUE; AUTHORIZE PURCHASE; APPROVE FUND TRANSFER;
APPROVE REIMBURSEMENT/315 N MAIN STREET
INITIATED BY: DEPARTMENT OF COMMUNITY DEVELOPMENT
WHEREAS, it is in the best interests of the citizens of the City of Oshkosh to
acquire property in downtown Oshkosh to continue revitalization efforts as previously
approved as part of the Downtown Action Plan; and
WHEREAS, a review appraisal has been made on the property to be acquired,
which is described below:
315 N. MAIN STREET, Southview Investment Co., owner
Lots 2, 3, 4, 5 and 6, also the N 1.3 ft. of the E 21.84 ft. of Lot 7, also the N .3 ft. of Lot 7
excluding the E 21.8 ft., Block 1, Sub. of Jackson's Replat, 1st Ward, City of Oshkosh,
Winnebago County, Wisconsin. (ID #901-0003-0000)
and
WHEREAS, the property and interest to be acquired includes land and building, if
any, exclusive of equipment and fixtures both movable and immovable; and
WHEREAS, expenditures relating to this project will be paid on or after the
passage of this resolution and the City reasonably expects to reimburse itself for these
expenditures in the 2001 Capital Improvements Program by incurring debt; and
WHEREAS, it is necessary to transfer funds from General Fund Equity to finance
the purchase until such time as bonding for the 2001 Capital Improvements Program is
completed.
DECEMBER 27, 2000
00-510 RESOLUTION
CONT'D
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the Common Council certifies that in order for said purpose to be
accomplished, it is necessary to acquire the property described above. It is further
determined by the Common Council that the acquisition of said property is hereby
determined necessary pursuant to the provisions of Section 32.07, Section 66.43 and
Section 66.46, of the Wisconsin Statutes.
BE IT FURTHER RESOLVED that the fair market value of the property at 315 N.
MAIN STREET, is hereby established at SEVEN HUNDRED TEN THOUSAND AND
NO/100 DOLLARS ($710,000.00).
BE IT FURTHER RESOLVED that this Resolution is a declaration of official
intent under Treasury Regulation Section 1.103-18, or amendment thereto, and shall be
made available for public inspection pursuant to Chapter 19, of the Wisconsin Statutes.
The maximum principal amount of the obligation expected to be issued for this
project is SEVEN HUNDRED THIRTY THOUSAND AND NO/100 DOLLARS
($730,000.00), which includes, but is not limited to, the sale price, applicable closing
costs and related expenses.
BE IT FURTHER RESOLVED that the proper City officials are authorized and
directed to transfer the sum of Seven Hundred Thirty Thousand and NO/100
($730,000.00) from Account No. 100-0071-3460-00000 -- General Fund Equity to
Account No. 323-0740-7208-06101 Market Street Plaza.
BE IT FURTHER RESOLVED that the proper City officials are authorized and
directed to purchase said property and execute all documents necessary to
consummate this transaction. Money for this purpose is appropriated from Account No.
323-0740-7208-06101 Market Street Plaza.