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Home My WebLink About01-299.docJULY 24, 2001 01-299 RESOLUTION (CARRIED 6-0 LOST LAID OVER WITHDRAWN ) PURPOSE: APPROVE PURCHASE OF INDUSTRIAL PARK LAND; APPROVE PURCHASE AGREEMENT; APPROVE FUND TRANSFER; APPROVE REIMBURSEMENT/SW INDUSTRIAL PARK EXPANSION - RUSCH ETAL PROPERTY INITIATED BY: DEPARTMENT OF COMMUNITY DEVELOPMENT WHEREAS, the owners of property on the east side of Clairville Road, south of W. 20th Avenue, have offered to sell 39+ acres of land to the City for expansion of the Southwest Industrial Park at a purchase price of $9,000 per acre; and WHEREAS, expenditures relating to this acquisition will be paid on or after the passage of this resolution and the City reasonably expects to reimburse itself for these expenditures in future capital improvement programs by incurring debt; and WHEREAS, it is necessary to transfer funds from General Fund Equity to finance the purchase until such time as future bonding is completed; and WHEREAS, 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 Three Hundred Fifty-Five Thousand AND NO/100 DOLLARS ($355,000.00), which includes, but is not limited to, the sale price and applicable closing related costs. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Oshkosh that the proper City officials are hereby authorized and directed to purchase 39+ acres of land on the east side of Clairville Road., south of W. 20th Avenue, per the attached map, for expansion of the Southwest Industrial Park, at a purchase price of $9,000 per acre. BE IT FURTHER RESOLVED that the proper City officials are authorized and directed to transfer the sum of Three Hundred Fifty-Five Thousand and NO/100 ($355,000.00) from Account No. 100-0071-3460-00000 General Fund Equity to Account No. 515-1040-1702- 03953 Industrial Park Land Enterprise Fund - Southwest Industrial Park. BE IT FURTHER RESOLVED that the proper City officials are authorized and directed to enter into a purchase agreement for said acquisition and to execute any and all documents necessary to consummate this transaction. Money for this purpose is appropriated from: Account No. 515-1040-1702-03953 Industrial Park Land Enterprise Fund - Southwest Industrial Park.