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HomeMy WebLinkAbout01-431.docNOVEMBER 13, 2001 01-431 RESOLUTION (CARRIED 5-2 LOST LAID OVER WITHDRAWN .) PURPOSE: ESTABLISH FAIR MARKET VALUE;AUTHORIZE PURCHASE; APPROVE PURCHASE AGREEMENT;APPROVEFUND TRANSFER;APPROVE REIMBURSEMENT/WPS SITE, CEAPE AVENUE INITIATED BY: DEPARTMENT OF COMMUNITY DEVELOPMENT WHEREAS, the Common Council of the City of Oshkosh has previously determined the necessity of acquiring property within the Oshkosh Centre Redevelopment Project Area, as amended, for the proposed expansion of the Convention Centre and Riverside Park; and WHEREAS, a review appraisal has been made on the property to be acquired, which is described in the attached "Exhibit A"; 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 future capital improvements 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. 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 in the attached "Exhibit A". 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 66.1331 and Section 66.1105, of the Wisconsin Statutes. BE IT FURTHER RESOLVED that the fair market value of said properties is hereby established at ONE MILLION THREE HUNDRED THOUSAND AND NO/100 DOLLARS ($1,300,000.00) to be paid in two installments. NOVEMBER 13, 2001 01-431 RESOLUTION CONT'D 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 ONE MILLION THREE HUNDRED FIFTEEN THOUSAND AND NO/100 DOLLARS ($1,315,000.00), which includes, but is not limited to, the sale price and applicable closing costs. BE IT FURTHER RESOLVED that the proper City officials are authorized and directed to transfer the sum of EIGHT HUNDRED SIXTY-FIVE THOUSAND and NO/100 Dollars ($865,000.00) from Account No. 100-0071-3460-00000 General Fund Equity to Account No. 323-0740-7208-06124 Equipment Fund - WPS Property. BE IT FURTHER RESOLVED that the proper City officials are authorized and directed to purchase said properties and execute all documents and agreements necessary to consummate these transactions. Money for this purpose is appropriated from: Acct. No. 323-0740-7208-06124 Equipment Fund -WPS Property.