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HomeMy WebLinkAbout02-209.docJUNE 11, 2002 02-209 RESOLUTION (CARRIED 7-0 LOST LAID OVER WITHDRAWN ) PURPOSE: INITIATED BY: FINAL RESOLUTION TO APPROVE ISSUANCE OF INDUSTRIAL REVENUE BONDS FOR GOODWILL INDUSTRIES CITY ADMINISTRATION Council member adoption: introduced the following Resolution and moved its RESOLUTION GIVING APPROVAL TO A PROJECT BY GOODWILL INDUSTRIES OF NORTH CENTRAL WISCONSIN, INC., UNDER SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED BE IT RESOLVED, by the Common Council (the "Council") of the City of Oshkosh, Winnebago County, Wisconsin (the "City"), as follows: 1. General Recitals. Authority. Wisconsin Statutes, Sections 66.1101 through 66.1103, as amended, authorize a municipality to finance an industrial project which is located entirely outside the geographic limits of the municipality, but only if the financing for the project also relates to another project of the same eligible participant, part of which is located within the geographic limits of the issuing municipality. 2. The Proiect. Representatives of Goodwill Industries of North Central Wisconsin, Inc., a Wisconsin nonstock, nonprofit corporation (the "Corporation") and organization described in Section 501 (c)(3) of the Internal Revenue Code of 1986, as amended (the"Code"), has proposed issuance of revenue obligations, in one or more series, in an amount not to exceed $6,770,000 (the "Obligations") to undertake and finance the following project (the "Project"): 1341 West Spencer Street 29,000 square foot Acquisition and $895,000 Appleton, WI 54914 warehouse facility, renovation from which the Corporation distributes merchandise for sale in its retail outlets 420 South Outagamie Street 34,000 square foot Acquisition and $925,000 Appleton, WI 54914 donation renovation processing facility employing adults with disabilities 2814 South Oneida Street 23,190 square foot Renovation $285,000 Ashwaubenon, WI 54304 facility, from which the Corporation operates a retail store employing adults with disabilities 3605 Gateway Drive 20,112 square foot Acquisition $1,685,000 Eau Claire, WI 54701 facility, from which the Corporation operates a retail store employing adults with disabilities 2500 Hils Court 10,326 square foot Acquisition $860,000 Menomonie, WI 54751 facility, from which the Corporation operates a retail store employing adults with disabilities 1600 West 20th Street 16,456 square foot Acquisition $1,230,000 Oshkosh, WI 54901 facility, from which the Corporation operates a retail store employing adults with disabilities 1516 North Superior Avenue 11,933 square foot Acquisition $890,000 Tomah, WI 54660 facility, from which the Corporation operates a retail store employing adults with disabilities TOTAL $6,770,000 b. The Project will be owned and operated by the Corporation. Portions of the Project are located in the City, the City of Tomah (the "Issuer"), the Village of Ashwaubenon, and the Cities of Appleton, Eau Claire and Menomonie, Wisconsin (collectively, and including the Issuer and the City, the "Host Cities"). Recital of Representations Made by the Corporation. The Corporation has agreed to pay any and all costs incurred by the City in connection with the issuance of the Obligations, whether or not such issuance is carried to completion. The Corporation has represented to the City that no public official of the City has either a direct or indirect financial interest in the Project nor will any public official either directly or indirectly benefit financially from the Project. Public Hearinq. As required by Section 147(f) of the Code, a Notice of Public Hearing was published in the Oshkosh Northwestern, the City's official newspaper, calling a public hearing on the proposed issuance of the Obligations and the proposal to undertake and finance the Project. As required by Section 147(f) of the Code, the Common Council has, on June 11, 2002, held a public hearing on the proposal to undertake and finance, through the issuance of the Obligations by the Issuer, the portion of the Project located within the jurisdictional limits of the City, at which all those appearing who desired to speak were heard and written comments were accepted. Approval; Limited Obli.qation. The proposal to undertake and finance that portion of the Project located in the City, and the issuance of the Obligations by the Issuer for such, are hereby given approval by the City solely for purposes of Section 147(f) of the Code. The Obligations, when and if issued for the Project, shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the Host Cities. (There will, however, be a charge, lien or encumbrance on the Project, which is not an asset of the Host Cities.) The Obligations and the interest thereon are not an indebtedness of any of the Host Cities, within the meaning of any state constitutional provision or statutory limitation, and are not a charge against the general credit or taxing powers or a pecuniary liability of any of the Host Cities. Approval and Execution of Documents. The officers of the City or the authorized designee of any of them are authorized and directed to execute and deliver such documents or certificates as are needed from the City for the sale of the Obligations. Adopted: June 11, 2002. 4 Mayor Attest: City Clerk The motion for the adoption of the foregoing Resolution was duly seconded by Council member , and upon vote being taken, the following voted in favor thereof: and the following voted against the same: and the following were absent: whereupon, said Resolution was declared duly passed and adopted and approved and signed by the Mayor and attested by the City Clerk.