HomeMy WebLinkAbout04-68.docMARCH 23, 2004 04-68 RESOLUTION
(CARRIED 7-0 LOST
LAID OVER
WITH DRAWN
PURPOSE:
AUTHORIZE PURCHASE OF PROPERTY; APPROVE FUND
TRANSFER; APPROVE REIMBURSEMENT / 420 JACKSON
STREET
INITIATED BY: CITY ADMINISTRATION
PLAN COMMISSION RECOMMENDATION: Approved
WHEREAS, the City of Oshkosh and Winnebago County jointly own the real
property known as the Public Safety Building at 420 Jackson Street; and
WHEREAS, the County desires to sell its proportionate share of its ownership in
the land and building and the City desires to purchase the County's share; 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 from future borrowing by incurring debt; and
WHEREAS, it is necessary to transfer funds from General Fund Equity to finance
the purchase until such time that future borrowing 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 at 420 Jackson Street.
BE IT FURTHER RESOLVED that the fair market value of the property at 420
Jackson Street is hereby established at One Million Seventy-Nine Thousand Dollars
and NO/100 ($1,079,000.00).
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 One Million One Hundred Thousand Dollars and NO/100 ($1,100,000.00),
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
direct to transfer the sum of One Million One Hundred Thousand Dollars and NO/100
($1,100,000.00) from Account No. 100-0071-3460-00000 -- General Fund Equity to
Account No. 323-0130-7214-06421 Equipment Fund- Safety Building.
MARCH 23, 2004
04-68 RESOLUTION
CONT'D
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.
323-0130-7214-06421 Equipment Fund - Safety Building.
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DISCLAIMER
This map is neither a legally recorded map nor ACQUISITION N
This drawing is a compilation of records, data .~ ~
and information located in various city, county 420 JACKSON ST o 2® ~
sponsiblc for any inaccuracies herein contained. City of Oshkosh Wisconsin