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MAY 10, 2005 05-139 RESOLUTION
(CARRIED_6-0____LOST_______LAID OVER_______WITHDRAWN_______)
PURPOSE:AUTHORIZE BORROWING; APPROVE FUND TRANSFER;
APPROVE REIMBURSEMENT / TIF 13 MARION ROAD - PEARL
AVENUE REDEVELOPMENT AREA & TIF 8 SOUTH AVIATION
INDUSTRIAL PARK
INITIATED BY:DEPARTMENT OF COMMUNITY DEVELOPMENT & DEPARTMENT
OF PUBLIC WORKS
WHEREAS, the City of Oshkosh Common Council has created Tax Increment
District #13 Marion Road / Pearl Avenue Redevelopment Project, as amended, to
eliminate blighted property or property in need of rehabilitation, and Tax Increment District
#8 South Aviation Industrial Park, as amended, for land for industrial use and the
installation of required public improvements to promote industrial development; and
WHEREAS, the project plan for TID #13, as amended, includes project costs for
acquisition, clearance and / or rehabilitation of property; and
WHEREAS, the project plan for TID #8, as amended, includes project costs for the
relocation of a sanitary sewer line to facilitate expansion of an existing industrial
development within the TID; and
WHEREAS, it is necessary to transfer funds from General Fund Equity to finance
activities to be carried out in TID #13 until such time as funds are received from the State
Land Trust; 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, Wisconsin Statutes.
The maximum principal amount of the obligation expected to be issued for these
projects is EIGHT HUNDRED THIRTY-FIVE THOUSAND DOLLARS AND NO/100
($835,000.00) [$560,000 for TID #13 and $275,000 for TID #8]
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 borrow a sum
of up to Eight Hundred Thirty-five Thousand Dollars and NO/100 ($835,000.00) for the
purposes of implementing eligible project activities within TID #13 and TID #8 as noted
above, and to execute any and all documents necessary for purposes of same.
BE IT FURTHER RESOLVED that the proper City officials are authorized and
directed to transfer the sum of Five Hundred Sixty Thousand Dollars AND NO/100
($560,000.00) from Account No. 100-0071-3460-00000 General Fund Equity to Account
No. 539-1040-1702-00000 TID #13 Marion Rd./Pearl Ave. Redevelopment Area.