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MAY 24, 2005 05-153RESOLUTION
(CARRIED__6-1P____ LOST________ LAID OVER________ WITHDRAWN_______)
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PURPOSE:APPROVE AGREEMENT / 1 E. 8 AVENUE
INITIATED BY:DEPARTMENT OF COMMUNITY DEVELOPMENT
WHEREAS, the Redevelopment Authority (RDA) previously approved a
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Determination of Necessity to Acquire Property at 1 E. 8 Avenue, which property
encompasses the former Miles Kimball distribution facility on the east side of S. Main
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Street between E. 8 Avenue and E. 9 Avenue, with actual acquisition not occurring for
at least 3 years, and no later than 5 years; and
WHEREAS, CHAMCO will acquire this property and then will lease the property to
H&M Commercial (whose parent company is Advance Military Packaging), and CHAMCO
will borrow $175,000 on a promissory note (based on five-year amortization schedule) for
leasehold improvements with H&M to pay for these improvements as part of their overall
lease payments to CHAMCO; and
WHEREAS, CHAMCO’s purchase is predicated on the City/RDA purchasing the
property after 3 years and no later than 5 years, with the exact time frame depending upon
the RDA’s need for the property for redevelopment activities in the South Shore
Redevelopment Area; and
WHEREAS, the City’s Downtown Action Plan identified redevelopment
programming in the area south of the Fox River along Pioneer Drive as a key project the
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City should pursue in the revitalization of downtown Oshkosh and the property at 1 E. 8
Avenue is within the area where this redevelopment programming should occur;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh, the proper City officials are authorized and directed to enter into an appropriate
agreement for the above purpose, and to take those steps necessary to implement the
terms and conditions of the agreement, which contains the following provisions:
1. The purchase price is $750,000.
2. RDA acquisition and closing will occur between June 1, 2008 and June 1, 2010.
3. The RDA is responsible for any remaining balance of the five-year note for the
improvements.