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JUNE 27, 2006 06-221 RESOLUTION
(CARRIED__4-3__ LOST _______ LAID OVER _______ WITHDRAWN _______)
AS AMENDED
PURPOSE:RESCIND TERM SHEET / FIVE RIVERS PROJECT
INITIATED BY:COUNCIL MEMBERS ESSLINGER and McHUGH
WHEREAS, the Common Council of the City of Oshkosh has previously approved
a term sheet, since amended, upon which the City of Oshkosh would enter into a formal
developers agreement for the construction of the Five Rivers Project in Marion Road / the
Pearl Avenue Redevelopment Project Area; and
WHEREAS, among the terms, the developer was to: “On or before May 31, 2006,
present lender and equity commitments to City / RDA in form and substance satisfactory
to City / RDA. Developer shall demonstrate satisfactorily to City / RDA ability to satisfy all
conditions of commitment on or before closing”; and “If construction financing, Developer
shall by May 31, 2006, provide evidence of permanent financing to City / RDA’s
satisfaction”; and
WHEREAS, information made available to the Council indicates that the proposed
financing is not in form and substance satisfactory to the City, that it does not meet the
conditions of the term sheet as amended and, therefore, the City administration should
cease all efforts to bring the proposed project to development;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the Council as follows:
1. Finds that the financing condition of the term sheet as amended is not in form
and substance satisfactory to the City;
2. Rescinds and withdraws the term sheet as amended in its entirety;
3. Directs the proper City officials to cease negotiations on a developer’s
agreement with Five Rivers LLC based on the now-rescinded term sheet; and
4. Requests the Redevelopment Authority of the City of Oshkosh to authorize and
direct the proper City officials to request and/or to receive other proposals for
development of the Project Area.