HomeMy WebLinkAbout07-04
JANUARY 9,2007
07 -04
RESOLUTION
(CARRIED 7 -0 LOST
LAID OVER
WITHDRAWN
PURPOSE:
AUTHORIZE BORROWING; APPROVE PURCHASE OF
INDUSTRIAL PARK LAND; APPROVE FUND TRANSFER;
APPROVE REIMBURSEMENT / SOUTHWEST INDUSTRIAL
PARK EXPANSION - PORTION OF BECK FARM
INITIATED BY:
DEPARTMENT OF COMMUNITY DEVELOPMENT
PLAN COMMISSION RECOMMENDATION: Approved
WHEREAS, the City of Oshkosh has reached an agreement to purchase 52.2,:!:
acres of land known as a portion of the Beck Farm to add to the Southwest Industrial
Park; and
WHEREAS, money is available from the State Public Land Trust Fund and the
Fund's regulations require an authorizing resolution before the proper City officials can
proceed with the loan process, subject to final Council approval; 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 with State Public Land Trust funds; and
WHEREAS, it is necessary to transfer funds from General Fund Equity to finance
the purchase until such time as said State Public Land Trust funds are received; 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, of the Wisconsin Statutes.
The maximum principal amount of the obligation expected to be issued for this
project is Five Hundred Seventy Thousand AND NO/100 DOLLARS ($570,000.00),
which includes, but is not limited to, the sale price and applicable closing related costs.
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 purchase
52.2,:!: acres of land known as a portion of the Beck Farm, per the attached map, for
expansion of the Southwest Industrial Park, at a purchase price of $10,000 per acre and
to execute any and all documents necessary to consummate this transaction. Money for
this purpose is appropriated from Account No. 515-1040-1702-03953 Industrial Park
Land Enterprise Fund - Southwest Industrial Park.
JANUARY 9,2007
07 -04
RESOLUTION
CONT'D
BE IT FURTHER RESOLVED by the Common Council of the City of Oshkosh
that the proper City officials are authorized and directed to apply to the State Public
Land Trust Fund, seeking to borrow a sum of up to Five Hundred Seventy Thousand
and NO/100 Dollars ($570,000) for the purpose of acquiring a portion of the Beck Farm
for expansion of the Southwest Industrial Park, 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 Seventy Thousand and NO/100
($570,000.00) from Account No.1 00-0071-3460-00000 General Fund Equity to Account
No. 515-1040-1702-03953 Industrial Park Land Enterprise Fund - Southwest Industrial
Park.
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