HomeMy WebLinkAbout07-169
ORIGINAL ORDINANCE PRESENTED TO COUNCIL-SEE 07-169A / 07-169B FOR ACTIONS
JUNE 12, 2007
07 -169
RESOLUTION
(CARRIED
LOST
LAID OVER
WITHDRAWN
PURPOSE:
INITIATED BY:
AUTHORIZE BORROWING; APPROVE FUND TRANSFER;
APPROVE REIMBURSEMENT: ($880,500.00)
A) 707 SOUTH MAIN STREET
B) 508 WEST 4TH AVENUE
DEPARTMENT OF COMMUNITY DEVELOPMENT
WHEREAS, On February 5, 2007 the Redevelopment Authority (RDA) approved
the determination of necessity of purchasing 508 West 4th Avenue and on February 13,
2007, the Common Council approved of the Redevelopment Authority's acquisition of
508 West 4th Avenue within the South Shore Redevelopment Area, as amended, and
upon acquisition by the RDA, the transfer of the property to the City; and
WHEREAS, on May 23, 2007 the Redevelopment Authority approved the
determination of necessity of purchasing the Marathon Gas Station at 707 South Main
Street within the South Shore Redevelopment Area; 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 these acquisitions 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
these purchases until such time as 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 these
projects is Eight Hundred Eighty Thousand Five Hundred AND NO/100 DOLLARS
($880,500.00), which includes, but is not limited to, the sale price and related closing
costs.
JUNE 12, 2007
07 -169
RESOLUTION
CONT'D
NOW, THEREFORE, BE IT 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 Eight Hundred Eighty
Thousand Five Hundred AND NO/100 DOLLARS ($880,500.00) for the acquisition of
508 West 4th Avenue and 707 South Main Street 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 Three Hundred Seventy-Two Thousand Five Hundred
AND NO/100 DOLLARS ($372,500.00) for 707 South Main Street from Account No.
100-0071-3460-00000 General Fund Equity to Account No. 534-1040-7208-00000 TIF
#20 South Shore.
BE IT FURTHER RESOLVED that the proper City officials are authorized and
directed to transfer the sum of Five Hundred Eight Thousand AND NO/100 DOLLARS
($508,000.00) for 508 West 4th Avenue from Account No. 100-0071-3460-00000
General Fund Equity to Account No. 323-0470-7208-06732 Equipment Fund - Dowling
Building.