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Home My WebLink About07-169B JUNE 12, 2007 07-169B RESOLUTION (CARRIED 5-2 LOST LAID OVER WITHDRAWN PURPOSE: INITIATED BY: AUTHORIZE BORROWING; APPROVE FUND TRANSFER; APPROVE REIMBURSEMENT: ($508,000.00) B) 508 WEST 4TH AVENUE DEPARTMENT OF COMMUNITY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, 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 Five Hundred Eight Thousand AND NO/100 DOLLARS ($508,000.00), which includes, but is not limited to, the sale price and related closing costs. JUNE 12, 2007 07 -169B 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 Five Hundred Eight Thousand AND NO/100 DOLLARS ($508,000.00) for the acquisition of 508 West 4th Avenue 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 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.