HomeMy WebLinkAboutWinnebago County/Southwest Ind Park A G R E E M E N T
RE: $100, 000 Loan
Winnebago County Industrial
Development Project: "Provide
Funds for Use in Construction
of a Commercial Building in
Oshkosh Southwest Industrial Park"
THIS AGREEMENT is by and between Winnebago County, by its
County Executive, hereinafter called "County" , and the City of
Oshkosh, by its City Manager and Clerk respectively, hereinafter
called "City".
WITNESSETH:
WHEREAS, the City of Oshkosh has authorized the request for
funding in the amount of $100, 000 from Winnebago County funds
earmarked for industrial development; and
WHEREAS , the Winnebago County Industrial Development
Corporation, by and through its Board of Directors, approved the
City of Oshkosh request and presented a resolution to the
Winnebago County Board of Supervisors on August 15 , 1989 ,
requesting $ 100 , 000 for the Winnebago County Industrial
Development Project entitled " Provide Funds for Use in
Construction of a Commercial Building in the Oshkosh Southwest
Industrial Park. "
WHEREAS, the County Board did approve the request on August
15 , 1989 and did authorize the execution of this Agreement by
appropriate County officials.
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NOW, THEREFORE, in consideration of the mutual covenants
contained herein, the County and the City do agree as follows:
(1) That the County does hereby grant to the City a loan in
the amount of $100 ,000 for the project known as "Provide Funds
for Use in Construction of a Commercial Building in Oshkosh
Southwest Industrial Park" same to be payable to the City upon
request.
(2) The City agrees that none of the funds provided herein
shall be reinvested by the City and the City further agrees that
such funds shall be expended by the City simultaneously and
contemporaneously with other funds the City expends for the
purpose indicated in the loan application submitted to the County
for this project.
(3) The City agrees to repay said loan in full not later
than five (5) years from the date on which the funds are turned
over to the City or the date the building constructed hereunder
is sold, whichever occurs sooner.
(4) The loan shall be subject to an annual interest rate of
Five and one-quarter ( 5 1/ 4 ) percent (one-half prime rate of
interest as of date of this agreement) on the unpaid balance
thereof which shall be paid annually by the City on the
anniversary date the funds were turned over to the City pursuant
to this Agreement.
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IN WITNESS WHEREOF, we have set our hands this 20th day of
September, 1989. (nunc pro tunc)
WINNEBAGO COUNTY ("County")
In Presence of :
By:
„�/ Paul W. Stevenson
County Executive
Dated at Oshkosh, Wisconsin this 20th day of September ,
1989 . (nunc pro tunc)
CITY OF OSH SH ("City")
�n P esence of : By:
t:3\ dlt William Frueh, City Manager
r
Donna Serwas, City Clerk
APPROVED
This Instrument Drafted By: OCT 25 lGel
Gerald L. Engeldinger '
Corporation Counsel `Q^'
CITY ATTORNEY
Winnebago County, Wisconsin OS OSH,WISCONSIN