HomeMy WebLinkAboutBID AGREEMENT
THIS AGREEMENT made this �A„n(, day of November, 1989, by and
between the City of Oshkosh, a Wisconsin Corporation, hereinafter
called "City" and the Downtown Oshkosh Business Improvement District,
hereinafter called "BID" ;
W I T N E S S E T H:
WHEREAS, the City of Oshkosh was petitioned to establish a
Business Improvement District; and
WHEREAS, on September 17, 1987, the City created the Downtown
Business Improvement District; and
WHEREAS, the BID wishes to maintain free parking pursuant to City
of Oshkosh Ordinance dated November 5, 1987,
NOW, THEREFORE, for and in consideration of the mutual promises
herein contained, the receipt and sufficiency of which is hereby
acknowledged, the parties agree to follows:
A. The BID shall reimburse the City Parking Utility Fund an
amount of $45, 000. 00 to cover the lost revenue and expenses
incurred for continued maintenance and enforcement of the
parking converted by ordinance to 90 minutes free parking.
B. The BID authorizes the City, beginning February 1, 1990, and
ending August 1, 1990, to transfer six equal installments of
$7, 500. 00 from the BID's segregated account to the City
Parking Utility Fund.
C. The City shall provide the BID with a monthly statement of
the segregated account's balance within 10 working days
after each monthly transfer is completed.
D. The term of this Agreement is from November 15, 1989 to
November 15, 1990 unless the BID is terminated pursuant to
Sec. 66. 608 WIS STATS.
E. If the BID is terminated prior to the end of the term of
this Agreement, the City shall reimburse the BID on a pro
rata basis based on the number of months left in the term of
the Agreement.
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F. If the BID is not terminated, there will be an automatic
renewal if no notice is given by either party to this
Agreement, or unless written notice is given to either party
no later than 45 days prior to expiration of this Agreement.
IN WITNESS WHEREOF, the parties have hereunto set their hands and
seals the day and year above written.
DOWNTOWN OSHKOSH BUSINESS CITY OF OS OSH
IMPROVEMENT DISTRICT /
By: / -.-,---_ 7--,-�.)-----.. By:
Denni i Noone, P
) Cha'rman Willi D. Frue ,Ci y Manager
And: i �,%; And: `, ill 41 , el f. .Ai
Ja s n R. Kinney a
)cretarY Donna C. Serwas, City Clerk
O�P f f& D
a d, iw k
CITY-;Ito-NTY
cy-i -I,coNSIN
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