HomeMy WebLinkAbout35487 / 89-204 � �
R E V I S E D
July 20, 1989 #204 RESOLUTION
(CARRIED LOST LAID OVER WITHDRAWN )
PURPOSE: AUTHORIZE BORROWING FOR SPEC BUILDING CONSTRUCTION
INITIATED BY: CITY ADMINISTRATION
WHEREAS, CHAMCO, INC. is contem�lating buildin� a spec building
in the Southwest Industrial Park and in order to facilitate the con-
struction of said building, the City will have to take a second
mortgage on the land necessary for the construction of the building;
and
WHEREAS, Winnebago County has an Industrial Development Fund
which will lend the City up to $100, 000.00 at one-half (1/2) the prime
rate for the construction of spec buildings in Industrial Parks,
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 enter into an appropriate agreement with CHAMCO to provide
land for the construction of a spec building in the Southwest
Industrial Park, and to accept from CHAMCO a second mortgage subject
to bank and County loans.
BE IT FURTHER RESOLVED that the proper City officials are hereby
authorized and directed to borrow from Winnebago County $100, 000. 00 to
be used in the construction of said spec building. Money shall be
borrowed at one-half the prime rate on the date of the note with
interest payable annually and principal due and payable on the
earliest of the following dates: the sale of the spec building or
five (5) years from the date of the note.
BE IT FURTHER RESOLVED that the proper City officials are hereby
authorized and directed to enter into an appropriate agreement with
CHAMCO, INC. , which agreement will provide for CHAMCO to make interest
and principal payments on the $100, 000. 00 Winneba�o County loan and to
guarantee to the City that CHAMCO will be responsible for that entire
debt.
SUBMITTED HY
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