HomeMy WebLinkAbout35064 / 88-300 October 6, 1988 # 300 RESOLUTION �
(CARRIED LOST LAID OVER WITHDRAWN )
PURPOSE: ESTABLISH FAIR MARKET VALUE AND AUTHORIZE PURCHASE OF
205 MARKET STREET - �
INITIATED BY: CITY ADMINISTRATION
WHEREAS, the Cormnon Council of the City of Oshkosh has previously determined
the necessity of acquiring certain property for construction of a transit center
and appurtenant facilities for the Oshkosh Transit System; and
WHEREAS, an appraisal has been made on the property to be acquired, which
is more particularly described as follows:
205 Market Street
Lots , 7, and 8, Block 7, ORIGINAL PLAT, Leach's Map, ist Ward,
City of Oshkosh, Winnebago County, Wisconsin
and
WHEREAS, a review appraisal has been submitted to the Common Council in
accordance with applicable provisions of the Urban Mass Transporation Act of
1964, as amended, and with applicable provisions of grant approval for Mass
Transportation Operating Assistance; and
WHEREAS, the property and interest to be acquired includes land and buildings,
if any, exclusive of equipment and fixtures both movable and immovable;
NOW, THEREFORE, BE IT RESOLVED by the Comnon Council of the City of OShkosh
that the Common Council certifies the work of the appraiser and the review appraiser
has been performed in a competant manner according to applicable state and federal
laws, policies and requirements.
BE IT FURTHER RESOLVED that the fair market value for the above described
property is hereby established at: One Hundred Seventy-five Thousand �ollars
($175,000.00) .
BE IT FURTHER RESOLVED that the proper City officials are authorized and
directed to purchase said property and execute all documents necessary to
consumate this transaction.
Money for this purpose is appropriated from
Account No. 358-999 --- UMTA Grant Expenditures
SUn,fITTsll BY
_ �
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• • .��, ����� Res. #300
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VN ME W�IkO
July 26, 1988
To: Mr. William Frueh, City Manager
-> Mr. Jackson Kinney, Oirector of Community Development
���,� From: Lowell Lee, City Assessor
� Subject: Appraisal of 205 Market Street
Flt your request, 1 have reviewed the June 21 , 1988 appraisal of
205 Market Street submitted by Fox Valley Appraisals Inc. stating
an estimate of value of $160,000.00
On July 21 , I contacted Mr. Harmon of E3attis Brothers Supply [nc.
and was told I could not inspect the building for at least two
weeks from 2his date. On July 21 , 1 visually examined the build-
ing from the exCerior.
� Uue to the fact that I have not viewed the interior my conclusions
are based entirely on the facts as Presented in the appraisal .
The appraisal was prepared using accepted appraisal standards.
lhe three approaches to value were considered and adjustment
girds were prepared on the market approaches. I concur wiLh
the estiniate submitied of one hundred sixty thousand tlol !ars
($160,000.00) .
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