HomeMy WebLinkAbout32632 / 83-040
October 27, 1983
(CARRIED
LOST
LAID OVER
Jl4
PURPOSE: APPROVE AGREEMENT FOR LAND EXCHANCE IN
ALGOMA/CHURCN REDEVELOPMENT AREA
INITIATED BY: CITY ADMINISTRATION
RESOLUTION
WITHDRAWN )
BE IT RESOLVED by the Common Council of the City of Oshkosh that the
property City officials are hereby authorized and directed to enter into the
agreement for the various land transfers in the Algoma/Church project between
the Fox Valley Technical & Adult Education District, the Oshkosh Area School
District and the City of Oshkosh.
SiJ3i�ITiEp EY
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RESOLUTION # 4
A G R E E Pf E N
TAIS AGREEMENT, by and between the City of Oshkosh (hereinafter °City"),
Fox Va11ey Technical & Adult Education District (hereinafter "Vocational District")
and the Oshkosh Area School District (hereinafter "School District"),
WITNESSETH:
WHEREAS, the Vocational District owns certain Iands in the City of Oshkosh
in the vicinity of Algoma and Chutch Streets which are no longer needed by the
Vo�ational District, and
WHEREAS, the School District owns certain lands in the vicinity of Algoma
and Church Streets in the City of Oshkosh which are no longer needed by the School
District, and
WHEREAS, the City of Oshkosh has a need for these parcels,
NOW, TAEREFORE, the parties hereto agree as follows:
1. That the Vocational District agrees to deed the following described property
to the School District (Parcel D& E): See Exhibit A attached hereto.
2. That the Vocational District further agrees to deed the following described
property to the City of Oshkosh (Parcel B): See Exhibit A attached hereto.
3. That the School District agtees to deed the follocaing described property
to the City of Oshkosh (Parcel A): See Exhibit A attached.
4. That the City of Oshkosh in consideration of the deedsentered into herein
by the Vocational District agrees to pay to the Vocational District the amount of
5375,000 payable as follows: $17�,000 upoa closing an3 $200,000 at 6`/, interes[ for
a term not to exceed ten (1�) years. The City will pay the Vocational District
interest annually for the first three (3) years with no payment of principal. At
the end of the third year, the City shall pay $100,000 of the principal then o�aing.
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RESOLUTION # 4
At the end of the fourth year and each year thereafter, until said principal and
interest be fully paid, the City shall pay $14,286.00 representing said principal
and shall add to said payment the amount of interest then accrued on the outstanding
balance. The City will give to the Vocational District a promissory note satis-
factory to the Vocational District evidencing the $200,000 indebtedness and se[ting
forth the payment schedule.
5. The City, in consideration of the deed issued to it by the School Dis-
trict, agrees to maintain the presently existing tunneZ which transports heat
from the boiler room located on Farcel A tc the g�nasiu.:. building described as
Parcel C.
The City, in further consideration of the deed issued by the School District,
agrees that if a TIF District is created, to hold the School Distri_t harmless from
any state equalized school aid losses which would result because of the creation of
a TIF District. This would amount, under present law, to approximately $12,000.00.
The City shall hold the School District harmless from any state equalized school
aid losses throughout the life of the TIF District. The City will grant a non-exclu-
sive easement of ten (10) feet to the Oshkosh Area School District for the land
abutting Parcels C and E described herein.
The City, in further consideration of the Deed issued by School District,
agrees that it will pay all City permir fees fer permits req,aired by the School
District for remodeling and/or restoration of the gymnasiva building described as
Parcel C. The City will also enclose that portion of the gymnasium building opened
as a result of the demolition of the building located on Parcel B.
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RESOLUTION # 4
� 6. Closing and transfer of all deeds and notes shall be on or before
November 30, 1983.
Dated this _ day of __ , 1983.
CITY OF OSHKOSH
By:
William D. Frueh, City Manager
And:
Donna C. Lnebke, City Clerk
FOk VALLEY TECHNICAL � AD T EDUCATION DISTRi
Sy:
ildred B. Inman, President
i
And: ,�j � � e':;?C�/� Js'tC LC �Gk
LaVerne Franzg,', Secretary
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By� �< % � L-
avid G. Di ks, President —�
And :� �i���� �—,.�` ! Y1 CK�_ �_ � �
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s rictiUgk, secretary
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