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October 20, 1983 If 13 RESOLUTION
(CARRIED LOST LAID OVER WITHDRAWN )
PURPOSE: SALE OF LAND IN THE INDUSTRIAL PARK
INITIATED BY: CITY ADMINISTRATION
WHEREAS, the City of Oshkosh has by Land Contract sold the following
described property to Chamco, Inc.:
A part of the Northeast Quarter (NE 1/4) of the Northwest
Quarter (NW 1/4) and the Southeast Quarter (SE 1/4) of the
Northwest Quarter (NW 1/4) of Section Thirty-three (33),
Township Eighteen (�18) North, Range Sixteen (16) East, Thir-
teenth (13th) Ward, City of Oshkosh, Winnebago County, Wis-
consin, containing 6.464 acres of land and being described by:
Commencing at the Northwest corner of Lot 1 of Certified Sur-
vey Map No. 845 recorded in Volume 1 on Page 845 of Certified
Survey Maps in the Winnebago County Register of Deeds Office,
Document No. 558809; thence N00°15'00" E. 60.00 feet; thence
N 89°22'29" W. 66.00 feet, to the true point of beginning;
thence continue N 89°22'29" W. 235.96 feet; thence Westerly
108.73 feet, along the arc of a curve to the left having a radius
of 530.00 feet and the chord of which bears 584°44'S3" W. 108.54
feet; thence N 00°15'00" E. 639.30 feet, to a point on the South-
easterly right-of-way line of the Wisconsin Southern Railroad;
thence N 59°34'02" E. 453.48 feet, along the Southeasterly right-
of-way line of the Wisconsin Southern Railroad; thence S00°15'00"
W. 561.84 feet; thence Southerly 88.57 feet, along the arc of a curve
to the right having a radius of 195.89 feet and the chord of which
bears S13°12'10" W. 87.82 feet; thence Southerly 118.41 feet, along
the arc of a curve to the left having a radius of 261.89 feet and
the chord of which bears S13°12'10" W. 117.40 feet; thence S. 00°
15'00" W. 100.00 feet, to the true point of beginning.
and
WHEREAS, Chamco, in order to develop the property and make it saleable for
industrial uses, thereby increasing the industrial base of the City and increas-
ing jobs in the City, has borrowed money from the First Wisconsin National Bank
of Oshkosh for the construction of a building thereon, and
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October 20, 1983
/� 13 Cont'd.
WHEREAS, in order to pay for this construction, Chamco intends to, and will
issue, Industrial Development Revenue Bonds £or the purpose of this industrial
construction, and
WHEREAS, in order to facilitate this construction and this borrowing by
Chamco, it is necessary for the City to�subordinate its interest in the land
to the mortgage rights of the First Wisconsin National Bank and to the pur-
chaser of Industrial Development Revenue Bonds,
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 appropriate subordination agreements with the First Wisconsin National
Bank of Oshkosh and either the purchaser or Trustee of the Industrial Develop-
ment Revenue Bonds issued for the purposes of approving the above-described
property.
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