HomeMy WebLinkAbout32196 / 82-01December 9, 1982
PURPOSE:
INITIATED BY: CITY ADMINISTRATZON
��1 RESOLUTION
WHEREAS, the Co�on Council of the City of Oshkosh by resolution dated
August 7, 1981, created a redevelopment district known as the Oshkosh Centre
Project in the City of Oshkosh, and
WHEREAS, the City uf Csh�esh has since that point in time moved diligently
towards the completion of said project and the construction of a hotel/convention
centre complex to service the needs of the City of Oshkosh and to further this
project the City of Oshkosh purchased property in the redevelopment area comprising
19 parcels, and
WHEREAS, the City has committed up through the present time $25,657.00 of
residual funds from previous redevelopment projects, and $287,943.00 of 1981 and
1982 Community Development Block Grant Funds, and in addition to that has acquired
the aforementioned 19 parcels, and has had various other expenditures, and
WHEREAS, in order to bring the Oshkosh Centre Redevelopment Project to fruition,
it is now necessary for the three partners to make their final commitments: The
Department of Housing and Urban Dev=lopment must provide the City of Oshkosh with
Urban Development Action Grant in the amount of $3,500,000; Py Vavra, the developer,
must enter into an appropriate, binding agreement with the City for the construction
of the project, and the City must issue its General Obligation Bonds in the amount
of not less than $3,400,000, and further must make a commitment to provide not less
than $453,500 of its 1983 Community Development Block Grant Funds towards the Oshkosh
Centre Redevelopment Project,
December 9, 1982 lil RESOLUTION - Cont`d.
NOW, TklEREFORE, BE IT RESOLVED by the Coffinon Council of the City of Oshkosh,
that the City of Oshkosh hereby goes on record stating that it will commit itself
to the issuance of not less than $3,400,000 General Obligation Bonds, and also
to apply not less than $453,500 of the 1983 Community Development Block Grant Funds
for the successful completion of the Oshkosh Centre Redevelopment Project. This
commitment is contingent upon tha Department of Housing and Urban Development
issuing a$3,500,000 Urban Development Action Grant to the City of Oshkosh for said
project, and further, conditioned upon appropriate agreements being entered into
with the Developer, Py-Vavra Development, Inc.
BE IT FURTHER RESOLVED, that the $3,400,000 of the General Obligation Bonds
will be repaid by the City through the Tax Incremental Financing District, the
land lease to be entered into with the developer, and parking income received from
the project.
SuTt;"j`i7'z;' TiY
��'r'�7 i��
. . ,, . . . .._� . . ti
� ., . . `� 1�., . . . . . ._.. . � a.. . ., .:. :.,. �.. ,
r-I
�
��
f
�
M.
�
� �.CA Sa
N J.i O O J-� }a N
J�-� .0 N ,� J-� -� O
L.� � Vl � '�T'b r-1
s+ aou+��v
w° �,° w a�c.�i � a�i
e,o�?� ov�Q
('.+ Ol Ol 'J. U .0 •rl N
•ri .-i 'd u t� w ,�
b av•� u � N
•�+ � rx v q �++ o
N u N,� •� +i W t�'d
p,wu� po
o� vv +�
auv�ua�ia�i �
,� •� .� � ,� �+ � a
,�moaui�m�'°
o ,.0 x •r, o �a v
�u.�ou-day
v � � N� � v v
x�oa+� �vraA
ip
�
� �
�
0
.�
+�
�
\�
N ` 7�1
W O1
� i rl
ri U
rn �
N �
N
��N
U
Ca �
�
�
.�
v
bD
�
J-�
U
�