HomeMy WebLinkAbout31702 / 82-20A
.ianuary 21, 1982
(CARRIED
LOST LAID OVER
Ik20
RESOLUTION
WITHDRAWN )
There will be an Initial Resolution to issue not to exceed $8,500,000.00
Industrial Development Revenue Bonds for the construction of a life care
center by Churchfield Development Co., an Illinois Partnership.
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SLTBMITI'ED �i'
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CITY OF OSHKOSH
INITIAL RESOLUTION FOR REVENUE BONDS
(CHURCHFIELD LIFE CARE PROJECT)
WHEREAS, the City of Oshkosh, Wisconsin (the
"Municipality") is authorized by Section 66.521 of the
Wisconsin Statutes (the "Act") to issue industrial
development bonds to finance costs of certain projects
including industrial facilities; and
WHEREAS, the bonds are to be payable from amounts
paid under a Revenue Agreement relating to the Project
being financed and not from tax revenues or other funds
of the Municipality; and
WHEREAS, Churchfield Development Company, an
Illinois Partnership, its affiliates, assignees or
joint venturers (the "Company") wishes to acquire land
in the Municipality and construct and equip thereon a
for profit life care and retirement facility to be
initially owned by the Company and to be initially used
by the Company in connection with its business of
owning and operating retirement and life care
facilities and providing auxiliary facilities; and
WHEREAS, the estimated cost of the Project is an
amount greater than $1,000,000; and
WHEREAS,
indicate its
Act for all
proceeds; and
the Company has asked the Municipality to
intention to provide financing under the
or a portion of the Project before it
WHEREAS, the Municipality by this resolution or,
if necessary, by subsequent acts and proceedings may or
in the event of the necessity of such subsequent acts
or proceedings may declare the site on which the
project is to be developed as "blighted" as required by
the "Act" or related statutes.
WHEREAS, the Project will provide employment
opportunities, enhance the Municipality's tax base and
benefit the Municipality in other ways.
NOW, THEREFORE, BE IT RESOLVED:
(1) To encourage the Company to undertake the
Project, the Municipality will pursue a financing plan
(the "Financing") under which it will:
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(a) issue and sell to purchasers, procured
by the Company bonds under the Act in an amount
not to exceed $8,500,000.00 (the "Bonds");
(b) enter into a revenue agreement with the
Company providing revenue sufficient to pay
principal of, and interest on, the Bonds when due,
and reguiring the Company to provide the Project;
(c) assign the revenue agreement to holders
of the Bonds or to a trustee for their benefit and
enter into any other appropriate arrangements
requested by the Company; to further secure
payment of the Bonds.
(d) Hereby declares the site of the project
"blighted", as defined in the "ACt", which site is
legally described in Exhibit A attached hereto and
hereby authorizes the city attorney, if necessary,
to take such steps and commmence such proceedings
to consumate the "blighting" of said site so that
in the opinion of "BOnd Counsel", satisfactory to
the Municipality when completed, no further acts
or proceedings are necessary to "blight" said site
to allow for the proper issuing of the Bonds
herein described.
The revenue agreement will require the Company to
provide to the Municipality revenue sufficient to pay
principal of, and interest on, the Bonds when due.
(2) The Bonds shall never constitute an
indebtedness of the Municipality within the meaning of
any state constitutional provision or Statutory
limitation and shall not constitute or give rise to a
pecuniary liability of the Municipality or a charge
against the Municipality's general credit or taxing
powers.
(3) The appropriate officers of the MuniC,��lity
are authorized to negotiate the terms of the Financing
and all related documents provided that all terms and
documents shall be subject to this Resolution and the
Act and shall not be binding unless and until:
(a) the details of the financing are
authorized and approved by further resolution of
this Board, the Bond Resolution;
(b) the electors of the Municipality shall
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have been given the opportunity to petition for a
referendum as required by the Act;
(c) either (i) no petition shall have been
timely filed or (ii) a petition shall have been
timely filed and a referendum shall have approved
the issuance of the Bonds; and
(d) all documents required in connection
with the financing shall have been duly executed
and delivered by the parties.
(4) The Clerk is directed to:
(a) publish notice of adoption of this
Resolution as a class 1 notice under Chapter 985,
Wisconsin Statutes, in a newspaper eligible to
make such p�blication for the Municipality in
substantially the form attahed to this Resolution;
and
(b) file with the Secretary of Development
of the State of Wisconsin a copy of this
Resolution and a copy of the notice of adoption
within ten days following publication of the
notice.
Adopted , 1982
Clerk
Approved , 1982
City Manager
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EXHIBIT A
INITIAL RESOLUTION
(CHURCHFIELD LIFE CARE PROJECT)
Legal Description of Project Site
A portion of that certain parcel of land within
the City of Oshkosh, Wisconsin, bounded on the North by
Congress Avenue, on the East by Summit Avenue, on the
South by New York Avenue and on the West by the Fox
River and also excepting therefore that parcel on which
stands a Fire Department facility.
The company reserves the right to substitute a
precise legal description of the site when available.
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