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Home My WebLink About31536 / 81-15September 3, 1981 # 15 RESOLUTION There witl be an Initiai Resolution to issue not to exceed $7,000,000.00 Industriai 6eveiopment Kevenue Bonds to Carousei of Oshkosh, Incorporated, for Carousel Family Theme Park. - 15 - ,, �� f � i %17'��" f � . ��'V" i _. . t _ --____—' •� vrdg080781 CITY COUNCIL OF THE CITY OF OSHKOSH , WISCONSIN Resolution No. AMENDED INITIAL RESOLUTION RELATING TO INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING ON BEHALF OF CAROUSEL OF OSHKOSH, INCORPORATED WHEREAS, the City of Oshkosh, Wisconsin (the "Munici- pality") is a municipal corporation organized and existing under and pursuant to the laws of the State of Wisconsin and is authorized by Section 66.521 Wisconsin Statutes, as amended (hereinafter sometimes referred to as the "Act"), to: (a) issue revenue bonds to finance all or any part of the costs of the construction, equipping, reequipping, acquisition, purchase, installation, reconstruction, re- building, rehabilitation, improving, supplementing, re- placing, maintaining, repairing, enlarging, extending or remodeling of a ptoject which qualifies under the Act and the improvement of the site therefor; and (b) enter into a revenue agreeLnent with an eligible participant pursuant to which the eligible participant agrees to cause said project to be constructed and to pay the Municipality an amount of funds sufficient to provide for the prompt payment when due of the principal of and interest on said revenue bonds; and WHEREAS, Carousel of Oshkosh, Incorporated, a Wisconsin cotporation (the "ELigible Participant") has been considering undertaking a project in the Municipality, and the Eligible Participant has represented to the Municipality that it would be an encouragement and inducement for the Eligible Participant to proceed if the project could be financed with revenue bonds; and , WHEREAS, this body approved an Initial Resolution pursuant to the Act on April 5, 1979, authorizing the issuance of up to $3,500,000 of industrial development revenue bonds on behalf of the Eligible Participant subject to the terms and conditions stated therein; and WHEREAS, the Eligible Participant has tequested that the definition of the term "Project" as utilized in the Initial Resolution be elaborated to indicate that the intended use of the Ptoject is for the purpose of providing a recreational facility located at the intersection of West 20th Avenue and West South Park Avenue in the Municipality and that the Project would consist of the acquisition of land and the construction of a theme park comprised of various games and amusement centers, rides, exhibits, shows and attractions and related non-residen- tial facilities and the acquisition and installation of equipment therefor, all of which constitute a recreational facility as defined in the Act. WHEREAS, the Eligible Participant has previously estimated the cost of the Project would be approximately $3,500,000, but now estimates that because of modifications, design changes and inflation could be as high as $7,000,000; and WHEREAS, the Eligible Participant has tequested an increase in the maximum amount of Bonds to be issued undet the Initial Resolution to fund the Project; and WI-IEREAS, prior to the date of adoption of this Reso- lution, a statement which provides a good faith estimate of attorney fees which are expected to be paid from proceeds of the revenue bonds has been fiLed with the CLerk and with the Depatt- ment of Development of the State of Wisconsin, and; WHEREAS, it is in the public interest of the Munici- pality to promote, attract, stimulate, rehabilitate and ievita- lize commerce, industry and manufacturing, to promote the better- ment of the environment and the economy of the Municipality and to stimulate a large fLow of private investment funds into the Municipality; and WHEREAS, Leisure and Recreation Concepts, Inc. (the "Consultant") has conducted a feasibility study of Lhe Project, copies of certain pottions of which will be submitted to the members of this body for inspection, has summarized said feasi- bility study for the members of this body, concluding in effect that construction and operation of the Project will significantly increase travel to the Municipality for business or recteation; and -2- ti WHEREAS, it is the finding and determination of this body that (i) the Project is a qualified "project" within the meaning of the Act and that the Eligible Participant is an "eligible participant" within the meaning of the Act and (2� that the Project will significantly increase travel to the Municipal- ity for business or recreation; and WHEREAS, as noted in the Initial Resolution, it is the finding and determination of this body that the Municipality would derive public benefits from the Project and its operation, including by way of illustration but not limitation the follow- ing: the provision and retention of gainful employment oppor- tunities for the citizens of the Municipality; the stimulation of the flow of investment capital into the Municipality with resul- tant beneficial effects on the economy in the Municipality; the preservation and enhancement of the Municipality's tax base and a significant increase in the number of persons travelling to the Municipality for business and recreation; and WHEREAS, it is the finding and determination of this body that the public interest will be served if the Munici- pality were to continue to encourage and induce the Eligible Participant to undertake the Project in the Municipality; NOW, THEREFORE, BE IT RESOLVED: 1. The Municipality hereby reconfirms its prior authorization to issue up to $3,500,000 of Bonds contained in the Initial Resolution. The Municipality hereby authorizes the issuance of an additional $3,500,000 of Bonds for a total author- ization to issue Bonds for an amount not to exceed $7,000,000. The authorizations herein contained in no way restrict or limit the authorization of the Municipality to issue up to $3,500,000 of Bonds regardless of any request for or outcome of a teferendum on the issuance of the $3,500,000 additional amount of Bonds authorized herein. 2. The Clerk shall cause notice of adoption of this Resolution to be published once in the Oshkosh Daily Notthwestern (the Municipality's official newspaper, for the publication of notices pursuant to Chapter 985 of the Wisconsin Statutes), and shall cause evidence of publication (including a copy of the notice as published) indicating the date of publication of such public notice to be filed with t6e Secretary of Department of Development of the State of Wisconsin within 20 days following publication of such notice. -3- 3. This Resolution shall be effective immediately upon its passage and apptoval. Unless the Bonds shall have been issued prior thereto, the authorities and authorizations given by this Resolution shall expire on the second anniversary date of the date of adoption of this Resolution or on such later date as this body may specify by resolution adopted either before or after such date. w -4- CERTIFICATIONS BY CLERK I, Convetse C. Marks, being first duly sworn, do hereby depose and certify that I am the duly appointed, qualified and acting Clerk of the City of Oshkosh, in the County of Winnebago, State of Wisconsin, and as such I have in my possession, or have access to, the complete corporate records of said City and of its City Council; that I have carefully compated the transcript hereto attached with the aforesaid corporate records; that said transcript hereto attached is a true, correct and complete copy of all the corpotate records in relation to the adoption of Resolution No. entitled: AMENDED INITIAL RESOLUTION RELATING TO INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING ON BEHALF OF CAROUSEL OF OSHKOSH, INCORPORATED I do hereby further depose and certify as follows: 1. Said resolution was considered for adoption by the City Council at a meeting held in the City Hall at 7:00 P.M. on September 3, 1981. Said meeting was a regular meeting of the City Council and was held in open session in compiiance with Subchapter IV of Chapter 19 of the Wisconsin Statutes. 2. Said resolution was on the agenda for said meeting and public notice thereof was given not less than 24 hours prior to the commencement of said meeting in compliance with Section 19.84 of the Wisconsin Statutes, including, without limitation, by posting on the bulletin board in the City Ha11, by notice to those news media who have filed a written request for notice of meetings and by notice to the official newspaper of the City. 3. Said meeting was called to order by William Frueh, City Manager who chaired the meeting. Upon roll I noted and recorded that the following councilmembers were present: and that the following councilmembers were absent: I noted and recorded that a quorum was present. Various matters and business were taken up during the course of the meeting -i- without intervention of any closed session. One of the matters taken up was said resolution which was introduced and its adop- tion was moved by Councilmember , and seconded by Councilmember Following discussion and after all councilmembers w o esire to do so had expressed their views for or against said resolution, the question was called and upon roll being called and the continued presence of a quorum being noted, the recorded vote was as follows: Aye: Nay: Abstain: Whereupon the City Manager declared said resolution adopted, and I so recorded it. 4. I have caused the "Notice to Electors" to be published in the form and place specified in said resolution; and I have filed evidence of publication (including a copy of the notice as published) indicating the date of publication of said notice together with a copy of said resolution with the Secretary of the Department of Development of the State of Wisconsin or its successor within 20 days foLlowing the publication of said notice. IN WITNESS WHEREOF, I have signed my name and affixed the seal of the City hereto on this day of , 1981. [Municipal Seal] Cler STATE OP WISCONSIN ). ) SS COUNTY OF WINNEBAGO ) Subscribed and sworn to before me this day, the date last above written. Notary Public My commission expires: [Notarial Seal) -ii- � � � `Y� r( � v; � � >� �a �� ro v •� N � O rs��f � V H I I N O � � � � � � � w°� �.�� i H O +� a 0 b � 0 F � O £ � N v 0 z � N N � ¢ � v .� k s. � U 1 � � � 1 . .1S �`i •+ A ` ; �-i � rn .-i M � a v � � N k-�a., U �.,� V