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Home My WebLink About31514 / 81-18August 20, 1981 # 18 RESOLUTION There will be an Initial Resolution to issue not to exceed $7,000,000.00 Industrial Development Revenue Bonds to Carousel of Oshkosh, Incorporated, for Carousel Family Theme Park. r` _ _ _.. ._.... --- — - _. . _ ___ ------ - --- i � _ 18 _ ' Vl/�'�/ /V.' ��/,��,�A,�p,_: ' J ,rdg080781 , 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 (hereinaftet sometimes referted 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 project which qualifies under the Act and the improvement of the site therefor; and (b) enter into a revenue agreement 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 corporation (the "Eligible Participant") has been considering undertaking a project in the Municipality, and the Eligible Participant has represented to the M�nicipality that it would be an encouragement and inducement for the Eligible Participant to proceed if the ptoject 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 conditione stated therein; and WHEREAS, the Eligible Participant has requested that the definition of the term "Project" as utilized in the Initial Resolution be elaborated to indicate that the intended use of the Project is for the purpose of providing a recteational 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-tesiden- 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 requested an increase in the maximum amount of Bonds to be issued under the Initial Resolution to fund the Project; and WHEREAS, 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 Depart- 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 revita- lize commerce, industty 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 the 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, and has presented this body with a letter based on said feasibility study concluding in effect that construction and operation of the Project will significantly increase travel to the Municipality for business or recreation; and -2- �- WHEREAS, it is the finding and determination of this h�Y that (i) the Project is a qualified "project" within the q�o¢�ning of the Act and that the Eligible Participant is an "elig�b'le participant" within the meaning of the Act and (2) that the %rb�Ject will significantly increase travel to the Municipal- ity for business or recreation; and WFiEREAS, as noted in the Initial Resolution, it is the findin�� and determination of this body that the Municipality would b�rive public benefits from the Project and its operation, includi�S by way of illustration but not limitation the follow- ing: �he provision and retention of gainful employment oppor- tunitie� for the citizens of the Municipality; the stimulation of the flo�' of investment capital into the Municipality with resul- tant be-neficial effects on the economy in the Municipality; the preserv,ation and enhancement of the Municipality's tax base and a signifi%ant 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 tY�at the public interest will be served if the Munici- pality were to continue to encourage and induce the Eligible Partici�ant to undertake the Project in the Municipality; NOW, THEREFORE, BE IT RESOLVED: 1. The Municipality hereby reconfirms its prior authori7.ation to issue up to $3,500,000 of Bonds contained in the Initial Resolution. The Municipality hereby authorizes the issuanc� of an additional $3,500,000 of Bonds for a total authot- 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 Bondb regardless of any request for or outcome of a referendum on the issuance of the $3,500,000 additional amount of Bonds authori7.ed herein. 2. The Cletk shall cause notice of adoption of this Resolution to be published once in the Oshkosh Daily Northwestern (the M��nicipality's official newspaper, for the publication of notices pursuant to Chapter 985 of the Wisconsin �Statutes), and sha�1 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 the Secretary of Department of Developr�ient of the State of Wisconsin within 20 days following publical-ion of such notice. -3- 3. This Resolution upon its passage and approval been issued prior thereto, the given by this Resolution shall date of the date of adoption of date as this body may specify by or after such date. -4- shall be effective immediately . Unless the Bonds shall have authorities and authorizations expire on the second anniversary this Resolution or on such later resolution adopted either before ,�.._ ,�, .� � :� CERTIFICATIONS BY CLERK I, Converse C. Marks, being first duly swozn, 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 compared the transcript hereto attached with the aforesaid corporate records; that said transcript hereto attached is a true, correct and complete copy of all the corporate 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 , 1981. Said meeting was a regular meeting of the City Council and was held in open session in compliance with Subchapter IV of Chapter 19 of the Wisconsin Statutes. 2. Said resolution was on the agenda foz 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. City Manager recorded that Said meeting who chaired the following was called to order the meeting. Upon councilmembers were by William Frueh, roll I noted and 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 councilmembets w o esire to do so had expressed their views for or against said resolution, the question was called and upon ro11 being called and the continued presence of a quotum being noted, the tecorded 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 SealJ STATE OF WISCONSIN ►� COUNTY OF WINNEBAGO er Subscribed and sworn to before me this day, the date last above written. Notary Public My commission expires: [Notarial Seal] -ii- �.. �.. l crisv a• �, l. � G�: W � .n.- �� ,.r ��. �-��} }� „ .. . � OF OSHKOSH, INCORPORATED P.O. Box 2286 / Oshkosh, Wisconsin 54903 / 414-235-5610 August 9, 1981 Mr. William Frueh Office of the City Manager 215 Church Avenue Oshkosh, Wisconsin 54902 Dear Bill: This letter is to confirm our conversation of last week regarding a new comfort resolution for Industrial Revenue Bonds to finance tfie Carousel Family Theme Park. Our corporation realizes that IRB's hold the only affordable oppor- tunity to finance our park. Unfortunately, the current $3. 5 million in bonds authorized by the council will no longer cover the anticipated costs. While we have no immediate opportunity for the private placement of these bonds, we must be fully prepared for that eventuality. To that end, our corporation has engaged Bond Council Richard George of the Madison Law Firm of Foley and Lardner to prepare a new comfort resolution in the amount of ,$7 million. This resolution will be ready for consideration by the council on August 20, 1981. We wish to express our appreciation for the continued patience and support by yourself, members of the common council, and by the citizens of Oshkosh for our project. Sincer�ly � `�..��. �(�..,� � Kent A. Kruse, President � � 4'" . R N . � � � � � � �� 1 � � � �� • � � �� .� H P' � ✓ N N O "� � � � N N � � w o ,. � ,� � � o "� H �' F+ � V �o 'F-+ �, ��:3 � a � � «____ �, � N � V � � � � V �