HomeMy WebLinkAbout31333 / 81-44MaY 7 1981
PURPOSE: BORROW FUNDS
ZNITIATED BY: CITY ADMINISTRATiON
# 44 RESOLUTION
BE IT RESOL�'ED by the Common Council o£ the City of Oshkosh
that the proper City officials are hereby authorized to borrow
from Winnebago County, from the Winnebago County Industrial
Development Account, up to $300,000.00 to be repaid to
Alinnebago County on August 1, 1983• This money to be borrowed
for the purpose of financing an industrial building in the
I3orth Industrial Park.
BE IT FURTHER RESOLVED that as an adjunct to the agreement
entered into with the County, the City will enter into a similar
agreement with Chamco, Inc. to provide that Chamco, Inc. will
pay all costs which would inure upon the City for this
borrowing.
BE IT FL'RTHER RESOLVED that the proper City officials are
hereby authorized and directed to prepare all papers and enter
into any and all necessary agreements to provide for such
borrowing and also to provide for the protection of the City of
Oshkosh from incurring any financial responsibility or loss.
SUB:SST;ED BY
,r^rOL^°� /17��'��ll.L<-c�r�
-44-
120 JACKSON ST
May 1, 1981
Mr. William Frueh
City Manager
215 Church Avenue
Oshkosh, wI 54901
Dear Bill:
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BOX 260 � OSHKOSH, WI. 54902 • �414) 233-3760
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At the December 4th meeting o£ the Oshkosh Common Council,
a resolution to request funds from the Winnebago County
Industrial Development account to refinance the Chamco
"spec building" was unanimously approved. However, at
that time the County Board did not recommend approval
because Chamco did not have a tenant or buyer for the
facility. The amount requested at that time was $190,000.
Presently Chamco has a probable buyer for the "spec building"
and we would once again ask�the Oshkosh Common Council to
request £unds from the Winnebago County Industrial Development
account. The amount requested would be $300,000. This amount
would cover the refinancing of a note with the Oshkosh banks
and allow sufficient funds to finish the buildinq to the
buyers needs. I might add that the sale of this facility at
this point is contingent upon receiving refinancing through
the Winnebago County account. Chamco would agree to all
conditions which were set forth in the December 4th resolution
whereby Chamco would enter into a similar agreement with the
city and would be responsible for all costs which would inure
upon the city for this borrowing.
On behalf of the Chamco Board, we appreciate your assistance
in this matter.
SincereYy'�
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Patrick J. Vercauteren
Executive Director
PJV:jkp
Enc.
OSHKOSH INDUSTRIAL DEVELOPMENT COMMITTEE
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