City of Oak Creek

Common Council Report

Meeting Date: 3/31/03

Item No.:         8

Recommendation:  That the Common Council approve Resolution No. 10224-033103, a Resolution Approving Execution of a Cancellation Agreement and Release from Liability with Wallace Enterprises, Inc.

Background:  The City of Oak Creek and Wallace Enterprises, Inc. entered into a Contract, dated June 4, 2002 for the sale of the utility headquarters to Wallace Enterprises.  Wallace Enterprises has canceled the transaction which was their legal right under the Contract and has paid the earnest money of $25,000.  In order to conclude this matter, execution of the Cancellation Agreement and Release from Liability is required.

Fiscal Impact:  The City has received payment of the $25,000.00 in earnest money; that amount will be retained by the Utility to cover expenses.  The sale of the property is now being canceled.

Prepared by:	Respectfully submitted, Robert L. Kufrin City Administrator
Fiscal Review by: Beverly A. Buretta, CMC City Clerk

File name: S:\CLERK\033103.10224 report Wallace

Print Date: 3/27/2003 2:45 PM