City of Oak Creek
Common Council Report
Meeting Date: February 14, 2005
Item No.: 22
Recommendation: That the Common Council approve Resolution No. 10466-021405, a resolution authorizing the Mayor and City Clerk to execute an Estoppel Certificate, Road Reservation Revocation, Consent to Assignment and Release and a Road Reservation Revocation Agreement - all for TIF District #5 (Fort Howard Steel) City Project Nos. (Tax Key Nos. 765-9048 to 9051) (1st Aldermanic District).
Background The signers of the current TIF District #5 development agreement, Vangromit L.L.P. (Fort Howard Steel), represented by Jeffrey S. Mitchell, John Suppes, Paul J. Van Laanen and James C. Growt, which has a Development Agreement with the City for TIF District #4, is selling their assets to Nucor Cold Finish Wisconsin, Inc. This sale requires action by the City to consent to the assignment of the agreement to the new owners and release the present owners from any liability that accrues after the sale, approve a road reservation revocation, recognize that the physical work has been accomplished and acknowledge that no disputes exist between the City and current owners. The execution of this resolution does not affect the repayment provisions of TIF District #5, which comes from the tax increment generated by improvements to property.
Fiscal Impact: None.
Prepared by: Respectfully submitted,
Henry W. Jackson Barbara S. Blumenfield, Ph.D.
Development Engineer City Administrator
Approved by:
Lawrence J. Haskin
City Attorney
Fiscal review by:
Beverly A. Buretta, CMC
City Clerk
T:\Shared\WPFILES\CCREPORT\Fort Howard Steel Release.doc
RESOLUTION NO. 10466-021405
BY: __________________________________
RESOLUTION TO APPROVE THE ESTOPPEL CERTIFICATE, ROAD RESERVATION REVOCATION, CONSENT TO ASSIGNMENT AND RELEASE AND TO APPROVE A ROAD RESERVATION REVOCATION AGREEMENT FOR TIF DISTRICT #5
(FORT HOWARD STEEL)
301 AND 222 EAST BURKHARD COURT, OAK CREEK, WI
(TAX KEY NOS. 765-9048 TO 9051)
(1ST ALDERMANIC DISTRICT)
WHEREAS, Fort Howard Steel has entered into an Asset Purchase Agreement with Nucor Cold Finish Wisconsin, Inc. (“Nucor”) and
WHEREAS, Nucor has requested that the City execute a Road Reservation Revocation Agreement with Vangromit, L.LP., the current owner of the land at 222 and 301 E. Burkhard Court, as more particularly described in the Development Agreement, and
WHEREAS, Nucor has requested the City execute an Estoppel Certificate, Road Reservation Revocation and a Consent to Assignment and Release.
NOW, THEREFORE BE IT RESOLVED by the Mayor and the Common Council of the City of Oak Creek that the Mayor and City Clerk are hereby authorized to sign the Road Reservation Revocation, Estoppel Certificate, Road Reservation Revocation Agreement and Consent to Assignment and Release Agreement, relative to the Asset Purchase Agreement by and between Vangromit, L.L.P. and Nucor.
BE IT FURTHER RESOLVED, that the City Clerk is hereby authorized and directed to cause a certified copy of the resolution to be recorded in the office of the Register of Deeds in and for Milwaukee County, Wisconsin.
BE IT FURTHER RESOLVED, that certified copies of said agreements, revocations and certificates that are duly registered in and by the County within and by the State of North Carolina, City of Charlotte be delivered to the City of Oak Creek, WI.
Introduced at a regular meeting of the Common Council of the City of Oak Creek held this 14th day of February, 2005.
Passed and adopted this 14th day of February, 2005.
_____________________________
President, Common Council
Approved this 14th day of February, 2005.
_____________________________
Mayor
ATTEST:
________________________________ VOTE: Ayes _____ Noes _____
City Clerk
T:\Shared\WPFILES\CCREPORT\Fort Howard Steel Release.doc