My Northern Wisconsin

Covering Ashland, Iron, Lincoln, Oneida, Price, Rusk, Sawyer, Taylor, and Vilas Counties


TERMS OF SALE OF PRICE COUNTY FAIRGROUNDS


The Price County Executive Committee submitted Resolution 15-22, "Approve Sale of County Owned Property (Price County Fairgrounds)," and it was adopted by the Price County Board of Supervisors on March 15, 2022 with ten in favor of the sale.  Douglas Erickson and Ginny Strobl voted against the sale.  Per Wisconsin State Statute §59.52(6)( c ), the county board may "direct the clerk to lease, sell or convey or contract to sell or convey any county property...on terms that the board approves."

Per this resolution, Price County Productions Inc., (owner, Alexis Baratka and vice president, Darin Baratka), along with applicable county representatives, have signed the "Term Sheet" for the "Purchase and Sale of Price County Fairgrounds."  The purchase includes the land and all buildings excluding equipment, personal property, and trade fixtures of the county.  The signed Term Sheet will be used to create a Purchase Agreement, which both parties shall use all reasonable efforts to sign within twenty days of March 15, 2022.  Once that purchase agreement is signed within 20 days, the Purchase Agreement will be considered irrevocable for the seller by the county board, and the agreement will be final.

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SUPPORT LOCAL EVENTS:  Enjoy the Price County Fair, coming to Phillips August 24-28, 2022!  Visit the Price County Fair's website and follow the Price County Fair's Facebook page.

The county's intent for the property is for it "to be available for the public to use as an area to gather, and to see the property grow as a community asset through investment by the buyer, and to insure the future and ongoing use of [The Price County Antiques Association in Building A, the Boy Scouts in Building B, the retired teachers in Building C, and the property users, the Price County Fair Association and the 4-H program.]"  Therefore, within ten days after the finalized Purchase Agreement is signed, the county will provide building leases that they would like used by Price County Productions, Inc. and the current building tenants.  The leases may have other terms but will ensure that the tenants do not pay building rent aside from certain obligations to maintain and repair the occupied building.  The Price County Fair Association will also enter into primary and secondary lease periods.  The association will have a period of approximately two weeks in the summer to prepare for, hold, and clean up the fair and will have exclusive access to the property at that time and non-exclusive access at all other times.  The leases with the Price County Fair Association and the leases to other organizations cannot adversely affect Price County Productions Inc.'s ability to hold the rodeo.

The restoration or replacement of the cattle barn must be addressed within the first three years, as well.

The buyer can obtain a Conditional Use Permit which will allow the property to be used from time to time for camping, though the county makes no representation as to the feasibility of the buyer obtaining the permit.  The county will also issue a standing permit for events greater than 1,000 people pursuant to the requirements of ordinances that govern the property.

The county will have the Right of First Refusal.  If Price County Productions Inc. wishes to sell the property to another party, the county will have the first right to purchase it at the price for which Price County Productions Inc. has agreed to with the other interested party.  If the county does not want to buy the property, then it can be sold to the other party with the provision that the county can disapprove of the transaction within 15 days of the transfer notice if the county does not feel the new buyer would be consistent with the intended operation of the property.  If the land is transferred to a suitable new buyer, the county will receive 10% of the consideration received by Price County Productions Inc.

The purchase price, as set forth in the Term Sheet, is that Price County Productions Inc. will make $150,000 of new capital improvements to the property in the next five years.  The $150,000 will be in the form of an irrevocable Letter of Credit, which will remain in place during the five year improvement period.  Price County Productions Inc. will need to show they have made $150,000 in improvements to the property, which can include repair or replacement of the cattle barn, but may not include rodeo-specific improvements or maintenance and repair of existing improvements or from a casualty event.  Before five years have passed, the buyer must submit invoices to prove they have completed $150,000 worth of capital improvements on the property.  If the buyer does not complete the full $150,000 of improvements to the property in five years, then the county has the right to draw the difference from the Letter of Credit.  A review of the Letter of Credit will take place at least annually, or up to four times per year if requested by the buyer, and the amount will be reduced accordingly at each review until all $150,000 of improvements have been made, thus making the Letter of Credit $0.

The closing date will take place no later than thirty days following the satisfaction of all conditions of the buyer that will be provided in the upcoming Purchase Agreement.

The Term Sheet that was signed on March 15, 2022 "is not intended to, and does not, constitute a binding or enforceable contract.  Rather, this is a summary of terms by which Buyer and Seller agree to negotiate to agree upon the terms of a binding Purchase Agreement for the purchase and sale of the Property."

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Resolution 15-22:  
.pdf   resolution15-22.pdf (Size: 42.97 KB / Downloads: 484)

Term Sheet:  
.pdf   fairgroundstermssheet.pdf (Size: 498.3 KB / Downloads: 485)
(This post was last modified: 03-16-2022, 02:39 AM by My Northern Wisconsin.)