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Item V - TID No. 38 Project Plan
g'Q" EHLERS 0 LEADERS IN PUBLIC FINANCE September 3, 2019 Project Plan for the Creation of Tax Incremental District No. 38 (Pioneer Redevelopment) ^AA c7ii . Oshkosh Organizational Joint Review Board Meeting: Scheduled for September 3, 2019 Public Hearing: Scheduled for September 3, 2019 Approval by Plan Commission: Scheduled for September 3, 2019 Adoption by Common Council: Scheduled for September 24, 2019 Approval by the Joint Review Board: Scheduled for September 26, 2019 BUILDING COMMUNITIES. IT'S WHAT WE DO. F1,r Irrfo@ohlem-Inc.com Qq, 1(000)552-1171 Q wwwAhlers-inc.com Tax Incremental District No. 38 Creation Project Plan City of Oshkosh Officials Common Council Lori Palmeri Mayor Steve Herman Deputy Mayor Debra L.Allison-Aasby Council Member Jake Krause Council Member William Miller Council Member Matt Mugerauer Council Member Bob Poeschl Council Member City Staff Mark Rohloff City Manager Allen Davis Community Development Director Lynn Lorenson City Attorney Mark Lyons Planning Services Manager Kelly Nieforth Economic Development Services Manager Russ Van Gompel Interim Finance Director Pamela Ubrig City Clerk Plan Commission Thomas Fojtik,Chair John Kiefer Kathleen Propp,Vice-Chair Justin Mitchell Lynnsey Erickson Lori Palmeri,Mayor Mike Ford Thomas Perry Derek Groth John Hinz Joint Review Board Mark Rohloff, City Manager City Representative Mark Harris, County Executive Winnebago County Amy Van Straten,Chief Financial Officer Fox Valley Technical College District Barbara Herzog, School Board President Oshkosh School District William Castle Public Member Table of Contents EXECUTIVE SUMMARY ..............................................................................................................................4 TYPE AND GENERAL DESCRIPTION OF DISTRICT ................................................................................7 PRELIMINARY MAPS OF PROPOSED DISTRICT BOUNDARY................................................................8 MAPS SHOWING EXISTING USES AND CONDITIONS ..........................................................................11 PRELIMINARY PARCEL LIST AND ANALYSIS ........................................................................................13 EQUALIZED VALUE TEST.........................................................................................................................14 STATEMENT OF KIND, NUMBER AND LOCATION OF PROPOSED PUBLIC WORKS AND OTHER PROJECTS.................................................................................................................................................15 MAP SHOWING PROPOSED IMPROVEMENTS AND USES ..................................................................18 DETAILED LIST OF PROJECT COSTS.....................................................................................................20 ECONOMIC FEASIBILITY STUDY, FINANCING METHODS, AND THE TIME WHEN COSTS OR MONETARY OBLIGATIONS RELATED ARE TO BE INCURRED............................................................21 ANNEXED PROPERTY..............................................................................................................................26 ESTIMATE OF PROPERTY TO BE DEVOTED TO RETAIL BUSINESS..................................................26 PROPOSED ZONING ORDINANCE CHANGES.......................................................................................26 PROPOSED CHANGES IN MASTER PLAN, MAP, BUILDING CODES AND CITY OF OSHKOSH ORDINANCES ............................................................................................................................................26 RELOCATION.............................................................................................................................................26 ORDERLY DEVELOPMENT OF THE CITY OF OSHKOSH......................................................................27 LIST OF ESTIMATED NON-PROJECT COSTS ........................................................................................27 OPINION OF ATTORNEY FOR THE CITY OF OSHKOSH ADVISING WHETHER THE PLAN IS COMPLETE AND COMPLIES WITH WISCONSIN STATURES 66.1105 .................................................28 CALCULATION OF THE SHARE OF PROJECTED TAX INCREMENTS ESTIMATED TO BE PAID BY THE OWNERS OF PROPERTY IN THE OVERLYING TAXING JURISDICTIONS...................................29 APPENDIX A- DEVELOPERS TAX INCREMENTAL FINANCING APPLICATION...................................30 PLAN COMMISSION PUBLIC HEARING/MINUTES OF SEPTEMBER 3, 2019........................................... COMMON COUNCIL CREATION RESOLUTION OF SEPTEMBER 24, 2019 ............................................. JOINT REVIEW BOARD RESOLUTION OF SEPTEMBER 26, 2019............................................................ SECTION 1 : Executive Summary Description of District Tax Incremental District ("TID") No. 38 ("District") is a proposed blighted area district consisting of three parcels and approximately 20 acres comprising Pioneer Island, the adjacent Pioneer Marina, and adjoining City and State-owned lands. The Pioneer Inn Resort was constructed and began operation on the island in 1965. In 2004,the resort owner partially demolished the existing hotel with plans to rebuild, but the resort closed in 2005 after those plans did not proceed. Since that time, the Pioneer Marina has continued to operate but the site had otherwise remained idle and underutilized. In 2019 the remaining portion of the resort building, and other structures were razed. A prospective purchaser and developer of the site has requested that the City create the District to assist with costs related to proposed redevelopment which may include payment of development incentives and the need to construct or rehabilitate public infrastructure ("Project"). Creation of the District is also expected to assist the developer with efforts to attract private investment capital given that the site is located within a designated Opportunity Zone census tract. The City desires to see this high profile and currently blighted site redeveloped and will consider providing appropriate public investment in the project based on final approved development plans.As no specific redevelopment plan has been approved at the time of District creation,this Project Plan("Plan")is intended to provide a framework for potential funding of costs based on a general assessment of known conditions and likely impediments to redevelopment. Specific costs to be funded via this District will be determined at the time redevelopment plans are approved and will be set forth in accompanying development agreements. The parcels to be included in the District are presently located within Tax Incremental District No. 20, which will be partially overlapped by the District. Authority The City is creating the District under the provisions of Wis. Stat. § 66.1105. Estimated Total Project Cost Expenditures The City anticipates making total expenditures of approximately $29 million ("Project Costs") to undertake the projects listed in this Plan. Project Costs include an estimated $16.3 million in public infrastructure costs, the potential for $5.9 million in development incentives, $6.6 million for interest on long-term debt and advances, and an estimated $200,000 in District administrative expense. The potential incentive amount is based on projected cash flows and the assumptions included in this Plan. To the extent development incentives are provided, the amounts, timing of and related conditions will be determined based on the City's review and confirmation of a demonstrated financing gap. Furthermore, actual development plans will determine the scope of public improvement projects that are needed, and which can be funded through the District. The intent of this Plan is to identify all costs that may be required under a full development scenario, with implementation to be adjusted based on actual development plans. TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 4 September 3, 2019 Incremental Valuation The City projects that an incremental increase in land and improvements value of approximately $50 million will result from the Project. Creation of this additional value will be made possible by the Project Costs made within the District. Assumptions as to the development timing and associated values are included in Section 10 of this Plan. Expected Termination of District Based on the Economic Feasibility Study located within Section 10 of this Plan, the City anticipates that the District will generate enough tax increment to pay all Project Costs by the year 2046, reflecting 26 years of tax increment collections, and 28 years of total elapsed time. If necessary, the District would be permitted to remain open for up to 29 years, allowing for up to a total of 27 years of tax increment collection. Summary of Findings As required by Wis. Stat. § 66.1105, and as documented in this Plan and the exhibits contained and referenced herein,the following findings are made: 1. That "but for" the creation of this District, the development projected to occur as detailed in this Plan: 1) would not occur; or 2) would not occur in the manner, at the values, or within the timeframe desired by the City. In reaching this determination the City has considered that despite its prime location the site has not redeveloped in an otherwise active real estate development market. Subject to approval of specific redevelopment plans, the City recognizes that it will likely be necessary to make a public investment in the Project in the form of development incentives and construction or rehabilitation of public infrastructure. Of note, costly seawall improvements will need to be made as part of any redevelopment effort. Unknown environmental conditions and permitting processes that will involve State and Federal agencies may also increase redevelopment costs. The City therefore finds it to be reasonable and necessary to use tax incremental financing to pay development incentives or to fund the costs public infrastructure construction and rehabilitation. Any provision of tax incremental financing assistance will be subject to additional due diligence undertaken by the City at the time specific redevelopment plans are submitted and reviewed. 2. The economic benefits of the District, as measured by increased employment, business and personal income, and property value, are sufficient to compensate for the cost of the improvements. In making this determination, the City has considered that in addition to the incremental value expected to be created, the Project will eliminate blight, provide employment opportunities and facilitate development of commercial or other uses that will promote tourism and economic activity that will benefit and serve City residents and visitors. 3. The benefits of the proposal outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing jurisdictions.As required by Wis. Stat. § 66.1105(4)(1)4., a calculation of the share of projected tax increments estimated to be paid by the owners of property in the overlying taxing jurisdictions has been prepared and can be found in Appendix A of this plan.However,because the Project would not occur without the use of tax incremental financing,these tax increments would not be paid but for creation of the District. Accordingly,the City finds that the benefits expected to be realized as set forth in this Plan outweigh the value of the tax increments to be invested in the Project. TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 5 September 3, 2019 4. Not less than 50% by area of the real property within the District is a blighted area within the meaning of Wisconsin Statutes Section 66.1105(2)(a)l. and as further detailed in Section 5 of the Plan. 5. Based on the foregoing finding, the District is designated a blighted area district based on the identification and classification of the property included within the District. 6. The Project Costs relate directly to promoting the elimination of blight, consistent with the purpose for which the District is created. 7. Improvements to be made in the District are likely to significantly enhance the value of substantially all of the other real property in the District. 8. The equalized value of taxable property in the District, plus the incremental value of all existing tax incremental districts within the City does not exceed 12% of the total equalized value of taxable property within the City. 9. That there are no parcels to be included within the District that were annexed by the City within the three-year period preceding adoption of this Resolution. 10. That approximately 50% of the territory within the District will be devoted to retail business at the end of the District's maximum expenditure period,pursuant to Wis. Stat.§ 66.1105(5)(b). 11. The Plan for the District is feasible and is in conformity with the Master Plan of the City. TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 6 September 3, 2019 SECTION 2: Type and General Description of District The District is a proposed blighted area district consisting of three parcels and approximately 20 acres comprising Pioneer Island, the adjacent Pioneer Marina, and adjoining City and State-owned lands. The Pioneer Inn Resort was constructed and began operation on the island in 1965. In 2004, the resort owner partially demolished the existing hotel with plans to rebuild,but the resort closed in 2005 after those plans did not proceed. Since that time, the Pioneer Marina has continued to operate but the site had otherwise remained idle and underutilized. In 2019 the remaining portion of the resort building, and other structures were razed. A prospective purchaser and developer of the site has requested that the City create the District to assist with costs related to proposed redevelopment which may include payment of development incentives and the need to construct or rehabilitate public infrastructure. Creation of the District is also expected to assist the developer with efforts to attract private investment capital given that the site is located within a designated Opportunity Zone census tract. The City desires to see this high profile and currently blighted site redeveloped and will consider providing appropriate public investment in the project based on final approved development plans. As no specific redevelopment plan has been approved at the time of District creation, this Plan is intended to provide a framework for potential funding of costs based on a general assessment of known conditions and likely impediments to redevelopment. Specific costs to be funded via this District will be determined at the time redevelopment plans are approved and will be set forth in accompanying development agreements. The parcels to be included in the District are presently located within Tax Incremental District No. 20, which will be partially overlapped by the District. TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 7 September 3, 2019 SECTION 3: Preliminary Maps of Proposed District Boundary " Tax Increment District #38 Oily w E Pioneer Redevelopment o'A District Boundary Oshkosh I WVMAjC 'S1HAY. LJ ��17f�LH f E 9TH AV W 10TH AV E 10TH AV i f W1ITHAV _E1ATH.AV W 12TH AI --r 4J;, W SQUTH PARK AV E SOU TH PARK AV I L4KL: W_14TH'AV E 9.4TH AY=- I' WINNABA GO W 157H.AY _E 1�TH A_- ' �W18TF1.PiW_ f Legend oR ®TID#38 Boundary rJe ,�trnnr- �.x..,r+ern�taramm,unMn� nn�.noedu �.r u,nr I,cctl�y,n���em4:r TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 8 September 3, 2019 T|O No. 38 Project Phan City ofOshkosh Tax Increment District #38 - F Pioneer Redevelopment 10r TID Overlaps Oshkosh �s 6N i TH AV E TTH AV I W_BTH AV E 8TH AV � -r+ T1Q 0 AV —.09THFAV #L V f W30TH AY E WH-AV T1Ds. 71d wA ETH AV _E 1:iTH-AV_ T�� f1 � 1 1,Q .i. W_12THAV j f14 1JTH E 5f]UTH PARK AV LAKE W i47H AV E 74TH AV ■/ !t s a r � WINNEBAGO _ W I STH AV E=15TWAV ■!U 1 �w'18V AV_ — 1 Legend a .TID#88 Boundary O iN y 0 100 100 400 6710 Feet -�_ a: F = l}I6_9r_�maef,`__ _ _ rf:�r</.kD-361Yi$ucary.rrnc C7a lc:FrkfoY.h l C9.N110 TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 10 September 3, 2019 SECTION 4- Maps Showing Existing Uses and Conditions Tax Increment District #88 W F� Pioneer Redevelopment Gly1,V s Existing Lana Use Oshkosh - .W 7TH AV _ E TTH AV_ / Lf W8THAV E8THAV W 97H Ail T E 9TH AV w_10TH- 10TH AV •• ! • E 11TH, LAKE • I` q ID •., - #38 W 12TH AV ' WINNEBA GO w SdUTH PARK AV E SaUTH PARK AV „�• �TID#38 Boundary •!♦ ♦ Feel •• • Existing Land Use W_14TH AV —- El AV- •• •• Commercial ! + * •. Industrial Parking Lot •• ® Multi-Family Infrastructure ••!+ +•+•+� Single&Two Family W 16TH AV Parks&Recreation ••• : ® Institutional N � ? Vacant Land !+••* a in Mixed-Else f• •• Ovle:Wrrarar day.Auowl 07,2019 TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 11 September 3, 2019 IN Tax Increment District #38 w E Pioneer Redevelopment �r S Existing Conditions Oshkosh E7TH AV ... � •.�":x I E8THAV E9THAV— Pioneer Island: '- � Site Blighted, Underutilized, �' n Need of Redevelopment E 1 DTH AV V f., E 11TH AV f A - ' _ T Pioneer Marina: Site Blighted, Underutilized, in Need of Rehabilitation E+SOUTH PARK AV -r r =E14THAV i En — rs z a P _ E15THAV w Legend TID#38 Boundary o goo zoo aoo 00�rr�tP iFGHAl Date,Fnd ay,Rugus109,2019 TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 12 September 3, 2019 SECTION 5- Preliminary Parcel List and Analysis The following table identifies the parcels to be included in the District. Parcel 03-0210-000 (Map ID 91) is a blighted area as defined in Wis. Stat. § 66.1105(2)(ae). Specifically, this parcel is an area which is predominantly open that consists of land upon which buildings or structures have been demolished and which because of obsolete platting, diversity of ownership, deterioration of structures or of site improvements, or otherwise, substantially impairs or arrests the sound growth of the community. In determining that the parcel is blighted, the City has considered that despite its prime location the site has sat idle and underutilized since 2005, has not redeveloped in an otherwise active real estate development market, and that certain extraordinary costs or potential costs related to needed seawall improvements, unknown environmental conditions and permitting processes pose impediments to redevelopment. Oshkosh,City of Tax Increment District#38 Base Property Information' Property Information Assessment Information Equalized Value District Classification Map Equalized D# Parcel Number Street Address Owner Acreage Land Imp Total Value Land Imp Total Blighted Area Ratio DECADES MONTHLY INCOME 1 03-0210-000 1000 PIONEER DR &APPREC FUND 17.80 1,370,300 638,800 2,009,100 94.90% 1,443,893 673,107 2,117,000 17.80 2 03-0612-0000 0 PIONEER DR STATE OF WISCONSIN 1.86 0 0 0 94.90% 0 0 0 0.00 3 03-0485-0100 0 E 14TH AVE CITY OF OSHKOSH 0.61 0 0 0 94.90% 0 0 0 0.00 1,370,300 638,800 2,009,100 1,443,893 673,107 2,117,000 17.80 87.81% Estimated Base Value 2,117,01 Notes: Assessed values as of 1-1-2019 per City.Equalization ration calculated based on equalized value provided by City. TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 13 September 3, 2019 SECTION 6: Equalized Value Test The following calculations demonstrate that the City expects to be in compliance with Wis. Stat. § 66.1105(4)(gm)4.c., which requires that the equalized value of the taxable property in the proposed District,plus the value increment of all existing tax incremental districts,does not exceed 12%of the total equalized value of taxable property within the City. The equalized value of the increment of existing tax incremental districts within the City, plus the base value of the proposed District,totals $178,849,100. This value is less than the maximum of$505,391,460 in equalized value that is permitted for the City. City of Oshkosh, Wisconsin ComplianceTax Increment District#38 r Valuation Test . District Creation Date 9/24/2019 Valuation Data Currently Available 2019 Tota I EV(TI D In) 4,211,595,500 12%Test 505,391,460 Increment of Existing TI Ds 176,732,100 Projected Base of New or Amended District 2,117,000 Total Value Subject to 12%Test 178,849,100 Compliance TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 14 September 3, 2019 SECTION 7: Statement of Kind, Number and Location of Proposed Public Works and Other Projects Project Costs are any expenditure made, estimated to be made, or monetary obligations incurred or estimated to be incurred as outlined in this Plan. Project Costs will be diminished by any income, special assessments or other revenues, including user fees or charges, other than tax increments, received or reasonably expected to be received in connection with the implementation of the Plan. If Project Costs incurred benefit territory outside the District, a proportionate share of the cost is not a Project Cost. Costs identified in this Plan are preliminary estimates made prior to design considerations and are subject to change after planning, design and construction is completed. With all Project Costs, the costs of engineering, design, survey, inspection, materials, construction, restoring property to its original condition, apparatus necessary for public works, legal and other consultant fees, testing, environmental studies,permits,updating City ordinances and plans,judgments or claims for damages and other expenses are included as Project Costs. The following is a list of public works and other tax incremental financing eligible Project Costs that the City expects to make, or may need to make, in conjunction with the implementation of the District's Plan. The map found in Section 7 of this Plan along with the Detailed List of Project Costs found in Section 9 provide additional information as to the kind, number and location of potential Project Costs. Property,Right-of-Way and Easement Acquisition Property Acguisition for Development To promote and facilitate development the City may acquire property within the District. The cost of property acquired, and any costs associated with the transaction, are eligible Project Costs. Following acquisition, other Project Costs within the categories detailed in this Section may be incurred to make the property suitable for development. Any revenue received by the City from the sale of property acquired pursuant to the execution of this Plan will be used to reduce the total project costs of the District. If total Project Costs incurred by the City to acquire property and make it suitable for development exceed the revenues or other consideration received from the sale or lease of that property, the net amount shall be considered "real property assembly costs" as defined in Wis. Stat. § 66.1105(2)(f)l.c., and subject to recovery as an eligible Project Cost. Property Acquisition for Conservancy To promote the objectives of this Plan, the City may acquire property within the District that it will designate for conservancy. These conservancy objectives include: preserving historic resources or sensitive natural features; protection of scenic and historic views; maintaining habitat for wildlife; maintaining adequate open space; reduction of erosion and sedimentation by preserving existing vegetation; and providing adequate areas for management of stormwater. The cost of property acquired for conservancy, and any costs associated with the transaction, are eligible Project Costs. Acquisition of Rights-of-Way The City may need to acquire property to allow for installation of streets, driveways, sidewalks, utilities, stormwater management practices and other public infrastructure. Costs incurred by the City to identify, negotiate and acquire rights-of-way are eligible Project Costs. TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 15 September 3, 2019 Acquisition of Easements The City may need to acquire temporary or permanent easements to allow for installation and maintenance of streets,driveways, sidewalks,utilities, stormwater management practices and other public infrastructure. Costs incurred by the City to identify, negotiate and acquire easement rights are eligible Project Costs. Relocation Costs If relocation expenses are incurred in conjunction with the acquisition of property, those expenses are eligible Project Costs. These costs may include but are not limited to: preparation of a relocation plan; allocations of staff time;legal fees;publication of notices; obtaining appraisals; and payment of relocation benefits as required by Wis. Stat. Chapter 32 and Wis.Admin. Code ADM 92. Site Preparation Activities Environmental Audits and Remediation If it becomes necessary to evaluate any land or improvement within the District, any cost incurred by the City related to environmental audits,testing, and remediation are eligible Project Costs. Demolition To make sites suitable for development, the City may incur costs related to demolition and removal of structures or other land improvements,to include abandonment of wells or other existing utility services. Site Grading Land within the District may require grading to make it suitable for development, to provide access, and to control stormwater runoff. The City may need to remove and dispose of excess material or bring in fill material to provide for proper site elevations. Expenses incurred by the City for site grading are eligible Project Costs. Public Improvements Street Improvements To allow development to occur, the City may need to construct or reconstruct streets, highways, alleys, access drives and parking areas.Eligible Project Costs include,but are not limited to: excavation;removal or placement of fill; construction of road base; asphalt or concrete paving or repaving; installation of curb and gutter; installation of sidewalks and bicycle lanes; installation of culverts, box culverts and bridges; rail crossings and signals; utility relocation, to include burying overhead utility lines; street lighting; installation of traffic control signage and traffic signals; pavement marking; right-of-way restoration; installation of retaining walls; and installation of fences, berms, and landscaping. Costs for such improvements may be made within the District, or outside of but within '/2 mile of the District's boundary as permitted under Wis. Stat. § 66.1105(2)(f)I.n. Streetscaping and Landscaping To attract development and/or redevelopment consistent with the objectives of this Plan, the City may install amenities to enhance development sites, rights-of-way and other public spaces. These amenities include but are not limited to: landscaping; lighting of streets, sidewalks, parking areas and public areas; installation of planters, benches, clocks, tree rings, trash receptacles and similar items; and installation of brick or other decorative walks, terraces and street crossings. These and any other similar amenities installed by the City are eligible Project Costs. Costs for such improvements may be made within the TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 16 September 3, 2019 District, or outside of but within '/2 mile of the District's boundary as permitted under Wis. Stat. § 66.1105(2)(f)l.n. Sanitary Sewer,Water System and Stormwater Management Improvements The Project may require that the City make improvements to its sanitary sewer collection system, water distribution system and stormwater management system. To the extent that improvements are necessitated by, or provide a benefit to, the Project the City may allocate the cost, or a portion of the costs, to the District. Any costs incurred by the City for improving the its utility systems that benefit the Project are eligible Project Costs. Costs for such improvements may be made within the District, or outside the District as permitted under Wis. Stat. § 66.1105(2)(f)l.k. Sidewalks and Multi-Use Trails The Project may require the City to install or improve sidewalks or multi-use trails to promote connectivity to the District and to improve pedestrian safety. To the extent that improvements are necessitated by, or provide a benefit to, the Project the City may allocate the cost, or a portion of the costs,to the District. Any costs incurred by the City for installing improving sidewalks or multi-use trails that benefit the Project are eligible Project Costs. Costs for such improvements may be made within the District, or outside of but within '/2 mile of the District's boundary as permitted under Wis. Stat. § 66.1105(2)(f)l.n. Community Development Cash Grants(Development Incentives) The City may enter into agreements with property owners, lessees, or developers of land located within the District for sharing costs to encourage the desired kind of improvements and assure tax base is generated sufficient to recover Project Costs. No cash grants will be provided until the City executes a developer agreement with the recipient of the cash grant. Any payments of cash grants made by the City are eligible Project Costs. Miscellaneous Professional Service and Organizational Costs The costs of professional services rendered, and other costs incurred, in relation to the creation, administration and termination of the District, and the undertaking of the projects contained within this Plan, are eligible Project Costs. Professional services include but are not limited to: architectural; environmental; planning; engineering; legal; audit; financial; and the costs of informing the public with respect to the creation of the District and the implementation of the Plan. Administrative Costs The City may charge to the District as eligible Project Costs reasonable allocations of administrative costs, including,but not limited to, employee salaries. Costs allocated will bear a direct connection to the time spent by City employees relating to the implementation of the Plan. TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 17 September 3, 2019 SECTION 8- Map Showing Proposed Improvements and Uses " Tax Increment District #38 � W E Pioneer Redevelopment CiI01W s Proposed Improvements Oshkosh T,. E7THAV E.9th Avenue(Public Costs): fir' • Extension to Pioneer Dr. • Install Necessary Utilities Riverwalk o ra h5; Development E9THAV (Public Cost) Redevelopment Pioneer Drive(Public Costs): of Pioneer Island • Remove& Upgrade Storm Water Facilities • Extend Sanitary Sewer • Loop Water Main • Insta 11 Sidewalk • Railroad Mitigation E11THAV g 4 Riverwalk o Development Q (Public Cost) Rehabilitation of Pioneer Marina lM - E SOUTH PARK AV N E14TH AV s ,1 z a E 15TH AV Riverwalk - - Development _` (Public Cost) - Legend ED TID#38 Boundary 0 100 200 400 Feet 00 tPan:H.Ve.nF Dote:Fndoy,Augnt09,2019 TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 18 September 3, 2019 ■ OZZIE �■Hmi = -� -r r� ��Se■•' r.� '"+ram !tlft flit! imm■ X / :::MEN 0 i� �irG,��:� , ��, rrrw■■aaa■■■■uuarrrrir■ �' Gr!■■fr■■1■■■1■rlr■rl► ararrraa■aarlarlon rra/ 1 11�� / r■f■■ifr■1■f 1■■lu f it■■■i■■ii■■1■■■■■r�-.. ] � if■rffrrffrflrafir/ ■■■■f■. afaaff■. �T JJJ111� rr■n a■s■■■a■■■r■■r■n - --- nu■oo■ro■■n n■u■■o■o■lq u INN nr■u■■fr■rrf i :::::�rs�� if■ • 1 N:::■. `+ eurrr ■ 7ri5j s■■r■r :rain::� ir■■a■ )4 rVN6 rlu■r arfalow rr Mai MEN • ..- • Door■i �..a■.0 'MEN 0900 ME name NMI®R a■a■■ur - 111111111109 \.■ua■ua. Commercial ���uuuu industrial Proposed Land Use!■r■ury rParking • 'yi■■■■i■■r r M -Family uld n■n■ar ■l l +ti r■■■uur �.r• ti .�ru■ff■r ■■um; infrastructure nur■r Single&Two Family X7QO+ Institutional VacantLand FPT+'l Mixed-Use SS SECTION 9: Detailed List of Project Costs The following list identifies the Project Costs that the City may incur in implementing the District's Plan. All projects identified, and related costs reflect the best estimates available as of the date of preparation of this Plan. All costs are preliminary estimates and may increase or decrease. Certain Project Costs listed may become unnecessary, and other Project Costs not currently identified may need to be made. (Section 7 details the general categories of eligible Project Costs). Changes in Project Cost totals or the types of Project Costs to be incurred will not require that this Plan be amended. This Plan is not meant to be a budget nor an appropriation of funds for specific Project Costs,but a framework within which to manage Project Costs. City of Oshkosh, Wisconsin Tax Increment District# 38 Detailed List of Project Develop. General Project Name/Type Phase I Phase II Incentives District Costs Total 2020-2021 2028-2029 2022-2036 2019-2047 Public Infrastructure' Public Riverwalk 4,000,000 4,000,000 8,000,000 E.9th Avenue Extension to Pioneer Drive 5,000,000 5,000,000 Less Portion Funded by Utilities (3,000,000) (3,000,000) Install Sidewalk in ROW on Pioneer Drive 200,000 200,000 Remove/Upgrade Stormwater Facilities 500,000 500,000 Extend Public Sanitary Sewer on Pioneer Drive 700,000 700,000 Loop Public Watermain on Pioneer Drive 900,000 900,000 Railroad Mitigation 500,000 500,000 1,000,000 Interest on Long-Term Debt&Fiscal Charges 2,467,917 2,906,243 5,374,160 Development IncentiveS 5,931,228 5,931,228 Repay Utility Advance(With Interest) 4,270,000 4,270,000 TI F Administrative Expenses 200,256 200,256 Total Projects 10,567,917 8,106,243 5,931,228 4,470,256 29,075,643 Notes: 'Public infrastructure cost estimates per K.Nieforth 8-7-2019 e-mail. 'Incentive amount shown for purposes of establishing economic feasibility only.The City has not agreed to terms or conditions with potential developer(s)as to any public participation in the project. TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 20 September 3, 2019 SECTION 10: Economic Feasibility Study, Financing Methods, and the Time When Costs or Monetary Obligations Related are to be Incurred This Section includes a forecast of the valuation increases expected within the District, the associated tax increment collections, a summary of how Project Costs would be financed, and a projected cash flow demonstrating that the District is economically feasible. Key Assumptions The Project Costs the City plans to make are expected to create $50 million in incremental value by January 1, 2024. The development Project estimated valuations and timing are included in Table 1. Assuming the City's current equalized TID Interim tax rate of$25.11 per thousand of equalized value, and no economic appreciation or depreciation,the Project would generate $30,754,514 in incremental tax revenue over the 27-year term of the District as shown in Table 2. TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 21 September 3, 2019 City of Oshkosh Tax Increment District • Development • • Construction Year Redevelopment Annual Total Construction Year Project 1 2019 0 2019 1 2 2020 12,500,000 12,500,000 2020 2 3 2021 12,500,000 12,500,000 2021 3 4 2022 12,500,000 12,500,000 2022 4 5 2023 12,500,000 12,500,000 2023 5 6 2024 0 2024 6 7 2025 0 2025 7 8 2026 0 2026 8 9 2027 0 2027 9 10 2028 0 2028 10 11 2029 0 2029 11 12 2030 0 2030 12 13 2031 0 2031 13 14 2032 0 2032 14 15 2033 0 2033 15 16 2034 0 2034 16 17 2035 0 2035 17 18 2036 0 2036 18 19 2037 0 2037 19 20 2038 0 2038 20 21 2039 0 2039 21 22 2040 0 2040 22 23 2041 0 2041 23 24 2042 0 2042 24 25 2043 0 2043 25 26 2044 0 2044 26 27 2045 0 2045 27 Totals 50,000,000 50,000,000 Notes: IEstimate of valuation based on full development scenario.The City has not approved any specific plans for site development.Incremental value potential may be greater or less than estimated based on approved development projects.Project Costs will need to be adjusted accordingly. Table 1 —Development Assumptions TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 22 September 3, 2019 OshkoshCity of Tax Increment District No. 38 Tax Increment Projection Worksheet Type of District Blighted Area Base Value 6,275,000 District Creation Date September 24,2019 Appreciation Factor 0.00% Valuation Date Jan 1, 1 2019 Base Tax Rate $25.11 Max Life(Years) 27 Rate Adjustment Factor Expenditure Period/Termination 22 1 9/24/2041 Revenue Periods/Final Year 27 2047 Extension Eligibility/Years Yes1 3 Tax Exempt Discount Rate 0.00% Eligible Recipient District Yes Taxable Discount Rate 0.00% Construction Inflation Total Year Value Added Valuation Year Increment Increment Revenue Year Tax Rate' Tax Increment 1 2019 0 2020 0 0 2021 $25.11 0 2 2020 12,500,000 2021 0 12,500,000 2022 $25.11 313,822 3 2021 12,500,000 2022 0 25,000,000 2023 $25.11 627,643 4 2022 12,500,000 2023 0 37,500,000 2024 $25.11 941,465 5 2023 12,500,000 2024 0 50,000,000 2025 $25.11 1,255,286 6 2024 0 2025 0 50,000,000 2026 $25.11 1,255,286 7 2025 0 2026 0 50,000,000 2027 $25.11 1,255,286 8 2026 0 2027 0 50,000,000 2028 $25.11 1,255,286 9 2027 0 2028 0 50,000,000 2029 $25.11 1,255,286 10 2028 0 2029 0 50,000,000 2030 $25.11 1,255,286 11 2029 0 2030 0 50,000,000 2031 $25.11 1,255,286 12 2030 0 2031 0 50,000,000 2032 $25.11 1,255,286 13 2031 0 2032 0 50,000,000 2033 $25.11 1,255,286 14 2032 0 2033 0 50,000,000 2034 $25.11 1,255,286 15 2033 0 2034 0 50,000,000 2035 $25.11 1,255,286 16 2034 0 2035 0 50,000,000 2036 $25.11 1,255,286 17 2035 0 2036 0 50,000,000 2037 $25.11 1,255,286 18 2036 0 2037 0 50,000,000 2038 $25.11 1,255,286 19 2037 0 2038 0 50,000,000 2039 $25.11 1,255,286 20 2038 0 2039 0 50,000,000 2040 $25.11 1,255,286 21 2039 0 2040 0 50,000,000 2041 $25.11 1,255,286 22 2040 0 2041 0 50,000,000 2042 $25.11 1,255,286 23 2041 0 2042 0 50,000,000 2043 $25.11 1,255,286 24 2042 0 2043 0 50,000,000 2044 $25.11 1,255,286 25 2043 0 2044 0 50,000,000 2045 $25.11 1,255,286 26 2044 0 2045 0 50,000,000 2046 $25.11 1,255,286 27 2045 0 2046 0 50,000,000 2047 $25.11 1,255,286 Totals 50,000,000 63 Future Value of Increment 30,754,514 Notes: Tax rate shown is actual rate for 2018/19 levy taken from DOR Form PC-202(Tax Increment Collection Worksheet). Table 2—Tax Increment Projection Worksheet TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 23 September 3, 2019 Financine and Implementation The City anticipates making total Project Cost expenditures of approximately $29 million to undertake the projects listed in this Plan. Project Costs include an estimated$16.3 million in public infrastructure costs,the potential for$5.9 million in development incentives, $6.6 million for interest on long-term debt and advances, and an estimated$200,000 in District administrative expense. The potential incentive amount is based on projected cash flows and the assumptions included in this Plan. To the extent development incentives are provided,the amounts,timing of and related conditions will be determined based on the City's review and confirmation of a demonstrated financing gap.Furthermore,actual development plans will determine the scope of public improvement projects that are needed,and which can be funded through the District. The intent of this Plan is to identify all costs that may be required under a full development scenario,with implementation to be adjusted based on actual development plans. The City expects to finance the cost of public improvements through issuance of long-term debt. Public infrastructure work that must be undertaken to permit redevelopment to occur is projected for completion in 2020 and 2021.Additional infrastructure improvements needed to fully implement and achieve the objectives of the Plan are identified for completion in 2028 and 2029.Actual timing for completion of additional infrastructure improvements will be determined by need and the capacity of the District to pay the costs. If the District does not have the financial capacity to pay all required public infrastructure costs, the City may determine it necessary to complete the projects and to pay the costs from other sources. In this case,the City may also choose to advance funds to the District, and to recover those advances when District cash flows permit. The City expects that any approved Development Incentive payments will be paid from tax increments as they are collected on a"pay as you go"basis. Based on the cash flow exhibit (Table 3), the City anticipates that the District will generate enough tax increment to pay all Project Costs by the year 2046, reflecting 26 years of tax increment collections, and 28 years of total elapsed time. If necessary, the District would be permitted to remain open for up to 29 years, allowing for up to a total of 27 years of tax increment collection. The projected closure is based on the various assumptions noted in this Plan and will vary dependent on actual Project Costs incurred and the actual amount of tax increments collected. TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 24 September 3, 2019 L QJ N )-N 00 R R 2 N N N N .N L N N N M 'C rn o o _ _ g o o$ N O _ _��O N _ _ _ _ U T E U) ���N`n�°m�N�v`�Po'm�MMS_N v m m ��M ms - Mac 4,6 _ U iz adn�o nrS�u mn(i nN-m-N-M. -g 8.F C ry M —— —— ——— �e eN `a 3 mn n nn 'm m m 3 Q 3 16 LZ IN U 2 n n n N o S S. g R.M E N M m m m m m m m m m o - ...MWIN��o�mN vsN = _ "-o I M N m� ineN I - tiF a .So E...... ... Y M MVVVVV e MM 3 n vn `$�mN�m' 11 �mNmmmN�m n _ _ _ _ _cs _ e - F m m m m m m m m m amo - ° ^�So���Nm�MNMmmN�M moo s -« -« nee 3 5 sl �NN NNN E �a 8 E ao a �cneM��lk� m " I loi rc a� 8 a`J E o$�m v` "IM]MCD u A M N w � _ CR f0 m �N a 2 ui rv'ry _ry ry ry ry ry ry ry ry M N E CO Z N S ' V � � SECTION 11 : Annexed Property A tax incremental district cannot include annexed territory unless at least three years have elapsed since the annexation, or certain other requirements are met. None of the property within the proposed District boundary was annexed during the past three years. SECTION 12: Estimate of Property to be Devoted to Retail Business Pursuant to Wis. Stat. § 66.1105(5)(b),the City estimates that 50% of the territory within the District will be devoted to retail business at the end of the District's maximum expenditure period. SECTION 13: Proposed Zoning Ordinance Changes The proposed Plan is in general conformance with the City's current zoning ordinances. Individual properties may require rezoning at the time of development. SECTION 14: Proposed Changes in Master Plan, Map, Building Codes and City of Oshkosh Ordinances The proposed Plan is in general conformance with the City's Comprehensive Plan identifying the area as appropriate for commercial land uses. Development within the District will be required to conform to State Building Codes and will be subject to the City's permitting and inspection procedures. The proposed Plan conforms to all relevant State and local ordinances, plans, and codes. No changes to the existing regulations are proposed or needed. SECTION 15: Relocation Implementation of this Plan will not require relocation of individuals or business operations. Should implementation of this Plan require relocation of individuals or business operations, relocations will be handled in compliance with Wis. Stat. Chapter 32 and Wis.Admin. Code ADM 92. TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 26 September 3, 2019 SECTION 16: Orderly Development of the City of Oshkosh Creation of the District and the implementation of the projects in its Plan will promote the orderly development of the City through elimination of blight and the provision of appropriate financial incentives that will create opportunities for commercial development. Through use of tax increment financing, the City can attract new investment that results in increased tax base. Development will occur in an orderly fashion in accordance with approved plans so that the Projects will be compatible with adjacent land uses. Development of new uses in the District will add to the tax base and will generate positive secondary impacts in the community including elimination of blight, employment opportunities, and development of commercial or other uses that will promote tourism and economic activity that will benefit and serve City residents and visitors. SECTION 17: List of Estimated Non-Project Costs Non-project costs are public works projects which only partly benefit the District. Costs incurred that do not benefit the District may not be paid with tax increments. Examples of non-project costs are: • A public improvement made within the District that also benefits property outside the District. That portion of the total Project Costs allocable to properties outside of the District would be a non-project cost. • A public improvement made outside the District that only partially benefits property within the District. That portion of the total Project Costs allocable to properties outside of the District would be a non-project cost. • Projects undertaken within the District as part of the implementation of this Project Plan,the costs of which are paid fully or in part by impact fees, grants, special assessments, or revenues other than tax increments. At present,the City has not identified any non-project costs associated with implementation of the Plan. If the District is unable to fully fund all Project Costs required to implement the Plan, those costs will become non-project costs to the extent they are funded from other sources. If, in the course of implementation of the Plan: 1) improvements are made within the District that benefit property outside the District; or 2) improvements are made outside the District that will only partially benefit the District; the City will apportion those costs based on a reasonable allocation of the benefit. The costs related to benefit received by properties outside the District are non-project costs. TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 27 September 3, 2019 SECTION 18- Opinion of Attorney for the City of Oshkosh Advising Whether the Plan is Complete and Complies with Wisconsin Statutes 66. 1105 ,.,.LL 2IS church kwnur= rc.Box 1 1,60 Dshbjsn,-Afi=nt ir, 54-%3-1130 City of Oshkosh A August 28,2019 H.Allen Davis Director of Community Development City of Oshkosh 215 Church Avenue Oshkosh,WI 54903-1130 Dear-Mr.Davis: I reviewed the project plan prepared for the City of Oshkosh by Ehlers,Inc. for Tax Increment District#38 Pioneer Redevelopment for form and to determine whether it contains all required. elements pursuant to Section 66.1105(4)(f)of the Wisconsin Statutes. I find that the plat!includes a statement listing the kind,number,and location of proposed public improvements within and outside the District. It includes an economic feasibility study, a detailed list of estimated project costs,and a description of the method of financing all estimated project costs,the time when the Casts are to be incurred,and a list of estimated ncm-project costs. The plan contains maps of existing uses and conditions of real property, as well as,proposed improvements and uses. The plan identifies that there are currently no proposed changes in zoning of the real property in the district and no proposed changes in the City"s master plan, map or other municipal codes required or proposed as part of the district. The plan includes a statement indicating that there is no anticipated relocation of any persons to be displaced,but that if relocation would became required it will be conducted in accordance with Ch. 32 Wis. Stats. and ADMIti! 92. The plan includes a description of how the district will promote the orderly development within the City,which is consistent with the C ity's Comprehensive Ilan (Master Flan),building codes,and other city ordinances in relation to project elements. Upon adoption.of the project plan by the Plan Commission and their submission to the City Council,all requirements of Section 66.1103(4)(f),Wisconsin Statutes,vv-ll be complete and it is, therefore,my opinion that the project plan attached hereto)i_s complete and complies with Wis. 5tat.§66.1105. Sincerely, Crry,OF OSHKOSH r Lynn A.l.oremon City attorney TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 28 September 3, 2019 Exhibit A: Calculation of the Share of Projected Tax Increments Estimated to be Paid by the Owners of Property in the Overlying Taxing Jurisdictions PortionEstimated Owners Overlaying D DOR Form PC-202 018/19 Percentage Winnebago County 749,693 20.22% City of Oshkosh 1,482,441 39.98% Oshkosh Area School District 1,320,217 35.60% Fox Valley Techncial College 156,024 4.21% Fox Valley Winnebago Oshkosh Area Techncial Revenue Year County City of Oshkosh School District College Total Revenue Year 2021 0 0 0 0 0 2021 2022 63,443 125,452 111,723 13,204 313,822 2022 2023 126,886 250,903 223,447 26,407 627,643 2023 2024 190,329 376,355 335,170 39,611 941,465 2024 2025 253,771 501,807 446,894 52,814 1,255,286 2025 2026 253,771 501,807 446,894 52,814 1,255,286 2026 2027 253,771 501,807 446,894 52,814 1,255,286 2027 2028 253,771 501,807 446,894 52,814 1,255,286 2028 2029 253,771 501,807 446,894 52,814 1,255,286 2029 2030 253,771 501,807 446,894 52,814 1,255,286 2030 2031 253,771 501,807 446,894 52,814 1,255,286 2031 2032 253,771 501,807 446,894 52,814 1,255,286 2032 2033 253,771 501,807 446,894 52,814 1,255,286 2033 2034 253,771 501,807 446,894 52,814 1,255,286 2034 2035 253,771 501,807 446,894 52,814 1,255,286 2035 2036 253,771 501,807 446,894 52,814 1,255,286 2036 2037 253,771 501,807 446,894 52,814 1,255,286 2037 2038 253,771 501,807 446,894 52,814 1,255,286 2038 2039 253,771 501,807 446,894 52,814 1,255,286 2039 2040 253,771 501,807 446,894 52,814 1,255,286 2040 2041 253,771 501,807 446,894 52,814 1,255,286 2041 2042 253,771 501,807 446,894 52,814 1,255,286 2042 2043 253,771 501,807 446,894 52,814 1,255,286 2043 2044 253,771 501,807 446,894 52,814 1,255,286 2044 2045 253,771 501,807 446,894 52,814 1,255,286 2045 2046 253,771 501,807 446,894 52,814 1,255,286 2046 2047 253,771 501,807 446,894 52,814 1,255,286 2047 Total 6,217,399 12,294,267 10,948,900 1,293,948 30,754,514 Notes: The projection shown above is provided to meet the requirements of Wis. Stat. § 66.1105(4)(i)4. TID No. 38 Project Plan City of Oshkosh Prepared by Ehlers Page 29 September 3, 2019 • Tax Incremental Financing Policy and Application Please complete and submit the following information to the City of Oshkosh for a more detailed review of the feasibility of your request for Tax Incremental Financing (TIF) assistance. The application is comprised of five parts: 1. Applicant Information 2. Project/Property Information 3. Project Narrative 4. Project Budget/Financial Information 5. Buyer Certification and Acknowledgement. Where there is not enough space for your response or additional information is requested, please use an attachment. Use attachments only when necessary and to provide clarifying or additional information. The Department of Community Development (DCD) reviews all applications for TIF assistance. Failure to provide all required information in a complete and accurate manner could delay processing of your application and DCD reserves the right to reject or halt processing the application for incomplete submittals. For further information please refer to the"City of Oshkosh Tax Incremental Financing Policy"document or call the Economic Development Division at 920.235.5055 Applicant In • • s Legal Name: Dumke and Associates, LLC (New entity will be created for this project) Mailing Address: 601 Oregon St Suite A Oshkosh WI 54902 Primary Contact #: 920 379 6632 Cell #: E-mail: art@artdumke.com FAX#: _ Attorney: . Jason Hirschberg Legal Entity: Individuals) Joint Tenants Tenants in Common Corporation X LLC Partnership _ Other If not a Wisconsin corporation/partnership/LLC, state where organized: Will a new entity be created for ownership? X Yes No Principals of existing or proposed corporation/partnership/LLC and extent of ownership interest. Name: Address: Title: Interest: Art Dumke Member 75% Matthew Vaughn Member 8-1/3% Jason Hirschberg Member 8-1/3% Bob Walter Member 8-1/3% Is any owner, member, stockholder, partner, officer or director of any previously identified entities, or any member of the immediate family of any such person, an employee of the City of Oshkosh? Yes No X If yes, give the name and relationship of the employee: Have any of the applicants (including the principals of the corporation partnership/LLC) ever been charged or convicted of a misdemeanor or felony? Yes No X If yes, please furnish details: 8 • Tax Incremental Financing Policy and Application Overall Project Summary and Objectives: We seek to revitalize the Pioneer Marina and Island.We will add new boat launches, pier amenities for recreational watercraft rental 12 units of extendedst y sus and an updated boathouae with the goal of turning the site into the premiere marina on lake Winnebago.The Island revitalization will at extensive recreational uses including restaurant, public pool, event tent rentals,zip line and observation towers, recreational mini condos,and glamping sites. Current and Proposed Uses: The marina is in use and will continue to be operated with the some use after development._The Pioneer Island site is presently sits vacant and blighted.The new development will turn the island into a recreational micro-resort. Description of End Users: End users will be any recreational or boating enthusiast. Property Summary: Describe any zoning changes that will be needed: Parcel/Land Area: 766,000 SF Building Area: 26,000 SF No zoning changes will be required,the project will have to # of Dwelling Units: 12 Suites, 6 Rec Condo go through a PD approval process. # of Stories: Suites 2, Rec Condo 1 # of Parking Spaces: 547 Identify any other approvals, permits or licenses (i.e. Liquor License, 'Health Department, etc): Will need DNR appmvals for site plans Restaurant will require liquor license and WI Restaurant license Describe briefly what the project will do for the property and neighborhood: This project will take the Pioneer island, a premiere site in Oshkosh,that has been sitting vacant and blighted for over 15 years and turn in into an inviting recreational micro resort that will encourage the public to engage in adventure and water related activities. In addition this project wil[turn the Pioneer Marina into the premiere marina in the Lake Winnebago area. 9 • Tax Incremental Financing • • Policy and Application AM Project Timetable Date Final Plan/Specification Preparation: present-Dec 31, 2019 Bidding and Contracting Present-Dec 31, 2019 Firm Financing Approval: Dec 31, 2019 Construction/Rehabilitation: Jan 2019-Oct 2019 Landscaping/Site Work: Jan 2019-Oct 2019 Occupancy/Lease Up: Jan 2019-Oct 2019 I Development Team Developer: Dumke and Associates, LLC Architect: Ganther Construction /Susan Hirschberg Surveyor: TBD Contractor: Ganther Construction / Possibly Others Of her Members: Describe Team expertise and experience in developing similar projects: Mr Dumke currently owns and has substantially updated the Big Snow Ski resort near Besemer, MI. In addition Mr Dumke has developed over$1.00 million of property specializing in industrial sites. Other current Team projects in development: PregentIV dpyeloping a 360,000 sf underperforming industiral site on Vinland St in the City_This project involves rehabbing /re-tenanting the site. Financial ability of the applicant to complete the project: Mr Dumke has substantial equity in his various projects along with a steady cash-flow that he intends to leverage. In addition, he will seek potential opportunity zone investors. History of use of other city or government financial incentives: Mr Dumke was a partner on the successful Riverfront Senior Apartments development on Marion Rd which utilized T1F funds and WEDC Clean-up grants. Professional Studies Market Studies: Applications for commercial and residential projects may at fhe option of the city be required to include a comprehensive market study. The market study should identify target markets, analysis of competition, demographics, market rents, letters of intent/interest from prospective tenants, or for housing developments, sale prices or rental rates of comparable properties. at involve the transfer of land may o of the city Appraisal: All projects th y at the option p y include a recent appraisal. Projects that include land as a form of equity or collateral must also submit a recent appraisal. The appraisal must value the property "as is", and the impact on value must be considered for such items as demolition, environmental remediation, relocation of utilities, lease buy-outs, and other work necessary to make the site developable. The property must be valued assuming that the highest and best use is the proposed use. 10 Tax Incremental Financing Policy and Application . . _ I . VA . . Sources and Uses of Funds Identify the sources of funds used to finance the project. Typical sources include equity, lender financing, mezzanine financing, government financing, other anticipated types of public assistance, and any other types or methods of financing. Uses of Funds Amount [$) $ per SF of Building Area Land Acquisition: $4,540,000 Demolition: $210,000 Environmental Remediation: Site Clearance and Preparation: $388,000 Soft Costs/ Fees: $1,042,000 Soft Cost Contingency: $140,000 Hard Construction Costs: $12,564,000 Total Project Costs: $18,884,000 Sources of Funds % of total project costs Equity Developer Equity: $ 2,832,600 15.0 % Other Equity:( ) $ Total Equity: $ 2,832,600 15.0 Loans Rate Term Construction Financing: $ 13,168,939 5.5 % 10 mos. 69.7 % Permanent Financing: $ 13,168,939 5.5 % 20 yrs. 69.7 % TIF Assistance $ 2,382,416 12.6 Other: ( Idle sites Grant) $ 500,000 2.6 % Total Sources of Funds $ 18,884,000 100% Financing Source Amount Terms: Years/Interest Contact Information Equity: Loans 1 : $13,168,939 20yr amort 10 yr term 5.5% 13D 2: 3: 4: 11 l • Tax Incremental Financing Policy and Application _ Filing Requirements You must provide all of the following items with your signed application: 1 . Fee; An application fee of 1%of the requested TIF assistance or $10,000, whichever is greater, This fee is to cover City costs associated with evaluating the TIF application and does not cover the use of outside consultants, which if required will be paid for by the applicant. Make your check payable to the City of Oshkosh. 2. Site Maps: Provide a map that shows the location of the site. Also provide a map that focuses on the project and its immediate surroundings. Both maps should be no larger than 11 xl 7 inches. Larger maps will be required for projects presented to the Plan Commission, Redevelopment Authority, or Common Council. 3. Project Renderings: Provide preliminary architectural drawings, plans and renderings for the project. These drawings should be no larger than 11 x17 inches. Larger maps will be required for projects presented to the Plan Commission, Redevelopment Authority, or Common Council. Motes The City retains an administrative fee of 5%of the annual tax increment revenue, • If the project requires planning and zoning approvals,you must make these applications concurrent with this request. Agreement I, by signing this application, agree to the following: l . I have read and will abide by all the requirements of the City for Tax incremental Financing. 2. The information submitted is correct. 3. 1 agree to pay all costs involved in developing Project Plan or Development Agreement. These costs may include, but not be limited to, bond counsel, outside legal assistance,outside financial assistance, planning, engineering, etc. and all costs involved in the issuance of the bonds or loans to finance the project. 4. 1 understand that the City reserves the right to deny final approval, regardless of preliminary approval or the degree of construction completed before application for final approval. 5. The undersigned authorizes the City of Oshkosh to check credit references and verify financial and other information. b. The undersigned also agrees to provide any additional information as may be requested by the f r filing of this application. Applicant Nam Date 17 Detailed Project Budget Amount Notes Acquisition &Site Pre Pioneer Acquisition 4,415,000 Dry Storage Land Acquisition 125,000 Subtotal $4,540,000 Soft Costs/Fees Developer Fee(8%) 849,600 Appraisal 5,000 Professional Services 32,000 Insurance 6,000 Construction Insurance Building Permit In Ganther Bid Mortgage Fees 30,000 BMO&WBD Fees Construction Interest 60,000 10 Build-loan @ 4.75 for 6 mo Marketing 10,000 Real Estate Taxes 49,400 Jan-20 Contingencv 140,000 Subtotal $1,192,000 Hard Costs Building-Island & Marina 10,620,000 Ganther Recreational Watercraft 752,000 Dredging 250,000 first year,same for next 5 years Furniture Included in Ganther Building-Dry Storage 1,500,000 Start up Inventory 40,000 Sea Wall Repair Assume City Subtotal $13,162,000 Total Project Costs $18,884,000 Source of Fundin Permanent Financing 130168,939 Land & Equity 849,600 WEDC Idle Sites Grant 500,000 TIF Monetization 2,382,461 Other Cash Funds 1,983,000 cash from developers) Total Source of Funds 18,884,000 H F17 Ol V M1 m m w ry h O O O M1 h m w h s? 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