HomeMy WebLinkAbout25. 19-538 SEPTEMBER 24, 2019 19-538 RESOLUTION
(CARRIED 6-0 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE AMENDMENT TO 2019 OPERATIONS BUDGET FOR
TIF #38 PIONEER REDEVELOPMENT
INITIATED BY: FINANCE DEPARTMENT
WHEREAS, the Common Council has adopted the 2019 Budget, which is on file in
the Office of the City Clerk and available for public inspection; and
WHEREAS, the Common Council has created and adopted a Project Plan for Tax
Increment District No. 38 - Pioneer Redevelopment; and
WHEREAS, it is anticipated that costs will be incurred in 2019 in relation to the
District and Project Plan.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the 2019 Budget, on file in the City Clerk's Office, is hereby amended with
adjustments as listed in attached Amendment 11.
2019 Operations Budget Amendment # 11
Agenda Date: 09-24-2019
Account Description: TIF 38
Account#: 0584-1040-6401-00000 (Contractual Services)
Explanation: To advance the development of Pioneer Island and Marina
Dollar Amount: $ 25,000.00
of
Oshkosh
TO: Honorable Mayor and Members of the Common Council
FROM: Allen Davis, Community Development Director
DATE: September 18, 2019
RE: Approve Budget Amendment to TIF 38$25,000
BACKGROUND
With the approval of Tax Increment Finance (TIF) Districts #38, staff has estimated the
costs that will be required in 2019 to advance the development of the Pioneer Island and
Marina. These development costs are not in the 2019 budget but are costs that must be
paid upfront, prior to any tax increment being generated to pay these costs.
ANALYSIS
The development costs for the TIF include fees paid for the creation of the districts and
the documentation and agreements related to the TIF developments. These costs
include:
• city's financial consultant-Ehlers,
• outside attorney fees,
• Department of Revenue fees
• Other development costs not related to the infrastructure.
These fees are an estimate of the 2019 costs. The 2020 City budget will contain estimates
for future year developmental costs and will be determined by the timing of the
development and needs of the TIF District as the projects proceed.
FISCAL IMPACT
These 2019 costs will be covered by the TIF application fee, paid by the developer. The
developers will be responsible for any costs exceeding the amount covered by the TIF
application fee. There is no impact to the City's operating budget.
City Hall,215 Church Avenue P.O.Box 1130 Oshkosh,WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us
RECOMMENDATION
Council approves a Budget Amendment for TIF #38 in the amount of$25,000.
Submitted, Approved:
#64 a ../K- )1.
Allen Davis Mark A. Rohloff
Community Development Director City Manager
City Hall,215 Church Avenue P.O.Box 1130 Oshkosh,WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us