HomeMy WebLinkAbout04. 19-552 OCTOBER 22, 2019 19-552 RESOLUTION
(CARRIED 7-0 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE AMENDMENTS TO 2019 OPERATING BUDGET TO
ADJUST BUDGET TO ACTUAL PAYMENTS DUE:
A) TID 24 OSHKOSH CORPORATION E-COAT PLANT$30,000
B) TID 28 BEACH BUILDING REDEVELOPMENT $36,000
C) TID 30 WASHINGTON BUILDING REDEVELOPMENT$10,000
D) TID 32 GRANARY REDEVELOPMENT $5000
INITIATED BY: FINANCE DEPARTMENT
WHEREAS, the Common Council has adopted the 2019 Operating Budget, which
is on file in the Office of the City Clerk and available for public inspection; and
WHEREAS,various TID accounts require adjustment as shown on the attachment
to this Resolution to reflect the actual payments due under the respective TID
Development Agreements; and
WHEREAS, an amendment to the 2019 Operating Budget is necessary for this
purpose.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the 2019 Operating Budget, on file in the City Clerk's Office, is hereby
amended with adjustments as listed in attached Amendment #12.
2019 Operations Budget Amendment # 12
Agenda Date: 10-22-2019
Account Description: TID 24
Account#: 0520-1040-6448-00000
Explanation: went up in value approx$1.4 million
Dollar Amount: $30,000
Account Description: TID 28
Account#: 0510-1040-6448-00000
Explanation: ended up being paid in 2019 for their 2018 pay-go payment so 2019 will
show 2 pay-go payments
Dollar Amount: $36,000
Account Description: TID 30
Account#: 0514-1040-6448-00000
Explanation: more costs were spent on environmental than expected
Dollar Amount: $ 10,000
Account Description: TID 32
Account#: 0518-1040-6448-00000
Explanation: this is the first pay-go for TID 32 and the value was under estimated
Dollar Amount: $5,000
All TIF's will have sufficient funds and will be paid from the increment.
Oshkosh
TO: Honorable Mayor and Members of the Common Council
FROM: Allen Davis, Community Development Director
DATE: October 16, 2019
RE: Approve Amendments to 2019 Operating Budget to adjust budgets actually due:
A. TID 24 Oshkosh Corporation E-Coat Plant$30,000
B. TID 28 Beach Building Redevelopment$36,000
C. TID 30 Washington Building Redevelopment$10,000
D. TID 32 Granary Redevelopment$5,000
BACKGROUND
A budget amendment is necessary to make pay-go payments per the development agreements
for TID 24 Oshkosh Corporation E-Coat Facility, TID 28 Beach Building Redevelopment, TID
30 Washington Building Redevelopment and TID 32 Granary Redevelopment. The payments
have been authorized by Council through approval of the respective TIF development
agreements.
ANALYSIS
The amount of pay-go payments estimated in the 2019 Budget need to be updated based on
new information. TID 24 should be increased $30,000 as the assessed value increased
approximately$1.4 million from the prior year which yielded a higher pay-go payment for
2019. TID 28 should be increased $36,000 since the 2018 pay-go payment was paid out in
January, 2019's TID operating budget. TID 30 should be increased by $10,000 due to higher
than estimated environmental remediation costs. These additional environmental costs were
reimbursed to the City by the developer in 2019. Lastly, TID 32 needs to be increased $5,000
since the assessed value came in higher than originally estimated.
FISCAL IMPACT
The proposed budget amendment authorizes the use of funds in the respective TIFs to execute
the terms of the development agreements. All the TID accounts have the necessary funds to
make the pay-go payment.
City Hall,215 Church Avenue P.O.Box 1 130 Oshkosh,WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us
RECOMMENDATION
Council approves a Budget Amendment to TID 24 in the amount of $30,000, TID 28 in the
amount of$36,000, TID 30 in the amount of$10,000 and TID 32 in the amount of$5,000
Submitted, Approved:
A, Gwiic/i4-
cJ
Allen Davis John Fitzpatric
Community Development Director Assistant City Manager
City Hall,215 Church Avenue P.O.Box 1130 Oshkosh,WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us