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Home My WebLink AboutItem IV - Staff Report PLAN COMMISSION STAFF REPORT DECEMBER 17,2019 ITEM IV: PUBLIC HEARING: PROPOSED CREATION OF TAX INCREMENT FINANCING DISTRICT NO.39 CABRINI SCHOOL REDEVELOPMENT DESIGNATION OF BOUNDARIES AND APPROVAL OF PROJECT PLAN Prior to taking action on proposed Tax Increment District(TID) No. 39 and the designation of boundaries for said TID, the Plan Commission is to hold a public hearing and take comments concerning proposed creation of TID No. 39. The public hearing is required as part of the formal review process the City must follow in the creation of any tax incremental financing district or amendment thereto. GENERAL INFORMATION Applicant: Northpointe Development Corporation Owner: St. Mary's Congregation GENERAL DESCRIPTION/BACKGROUND Please see attached TID No. 39 Project Plan for snore detailed information. Tax Incremental District No. 39 (the "TID" or "District") is a proposed 1.28 acre in need of rehabilitation or conservation district comprising of the former St. Francis Cabrini School. The proposed district is comprised of one parcel. The City anticipates making total expenditures of approximately$582,500 to undertake project identified in the Project Plan. Project costs include an estimated$500,000 in"pay as you go" development incentives (principal and interest) and an estimated$82,500 in administrative costs. The Project Plan includes a statement listing the kind,number and location of proposed improvements which starts on page 14. It contains an economic feasibility study, a detailed list of estimated project costs and timing of those costs as well as a method of financing starting on page 18. ANALYSIS The City is projecting that new land and improvements value of approximately$1.83 million will result from redevelopment activity within the District. These key assumptions are identified in Section 10 of the Plan starting on page 18. The "expected" improvements will occur on the parcel located in the district and may entail the following: Use The applicant is proposing an adaptive reuse of the former school building to senior living apartments. Per the submitted narrative, 35 units are planned to be constructed within the former school. Finding appropriate uses for buildings of this type can be challenging as they outlive their original intended use. Paqe 1 Table 1 on page 19 shows the development assumptions when values will be added the site. The development assumption are anticipating being able to fully develop the district by sometime in 2021. District Life Based on the Municipal Revenue Obligation (MRO) for the development incentive identified on Table 3 on Page 25 of the Plan, the district is anticipated to pay off costs by 2035 at which time the city could potentially terminate the district, which would be 16 years. If necessary, the district would be permitted to remain open for up to the statutorily allowed 27 years. At that point the full value of the properties would be added back to the overall tax rolls which current estimate is $1.83 million. This payoff date could change based on potential changes in assessed value of the site. Additionally, should additional project expenditures be undertaken,this may adjust the anticipated termination date of the district. Type of District The District is being created as an area "in need of rehabilitation or conservation" within the meaning of Wis. Stat. 66.1337 (2m)(a)based on a finding that over 50% of the area is need of rehabilitation. The parcels identified as "in need of rehabilitation or conservation" are shown on the Existing Conditions map on page 10 of the Plan. Example of the proposed improvements can be found on page 12. The subject property contained an aged structure that has outlived its originally intended use and has been vacant for several years. The current owner has indicated they no longer intend to use the build for its originally intended use and would look to either sell or demolish the structure. The applicant is proposing to conserve the historic building (including apply for Historic Tax Credits) and rehabilitate it to a new use. The proposed development scored 98 points on the City's Conservation and Rehabilitation scoring matrix, exceeding the minimum 50 points required. Consistency with Plans The proposed Plan is in general conformance with the City of Oshkosh's Comprehensive Plan identifying the area as appropriate for Community Facilities. The property was recently rezoned to Institutional with a Planned Development Overlay (I-PD) and Common Council approved a Specific Implementation Plan,which is consistent with recommendations with the Comprehensive Plan for creating diverse housing options in the central city. The TIF (Tax Increment Financing) application is consistent with the approved Specific Implementation Plan. RECOMMENDATIONS/CONDITIONS Staff recommends approval of the Project Plan and Boundaries for TID #39 as proposed. (tens IV:Creation of TID#39 Cahrzni School Redevelopment Paqe 2 W " E Tax Increment District #39 Cabrini School Redevelopment c1yofv S District Boundary Oshkosh -i ES N Lt7 Lf') Lid LC) z 0 Z Q W?? �m > Q O m 24A 5 OA 720A 24 530 600 70fi 712 716 720 i MERRITT AV 1 / J 713 7 1 Ll 1 5 5 / 1 ❑ 527 co- v Q0 r v v � ❑ I II riD o N #39 i �N OII ZI 70 I ® El u OI ❑ Legend ❑ TID #39 Boundary 604� 4 70', 706 712 718 0 75 150 60 Feet Date:Wednesday,November 20,2019 WASHINGTON AV TIF NO 39 MELISSA WARA LINDA M MONROE CABRINI SCHOOL REDEVELOPMENT 429 MONROE ST 433 MONROE ST PC: 12-17-19 OSHKOSH WI 54901 OSHKOSH WI 54901 MICHAEL R/DEBORAH L KREMER MARIE MEIDL ALBERT MOUSTAKIS 445 MONROE ST 451 MONROE ST 2707 DEERSKIN PARK RD OSHKOSH WI 54901 OSHKOSH WI 54901 EAGLE RIVER WI 54521 GERALD W/CHERYL M JACKLIN ST MARYS CONG ST MARYS CONG 408 MONROE ST 442 MONROE ST 449 HIGH AVE OSHKOSH WI 54901 OSHKOSH WI 54901 OSHKOSH WI 54901 THOMAS L BARLOW JENNIFER L MILLER DANIEL G/DAVID OROURKE TRUST 419 BOYD ST 415 BOYD ST 683 N MAIN ST C OSHKOSH WI 54901 OSHKOSH WI 54901 OSHKOSH WI 54901 OSHKOSH HOUSING AUTHORITY D&M RENTALS LLC KRISTI WEISS PO BOX 397 55 KNAPP ST 450 BOYD ST OSHKOSH WI 54903 OSHKOSH WI 54902 OSHKOSH WI 54901 EUGENE E/SHANAH A ZASTERA SHERRIE A GRUNWALD RDA 1882 CLAIRVILLE RD 438 BOYD ST PO BOX 1130 OSHKOSH WI 54904 OSHKOSH WI 54901 OSHKOSH WI 54903 HAROLD R/NANCY SALZER CHARLES E/SHARON L DURANT SCOTT A BREHMER 430 BOYD ST 426 BOYD ST 422 BOYD ST OSHKOSH WI 54901 OSHKOSH WI 54901 OSHKOSH WI 54901 DAVID H/YVETTE Y BRULEY CHARLOTTE EICHSTADT REV TRUST GROH LAND COMPANY LLC 418 BOYD ST 4356 JACKSON ST 1402 JAMES RD OSHKOSH WI 54901 OSHKOSH WI 54901 OSHKOSH WI 54904 SCOTT M ENGEL NORTHPOINT DEVELOPMENT CORP 910 COZY LN 420 S KOELLER ST STE 230 OSHKOSH WI 54901 OSHKOSH WI 54902 Paqe 4 ----M ERRI "-T-AV 267.5' E ........... 39.0' E z 0 00 fl- C/? 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