HomeMy WebLinkAbout15. 20-75 FEBRUARY 25, 2020 20-75 RESOLUTION
(CARRIED 6-0 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE AMENDMENT TO 2020 OPERATING BUDGET FOR:
A) TID 38 PIONEER REDEVELOPMENT$40,000
B) TID 39 CABRINI SCHOOL REDEVELOPMENT $40,000
INITIATED BY: FINANCE DEPARTMENT
WHEREAS, the Common Council has adopted the 2020 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 to allow for payment of fees
and costs related to the creation of the TID; and
WHEREAS, an amendment to the 2020 Operating Budget is necessary for this
purpose.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the 2020 Operating Budget, on file in the City Clerk's Office, is hereby
amended to add the following:
Acct. No. 584-1040-6401 Pioneer Redevelopment increase by$40,000.00
Acct. No. 585-1040-6401 Cabrini School Redevelopment increase by $40,000.00
City,
oi
Oshkosh
TO: Honorable Mayor and Members of the Common Council
FROM: Allen Davis, Community Development Director
DATE: February 19, 2020
RE: Approve Budget Amendment to TIF 38 and TIF 39 for$40,000 for each TIF
BACKGROUND
With the approval of Tax Increment Finance (TIF) Districts #38 and #39, staff has
estimated the costs that will be required in 2020 to advance the development of the
Pioneer Island and Marina and Cabrini School Redevelopment. These development
costs are not in the 2020 budget since the TIFs were created during approval of the
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 2020 costs.
FISCAL IMPACT
These 2020 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.
Acct. No. 0584-1040-6401 Pioneer Redevelopment
Acct. No. 0585-1040-6401 Cabrini School Redevelopment
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 for TIF #38 and TIF #39 in the amount of$40,000
per TIF.
Submitted, Approved:
/04,‘.64,,/.;
Allen Davis Mark A. Rohloff
Community Development Director City Manager
City Hall,215 Church Avenue P.O.Box 1 130 Oshkosh,WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us
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-Date:Wednesday,November 20,2019