HomeMy WebLinkAboutItem III - Staff ReportPLAN COMMISSION STAFF REPORT APRIL 21, 2020
ITEM III: PUBLIC HEARING: AMENDMENT NO.2 TO TAX INCREMENT DISTRICT
#14 MERCY MEDICAL CENTER REDEVELOPMENT
Prior to taking action on proposed amendment of Tax Increment District (TID) No. 14, the Plan
Commission is to hold a public hearing and take comments concerning proposed amendment.
The public hearing is required as part of the formal review process the City must follow in the
amendment of any tax incremental financing district.
GENERAL INFORMATION
Applicant: City of Oshkosh Department of Community Development
PROPOSAL
Please see attached TID No. 14 amended Project Plan for more detailed information.
The Department of Community Development requests approval of Amendment No. 2 to Tax
Increment District #14 Mercy Medical Center Redevelopment. The TID was previously
amended in 2002 for the purpose of eliminating and/or preventing blighting influence in an
older residential neighborhood by assisting in the rehabilitation/redevelopment of a vacant
medical center and improvements of the infrastructure in the district.
The purpose of the amendment is to allow excess revenues to be transferred to Tax Incremental
District No. 16, or known as the 100 Block Redevelopment area. Excess revenues transferred
from the District to TID No. 16 will be used to provide loans to business impacted by the
COVID-10 pandemic. Business qualifying for assistance will be located within lh mile of TID
No. 16.
The City plans to transfer $250,000 of the cash balance from TID No. 14 to TID No. 16.
Additional transfers may be made to the extent that funds are available and needed to support
the City's efforts to combat the economic and potential blighting impacts of the pandemic.
ANALYSIS
The proposed amendment is designed to provide additional resources to City for assisting
business located in and with lh mile of the districts. As a result of the pandemic, a significant
number of business have been directed to close or limit operations. Anticipated economic
consequences include unemployment and loss of person and business income, deferral or non-
payment of user -fees and taxes and potential permanent losses of business that will have a
blighting impact within the District, Recipient District, surrounding areas and City at large. The
City therefore concludes that approval of this Plan Amendment is consistent with the intent of
the Tax Incremental Financing Law.
Paqe 1
Revolving Loan Program — New project cost
To aid in mitigating the economic consequences related to the COVID-19 pandemic, the City
plans to provide loans to impacted business located in or within 1/z mile of the TID No 16. Any
funds collected as repayment of the loans are not considered revenue to the District and will not
be used to offset District Project Costs. Instead, these funds may be placed into a revolving
fund and will be continued to be used for the purposes stated above. Greater Oshkosh
Economic Development Corporation will administer the COVID-19 Emergency Response Loan
program.
Economic Feasibility
The City plans to fund the Recipient District loan pool in a total amount of $1,000,000 from the
following revenue sources.
Source
Amou nt
Recipient District (TID No. 16) Cash Balance
$
250,000
Transfer from District (TID NO.19) Cash Balance
$
250,000
Transfer from TID No. 14 Cash Balance
$
250,000
Contribution from City Revolving Lean Fund
$
250,000
Total
$ 1,000,000
The City's plan to make loans available is economically feasible as all funding proposed will
come from unrestricted cash on hand. Pages 10 & 11 outline the estimated cash balances for
TID No. 16 & TID No. 14 as a result of the proposed transfer. TID No. 14 is projected to have a
cash balance of approximately $1.1 million at closure date.
RECOMMENDATIONS/CONDITIONS
Staff recommends approval of the Project Plan amendment for TID #14 as proposed.
Item III- Amendment TID 14
Paqe 2
E
L�
N
0
�
�
W
E:1
q
E IRVING AV
M
LO❑ ❑ 41�ti1+
E PARKWAY A
ND nnnn� ❑
IN
11
■
NEEM
O
Cn
❑❑
CLEVELAND AV
�.4Dr
XT
❑
U)
J
W
4
0
N
=
N
E�_:jj
J
1i7�1��1 1�7T
E IRVING AV
L
.i irtcremellit Ui3trist 'I4 Amellidmelltt N 1 in=0.05mi
1 in = 250 ft
The City of Oshkosh creates and maintains GIS maps and data for its own use. They may show the
approximate relative location of property, boundaries and other feature from a variety of sources. Printing Date: 4/8/2020
These map(s)/datasets are provided for information purposes only and may not be sufficient or
appropriate for legal, engineering, or surveying purposes. They are provided "AS -IS" without Prepared by: City of Oshkosh, WI
warranties of any kind and the City of Oshkosh assumes no liability for use or misuse.
HAieffn\Plannina Base Man -Jeff 2019.mxd
Li
4&
Oshkosh
Pz]cTf-
SUBJECT
6 SITE
MEIN
r-
Mill
14 AMENDMENT
1
as,
SUBJECT
SITE
1�
r is mr-;P,,Ei►,iEar Dj ,rp,,ir-;,r i=i ���►�i���»�►�i���rr
City of Oshkosh maps and data are intended to be used for general identification purposes only, and
the City of Oshkosh assumes no liability for the accuracy of the information. Those using the
information are responsible for verifying accuracy. For full disclaimer please go to
www.ci.oshkosh.wi.us/GlSdisclaimer
N
1 in=0.04mi
1 in = 200 ft
Printing Date: 4/14/2020
Prepared by: City of Oshkosh, WI
Oshkosh
C:\Users\minak\Desktop\2020 Plan Commission Site Plan Map Template.mxd P alter: rr,6dk