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Home My WebLink AboutItem IV - Staff ReportPLAN COMMISSION STAFF REPORT APRIL 21, 2020 ITEM IV: PUBLIC HEARING: AMENDMENT NO.1 TO TAX INCREMENT DISTRICT #19 NORTHWEST INDUSTRIAL PARK Prior to taking action on proposed amendment of Tax Increment District (TID) No. 19, 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. 19 amended Project Plan for more detailed information. The Department of Community Development requests approval of Amendment No. 1 to Tax Increment District #19 Northwest Industrial Park. The TID was originally created in 2003 for the purpose of facilitating the expansion and continued development of the Northwest Industrial Park. The first 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 1/z mile of TID No. 16. The second purpose of the amendment is to permit loans as an eligible Project Cost for TID No. 19. As with the transfer of excess revenue to TID No. 19, the purpose of including such cost is to permit the City to provide loans to business impacted by the COVID-19 pandemic. Loans may be made to businesses within the District, or within 1/z mile of its boundaries. The City plans to transfer $250,000 of the cash balance from TID No. 19 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 amendments are designed to provide additional resources to City for assisting business located in and with 1/z 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 Paqe 1 City therefore concludes that approval of this Plan Amendment is consistent with the intent of the Tax Incremental Financing Law. 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 lh mile of the Districts. 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 on the City's behalf. 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 JD No. 16) Cash Balance $ 250,000 Transfer from District JID NO. 19) Cash Balance $ 250,000 Transfer from TID No. 14 Cash Balance $ 250,000 Contribution from City Revolving Loan 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. 19 as a result of the proposed transfer. TID No. 19 is projected to have a cash balance of approximately $1.7 million at closure date. RECOMMENDATIONS/CONDITIONS Staff recommends approval of the Project Plan amendment for TID #19 as proposed. Item IV: Amendment TID 19 Paqe 2 'ra.i 1itcremeiit Ui3trist 'I J. Ameitdmetit 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. 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 warranties of any kind and the City of Oshkosh assumes no liability for use or misuse. N 1 in=0.09mi 1 in = 500 ft Printing Date: 4/8/2020 Prepared by: City of Oshkosh, WI I- 1 4& Oshkosh HAieffn\Planning Base Man -Jeff 2019.mxd 'ra.i 1itcremeiit Ui3trist 'I J. Ameitdmetit 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. 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 warranties of any kind and the City of Oshkosh assumes no liability for use or misuse. N 1 in=0.09mi 1 in = 500 ft Printing Date: 4/8/2020 Prepared by: City of Oshkosh, WI I- 1 4& Oshkosh HAieffn\Planning Base Man -Jeff 2019.mxd 'ra.i 1itcremeiit Ui3trist 'I J. Ameitdmetit 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. 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 warranties of any kind and the City of Oshkosh assumes no liability for use or misuse. N 1 in=0.09mi 1 in = 500 ft Printing Date: 4/8/2020 Prepared by: City of Oshkosh, WI I- 1 4& Oshkosh HAieffn\Planning Base Man -Jeff 2019.mxd 'ra.i 1itcremeiit Ui3trist 'I J. Ameitdmetit 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. 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 warranties of any kind and the City of Oshkosh assumes no liability for use or misuse. N 1 in=0.09mi 1 in = 500 ft Printing Date: 4/8/2020 Prepared by: City of Oshkosh, WI I- 1 4& Oshkosh IdAieffn\Planning Base Map - Jeff 2019.mxd a 0&: 'ra.i 1itcremeiit Ui3trist 'I J. Ameitdmetit 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. 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 warranties of any kind and the City of Oshkosh assumes no liability for use or misuse. N 1 in=0.09mi 1 in = 500 ft Printing Date: 4/8/2020 Prepared by: City of Oshkosh, WI I- 1 4& Oshkosh HAieffn\Planning Base Man -Jeff 2019.mxd TAA m r-;P,,Ei,,iEar Dj-j,rp,,i r-;,r i��►�i��»�►�i�� . N 1 in = 0.08 mi A1 in = 400 fit 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 Printing Date: 4/14/2020 information are responsible for verifying accuracy. For full disclaimer please go to Oshkosh www.ci.oshkosh.wi.us/GlSdisclaimer Prepared by: City of Oshkosh, WI CAUsers\minak\Desktop\2020 Plan Commission Site Plan Map Template.mxd P aqe 8 41 WW%rl i iT soti L BJ ECT SITE .... m11 ��N IIVUAN Los AX INCREMENT DISTRICT 19 AMENDMENT 1 in = 0.07 mi 1 in = 350 ft www" A City of Oshkosh maps and data are intended to be used for general identification purposes only, and C i y the City of Oshkosh assumes no liability for the accuracy of the information. Those using the of information are responsible for verifying accuracy. For full disclaimer please go to Printing Date:411412020 Oshkosh www.ci.oshkosh.wi.us/GlSdisclaimer Prepared by: City of Oshkosh, WI CAUsers\minak\Desktop\2020 Plan Commission Site Plan Map Template.mxd P agEIser.lm@ak