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Home My WebLink AboutItem I - Staff Report PLAN COMMISSION STAFF REPORT JANUARY 19, 2021 ITEM I: PUBLIC HEARING: PROPOSED CREATION OF TAX INCREMENT FINANCING DISTRICT NO. 40 MILES KIMBALL REDEVELOPMENT DESIGNATION OF BOUNDARIES AND APPROVAL OF PROJECT PLAN Prior to taking action on proposed Tax Increment District (TID) No. 40 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. 40. 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: YRB Properties – Miles Kimball LLC Owner: Bridgeview Holdings LLC GENERAL DESCRIPTION/BACKGROUND Please see attached TID No. 40 Project Plan for more detailed information. Tax Incremental District No. 40 (the “TID” or “District”) is a proposed 0.83 acre in need of rehabilitation or conservation district comprising of the former Miles Kimball building. The proposed district is comprised of one parcel. The City anticipates making total expenditures of approximately $1,834,000 to undertake project identified in the Project Plan. Project costs include an estimated $1,573,000 in “pay as you go” development incentives (principal and interest) $100,000 in public improvements and an estimated $161,000 in administrative costs and interest expenses. The Project Plan includes a statement listing the kind, number and location of proposed improvements which starts on page 16. 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 25. ANALYSIS The City is projecting that new land and improvements value of approximately $3.48 million will result from redevelopment activity within the District. These key assumptions are identified in Section 9 of the Plan starting on page 25. 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 building to a market rate apartments building. Per the submitted narrative, 28 units are planned to be constructed within the Page 1 Item I: Creation of TID #40 Miles Kimball Redevelopment building. Finding appropriate uses for buildings of this type can be challenging as they outlive their original intended use. Table 1 on page 26 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 29 of the Plan, the district is anticipated to pay off costs by 2043 at which time the city could potentially terminate the district, which would be 21 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 $3.48 million. If public improvement expenditure are not required, the District would close one year sooner. 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 12 of the Plan. Example of the proposed improvements can be found on page 13. The subject property contained an aged structure that has outlived its originally intended use and has been vacant for several years. The current owner no longer intends to redevelop the building and would look to either sell the structure. The proposed development scored 70 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 Center City. The property is rezoned to Central Mixed Use with a Planned Development Overlay (CMU-PD) which is consistent with recommendations with the Comprehensive Plan for creating diverse housing options in the central city. The proposed Plan is also in conformance with the City of Oshkosh’s Sawdust District Master Plan. The subject area is within the Core subarea, which identifies redevelopment of existing building as a key goal. RECOMMENDATIONS/CONDITIONS Staff recommends approval of the Project Plan and Boundaries for TID #40 as proposed. Page 2 45 35 50 46 24 20 92351 35 50 6151731 4050106 609105 100 91960090092036 43 10041014101251 1009101617 106A 111A111 101 1011212531354135A 253141 9181430344040A 18 20A34A 21A 106 605 607603A 603 601501 901905905A 907A9079291622 17A41A 10171017A60845 500901A605A 800 802 804 806 808 810 812 814 820 822 824 826 828 830 832 834 840 842 844 846 848 850 852 854860862864866 868 870 872 874 9131019901B 9139151012A607A613 61760544 32 8 43 S MAIN STNEBRASKA STW 9TH AV W 8TH AV W 7TH AV W 6TH AV W 10TH AV E 8TH AV E 9TH AV E 10TH AV PIONEER DR E 7TH AV TID#40 Tax Increment District #40Miles Kimball RedevelopmentDistrict Boundary Legend TID #40 Boundary 0 15075 Feet Date: Thursday, December 3, 2020 ² FoxRiver Page 3 TID #40 MILES KIMBALL REDEVELOPMENT PC: 01-19-21 25 W NINTH AVE LLC / 31 W 9TH AVE LLC / 901 SOUTH MAIN LLC / GOLLNICK INDUSTRIES INC 907 S MAIN ST OSHKOSH WI 54902 BRIDGEVIEW HOLDINGS LLC 1302 S MAIN ST OSHKOSH WI 54902 GOLLNICK RENTALS INC 905 S MAIN ST OSHKOSH WI 54902 MK1 LLC 905 OREGON ST OSHKOSH WI 54902 REDEVELOPMENT AUTH CITY OF OSHKOSH PO BOX 1130 OSHKOSH WI 54903 WOH2 LLC 502 N MAIN ST OSHKOSH WI 54901 Page 4 S MAIN STS MAIN STW 9TH AVW 9TH AV NEBRASKA STNEBRASKA STW 7TH AVW 7TH AV W 8TH AVW 8TH AV E 8TH AVE 8TH AV E 9TH AVE 9TH AV E 7TH AVE 7TH AV C:\Users\minak\Desktop\2020 Plan Commission Site Plan Map Template.mxd User: minak Prepared by: City of Oshkosh, WI Printing Date: 12/17/2020 1 in = 120 ft1 in = 0.02 mi¯TID #40 MILES KIMBALL REDEVELOPMENTTID #40 MILES KIMBALL REDEVELOPMENT City of Oshkosh maps and data are intended to be used for general identification purposes only, andthe City of Oshkosh assumes no liability for the accuracy of the information. Those using theinformation are responsible for verifying accuracy. For full disclaimer please go towww.ci.oshkosh.wi.us/GISdisclaimer Page 5 HI TR-10 I I CMU I I CMU CMU-PD TR-10 RMU-PD-RFO CMU-RFO UMU I-PD-RFO UMU RMU RMU-RFO UMU UMU RMU-PD-RFO I-PD I I-PD I UMU-PD RMU-PD-RFO I UMU-RFO TR-10 I I CMU-PD I I UMU-PD RMU-PD-RFO I CMU I UMU CMU RMU-PD I-RFO UMU CMU-PD-RFO UMU-PD I-PD-RFO RMU-PD CMU-RFO CMU-PD RMU-PD RMU-RFO Oshkosh City LimitOshkosh City LimitOREGON STOREGON STS MAIN STS MAIN STW 9TH AVW 9TH AV CEAPE AVCEAPE AV W SOUTH PARK AVW SOUTH PARK AVJACKSON STJACKSON STW 7TH AVW 7TH AV W 6TH AVW 6TH AV W 8TH AVW 8TH AV PIONEER DRPIONEER DRNEBRASKA STNEBRASKA STW 11TH AVW 11TH AV W 10TH AVW 10TH AV W 12TH AVW 12TH AV W 14TH AVW 14TH AVMINNESOTA STMINNESOTA STOTTER AVOTTER AV BROAD STBROAD STWAUGOO AVWAUGOO AV E 10TH AVE 10TH AVSTAT E STSTATE STE 14TH AVE 14TH AV E 11TH AVE 11TH AV E 7TH AVE 7TH AV E SOUTH PARK AVE SOUTH PARK AV CEAPE AVCEAPE AV BROAD STBROAD STMULTIPLE C:\Users\minak\Desktop\2020 Plan Commission Site Plan Map Template.mxd User: minak Prepared by: City of Oshkosh, WI Printing Date: 12/17/2020 1 in = 500 ft1 in = 0.09 mi¯TID #40 MILES KIMBALL REDEVELOPMENTTID #40 MILES KIMBALL REDEVELOPMENT City of Oshkosh maps and data are intended to be used for general identification purposes only, andthe City of Oshkosh assumes no liability for the accuracy of the information. Those using theinformation are responsible for verifying accuracy. For full disclaimer please go towww.ci.oshkosh.wi.us/GISdisclaimer Page 6 C:\Users\minak\Desktop\2020 Plan Commission Site Plan Map Template.mxd User: minak Prepared by: City of Oshkosh, WI Printing Date: 12/17/2020 1 in = 80 ft1 in = 0.02 mi¯TID #40 MILES KIMBALL REDEVELOPMENTTID #40 MILES KIMBALL REDEVELOPMENT City of Oshkosh maps and data are intended to be used for general identification purposes only, andthe City of Oshkosh assumes no liability for the accuracy of the information. Those using theinformation are responsible for verifying accuracy. For full disclaimer please go towww.ci.oshkosh.wi.us/GISdisclaimer Page 7