HomeMy WebLinkAbout_Oshkosh Housing Authority Phase II TIF Presentation for Waite Rug Plaza LLCRequest for
City of Oshkosh Support of
Tax Incremental Funding For
Waite Rug Plaza, LLC
• Future Home of The Non -Profit
Oshkosh Child Development Center
• And Separate Commercial Storage Facility
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Proposed Use
North Parcel: Parking / Storage / Child Care ($9.1 million)
1. Parking / Storage:
• 28,000 square feet in two connected buildings
• Roof will support 685 solar panels
2. Child Development Center
• 30,000 square feet in seven connected buildings
• Open two shifts, full and part time students, no contracts
• Employment opportunity w/reduced child care fees, higher wages
w/some benefits
• Drop in and short stay programs, open when schools close
• Will accept Wisconsin Shares reimbursement, job training program
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Oshkosh Child Development Center
Hours of Operations: 5:30 a.m. to 11:30 p.m.
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North Waite Plaza
221 East Nevada Avenue, Oshkosh, WI
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Interesting Child Care
Facts
• 65 percent of young children have all available parents in
the workforce
• Factors impacting lower wage workers:
— Lack of Control over Work Schedules
— Unpredictable Work Schedules
— Unstable Work Schedules
— Involuntary Part -Time Work
— Nonstandard Work Schedules
• 7% - 12% of gross income is a national standard for child
care costs. That translates into incomes of $160,000 -
$98,000. 2018 Winnebago County median income is
$64,000 for family of three.
Waite Grass Rug Redevelopment
SUMMARY CASH FLOW ANALYSIS OF
CHILD CARE AND PARKING / STORAGE
2023 - 2024
2022 2022 - 2023 Sept - Aug
June /July / Aug Sept - Aug Stabilized operations
Daily Child Care Fees $ 226,440 $ 2,233,764 $ 2,943,986
Nutrition Assistance 9,180 93,600 123,360
Parking / Storage (Net of Expenses) - 38,530 77,061
Total Revenue $ 235,620 $ 2,365,894 $ 3,144,407
Variable Operating Cost $ 152,064 $ 1,500,070 $ 1,977,015
Fixed Operating cost 102,665 441,460 441,460
Total Expenses $ 254,729 $ 1,941,530 $ 2,418,475
NOI $ (19,109) $ 424,364 $ 725,932
Debt Service "TI" $ - $ 59,050 $ 117,658
Debt Service "Property" - 273,098 387,540
Net Cash flow (19,109) 92,216 220,734
DSCR (includes "property loan" and "TI" loan) 1.28 1.44
Waite Rug Plaza —North Side Development
Child Development Center & Parking/Storage
Sources of Funds
Historic Tax Credit Equity — Federal
Historic Tax Credit Equity — State
Solar — Renewable Tax Credit Equity
WEDC Community Development Grant
City of Oshkosh TIF PAY -GO Financing
Long Term Debt
Start Up Capital
$ 870,055
878,843
75,356
250,000
1,375,000
6,642,965
1,000,000
TOTAL SOURCES $11,092,219
Uses of Funds
Land Acquisition $ 90,000
Existing Building Acquisition 200,000
Hard Cost Construction/Rehab Building 7,066,855
Site Work 609,864
Personal Property 605,856
3rd Party Soft Costs & Consulting 801,100
Environmental Analysis -Engineering 295,136
Construction Financing Interest/Fees 485,000
Developer Fees 350,000
Financing Fees 129,448
Organization Costs 4,480
Rent Up/Marketing 150,000
Tax Credit Syndication/Legal Fees 54,480
Reserves 250,000
TOTAL USES $11,092,219
Susan van Houwelingen
Executive Director
• Oshkosh Housing Authority
• Winnebago County Housing Authority
• Phone: 920-424-1470 x 112
• suv@ohawcha.org
• WEBSITE: OHAWCHA.ORG