HomeMy WebLinkAbout17. 21-69FEBRUARY 9, 2021 21-69 RESOLUTION
(CARRIED_______LOST_______LAID OVER_______WITHDRAWN_______)
PURPOSE: APPROVE DISSOLVING TAX INCREMENTAL DISTRICT NO. 10
MAIN AND WASHINGTON REDEVELOPMENT
INITIATED BY: CITY ADMINISTRATION
WHEREAS, on August 5, 1993, the Common Council of the City of Oshkosh
created Tax Incremental Finance District No. 10 Main and Washington Redevelopment;
and
WHEREAS, State Statutes require that when a municipality recovers its cost
incurred in a district or because this District was created prior to October 1, 1995, when
27 years has expired, whichever occurs first, the District shall be dissolved; and
WHEREAS, Tax Increment District No. 10 has reached its 27 year statutory life;
and
WHEREAS, on February 25, 2020 the Common Council of the City of Oshkosh
approved extending the life of TID No. 10 for 12 months in order to utilize the final year’s
increment to fund the Healthy Neighborhood Initiative to improve housing stock of the
community.
NOW, THEREFORE BE IT RESOLVED by the Common Council of the City of
Oshkosh that Tax Incremental Finance District No. 10 Main and Washington
Redevelopment is dissolved.
TO: Honorable Mayor and Members of the Common Council
FROM: Allen Davis, Community Development Director
DATE: February 4, 2021
RE: Approve Dissolving Tax Incremental District No. 10 Main and Washington
Redevelopment
BACKGROUND
On August 5, 1993, Council approved a creation resolution for a project plan and boundaries
for Tax Incremental Financing District (TID) No. 10 Main and Washington Redevelopment.
For TID No. 10, TID was used to pay for land acquisition and parking lot development costs
to serve the district. The TID also made payments annually to the Parking Utility to support
public parking in the District. On February 25, 2020 TID No. 10 was extended for 12 months
in order to utilize the final year’s increment of about $12,500 and add to the Healthy
Neighborhood Initiative to improve housing stock of the community.
ANALYSIS
State Statutes require that a TID be terminated after enough increment has been generated to
pay all remaining project costs or after the TID has been extended to fund a housing program
as was previously done with this TID. TID No. 10 has now reached its statutory termination
of 28 years and must be dissolved. The TID increment is currently valued at approximately
$513,000 which will be added to the general property tax roll upon closure.
FISCAL IMPACT
The cash balance for TID 10 is about $40,000. After the final audit is complete, the City will
retain about 30% of the funds for the Economic Development Revolving Loan Fund as
indicated in the City’s TID closing policy. The other 70% of funds will be forwarded to the
other taxing jurisdictions: the Oshkosh Area School District, Winnebago County and Fox
Valley Technical College, in proportion to their contribution.
RECOMMENDATION
Staff recommends adoption of the above noted resolution.
Respectfully Submitted, Approved,
Allen Davis Mark A. Rohloff
Community Development Director City Manager