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Home My WebLink AboutItem V PLAN COMMISSION STAFF REPORT APRIL 5, 2022 ITEM V: PUBLIC HEARING: PROPOSED CREATION OF TAX INCREMENT FINANCING DISTRICT NO. 42 MORGAN CROSSING PHASE II DESIGNATION OF BOUNDARIES AND APPROVAL OF PROJECT PLAN Prior to taking action on proposed Tax Increment District (TID) No. 42 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. 42. 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 / Owner: Morgan Crossing 2, LLC GENERAL DESCRIPTION/BACKGROUND Please see attached TID No. 42 Project Plan for more detailed information. Tax Incremental District No. 42 (the “TID” or “District”) is a proposed 1.41 acre Blight Area district comprising of the former industrial property. The proposed district is comprised of one parcel. The subject development was previously approved as part of a Planned Development per Council Resolution 21-239 on May 11, 2021. The City anticipates making total expenditures of approximately $2,467,000 to undertake projects identified in the Project Plan. Project costs include an estimated $2,250,000 in “pay as you go” development incentives, estimated $122,000 for public infrastructure and an estimated $92,000 in administrative costs. The Project Plan includes a statement listing the kind, number and location of proposed improvements which starts on page 15. 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 24. ANALYSIS The City is projecting an improvements value of approximately $10 million will result from redevelopment activity within the District. The applicants overall investment in the project is approximately $16 million. 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: Page 1 Item V: Creation of TID #42 – Morgan Crossing Phase II Use The applicant is proposing to construct a 5-story 83-unit multi-family apartment building with a total of 118 bedrooms. The project density is approximately 59 units per acre. The site will consist of 97 total parking spaces, including 57 underground and 40 surface spaces. The plans for the development were approved by Common Council as part of Resolution 21-239 in May of 2021. Table 1 on page 26 shows the development assumptions when values will be added the site. The development assumption anticipate the district being fully develop by sometime in 2023. 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 2034 which constitutes 11 of 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 $10 million. Type of District The District is being created as an area “blighted area” within the meaning of Wis. Stat. 66.1105(2)(ae) based an area which is predominantly open that consists of land upon which buildings or structures have been demolished. The parcel identified as “blighted area” is shown on the Existing Conditions map on page 12 of the Plan. The subject property contains vacant land previously occupied by industrial uses. The proposed development scored 61 points on the City’s Blight and Redevelopment scoring matrix, exceeding the minimum 50 points required. Consistency with Plans The property is zoned to Urban Mixed Use with a Planned Development Overlay (UMU-PD) which is consistent with recommendations with the Comprehensive Plan and previously approved by Common Council. RECOMMENDATIONS/CONDITIONS Staff recommends approval of the Project Plan and Boundaries for TID #42 as proposed. Page 2 Tax Incremental District No. 42 Project Plan City of Oshkosh Prepared by Ehlers Page | 7 90 RIVERWAY LLC 90 RIVERWAY DR OSHKOSH WI 54901-3514 ANNEX 71 LLC 409 MASSACHUSETTS AVE 300 INDIANAPOLIS IN 46204-1554 ANTHEM LUXURY LIVING LLC 5160 EXPO DR MANITOWOC WI 54220-8332 AURORA MEDICAL GROUP INC PO BOX 341880 MILWAUKEE WI 53234-1880 BRIO BUILDING LLC 604 CLAY ST CEDAR FALLS IA 50613-2904 CITY OF OSHKOSH PO BOX 1130 OSHKOSH WI 54903-1130 D & F INVESTMENTS LLP 601 OREGON ST OSHKOSH WI 54902-5965 GOLD STAR INVESTMENTS LLC PO BOX 2811 OSHKOSH WI 54903-2811 LRN LLC 3807 STATE ROAD 21 A OSHKOSH WI 54904-9323 MACKSON CORNERS WATERFRONT LLC 604 CLAY ST CEDAR FALLS IA 50613-2904 MERCURY MARINE PO BOX 1939 FOND DU LAC WI 54936-1939 MORGAN CROSSING 2 LLC 300 N MAIN ST 300 OSHKOSH WI 54901-4817 MORGAN DAWES LLC 300 N MAIN ST 300 OSHKOSH WI 54901-4817 NEENAH MINIMART LLC 1720 NORTH ST NEENAH WI 54956-1818 PARCEL F LLC PO BOX 1099 OSHKOSH WI 54903-1099 REDEVELOPMENT AUTH CITY OF OSHKOSH PO BOX 1130 OSHKOSH WI 54903-1130 RIVER FRONT SENIOR APARTMENTS LLC 230 OHIO ST STE 200 OSHKOSH WI 54902-5825 SALVATION ARMY 11315 W WATERTOWN PLANK RD MILWAUKEE WI 53226-3412 SANDYS OF OSHKOSH INC 2100 S KOELLER ST OSHKOSH WI 54902-9202 ST PETERS CONG 449 HIGH AVE OSHKOSH WI 54901-4708 THE RIVERS PHASE II OSHKOSH LLC 230 OHIO ST 200 OSHKOSH WI 54902-5825 THE SALVATION ARMY PO BOX 233 OSHKOSH WI 54903-233 HIGH AV HIGH AV PPEEAARRLLAAVVDDAAWWEESSSSTT RIVERWAY DRRIVERWAY DRCAMPUS PL CAMPUS PL MARION RD MARION RD C:\Users\Public\Desktop\2020 Plan Commission Site Plan Map Template.mxd User: hannahs Prepared by: City of Oshkosh, WI Printing Date: 4/6/2021 1 in = 120 ft1 in = 0.02 mi¯0 PEARL AVE0 PEARL AVE 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 20 I I-PD TR-10-PD CMUUMU-PD RMU-PD-RFO UMU I-PD-UTO I-UTO CMU-RFO TR-10 UMU I-PD IMR-36-UTO RMU-PD-RFO CMU UI-RFO UMU-PD-UTO I I-PD RMU-PD CMU I-PDI-PD UMU-PD MR-36 RMU UMU-UTO I-PD UMU I I-PD-RFO I-PD-RFO UMU UMU-UTO I-RFO CMU-PD CMU-PD-RFO I-PD-RFO RMU CMU-PD RMU-PD UMU I-PD UMU I-PD RMU-PD UMU-PD-UTO CMU UMU-UTO TR-10PDUTO TR-10PDUTO RMU-PD RMU-RFO TR-10PDUTO I-PD HIGH AV HIGH AV N MAIN STN MAIN STJACKSON STJACKSON STALGOMA BLVD ALGOMA BLVDWISCONSIN STWISCONSIN STOREGON STOREGON STPPEEAARRLLAAVVDDIIVVIISSIIOONNSSTTCHURCH AV CHURCH AV MMAARRIIOONNRRDD W 5TH AVW 5TH AV IDA AVIDA AV DAWES STDAWES STFRANKLIN STFRANKLIN STOSCEOLA STOSCEOLA STW 4TH AVW 4TH AV CENTRAL STCENTRAL STMMIICCHHIIGGAANNSSTTFREDERICK STFREDERICK STW PARKWAY AVW PARKWAY AV CAMPUS PL CAMPUS PL UNION AVUNION AV COMMERCE STCOMMERCE STMULTIPLE RMU-PD TR-10PDUTO C:\Users\Public\Desktop\2020 Plan Commission Site Plan Map Template.mxd User: hannahs Prepared by: City of Oshkosh, WI Printing Date: 4/6/2021 1 in = 500 ft1 in = 0.09 mi¯0 PEARL AVE0 PEARL AVE 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 21 C:\Users\Public\Desktop\2020 Plan Commission Site Plan Map Template.mxd User: hannahs Prepared by: City of Oshkosh, WI Printing Date: 4/6/2021 1 in = 100 ft1 in = 0.02 mi¯0 PEARL AVE0 PEARL AVE 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 22