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HomeMy WebLinkAbout01-399.docSEPTEMBER 25, 2001 01-399 RESOLUTION (CARRIED 6-0 LOST LAID OVER WITHDRAWN ) PURPOSE: APPROVE TAX INCREMENTAL DISTRICT NO. 17 PROJECT PLAN; DESIGNATE TAX INCREMENTAL DISTRICT NO. 17 BOUNDARIES; CREATE TAX INCREMENTAL DISTRICT NO. 17 INITIATED BY: CITY ADMINISTRATION PLAN COMMISSION RECOMMENDATION: Approved WHEREAS, pursuant to Section 66.1105, Wis. Stats., the City of Oshkosh proposes to create Tax Incremental District No. 17 - City Center Redevelopment; and WHEREAS, the City of Oshkosh Plan Commission has prepared and adopted a project plan for Tax Incremental District No. 17 - City Center Redevelopment which: 2) 3) 4) 5) 6) 7) 8) 9) 10) Includes works or Contains Contains a statement listing the kind, number and location of all proposed public improvements within such District. an economic feasibility study. a detailed list of estimated project costs. Contains a description of the methods of financing all estimated project costs and the time when such costs or monetary obligations related thereto are to be incurred. Includes a map showing existing uses and conditions of real property in such District. Includes a map showing proposed improvements and uses therein. Contains a list of estimated non-project costs. Contains a statement of a proposed method for the relocation of any person to be displaced. Indicates how the creation of TID No. 17 promotes the orderly development of the City. Contains an opinion of the City Attorney that the Plan complies with Section 66.1105(4)(f), Wis. Stats. and WHEREAS, the Plan Commission has held a public hearing on the creation of TID No. 17 and the proposed boundaries thereof and has notified the Chief Executive Officers of all local government entities having the power to levy taxes on property within the District, including the School Board of any school district which includes property within the District pursuant to Section 66.1105, Wis. Stats.; and SEPTEMBER 25, 2001 01-399 RESOLUTION CONT'D WHEREAS, the City of Oshkosh Plan Commission affirms the following per the TID # 17 Project Plan: 2) 3) 4) 5) More than 50% of the real property within the TID is blighted, in need of rehabilitation, or conservation within the meaning of Section 66.1333 (2m)(b) Wis. Stats. Redevelopment within the TID will have a significant positive impact on the value of all real property in the District and assist in stabilizing property values of the City Center and the central business district. Implementation of this Project Plan is consistent with the City's 1993 Comprehensive Plan and its associated amendments and additions. Project costs associated with implementing this project plan are consistent with the purpose for which the District was created. The equalized value of taxable property of the district plus all existing districts does not exceed 7% of the total equalized value of taxable property within the city. NOW, THEREFORE, BE IT RESOLVED that the Common Council of the City of Oshkosh approves said Project Plan for Tax Incremental District No. 17 - City Center Redevelopment, pursuant to the provisions of Section 66.1105, Wis. Stats. BE IT FURTHER RESOLVED that the Common Council of the City of Oshkosh hereby designates the boundaries of TID No. 17 as described in "Exhibit A". BE IT FURTHER RESOLVED that the Common Council of the City of Oshkosh hereby approves creation of Tax Incremental Financing District No. 17 - City Center Redevelopment. BE IT FURTHER RESOLVED that the improvements contemplated in TID No. 17- City Center Redevelopment, are likely to significantly enhance the value of substantially all real property in TID No. 17. BE IT FURTHER RESOLVED that the value of equalized, taxable property in TID No. 17, together with all other established Tax Incremental Districts, does not exceed 7% of the total equalized value of taxable property within the City of Oshkosh. BE IT FURTHER RESOLVED that more than 50% of the real property within TID No. 17 is blighted and in need of rehabilitation or conservation within the meaning of Section 66.1333 (2m)(b), Wis. Stats. BE IT FURTHER RESOLVED that the project costs are consistent with the purposes for which the Tax Incremental District is created with the primary objective being the redevelopment of a blighted area. "EXHIBIT A" PROPOSED TAX INCREMENTAL DISTRICT #17 Legal Description: The proposed boundaries of Tax Increment District No. 17 are described as follows: A part of Fletcher's Subdivision of Block 6 and 50, and White Wright & Jenkins Subdivision, Leach's Map, Block 6, vacated Brown Street, vacated Market Street and vacated Marion Road all in the First Ward, City of Oshkosh, Winnebago County, Wisconsin described as follows: Commencing at the intersection of the southwesterly line of Pearl Avenue with the westerly line of Commerce Street, thence S. 00°24'46'' W., 60.83 feet along the westerly line of Commerce Street; thence N. 89°35'00'' W., 188.26 feet; thence S. 00°25'00'' W., 301.47 feet; thence S. 89°35'00'' E., 188.28 feet to the westerly line of Commerce Street; thence S. 00°24'46'' W. along the westerly line of Commerce Street to the south line of Ceape Avenue also being a point on northerly line of Lot 3, Certified Survey Map No. 1197 of Winnebago County Records; thence 89°25'39'' W., 10 feet along the northerly line of said Lot 3; thence S. 00°26'46'' W., 69.17 feet along the westerly line of said Lot 3; thence S. 06°56'46'' W. to the northerly shoreline of the Fox River along the westerly line of said Lot 3; thence northwesterly along the northerly shoreline of the Fox River to the east line of Jackson Street; thence north along the east line of Jackson Street to the intersection with the southeasterly line of Division Street; thence northeasterly along the southeasterly line of Division Street to the southwesterly line of Pearl Avenue; thence southeasterly along the southwesterly line of Pearl Avenue to the westerly line of Commerce Street also being the point of beginning. Area is estimated at 15.854 acres (690,621 square feet).