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HomeMy WebLinkAbout08.07.2024 Meeting Materials Finance Department City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5005 http://www.ci.oshkosh.wi.us LONG RANGE FINANCE COMMITTEE AGENDA August 7, 2024 5:15 PM To Whom It May Concern: PLEASE NOTE the City of Oshkosh Long Range Finance Committee will meet on Wednesday, August 7th, at 5:15 p.m., in Room 404 at the Oshkosh City Hall, 215 Church Avenue. ROLL CALL I. Citizen Input - (Up to the first 15 minutes of meeting – can be regarding any City Finance topic) II. Approval of June 5, 2024 Minutes III. Introduction of Deputy Mayor Karl Buelow IV. TIF Closure Policy Update V. Next Meeting Date & Agenda Items – October 2, 2024 VI. Adjournment If you have any questions, please call the Finance Office at (920) 236-5005 between 8:00 am – 4:30 pm Monday – Friday. Finance Department City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5005 http://www.ci.oshkosh.wi.us LONG RANGE FINANCE COMMITTEE AGENDA June 5, 2024 To Whom It May Concern: PLEASE NOTE the City of Oshkosh Long Range Finance Committee will meet on Wednesday, June 5th, at 5:15 p.m., in Room 404 at the Oshkosh City Hall, 215 Church Avenue. The Meeting was called to order by Finance Director, Julie Calmes at 5:16 p.m. Members Present: Adam BellCorelli, Koby Schellenger, John Zarbano, Todd Hutchison Members Absent: Karl Buelow, Brian Wendt Staff Present: Julie Calmes – Director of Finance Denise Edwards – Finance Management Analyst Mark Lyons – Planning Services Manager – Community Development GOEDC Present: Tricia Rathermel – President & CEO, Kathy Griese – Director of Economic Development ROLL CALL I. Citizen Input  None II. Approval of April 3, 2024 Minutes  MOTION TO APPROVE: Koby Schellenger; 2nd Adam BellCorelli  CARRIED: Approved unanimously, no added comments. III. Introductions (New Members) – Moved to next Agenda IV. Elect Chair and Vice-Chair  MOTION TO NOMINATE ADAM BELLCORELLI TO CHAIR: Todd Hutchison; 2nd Kody Schellenger, carried unanimously. o After 3 Calls for other nominations, no other candidates were nominated. Finance Department City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5005 http://www.ci.oshkosh.wi.us  MOTION TO APPOINT ADAM BELLCORELLI TO CHAIR: Todd Hutchison; 2nd Kody Schellenger, carried unanimously.  MOTION TO NOMINATE KOBY SCHELLENGER TO VICE CHAIR: Todd Hutchison; 2nd Adam BellCorelli, carried unanimously. o After 3 Calls for other nominations, no other candidates were nominated.  MOTION TO APPOINT KOBY SCHELLENGER TO VICE CHAIR: Todd Hutchison; 2nd Adam BellCorelli, carried unanimously.  CARRIED: Approved unanimously. V. Update from GOEDC (Greater Oshkosh Economic Development Corporation)  Tricia Rathermel and Kathy Griese presented on the history, purpose and objectives of GOEDC.  They are a funding entity that assists in funding the gaps in finance for community businesses for expansion or relocation in Oshkosh. They are both Public and Private. They receive funds and are still able to be confidential with their clients.  Greater Oshkosh Revolving Loan Fund: Supports existing businesses of at least 2 years of operation for economic development purposes.  Grater Oshkosh Capital Catalyst Fund: Supports entrepreneurship, early growth, and start-up businesses and assists in consulting.  Greater Oshkosh Emergency Response Loan Fund: Supports clients in need.  Winnebago County Rapid Recovery Loan Fund: Funds are available to help. VI. Tax Increment Finance (TIF) Closure Policy  Mark Lyons presented on the updates with the TIF closure policy.  Minor policy adjustment, item C had the most changes, would like to create a reserve of money for potential TIF closures that have a negative cash balance.  Recommends creating a policy as to how much should be kept in the TIF reserve to give to Council.  MOTION TO APPROVE: Koby Schellenger; 2nd John Zarbano  CARRIED: Approved unanimously, no added comments. VII. Next Meeting Date & Agenda Items – August 7, 2024  Introduction of Karl Beulow.  Finance Manual update. VIII. Adjournment  MOTION TO ADJOURN: John Zarbano; 2nd Koby Schellenger  CARRIED: Approved unanimously  Meeting adjourned at 6:06 p.m. If you have any questions, please call the Finance Office at (920) 236-5005 between 8:00 am – 4:30 pm Monday – Friday. Tax Increment Finance (TIF) District Draft TIF Closure Review Process/Policy May 23, 2013 August XX, 2024 Tax Increment Finance (TIF) Districts have mandatory closing dates, based on the type of district. In general, the TIF District must first pay off project costs including interest, administration, financing, legal etc. The City depends on a TIF District paying off all of its outstanding obligations; otherwise the City is required to assume the remaining TIF obligations. The following options are listed in chronological order based on the time of action needed prior to terminating a TIF District. Each TIF District will go through the following process. All of these options can be used in tandem with one another. The dollar amount for each activity and the timing for each activity would depend on the individual TIF District’s financial performance. A. Create a TIF donor/donee with an amended Project Plan. A well-performing TIF district can be used as a donor TIF for another an under-performing TIF(s). This action requires Joint Review Board approval and has been done in the past in the City. This choice can be made in any year up to the termination of the TIF District. B. Fund Affordable Housing. One additional year of tax increment may be collected in a TIF District if the funds will be used for affordable housing – the 1-year extension of the District would be a City Council decision. This choice can only be made in the year prior to the closure of the TIF District. At the end of a TIF District’s life, if the District has remaining funds upon termination of the TIF District, the funds shall be distributed to the public entities that are entitled to them in accordance with Wisconsin Statutes. The funds distributed to the City of Oshkosh shall be used as follows: C. Use cash balance in TIF account for future economic development activities including: 1. Contribute/”Buy in” to regional Revolving Loan Fund. Estimated cost of $500,000. 1. Create/fund a reserve account to help pay off debts of under-performing TIF districts. a. Annually review the reserve account balance and the under-performing TIF districts to determine if the balance is sufficient. The reserve account should Formatted have a maximum of one and a half times the under-performing TIF districts negative fund balance. 2. Other economic development activities such as housing or development initiatives a local Revolving Loan Fund. Estimated cost to be determined by TID cash balances in the future.