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RDA Minutes Page 1 October 25, 2005 CITY OF OSHKOSH REDEVELOPMENT AUTHORITY MINUTES October 25, 2005 11:00 am PRESENT: Tom Belter, John Bermingham Jr., William Castle, Steve Hintz, Sheldon
Lasky, Robert Pung STAFF: Jackson Kinney, Executive Director /Director of Community Development; Susan Kepplinger and Kristi Bales, Principal Planners; Darlene Brandt, Recording Secretary
The meeting was called to order at 11:00 am by Vice-Chairperson Pung. Consent Agenda Motion by Belter, seconded by Bermingham, to approve the Consent agenda. Motion carried by voice
vote. 05-15 Approve Developer Agreement Terms & Development Plan /Five Rivers Project Mr. Kinney noted a packet of information regarding the proposed Five Rivers development along the
Fox River within the Marion Road/Pearl Avenue Redevelopment Project Area had been forwarded to the RDA and Common Council on October 7th. This proposed development began in 2004 when
Tom Doig of Five Rivers Investment expressed interest in the site. Five Rivers made a presentation to the RDA in January 2005 and City staff has been working with Five Rivers since that
time to get where we are today. Mr. Kinney continued the proposed development will occur in three phases. Phase I will be the primary condo area. Phase II will continue development to
the west adding more condos and a marina. Phase III will be to the north and include the parking structure and possibly another building. As part of this overall development, the City
will need to acquire a portion of the Mercury Marine Plant 24 property, and create a TIF district for the area. Mr. Kinney pointed out there are no taxpayer funds being used on this
project. The primary funding sources are developer equity, private financing, TIF funds and possibly grants. The RDA is now being asked to approve the developer agreement terms, as well
as the proposed development. Mr. Belter inquired if there is a sources and uses breakdown? Mr. Kinney replied there will be hard costs in an amount not less than $52,411,822, and a full
breakout of of costs will be required prior to closing, as required on page 3, item III.H. of the term sheet. Mr. Belter inquired about property taxes and how the condos are charged?
Mr. Kinney noted condo owners would pay taxes on their respective condos. Five Rivers would pay taxes on the remainder of the property.
RDA Minutes Page 2 October 25, 2005 Mr. Hintz stated he is excited about the project and what it can mean for the community, but noted that whenever TIF is used as a development tool,
there is a higher public interest standard required for the project. He indicated that he believed the Five Rivers project meets that standard. The term sheet provides protection for
the City and sets good standards. With the proposed creation of a TIF district and the developer equity and financing, there is a healthy public involvement in the project. There are
no other options on the table for this property at this time. The City requested proposals and did not receive an overwhelming response. If we look at the 100 Block of N. Main St. redevelopment,
it took 11 years to get a developer. This proposal is feasible and good for the community. Mr. Hintz stated he would prefer the pay as you go option, but reiterated that he supports
the project. Motion by Castle to move approval of Res. 05-15 approving the developer agreement terms and development plan for the proposed Five Rivers development along the Fox River
in the Marion Rd./Pearl Ave. Redevelopment Project Area. Seconded by Bermingham. Motion carried 6-0. 05-16 Authorize Submittal of DNR Brownfield Site Assessment Grant /41 W. 8th Avenue
Mr. Kinney stated the City would be working with STS Consultants on a SAG grant application to the DNR for the Miles Kimball property at 41 W. 8th Avenue for demolition and asbestos
abatement related costs. The City had applied for the same grant in 2004, but did not own the property so the DNR denied the request. The current application would be applied for through
the RDA. Mr. Lasky stated he has seen a lot of demolition throughout the State. If the City is looking to get a return on demolition materials, work should begin soon. Mr. Kinney noted
the RDA/City would not be notified until February as to grant status. Motion by Castle to move approval of Res. 05-16 authorizing the submittal of a brownfield site assessment grant
to the DNR. Seconded by Bermingham. Motion carried 6-0. 05-17 Amend Option to Purchase Agreement /Parcel F – Marion Rd./Pearl Ave. Redevelopment Project Area Mr. Kinney noted Tri Star
Living has been working on a development proposal for Parcel F and is asking for a 6 month extension to finish putting the proposal together. Mr. Kinney stated that if a formal proposal
is not submitted by Tri Star within 6 months, the RDA/City should request proposals for reuse of the parcel. Motion by Bermingham to move approval of Res. 05-17 to grant a 6 month extension
to Tri Star Living for submittal of a formal proposal for Parcel F within the Marion Rd./Pearl Ave. Redevelopment Project Area. Seconded by Lasky. Motion carried 6-0. A motion was made,
seconded and unanimously approved to adjourn. Meeting adjourned at approximately 11:45 am. Respectfully submitted Jackson R. Kinney Executive Director/Director of Community Development