HomeMy WebLinkAbout39. 13-161
MARCH 26, 2013 13-161 RESOLUTION
(CARRIED___6-0____LOST_______LAID OVER_______WITHDRAWN______)
PURPOSE: APPROVE HEALTHY NEIGHBORHOOD INITIATIVE
FUNDING THROUGH TIF #8
INITIATED BY: DEPARTMENT OF COMMUNITY DEVELOPMENT
WHEREAS, on March 22, 2005 the City of Oshkosh amended and adopted a
Comprehensive Plan to guide the city’s growth and development; and
WHEREAS, the Comprehensive Plan contained recommendations regarding
improving the City’s overall housing stock and implementing neighborhood improvement
strategies in priority areas; and
WHEREAS, the City of Oshkosh seeks to implement neighborhood and housing
improvement programming through creation of a Healthy Neighborhoods Initiative; and
WHEREAS, implementation of a Healthy Neighborhood Initiative will require the
allocation of various forms of revenue to fund specified program activities to improve the
neighborhood housing stock per the attached program draft; and
WHEREAS, the City of Oshkosh created Tax Increment District (TID) #8 on
February 21, 1991, and has completed implementation of the Project Plan and has paid
off the aggregate of all its project costs; and
WHEREAS, State of Wisconsin Statutes require that a TID be terminated after all
project costs have been paid off, except that under Wisconsin Statutes, Section
66.1105(6)(g), a TID may be extended for up to one (1) year to utilize the last year of
tax increment to improve the city’s housing stock.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that protection and improvement of the City’s neighborhoods and housing
stock is critical to maintaining a healthy and sustainable community.
BE IT FURTHER RESOLVED that funding a Healthy Neighborhoods Initiative
that seeks to improve priority neighborhoods and housing benefits all residents by
helping to maintain or increase property values in transitional and distressed
neighborhoods.
MARCH 26, 2013 13-161 RESOLUTION
CONT'D
BE IT FURTHER RESOLVED that tax increment is available in TID #8 to fund a
Healthy Neighborhood Initiative, and to fund project expenditures as permitted under
Wisconsin Statutes, Section 66.1105(6)(g)3.
BE IT FURTHER RESOLVED that the City of Oshkosh will extend the life of TID
#8 for 12 months in order to utilize the final year's increment to fund the Healthy
Neighborhood Initiative that will improve the housing stock of the community.
City of Oshkosh
Finance Department
215 Church Ave.,PO Box 1130
Oshkosh,WI 54903-1130
OIHKOIH (920)236-5005 (920)236-5039 FAX
ON THE WATER
MEMORANDUM
DATE: March 7, 2013
TO: Council Members
FROM: Harold Buchholz, Chair r,
Long Range Finance Committee
RE: Recommendation Regarding the Upcoming Closure of Tax Incremental
Financing District #8 (TIF #8)
In conjunction with its review of the draft TIF closure policy, the Long Range Finance
Committee has contemplated the options available to the City with regard to the
upcoming closure of TIF #8. To that end, the Committee is recommending that the
Council extend the life of this TIF for one year, so that it may designate the 2014 tax
increment for this TIF to be used to benefit affordable housing in the City and improve
the City's housing stock. This action is in accordance with Wisconsin State Statutes,
66.1105(6)(g) and the Council's goal for the City Manager to 'develop and recommend
a plan to finance a long-term healthy neighborhoods program.'
While the Committee has not completed its review of the entire draft policy, we realize
that time is of the essence in regard to the closure of TIF #8, and we wanted to make
this recommendation in advance of forwarding our recommendation on the overall
policy.
The Committee will continue its review of the draft policy at our April meeting, and will
forward a recommendation to Council as soon as we are able.
Please feel free to contact me with any questions you have on this recommendation, or
if you need further information from the Committee on this or any other issue.