HomeMy WebLinkAboutItem II Project Plan
Organizational Joint Review Board Meeting Held: Scheduled for June 21, 2016
Public Hearing Held: Scheduled for June 21, 2016
Consideration for Approval by Plan Commission: Scheduled for June 21, 2016
Consideration for Adoption by Common Council: Scheduled for July 12, 2016
Consideration for Approval by the Joint Review Board: TBD
June 7, 2016
Project Plan
Tax Incremental District No. 29
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Project Plan
Tax Incremental District No. 29
City of Oshkosh Officials
Common Council
Steve Cummings Mayor
Debra L. Allison-Aasby Deputy Mayor
Caroline Panske Council Member
Lori Palmeri Council Member
Thomas R. Pech, Jr. Council Member
Steve Herman Council Member
Ben Stepanek Council Member
City Staff
Mark Rohloff City Manager
Allen Davis Community Development Director
Darryn Burich Planning Director
Trena Larson Finance Director
Pamela Ubrig City Clerk
Lynn Lorenson City Attorney
Plan Commission
David Borsuk Donna Lohry
Edward Bowen Karl Nollenberger
Thomas Fojtik, Chair Kathleen Propp
Ben Krumenauer Jeffrey Thoms
John Hinz Robert Vajgrt
Joint Review Board
Mark Rohloff, City Manager City Representative
Mark Harris, County Executive Winnebago County
Melissa Kohn, Director – Oshkosh Campus Fox Valley Technical College District
Allison Garner, School Board President Oshkosh Area School District
Public Member
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Table of Contents
EXECUTIVE SUMMARY ........................................................................................................................................... 1
TYPE AND GENERAL DESCRIPTION OF DISTRICT ........................................................................................ 4
PRELIMINARY MAP OF PROPOSED DISTRICT BOUNDARY ........................................................................ 5
MAP SHOWING EXISTING USES AND CONDITIONS ...................................................................................... 6
PRELIMINARY PARCEL LIST AND ANALYSIS ................................................................................................... 7
EQUALIZED VALUE TEST ....................................................................................................................................... 8
STATEMENT OF KIND, NUMBER AND LOCATION OF PROPOSED PUBLIC WORKS AND OTHER
PROJECTS .................................................................................................................................................................. 9
MAP SHOWING PROPOSED IMPROVEMENTS AND USES ......................................................................... 14
DETAILED LIST OF PROJECT COSTS .............................................................................................................. 15
ECONOMIC FEASIBILITY STUDY, FINANCING METHODS, AND THE TIME WHEN COSTS OR
MONETARY OBLIGATIONS RELATED ARE TO BE INCURRED .................................................................. 17
ANNEXED PROPERTY........................................................................................................................................... 22
ESTIMATE OF PROPERTY TO BE DEVOTED TO RETAIL BUSINESS ...................................................... 22
PROPOSED ZONING ORDINANCE CHANGES ................................................................................................ 22
PROPOSED CHANGES IN MASTER PLAN, MAP, BUILDING CODES AND CITY OF OSHKOSH
ORDINANCES .......................................................................................................................................................... 22
RELOCATION ........................................................................................................................................................... 22
ORDERLY DEVELOPMENT OF THE CITY OF OSHKOSH ............................................................................. 23
LIST OF ESTIMATED NON-PROJECT COSTS ................................................................................................. 23
OPINION OF ATTORNEY FOR THE CITY OF OSHKOSH ADVISING WHETHER THE PLAN IS
COMPLETE AND COMPLIES WITH WISCONSIN STATUTES 66.1105 ...................................................... 24
CALCULATION OF THE SHARE OF PROJECTED TAX INCREMENTS ESTIMATED TO BE PAID BY
THE OWNERS OF PROPERTY IN THE OVERLYING TAXING JURISDICTIONS ...................................... 25
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Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 1 June 7, 2016
SECTION 1:
Executive Summary
Description of District
Type of District, Size and Location
Tax Incremental District No. 29 (the “TID” or “District”) is a proposed 36 acre blighted area district
located in downtown Oshkosh on the south side of the Fox River in the general area of Oregon Street and
Sixth Avenue. The proposed District, referred to as the “Morgan District” will be created to facilitate a
proposed 27 acre $55 million redevelopment project consisting of residential, commercial and retail uses.
The City owns an additional 8.9 acres within the proposed District with redevelopment potential. A map
of the proposed District boundaries is located in Section 3 of this plan.
Estimated Total Project Expenditures
The City anticipates making total Project Cost expenditures of approximately $38.8 million to facilitate
redevelopment within the District. This total is comprised of $26.3 million in potential “pay as you go”
development incentives, $5.7 million for riverwalk improvements and $6.8 million in street and other
public infrastructure improvements. The projections included in this plan indicate that while the District
will be able to fully fund the proposed development incentives, it will only be able to contribute
approximately $10 million towards the $12.5 million in costs for the riverwalk and other public
improvements which do not include the costs of related debt service. As such, it is expected that the City
will need to contribute other funds through its normal capital improvements planning to fully implement
the Projects outlined in the Plan.
Economic Development
As a result of the creation of this District, the City projects that additional land and improvements value
of approximately $57.7 million will be created as a result of redevelopment projects. This additional value
will be a direct result of the improvements made and projects undertaken within the District. A table
detailing assumptions as to the timing of new development and redevelopment and associated values is
located in Section 10 of this Plan. In addition, creation of the District is expected to result in other
economic benefits as detailed in the Summary of Findings hereafter.
Expected Termination of District
Based on the Economic Feasibility Study located in Section 10 of this plan, this District would be
expected to remain open for its 27 year maximum statutory life. As noted in the summary of Estimated
Total Project Expenditures above, the District is not expected to fully fund all related public
improvements. This could change if valuations exceed projections, or if properties within the area gain in
value as a result of economic appreciation which this Plan does not assume.
Summary of Findings
As required by Wisconsin Statutes Section 66.1105, and as documented in this Project Plan and the
exhibits contained and referenced herein, the following findings are made:
1. That “but for” the creation of this District, the development projected to occur as detailed in
this Project Plan: 1) would not occur; or 2) would not occur in the manner, at the values, or
within the timeframe desired by the City. In making this determination, the City has considered
the following information:
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_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 2 June 7, 2016
The economics associated with redevelopment projects which typically involve additional costs
related to demolition, site preparation, installation of necessary public and private infrastructure,
provision of adequate off-street parking, and other similar costs. As such, the City believes that
these sites are not likely to be redeveloped under normal market conditions without public
investment and participation.
The lack of other financial resources to pay the costs of the public infrastructure improvements
and other related expenditures that will be required to facilitate redevelopment including:
development incentive payments; repair or replacement of pavement surfaces; curb and gutter;
sidewalks; and repair or replacement of underlying utilities including sanitary sewer, storm sewer
and water main. Without the use of TIF to pay for or partially offset these costs, the City will not
undertake these improvements and expenditures.
2. The economic benefits of the Tax Incremental District, as measured by increased employment,
business and personal income, and property value, are sufficient to compensate for the cost of
the improvements. In making this determination, the City has considered the following information:
As demonstrated in the Economic Feasibility Section of this Project Plan, the tax increments
projected to be collected are sufficient to pay for the cost of the development incentives needed to
facilitate the desired redevelopment, and to also pay for a substantial portion of the public
improvements the City expects to make within the area.
The redevelopment expected to occur within the District will create approximately 400 residential
units, providing a variety of housing opportunities for City residents. Commercial and retail uses
to be located within the District will provide employment opportunities and services to residents
living within the District and the larger downtown area.
3. The benefits of the proposal outweigh the anticipated tax increments to be paid by the owners
of property in the overlying taxing jurisdictions.
If approved, the District’s creation would become effective for valuation purposes as of January
1, 2016. As of this date, the values of all existing real and personal property within the District
would be frozen and the property taxes collected on this base value would continue to be
distributed amongst the various taxing entities as they currently are now. Taxes levied on any
additional value established within the District due to new construction, renovation or
appreciation of property values occurring after January 1, 2016 would be collected by the TID
and used to repay the costs of TIF-eligible projects undertaken within the District.
Since the development expected to occur is unlikely to take place or in the same manner without
the use of TIF (see Finding #1) and since the District will generate economic benefits that are
more than sufficient to compensate for the cost of the improvements (see Finding #2), the City
reasonably concludes that the overall benefits of the District outweigh the anticipated tax
increments to be paid by the owners of property in the overlying taxing jurisdictions. It is further
concluded that since the “but for” test is satisfied, there would, in fact, be no foregone tax
increments to be paid in the event the District is not created. As required by Section
66.1105(4)(i)4., a calculation of the share of projected tax increments estimated to be paid by the
owners of property in the overlying taxing jurisdictions has been made and can be found in
Appendix A of this plan.
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_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 3 June 7, 2016
4. Not less than 50% by area of the real property within the District is a blighted area within the
meaning of Wisconsin Statutes Section 66.1105(2)(ae)1.
5. Based upon the finding stated above the District is declared to be a Blighted Area District based on
the identification and classification of the property included within the District.
6. The project costs relate directly to promoting the elimination of blight consistent with the purpose for
which the District is created.
7. The improvement of such area is likely to enhance significantly the value of substantially all of the
other real property in the District.
8. The equalized value of taxable property of the District, plus the value increment of all existing tax
incremental districts within the City, does not exceed 12% of the total equalized value of taxable
property within the City.
9. The City estimates that less than 35% of the territory within the District will be devoted to retail
business at the end of the District’s maximum expenditure period, pursuant to Wisconsin Statutes
Sections 66.1105(5)(b) and 66.1105(6)(am)1.
10. The Project Plan for the District in the City is feasible, and is in conformity with the master plan of
the City.
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_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 4 June 7, 2016
SECTION 2:
Type and General Description of District
The District, comprising 36 acres in downtown Oshkosh is being created by the City under the authority
provided by Wisconsin Statute Section 66.1105 and will be classified as a “blighted area” district based
on a finding that at least 50%, by area, of the real property within the District meets that condition as
defined in Wisconsin Statute Section 66.1105(2)(ae)1. The preliminary parcel list included in Section 5 to
this Plan identifies those parcels meeting those criteria. Collectively, these parcels represent 73.64% of
the total TID area.
Creation of the District is intended to facilitate achievement of the City’s project goals and desired
outcomes for this area by providing the means to recover a majority of the costs of the public investment
that will need to be made in the area, and to incentivize developers to make the necessary private
investment. A preliminary map of the proposed District boundary can be found in Section 3 of this Plan.
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Draft
_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 8 June 7, 2016
SECTION 6:
Equalized Value Test
The following calculations demonstrate that the City expects to be in compliance with Wisconsin Statutes
Section.66.1105(4)(gm)4.c. which requires that the equalized value of the taxable property in the
proposed District, plus the value increment of all existing tax incremental districts, does not exceed 12%
of the total equalized value of taxable property within the City. The equalized value of the increment of
existing tax incremental districts within the City, plus the base value of the proposed District, totals
$245,544,700. This value is less than the maximum of $449,237,400 in equalized value that is permitted
for the City of Oshkosh. The City therefore anticipates that it will be in compliance with the statutory
equalized valuation test and may proceed with creation of this District.
District Creation Date7/12/2016
Valuation DataPercentValuation Data
Currently AvailableChangeEst. Creation Date
2015
Total EV (TID In)3,743,645,0003,743,645,000
12% Test 449,237,400 449,237,400
Increment of Existing TIDs
140,981,300 140,981,300
568,200 568,200
266,200 266,200
3,972,600 3,972,600
10,624,400 10,624,400
18,070,500 18,070,500
7,736,900 7,736,900
5,095,700 5,095,700
11,724,400 11,724,400
13,335,400 13,335,400
9,302,100 9,302,100
00
5,700,300 5,700,300
00
8,327,900 8,327,900
9,838,800 9,838,800
00
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Total Existing Increment 245,544,700 23,867,000
Projected Base of New or Amended District 1,263,4581.00%1,276,092
Total Value Subject to 12% Test 246,808,158 25,143,092
Compliance PASS PASS
TID #12
TID #13
TID #14
TID #19
TID #20
TID #27
City of Oshkosh, Wisconsin
Tax Increment District # 29
Valuation Test Compliance Calculation
TID #23
TID #24
TID #25
TID #21
TID #15
TID #16
TID #17
TID #18
TID #7
TID #10
TID #11
TID #26
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_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 9 June 7, 2016
SECTION 7:
Statement of Kind, Number and Location of Proposed
Public Works and Other Projects
Project Costs are any expenditure made, estimated to be made, or monetary obligations incurred or
estimated to be incurred, by the City as outlined in this Plan.
Project Costs will be diminished by any income, special assessments or other revenues, including user
fees or charges received. To the extent the costs of a Project benefit the City outside the District that
proportionate share of the cost is not a Project Cost. Costs identified in this Plan are preliminary estimates
made prior to design considerations and are subject to change after planning is completed. Pro-ration of
costs in the Plan are also estimates and subject to change based upon implementation, future assessment
policies and user fee adjustments.
The following is a list of public works and other TIF-eligible projects that the City may need to
implement in conjunction with this District. Any costs necessary or convenient to the creation of the
District or directly or indirectly related to the public works and other projects are considered Project Costs
and eligible to be paid with tax increment revenues of the District.
Property, Right-of-Way and Easement Acquisition
Property Acquisition
In order to promote and facilitate redevelopment the City may acquire property within the District. The
cost of property acquired, and any costs associated with the transaction, are eligible Project Costs.
Following acquisition, other Project Costs within the categories detailed in this Section may be incurred
in order to make the property suitable for development. Any revenue received by the City from the sale
of property acquired pursuant to the execution of this Plan will be used to reduce the total project costs of
the District. If total Project Costs incurred by the City to acquire property and make it suitable for
development and/or redevelopment exceed the revenues or other consideration received from the sale or
lease of that property, the net amount shall be considered “real property assembly costs” as defined in
Wisconsin Statutes Section 66.1105(2)(f)1.c., and subject to recovery as an eligible Project Cost.
Acquisition of Rights-of-Way
The City may need to acquire property to allow for installation of streets, driveways, sidewalks, utilities,
stormwater management practices and other public infrastructure. Costs incurred by the City to identify,
negotiate and acquire rights-of-way are eligible Project Costs.
Acquisition of Easements
The City may need to acquire temporary or permanent easements to allow for installation and
maintenance of streets, driveways, sidewalks, utilities, stormwater management practices and other public
infrastructure. Costs incurred by the City to identify, negotiate and acquire easement rights are eligible
Project Costs.
Relocation Costs
If relocation expenses are incurred in conjunction with the acquisition of property, those expenses are
eligible Project Costs. These costs may include, but are not limited to: preparation of a relocation plan;
allocations of staff time; legal fees; publication of notices; obtaining appraisals; and payment of relocation
benefits as required by Wisconsin Statutes Sections 32.19 and 32.195.
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_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 10 June 7, 2016
Site Preparation Activities
Environmental Audits and Remediation
There have been no known environmental studies performed within the proposed District. If, however, it
becomes necessary to evaluate any land or improvement within the District, any cost incurred by the City
related to environmental audits, testing, and remediation are eligible Project Costs.
Demolition
In order to make sites suitable for development, the City may incur costs related to demolition and
removal of structures or other land improvements, to include abandonment of wells or other existing
utility services.
Site Grading
Land within the District may require grading to make it suitable for development and/or redevelopment,
to provide access, and to control stormwater runoff. The City may need to remove and dispose of excess
material, or bring in fill material to provide for proper site elevations. Expenses incurred by the City for
site grading are eligible Project Costs.
Utilities
Sanitary Sewer System Improvements
There are inadequate sanitary sewer facilities serving areas of the District. To allow redevelopment to
occur, the City may need to construct, alter, rebuild or expand sanitary sewer infrastructure within the
District. Eligible Project Costs include, but are not limited to, construction, alteration, rebuilding or
expansion of: collection mains; manholes and cleanouts; service laterals; force mains; interceptor sewers;
pumping stations; lift stations; wastewater treatment facilities; and all related appurtenances. To the extent
sanitary sewer projects undertaken within the District provide direct benefit to land outside of the District,
the City will make an allocation of costs based on such benefit. Those costs corresponding to the benefit
allocated to land within the District, and necessitated by the implementation of the Project Plan, are
eligible Project Costs. Implementation of the Project Plan may also require that the City construct, alter,
rebuild or expand sanitary sewer infrastructure located outside of the District. That portion of the costs of
sanitary sewer system projects undertaken outside the District which are necessitated by the
implementation of the Project Plan are eligible Project Costs. The improvements to the wastewater
treatment facilities, although not within the ½ mile radius, is an eligible project cost under Section
66.1105(2)(f)1 k.
Water System Improvements
There are inadequate water distribution facilities serving areas of the District. To allow redevelopment to
occur, the City may need to construct, alter, rebuild or expand water system infrastructure within the
District. Eligible Project Costs include, but are not limited to, construction, alteration, rebuilding or
expansion of: distribution mains; manholes and valves; hydrants; service laterals; pumping stations;
wells; water treatment facilities; storage tanks and reservoirs; and all related appurtenances. To the extent
water system projects undertaken within the District provide direct benefit to land outside of the District,
the City will make an allocation of costs based on such benefit. Those costs corresponding to the benefit
allocated to land within the District, and necessitated by the implementation of the Project Plan, are
eligible Project Costs. Implementation of the Project Plan may also require that the City construct, alter,
rebuild or expand water system infrastructure located outside of the District. That portion of the costs of
water system projects undertaken outside the District which are necessitated by the implementation of the
Project Plan are eligible Project Costs.
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_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 11 June 7, 2016
Stormwater Management System Improvements
Redevelopment within the District will cause stormwater runoff and pollution. To manage this
stormwater runoff, the City may need to construct, alter, rebuild or expand stormwater management
infrastructure within the District. Eligible Project Costs include, but are not limited to, construction,
alteration, rebuilding or expansion of: stormwater collection mains; inlets, manholes and valves; service
laterals; ditches; culvert pipes; box culverts; bridges; stabilization of stream and river banks; and
infiltration, filtration and detention Best Management Practices (BMP’s). To the extent stormwater
management system projects undertaken within the District provide direct benefit to land outside of the
District, the City will make an allocation of costs based on such benefit. Those costs corresponding to the
benefit allocated to land within the District, and necessitated by the implementation of the Project Plan,
are eligible Project Costs. Implementation of the Project Plan may also require that the City construct,
alter, rebuild or expand stormwater management infrastructure located outside of the District. That
portion of the costs of stormwater management system projects undertaken outside the District which are
necessitated by the implementation of the Project Plan are eligible Project Costs.
Electric Service
In order to create sites suitable for development, the City may incur costs to provide, relocate or upgrade
electric services. Relocation may require abandonment and removal of existing poles or towers,
installation of new poles or towers, or burying of overhead electric lines. Costs incurred by the City to
undertake this work are eligible Project Costs.
Gas Service
In order to create sites suitable for development, the City may incur costs to provide, relocate or upgrade
gas mains and services. Costs incurred by the City to undertake this work are eligible Project Costs.
Communications Infrastructure
In order to create sites suitable for development, the City may incur costs to provide, relocate or upgrade
infrastructure required for voice and data communications, including, but not limited to: telephone lines,
cable lines and fiber optic cable. Costs incurred by the City to undertake this work are eligible Project
Costs.
Streets and Streetscape
Street Improvements
There are inadequate street improvements serving areas of the District. To allow redevelopment to occur,
the City may need to reconstruct streets, highways, alleys, access drives and parking areas. Eligible
Project Costs include, but are not limited to: excavation; removal or placement of fill; construction of
road base; asphalt or concrete paving or repaving; installation of curb and gutter; installation of sidewalks
and bicycle lanes; installation of culverts, box culverts and bridges; utility relocation, to include burying
overhead utility lines; street lighting; installation of traffic control signage and traffic signals; pavement
marking; right-of-way restoration; installation of retaining walls; and installation of fences, berms, and
landscaping.
Streetscaping, Landscaping and Riverwalk
In order to attract development consistent with the objectives of this Plan, the City may install amenities
to enhance development sites, rights-of-way and other public spaces. These amenities include, but are not
limited to: landscaping; lighting of streets, sidewalks, parking areas and public areas; installation of
planters, benches, clocks, tree rings, trash receptacles and similar items; and installation of brick or other
decorative walks along the Fox River, terraces and street crossings. These and any other similar amenities
installed by the City are eligible Project Costs.
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_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 12 June 7, 2016
RDA Type Activities
Contribution to Redevelopment Authority
As provided for in Wisconsin Statues Sections 66.1105(2)(f)1.h and 66.1333(13), the City may provide
funds to its RDA to be used for administration, planning operations, and capital costs, including but not
limited to real property acquisition, related to the purposes for which it was established in furtherance of
any redevelopment or urban renewal project. Funds provided to the RDA for this purpose are eligible
Project Costs.
Revolving Loan/Grant Program
To encourage private redevelopment consistent with the objectives of this Plan, the City, through its
RDA, may provide loans and/or matching grants to eligible property owners in the District. Loan and/or
matching grant recipients will be required to sign an agreement specifying the nature of the property
improvements to be made. Eligible improvements will be those that are likely to improve the value of the
property, enhance the visual appearance of the property and surrounding area, correct safety deficiencies,
or as otherwise specified by the RDA in the program manual. Any funds returned to the RDA from the
repayment of loans made are not considered revenues to the District, and will not be used to offset
District Project Costs. Instead, these funds may be placed into a revolving loan fund and will continue to
be used for the program purposes stated above. Any funds provided to the RDA for purposes of
implementing this program are considered eligible Project Costs.
Miscellaneous
Cash Grants (Development Incentives)
The City may enter into agreements with property owners, lessees, or developers of land located within
the District for the purpose of sharing costs to encourage the desired kind of improvements and assure tax
base is generated sufficient to recover project costs. No cash grants will be provided until the City
executes a developer agreement with the recipient of the cash grant. Any payments of cash grants made
by the City are eligible Project Costs.
Projects Outside the Tax Increment District
Pursuant to Wisconsin Statutes Section 66.1105(2)(f)1.n, the City may undertake projects within territory
located within one-half mile of the boundary of the District provided that: 1) the project area is located
within the City’s corporate boundaries and 2) the projects are approved by the Joint Review Board. The
cost of projects completed outside the District pursuant to this section are eligible project costs, and may
include any project cost that would otherwise be eligible if undertaken within the District. The City
intends to repair or replace pavement surfaces, curb and gutter, sidewalks, and underlying utilities
(sanitary sewer, storm sewer and water main) on portions of Oregon Street, Iowa Street, Minnesota
Street, and West Fourth and Fifth Avenues. Segments of each identified street project comprise
either a portion of the TID boundary, or lie just outside of the TID boundary. The City intends for
the full cost of all identified street projects to be eligible Project Costs utilizing this provision.
Professional Service and Organizational Costs
The costs of professional services rendered, and other costs incurred, in relation to the creation,
administration and termination of the District, and the undertaking of the projects contained within this
Plan, are eligible Project Costs. Professional services include, but are not limited to: architectural;
environmental; planning; engineering; legal, audit; financial; and the costs of informing the public with
respect to the creation of the District and the implementation of the Plan.
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_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 13 June 7, 2016
Administrative Costs
The City may charge to the District as eligible Project Costs reasonable allocations of administrative
costs, including, but not limited to, employee salaries. Costs allocated will bear a direct connection to the
time spent by City employees in connection with the implementation of the Plan.
Financing Costs
Interest expense, debt issuance expenses, redemption premiums, and any other fees and costs incurred in
conjunction with obtaining financing for projects undertaken under this Plan are eligible Project Costs.
With all Projects the costs of engineering, design, survey, inspection, materials, construction, restoring
property to its original condition, apparatus necessary for public works, legal and other consultant fees,
testing, environmental studies, permits, updating City ordinances and plans, judgments or claims for
damages and other expenses are included as Project Costs.
In the event any of the Project Cost expenditures included in this Plan are determined not to be
reimbursable out of the TIF fund by counsel retained by the City for purposes of making such
determination, or a court of record so rules in a final order, then such Project Cost is deleted from this
Plan and the remainder of the Projects shall be deemed the entirety of the Projects for purposes of this
Plan.
The City reserves the right to implement only those projects that remain viable as the Plan period
proceeds.
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Draft
_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 15 June 7, 2016
SECTION 9:
Detailed List of Project Costs
All costs are based on 2016 prices and are preliminary estimates. The City reserves the right to increase
these costs to reflect inflationary increases and other uncontrollable circumstances between 2016 and the
time the expenditure is made. The City also reserves the right to increase certain Project Costs to the
extent others are reduced or not implemented without amending the Plan. The tax increment allocation is
preliminary and is subject to adjustment based upon the implementation of the Plan.
This Plan is not meant to be a budget nor an appropriation of funds for specific projects, but a
framework within which to manage projects. All costs included in the Plan are estimates based on
best information available. The City retains the right to delete projects or change the scope and/or
timing of projects implemented as they are individually authorized by the Common Council,
without amending the Plan.
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No
t
e
s
:
1Es
t
i
m
a
t
e
d
co
s
t
s
fo
r
ri
v
e
r
w
a
l
k
pr
o
v
i
d
e
d
by
D.
Bu
r
i
c
h
.
E‐ma
i
l
da
t
e
d
4‐28
‐20
1
6
.
2Es
t
i
m
a
t
e
d
co
s
t
s
fo
r
st
r
e
e
t
pr
o
j
e
c
t
s
pr
o
v
i
d
e
d
by
Je
f
f
Na
u
.
E‐ma
i
l
da
t
e
d
3‐9‐20
1
6
)
.
3Sc
o
p
e
of
wo
r
k
va
r
i
e
s
by
pr
o
j
e
c
t
bu
t
ma
y
in
c
l
u
d
e
re
p
a
i
r
or
re
p
l
a
c
e
m
e
n
t
of
pa
v
e
m
e
n
t
su
r
f
a
c
e
s
,
cu
r
b
an
d
gu
t
t
e
r
,
si
d
e
w
a
l
k
s
,
an
d
un
d
e
r
l
y
i
n
g
ut
i
l
i
t
i
e
s
(s
a
n
i
t
a
r
y
se
w
e
r
,
st
o
r
m
sewer and watermain).
4Se
g
m
e
n
t
s
of
ea
c
h
id
e
n
t
i
f
i
e
d
st
r
e
e
t
pr
o
j
e
c
t
co
m
p
r
i
s
e
ei
t
h
e
r
a po
r
t
i
o
n
of
th
e
TI
D
bo
u
n
d
a
r
y
,
or
li
e
ou
t
s
i
d
e
of
th
e
TI
D
bo
u
n
d
a
r
y
.
Th
e
fu
l
l
co
s
t
of
al
l
id
e
n
t
i
f
i
e
d
st
r
e
e
t
pr
o
j
e
c
t
s
are eligible Project Costs
as
th
e
i
r
co
m
p
l
e
t
i
o
n
is
ne
c
e
s
s
i
t
a
t
e
d
by
th
e
re
d
e
v
e
l
o
p
m
e
n
t
pr
o
p
o
s
e
d
wi
t
h
i
n
th
e
Di
s
t
r
i
c
t
.
To
th
e
ex
t
e
n
t
a po
r
t
i
o
n
of
a st
re
e
t
pr
oj
e
c
t
is
lo
c
a
t
e
d
ou
t
s
i
d
e
of
th
e
TI
D
bo
u
n
d
a
r
y
,
it remains an
el
i
g
i
b
l
e
Pr
o
j
e
c
t
Co
s
t
un
d
e
r
th
e
pr
o
v
i
s
i
o
n
s
of
Wi
s
c
o
n
s
i
n
St
a
t
u
t
e
66
.
1
1
0
5
(
2
)
(
f
)
1
.
n
.
(1
/
2
Mi
l
e
Ru
l
e
)
.
Ci
t
y
of
Os
h
k
o
s
h
,
Wi
s
c
o
n
s
i
n
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
# 29
Es
t
i
m
a
t
e
d
Pr
o
j
e
c
t
Li
s
t
Pr
o
j
e
c
t
ID
De
v
e
l
o
p
m
e
n
t
In
c
e
n
t
i
v
e
s
Ri
v
e
r
w
a
l
k
St
r
e
e
t
Im
p
r
o
v
e
m
e
n
t
s
Ad
m
i
n
i
s
t
r
a
t
i
o
n
Draft
_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 17 June 7, 2016
SECTION 10:
Economic Feasibility Study, Financing Methods, and the
Time When Costs or Monetary Obligations Related are to
be Incurred
The information and exhibits contained within this Section demonstrate that the proposed District is
economically feasible insofar as:
The City has available to it the means to secure the necessary financing required to accomplish
the projects contained within this Plan. A listing of “Available Financing Methods” follows.
The City expects to complete the projects in one or multiple phases, and can adjust the timing of
implementation as needed to coincide with the pace of private development. A discussion of the
phasing and projected timeline for project completion is discussed under “Plan Implementation”
within this Section. A table identifying the financing method for each phase and the time at which
that financing is expected to be incurred is included.
The development anticipated to occur as a result of the implementation of this Plan will generate
sufficient tax increments to pay for the cost of the Projects. Within this Section are tables
identifying: 1) the development and redevelopment expected to occur; 2) a projection of tax
increments to be collected resulting from that development and redevelopment and other
economic growth within the District; and 3) a cash flow model demonstrating that the projected
tax increment collections and all other revenues available to the District will be sufficient to pay
all Project Costs.
Available Financing Methods
To the extent Project Costs cannot be paid from cash on hand, the following is a list of the types of debt
obligations that the City could utilize to raise the capital needed to finance Project Costs or to pay
commitments to developers.
General Obligation (G.O.) Bonds or Notes
The City may issue G.O. Bonds or Notes to finance the cost of projects included within this Plan. The
Wisconsin State Constitution limits the principal amount of G.O. debt that the City may have outstanding
at any point in time to an amount not greater than five percent of its total equalized value. As of
December 31, 2015 the City had approximately $41.8 million in unused G.O. debt capacity available.
Bonds Issued to Developers (“Pay as You Go” Financing)
The City may issue a bond or other obligation to one or more developers who provide financing for
projects included in this Plan. Repayment of the amounts due to the developer under the bonds or other
obligations are limited to an agreed percentage of the available annual tax increments collected that result
from the improvements made by the developer. To the extent the tax increments collected are insufficient
to make annual payments, or to repay the entire obligation over the life of the District, the City’s
obligation is limited to not more than the agreed percentage of the actual increments collected. Bonds or
other obligations issued to developers in this fashion are not general obligations of the City and, therefore,
do not count against the City’s statutory borrowing capacity.
Dr
a
f
t
_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 18 June 7, 2016
Tax Increment Revenue Bonds
The City has the authority to issue revenue bonds secured by the tax increments to be collected. These
bonds may be issued directly by the City, or as a form of lease revenue bond by a Redevelopment
Authority. Tax Increment Revenue Bonds and Lease Revenue Bonds are not general obligations of the
City and therefore do not count against the City’s statutory borrowing capacity. To the extent tax
increments collected are insufficient to meet the annual debt service requirements of the revenue bonds,
the City may be subject to either a permissive or mandatory requirement to appropriate on an annual basis
a sum equal to the actual or projected shortfall.
Utility Revenue Bonds
The City can issue revenue bonds to be repaid from revenues of the its various systems, including
revenues paid by the City that represent service of the system to the City. There is neither a statutory nor
constitutional limitation on the amount of revenue bonds that can be issued, however, water rates are
controlled by the Wisconsin Public Service Commission and the City must demonstrate to bond
purchasers its ability to repay revenue debt with the assigned rates. To the extent the City utilizes utility
revenues other than tax increments to repay a portion of the bonds, the City must reduce the total eligible
Project Costs in an equal amount.
Special Assessment “B” Bonds
The City has the ability to levy special assessments against benefited properties to pay part of the costs for
street, curb, gutter, sewer, water, storm sewers and other infrastructure. In the event the City determines
that special assessments are appropriate, the City can issue Special Assessment B bonds pledging
revenues from special assessment installments to the extent assessment payments are outstanding. These
bonds are not counted against the City's statutory borrowing capacity. If special assessments are levied,
the City must reduce the total eligible Project Costs under this Plan in an amount equal to the total
collected.
Plan Implementation
The Plan includes potential Project Cost expenditures of approximately $38.8 million to facilitate
redevelopment within the District. This total is comprised of $26.3 million in potential “pay as you go”
development incentives, $5.7 million for riverwalk improvements and $6.8 million in street and other
public infrastructure improvements. The projections included in this plan indicate that while the District
will be able to fully fund the proposed development incentives, it will only be able to contribute
approximately $10 million towards the $12.5 million in costs for the riverwalk and other public
improvements which do not include the costs of related debt service. As such, it is expected that the City
will need to contribute other funds through its normal capital improvements planning to fully implement
the Projects outlined in the Plan.
It is important to note that this Plan does not constitute approval of any particular projects. Based on the
27 year maximum life of the District and corresponding 22 year expenditure period, it can be expected
that economic conditions will change throughout the District’s life and will alter the projections contained
in this Plan. Decisions to undertake specific Projects through the life of the District must be made in the
context of the current financial position of the TID and forecasts updated to reflect the best information
available at that time.
If financing as outlined in this Plan proves unworkable, the City reserves the right to use alternate
financing solutions for the projects as they are implemented.
Dr
a
f
t
__
_
_
_
_
_
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No
t
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s
:
1As
s
u
m
p
t
i
o
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s
as
to
ti
m
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g
fo
r
Mo
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a
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Dis
t
r
i
c
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pr
o
j
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c
t
ta
k
e
n
fr
o
m
"T
a
x
In
c
r
e
m
e
n
t
a
l
Fin
a
n
c
i
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g
Ap
p
l
i
c
a
t
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:
Mo
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a
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Dis
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r
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Re
d
e
v
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l
o
p
m
e
n
t
"
su
b
m
i
t
t
e
d
De
c
e
m
b
e
r
20
1
5
by
Th
e
Mo
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g
a
n
District, LLC.
2As
s
u
m
p
t
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o
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s
as
to
va
l
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fo
r
th
e
Mo
r
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a
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s
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pr
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pr
o
v
i
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d
by
Ci
t
y
as
s
e
s
s
o
r
pe
r
D.
Bu
r
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c
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c
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3‐2‐20
1
6
.
3Pr
o
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c
t
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d
va
l
u
e
fo
r
ot
h
e
r
fu
t
u
r
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re
d
e
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e
l
o
p
m
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n
t
sit
e
s
as
s
u
m
e
s
sa
m
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av
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r
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l
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a
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pe
r
ac
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as
Mo
r
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a
n
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s
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pr
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.
Pa
r
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13
is
ex
c
l
u
d
e
d
fr
o
m
ca
l
c
u
l
a
t
i
o
n
.
Co
n
s
t
r
u
c
t
i
o
n
Ye
a
r
Construction Year
Ci
t
y
of
Os
h
k
o
s
h
,
Wi
s
c
o
n
s
i
n
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
# 29
De
v
e
l
o
p
m
e
n
t
As
s
u
m
p
t
i
o
n
s
1 & 2
Draft
_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 20 June 7, 2016
Increment Revenue Projections
Type of DistrictBase Value1,263,458
District Creation DateAppreciation Factor0.00%x Apply to Base Value
Valuation DateJan 1,2016Base Tax Rate$25.95
Max Life (Years)Rate Adjustment Factor
Expenditure Periods/Termination227/12/2038
Revenue Periods/Final Year272044
Extension Eligibility/YearsYes 3 Tax Exempt Discount Rate 4.00%
Recipient District Taxable Discount Rate 5.50%
Construction
YearValue AddedValuation Year
Inflation
Increment
Total
IncrementRevenue YearTax Rate1 Tax Increment
Tax Exempt
NPV
Calculation
Taxable NPV
Calculation
1201602017002018$25.95 0 00
2201716,100,0002018016,100,0002019$25.95 417,776 386,257375,351
320187,200,0002019023,300,0002020$25.95 604,607 923,750890,243
4201921,800,0002020045,100,0002021$25.95 1,170,291 1,924,1201,834,921
520208,900,0002021054,000,0002022$25.95 1,401,235 3,075,8332,907,054
6202102022054,000,0002023$25.95 1,401,235 4,183,2493,923,294
7202202023054,000,0002024$25.95 1,401,235 5,248,0724,886,554
820233,700,0002024057,700,0002025$25.95 1,497,245 6,342,0955,862,158
9202402025057,700,0002026$25.95 1,497,245 7,394,0406,786,901
10202502026057,700,0002027$25.95 1,497,245 8,405,5257,663,434
11202602027057,700,0002028$25.95 1,497,245 9,378,1078,494,271
12202702028057,700,0002029$25.95 1,497,245 10,313,2829,281,795
13202802029057,700,0002030$25.95 1,497,245 11,212,48910,028,262
14202902030057,700,0002031$25.95 1,497,245 12,077,11110,735,815
15203002031057,700,0002032$25.95 1,497,245 12,908,47911,406,480
16203102032057,700,0002033$25.95 1,497,245 13,707,87012,042,182
17203202033057,700,0002034$25.95 1,497,245 14,476,51612,644,744
18203302034057,700,0002035$25.95 1,497,245 15,215,59813,215,892
19203402035057,700,0002036$25.95 1,497,245 15,926,25513,757,264
20203502036057,700,0002037$25.95 1,497,245 16,609,57814,270,414
21203602037057,700,0002038$25.95 1,497,245 17,266,62014,756,811
22203702038057,700,0002039$25.95 1,497,245 17,898,39015,217,852
23203802039057,700,0002040$25.95 1,497,245 18,505,86215,654,857
24203902040057,700,0002041$25.95 1,497,245 19,089,97016,069,079
25204002041057,700,0002042$25.95 1,497,245 19,651,61216,461,708
26204102042057,700,0002043$25.95 1,497,245 20,191,65216,833,867
27204202043057,700,0002044$25.95 1,497,245 20,710,92217,186,625
Totals57,700,0000Future Value of Increment36,341,288
Notes:
1Tax rate is actual rate for 2015/16 taken from the City's Tax Increment Worksheet (DOR Form PC‐202).
City of Oshkosh, Wisconsin
Tax Increment District # 29
Tax Increment Projection Worksheet
Blighted Area
July 12, 2016
27
Yes
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Projected TID Closure
Draft
_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 22 June 7, 2016
SECTION 11:
Annexed Property
There are no lands proposed for inclusion within the District that were annexed by the City on or after
January 1, 2004.
SECTION 12:
Estimate of Property to be Devoted to Retail Business
Pursuant to Wisconsin Statutes Sections 66.1105(5)(b) and 66.1105(6)(am)1, the City estimates that less
than 35% of the territory within the District will be devoted to retail business at the end of the District’s
maximum expenditure period.
SECTION 13:
Proposed Zoning Ordinance Changes
The proposed Plan is in general conformance with the City of Oshkosh’s present zoning and no changes
are anticipated to the Plan area’s C-3 PD Central Commercial Planned Development Overlay zoning to
implement the Plan.
SECTION 14:
Proposed Changes in Master Plan, Map, Building Codes
and City of Oshkosh Ordinances
The proposed Plan is in general conformance with the City of Oshkosh’s Comprehensive Plan identifying
the area as appropriate for mixed downtown development. All development within the District will be
required to conform to the State Building Codes and will be subject to the City's permitting and inspection
procedures. The proposed Plan conforms to all relevant State and local ordinances, plans, and codes, thus,
no changes to the existing regulations are proposed or needed.
SECTION 15:
Relocation
Where the relocation of individuals and business operations would take place as a result of the City’s
acquisition activities occurring within the District, relocation will be carried out in accordance with the
relocation requirements set forth in Chapter 32 of the Wisconsin Statutes and the Federal Uniform
Relocation Assistance and Real Property Acquisitions Policy Act of 1970 (P.L. 91-646) as applicable.
Dr
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f
t
_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 23 June 7, 2016
SECTION 16:
Orderly Development of the City of Oshkosh
Creation of the District and the implementation of the projects in its Plan will promote the orderly
redevelopment of the City of Oshkosh by eliminating blight, facilitating the assembly of parcels of land
suitable for redevelopment, providing necessary public infrastructure improvements and providing
appropriate financial incentives for private redevelopment projects. By utilizing the provisions of the Tax
Increment Finance Law, the City can stabilize property values and attract new investment that results in
increased tax base. Redevelopment will occur in an orderly fashion in accordance with approved plans so
that the projects will be compatible with adjacent land uses. Development of new uses in the District will
add to the tax base and will generate positive secondary impacts in the community such as additional
housing opportunities; increased employment opportunities; and amenities such as public open spaces and
riverwalks that will enhance the quality of life and recreational opportunities for residents and workers
within the District and the community at large.
SECTION 17:
List of Estimated Non-Project Costs
Non-Project costs are public works projects that only partly benefit the District or are not eligible to be
paid with tax increments, or costs not eligible to be paid with TIF funds.
Examples would include:
A public improvement made within the District that also benefits property outside the District. That
portion of the total project costs allocable to properties outside of the District would be a non-project cost.
A public improvement made outside the District that only partially benefits property within the District.
That portion of the total project costs allocable to properties outside of the District would be a non-project
cost.
Projects undertaken within the District as part of the implementation of this Project Plan, the costs of
which are paid fully or in part by impact fees, grants, special assessments, or revenues other than tax
increments.
The City does not anticipate making any non-project costs in connection with the implementation of this
Plan.
Dr
a
f
t
_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 24 June 7, 2016
SECTION 18:
Opinion of Attorney for the City of Oshkosh Advising
Whether the Plan is Complete and Complies with
Wisconsin Statutes 66.1105
June 7, 2016
SAMPLE
Mayor Steve Cummings
City of Oshkosh
215 Church Avenue
Oshkosh, Wisconsin 54903
RE: City of Oshkosh, Wisconsin Tax Incremental District No. 29
Dear Mayor:
As City Attorney for the City of Oshkosh, I have reviewed the Project Plan and, in my opinion, have
determined that it is complete and complies with Wisconsin Statutes Section 66.1105(4)(f).
Sincerely,
Attorney Lynn Lorenson
City of Oshkosh Dr
a
f
t
_____________________________________________________________________________________________
Project Plan TID No. 29 Creation City of Oshkosh
Submitted by Ehlers Page 25 June 7, 2016
Exhibit A:
Calculation of the Share of Projected Tax Increments
Estimated to be Paid by the Owners of Property in the
Overlying Taxing Jurisdictions
Statement of Taxes Data Year:2014
Percentage
Winnebago County 19,340,25519.73%
City of Oshkosh 40,840,02241.67%
Oshkosh Area School District33,943,22534.63%
Fox Valley Technical College3,890,9003.97%
Total 98,014,402
Revenue Year
Winnebago
CountyCity of Oshkosh
Oshkosh Area
School District
Fox Valley
Technical
CollegeTotalRevenue Year
2018000002018
2019 82,436174,076144,67916,585417,7762019
2020 119,301251,924209,38124,001604,6072020
2021 230,922487,629405,28246,4571,170,2912021
2022 276,492583,858485,26055,6251,401,2352022
2023 276,492583,858485,26055,6251,401,2352023
2024 276,492583,858485,26055,6251,401,2352024
2025 295,437623,863518,50959,4361,497,2452025
2026 295,437623,863518,50959,4361,497,2452026
2027 295,437623,863518,50959,4361,497,2452027
2028 295,437623,863518,50959,4361,497,2452028
2029 295,437623,863518,50959,4361,497,2452029
2030 295,437623,863518,50959,4361,497,2452030
2031 295,437623,863518,50959,4361,497,2452031
2032 295,437623,863518,50959,4361,497,2452032
2033 295,437623,863518,50959,4361,497,2452033
2034 295,437623,863518,50959,4361,497,2452034
2035 295,437623,863518,50959,4361,497,2452035
2036 295,437623,863518,50959,4361,497,2452036
2037 295,437623,863518,50959,4361,497,2452037
2038 295,437623,863518,50959,4361,497,2452038
2039 295,437623,863518,50959,4361,497,2452039
2040 295,437623,863518,50959,4361,497,2452040
2041 295,437623,863518,50959,4361,497,2452041
2042 295,437623,863518,50959,4361,497,2452042
2043 295,437623,863518,50959,4361,497,2452043
2044 295,437623,863518,50959,4361,497,2452044
7,170,88315,142,45812,585,2981,442,64836,341,288
Notes:
The projection shown above is provided to meet the requirments of Wisconsin Statute 66.1105(4)(i)4.
Estimated portion of taxes that owners of taxable property in each taxing jurisdiction
overlaying district would pay by jurisdiction.
Dr
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