HomeMy WebLinkAboutItem I-Project Plan
Organizational Joint Review Board Meeting Held: Scheduled for August 2, 2016
Public Hearing Held: Scheduled for August 2, 2016
Consideration for Approval by Plan Commission: Scheduled for August 2, 2016
Consideration for Adoption by Common Council: Scheduled for August 23, 2016
Consideration for Approval by the Joint Review Board: TBD
July 27, 2016
Project Plan
Tax Incremental District No. 30
Project Plan
Tax Incremental District No. 30
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
Table of Contents
EXECUTIVE SUMMARY...........................................................................................................................................1
TYPE AND GENERAL DESCRIPTION OF DISTRICT ........................................................................................4
PRELIMINARY MAPS OF PROPOSED DISTRICT BOUNDARY......................................................................5
MAPS SHOWING EXISTING USES AND CONDITIONS ...................................................................................7
PRELIMINARY PARCEL LIST AND ANALYSIS ...................................................................................................9
EQUALIZED VALUE TEST.....................................................................................................................................10
STATEMENT OF KIND, NUMBER AND LOCATION OF PROPOSED PUBLIC WORKS AND OTHER
PROJECTS................................................................................................................................................................11
MAPS SHOWING PROPOSED IMPROVEMENTS AND USES ......................................................................14
DETAILED LIST OF PROJECT COSTS ..............................................................................................................16
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
APPENDIX A – TAX INCREMENT FINANCING APPLICATION……………………………………………...26
APPENDIX B – MARKET STUDY AND INVESTMENT ANALYSIS REPORT (INVESTA-ANALYTICS)….38
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 1 July 27, 2016
SECTION 1:
Executive Summary
Description of District
Type of District, Size and Location
Tax Incremental District No. 30 (the “TID” or “District”) is a proposed one acre district in need of
rehabilitation or conservation located in downtown Oshkosh at the intersection of Washington and State
Street. The proposed District will be created to help support a proposed renovation of the Fraternal
Reserve Association Building located at 105 Washington Avenue involving conversion of roughly 29,100
sq. ft. of vacant commercial space to twenty residential apartment units. The District also includes a
public parking lot currently owned by the City which will be partially converted to enclosed private
parking, and an additional commercial building located at 300 State Street which could potentially be
rehabilitated in the future. 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 $680,000 to facilitate
rehabilitation of 105 Washington Avenue including an estimated $530,000 for development incentives,
$88,000 for parking lot reconstruction and the balance for administrative expense and payment of interest
on funds expected to be advanced to the District to cover necessary expenditures prior to establishment of
the District’s increment revenue stream. No specific Project Costs are identified for 300 State Street,
however, the City would expect to make available appropriate development incentives or other assistance
at the time a rehabilitation project is proposed without further amending this Plan.
Economic Development
As a result of the creation of this District, the City projects that additional land and improvements value
of approximately $1.3 million will be created as a result of the rehabilitation project and subsequent
economic appreciation. 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 development 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 25 years of its 27 year maximum statutory life.
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:
The economics associated with rehabilitation projects which typically involve additional costs
such as abatement of hazardous materials, utility relocations, use of high end finishes needed to
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 2 July 27, 2016
attract tenants, provision of adequate off-street parking through the construction of garages, 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.
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 and other
related Project Costs needed to facilitate the desired rehabilitation work.
The rehabilitation expected to occur within the District will create 20 residential units, providing
housing opportunities for City residents.
It is expected that the rehabilitation project will create a 0.5 Full-Time Equivalent (FTE) position
for property management and another 0.5 FTE position for property maintenance.
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.
4. Not less than 50% by area of the real property within the District is in need of rehabilitation or
conservation work within the meaning of Wisconsin Statutes Section 66.1337(2m)(b).
5. Based upon the finding stated above the District is declared to be a District In Need of Rehabilitation
of Conservation based on the identification and classification of the property included within the
District.
6. The Project Costs relate directly to promoting rehabilitation or conservation consistent with the
purpose for which the District is created.
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 3 July 27, 2016
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.
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 4 July 27, 2016
SECTION 2:
Type and General Description of District
The District, comprising one acre in downtown Oshkosh at the intersection of Washington and State
Street, is being created by the City under the authority provided by Wisconsin Statute Section 66.1105
and will be classified as a district “in need of rehabilitation or conservation” 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 66.1337(2m)(a). The preliminary parcel list included in Section 5 to this Plan identifies
those parcels meeting those criteria. Collectively, these parcels represent 100% of the total District 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 pay the necessary costs needed to incentivize the
developer to undertake the rehabilitation project. A preliminary map of the proposed District boundary
can be found in Section 3 of this Plan.
______________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 5 July 27, 2016
SECTION 3:
Preliminary Maps of Proposed District Boundary
______________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 6 July 27, 2016
______________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 7 July 27, 2016
SECTION 4:
Maps Showing Existing Uses and Conditions
______________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 8 July 27, 2016
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_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 10 July 27, 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
$246,105,970. 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 Date9/1/2016
Valuation DataPercentValuation Data
Currently AvailableChangeEst. Creation Date
2015
Total EV (TID In)3,743,645,0003,743,645,000
12% Test449,237,400449,237,400
Increment of Existing TIDs
140,981,300140,981,300
568,200568,200
266,200266,200
3,972,6003,972,600
10,624,40010,624,400
18,070,50018,070,500
7,736,9007,736,900
5,095,7005,095,700
11,724,40011,724,400
13,335,40013,335,400
9,302,1009,302,100
00
5,700,3005,700,300
00
8,327,9008,327,900
9,838,8009,838,800
00
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Total Existing Increment245,544,700245,544,700
Projected Base of New or Amended District561,270561,270
Total Value Subject to 12% Test246,105,970246,105,970
Compliance PASSPASS
TID #27
TID #21
TID #23
TID #24
TID #25
TID #26
TID #20
TID #11
TID #12
TID #13
TID #14
TID #15
TID #16
TID #17
TID #18
TID #19
TID #10
City of Oshkosh, Wisconsin
Tax Increment District # 30
Valuation Test Compliance Calculation
TID #7
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 11 July 27, 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.
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 12 July 27, 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.
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.
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 13 July 27, 2016
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.
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.
______________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 14 July 27, 2016
SECTION 8:
Maps Showing Proposed Improvements and Uses
______________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 15 July 27, 2016
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 16 July 27, 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.
Proposed TIF Project Cost Estimates
Projected
Project IDProject Name/TypeTotalYear
1Parking Lot Reconstruction1 88,0002016
2Development Incentive2 530,7392018 ‐ 2042
3Administrative Expense3 36,0002016 ‐ 2042
4Interest on Advances3 24,1622018 ‐ 2037
Total Projects678,901
Notes:
1Reflects City contribution requested by developer and listed within the "Tax Incremental Financing Policy and Application" dated April 30, 2016.
2Projected incentive amount based on 25 years of tax increment after recovering all other City costs.
3Calculated by Ehlers.
City of Oshkosh, Wisconsin
Tax Increment District # 30
Estimated Project List
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 17 July 27, 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.
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 18 July 27, 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 City anticipates making total Project Cost expenditures of approximately $680,000 to support
rehabilitation of 105 Washington Avenue including an estimated $530,000 for development incentives,
$88,000 for public parking lot reconstruction and the balance for administrative expense and payment of
interest on funds expected to be advanced to the District to cover necessary expenditures prior to
establishment of the District’s increment revenue stream. The City expects to incur the development
incentive obligation through a development agreement to be entered into in 2016, with payments to be
made on a “pay as you go” basis through the life of the District. The City would also incur the cost for
parking lot reconstruction in 2016 and expects to advance funds for this purpose with recovery of the
advanced amounts and accrued interest over time. No specific Project Costs are identified for 300 State
Street, however, the City would expect to make available appropriate development incentives or other
assistance at the time a rehabilitation project is proposed without further amending this 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.
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 19 July 27, 2016
Development Assumptions
Actual 20 Unit Apt.
Building1 Annual Total
12016856,287856,28720161
22017020172
32018020183
42019020194
52020020205
62021020216
72022020227
82023020238
92024020249
1020250202510
1120260202611
1220270202712
1320280202813
1420290202914
1520300203015
1620310203116
1720320203217
1820330203318
1920340203419
2020350203520
2120360203621
2220370203722
2320380203823
2420390203924
2520400204025
2620410204126
2720420204227
Totals0856,287856,287
Notes:
1Projected valuation as estimated by developer and listed within the "Tax Incremental Financing Policy
1and Application" dated April 30, 2016. Converted to equalized value by Ehlers.
Construction YearConstruction Year
City of Oshkosh, Wisconsin
Tax Increment District # 30
Development Assumptions
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 20 July 27, 2016
Increment Revenue Projections
Type of DistrictBase Value561,270
District Creation DateAppreciation Factor1.00%x Apply to Base Value
Valuation DateJan 1,2016Base Tax Rate$25.95
Max Life (Years)Rate Adjustment Factor
Expenditure Period/Termination229/1/2038
Revenue Periods/Final Year272044
Extension Eligibility/YearsYes3Discount Rate2.05%
Recipient District
Construction
YearValue AddedValuation Year
Inflation
Increment
Total
IncrementRevenue YearTax Rate1 Tax IncrementNPV Calculation
12016856,28720175,613861,9002018$25.95 22,365 21,916
220170201814,232876,1312019$25.95 22,735 43,746
320180201914,374890,5052020$25.95 23,108 65,489
420190202014,518905,0232021$25.95 23,484 87,142
520200202114,663919,6862022$25.95 23,865 108,705
620210202214,810934,4952023$25.95 24,249 130,174
720220202314,958949,4532024$25.95 24,637 151,548
820230202415,107964,5602025$25.95 25,029 172,827
920240202515,258979,8192026$25.95 25,425 194,008
1020250202615,411995,2302027$25.95 25,825 215,090
1120260202715,5651,010,7952028$25.95 26,229 236,071
1220270202815,7211,026,5152029$25.95 26,637 256,951
1320280202915,8781,042,3932030$25.95 27,049 277,728
1420290203016,0371,058,4302031$25.95 27,465 298,401
1520300203116,1971,074,6272032$25.95 27,885 318,968
1620310203216,3591,090,9862033$25.95 28,310 339,429
1720320203316,5231,107,5082034$25.95 28,739 359,783
1820330203416,6881,124,1962035$25.95 29,172 380,028
1920340203516,8551,141,0512036$25.95 29,609 400,164
2020350203617,0231,158,0742037$25.95 30,051 420,190
2120360203717,1931,175,2672038$25.95 30,497 440,105
2220370203817,3651,192,6332039$25.95 30,947 459,909
2320380203917,5391,210,1722040$25.95 31,402 479,600
2420390204017,7141,227,8862041$25.95 31,862 499,177
2520400204117,8921,245,7782042$25.95 32,326 518,641
2620410204218,0701,263,8482043$25.95 32,795 537,991
2720420204318,2511,282,0992044$25.95 33,269 557,226
Totals856,287425,813Future Value of Increment744,966
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 # 30
Tax Increment Projection Worksheet
Rehabilitation
September 1, 2016
27
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TID Closure
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 22 July 27, 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 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.
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 23 July 27, 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 preserving, rehabilitating and reusing existing structures. 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. 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 and increased employment opportunities.
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.
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 24 July 27, 2016
SECTION 18:
Opinion of Attorney for the City of Oshkosh Advising
Whether the Plan is Complete and Complies with
Wisconsin Statutes 66.1105
July 27, 2016
SAMPLE
Mayor Steve Cummings
City of Oshkosh
215 Church Avenue
Oshkosh, Wisconsin 54903
RE: City of Oshkosh, Wisconsin Tax Incremental District No. 30
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
_____________________________________________________________________________________________
Project Plan TID No. 30 Creation City of Oshkosh
Submitted by Ehlers Page 25 July 27, 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 County19,340,25519.73%
City of Oshkosh40,840,02241.67%
Oshkosh Area School District33,943,22534.63%
Fox Valley Technical College3,890,9003.97%
Total98,014,402
Revenue Year
Winnebago
CountyCity of Oshkosh
Oshkosh Area
School District
Fox Valley
Technical
CollegeTotalRevenue Year
20184,4139,3197,74588822,3652018
20194,4869,4737,87390222,7352019
20204,5609,6288,00291723,1082020
20214,6349,7858,13393223,4842021
20224,7099,9448,26594723,8652022
20234,78510,1048,39896324,2492023
20244,86110,2668,53297824,6372024
20254,93910,4298,66899425,0292025
20265,01710,5948,8051,00925,4252026
20275,09610,7618,9431,02525,8252027
20285,17610,9299,0831,04126,2292028
20295,25611,0999,2251,05726,6372029
20305,33711,2719,3671,07427,0492030
20315,41911,4449,5111,09027,4652031
20325,50211,6199,6571,10727,8852032
20335,58611,7969,8041,12428,3102033
20345,67111,9759,9521,14128,7392034
20355,75612,15510,1021,15829,1722035
20365,84212,33710,2541,17529,6092036
20375,93012,52110,4071,19330,0512037
20386,01812,70710,5611,21130,4972038
20396,10712,89510,7171,22930,9472039
20406,19613,08510,8751,24731,4022040
20416,28713,27611,0341,26531,8622041
20426,37913,47011,1951,28332,3262042
20436,47113,66511,3571,30232,7952043
20446,56513,86211,5211,32133,2692044
146,997310,408257,98829,573744,966
Notes:
The projection shown above is provided to meet the requirements 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.
Appendix A
Tax Increment Financing Application
Pa
g
e
2
6
Pa
g
e
2
7
28
29
30
31
32
33
34
35
36
37
Appendix B
Market Study and Investment Analysis
Report (Investa-Analytics)
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55