HomeMy WebLinkAbout06. 17-49
FEBRUARY 14, 2017 17-49 RESOLUTION
(CARRIED____5-0___ LOST______LAID OVER______WITHDRAWN______)
PURPOSE: AUTHORIZE SUBMITTING APPLICATION TO WISCONSIN
ECONOMIC DEVELOPMENT CORPORATION FOR
COMMUNITY DEVELOPMENT INVESTMENT GRANT FOR
SOUTH MAIN STREET IMPROVEMENTS BY THE ARENA;
ACCEPT FUNDS
INITIATED BY: COMMUNITY DEVELOPMENT DEPARTMENT
WHEREAS, the Wisconsin Economic Development Corporation (WEDC) has
grant funds available for projects to support local initiatives with a downtown emphasis
by providing financial incentives for projects that are downtown community driven; and
WHEREAS, local municipalities are an eligible applicant and can apply for said
grant funds; and
WHEREAS, the City is applying for said grant funds for the proposed private
multi-purpose arena project on the former Buckstaff site at 1212 South Main Street to
offset public infrastructure improvement costs.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the proper City officials are hereby authorized to submit a Community
Development Investment grant application to Wisconsin Economic Development
Corporation to obtain funds for said purpose.
BE IT FURTHER RESOLVED that if said grant funds are awarded, the proper City
officials are hereby authorized and directed to accept said funds, pursuant to the terms
of the grant application, and to execute any and all documents and assurances which may
be required for purposes of same.
TO: Honorable Mayor and Members of the Common Council
FROM: Kelly Nieforth, Economic Development Services Manager
DATE: February 6, 2017
RE: Authorize Submitting Application to Wisconsin Economic Development
Corporation for Community Development Investment Grant for S. Main Street
Improvements by the Arena; Accept Funds
BACKGROUND
Staff will be submitting a $250,000 Community Development Investment (CDI) grant
application to WEDC to offset a portion of the public infrastructure improvement costs that are
necessary for the proposed private multi-purpose arena on the former Buckstaff site.
Fox Valley Pro Basketball, Inc. is proposing a $21 million dollar investment in the city's south
shore area which includes a multi-purpose arena, parking lot, and public infrastructure
upgrades to accommodate the development.
ANALYSIS
The public infrastructure improvements for the arena will be paid for by the developer and
will be no cost to the city. The grant is intended to offset some costs for the developer.
Specifically, the grant is proposed to fund street lights along S. Main St. in front of the arena, a
traffic signal on E. 11th Ave, and a widened sidewalk along S. Main St. All these items will
drastically improve pedestrian and vehicular safety near the arena.
The former Buckstaff site is currently being prepared for development. The general schedule
for the project is:
• Geo -pier installation starts February 20th, 2017
• Arena construction starts March 6th, 2017
• Public improvements start July, 2017
• Arena construction complete in November, 2017
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us
FISCAL IMPACT
Fox Valley Pro Basketball, Inc. will be responsible to pay for the arena construction and
necessary public infrastructure improvements. A Tax Incremental District is being proposed to
payback the public infrastructure improvements and extraordinary site development costs (geo-
piers, stormwater, and contamination) through pay -go tax incremental financing. This grant will
minimize pay -go payments to the developer and allow the City to terminate the District earlier
than the allowed 27 years.
RECOMMENDATION
The City Council approves the submission of the WEDC CDI grant application and accepts the
WEDC CDI grant funds should it be awarded.
Respectfully Submitted,
S
Kelly Nieforth
Economic Development Services Manager
Approved:
Mark A. Rohloff
City Manager
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us