HomeMy WebLinkAboutItem V Project Plan
Organizational Joint Review Board Meeting: Scheduled for June 20, 2017
Public Hearing: Scheduled for June 20, 2017
Approval by Plan Commission: Scheduled for June 20, 2017
Adoption by Common Council: Scheduled for July 11, 2017
Approval by the Joint Review Board: TBD
June 14, 2017
Project Plan for the Creation of
Tax Incremental District No. 33
(Lamico Redevelopment)
Tax Incremental District No. 33 Creation
Project Plan
City of Oshkosh Officials
Common Council
Steve Cummings Mayor
Steve Herman Deputy Mayor
Debra L. Allison-Aasby Council Member
Lori Palmeri Council Member
Caroline Panske Council Member
Thomas R. Pech, Jr. Council Member
Jake Krause Council Member
City Staff
Mark Rohloff City Manager
Allen Davis Community Development Director
Lynn Lorenson City Attorney
Darryn Burich Planning Director
Kelly Nieforth Economic Development Services Manager
Trena Larson Finance Director
Pamela Ubrig City Clerk
Plan Commission
David Borsuk John Kiefer
Edward Bowen Kathleen Propp
Thomas Fojtik, Chair Jeffrey Thoms
Mike Ford Robert Vajgrt
John Hinz Mayor Steve Cummings
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 School District
Bill Castle Public Member
Table of Contents
EXECUTIVE SUMMARY ........................................................................................................................... 4
TYPE AND GENERAL DESCRIPTION OF DISTRICT .............................................................................. 7
PRELIMINARY MAPS OF PROPOSED DISTRICT BOUNDARY .............................................................. 8
MAPS SHOWING EXISTING USES AND CONDITIONS ........................................................................ 10
PRELIMINARY PARCEL LIST AND ANALYSIS ...................................................................................... 12
EQUALIZED VALUE TEST ...................................................................................................................... 13
STATEMENT OF KIND, NUMBER AND LOCATION OF PROPOSED PUBLIC WORKS AND OTHER
PROJECTS .............................................................................................................................................. 14
MAP SHOWING PROPOSED IMPROVEMENTS AND USES ................................................................ 17
DETAILED LIST OF PROJECT COSTS .................................................................................................. 19
ECONOMIC FEASIBILITY STUDY, FINANCING METHODS, AND THE TIME WHEN COSTS OR
MONETARY OBLIGATIONS RELATED ARE TO BE INCURRED .......................................................... 20
ANNEXED PROPERTY ........................................................................................................................... 25
ESTIMATE OF PROPERTY TO BE DEVOTED TO RETAIL BUSINESS ................................................ 25
PROPOSED ZONING ORDINANCE CHANGES ..................................................................................... 25
PROPOSED CHANGES IN MASTER PLAN, MAP, BUILDING CODES AND CITY OF OSHKOSH
ORDINANCES ......................................................................................................................................... 25
RELOCATION .......................................................................................................................................... 25
ORDERLY DEVELOPMENT OF THE CITY OF OSHKOSH .................................................................... 26
LIST OF ESTIMATED NON-PROJECT COSTS ...................................................................................... 26
OPINION OF ATTORNEY FOR THE CITY OF OSHKOSH ADVISING WHETHER THE PLAN IS
COMPLETE AND COMPLIES WITH WISCONSIN STATUTES 66.1105 ................................................ 27
CALCULATION OF THE SHARE OF PROJECTED TAX INCREMENTS ESTIMATED TO BE PAID BY
THE OWNERS OF PROPERTY IN THE OVERLYING TAXING JURISDICTIONS ................................. 28
APPENDIX A- DEVELOPER'S TAX INCREMENTAL FINANCING APPLICATION...............................29
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 4 June 14, 2017
SECTION 1:
Executive Summary
Description of District
Type of District, Size and Location
Tax Incremental District (“TID”) No. 33 (the “TID” or “District”) is a proposed 5.5 acre blighted area
district located on Marion Road opposite The Rivers Senior Living apartments. The site was the former
location of Lamico, Inc., a manufacturer of wooden crutches which discontinued operations in 2011. The
Lamico complex contains a number of functionally obsolete and deteriorating structures. Creation of the
District is intended to assist with the removal of existing blighted and functionally obsolete structures,
environmental remediation and other site preparation costs to allow for construction of “Annex 71”: a
140-unit multi-family residential complex oriented towards student housing. A map of the proposed
District boundaries can be found in Section 3 of this plan.
Estimated Total Project Expenditures.
The City anticipates making total Project Cost expenditures of approximately $3.9 million to facilitate
clean up and redevelopment on the site. The estimated expenditures include $3.3 million in projected
development incentives to be made on a “pay as you go” basis, $530,000 for installation of cul-de-sacs on
Dawes Street and Riverway Drive and for trail/riverwalk improvements, and $33,000 for administrative
expenses that will be incurred over the life of the District.
Economic Development
The City projects that new land and improvement value of approximately $15.2 million will result from
construction of the project. This additional value will be a result of the improvements made and projects
undertaken within the District. A table detailing assumptions as to the redevelopment timing and
associated values is included 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 13-years based on current projections. The statutory maximum life of the
District would be 27-years.
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:
At the City’s request, Ehlers completed a limited independent review of the developer’s sources
and uses, and cash flow proforma for project. (Summary of results to be included pending
completion of review).
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 5 June 14, 2017
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 more than sufficient to pay for the proposed project costs. On this
basis alone, the finding is supported.
The development expected to occur within the District would create approximately 140
residential units for students.
The proposed development will significantly increase the property value of the site from its
current base value.
The proposed new student oriented housing community represents a significant enhancement of
added value to the private off campus housing market currently offered in the region.
The proposed development could have a positive impact on university enrollment which has
declined 3.7% since 2011. Students surveyed indicated that they would welcome more student
centric off campus housing.
Removal of a blighting influence in the Marion Road area that may be impacting the City’s
ability to redevelop other property in the immediate 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, 2017. As of this date, the values of all existing development 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, 2017 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 a blighted area within the
meaning of Wisconsin Statutes Section 66.1105(2)(ae)1.
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 6 June 14, 2017
5. Based upon the findings, as 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 approximately none 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. 33 Creation City of Oshkosh
Prepared by Ehlers Page 7 June 14, 2017
SECTION 2:
Type and General Description of District
The District, comprising approximately 5.5 acres located on Marion Road opposite The Rivers Senior
Living apartments, 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 100% of the total District area.
Creation of the District is intended to assist with the removal of existing blighted and functionally
obsolete structures, environmental remediation and other site preparation costs to allow for construction
of “Annex 71”: a 140-unit multi-family residential complex oriented towards student housing. The
property’s current state and land use is incompatible with the City’s land use plans for the area which call
for more mixed use and residential development in the area. A preliminary map of the proposed District
boundary can be found in Section 3 of this Plan.
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 8 June 14, 2017
SECTION 3:
Preliminary Maps of Proposed District Boundary
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 9 June 14, 2017
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 10 June 14, 2017
SECTION 4:
Maps Showing Existing Uses and Conditions
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 11 June 14, 2017
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 12 June 14, 2017
SECTION 5:
Preliminary Parcel List and Analysis
City of Oshkosh, WI
Tax Increment District # 33
Base Property Information
Parcel NumberStreet AddressOwnerAcreageLandImpTotal
Equalized
Value
Ratio2 LandImpTotalBlighted3
Rehab/
Conservation
01‐0236‐0000482 MARION RDLAMICO INC2.48043,700195,200238,90099.76%43,805195,670239,4752.480
01‐0241‐0000474 MARION RDLAMICO INC2.57044,700558,400603,10099.76%44,808559,743604,5512.570
01‐0249‐0000450 MARION RDCITY OF OSHKOSH0.41000099.76%0000.410
01‐0243‐03000 DAWES STREETCITY OF OSHKOSH RDA0.04400099.76%0000.044
Total Acreage5.504 88,400753,600842,00088,613755,4135.5040
100.00%0.00%
Estimated Base Value844,026
NOTES:
1Property and assessment information per City of Oshkosh Parcel Viewer on 5‐22‐2017.
2Equalization ratio as of January 1, 2016 as published by the Wisconsin Department of Revenue.
3Properties to be located within the District consist of land upon which buildings or structures have been demolished and which because of obsolete platting, diversity of ownership,
3deterioration of structures or site improvements, or otherwise, substantially impairs or arrests the sound growth of the community consistent with Wis. Stat. § 66.1105(2)(ae)1.b.
Property Information1 Assessment Information1 Equalized ValueDistrict Classification
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 13 June 14, 2017
SECTION 6:
Equalized Value Test
The following calculations demonstrate that the City is 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 $264,138,900. This value is less than the maximum of $453,147,036
in equalized value that is permitted for the City of Oshkosh. The City therefore expects to be in
compliance with the statutory equalized valuation test and may proceed with creation of this District.
District Creation Date7/11/2017
Valuation DataPercentValuation Data
Currently AvailableChangeEst. Creation Date
2016
Total EV (TID In)3,776,225,3003,776,225,300
12% Test453,147,036453,147,036
Total Existing Increment264,138,900264,138,900
Projected Base of New or Amended District844,026844,026
Total Value Subject to 12% Test264,982,926264,982,926
Compliance PASSPASS
City of Oshkosh, WI
Tax Increment District # 33
Valuation Test Compliance Calculation
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 14 June 14, 2017
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
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.
Site Preparation Activities
Environmental Audits and Remediation
If 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.
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 construct and/or 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; utility relocation; 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.
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 15 June 14, 2017
Streetscaping and Landscaping
To attract redevelopment 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, terraces and street crossings. These and any other similar amenities installed by the
City are eligible Project Costs.
RDA Type Activities
Contribution to Redevelopment Authority
As provided for in Wisconsin Statue Sections 66.1105(2)(f)1h 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 make the following project cost expenditures outside the District: installation of a cul-de-sac on
Riverway Drive, and Riverwalk improvements and trail connections. Riverwalk improvements include a
pedestrian trail linking the riverwalk to the proposed development and to the north to Pearl Avenue which
improvements enhance multimodal transportation circulation for the area.
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 16 June 14, 2017
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.
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 17 June 14, 2017
SECTION 8:
Map Showing Proposed Improvements and Uses
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 18 June 14, 2017
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 19 June 14, 2017
Supporting Project List Providing Basis for Development Incentive1
Soft Costs 85,770
Environmental Remediation 727,000
Sitework 1,120,730
Concrete 242,000
Contingency 200,000
Subtotal 2,375,500
Overhead and Profit @ 5.5%130,653
Total 2,506,153
Estimated Project List
Project IDProject Name/TypeProjected YearEstimated Cost
1Development Incentive Principal(Total from Above)2,506,153
2Development Incentive Interest828,357
3Riverwalk/Trail Connections2 350,000
4Dawes St. Cul‐de‐sac2 90,000
5Riverway Dr. Cul‐de‐sac2 90,000
6Administrative Expense33,000
Total Projects 3,897,510
Notes:
1Environmental and site related costs as provided by Annex Student Living via e‐mail dated 5‐22‐2017.
2Cost estimates per City staff e‐mail dated 5‐22‐2017 and 6‐13‐2017.
City of Oshkosh, WI
Tax Increment District # 33
Estimated Project List
SECTION 9:
Detailed List of Project Costs
All costs are based on 2017 prices and are preliminary estimates. The City reserves the right to increase
these costs to reflect inflationary increases and other uncontrollable circumstances between 2017 and the
time of construction. 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
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 20 June 14, 2017
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.
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 redevelopment expected to occur, 2) a projection of tax increments to be
collected resulting from 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
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, 2016, the City had approximately $48.6 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.
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 21 June 14, 2017
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 (RDA). 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 $3.7 million to facilitate
redevelopment on the site. The estimated expenditures include $3.3 million in projected development
incentives to be made on a “pay as you go” basis, $530,000 for installation of cul-de-sacs on Dawes Street
and Riverway Drive and for trail/riverwalk improvements, and $33,000 for administrative expenses that
will be incurred over the life of the District. Expenditures are expected to be made in the timeframes
identified on the Detailed List of Project Costs included in Section 9, and will be paid from tax
incremental revenues of the District as those revenues are received. The City expects to advance funds to
the District as needed to pay the costs of professional and other services related to creation of the District
and it administration during the District’s initial two years when no increment will be generated. These
advances will be repaid as funds become available. Alternatively, the City could choose to borrow the
amounts needed to fund project costs in advance of the availability of tax increments to pay them.
Development incentive payments will be made only following receipt of associated tax increment revenue
from the Project, and will be limited to no more than 90% of the available increment.
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.
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 22 June 14, 2017
Development Assumptions
ActualDemo Loss Annex 71
Project1 Annual Total
12017 (755,413)(755,413)20171
2201815,960,00015,960,00020182
32019 020193
42020 020204
52021 020215
62022 020226
72023 020237
82024 020248
92025 020259
102026 0202610
112027 0202711
122028 0202812
132029 0202913
142030 0203014
152031 0203115
162032 0203216
172033 0203317
182034 0203418
192035 0203519
202036 0203620
212037 0203721
222038 0203822
232039 0203923
242040 0204024
252041 0204125
262042 0204226
272043 0204327
Totals0 (755,413)15,960,00015,204,587
Notes:
1Estimated valuation per City Assessor (E‐mail dated 5‐22‐2017 from City staff).
Construction Year Construction Year
City of Oshkosh, WI
Tax Increment District # 33
Development Assumptions
_____________________________________________________________________________________________
Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 23 June 14, 2017
Increment Revenue Projections
Type of DistrictBase Value844,026
District Creation DateAppreciation Factor0.00%Apply to Base Value
Valuation DateJan 1,2017Base Tax Rate$26.98
Max Life (Years)Rate Adjustment Factor
Expenditure Period/Termination227/11/2039
Revenue Periods/Final Year272045
Extension Eligibility/YearsYes3Tax Exempt Discount Rate3.00%
Recipient DistrictTaxable Discount Rate4.50%
Construction
YearValue AddedValuation Year
Inflation
Increment
Total
IncrementRevenue YearTax Rate1 Tax Increment
Tax Exempt
NPV
Calculation
Taxable NPV
Calculation
12017 ‐755,41320180 ‐755,4132019$26.98 0 00
2201815,960,0002019015,204,5872020$26.98 410,267 364,517344,034
3201902020015,204,5872021$26.98 410,267 718,417673,254
4202002021015,204,5872022$26.98 410,267 1,062,010988,296
5202102022015,204,5872023$26.98 410,267 1,395,5941,289,772
6202202023015,204,5872024$26.98 410,267 1,719,4631,578,266
7202302024015,204,5872025$26.98 410,267 2,033,8991,854,336
8202402025015,204,5872026$26.98 410,267 2,339,1762,118,519
9202502026015,204,5872027$26.98 410,267 2,635,5622,371,325
10202602027015,204,5872028$26.98 410,267 2,923,3152,613,245
11202702028015,204,5872029$26.98 410,267 3,202,6872,844,747
12202802029015,204,5872030$26.98 410,267 3,473,9223,066,280
13202902030015,204,5872031$26.98 410,267 3,737,2573,278,274
14203002031015,204,5872032$26.98 410,267 3,992,9223,481,138
15203102032015,204,5872033$26.98 410,267 4,241,1403,675,267
16203202033015,204,5872034$26.98 410,267 4,482,1293,861,036
17203302034015,204,5872035$26.98 410,267 4,716,0994,038,806
18203402035015,204,5872036$26.98 410,267 4,943,2544,208,920
19203502036015,204,5872037$26.98 410,267 5,163,7924,371,709
20203602037015,204,5872038$26.98 410,267 5,377,9084,527,488
21203702038015,204,5872039$26.98 410,267 5,585,7874,676,558
22203802039015,204,5872040$26.98 410,267 5,787,6114,819,210
23203902040015,204,5872041$26.98 410,267 5,983,5574,955,718
24204002041015,204,5872042$26.98 410,267 6,173,7965,086,348
25204102042015,204,5872043$26.98 410,267 6,358,4945,211,353
26204202043015,204,5872044$26.98 410,267 6,537,8125,330,975
27204302044015,204,5872045$26.98 410,267 6,711,9075,445,446
Totals15,204,5870Future Value of Increment10,666,947
Notes:
1Tax rate shown is actual TID Interim Rate for the 2016/17 levy per DOR Form PC‐202 (Tax Increment Collection Worksheet).
City of Oshkosh, WI
Tax Increment District # 33
Tax Increment Projection Worksheet
Blighted Area
July 11, 2017
27
Yes
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5
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1
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2,5
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2
2
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9
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4
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4
1
0
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2
6
7
1
4
0
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1
0
0
55
0
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3
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8
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0
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55
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3
6
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5
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2
2
0
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3
8
0
2
0
4
0
20
4
1
4
1
0
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2
6
7
1
5
6
,
6
1
1
56
6
,
8
7
9
00
0
0
56
6
,
8
7
9
5
,
7
8
7
,
2
5
8
2
0
4
1
20
4
2
4
1
0
,
2
6
7
1
7
3
,
6
1
8
58
3
,
8
8
5
00
0
0
58
3
,
8
8
5
6
,
3
7
1
,
1
4
3
2
0
4
2
20
4
3
4
1
0
,
2
6
7
1
9
1
,
1
3
4
60
1
,
4
0
2
00
0
0
60
1
,
4
0
2
6
,
9
7
2
,
5
4
5
2
0
4
3
20
4
4
4
1
0
,
2
6
7
2
0
9
,
1
7
6
61
9
,
4
4
4
00
0
0
61
9
,
4
4
4
7
,
5
9
1
,
9
8
8
2
0
4
4
20
4
5
4
1
0
,
2
6
7
2
2
7
,
7
6
0
63
8
,
0
2
7
00
0
0
63
8
,
0
2
7
8
,
2
3
0
,
0
1
5
2
0
4
5
To
t
a
l
1
0
,
6
6
6
,
9
4
7
1
,
6
4
0
,
0
2
9
12
,
3
0
6
,
9
7
6
3,
5
1
3
,
9
6
1
5
3
0
,
0
0
0
3
3
,
0
0
0
4,
0
7
6
,
9
6
1
Total
No
t
e
s
:
1Ne
g
a
t
i
v
e
in
t
e
r
e
s
t
ea
r
n
i
n
g
s
re
f
l
e
c
t
as
s
u
m
e
d
in
t
e
r
e
s
t
ex
p
e
n
s
e
at
3%
to
be
ch
a
r
g
e
d
to
th
e
Di
s
t
r
i
c
t
on
ad
v
a
n
c
e
s
or
pr
o
c
e
e
d
s
of
lo
n
g
te
r
m
de
b
t
us
e
d
to
fu
n
d
pr
o
j
e
c
t
co
s
t
s
.
2In
c
e
n
t
i
v
e
am
o
u
n
t
s
,
pa
y
m
e
n
t
pe
r
c
e
n
t
a
g
e
s
,
te
r
m
an
d
in
t
e
r
e
s
t
ra
t
e
sh
o
w
n
fo
r
pu
r
p
o
s
e
s
of
es
t
a
b
l
i
s
h
i
n
g
ec
o
n
o
m
i
c
fe
a
s
i
b
i
l
i
t
y
on
l
y
.
Th
e
Cit
y
ha
s
no
t
ag
r
e
e
d
to
1te
r
m
s
or
co
n
d
i
t
i
o
n
s
wi
t
h
th
e
pro
p
o
s
e
d
de
v
e
l
o
p
e
r
as
to
an
y
pu
b
l
i
c
pa
r
t
i
c
i
p
a
t
i
o
n
in
th
e
pr
o
j
e
c
t
.
3Be
g
i
n
n
i
n
g
pr
i
n
c
i
p
a
l
am
o
u
n
t
sh
o
w
n
ta
k
e
n
fr
o
m
de
v
e
l
o
p
e
r
'
s
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_____________________________________________________________________________________________
Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 25 June 14, 2017
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 none
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 UMU-PD (Urban Mixed Use-Planned Development) zoning.
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
Implementation of this Plan will not require relocation of individuals or business operations. If relocation
were to become necessary, it 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. 33 Creation City of Oshkosh
Prepared by Ehlers Page 26 June 14, 2017
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
development of the City of Oshkosh by eliminating blight and encouraging compatible redevelopment of
an underutilized site. Former industrial use of the site is incompatible with City’s long terms plans for the
area which call for development of more housing and mixed use development and the relocation of older
industrial uses from the area. Redevelopment in the District will add to the tax base, provide additional
housing opportunities, and will generate positive secondary impacts in the community such as increased
employment opportunities and increased demand for services.
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 expect to incur any non-project costs in the implementation of this Project Plan.
_____________________________________________________________________________________________
Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 27 June 14, 2017
SECTION 18:
Opinion of Attorney for the City of Oshkosh Advising
Whether the Plan is Complete and Complies with
Wisconsin Statutes 66.1105
_____________________________________________________________________________________________
Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 28 June 14, 2017
Statement of Taxes Data Year:2015
Winnebago County19,019,113Percentage
City of Oshkosh40,658,28919.58%
School District of Oshkosh Area33,555,43841.85%
Fox Valley Technical College3,910,23434.54%
Total97,143,074
Revenue Year
Winnebago
CountyCity of Oshkosh
School District
of Oshkosh
Area
Fox Valley
Technical
CollegeTotalRevenue Year
2019000002019
202080,324171,713141,71616,514410,2672020
202180,324171,713141,71616,514410,2672021
202280,324171,713141,71616,514410,2672022
202380,324171,713141,71616,514410,2672023
202480,324171,713141,71616,514410,2672024
202580,324171,713141,71616,514410,2672025
202680,324171,713141,71616,514410,2672026
202780,324171,713141,71616,514410,2672027
202880,324171,713141,71616,514410,2672028
202980,324171,713141,71616,514410,2672029
203080,324171,713141,71616,514410,2672030
203180,324171,713141,71616,514410,2672031
203280,324171,713141,71616,514410,2672032
203380,324171,713141,71616,514410,2672033
203480,324171,713141,71616,514410,2672034
203580,324171,713141,71616,514410,2672035
203680,324171,713141,71616,514410,2672036
203780,324171,713141,71616,514410,2672037
203880,324171,713141,71616,514410,2672038
203980,324171,713141,71616,514410,2672039
204080,324171,713141,71616,514410,2672040
204180,324171,713141,71616,514410,2672041
204280,324171,713141,71616,514410,2672042
204380,324171,713141,71616,514410,2672043
204480,324171,713141,71616,514410,2672044
204580,324171,713141,71616,514410,2672045
2,088,4244,464,5473,684,607429,36910,666,947
Note: 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.
Exhibit A:
Calculation of the Share of Projected Tax Increments
Estimated to be Paid by the Owners of Property in the
Overlying Taxing Jurisdictions
May 2, 2017
Mr. Mark Rohloff
City Manager
City of Oshkosh, Wisconsin
215 Church Avenue
Oshkosh, WI 54903
RE: TIF Application, 474-478 Marion Road, Annex 71, LLC
Dear Mr. Rohloff,
Enclosed is all necessary information for your review of the TIF request for the proposed redevelopment at 474-478
Marion Road.
Description of Site and Building
This project will consist of a four-story complex with approximately 140 units and 310 bedrooms. Surface parking
will be provided at a ratio of 0.8 spaces per bed as is consistent with our other developments across the country and
a portion of the parking provided will be covered. The units offered are fully furnished, will include washers and
dryers, and each bedroom has its own bathroom. A clubhouse will also be provided with an indoor fitness room,
gathering spaces and study/conference rooms available to residents.
Current and Proposed Users
The current use of the property is a vacant, dilapidated, uninhabitable collection of industrial buildings. The current
buildings were developed in the 1940s, 1950s, and 1984 and were permanently closed in 2012. Railroad siding along
the north and west borders were removed by 2005.
The proposed use would be demolition of the current blighted buildings to build a multifamily facility with fully
furnished units and amenities for the residents.
Description of End Users
The proposed users of the redevelopment would be primarily students from the University of Wisconsin, Oshkosh.
In addition the new complex would also house young professionals working in an around the City of Oshkosh.
Profitability
Based our internal Market Analysis and the Market Study conducted by Landmark Properties, there is clear demand
for this type of project within the City of Oshkosh around the UW Oshkosh Campus. Our market study also indicated
the rents projected and thus return projected are in line with the surrounding market rent rates.
Description of Public Benefits
Currently the site sits inside the Marion Road Redevelopment District but was never added to the district. Several
new developments surround the property but this site remains an eye sore for the area.
As part of the redevelopment, Annex 71 agrees to dedicate public R/W in order to provide a turn-around and snow
push area for the City at the end of the current Dawes Street. In addition a public easement will be granted along
the eastern boundary for the City to add bike path and pedestrian connection from the dead end of Riverway Drive.
This provides an avenue for connectivity to the Oshkosh Riverwalk.
Page 29
Pa
g
e
3
0
ANNEX 71
OSHKOSH, WISCONSIN
PROJECT NARRATIVE
About Annex Student Living
Annex Student Living is a fast-growing student housing developer serving the needs of colleges and universities
throughout the Midwest. Annex was formed with the purpose to create student living communities at regional
campuses, community colleges and Division II & III universities. Our goal is to bring the life experience and benefits
of big campus living to smaller campus communities.
Founded in 2009, Annex has a portfolio of communities in operation or development valued at more than $150
million. We take pride in creating environments that promote resident life and community belonging as this truly
impacts our residents’ futures and academic success. Each Annex development is strategically planned and executed
to ensure a finished product that is cohesive with the goals and values of the schools and communities we serve.
Annex has nearly 2,000 beds in various stages of operation in Indiana, Illinois, Ohio and Michigan with several
hundred more in development in Indiana, and Missouri. Our rapid growth has been facilitated through public-private
partnerships, unique financing methods and community redevelopment efforts.
It is our mission to provide memorable college experiences through unique housing opportunities that serve as a
catalyst for economic development. We seek to:
· Create community by establishing relationships and trust with open communication to create a family
atmosphere.
· Innovate solutions by seeking input from our tenants, and adapting and absorbing that information to
provide a superior product
· Calculate risk by carefully analyzing the market to understand potential threats and create contingency
plans.
· Enhance culture of every student, campus and community.
Our property management company, Landmark Properties, Inc., is committed to building a community where people
feel that they belong, fit in and are cared for. A sense of community emerges when residents participate in events
allowing them to become better acquainted with roommates and other residents. This will help to foster better
friendships and give residents a chance to experience things beyond their normal school routine. It is also our goal
to assist in enhancing the overall quality of life for every resident by addressing four key components to a well-
rounded experience.
The four basic programming goals for Landmark communities are represented with the acronym P.A.W.S. Programs
targeting residents at Landmark communities will target the following core goals: Philanthropy, Academic, Wellness,
and Social. Every Landmark community is expected to complete two programs in each of the four P.A.W.S categories
per semester.
By focusing on programming that touches on the four core P.A.W.S. areas, Landmark gives residents a chance to
connect with others and experience personal growth.
Page 31
Current and Proposed Site Condition
In reviewing available information back to 1890 the Site was occupied by Radford Bros Lumber Yard with railroad
siding along the north and west boundaries. By 1903, multiple industrial structure were developed on the southeast
portion, which were occupied by The R. R. Starkweather Co., manufacturers of interior finishing.
The site consists of approximate 5 acres and the current use of the property is approximately 80,000 square feet of
vacant, dilapidated, uninhabitable collection of industrial buildings. The current buildings were developed in the
1940s, 1950s, and 1984. The west portion of the Site was occupied by Sexton Can Co. and/or Cook & Brown Lime
Co. yards from approximately 1958 to 1962; and Bel/Fab/Medalist Industries, metal product manufacturers from
approximately 1972 to 1987. The central and east portions of the Site were occupied by Oshkosh Wood Products
Corp from at least 1949 until approximately 1972. Lamico, Inc. and/or Urban Enterprises, manufacturers primarily
of wood and metal crutches, also occupied the central and east portions of the Site by the late 1950s or 1960s, and
subsequently the entire Site, until 2012, when it was permanently closed. Railroad siding along the north and west
borders was removed by 2005.
Annex 71, LLC conducted a Phase I & Limited Phase II Environmental Site Investigation, methane testing, and
geotechnical investigation. All of those reports indicate some remediation/containment/restrictions will be
necessary due to contaminants found in the soil and groundwater, in addition to a large amount of organic material
located beneath the surface. Geopiers will be required for the foundations in lieu of a standard foundation and slab.
Lastly the buildings have tested positive for asbestos which will require remediation during demolition.
The proposed use would be demolition of the current blighted buildings to build a multifamily facility with fully
furnished units and amenities for the residents.
Construction and Specific Site & Building Information
All 80,000 square feet of the existing buildings will be demolished with the construction of this project.
This project will consist of a 142,380 square foot, four-story apartment complex with 140 units and 310 bedrooms.
The exterior materials will include brick, metal panels, stucco and some fiber cement panel system as accent.
Structural foundations required aggregate piers due to the instability of the previous fill materials present on the
site.
The complex will include indoor bicycle parking/storage, a clubhouse which will include a full kitchen for community
functions or student gatherings, leasing offices, fitness room, conferences/study rooms, and other gathering spaces
for residents. The current plan also offers a large outdoor amenity areas with views of the river. We anticipate these
will be used as outdoor recreation areas.
Unit breakdown and square footages for the fully furnished units are as follows:
1 Bed/1 Bath 536 SF 60 Units
2 Bed/2 Bath 777 SF 27 Units
2 Bed/2 Bath 850 SF 8 Units
4 Bed/4 Bath 1296 SF 45 Units
249 surface parking will be provided at a ratio of 0.8 spaces per bed as is consistent with our other developments
across the country and a portion of the parking provided will be covered.
Page 32
This project will consist of two phases with the entire building and parking west of the building being completed
first. The City and Developer intend to swap parcels. The water tower parcel will eventually become a part of this
development and the area to the north of the water tower will become City land for a future water tower. This land
swap may necessitate a second phase to the development if the water tower demolition is delayed for any reason.
Existing TID
The property is surrounded by the Marion Road Redevelopment District but the current owners elected not to be
included in the district. This project is consistent with the vision for the redevelopment in the area.
Green Features
Annex 71 is currently researching the possibility of including some solar energy on the exterior parking canopy to
power some if not all of the common areas on the site. In addition, the amount of surface parking has been reduced
to match what is typically developed at other properties. This increases the green area on the site and reduces the
impervious area. The sidewalk along Marion Road will be widened to enhance the pedestrian experience along the
road and our leasing office and clubhouse are designed to integrate the pedestrian activity along Marion Road with
the atmosphere at the subject property. There are two stormwater ponds which are designed as amenity areas with
one being located directly next to the main entrance and the clubhouse area. Indoor bicycle parking will be an
amenity for the residents along with required bicycle parking on the exterior of the site.
We will recycle all concrete and asphalt during demo unless contaminated. We will purchase at least 10% of
materials within 500 miles. Entire project will be lit inside and out with LED fixtures. All paint will be low VOC as
well as all flooring will be made from recycled content. All fixtures will be water sense labeled and windows will be
energy star rated.
Page 33
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
What is TIF?
Tax Incremental Financing (TIF) is a special funding tool available to local municipalities that spurs
economic development which otherwise would not occur. When a Tax Increment District (TID) is created
property owners within the district continue to pay the same property tax rates as those outside the district.
The difference is that tax collections, over and above the “base value” are placed into a special fund that is
used to pay for project costs. Once all costs incurred by the creation of the TID are recooped by the
TIF Authority:
The authority and regulations for Tax Incremental Financing and the establishment of Tax Increment
Districts are found in Wis. Stats. 66.1105. The City of Oshkosh reserves the right to be more restrictive than
provided under the statutes.
additional tax increment created the TID is closed
and the additional property taxes created are shared
by all taxing entities. The use of TIF varies from
project to project and district to district. In some
cases, the City uses TIF to promote redevelopment
of older parts of the community. In other cases the
City uses TIF to create industrial parks through
land acquisition and construction of infrastructure.
In both cases, increased property tax collections are
used to pay down debt service associated with
project costs. The following outlines the City’s
policy regarding TIF.
Base Property Tax
Still Distrubuted to Taxing Entities
TIF Created
Tax Increment Created
Used for Project Costs
TIF Closed
Post TIF
Property Tax
Shared by all
Taxing Entities
Pr
o
p
e
r
t
y
V
a
l
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e
Time
Purpose:
The purpose of this Policy is to articulate to existing or potential businesses the City of Oshkosh’s desire to
promote economic development that is consistent with the City’s Comprehensive Plan and provides a
community benefit that will ultimately be shared by all taxing entities (City, School, Technical College,
County, and State) impacted through the establishment of Tax Increment District (TID).
Notwithstanding compliance with any or all of the guidelines herein, the provision of TIF assistance is a
policy choice to be evaluated on a case-by-case basis by the Common Council. The burden of establishing
the public value of TIF shall be placed upon the applicant and the application must substantially meet the
criteria contained herein. City Administration reserves the right to bring any TIF proposal forward for
Council consideration.
Meeting statutory requirements, policy guidelines or other criteria listed herein does not guarantee the
provision of TIF financial assistance nor does the approval or denial of one project set precedent for
approval or denial of another project.
Page 34
City
of
Oshkosh
TIF Objectives:
The City will consider utilizing Tax Incremental Financing to meet the following basic objectives:
1. Stimulate and continued revitalization of the central city and downtown area by:
a. Improving infrastructure;
b. Creating a variety of housing opportunities to increase the number of downtown residents;
c. Preventing or eliminating slums and blighting conditions;
d. Constructing mixed-use developments;
e. Attracting desirable businesses and retaining existing businesses.
f. Encouraging development projects that enhance the streetscape and pedestrian experience and
improve the vitality of the downtown area by adding interest and activity on the first floor of
mixed- use buildings.
2. Promote efficient usage of land through redevelopment of blighted areas.
3. Strengthen the economic base of the City and support Economic Development.
4. Stabilize and upgrade targeted neighborhoods.
5. Create and retain family supporting jobs in the City.
6. Increase property values and tax revenues.
7. Leveraging the maximum amount of non-city funds into a development and back into the community.
Basic Provisions:
As a matter of policy the City of Oshkosh will consider using Tax Incremental Financing to assist private
development in those circumstances where the proposed private project shows a demonstrated financial gap
and that the financial assistance request is the minimum necessary to make the project feasible. The developer
is expected to have exhausted every other financial alternative(s) prior to requesting the use of TIF, including
equity participation, other federal and state funds, bonds, tax credits, loans, etc.
It is the intent of the City to provide the minimum amount of Tax Incremental Financing assistance to make the
project viable and not solely to broaden a developer’s profit margin on the project. Prior to consideration of a
Tax Incremental Financing request, the City will undertake (at the requestor’s cost) an independent analysis of
the project to ensure the request for assistance is valid.
In requesting TIF assistance, the developer must demonstrate that there will be a substantial and significant
public benefit to the community by eliminating blight, strengthening the economic and employment base of
the City, positively impacting surrounding neighborhoods, increasing property values and the tax base, creating
new and retaining existing jobs, and implementing the Comprehensive Plan.
Each project and location is unique and therefore every proposal shall be evaluated on its individual merit,
including its potential impact on city service levels, its overall contribution to the economy and its consistency
with the Comprehensive Plan, Strategic Plan or other community planning documents. Each project must
demonstrate probability of financial success.
“BUT FOR” TIF
Tax Incremental Financing
Policy and Application
The fundamental principle and that which the City must determine through information provided by the
developer is that the project would not occur “but for” the assistance provided through Tax Incremental Financ-
ing. The burden is on the developer to make this case to the City and not the City to make this case for the
developer. Should this “but for” determination not be made, Tax Incremental Financing for the project cannot
move forward.
Page 35
City
of
Oshkosh
What Development is Eligible?
The type of development that the City will consider TIF funding includes:
1. Business development (attraction, retention, expansion). TIF assistance will be evaluated on its
impact on existing local markets.
2. Mixed-use developments that creatively integrate commercial and retail projects into a residential
development.
3. Revitalization of historically significant or deteriorated buildings.
4. Projects that promote central city office and retail development.
5. Projects that promote neighborhood stabilization or revitalization.
6. Projects that promote industrial development.
7. Projects consistent with approved TIF Project Plans.
8. Projects that involve environmental clean-up, removal of slum and blighting conditions.
9. Projects that contribute to the implementation of other public policies, as adopted by the city in its
strategic plans such as promotion of high quality architectural design, energy conservation (i.e.
LEED, Energy Star, etc), green infrastructure, etc.
What Development is Ineligible?
Tax Incremental Financing
Policy and Application
The Rivers Assisted Living Facility was completed in 2011 within TID #21 also known as the Fox River Corridor Project.
Basler Turbo Conversions is located in TID #8, South Aviation Park, which was developed in 1991 and is approximately 256 acres.
The City will not favor use of TIF funding to help support the following types of development.
1. Speculative office development without one or more anchor tenants.
2. Relocation of offices, retail and/or commercial uses for purposes other than retaining or
substantially expanding the business.
3. Office and retail development outside of the central city unless part of a city owned business or
industrial park.
4. Stand alone residential development projects unless limited by site and environmental conditions
beyond which make the project financially infeasible.
5. Projects not consistent with the Comprehensive Plan.
Page 36
City
of
Oshkosh
Eligible Costs:
TIF eligible expenditures are defined by Section 66.1105(2)(e) of Wisconsin Statutes, which the City of
Oshkosh may further limit on a project by project basis. The following are typical eligible costs.
All of the following financial criteria must be met in order to be considered for TIF assistance.
Tax Incremental Financing
Policy and Application
7. Development Incentives in the form of loans or grants.
1. Capital costs, including actual costs of:
a. Construction of public works or improvements;
b. Construction of new buildings, structures, and fixtures;
c. Demolition, alteration, rehabilitation, repair or reconstruction of existing buildings,
structures and fixtures, other than historic buildings and structures.
d. Acquisition of equipment to service the district;
e. Restoration of soil or groundwater affected by environmental pollution; and
f. Clearing and grading of land.
2. Real property assembly costs.
3. Professional service costs (planning, architectural, engineering, and legal).
4. Relocation costs.
5. Environmental remediation.
6. Organizational costs (environmental and other studies, publication and notification costs).
Criteria for TIF Assistance:
1. Equity Requirement. Developers must provide a minimum 15% equity of total project costs.
Projects that exceed the 15% equity requirement will be looked upon favorably by the City.
Equity is defined as cash or un-leveraged value in land or prepaid costs attributable to the project.
TIF shall not be used to supplant cash equity.
2. Maximum Increment Use. For loans, no more than 75% of the net present value of the tax increment
generated by a private development shall be made available to the project. For "pay-go" supported
projects up to 90% of the generated annual tax increment can be made available if a financial need
is demonstrated and there are no other public infrastructure projects planned in the district.
3. Payback Period. Payback period for loans will match the amortization period but in no case will
exceed the statutory life of the district. Preference will be given to projects with payback periods
of 10 years or under.
4. TIF Cap. The total amount of TIF assistance should not exceed 25% of total project costs. This
limitation may be waived if the project involves redevelopment of existing structures or the
assembly and clearance of land upon which existing structures are located.
5. Self-Supporting Projects. Each project requesting TIF assistance should generate sufficient tax
increment to cover the requested TIF assistance and a portion of any public infrastructure costs
within the district.
a. No increment from other private development projects within the district may be used to
supplement another project’s inability to generate sufficient tax increment to cover project
costs.
6. Land Assembly Cap. TIF assistance for land/property assembly costs will not be provided in an
amount exceeding 10% of the fair market value of the land. The fair market value will be
determined by an independent appraiser contracted by the City with cost of appraisal paid for by
developer.
Page 37
City
of
Oshkosh
Criteria for TIF Assistance continued from previous page...
Policy Criteria
In addition to meeting all of the above financial criteria, projects must accumulate at least 50 points based on
the following policy criteria. Points can range from 0 to the maximum shown below in each category:
Tax Incremental Financing
Policy and Application
Criteria Maximum Points
10
5
20
10
20
5
2. Projects that directly implement specific recommendations of the City’s strategic planning
documents such as the Comprehensive Plan, Downtown Action Plan, Riverwalk Plan,
Vision Report, Consolidated Plan, Stormwater Plans, etc.
3. Projects involving retail development that is targeted to encourage an inflow of customers from
outside the city that result in exported goods, or that provide services or fill retail markets that
are currently unavailable or underserved in the City.
4. Presence of extraordinary development/redevelopment costs such as:
a. Remodeling/Rehabilitation/Demolition
b. Environmental Remediation
c. Capital purchases
d. Facility expansion
e. Public infrastructure
5. Proposed employment potential.
a. Number of new employees.
b. Skill and education levels required for the jobs.
c. Range of salary and compensation rates for the jobs as compared with the median
income level for the community.
d. Cost of public assistance per job.
e. Potential for executive relocation.
6. Enhance the streetscape and pedestrian experience.
7. Historic Preservation. Preservation/rehabilitation of a locally significant historic structure.5
8. Provides direct benefit to distressed areas through blight elimination.15
9. Quality of development and overall aesthetics (architectural, site design, landscaping, etc.)
beyond that which is minimally required by the Zoning Ordinance.
10. Higher standards of Building Design, Materials, and Energy Efficiency such as meeting
LEED certification, Energy Star, etc.5
5
7. Internal Rate of Return. The amount of assistance provided to a developer will be limited to the
amount necessary to provide the developer a reasonable rate of return on investment in the project
and the subject site. A developer’s return on equity, return on cost or internal rate of return will be
based on current market conditions as determined by the City or City’s financial advisor. In no case
shall the internal rate of return exceed 20%.
8. Taxable Increase. The project should result in an increase in taxable valuation of at least 20% upon
project completion.
1. Attracting, retaining or expanding businesses for the purpose of improving the City’s
economic base.
a. Documentation of employment or financial projections must be provided by the party
making the request and will serve as the basis for the agreement.
Page 38
Process of TIF Approval:
Tax Increment District creation requires following statutory prescribed timelines that include notification to
the overlying taxing jurisdictions (i.e. public school district, technical college, county, city), property owners
within the district, and published meeting notification in the newspaper. Ultimately the City’s Plan
Commission, Common Council, and Joint Review Board all must approve the TIF creation request.
1. A pre-application meeting is held between the developer and the City.
2. A Tax Incremental Financing Application is submitted by the developer to the City.
3. The City will review the Application and determine completeness and whether the proposed
project is eligible under the City’s policy and statutory requirements.
4. An analysis of the TIF Plan and financial proformas will be conducted by city staff and/or
outside consultants.
5. Within ninety (90) days of receipt of a completed application staff will schedule a public
hearing before the Plan Commission on the Project Plan and District Boundaries. If approved
by the Plan Commission, the Project Plan and recommended boundaries will be sent to the
Common Council for review. There is a minimum 14 day wait from the public hearing to
Council review.
6. The Common Council may approve or deny the proposal to create the Tax Increment District.
The Common Council may also adjust the boundaries (retraction only) of the proposed
district from that which was recommended by the Plan Commission. If approved, the plan is
forwarded to the Joint Review Board to make the final determination that the development will
not proceed “but for” the use of TIF.
7. If approved, a Development Agreement is drafted and negotiated between the City and
Developer.
8. Once general agreement has been reached on the terms of the Development Agreement, it will
require approval by the Common Council.
9. Execution of the Development Agreement between the City and Developer.
City
of
Oshkosh
Structure for Tax Incremental Financing Assistance:
Tax Incremental Financing
Policy and Application
1. Tax Incremental Financing assistance will be provided by the City on a “pay-go” note method or
via bond proceeds. Requests for up-front financing may be considered on a case-by-case basis
if increment generation is sufficient to meet initial financing and debt service costs and is not
the first dollars spent on a project.
2. For “pay-go” structured projects, the project owner shall agree to pay all other outstanding City
of Oshkosh property tax bills prior to disbursement of any pay-go payments by the City.
3. No Mortgage Guarantees. The City will not provide mortgage guarantees.
4. Personal Guarantee. The City will require a personal guaranty for receiving up front TIF
assistance. Amount and form shall be acceptable to the City.
5. The property owner shall agree not to protest to the Board of Review or Circuit Court the
Assessor’s determination of the property value for the properties for which the grant is requested.
Page 39
6. The City will retain a maximum of 10% of any tax increment received from the project to
reimburse for administrative costs. Until such time as the project generates positive tax
increment, the City will charge an administrative fee to the developer to partially offset the cost of
record keeping, report preparation, and accounting.
7. When the project is intended as a for-sale development (i.e., office, retail or residential
condominiums), the developer must retain ownership of the overall project until final completion;
provided, however, that individual condominium units may be sold as they are completed. For
all other projects, the developer must retain ownership of the project at least long enough to
complete it, to stabilize its occupancy, to establish the project management and to initiate payment
of taxes based on the increased project value.
City
of
Oshkosh
Structure for Tax Incremental Financing Assistance Continued from previous page...
Tax Incremental Financing
Policy and Application
8. Projects receiving assistance will be subject to a “look back” provision. The look back mandates a
developer to provide the City or its financial advisor with evidence of its annualized cumulative
internal rate of return on the investment (IRR) at specified periods of time after project
completion. The IRR shall be calculated with equity, revenues, and expenses in accord with
generally accepted accounting principles.
When the developer owns the subject property and rents space to tenants, supporting
documentation shall include certified records of project costs and revenues including lease
agreements and sales on a per square foot basis. If the records indicate that the developer has
received a higher return on equity, a higher return on cost, or a higher internal rate of return than
originally proposed to the City at the time of development agreement, the developer and the City
may split, on a 50/50 basis, the increase above the originally projected rates of return. Terms of any
split will be negotiated in a Development Agreement.
When the subject property is a for-sale development and the IRRI cannot be completed, the
developer is to provide financial data after the project is completed. This shall include a
calculation of profit on total development costs minus the TIF assistance. If the financial records
indicate that the developer has received a higher return on equity, a higher return on cost, or a
higher internal rate of return than originally contemplated at the time of development agreement
approval, the developer and the City may split, on a 50/50 basis, any increase at or above original
projected rates of return. Terms of any split will be negotiated in a Development Agreement.
9. Exceptions to TIF Policy. The City reserves the right to amend, modify, or withdraw these policies
or require additional statements or information as deemed necessary. Any party requesting waiver
from the guidelines found herein or on any other forms provided for TIF assistance may do so
on forms provided by the City with the burden being on the requestor to demonstrate that the
exception to these policies is in the best interests of the City.
Page 40
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Please complete and submit the following information to the City of Oshkosh for a more detailed review of
the feasibility of your request for Tax Incremental Financing (TIF) assistance. The application is comprised
of five parts:
1. Applicant Information
2. Project/Property Information
3. Project Narrative
4. Project Budget/Financial Information
5. Buyer Certification and Acknowledgement.
Where there is not enough space for your response or additional information is requested, please use an
attachment. Use attachments only when necessary and to provide clarifying or additional information.
The Department of Community Development (DCD) reviews all applications for TIF assistance. Failure to
provide all required information in a complete and accurate manner could delay processing of your
application and DCD reserves the right to reject or halt processing the application for incomplete submittals.
For further information please refer to the “City of Oshkosh Tax Incremental Financing Policy” document.
Legal Name: ________________________________________________________________________
Mailing Address: ____________________________________________________________________
Primary Contact #: _______________________________ Cell #: ___________________________
E-mail: _________________________________________ FAX #: ___________________________
Attorney:___________________________________________________________________________
Legal Entity: Individual(s)_____ Joint Tenants_____ Tenants in Common_____ Corporation_____
LLC_____ Partnership_____ Other_________________________________________
If not a Wisconsin corporation/partnership/LLC, state where organized: _________________________
Will a new entity be created for ownership? Yes____ No____
Principals of existing or proposed corporation/partnership/LLC and extent of ownership interest.
Name: Address: Title: Interest:
_________________ __________________________________ ______________ ___________
_________________ __________________________________ ______________ ___________
_________________ __________________________________ ______________ ___________
Is any owner, member, stockholder, partner, officer or director of any previously identified entities, or any
member of the immediate family of any such person, an employee of the City of Oshkosh? Yes___ No___
If yes, give the name and relationship of the employee:_________________________________________
Have any of the applicants (including the principals of the corporation/partnership/LLC) ever been
charged or convicted of a misdemeanor or felony? Yes_____ No_____
If yes, please furnish details:_____________________________________________________________
___________________________________________________________________________________
Applicant Information:
Page 41
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Project/Property Summary:
Overall Project Summary and Objectives: ______________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
Current and Proposed Uses: _________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
Description of End Users: ___________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
Describe any zoning changes that will be needed:
____________________________________________
____________________________________________
____________________________________________
____________________________________________
____________________________________________
Property Summary:
Parcel/Land Area: ___________ SF
Building Area: ______________ SF
# of Dwelling Units: __________
# of Stories: _________________
# of Parking Spaces: __________
Identify any other approvals, permits or licenses (i.e. Liquor License, Health Department, etc):
_______________________________________________________________________________________
_______________________________________________________________________________________
_______________________________________________________________________________________
_______________________________________________________________________________________
Describe briefly what the project will do for the property and neighborhood:
_______________________________________________________________________________________
_______________________________________________________________________________________
_______________________________________________________________________________________
_______________________________________________________________________________________
Page 42
Final Plan/Specification Preparation: ____________________________________________________
Bidding and Contracting: _____________________________________________________________
Firm Financing Approval: ____________________________________________________________
Construction/Rehabilitation: __________________________________________________________
Landscaping/Site Work: ______________________________________________________________
Occupancy/Lease Up: ________________________________________________________________
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Project/Property Summary:
Project Timetable Date
Development Team
Developer: _________________________________________________________________________
Architect: __________________________________________________________________________
Surveyor: __________________________________________________________________________
Contractor: _________________________________________________________________________
Other Members: _____________________________________________________________________
Describe Team expertise and experience in developing similar projects:
___________________________________________________________________________________
___________________________________________________________________________________
Other current Team projects in development:
___________________________________________________________________________________
___________________________________________________________________________________
Financial ability of the applicant to complete the project:
___________________________________________________________________________________
___________________________________________________________________________________
Full and part-time jobs to be created by the proposed project including estimated salary:
___________________________________________________________________________________
___________________________________________________________________________________
Professional Studies
Market Studies: Applications for commercial and residential projects must include a comprehensive market
study. The market study must identify target markets, analysis of competition, demographics, market rents,
letters of intent/interest from prospective tenants, or for housing developments, sale prices or rental rates of
comparable properties.
Appraisal: All projects that involve the transfer of land must include a recent appraisal. Projects that include
land as a form of equity or collateral must also submit a recent appraisal. The appraisal must value the property
“as is”, and the impact on value must be considered for such items as demolition, environmental remediation,
relocation of utilities, lease buy-outs, and other work necessary to make the site developable. The property
must be valued assuming that the highest and best use is the proposed use.
Page 43
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Sources and Uses of Funds
Identify the sources of funds used to finance the project. Typical sources include equity, lender financing,
mezzanine financing, government financing, other anticipated types of public assistance, and any other types
or methods of financing.
Project Budget/Financial Information:
Uses of Funds Amount ($) $ per SF of Building Area
Land Acquisition: _____________________________________________________________________
Demolition: _________________________________________________________________________
Environmental Remediation: ____________________________________________________________
Site Clearance and Preparation: __________________________________________________________
Soft Costs/ Fees: ______________________________________________________________________
Soft Cost Contingency: _________________________________________________________________
Hard Construction Costs: _______________________________________________________________
Total Project Costs: ____________________________________________________________________
Sources of Funds % of total project costs
Equity
Developer Equity: $______________ __________%
Other Equity:(_______________) $______________ __________%
Total Equity: $______________ __________%
Loans Rate Term
Construction Financing: $_____________ ______% _________ mos.
Permanent Financing: $_____________ ______% _________ yrs. __________%
TIF Assistance $_____________ __________%
Other: (________________) $______________ __________%
Total Sources of Funds $______________ 100%
Financing
Source Amount Terms: Years/Interest Contact Information
Equity: _____________________________________________________________________________
Loans 1: _____________________________________________________________________
2: _____________________________________________________________________
3: _____________________________________________________________________
4: _____________________________________________________________________
Page 44
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Supplemental Information:
Detailed Pro Forma (must correspond to line items for Uses of Funds on previous page)
Land Acquisition $_________________
Demolition $_________________
Site Clearance and Preparation
Infrastructure $_________________
Utilities/removal $_________________
Utilities/relocation $_________________
Utilities/installation $_________________
Hazardous Materials Removal $_________________
Other(___________________) $_________________
Total Site Clearance and Preparation
Soft Costs/Fees
Project Management (_________%) $_________________
General Contractor (_________%) $_________________
Architect/Engineer (________%) $_________________
Developer Fee (_______%) $_________________
Appraisal $_________________
Soil Testing $_________________
Market Study $_________________
Legal/Accounting $_________________
Insurance $_________________
Title/Recording/Transfer $_________________
Building Permit $_________________
Mortgage Fees $_________________
Construction Interest $_________________
Commissions $_________________
Marketing $_________________
Real Estate Taxes $_________________
Other Taxes $_________________
Other (____________________) $_________________
Other (____________________) $_________________
Sub-total Soft Costs/Fees $_________________
Soft Cost Contingency $_________________
Page 45
Pro Forma Income and Expense Schedule
Applicants whose projects involve the rental of commercial, retail, industrial, or living units must submit
project pro formas that identify income and expense projections on an annual basis for a minimum five-year
to a maximum eleven-year period. If you expect a reversion of the asset after a holding period please include
that in your pro forma as well. Please check with city staff to determine the time period needed for the pro
forma. Identify all assumptions (such as absorption, vacancies, debt service, operational costs, etc.) that
serve as the basis for the pro formas. Two sets of pro formas are to be submitted. The first set should show
the project without TIF assistance and the second set with TIF assistance.
For owner-occupied industrial and commercial projects, detailed financial information must be presented
that supports the need for financial assistance (see below).
Analysis of Financial Need
Each application must include financial analyses that demonstrate the need for TIF assistance. Two
analyses must be submitted: one WITHOUT TIF assistance and one WITH TIF assistance. The applicant
must indicate the minimum return or profit the applicant needs to proceed with the project and rationale for
this minimum return or profit. The analyses will necessarily differ according to the type of project that is be-
ing developed.
Rental Property: For projects involving rental of space by the developer to tenants (tenants include offices,
retail stores, industrial companies, and households), an internal rate of return on equity must be computed
with and without TIF assistance based on the pro forma of income and expense prepared for the Income
and Expense Schedule below. The reversion at the end of the ten-year holding period must be based on the
capitalized 11th year net operating income. The reversionary value is then added to the 10th year cash flow
before discounting to present value. State all assumptions to the analyses.
For Sale Residential: Show profit as a percent of project cost (minus developer fee and overhead and minus
sales commissions and closing costs, which should be subtracted from gross sales revenue). Other measure
of profitability may be submitted, such as profit as a percent of sales revenue.
Mixed Use Commercial / For-Sale Residential: Provide either separate analyses for each component of the
project or include in the revenue sources for the for-sale portion, the sale value of the commercial component
based on the net operating income of the commercial space at stabilization. Indicate how the sale value was
derived.
Owner-Occupied Commercial: For projects, such as “big-box” retail projects, provide copies of the analyses
that the company needs to meet or exceed the company’s minimum investment threshold(s) for proceeding
with the project.
Competitive Projects: In instances where the City is competing with other jurisdictions for the project (e.g.,
corporate headquarters, new manufacturing plant), present detailed analyses that demonstrate the capital
and operating cost differential between the proposed location(s) in Oshkosh and locations that are seriously
being considered by the applicant.
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Supplemental Information:
Page 46
Revenue Projections – Rental Project
Year 1 Year 2 >>Year 11
Income rent per sf (or avg.) $________ $______ $_________
Commercial Rent $________ $______ $_________
Commercial Expense Recoveries $________ $______ $_________
Residential Rent $________ $______ $_________
Other Revenue (_________________) $________ $______ $_________
Gross Potential Income $________ $______ $_________
Commercial Vacancy ______% $________ $______ $_________
Residential Vacancy ______% $________ $______ $_________
Effective Gross Income (EGI) $________ $______ $_________
Expenses
Maintenance & Repairs $________ $______ $_________
Real Estate Taxes $________ $______ $_________
Insurance $________ $______ $_________
Management Fee $________ $______ $_________
Professional Fees $________ $______ $_________
Other Expense (_________________) $________ $______ $_________
Other Expense (_________________) $________ $______ $_________
Total Expenses $________ $______ $_________
Net Operating Income (NOI) $________ $______ $_________
Capital Expenses (reserves, tenant improvements, commissions) $________ $______ $_________
Debt Service $________ $______ $_________
Net Cash Flow (before depreciation) $________ $______ $_________
Reversion in Year 10
Year 11 NOI before Debt & Capital Expenses $________
Capitalization Rate ________%
Gross Reversion $________
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Supplemental Information:
Page 47
Revenue Projects – For-Sale Project
Gross Sales Revenue
Housing Units Unit Type* Number Price/Unit
__________ _______ $____________ $____________
__________ _______ $____________ $____________
__________ _______ $____________ $____________
__________ _______ $____________ $____________
__________ _______ $____________ $____________
__________ _______ $____________ $____________
__________ _______ $____________ $____________
Total Housing Sales: $____________
*affordable units if any
Housing Unit Upgrades: $____________
Commercial Space Unit Type Size-sf Price per sf
__________ _______ ___________ $____________
__________ _______ ___________ $____________
__________ _______ ___________ $____________
Total Commercial Sales: $__________
Total Gross Sales Revenue $__________
Cost of Sales
Commissions _______% $____________
Marketing _______% $____________
Closing _______% $____________
Other Costs (____________) _______% $____________
Total Costs of Sales _______% $__________
Net Sales Revenue $__________
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Supplemental Information:
Page 48
Summary Letter
Provide a summary of the project in the form of a letter addressed to the City Manager. The letter should not
exceed two (2) pages in length and should include only the following essential information about the project:
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including job creation. “but for” provision will be met.
Note: In the “but for” discussion you must clearly describe why TIF is needed to help this project and
why the project will not/cannot proceed without such support. Failure to clearly provide the
“but for” explanation will delay action on your application.
Project Narrative
Provide an in-depth overview of the project in narrative format. The narrative must include a description of
the following aspects of the project:
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any existing structures, environmental conditions, and past uses of the site.
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for rental, senior housing, etc.)
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demolished or rehabbed; size of any new construction: types of construction materials
(structural and finish); delineation of square foot allocation by use; total number and individual
square footage of residential units: type of residential units (e.g. for-sale, rental, condominium,
single-family, etc); number of affordable residential units; number and type of parking spaces;
and construction phasing.
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objectives in the Project or Redevelopment Plan.
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TIF assistance are encouraged to include environmentally friendly features.
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Attachments:
Page 49
Pa
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Page 51
Annex Student Living
Annex 71 ‐ Oshkosh Units140 Stablized Unlevered Yield5.47%
474 Marion Rd., Oshkosh, WI Beds310Projected Investor IRR10.95%
Sources and Uses Gross Residential SF140,000
Net Residential RSF112,000
Gross Retail SF0
Total GSF140,000
Sources/Uses $/unit$/bed$/gsf $/nrsf
Sources
Primary Debt65.0%11,770,26584,07337,969$84.07$105.09
Investor Equity21.2%3,831,68227,36912,360$27.37$34.21
YTIF Note13.8%2,506,15317,9018,084$17.90$22.38
Total Sources 18,108,100129,34458,413$129.34$161.68
Uses
Acquisition Costs (Land/Buildings)
xLand/Building Purchase ($)500,0003,5711,613$3.57$4.46
xEarnest Money Application ($)(10,000)(71)(32)($0.07)($0.09)
xOther Acquisition Costs ($)10,0007132$0.07$0.09
Total Land Costs500,0003,5711,613$3.57$4.46
Hard Costs
Residential Costs
Construction Costs ‐ Phase I ($)10,249,77073,21333,064$73.21$91.52
Site Costs ($)1,403,23010,0234,527$10.02$12.53
Demolition Costs ($)450,0003,2141,452$3.21$4.02
Clubhouse ($)350,0002,5001,129$2.50$3.13
Environmental Contingency ($)727,0005,1932,345$5.19$6.49
Contractor Construction Contingency150,0001,071484$1.07$1.34
Owner Construction Contingency (% of Costs)2.93%300,0002,143968 $2.14$2.68
Total Residential Hard Costs 13,630,00097,35743,968$97.36$121.70
Due Diligence
xPhase I ESA2,200167$0.02$0.02
xPhase II ESA10,0007132$0.07$0.09
xGeotechnical Analysis / Capital Needs Assess.10,4207434$0.07$0.09
xSurvey12,7009141$0.09$0.11
xAppraisal6,0004319$0.04$0.05
xMarket Study10,0007132$0.07$0.09
xEconomic Impact Study3,5002511$0.03$0.03
xReal Estate Tax Assessmenet75052$0.01$0.01
xEarnest Money10,0007132$0.07$0.09
xDue Diligence Miscellaneous10,1007233$0.07$0.09
Total Due Diligence 75,670541244$0.54$0.68
Soft Costs
xLegal/Professional ‐ sponsor50,000357161$0.36$0.45
xLegal/Professional ‐ zoning/land use15,00010748$0.11$0.13
xLegal/Professional ‐ economic incentives15,00010748$0.11$0.13
xLegal/Professional ‐ lender15,00010748$0.11$0.13
xFinancing Costs/Bank Fees0.92%108,000771348$0.77$0.96
xiintoo Fee1.12%203,0001,450655$1.45$1.81
Capitalized Construction Interest3.67%500,0003,5711,613$3.57$4.46
TV Expense56,000400181$0.40$0.50
xUtility & Misc. Impact Fees56,500404182$0.40$0.50
xPermits Fees 58,925 421190$0.42$0.53
Unit Furniture403,0002,8791,300$2.88$3.60
Other Consultants100,000714323$0.71$0.89
xArchitect/MEP ‐ SC‐CD400,0002,8571,290$2.86$3.57
xCivil Engineering40,000286129$0.29$0.36
xInterior Design20,00014365$0.14$0.18
Art & Design10,0007132$0.07$0.09
Insurance (builders risk/GL)0.345$ 47,005336152$0.34$0.42
xReal Estate/Transfer Taxes10,0007132$0.07$0.09
xClosing Fees50,000357161$0.36$0.45
xDevelopment/Acquisition Fee3.9%700,0005,0002,258$5.00$6.25
Developer Overhead0.4%75,000536242$0.54$0.67
Construction Inspections15,00010748$0.11$0.13
Development Contingency2.8%500,0003,5711,613$80.00$4.46
Soft Costs/Pre‐Development Contingency0.6%100,000714323$0.71$0.89
Technology50,000357161$0.36$0.45
Hard Scape, Signage20,00014365$0.14$0.18
Pre‐Opening Leasing/Marketing275,0001,964887$1.96$2.46
Pre‐Opening Corporate Travel10,0007132$0.07$0.09
Total Soft Costs 3,902,43027,87512,588$104.30$34.84
Total Uses 18,108,100129,34458,413$129.34$161.68
(x) represents line item to be funded at close
Confidential
Page 52
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Confidential Page 53
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Confidential Page 54
Page 55
Annex Student Living
Annex 71 ‐ Oshkosh Units140 Stablized Unlevered Yield5.47%
474 Marion Rd., Oshkosh, WI Beds310Projected Investor IRR4.43%
Sources and Uses Gross Residential SF140,000
Net Residential RSF112,000
Gross Retail SF0
Total GSF140,000
Sources/Uses $/unit$/bed$/gsf $/nrsf
Sources
Primary Debt65.0%11,770,26584,07337,969$84.07$105.09
Investor Equity35.0%6,337,83545,27020,445$45.27$56.59
NTIF Note0.0%000$0.00$0.00
Total Sources 18,108,100129,34458,413$129.34$161.68
Uses
Acquisition Costs (Land/Buildings)
xLand/Building Purchase ($)500,0003,5711,613$3.57$4.46
xEarnest Money Application ($)(10,000)(71)(32)($0.07)($0.09)
xOther Acquisition Costs ($)10,0007132$0.07$0.09
Total Land Costs500,0003,5711,613$3.57$4.46
Hard Costs
Residential Costs
Construction Costs ‐ Phase I ($)10,249,77073,21333,064$73.21$91.52
Site Costs ($)1,403,23010,0234,527$10.02$12.53
Demolition Costs ($)450,0003,2141,452$3.21$4.02
Clubhouse ($)350,0002,5001,129$2.50$3.13
Environmental Contingency ($)727,0005,1932,345$5.19$6.49
Contractor Construction Contingency150,0001,071484$1.07$1.34
Owner Construction Contingency (% of Costs)2.93%300,0002,143968 $2.14$2.68
Total Residential Hard Costs 13,630,00097,35743,968$97.36$121.70
Due Diligence
xPhase I ESA2,200167$0.02$0.02
xPhase II ESA10,0007132$0.07$0.09
xGeotechnical Analysis / Capital Needs Assess.10,4207434$0.07$0.09
xSurvey12,7009141$0.09$0.11
xAppraisal6,0004319$0.04$0.05
xMarket Study10,0007132$0.07$0.09
xEconomic Impact Study3,5002511$0.03$0.03
xReal Estate Tax Assessmenet75052$0.01$0.01
xEarnest Money10,0007132$0.07$0.09
xDue Diligence Miscellaneous10,1007233$0.07$0.09
Total Due Diligence 75,670541244$0.54$0.68
Soft Costs
xLegal/Professional ‐ sponsor50,000357161$0.36$0.45
xLegal/Professional ‐ zoning/land use15,00010748$0.11$0.13
xLegal/Professional ‐ economic incentives15,00010748$0.11$0.13
xLegal/Professional ‐ lender15,00010748$0.11$0.13
xFinancing Costs/Bank Fees0.92%108,000771348$0.77$0.96
xiintoo Fee1.12%203,0001,450655$1.45$1.81
Capitalized Construction Interest3.67%500,0003,5711,613$3.57$4.46
TV Expense56,000400181$0.40$0.50
xUtility & Misc. Impact Fees56,500404182$0.40$0.50
xPermits Fees 58,925 421190$0.42$0.53
Unit Furniture403,0002,8791,300$2.88$3.60
Other Consultants100,000714323$0.71$0.89
xArchitect/MEP ‐ SC‐CD400,0002,8571,290$2.86$3.57
xCivil Engineering40,000286129$0.29$0.36
xInterior Design20,00014365$0.14$0.18
Art & Design10,0007132$0.07$0.09
Insurance (builders risk/GL)0.345$ 47,005336152$0.34$0.42
xReal Estate/Transfer Taxes10,0007132$0.07$0.09
xClosing Fees50,000357161$0.36$0.45
xDevelopment/Acquisition Fee3.9%700,0005,0002,258$5.00$6.25
Developer Overhead0.4%75,000536242$0.54$0.67
Construction Inspections15,00010748$0.11$0.13
Development Contingency2.8%500,0003,5711,613$80.00$4.46
Soft Costs/Pre‐Development Contingency0.6%100,000714323$0.71$0.89
Technology50,000357161$0.36$0.45
Hard Scape, Signage20,00014365$0.14$0.18
Pre‐Opening Leasing/Marketing275,0001,964887$1.96$2.46
Pre‐Opening Corporate Travel10,0007132$0.07$0.09
Total Soft Costs 3,902,43027,87512,588$104.30$34.84
Total Uses 18,108,100129,34458,413$129.34$161.68
(x) represents line item to be funded at close
Confidential
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Confidential Page 57
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Page 89
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30 Page 90
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Page 91
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32 Page 92
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51
Annex of OshkoshOshkosh, WI
PROJECT SPECSQuantity
Square Feet314,000Stabilized NOI1,687,886 $
Buildings0
Covered Parking Spaces0Physical Occupancy97%95%
Units120Economic Occupancy97%94%
Beds310
PROFIT & LOSSBudgetper BedNov 2015 - Oct 2016Var to Budget
Rental Income2,377,045 $ 7,668 $ 1,129,368 $ 1,247,677 $
Loss/Gain to Lease-$ -$ (11,954)$ 11,954 $
Gross Potential Rent2,377,045 $ 7,668 $ 1,117,414 $ 1,259,631 $
Concessions/Incentives400$ 1 $ (19,949)$ 20,349 $
Employee/Model/ Down Units(7,204)$ (23)$ (3,199)$ (4,005)$
Net Delinquency(5,943)$ (19)$ -$ (5,943)$
Vacancy Loss(87,167)$ (281)$ (543,805)$ 456,638 $
Total Rental Income2,277,131 $ 7,346 $ 550,461 $ 1,726,670 $
Commercial Income-$ -$ -$ -$
Application & Admin Fees62,000 $ 200 $ 19,145 $ 42,855 $
Parking Income-$ -$ -$ -$
Resident PP Insurance Program1,050 $ 3 $ -$ 1,050 $
Furniture Income-$ -$ -$ -$
Other Income49,736 $ 160 $ 63,066 $ (13,330)$
Total Other Income112,786 $ 364 $ 82,211 $ 30,575 $
Total Income2,389,917 $ 7,709 $ 632,672 $ 1,757,245 $
Advertising/Promotion31,500 $ 102 $ 28,025 $ 3,475 $
G&A Expense32,553 $ 105 $ 20,268 $ 12,285 $
Lawn Maintenance17,475 $ 56 $ 7,674 $ 9,801 $
Payroll Expense203,236 $ 656 $ 93,039 $ 110,196 $
Professional Expense-$ -$ 854 $ (854)$
Repairs & Maintenance30,705 $ 99 $ 12,218 $ 18,487 $
Retail Expense-$ -$ -$ -$
Security-$ -$ 3,851 $ (3,851)$
Shuttle Service-$ -$ -$ -$
Turnover Expense33,085 $ 107 $ 5,856 $ 27,229 $
Cable & Internet54,000 $ 174 $ 28,447 $ 25,553 $
Trash Expense400$ 1 $ -$ 400 $
Total Controllable Expenses402,954 $ 1,300 $ 200,233 $ 202,721 $
Management Fee95,597 $ 308 $ 42,000 $ 53,597 $
Common Area Utility Expense51,452 $ 166 $ 30,125 $ 21,327 $
Utilities Occupied & Vacant NET108,488 $ 350 $ 63,313 $ 45,175 $
Other Utilities-$ -$ -$
Insurance Expense43,541 $ 140 $ 46,282 $ (2,741)$
Resident PP Premium-$ -$ -$ -$
Property Tax-$ -$ -$ -$ Tax - Other-$ -$ 3,665 $ (3,665)$ Total Non-Controllable Expenses299,078 $ 965 $ 185,384 $ 113,694 $ Total Expenses702,031 $ 2,265 $ 385,617 $ 316,415 $ Net Operating Income1,687,886 $ 5,445 $ 247,056 $ 1,440,830 $ Reserve -$ -$ -$ -$ Interest Expense-$ -$ 218,495 $ (218,495)$ CF after Reserve & Interest1,687,886 $ 5,445 $ 28,561 $ 1,659,325 $ Loan Amortization-$ -$ 19,528 $ (19,528)$ Captial Project Budget-$ -$ -$ -$
KEY METRICS
2017Trailing 12
Jan‐Jul Aug‐Dec
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56
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ANNEX OSHKOSH PLAN COMMISSION SUBMITTAL
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NTS
Page 118
Architecture + Planning
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ANNEX OSHKOSH PLAN COMMISSION SUBMITTAL
MARCH 31, 2017 A0.1Sheet Index
NTS
Architecture
A0.1 Sheet Index
A1.1 Site Plan
A2.1 First Floor Plan
A2.2 Second and Third Floor Plan
A2.3 Fourth Floor Plan
A2.5 Roof Plan
A3.1 Building Elevations
A3.2 Building Elevations
A4.1 Unit Plans
A5.1 Perspective
A5.2 Perspective
A6.1 Photometric Plan
Page 119
Page 120
Page 121
Page 122
Page 123
Page 124
Level 1 - Residential
Level 2 - Residential
Level 3 - Residential
Level 4 - Residential
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Level 2 - Residential
Level 3 - Residential
Level 4 - Residential
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'
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0 8 16 32
1. South Elevation (Marion Road)
2. West Elevation
Material Legend
1.Brick
2.Metal Panel System
3.Stucco
3A.Fiber Cement Panel System
4.Signage
5.Vinyl Windows
6.Metal Railing
7.Canopy
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22345671
BRICK1 METAL PANEL2 STUCCO3 FIBER CEMENT
PANEL SYSTEM3A
Key Map n.t.s.
Marion Road
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Level 1 - Residential
Level 2 - Residential
Level 3 - Residential
Level 4 - Residential
Roof
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±5
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11
'
11
'
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Level 2 - Residential
Level 3 - Residential
Level 4 - Residential
Roof
11
'
±5
2
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-
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11
'
11
'
11
'
±8
'
Elevator
Architecture + Planning
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ANNEX OSHKOSH PLAN COMMISSION SUBMITTAL
MARCH 31, 2017 A3.2NORTH / EAST ELEVATIONS
0 8 16 32
Key Map n.t.s.
Marion Road
1. North Elevation (Marion Road)
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32 5 6 377
223 456233377
2 35
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1.Brick
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4.Signage
5.Vinyl Windows
6.Metal Railing
7.Canopy
BRICK1 METAL PANEL2 STUCCO3 FIBER CEMENT
PANEL SYSTEM3A
Page 126
UNIT PLAN 2-2-C
UNIT PLAN 1-1
UNIT PLAN 4-4
UNIT PLAN 2-2
Bedroom 1
10'-0" x 11'-4"
Bedroom 2
11'-4" x 10'-0"
W/D
Living Room
12'-0" x 12'-0"
Kitchen/Dining
7'-7" x 15'-8"
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Type A
Bath 2
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2 Bedroom Suite
850 Sq. Ft.
Bedroom 1
10'-8" x 9'-0"
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780 Sq. Ft.
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Type B
Bedroom 2
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Bath 2
Type B
Bedroom 2
10'-2" x 9'-0"
Living Room
11'-8" x 15'-0"Bedroom 1
9'-7" x 9'-0"
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1300 Sq. Ft.Bath 1
Type A
Bedroom 4
10'-2" x 9'-0"
Bedroom 3
9'-7" x 9'-0"
Bath 3
Type A
Kitchen/Dining
11'-8" x 10'-6"
Bath 2
Type B
Bath 2
Type B
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0 2 4 8
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ANNEX OSHKOSH PLAN COMMISSION SUBMITTAL
MARCH 31, 2017 A5.1PERSPECTIVES
NTS
Key Map n.t.s.
1. Perspective View along Marion Road
Marion Road
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ANNEX OSHKOSH PLAN COMMISSION SUBMITTAL
MARCH 31, 2017 A5.2PERSPECTIVES
NTS
Key Map n.t.s.
Marion Road
2. Perspective View along Entry Drive
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Luminaire Location Summary LumNoZTiltFootcandles calculated using predicted lumen values after 50K hours of operation LabelAvg
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ity rebates can cover 25% or more of a product's cost? Email rebates@cree.com to get help on your project!"
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QtyLabelArrangementLumens/Lamp 1150LLFTotal WattsDescriptionLum. Watts 2150MaxMinAvg/MinMax/Min CalcPts_12.287.9 3150 415022ME-1SINGLE116480.930172OSQ-A-NM-2ME-B-57K-xx-xx + OSQ-DAxx86 13ME-1SINGLE116480.93086OSQ-A-NM-3ME-B-57K-xx-xx + OSQ-DAxx86 14ME-1SINGLE116480.93086OSQ-A-NM-4ME-B-57K-xx-xx + OSQ-DAxx86 35ME-2BACK-BACK110560.950516OSQ-A-NM-5ME-B-57K-xx-xx + OSQ-DAxx86 105SH-1SINGLE116780.950860OSQ-A-NM-5SH-B-57K-xx-xx + OSQ-DAxx86 15SH-2BACK-BACK116780.950172OSQ-A-NM-5SH-B-57K-xx-xx + OSQ-DAxx86 32MEB-1SINGLE89500.930258OSQ-A-NM-2ME-B-57K-xx-xx + OSQ-DAxx + OSQ-BLSMF86 34MEB-1SINGLE89500.930258OSQ-A-NM-4ME-B-57K-xx-xx + OSQ-DAxx + OSQ-BLSMF86 5150 6150 7150 8150 9150 10150 11150 12150 13150 14150 15150 16150 17150 18150 19150 20150 21150 22150 23150 241500.54.5615.80 PROPERTY LINE0.110.40.0N.A.N.A.Page 130