HomeMy WebLinkAbout37. 17-386 JULY 25, 2017 17-386 RESOLUTION
(APPROVED 5-2 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE DEVELOPMENT AGREEMENT WITH ANNEX, 71
LLC FOR REDEVELOPMENT OF THE FORMER LAMICO
PROPERTY
INITIATED BY: COMMUNITY DEVELOPMENT
WHEREAS, a Development Agreement must be approved by City Council to
implement TIF #33 Project Plan, approved by Council on July 11, 2017; and
WHEREAS, the Development Agreement includes a provision for a land swap
between the City of Oshkosh and Annex 71, LLC, wherein the old water tower site will
be swapped with a similar site in the northeast corner of the Lamico Site; the exchange
will not include any compensation, and each owner is responsible for the environmental
clean-up of their own site, prior to swapping; the land swap will not likely take place
until 2018, after the existing water tower is deconstructed.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the proper City officials are hereby authorized and directed to enter into a
Developer Agreement with Annex 71 LLC for redevelopment of the former Lamico
property at 474 Marion Road, for construction of a new multi-family residential complex,
in substantially the same terms as attached hereto, any changes in the execution copy
being deemed approved by their respective signatures, and to carry out all actions
necessary to implement the City's obligations under the Developer Agreement.
BE IT FURTHER RESOLVED that the Common Council of the City of Oshkosh
herby approves of the land swap as noted above and per conditions noted in the attached
Developer Agreement; and the proper City officials are hereby authorized and directed
to execute any and all documents necessary to consummate this transaction.
TO: Honorable Mayor and Members of the Common Council
FROM: Allen Davis, Community Development Director
DATE: July 20, 2016
RE: Approve Development Agreement with Annex, 71 LLC for Redevelopment of
the Former Lamico Property
BACKGROUND
Owner/developers, Annex 71, LLC, have requested tax incremental financing assistance (TIF) to assist with
the redevelopment of the old Lamico complex at 474 Marion Road. The project includes the demolition and
remediation of the industrial site, construction of a new student living housing complex and its accessory uses
such as parking lots and stormwater management facilities. The city is also planning to construct a trail
connection to the riverwalk and two cul-de-sacs adjoining the property when the increment is available. The
anticipated project cost is $18 million with TIF assistance. The City Council approved the TID #33 creation on
July 11, 2017. The proposed Pay -go TIF assistance could be provided over the projected life of the district that
helps support the internal rate of return for the project that takes it from a 4.43% Internal Rate of Return (IRR)
without TIF to 10.95% IRR with TIF.
TID #33 has been approved by the Plan Commission, Common Council, and Joint Review Board and now in
order to implement the Project Plan, a Development Agreement must be approved by Council. Attached to
this memorandum is a copy of the draft Development Agreement for Council's review. The original TIF
application, TIF #33 Project Plan, are also attached.
ANALYSIS
The proposed Development Agreement is similar on the previously -approved Beach Building and
Washington Building Development Agreements. Pay -go TIF assistance is being requested over the life of the
district whereby 75% of the tax increment generated by the development will be returned to the developer as
an incentive to make the project financially feasible. As in all pay -go cases, the financial incentive will only
be paid if tax increment is created and after all property taxes and other special charges and/or assessments
have been paid.
The following is a summary of the main points of the proposed agreement:
The developer will construct a structure containing 140 units with 310 bedrooms and 249 parking
spaces. Other amenities include indoor bicycle parking, a clubhouse, fitness room, conference and
study rooms and interior and exterior gathering spaces for residents.
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us
• The developer's investment in improvements on private property will total $18,108,100. The public
improvements that are planned total $530,000, which the City will install during the life of the TIF.
• The City's contribution will be a maximum of 75% of the generated tax increment during the life
of the district. The funding gap to be filled with tax increment is capped, not to exceed $2,506,153.
The total pay go payments are projected to begin in 2020 and end 2033, at an interest rate of 5.0%.
• Since the applicant is requesting only 75% of the tax increment, no "lookback" clause has been
included.
• The Development Agreement includes a "Land swap" between the City and Annex 71. The old
water tower site will be swapped with a similar site in the northeast corner of the Lamico site. The
exchange will not include any compensation, and each owner is responsible for the environmental
clean-up of their own site, prior to swapping. The land swap will not likely take place until 2018.
• The Oshkosh Redevelopment Authority is scheduled to grant a small sliver of land that appears to
be old railroad property to Annex 71 at their July 31, 2017 meeting.
Approval of the Development Agreement is the mechanism through which the Project Plan for TID No. 33
will be implemented.
FISCAL IMPACT
Approval of the Development Agreement for the Lamico Redevelopment will have no fiscal impact on the
provision of city services relative to the ability to service the development nor require the expansion of city
services to service the development. The 25% of increment not paid to the developer will be used to pay for
the City's public improvements and annual TIF administrative costs.
RECOMMENDATION
The City Council approves the Development Agreement.
Submitted,
Allen Davis
Community Development Director
Approved:
___1 19__�
Mark A. Rohloff
City Manager
City Hall, 215 Church Avenue P.O. Box 1 130 Oshkosh, WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us
TAX INCREMENTAL DISTRICT NO. 33
DEVELOPMENT AGREEMENT
(LAMICO REDEVELOPMENT PROJECT)
This Development Agreement (the "Agreement") is made this day of July, 2017 (the
"Effective Date"), by and among the CITY OF OSHKOSH, WISCONSIN, a Wisconsin
municipal corporation, the REDEVELOPMENT AUTHORITY OF THE CITY OF OSHKOSH,
WISCONSIN (the "RDA," and, collectively with the City of Oshkosh, Wisconsin, the "City"),
and ANNEX 71, LLC, an Indiana limited liability company (the "Developer").
RECITALS
WHEREAS, the City has established Tax Incremental District No. 33 (the "District") as a
blighted area district in which at least fifty percent (50%) of the property within the District is a
blighted area, as that term is defined by Wis. Stat. Sec. 66.1105(2)(ae), and in which certain costs
incurred for redevelopment of the District may be reimbursed from the property tax increment as
provided by State law; and
WHEREAS, the Developer is acquiring from the RDA and Lamico, Inc. ("Lamico")
certain property located within the District and more particularly described in Exhibit A attached
hereto (the "Original Property"); and
WHEREAS, in connection with the development and construction of the Project, the City
will convey to Developer the Water Tower Property (as that term is defined in Article I, below),
in exchange for Developer's conveying to the City a portion of the Original Property; and
WHEREAS, the Developer has approached the City indicating a desire to invest not less
than $18,100,000 to develop and construct on the Property (as that term is defined in Article I,
below) a 140 unit multi-family/student residential complex, a parking lot and other infrastructure
and site improvements, all in accordance with applicable City ordinances and City -approved
plans (the "Project"); and
WHEREAS, to promote such development, the City created the District to assist in the
financing of the costs of certain improvements, development incentives, and other costs
associated with the ownership and development of the Project; and
WHEREAS, the Developer will not undertake the development of the Project but for its
reliance upon the Developer receiving tax increment financing to assist in the funding of a
portion of Developer's acquisition, development and operation costs for the Property, all as
described below; and
WHEREAS, the City is authorized to enter into contracts necessary and convenient to
implement the purpose of a Tax Incremental District, including the ability to provide
development incentives and cash grants to owners, lessees, or developers of land located within
the District; and
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WHEREAS, the uses of the Property contemplated by this Agreement are necessary and
desirable to serve the interests of the City and its residents by expanding the tax base of the City,
providing additional development opportunities, and providing a financing mechanism to make
certain public improvements, all consistent with the purpose of a Tax Incremental District under
Section 66.1105, Wisconsin Statutes; and
WHEREAS, based upon the City's desire to redevelop the District and to obtain the
economic benefits to be generated from the Project, the City is willing to enter into this
Agreement.
NOW THEREFORE, in consideration of the recitals, the terms and conditions contained
in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:
AGREEMENT
I. DEFINITIONS. For purposes of this Agreement, the following terms shall have
the following meanings:
.A. Agreement. "Agreement" means this document and all of its component
parts and exhibits.
B. Affiliate. "Affiliate" means any entity majority owned and controlled by,
in control of, or under common control with Developer or any entity of which Developer is a
subsidiary or which is a shareholder of Developer. An Affiliate includes, but is not limited to, an
entity with which Developer merges or into which Developer consolidates, or which acquires all
or substantially all of the common stock or assets of the Developer.
C. Available Tax Increment. "Available Tax Increment" means an amount
equal to seventy five percent (75%) of the annual gross Tax Increment revenues actually
received and retained by the City which are generated by the Property and improvements and
personal property thereon in the immediately preceding calendar year.
D. Case Closure. "Case Closure" has the meaning set forth in Wis. Stat. Sec.
292.12.
E, City Contribution. "City Contribution" means payments to be provided
from the City to the Developer from Available Tax Increments pursuant to the terms of this
Agreement in a total principal amount not to exceed $2,506,153.00.
F. District. The "District" means all of the property included in Tax
Incremental Finance District No. 33 as described in the Project Plan.
Ci. Environmental Reports. "Environmental Reports" means (i) that certain
Site Investigation Work Plan dated May 8, 2017 and Site Investigation Report and Remedial
Action Options Report dated June 13, 2017, both prepared by August Mack Environmental, Inc.,
relating to VOC, PAH, and heavy metal contamination on the Original Property (the "August
Mack Report"), and (ii) that certain Site Investigation Work Plan dated August 10, 2016,
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prepared by AECOM, relating to mercury contamination on the Water Tower Property (the
"AECOM Report").
H. Existing Environmental Conditions. "Existing Environmental Conditions"
means those particular occurrences of Hazardous Substances on the Original Property and Water
Tower Property that are identified in the August Mack Report and the AECOM report,
respectively.
1. Hazardous Substances. "Hazardous Substances" means toxic, hazardous,
and/or regulated substances, pollutants, or contaminants, whether present in the soil or
groundwater at, under, or migrating from or to the Property.
.Ta Original Property. "Original Property" means the property being acquired
by Developer from Lamico and the RDA, which Original Property is described on Exhibit A
attached hereto and incorporated herein, together with all improvements and personal property
thereon.
K. Payment Dates. "Payment Dates" means November 1 of each year,
commencing on the third November 1 after the Effective Date of this Agreement, up to and
including November 1, 2045.
L. Payment Term. "Payment Term" means the term commencing on the first
day of the third November after the Effective Date of this Agreement and continuing on the same
day of each year thereafter until the first to occur of the following: (i) payment to Developer of
the entire amount of the City Contribution, or (ii) November 1, 2045. For example, for
illustrative purposes only, if the Effective Date is March 1, 2017, the Payment Term would run
from November 1, 2019, through the first to occur of the following: (1) payment to Developer
of the entire amount of the City Contribution; or (ii) November 1, 2045.
M. Prot. "Project" means the Developer's acquisition, development and
use of the Property as a 140 unit multi-family/student residential housing complex, a parking lot,
and related infrastructure and site improvements, all of which shall comply with applicable City's
ordinances and City -approved plans for the Property.
K Project Plan. "Project Plan" means the "Project Plan for the Creation of
Tax Incremental Finance District No. 33 in the City of Oshkosh" prepared by Ehlers, Inc. dated
[June 27, 20171, a summary of which is attached hereto as Exhibit B and incorporated herein.
0. Project Costs. "Project Costs" means the costs relating to the Property
described and estimated as set forth on Exhibit C attached hereto and incorporated herein. The
City and Developer agree that the Project Costs listed in Exhibit C are estimates only, and that
upon completion of the work described on Exhibit C, the parties shall prepare and attach to this
Agreement a revised Exhibit C setting forth actual Project Costs. Notwithstanding the foregoing,
the cumulative total of Project Costs described on Exhibit C as "Supporting Project List
Providing Basis for Developer Incentive" and forming the basis for the City Contribution shall in
no event exceed $2,506,153.
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P. Property. "Property" means the real property to be owned by Developer
following completion of the land swap described in Article V, below, together with all
improvements and personal property thereon.
Property Tax Increment Base. "Property Tax Increment Base" means the
aggregate value, as equalized by the Wisconsin Department of Revenue, of the properties located
within the District as of January 1, 2017.
R. Tax Increment. "Tax Increment" has the same meaning as defined in
Section 66.1105(2)(i) of the Wisconsin Statutes.
Tax Increment Law. "Tax Increment Law" means Section 66.1105 of the
Wisconsin Statutes.
T. Water Tower Property. "Water Tower Property" means that certain parcel
of real estate located adjacent to the Original Property and within the District, which is initially
owned by the City and more particularly described on Exhibit A-2.
II. PROPERTY ACQUISITION. The effectiveness of this Agreement is
contingent upon the Developer acquiring the Original Property from Lamico and the RDA on or
before , 2017. In the event that the Developer is unable to timely satisfy this
contingency on or before such date, this Agreement shall be null and void and the parties shall
have no further rights or obligations hereunder.
III. DEVELOPER'S OBLIGATIONS.
A, Development of the Prot. Developer intends to invest not less than
$18,100,000 to develop, construct, and use the Project.
B. Project Construction. Developer shall commence construction of the
Project no later than September 1, 2017. Once commenced, Developer shall diligently pursue
completion of construction of the Project in accordance with applicable City ordinances and
City -approved plans for the Property so that in any case construction shall be substantially
completed by December 31, 2018.
C, Costs and Expenses. The Developer shall be responsible for all costs
related to the Project and any other work to be performed by the Developer under this
Agreement, including all engineering, inspections, materials, labor, on-site management of
Hazardous Substances, obtaining a Case Closure of the Existing Environmental Conditions
affecting the Original Property, and assisting with a portion of the remediation of the Existing
Environmental Conditions affecting the Water Tower Property as set forth in Section V.B.,
below. Furthermore, Developer shall be responsible for payment of all City fees including
impact fees, building permit fees, zoning and sign permit fees, electrical and plumbing fees.
D. Initial Certified Survey Map. Following Developer's acquisition of the
Property from the RDA and Lamico, Developer shall record a certified survey map, substantially
in the form attached as Exhibit A-1, which creates the Original Property as a single tax parcel
(the "Initial CSM").
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IV. CITY'S OBLIGATIONS.
A. City Undertakings. On or before August 31, 2018, the City will remove
the existing water tower located on the Water Tower Property, including removal of the altitude
vault and foundation. The City will, subject to the provisions of Section V.B., below, obtain a
Case Closure of the Existing Environmental Conditions affecting the Water Tower Property.
The City will also, at the City's cost and subject to receipt of available Tax Increment, perform
those portions of the Project involving the construction of Riverwalk/trail connections and cul-
de-sacs on Dawes Street and Riverway Drive, as described on Exhibit C. The City will endeavor
to construct these improvements as soon as reasonably possible following receipt of adequate
Tax Increments to fund such work.
B. City Contribution. In each year beginning in 2019 and ending in 2045 (or,
if earlier, when the total amount of the City Contribution plus interest at the rate of five percent
(5%) per annum has been reimbursed to Developer under this Agreement), in consideration of
the Developer undertaking its obligations under this Agreement, the amount of the Available Tax
Increment shall, subject to annual appropriations by the City Common Council, be applied to
make payments under this Agreement to pay the Developer the City Contribution. The City
Contribution constitutes eligible Project Costs within the meaning of Section 66.1105(2) of the
Wisconsin Statutes. The first payment shall not be made until the first day of the third
November after the date of this Agreement provided that there is Available Tax Increment. The
City Contribution shall be paid by the City only out of the Available Tax Increment, subject to
the provisions of this Agreement. The City Contribution is a special and limited obligation of
the City, and not a general obligation of the City. The City covenants and agrees as follows:
(a) the City Manager or his designated representative shall include the payment of the entire
Available Tax Increment for each year included during the Payment Term in the applicable
budget request recommendation for the following year's budget, (b) if the City's annual budget
does not in any year provide for appropriation of Available Tax Increment sufficient to make the
payment due to Developer in that year, the City will use its diligent, good faith efforts to notify
the Developer of that fact at least thirty (30) days prior to the date the budget is presented to the
City Common Council for final approval, and (c) Available Tax Increment generated from the
Property shall not be used to pay any other project costs of the District until the City has applied
to the payment due hereunder, in any year, the Available Tax Increments generated by the
Property that this Agreement provides will be applied to payment due hereunder.
Developer acknowledges that, subject to the provisions of this Agreement:
(i) all payments of Available Tax Increment are subject to the future annual appropriation of said
amounts by the City Common Council to payment due hereunder, (ii) only the Available Tax
Increments generated by the Property (and all improvements and personal property thereon) shall
be used to make payments to the Developer; and (iii) if, on November 1, 2045, the amount of the
Available Tax Increments to be paid under this Agreement proved insufficient to pay the entire
City Contribution, the City shall have no obligation or liability therefor. Developer further
acknowledges that, as a result of the special and limited nature of the City's obligation to pay the
City Contribution, the Developer's receipt of the City Contribution also depends on factors
including future mill rates, changes in the assessed value of the Property, failure of the Project to
generate Tax Increments at the rate expected by the Developer, changes in the Tax Increment
Law, and other failures beyond the City's or Developer's control.
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The payment of the City Contribution shall be subject to the following
conditions and limitations:
1. On each Payment Date during the Payment Term and subject to the
provisions of this Agreement, the City shall pay a portion of the City Contribution equal to the
amount of Available Tax Increment appropriated by the City Common Council for the payment
due that Payment Term year.
2. The City shall take no action to terminate or dissolve the District
early prior to November 1, 2045, unless the City first pays the outstanding balance due under the
City Contribution, subject to the provisions of this Agreement, including, but not limited to, the
annual appropriation of the City Common Council of such outstanding balance due.
Attached hereto as Exhibit E is the City's projection of revenues and
expenditures for the District over its term, with the City Contribution labeled as "Developer
Incentive Payments" thereon. Exhibit E is provided for illustrative purposes only, and Developer
acknowledges that the amounts set forth thereon are estimates only.
c� City Contribution not to be Considered Indebtedness. In no circumstances
shall amount of the City Contribution due Developer hereunder be considered an indebtedness of
the City, and the obligation of the City hereunder is limited to the Available Tax Increment
which is appropriated by the City Common Council for payment of such amounts and only to the
extent as provided in this Agreement. Amounts due hereunder shall not count against the City's
constitutional debt limitation, and no taxes will be levied for its payment or pledged to its
payment other than Tax Increment which has been appropriated for that purpose.
V. ENVIRONMENTAL MATTERS; LAND SWAP.
.A. Existing Environmental Conditions Affecting the Original Property. The
Original Property is the subject of an open Wisconsin Department of Natural Resources
("WDNR") Environmental Repair ("ERP") investigation, BRRTS 402-71-579206. Developer
will remediate the Original Property pursuant to the work plan set forth in the August Mack
Report and approved by WDNR. Developer agrees to proceed with the remediation of the
Original Property in the manner set forth in the August Mack Report (as the same may be
required to be modified from time to time by WDNR) and obtain a Case Closure for the Original
Property.
B. Existing Environmental Conditions Affecting the Water Tower Property.
The Water Tower Property is the subject of an open WDNR ERP investigation, BRRTS #02-71-
577028. The City will be remediating the Water Tower Property pursuant to the work plan set
forth in the AECOM report, subject to the approval of that work plan by WDNR. The City and
Developer agree that the work plan for remediation of the Existing Environmental Conditions on
the Water Tower Property will require that the City be responsible, at the City's cost and
expense, for removal of the water tower altitude vault and foundation, removal of any
contaminated soils discovered during excavation to the extent required by WDNR, any required
soil or groundwater testing following such removal, and submission to WDNR for final Case
Closure. The work plan will require that Developer be responsible, at Developer's cost and
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expense, for installing and maintaining an engineered cap on the Water Tower Property, over
which Developer will construct a storm water detention facility.
C. Provisions Applicable to all Existing Environmental Conditions.
Developer and the City acknowledge and agree that final Case Closure for each of the Original
Property and the Water Tower Property may be obtained through the use of institutional controls,
including, without limitation, groundwater use restrictions and cap construction and maintenance
requirements. Following Case Closure, all such institutional controls shall be the responsibility
of the owner of the property subject to such institutional controls. For example, to the extent
required by WDNR, Developer will be responsible for cap maintenance, repair and replacement,
potential active mitigation measures such as continuous groundwater extraction and monitoring
and hazardous gas/vapor mitigation on the Property. Prior to Case Closure, each of Developer
and the City will have access to the other's property to the extent necessary to allow each of
Developer and the City to carry out its responsibilities under this Article V.
D. Land Swap. Following the City's removal of the water tower, altitude
vault and foundation, the City and Developer shall cause a second certified survey map to be
prepared at Developer's cost, which will allow the City to swap the Water Tower Property for a
new lot to be created in the northeast corner of the Original Property (the "Swap Property"), the
particular location and dimensions of which shall be agreed upon by the City and Developer, but
which shall be located generally as shown on Exhibit A-3 (the "Final Certified Survey Map").
Following the recording of the Final Certified Survey Map and receipt by Developer of any
required lender approvals for the land swap, the City shall convey to the Developer the Water
Tower Property, and the Developer shall convey to the City the Swap Property. Each
conveyance will be by general warranty deed, free and clear of liens and encumbrances other
than taxes not yet due and payable, zoning restrictions, easements, covenants, and restrictions of
record, and other encumbrances acceptable to the grantee in each conveyance. The grantor in
each conveyance will be responsible for the payment of any real estate transfer fee, and each
party shall be responsible for the cost of any title insurance which it may wish to obtain on the
property that such party is acquiring.
Notwithstanding the foregoing, to the extent that either the Original Property or
the Water Tower Property has not received a Case Closure at the time that the swap is
completed, the party responsible for such Case Closure pursuant to Sections V.A. and B., above,
shall remain responsible for obtaining such Case Closure.
Following the land swap and the obtaining of Case Closures for the Existing
Environmental Conditions:
1. Developer will be responsible for any and all claims in any way
arising out of, connected with, or resulting from any Hazardous Substances, known or unknown,
present on, in, at, or under the Property or migrating to or from the Property. Developer shall
indemnify, defend, and hold harmless the City and its officers, employees, contractors, and
agents, and their respective successors and assigns, from and against any such claims or damages
occurring or arising after the issuance of the Case Closures; and
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2. The City will be responsible for any and all claims in any way
arising out of, connected with, or resulting from any Hazardous Substances, known or unknown,
present on, in, at, or under the Swap Property or migrating to or from the Swap Property. The
City shall indemnify, defend, and hold harmless Developer and its members, managers, officers,
employees, contractors, and agents, and their respective successors and assigns, from and against
such claims or damages occurring or arising after the issuance of the Case Closures.
E. Easements. To the extent not shown on either the Initial or Final Certified
Survey Maps, Developer agrees to grant to the City an easement for the construction of a thirty
(30) foot wide pedestrian and bicycle easement connecting the cul-de-sac to be constructed by
the City at the end of Riverway Drive to Marion Drive. The City agrees to grant to the
Developer easements necessary to allow Developer to install, maintain, repair, and replace storm
and sanitary sewer lines, and construct a storm water detention pond and other improvements on
the Property. The City also intends to consolidate the existing utility easements encumbering the
Property, and may require that Developer grant one or more easements for utilities in connection
with such consolidation, in locations reasonably acceptable to Developer and Developer's lender.
Developer will use all reasonable efforts to obtain its lender's agreement to subordinate its
mortgage to any new easements.
VI. APPROVALS AND DEVELOPMENT STANDARDS.
A. Approval of Public Bodies. The Developer shall obtain from the City and
all other appropriate governmental bodies (and all other councils, boards, and parties having a
right to control, permit, approve, or consent to the development and use of the Property) all
approvals and consents necessary for the City to approve the development of the Property, and
any other approvals necessary to utilize the Property for the Project.
B. Acceptance of Agreement. The acceptance of this Agreement and
granting of any and all approvals, licenses, and permits by the City shall not obligate the City to
grant any additional approvals, including, but not limited to, variances, exceptions, or conditional
use permits, or approve any building or use the City determines not to be in compliance with the
applicable municipal codes and ordinances of the City. The City agrees to work in good faith,
promptly, and diligently in connection with the issuance or grant of all such approvals, consents,
permits, certificates, and any other documents as may be necessary or desirable in connection
with the development, utilization, and operation of the Property and to act reasonably and
expeditiously and in cooperation with the Developer in connection therewith; it being understood
and agreed that this provision is not intended to limit the rights of the City as more particularly
set forth above or in Article X, below.
C, Development Requirements. The Developer shall use the Property for the
Project and in accordance with the provisions of this Agreement, and all other applicable federal,
state, county, and City laws and regulations.
D. Tax Exemption Forbearance. Developer acknowledges that the City is
relying upon the Developer's real property taxes to generate the Available Tax Increment to fund
the City Contribution. As a result, the Developer agrees that, neither the Developer nor any
existing or future Affiliate or related entity of the Developer (collectively, "Developer
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Affiliates") will pursue, assist, support, or be involved in any federal, state, or local, judicial,
legislative, or regulatory action or process that seeks, directly or indirectly, to prohibit, set aside,
or limit the taxability of all or any portion of the Property on any basis whatsoever, and the
Developer for itself and on behalf of the Developer Affiliates, and each of their respective
successors in interest, waives any and all rights thereto. In addition, during the period of time
that commences upon the date of this Agreement and terminates at the end of the District, neither
the Property, the Project nor any part thereof or interest therein shall be sold, transferred, leased,
assigned, gifted, owned, used, or conveyed in any way to any person, partnership, organization,
or entity that is all or partially exempt from federal or State of Wisconsin income taxes or real or
personal property taxes, without the express prior written consent of the City, which such
consent may be withheld in the City's sole and absolute discretion (collectively, the "Restrictive
Covenant"). This Restrictive Covenant shall permit the City to have enforcement rights.
Notwithstanding anything to the contrary contained herein, the Restrictive Covenant shall
automatically terminate upon the conclusion of the District.
VII. WARRANTIES AND REPRESENTATIONS.
A. The Developer hereby warrants, represents, and covenants to the City:
I. The Developer is a duly organized and existing limited liability
company in the State of Indiana and authorized to transact business in the State of Wisconsin.
2. The execution, delivery, and performance of this Agreement and
the consummation of the transactions contemplated hereby have been duly authorized and
approved by the Developer, and no other or further acts or proceedings of the Developer or its
member(s) or manager(s) are necessary to authorize and approve the execution, delivery, and
performance of this Agreement, and the matters contemplated hereby. This Agreement, the
exhibits, documents, and instruments associated herewith and made a part hereof, have, if
applicable, been duly executed and delivered by the Developer and constitute the legal, valid,
and binding agreement and obligation of the Developer, enforceable against the Developer in
accordance with their respective terms, except as the enforceability thereof may be limited by
applicable bankruptcy, insolvency, reorganization, or other similar laws affecting the
enforcement of creditors' rights generally, and by general equitable principles.
3. There are no lawsuits filed or, to the knowledge of the Developer,
pending or threatened against the Developer that may in any material way jeopardize the ability
of the Developer to perform its obligations hereunder.
4. The Developer has sufficient funds through equity and debt
financing sources to continuously operate, maintain, and fulfill the Project.
5. The Developer shall provide, prior to execution of this Agreement,
a (i) a certificate of good standing/current status issued by the appropriate government agency of
the state of the Developer's organization, (ii) a certificate of authority to transact business in the
State of Wisconsin, if Developer is organized in a state other than Wisconsin, and (iii) a
certificate of incumbency and resolutions of the corporation which is signing this Agreement as
manager of Developer stating who is authorized to sign on behalf of Developer and that the
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Developer is duly authorized to enter into this Agreement and undertake all of the obligations
under this Agreement together with all other agreements, documents, and contracts required to
be executed in connection with the transactions arising out of this Agreement.
6. Following the land swap described in Section V.E., above,
Developer shall at all times maintain ownership of the Property in a single entity, and shall not
separately convey any portion of the Property.
B. The City hereby warrants and represents to the Developer that:
1. Subject to the approval of City Common Council, the execution,
delivery, and performance of this Agreement and the consummation of the transactions
contemplated hereby have been duly authorized and approved by the City, and no other or
further acts or proceedings of the City or its officials are necessary to authorize and approve the
execution, delivery, and, subject to annual appropriation by the City Common Council,
performance of this Agreement, and the matters contemplated hereby. This Agreement, the
exhibits, documents, and instruments associated herewith and made a part hereof, have, if
applicable, been duly executed and delivered by the City and constitute the legal, valid, and
binding agreement and obligation of the City, enforceable against the City in accordance with
their respective terms, except as the enforceability thereof may be limited by applicable law and
as is otherwise subject to annual appropriation by the City Common Council.
2. No special assessments or other charges of any kind shall be
assessed or levied against or accrue or come due from the Developer or the Property with respect
to the Property Project Costs. Notwithstanding the foregoing, special assessments may be
assessed if certain actions or improvements that are related to the Project (other than the initial
construction of the public improvements described on Exhibit C) occur within public rights-of-
way. These actions or improvements may include, for example, curb cuts, driveway aprons,
sidewalks, or similar projects.
VIII. CONDITIONS TO/LIMITATIONS ON THE OBLIGATIONS.
Notwithstanding anything to the contrary set forth in this Agreement, the
following are conditions to and limitations on each and all of the obligations of the City and the
Developer under this Agreement, and the City and the Developer shall not be obligated to
expend any amounts under this Agreement and may suspend or terminate this Agreement or the
performance of any and all of its obligations under this Agreement, without recourse against the
City or the Developer, if:
A. The Wisconsin Department of Revenue fails to certify all or any portion of
the creation of the District or the Project Plan ("Non -Certification"); provided, however, the City
shall first make all reasonable efforts in good faith to cure such Non -Certification; or
B. The District is involuntarily terminated or dissolved ("Involuntary
Termination"); provided, however, the City shall first make all reasonable efforts in good faith to
cure such Involuntary Termination.
IX. DEVELOPER: EVENT OF DEFAULT.
10
17456739.4
A. Event of Default. An "Event of Default" is any of the following:
1. Failure to Construct the Prot. Subject to the terms of this
Agreement, the Developer fails to construct the Project consistent with Article N, above; or
2. Taxes. The Developer fails to pay any real or personal property
tax or any special assessment levied or imposed by the State, County, or City against all or any
portion of the Property then owned by the Developer before they are delinquent, and in any event
within ninety (90) days after written notice from the City of such failure; provided that the
Developer shall have the right to contest the same in accordance with applicable law; or
3. Tax Exemption. All or any portion of the Property becomes tax
exempt; or
4. Breach of Agreement. The Developer breaches any provision of
this Agreement or its obligations under this Agreement; provided, however, that written notice of
the breach has been given to the Developer and the Developer has failed to cure such breach
within sixty (60) days or such longer period as is reasonably required under the circumstances
and the Developer has begun to cure such breach in good faith and is diligently continuing to
cure such breach; or
5. Insolvency. The Developer shall: (i) become insolvent or
generally not pay, or be unable to pay, or admit in writings its inability to pay, its debts as they
mature; (ii) make a general assignment for the benefit of creditors or to an agent authorized to
liquidate any substantial amount of its assets; or (iii) become the subject of an order for relief
within the meaning of the United States Bankruptcy Code, or file a petition in bankruptcy, for
reorganization or to effect a plan or other arrangement with creditors; or (iv) have a petition or
application filed against it in bankruptcy or any similar proceeding, and such petition,
application, or proceeding shall remain undismissed for a period of ninety (90) days or more, or
the Developer shall file an answer to such petition or application, admitting the material
allegations thereof; or (v) apply to a court for the appointment of a receiver or custodian for any
of its assets or properties, with our without consent, and such receiver shall not be discharged
within ninety (90) days after its appointment; or (vi) adopt a plan for the complete liquidation of
its assets.
& City Options upon Event of Default. Whenever an Event of Default
occurs under Section IX.A, the City may take one or more of the following actions, in the City's
sole and absolute discretion:
1. Suspend or terminate the performance of any and all of its
undertakings and obligations under this Agreement, including, but not limited to, making any
further payments under this Agreement during the pendency of the Event of Default.
2. Take any action, including legal or administrative action, at law or
in equity, which may appear necessary or desirable to the City to enforce performance and
observance of any obligation, agreement, or covenant of the Developer under this Agreement or
to seek remedy for its breach. Such rights and remedies shall not be exclusive of any other
remedy or remedies, and such rights and remedies shall be cumulative and shall be in addition to
11
17456739.4
every other right and remedy given under this Agreement or now or hereafter existing at law or
in equity or by statute. Notwithstanding the foregoing, if an Event of Default under
Section IX.A.1 occurs, the City's exclusive remedies shall be as set forth in Section IX.B.1
above: provided, further, that, if Developer fails to construct the Project by no later than
December 31, 2018, City shall have the further remedy to recover from Developer any Project
Costs previously paid by City.
C. Delay in Exercise of Rights Not Waiver. No delay or omission to exercise
any right or power accruing to the City or the Developer upon any default by the other party shall
impair any such right or power or shall be construed to be a waiver thereof, but any such right
and power may be exercised from time to time and as often as may be deemed expedient as long
as the default is continuing.
D. Written Waiver Required. In the event this Agreement is breached by
either party and such breach is expressly waived in writing by the other party, such waiver shall
be limited to the particular breach so waived and shall not be deemed to waive any other
concurrent, previous, or subsequent breach hereunder. A party's acquiescence in not enforcing
any portion of this Agreement shall not provide a basis for the application of estoppel or other
like defense or otherwise constitute waiver. Any waiver of any provision of this Agreement by
the City must be express and in writing.
E. Compensation for Costs of Breach. Whenever there is an Event of Default
by the Developer hereunder, and the City employs attorneys or incurs other expenses for the
collection of payment due or to become due for the enforcement or performance or observance
of any obligation or agreement on the part of the Developer contained in this Agreement, the
Developer shall, on demand thereof, pay to the City the reasonable fees of such attorneys and
such other reasonable expenses incurred by the City.
X. MISCELLANEOUS PROVISIONS.
A. Incorporation of Attachments. All exhibits and other documents attached
hereto or referred to herein are hereby incorporated in and shall become a part of this Agreement.
B. Term. Unless terminated under Article IX, above, the term of this
Agreement shall begin as of the Effective Date and shall continue until November 1, 2045,
unless terminated earlier in accordance with the termination by the City of the District in
accordance with the Tax Increment Law.
C� Review and Inspections. The City will act diligently to review all
necessary approvals, licenses, and permits and to undertake any inspections duly requested by
the Developer.
D. Restriction on Assignment of Agreement.
1. Agreement. The Developer may assign or transfer all of its rights
under this Agreement to an Affiliate without the express prior written consent of the City only if
the proposed Affiliate assignee or transferee agrees in writing to assume all of the Developer's
obligations under this Agreement and the Developer provides the City with timely written notice
12
17456739.4
and a copy of such fully executed assumption. Developer may also assign or transfer its rights
under this Agreement pursuant to subsection (2), below. Otherwise, upon an assignment or
transfer of all of the Developer's rights under this Agreement to (i) a non -Affiliate, (ii) an
Affiliate that does not agree in writing to assume all of the Developer's obligations under this
Agreement, or (iii) a lender as provided in subsection (2), below, this Agreement shall terminate
at the option of the City and be of no further force or effect, except if the Developer obtains the
express written consent of the City, which shall be in the sole and absolute discretion of the City.
All of the rights and obligations under this Agreement must be assigned or transferred together,
if at all, and may not be assigned separately.
2. Collateral Assignment of Development Agreement. Developer
may assign its rights and obligations under this Agreement to a lender or lenders, solely for
purposes of providing collateral security for a loan issued to Developer for the purposes of the
construction and development of the Project. Any such assignment shall be contingent upon, or
become effective only following, an event of default Developer under the terms of the loan. So
long as Developer has notified the City of the identity and contact information for its lender, the
City will use reasonable efforts to notify Developer's lender of any Event of Default by
Developer hereunder. The particular form of any collateral assignment entered into by
Developer shall be subject to the City's prior written approval, which shall not be unreasonably
withheld, conditioned, or delayed; provided, that the City will have no obligation to consent to
any collateral assignment of this Agreement which does not assign both Developer's right to
receive the City Contribution and all of Developer's obligations to the City.
3. Transfer of Property. The Developer may sell, assign, or transfer
all or any portion of the Property to an Affiliate without the express prior written consent of the
City only if the proposed Affiliate assignee or transferee agrees in writing to assume all of the
Developer's obligations under this Agreement, and the Developer provides the City with timely
written notice and a copy of such fully executed assumption. Otherwise, upon a sale,
assignment, or transfer of all or any portion of the Property to (i) a non -Affiliate, or (ii) an
Affiliate that does not agree in writing to assume all of the Developer's obligations under this
Agreement, this Agreement shall terminate at the option of the City and be of no further force or
effect, except if the Developer obtains the express written consent of the City, which shall be in
the sole and absolute discretion of the City.
E, Tax Exempt Organizations. For and in consideration of this Agreement
and the nature of the District, the Developer acknowledges and agrees that, during the term of the
District, neither the Property nor any part thereof or interest therein shall be sold, transferred,
leased, assigned, gifted, owned, used, or conveyed in any way to any person, partnership,
organization, or entity that is all or partially exempt from federal or State of Wisconsin income
taxes or real or personal property taxes, without the express prior written consent of the City,
which such consent may be withheld in the City's sole and absolute discretion.
F. Force Majeure. A party shall be excused from its obligations under this
Agreement if and to the extent and during such time as the party is unable to perform its
obligations or is delayed in doing so due to events or conditions outside of the party's reasonable
control (each a "Force Majeure Event") based solely upon acts of God, war, fire, or other
casualty, riot, civil unrest, extreme weather conditions, terrorism, strikes, and labor disputes.
13
17456739.4
Upon the occurrence of a Force Majeure Event, the party incurring such Force Majeure Event
will promptly give notice to the other party, and thereafter the parties shall meet and confer in
good faith in order to identify a cure of the condition affecting its performance as expeditiously
as possible.
G. District Information. As soon as practicable, but no later than
December 15 of each calendar year, the City shall provide to the Developer the information
pertaining to the Available Tax Increment for the calendar year of the request; provided,
however, the City is only required to submit information in its possession and is not required to
reply to any request prior to December 15 of any calendar year.
"H'. Time of the Essence. Time is deemed to be of the essence with regard to
all dates and time periods set forth herein and incorporated herein.
f. Headings. Descriptive headings are for convenience only and shall not
control or affect the meaning or construction of any provision of this Agreement.
J. Delivery of Notices. Any notice required hereunder shall be given in
writing, signed by the party giving notice, personally delivered, mailed by certified or registered
mail, return receipt requested, sent by overnight delivery service, or faxed to the parties
respective addresses as follows, provided any notice given by facsimile is also given by one of
the other methods:
To the City: City of Oshkosh
City Attorney's Office
215 Church Avenue
Post Office Box 1130
Oshkosh, WI 54903-1130
Attn: City Attorney
With a copy to: Godfrey & Kahn, S.C.
100 W. Lawrence Street
Appleton, WI 54911
Attn: Michael J. Lokensgard
To Developer: ANNEX 71, LLC
c/o Mecca Companies, Inc.
409 Massachusetts Avenue, Suite 300
Indianapolis, IN 46204
Attn: Julie M. Elliot, General Counsel
With a copy to: Reff Baivier Bermingham & Lim
217 Ceape Avenue
Oshkosh, WI 54901
Attn: Russ Reff
14
17456739.4
and shall be deemed given upon personal delivery, the first business day after certification or
registration, the first business day after deposit with the overnight delivery service, and upon
acknowledgement of receipt by facsimile or electronic mail (provided notice is promptly sent by
one of the other methods).
K. Entire Agreement. This Agreement and all other documents and
agreements expressly referred to herein, contain the entire agreement between the Developer and
the City with respect to the matters set forth herein. This Agreement may be modified only in
writing signed by all parties.
L. Law Applicable. This Agreement shall be construed in accordance with
the internal laws of the State of Wisconsin.
1. Originals and Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original.
. Amendments to Agreement. This Agreement shall not be amended orally
but only by the written agreement of the parties signed by the appropriate representatives of each
party and with the actual authority of each party.
O� Limitation on Liability. The parties acknowledge and agree that in
carrying out any of the provisions of this Agreement or in exercising any power or authority
granted to them thereby, there shall be no personal liability of the either parties' officers,
members, agents, employees, or representatives, it being understood and agreed that in such
matters they act as agents and representatives of the applicable party.
R. No Partnership. This Agreement specifically does not create any
partnership or joint venture between the parties, or render any party liable for any debts or
obligations of the other party.
Recording of Agreement. The parties hereto agree that at the City's option
a memorandum of this Agreement, including reference to the Restrictive Covenant, may be
recorded on the record title to the Property. The Developer shall upon request of the City
execute and deliver any such memorandum or other document in connection with such
recording.
R. Developer's Obligations Run with the Land. The Developer's obligations
under this Agreement and all consents, obligations, waivers, restrictions, and other requirements
of the Developer as set forth in this Agreement, shall be deemed to be covenants running with
the land and shall be binding upon the Property and the successors, assigns, and other transferees
of the Developer. The rights and benefits conferred upon the Developer shall not be covenants
running with the land and shall not inure to the successors, assigns, or other transferees of the
Developer, except as set forth in Section X.D, above.
S. Severance. If any portion of this Agreement is deemed invalid or
unenforceable by a court of competent jurisdiction, then the remainder of this Agreement shall
remain in full force and effect and enforceable to the fullest extent permitted by law.
15
17456739.4
T. Third Parties. This Agreement is made for the exclusive benefit of the
parties hereto, and their permitted assignees (as set forth in Section X.D.), and is not for the
benefit of any other persons, as third party beneficiaries or otherwise, and this Agreement shall
not be deemed to have conferred any rights, expressed or implied, upon any other party, except
as set forth in Section X.D.
U. Neutral Construction. This Agreement is the result of a negotiated
agreement by the parties and prior to the execution of this Agreement each party had sufficient
opportunity to have review of the document by legal counsel. Nothing in this Agreement shall
be construed more strictly for or against either party because that party's attorney drafted this
Agreement or any portion thereof or attachment hereto.
V. Headings. The headings inserted in this Agreement are for convenience
only and in no way define, limit, or otherwise describe the scope or intent of this Agreement or
any provision of this Agreement
[Signatures Begin On Next Page]
16
17456739.4
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the
date stated in the first paragraph of this Agreement.
ANNEX 71, LLC, an Indiana limited liability
company
By: MECCA COMPANIES, INC., an Indiana
corporation, its Manager
IN
STATE OF INDIANA }
ISS
COUNTY OF }
Kyle D. Bach, CEO
Personally came before me this day of , 2017, the
above-named Kyle D. Bach, to me known to be the person who executed the foregoing
instrument.
Notary Public, State of
My Commission:
17
17456739.4
CITY OF OSHKOSH, WISCONSIN
LOW
IN
Approved as to form:
itz
Lynn A. Lorenson, City Attorney
STATE OF WISCONSIN }
ISS
COUNTY OF WINNEBAGO }
Mark A. Rohloff, City Manager
Pamela R. Ubrig, City Clerk
Personally came before me this day of , 2017, the above
named City Manager and City Clerk, to me known to be the persons who executed the foregoing
instrument.
Notary Public, State of Wisconsin
My Commission:
18
17456739.4
REDEVELOPMENT AUTHORITY OF
THE CITY OF OSHKOSH, WISCONSIN
By:
Chair
IM
STATE OF WISCONSIN }
ISS
COUNTY OF WINNEBAGO }
Executive Director
Personally came before me this day of , 2017, the above
named Chair and Executive Director, to me known to be the persons who executed the foregoing
instrument.
Notary Public, State of Wisconsin
My Commission:
19
17456739.4
EXHIBIT A
Legal Description of Original Property
PARCEL IA:
LOT TWENTY-SIX (26) OF BLOCK "F" IN WESTERN ADDITION, IN THE FIRST WARD,
CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN; ALSO THAT PORTION OF
THE NORTH 1/2 OF VACATED HANCOCK STREET LYING SOUTH OF SAID LOT 26.
PARCEL IB:
LOTS FIFTEEN (15), SIXTEEN (16), SEVENTEEN (17), AND EIGHTEEN (18), BLOCK
"E", AND LOT TWENTY-FIVE (25) AND PART OF LOTS NINE (9), TEN (10), ELEVEN
(11), AND TWELVE (12), BLOCK "F", WESTERN ADDITION, FIRST WARD, CITY OF
OSHKOSH, WINNEBAGO COUNTY, WISCONSIN. THE PORTION OF LOTS 9, 10, 11, 12,
OWNED BY FRANCIS S. LAMB, RECEIVER OF THE GREENLOW THOMAS ABSTRACT
COMPANY, TRUSTEE, OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN, AND
COMPRISING THAT PORTION THEREOF SOUTHWESTERLY OF THE PRESENT MAIN
LINE TRACKS OF THE SOO LINE, AND THE CHICAGO, MILWAUKEE, ST. PAUL AND
PACIFIC RAILROAD; ALSO THAT PORTION OF THE NORTH 1/2 OF VACATED
HANCOCK AVENUE LYING SOUTH OF SAID LOT 25 AND THAT PORTION OF THE
SOUTH 1/2 OF VACATED HANCOCK STREET LYING NORTH OF SAID LOTS 15, 16, 17
AND 18;
EXCEPTING THE EASTERLY 2 FEET OF THE SOUTHERLY 67.49 FEET OF LOT
TWELVE (12) OF BLOCK "F" IN THE PLAT OF THE WESTERN ADDITION TO
OSHKOSH, IN THE FIRST WARD, CITY OF OSHKOSH, WINNEBAGO COUNTY,
WISCONSIN.
PARCEL IC:
THAT PART OF LOT NINETEEN (19) OF BLOCK "E" AND OF HANCOCK STREET
(ABANDONED) IN WESTERN ADDITION TO OSHKOSH, IN THE FIRST WARD, CITY
OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN, DESCRIBED AS FOLLOWS, VIZ: -
COMMENCING ON THE NORTHERLY LINE OF MARION STREET AT THE
SOUTHWESTERLY (MOST WESTERLY) CORNER OF SAID LOT 19, THENCE
SOUTHEASTERLY ALONG THE NORTHERLY LINE OF MARION STREET, 19 FEET,
THENCE NORTHERLY TO A POINT IN THE CENTER OF HANCOCK STREET
(ABANDONED) WHERE THE EXTENDED NORTHWESTERLY LINE OF SAID LOT 19
INTERSECTS THE SAME, THENCE SOUTHWESTERLY ALONG THE EXTENDED
NORTHWESTERLY LINE, AND THE NORTHWESTERLY LINE, OF SAID LOT 19 TO
THE PLACE OF BEGINNING.
PARCEL ID:
17456739.4
THE EASTERLY 20 FEET, FRONT AND REAR, OF LOTS THIRTEEN (13) AND
FOURTEEN (14) BLOCK "E", WESTERN ADDITION, FIRST WARD, CITY OF OSHKOSH,
WINNEBAGO COUNTY, WISCONSIN, TOGETHER WITH A STRIP OF LAND 20 FEET IN
WIDTH AND EXTENDING NORTHERLY FROM THE NORTH LINE OF SAID LOT 13 TO
THE CENTER LINE OF HANCOCK STREET, BEFORE THE VACATING THEREOF,
BEING AN EXTENSION OF THE PORTION FIRST DESCRIBED.
PARCEL IE:
LOTS NINE (9), ELEVEN (11), TWELVE (12), THIRTEEN (13) AND FOURTEEN (14) OF
BLOCK "E" AND THE SOUTHWESTERLY 1/2 OF THAT PORTION OF HANCOCK
STREET (NOW VACATED) LYING NORTHEASTERLY OF AND ADJACENT TO SAID
LOTS 9, 12, AND 13 AND BETWEEN THE EXTENDED NORTHWESTERLY LINE OF
SAID LOT 9 AND THE EXTENDED SOUTHEASTERLY LINE OF SAID LOT 13, ALL IN
PLAT OF WESTERN ADDITION TO OSHKOSH, IN THE FIRST WARD, CITY OF
OSHKOSH, WINNEBAGO COUNTY, WISCONSIN, EXCEPTING THEREFROM THE
SOUTHEASTERLY 20 FEET OF THAT PORTION OF SAID HANCOCK STREET (NOW
VACATED) AND THE SOUTHEASTERLY 20 FEET OF SAID LOTS 13 AND 14.
PARCEL IF:
LOT TEN (10) OF BLOCK "E" IN THE PLAT OF THE WESTERN ADDITION TO
OSHKOSH, IN THE FIRST WARD, CITY OF OSHKOSH, WINNEBAGO COUNTY,
WISCONSIN.
PARCEL IG:
THE SOUTH 15 FEET OF THE NORTH 1/2 OF VACATED HANCOCK STREET, LYING
BETWEEN THE EXTENDED EAST AND WEST LINES OF LOT 22 OF BLOCK "F" IN
THE PLAT OF THE WESTERN ADDITION TO OSHKOSH, CITY OF OSHKOSH,
WINNEBAGO COUNTY, WISCONSIN.
PARCEL IIA:
ALL OF LOT EIGHT (8), BLOCK "E" AND PART OF LOTS ONE (1), TWO (2), THREE (3),
FOUR (4), FIVE (5), SIX (6), AND SEVEN (7), BLOCK "E" AND PART OF LOTS
TWENTY-SEVEN (27), TWENTY-EIGHT (28), TWENTY-NINE (29), AND THIRTY (30),
BLOCK "F" AND PART OF VACATED HANCOCK AVENUE, ALL IN THE PLAT OF
WESTERN ADDITION TO OSHKOSH, IN THE FIRST WARD, CITY OF OSHKOSH,
WINNEBAGO COUNTY, WISCONSIN, LYING SOUTHEASTERLY OF THE
SOUTHEASTERLY LINE OF THE FORMER RIGHT-OF-WAY OF THE WISCONSIN
CENTRAL LIMITED RAILROAD COMPANY BOUNDED AND DESCRIBED AS
FOLLOWS:
BEGINNING AT THE INTERSECTION OF THE NORTHERLY EXTENSION OF THE
EASTERLY LINE OF SAID LOT 8, BLOCK "E" WITH THE CENTERLINE OF VACATED
2
17456739.4
HANCOCK AVENUE LYING ADJACENT TO SAID LOT 8, BLOCK "E"; THENCE SOUTH
38° 52'26" WEST, 221.05 FEET ALONG SAID EXTENSION AND THE EASTERLY LINE
OF SAID LOTS 7 AND 8, BLOCK "E" TO THE NORTHEASTERLY LINE OF MARION
ROAD AS DESCRIBED IN VOLUME 364, PAGE 401; THENCE NORTH 62° 27'06" WEST,
185.04 FEET ALONG SAID NORTHEASTERLY LINE TO THE SOUTHEASTERLY
RIGHT-OF-WAY LINE OF SAID FORMER RAILROAD; THENCE ALONG THE ARC OF
A CURVE OF SAID SOUTHEASTERLY RIGHT-OF-WAY LINE HAVING A RADIUS OF
558.69 FEET AND A CHORD WHICH BEARS NORTH 700 03'10" EAST AND IS 477.27
FEET IN LENGTH TO A POINT ON THE NORTHERLY LINE OF SAID LOT 27, BLOCK
"F"; THENCE SOUTH 520 04'30" EAST, 54.45 FEET ALONG SAID NORTHERLY LINE OF
THE EASTERLY LINE OF SAID LOT; THENCE SOUTH 380 58'32" WEST, 149.89 FEET
ALONG SAID EASTERLY LINE AND ITS EXTENSION SOUTHWESTERLY TO THE
CENTERLINE OF VACATED HANCOCK AVENUE; THENCE NORTH 520 03'42" WEST,
119.85 FEET ALONG SAID CENTERLINE TO THE POINT OF BEGINNING.
PARCEL IIB:
A PART OF LOTS 7 THROUGH 12 AND LOTS TWENTY-SEVEN (27) AND TWENTY-
EIGHT (28) OF BLOCK "F" IN THE WESTERN ADDITION TO OSHKOSH AND
VACATED WARREN ROAD, IN THE FIRST WARD, CITY OF OSHKOSH, WINNEBAGO
COUNTY, WISCONSIN, DESCRIBED AS FOLLOWS:
COMMENCING AT THE INTERSECTION OF THE NORTHWESTERLY LINE OF SAID
LOT 28 AND THE FORMER SOUTHERLY RIGHT-OF-WAY LINE OF THE SOO LINE
RAILROAD COMPANY; THENCE EASTERLY ALONG THE FORMER SOUTHERLY
RIGHT-OF-WAY LINE OF THE SOO LINE RAILROAD COMPANY TO THE
SOUTHEASTERLY LINE OF SAID LOT 12; THENCE NORTHEASTERLY ALONG THE
SOUTHEASTERLY LINE OF SAID LOT 12 AND THE EXTENDED SOUTHEASTERLY
LINE OF SAID LOT 12 TO THE CENTERLINE OF VACATED WARREN ROAD; THENCE
NORTHWESTERLY ALONG THE CENTERLINE OF VACATED WARREN ROAD TO
THE EXTENDED NORTHWESTERLY LINE OF SAID LOT 11; THENCE
SOUTHEASTERLY ALONG THE EXTENDED NORTHWESTERLY LINE OF SAID LOT
11 TO THE FORMER NORTHERLY RIGHT-OF-WAY LINE OF THE SOO LINE
RAILROAD COMPANY; THENCE WESTERLY ALONG THE FORMER NORTHERLY
RIGHT-OF-WAY LINE OF THE SOO LINE RAILROAD COMPANY TO THE
NORTHWESTERLY LINE OF SAID LOT 7; THENCE SOUTHWESTERLY ALONG THE
NORTHWESTERLY LINES OF SAID LOTS 7 AND 28 TO THE POINT OF BEGINNING;
EXCEPT LAND CONVEYED AND DESCRIBED BY INSTRUMENT RECORDED AS
DOCUMENT NO. 1294307, WINNEBAGO COUNTY REGISTRY.
PARCEL IIC:
A PART OF LOTS 1 THROUGH 5 OF BLOCK "E" AND LOTS FOUR (4), SIX (6),
TWENTY-NINE (29) AND THIRTY (30) OF BLOCK "F", BOTH IN THE WESTERN
ADDITION TO OSHKOSH AND ALSO PART OF VACATED HANCOCK STREET, IN THE
17456739.4
FIRST WARD, CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN, DESCRIBED
AS FOLLOWS:
COMMENCING AT THE INTERSECTION OF THE FORMER SOUTHEASTERLY RIGHT-
OF-WAY LINE OF THE SOO LINE RAILROAD COMPANY AND THE NORTH LINE OF
MARION ROAD; THENCE NORTHEASTERLY ALONG THE FORMER
SOUTHEASTERLY RIGHT-OF-WAY LINE OF THE SOO LINE RAILROAD COMPANY
TO THE SOUTHEASTERLY LINE OF SAID LOT 29; THENCE NORTHEASTERLY
ALONG THE SOUTHEASTERLY LINES OF SAID LOTS 29 AND 6 TO THE FORMER
NORTHERLY RIGHT-OF-WAY LINE OF THE SOO LINE RAILROAD COMPANY;
THENCE SOUTHWESTERLY ALONG THE FORMER NORTHWESTERLY RIGHT-OF-
WAY LINE OF THE SOO LINE RAILROAD COMPANY TO THE SOUTHEASTERLY
LINE OF DAWES STREET; THENCE SOUTHWESTERLY ALONG THE
SOUTHEASTERLY LINE OF DAWES STREET TO THE NORTHERLY LINE OF MARION
ROAD; THENCE SOUTHEASTERLY ALONG THE NORTHERLY LINE OF MARION
ROAD TO THE FORMER SOUTHEASTERLY RIGHT-OF-WAY LINE OF THE SOO LINE
RAILROAD COMPANY ALSO BEING THE POINT OF BEGINNING.
PARCEL IID:
PART OF LOT EIGHT (8), BLOCK F OF WESTERN ADDITION TO OSHKOSH, A
RECORDED SUBDIVISION, BEING IN PART OF THE SOUTHEAST 1/4 OF THE
NORTHEAST 1/4, SECTION TWENTY-THREE (23), TOWNSHIP EIGHTEEN (18) NORTH,
RANGE SIXTEEN (16) EAST, CITY OF OSHKOSH, WINNEBAGO COUNTY,
WISCONSIN, BOUNDED AND DESCRIBED AS FOLLOWS:
COMMENCING AT THE EAST 1/4 CORNER OF SAID SECTION; THENCE S89°34'30"W,
812.92 FEET ALONG THE SOUTH LINE OF SAID NORTHEAST 1/4; THENCE
N00°25'30"W, 258.10 FEET TO A POINT ON THE SOUTH RIGHT-OF-WAY OF
PROPOSED ROAD "A", ALSO BEING THE POINT OF BEGINNING; THENCE ALONG
SAID RIGHT-OF-WAY ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF
558.69 FEET WHOSE CHORD BEARS S83009'16"E, 63.24 FEET; THENCE S37029'49"W,
30.96 FEET; THENCE N53051'19"W, 54.42 FEET TO THE POINT OF BEGINNING.
APN: 901-0241 (PARCEL 1) AND 901-0236 (PARCEL 11)
TOGETHER WITH:
OUTLOT TWO (2) CERTIFIED SURVEY MAP NO. 5712, FILED IN THE OFFICE OF THE
REGISTER OF DEEDS FOR WINNEBAGO COUNTY, WISCONSIN, ON APRIL 26, 2005 IN
VOLUME 1 ON PAGE 5712, AS DOCUMENT NO. 1352487, SAID SURVEY MAP BEING
ALL OF LOTS 10, 11, 12, 13, 22, 23, 24, 25, 26, 27, 28, 29, AND PART OF LOTS 3, 4, 5, 6, 7,
8, 14, 15, 16, 18, 19, 20, 21, 30 OF BLOCK G OF WESTERN ADDITION TO OSHKOSH,
AND ALL OF LOT 5 AND PART OF LOTS 1, 2, 3, 4, 6, 7, 8, 9, 10, 29, AND 30 OF BLOCK F
OF WESTERN ADDITION TO OSHKOSH, AND PART OF VACATED DAWES STREET
AND WARREN STREET, AND ALL OF LOT 1 OF CERTIFIED SURVEY MAP NUMBER
4
17456739.4
1579, BEING A PART OF THE SOUTHEAST 1/40F THE NORTHEAST 1/40F SECTION
TWENTY THREE (23), TOWNSHIP EIGHTEEN (18) NORTH, RANGE SIXTEEN (16)
EAST, FIRST WARD, CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN.
17456739.4
EXHIBIT A -I
Initial Certified Survey Map/Depiction of Original Property and Water Tower Property
[see attached]
17456739.4
EXHIBIT A-1
CERTIFIED SURVEY MAP N0. ------
ALL OF OUTLOT 2 OF CERTIFIED SURVEY MAP NO. 5712; AND
ALL OF LOTS 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18 AND PART
OF LOTS 1, 2, 3,4 AND 19, BLOCK E, ALL OF LOTS 11, 25, 26, 27, 28
AND PART OF LOTS 4, 6, 7, 8, 9, 10, 12, 29 AND 30, BLOCK F,
WESTERN ADDITION; AND PART OF VACATED WARREN STREET
AND HANCOCK STREET; BEING A PART OF THE SOUTHEAST 1/4
OF THE NORTHEAST 1/4 AND PART OF THE NORTHEAST 1/4 OF
THE SOUTHEAST 1/4 OF SECTION 23, TOWNSHIP 18 NORTH,
RANGE 16 EAST, IN THE FIRST WARD, CITY OF OSHKOSH,
WINNEBAGO COUNTY, WISCONSIN NORTHEAST CORNER
SECTION 23
DAWES STREET ALL EXISTING BUILDINGS T18N, R16E NOTE:
ON LOT 1 ARE TO BE REMOVED
5,324 SEE SHEET 3
5,324 SQ.FT. 0.122 ACRES 6I0' I °� FOR DETAIL OF
DEDICATED TO THE PUBLICLOT 2 }" 2 EASEMENTS
k
LOT 1 AREA ouT�oT z C.S.M. Ij' "k\
216,399 SQ.FT. q..kk No.5712_ NO. Baas I-' �9a
4.968 ACRES S Na 2a`°
LOT 1 (554'04'05' E I =' LOT 1
o. .
- S53°02'38"E - W EAST 1/4 CORNER
yP _C,_S.M_ 140.7046 2 5 /:NN ----- SECTION 23
\ 4\1 VACATE _ N ----EN_ STF2E_T p1 r \. T18N, R16E
P..e. - 140._6553
�DET�1L ON
I LOT 2 SHEET 2 -L1 co u)) z ' so
1 - 1q.
0) � -1 LOT
Co.KRE1E
":_ w
=RETE CONN
BMUL'JS NO. -7a- .... /''
vr_ rI cA� ,117.97 {�
r'?I �- 1 g �S��G BEXISUILpnNG I iV52 44'49"W 00 1/'/ SOUTHEAST CORNER
a .. ( 27 ? - _ , :.Q � ork� ? � v' TISECION 23
N, R16E
7
LO 1 30 o�n ERLr uNE of ORM
E LOT 2
PR EVCd�I5LNG5'�II-ORVEYEDA PND 00 L3.. oee poCUUENTEg-L_M . -
C.S.M. r��Qm VACATED LOT 1 car.119.61' cy v C.S.M.
_ ��Q-2o J J ExISTING
U p�fi�a __S52'44'0VE BUILDING
NO. 5396 ���a -11
"5'' AREA PED 7.150
"r_-- LO IUT OF 100
.`."- 0 i3 '� 6X/ YEAR FLOQ LAJN ( I ' ?0_ kT
IEXISTIN ./I DUj[_DI G 17 I
- . tc, � - �-
2_
EXISTING _ EXIST
i ADDITION
- / '� EA A/Ar EDIN
I LI) XISIIA DUI DING !! 10 11 t>��!s - - 6 ��' \ THE -100 TEAR
�6I0' r UILOINS�32'_�C
FLOOD LAI
W W �0 2 Exsnrl U T eelcaefE 6Q°A= �� PED 100 YEAR
FLOOOPLAIN UNE
Q IY� 55' .- - �' OPD' PER FEMA MAP 140.
r M - "366 1 r�i �� 55 EFFECTIVE
AR
Y�'y�' i- EFEE17, 2 MARCH
�i1Cni COz-_.rZ°(1�'Z�n' :/ f��QR1O�" cx151MG 17. 2003
BEARINGS ARE REFERENCED TO
LINE TABLE:
THE WINNEBAGO COUNTY COORDINATE
Ll
N 52°44'49 W 2.00'
SYSTEM IN WHICH THE EAST LINE OF
'
"
IS 53°46'43E)
THE NORTHEAST 1/4 OF SECTION 23
L2
N 38°28'57" E 15.10'
BEARS N 00'15'32" W
L3
S 52°46'19" E 60.03'
IN 53°48'13" W)
1" = 150'
/ L4
S 38°25136" W 15.13'
IN 37°23''42" E)
CENTER OF L5
S 30°2254" W 132.15'
0 150 300
SCALE IN FEET
SECTION 23
IN 29°21'00" E)
T18N, R16E
CURVE TABLE:
CURVE RADIUS DELTA
LENGTH CHORD BEARING CHORD
1 618.11 031°50'50"
343.57' N 67°49'02" E 339.16'
2 618.69' 042°42'41"
461.21' S 76°37128" E 450.60'
3 618.69' 001°51'59
20.15' N 82°57'10 E 20.15'
4 618.69' 007°00'17"
75.64' N 87°23'18" E 75.59'
5 618.69' 033°50'25"365.42'
S 72°11'20" E 360.13'
6 45.00' 245°44'32"
193.01' N 87°23'18" E 75.59'
LEGEND
■ 1" O.D. IRON PIPE SET, 18" LONG, ® CHISELED "X" FOUND
WEIGHING 1.130 LBS. PER LIN.
FOOT .$I- GOVERNMENT CORNER
p MAG NAIL FOUND
Q 3/4" O.D. REBAR FOUND
( ) RECORDED AS
❑ 1" O.D. IRON PIPE FOUND
P.O.B. POINT OF BEGINNING
Martenson & Eisele, Inc.
1377 Midway Road
Planning SURVEY FOR:
Menasha, WI 54952
Environmental ANNEX 71, LLC
c
Surveying ATTN: JOY SKIDMORE
PROJECT NO. 1-0892-001
fo@martenson-eisele.com
info@martenson-eisele.com
Engineering 409 MASSACHUSETTS AVE.
FILE 1-0892-001 csm.dwg SHEET 1 OF 6
920.731.0381 1.800.236.0381
SUITE 300
Architecture INDIANAPOLIS, IN 46204
THIS INSTRUMENT WAS DRAFTED BY: A.Sedlor
CERTIFIED SURVEY MAP N0. ------
DETAIL OF LOT -1
DAWES STREET C.S.M.-
CUL-DE-SAC s, NO. -7046
tic G5 /
`p" /
�y PORTION OF DAWES STREET /
y� TO BE VACATED BY /
SEPARATE INSTRUMENT G
LOT 2
C.S.M.
NO. 5712 // 1
PORTION OF J
DAWES STREET �Gnj
TO BE VACATED BY
SEPARATE INSTRUMENT
c�
OUTLOT 2
C.S.M. NO. 5712
--------------
ox
'44
'26„ E
/
,S
59 45-00' DAWES STREET
�I 1
5,324 SQ.FT.
0.122 ACRES
DEDICATED TO THE PUBLIC
GAO
SCALE 1" = 20'
LEGEND
■ 1" O.D. IRON PIPE SET, 18" LONG,
WEIGHING 1.130 LBS. PER LIN. FOOT
El 1" O.D. IRON PIPE FOUND
�f POWER POLE
�Jf LIGHT POLE
CURVE TABLE:
CURVE RADIUSDELTA LENGTH CHORD BEARING CHORD
1 618.11' 031°50150" 343.57' N 67°49'02" E 339.16'
2 618.69' 042°42'41" 461.21' S 76°37'28" E 450.60'
3 618.69' 001°51'59" 20.15' N 82°57110" E 20.15'
4 618.69' 007°00'17" 75.64' N 87°23'18" E 75.59'
5 618.69' 033°50'25" 365.42' S 72°11'20" E 360.13'
6 45.00' 245°44'32" 193.01' N 87°23'18" E 75.59'
LOT 1
PROJECT NO. 1-0892-001
SHEET 2 OF 6
CERTIFIED SURVEY MAP N0.
------
DETAIL OF
>-
EXISTING AND FUTURE
<
E'
EASEMENTS
w'
w�
' �
/
/
23.57'
12
n
`Z
w
00
zo
0
Hyl
// /
10'
C^ON
o�
-
117.97'
N52°44'49"W
/ 5
/
M m
30' PEDESTRIA
AND
N V
M
BICYCLE EASEMENT
SEPARATE INSTR
BY
MENT
O
L3
LOT 1
119.61'
c
S52°44'01'V.
0.
PER VOL458 PG.39 i I I✓ r
/ 20' ACCESS EASEMENT I 'I )1 24' 0'
PER DOC. NO. 644102 I
SANITARY SEWER EASEMENT I I
/ DOC.NO.1244815
( CENTERLINE OFUTILITY EASEMENT II I 1 II.
PER VOL .917 PG.551
I I (NO EASEMENT WIDTH SPECIFIED
W: I W 11 5' SIDEWALK EASEMENT '_ �' NgA°4�31,1W 3 SvoR474 pr203
BY SEPARATE INSTRUMENT
W' mZ
II 36613' N ROi ' Pp -
SCALE 1' = 100'
i
i
SIDEWALK EASEMENT
PER DOCUMENT
NO. 1244814 LINE TABLE:
Ll N 52°44149" W 2.00'
IS 53°46143" E)
L2 N 38°28'57" E 15.10'
L3 S 52°46'19" E 60.03'
IN 53°48'13" W)
L4 S 38°25'36" W 15.13'
IN 37°23'42" E)
L5 S 30°22'54" W 132.15'
IN 29°21'00" E)
CURVE TABLE:
CURVE RADIUS DELTA LENGTH CHORD BEARING CHORD
1 618.11 031°50150" 343.57' N 67°49'02" E 339.16'
2 618.69' 042°42'41" 461.21' S 76°37'28" E 450.60'
3 618.69' 001°51'59" 20.15' N 82°57'10" E 20.15'
4 618.69' 007°00'17" 75.64' N 87°23'18" E 75.59'
5 618.69' 033°50'25" 365.42' S 72°11'20" E 360.13'
6 45.00' 245°44'32" 193.01' N 87°23'18" E 75.59'
PROJECT NO. 1-0892-001
SHEET 3 OF 6
CERTIFIED SURVEY MAP N0. ------
SURVEYOR'S CERTIFICATE:
I, GARY A. ZAHRINGER, PROFESSIONAL LAND SURVEYOR, DO HEREBY CERTIFY:
THAT I HAVE SURVEYED, MAPPED AND DIVIDED AT THE DIRECTION OF ANNEX 71, LLC, OWNER OF SAID LAND,
ALL OF OUTLOT 2 OF CERTIFIED SURVEY MAP NO. 5712; AND ALL OF LOTS 5, 6, 7, 8, 9, 10, 11, 12,
13, 14, 15, 16, 17, 18 AND PART OF LOTS 1, 2, 3, 4 AND 19, BLOCK E, ALL OF LOTS 11, 25, 26, 27,
28 AND PART OF LOTS 4, 6, 7, 8, 9, 10, 12, 29 AND 30, BLOCK F, WESTERN ADDITION; AND PART OF
VACATED WARREN STREET AND HANCOCK STREET; BEING A PART OF THE SOUTHEAST 1/4 OF THE NORTHEAST
1/4 AND PART OF THE NORTHEAST 1/4 OF THE SOUTHEAST 1/4 OF SECTION 23, TOWNSHIP 18 NORTH, RANGE
16 EAST, IN THE FIRST WARD, CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN, MORE FULLY DESCRIBED
AS FOLLOWS:
COMMENCING AT THE EAST 1/4 CORNER OF SAID SECTION 23; THENCE NORTH 00 DEGREES 15 MINUTES 32
SECONDS WEST, ALONG THE EAST LINE OF THE NORTHEAST 1/4 OF SAID SECTION, A DISTANCE OF 233.30
FEET; THENCE SOUTH 89 DEGREES 44 MINUTES 28 SECONDS WEST, 482.63 FEET TO THE POINT OF
BEGINNING; THENCE SOUTH 38 DEGREES 19 MINUTES 21 SECONDS WEST, ALONG THE NORTHWESTERLY LINE OF
LOT 1 OF CERTIFIED SURVEY MAP NO. 7150, A DISTANCE OF 80.11 FEET; THENCE NORTH 52 DEGREES 44
MINUTES 49 SECONDS WEST, CONTINUING ALONG THE NORTHWESTERLY LINE OF LOT 1 OF CERTIFIED SURVEY
MAP NO. 7150, A DISTANCE OF 2.00 FEET; THENCE SOUTH 38 DEGREES 19 MINUTES 21 SECONDS WEST,
CONTINUING ALONG THE NORTHWESTERLY LINE OF LOT 1 OF CERTIFIED SURVEY MAP NO. 7150, A DISTANCE
OF 67.49 FEET; THENCE NORTH 52 DEGREES 44 MINUTES 49 SECONDS WEST, ALONG THE NORTHEASTERLY
LINE OF LOTS 23 AND 24, BLOCK "F", WESTERN ADDITION, A DISTANCE OF 117.97 FEET; THENCE SOUTH
38 DEGREES 20 MINUTES 37 SECONDS WEST, ALONG THE NORTHWESTERLY LINE OF SAID LOT 24, A DISTANCE
OF 149.92 FEET; THENCE SOUTH 52 DEGREES 44 MINUTES 01 SECONDS EAST, ALONG THE NORTHERLY LINE
OF THE SOUTHERLY 1/2 OF VACATED HANCOCK STREET, A DISTANCE OF 119.61 FEET; THENCE NORTH 38
DEGREES 28 MINUTES 57 SECONDS EAST, ALONG THE NORTHERLY EXTENSION OF THE SOUTHWESTERLY LINE OF
LOT 18, BLOCK "E", WESTERN ADDITION, A DISTANCE OF 15.10 FEET; THENCE SOUTH 52 DEGREES 46
MINUTES 19 SECONDS EAST, ALONG THE SOUTHWESTERLY LINE OF SAID LOT 1 OF CERTIFIED SURVEY MAP
NO. 7150, A DISTANCE OF 60.03 FEET; THENCE SOUTH 38 DEGREES 25 MINUTES 36 SECONDS WEST, ALONG
THE NORTHWESTERLY LINE OF LOT 2 OF SAID CERTIFIED SURVEY MAP NO. 7150, A DISTANCE OF 15.13
FEET; THENCE SOUTH 30 DEGREES 22 MINUTES 54 SECONDS WEST, ALONG THE NORTHWESTERLY LINE OF LOT
2 OF SAID CERTIFIED SURVEY MAP NO. 7150 AND ITS SOUTHERLY EXTENSION TO THE NORTHERLY
RIGHT-OF-WAY LINE OF MARION ROAD, A DISTANCE OF 132.15 FEET; THENCE NORTH 64 DEGREES 44
MINUTES 31 SECONDS WEST, ALONG THE NORTHERLY RIGHT-OF-WAY LINE OF MARION ROAD, A DISTANCE OF
326.10 FEET; THENCE NORTH 63 DEGREES O8 MINUTES 27 SECONDS WEST, CONTINUING ALONG THE
NORTHERLY RIGHT-OF-WAY LINE OF MARION ROAD, A DISTANCE OF 366.13 FEET; THENCE NORTH 38 DEGREES
00 MINUTES 11 SECONDS EAST, ALONG THE SOUTHEASTERLY RIGHT-OF-WAY LINE OF DAWES STREET, A
DISTANCE OF 87.98 FEET; THENCE 343.57 FEET ALONG AN ARC OF A CURVE TO THE RIGHT, ALONG THE
NORTHERLY RIGHT-OF-WAY OF FORMER RAILROAD, ALSO BEING THE SOUTHERLY LINE OF CERTIFIED SURVEY
MAP NO. 5396 AND LOT 2 OF CERTIFIED SURVEY MAP NO. 5712, SAID CURVE HAVING A RADIUS OF 618.11
FEET AND A CHORD THAT BEARS NORTH 67 DEGREES 49 MINUTES 02 SECONDS EAST, 339.16 FEET; THENCE
461.21 FEET ALONG AN ARC OF A CURVE TO THE RIGHT, ALONG THE NORTHERLY LINE OF OUTLOT 2 OF
CERTIFIED SURVEY MAP NO. 5712 AND THE SOUTHERLY LINE OF CERTIFIED SURVEY MAP NO. 7046, SAID
CURVE HAVING A RADIUS OF 618.69 FEET AND A CHORD THAT BEARS SOUTH 76 DEGREES 37 MINUTES 28
SECONDS EAST, 450.60 FEET; THENCE SOUTH 53 DEGREES 02 MINUTES 38 SECONDS EAST, ALONG THE
SOUTHERLY RIGHT-OF-WAY LINE RIVERWAY DRIVE, A DISTANCE OF 23.57 FEET; TO THE POINT OF
BEGINNING. CONTAINING 221,723 SQUARE FEET [5.090 ACRES]. SUBJECT TO ALL EASEMENTS AND
RESTRICTIONS OF RECORD.
THAT I HAVE FULLY COMPLIED WITH CHAPTER 236.34 OF THE WISCONSIN STATUTES AND WITH THE CITY
OF OSHKOSH SUBDIVISION ORDINANCE IN SURVEYING, DIVIDING AND MAPPING THE SAME.
THAT THIS MAP IS A CORRECT REPRESENTATION OF ALL THE EXTERIOR BOUNDARIES OF THE LAND
SURVEYED AND THE DIVISION THEREOF.
GIVEN UNDER MY HAND THIS 21ST DAY OF JUNE, 2017.
GARY A. ZAHRINGER, PROFESSIONAL WI LAND SURVEYOR 5-2098
CITY OF OSHKOSH PLANNING COMMITTEE CERTIFICATE:
THIS CERTIFIED SURVEY MAP OF BEING PART OF CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN,
IS HEREBY APPROVED.
DATED THIS DAY OF , 2017.
PLANNING COMMISSION SECRETARY
PROJECT NO. 1-0892-001
SHEET 4 OF 6
CERTIFIED SURVEY MAP N0.
CORPORATE OWNER'S CERTIFICATE:
ANNEX 71, LLC, AN INDIANA LIMITED LIABILITY COMPANY, DULY ORGANIZED AND EXISTING UNDER AND BY
VIRTUE OF THE LAWS OF THE STATE OF INDIANA, HEREBY CERTIFY THAT WE CAUSED THE LAND ABOVE
DESCRIBED TO BE SURVEYED, DIVIDED, DEDICATED AND MAPPED ALL AS SHOWN AND REPRESENTED ON THIS
MAP.
IDATED THIS DAY OF . 2017.
SIGNATURE
PRINT NAME & TITLE PRINT NAME & TITLE
ESTATE OF
)SS
COUNTY)
PERSONALLY CAME BEFORE ME ON THE DAY
OF , 2017, THE ABOVE
OWNER(S) TO ME KNOWN TO BE THE PERSON(S) WHO
EXECUTED THE FOREGOING INSTRUMENT AND
ACKNOWLEDGE THE SAME.
NOTARY PUBLIC, STATE OF
MY COMMISSION (IS PERMANENT)
(EXPIRES:
PROJECT NO. 1-0892-001
SHEET 5 OF 6
CERTIFIED SURVEY MAP N0. ------
MUNICIPAL OWNER'S CERTIFICATE:
REDEVELOPMENT AUTHORITY OF THE CITY OF OSHKOSH, A SEPARATE PUBLIC BODY ORGANIZED AND EXISTING
UNDER AND BY VIRTUE OF THE LAWS OF THE STATE OF WISCONSIN, HEREBY CERTIFY THAT WE CAUSED THE
LAND ABOVE DESCRIBED TO BE SURVEYED, DIVIDED, DEDICATED AND MAPPED ALL AS SHOWN AND
REPRESENTED ON THIS MAP.
DATED THIS DAY OF , 2017.
H. ALLEN DAVIS III, EXECUTIVE DIRECTOR STEVEN J. CUMMINGS, CHAIRMAN
STATE OF WISCONSIN)
)SS
WINNEBAGO COUNTY)
PERSONALLY CAME BEFORE ME ON THE DAY
OF , 2017, THE ABOVE
OWNER(S) TO ME KNOWN TO BE THE PERSON(S) WHO
EXECUTED THE FOREGOING INSTRUMENT AND
ACKNOWLEDGE THE SAME.
NOTARY PUBLIC, STATE OF WISCONSIN
MY COMMISSION (IS PERMANENT)
(EXPIRES: )
PROJECT NO. 1-0892-001
SHEET 6 OF 6
EXHIBIT A-2
Legal Description of Water Tower Property
Lots 23 and 24 of Block V" in thePlat of the WESTERN ADI)ITI()N to Oshkosh,
together with the North % of Hancock $treet (now vacated) lying south of and adjacent to
said Lots 23 and 24 and between the extended East and west lines of said Lots, in the First
Ward, City of Oshkosh, Winnebago County, Wisconsin.
Tax Identification No. 901-0249-0000
Exhibit A-3
Depiction of Swap Property and Property
17456739.4
1 in 0.02rrii fill
1 In::: 113 ft
The City of Oshkosh creates and maintains GIS maps and data for its own use. They may show the approximate relative location of property, boundaries and other feature . ........................................................
from a variety of sources. These map(s)ldatasets are provided for information purposes only and may riot be sufficient or appropriate for legal, engineering, or surveying Printing Dat& 7/21/2017 Oshkosh
purposes. They are provided "AS IS" without warranties of any kind and the City of Oshkosh assumes no liability for use or misuse. Any flood information shown on this map
DOES NOT represent the official adopted FEMA boundaries. It is the responsibility ofthe user to determine flood boundaries from the existing Flood Insurance Rate Maps. Prepared py� City of Oshkosh, VVI
i i( il FN IS I talo Majasil In qi n op, I n q I �alo, Maja :I A il- kollyin
EXHIBIT B
Description of Project Plan
The District, comprising approximately 5.5 acres located on Marion Road opposite The Rivers
Senior Living apartments, is being created 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
toward 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.
17456739.4
EXHIBIT B
EHLERS
LEADER'S IN PUBLIC FINANCE
June 27, 2017
Project Plan for the Creation of
Tax Incremental District No. 33
(Lamico Redevelopment)
Organizational Joint Review Board Meeting
Public Hearing:
Approval by Plan Commission:
Adoption by Common Council:
Approval by the Joint Review Board:
June 20, 2017
June 20, 2017
June 20, 2017
July 11, 2017
July 14, 2017
^
Tax Incremental District No. 33
Creation
Project Plan
City of Oshkosh Officials
Common Council
Steve Cummings
Steve Heenan
Debra L. Allison-Aasby
Lori Palmeri
Caroline Panske
Thomas R. Pech, Jr.
Jake Krause
City Staff
Mark Rohloff
Allen Davis
Lynn Lorenson
Darryn Burich
Kelly Nieforth
Trena Larson
Pamela Ubrig
Plan Commission
David Borsuk
Edward Bowen
Thomas Fojtik, Chair
Mike Ford
John Hinz
Joint Review Board
Mark Rohloff, City Manager
Mark Harris, County Executive
Melissa Kohn, Director — Oshkosh Campus
Allison Garner, School Board President
Bill Castle
Mayor
Deputy Mayor
Council Member
Council Member
Council Member
Council Member
Council Member
City Manager
Community Development Director
City Attorney
Planning Director
Economic Development Services Manager
Finance Director
City Clerk
John Kiefer
Kathleen Propp
Jeffrey Thorns
Robert Vajgrt
Mayor Steve Cummings
City Representative
Winnebago County
Fox Valley Technical College District
Oshkosh School District
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...............................30
APPENDIX B- MARKET STUDY AND INVESTMENT ANALYSIS REPORT..............................................61
PLAN COMMISSION PUBLIC HEARING/MINUTES OF JUNE 20, 2017 ..................................................132
COMMON COUNCIL CREATION RESOLUTION OF JULY 11, 2017
134
JOINT REVIEW BOARD RESOLUTION JULY 14, 2017...........................................................................138
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 fonner
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 $4.45 million to facilitate
clean up and redevelopment on the site. The estimated expenditures include $3.88 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 $36,000 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:
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 detennination, the City has considered
the following infonnation:
• At the City's request, Ehlers completed a limited independent review of the developer's sources
and uses, and cash flow proforma for the project. The project's projected return on investment
over 10 years without TIF assistance is 6.24%. The developer has requested that the City provide
Piroject Rlan TID No. 33 Cireatlion Gity of Oshkosh
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incentive payments on a pay as you go basis with a present value of $2,506,153. (Projected future
value payments of $3,879,917). Provision of the requested assistance would improve the project's
return on investment to 9.26%. Projects of this type typically need to provide a return in the range
of 11% to 16% to attract the necessary capital. Based on Ehlers review, provision of pay as you
go TIF assistance in the amount requested is necessary to provide an acceptable return on
investment and indicates that "but for" the TIF assistance, the project would not likely proceed.
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
Piroject Rlwi TID No. 33 Cireatliorl Gity of Oshkosh
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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 and is an area in need of rehabilitation or
conservation work as defined in Section 66.1337(2m)(a) based on the following findings:.
• Existing former manufacturing structures with oldest structures first constructed in 1952 as
light industrial structures exhibit signs of deterioration and functional obsolescence requiring
extensive rehabilitation and are as a result detrimental to the public health, safety, morals and
welfare; and
• Long -tern industrial use within this area is inconsistent with residential uses in the adjacent
area;
• Industrial uses are not consistent with the City's Comprehensive Land Use Plan for the area
calling for mixed used development; and
• The City's Comprehensive Plan has identified the need to relocate older industrial uses out of
this mixed-use neighborhood because such uses are detrimental to the public welfare; and
• Presence of environmental contamination on the site requires widespread remediation; and
• Presence of poorly drained soils combined with high groundwater conditions make site
redevelopment difficult; and
• The site is comprised of historically filled lands requiring use of alternative foundation
systems making rehabilitation of the site costly and difficult.
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)l.
10. The Project Plan for the District in the City is feasible, and is in conformity with the master plan of
the City.
Pirojact Rlarl TID No. 33 Ciraahorl Gity of Oshkosh
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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)l. 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.
Piroject Rlarl TID No. 33 Cireahorl Gity of Oshkosh
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SECTION 3:
Preliminary Maps of Proposed District Boundary
Legend
EM TID #33 Boundary
0 25 50 100 150 200 250
Feet
Dote: Wednesday, June 07, 2017�e
Project Rlwi TID No. 33 Cireatoi i Gity of Oshkosh
Prepared by Ehlleirs Foga 8 Jwie 27, 2017
�I
Legend
EM TID #33 Boundary
0 25 50 100 150 200 250
Feet
Dote: Wednesday, June 07, 2017�e
Project Rlwi TID No. 33 Cireatoi i Gity of Oshkosh
Prepared by Ehlleirs Foga 8 Jwie 27, 2017
Tax Increment District #33
Lamico Redevelopment CHY P An
ow
Parcel Identification Oshkosh
Project Ran TID No. 33 Cireahon Gity of Oshkosh
Prepared by EMeirs Page 9 June 27, 2017
SECTION 4:
Maps Showing Existing Uses and Conditions
Tax In District #33 An
LC. mico Redevelopment
Existing Land Use bshkosh
Existing Land Use
TD #3,3 Boundary Institutional commercial
0 60 too 200 Industrial Residential
Parking Lot infrastructure
Vacant Land Public Park
Project Ran TID No. 33 Creation Gity of Oshkosh
Prepared by EKleirs Page 10 June 27, 2017
Tax Increment District #33
Lamico Redevelopment
Existing Conditions
Legend
TID #33 Boundary
0 25 50 100 150
Feet
Date: Wednesday, June 07, 2017
Cillofv
Oshkosh
Project Rlarl TID No. 33 CIraatoi i Gity of Oshkosh
Prepared by Ehllalrs Page 11 Jwie 27, 2017
SECTION 5 -
Preliminary Parcel List and Analysis
NOTES:
Property and assessment information as of January 1, 2017 per City Assessor 6-26-2017.
2Assumed equalization ratio of 100% for modeling purposes.
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,
deterioration of structures or site improvements, or otherwise, substantially impairs or arreststhe sound growth of the community consistentwith Wis. Stat. § 66.1105(2)(ae)1.b.
Project Ran TID No. 33 Ciraatlian Gity of Oshkosh
Prepared by EMeirs Page 12 Tana 27, 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 Date
7/11/2017
Compliance
Pirojact Rlarl TID No. 33 Cireatliorl Gity of Oshkosh
Pirapaired by Ehllairs Page 13 Julia 27, 2017
Valuation Data
Percent
Valuation Data
Currently Available
Change
Est. Creation Date
2016
Tota IEV(TIDIn)
M�rIf///f/�������//�j'i/f
12% Test
453,147,036
453,147,036
Total Existing Increment
264,138,900
264,138,900
Projected Base of New or Amended District
732,200
Total Value Subject to 12% Test
264,871,100
264,871,100
Compliance
Pirojact Rlarl TID No. 33 Cireatliorl Gity of Oshkosh
Pirapaired by Ehllairs Page 13 Julia 27, 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,
storinwater 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 perinanent easements to allow for installation and
maintenance of streets, driveways, sidewalks, utilities, storinwater 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, beans, and landscaping.
Piroject Rlan TID No. 33 Cireatlion Gity of Oshkosh
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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)lh 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)l.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 inking the riverwalk to the proposed development and to the north to Pearl Avenue which
improvements enhance multimodal transportation circulation for the area.
Piroject Rlan TID No. 33 Cireatlion Gity of Oshkosh
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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, pernits, 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.
Piroject Rlan TID No. 33 0;ireatlion Gity of Oshkosh
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SECTION 8:
Map Showing Proposed Improvements and Uses
Tax Increment District #33
Lamico Redevelopment CHY F ^A
ow
Proposed Improvements Oshkosh
prove
Legend
M
TID #33 Boundary
0 25 50
100 160 200
F,,,
Date: Wednesday,
June 14,2017
Project Rlwi TID No. 33 Cireaho�i Gity of Oshkosh
Prepared by EMeirs Page 17 Jwie 27, 2017
1�1
MTI[ #33 Boundary
0 50 100 200
Feet
rxjd,dlmxyh,."'d V,
Tax Increment Distn'ct #33
Lamilco Redevelopment
Proposed Land Use
IM
Existing Land Use
lnstitutiond aCommercial
lndustrial Residential
Parking Lot infrastructure
EM vacant Land
Public Park
AMr-j[
dshkosh
Project Ran TID No. 33 Cireahon Gity of Oshkosh
Prepared by EMeirs Page 13 June 27, 2017
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
Supporting Project List Providing Basis for Development Incentive,
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 ID
Project Name/Type
Projected Year Estimated Cost
1
Development Incentive Principal
(Total from Above) 2,506,153
2
Development Incentive Interest
1,373,764
3
Riverwalk/Trail ConnectionsZ
350,000
4
Dawes St. Cul-de-sacZ
90,000
5
Riverway Dr. Cul-de-sacZ
90,000
6
Administrative Expense
36,000
Total Projects
4,445,917
Notes:
,Environmental and site related costs as provided by Annex Student Living via e-mail dated 5-22-2017.
ZCost estimates per City staff e-mail dated 5-22-2017 and 6-13-2017.
Piroject Rare TID No. 33 Cireatliorl Gity of Oshkosh
Pirepaired by EMeirs Page 19 Julie 27, 2017
SECTION 10:
Economic Feasibility Study, Financing Methods, and the
Time When Costs or Monetary Obligations Related are to
be Incurred
The inforination 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 Pian. 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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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 forin 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 perinissive 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, storin sewers and other infrastructure. In the event the City deterinines
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 $4.45 million to facilitate
redevelopment on the site. The estimated expenditures include $3.88 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 $36,000 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 are expected to be limited to no more than 75% 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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Development Assumptions
Project Ran TID No. 33 Ciraatlian Gity of Oshkosh
Prepared by EMeirs Page 22 Tana 27, 2017
Annex 71EEI
Construction Year
Demo Loss i Construction Year
Project
1 2017
(643,WO) (643,WO) 2017 1
2 2018
13,667,800 13,667,800 2018 2
3 2019
0 2019 3
4 2020
0 2020 4
5 2021
0 2021 5
6 2022
0 2022 6
7 2023
0 2023 7
8 2024
0 2024 8
9 2025
0 2025 9
10 2026
0 2026 10
11 2027
0 2027 11
12 2028
0 2028 12
13 2029
0 2029 13
14 2030
0 2030 14
15 2031
0 2031 15
16 2032
0 2032 16
17 2033
0 2033 17
18 2034
0 2034 18
19 2035
0 2035 19
20 2036
0 2036 20
21 2037
0 2037 21
22 2038
0 2038 22
23 2039
0 2039 23
24 2040
0 2040 24
25 2041
0 2041 25
26 2042
0 2042 26
27 2043
0 2043 27
Totals
%
(643,WO) 13,667,800 13,024,000
Notes:
IEstimated incremental valuation
as determined
by City Assessor and Ehlers.
Project Ran TID No. 33 Ciraatlian Gity of Oshkosh
Prepared by EMeirs Page 22 Tana 27, 2017
Increment Revenue Projections
Type of District
-643,800
2018
r ��� '
-643,800
Base Value
$26.98
District Creation Date
0
0
2018
Appreciation Factor
2019
Valuation Date
13,011,124
2020
$26.98%
Base Tax Rate
311,931
Max Life (Years)
2019
0
2020
Rate Adjustment Factor
13,271,346
Expenditure Period/Termination
$26.98
it r
620,833
581,762
2020
Revenue Periods/Final Year
2021
265,427
13,536,773
2022
$26.98
Extension Eligibility/Years
926,736
862,247
2021
0
2022
Tax Exempt Discount Rate
13,807,509
Recipient District
$26.98
Taxable Discount Rate
Construction
Inflation Total
2022
0
Year Value Added
Valuation Year Increment Increment
Revenue Year Tax Rate'
Tax Increment
1C
17
1:
1;
1[
1`.
1E
1
1f
1c
2C
27
2:
2;
2[
2`.
2E
2
Tax Exempt
NPV Taxable NPV
Calculation Calculation
2017
-643,800
2018
0
-643,800
2019
$26.98
0
0
2018
13,667,800
2019
-12,876
13,011,124
2020
$26.98%
311,931
294,403
2019
0
2020
260,222
13,271,346
2021
$26.98
620,833
581,762
2020
0
2021
265,427
13,536,773
2022
$26.98
926,736
862,247
2021
0
2022
270,735
13,807,509
2023
$26.98
1,229,669
1,136,022
2022
0
2023
276,150
14,083,659
2024
$26.98
1,529,661
1,403,247
2023
0
2024
281,673
14,365,332
2025
$26.98
1,826,741
1,664,080
2024
0
2025
287,307
14,652,639
2026
$26.98Im"i
2,120,936
1,918,672
2025
0
2026
293,053
14,945,692
2027
$26.98
2,412,275
2,167,173
2026
0
2027
298,914
15,244,605
2028
$26.982,700,786
2,409,730
2027
0
2028
304,892
15,549,498
2029
$26.98
2,986,495
2,646,483
2028
0
2029
310,990
15,860,488
2030
$26.98
3,269,431
2,877,573
2029
0
2030
317,210
16,177,697
2031
$26.98
3,549,620
3,103,134
2030
0
2031
323,554
16,501,251
2032
$26.98
3,827,088
3,323,299
2031
0
2032
330,025
16,831,276
2033
$26.98
4,101,863
3,538,197
2032
0
2033
336,626
17,167,902
2034
$26.98
4,373,969
3,747,954
2033
0
2034
343,358
17,511,260
2035
$26.98
4,643,434
3,952,693
2034
0
2035
350,225
17,861,485
2036
$26.98
4,910,283
4,152,534
2035
0
2036
357,230
18,218,715
2037
$26.98
!
5,174,541
4,347,594
2036
0
2037
364,374
18,583,089
2038
$26.98
5,436,234
4,537,987
2037
0
2038
371,662
18,954,751
2039
$26.98
5,695,385
4,723,825
2038
0
2039
379,095
19,333,846
2040
$26.98
5,952,021
4,905,218
2039
0
2040
386,677
19,720,523
2041
$26.98
6,206,165
5,082,271
2040
0
2041
394,410
20,114,933
2042
$26.98
�'
6,457,842
5,255,088
2041
0
2042
402,299
20,517,232
2043
$26.98
6,707,075
5,423,771
2042
0
2043
410,345
20,927,576
2044
$26.98
6,953,888
5,588,419
2043
0
2044
418,552
21,346,128
2045[(J�//(,�/�/(r
$26.98
7,198,306
5,749,127
,�yy
Notes:
Tax rate shown is actual TID Interim Rate for the 2016/17 levy per DOR Form PC -202 (Tax Increment Collection Worksheet).
Project Ran TID No. 33 0;iraatlian Gity of Oshkosh
Prepared by EMeirs Page 23 Tana 27, 2017
Cash Flow
City
of Oshkosh,
WI
Tax Increment
Cash Flow
District
Projection
# 33
Pay As You Go ) Developer Obligation'
•Tax
Interest
Developer
PAYGO
Earnings/
Total
Beginning Defe rred IntereStr
I oce Ptive
Ending
PrincIpal
••
• •
Outstanding
•
•••
•••
• 17
• •
• ••
•
••
• •
•
•
•
2,763,034••
••
2020
351,081
(D 6'))
350,512
2,763,034
138,152
263,311
2,637,875
1,900
85,701
66,743
2,637,875
2020
202 1
358,102••2
360,105
2,637,875
131,894
268,577
2,501,192
1,500
90,028
156,771
2,501,192•
•369,264
4,703•
• •
273,948
2,352,303
1,500
275,448
94,519
251,290
21392,303
372,970
7,539
380 108
2,352,303
117,615
279,427
2,190,491
350,000
1,500
630,927
(2 50, 819)
471
2,190,491
380'021
14
380,035
2,190,491
109,525
285,016
2,015,000
1,500
286,516
93,519
93,991
2,019,000
387,621
2,820
390,441
2,015,000
100,750
290,716
1,825,034
180,000
1,500
472,2 16
(81, 7 7 � )
12,216
1,829,034
395,374
366
395,740
1,825,034
91,252
296,530
1,619,755
1,500
298,030
97,710
109,926
1,619,799
•
40
80,988
302,461••
303, 961
• •411,347
6,376
417723
1,398,282
69,914
•• •
••
•
•
•
419,974
9,608
429,182
1,159,685
57,984
314,680
902,989
1,500
316,180
113,001
433,258
902,989
427,969
12,998
440,963
902,989
45,149
320,974
627,164
1,500
322,474
118,489
551,747
627,164
•
••
328,894
2032
445255
20,278
•
:' 5•I
is I
•
478:386
2034
463'244
38,144
501,388
0
501,388
1,772,865
2034
2035
508
186
694
0
694
298,560
2035
2036
,.
•,
2037
49 1,598
81,484
577,082
177,082
3,426,5 7
2037
2038
501,430
02,797
604,226
604,226
4,030,784
2038
2039
51 1,458
20,924
632,382
632,382
4,663,166
2039
2040
521'688
139,891
661:582
661,582
5,324,748
2040
2041
532,121
159,742
691 864
691,864
6,016,612
2041
2042
542,764
180,498
723,262
723,262
6,739,8 4
2042
2043
593'619
202,196
755,815
755,815
7,495,689
2043
•„2044
„
2045
979,985
248,558
824,543
824,543
9,109,794
•,
Total
�001
Total
Notes:
MEMEMINSIM"M
�Neghtive
Interest earnings
reflect assumed
Interest expense at 3% to be chargecto the District
on advances
or proceeds of long term debt
usecto fund project
costs.
Project Plain TO No. 33 Creation City of Oslhkoslh
Prepared by Ehlers Page 24 June 2'7, 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)l, 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 confonnance 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 confonnance 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 confonn to the State Building Codes and will be subject to the City's pennitting and inspection
procedures. The proposed Plan confonn 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 Unifonn Relocation Assistance and Real
Property Acquisitions Policy Act of 1970 (P.L. 91-646) as applicable.
Pirojact Rlarl TID No. 33 Ciraatliorl Gity of Oshkosh
Pirapairacl by Ehllairs Page 25 Jul is 27, 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. Fonner industrial use of the site is incompatible with City's long teens 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.
Piroject Rlan TID No. 33 Cireatlion Gity of Oshkosh
Pirepaired by Ehlleirs Wage 26 June 27, 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 Ran TID No. 33 Cireahon Gity of Oshkosh
Prepared by EMeirs Page 27 June 27, 2017
}°
of
Oshkosh
City Attorney's Office
Phone: (920) 236-5115
Fax: (920) 236-5106
http://ivi"v.ci.oshkosh,ivi.us
June 28, 2017
Darryn Burich
Director of Planning Services
City of Oshkosh
215 Church Avenue
Oshkosh, WI 54903-1130
Dear Mr. Burich:
I reviewed the project pian for, City of Oshkosh Tax Increment District i#33 Lamico
Redevelopment, pursuant to Section 66.1105(4)(f) of the Wisconsin Statutes. I find that the plan
includes a statement listing the kind, number, and location of proposed public improvements. It
includes an economic feasibility study, a detailed list of estimated project costs, and a description
of the method of financing all estimated project costs, the time when the costs are to be incurred,
and a list of estimated non -project costs. The plan contains maps of existing uses and conditions
of real property, as well as, proposed improvements and uses. The plan identifies any proposed
changes in zoning of the real property in the district, and any proposed changes in the City's
master plan, map or other municipal codes required or proposed as part of the district. The plan
includes a statement of the proposed method for relocation of any persons to be displaced. The
plan further specifies that the district will promote the orderly development within the City,
which is consistent with the City's Comprehensive Plan (Master Plan), building codes, and other
city ordinances in relation to project elements.
Upon adoption of the project plan by the Plan Commission and their submission to the City
Council, all requirements of Section 66.1105(4)(0, Wisconsin Statutes, shall be complete and it is,
therefore, my opinion that the project plan attached hereto is complete and complies with Wis.
Stat, § 66.1105.
Sincerely,
q1A OF OSHKOSH']�1
Lyn Loren on --
City Attorney
LL/tw
City Attorney
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5115 http://www.ci.oshkosh.wi.us
Page 28
Exhibit A:
Calculation of the Share of Projected Tax Increments
Estimated to be Paid by the Owners of Property in the
Overlying Taxing Jurisdictions
Project Ran TID No. 33 Cireabon
Pirepaired by EMeirs
Page 29
MON.,.
.-
Statement of Taxes Data Year:
Percentage
Winnebago County
19.58%
City of Oshkosh
41.85%
School District of Oshkosh Area
1 -' /
34.54%
Fox Valley Technical
College
4.03%
Total
School District
Fox Valley
Winnebago
of Oshkosh
Technical
Revenue Year
County City of Oshkosh
Area
College
Total
Revenue Year
2019
0
0
0
0
0
2019
2020
68,736
146,941
121,271
14,132
351,081
2020
2021
70,111
149,880
123,697
14,414
358,102
2021
2022
71,513
152,878
126,171
14,703
365,264
2022
2023
72,943
155,935
128,694
14,997
372,570
2023
2024
74,402
159,054
131,268
15,297
380,021
2024
2025
75,890
162,235
133,893
15,603
387,621
2025
2026
77,408
165,480
136,571
15,915
395,374
2026
2027
78,956
168,790
139,303
16,233
403,281
2027
2028
80,535
172,165
142,089
16,558
411,347
2028
2029
82,146
175,609
144,930
16,889
419,574
2029
2030
83,789
179,121
147,829
17,227
427,965
2030
2031
85,465
182,703
150,786
17,571
436,525
2031
2032
87,174
186,357
153,801
17,923
445,255
2032
2033
88,918
190,084
156,877
18,281
454,160
2033
2034
90,696
193,886
160,015
18,647
463,244
2034
2035
92,510
197,764
163,215
19,020
472,508
2035
2036
94,360
201,719
166,480
19,400
481,959
2036
2037
96,247
205,753
169,809
19,788
491,598
2037
2038
98,172
209,869
173,205
20,184
501,430
2038
2039
100,136
214,066
176,669
20,587
511,458
2039
2040
102,138
218,347
180,203
20,999
521,688
2040
2041
104,181
222,714
183,807
21,419
532,121
2041
2042
106,265
227,168
187,483
21,847
542,764
2042
2043
108,390
231,712
191,233
22,284
553,619
2043
2044
110,558
236,346
195,057
22,730
564,691
2044
2045
112,769
241,073
198,958
23,185
575,985
2045
2,314,410
4,947,651
4,083,315
475,831
11,821,206
Note: The projection shown above is provided to meet the requirements of Wisconsin Statute 66.1105(4)(i)4.
Project Ran TID No. 33 Cireabon
Pirepaired by EMeirs
Page 29
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 Proaosed 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 30
IM ennEK Mow uvmc
The site contains a considerable amount of environmental contaminants. As part of this redevelopment, the
contamination will be mitigated and monitored as required by WDNR. Annex 71 is taking on the liability for all the
environmental clean up.
With this project 3 new full time positions and 3 part-time positions will be created with a combined total salary of
$170,000.
Overview of Private -Sector Financing
The current private -sector financing proposal is for a construction loan led by an Indiana bank with which Annex
Student Living has closed numerous projects. The Bank, however, intends to participate the loan out with a local
bank to the Oshkosh or surrounding areas. The lead Bank is currently in discussions to solidify this participation
pending final approval of the project with the City of Oshkosh and other stakeholders.
Construction financing is currently proposed at 65-70% Loan to Cost, pending final review, underwriting and
understanding of City assistance through the anticipated TIF funding.
Amount of TIF assistance re uested
We are requesting to utilize the "pay as you go" TIF program to help make this project financially feasible and of
interest to outside investors. Based on actual costs that we believe to be eligible project expenses, we are requesting
$2,506,153 (Two million five hundred six thousand one hundred fifty-three dollars) in total TIF assistance.
Summary of Increment Projections
The TIF assistance amount is based on both the eligible project costs as well as a calculation of the tax increment
projections. We have assumed a 15 year, starting when the project is placed in service, tax increment calculation by
taking the projected real estate taxes generated by the project minus the current taxes generated by the parcel. The
increment benefit is then shared between the City and Developer (10% and 90%, respectively). It is anticipated that
the Developer will generate a TIF bond, backed by the anticipated proceeds from this shared tax increment. This TIF
bond should match the anticipated eligible project cost and be used to fill the financial gap to make this project
feasible.
Name of Developer and Owner
Annex 71, LLC an Indiana limited liability will be the Owner and Developer of this project.
Total Development Costs
$18,101,100.00
The economics associated with this redevelopment project which involve additional costs related to demolition, site
preparation and environmental remediation and/or abatement TIF would not make the project feasible but for the
TIF funding. Without the use of TIF funds to improve this blighted and contaminate area this project would not be
feasible.
Respectfully,
Kyle Bach
President & CEO
Annex Student Living
Page 31
ANNEX 71
OSHKOSH, WISCONSIN
PROJECT NARRATIVE
About Annex Student
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 32
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 33
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 34
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
additional tax increment created the TID is closed
0
a
Time
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.
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.
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.
Page 35
Tax Incremental Financing
Policy and Application
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
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.
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.
Pace 36
Tax Incremental Financing
Policy and Application
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.
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.
What Development is Ineligible?
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 37
Tax Incremental Financing
Policy and Application
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.
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.
Real property assembly costs.
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).
7. Development Incentives in the form of loans or grants.
Criteria for TIF Assistance:
All of the following financial criteria must be met in order to be considered 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.
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. 4
Page 38
Tax Incremental Financing
Policy and Application
Criteria for TIF Assistance continued from previous page...
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.
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:
Criteria
Maximum Points
1. Attracting, retaining or expanding businesses for the purpose of improving the City's
economic base.
20
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.
2. Projects that directly implement specific recommendations of the City's strategic planning
10
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
5
are currently unavailable or underserved in the City.
4. Presence of extraordinary development/redevelopment costs such as:
a. Remodeling/Rehabilitation/Demolition
b. Environmental Remediation
20
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.
10
d. Cost of public assistance per job.
e. Potential for executive relocation.
6. Enhance the streetscape and pedestrian experience.
5
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.)
5
beyond that which is minimally required by the Zoning Ordinance.
10. Higher standards of Building Design, Materials, and Energy Efficiency such as meeting
5
LEED certification, Energy Star, etc.
Pacje 3 9
Tax Incremental Financing
Policy and Application
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.
Structure for Tax Incremental Financing Assistance:
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.
0
Page 40
Tax Incremental Financing
Policy and Application
Structure for Tax Incremental Financing Assistance Continued from previous page...
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.
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 41
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: Annex 71, LLC, an Indiana limited liability company
Mailing Address. 409 Massachusetts Ave., Suite 300, Indianapolis, IN 46204
Primary Contact #: Julie Elliott, General Counsel
E-mail: Julie@annexstudentliving.com
Attorney: Russ Reff - Reff, Baivier, Bermingham & Lim, S.C.
Cell #: 317-708-0643
FAX #: 317-708-0643
Legal Entity: Individual(s) Joint Tenants Tenants in Common Corporation.
LLC X Partnership
Other
If not a Wisconsin corporation/partnership/LLC, state where organized: Indiana
Will a new entity be created for ownership? Yes No X
Principals of existing or proposed corporation/partnership/LLC and extent of ownership interest.
Name: Address: Title: Interest:
Mecca Development, LLC 409 Massachusetts Ave., Suite 300, Indianapolis, IN 46204 Kyle D. Bach, Managing Member 10%
iintoo Oshkosh Annex LP
Investor
90%
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 X
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 X No
If yes, please furnish details: Kyle D. Bach - public intoxication - 4 1/2 years ago
8
Page 42
Tax Incremental Financing
Policy and Application
Overall Project Summary and Objectives: The property consists of 5 acres located in the middle of Marion Road
Redevelopment Area but is not included within the district. This property has been planned for redevelopment for several years and
the Developer is seeking financial assistance to improve the property value and in turn the area surrounding area.
Current and Proposed Uses: The property is currently occupied by several vacant industrial buildings the majority of which are
not able to be occupied in their current state. The Developer proposes a 4 story multi -family facility marketed to students of University
of Wisconsin Oshkosh and young professionals.
Description of End Users: Based on the proposed use for the property, end users will include students of UW Oshkosh, young
professionals and families renting apartments and living on site.
Property Summary:
Parcel/Land Area: 219815 SF
Building Area: 142380 SF
# of Dwelling Units: 140
# of Stories: 4
# of Parking Spaces: 249
Describe any zoning changes that will be needed:
Urban Industrial to Urban Mixed Use - Planned Development
Identify any other approvals, permits or licenses (i.e. Liquor License, Health Department, etc):
Other than typical building and site permit approvals through the City of Oshkosh and WDNR, no other permits or licenses are anticipated.
Describe briefly what the project will do for the property and neighborhood:
The proposed development will bring construction jobs and permanent jobs to Oshkosh and provide value to a current dilapidated
property. The development is consistent with the City's vision for the property and is consistent with the comprehensive plan.
0
Page 43
Tax Incremental Financing
Policy and Application
, Summary:
Project Timetable Date
Final Plan/Specification Preparation: June 1st, 2017
Bidding and Contracting: June 1st - July 15th, 2017
Firm Financing Approval: July 31st, 2017
Construction/Rehabilitation: August 2017 - July 2018
Landscaping/Site Work: August 2017 - July 2018
Occupancy/Lease Up: September 2017 - August 2018
Development Team
Developer: Annex 71, LLC
Architect: KTGY
Surveyor: Martenson - Eisele
Contractor: Annex Construction, LLC
Other Members:
Describe Team expertise and experience in developing similar projects:
Annex has nearly 2,000 beds in various stages of operation in Indiana, Illinois and Ohio with several hundred more
in development in Indiana, Ohio, Kentucky, Michigan and Missouri.
Other current Team projects in development:
Annex 41 - Terre Haute, IN , Annex on 10th - Indianapolis, IN, Annex of Battle Creek, Battle Creek, MI, Annex 56, Warrensburg, MO
Financial ability of the applicant to complete the project:
The Developer will provide letters from lenders and investors upon request from the City.
Full and part-time jobs to be created by the proposed project including estimated salary:
Information to be provided once plans are finalized.
rofessional Studies
[arket Studies: Applications for commercial and residential projects must include a comprehensive market
udy. The market study must identify target markets, analysis of competition, demographics, market rents,
tters of intent/interest from prospective tenants, or for housing developments, sale prices or rental rates of
>mparable properties.
ppraisal: All projects that involve the transfer of land must include a recent appraisal. Projects that include
nd as a form of equity or collateral must also submit a recent appraisal. The appraisal must value the property
.s is", and the impact on value must be considered for such items as demolition, environmental remediation,
location of utilities, lease buy-outs, and other work necessary to make the site developable. The property
Lust be valued assuming that the highest and best use is the proposed use.
10
Page 44
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.
Uses of Funds Amount ($) $ per SF of Building Area
Land Acquisition: $500,000
Demolition: $450,000
Environmental Remediation: $727,000
Site Clearance and Preparation: $1,403,230
Soft Costs/ Fees: $3,378,100
Soft Cost Contingency: $600,000
Hard Construction Costs: $11,049,770
Total Project Costs: $18,108,100
Sources of Funds
% of total project costs
Equity
Developer Equity:
$ 3,831,682
21.2
Other Equity:(
) $
%
Total Equity:
$3,831,682
Loans
Rate Term
Construction Financing:
$ 11,770,265
4.25 % 36 mos.
Permanent Financing:
$ 0
% yrs, 65.0
TIF Assistance
$ 2,506,153
13.8
Other: ( )
$
%
Total Sources of Funds
$ 18,108,100
100%
Financing
Source Amount
Equity:
Loans 1:
2:
3:
4:
Terms: Years/Interest
11
Page 45
Contact Information
Tax Incremental Financing
Policy and Application
Detailed Pro Forma (must correspond to line items for Uses of Funds on previous page)
Land Acquisition
$ 500,000
Demolition
$ 450,000
Site Clearance and Preparation
Infrastructure
$ 924,730
Utilities/removal
$ 0
Utilities/relocation
$ 0
Utilities/installation
$ 203,000
Hazardous Materials Removal
$ 0
Other( GC, OH/P, contingency )
$ 275,500
Total Site Clearance and Preparation
Soft Costs/Fees
Project Management ( %)
$
General Contractor ( %)
$ 248,000
Architect/Engineer (_%)
$ 560,000
Developer Fee (_%)
$ 700,000
Appraisal
$ 6,000
Soil Testing
$10,420
Market Study
$10,000
Legal/Accounting
$ 95,000
Insurance
$ 47,005
Title/Recording/Transfer
$ 50,000
Building Permit
$ 58,925
Mortgage Fees
$108,000
Construction Interest
$ 500,000
Commissions
$ 0
Marketing
$ 285,000
Real Estate Taxes
$10,000
Other Taxes
$ 0
Other ( Signage/Technology )
$ 70,000
Other (Misc )
$ 619,750
Sub -total Soft Costs/Fees
$ 3,378,100
Soft Cost Contingency
$ 600,000
12
Page 46
Tax Incremental Financing
Policy and Application
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.
13
Page 47
Tax Incremental Financing
Policy and Application
Revenue Projections - Rental Project
14
Page 48
Year 2 >>Year 11
$ 2,176,440 $ 2,601,047
$ 990,375 $ 1,179,860
$ 0 $ 12,395
$ 274,716 $ 402,162
Year 1
Income rent per sf (or avg.)
$
Commercial Rent
$
Commercial Expense Recoveries
$_
Residential Rent
$ 2,176,440
Other Revenue ( )
$ 48,360
Gross Potential Income
$ 2,224,800
Commercial Vacancy %
$
Residential Vacancy %
$ 544,110
Effective Gross Income (EGI)
$1,680,690
Expenses
Maintenance & Repairs
$
Real Estate Taxes
$
Insurance
$
Management Fee
$
Professional Fees
$
Other Expense ( )
$
Other Expense ( )
$
Total Expenses
$ 958,176
Net Operating Income (NOI)
$ 722,514
Capital Expenses (reserves, tenant improvements, commissions)
$ 0
Debt Service
$ 566,670
Net Cash Flow (before depreciation)
$155,844
Reversion in Year 10
Year 11 NOI before Debt & Capital Expenses $1,179,860
Capitalization Rate 7.00 %
Gross Reversion $ 16,855,143
14
Page 48
Year 2 >>Year 11
$ 2,176,440 $ 2,601,047
$ 990,375 $ 1,179,860
$ 0 $ 12,395
$ 274,716 $ 402,162
Tax Incremental Financing
Policy and Application
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
15
Page 49
Tax Incremental Financing
Policy and Application
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:
• Description of site or building
• Current and proposed uses
• Description of end users
• Project start and end dates
• Profitability
• Description of public benefits,
including job creation.
• Overview of private -sector financing
• Amount of TIF assistance requested
• Summary of increment projections
• Name of developer and owner
• Total development costs
• Statement regarding why TIF is essential and why the
"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:
• Current condition of the site and historical overview that includes the size and condition of
any existing structures, environmental conditions, and past uses of the site.
• Proposed use(s) of project (e.g. industrial, commercial, retail, office, residential for sale or
for rental, senior housing, etc.)
• Construction information about the project including: size of any existing structure to be
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.
• If in an existing TID or redevelopment area, confirm that this project is consistent with the goals and
objectives in the Project or Redevelopment Plan.
• A summary of the proposed "green" features to be included in the project. All projects that receive
TIF assistance are encouraged to include environmentally friendly features.
16
Page 50
Tax Incremental Financing
Policy and Application
Filing Requirements
You must provide all of the following items with your signed application:
Notes
1. Fee: An application fee of I% of the requested TIF assistance or $10,000, whichever is greater. This
fee is to cover City costs associated with evaluating the TIF application and does not cover the
use of outside consultants, which if required will be paid for by the applicant. Make your
check payable to the City of Oshkosh.
2. Site Maps: Provide a map that shows the location of the site. Also provide a map that focuses on
the project and its immediate surroundings. Both maps should be no larger than
11x17 inches. Larger maps will be required for projects presented to the Plan
Commission, Redevelopment Authority, or Common Council.
3. Project Renderings: Provide preliminary architectural drawings, plans and renderings for the
project. These drawings should be no larger than 11x17 inches. Larger maps will be required
for projects presented to the Plan Commission, Redevelopment Authority, or Common
Council.
The City charges an administrative fee of 5% of the annual tax increment revenue.
If the project requires planning and zoning approvals, you must make these applications concurrent
with this request.
Agreement
I, by signing this application, agree to the following:
L I have read and will abide by all the requirements of the City for Tax Incremental Financing.
2. The information submitted is correct.
3.1 agree to pay all costs involved in the legal and fiscal review of this project. These costs may
include, but not be limited to, bond counsel, outside legal assistance, and outside financial
assistance, and all costs involved in the issuance of the bonds or loans to finance the project.
4. I understand that the City reserves the right to deny final approval, regardless of preliminary
approval or the degree of construction completed before application for final approval.
5. The undersigned authorizes the City of Oshkosh to check credit references and verify financial and
other information.
6. The undersigned also agrees to provide any additional information as may be requested by the City
after filing of this application.
Applicant Name Date,.. 3 `
17
Page 51
0-YEAR PROFORMA WITH TIF FUNDING
Page 52
Annex Student Living
®
Units
140
St alxlHzed LUirnlleern^.fired Yikflld
557%
a ®
Beds
310
Projected
Investor IRR
10.95%
Sources and Uses
Gross Residential SF
140,000
Net Residential RSF
112,000
Gross Retail SF
0
Total GSF
140,000
Sources/Uses
$/unit
$/bed
$/gsf
$/nrsf
Primary Debt
65.0%
11,770,265
84,073
37,969
$84.07
$105.09
Investor Equity
21.2%
3,831,682
27,369
12,360
$27.37
$34.21
Y TIF Note
13.8%
2,506,153
17,901
8,084
$17.90
$22.38
Total Sources
18,108,100
129,344
58,413
$129.34
$161.68
Acquisition Costs (Land/Buildings)
x Land/Building Purchase ($)
500,000
3,571
1,613
$3.57
$4.46
x Earnest Money Application ($)
(1,o,Q ooY
(71.)
(72)
({,o cv�
({UQY.o,°Y
x Other Acquisition Costs ($)
10,000
71
32
$0.07
$0.09
Total Land Costs
500,000
3,571
1,613
$3.57
$4.46
Hard Costs
Residential Costs
Construction Costs - Phase 1 ($)
10,249,770
73,213
33,064
$73.21
$91.52
Site Costs ($)
1,403,230
10,023
4,527
$10.02
$12.53
Demolition Costs ($)
450,000
3,214
1,452
$3.21
$4.02
Clubhouse ($)
350,000
2,500
1,129
$2.50
$3.13
Environmental Contingency ($)
727,000
5,193
2,345
$5.19
$6.49
Contractor Construction Contingency
150,000
1,071
484
$1.07
$1.34
Owner Construction Contingency (% of Costs)
2.93%
300,000
2,143
968
$2.14
$2.68
Total Residential Hard Costs
13,630,000
97,357
43,968
$97.36
$121.70
Due Diligence
x Phase IESA
2,200
16
7
$0.02
$0.02
x Phase II ESA
10,000
71
32
$0.07
$0.09
x Geotechnical Analysis / Capital Needs Assess.
10,420
74
34
$0.07
$0.09
x Survey
12,700
91
41
$0.09
$0.11
x Appraisal
6,000
43
19
$0.04
$0.05
x Market Study
10,000
71
32
$0.07
$0.09
x Economic Impact Study
3,500
25
11
$0.03
$0.03
x Real Estate Tax Assessmenet
750
5
2
$0.01
$0.01
x Earnest Money
10,000
71
32
$0.07
$0.09
x Due Diligence Miscellaneous
10,100
72
33
$0.07
$0.09
Total Due Diligence
75,670
541
244
$0.54
$0.68
Soft Costs
x Legal/Professional- sponsor
50,000
357
161
$0.36
$0.45
x Legal/Professional - zoning/land use
15,000
107
48
$0.11
$0.13
x Legal/Professional - economic incentives
15,000
107
48
$0.11
$0.13
x Legal/Professional - lender
15,000
107
48
$0.11
$0.13
x Financing Costs/Bank Fees
0.92%
108,000
771
348
$0.77
$0.96
x iintoo Fee
1.12%
203,000
1,450
655
$1.45
$1.81
Capitalized Construction Interest
3.67%
500,000
3,571
1,613
$3.57
$4.46
TV Expense
56,000
400
181
$0.40
$0.50
x Utility & Misc. Impact Fees
56,500
404
182
$0.40
$0.50
x Permits Fees
58,925
421
190
$0.42
$0.53
Unit Furniture
403,000
2,879
1,300
$2.88
$3.60
Other Consultants
100,000
714
323
$0.71
$0.89
x Architect/MEP -SC-CD
400,000
2,857
1,290
$2.86
$3.57
x Civil Engineering
40,000
286
129
$0.29
$0.36
x Interior Design
20,000
143
65
$0.14
$0.18
Art & Design
10,000
71
32
$0.07
$0.09
Insurance (builders risk/GL)
$ 0.345
47,005
336
152
$0.34
$0.42
x Real Estate/Transfer Taxes
10,000
71
32
$0.07
$0.09
x Closing Fees
50,000
357
161
$0.36
$0.45
x Development/Acquisition Fee
3.9%
700,000
5,000
2,258
$5.00
$6.25
Developer Overhead
0.4%
75,000
536
242
$0.54
$0.67
Construction Inspections
15,000
107
48
$0.11
$0.13
Development Contingency
2.8%
500,000
3,571
1,613
$80.00
$4.46
Soft Costs/Pre-Development Contingency
0.6%
100,000
714
323
$0.71
$0.89
Technology
50,000
357
161
$0.36
$0.45
Hard Scape, Signage
20,000
143
65
$0.14
$0.18
Pre -Opening Leasing/Marketing
275,000
1,964
887
$1.96
$2.46
Pre -Opening Corporate Travel
10,000
71
32
$0.07
$0.09
Total Soft Costs
3,902,430
27,875
12,588
$104.30
$34.84
Total Uses 18,108,100 129,344 58,413 $129.34 $161.68
(x) represents line item to be funded at close
Page 53
Confidential
Annex St.,ddnt Living
Annex 71- Oshkosh
0
Total Investment
722,514
990,375
1,009,800
18,108,100
1,049,824
1,070,438
1,091,464
1,112,911
1,134,787
( - )Payroll
474 Marion Rd., Oshkosh, WI
0
Total Equity Investment
(1./2,712)
(114,,'1.66)
(L79,639)
3,831,682
('L%,949)
(1,90,633)
(1,94,50'L)
('L'k3,39'L)
(-)General &Administrative
0
Residential Proforma
(51.,6674)
Project Stabilization fiscal
yrstart
(.x4762)
2019
(a,91'1)
(53,1,14)
(59,277)
(667467)
(-) Advertising& Marketing
0
NOTEdl -h fl., are asn,-dF-1yda,dod--flows
31 -Jul -17
31 -Jul -18
(5(),333)
31 -Jul -19
31 -Jul -20
31 -Jul -21
31 -Jul -22
31 -Jul -23
31 -Jul -24
31 -Jul -25
31 -Jul -26
31 -Jul -27
(1.06,433)
(108,"462}
2017
(117,947)
2018
2019
2020
2021
2022
2023
2024
2025
2026
(46,!f52
YearO
Year1
(43,8/5)
Year2
Year3
Year
Years
Year6
Year7
Year
Year
Year10
Beds Delivered
0
0
(6,975)
310
0
0
0
0
0
0
0
0
Beds Available
0
0
(1.6,343)
310
310
310
310
310
310
310
310
310
Economic Occupancy
0%
0%
(351,955)
75%
93%
93%
93%
93%
93%
93%
93%
93%
Beds Occupied
0
0
(5'1,0115)
233
288
288
288
288
288
288
288
288
Months open
0
0
(-) La ndscaping/Snow Removal
12
12
12
12
12
12
12
12
12
Blended Average Rent ($/bed/month)
$585.06
$585.06
0
$585.06
$585.06
$596.77
$608.70
$620.88
$633.29
$645.96
$658.88
$672.06
Blended Average Rent ($/sf/month)
$1.62
$1.62
0
$1.62
$1.62
$1.65
$1.68
$1.72
$1.75
$1.79
$1.82
$1.86
Rental Revenue
0
0
(58,3'74)
(72942)
(74,359)
(7'1,304)
(17,'773)
(73,73'7)
(3(E31.5)
(31,330)
(33,475)
(-) Replacement Reserve
Gross Potential Revenue
0
(33,7.10)
0
2,176,440
2,176,440
2,219,969
2,264,368
2,309,656
2,355,849
2,402,966
2,451,025
2,500,045
(-) Economic Vacancy
0
(:L,ff.33,6151.}
0
(544JAO)
(1.51,:,.A)
(1,55,393)
(153,506)
(L6L,676)
(1.64,909)
(L63,'X73)
('1,/L,.il7)
(1,75,(E03)
Collectible Rental Revenue
0
0
1,632,330
2,024,089
2,064,571
2,105,862
2,147,980
2,190,939
2,234,758
2,279,453
2,325,042
(+) Other Reve n ue(afte r vaca ncy)
0
0
48,360
59,966
59,966
59,966
59,966
59,966
59,966
59,966
59,966
(+) Net Retail Revenue
0
0
0
0
0
0
0
0
0
0
0
Total Operating Revenue
0
0
1,680,690
2,084,056
2,124,537
2,165,829
2,207,946
2,250,906
2,294,724
2,339,420
2,385,009
Operating Expenses
0
0
722,514
990,375
1,009,800
1,029,614
1,049,824
1,070,438
1,091,464
1,112,911
1,134,787
( - )Payroll
0
0
('1.@x1,325)
(1./2,712)
(114,,'1.66)
(L79,639)
(133,233)
('L%,949)
(1,90,633)
(1,94,50'L)
('L'k3,39'L)
(-)General &Administrative
0
0
(51.,6674)
('2,Fi[;Fi}
(55,639)
(.x4762)
(55,858)
(a,91'1)
(53,1,14)
(59,277)
(667467)
(-) Advertising& Marketing
0
0
(43,379)
(49,:;46)
(5(),333)
(51,340)
(a7,3fx7)
(a`5, 4:1.4)
(.14.,432)
(i.i,.x72)
(a"683)
(-)Electricity/Gas
0
0
(1.06,433)
(108,"462}
(11,0,733)
(117,947)
(115,206)
(1115"11)
(1'L9,361)
0
0
(-) Water/Sewer
0
0
(43,1.5;x)
(46,!f52
(4.fi6, 9'73)
(47,91.7)
(43,8/5)
(43,853)
(50,350)
(5'L,367)
(52,904)
(-)Cable/Internet
0
0
(51.,604)
('2,Fi3Fi}
(15,639)
(.x4762)
(55,858)
(6,975)
(53,1,14)
(59,277)
(60467)
(-)Trash Removal
0
0
(14,'11,4)
(1.4,804)
(1.'1,:'1.00)
(1.x,40'7)
5-Y.
(14x,0'74)
(1.6,343)
6.15%
6.27%
(-)Property Taxes
0
0
('704'765)
(31.1,526)
(;51.3,776)
(375'1.'47)
(33 1,655)
(333,233)
(345,0.54)
(351,955)
(358,994)
(-) Property/Liability Insurance
0
0
(13,54;L)
(44,41.2)
(45„x00)
(44,,'704x)
(41,1_5x0)
(43,0'7'7)
(49,034)
('i0, 0'1.'1)
(5'1,0115)
(-)Repairs&Maintenance
0
0
(;x77'47)
(39,1597)
(33,555)
(;547'77)
(34,4k1.1.)
(iii, @x04k)
6' 3?
(37,04.3)
(37,735k)
(-) La ndscaping/Snow Removal
0
0
(2'3,027)
(29,F5ff15}
(30,'700)
(30,304)
(;51,4'70)
(32,(143)
(32,639)
(33,343)
(34.,01))
(-)Unitturnover
0
0
(;x77'47)
(39,1597)
(33 SSii)(iii,
@x043)(37,04.3)
(37,7353)
(-) Miscellaneous Expenses
0
0
(;x77'47)
(39,11°37}
(33551x)
(347'77)
(34,43'1.'1.)
(iii,@x09)
(3@x„57,1.)
(37,04.3)
(37,739)
(-) Property Management Fee
0
0
(58,3'74)
(72942)
(74,359)
(7'1,304)
(17,'773)
(73,73'7)
(3(E31.5)
(31,330)
(33,475)
(-) Replacement Reserve
0
0
(33,7.10)
(38,750)
(33, 7.10)
(33,750)
(33,750)
(33, 7.10)
(33, 7.10)
(33, 7.10)
(33,750)
Total Operating Expenses
0
0
(9'.x3176)
(:L,ff.33,6151.}
('1 114,737)
(1 136'? L5)
(1 1x31'73)
(1 ,1.30,463)
(1703,'760)
(L'??6'509)
(1.,2'10722)
Net Operating Income
0
0
722,514
990,375
1,009,800
1,029,614
1,049,824
1,070,438
1,091,464
1,112,911
1,134,787
(-) Asset Management Fee
0
0
0
0
(10,623)
(10,32'3)
(11,040)
(11,'715)
(11,474)
(1,L,697)
(1, E'925)
(-) Construction Debt Service
0
('1.9'1.,427)
('.566,670)
0
0
0
0
0
0
0
0
(-)Mini-perm/Take-out Debt Service
0
0
0
(71.5,658)
(1 L5,fx.13)
(16.5,303)
(16.5,303)
(1(,.1,303)
(lfx.1,303)
(]6.5,303)
(]6.5,303)
(+)Tax Abatement/Incentive
0
0
0
0
0
0
0
0
0
0
0
Net Project Cash Flow
0
Q1.9 i'y 1b
155,844
274,716
283,519
253,481
273,481
293,880
314,687
335,911
357,559
DSCR
n/a
0.00
1.28
I.E.
1.41
1.35
1.37
1.40
1.43
1.45
1.48
Development Yidd
0.00%
0.00%
3. Y.
5.47%
5.58%
5-Y.
5-Y.
5.91Y.
6.03%
6.15%
6.27%
Property Val"
6.50% 0
11,115,605
15,236,536
15,535,384
15,840,210
16,151,131
16,468,272
16,791,755
17,121,708
17,458,259
17,801,542
Pot -W Loan A-, t lbaced on LN)
.-Y. 0
8,892,484
12,189,229
12,428,307
12,672,168
12,920,905
13,174,617
13,433,404
13,697,366
13,966,608
14,241,234
Equi W Cash on Cash
-5.00%
4.07%
7.17%
7.40%
6.62%
7.14%
7.67%
8.21%
8.77%
9.33%
Confid-W
Page 54
Annex Sh,dent Living
Noce au ash Flows area ,-d esai y-eod -- flows
31 -Jul -17
31 -Jul -18
31 -Jul -19
31 -Jul -20
31 -Jul -21
31 -Jul -22
31 -Jul -23
31 -Jul -24
31 -Jul -25
31 -Jul -26
31 -Jul -27
promote
25%
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
75%
Year O
Year 1
Year 2
Year 3
Year 4
Years
Year 6
Year?
Year B
Year 9
Year 10
Capitalized Interest begin balance
500,000
500,000
308,573
308,573
308,573
0
0
0
0
0
0
Capitalized Interest expense
$0
0
('L'TL,427)
0
0
0
0
0
0
0
0
0
Capitalized Interest distribution upon refi/sale
#NUMI
0
0
0
0(3(7&,'.573)
0
0
0
0
0
0
0
Capitalized Interest end balance
2026
500,000
308,573
308,573
308,573
0
0
0
0
0
0
0
Net Project Cash Flow
2027
0
0
155,844
274,716
283,519
253,481
273,481
293,880
314,687
335,911
357,559
Project Capinterst/Refinance/Sale CF
7.00%
0
0
0
0
806,950
0
0
0
0
0
5,514,947
Total Cash Flow
2.00%
0
0
155,844
274,716
1,090,469
253,481
273,481
293,880
314,687
335,911
5,872,506
IlinvOsror C:a!sdhflowv
16,199,404
10.96%
13%
p,ffm,GvB
0
155,844
274,716
1,090,469
253,481
273,481
293,880
314,687
335,911
5,872,506
lst tier investor split
75%
0
0
0
0
0
0
0
0
0
0
0
10.96%
25%
p,ffm,GvB
0
155,844
274,716
1,090,469
253,481
273,481
293,880
314,687
335,911
5,872,506
2nd tier investor split
25%
0
0
0
0
0
0
0
0
0
0
0
Total Investor Cashflow
10.95%
p,ffm,GvB
0
155,844
274,716
1,090,469
253,481
273,481
293,880
314,687
335,911
5,872,506
Investor NPV (at 1091.)
$671,936
('L8,'Em, 1(7())
0
722,514
990,375
1,009,800
1,029,614
1,049,824
1,070,438
1,091,464
1,112,911
17,334,190
Investor Equity
100.0%
(3,83'L, 682)
0
155,844
274,716
1,090,469
253,481
273,481
293,880
314,687
335,911
5,872,506
Sponsor Eounv
0.0%
0
0
0
0
0
0
0
0
0
0
0
Spon-ir C:a!sdhfl owv
promote
25%
0
0
0
0
0
0
0
0
0
0
75%
0
0
0
0
0
0
0
0
0
0
Total Sponsor Promote Cashflow
0
0
0
0
0
0
0
0
0
0
0
Sponsor NPV (at 1091o)
$0
Total Sponsor Cashflow
#NUMI
0
0
0
0
0
0
0
0
0
0
0
Sale Year
2026
Exit Year NOI Projection
2027
1,157,100
Valuation
7.00%
16,530,004
(-)Cost of Sale
2.00%
(334,644)
Net Sale Proceeds
16,199,404
(-) Loan & Equity Payoff
(1,4,684,4!56)
(-) Mezzanine Participation of Exit
0
Distributable Excess Sale Proceeds
5,514,947
PBTCF- Residential
0
0
722,514
990,375
1,009,800
1,029,614
1,049,824
1,070,438
1,091,464
1,112,911
1,134,787
Development Cost/Sale Proceeds
('L8,'Em, 1(7())
0
0
0
0
0
0
0
0
0
16,199,404
Total Project Cash Flow
('L8,'Em, 1(7())
0
722,514
990,375
1,009,800
1,029,614
1,049,824
1,070,438
1,091,464
1,112,911
17,334,190
Unlevered IRR
4.06%
EBTCF -Residential
0
0
155,844
274,716
283,519
253,481
273,481
293,880
314,687
335,911
357,559
Equity Contribution/Sale Proceeds
(3,83'L, 682)
0
0
0
806,950
0
0
0
0
0
5,514,947
Total Project Cash Flow
(3,83'L, 682)
0
155,844
274,716
1,090,469
253,481
273,481
293,880
314,687
335,911
5,872,506
Levered IRR 10.96%
coofideooai
Page 55
0-YEAR PROFORMA WITHOUT TIF
FUNDING
Page 56
Annex Student Living
®
Units
140
St alxlHzed LUirnlleern^.fired Nikflld
557%
a ®
Beds
310
Projected
Investor IRR
4.43%
Sources and Uses
Gross Residential SF
140,000
Net Residential RSF
112,000
Gross Retail SF
0
Total GSF
140,000
Sources/Uses
$/unit
$/bed
$/gsf
$/nrsf
Primary Debt
65.0%
11,770,265
84,073
37,969
$84.07
$105.09
Investor Equity
35.0%
6,337,835
45,270
20,445
$45.27
$56.59
N TIF Note
0.0%
0
0
0
$0.00
$0.00
Total Sources
18,108,100
129,344
58,413
$129.34
$161.68
Acquisition Costs (Land/Buildings)
x Land/Building Purchase ($)
500,000
3,571
1,613
$3.57
$4.46
x Earnest Money Application ($)
(1,o,Q ooY
(71.)
(72)
({,o cv�
({UQY.o,°Y
x Other Acquisition Costs ($)
10,000
71
32
$0.07
$0.09
Total Land Costs
500,000
3,571
1,613
$3.57
$4.46
Hard Costs
Residential Costs
Construction Costs - Phase 1 ($)
10,249,770
73,213
33,064
$73.21
$91.52
Site Costs ($)
1,403,230
10,023
4,527
$10.02
$12.53
Demolition Costs ($)
450,000
3,214
1,452
$3.21
$4.02
Clubhouse ($)
350,000
2,500
1,129
$2.50
$3.13
Environmental Contingency ($)
727,000
5,193
2,345
$5.19
$6.49
Contractor Construction Contingency
150,000
1,071
484
$1.07
$1.34
Owner Construction Contingency (% of Costs)
2.93%
300,000
2,143
968
$2.14
$2.68
Total Residential Hard Costs
13,630,000
97,357
43,968
$97.36
$121.70
Due Diligence
x Phase IESA
2,200
16
7
$0.02
$0.02
x Phase II ESA
10,000
71
32
$0.07
$0.09
x Geotechnical Analysis / Capital Needs Assess.
10,420
74
34
$0.07
$0.09
x Survey
12,700
91
41
$0.09
$0.11
x Appraisal
6,000
43
19
$0.04
$0.05
x Market Study
10,000
71
32
$0.07
$0.09
x Economic Impact Study
3,500
25
11
$0.03
$0.03
x Real Estate Tax Assessmenet
750
5
2
$0.01
$0.01
x Earnest Money
10,000
71
32
$0.07
$0.09
x Due Diligence Miscellaneous
10,100
72
33
$0.07
$0.09
Total Due Diligence
75,670
541
244
$0.54
$0.68
Soft Costs
x Legal/Professional- sponsor
50,000
357
161
$0.36
$0.45
x Legal/Professional - zoning/land use
15,000
107
48
$0.11
$0.13
x Legal/Professional - economic incentives
15,000
107
48
$0.11
$0.13
x Legal/Professional - lender
15,000
107
48
$0.11
$0.13
x Financing Costs/Bank Fees
0.92%
108,000
771
348
$0.77
$0.96
x iintoo Fee
1.12%
203,000
1,450
655
$1.45
$1.81
Capitalized Construction Interest
3.67%
500,000
3,571
1,613
$3.57
$4.46
TV Expense
56,000
400
181
$0.40
$0.50
x Utility & Misc. Impact Fees
56,500
404
182
$0.40
$0.50
x Permits Fees
58,925
421
190
$0.42
$0.53
Unit Furniture
403,000
2,879
1,300
$2.88
$3.60
Other Consultants
100,000
714
323
$0.71
$0.89
x Architect/MEP -SC-CD
400,000
2,857
1,290
$2.86
$3.57
x Civil Engineering
40,000
286
129
$0.29
$0.36
x Interior Design
20,000
143
65
$0.14
$0.18
Art & Design
10,000
71
32
$0.07
$0.09
Insurance (builders risk/GL)
$ 0.345
47,005
336
152
$0.34
$0.42
x Real Estate/Transfer Taxes
10,000
71
32
$0.07
$0.09
x Closing Fees
50,000
357
161
$0.36
$0.45
x Development/Acquisition Fee
3.9%
700,000
5,000
2,258
$5.00
$6.25
Developer Overhead
0.4%
75,000
536
242
$0.54
$0.67
Construction Inspections
15,000
107
48
$0.11
$0.13
Development Contingency
2.8%
500,000
3,571
1,613
$80.00
$4.46
Soft Costs/Pre-Development Contingency
0.6%
100,000
714
323
$0.71
$0.89
Technology
50,000
357
161
$0.36
$0.45
Hard Scape, Signage
20,000
143
65
$0.14
$0.18
Pre -Opening Leasing/Marketing
275,000
1,964
887
$1.96
$2.46
Pre -Opening Corporate Travel
10,000
71
32
$0.07
$0.09
Total Soft Costs
3,902,430
27,875
12,588
$104.30
$34.84
Total Uses 18,108,100 129,344 58,413 $129.34 $161.68
(x) represents line item to be funded at close
Page 57
Confidential
Annex St.,ddnt Living
Annex 71- Oshkosh
0
Total Investment
722,514
990,375
1,009,800
18,108,100
1,049,824
1,070,438
1,091,464
1,112,911
1,134,787
( - )Payroll
474 Marion Rd., Oshkosh, WI
0
Total Equity Investment
(1./2,712)
(116,'1.66)
(L79,639)
6,337,835
('L%,949)
(1,90,633)
(1,94,50'L)
('L'k3,39'L)
(-)General &Administrative
0
Residential Proforma
(51.,6674)
Project Stabilization fiscal
yrstart
(.x4762)
2019
(a,91'1)
(53,1,14)
(59,277)
(667467)
(-) Advertising& Marketing
0
NOTEdl -h fl., are asn,-dF-1yda,dod--flows
31 -Jul -17
31 -Jul -18
(5(),333)
31 -Jul -19
31 -Jul -20
31 -Jul -21
31 -Jul -22
31 -Jul -23
31 -Jul -24
31 -Jul -25
31 -Jul -26
31 -Jul -27
(1.06,433)
(108,"462}
2017
(117,947)
2018
2019
2020
2021
2022
2023
2024
2025
2026
(46,!f52
YearO
Year1
(43,8/5)
Year2
Year3
Year
Years
Year6
Year7
Year
Year
Year10
Beds Delivered
0
0
(6,975)
310
0
0
0
0
0
0
0
0
Beds Available
0
0
(1.6,343)
310
310
310
310
310
310
310
310
310
Economic Occupancy
0%
0%
(351,955)
75%
93%
93%
93%
93%
93%
93%
93%
93%
Beds Occupied
0
0
(5'1,0115)
233
288
288
288
288
288
288
288
288
Months open
0
0
(-) La ndscaping/Snow Removal
12
12
12
12
12
12
12
12
12
Blended Average Rent ($/bed/month)
$585.06
$585.06
0
$585.06
$585.06
$596.77
$608.70
$620.88
$633.29
$645.96
$658.88
$672.06
Blended Average Rent ($/sf/month)
$1.62
$1.62
0
$1.62
$1.62
$1.65
$1.68
$1.72
$1.75
$1.79
$1.82
$1.86
Rental Revenue
0
0
(58,3'74)
(72942)
(74,359)
(7'1,304)
(17,'773)
(73,73'7)
(3(E31.5)
(31,330)
(33,475)
(-) Replacement Reserve
Gross Potential Revenue
0
(33,7.10)
0
2,176,440
2,176,440
2,219,969
2,264,368
2,309,656
2,355,849
2,402,966
2,451,025
2,500,045
(-) Economic Vacancy
0
(:L,ff.33,6151.}
0
(544JAO)
(1.51,:,.A)
(1,55,393)
(153,506)
(16'L,676)
(1.64,909)
(L63,'X73)
('1,/L,.il7)
(1,75,(E03)
Collectible Rental Revenue
0
0
1,632,330
2,024,089
2,064,571
2,105,862
2,147,980
2,190,939
2,234,758
2,279,453
2,325,042
(+) Other Reve n ue(afte r vaca ncy)
0
0
48,360
59,966
59,966
59,966
59,966
59,966
59,966
59,966
59,966
(+) Net Retail Revenue
0
0
0
0
0
0
0
0
0
0
0
Total Operating Revenue
0
0
1,680,690
2,084,056
2,124,537
2,165,829
2,207,946
2,250,906
2,294,724
2,339,420
2,385,009
Operating Expenses
0
0
722,514
990,375
1,009,800
1,029,614
1,049,824
1,070,438
1,091,464
1,112,911
1,134,787
( - )Payroll
0
0
('1.@x1,325)
(1./2,712)
(116,'1.66)
(L79,639)
(133,233)
('L%,949)
(1,90,633)
(1,94,50'L)
('L'k3,39'L)
(-)General &Administrative
0
0
(51.,6674)
('2,Fi[;Fi}
(55,639)
(.x4762)
(55,858)
(a,91'1)
(53,1,14)
(59,277)
(667467)
(-) Advertising& Marketing
0
0
(43,379)
(49,:;46)
(5(),333)
(51,340)
(a7,3fx7)
(a`5, 4:1.4)
(.14.,432)
(i.i,.x72)
(a"683)
(-)Electricity/Gas
0
0
(1.06,433)
(108,"462}
(11,0,733)
(117,947)
(115,206)
(1115"11)
(1'L9,361)
0
0
(-) Water/Sewer
0
0
(43,1.5;x)
(46,!f52
(4.fi6, 9'73)
(47,91.7)
(43,8/5)
(49,853)
(50,350)
(5'L,367)
(52,904)
(-)Cable/Internet
0
0
(51.,604)
('2,Fi3Fi}
(15,639)
(.x4762)
(55,858)
(6,975)
(53,1,14)
(59,277)
(60467)
(-)Trash Removal
0
0
(14,'11,4)
(1.4,804)
(1.'1,:'1.00)
(1.x,40'7)
5-Y.
(14x,0'74)
(1.6,343)
6.15%
6-Y.
(-)Property Taxes
0
0
('704'765)
(31.1,526)
(;51.3,776)
(375'1.'47)
(33 1,655)
(333,233)
(345,0.54)
(351,955)
(358,994)
(-) Property/Liability Insurance
0
0
(13,54;L)
(44,41.2)
(45„x00)
(44,,'704x)
(41,1_5x0)
(43,0'7'7)
(49,034)
('i0, 0'1.'1)
(5'1,0115)
(-)Repairs&Maintenance
0
0
(;x77'47)
(39,1597)
(33,555)
(;547'77)
(34,4k1.1.)
(iii, @x04k)
6' 3?
(37,04.3)
(37,735k)
(-) La ndscaping/Snow Removal
0
0
(2'3,027)
(29,F5ff15}
(30,'700)
(30,304)
(;51,4'70)
(32,(143)
(32,639)
(33,343)
(34.,01))
(-)Unitturnover
0
0
(;x77'47)
(39,1597)
(33 SSii)(iii,
@x043)(37,04.3)
(37,7353)
(-) Miscellaneous Expenses
0
0
(;x77'47)
(39,11°37}
(33551x)
(347'77)
(34,43'1.'1.)
(iii,@x09)
(3@x„57,1.)
(37,04.3)
(37,739)
(-) Property Management Fee
0
0
(58,3'74)
(72942)
(74,359)
(7'1,304)
(17,'773)
(73,73'7)
(3(E31.5)
(31,330)
(33,475)
(-) Replacement Reserve
0
0
(33,7.10)
(38,750)
(33, 7.10)
(33,750)
(33,750)
(33, 7.10)
(33, 7.10)
(33, 7.10)
(33,750)
Total Operating Expenses
0
0
(9'.x3176)
(:L,ff.33,6151.}
('1 114,737)
(1 136'? L5)
(1 1x31'73)
(1 ,1.30,463)
(1703,'760)
(L'??6'509)
(1.,2'10722)
Net Operating Income
0
0
722,514
990,375
1,009,800
1,029,614
1,049,824
1,070,438
1,091,464
1,112,911
1,134,787
(-) Asset Management Fee
0
0
0
0
(10,623)
(10,32'3)
(11,040)
(11,'715)
(11,474)
(1,L,697)
(1, E'925)
(-) Construction Debt Service
0
('12'L,'1, L6)
(4.66,424)
0
0
0
0
0
0
0
0
(-)Mini-perm/Take-out Debt Service
0
0
0
(71.5,658)
(1 L5,fx.13)
(16.5,303)
(16.5,303)
(1(,.1,303)
(lfx.1,303)
(]6.5,303)
(]6.5,303)
(+)Tax Abatement/Incentive
0
0
0
0
0
0
0
0
0
0
0
Net Project Cash Flow
0
1, 11
256,090
274,716
283,519
253,481
273,481
293,880
314,687
335,911
357,559
DSCR
n/a
0.00
1.55
I.E.
1.41
1.35
1.37
1.40
1.43
1.45
1.48
Development Yidd
0.00%
0.00%
3. Y.
5.47%
5.58%
5-Y.
5-Y.
5.91Y.
6.03%
6.15%
6-Y.
Property Val"
6.50% 0
11,115,605
15,236,536
15,535,384
15,840,210
16,151,131
16,468,272
16,791,755
17,121,708
17,458,259
17,801,542
Pot -W Loan A-, t lbaced on LN)
.-Y. 0
8,892,484
12,189,229
12,428,307
12,672,168
12,920,905
13,174,617
13,433,404
13,697,366
13,966,608
14,241,234
Equi W Cash on Cash
-1.91%
4.04%
4.33%
4.47%
4.00%
4.32%
4.64%
4.97%
5.30%
5.64%
Confid-W
Page 58
Annex Sh,dent Living
Noce au ash Flows area ,-desaiy- ,d -- flows
31 -Jul -17
31 -Jul -18
31 -Jul -19
31 -Jul -20
31 -Jul -21
31 -Jul -22
31 -Jul -23
31 -Jul -24
31 -Jul -25
31 -Jul -26
31 -Jul -27
promote
25%
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
75%
Year O
Year 1
Year 2
Year 3
Year 4
Years
Year 6
Year?
Year B
Year 9
Year 10
Capitalized Interest begin balance
500,000
500,000
378,884
378,884
378,884
0
0
0
0
0
0
Capitalized Interest expense
$0
0
('12'L,'1, 1,6)
0
0
0
0
0
0
0
0
0
Capitalized Interest distribution upon refi/sale
#NUMI
0
0
0
0
(378,884)
0
0
0
0
0
0
Capitalized Interest end balance
2026
500,000
378,884
378,884
378,884
0
0
0
0
0
0
0
Net Project Cash Flow
2027
0
0
256,090
274,716
283,519
253,481
273,481
293,880
314,687
335,911
357,559
Project Capinterst/Refinance/Sale CF
7.00%
0
0
0
0
877,262
0
0
0
0
0
5,514,947
Total Cash Flow
2.00%
0
0
256,090
274,716
1,160,780
253,481
273,481
293,880
314,687
335,911
5,872,506
IlinvOsror C:a!sdhflowv
16,199,404
4.44%
13%
Q6„331,ms3
0
256,090
274,716
1,160,780
253,481
273,481
293,880
314,687
335,911
5,872,506
lst tier investor split
75%
0
0
0
0
0
0
0
0
0
0
0
4.44%
25%
Q6„331,ms3
0
256,090
274,716
1,160,780
253,481
273,481
293,880
314,687
335,911
5,872,506
2nd tier investor split
25%
0
0
0
0
0
0
0
0
0
0
0
Total Investor Cashflow
4.43%
Q6„331,ms3
0
256,090
274,716
1,160,780
253,481
273,481
293,880
314,687
335,911
5,872,506
Investor NPV (at 1091.) (
'1,69(7,27'L)
(E8, Em, 1(7())
0
722,514
990,375
1,009,800
1,029,614
1,049,824
1,070,438
1,091,464
1,112,911
17,334,190
Investor Equity
100.0%
(6,337,83'.5)
0
256,090
274,716
1,160,780
253,481
273,481
293,880
314,687
335,911
5,872,506
Sponsor Eounv
0.0%
0
0
0
0
0
0
0
0
0
0
0
Slpo n-ir C:a!sdhfl owv
promote
25%
0
0
0
0
0
0
0
0
0
0
75%
0
0
0
0
0
0
0
0
0
0
Total Sponsor Promote Cashflow
0
0
0
0
0
0
0
0
0
0
0
Sponsor NPV (at 1091o)
$0
Total Sponsor Cashflow
#NUMI
0
0
0
0
0
0
0
0
0
0
0
Sale Year
2026
Exit Year NOI Projection
2027
1,157,100
Valuation
7.00%
16,530,004
(-)Cost of Sale
2.00%
(338,688)
Net Sale Proceeds
16,199,404
(-) Loan & Equity Payoff
(1,7,684,4!56)
(-) Mezzanine Participation of Exit
0
Distributable Excess Sale Proceeds
5,514,947
PBTCF- Residential
0
0
722,514
990,375
1,009,800
1,029,614
1,049,824
1,070,438
1,091,464
1,112,911
1,134,787
Development Cost/Sale Proceeds
(E8, Em, 1(7())
0
0
0
0
0
0
0
0
0
16,199,404
Total Project Cash Flow
(E8, Em, 1(7())
0
722,514
990,375
1,009,800
1,029,614
1,049,824
1,070,438
1,091,464
1,112,911
17,334,190
Unlevered IRR
4.06%
EBTCF -Residential
0
0
256,090
274,716
283,519
253,481
273,481
293,880
314,687
335,911
357,559
Equity Contribution/Sale Proceeds
(6,337,835)
0
0
0
877,262
0
0
0
0
0
5,514,947
Total Project Cash Flow
(6,337,835)
0
256,090
274,716
1,160,780
253,481
273,481
293,880
314,687
335,911
5,872,506
Levered IRR 4.44%
coofideooai
Page 59
APPRAISAL
(to be provided at a later date)
Page 60
MARKET STUDY
(Provided for informational purposes only —
Landmark and Applicant shall not be liable for
inaccuracies or omissions therein)
Page 61
FEASIBILITY ANALYSIS:
Annex 71— Oshkosh, WI
455 EPPS BRIDGE PARKWAY, ATHENS, GA 306061706.543.19101 LAN DMARKPROPERTIES.COM
Page 62
Table of
Contents:
This Analysis has been
prepared by Landmark
Property Management, LLC.
Contact:
Jonathan
Bove
Vice President —
Consulting Services
706-202-1837
455 Epps Bridge
Parkway Building 100,
Suite 201
Athens, GA30606
Page 64
Landmark Properties was engaged to perform a Feasibility Analysis of Annex 71 at the University of
Wisconsin - Oshkosh
Date of Site Visit
Date of Market Analysis
Dist. To Campus
Delivery
011IMN0.11 =-0,
V -5th of January 2017
1st of January 2017
.25 mi
2018
1114GAIINI
Page 65
Property:
- Subject site will be completed in Fall 2018.
• The property is located only 1/4mile of the University of Wisconsin — Oshkosh campus.
• The subject site is bordered by the Fox River to the SW and is in close proximity to a number of
popular restaurants and bars frequented by UW -Oshkosh Students.
• The planned development would be the first purpose-built off -campus student housing
development serving students at University of Wisconsin - Oshkosh.
• The typical Annex amenity set (that is to say, found at other Annex -developed assets) if utilized in
Oshkosh, would create value with the target demographic and provide a competitive advantage to
the traditional multifamily competitive rentals in the area.
Page 66
,r r
According to recent Census ACS Data
• Median Rents for occupied rental units in the city of Oshkosh increased from $659/mo in 2013 to
$706/mo in 2014. *
• During the same period, the Rental Vacancy Rate in Oshkosh dropped from 5.09% to 3.79%
indicating a tightening in housing supply in the area.*
Full-time Enrollment has dropped at University of Wisconsin — Oshkosh since hitting a peak of 9,590 in
fall of 2011. Current total full-time enrollment (Fall 2016) is 8,555.
• Undergraduate full-time enrollment has dropped from 9,426 to 8,341 during the same period
The current Chancellor has committed to stopping the enrollment decline.
• According to the Vice Chancellor for Enrollment Management growth of 1-3% per year is expected
for the foreseeable future **
• Also according to Dr. Miller, "Between January 7th, 2016 and January 7th, 2017, there has been an
increase in applications by 16.1 %. Those applications are specific to undergrads only (new
Freshmen, not transfers)."***
• ACSCen Data provided by htto://www.de.tofnuabers.ma/rent/wismnsin/.shk.sh/
** 16.17 -I ViChancellor for Enrollment Management, Bandon Miller
***1.10ce .17—Phone Ulo .p with Vice Chancellor for Enrollment Management, Bandon Miller
Page 67
,r r
The proposed project has a capture rate of 5.7% of full-time students.
• This is below the industry norm of 6-8%, which benefits the subject site.
There are 4,500 designed beds on campus which are currently configured to house only 3,500 students.
In the current configuration, 40% of full-time students can be housed on campus.
• 500 beds in Fletcher hall are currently down for renovation, and 500 beds have been reconfigured
for use for Conference and Event services.*
* 1.11.17— Per ph on a conversation with Liz M-11, Assistant Director- Business Services a nd Programs
Page 68
Market &
University
Analysis
Section II
Though FT enrollment has declined since 2011, the
current Chancellor has made enrollment growth a top
priority.
In his Fall 2016 "Opening Day" address, the Chancellor
said:
"First I'd like to focus on enrollment. I am pleased that we are rapidly
moving in the right direction to stop the decline in enrollment we have
seen at the undergraduate level over the pastfew years. While I wish I
could be standing in front of you, telling you we have stopped the
decline going into this academic year, I can't... but what I can say is
our investments in enrollment have been largely implemented, and
will positively impact the upcoming recruitment year.
• Vice Chancellor for Enrollment Management, Brandon
Miller also projected a 1-3% enrollment increase for the
foreseeable future when directly interviewed by
Landmark on 1.6.17
Page 70
2010
2011
2012
2013
2014
2015
2016
A -19g
Tdf[
T.1.1 E -1111-t
'13,461
13,461
13519
L3,902
14,542
14;059
13,544
-148
(1,035)
e
71.2%
058.
599%
383
540
(483)
(515)
14
83
%CMonge
9,426
90%
94%
2.8%
4.6%
-3.3%
-3.7%
01%
0.6%
Orudergrad.el
12,.232
12,.232
12,384
'12,623
13,309
12,710
12,075
-20%
F115%f
�,rreas e0
164
L64
152
239
585
(599)
(635)
-26
-152
%Cz,
13.3%
90%
12%
1.4%
54%
-05%
-5.0%
-02%
-13%
Graduele
1,224
1,229
1,135
1,279
1,233
1,349
1,469
�,rreas e
0
(94)
1144
(46)
116
12040
240
%Change
Q0%
-75%
12'.7%
-3'.6%
94%
89%
3.0%
1.95%
Page 70
2010
2011
2012
2013
2014
2015
2016
Average
Tat[
Tn1ai1
9,590
9,590
9,448
9,335
9,138
8,851
8,555
-148
(1,035)
%FA -Brune
71.2%
712%
599%
671%
62.8%
63.0%
63.2%
-3.9%
F]:08%f
Urvdergredua@e
9,426
9,426
9,294
9,157
8,956
8,648
8,341
-155
(1,085)
%FA -Brune
771%
771%
730%
725%
673%
68:0%
691%
-20%
F115%f
Gmdua@e
164
L64
L54
L78.
182
203
214
7
59
%FA-firune
13.3%
13.3%
13.6%
13-9%
14.6%
15.0%
146%
44%
305%
Page 70
2010
2011
2012
2013
2014
2015
2016
Apph,ed
4
0
0
0
0
0
0
Ad.M@ d
0
0
0
0
0
0
0
Enralkd
1,840
1,844
1,840
1,747
1,749
1,572
i,501
%Ad-M.ed
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
%Enrn'•Ned
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Page 70
Page 71
FRESHMAN'
ADMISSION
ENROLLMENT
2,erx0000
20,000
5.0%
3,
ti M
4.0%
1,600
15,000
m
3
3
3,400
3
'0
3.0% m
1,200
10,000
1,000
m
2.0%
..
B00
5,000
S
1.0% 3°
600.
400
0
a
0.0%
200
Undergraduate
Graduate
2032
■ppptr3913
uumAdI
IENRed 2016
Page 71
With an average of 2% annual FT growth UW— Oshkosh would be adding —275 Full-
time Students each year
By 2020 —Student enrollment would be over 14,500 which is 1000 more Full-time
students as compared to fall 2016
13,544
-515
-3.66%
13,815
271
2.00%
14,091
276
2.00%
14,373
282
2.00%
14,660
287
2.00%
14,954
293
2.00%
* 2% annual growth figure based on interview with Vice Chancellor of Enrollment Management where a 1-3% increase in
enrollment was projected
Page 72
U [IIIIIIIIIIIIJ!, OF
s IWc0
, III SN
OSHKOSH
Market Survey
Completed: January 5, 2017
tLANDMARK.
JPROPERTIES
455 Epps Bridge P.,kw.y Suite 201
Athens, iftGA30606
P 706.543.1910 F706.543.1909
Page 73
University of Wisconsin - Oshkosh - Oshkosh, WI
Market Capture
12/28/2016
ON -CAMPUS REQUIREMENT:!,
red(f
11Fira shinrneirn and Soplhonrnoira s ruin:, irecgflired to Ilive on a•airnpuus 2016 13,544 -515 -3.66% -296 2016 N/A 2016 0
2017 13,815 271 2.00% 171 2017 0.00% 2017 0
2018 14,091 276 2.00% 175 2018 0.00% 2018 310
2019 14,373 282 2.00% 178 2019 0.00% 2019 310
2020 14,660 287 2.00% 182 2020 0.00% 2020 310
2021 14,954 293 2.00% 185 2021 0.00% 2021 310
2022 15,253 299 2.00% 189 2022 0.00% 2022 310
Delivery Year 2018
Freshman and Sophomore Live -On Requirement
On -Campus design beds 4,500. Currently contig for 3,500
Data per UW -Oshkosh Office of Institutional research
Enrollment
2010
Total Enrollment -Fall 2016
13,544
Undergraduate Enrollment- Fall2016
12,075
Undergrad Full Time
69.1%
Full -Ti me Undergraduate - Fal 12016
8,341
Graduate Enrollment -Fall 2016
1,469
%Grad Full Time
14.6%
Ful 1 -Ti me Graduate - Fa 11 2016
214
Total %Full Time
63.2%
Total Full Time Enrollment
8,555
Projected Fu11-Ti me Growth to 2018
346
Total Projected FT Enrollment 2018
8,901
Current On -Campus Housing
3,500
Projected Univ Housing
0
Greek Housing
0
Commuters
0
Onl i ne Students
0
Off -Campus Demand 2018
5,401
%ofstudentsliving offcampus
39.9%
Ca ptu re Rate
5.7%
Beds Proposed
310:
Notes
12,384
Freshman and Sophomore Live -On Requirement
On -Campus design beds 4,500. Currently contig for 3,500
Data per UW -Oshkosh Office of Institutional research
Enrollment
2010
2011
2012
2013
2014
2015
2016
Average
Total
Total Enrollment
13,461
13,461
13,519
13,902
14,542
14,059
13,544
-148
(1,035)
Increase
71.2%
0
58
383
640
(483)
(515)
14
83
%Change
9,426
0.0%
0.4%
2.8%
4.6%
-3.3%
-3.7%
0.1%
0.6%
Undergraduate
12,232
12,232
12,384
12,623
13,309
12,710
12,075
-2.0%
11.51
Increase
164
0
152
239
686
(599)
(635)
-26
-157
%Change
13.3%
0.0%
1.2%
1.9%
5.4%
-4.5%
-5.0%
-0.2%
-1.3%
Graduate
1,229
1,229
1,135
1,279
1,233
1,349
1,469
Increase
0
(94)
144
(46)
116
120
40
240
%Change
0.0%
-7.6%
12.7%
-3.6%
9.4%
8.9%
3.0%
19.5%
Full -Time Enrollment
2010
2011
2012
2013
2014
2015
2016
Average
Total
Total
9,590
9,590
9,448
9,335
9,138
8,851
8,555
-148
(1,035)
ull-time
71.2%
71.2%
69.9%
67.1%
62.8%
63.0%
63.2%
-1.9%
10.8%
Undergraduate
9,426
9,426
9,294
9,157
8,956
8,648
8,341
-155
(1,085)
ull-time
77.1%
77.1%
75.0%
72.5%
67.3%
68.0%
69.1%
-2.0%
11.51
Graduate
164
164
154
178
182
203
214
7
50
%full-time
13.3%
13.3%
13.6%
13.9%
14.8%
15.0%
14.6%
4.4%
30.5%
Page 74
Assuming we include furniture, internet, cable, W/D, water/sewer/trash,
and private BA
Anthem Luxury Living 95% 0%
Diff.
Manager ACC Ma nagement Group
2x2 78
Dist. To Campus 0.90 mi l es
3x3 2
Delivery 2015
704
Units 80
20.6%
Beds 162
615
Concord Place 98% 40%
1x1 15
Manager Alexander bishop
2x2 36
Dist.To Campus .3 mi l es
11.4%
Delivery 2003
516
Units 57
11.4%
Beds 93
Max Rent/SF
Morgan Crossing 100% 50%
1x1 16
Manager Alexander Bishop
2x2 28
Dist.To Campus .3 mi l es
3x3 20
Delivery 2007
0.95
Units 68
79.3%
Beds 126
Average Prelease: 26.3%
Unit Type
Max Rent
Subject UW Rates
Diff.
Studio
N/A
1x1
704
849
20.6%
2x2
615
699
13.7%
3x3
516
575
11.4%
4x4
516
575
11.4%
Unit Type
Max Rent/SF
Subject Rent/5F
Diff.
0x1
N/A
N/A
1x1
0.95
1.70
79.3%
2x21.06
1.75
65.1%
3x3
1.14
1.92
67.6%
4x4
N/A
1.92
N/A
1,030 515 $1.06
1,170 390 $1.14
697 697 $0.93
950 475 $0.88
716 716 $0.95
1,002 501 $0.90
1,248 416 $1.04
RSF/BED $/SF
500 $1.70
400 $1.75
v $1.92
300 $1.92
Page 75
Rent Adjustements
(1) Furniture prices are set at $25 per bedroom.
(2) Washer/Dryer Is based on $40 per unit
(3) Electric Is based on $30 per bed
(4) Internet Is based on $30 per unit
(5) Cable Is based on $30 per unit
(6) Water/Sewer Is based on $15 per bedroom
(7) Private bath Is based on $30 per bedroom
N N N N Y N N N N N Spaces 162
Ratio: 100%
Cost: $50
N N N N Y N N N N N Spaces 93
Ratio: 100%
Cost: $50
N Y N N Y N N N Y N Spaces 126
Ratio: 100%
Cost: $50
14
University of Wisconsin - Oshkosh - Oshkosh, WI
On -Campus Housing
12/28/2016
Traditional
Unit Layout
Beds Semester Academic Yr
9 Month 12 Month
Uti I ity cost
8
Parking
0
Other
9 Month 12 Month
Not Named
Double Room
$2,110
$4,220
$469
$352
X
X
X-$10
X
X $30 $20
$509 $392
Not Named
Single Room
$2,920
$5,840
$649
$487
X
X
X-$10
X
X $30 x
$669 $507
Taylor Hall
Double Room
$2,398
$4,796
$533
$400
X
X
X-$10
X
X $30 $20
$573 $440
Ta for Hall
Sin 9le Room
$3,134
$6,268
$696
$522
X
X
X-$10
X
X $30 x
$716 $542
Suites
Horizon Village
2BR Suite
$3,060
$6,120
$680
$510
X
X
X-$10
X
X $30 $20
$720 $550
Horizon Vila a
4BR Suite
$3,190
$6,380
$709
$532
X
X
X-$10
X
X $30 x
$729 $552
.���EEEEEuuh
Lot Spaces Price Availability On -Campus
Premium Resident $268 Avg. housing cost $510
Regular Resident $193 Standard meal plan 250
Pa rki ng 38.5
Other 0
Total $799
Notes
1) Twelve month equivalent is based on Fall
and Spri ng semesters divided by 12 months
2) Washer/Dryer is based on $40/unit
3) Kitchen is based on $20/bed
4) Private bath is based on $30/bed
5) Private bedroom is based on $20/bed
6) Electric is based on $30/bed
7) Water and sewer is based on $15/bed
8) Internet is based on $30/unit
9) Cable is based on $30/unit
** Standard Meal plan cost based on $1505/semester (middle level meal plan)
Off -Campus
Subject site 4 -bed rent
575
Uti I ity cost
8
Parking
0
Other
0
Total
$583
Remainin for food $216
Page 76
IM
jjlr
/�i/ i�� ,
/�%i%%
4 7 WTIFT 17 CT-71MIRTIM0, MtYMMIMIT VIM
Pipeline Report
Development Pipeline Data
* 2 multi -family projects totaling 196 units are in the planning phases.
Both are across Fox River close to the regional airport.
* They are not considered competitors due to their distance from
campus
2016 to current
(296)
296
5,191
0
5,055
97.4%
G
2017
0
171
(171)
5,191
0
5,226
100.7%
(D
2018 i
310
175
135
5,501
0
5,401
98.2%
2019
0
178
(178)
5,501
0
5,579
101.4%
2020
0
182
(182)
5,501
0
5,760
104.7%
2021
0
185
(185)
5,501
0
5,945
108.1%
2022
0
189
(189)
5,501
0
6,134
111.5%
2023
0
0
0
5,501
0
6,134
111.5%
* Elizabeth Williams, Planning Services Division, City of Oshkosh WI
M
Page 78
Jniversity of Wisconsin — Oshkosh
Market Survey — Student Questionnairt
OW (),shkoslh 5uodem I lc.>cjsmA Quesriormair�,,
0 'l—I 11.,
o
........................................................................................... ........................
_
...................................................................................
. . . . ......
Page 79
Wheire woulId you pirefeir to
Ive?
17.50% 15.00%
10.00% a
57.50%
in On Campus Dorm
um Off Campus Rental f louse
mr.. CM Campus I raditional Apartment
mi Off Campus Student Centric
Summarized Results
What siize uniit wound you
The Itl ost Illrnteirest Iln?
10%
in 1 x 1 um 2 x 2 1111 3 x 3 um4x4
�MMMMMMHMMM
so
in Yes um No
-When do you start looking for housing for the following academic year? 82.5% of respondents said they start searching prior to Winter Break
Page 80
Market Survey — Student Questionnaire Results
Page 81
Subject Site
Analysis
Section III
• The subject sit is located 1/4mile of the University of Wisconsin — Oshkosh campus.
• All three competitive properties are located in the same area, with only slight distance variations to campus.
• The planned development would be the first purpose-built student housing development serving UW- Oshkosh.
• The typical Annex amenity set would create added value to the target demographic and would add a competitive
advantage over competitive properties.
• Based on the Student Survey results listed earlier 57% of respondents indicated the subject site was in a desirable
location.
• Survey Results also indicated that two popular college bars and four popular college restaurants are within clos
walking distance to the subject site. The map on the following page shows the location. The close proximity of
popular hangouts will add value to the property and give opportunity to co -vend marketing events.
• Mahoney's Bar and Restaurant, a popular restaurant among young professionals and locals, is also a short wal
away. This might add to the attractiveness of the property for other groups outside of students.
• The most common complaints about the site consisted of it being too far to walk during winter weather conditio
and that a supermarket was not close by. I
Page 83
Page 85
• Location is only 1htly closer to campus than
projected !' r • not an advantage.
• Built and r' f to show strong indications of •
aging. It still looksfrom •';.
• Amenities includer fitness center on •• and an
upstairs lounge with rooftop access. The managers informed us
that amenity featuresare ri used.
• Underground, heated parking is available for $50 per month
• Morgan Crossing only utilizes traditional marketing methods —
website, posting brochures on campus, occasional landlord day
atschedules
• The property's occupants are roughly 60% student. The
remaining residents are young professional, recent grads and
employees from downtown businesses.
• Currently occupied at 100%, Preleased at 50%
Page 86
Competitive Project: Concord PlaG-=,..,,
• Concord Place's location is only slightly closer to campus than Anne. -I
71's projected site. The difference in location is not an advantage.
• The property was built in 2003 and is starting to show strong
indications of interior aging. It still looks new from the exterior.
• There are no amenities.
• Underground, heated parking r for $50 per month.
• Concord Place only utilizes traditional marketing methods — website,
posting brochures on campus, occasional landlord day at the
University (when the University schedules one).
• The property's occupants are roughly 80% student. The remaining
residents are young professional, recent grads and employees from
downtown businesses.
• Currently occupied at 98%, Preleased at 40%.
• Morgan Crossing and Concord Place have the same
ownershiD/manaaement COMDanv.
Page 87
Competitive Project: Anthem Luxury Living
WTIM"Iff,'"IMS�301�3 •11
slight difference in location is not a disadvantage.
The property was built in 2014.
Amenities include a fitness center, courtyard with river view,
conference/media room and additional storage per floor.
Underground, heated parking is available for $50 per month.
Anthem only utilizes traditional marketing methods — website and
ILS. They do not directly market to students.
The property's occupants are roughly 62% student. The
remaining residents are young professional, recent grads and
employees from downtown businesses.
The only unoccupied units are income controlled units that were
established by the tax credit received during development.
Page 88
Competitive Project: Student Leasing
TT'hile they are not purpose-built, Concord Place and I
strategy to be more student -friendly given that their resident base is 60-80% student.
Anthem currently leases in a conventional multi -family apartment fashion, allowing their current residents
to provide a 60 -day notice.
This shift to pre -leasing was a change made by Concord Place and Morgan Crossing management
necessitated by the market after a few years operating conventionally.
In interviews, the managers of these two properties predict that Anthem (which is newer to the market)
will eventually make this change as well.
Page 89
Assuming we include furniture, internet, cable, W/D, water/sewer/trash,
and private BA
Anthem Luxury Living 95% 0%
Diff.
Manager ACC Ma nagement Group
2x2 78
Dist. To Campus 0.90 mi l es
3x3 2
Delivery 2015
704
Units 80
20.6%
Beds 162
615
Concord Place 98% 40%
1x1 15
Manager Alexander bishop
2x2 36
Dist.To Campus .3 mi l es
11.4%
Delivery 2003
516
Units 57
11.4%
Beds 93
Max Rent/SF
Morgan Crossing 100% 50%
1x1 16
Manager Alexander Bishop
2x2 28
Dist.To Campus .3 mi l es
3x3 20
Delivery 2007
0.95
Units 68
79.3%
Beds 126
Average Prelease: 26.3%
Unit Type
Max Rent
Subject LAN Rates
Diff.
Studio
N/A
1x1
704
849
20.6%
2x2
615
699
13.7%
3x3
516
575
11.4%
4x4
516
575
11.4%
Unit Type
Max Rent/SF
Subject Rent/5F
Diff.
0x1
N/A
N/A
1x1
0.95
1.70
79.3%
2x21.06
1.75
65.1%
3x3
1.14
1.92
67.6%
4x4
N/A
1.92
N/A
1,030 515 $1.06
1,170 390 $1.14
697 697 $0.93
950 475 $0.88
716 716 $0.95
1,002 501 $0.90
1,248 416 $1.04
Page 90
Rent Adjustements
(1) Furniture prices are set at $25 per bedroom.
(2) Washer/Dryer Is based on $40 per unit
(3) Electric Is based on $30 per bed
(4) Internet Is based on $30 per unit
(5) Cable Is based on $30 per unit
(6) Water/Sewer Is based on $15 per bedroom
(7) Private bath Is based on $30 per bedroom
N N N N Y N N N N N Spaces 162
Ratio: 100%
Cost: $50
N N N N Y N N N N N Spaces 93
Ratio: 100%
Cost: $50
N Y N N Y N N N Y N Spaces 126
Ratio: 100%
Cost: $50
®'
^
All three competitive projects have amix ofstudent and non -student renters.
^
Displayed below are the max rental rates for each unit type adjusted for inclusions based onthe market survey
^ zx1 $roo
^ uxu $615
^ axa $s1s^there are nozw4units present mthe competitive set
^ The three competitive properties surveyed lack amenities and are not purpose built for students.
^
Morgan Crossing and Concord Place, though they are not purpose built for students, have adjusted their leasing
strategy topre-lease inastudent friendly manner. Anthem Luxury Living leases inaconventional manner.
^
Property locations are extremely similar and do not seem to affect occupancy percentages.
^
Each property only uses traditional marketing methods and are not effective a«reaching college students
^
The shadow market is a concern — the rental home business is extremely large and offers a much cheaper option.
Many students are able tofind living arrangements between $25Oand $35O.
^
Price sensitivity was voiced by many students surveyed, however Landmark attributes some degree of sensitivity
tothe fact that there ianopurpose built product inthe market tocompare against.
Page 91
University of Wisconsin - Oshkosh - Oshkosh, WI
On -Campus Housing
12/28/2016
Lot Spaces Price Availability
Premi u no Res i dent $268
Regular Resident $193
Notes
1) Twelve month equivalent is based on Fall
and Springsemesters divided by 12 months
2) Washer/Dryer is based on $40/unit
3) Kitchen is based on $20/bed
4) Private bath is based on $30/bed
5) Private bedroom is based on $20/bed
6) Electric is based on $30/bed
7) Waterand sewer is based on $15/bed
8) Internet is based on $30/unit
9) Cable is based on $30/unit
** Standard Meal plan cost based on $1505/semester (middle level meal plan)
Subject Sitevs. Avg. On -Campus 106.20%
Subject Sitevs. Horizon Village 98.93%
On -Campus
Avg. housing cost
$510
Standard meal plan
250
Parking
38.5
Other
Traditional
Unit Layout Beds
Semester Academic Yr
9 Month 12 Month
9 Month
12 Month
Not Named
Double Room
$2,110
$4,220
$469
$352
X
X
X -$10
X
X $30 $20
$509
$392
Not Named
Single Room
$2,920
$5,840
$649
$487
X
X
X -$10
X
X $30 x
$669
$507
Taylor Hall
Double Room
$2,398
$4,796
$533
$400
X
X
X-$10
X
X $30 $20
$573
$440
Ta for Hall
Sin Ie Room
$6,268
$696
$522
X
X
X-$10
X
X $30 x
$716
$542
�.
y$33,134
Suites
Horizon Village
2BR Suite
$3,060
$6,120
$680
$510
X
X
X -$10
X
X $30 $20
$720
$550
Horizon Vila
4BR Suite
$3,190
$6,380
$709
$532
X
X
X -$10
X
X $30 x
$729
$552
!e
Lot Spaces Price Availability
Premi u no Res i dent $268
Regular Resident $193
Notes
1) Twelve month equivalent is based on Fall
and Springsemesters divided by 12 months
2) Washer/Dryer is based on $40/unit
3) Kitchen is based on $20/bed
4) Private bath is based on $30/bed
5) Private bedroom is based on $20/bed
6) Electric is based on $30/bed
7) Waterand sewer is based on $15/bed
8) Internet is based on $30/unit
9) Cable is based on $30/unit
** Standard Meal plan cost based on $1505/semester (middle level meal plan)
Subject Sitevs. Avg. On -Campus 106.20%
Subject Sitevs. Horizon Village 98.93%
On -Campus
Avg. housing cost
$510
Standard meal plan
250
Parking
38.5
Other
0
Total
$799
Off -Campus
Subject site 4 -bed rent
575
Uti I ity cost
8
Parking
0
Other
0
Total
$583
Remaining for food $216
Page 92
Competitive Project Summarl
11:11111 RISE! ii MIREHIM111111 R I 1 1111 111 1111 11 1 1 1111, Ili I I III I III I I III I I I 1 11111111 111111111 1 111 1
i 1 0
• Price sensitivity will be an objection that is likely to be voiced frequently.
* Landmark Properties believes that effective marketing and an effective sales team will be able to achieve the
rents as underwritten on the 4BR and 2BR unit types.
* 1 BR units are priced at a significant premium to the off campus market (20%), however they represent only
6% of the unit mix.
• Landmark recommends flexibility on furnishing units particularly on 1 BR floor plans where appealing to non -student
renters may be needed.
Page 93
The typical Annex amenity set is recommended as there is no purpose built housing in the competitiv(;�
set.
Underground heated parking is available at the three off campus comparable properties for an
additional fee. Landmark recommends —50 parking spaces covered and heated for a $50/mo fee.
Additional options for further transportation to campus is recommended to combat any resistance to
subject site location.
Property marketing efforts should include (or ideally partner with) the Titan Transit late night shuttle service
(https://www.uwosh.edu/stuaff/titan-transit).
The #5 "UWO" bus, a part of Oshkosh "Go Transit" does offer a nearby pickup on Pearl St, a 4 min walk from
the Subject Site.
OUNIMMINNIMSIMMOM-TIM
Page 94
Inclusion of water, sewer, wi-fi, electric, is recommended for the subject site for the
following reasons
• Horizon village residents are used to having all utilities included and are likely to represent a larg
target demographic for Annex 71
• Inclusion of utilities will differentiate Annex 71 from the competitive properties off campus (none
which include electric).
Flexibility on furnishing units is recommended particularly on 2BR and 1 BIR units where
appealing to non -student renters may be necessary I
Page 95
Unit Types
Total Beds
Projected Rents
1X1
20
$764
2x2
110
$653
4A
1801
$499
Page 96
I owl' MMUMORM
• The proposed unit mix for the subject site is in line with typical industry expectations and should
create not impediments to leasing
• A lack of 4 bedroom comparable floorplans in the market should allow value -seeking students a
viable option for living at the asset, and the property marketing plan will reflect this.
• After Adjusting for inclusions, Rents as proposed in the Annex 71 investment thesis would be
11.4% more than competitive 3 and 4 BR unit types. 2 BR units would be 13.7% more than
competitive units. 1 BR units would be 20% more than competitive units. (See Page 27).
• Given the low total number of 1 bedroom units at the property, these rate differentials are within
the bounds typically expect for a First in market purpose-built product.
Page 97
1. SWOT Analysis
2. Target Market
3. Leasing Timeline
4. Marketing Plan Objectives
Page 98
BE
SWOT Analysis
Page 99
Target Market
• Primary: UW— Oshkosh Juniors, Seniors
and Grad students
• On -campus live -on requirement for
Freshmen and Sophomores
• Secondary: Oshkosh professionals
• 20-40% of nearby apartment complexes'
occupancy comprised on non -students
0
Page 100
Ak 44k ..
4t
Student leasing season
early Fall
semester — most students report beginning their search
in October
Perception in market that there is a housing shortage
Many 12 -month lease terms in market run June to May
Several competitors offer 9 -month leases (September
0
Page 101
il►
University of Wisconsin - Oshkosh Academic Calendar
Page 102
Fall Semester 20117
Tuesday
September 5, 2101.7
Academic Advisement/Registration
Wednesday
September 6
Begin P' 7' -week; 14 -week terra
Tuesday
October 24
End 1 s+ 7 -week term
Wednesday
October 25
Re in 2nd 7 -week term
Wednesday-
Sunday
November 22-26
Thanksgiving Recess
Note: Recess begins after evening classes on November .?d
Monday
November 27
Classes resume
Friday
December 15
End 2nd 7 -week; 14 -week term
Saturday
December 16
COMMENCEMENT
Tuesday*
January 2, 20118
Begin 3 -week Interim
Monday
FridaLjanuary
January 15
19
Legal Holiday', Martin Luither King Jr, Day -- no classes
End 3 -week lnterim; end of semester -- Official Graduabon Date
0 Fall lnterl Masses will meet o Jaanuary 2„ 3, 4, 5, 6 ISATURI2AY) 6,. 9,10,11,1Z 16,17,1180%
Page 102
wtk�r- 1-10N1RT4wft
University of Wisconsin - Oshkosh Academic Calendar
Semester 2018
29 1 Beaiin I V 7 -we&! 14 -week term
March 18- 2 5
.......................................
Break
�p .................. .............................
M.a.rch..2.6 .....................
... . ..... .. ..
7 -week term
...............................................
dw
End 2 d 7 -week; 14 -week term
..............................................................
....qq.q!!1.,�-week
Interim
...........................................................................
.......
I amml WnhAnu Mamnriil r)nu --
Page 103
Frill
Frill
University of Wisconsin — Oshkosh Academic Calendar
Irawn'. pill
4 _jeqa,1H_oI_iday,_!nq�2f -n-o- c I as se,s -----------------
6 End of I sk 4 -week term
9 Begiin trod 4 -week term
ust 3 End 2nd 4 -week: 8 -week term -- Official:: Graduation Date
Page 104
awareness1.Create brand recognition and product
2. Promote • •• • ,- and elevated
position
3. Educate target market on purpose-built
student housing
Leverage new product
• maintain leasing•
4
Page 105
Brand Recognition & Product Awareness
1. Print media
• Student newspaper: The Advance — Titan
• Collateral: flyer, poster and brochure distribution
• Signage around construction site
2. Digital media
• Social media: Facebook, Instagram, Snapchat, Twitter
• Email marketing: e -blasts to University email directory
• Google Ads, SEO & remarketing
• ILS advertising: Rent College Pads, Trulia and Craigslist
Page 106
Brand Recognition & Product Awareness
3. Guerrilla marketing
• Street teams: strategically distribute marketing materials and
branded collateral in high -traffic student areas on and off campus
• Co -vending: partner with popular local bars and restaurants
catering to students
• Outbound marketing: campus housing fair, on campus marketing in
Reeve Union, campus and Main Street bars and restaurants,
athletics sponsorship
4. Relationship building
• Outreach to campus departments and student orgs
• Sponsorship of student org events and philanthropy
Page 107
As the only purpose-built student community in Oshkosh, a key strategy
for success will be to highlight Annex 71's advantages over other options
through marketing efforts and sales pitch-
• By -the -bed leasing
• Utilities included
• Private bathrooms
• Student -centric amenities and features
• Brand new, contemporary complex
• Modern appliances, in -unit washer/dry
• Residence life programming I
Page 108
• Utilize social media and other marketing outlets to generate and
maintain hype
• Implement social media campaigns that encourage engagement
• Host events on- and off -campus that promote a fun, student lifestyle
• Provide construction updates to keep market and future residents
interested and excited about site progress
• Reputation management- encourage Google and ,a -•o reviews
and social media brand mentions
• Maintain consistent, active involvement in community and campus
events throughout leasing season
Page 109
Operations
Pro Forma &
Lease Up
Budget
Section VI
• „` ■ "Omll rat
Page 111
PROJECT SPECS Quantity
Square Feet 3
Build
ngs
Covered Parking Spaces
Units
\i
Beds
Stabilized NOI $ 1,687,886
Jan -Jul Aug -Dec
Physical Occupancy 97% 95%
Economic Occupancy 97% 94%
Rental Income
$ 2,377,045
$ 7,668
$
1,129,368
$ 1,247,677
Loss/Gain to Lease
$ -
$ -
$
(11,954)
$ 11,954
Gross Potential Rent
$ 2,377;045
�$ 7,668
$
1,117,414
$ 1,259,631+
Concessions/Incentives
$ 400
$ 1
$
(19,949)
$ 20,349
Employee/Nbdel/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 Income
$ 2,277;131
$ 7,346
$
550,461
$ 1,726,670+
Commercial Income
$
$
$
$ -
$
Application &Adman Fees
$ 62,000
$ 200
$
19,145
$ 42,855
Parking Income
$ -
$ -
$
-
$ -
Resident PP Insurance Program
$ 1,050
$ 3
$
-
$ 1,050
Furniture Income
$ -
$ -
$
-
$ -
Other Income
$ 49,736
$ 160
$
63,066
$ (13,330)
SL
Advertising/Promotion
$ 31,500
$ 102
$
28,025
$ 3,475
TD
G&A Expense
$ 32,553
$ 105
$
20,268
$ 12,285
Lawn Maintenance
$ 17,475
$ 56
$
7,674
$ 9,801
F
N
Payroll Expense
$ 203,236
$ 656
$
93,039
$ 110,196
N
Professional Expense
$ -
$ -
$
854
$ (854)
Repairs & Maintenance
$ 30,705
$ 99
$
12,218
$ 18,487
Retail Expense
$ -
$ -
$
-
$ -
Security
$ -
$ -
$
3,851
$ (3,851)
Shuttle Service
$ -
$ -
$
-
$ -
Turnover Expense
$ 33,085
$ 107
$
5,856
$ 27,229
Cable & Internet
$ 54,000
$ 174
$
28,447
$ 25,553
Trash Expense
$ 400
$ 1
$
-
$ 400
Total Controllable Expenses
$ 402,954
'-$ 1,300
$
200,233
$ ` 202,721
Management Fee
$ 95,597
$ 308
$
42,000
$ 53,597
Common Area Utility Expense
$ 51,452
$ 166
$
30,125
$ 21,327
Utilities Occupied & Vacant NET
$ 108,488
$ 350
$
63,313
$ 45,175
Other Utilities
$ -
$ -
$
-
Insurance Expense
$ 43,541
$ 140
$
46,282
$ (2,741)
Resident PP Prerrium
$ -
$ -
$
-
$ -
Property Tax
$ -
$ -
$
-
$ -
Tax - Other
$ -
$ -
$
3,665
$ (3,665)
Total Non -Controllable. Expenses
$ 299,078
$ 963
$
185,384
$; 113,694+
Total Expenses
$ 702,031
$ 2,263
$
385,617
$ 316,415;
Net Operating Income;
$ 1,687;886
$ 5,443
$
247,056
$ 1,440,830+
Reserve
$ -
$ -
$
-
$ -
Interest Expense
$ -
$ -
$
218,495
$ (218,495)
CF after Reserve&Interest
$ 1,687,886
$ 5,445
$
28,561
$ 1,659,325
PRE -OPENING EXPENSES
Construction Build Out
$
20,000.00
Advertising
$
44,700.00
General & Admin
$
55,623.00
Payroll
$
83,848.05
Insurance
$
5,400.00
Repairs & Labor
$
1,600.00
Security & Shuttle
$
-
Utilities
$
4,200.00
Turn
$
500.00
Total $ 215,871.05
Landmark PM Fees $ 90,000.00
Page 113
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SITE AND BUILDING PLANS
Page 118
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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
Photometric Plan
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Level 4 - Residential
Level 3 - Residential
Level 2 - Reside1
Level 1 - Resid—wil
Level 4 - Residential
Level 3 - Residential
Level 2 - Residential
Level 1 - Residential
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
umrtmrtEWN
Marion Road
<ey Map n.t.s.
2. West Elevation
1. South Elevation (Marion Road)
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lll�ll IIII„U ��i osnKosn ,, «zos_oa,3 n n 3, zo„
[1 BRICK
Stair
Roof
Level 4 - Residential
Level 3 - Residential
Level 2 - Residential
Level 1 - Residential
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
Key Map n.t.s.
2. East Elevation
1. North Elevation (Marion Road)
lumm �� U s e000g �eonasmoemunno a111WIIWlf:'r:Y' 0.".7..SIh1IKOSI1 I PLAN COMMISSION SUBMITTAL O s 5 4 NORTH / EAST ELEVATIONS A3.2
lll�ll IIII„U ��i os Kos ,, «zos_oa,3 R 3, zo„
UNIT PLAN 2-2-C
UNIT PLAN 1-1
UNIT PLAN 4-4
UNIT PLAN 2-2
p, ININIIi'r: OSHKOSH PLAN COMMISSION SUBMITTAL � UNIT PLANS A4
000456daf.o
�om os�Kos� �zos oa,3 �.,AR�� 3, zo„
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<ey Map n.t.s.
�1111
1111���FV�000g�eonasmoEmunno '0.".7.SIHKOSIH PLAN COMMISION SUBMITTAL
III�II �.,AR�� 3, zo„ n.=
1. Perspective View along Marion Road
PERSPECTIVES II A5.1
1110 IID
�' GrlNr�--Ilio--+b
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2. Perspective View along Entry Drive
PERSPECTIVES II A5.2
Ciii RIIIEIIIE
IV. THIS ITEM WAS WITHDRAWN FROM THE AGENDA
V. PUBLIC HEARING ON PROPOSED CREATION OF TAX INCREMENT FINANCING
DISTRICT NO. 33 LAMICO REDEVELOPMENT; DESIGNATION OF BOUNDARIES
AND APPROVAL OF PROJECT PLAN
Tax Incremental District No. 33 (the "TID" or "District") is a proposed 5.5 acre blighted area
district located on the former Lamico property at 474 Marion Road. 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 a 140 unit
multi -family residential complex oriented towards university student centric housing.
Proposed TID No. 33 is encompassed by TIDs Nos. 13 and 21 (partial overlay of 13) and is the last
vacant former manufacturing parcel remaining in this historic industrial district outside of the
active Mercury Marine property. The City created TID No. 13 to facilitate redevelopment of the
Marion Road/Pearl Avenue area and conducted all the land acquisition, relocation, site clearance
and preparation, environmental remediation, and infrastructure development in the surrounding
area. TID No. 33 represents a departure from the City's historical development involvement in
this area because the developer is conducting all the acquisition, clearance, remediation, etc. at the
site to facilitate redevelopment.
The City anticipates making total Project Cost expenditures of approximately $3.9 million to
facilitate redevelopment within the District. This total is comprised of approximately $3.3 million
in potential "pay as you go" development incentives towards the $18 million project. Hard
construction costs for the multiple family development are estimated at approximately $11
million. The Project Plan also identifies costs for public utilities and cul-de-sac construction at the
ends of both Dawes Street and Riverway Drive as well as pedestrian trail connections through
and outside the District to connect with the riverwalk trail to the south.
Mr. Burich presented the item and reviewed the site and surrounding area as well as the land use,
zoning classifications, and the boundaries of the TID district. He also reviewed the map depicting
the other previous TID districts in this area and discussed improvements included in the TID
project plan. He discussed the increment associated values to be offset and reviewed the parcel
identification map of the area included in the TID boundaries. He also reviewed a map depicting
the proposed improvements included with the development of the site that will result from the
creation of the TID district and a map depicting the current conditions on the site. He discussed
the detailed list of project costs and the cash flow projections and stated that the TID could be
closed in 2029 or 2030 which would be earlier than some of the other TID districts created in the
past. He reviewed the Internal Rate of Return which would be 4.43% without the TIF and 10.95%
with TIF assistance.
Mr. Borsuk questioned if in the development agreement there would be a minimal value
established for the property.
Plan Commission Minutes
Page 132
June 20, 2017
Mr. Burich responded that the approximate land and improvements value would be $15.2 million.
Mr. Borsuk then questioned if there would be any guarantee that this value will not be reduced.
Mr. Burich replied that with "pay as you go" development incentives, there is no minimum
assessed value established and public improvement costs may affect this value. These issues will
be addressed with the developer's agreement.
Mr. Borsuk also questioned where the next water tower property would be located.
James Rabe, Director of Public Works, stated that the future water tower property would be
located at the northeast corner of the site and displayed on the map the area. He explained that
there will be a land swap for future area for rebuilding of the water tower in approximately 75
years and that the developer will be acquiring the site where the current water tower is located
and the land swap will provide area for the future tower when needed. He indicated that this
land exchange is currently being coordinated between the city and the contractor.
Motion by Borsuk to approve the creation of Tax Increment Financing District No. 33 Lamico
Redevelopment, designation of boundaries and approval of the project plan.
Seconded by Kiefer. Motion carried 7-0.
There being no further business, the meeting adjourned at approximately 4:50 pm. (Hinz/Propp)
Plan Commission Minutes
Respectfully submitted,
Darryn Burich
Director of Planning Services
Page 133
June 20, 2017
JULY 11, 2017
17-350 RESOLUTION
(CARRIED 7-0 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE TAX INCREMENT DISTRICT NO. 33 PROJECT PLAN;
DESIGNATE TAX INCREMENT DISTRICT NO. 33 BOUNDARIES;
CREATE TAX INCREMENT DISTRICT NO. 33 LAMICO
REDEVELOPMENT
INITIATED BY: CITY ADMINISTRATION
PLAN COMMISSION RECOMMENDATION: Approved
WHEREAS, the City of Oshkosh (the "City") has determined that use of Tax
Incremental Financing is required to promote development and redevelopment within
the City; and
WHEREAS, Tax Increment District No. 33 (the "District") is proposed to be
created by the City as district in need of rehabilitation or conservation in accordance with
the provisions of Wisconsin Statutes Section 66.1105 (the "Tax Increment Law"); and
WHEREAS, a Project Plan for the District has been prepared that includes:
a. A statement listing the kind, number and location of all proposed public works
or improvements within the District, or to the extent provided in Wisconsin
Statutes Sections 66.1105(2)(f)1.k. and 66.1105(2)(01.n., outside of the District;
b. An economic feasibility study;
c. A detailed Iist of estimated project costs;
d. A description of the methods of financing all estimated project costs and the
time when the related costs or monetary obligations are to be incurred;
e. A map shoving existing uses and conditions of real property in the District;
f. A map showing proposed improvements and uses in the District;
g. Proposed changes of zoning ordinances, master plan, map, building codes and
City ordinances;
h. A list of estimated non -project costs;
i. A statement of the proposed plan for relocation of any persons to be displaced;
Page 134
JULY 11, 2017
17-350 RESOLUTION
CONTD
A statement indicating how the District promotes the orderly development of
the City;
k. An opinion of the City Attorney or of an attorney retained by the City advising
that the plan is complete and complies with Wisconsin Statutes Section
66.1105(4)(f); and
WHEREAS, prior to its publication, a copy of the notice of public hearing was
sent to owners of all property in the proposed district, to the chief executive officers of
Winnebago County, the Oshkosh Area School District, and the Fox Valley Technical
College District, and any other entities having the power to levy taxes on property located
within the District, in accordance with the procedures specified in the Tax Increment
Law; and
WHEREAS, in accordance with the procedures specified in the Tax Increment
Law, the Plan Commission, on June 20, 2017 held a public hearing concerning the project
plan and boundaries and proposed creation of the District, providing interested parties a
reasonable opportunity to express their views thereon; and
WHEREAS, after said public hearing, the PIan Commission designated the
boundaries of the District, adopted the Project Plan, and recommended to the Common
Council that it create such District and approve the Project Plan
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that:
1. The boundaries of the District shall be named "City of Oshkosh Tax
Increment District No. 33, Lamico Redevelopment", are hereby established
as specified in Exhibit A of this Resolution.
2. The District is created effective as of January 1, 2017.
3. The Common Council finds and declares that:
Page 135
JULY 11, 2017
17-350 RESOLUTION
CONTD
(a) 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
and is an area in need of rehabilitation or conservation work as defined
in Section 66.1337(2m)(a) based on the following findings:
1. Existing former manufacturing structures with oldest
structures first constructed in 1952 as light industrial
structures exhibit signs of deterioration and functional
obsolescence requiring extensive rehabilitation and are as a
result detrimental to the public health, safety, morals and
welfare;
2. Long-term industrial use within this area is inconsistent with
residential uses in the adjacent area;
3. Industrial uses are not consistent with the City's
Comprehensive Land Use Plan for the area calling for mixed
use development; and
4. The City's Comprehensive Plan has identified the need to
relocate older industrial uses out of this mixed-use
neighborhood because such uses are detrimental to the public
welfare; and
5. Presence of environmental contamination on the site requires
widespread remediation; and
6. Presence of poorly drained soils combined with high
groundwater conditions make site redevelopment difficult;
and
7. The site is comprised of historically filled lands requiring use
of alternative foundation systems making rehabilitation of the
site costly and difficult.
(b) Based upon the finding, as stated in 3(a) above, the District is declared
to be a blighted area district based on the identification and classification
of the property included within the District.
(c) The improvement of such area is likely to enhance significantly the
value of substantially all of the other real property in the District.
Page 136
JULY 11, 2017
17-350 RESOLUTION
CONTD
(d) The equalized value of the taxable property in the District plus the value
increment of all other existing tax incremental districts within the City,
does not exceed 12% of the total equalized value of taxable property
within the City.
(e) 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 Section
66.1105(5)(b) and 66.1105(6)(am)1.
(f) The project costs relate directly to promoting elimination of blight
consistent with the purpose for wluch the District is created.
(g) All property within T1D #33 was within the City boundaries as of
January 1, 2004.
4. The Project Plan for "City of Oshkosh Tax Increment District No. 33, Lamico
Redevelopment" (attached as Exhibit B) is hereby approved, and the City
further finds the Plan is feasible and in conformity with the master plan of
the City.
BE IT FURTHER RESOLVED that the Common Council of the City of Oshkosh
hereby approves creation of Tax Incremental Financing District No. 33 Lamico
Redevelopment.
Page 137
STANDING JOINT REVIEW BOARD
RESOLUTION APPROVING THE CREATION OF
TAX INCREMENTAL DISTRICT NO. 33,
CITY OF OSHKOSH
WHEREAS, the City of Oshkosh (the "City") seeks to create Tax Incremental District No. 33;
and
WHEREAS, Wisconsin Statutes Section 66.1105 requires that a joint Review Board (the
"JRB") shall convene to review the proposal; and
WHEREAS, the JRB consists of one representative chosen by the School District; one
representative chosen by the Technical College District; and one representative chosen by the
County, all of whom have the power to levy taxes on property within the District; and one
representative chosen by the City and one public member; and
WHEREAS, the public member and JRB's chairperson were selected by a majority vote of
the other JRB members before the public hearing was held, under Wisconsin Statutes Sections
66.1105 (4)(a) and (e), and
WHEREAS, all JRB members were appointed and the first JRB meeting was held within 14
days after the notice was published under Wisconsin Statutes Sections 66.1105 (4)(a) and (e); and
WHEREAS, the JRB has reviewed the public record, planning documents, the minutes
adopted by the Plan Commission approving the boundaries of the District and adopting the Project
Plan, and the resolution passed by the Common Council approving the creation of the District under
Wisconsin Statutes Section 66.1105 (4)(gm); and
WHEREAS, project costs benefitting the District are to be made outside of, but within a one-
half mile radius of the District, pursuant to Wisconsin Statutes Section 66.1105(2)(f)1.n, as identified
in the Project Plan; and
WHEREAS, the JRB has considered whether, and concluded that, the District meets the
following criteria:
1. The development expected in the District would not occur without the use of tax
increment financing; or would not occur in the manner, at the values, or within the
timeframe desired by the City and the creation of a tax incremental district.
2. The economic benefits of the District, as measured by increased employment, business
and personal income and property value, are sufficient to compensate for the cost of the
improvements.
3. The benefits of the proposal outweigh the anticipated tax increments to be paid by the
owners of property in the overlying taxing districts.
City of Oshkosh of Wisconsin, TiD No. 33 Joint Review Board Resolution
Page 138
NOW, THEREFORE, BE IT RESOLVED that the JRB approves the creation of this District.
BE IT FURTHER RESOLVED that in the judgment of the JRB, the development described in
the Project Plan, the information provided by the City, and the public record and planning
documents relating to the District, would not occur without the creation of the District.
Passed and adopted this
Joint Review Board
day of
2017
Representing
Winnebago County
Oshkosh Area School District
Fox Valley Technical College District
City of' Oshkosh
Public Member
City of Oshkosh of Wisconsin, TlD No. 33 joint Review Board Resolution
Page 139
EXHIBIT C
Estimate of Property Project Costs
Stjf"rdog PTO*t LM Prax bing min L O'dir Ewwsli*motit lvitvh'
5ol't cx"A U,
855,770
EnArummental R&m.diumn
727400
SifeAoutk
1,120,7.ID
cl"Im"vee
2QGOD
Cbfll'hqo.flkT
— 2MAA D
sikRoull
2,375,500
CNO.-lead midl P"w0ft S 5-5%
130,653
TdtAll
LSPOJ" l
fillruftd ra eiCt Lbt
ptojeaH
Z
D&Ye2k", Wjd loturifive km�9getL
1,173,7$4
3
350,001D
,aCdW*%
3
31. CUItip, marl
90X0
Cul dke-siu:l
goN Dffl
36'ow
Tdul Fojitth
4,"S,911
NOW::
sitle 4,iAmited LoAl 4.% provWed bre Amnex Swdemf.L:WIN, da P- m.mil dated 5-31-201"T,
"Cawl: er Hmaftm purer �-mmil Kidof, 51,22,2017 and GA 1, 2017.
17456739.4
EXHIBIT D
Payment Schedule
Subject to the City's annual receipt of Available Tax Increment and the terms and conditions of
the Development Agreement, the City shall pay to Developer the total Available Tax Increment
for the prior year and certified by the Wisconsin Department of Revenue:
Payment Date
Payment Amount
November 1, 2019
Available Tax Increment for 2018
November 1, 2020
Available Tax Increment for 2019
November 1, 2021
Available Tax Increment for 2020
November 1, 2022
Available Tax Increment for 2021
November 1, 2023
Available Tax Increment for 2022
November 1, 2024
Available Tax Increment for 2023
November 1, 2025
Available Tax Increment for 2024
November 1, 2026
Available Tax Increment for 2025
November 1, 2027
Available Tax Increment for 2026
November 1, 2028
Available Tax Increment for 2027
November 1, 2029
Available Tax Increment for 2028
November 1, 2030
Available Tax Increment for 2029
November 1, 2031
Available Tax Increment for 2030
November 1, 2032
Available Tax Increment for 2031
November 1, 2033
Available Tax Increment for 2032
November 1, 2034
Available Tax Increment for 2033
November 1, 2035
Available Tax Increment for 2034
November 1, 2036
Available Tax Increment for 2035
November 1, 2037
Available Tax Increment for 2036
17456739.4
November 1, 2038
Available Tax Increment for 2037
November 1, 2039
Available Tax Increment for 2038
November 1, 2040
Available Tax Increment for 2039
November 1, 2041
Available Tax Increment for 2040
November 1, 2042
Available Tax Increment for 2041
November 1, 2043
Available Tax Increment for 2042
November 1, 2044
Available Tax Increment for 2043
November 1, 2045
Available Tax Increment for 2044
The amount payable to the Developer will be the Available Tax Increment, which is seventy five
percent (75%) of the annual gross tax increment as certified by the Wisconsin Department of
Revenue, which amounts shall be payable as provided above until the earlier of (i) payment in
full of the City Contribution of $2,506,153.00, plus interest thereon at the rate of five percent
(5%) per annum, or (ii) November 1, 2045.
17456739.4
EXHIBIT E
Projected District Revenue and Expenses
See attached
17456739.4
Cash Flow Exhibit E
City
of Oshkosh,
WI
Tax Increment
Cash Flow
District
Projection
# 33
Pay As You Go ) Developer Obligation'
•Tax
Interest
Developer
PAYGO
Earnings/
Total
Beginning Defe rred IntereStr
I oce Ptive
Ending
PrincIpal
••
• •
Outstanding
•
•••
•••
• 17
• •
• ••
•
••
• •
•
•
•
2,763,034••
••
2020
351,081
(D 6'))
350,512
2,763,034
138,152
263,311
2,637,875
1,900
85,701
66,743
2,637,875
2020
202 1
358,102••2
360,105
2,637,875
131,894
268,577
2,501,192
1,500
90,028
156,771
2,501,192•
•369,264
4,703•
• •
273,948
2,352,303
1,500
275,448
94,519
251,290
21392,303
372,970
7,539
380 108
2,352,303
117,615
279,427
2,190,491
350,000
1,500
630,927
(2 50, 819)
471
2,190,491
380'021
14
380,035
2,190,491
109,525
285,016
2,015,000
1,500
286516
93,519
93,991
2,019,000
387,621
2,820
390,441
2,015,000
100,750
290,716
1,825,034
180,000
1,500
472:2 16
(81, 7 7 5
12,216
1,829,034
395,374
366
395,740
1,825,034
91,252
296,530
1,619,755
1,500
298,030
97,710
109,926
1,619,799
•
40
80,988
302,461••
303,961
102,618
212,544
1,398,282
• •411,347
6,376
417723
1,398,282
69,914
308,510
••
310,010
107,713•
•
419,974
9,608
429,182
1,159,685
57,984
314,680
902,989
1,500
316,180
113,001
433,258
902,989
427,961
12,998
440,963
902,989
45,149
320,974
627,164
1,500
322,474
118,489
551,747
627,164
•
••
328,894
2032
445'255
20, 78
•
:' 5•I
is I
•
478,386
2034
463'244
38,144
501,388
0
501,388
1,772,865
2034
2035
508
186
694
0
694
298,560
2035
2036
,.
•,
2037
49 1,598
81,484
577,082
177,082
3,426,5 7
2037
2038
501,430
02,797
604,226
604,226
4'030'784
2038
2039
511,458
20,924
632,382
632,382
41663,166
2039
2040
521'688
139,891
661
661,582
5,324,748
2040
.,
32,121
59,742
69 864
691,864
6,016,612
2041
2042
542,764
180,498
723,262
723,262
6,739,8 4
2042
2043
553,619
202,196
755,815
755,815
7,495,689
2043
•„964,691
224,871
789,562
789,562
8,285,251
•„
244
2045
979,985
248,558
824,543
824,543
9,109,794
•,
Total
Total
�Negative
Interest earnings
reflect assumed
Interest expense at 3% to be charged to the District
on advances
or proceeds of longterm debt
used to fund project
costs.
Project Plain TO No. 33 Creation City of Oslhkoslh
Prepared by Ehlers Page 24 June 2'7, 2017