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Home My WebLink AboutItem V - TID No. 36 Project Plan E H L E RS LEADERS IN PUBLIC FINANCE May 1 , 2019 Project Plan for the Creation of Tax Incremental District No. 36 (Merge Redevelopment Project) ^A ��;t5� f Osh sh Organizational Joint Review Board Meeting: Scheduled for May 7, 2019 Public Hearing: Scheduled for May 7, 2019 Approval by Plan Commission: Scheduled for May 7, 2019 Adoption by Common Council: Scheduled for May 28,2019 Approval by the Joint Review Board: TBD BUILDING COMMUNITIES. IT'S WHAT WE DO. � Irrfo@ehlers-lnc=m 91t, 1(Gow 552-1171 ` www.ohlers-inc.com Tax Incremental District No. 33 Creation Project Plan City of Oshkosh Officials Common Council Lori Palmeri Mayor Steve Herman Deputy Mayor Debra L.Allison-Aasby Council Member Matt Mugerauer Council Member Bob Poeschl Council Member Jake Krause Council Member Council Member City Staff Mark Rohloff City Manager Allen Davis Community Development Director Lynn Lorenson City Attorney Darryn Burtch Planning Director Kelly Nieforth Economic Development Services Manager Trena Larson Finance Director Pamela Ubrig City Clerk Plan Commission Thomas Fojtik, Chair John Kiefer Kathleen Propp,Vice-Chair Andrew Mott Edward Bowen Lori Palmeri,Mayor Mike Ford Thomas Perry Derek Groth Robert Vajgrt John Hinz Joint Review Board Mark Rohloff, City Manager City Representative Mark Harris, County Executive Winnebago County Amy Van Straten,Chief Financial Officer Fox Valley Technical College District Barbara Herzog, School Board President Oshkosh School District Burk Tower Public Member ■.- -_ -■ 1 ;-o�_Il 1 17 1 1 %%�vv Illrl'' •II', . -,..7I I I Table of Contents EXECUTIVE SUMMARY...........................................................................................................................................4 TYPE AND GENERAL DESCRIPTION OF DISTRICT........................................................................................6 PRELIMINARY MAPS OF PROPOSED DISTRICT BOUNDARY......................................................................7 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.........................................................................16 DETAILED LIST OF PROJECT COSTS ..............................................................................................................18 ECONOMIC FEASIBILITY STUDY, FINANCING METHODS, AND THE TIME WHEN COSTS OR MONETARY OBLIGATIONS RELATED ARE TO BE INCURRED..................................................................19 ANNEXEDPROPERTY...........................................................................................................................................24 ESTIMATE OF PROPERTY TO BE DEVOTED TO RETAIL BUSINESS......................................................24 PROPOSED ZONING ORDINANCE CHANGES................................................................................................24 PROPOSED CHANGES IN MASTER PLAN, MAP, BUILDING CODES AND CITY OF OSHKOSH ORDINANCES..........................................................................................................................................................24 RELOCATION...........................................................................................................................................................24 ORDERLY DEVELOPMENT OF THE CITY OF OSHKOSH.............................................................................25 LIST OF ESTIMATED NON-PROJECT COSTS.................................................................................................25 OPINION OF ATTORNEY FOR THE CITY OF OSHKOSH ADVISING WHETHER THE PLAN IS COMPLETE AND COMPLIES WITH WISCONSIN STATUTES 66.1105 ......................................................26 CALCULATION OF THE SHARE OF PROJECTED TAX INCREMENTS ESTIMATED TO BE PAID BY THE OWNERS OF PROPERTY IN THE OVERLYING TAXING JURISDICTIONS......................................27 SECTION 1 : Executive Summary Description of District Tax Incremental District ("TID") No. 36 ("District") is a proposed 5.82-acre blighted area district consisting of three parcels currently owned by the City's Redevelopment Authority located on Marion Road and Jackson Street. The District will be created to pay the costs of incentives needed to facilitate development of a mixed-use project consisting of 240 residential units and approximately 39,000 square feet of commercial space ("Project") to be developed by Merge Urban Development Group ("Developer"). The parcels to be included in the District are currently located within both Tax Incremental District No. 13 and Tax Incremental District No. 21. Any increased valuation occurring after January 1,2019 will be captured as increment within Tax Incremental District No. 36. Authority The City is creating the District under the provisions of Wis. Stat. § 66.1105. Estimated Total Project Cost Expenditures The City anticipates making total expenditures of approximately $10 million ("Project Costs") to undertake the projects listed in this Project Plan ("Plan"). Project Costs include an estimated $9.8 million in development incentive principal and interest, and an estimated $215,000 in District administrative expense. Incremental Valuation The City projects that an increase in land and improvements value of approximately $26 million will result from the Project. Creation of this additional value will be made possible by the Project Costs made within the District. Assumptions as to the development timing and associated values are included in Section 10 of this Plan. Expected Termination of District Based on the Economic Feasibility Study located within Section 10 of this Plan, the City anticipates that the District will generate enough tax increment to pay all Project Costs within 17 of its allowable 27 years. Summary of Findings As required by Wis. Stat. § 66.1105, and as documented in this Plan and the exhibits contained and referenced herein,the following findings are made: 1. That "but for" the creation of this District, the development projected to occur as detailed in this 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 reaching this determination, the City has considered a review of the Project's sources and uses, and cash flow proforma. Ehlers' evaluation examined the Project's cash on cash returns. From Project stabilization in 2023 through 2029 the average cash on cash return without incentives is 3.55%. With incentives,this return improves to an average of 7.69%. To attract investment capital, most projects require a cash on cash return of 8% to 12% dependent on the risk profile. At the end of the incentive term, the Project reflects TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 4 May 1, 2019 projected returns of 10% or greater. Based on Ehlers review, provision of pay as you go development incentives in the amount requested is necessary to provide an acceptable return on investment and indicates that"but for"the assistance,the project would not likely proceed. 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. In making this determination, the City has considered that the Project will provide increased employment opportunities, provision of housing to meet existing demand and provision of space to accommodate retail and service businesses to support residents and workers in the 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. As required by Wis. Stat. § 66.1105(4)(1)4., a calculation of the share of projected tax increments estimated to be paid by the owners of property in the overlying taxing jurisdictions has been prepared and can be found in Appendix A of this plan. However, because the Project would not occur without the use of tax incremental financing, these tax increments would not be paid but for creation of the District. Accordingly, the City finds that the benefits expected to be realized as set forth in this Plan outweigh the value of the tax increments to be invested in the Project. 4. Not less than 50% by area of the real property within the District is a blighted area as defined by Wis. Stat. § 66.1105(2)(ae)l. and as further detailed in Section 5 of the Plan. 5. Based on the foregoing finding,the District is designated as a blighted area district. 6. The Project Costs relate directly to the elimination of blight in the District, consistent with the purpose for which the District is created. 7. Improvements to be made in the District are likely to significantly enhance the value of substantially all of the other real property in the District. 8. The equalized value of taxable property in the District, plus the incremental value 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. That there are no parcels to be included within the District that were annexed by the City within the three-year period preceding adoption of this Resolution. 10. That less than 35% of the territory within the District will be devoted to retail business at the end of the District's maximum expenditure period, pursuant to Wisconsin Statutes Section 66.1105(5)(b). 11. The Plan for the District is feasible and is in conformity with the Master Plan of the City. TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 5 May 1, 2019 SECTION 2: Type and General Description of District The District is a proposed 5.82-acre blighted area district consisting of three parcels currently owned by the City's Redevelopment Authority located on Marion Road and Jackson Street. The District will be created to pay the costs of incentives needed to facilitate development of a mixed-use project consisting of 240 residential units and approximately 39,000 square feet of commercial space ("Project") to be developed by Merge Urban Development Group ("Developer"). The parcels to be included in the District are currently located within both Tax Incremental District No. 13 and Tax Incremental District No. 21. Any increased valuation occurring after January 1, 2019 will be captured as increment within Tax Incremental District No. 36. TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 6 May 1, 2019 SECTION 3- Preliminary Maps of Proposed District Boundary N Tax Increment District #36 N E Merge Redevelopment �t Ci9 District Boundary Oshkosh eui yea i d {c L � xsc , �3 �r 36 0 r A0 Legend TID#36 Boundary 125 250 Feet ::�7e:inun4ay,Mcrcn 21,2019 TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 7 May 1, 2019 N Tax Increment District #36 %N 4E Merge Redevelopment �Rh Parcel Identification Tax Increment District#36-Merge Redevelopment- Parcel Identifrcafion Map Parcel Owner I Local Land Improv. Total Equalized Class Dwelling Census Zoning ID Address Value Value I Value Value Units Tract 1 Of Oc�D29900 REDF_V[l()f3M NI ALIIH CITYUr nSHKOSII D_JAC]K.SON ST $I] $0 $D ja 4 0 S UMLPD 2 014020D�0200 REDMLOPNENT ALITH CITY OF OSHKOSH O NWRION RD $0 s0 $O $01 4 ❑ 9 U -I D 3 01-02V-0-0 REDEVELOPMENT ALHH crrYUFU5HKOSH o WRION Rn % $p $0 4 O S P Mu V[)-Rvo TOTALS:; $01 Sol__ $€11- $0 __iced a' - 'y�R r ,•j _ w fin` ~ - r r f a -- u aD � Ir i MEL— Legend -TI❑#36 Boundary F aeP TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 8 May 1, 2019 N Tax Increment District #36 rV E Merge Redevelopment Ciro S TID Overlaps Areas Oshkosh 44 f ` a TID TIDs #13TID :, #33 TfDs TILE #36, 21 { #l3 & 2- .. & 13 Overlap TID #36, 21 d & 13 Overla TlDs #13 &21 - R TID i`- / #36 _ — TID #21 TID#36&21 AV t Overlap �■ TICS #36. 21 .W� — �1 & I3 Overlap M N T1f] � ■ #17 '�. PUS- ; Legend t + �TID#36 Boundary ■ j 'fir'--,�-��_4 + i-.1_..Ii t•sll I=- "I•. TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 9 May 1, 2019 SECTION 4- Maps Showing Existing Uses and Conditions Tax Increment District #36 E Merge Redevelopment 5 Existing Land Use Oshkosh ,�i� 'Spy ,�+•�R.Q� �` ;� JUL: _— _ r"•� A CO- A ac 1 a A0 V�Whh\& N, Existing Land Use Commercial •.•.•. Single&Two Family EDTI©#36 Boundary Mixed-Use ® Multi-Family o too 2ao aoo = g k`!\. — Feet �!!/.� Parkin Lot Parks&Recreation Dote:Frldolr,March 22,T419 J 11l Government ® Institutional - Infrastructure Vacant Land TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 10 May 1, 2019 Tax Increment District #36 E Merge Redevelopment cla S Existing Conditions Oshkosh a. lit wi L a' O' - _ IF Q¢•� sting A �� ,� Palrking Off Stand reet 4 Building Site Vacant/ I1 `�► Undevelo ed 7►'cp #36 o qr 3z — lISM M e ,, ' �� Undeveloped T3 f 19 > I I ' Legend �TID#36 Boundary .,,,,3`• 0 125 250 _ Feet _ �� DateMonday,Apnll5,2019 TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 11 May 1, 2019 SECTION 5- Preliminary Parcel List and Analysis The following table identifies the parcels to be included in the District. The entirety of the area is a blighted area as defined in Wis. Stat. § 66.1105(2)(ae). Specifically, the District consists of land upon which buildings or structures have been demolished and which because of obsolete platting, diversity of ownership, deterioration of structures or of site improvements, or otherwise, substantially impairs or arrests the sound growth of the community. City of Oshkosh, Wisconsin Tax Increment District#36 Base Property Information Property Information Assessment Information Equalized Value Classifima Equalized ID ri Overlaps Map Parcel Number Street Address Owner Acreage erl Land Imp PP Total Value Land Imp PP Total Blighted Area aps Ratio REDEVELOPMENT AUTH TID 13/ 1 O1-0202-0000 OJACKSON ST 1.78 CITY OF OSHKOSH TID 21 0 0 0 0 94.83% 0 0 0 0 1.78 2 01-0200-0200 0 MARION RD REDEVELOPMENT AUTH 1.41 TID 13/ CITY OF OSHKOSH TID 21 0 0 0 0 94.83% 0 0 0 0 1.41 3 01-0222-0300 0 MARION RD REDEVELOPMENT AUTH 2.63 TID 13/ CITY OF OSHKOSH TID 21 0 0 0 0 94.83% 0 0 0 0 2.63 0 1 94.83% 0 0 0 0 77 7777 0 0 0 0 0 0 0 5.82 100.00% Estimated Base Value 0 TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 12 May 1, 2019 SECTION 6: Equalized Value Test The following calculations demonstrate that the City expects to be in compliance with Wis. Stat. § 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 $147,710,300. This value is less than the maximum of$488,841,912 in equalized value that is permitted for the City. City of Oshkosh, Wisconsin Tax Increment District#36 Valuation Test Compliance Calculation District Creation Date 5/28/2019 Valuation Data Percent Valuation Data Currently Available Change Est. Creation Date 2018 Tota I EV(TI D In) 4,073,682,600 4,073,682,600 12%Test 488,841,912 488,841,912 Increment of Existing TIDs 147,710,300 147,710,300 Total Existing Increment 147,710,300 147,710,300 Projected Base of New or Amended District 0 0 Less Value of Any UnderlyingTID Parcels 0 0 Total Va Iue Subject to 12%Test 147,710,300 147,710,300 Compliance TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 13 May 1, 2019 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 as outlined in this Plan. Project Costs will be diminished by any income, special assessments or other revenues, including user fees or charges, other than tax increments, received or reasonably expected to be received in connection with the implementation of the Plan. If Project Costs incurred benefit territory outside the District, a 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, design and construction is completed. With all Project Costs, the costs of engineering, design, survey, inspection, materials, construction, restoring property to its original condition, apparatus necessary for public works, legal and other consultant fees, testing, environmental studies,permits,updating City ordinances and plans,judgments or claims for damages and other expenses are included as Project Costs. The following is a list of public works and other tax incremental financing eligible Project Costs that the City expects to make, or may need to make, in conjunction with the implementation of the District's Plan. The map found in Section 7 of this Plan along with the Detailed List of Project Costs found in Section 9 provide additional information as to the kind, number and location of potential Project Costs. Public Improvements Jackson Street Bridge Construction or Rehabilitation The Wisconsin Department of Transportation has advised the City that it plans to reconstruct or rehabilitate the Jackson Street Bridge, although the timeline and scope of work is uncertain. To the extent the reconstruction or rehabilitation work requires the City to modify existing infrastructure such as sidewalks or the riverwalk within the District, the adjoining rights of way or other areas located within '/2 mile of the District's boundaries, the City's cost for such infrastructure are eligible Project Costs to the extent they benefit the District and are necessary for the implementation of its Project Plan. The City has not specifically identified a cost for these improvements in the Detailed List of Project Costs section of this Plan as they remain unknown. To the extent incurring these costs becomes necessary, they would be made in addition to the specific costs identified in this Plan without requiring that this Plan be further amended. 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. Community Development Cash Grants(Development Incentives) The City may enter into agreements with property owners, lessees, or developers of land located within the District for 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. TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 14 May 1, 2019 Miscellaneous 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 relating to the implementation of the Plan. TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 15 May 1, 2019 SECTION 8- Map Showing Proposed Improvements and Uses " Tax Increment District #36 � W E Merge Redevelopment ciQ,�� 5 Proposed Improvements Oshkosh 1 h N :vi kk O F , a 2 Story Mixed-Use Commercial/Residential B^uilding Site H Town Homes 15 Units - D 5 Story Mixed-Use S Row Homes ► !* Market/Retail ` Residential 'All W , g 0 Residential .._. 5 Story Mixed-Use 11 Retail Office/Retail/ Restaurant/ Residential legend �TID #36 Boundary 0 125 250 Feet ; ? Date:Thursday,Apri125,2011 TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 16 May 1, 2019 i b ■■ a ruu■■.■ i#i b b b+ b!b ■■rr■■■■rr■ !♦+++!♦ +!♦ u■uuu■ rrrrru some s AiAbA♦ii ♦a b♦At¢r•Atrlrb bt lrr ##tti#+1♦ t8 ♦tAi♦A +##iiitt##!b#bl+ibt +l+b �•#i#t##+lbb+ - /lli#!l!## l ♦b1li# +♦b##lbOAb i# #►Aib♦ AiA♦#iA+bl♦ ♦♦ ♦#++bb #++bbtbAbiAA ! !bli+♦ #+A'i##i+iAiA#Albs+#b##• +•A s s•A•iii♦ AAiAAAA♦+#i• # i ♦A+#♦AAAA AAA 4+At ♦fist♦rl tb#• tssri# .1.. Proposed b b i u.■.■■�•�ii .s A UNION Residential iniCUUMUME Development ■u■■■■■■■■■■■W � rl�l� �►-A�+'�A Ai A'A A AAiIAAA AAAi `f�b� ls!♦#i## bil � ♦ i ibllbil!!l !i Ail�� bbbb+li♦ ♦i+i 1 iiibA i#biA! � ii♦ iitiib �♦ i# b i A#i i b b A♦. trb#1tt ♦i+#� ♦•+lil iiibsr'� A+14 #t♦♦llrs♦ Alls#tilt' biAtll#♦+i. ibi♦♦blbbi♦ ou"firouuu.■u bAbbb#Abb/r ..r.ww...w A A b .■■■■rr■. ... M. ■■.■ Memo Proposed Land Use commercial single&Two Family TO#36Boundary ►�►�A�► u/uu Mixed-Use s s 6! ! 1! r -- ■ f/ Parking Lot W Parks&Recreation A kFeat Government Institutional kOn to!k1day,Wwcl�21 infrastructure Vacant Land SECTION 9: Detailed List of Project Costs The following list identifies the Project Costs that the City currently expects to incur in implementing the District's Plan. All projects identified, and related costs reflect the best estimates available as of the date of preparation of this Plan. All costs are preliminary estimates and may increase or decrease. Certain Project Costs listed may become unnecessary, and other Project Costs not currently identified may need to be made. (Section 7 details the general categories of eligible Project Costs). Changes in Project Cost totals or the types of Project Costs to be incurred will not require that this Plan be amended. This Plan is not meant to be a budget nor an appropriation of funds for specific Project Costs,but a framework within which to manage Project Costs City of • Wisconsin Tax Increment District # 36 Detailed List of Project Costs Protect Name/Type Estimated Cost Development Incentives' 9,820,250 TI F Administrative Expenses 215,256 Total Projects 10,035,506 N otes: 'Incentive amount shown for purposes of establishing economic feasibility only.The City has not agreed to terms or conditions with the proposed Developer as to any public participation in the project. TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 18 May 1, 2019 SECTION 10: Economic Feasibility Study, Financing Methods, and the Time When Costs or Monetary Obligations Related are to be Incurred This Section includes a forecast of the valuation increases expected within the District, the associated tax increment collections, a summary of how Project Costs would be financed, and a projected cash flow demonstrating that the District is economically feasible. Key Assumptions The Project Costs the City plans to make are expected to create $26 million in incremental value by January 1, 2023. The development Project estimated valuations and timing are included in Table 1. Assuming the City's current equalized TID Interim tax rate of$25.11 per thousand of equalized value, and no economic appreciation or depreciation,the Project would generate $16,971,029 in incremental tax revenue over the 27-year term of the District as shown in Table 2. TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 19 May 1, 2019 City of • Tax Increment District • Development • Construction Year Building Site J Building Site I Building Site H Annual Total Construction Year 1 2019 7,370,542 7,370,542 2019 1 2 2020 11,167,489 357,776 850,712 12,375,977 2020 2 3 2021 3,796,946 542,085 850,712 5,189,743 2021 3 4 2022 184,309 876,491 1,060,800 2022 4 5 2023 0 2023 5 6 2024 0 2024 6 7 2025 0 2025 7 8 2026 0 2026 8 9 2027 0 2027 9 10 2028 0 2028 10 11 2029 0 2029 11 12 2030 0 2030 12 13 2031 0 2031 13 14 2032 0 2032 14 15 2033 0 2033 15 16 2034 0 2034 16 17 2035 0 2035 17 18 2036 0 2036 18 19 2037 0 2037 19 20 2038 0 2038 20 21 2039 0 2039 21 22 2040 0 2040 22 23 2041 0 2041 23 24 2042 0 2042 24 25 2043 0 2043 25 26 2044 0 2044 26 27 2045 0 2045 27 Totals 22,334,977 1,084,170 2,577,916 25,997,063 Table 1 —Development Assumptions TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 20 May 1, 2019 OshkoshCity of Tax Increment District No. 36 Tax Increment Projection Worksheet Type of District bitgnted Ares Base Value 0 District Creation Date May 28,2019 Appreciation Factor Valuation Date Jan 1, 2019 Base Tax Rate $25.11 Max Life(Years) 27 Rate Adjustment Factor Expenditure Period/Termination _ 22 5/28/2041 Revenue Periods/Final Year 27 2047 Extension Eligibility/Years Yes 3 Tax Exempt Discount Rate 0.00% Recipient District Yes Taxable Discount Rate 0.00% Construction Inflation Total Year Value Added Valuation Year Increment Increment Revenue Year Tax Rate' Tax I ncrement 1 2019 7,370,542 2020 0 7,370,542 2021 $25.11 185,043 2 2020 12,375,977 2021 0 19,746,519 2022 $25.11 495,750 3 2021 5,189,743 2022 0 24,936,263 2023 $25.11 626,043 4 2022 1,060,800 2023 0 25,997,063 2024 $25.11 652,675 5 2023 0 2024 0 25,997,063 2025 $25.11 652,675 6 2024 0 2025 0 25,997,063 2026 $25.11 652,675 7 2025 0 2026 0 25,997,063 2027 $25.11 652,675 8 2026 0 2027 0 25,997,063 2028 $25.11 652,675 9 2027 0 2028 0 25,997,063 2029 $25.11 652,675 10 2028 0 2029 0 25,997,063 2030 $25.11 652,675 11 2029 0 2030 0 25,997,063 2031 $25.11 652,675 12 2030 0 2031 0 25,997,063 2032 $25.11 652,675 13 2031 0 2032 0 25,997,063 2033 $25.11 652,675 14 2032 0 2033 0 25,997,063 2034 $25.11 652,675 15 2033 0 2034 0 25,997,063 2035 $25.11 652,675 16 2034 0 2035 0 25,997,063 2036 $25.11 652,675 17 2035 0 2036 0 25,997,063 2037 $25.11 652,675 18 2036 0 2037 0 25,997,063 2038 $25.11 652,675 19 2037 0 2038 0 25,997,063 2039 $25.11 652,675 20 2038 0 2039 0 25,997,063 2040 $25.11 652,675 21 2039 0 2040 0 25,997,063 2041 $25.11 652,675 22 2040 0 2041 0 25,997,063 2042 $25.11 652,675 23 2041 0 2042 0 25,997,063 2043 $25.11 652,675 24 2042 0 2043 0 25,997,063 2044 $25.11 652,675 25 2043 0 2044 0 25,997,063 2045 $25.11 652,675 26 2044 0 2045 0 25,997,063 2046 $25.11 652,675 27 2045 0 2046 0 25,997,063 2047 $25.11 652,675 Totals 25,997,063 (T Future Value of Increment 16,971,029 Notes: Tax rate shown is actual rate for 2018/19 levy taken from DOR Form PC-202(Tax Increment Collection Worksheet). Table 2—Tax Increment Projection Worksheet TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 21 May 1, 2019 Financine and Implementation Expected District Project Costs consist of development incentive principal and interest in an estimated amount of$9.8 million, and an estimated $215,000 in District administrative expense. All Project Costs will be paid from tax increment as it is received, and the City's obligation to make development incentive payments will be limited to tax increment generated by the Project and subject to annual appropriation. The City will advance funds as needed to pay District administrative expenses prior to the availability of tax increments. Based on assumed $6.3 million development incentive payment accruing interest at 5% as shown in the cash flow exhibit(Table 3),the District is projected to accumulate enough funds by the year 2037 to pay off all Project related debt and other District liabilities and obligations. The projected early closure is based on the various assumptions noted in this Plan and will vary dependent on actual Project Costs incurred and the actual amount of tax increments collected. 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(o N 4 000000000000000000 0 w O O O O O O O O O O O O O O O O 0 N Q N O O O O O O O O O O O O O O O O O N 'V O O O U) O O U) U) U) U) 0(r� l0N p0 0 O O O O N d N MOON NOO (h N O V V V N N (fl O ,� N a � m � E O) r`NJ o • O I- 0 0 (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O O - U- �p U) U) (O N N N N N N N N N N N N N N N N N N N N N N N N N Q � > � V (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O 00000000 O) � r ( w O • U L 3 CB CL w O Q 00000 U) U) U) U) U) U) U) U) U) U) U) U) U) U) U) U) U) U) U) O) i p V) U) I- I- I- I- I- I- I- I- I- r- r- r- r- r- r- r- r- r- I- I- I- I- I- I- N a) L O I� 0 (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O (O O_ E =p U N x O U) U) (O N N N N N N N N N N N N N N N N N N N N N N N N (p •a) • (p E 00 N U) U) U) U) U) U) U) U) U) U) U) U) U) 0 00 00000000 I� CL 0 L W _O ° > o LL • E r� O) O N M 'It0 0 I- 00 0 O N m V 0 0 I- 00 0 pp N (r� LN� �p I� > a Z M O N N N N N N N N N N M (h m m m m m m m (h V V V V V V y '� N Q O 000000000000000000000 00000000 O U z _ � � � SECTION 11 : Annexed Property A tax incremental district cannot include annexed territory unless at least three years have elapsed since the annexation, or certain other requirements are met. None of the property within the proposed District boundary was annexed during the past three years. SECTION 12: Estimate of Property to be Devoted to Retail Business Pursuant to Wis. Stat. § 66.1105(5)(b), the City estimates that less than 35% of the territory within the District will be devoted to retail business at the end of the District's maximum expenditure period. SECTION 13: Proposed Zoning Ordinance Changes The proposed Plan is in general conformance with the City's current zoning ordinances. Individual properties may require rezoning at the time of development. SECTION 14: Proposed Changes in Master Plan, Map, Building Codes and City of Oshkosh Ordinances The proposed Plan is in general conformance with the City's Comprehensive Plan identifying the area as appropriate for mixed use development. Development within the District will be required to conform to State Building Codes and will be subject to the City's permitting and inspection procedures. The proposed Plan conforms to all relevant State and local ordinances, plans, and codes. 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. Should implementation of this Plan require relocation of individuals or business operations, relocations will be handled in compliance with Wis. Stat. Chapter 32 and Wis.Admin. Code ADM 92. TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 24 May 1, 2019 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 through elimination of blight and the provision of appropriate financial incentives that will create opportunities for mixed use development. Through use of tax increment financing, the City can attract new investment that results in increased tax base. Development will occur in an orderly fashion in accordance with approved plans so that the Projects will be compatible with adjacent land uses. Development of new uses in the District will add to the tax base and will generate positive secondary impacts in the community such as increased employment opportunities, provision of housing to meet existing demand and provision of space to accommodate retail and service businesses to support residents and workers in the area. SECTION 17: List of Estimated Non-Project Costs Non-project costs are public works projects which only partly benefit the District. Costs incurred that do not benefit the District may not be paid with tax increments. Examples of non-project costs are: • 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. No improvements to be made within the District will benefit property outside the District. Furthermore, there will be no improvements made outside the District that will only partially benefit the District. TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 25 May 1, 2019 SECTION 18: Opinion of Attorney for the City of Oshkosh Advising Whether the Plan is Complete and Complies with Wisconsin Statutes 66. 1105 OT'r HALL "15+;pwcil Awnus "0 ON 1130 :�s1�kc�d�,Wisodnerff City of Oshkosh 4 lHPn7R May 1,2019 H.Allen Davis Director of Community Development City of Oshkosh 215 Church Avenue Oshkosh,WI 54903-1130 Dear Mr.Davis: I reviewed the project plan for, City of Oshkosh Tax Increment District #36 Merge Redevelopment Project,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 within and outside the District. 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 flan Commission and their submission to the City Council,all requirements of Section 66.1105(4)(f),Wisconsin Statutes,will be complete and it is, therefore,my opinion that the project plan attached hereto is complete and complies with Wis. Stat.§66.1105. Sincerely, CITY OF OSHKO H Lynn A.Lorenson City Attorney LL.Jtw TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 26 May 1, 2019 Exhibit A: Calculation of the Share of Projected Tax Increments Estimated to be Paid by the Owners of Property in the Overlying Taxing Jurisdictions PortionEstimated Owners Overlaying D DOR Form PC-202 2018119 Percentage Winnebago County 749,693 20.22% City of Oshkosh 1,482,441 39.98% Oshkosh Area School District 1,320,217 35.60% School District 0.00% Fox Valley Techncial College 156,024 4.21% Total 3,708,374 Fox Valley Winnebago Oshkosh Area Techncial Revenue Year County City of Oshkosh School District College Total Revenue Year 2021 37,409 73,972 65,877 7,785 185,043 2021 2022 100,222 198,179 176,492 20,858 495,750 2022 2023 126,562 250,264 222,877 26,340 626,043 2023 2024 131,946 260,910 232,358 27,460 652,675 2024 2025 131,946 260,910 232,358 27,460 652,675 2025 2026 131,946 260,910 232,358 27,460 652,675 2026 2027 131,946 260,910 232,358 27,460 652,675 2027 2028 131,946 260,910 232,358 27,460 652,675 2028 2029 131,946 260,910 232,358 27,460 652,675 2029 2030 131,946 260,910 232,358 27,460 652,675 2030 2031 131,946 260,910 232,358 27,460 652,675 2031 2032 131,946 260,910 232,358 27,460 652,675 2032 2033 131,946 260,910 232,358 27,460 652,675 2033 2034 131,946 260,910 232,358 27,460 652,675 2034 2035 131,946 260,910 232,358 27,460 652,675 2035 2036 131,946 260,910 232,358 27,460 652,675 2036 2037 131,946 260,910 232,358 27,460 652,675 2037 2038 131,946 260,910 232,358 27,460 652,675 2038 2039 131,946 260,910 232,358 27,460 652,675 2039 2040 131,946 260,910 232,358 27,460 652,675 2040 2041 131,946 260,910 232,358 27,460 652,675 2041 2042 131,946 260,910 232,358 27,460 652,675 2042 2043 131,946 260,910 232,358 27,460 652,675 2043 2044 131,946 260,910 232,358 27,460 652,675 2044 2045 131,946 260,910 232,358 27,460 652,675 2045 2046 131,946 260,910 232,358 27,460 652,675 2046 2047 131,946 260,910 232,358 27,460 652,675 2047 3,430,900 6,784,252 6,041,848 714,029 16,971,029 Notes: 'The projection shown above is provided to meet the requirements of Wis. Stat. §66.1105(4)(i)4. TID No. 36 Project Plan City of Oshkosh Prepared by Ehlers Page 27 May 1, 2019 APPENDIX A � � .alb ■i 1'�, I� u; � , I L L �, - CITY OF OSHKOSH MARION ROAD REDEVELOPMENT PLAN 4 MERGE URBAN DEVELOPMENT GROUP 730 WILLIAMSON STREET #331, MADISON, WI 53703 / 604 CLAY STREET, CEDAR FALLS, IA 50613 WWW.MERGEURBANDEVELOPMENT.COM TABLE OF CONTENTS Developer's Cover Letter Pg. 1-3 City Application Pg. 4-8 Application Narratives Pg. 9-12 Site Plan Pg. 13 US Bank Letter of Support Pg. 14 Capital Partner Letter of Support Pg. 15 Letter of Recommendation Pg. 16 Ehlers Financial Analysis Pg. 17-22 DEVELOPER'S COVER LETTER 3 MERGE 604 Clay Street Ccdar Falls,IA 50613 URBAN DEVELOPMENT GROUP (319)768-7235 April 26,2019 City of Oshkosh X.Mark Rohloff',City Manager 215 Church Avenue Oshkosh,WI 54901 RE:Marion Road Redevelopment TIF Application Dear Mr.Rohloff, On behalf of our development and architectural teams,thank you for the opportunity to present our proposal to Common Council last week. We have enjoyed working with the dedicated City Staff and connecting with your community leaders and look forward to meeting more individuals like yourself,committed to the future of Oshkosh. The plan Merge Urban Development Group is proposing will transform a series of empty and underutilized lots into a neighborhood with population density,retail activity,waterfront views and access for both tenants and the greater community. The Marion Road District has always been a fulcrum point for the city;its businesses and industry provided the very first electrical power to the First,Second,and Fifth Wards in 1885(Oshkosh Electric Light&Power)and have literally and metaphorically served as cornerstones to Oshkosh's built environment(Cook&Brown Lime Co.). The 21st century vision for Marion Road maintains the area's place as a fulcrum for energy and activity. The mixed-use proposal includes various residential unit sizes designed to serve a wide range of price points, including attainable micro units&studios. We expect the mix to attract a demographic and generational mix of renters. The retail space is designed to include a waterfront restaurant,offices,micro space for entrepreneurs,a food market,and health/fitness use. Like the residential users,we expect a variety of end users to enjoy the first-floor of the development Site Statistics: Estimated Value $30,000,000+ + Micro-400 sgft Building Square Footage(total) 235,000 + Studio-500 sclft Quantity of Residential Units 240 + 1 Bed-650 sqft: Parking Stalls 281 + 1 Bed-700 sqft Rentable Commercial Area 38,000 + 2 Bed-900 sqft (approximate) + Townhomes&Waterfront Walk-ups-1200+sqft DEVELOPER'S COVER LETTER Two construction types are currently being evaluated.The first option is a first-floor precast podium(1A)with a four story wood frame structure(5A). The second option is a five-story wood frame structure(3A). The will reflect Oshkosh's history-from the limestone found in Lake Winnebago and its connection to Niagara Falls to the logging industry that coined the name Sawdust City. We intend to use a limestone product(Eldorado Stone)and wood siding product either a char technique or dark stain.The remaining materials will be a dark running bond standard brick and millennium forms pac-clad panel. Green Features: + Brownfield Site-contaminated soils will be addressed and mitigated to preserve quality of life for future generations + Native Plant Material-the native Wisconsin plant palette is diverse and well-suited for the weather extremes of the region,using native plant material will greatly reduce the need for irrigation beyond the establishment period and will have a greater initial success rate,reducing waste/replanting resources + Locally-sourced Construction Materials-decorative stone,Wisconsin Urban Wood,concrete pavers, and crushed granite walking surfaces are all local options that will be explored with the goal of using as much locally-sourced construction materials as possible + Low Impact Design-stormwater infiltration will improve water quality design by reducing stormwater contaminants and suspended solids,stormwater will be directed from impervious surfaces to pervious surfaces + Public Greenspace-public and public/private shared greenspacc will be weaved in and around the site to improve the quality of life for residents and the greater community,quality street trees and native plantings will contribute to walkable public streetscape,public/private shared greenspace will run through the heart of the development connecting pedestrians to the Fox River riverfront + Kayak Launch and River Access-connecting people with our water bodies is an important environmental concept,rivers connect people with other people as well as other rivers,lands,lakes,and oceans creating an infinite linkage to the world around us,this increases awareness of the interconnected world we live in With an aggressive approval timeline,our team is prepared to break ground as soon as approval and design allows. The buildings on Site J will be constructed first. Sites H&I will follow seamlessly for construction completion in 2022 through 2023 and full project stabilization and occupancy by 2024. (Greater detail to the construction and leasing timeline is offered in the TIF application.) Our team compliments the City of Oshkosh for their foresight to create the Imagine Oshkosh Plan and position their Opportunity Zone census tracts for expedient private investment. With this guidance and vision,we believe the proposal delivers on the community's plan. Given the history of the area's use,there will be additional expenses associated with site investigation and DEVELOPER'S COVER LETTER remediation. Our designs are thoughtful to maximize the use of space,but being the first product of its type in a market comes with risk and rental rate uncertainty compared to proven 1 larger markets. Construction cost in relation to rents and in turn marketability of a stabilized asset at the rents the area accepts are challenges for this level of investment. Our team worked to bring you the best product we could imagine for Oshkosh because we believe the project will have a momentous impact on community pride,talent attraction&retention,and facilitate meaningful connections among public and private resources. This level of development will require a partnership from the City of Oshkosh in the form of a TIF incentive. Additional materials and the TIF request are available within the application. Please do not hesitate to contact us for further information. We thank you again for welcoming us to Oshkosh and look forward to moving toward a development agreement. Sincerely, Brent Dahlstrom CITY APPLICATION 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 or call the Economic Development Division at 920.235.5055 Applicant Legal Name: Marge,LLC ark Iowa Llmlted Liability Company Mailing Address: 730wlu111amson Skeet1331 Madison,wl 637Ds Primary Contact#; Brent Dahlstrom-T3tS505-3r08 Cell #: E-mail: hraM0mergeurbendevelopmenlLmm loy0margeurbandevelopmxdsom FAX#: Attorney: Ctwempher J.R—h,Phaenlx Law PLLC f/chds@phoenixrelaw.00m H4a34 Winghaven Drive-WmMoq lows W01 Legal Entity: Individual(s) _ . Joint Tenants Tenants in Common Corporation x LLC Partnership Other If not a Wisconsin corporation/partnership/LLC,state where organized: ioa NOTE:OpporWn lty Zane pmKvt will Will a new entity be created for ownership x I%�ISOECr Yes Na MRa the Ilnnioet""t la G*Fund to Principals of existing or proposed corporation/partnership/LLC and extent of ownership interest. Name: Address; Title: Interest: Brent Dahlstrom 604 Clay Stoat-Color Falls,lows MIS Manager!paler 80% Joy Hannamann 730 Williamson Strsat#331-Madlsm,VA U703 Manager 1 farmer 20% 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 No x If yes,please furnish details: CITY APPLICATION Tax Incremental Financing Policy and Application Overall Project Summary and Objectives: Current and Proposed Uses: SEE ATTACHED Description of End Users: Property Summary: Describe any zoning changes that will be needed: Parcel/Land Area: SF Building Area: SF of Dwelling Units: #of stories: #of Parking Spaces: Identify any other approvals,permits or licenses(i.e.Liquor License,Health Department,etc): Describe briefly what the project will do for the property and neighborhood: CITY APPLICATION • Tax Incremental Financing Policy and Application Project Timetable Date Final Plan/Specification Preparation: Bidding and Contracting Architectural Doe Ign(begins upon approval):B months Firm Financing Approval:c Bidding Contracting.concurrent with design Construction/Rehabilitation: Firm Financing:Upon initial bidding Construction:18 months to first CIO 24 months to completion Landscaping/Site Work: occupancy I Lease Up:Stabilization In 2024 Occupancy/Lease Lip: greater detail in attachment Development Team Developer: Merge Urban Development Group Architect: Slingshot Architecture Surveyor: TB D Contractor: TBD Other Members: TBD Describe Team expertise and experience in developing similar projects: Brent Dahlstrom has developed In the Cedar Falls area for 10+years. Slingshot Architecture is based in Des Moines and specializes In urban Infill/mixed use. Pleass see"Pullback"packet for more information. Other current Team projects in development: The Merge!Slingshot team Is executing a similar size I scope project in Stevens Point,Wl, Echo Development Group and Slingshot Architecture have partnered on various(non-opportunlly zone)developments In the State of Iowa. Financial ability of the applicant to complete the project: See attached letter from US Bank, History of use of other city or government financial incentives: See attached letter from Quentin Hart,City of Waterloo. Professional Studies Market Studies: Applications for commercial and residential projects may at the option of the city be required to include a comprehensive market study. The market study should identify target markets, analysis of competition, demographics, market rents, letters of intent/interest from prospective tenants, or for housing developments,sale prices or rental rates of comparable properties. Appraisal:All projects that involve the transfer of land may at the option of the city include a recent(appraisal. Projects that include land as a form of equity or collateral must also submit a recent appraisal. The appraisal must value the property "as is", and the impact on value must be considered for such items as demolition, environmental remediation, relocation of utilities, lease buy-outs, and other work necessary to make the site developable. The property must be valued assuming that the highest and best use is the proposed use. CITY APPLICATION • 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: Demolition: Environmental Remediation: Site Clearance and Preparation: see the attached financial analysis based upon Marge fin anclaic provided to Soft Costs/ Fees: ehler's. The PayAs•You•GoTIFrequast Soft Cast Contingency: amounts to$8.3million. Hard Construction Costs: Total Project Costs: Sources of Funds %of total project costs Equity Developer Equity: $ % Other Equity:( ) $ % Total Equity: $ % Loans Rate Term Construction Financing: $ % mos. Permanent Financing: $ % yrs. % TIF Assistance $ % Other: ( ) $ Total Sources of Funds $ 100% Financing Source Amount Terms: Years/interest Contact Information Equity: Loans 1: 2: 3: 4: CITY APPLICATION *V0V- Incremental Financing M WM Policy and Application Filing Requirements You must provide all of the following items with your signed application: 1. Fee:An application fee of 1%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 11 x17 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 11xl7 inches.Larger maps wi11 be required for projects presented to the Plan Commission, Redevelopment Authority, or Common Council, Notes • The City retains 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 developing Project Plan or Development Agreement. These costs may include,but not be limited to, bond counsel,outside legal assistance,outside financial assistance, planning,engineering, etc. and all costs involved in the issuance of the bonds or loans to finance the project. 4. 1 undersf and 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 authorir.es the City of Oshkosh to check credit references and verity financial and other information. 6. The undersigned also agrees to Provide any additional information as may toe requested by the City after filing of this application. Applicant Name Date _ - ' 4` . (11) APPLICATION NARRATIVES Marion Road Redevelopment Plan—TIFApplication Attachment to Application Page 9 Overall Project Summary: The Marion Road Redevelopment Proposal submitted by Merge Urban Development Group and Slingshot Architecture is a 3-site redevelopment designed to be a community asset that will enhance downtown Oshkosh's connection to the waterfront. The total site area is 5.82 acres. From a community development perspective,the mixed-income market rate housing and active first floor will create a fulcrum for engagement among shoppers/diners,students, tourists, retirees, families, young professionals, recreation enthusiasts, and more. Objectives: • Activate the waterfront ■ Capture unmet housing demand • Attract and retain talent through housing and amenities that facilitate a desirable lifestyle & community connection • Achieve feeling of cohesion in the neighborhood • Narrow gap between neighboring districts • Extend the urban environment of Main Street through pedestrian-friendly design • Orient to the waterfront (views & access) for both tenants and greater community Describe briefly what the ,project will do for the property and neighborhood: Creates a community destination downtown —The development and it's demographically generationally diverse offerings will make Marion Road a destination for health wellness, entertainment, commerce, waterfront enjoyment access and socializing. Density —This neighborhood plan creates 240 residential units in downtown Oshkosh. The community is aware of an unmet housing demand and the variety of unit types & price points within the development will attract people across demand segments to downtown for the universal charm of urban lifestyle. Extend the urban environment—The development expands the activity on Main Street toward the water in a pedestrian-friendly manner. The series of buildings proposed and spaces around them de-emphasize the car (through shared parking strategies and smart urban design principles),to foster walkability and safety. Cohesion in the neighborhood —The purpose of a phased neighborhood strategy in this development is to maximize waterfront activity (minimize parking on Site J) and connect neighboring district assets through density and proximity of destinations. The series of mixed-use buildings will blend the current residential (suburban) nature of Marion Road toward Main Street, across the Oregon Street Bridge, and toward the campus area. The end product will feel unique and distinct but also connected and cohesive. (11) APPLICATION NARRATIVES Marion Road Redevelopment Plan—TIFApplication Current and Proposed Uses:. Sites J & I are currently vacant. Site H Residential Units + parking is partially vacant land along with a surface parking lot. The proposal on I H Total Site J consists of two 5-story mixed- Units 217 9 14 240 use buildings and a row of townhomes Parking Stalls fit 91 128 281 along Marion Road. To create a walkable neighborhood,Site I consists of 2-story walk-up residential units that shield a significant amount of parking from the street-view. Site H's existing condition and place in the city is ideal for mixed-use. Site H includes additional residential units in a two-story building with first-floor retail. Budding Square Feet J I H Tot*I Commercial Square Feet 28,819 10,800 39,6)9 Residential Square Feet 138,050 8,100 9,100 155,250 (rentable) Description of End Users: The various residential unit sizes, including micros and studios, are designed to serve a wide range of price points. We expect the mix to attract a demographic mix. grad students, young professionals, empty-nesters,transitioning professionals—executives or nurses, families, etc. Retail space is designed to include a waterfront restaurant, offices, micro space for entrepreneurs, a food market, and health/fitness use. Like the residential users, we expect a variety of end users to enjoy the first floor of the development. We are proposing a kayak launch, so water users will also have the opportunity to enjoy access to the development. (11) APPLICATION NARRATIVES Marion Road Redevelopment Plan—TIFApplication Describe any zoning changes that will be needed: 1) RMU requires a 10'-0" side and street setback. The corner of our northeast building is currently set closer than the 10'-0" minimum set back. 2) According to Article III Section 30-79. Multiple Use Building, Riverfront Overlay is requiring ground floor area to consist ❑f 30% residential and 70%commercial. We are currently 54.6%commercial and 45.4% residential. Identify any other approvals, permits or licenses: 1) Liquor license for waterfront restaurant 2) Approval for kayak launch For additional information and figures related to architectural design,zoning,and site assessment, please contact zhahn�slingshotarchitecture.com. (11) APPLICATION NARRATIVES Marian Road Redevelopment Plan—TIFAppIication Attachment to Application Page 10 Construction & .Leasing Timeline: The individual sites will be delivered upon the approximate schedule. The entire project will be stabilized in 2024. Projected vacancy is 5%n for residential units and 10% for commercial units. Building Deliveries project Timeline Site J - 2022 Site I -2022 -waterfront I-walk-up s H-liner Site H —2023 2019 Approvals/Site Clean-up 2020 Break Ground 2021 Break Ground Break Ground 2022 C/O - Leasing C/O - Leasing 2023 Leasing/Stabilized Leasing/Stabilized C/O - Leasing 2024 Stabilized Stabilized Stabilized SITE PLAN 2086.62 OSHKOSH OSHKOSH OPPORTUNITY ZONE SITE PLAN _ TOWN IiUMEB PROJECT NUMBER]. �I % (5,625 GSF RESIDENTIAL X 2 STORY- r 2 7 R=5IUEN T AL UNITS-SITE J ;� 20%CIRCULATION)J 1000�9 13NITS g W' HOME U11T5-SITE I 11RI=SI DEN II.ti t1 KI 15-5I-Ey f I� 91 PARKING LA PER DWELLING%740 TOTAL RESIDENTIAL UNITS e 7 � '�� ' AYAIABLE 21M STALLS REWIRED = f STALLS{SITE I? 288,,819 GSF CO I4IER AVL�,,0PFI rAI ET SITE d a 10,1150 GSFCOMMERCIAL SITE H�3O0 SOFT=130 STALLS REWIRED1�/ RL5 ULN II AL P4 RM IN i 5-ALL: 9-RF D=hJTI PPAR KI-,TT IS q-_ FlI-,F TT PAR STAI I' TOTAL PARRIRG STALLS=3i1 PRCnrIp!!IiV REQUIRED VS PROVIDED `�,`�� 450 c�/� — 128 AVAILABLE PARKING STALLS 400 ,+ ' — •� [SITE M] a300 z 250l Iz 200 If PARKNG STALLS j zei RYRILA&LE; �� 82ONSITE(SITEJ) PARKING + STALLS v 100 Z76 PARKING PkpNING sTRATEaY1 so STALLS 2 STORY NIXED 119E TCnia�atratcgr alows for causer un tnon aech sae off site v«keTeft a�e�x of it;w beto grerdttotai o'f 276� 29,800 GSF re Ju dl arcking atolls.Dy ptfting both existing and raw perking stalls scrum sites H.L and J we ere (111,800 GSF REBID E14TIAL-20% prou�ln 28t t to a four lend to er t.de sttd ides lrivith the r�uir�t:50 wmmercbl stalls and set CIRCULATION 1830=14 UNITS tugs pf opera[gn We gleM[o emphasis[he pedes[rlan[5ve-[he car try np[prpvldln01ar0e hard REDUIRED PROVIDED rfaced areas tiel create.massive run offs,heat,slang effect a clro a swepwklnt loft.Instead r try to 10,300 GSF CGM ME RML pK sv mew umrma�,cce fnt w Faot r. fncuc or actc.n salary ck c u wal arks pmpcal come:^[one to males waypo nts:f LI stool walk ahl lty mis k uhy na soWt[o actaeue pvr prpppsktl exmptlon of pxking a[a raLn pf I IS rather Nan No i I>arls fac�a[d use and fully shared corn el parking on all site rather than the 50%pec joint off• Ey s�` US BANK LETTER OF SUPPORT bank. 425 Cedar St PO Box 88 Waterloo,IA 50704-0088 319.235.3285 usbank.com February 25,2019 City of Oshkosh Oshkosh,WI RE, Brent Dahlstrom) To Whom It May Concern: The letter is to serve as support and confirmation that Brent Dahlstrom is a valued customer with US Bank, N.A.who has experience and history with US Bank, N.A. partnered projects to finance and develop over 300 multi-family units and mixed-use projects. US Bank, N.A.can acknowledge that based on history and current financial soundness that Mr. Dahlstrom has the experience,expertise and financial capacity to propose and complete a development project in Oshkosh,WI. Should you have any questions or concerns please contact me at 319-273-8750. Sincerely, US Bank, N.A. Dana Jergen n Vice President IgoCAPITAL PARTNER LETTER OF SUPPORT March 4,2019 City of Oshkosh Attn:Mayor Cummings,Common Council and Staff 215 Church Ave Oshkosh,WI 54901 Oshkosh Stakeholders, The purpose of this letter is to introduce ourselves as the capital partner in Merge Urban Development Group's project in the Marion Road Redevelopment Area. Opportunity Zone projects are a great fit for Skydeck and we are excited to be working with the Merge team.We have a common set of core values and belief in the potential for Opportunity Zones in the Midwest. We thank your community in advance for seeing the potential. Skydeck has many goals we target on real estate investments. Financial viability is the most important- taking into account the many risks projects face,in order to deliver the desired long-term outcomes. This means we seek innovative,creative and differentiated projects,working closely with the community and key stakeholders. Investing in sustainable,impact-oriented projects is apart of our guiding principles. With your support,this project will be a success both financially as well as non-financial considerations. On a personal note,in 2005 I chose to relocate from Chicago to Cedar Falls,IA for family connections and quality of life. There are many parallels between Cedar Falls and Oshkosh—college town,quality employment opportunities,strong connections to the water,access to natural spaces/traits and an exceptional Main Street to name a few. In fact,after 17 years of a being a homeowner,I transitioned to an apartment in downtown Cedar Falls to be a part of the energy and access to the urban amenities I missed in Chicago. It was a great decision! Brent Dahlstrom and the Merge team are truly innovators when it comes to understanding their market, taking calculated risks,and delivering projects that people thought were not possible. They lead quality inf ll projects playing off the strengths of the neighborhood,local housing and commercial demands not realized by more traditional developers. Brent has found a way to collaborate with communities on a shared vision,addressing housing needs and commercial experiences keeping the urban core relevant, competitive and a place people want to be. With your support,this will be a hallmark project for Oshkosh. We look forward to partnering with the community to untap the great potential of this site and connectivity to the downtown and water. Sincerely, Jonathan Taiber,Vice President Skydeck LLC One South wadrer Drive Suite 1810 Chioago,IL 60606 www.skydeck#r.corn LETTER OF RECOMMENDATION CITY OF WATERLOO , IOWA CITY HALL • 716 Mulbarry Street- Waterloo,IA 50703 - [319]291-4301 Fax(319)291-4286 • February 27,2019 Dear Community Representatives: I am pleased to recommend Brent Dahlstrom and his development team to your community. Over the past years, the City of Waterloo and Mr, ❑ahlstrom's team have developed a very constructive partnership, culminating in the completion of many real estate projects and community assets. He has continually demonstrated an investment in the City of Waterloo with a genuine care for the community. Many times, the City of Waterloo has used TIF and other incentives to spur development that would not have been possible but for financial partnership. Whether projects are completed, under construction/contract, or conceptual, Mr. Dahlstrom's team showcases consistent effort, commitment,and professionalism. Their attention to detail and drive to provide a quality finished product in a timely manner has resulted in numerous projects that our community is proud of. I would not hesitate to engage in a partnership with Mr. Dahlstrom and his team based on these successes. Sincerely, Quentin Hart Mayor CITY WEBSITE:wwwcityofwaterfooiowa.com WERE WORKING FOR YOU An Equal Opportunity/Alllrmallve Aallon Employer EHLERS FINANCIAL ANALYSIS Ig'EHLERS LEADERS IN PUBLIC"NANCE City of Oshkosh Merge s,, Road Mixed Use 240 Units 138,979 sf Commercial Marion&Jackson Rd Oshkosh Wisoonsin TIC)4 36 Developer Financing-Series A 25,500,000 63.46% Devalopar Financing-Series 6 0.0D% DEVELOPER EQUITY-Land 1.000.000 2.49% DEVELOPER EQUITY-Cash 13.681.200 34.05% Subtotal 40.181.200 100.00% Grams D.00% Grants D.00% Deferred Developer Fee D.00% Fee Waiver 0.00% Other D.00% Subtotal 11 0 D.00% TOTAL SDRCES 48,181,2DO ID570IR Land r r 1 0.00% ❑ tDerrclAsbestm Abatement 0.00% 0 Assessments 1110,❑0❑ 0.25% 417 Relocation 0.00% 0 Clcsing Costs 25,000 0.06% 104 BuNding+Land Improvements 30,097,252 74.90% 125,405 Tenant Improvements 0.00% 0 Permits 1,364 0.00% 0 SAC(WACIMe1 C SACIUAC 0.00% 0 Park Dedication 0.00% 0 General Requirements 2,046,504 5.09% 8,527 Contractors Fee 937,981 2.33% 3.908 Builder's Rlsk 11023 0.00% 4 Contingency 3% 1,023,2.62 3.09% 4,264 SOFT COSTS PROFESSIONAL SERVICES 2,022,6221 Architectural,Engineering&PnNesslonal Fees 1,921,600 4.78% 0,007 site 0.00%5 0 Soils 0,00%5 0 Environmental 0.00% 0 Survey 0.0D% 0 FF&E 0.0G% ❑ Legal-Development 0.00% 0 ,,I Cwhtin14 101 6.20% 421 Canstruotlon Perlod Interesl 1,275,000 3.17% 5.313 Issuance Fee 12SAD0 0.31% 521 Underwriter 5,00❑ 0.01% 21 Bridge Loan 0.00% 0 Title Insurance 10,0D10 0.02% 42 Lander Legal 2OA00 0.06% 83 Mortgage Registration Tax 0.00% 0 Debt Servloe Reserve 800ADO 1.90% 8,333 Financing Fee 25DA00 0.62% 1,042 TitlelRecordingWortgage Registration Tax 0.00%6 0 PERMANENTLOAN PROJECTACCRUED EXPENSES ()Do% REAL ESTATE TAXES rh it Developer Fee 1,441,2W 3.50%5 6,005 Inputted Expenses 0.00% 0 Working Cap 0.00% ❑ Management Start up 0.00%_ 0 TOTAL USIES 40,181,200 167,422 f0) OSHKOSH TIF POLICY Developer must have minimum 15%equity of total project costs pass PAYGO structures oan provide UP TO 90%of annual increment pass Preference given to projects with payback periods of 10 years OF less fail Total TIF assistance should not exceed 25%of total project costa pass Project should generate sufficient increment to cover the requested TIP assistance pass IRR should not exceed 20%6 pass City will retain a maximum of 10%of the tax increment for additional TID costs pass Projects receiving assistance will be subject to a"look bade"provision the EHLERS FINANCIAL ANALYSIS EHLERS -EADERS IN PUBLIC FINANCE City of Oshkosh Merge Development Marion Road Mixed Use 240 Units 138,979 sf Commercial assum lions er Mere pnoforrna revisions 4,2.4 8 2019 Rent-Residential Micro(furnished studio) $775 42 $390,600 425 $1,82 Studio $850 42 $428,400 475 $1.79 IBR 11 Bath 650sf $950 42 $478,BD0 650 $1.46 113R11 Bath700sf $1,050 42 3529,200 725 $1-45 2 Bed 1 Bath $1,300 32 $499,200 850 $1.53 Townhome $1,500 8 $144,000 900 $1.67 Waterfront Walkup $1,650 9 $178,200 900 $1.83 Townhome $1,500 9 3162.000 900 $1.67 Waterfront Walkup $1,650 $0 900 $1,83 1OR 11 Bath 650sf $950 14 $159.600 850 $1.46 1 BR 11 Bath 700sf $1,050 $0 725 $1,45 Total Apartment Rental Income 247,500 240 $2,970,00D 155,250 $1.59 RenUUnit $1,031 Other Residential Income Garage J $50 40 $24.000 Bklg u 89,400 Garage 1 $50 91 $54,600 Garage H $50 120 $72,000 Bldg 1 57,600 Misc Fees J $50 109 $65.400 Misc Fees 1 $50 5 $3,000 aldq H 76,200 Misc Fees H $50 7 $4,200 Total Other Residential Income $223,200 Bldg J-Commercial 1 Cffice 1 Market $288,180 28,818 $10,00 Bldg H-Commercial Rent $101,600 10,160 $10.00 Commercial Expense Recovery Total Commercial Rent $389,780 38,978 Gross Revenue $3,582,980 194,228 total SF Apartrnent Vacancy Loss 5% ($159,660) Commercial Vacanc inol udi no CAM&Taxesl 10% $38,978 Effective Gross Incom $3,384.342 Residential Operating Costs Administrative $4,300 0.12% Unit $18 Payroll(Intl in Prop Mgmt) $0 0% Unit $0 Marketing $5,016 0.14% Unit $21 Total Utilities $41,563 1.16% Unit $173 Insurance $125,763 3.51% Unit $524 Turnover $35.830 1.00% Unit $149 Snow&Trash Removal $20,781 0.58% Total Maintenance $164,100 4.58% Unit $684 Total Residential Operating $397,352 $1,656 Management and Other Costs Management Fees $250,809 7.00% %ofEGI $1,045 Property Taxes $728,420 20.33% $3,035 Reserves $48,370 1.35% 201.542625 Total Expenses $1,424.951 39.77% $5,937 Net OperatinT111111111111111111111111111 IIIIIIIIIII11PExpense Ratio 42.10% EHLERS FINANCIAL ANALYSIS E EHLERS city&Oshkosh erne ww.w� kao>v kMWle itpnM ]ANL YeteKy Nlt-INtI¢YeN s0P>< tiE bse-Ca%wiw�M �P OP+ 4eraaFe>rr rl a a,1i.eAZa d 0 dIIbAi! dmTAw ] >e S,ANpaO ] Atq dre4ste ] ID dre0.A2 a eN0.aW 40e4 e10.pssoa,ti0. a a. tw2n TaaeAce laisteeoa eaaea,ana rrarsa� l � � W- agraau diaeeg aw dis 'obi t�eAAc�i a,iia�e. s L�bt a, a a , Va— a�-able aW0. as1- eW.I. a� l ebaAai a.B-. Rt ee�vY rtaTs,me e,mgsu nnt W saNw sg21s mew ssAes xagls agasA asgTa reAet reed aaaw m nAaa aezPT n0.ats as,ala aaaet aaAAa r.Jas e¢Aw eaTAa sae& sgsss aaTw ew me saAt,v 5e9u eepre TtptA TaAae Tsget TaATa etAu mtn Asa ,see a4ale tst,ua maaeo >2ms adeos me{s Ts,ets etABt es,lee asAre 5egw twZTi 1mAa1 etsges ts4ea4 eaa.'-Pa tn2se taaAse aas,esi tA4ses esAss STst mAn tea Tapes T0.ple 'raga{ atpas ea)ta espts eaAw 1eaAw s W lwpte e[¢,e4s ts0.ew ets,Nt tteaw ttagst tstgls wZse dASA aws Ares aaat Aalt apes ages aptA dpre N. eAaa �AAIe aAu eA.Ta 41a etse 4saY eAse 4wC 14e1a I nu.reer x;rvs xaaTeA saaeao mass ae4nt ssssaA sseaw saAts sltpre naaea sss,T a saxpw ao4,tTa a¢apes a1sATa aregm aat,aa weals aea+ww aeaete am,Taa .nacre. aelgse a¢aeer ew,TAs alaeao eu,tas eaaTee IarcaapJ =IN a W eA M &OW at 7 waAea reaam aeaeeT wades M117 aeT auk ♦17A enA4s +aeam awAas —I .Tigre Aea4w eu,ta were salgae rea,aw uTA29 A•.rcealpN tsv,As4 KIM 'm'. sWI2 tv;vea 1Mye texAss 1s4TTs tss,Tm tsaAat teed- tA- INA"' twpsa teem. to 1%— 15eaw ruder teem IreAes 174ele tTepls tTgms teQsst aesATc to "-F�pmx Fed.rry MUM Toq�CYlMrnr Jesw�wlwn+ry[ee e.ee,.YeefeiNr�Ix,TSTAarI faAeagsal r+.TaasePl C 11 f15v,iw1 I w-.1 Itaa15TV iteP:aret {teaSmV tt9P.alal Imaare{ ON—, pMaa54 Iss4AeaV WSreSV Y t,xreV pnm 7 {atlwsl (Mee15] ps45wV I'aa,Axp pe9tcaV ISTeAesy pet,TseV Isre,Tat) pAasml IawAstl pleeeel GlAj gYwj It"•reel ["01 I1t.,am 4ra,a nls...._v..-.T Qssaom pelAesl ta•l,nll faaA,j immil pRiM P•aes FtvM ,s,l A•! 1 AS avian ¢ rr t 1 •oe+tw ac.o .¢smr .Ta�s� e.e>ho�-•.¢>uNw cv¢au.ae�e,¢ss eO ezaara s4r1 ►sage-�w.lnp Op�ylgn.w aJ.4st 4+.ali a.14 il.A! ev AYe ekkW �d0es aiPT Js3� et A :s.i¢s �f.ia "loxN910 SS.sN sa,res sY.�A b9L $last V'm KIN P],asf 00, cam eljpa aw NO 411M1TY, eFrcaNmlrawf�s^¢lse! aA,l¢a ]¢IqR aR106 e9rgY Flopct�ie•.ee TI- =111 1)M- tea— r Imgles 1 1.— Ats.ers ekn4 1 ePaaW 1 ITraele 1 �AN 1 AgAu a,11aFTP 2ae@'AJa 9gl0.lN spwAr a,wspw sgre,wt aAeaaw xNo 9,IatAAA J}AAgTN 9 1R 1 1.-1. 1-1w 1Aae1W Y Y Td1. 1 aMfT9 IKlpie 1 1gNAH 1 I,NII¢F 1 1A 1JJWfJ 1 1JM 1. geaAY0. 1 CNN iaeXRMei PeeeCNee 0 a a a i 1W-eae in He. 11a€R9 13f 1 P 1 A16 1 1H1 1Me 1 1 1 1 9 N¢ a t 1,_ r 15 4r a Y.. v T tx . :..A .. . Afy e.l. P(• .. e.T ¢� t1-1 rJ,zz ra oeN EHLERS FINANCIAL ANALYSIS City of Oshkosh Tax Increment District# Development A5sumptions �o��IQ�reap nccual e�llal i e�aal i eal�a�� H area o Annual Tavel �o�st��tm�reap 1 2019 7 370,542 7,370,542 2019 1 2 .2011,167AW 357,776 850,712 12,375,!V7 2020 2 3 20" 3.796,946 544M 1150,712 5,109,743 2021 3 4 2022 IK309 876,491 IA60AN M22 4 5 2023 0 2023 5 6 2024 0 2024 6 7 2025 0 2025 7 8 2026 0 2026 8 9 2027 0 2027 9 10 2028 0 2028 10 11 2029 0 2029 11 12 2M 0 2030 12 13 2031 0 A 1 13 14 2032 0 2032 14 15 2033 0 2033 15 16 2034 0 2034 16 17 MS 0 2035 17 18 20M 0 2036 18 19 2037 0 2037 19 20 20M 0 2038 20 21 2038 0 2039 21 22 20M 0 2040 22 23 2041 0 2041 23 24 2041 0 2042 24 25 2043 0 2043 25 26 44 20" 0 20 26 27 2045 0 2045 27 Totals 22,324,977 1,024,170 2,577,916 0 25,997,963 N.b. TuW Der %af Total 5i $25,%7,063 I 85.91% $22,aM,977 1 4.17'% $ 1,084,170 H 9.92% $ 2577,916 I )t N� NZ x EHLERS FINANCIAL ANALYSIS City of Oshkosh, Tax Increment District# N Tax Increment Projection Worksheet Type of Ul - Base Value Date Distri�Creation Date January 1,2019 Appreciation Factor Valuation Date Jan 1, 2019 Base Tax Rate Max Life(Years) 27 Rate Adjustment Factor Expenditure Periodlrermination 22 1 11112041 Revenue PeriadsJFlnal Year 27 1 2047 Extenslon EllgibilityMears Yes 1 3 Tax Exempt Discount Rate Recipient District Yes I Taxable Discount Rate Tax Exempt Consfntctlon Inflation Total NPV Taxable NPV Year Value Added Valuation Year increment Increment Revenue Year Tax Rate Tax Increment Calculation Calculation 1 2019 7,370,542 2020 0 7,370,542 2021 $25.11 166,898 159,847 2 2020 12,375,977 2021 0 19,746,519 2022 $25.11 598,916 567,702 3 2021 6.189.743 2022 0 24,936,263 2023 $25.11 62 1.126.027 1.058.223 4 2022 1.060.800 2023 0 26.997.063 2024 $25.11 652,675 1,656,978 1.545.269 5 2023 0 2024 0 25,997,063 2025 $25.11 652,675 2,169,975 2,009,102 6 2024 0 2025 0 25,997,063 2026 $25.11 652,675 2,665,623 2,450,858 7 2025 0 2026 0 26.997.063 2027 $25.11 652,675 3.144,611 2.871.578 8 2026 0 2027 0 26.997.063 2028 $25.11 652,675 3,607,204 3.272.264 9 2027 0 2028 0 25,997,063 2029 $25.11 654675 4,054,251 3,653,869 10 2028 0 2029 0 25,997,063 2030 $25.11 4,486,180 4,017,303 11 2029 0 2030 0 26.997.063 2031 $25.11 4,901,503 4.363.430 12 2030 0 2031 0 26.997.063 2032 $25.11 5,3D6,714 4.693.075 13 M31 0 2032 0 25,997,063 2033 $25.11 5,696,289 5,D07,D23 14 M32 0 2033 0 25,997,063 2034 $25.11 6,072,691 5,306,D21 15 2033 0 2034 0 25.997.063 2035 $25.11 6.436,363 5.590.781 16 2034 0 2036 0 26.997.063 2036 $25.11 6.787,738 5.861.981 17 2035 0 2036 0 25,997,063 2037 $25.11 651 7,127,231 6,120,266 18 2036 0 2037 0 25,997,063 2038 $25.11 652,675 7,455,243 6,366,252 19 2037 0 2038 0 26.997.063 2039 $25.11 652,675 7.772.163 6.600.525 20 2038 0 2039 0 26.997.063 2040 $25.11 652,675 8,078,365 6.823.642 21 2039 0 2040 0 25,997,063 2041 $25.11 652,675 8,374,213 7,036,134 22 2040 0 2041 0 25,997,063 2042 $25.11 652,675 8,660,057 7,238,507 23 2041 0 2042 0 26.997.063 2043 $25.11 652,675 8.936,234 7.431.244 24 2042 0 2043 0 26.997.063 2044 $25.11 652,675 9.203.072 7.614.803 25 2043 0 2044 0 25,997,063 2045 $25.11 652,675 9,460,887 7,789,621 26 2044 0 2045 0 25,997,063 2046 $25.11 652,675 9,709,983 7,956,114 27 2045 D 2046 0 26.997.063 204T $25.11 652,675 9,950,655 8.114.679 36,971,029 Notes: aerial resuhs WIugrva +do-sonderpb�,eM.Nfiaoonao �wrau. NPVakutationscepre esfiwtudam tuFhmdslhatcadd be Mrrmmd(indudng project—k aphaked int�and re wn-co ). EHLERS FINANCIAL ANALYSIS City of Oshkosh Tax Increment District# Cash Flow Projection I MRD Lxpediture� Menem Year 6.300.000 Tax TWaI Elated Cate: Capitalized Total Principal Ilncrements Admin CityPortion Revenues Principal Est.Rate Interest, Total MRD Interest Ex nditires Annual Cunxialive GWtstandi Year 2% 10% 5.00% 2019 0 0 0 0 2019 20M 0 0 0 0 6,300,000 20M 2021 185,043 [5,000) (18,504) 161,538 0 5.00R5 315,000 315,000 315,000 (153,462) (153.4621 6,300,000 2021 2022 411.111 (5,100) (49,5751 441,075 0 5.00% 3 15.000 315,000 315.030 126.075 (27,3B6) 6.300.000 2022 2023 828.043 5,202_ 62,804 558,236 210,000 5.00% 309.750 319.750 519,750 38,486 11.100 6.090.000 2023 2024 652,675 (5,306) (65,267) 582,101 280,000 5.0095 297,500 577,500 577,500 4,601 15,701 5,810,000 2024 2025 652,675 (5,412) (65.267) 581,995 290000 5.0095 283,250 573,250 573,250 00 8,745 24,446 5,520, 0 2025 2026 652.675 15.520) (65.267) 681,887 305:000 5.00% 268,375 573,375 573,50 Me 6,512 32.958 5,215,000 2026 2027 652.675 15,631) (65.267) 581.776 320,000 5.00% 252,750 572,750 572,76 41.985 4,896,000 2027 2028 652675 5,743 65,267} 581664 340000 5.00°k 236,250 576250 576.2510 5414 47399 4,555,000 2028 2029 652,675 (5,858) (65,267) 581,549 355,000 5.00% 298,875 573,875 573,875 7,674 55,072 4,200,000 2029 2030 652.675 15,975) (85,287) 581,432 375,000 5.00% 200.625 575,625 573.625 5,807 60.879 3,825,000 2030 2031 652.675 1,$=) (65:267) 661.312 395:000 5.00% 181.375 576,375 576,375 037 65.817 3IX= 2031 2032 652,fi75 [6,21, (65,267) 581,11 415,000 5. 161,125 576,125 576,125 5,065 70,882 3,015,000 2032 2033 652675 ,341 65,267 581068 435000 500% 139,875 574875 574875 6,191 77073 2,580,000 2033 2034 652.675 16,488) (65,267) 660,939 455000 5.00% 117.625 572.825 572.625 6,314 85.387 2,125,000 2034 2035 652.675 I6,597) (85,287) 680,810 400:000 5.00% 94.250 574,2M 574,259 6,560 91.947 1,645,000 2035 2036 652,675 (6,729) (65267) 580,678 505,000 5.00% 69,625 574,625 574,625 6,053 98,000 1,140,000 2036 2037 652,675 (6,864) [65�67J 580,543 530,000 5.00°k 43,750 573,750 573,750 6,793 104,793 fi10,000 2037 2038 652,675 7 001 85 287 580.406 810,000 5.00% 15,250 U52M I 825 59 2039 652.675 (7,141) (65,267) 680.266 5.00% 0 0 0 2040 652.675 (7,284) (85,267) 680.123 5.00% 0 0 0 580,123 1,220,339 0 2040 2041 652.675 (7,430) (85.287) 679,978 5.00% 0 0 0 579.978 1.800.316 0 2041 2042 652,675 ,,571, (65.21) 579,82.9 5.0095 a 0 0 579,829 2,380,145 0 2042 2943 652 675 ,730 65,267 579 677 5.00% 0 0 0 579,677 2,959,M 01 2043 2044 652.675 (7,684) (85.287) 579,523 5.00% 0 0 0 579,523 3,539.345 0 2044 2046 652.675 (8,042) (65.267) 679,385 5.00% 0 0 0 579,366 4,118.710 0 2045 2046 652,675 (8,203) (65,267, 579,204 5.00% 0 0 0 579,204 4,697,914 0 2046 2047 652,675 (6,367) (65,267] 579,040 5.0035 a 0 0 579,040 5,276,955 0 2047 Total 16,971,029 (176,722) (1,697,1M) 15,097,205 6,300,000 3,520,250 9,320,250 1 9,,,2, TOW Notes: T1F assistance subject to maximum of 25%of total project costs Total Costs$40,181,200 x 25%=$10,045,300 Tole)MRD payments= 9,820,250