HomeMy WebLinkAbout34 .19-352 JUNE 11, 2019 19-352 RESOLUTION
(CARRIED 6-0 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE AMENDMENT TO 2019 OPERATIONS BUDGET FOR
TIF #36 FOR $63,000 (MERGE MARION ROAD
REDEVELOPMENT)
INITIATED BY: CITY ADMINISTRATION
WHEREAS,the Common Council has adopted the 2019 Operations Budget,which
is on file in the Office of the City Clerk and available for public inspection; and
WHEREAS,it is necessary to amend the 2019 Budget to allow funding to pay costs
associated with the creation of TIF #36 Merge Redevelopment and implementation of the
TIF Project Plan.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the 2019 Budget, on file in the City Clerk's Office, is hereby amended with
adjustments as listed in attached Amendment 5.
0116
City
Oshkosh
TO: Honorable Mayor and Members of the Common Council
FROM: Allen Davis, Community Development Director
DATE: June 5, 2019
RE: Approve Budget Amendment to TIF 36 $63,000
BACKGROUND
With the approval of Tax Increment Finance (TIF) Districts #36, staff has estimated the
costs that will be required in 2019 to advance the development of the Merge
Redevelopment. These development costs are not in the 2019 budget but are costs that
must be paid upfront, prior to any tax increment being generated to pay these costs.
ANALYSIS
The development costs for the TIFs include fees paid for the creation of the districts and
the documentation and agreements related to the TIF developments. These costs
include:
• city's financial consultant-Ehlers,
• outside attorney fees,
• title searches,
• Department of Revenue fees
• Other development costs not related to the infrastructure.
These fees are an estimate of the 2019 costs. The 2020 City budget will contain estimates
for future year developmental costs and will be determined by the timing of the
development and needs of the TIF District as the projects proceed.
FISCAL IMPACT
These 2019 costs will be covered by the TIF application fee, paid by the developer. There
is no impact to the City's operating budget.
City Hall,215 Church Avenue P.O.Box 1130 Oshkosh,WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us
RECOMMENDATION
Council approves a Budget Amendment for TIF #36 in the amount of$63,000.
Submitted, Approved:
Atcw,,
Allen Davis Mark A. Rohloff
Community Development Director City Manager
City Hall,215 Church Avenue P.O.Box 1130 Oshkosh,WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us
1/1
2019 Budget Amendments
Merge Redevelopment(0583) AccountDescription(s): Amendments
PROPOSED AMENDMENT: IMultiple TOTAL
Add: Contractual Services,misc.TIF cost
Future TIF Increment$63,000 $ 63,000 $ 63,000