HomeMy WebLinkAbout08. 19-356 JUNE 25, 2019 19-356 RESOLUTION
(CARRIED 7-0 LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE AMENDMENT TO 2019 OPERATIONS BUDGET FOR
TIF #23 FOR$66,200.00
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 advance
the development of the transload area with TIF #23.
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 6.
1/1
2019 Budget Amendments
SW INDUSTRIAL PARK EXPANSION(0540) lAccount,Description(s): Amendment
PROPOSED AMENDMENT: IMultiple TOTAL
Add: Contractual Services,miser TIF cost
Future TIF Increment$66,200 $ 66,200 $ 66,200
City
#
W
Oshkosh
TO: Honorable Mayor and Members of the Common Council
FROM: Allen Davis, Community Development Director
DATE: June 20, 2019
RE: Approve Budget Amendment to TIF #23 $66,200
BACKGROUND
With the approval of Tax Increment Finance (TIF) Districts #23, staff has estimated the
costs that will be required in 2019 to advance the development of the transload area.
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 2019 development costs for the TIF include fees paid to the surveyor for platting the
lots to sell, preserving right-of-ways and creating easements necessary for all the
railroad spurs. In addition, the budget amendment includes 2019 TEA grant
reimbursements to WATCO, the transload operator, for WisDOT grant funds. WATCO
had fronted the money for the transload facility construction, and WisDOT paid the city
so that we can partially reimburse WATCO. The City's share of costs have not changed.
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 recovered by the TIF in future years.
RECOMMENDATION
Council approves a Budget Amendment for TIF #23 in the amount of$66,200.
Submitted, Approved:
dtifh at't
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