HomeMy WebLinkAbouttid-33-final-project-plan
Organizational Joint Review Board Meeting: June 20, 2017
Public Hearing: June 20, 2017
Approval by Plan Commission: June 20, 2017
June 27, 2017
Project Plan for the Creation of
Tax Incremental District No. 33
(Lamico Redevelopment)
Adoption by Common Council: July 11, 2017
Approval by the Joint Review Board: July 14, 2017
Tax Incremental District No. 33 Creation
Project Plan
City of Oshkosh Officials
Common Council
Steve Cummings Mayor
Steve Herman Deputy Mayor
Debra L. Allison-Aasby Council Member
Lori Palmeri Council Member
Caroline Panske Council Member
Thomas R. Pech, Jr. Council Member
Jake Krause Council Member
City Staff
Mark Rohloff City Manager
Allen Davis Community Development Director
Lynn Lorenson City Attorney
Darryn Burich Planning Director
Kelly Nieforth Economic Development Services Manager
Trena Larson Finance Director
Pamela Ubrig City Clerk
Plan Commission
David Borsuk John Kiefer
Edward Bowen Kathleen Propp
Thomas Fojtik, Chair Jeffrey Thoms
Mike Ford Robert Vajgrt
John Hinz Mayor Steve Cummings
Joint Review Board
Mark Rohloff, City Manager City Representative
Mark Harris, County Executive Winnebago County
Melissa Kohn, Director – Oshkosh Campus Fox Valley Technical College District
Allison Garner, School Board President Oshkosh School District
Bill Castle Public Member
Table of Contents
EXECUTIVE SUMMARY ........................................................................................................................... 4
TYPE AND GENERAL DESCRIPTION OF DISTRICT .............................................................................. 7
PRELIMINARY MAPS OF PROPOSED DISTRICT BOUNDARY .............................................................. 8
MAPS SHOWING EXISTING USES AND CONDITIONS ........................................................................ 10
PRELIMINARY PARCEL LIST AND ANALYSIS ...................................................................................... 12
EQUALIZED VALUE TEST ...................................................................................................................... 13
STATEMENT OF KIND, NUMBER AND LOCATION OF PROPOSED PUBLIC WORKS AND OTHER
PROJECTS .............................................................................................................................................. 14
MAP SHOWING PROPOSED IMPROVEMENTS AND USES ................................................................ 17
DETAILED LIST OF PROJECT COSTS .................................................................................................. 19
ECONOMIC FEASIBILITY STUDY, FINANCING METHODS, AND THE TIME WHEN COSTS OR
MONETARY OBLIGATIONS RELATED ARE TO BE INCURRED .......................................................... 20
ANNEXED PROPERTY ........................................................................................................................... 25
ESTIMATE OF PROPERTY TO BE DEVOTED TO RETAIL BUSINESS ................................................ 25
PROPOSED ZONING ORDINANCE CHANGES ..................................................................................... 25
PROPOSED CHANGES IN MASTER PLAN, MAP, BUILDING CODES AND CITY OF OSHKOSH
ORDINANCES ......................................................................................................................................... 25
RELOCATION .......................................................................................................................................... 25
ORDERLY DEVELOPMENT OF THE CITY OF OSHKOSH .................................................................... 26
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
LIST OF ESTIMATED NON-PROJECT COSTS ......................................................................................
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 4 June 27, 2017
SECTION 1:
Executive Summary
Description of District
Type of District, Size and Location
Tax Incremental District (“TID”) No. 33 (the “TID” or “District”) is a proposed 5.5 acre blighted area
district located on Marion Road opposite The Rivers Senior Living apartments. The site was the former
location of Lamico, Inc., a manufacturer of wooden crutches which discontinued operations in 2011. The
Lamico complex contains a number of functionally obsolete and deteriorating structures. Creation of the
District is intended to assist with the removal of existing blighted and functionally obsolete structures,
environmental remediation and other site preparation costs to allow for construction of “Annex 71”: a
140-unit multi-family residential complex oriented towards student housing. A map of the proposed
District boundaries can be found in Section 3 of this plan.
Estimated Total Project Expenditures.
The City anticipates making total Project Cost expenditures of approximately $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:
1. That “but for” the creation of this District, the development projected to occur as detailed in
this Project Plan: 1) would not occur; or 2) would not occur in the manner, at the values, or
within the timeframe desired by the City. In making this determination, the City has considered
the following information:
At the City’s request, Ehlers completed a limited independent review of the developer’s sources
and uses, and cash flow proforma for 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
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 5 June 27, 2017
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
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 6 June 27, 2017
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-term 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)1.
10. The Project Plan for the District in the City is feasible, and is in conformity with the master plan of
the City.
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 7 June 27, 2017
SECTION 2:
Type and General Description of District
The District, comprising approximately 5.5 acres located on Marion Road opposite The Rivers Senior
Living apartments, is being created by the City under the authority provided by Wisconsin Statute Section
66.1105 and will be classified as a blighted area district based on a finding that at least 50%, by area, of
the real property within the District meets that condition as defined in Wisconsin Statute Section
66.1105(2)(ae)1. The preliminary parcel list included in Section 5 to this Plan identifies those parcels
meeting those criteria. Collectively, these parcels represent 100% of the total District area.
Creation of the District is intended to assist with the removal of existing blighted and functionally
obsolete structures, environmental remediation and other site preparation costs to allow for construction
of “Annex 71”: a 140-unit multi-family residential complex oriented towards student housing. The
property’s current state and land use is incompatible with the City’s land use plans for the area which call
for more mixed use and residential development in the area. A preliminary map of the proposed District
boundary can be found in Section 3 of this Plan.
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 8 June 27, 2017
SECTION 3:
Preliminary Maps of Proposed District Boundary
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 9 June 27, 2017
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 10 June 27, 2017
SECTION 4:
Maps Showing Existing Uses and Conditions
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 11 June 27, 2017
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 12 June 27, 2017
SECTION 5:
Preliminary Parcel List and Analysis
City of Oshkosh, WI
Tax Increment District # 33
Base Property Information
Parcel Number Street Address Owner Acreage Land Imp Total
Equalized
Value
Ratio2 Land Imp Total Blighted3
Rehab/
Conservation
01‐0236‐0000 482 MARION RD LAMICO INC 2.480 43,700 191,300 235,000 100.00% 43,700 191,300 235,000 2.480
01‐0241‐0000 474 MARION RD LAMICO INC 2.570 44,700 452,500 497,200 100.00% 44,700 452,500 497,200 2.570
01‐0249‐0000 450 MARION RD CITY OF OSHKOSH 0.410 0 0 0 100.00% 0 0 0 0.410
01‐0243‐0300 0 DAWES STREET CITY OF OSHKOSH RDA 0.044 0 0 0 100.00% 0 0 0 0.044
Total Acreage 5.504 88,400 643,800 732,200 88,400 643,800 5.504 0
100.00% 0.00%
Estimated Base Value 732,200
NOTES:
1Property 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,
3deterioration of structures or site improvements, or otherwise, substantially impairs or arrests the sound growth of the community consistent with Wis. Stat. § 66.1105(2)(ae)1.b.
Property Information1 Assessment Information1 Equalized Value District Classification
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 13 June 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
Valuation Data Percent Valuation Data
Currently Available Change Est. Creation Date
2016
Total EV (TID In) 3,776,225,300 3,776,225,300
12% Test 453,147,036 453,147,036
Total Existing Increment 264,138,900 264,138,900
Projected Base of New or Amended District 732,200 732,200
Total Value Subject to 12% Test 264,871,100 264,871,100
Compliance PASS PASS
City of Oshkosh, WI
Tax Increment District # 33
Valuation Test Compliance Calculation
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 14 June 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,
stormwater management practices and other public infrastructure. Costs incurred by the City to identify,
negotiate and acquire rights-of-way are eligible Project Costs.
Acquisition of Easements
The City may need to acquire temporary or permanent easements to allow for installation and
maintenance of streets, driveways, sidewalks, utilities, stormwater management practices and other public
infrastructure. Costs incurred by the City to identify, negotiate and acquire easement rights are eligible
Project Costs.
Site Preparation Activities
Environmental Audits and Remediation
If it becomes necessary to evaluate any land or improvement within the District, any cost incurred by the
City related to environmental audits, testing, and remediation are eligible Project Costs.
Streets and Streetscape
Street Improvements
There are inadequate street improvements serving areas of the District. To allow redevelopment to occur,
the City may need to construct and/or reconstruct streets, highways, alleys, access drives and parking
areas. Eligible Project Costs include, but are not limited to: excavation; removal or placement of fill;
construction of road base; asphalt or concrete paving or repaving; installation of curb and gutter;
installation of sidewalks and bicycle lanes; installation of culverts; utility relocation; street lighting;
installation of traffic control signage and traffic signals; pavement marking; right-of-way restoration;
installation of retaining walls; and installation of fences, berms, and landscaping.
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 15 June 27, 2017
Streetscaping and Landscaping
To attract redevelopment consistent with the objectives of this Plan, the City may install amenities to
enhance development sites, rights-of-way and other public spaces. These amenities include, but are not
limited to: landscaping; lighting of streets, sidewalks, parking areas and public areas; installation of
planters, benches, clocks, tree rings, trash receptacles and similar items; and installation of brick or other
decorative walks, terraces and street crossings. These and any other similar amenities installed by the
City are eligible Project Costs.
RDA Type Activities
Contribution to Redevelopment Authority
As provided for in Wisconsin Statue Sections 66.1105(2)(f)1h and 66.1333(13), the City may provide
funds to its RDA to be used for administration, planning operations, and capital costs, including but not
limited to real property acquisition, related to the purposes for which it was established in furtherance of
any redevelopment or urban renewal project. Funds provided to the RDA for this purpose are eligible
Project Costs.
Revolving Loan/Grant Program
To encourage private redevelopment consistent with the objectives of this Plan, the City, through its
RDA, may provide loans and/or matching grants to eligible property owners in the District. Loan and/or
matching grant recipients will be required to sign an agreement specifying the nature of the property
improvements to be made. Eligible improvements will be those that are likely to improve the value of the
property, enhance the visual appearance of the property and surrounding area, correct safety deficiencies,
or as otherwise specified by the RDA in the program manual. Any funds returned to the RDA from the
repayment of loans made are not considered revenues to the District, and will not be used to offset
District Project Costs. Instead, these funds may be placed into a revolving loan fund and will continue to
be used for the program purposes stated above. Any funds provided to the RDA for purposes of
implementing this program are considered eligible Project Costs.
Miscellaneous
Cash Grants (Development Incentives)
The City may enter into agreements with property owners, lessees, or developers of land located within
the District for the purpose of sharing costs to encourage the desired kind of improvements and assure tax
base is generated sufficient to recover project costs. No cash grants will be provided until the City
executes a developer agreement with the recipient of the cash grant. Any payments of cash grants made
by the City are eligible Project Costs.
Projects Outside the Tax Increment District
Pursuant to Wisconsin Statutes Section 66.1105(2)(f)1.n, the City may undertake projects within territory
located within one-half mile of the boundary of the District provided that: 1) the project area is located
within the City’s corporate boundaries and 2) the projects are approved by the Joint Review Board. The
cost of projects completed outside the District pursuant to this section are eligible project costs, and may
include any project cost that would otherwise be eligible if undertaken within the District. The City
intends to make the following project cost expenditures outside the District: installation of a cul-de-sac on
Riverway Drive, and Riverwalk improvements and trail connections. Riverwalk improvements include a
pedestrian trail linking the riverwalk to the proposed development and to the north to Pearl Avenue which
improvements enhance multimodal transportation circulation for the area.
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 16 June 27, 2017
Professional Service and Organizational Costs
The costs of professional services rendered, and other costs incurred, in relation to the creation,
administration and termination of the District, and the undertaking of the projects contained within this
Plan, are eligible Project Costs. Professional services include, but are not limited to: architectural;
environmental; planning; engineering; legal, audit; financial; and the costs of informing the public with
respect to the creation of the District and the implementation of the Plan.
Administrative Costs
The City may charge to the District as eligible Project Costs reasonable allocations of administrative
costs, including, but not limited to, employee salaries. Costs allocated will bear a direct connection to the
time spent by City employees in connection with the implementation of the Plan.
Financing Costs
Interest expense, debt issuance expenses, redemption premiums, and any other fees and costs incurred in
conjunction with obtaining financing for projects undertaken under this Plan are eligible Project Costs.
With all Projects the costs of engineering, design, survey, inspection, materials, construction, restoring
property to its original condition, apparatus necessary for public works, legal and other consultant fees,
testing, environmental studies, permits, updating City ordinances and plans, judgments or claims for
damages and other expenses are included as Project Costs.
In the event any of the Project Cost expenditures included in this Plan are determined not to be
reimbursable out of the TIF fund by counsel retained by the City for purposes of making such
determination, or a court of record so rules in a final order, then such Project Cost is deleted from this
Plan and the remainder of the Projects shall be deemed the entirety of the Projects for purposes of this
Plan.
The City reserves the right to implement only those projects that remain viable as the Plan period
proceeds.
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 17 June 27, 2017
SECTION 8:
Map Showing Proposed Improvements and Uses
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 18 June 27, 2017
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Project Plan TID No. 33 Creation City of Oshkosh
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Supporting Project List Providing Basis for Development Incentive1
Soft Costs 85,770
Environmental Remediation 727,000
Sitework 1,120,730
Concrete 242,000
Contingency 200,000
Subtotal 2,375,500
Overhead and Profit @ 5.5% 130,653
Total 2,506,153
Estimated Project List
Project 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 Connections2 350,000
4 Dawes St. Cul‐de‐sac2 90,000
5 Riverway Dr. Cul‐de‐sac2 90,000
6 Administrative Expense 36,000
Total Projects 4,445,917
Notes:
1Environmental and site related costs as provided by Annex Student Living via e‐mail dated 5‐22‐2017.
2Cost estimates per City staff e‐mail dated 5‐22‐2017 and 6‐13‐2017.
City of Oshkosh, WI
ax Increment Distr ct # 33
Estimated Project List
SECTION 9:
Detailed List of Project Costs
All costs are based on 2017 prices and are preliminary estimates. The City reserves the right to increase
these costs to reflect inflationary increases and other uncontrollable circumstances between 2017 and the
time of construction. The City also reserves the right to increase certain project costs to the extent others
are reduced or not implemented without amending the Plan. The tax increment allocation is preliminary
and is subject to adjustment based upon the implementation of the Plan.
This Plan is not meant to be a budget nor an appropriation of funds for specific projects, but a
framework within which to manage projects. All costs included in the Plan are estimates based on
best information available. The City retains the right to delete projects or change the scope and/or
timing of projects implemented as they are individually authorized by the Common Council,
without amending the Plan.
Proposed TIF Project Cost Estimates
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Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 20 June 27, 2017
SECTION 10:
Economic Feasibility Study, Financing Methods, and the
Time When Costs or Monetary Obligations Related are to
be Incurred
The information and exhibits contained within this Section demonstrate that the proposed District is
economically feasible insofar as:
The City has available to it the means to secure the necessary financing required to accomplish
the projects contained within this Plan. A listing of “Available Financing Methods” follows.
The City expects to complete the projects in one or multiple phases, and can adjust the timing of
implementation as needed to coincide with the pace of private development. A discussion of the
phasing and projected timeline for project completion is discussed under “Plan Implementation”
within this Section.
The development anticipated to occur as a result of the implementation of this Plan will generate
sufficient tax increments to pay for the cost of the projects. Within this Section are tables
identifying: 1) the redevelopment expected to occur, 2) a projection of tax increments to be
collected resulting from redevelopment and other economic growth within the District, and 3) a
cash flow model demonstrating that the projected tax increment collections and all other revenues
available to the District will be sufficient to pay all Project Costs.
Available Financing Methods
General Obligation (G.O.) Bonds or Notes
The City may issue G.O. Bonds or Notes to finance the cost of projects included within this Plan. The
Wisconsin State Constitution limits the principal amount of G.O. debt that the City may have outstanding
at any point in time to an amount not greater than five percent of its total equalized value. As of
December 31, 2016, the City had approximately $48.6 million in unused G.O. debt capacity available.
Bonds Issued to Developers (“Pay as You Go” Financing)
The City may issue a bond or other obligation to one or more developers who provide financing for
projects included in this Plan. Repayment of the amounts due to the developer under the bonds or other
obligations are limited to an agreed percentage of the available annual tax increments collected that result
from the improvements made by the developer. To the extent the tax increments collected are insufficient
to make annual payments, or to repay the entire obligation over the life of the District, the City’s
obligation is limited to not more than the agreed percentage of the actual increments collected. Bonds or
other obligations issued to developers in this fashion are not general obligations of the City and, therefore,
do not count against the City’s statutory borrowing capacity.
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Project Plan TID No. 33 Creation City of Oshkosh
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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 form of lease revenue bond by a Redevelopment
Authority (RDA). Tax Increment Revenue Bonds and Lease Revenue Bonds are not general obligations
of the City and therefore do not count against the City’s statutory borrowing capacity. To the extent tax
increments collected are insufficient to meet the annual debt service requirements of the revenue bonds,
the City may be subject to either a permissive or mandatory requirement to appropriate on an annual basis
a sum equal to the actual or projected shortfall.
Utility Revenue Bonds
The City can issue revenue bonds to be repaid from revenues of the its various systems, including
revenues paid by the City that represent service of the system to the City. There is neither a statutory nor
constitutional limitation on the amount of revenue bonds that can be issued, however, water rates are
controlled by the Wisconsin Public Service Commission and the City must demonstrate to bond
purchasers its ability to repay revenue debt with the assigned rates. To the extent the City utilizes utility
revenues other than tax increments to repay a portion of the bonds, the City must reduce the total eligible
Project Costs in an equal amount.
Special Assessment “B” Bonds
The City has the ability to levy special assessments against benefited properties to pay part of the costs for
street, curb, gutter, sewer, water, storm sewers and other infrastructure. In the event the City determines
that special assessments are appropriate, the City can issue Special Assessment B bonds pledging
revenues from special assessment installments to the extent assessment payments are outstanding. These
bonds are not counted against the City's statutory borrowing capacity. If special assessments are levied,
the City must reduce the total eligible Project Costs under this Plan in an amount equal to the total
collected.
Plan Implementation
The City anticipates making total Project Cost expenditures of approximately $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.
_____________________________________________________________________________________________
Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 22 June 27, 2017
Development Assumptions
Actual Demo Loss Annex 71
Project1 Annual Total
1 2017 (643,800) (643,800)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 0 (643,800)13,667,800 13,024,000
Notes:
1Estimated incremental valuation as determined by City Assessor and Ehlers.
Construction Year Construction Year
City of Oshkosh, WI
Tax Increment District # 33
Development Assumptions
_____________________________________________________________________________________________
Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 23 June 27, 2017
Increment Revenue Projections
Type of District Base Value 732,200
District Creation Date Appreciation Factor 2.00%Apply to Base Value
Valuation Date Jan 1, 2017 Base Tax Rate $26.98
Max Life (Years) Rate Adjustment Factor 0.00%
Expenditure Period/Termination 22 7/11/2039
Revenue Periods/Final Year 27 2045
Extension Eligibility/Years Yes 3 Tax Exempt Discount Rate 3.00%
Recipient District Taxable Discount Rate 4.50%
Construction
Year Value Added Valuation Year
Inflation
Increment
Total
Increment Revenue Year Tax Rate1 Tax Increment
Tax Exempt
NPV
Calculation
Taxable NPV
Calculation
1 2017 ‐643,800 2018 0 ‐643,800 2019 $26.98 0 0 0
2 2018 13,667,800 2019 ‐12,876 13,011,124 2020 $26.98 351,081 311,931 294,403
3 2019 0 2020 260,222 13,271,346 2021 $26.98 358,102 620,833 581,762
4 2020 0 2021 265,427 13,536,773 2022 $26.98 365,264 926,736 862,247
5 2021 0 2022 270,735 13,807,509 2023 $26.98 372,570 1,229,669 1,136,022
6 2022 0 2023 276,150 14,083,659 2024 $26.98 380,021 1,529,661 1,403,247
7 2023 0 2024 281,673 14,365,332 2025 $26.98 387,621 1,826,741 1,664,080
8 2024 0 2025 287,307 14,652,639 2026 $26.98 395,374 2,120,936 1,918,672
9 2025 0 2026 293,053 14,945,692 2027 $26.98 403,281 2,412,275 2,167,173
10 2026 0 2027 298,914 15,244,605 2028 $26.98 411,347 2,700,786 2,409,730
11 2027 0 2028 304,892 15,549,498 2029 $26.98 419,574 2,986,495 2,646,483
12 2028 0 2029 310,990 15,860,488 2030 $26.98 427,965 3,269,431 2,877,573
13 2029 0 2030 317,210 16,177,697 2031 $26.98 436,525 3,549,620 3,103,134
14 2030 0 2031 323,554 16,501,251 2032 $26.98 445,255 3,827,088 3,323,299
15 2031 0 2032 330,025 16,831,276 2033 $26.98 454,160 4,101,863 3,538,197
16 2032 0 2033 336,626 17,167,902 2034 $26.98 463,244 4,373,969 3,747,954
17 2033 0 2034 343,358 17,511,260 2035 $26.98 472,508 4,643,434 3,952,693
18 2034 0 2035 350,225 17,861,485 2036 $26.98 481,959 4,910,283 4,152,534
19 2035 0 2036 357,230 18,218,715 2037 $26.98 491,598 5,174,541 4,347,594
20 2036 0 2037 364,374 18,583,089 2038 $26.98 501,430 5,436,234 4,537,987
21 2037 0 2038 371,662 18,954,751 2039 $26.98 511,458 5,695,385 4,723,825
22 2038 0 2039 379,095 19,333,846 2040 $26.98 521,688 5,952,021 4,905,218
23 2039 0 2040 386,677 19,720,523 2041 $26.98 532,121 6,206,165 5,082,271
24 2040 0 2041 394,410 20,114,933 2042 $26.98 542,764 6,457,842 5,255,088
25 2041 0 2042 402,299 20,517,232 2043 $26.98 553,619 6,707,075 5,423,771
26 2042 0 2043 410,345 20,927,576 2044 $26.98 564,691 6,953,888 5,588,419
27 2043 0 2044 418,552 21,346,128 2045 $26.98 575,985 7,198,306 5,749,127
Totals 13,024,000 8,322,128 Future Value of Increment 11,821,206
Notes:
1Tax rate shown is actual TID Interim Rate for the 2016/17 levy per DOR Form PC‐202 (Tax Increment Collection Worksheet).
City of Oshkosh, WI
Tax Increment District # 33
Tax Increment Projection Worksheet
Blighted Area
July 11, 2017
27
Yes
_________________________________________________________________________________________________________________________________
Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 24 June 27, 2017
City of Oshkosh, WI
Tax Increment District # 33
Cash Flow Projection
Year
Interest4
5.00%Year
2017 0 15,000 15,000 (15,000) (15,000)2017
2018 (450)(450)2,506,153 125,308 0 2,631,461 1,500 1,500 (1,950) (16,950)2,631,461 2018
2019 0 (509)(509)2,631,461 131,573 0 2,763,034 1,500 1,500 (2,009) (18,959)2,763,034 2019
2020 351,081 (569)350,512 2,763,034 138,152 263,311 2,637,875 1,500 264,811 85,701 66,743 2,637,875 2020
2021 358,102 2,002 360,105 2,637,875 131,894 268,577 2,501,192 1,500 270,077 90,028 156,771 2,501,192 2021
2022 365,264 4,703 369,968 2,501,192 125,060 273,948 2,352,303 1,500 275,448 94,519 251,290 2,352,303 2022
2023 372,570 7,539 380,108 2,352,303 117,615 279,427 2,190,491 350,000 1,500 630,927 (250,819)471 2,190,491 2023
2024 380,021 14 380,035 2,190,491 109,525 285,016 2,015,000 1,500 286,516 93,519 93,991 2,015,000 2024
2025 387,621 2,820 390,441 2,015,000 100,750 290,716 1,825,034 180,000 1,500 472,216 (81,775)12,216 1,825,034 2025
2026 395,374 366 395,740 1,825,034 91,252 296,530 1,619,755 1,500 298,030 97,710 109,926 1,619,755 2026
2027 403,281 3,298 406,579 1,619,755 80,988 302,461 1,398,282 1,500 303,961 102,618 212,544 1,398,282 2027
2028 411,347 6,376 417,723 1,398,282 69,914 308,510 1,159,685 1,500 310,010 107,713 320,257 1,159,685 2028
2029 419,574 9,608 429,182 1,159,685 57,984 314,680 902,989 1,500 316,180 113,001 433,258 902,989 2029
2030 427,965 12,998 440,963 902,989 45,149 320,974 627,164 1,500 322,474 118,489 551,747 627,164 2030
2031 436,525 16,552 453,077 627,164 31,358 327,394 331,129 1,500 328,894 124,184 675,931 331,129 2031
2032 445,255 20,278 465,533 331,129 16,556 333,941 13,744 333,941 131,592 807,522 13,744 2032
2033 454,160 24,226 478,386 13,744 687 14,431 0 14,431 463,955 1,271,477 0 2033
2034 463,244 38,144 501,388 0 501,388 1,772,865 2034
2035 472,508 53,186 525,694 0 525,694 2,298,560 2035
2036 481,959 68,957 550,915 0 550,915 2,849,475 2036
2037 491,598 85,484 577,082 0 577,082 3,426,557 2037
2038 501,430 102,797 604,226 0 604,226 4,030,784 2038
2039 511,458 120,924 632,382 0 632,382 4,663,166 2039
2040 521,688 139,895 661,582 0 661,582 5,324,748 2040
2041 532,121 159,742 691,864 0 691,864 6,016,612 2041
2042 542,764 180,498 723,262 0 723,262 6,739,874 2042
2043 553,619 202,196 755,815 0 755,815 7,495,689 2043
2044 564,691 224,871 789,562 0 789,562 8,285,251 2044
2045 575,985 248,558 824,543 0 824,543 9,109,794 2045
Total 11,821,206 1,734,504 13,555,711 3,879,917 530,000 36,000 4,445,917 Total
Notes:
1Negative interest earnings reflect assumed interest expense at 3% to be charged to the District on advances or proceeds of long term debt used to fund project costs.
2Incentive amounts, payment percentages, term and interest rate shown for purposes of establishing economic feasibility only. The City has not agreed to
1terms or conditions with the proposed developer as to any public participation in the project.
3Beginning principal amount shown taken from developer's TIF application dated May 2, 2017.
4Developer's cost of capital assumed by Ehlers.
5Incentive payment amounts equal to 75% of tax increments generated. (Ehlers assumption).
Total
Expenditures Annual Cumulative
PAYGO
Principal
Outstanding
Pay As You Go (PAYGO) Developer Obligation2
Developer
Incentive
Payments5
Deferred
Interest
Beginning
Principal3
Ending
Principal
Balances
Project Costs Admin.
ExpendituresProjected Revenues
Tax
Increments
Interest
Earnings/
(Cost)1
Total
Revenues
Pro ected TID Closure
Cash Flow
_____________________________________________________________________________________________
Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 25 June 27, 2017
SECTION 11:
Annexed Property
There are no lands proposed for inclusion within the District that were annexed by the City on or after
January 1, 2004.
SECTION 12:
Estimate of Property to be Devoted to Retail Business
Pursuant to Wisconsin Statutes Sections 66.1105(5)(b) and 66.1105(6)(am)1, the City estimates that none
of the territory within the District will be devoted to retail business at the end of the District’s maximum
expenditure period.
SECTION 13:
Proposed Zoning Ordinance Changes
The proposed Plan is in general conformance with the City of Oshkosh’s present zoning and no changes
are anticipated to the Plan area’s UMU-PD (Urban Mixed Use-Planned Development) zoning.
SECTION 14:
Proposed Changes in Master Plan, Map, Building Codes
and City of Oshkosh Ordinances
The proposed Plan is in general conformance with the City of Oshkosh’s Comprehensive Plan identifying
the area as appropriate for mixed downtown development. All development within the District will be
required to conform to the State Building Codes and will be subject to the City's permitting and inspection
procedures. The proposed Plan conforms to all relevant State and local ordinances, plans, and codes, thus,
no changes to the existing regulations are proposed or needed.
SECTION 15:
Relocation
Implementation of this Plan will not require relocation of individuals or business operations. If relocation
were to become necessary, it will be carried out in accordance with the relocation requirements set forth
in Chapter 32 of the Wisconsin Statutes and the Federal Uniform Relocation Assistance and Real
Property Acquisitions Policy Act of 1970 (P.L. 91-646) as applicable.
_____________________________________________________________________________________________
Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 26 June 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. Former industrial use of the site is incompatible with City’s long terms plans for the
area which call for development of more housing and mixed use development and the relocation of older
industrial uses from the area. Redevelopment in the District will add to the tax base, provide additional
housing opportunities, and will generate positive secondary impacts in the community such as increased
employment opportunities and increased demand for services.
SECTION 17:
List of Estimated Non-Project Costs
Non-Project costs are public works projects that only partly benefit the District or are not eligible to be
paid with tax increments, or costs not eligible to be paid with TIF funds.
Examples would include:
A public improvement made within the District that also benefits property outside the District. That
portion of the total project costs allocable to properties outside of the District would be a non-project cost.
A public improvement made outside the District that only partially benefits property within the District.
That portion of the total project costs allocable to properties outside of the District would be a non-project
cost.
Projects undertaken within the District as part of the implementation of this Project Plan, the costs of
which are paid fully or in part by impact fees, grants, special assessments, or revenues other than tax
increments.
The City does not expect to incur any non-project costs in the implementation of this Project Plan.
_____________________________________________________________________________________________
Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers Page 27 June 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
Page 28
_____________________________________________________________________________________________
Project Plan TID No. 33 Creation City of Oshkosh
Prepared by Ehlers June 27, 2017
Statement of Taxes Data Year: 2015 Percentage
Winnebago County 19,019,113 19.58%
City of Oshkosh 40,658,289 41.85%
School District of Oshkosh Area 33,555,438 34.54%
Fox Valley Technical College 3,910,234 4.03%
Total 97,143,074
Revenue Year
Winnebago
County City of Oshkosh
School District
of Oshkosh
Area
Fox Valley
Technical
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.
Estimated portion of taxes that owners of taxable property in each taxing jurisdiction
overlaying district would pay by jurisdiction.
Exhibit A:
Calculation of the Share of Projected Tax Increments
Estimated to be Paid by the Owners of Property in the
Overlying Taxing Jurisdictions
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 Proposed Users
The current use of the property is a vacant, dilapidated, uninhabitable collection of industrial buildings. The current
buildings were developed in the 1940s, 1950s, and 1984 and were permanently closed in 2012. Railroad siding along
the north and west borders were removed by 2005.
The proposed use would be demolition of the current blighted buildings to build a multifamily facility with fully
furnished units and amenities for the residents.
Description of End Users
The proposed users of the redevelopment would be primarily students from the Uni versity 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
Page 31
ANNEX 71
OSHKOSH, WISCONSIN
PROJECT NARRATIVE
About Annex Student Living
Annex Student Living is a fast-growing student housing developer serving the needs of colleges and universities
throughout the Midwest. Annex was formed with the purpose to create student living communities at regional
campuses, community colleges and Division II & III universities. Our goal is to bring the life experience and benefits
of big campus living to smaller campus communities.
Founded in 2009, Annex has a portfolio of communities in operation or development valued at more than $150
million. We take pride in creating environments that promote resident life and community belonging as this truly
impacts our residents’ futures and academic success. Each Annex development is strategically planned and executed
to ensure a finished product that is cohesive with the goals and values of the schools and communities we serve.
Annex has nearly 2,000 beds in various stages of operation in Indiana, Illinois, Ohio and Michigan with several
hundred more in development in Indiana, and Missouri. Our rapid growth has been facilitated through public-private
partnerships, unique financing methods and community redevelopment efforts.
It is our mission to provide memorable college experiences through unique housing opportunities that serve as a
catalyst for economic development. We seek to:
· Create community by establishing relationships and trust with open communication to create a family
atmosphere.
· Innovate solutions by seeking input from our tenants, and adapting and absorbing that information to
provide a superior product
· Calculate risk by carefully analyzing the market to understand potential threats and create contingency
plans.
· Enhance culture of every student, campus and community.
Our property management company, Landmark Properties, Inc., is committed to building a community where people
feel that they belong, fit in and are cared for. A sense of community emerges when residents participate in events
allowing them to become better acquainted with roommates and other residents. This will help to foster better
friendships and give residents a chance to experience things beyond their normal school routine. It is also our goal
to assist in enhancing the overall quality of life for every resident by addressing four key components to a well-
rounded experience.
The four basic programming goals for Landmark communities are represented with the acronym P.A.W.S. Programs
targeting residents at Landmark communities will target the following core goals: Philanthropy, Academic, Wellness,
and Social. Every Landmark community is expected to complete two programs in each of the four P.A.W.S categories
per semester.
By focusing on programming that touches on the four core P.A.W.S. areas, Landmark gives residents a chance to
connect with others and experience personal growth.
Page 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
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
What is TIF?
Tax Incremental Financing (TIF) is a special funding tool available to local municipalities that spurs
economic development which otherwise would not occur. When a Tax Increment District (TID) is created
property owners within the district continue to pay the same property tax rates as those outside the district.
The difference is that tax collections, over and above the “base value” are placed into a special fund that is
used to pay for project costs. Once all costs incurred by the creation of the TID are recooped by the
TIF Authority:
The authority and regulations for Tax Incremental Financing and the establishment of Tax Increment
Districts are found in Wis. Stats. 66.1105. The City of Oshkosh reserves the right to be more restrictive than
provided under the statutes.
additional tax increment created the TID is closed
and the additional property taxes created are shared
by all taxing entities. The use of TIF varies from
project to project and district to district. In some
cases, the City uses TIF to promote redevelopment
of older parts of the community. In other cases the
City uses TIF to create industrial parks through
land acquisition and construction of infrastructure.
In both cases, increased property tax collections are
used to pay down debt service associated with
project costs. The following outlines the City’s
policy regarding TIF.
Base Property Tax
Still Distrubuted to Taxing Entities
TIF Created
Tax Increment Created
Used for Project Costs
TIF Closed
Post TIF
Property Tax
Shared by all
Taxing Entities
Pr
o
p
e
r
t
y
V
a
l
u
e
Time
Purpose:
The purpose of this Policy is to articulate to existing or potential businesses the City of Oshkosh’s desire to
promote economic development that is consistent with the City’s Comprehensive Plan and provides a
community benefit that will ultimately be shared by all taxing entities (City, School, Technical College,
County, and State) impacted through the establishment of Tax Increment District (TID).
Notwithstanding compliance with any or all of the guidelines herein, the provision of TIF assistance is a
policy choice to be evaluated on a case-by-case basis by the Common Council. The burden of establishing
the public value of TIF shall be placed upon the applicant and the application must substantially meet the
criteria contained herein. City Administration reserves the right to bring any TIF proposal forward for
Council consideration.
Meeting statutory requirements, policy guidelines or other criteria listed herein does not guarantee the
provision of TIF financial assistance nor does the approval or denial of one project set precedent for
approval or denial of another project.
1
Page 35
City
of
Oshkosh
TIF Objectives:
The City will consider utilizing Tax Incremental Financing to meet the following basic objectives:
1. Stimulate and continued revitalization of the central city and downtown area by:
a. Improving infrastructure;
b. Creating a variety of housing opportunities to increase the number of downtown residents;
c. Preventing or eliminating slums and blighting conditions;
d. Constructing mixed-use developments;
e. Attracting desirable businesses and retaining existing businesses.
f. Encouraging development projects that enhance the streetscape and pedestrian experience and
improve the vitality of the downtown area by adding interest and activity on the first floor of
mixed- use buildings.
2. Promote efficient usage of land through redevelopment of blighted areas.
3. Strengthen the economic base of the City and support Economic Development.
4. Stabilize and upgrade targeted neighborhoods.
5. Create and retain family supporting jobs in the City.
6. Increase property values and tax revenues.
7. Leveraging the maximum amount of non-city funds into a development and back into the community.
Basic Provisions:
As a matter of policy the City of Oshkosh will consider using Tax Incremental Financing to assist private
development in those circumstances where the proposed private project shows a demonstrated financial gap
and that the financial assistance request is the minimum necessary to make the project feasible. The developer
is expected to have exhausted every other financial alternative(s) prior to requesting the use of TIF, including
equity participation, other federal and state funds, bonds, tax credits, loans, etc.
It is the intent of the City to provide the minimum amount of Tax Incremental Financing assistance to make the
project viable and not solely to broaden a developer’s profit margin on the project. Prior to consideration of a
Tax Incremental Financing request, the City will undertake (at the requestor’s cost) an independent analysis of
the project to ensure the request for assistance is valid.
In requesting TIF assistance, the developer must demonstrate that there will be a substantial and significant
public benefit to the community by eliminating blight, strengthening the economic and employment base of
the City, positively impacting surrounding neighborhoods, increasing property values and the tax base, creating
new and retaining existing jobs, and implementing the Comprehensive Plan.
Each project and location is unique and therefore every proposal shall be evaluated on its individual merit,
including its potential impact on city service levels, its overall contribution to the economy and its consistency
with the Comprehensive Plan, Strategic Plan or other community planning documents. Each project must
demonstrate probability of financial success.
“BUT FOR” TIF
Tax Incremental Financing
Policy and Application
2
The fundamental principle and that which the City must determine through information provided by the
developer is that the project would not occur “but for” the assistance provided through Tax Incremental Financ-
ing. The burden is on the developer to make this case to the City and not the City to make this case for the
developer. Should this “but for” determination not be made, Tax Incremental Financing for the project cannot
move forward.
Page 36
City
of
Oshkosh
What Development is Eligible?
The type of development that the City will consider TIF funding includes:
1. Business development (attraction, retention, expansion). TIF assistance will be evaluated on its
impact on existing local markets.
2. Mixed-use developments that creatively integrate commercial and retail projects into a residential
development.
3. Revitalization of historically significant or deteriorated buildings.
4. Projects that promote central city office and retail development.
5. Projects that promote neighborhood stabilization or revitalization.
6. Projects that promote industrial development.
7. Projects consistent with approved TIF Project Plans.
8. Projects that involve environmental clean-up, removal of slum and blighting conditions.
9. Projects that contribute to the implementation of other public policies, as adopted by the city in its
strategic plans such as promotion of high quality architectural design, energy conservation (i.e.
LEED, Energy Star, etc), green infrastructure, etc.
What Development is Ineligible?
Tax Incremental Financing
Policy and Application
The Rivers Assisted Living Facility was
completed in 2011 within TID #21 also
known as the Fox River Corridor Project.
Basler Turbo Conversions is located in
TID #8, South Aviation Park, which was
developed in 1991 and is approximately 256 acres.
3
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
City
of
Oshkosh
Eligible Costs:
TIF eligible expenditures are defined by Section 66.1105(2)(e) of Wisconsin Statutes, which the City of
Oshkosh may further limit on a project by project basis. The following are typical eligible costs.
All of the following financial criteria must be met in order to be considered for TIF assistance.
Tax Incremental Financing
Policy and Application
4
7. Development Incentives in the form of loans or grants.
1. Capital costs, including actual costs of:
a. Construction of public works or improvements;
b. Construction of new buildings, structures, and fixtures;
c. Demolition, alteration, rehabilitation, repair or reconstruction of existing buildings,
structures and fixtures, other than historic buildings and structures.
d. Acquisition of equipment to service the district;
e. Restoration of soil or groundwater affected by environmental pollution; and
f. Clearing and grading of land.
2. Real property assembly costs.
3. Professional service costs (planning, architectural, engineering, and legal).
4. Relocation costs.
5. Environmental remediation.
6. Organizational costs (environmental and other studies, publication and notification costs).
Criteria for TIF Assistance:
1. Equity Requirement. Developers must provide a minimum 15% equity of total project costs.
Projects that exceed the 15% equity requirement will be looked upon favorably by the City.
Equity is defined as cash or un-leveraged value in land or prepaid costs attributable to the project.
TIF shall not be used to supplant cash equity.
2. Maximum Increment Use. For loans, no more than 75% of the net present value of the tax increment
generated by a private development shall be made available to the project. For "pay-go" supported
projects up to 90% of the generated annual tax increment can be made available if a financial need
is demonstrated and there are no other public infrastructure projects planned in the district.
3. Payback Period. Payback period for loans will match the amortization period but in no case will
exceed the statutory life of the district. Preference will be given to projects with payback periods
of 10 years or under.
4. TIF Cap. The total amount of TIF assistance should not exceed 25% of total project costs. This
limitation may be waived if the project involves redevelopment of existing structures or the
assembly and clearance of land upon which existing structures are located.
5. Self-Supporting Projects. Each project requesting TIF assistance should generate sufficient tax
increment to cover the requested TIF assistance and a portion of any public infrastructure costs
within the district.
a. No increment from other private development projects within the district may be used to
supplement another project’s inability to generate sufficient tax increment to cover project
costs.
6. Land Assembly Cap. TIF assistance for land/property assembly costs will not be provided in an
amount exceeding 10% of the fair market value of the land. The fair market value will be
determined by an independent appraiser contracted by the City with cost of appraisal paid for by
developer.
Page 38
City
of
Oshkosh
Criteria for TIF Assistance continued from previous page...
Policy Criteria
In addition to meeting all of the above financial criteria, projects must accumulate at least 50 points based on
the following policy criteria. Points can range from 0 to the maximum shown below in each category:
Tax Incremental Financing
Policy and Application
Criteria Maximum Points
10
5
20
10
20
5
2. Projects that directly implement specific recommendations of the City’s strategic planning
documents such as the Comprehensive Plan, Downtown Action Plan, Riverwalk Plan,
Vision Report, Consolidated Plan, Stormwater Plans, etc.
3. Projects involving retail development that is targeted to encourage an inflow of customers from
outside the city that result in exported goods, or that provide services or fill retail markets that
are currently unavailable or underserved in the City.
4. Presence of extraordinary development/redevelopment costs such as:
a. Remodeling/Rehabilitation/Demolition
b. Environmental Remediation
c. Capital purchases
d. Facility expansion
e. Public infrastructure
5. Proposed employment potential.
a. Number of new employees.
b. Skill and education levels required for the jobs.
c. Range of salary and compensation rates for the jobs as compared with the median
income level for the community.
d. Cost of public assistance per job.
e. Potential for executive relocation.
6. Enhance the streetscape and pedestrian experience.
7. Historic Preservation. Preservation/rehabilitation of a locally significant historic structure.5
8. Provides direct benefit to distressed areas through blight elimination.15
9. Quality of development and overall aesthetics (architectural, site design, landscaping, etc.)
beyond that which is minimally required by the Zoning Ordinance.
10. Higher standards of Building Design, Materials, and Energy Efficiency such as meeting
LEED certification, Energy Star, etc.5
5
5
7. Internal Rate of Return. The amount of assistance provided to a developer will be limited to the
amount necessary to provide the developer a reasonable rate of return on investment in the project
and the subject site. A developer’s return on equity, return on cost or internal rate of return will be
based on current market conditions as determined by the City or City’s financial advisor. In no case
shall the internal rate of return exceed 20%.
8. Taxable Increase. The project should result in an increase in taxable valuation of at least 20% upon
project completion.
1. Attracting, retaining or expanding businesses for the purpose of improving the City’s
economic base.
a. Documentation of employment or financial projections must be provided by the party
making the request and will serve as the basis for the agreement.
Page 39
Process of TIF Approval:
Tax Increment District creation requires following statutory prescribed timelines that include notification to
the overlying taxing jurisdictions (i.e. public school district, technical college, county, city), property owners
within the district, and published meeting notification in the newspaper. Ultimately the City’s Plan
Commission, Common Council, and Joint Review Board all must approve the TIF creation request.
1. A pre-application meeting is held between the developer and the City.
2. A Tax Incremental Financing Application is submitted by the developer to the City.
3. The City will review the Application and determine completeness and whether the proposed
project is eligible under the City’s policy and statutory requirements.
4. An analysis of the TIF Plan and financial proformas will be conducted by city staff and/or
outside consultants.
5. Within ninety (90) days of receipt of a completed application staff will schedule a public
hearing before the Plan Commission on the Project Plan and District Boundaries. If approved
by the Plan Commission, the Project Plan and recommended boundaries will be sent to the
Common Council for review. There is a minimum 14 day wait from the public hearing to
Council review.
6. The Common Council may approve or deny the proposal to create the Tax Increment District.
The Common Council may also adjust the boundaries (retraction only) of the proposed
district from that which was recommended by the Plan Commission. If approved, the plan is
forwarded to the Joint Review Board to make the final determination that the development will
not proceed “but for” the use of TIF.
7. If approved, a Development Agreement is drafted and negotiated between the City and
Developer.
8. Once general agreement has been reached on the terms of the Development Agreement, it will
require approval by the Common Council.
9. Execution of the Development Agreement between the City and Developer.
City
of
Oshkosh
Structure for Tax Incremental Financing Assistance:
Tax Incremental Financing
Policy and Application
6
1. Tax Incremental Financing assistance will be provided by the City on a “pay-go” note method or
via bond proceeds. Requests for up-front financing may be considered on a case-by-case basis
if increment generation is sufficient to meet initial financing and debt service costs and is not
the first dollars spent on a project.
2. For “pay-go” structured projects, the project owner shall agree to pay all other outstanding City
of Oshkosh property tax bills prior to disbursement of any pay-go payments by the City.
3. No Mortgage Guarantees. The City will not provide mortgage guarantees.
4. Personal Guarantee. The City will require a personal guaranty for receiving up front TIF
assistance. Amount and form shall be acceptable to the City.
5. The property owner shall agree not to protest to the Board of Review or Circuit Court the
Assessor’s determination of the property value for the properties for which the grant is requested.
Page 40
6. The City will retain a maximum of 10% of any tax increment received from the project to
reimburse for administrative costs. Until such time as the project generates positive tax
increment, the City will charge an administrative fee to the developer to partially offset the cost of
record keeping, report preparation, and accounting.
7. When the project is intended as a for-sale development (i.e., office, retail or residential
condominiums), the developer must retain ownership of the overall project until final completion;
provided, however, that individual condominium units may be sold as they are completed. For
all other projects, the developer must retain ownership of the project at least long enough to
complete it, to stabilize its occupancy, to establish the project management and to initiate payment
of taxes based on the increased project value.
City
of
Oshkosh
Structure for Tax Incremental Financing Assistance Continued from previous page...
Tax Incremental Financing
Policy and Application
7
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
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Please complete and submit the following information to the City of Oshkosh for a more detailed review of
the feasibility of your request for Tax Incremental Financing (TIF) assistance. The application is comprised
of five parts:
1. Applicant Information
2. Project/Property Information
3. Project Narrative
4. Project Budget/Financial Information
5. Buyer Certification and Acknowledgement.
Where there is not enough space for your response or additional information is requested, please use an
attachment. Use attachments only when necessary and to provide clarifying or additional information.
The Department of Community Development (DCD) reviews all applications for TIF assistance. Failure to
provide all required information in a complete and accurate manner could delay processing of your
application and DCD reserves the right to reject or halt processing the application for incomplete submittals.
For further information please refer to the “City of Oshkosh Tax Incremental Financing Policy” document.
Legal Name: ________________________________________________________________________
Mailing Address: ____________________________________________________________________
Primary Contact #: _______________________________ Cell #: ___________________________
E-mail: _________________________________________ FAX #: ___________________________
Attorney:___________________________________________________________________________
Legal Entity: Individual(s)_____ Joint Tenants_____ Tenants in Common_____ Corporation_____
LLC_____ Partnership_____ Other_________________________________________
If not a Wisconsin corporation/partnership/LLC, state where organized: _________________________
Will a new entity be created for ownership? Yes____ No____
Principals of existing or proposed corporation/partnership/LLC and extent of ownership interest.
Name: Address: Title: Interest:
_________________ __________________________________ ______________ ___________
_________________ __________________________________ ______________ ___________
_________________ __________________________________ ______________ ___________
Is any owner, member, stockholder, partner, officer or director of any previously identified entities, or any
member of the immediate family of any such person, an employee of the City of Oshkosh? Yes___ No___
If yes, give the name and relationship of the employee:_________________________________________
Have any of the applicants (including the principals of the corporation/partnership/LLC) ever been
charged or convicted of a misdemeanor or felony? Yes_____ No_____
If yes, please furnish details:_____________________________________________________________
___________________________________________________________________________________
Applicant Information:
8
Page 42
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Project/Property Summary:
Overall Project Summary and Objectives: ______________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
Current and Proposed Uses: _________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
Description of End Users: ___________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
________________________________________________________________________________________
Describe any zoning changes that will be needed:
____________________________________________
____________________________________________
____________________________________________
____________________________________________
____________________________________________
Property Summary:
Parcel/Land Area: ___________ SF
Building Area: ______________ SF
# of Dwelling Units: __________
# of Stories: _________________
# of Parking Spaces: __________
Identify any other approvals, permits or licenses (i.e. Liquor License, Health Department, etc):
_______________________________________________________________________________________
_______________________________________________________________________________________
_______________________________________________________________________________________
_______________________________________________________________________________________
Describe briefly what the project will do for the property and neighborhood:
_______________________________________________________________________________________
_______________________________________________________________________________________
_______________________________________________________________________________________
_______________________________________________________________________________________
9
Page 43
Final Plan/Specification Preparation: ____________________________________________________
Bidding and Contracting: _____________________________________________________________
Firm Financing Approval: ____________________________________________________________
Construction/Rehabilitation: __________________________________________________________
Landscaping/Site Work: ______________________________________________________________
Occupancy/Lease Up: ________________________________________________________________
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Project/Property Summary:
Project Timetable Date
Development Team
Developer: _________________________________________________________________________
Architect: __________________________________________________________________________
Surveyor: __________________________________________________________________________
Contractor: _________________________________________________________________________
Other Members: _____________________________________________________________________
Describe Team expertise and experience in developing similar projects:
___________________________________________________________________________________
___________________________________________________________________________________
Other current Team projects in development:
___________________________________________________________________________________
___________________________________________________________________________________
Financial ability of the applicant to complete the project:
___________________________________________________________________________________
___________________________________________________________________________________
Full and part-time jobs to be created by the proposed project including estimated salary:
___________________________________________________________________________________
___________________________________________________________________________________
Professional Studies
Market Studies: Applications for commercial and residential projects must include a comprehensive market
study. The market study must identify target markets, analysis of competition, demographics, market rents,
letters of intent/interest from prospective tenants, or for housing developments, sale prices or rental rates of
comparable properties.
Appraisal: All projects that involve the transfer of land must include a recent appraisal. Projects that include
land as a form of equity or collateral must also submit a recent appraisal. The appraisal must value the property
“as is”, and the impact on value must be considered for such items as demolition, environmental remediation,
relocation of utilities, lease buy-outs, and other work necessary to make the site developable. The property
must be valued assuming that the highest and best use is the proposed use.
10
Page 44
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Sources and Uses of Funds
Identify the sources of funds used to finance the project. Typical sources include equity, lender financing,
mezzanine financing, government financing, other anticipated types of public assistance, and any other types
or methods of financing.
Project Budget/Financial Information:
Uses of Funds Amount ($) $ per SF of Building Area
Land Acquisition: _____________________________________________________________________
Demolition: _________________________________________________________________________
Environmental Remediation: ____________________________________________________________
Site Clearance and Preparation: __________________________________________________________
Soft Costs/ Fees: ______________________________________________________________________
Soft Cost Contingency: _________________________________________________________________
Hard Construction Costs: _______________________________________________________________
Total Project Costs: ____________________________________________________________________
Sources of Funds % of total project costs
Equity
Developer Equity: $______________ __________%
Other Equity:(_______________) $______________ __________%
Total Equity: $______________ __________%
Loans Rate Term
Construction Financing: $_____________ ______% _________ mos.
Permanent Financing: $_____________ ______% _________ yrs. __________%
TIF Assistance $_____________ __________%
Other: (________________) $______________ __________%
Total Sources of Funds $______________ 100%
Financing
Source Amount Terms: Years/Interest Contact Information
Equity: _____________________________________________________________________________
Loans 1: _____________________________________________________________________
2: _____________________________________________________________________
3: _____________________________________________________________________
4: _____________________________________________________________________
11
Page 45
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Supplemental Information:
Detailed Pro Forma (must correspond to line items for Uses of Funds on previous page)
Land Acquisition $_________________
Demolition $_________________
Site Clearance and Preparation
Infrastructure $_________________
Utilities/removal $_________________
Utilities/relocation $_________________
Utilities/installation $_________________
Hazardous Materials Removal $_________________
Other(___________________) $_________________
Total Site Clearance and Preparation
Soft Costs/Fees
Project Management (_________%) $_________________
General Contractor (_________%) $_________________
Architect/Engineer (________%) $_________________
Developer Fee (_______%) $_________________
Appraisal $_________________
Soil Testing $_________________
Market Study $_________________
Legal/Accounting $_________________
Insurance $_________________
Title/Recording/Transfer $_________________
Building Permit $_________________
Mortgage Fees $_________________
Construction Interest $_________________
Commissions $_________________
Marketing $_________________
Real Estate Taxes $_________________
Other Taxes $_________________
Other (____________________) $_________________
Other (____________________) $_________________
Sub-total Soft Costs/Fees $_________________
Soft Cost Contingency $_________________
12
Page 46
Pro Forma Income and Expense Schedule
Applicants whose projects involve the rental of commercial, retail, industrial, or living units must submit
project pro formas that identify income and expense projections on an annual basis for a minimum five-year
to a maximum eleven-year period. If you expect a reversion of the asset after a holding period please include
that in your pro forma as well. Please check with city staff to determine the time period needed for the pro
forma. Identify all assumptions (such as absorption, vacancies, debt service, operational costs, etc.) that
serve as the basis for the pro formas. Two sets of pro formas are to be submitted. The first set should show
the project without TIF assistance and the second set with TIF assistance.
For owner-occupied industrial and commercial projects, detailed financial information must be presented
that supports the need for financial assistance (see below).
Analysis of Financial Need
Each application must include financial analyses that demonstrate the need for TIF assistance. Two
analyses must be submitted: one WITHOUT TIF assistance and one WITH TIF assistance. The applicant
must indicate the minimum return or profit the applicant needs to proceed with the project and rationale for
this minimum return or profit. The analyses will necessarily differ according to the type of project that is be-
ing developed.
Rental Property: For projects involving rental of space by the developer to tenants (tenants include offices,
retail stores, industrial companies, and households), an internal rate of return on equity must be computed
with and without TIF assistance based on the pro forma of income and expense prepared for the Income
and Expense Schedule below. The reversion at the end of the ten-year holding period must be based on the
capitalized 11th year net operating income. The reversionary value is then added to the 10th year cash flow
before discounting to present value. State all assumptions to the analyses.
For Sale Residential: Show profit as a percent of project cost (minus developer fee and overhead and minus
sales commissions and closing costs, which should be subtracted from gross sales revenue). Other measure
of profitability may be submitted, such as profit as a percent of sales revenue.
Mixed Use Commercial / For-Sale Residential: Provide either separate analyses for each component of the
project or include in the revenue sources for the for-sale portion, the sale value of the commercial component
based on the net operating income of the commercial space at stabilization. Indicate how the sale value was
derived.
Owner-Occupied Commercial: For projects, such as “big-box” retail projects, provide copies of the analyses
that the company needs to meet or exceed the company’s minimum investment threshold(s) for proceeding
with the project.
Competitive Projects: In instances where the City is competing with other jurisdictions for the project (e.g.,
corporate headquarters, new manufacturing plant), present detailed analyses that demonstrate the capital
and operating cost differential between the proposed location(s) in Oshkosh and locations that are seriously
being considered by the applicant.
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Supplemental Information:
13
Page 47
Revenue Projections – Rental Project
Year 1 Year 2 >>Year 11
Income rent per sf (or avg.) $________ $______ $_________
Commercial Rent $________ $______ $_________
Commercial Expense Recoveries $________ $______ $_________
Residential Rent $________ $______ $_________
Other Revenue (_________________) $________ $______ $_________
Gross Potential Income $________ $______ $_________
Commercial Vacancy ______% $________ $______ $_________
Residential Vacancy ______% $________ $______ $_________
Effective Gross Income (EGI) $________ $______ $_________
Expenses
Maintenance & Repairs $________ $______ $_________
Real Estate Taxes $________ $______ $_________
Insurance $________ $______ $_________
Management Fee $________ $______ $_________
Professional Fees $________ $______ $_________
Other Expense (_________________) $________ $______ $_________
Other Expense (_________________) $________ $______ $_________
Total Expenses $________ $______ $_________
Net Operating Income (NOI) $________ $______ $_________
Capital Expenses (reserves, tenant improvements, commissions) $________ $______ $_________
Debt Service $________ $______ $_________
Net Cash Flow (before depreciation) $________ $______ $_________
Reversion in Year 10
Year 11 NOI before Debt & Capital Expenses $________
Capitalization Rate ________%
Gross Reversion $________
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Supplemental Information:
14
Page 48
Revenue Projects – For-Sale Project
Gross Sales Revenue
Housing Units Unit Type* Number Price/Unit
__________ _______ $____________ $____________
__________ _______ $____________ $____________
__________ _______ $____________ $____________
__________ _______ $____________ $____________
__________ _______ $____________ $____________
__________ _______ $____________ $____________
__________ _______ $____________ $____________
Total Housing Sales: $____________
*affordable units if any
Housing Unit Upgrades: $____________
Commercial Space Unit Type Size-sf Price per sf
__________ _______ ___________ $____________
__________ _______ ___________ $____________
__________ _______ ___________ $____________
Total Commercial Sales: $__________
Total Gross Sales Revenue $__________
Cost of Sales
Commissions _______% $____________
Marketing _______% $____________
Closing _______% $____________
Other Costs (____________) _______% $____________
Total Costs of Sales _______% $__________
Net Sales Revenue $__________
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Supplemental Information:
15
Page 49
Summary Letter
Provide a summary of the project in the form of a letter addressed to the City Manager. The letter should not
exceed two (2) pages in length and should include only the following essential information about the project:
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including job creation. “but for” provision will be met.
Note: In the “but for” discussion you must clearly describe why TIF is needed to help this project and
why the project will not/cannot proceed without such support. Failure to clearly provide the
“but for” explanation will delay action on your application.
Project Narrative
Provide an in-depth overview of the project in narrative format. The narrative must include a description of
the following aspects of the project:
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any existing structures, environmental conditions, and past uses of the site.
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demolished or rehabbed; size of any new construction: types of construction materials
(structural and finish); delineation of square foot allocation by use; total number and individual
square footage of residential units: type of residential units (e.g. for-sale, rental, condominium,
single-family, etc); number of affordable residential units; number and type of parking spaces;
and construction phasing.
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objectives in the Project or Redevelopment Plan.
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TIF assistance are encouraged to include environmentally friendly features.
City
of
Oshkosh
Tax Incremental Financing
Policy and Application
Attachments:
16
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Annex Student Living
Annex 71 ‐ Oshkosh Units 140 Stablized Unlevered Yield 5.47%
474 Marion Rd., Oshkosh, WI 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 $/gs $/nrs
Sources
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 $161.68
Uses
Acquisition Costs (Land/Buildings)
x Land/Building Purchase ($) 500,000 3,571 1,613 $3.57 $4.46
x Earnest Money Application ($)(10,000) (71) (32) ($0.07) ($0.09)
x Other Acquisition Costs ($) 10,000 71 32 $0.07 $0.09
Total Land Costs 500,000 3,571 1,613 $3.57 $4.46
Hard Costs
Residential Costs
Construction Costs ‐ Phase I ($) 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 I ESA 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 $161.68
(x) represents line item to be funded at close
Confidential
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Annex Student Living
Annex 71 ‐ Oshkosh Total Investment 18,108,100
474 Marion Rd., Oshkosh, WI Total Equity Investment 3,831,682
Residential Proforma Project Stabilization (fiscal yr start) 2019
NOTE: all cash flows are assumed fiscal year end cash flows 31‐Jul‐17 31‐Jul‐18 31‐Jul‐19 31‐Jul‐20 31‐Jul‐21 31‐Jul‐22 31‐Jul‐23 31‐Jul‐24 31‐Jul‐25 31‐Jul‐26 31‐Jul‐27
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Beds Delivered 0 0 310 0 0 0 0 0 0 0 0
Beds Available 0 0 310 310 310 310 310 310 310 310 310
Economic Occupancy 0% 0% 75% 93% 93% 93% 93% 93% 93% 93% 93%
Beds Occupied 0 0 233 288 288 288 288 288 288 288 288
Months open 0 0 12 12 12 12 12 12 12 12 12
Blended Average Rent ($/bed/month) $585.06 $585.06 $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 $1.62 $1.62 $1.65 $1.68 $1.72 $1.75 $1.79 $1.82 $1.86
Rental Revenu
Gross Potential Revenue 0 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 0 (544,110) (152,351) (155,398) (158,506) (161,676) (164,909) (168,208)(171,572) (175,003)
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 Revenue (after vacancy) 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 Revenu 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
(‐) Payroll 0 0 (169,325) (172,712) (176,166) (179,689) (183,283) (186,949) (190,688)(194,501) (198,391)
(‐) General & Administrative 0 0 (51,604) (52,636) (53,689) (54,762) (55,858) (56,975) (58,114) (59,277) (60,462)
(‐) Advertising & Marketing 0 0 (48,379) (49,346) (50,333) (51,340) (52,367) (53,414) (54,482) (55,572) (56,683)
(‐) Electricity/Gas 0 0 (106,433) (108,562) (110,733) (112,947) (115,206) (117,511) (119,861)(122,258) (124,703)
(‐) Water/Sewer 0 0 (45,153) (46,056) (46,978) (47,917) (48,875) (49,853) (50,850) (51,867) (52,904)
(‐) Cable/Internet 0 0 (51,604) (52,636) (53,689) (54,762) (55,858) (56,975) (58,114) (59,277) (60,462)
(‐) Trash Removal 0 0 (14,514) (14,804) (15,100) (15,402) (15,710) (16,024) (16,345) (16,672) (17,005)
(‐) Property Taxes 0 0 (204,265) (312,526) (318,776) (325,152) (331,655) (338,288) (345,054)(351,955) (358,994)
(‐) Property/Liability Insurance 0 0 (43,541) (44,412) (45,300) (46,206) (47,130) (48,072) (49,034) (50,015) (51,015)
(‐) Repairs & Maintenance 0 0 (32,252) (32,897) (33,555) (34,227) (34,911) (35,609) (36,321) (37,048) (37,789)
(‐) Landscaping/Snow Removal 0 0 (29,027) (29,608) (30,200) (30,804) (31,420) (32,048) (32,689) (33,343) (34,010)
(‐) Unit turnover 0 0 (32,252) (32,897) (33,555) (34,227) (34,911) (35,609) (36,321) (37,048) (37,789)
(‐) Miscellaneous Expenses 0 0 (32,252) (32,897) (33,555) (34,227) (34,911) (35,609) (36,321) (37,048) (37,789)
(‐) Property Management Fee 0 0 (58,824) (72,942) (74,359) (75,804) (77,278) (78,782) (80,315) (81,880) (83,475)
(‐) Replacement Reserve 0 0 (38,750) (38,750) (38,750) (38,750) (38,750) (38,750) (38,750) (38,750) (38,750)
Total Operating Expenses 0 0 (958,176) (1,093,681) (1,114,737) (1,136,215) (1,158,123) (1,180,468) (1,203,260) (1,226,509) (1,250,222)
Expense Ratio n/a n/a 57.0% 52.5% 52.5% 52.5% 52.5% 52.4% 52.4% 52.4% 52.4%
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 Fe 0 0 0 0 (10,623) (10,829) (11,040) (11,255) (11,474) (11,697) (11,925)
(‐) Construction Debt Service 0 (191,427) (566,670)0 0 0 0 0 0 0 0
(‐) Mini‐perm/Take‐out Debt Service 0 0 0 (715,658) (715,658) (765,303) (765,303) (765,303) (765,303) (765,303)(765,303)
(+) Tax Abatement/Incentive 0 0 0 0 0 0 0 0 0 0 0
Net Project Cash Flo 0 (191,427)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 1.38 1.41 1.35 1.37 1.40 1.43 1.45 1.48
Development Yield 0.00% 0.00% 3.99% 5.47% 5.58% 5.69% 5.80% 5.91% 6.03% 6.15% 6.27%
Property Value 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
Potential Loan Amount (based on LTV) 80.0% 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
Equity Cash on Cash ‐5.00% 4.07% 7.17% 7.40% 6.62% 7.14% 7.67% 8.21% 8.77% 9.33%
Confidential
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Annex Student Living
NOTE: all cash flows are assumed fiscal year end cash 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
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Cashflow/Return Analysis
Capitalized Interest begin balance 500,000 500,000 308,573 308,573 308,573 0 0 0 0 0 0
Capitalized Interest expense 0 (191,427)0 0 0 0 0 0 0 0 0
Capitalized Interest distribution upon refi/sale 0 0 0 0 (308,573)0 0 0 0 0 0
Capitalized Interest end balance 500,000 308,573 308,573 308,573 0 0 0 0 0 0 0
Net Project Cash Flo 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 0 0 0 0 806,950 0 0 0 0 0 5,514,947
Total Cash Flo 0 0 155,844 274,716 1,090,469 253,481 273,481 293,880 314,687 335,911 5,872,506
Investor Cashflow
10.96%13%(3,831,682)0 155,844 274,716 1,090,469 253,481 273,481 293,880 314,687 335,911 5,872,506
1st tier investor split 75% 0 0 0 0 0 0 0 0 0 0
10.96%25%(3,831,682)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
Total Investor Cashflow 10.95%(3,831,682)0 155,844 274,716 1,090,469 253,481 273,481 293,880 314,687 335,911 5,872,506
Investor NPV (at 10%)$671,936
Investor Equit 100.0%(3,831,682)0 155,844 274,716 1,090,469 253,481 273,481 293,880 314,687 335,911 5,872,506
Sponsor Equit 0.0% 0 0 0 0 0 0 0 0 0 0 0
Sponsor Cashflow
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 10%)$0
Total Sponsor Cashflow #NUM!0 0 0 0 0 0 0 0 0 0 0
Reversion Calculation
Sale Year 2026
Exit Year NOI Projection 2027 1,157,100
Valuation 7.00% 16,530,004
(‐) Cost of Sale 2.00%(330,600)
Net Sale Proceeds 16,199,404
(‐) Loan & Equity Payof (10,684,456)
(‐) Mezzanine Participation of Exit 0
Distributable Excess Sale Proceeds 5,514,947
Unlevered IRR
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 Proceed (18,108,100)0 0 0 0 0 0 0 0 0 16,199,404
Total Project Cash Flo (18,108,100)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%
Levered IRR
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 (3,831,682)0 0 0 806,950 0 0 0 0 0 5,514,947
Total Project Cash Flo (3,831,682)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%
Confidential
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Annex Student Living
Annex 71 ‐ Oshkosh Units 140 Stablized Unlevered Yield 5.47%
474 Marion Rd., Oshkosh, WI 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 $/gs $/nrs
Sources
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 $161.68
Uses
Acquisition Costs (Land/Buildings)
x Land/Building Purchase ($) 500,000 3,571 1,613 $3.57 $4.46
x Earnest Money Application ($)(10,000) (71) (32) ($0.07) ($0.09)
x Other Acquisition Costs ($) 10,000 71 32 $0.07 $0.09
Total Land Costs 500,000 3,571 1,613 $3.57 $4.46
Hard Costs
Residential Costs
Construction Costs ‐ Phase I ($) 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 I ESA 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 $161.68
(x) represents line item to be funded at close
Confidential
Page 57
Annex Student Living
Annex 71 ‐ Oshkosh Total Investment 18,108,100
474 Marion Rd., Oshkosh, WI Total Equity Investment 6,337,835
Residential Proforma Project Stabilization (fiscal yr start) 2019
NOTE: all cash flows are assumed fiscal year end cash flows 31‐Jul‐17 31‐Jul‐18 31‐Jul‐19 31‐Jul‐20 31‐Jul‐21 31‐Jul‐22 31‐Jul‐23 31‐Jul‐24 31‐Jul‐25 31‐Jul‐26 31‐Jul‐27
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Beds Delivered 0 0 310 0 0 0 0 0 0 0 0
Beds Available 0 0 310 310 310 310 310 310 310 310 310
Economic Occupancy 0% 0% 75% 93% 93% 93% 93% 93% 93% 93% 93%
Beds Occupied 0 0 233 288 288 288 288 288 288 288 288
Months open 0 0 12 12 12 12 12 12 12 12 12
Blended Average Rent ($/bed/month) $585.06 $585.06 $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 $1.62 $1.62 $1.65 $1.68 $1.72 $1.75 $1.79 $1.82 $1.86
Rental Revenu
Gross Potential Revenue 0 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 0 (544,110) (152,351) (155,398) (158,506) (161,676) (164,909) (168,208)(171,572) (175,003)
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 Revenue (after vacancy) 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 Revenu 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
(‐) Payroll 0 0 (169,325) (172,712) (176,166) (179,689) (183,283) (186,949) (190,688)(194,501) (198,391)
(‐) General & Administrative 0 0 (51,604) (52,636) (53,689) (54,762) (55,858) (56,975) (58,114) (59,277) (60,462)
(‐) Advertising & Marketing 0 0 (48,379) (49,346) (50,333) (51,340) (52,367) (53,414) (54,482) (55,572) (56,683)
(‐) Electricity/Gas 0 0 (106,433) (108,562) (110,733) (112,947) (115,206) (117,511) (119,861)(122,258) (124,703)
(‐) Water/Sewer 0 0 (45,153) (46,056) (46,978) (47,917) (48,875) (49,853) (50,850) (51,867) (52,904)
(‐) Cable/Internet 0 0 (51,604) (52,636) (53,689) (54,762) (55,858) (56,975) (58,114) (59,277) (60,462)
(‐) Trash Removal 0 0 (14,514) (14,804) (15,100) (15,402) (15,710) (16,024) (16,345) (16,672) (17,005)
(‐) Property Taxes 0 0 (204,265) (312,526) (318,776) (325,152) (331,655) (338,288) (345,054)(351,955) (358,994)
(‐) Property/Liability Insurance 0 0 (43,541) (44,412) (45,300) (46,206) (47,130) (48,072) (49,034) (50,015) (51,015)
(‐) Repairs & Maintenance 0 0 (32,252) (32,897) (33,555) (34,227) (34,911) (35,609) (36,321) (37,048) (37,789)
(‐) Landscaping/Snow Removal 0 0 (29,027) (29,608) (30,200) (30,804) (31,420) (32,048) (32,689) (33,343) (34,010)
(‐) Unit turnover 0 0 (32,252) (32,897) (33,555) (34,227) (34,911) (35,609) (36,321) (37,048) (37,789)
(‐) Miscellaneous Expenses 0 0 (32,252) (32,897) (33,555) (34,227) (34,911) (35,609) (36,321) (37,048) (37,789)
(‐) Property Management Fee 0 0 (58,824) (72,942) (74,359) (75,804) (77,278) (78,782) (80,315) (81,880) (83,475)
(‐) Replacement Reserve 0 0 (38,750) (38,750) (38,750) (38,750) (38,750) (38,750) (38,750) (38,750) (38,750)
Total Operating Expenses 0 0 (958,176) (1,093,681) (1,114,737) (1,136,215) (1,158,123) (1,180,468) (1,203,260) (1,226,509) (1,250,222)
Expense Ratio n/a n/a 57.0% 52.5% 52.5% 52.5% 52.5% 52.4% 52.4% 52.4% 52.4%
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 Fe 0 0 0 0 (10,623) (10,829) (11,040) (11,255) (11,474) (11,697) (11,925)
(‐) Construction Debt Service 0 (121,116) (466,424)0 0 0 0 0 0 0 0
(‐) Mini‐perm/Take‐out Debt Service 0 0 0 (715,658) (715,658) (765,303) (765,303) (765,303) (765,303) (765,303)(765,303)
(+) Tax Abatement/Incentive 0 0 0 0 0 0 0 0 0 0 0
Net Project Cash Flo 0 (121,116)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 1.38 1.41 1.35 1.37 1.40 1.43 1.45 1.48
Development Yield 0.00% 0.00% 3.99% 5.47% 5.58% 5.69% 5.80% 5.91% 6.03% 6.15% 6.27%
Property Value 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
Potential Loan Amount (based on LTV) 80.0% 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
Equity Cash on Cash ‐1.91% 4.04% 4.33% 4.47% 4.00% 4.32% 4.64% 4.97% 5.30% 5.64%
Confidential
Page 58
Annex Student Living
NOTE: all cash flows are assumed fiscal year end cash 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
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Cashflow/Return Analysis
Capitalized Interest begin balance 500,000 500,000 378,884 378,884 378,884 0 0 0 0 0 0
Capitalized Interest expense 0 (121,116)0 0 0 0 0 0 0 0 0
Capitalized Interest distribution upon refi/sale 0 0 0 0 (378,884)0 0 0 0 0 0
Capitalized Interest end balance 500,000 378,884 378,884 378,884 0 0 0 0 0 0 0
Net Project Cash Flo 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 0 0 0 0 877,262 0 0 0 0 0 5,514,947
Total Cash Flo 0 0 256,090 274,716 1,160,780 253,481 273,481 293,880 314,687 335,911 5,872,506
Investor Cashflow
4.44%13%(6,337,835)0 256,090 274,716 1,160,780 253,481 273,481 293,880 314,687 335,911 5,872,506
1st tier investor split 75% 0 0 0 0 0 0 0 0 0 0
4.44%25%(6,337,835)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
Total Investor Cashflow 4.43%(6,337,835)0 256,090 274,716 1,160,780 253,481 273,481 293,880 314,687 335,911 5,872,506
Investor NPV (at 10%)($1,690,271)
Investor Equit 100.0%(6,337,835)0 256,090 274,716 1,160,780 253,481 273,481 293,880 314,687 335,911 5,872,506
Sponsor Equit 0.0% 0 0 0 0 0 0 0 0 0 0 0
Sponsor Cashflow
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 10%)$0
Total Sponsor Cashflow #NUM!0 0 0 0 0 0 0 0 0 0 0
Reversion Calculation
Sale Year 2026
Exit Year NOI Projection 2027 1,157,100
Valuation 7.00% 16,530,004
(‐) Cost of Sale 2.00%(330,600)
Net Sale Proceeds 16,199,404
(‐) Loan & Equity Payof (10,684,456)
(‐) Mezzanine Participation of Exit 0
Distributable Excess Sale Proceeds 5,514,947
Unlevered IRR
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 Proceed (18,108,100)0 0 0 0 0 0 0 0 0 16,199,404
Total Project Cash Flo (18,108,100)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%
Levered IRR
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 Flo (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%
Confidential
Page 59
Page 60
Page 61
ADDING VALUE. BOTTOM LINE.
FEASIBILITY ANALYSIS:
Annex 71 – Oshkosh, WI
455 EPPS BRIDGE PARKWAY, ATHENS, GA 30606 | 706.543.1910 | LANDMARKPROPERTIES.COM
1
Page 62
Section I
Section II
Section III
Section IV
Section V
Section VI
Executive Summary
Market and University Analysis
Subject Site Analysis
Competitor Rentals Study
SWOT Analysis & Marketing
Plan
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
2
Page 63
Executive
Summary
Section I
3
Page 64
Executive Summary
Annex 71
478 Marion Rd, Oshkosh WI
3rd-5th of January 2017
1st of January 2017
.25 mi
2018
120/310
Garden Style Low-Rise
4
Landmark Properties was engaged to perform a Feasibility Analysis of Annex 71 at the University ofWisconsin - Oshkosh
Property Name
Location
Date of Site Visit
Date of Market Analysis
Dist. To Campus
Delivery
Units / Beds
Size / Construction
Page 65
Executive Summary
5
Property:
◦Subject site will be completed in Fall 2018.
◦The property is located only ¼ mile 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
Executive Summary
6
• 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).”***
•ACS Census Data provided by http://www.deptofnumbers.com/rent/wisconsin/oshkosh/
** 1.6.17 ‐ Interview with Vice Chancellor for Enrollment Management, Brandon Miller
*** 1.10.17 – Phone follow‐up with Vice Chancellor for Enrollment Management, Brandon Miller
Page 67
Executive Summary
7
• 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 phone conversation with Liz Morell, Assistant Director ‐ Business Services and Programs
Page 68
Market &
University
Analysis
Section II
8
Page 69
University notes
• 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 past few 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
9
Page 70
University Enrollment
10
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0
5,000
10,000
15,000
20,000
20
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ENROLLMENT
Undergraduate Graduate
Page 71
Enrollment Growth Projections
11
• 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
Year Enrollment Change % Change FT Change
2016 13,544 ‐515 ‐3.66% ‐296
2017 13,815 271 2.00%171
2018 14,091 276 2.00%175
2019 14,373 282 2.00%178
2020 14,660 287 2.00%182
2021 14,954 293 2.00%185
2022 15,253 299 2.00%189
* 2% annual growth figure based on interview with Vice Chancellor of Enrollment Management where a 1‐3% increase in
enrollment was projected
Page 72
Market Survey
12
Completed: January 5, 2017
455 Epps Bridge Parkway Suite 201
Athens, GA 30606
P 706.543.1910 F 706.543.1909
Page 73
13
Notes
Freshman and Sophomore Live‐On Requirement
On‐Campus design beds 4,500. Currently config for 3,500
Data per UW‐Oshkosh Office of Institutional research
Universit of Wisconsin ‐ Oshkosh ‐ Oshkosh WI
Market Capture
ON‐CAMPUS REQUIREMENT: Year Enrollment Change % Change FT Change Axio Proj. Purpose Built Beds
Freshmen and Sophomores are required to live on campus 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
University of Wisconsin ‐ Oshkosh Oshkosh, WI Enrollment
Total Enrollment ‐ Fall 2016 13,544 2010 2011 2012 2013 2014 2015 2016 Average Total
Undergraduate Enrollment ‐ Fall 2016 12,075 Total Enrollment 13,461 13,461 13,519 13,902 14,542 14,059 13,544
% Undergrad Full Time 69.1%Increase 0 58 383 640 (483) (515) 14 83
Full‐Time Undergraduate ‐ Fall 2016 8,341 % Change 0.0% 0.4% 2.8% 4.6% ‐3.3% ‐3.7% 0.1% 0.6%
Graduate Enrollment ‐ Fall 2016 1,469 Undergraduate 12,232 12,232 12,384 12,623 13,309 12,710 12,075
% Grad Full Time 14.6%Increase 0 152 239 686 (599) (635) ‐26 ‐157
Full‐Time Graduate ‐ Fall 2016 214 % Change 0.0% 1.2% 1.9% 5.4% ‐4.5% ‐5.0% ‐0.2% ‐1.3%
Total % Full Time 63.2%Graduate 1,229 1,229 1,135 1,279 1,233 1,349 1,469
Total Full Time Enrollment 8,555 Increase 0 (94) 144 (46) 116 120 40 240
Projected Full‐Time Growth to 2018 346 % Change 0.0% ‐7.6% 12.7% ‐3.6% 9.4% 8.9% 3.0% 19.5%
Total Projected FT Enrollment 2018 8,901
Current On‐Campus Housing 3,500
Projected Univ Housing 0 Full‐Time Enrollment
Greek Housing 0 2010 2011 2012 2013 2014 2015 2016 Average Total
Commuters 0 Total 9,590 9,590 9,448 9,335 9,138 8,851 8,555 ‐148 (1,035)
Online Students 0 % full‐time 71.2% 71.2% 69.9% 67.1% 62.8% 63.0% 63.2% ‐1.9% (10.8%)
Off‐Campus Demand 2018 5,401 Undergraduate 9,426 9,426 9,294 9,157 8,956 8,648 8,341 ‐155 (1,085)
% of students living off campus 39.9% % full‐time 77.1% 77.1% 75.0% 72.5% 67.3% 68.0% 69.1% ‐2.0% (11.5%)
Graduate 164 164 154 178 182 203 214 7 50
Capture Rate 5.7%% full‐time 13.3% 13.3% 13.6% 13.9% 14.8% 15.0% 14.6% 4.4% 30.5%
Beds Proposed 310
12 28 2016
Page 74
Property
2016/17
Occ. %
Pre‐Lease
(1/5/17) Unit Type Units Unit Size SF/Bed Rent/SF
Rent/Bed
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Assuming we include furniture, internet, cable, W/D, water/sewer/trash, and private BA
Anthem Luxury Living 95% 0%N N N N Y N N N N N Spaces 162
Manager ACC Management Group 2x2 78 1,030 515 $1.06 $545 $25 x $30 x x $15 x $615 Ratio: 100%
Dist. To Campus 0.90 miles 3x3 2 1,170 390 $1.14 $446 $25 x $30 x x $15 x $516 Cost:$50
Delivery 2015
Units 80
Beds 162
Concord Place 98% 40%1x1 15 697 697 $0.93 $650 $25 x $30 x ‐$30 x x $675 N N N N N N N N N Spaces 93
Manager Alexander bishop 2x2 36 950 475 $0.88 $420 $25 x $30 x ‐$15 x x $460 Ratio: 100%
Dist. To Campus .3 miles Cost:$50
Delivery 2003
Units 57
Beds 93
Morgan Crossing 100% 50%1x1 16 716 716 $0.95 $679 $25 x $30 x ‐$30 x x $704 N N N N N N N Spaces 126
Manager Alexander Bishop 2x2 28 1,002 501 $0.90 $450 $25 x $30 x ‐$15 x x $490 Ratio: 100%
Dist. To Campus .3 miles 3x3 20 1,248 416 $1.04 $433 $25 x $30 x ‐$10 x $30 $508 Cost:$50
Delivery 2007
Units 68
Beds 126
Average Prelease:26.3%
Unit Type Max Rent Subject UW Rates Diff. Rent Adjustements
Studio N/A (1) Furniture prices are set at $25 per bedroom.
1x1 704 849 20.6% (2) Washer/Dryer is based on $40 per unit
2x2 615 699 13.7% (3) Electric is based on $30 per bed
3x3 516 575 11.4% (4) Internet is based on $30 per unit
4x4 516 575 11.4% (5) Cable is based on $30 per unit
(6) Water/Sewer is based on $15 per bedroom
Unit Type Max Rent/SF Subject Rent/SF Diff.(7) Private bath is based on $30 per bedroom
0x1 N/A N/A RSF/BED $/SF
1x1 0.95 1.70 79.3%500 $1.70
2x2 1.06 1.75 65.1%400 $1.75
3x3 1.14 1.92 67.6%$1.92
4x4 N/A 1.92 N/A 300 $1.92
Market Survey
14
Page 75
15
University of Wisconsin ‐ Oshkosh ‐ Oshkosh, WI
On‐Campus Housing
Fall 2016 On‐Campus Rates W/Electr Inter Cabl Wate Kitc PBA PBR
In‐Place Adjusted
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
Taylor Hall Single Room $3,134 $6,268 $696 $522 X X X ‐$10 X X $30 x $716 $542
Average 3200 $2,641 $5,281 $587 $440 $617 $470
Suites
Horizon Village 2BR Suite $3,060 $6,120 $680 $510 X X X ‐$10 X X $30 $20 $720 $550
Horizon Vilage 4BR Suite $3,190 $6,380 $709 $532 X X X ‐$10 X X $30 x $729 $552
Average 300 $3,125 $6,250 $694 $521 $724 $551
Total 3,500 $2,883 $5,766 $641 $480 $671 $510
On‐Campus Parking Marginal Cost Analysis
Lot Spaces Price Availability On‐Campus
Premium Resident $268 Avg. housing cost $510
Regular Resident $193 Standard meal plan 250
Parking 38.5
Other 0
Total $799
Off‐Campus
Notes Subject site 4‐bed rent 575
1) Twelve month equivalent is based on Fall Utility cost 8
and Spring semesters divided by 12 months Parking 0
2) Washer/Dryer is based on $40/unit Other 0
3) Kitchen is based on $20/bed Total $583
4) Private bath is based on $30/bed
5) Private bedroom is based on $20/bed Remaining for food $216
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)
12/28/2016
Page 76
University of Wisconsin – Oshkosh
Comp Location Map
16
Page 77
Development Pipeline Data
University of Wisconsin – Oshkosh
Pipeline Report
Currently there are no reported developments that would be considered
competition for the University of Wisconsin – Oshkosh area. *
• 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
17
Year
Off‐Campus
Pipeline
Add'l
Students
Over/(Under)
Supply
Off‐Campus
Housing Est.
On‐Campus
Pipeline
Students Off
Campus Market Occ. Market Health
2016 to current (296) 296 5,191 0 5,055 97.4%
2017 0 171 (171) 5,191 0 5,226 100.7%
2018 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%
Total 310 783 (473) 5,501 0 6,134 111.5%
* Elizabeth Williams, Planning Services Division, City of Oshkosh WI
Page 78
University of Wisconsin – Oshkosh
Market Survey – Student Questionnaire
While on location, representatives of Landmark Properties conducted focus groups with 40 students to gain more
insight into the market, price sensitivity, location appeal and popular student hangouts. Student participants were
randomly selected from various locations in the student union ( cafeteria, lounge, study areas, and book store)
1
8
Page 79
University of Wisconsin – Oshkosh
Market Survey – Student Questionnaire
Summarized Results
15.00%
57.50%
10.00%
17.50%
Where would you prefer to
live?
On Campus Dorm
Off Campus Rental House
Off Campus Traditional Apartment
Off Campus Student Centric
10%
20%
40%
30%
What size unit would you
be most interest in?
1 x 1 2 x 2 3 x 3 4 x 4
57.50%
42.50%
Is our location desirable?
Yes 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
1
9
Page 80
University of Wisconsin – Oshkosh
Market Survey – Student Questionnaire Results
2
0
Page 81
Subject Site
Analysis
Section III
21
Page 82
Subject Site Analysis
◦The subject sit is located ¼ mile 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 close
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 walk
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 conditions
and that a supermarket was not close by.
22
Page 83
Subject Site Analysis
23
This location map shows numerous student hangouts.
Based on the survey results some of the most popular
bars/restaurants for students are within walking distance.
Popular college bars:
- Kelly’s Bar
- Molly McGuire’s
Popular College Restaurants:
- Jimmy John’s
- Topper’s Pizza
- Polito’s Pizza
- Niko’s Gyros
Popular Restaurant:
-Mahoney’s Restaurant & Bar
Page 84
Competitor
Rental
Study
Section IV
24
Page 85
Competitive Project: Morgan Crossing
• Location is only slightly closer to campus than Annex 71’s
projected site. The difference in location is not an advantage.
• Built in 2007 and is starting to show strong indications of interior
aging. It still looks new from the exterior.
• Amenities include a fitness center on the first floor and an
upstairs lounge with rooftop access. The managers informed us
that these amenity features are rarely 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
at the University (when the University schedules one).
• 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%
25
Page 86
Competitive Project: Concord Place
• Concord Place’s location is only slightly closer to campus than Annex
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 is available 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
ownership/management company.
26
Page 87
Competitive Project: Anthem Luxury Living
• Anthem’s location is across the street from Annex 71’s site. The
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.
27
Page 88
Competitive Project: Student Leasing
• While they are not purpose-built, Concord Place and Morgan Crossing have adjusted their leasing
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.
28
Page 89
Property
2016/17
Occ. %
Pre‐Lease
(1/5/17) Unit Type Units Unit Size SF/Bed Rent/SF
Rent/Bed
(11/14/16)Fu
r
n
i
s
h
e
d
(
1
)
Wa
s
h
e
r
/
D
r
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r
(
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c
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r
i
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)
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t
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t
(
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r
(
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)
Pr
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B
a
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h
(
7
)
2017
Adjusted
Rents TV
i
n
c
l
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Po
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Po
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a
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u
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/
B
u
s
Parking
Assuming we include furniture, internet, cable, W/D, water/sewer/trash, and private BA
Anthem Luxury Living 95% 0%N N N N Y N N N N N Spaces 162
Manager ACC Management Group 2x2 78 1,030 515 $1.06 $545 $25 x $30 x x $15 x $615 Ratio: 100%
Dist. To Campus 0.90 miles 3x3 2 1,170 390 $1.14 $446 $25 x $30 x x $15 x $516 Cost:$50
Delivery 2015
Units 80
Beds 162
Concord Place 98% 40%1x1 15 697 697 $0.93 $650 $25 x $30 x ‐$30 x x $675 N N N N N N N N N Spaces 93
Manager Alexander bishop 2x2 36 950 475 $0.88 $420 $25 x $30 x ‐$15 x x $460 Ratio: 100%
Dist. To Campus .3 miles Cost:$50
Delivery 2003
Units 57
Beds 93
Morgan Crossing 100% 50%1x1 16 716 716 $0.95 $679 $25 x $30 x ‐$30 x x $704 N N N N N N N Spaces 126
Manager Alexander Bishop 2x2 28 1,002 501 $0.90 $450 $25 x $30 x ‐$15 x x $490 Ratio: 100%
Dist. To Campus .3 miles 3x3 20 1,248 416 $1.04 $433 $25 x $30 x ‐$10 x $30 $508 Cost:$50
Delivery 2007
Units 68
Beds 126
Average Prelease:26.3%
Unit Type Max Rent Subject UW Rates Diff. Rent Adjustements
Studio N/A (1) Furniture prices are set at $25 per bedroom.
1x1 704 849 20.6% (2) Washer/Dryer is based on $40 per unit
2x2 615 699 13.7% (3) Electric is based on $30 per bed
3x3 516 575 11.4% (4) Internet is based on $30 per unit
4x4 516 575 11.4% (5) Cable is based on $30 per unit
(6) Water/Sewer is based on $15 per bedroom
Unit Type Max Rent/SF Subject Rent/SF Diff.(7) Private bath is based on $30 per bedroom
0x1 N/A N/A RSF/BED $/SF
1x1 0.95 1.70 79.3%500 $1.70
2x2 1.06 1.75 65.1%400 $1.75
3x3 1.14 1.92 67.6%$1.92
4x4 N/A 1.92 N/A 300 $1.92
Market Survey
29
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
Page 90
Competitive Project Summary
• All three competitive projects have a mix of student and non-student renters.
• Displayed below are the max rental rates for each unit type adjusted for inclusions based on the market survey
•1x1 ‐ $704
•2x2 ‐ $615
•3x3 ‐ $516 * there are no 4x4 units present in the 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 to pre-lease in a student friendly manner. Anthem Luxury Living leases in a conventional 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 at 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 to find living arrangements between $250 and $350.
• Price sensitivity was voiced by many students surveyed, however Landmark attributes some degree of sensitivity
to the fact that there is no purpose built product in the market to compare against.
30
Page 91
31
After adjusting for inclusions, the 4x4 rents as proposed in the Annex71 Investment
Thesis would be priced at a ~6% disadvantage to the average on‐campus Housing Cost
($583/mo vs. $548/mo). When compared directly with Horizon Village, the same unit
would be priced at a 1% advantage ($583/mo vs. $589/mo).
University of Wisconsin ‐ Oshkosh ‐ Oshkosh, WI
On‐Campus Housing
Fall 2016 On‐Campus Rates W/Electr Inter Cabl Wate Kitchen PBA PBR
In‐Place Adjusted
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
Taylor Hall Single Room $3,134 $6,268 $696 $522 X X X ‐$10 X X $30 x $716 $542
Average 3200 $2,641 $5,281 $587 $440 $617 $470
Suites
Horizon Village 2BR Suite $3,060 $6,120 $680 $510 X X X ‐$10 X X $30 $20 $720 $550
Horizon Vilage 4BR Suite $3,190 $6,380 $709 $532 X X X ‐$10 X X $30 x $729 $552
Average 300 $3,125 $6,250 $694 $521 $724 $551
Total 3,500 $2,883 $5,766 $641 $480 $671 $510
On‐Campus Parking Marginal Cost Analysis
Lot Spaces Price Availability On‐Campus
Premium Resident $268 Avg. housing cost $510
Regular Resident $193 Standard meal plan 250
Parking 38.5
Other 0
Total $799
Off‐Campus
Notes Subject site 4‐bed rent 575
1) Twelve month equivalent is based on Fall Utility cost 8
and Spring semesters divided by 12 months Parking 0
2) Washer/Dryer is based on $40/unit Other 0
3) Kitchen is based on $20/bed Total $583
4) Private bath is based on $30/bed
5) Private bedroom is based on $20/bed Remaining for food $216
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)
Subject Site vs. Avg. On‐Campus 106.20%
Subject Site vs. Horizon Village 98.93%
12/28/2016
Page 92
Competitive Project Summary
Observations and Recommendations
• A larger amenity set will increase the desirability and garner slightly higher rents
• A college oriented marketing plan will be able to effectively reach more students than competitor properties.
• 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.
• 1BR 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 1BR floor plans where appealing to non-student
renters may be needed.
32
Page 93
Subject Site Recommendations
Amenities and Services
• The typical Annex amenity set is recommended as there is no purpose built housing in the competitive
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.
• Local bus service is notably free to UWO students.
33
Page 94
Subject Site Recommendations
Utilities & Furniture
• 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 large
target demographic for Annex 71
• Inclusion of utilities will differentiate Annex 71 from the competitive properties off campus (none of
which include electric).
• Flexibility on furnishing units is recommended particularly on 2BR and 1BR units where
appealing to non-student renters may be necessary
34
Page 95
Subject Site Recommendations
Subject Site Proposed Rates and Unit Mix
35
Unit Types Total Beds Projected Rents
1x1 20 $764
2x2 110 $653
4x4 180 $499
Page 96
Subject Site Recommendations
Unit Mix and Rental Rates
• 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.
36
Page 97
Marketing
Analysis &
Plan
Section V
37
1. SWOT Analysis
2. Target Market
3. Leasing Timeline
4. Marketing Plan Objectives
Page 98
Strengths
•Top of the market amenities
•Location ‐ close proximity to popular
bars and restaurants and campus,
great for those willing to drive
•New construction in dated market
•Furnished, may increase desirability
for students moving off campus for
the first time
Weaknesses
•Top of the market rates
•No completed product to show
•Furnished, may decrease desirability
among young
professionals/conventional market
Opportunities
•No other purpose‐built student
housing in the market
•No other by‐the‐bed leasing in the
market, financial safety for resident
•Potentially, growing student
enrollment
•Zero student specific marketing being
utilized
Threats
•Lack of familiarity in the market with
purpose built student products.
•An educational period would be
necessary to train the market
•Unsure of University’s attitude toward
student marketing/off‐campus
housing
•Low priced shadow market (off
campus rental houses)
SWOT Analysis
3
8
Page 99
• 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
Target Market
3
9
Page 100
• Student leasing season begins early on in 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
– May)
Leasing Timeline
4
0
Page 101
University of Wisconsin ‐ Oshkosh Academic Calendar
41
Leasing Timeline
Page 102
University of Wisconsin ‐ Oshkosh Academic Calendar
42
Leasing Timeline
Page 103
University of Wisconsin – Oshkosh Academic Calendar
43
Leasing Timeline
Page 104
Marketing Plan Objectives
1.Create brand recognition and product
awareness in marketplace
2.Promote product’s unique and elevated
position in the market
3.Educate target market on purpose-built
student housing
4.Leverage new product excitement to build
and maintain leasing velocity
4
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
4
5
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
4
6
Page 107
Product Positioning & Market Education
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/dryer
• Residence life programming
4
7
Page 108
Leverage Excitement & Build Velocity
• 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 Facebook reviews
and social media brand mentions
• Maintain consistent, active involvement in community and campus
events throughout leasing season
4
8
Page 109
Operations
Pro Forma &
Lease Up
Budget
Section VI
49
Page 110
Operations Pro Forma
5
0
Page 111
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Page 112
Lease-Up Budget
5
2
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$
PRE‐OPENING EXPENSES
Page 113
5
3
Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Rental Revenue
Market Rent $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Loss / Gain to Lease $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Rent Concessions / Incentives $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Employee Housing $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Model Apartment $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Revenue Write‐off $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Vacancy Loss $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Rental Revenue $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Other Income
Activity Fees $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Admin Fees $0.00 $0.00 $4,650.00 $9,300.00 $4,650.00 $9,300.00 $9,300.00 $4,650.00 $2,325.00 $0.00 $0.00 $0.00 $44,175.00
Misc Income $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Application Fees $0.00 $0.00 $1,550.00 $3,100.00 $1,550.00 $3,100.00 $3,100.00 $1,550.00 $775.00 $0.00 $0.00 $0.00 $14,725.00
Cancellation / Termination Fees $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Clubroom Fees $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Damage / Cleaning Fees $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Legal Fees Reimbursement $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Covered Parking Fee $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Interest Income (Other) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Interest Income (Sec Dep) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Key Replacement Costs $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Resident Insurance $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Late Fees $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
NSF Fees $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Pet Fees (Non‐Refundable) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Pet Rent $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Pet Fines $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Portal Fee $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Transfer Fees $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Conservice Setup / Annual Fee $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Trash Fines $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Pest Control Reimbursement $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Utility Cap Income $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Vending Income $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Other Income $0.00 $0.00 $6,200.00 $12,400.00 $6,200.00 $12,400.00 $12,400.00 $6,200.00 $3,100.00 $0.00 $0.00 $0.00 $58,900.00
Total Income $0.00 $0.00 $6,200.00 $12,400.00 $6,200.00 $12,400.00 $12,400.00 $6,200.00 $3,100.00 $0.00 $0.00 $0.00 $58,900.00
Page 114
5
4
Operating Expenses
Const. Build‐Out
Leasing Center Build‐Out $20,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20,000.00
Total Const Build‐Out $20,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20,000.00
Advertising & Promotions
Ad Production / Artwork $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Apartment Guides / Magazines $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Collateral $1,000.00 $0.00 $0.00 $0.00 $1,000.00 $0.00 $1,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3,000.00
Club Expense / Sponsorship $2,000.00 $500.00 $500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3,000.00
Community Newsletter $500.00 $0.00 $0.00 $0.00 $0.00 $500.00 $500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,500.00
Direct Mail $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Leasing Office Rent & Expenses $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Leasing Staff on Site $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Internet Advertising $0.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $500.00 $500.00 $500.00 $500.00 $500.00 $8,500.00
Locator / Broker Fees $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Model Accessories $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Newspaper Advertising ‐ Student $0.00 $0.00 $500.00 $500.00 $0.00 $500.00 $500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,000.00
Newspaper Advertising ‐ Non Student $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Promotional Events $0.00 $1,500.00 $500.00 $0.00 $0.00 $0.00 $500.00 $0.00 $0.00 $500.00 $500.00 $500.00 $4,000.00
Promotional Items $6,000.00 $0.00 $0.00 $0.00 $0.00 $2,500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8,500.00
Prospect Refreshments $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $1,200.00
Radio / Television $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Resident Functions $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Resident Incentives $500.00 $500.00 $500.00 $500.00 $500.00 $500.00 $500.00 $500.00 $500.00 $500.00 $500.00 $500.00 $6,000.00
Resident Referrals $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Resident Retention $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Seasonal Decorations $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Signage $3,500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3,500.00
Website Expenses $3,500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3,500.00
Total Advertising $17,100.00 $3,600.00 $3,100.00 $2,100.00 $2,600.00 $5,100.00 $4,100.00 $1,100.00 $1,100.00 $1,600.00 $1,600.00 $1,600.00 $44,700.00
General & Administrative
Bank Charges $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $600.00
Bank Fees ‐ Credit Card Charges $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Clubroom Maint & Repair $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Computer Software $2,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2,000.00
Real Page ‐ Site Expense $525.00 $525.00 $525.00 $525.00 $525.00 $525.00 $525.00 $525.00 $525.00 $525.00 $525.00 $525.00 $6,300.00
Bank Draft ‐ SIGONFILE / OneSite $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $300.00
Computer Supplies $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Credit Reports / Resident Screen $0.00 $0.00 $434.00 $868.00 $434.00 $868.00 $868.00 $434.00 $217.00 $0.00 $0.00 $0.00 $4,123.00
Dues & Subscriptions $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Employee Recognition $0.00 $0.00 $0.00 $0.00 $0.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $700.00
Employee Travel $1,500.00 $1,500.00 $0.00 $0.00 $1,000.00 $0.00 $1,000.00 $0.00 $1,000.00 $0.00 $1,000.00 $0.00 $7,000.00
Express Mail $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Employee Housing $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Legal Fees / Evictions $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Licenses / Fees $500.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $500.00
Copier Equip Maint Contract $600.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $1,150.00
Copier Equip Rental / Leasing $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Office Supplies $1,000.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $2,100.00
Pagers / Cellular Phones $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Postage & Delivery $0.00 $0.00 $0.00 $0.00 $0.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $50.00 $350.00
Printing $500.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $1,600.00
Leasing Center Rent $4,000.00 $2,000.00 $2,000.00 $2,000.00 $2,000.00 $2,000.00 $2,000.00 $2,000.00 $2,000.00 $2,000.00 $2,000.00 $2,000.00 $26,000.00
Telephone Service $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
IT Repairs & Maintenance $500.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $1,600.00
Training / Education $500.00 $0.00 $0.00 $0.00 $0.00 $800.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,300.00
Total General & Administrative $11,700.00 $4,450.00 $3,384.00 $3,818.00 $4,384.00 $4,768.00 $4,968.00 $3,534.00 $4,317.00 $3,100.00 $4,100.00 $3,100.00 $55,623.00
Page 115
5
5
Payroll & Related
Employee Recruiting / Advertising $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Health Insurance & Benefits ‐ Admin $129.00 $129.00 $129.00 $129.00 $129.00 $129.00 $129.00 $129.00 $129.00 $129.00 $129.00 $258.00 $1,677.00
Health Insurance & Benefits ‐ Maint $129.00 $129.00 $129.00 $129.00 $129.00 $129.00 $129.00 $129.00 $129.00 $129.00 $129.00 $129.00 $1,548.00
Salary & Wages ‐ Admin $4,978.46 $4,978.46 $4,978.46 $7,467.69 $4,978.46 $4,978.46 $4,978.46 $4,978.46 $4,978.46 $7,467.69 $4,978.46 $4,978.46 $64,720.00
Payroll Burden ‐ Admin $448.06 $448.06 $448.06 $672.09 $448.06 $448.06 $448.06 $448.06 $448.06 $672.09 $448.06 $448.06 $5,824.80
Salary & Wages ‐ Maint $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,800.00 $1,800.00
Payroll Burden ‐ Maint $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $162.00 $162.00
Bonuses ‐ Admin $0.00 $0.00 $387.50 $775.00 $387.50 $775.00 $775.00 $387.50 $193.75 $0.00 $0.00 $3,875.00 $7,556.25
Bonuses ‐ Maint $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Payroll Processing Exp ‐ Admin $42.00 $42.00 $42.00 $63.00 $42.00 $42.00 $42.00 $42.00 $42.00 $63.00 $42.00 $42.00 $546.00
Payroll Processing Exp ‐ Maint $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.00 $14.00
Temp Employee Wages $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
$5,726.52 $5,726.52 $6,114.02 $9,235.78 $6,114.02 $6,501.52 $6,501.52 $6,114.02 $5,920.27 $8,460.78 $5,726.52 $11,706.52 $83,848.05
Insurance
Insurance ‐ General Liability $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $1,200.00
Insurance ‐ Employment Practices $160.00 $160.00 $160.00 $160.00 $160.00 $160.00 $160.00 $160.00 $160.00 $160.00 $160.00 $160.00 $1,920.00
Insurance ‐ Workers Comp $190.00 $190.00 $190.00 $190.00 $190.00 $190.00 $190.00 $190.00 $190.00 $190.00 $190.00 $190.00 $2,280.00
Insurance ‐ Property ‐ Escrow $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Insurance ‐ Umbrella Liability $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Insurance ‐ Other $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Insurance $450.00 $450.00 $450.00 $450.00 $450.00 $450.00 $450.00 $450.00 $450.00 $450.00 $450.00 $450.00 $5,400.00
Property Management Fee
Property Management Fee $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $90,000.00
Property Management Fee NOI $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Property Management Fee $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $7,500.00 $90,000.00
Repairs & Maintenance
Amenity Common Area Cleaning $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Amenity Supplies $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Amenity Computer Lab R&M $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Amenity Elevator Contract $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Amenity Elevator Maintenance $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Amenity Equipment Maintenance $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Amenity Janitorial Contract $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Amenity Janitorial Supplies $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $1,200.00
Amenity Painting ‐ Common Area $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Repairs / Labor $100.00 $0.00 $50.00 $0.00 $50.00 $0.00 $50.00 $50.00 $0.00 $50.00 $0.00 $50.00 $400.00
Roof & Gutter Repairs $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Signage R&M $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Supplies $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Window & Door Repairs $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Repairs & Maintenance $200.00 $100.00 $150.00 $100.00 $150.00 $100.00 $150.00 $150.00 $100.00 $150.00 $100.00 $150.00 $1,600.00
Security
Security Fire Alarm Monitor $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Contracted Security Service $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Security $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
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6
Shuttle Bus
Shuttle Service ‐ Contracted $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Shuttle Service ‐ Night Contract $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shuttle Bus $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Utilities
Cable TV Contract $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Electricity ‐ Common Area $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 $150.00 $1,800.00
Electricity ‐ Occupied Units $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Electricity ‐ Vacant $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Gas ‐ Common Area $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $1,200.00
Internet Contract $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $1,200.00
Water / Sewer ‐ Common Area $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Water / Sewer ‐ Occupied Unit $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Water / Sewer ‐ Vacant $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Garbage Collection $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Utilities ‐ Occupied Unit $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Trash Removal $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Utility Reimbursements $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Utility ‐ Vacant Service Fees $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Utilities $350.00 $350.00 $350.00 $350.00 $350.00 $350.00 $350.00 $350.00 $350.00 $350.00 $350.00 $350.00 $4,200.00
Turn Expense
Move to Clubhouse $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Leasing Center Clean/Stripped $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $500.00 $500.00
Total Turn Expenses $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $500.00 $500.00
Total Operating Expenses $63,026.52 $22,176.52 $21,048.02 $23,553.78 $21,548.02 $24,769.52 $24,019.52 $19,198.02 $19,737.27 $21,610.78 $19,826.52 $25,356.52 $305,871.05
EBITDA ‐$63,026.52 ‐$22,176.52 ‐$14,848.02 ‐$11,153.78 ‐$15,348.02 ‐$12,369.52 ‐$11,619.52 ‐$12,998.02 ‐$16,637.27 ‐$21,610.78 ‐$19,826.52 ‐$25,356.52 ‐$246,971.05
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NTS
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ANNEX OSHKOSH PLAN COMMISSION SUBMITTAL
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NTS
Architecture
A0.1 Sheet Index
A1.1 Site Plan
A2.1 First Floor Plan
A2.2 Second and Third Floor Plan
A2.3 Fourth Floor Plan
A2.5 Roof Plan
A3.1 Building Elevations
A3.2 Building Elevations
A4.1 Unit Plans
A5.1 Perspective
A5.2 Perspective
A6.1 Photometric Plan
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Page 123
Page 124
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Level 1 - Residential
Level 2 - Residential
Level 3 - Residential
Level 4 - Residential
Roof
11
'
±5
2
'
-
0
"
11
'
11
'
11
'
±8
'
Elevator
Level 1 - Residential
Level 2 - Residential
Level 3 - Residential
Level 4 - Residential
Roof
11
'
±5
0
'
-
0
"
11
'
11
'
11
'
±6
'
Stair
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0 8 16 32
1. South Elevation (Marion Road)
2. West Elevation
Material Legend
1.Brick
2.Metal Panel System
3.Stucco
3A.Fiber Cement Panel System
4.Signage
5.Vinyl Windows
6.Metal Railing
7.Canopy
1 3A345677
22345671
BRICK1 METAL PANEL2 STUCCO3 FIBER CEMENT
PANEL SYSTEM3A
Key Map n.t.s.
Marion Road
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Level 1 - Residential
Level 2 - Residential
Level 3 - Residential
Level 4 - Residential
Roof
11
'
±5
0
'
-
0
"
11
'
11
'
11
'
±6
'
Stair
Level 1 - Residential
Level 2 - Residential
Level 3 - Residential
Level 4 - Residential
Roof
11
'
±5
2
'
-
0
"
11
'
11
'
11
'
±8
'
Elevator
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0 8 16 32
Key Map n.t.s.
Marion Road
1. North Elevation (Marion Road)
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32 5 6 377
223 456233377
2 35
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
BRICK1 METAL PANEL2 STUCCO3 FIBER CEMENT
PANEL SYSTEM3A
Page 127
UNIT PLAN 2-2-C
UNIT PLAN 1-1
UNIT PLAN 4-4
UNIT PLAN 2-2
Bedroom 1
10'-0" x 11'-4"
Bedroom 2
11'-4" x 10'-0"
W/D
Living Room
12'-0" x 12'-0"
Kitchen/Dining
7'-7" x 15'-8"
Bath 1
Type A
Bath 2
Type A
2 Bedroom Suite
850 Sq. Ft.
Bedroom 1
10'-8" x 9'-0"
Living Room
11'-11" x 12'-0"
Kitchen/Dining
12'-0" x 10'-2"W
M
1 Bedroom Suite
540 Sq. Ft.
Bath 1
Type B
Bedroom 1
10'-2" x 9'-0"
Living Room
12'-5" x 12'-0"
Kitchen/Dining
12'-0" x 10'-2"W
M
2 Bedroom Suite
780 Sq. Ft.
Bath 1
Type B
Bedroom 2
10'-2" x 9'-0"
Bath 2
Type B
Bedroom 2
10'-2" x 9'-0"
Living Room
11'-8" x 15'-0"Bedroom 1
9'-7" x 9'-0"
W M
4 Bedroom Suite
1300 Sq. Ft.Bath 1
Type A
Bedroom 4
10'-2" x 9'-0"
Bedroom 3
9'-7" x 9'-0"
Bath 3
Type A
Kitchen/Dining
11'-8" x 10'-6"
Bath 2
Type B
Bath 2
Type B
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0 2 4 8
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ANNEX OSHKOSH PLAN COMMISSION SUBMITTAL
MARCH 31, 2017 A5.1PERSPECTIVES
NTS
Key Map n.t.s.
1. Perspective View along Marion Road
Marion Road
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ANNEX OSHKOSH PLAN COMMISSION SUBMITTAL
MARCH 31, 2017 A5.2PERSPECTIVES
NTS
Key Map n.t.s.
Marion Road
2. Perspective View along Entry Drive
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0
Date:3/27/2017 Footcandles calculated at grade
Filename: V:\Common\AppEng\OUT\170302KT1LJSR1.AGI
1200 92nd Street - Sturtevant, WI 53177
www.cree.com - (800) 236-6800
Illumination results shown on this lighting design are based on project parameters provided to Cree, Inc. used in conjunction with luminaire
test procedures conducted under laboratory conditions. Actual project conditions differing from these design parameters may affect field results.
The customer is responsible for verifying dimensional accuracy along with compliance with any applicable electrical, lighting, or energy code.
60 120
Scale: 1"=30'
Layout by: LINDA SCHALLER
SR-21617Project Name: ANNEX 71
Primary Amenity
Courtyard
Water Tower
Easement
Property Line FutureR.O.W
40' Utility Easement
40' Utility Easement
40' Utility Easement
Loading
49 Covered
Parking Spaces
%%U4 Story Residential Bldg.
142,400 SF
Detention
Pond
De
t
e
n
t
i
o
n
Po
n
d
R.O.W
60' Cul-de-sac
90' dia. ROW
249 Parking Spaces
(.80 spaces/ bed)
ADDITIONAL EQUIPMENT:
***POLES BY OTHER****
(28) OSQ-DAXX (DIRECT ARM MOUNT)
5SH-2
MH: 15
1
MH: 15
5ME-2
2
5ME-2
MH: 15
3
MH: 15
4
5SH-1
MH: 15
5
5SH-1
4MEB-1
MH: 15
6
5SH-1
7
MH: 15 MH: 15
8
5SH-1
MH: 15
9
4ME-1
MH: 15
5SH-1
10
MH: 15
3ME-1
11
MH: 15
5ME-2
12
2MEB-1
MH: 15
13
2MEB-1
MH: 15
14
4MEB-1
MH: 15
15
16
2ME-1
MH: 15
2MEB-1
MH: 15
17
MH: 15
18
5SH-1
MH: 15
5SH-1
19
20
5SH-1
MH: 15 MH: 15
5SH-1
21
MH: 15
22
5SH-1
MH: 15
2ME-1
23
4MEB-1
MH: 15
24
0.0
0.0
0.0
0.0
0.0
0.0
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0.2
0.2
0.3
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0.4
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0.4
0.4
0.4
0.4
0.4
0.4
0.3
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0.3
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0.3
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1.61.61.92.63.0
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1.62.12.42.62.73.2
1.9
2.3
3.4
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2.02.22.12.01.74.1 1.5
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0.8
1.6
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1.5
1.1
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2.2
1.31.10.85.83.62.01.5 1.96.4 2.43.31.80.8
1.62.12.33.22.82.6
1.1
5.2
2.0
1.31.10.95.33.82.01.3
1.5
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1.01.62.03.02.5
0.9
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0.9
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3.95.72.4
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0.71.3
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1.6
2.1 1.61.81.40.6
1.52.53.22.92.9
2.7 2.0 1.92.22.32.12.31.71.20.92.2 1.62.0 2.22.02.21.71.20.70.60.9
1.9
1.0
2.4 2.21.61.30.80.71.01.52.3 3.73.7 2.71.61.30.90.91.51.93.92.32.0 2.7 2.5
1.6
1.82.01.92.63.03.42.92.4 1.6 2.12.83.72.51.71.41.01.11.52.4 1.1
2.30.6 1.6 1.0 0.8 0.5 2.12.3 2.32.6 1.8
2.7 2.3 2.1 1.6 1.1
2.71.4
1.0
2.0 3.9 4.1 6.8 6.3 2.03.1
2.0
0.8 0.7 0.9 1.4 2.2 2.44.0
1.7
1.9 1.7 1.4 3.3 3.5 0.8
1.1
0.9
1.5
1.7 1.9 1.4 1.6 5.0 6.9
0.9
1.5
0.5
2.0 2.0 1.8 1.8
4.0
2.4
2.1
2.5
1.3 2.0 1.8 1.3 1.5 1.5
0.8
2.1
1.3
0.9
0.9 1.1 1.4 1.6 1.71.2 1.41.5 1.0 0.8 0.6 2.2 2.7 2.41.61.4
3.5
0.5 0.8 1.1 1.3 1.4 1.01.2 2.32.1 3.7 5.5 5.0 2.9 1.91.2
2.32.0 1.9 2.0 1.8 1.3 0.9
2.4
0.50.9 2.3 4.1 1.9 1.9 1.6 1.00.77.8
0.8
1.6
0.8 0.8 1.0 2.2 1.75.9 1.27.1 6.1 3.7 1.6 0.9 0.8
2.2
5.4
2.7
0.8
5.1 5.9 6.0 6.1 4.24.5 3.63.8 2.6 2.6 3.1 2.1 6.5 4.62.8
2.96.4 5.4 4.6 4.7 3.6 1.6
4.3
1.7
2.3
5.0 5.0 2.6 1.9 5.9 4.91.3
1.22.5 2.5 1.8 1.3 1.1 1.0
0.6
1.00.5
0.5 0.6 0.6 0.6 0.6 0.5
1.0
1.6
6.7
3.5 5.7 5.1 3.5 4.5
1.8
2.1
0.9
1.3 1.5 1.7 1.8 5.2 4.41.8 3.1
1.7
1.5 1.9 1.8 1.4 1.1
1.0 2.42.8
1.6
1.8 3.8 4.1 2.7 3.1
6.3
1.6
1.1
2.1
1.4 1.3 1.3 1.1 1.6
7.4
7.4
5.1
1.1 1.1
0.8 1.0 1.5 1.1
2.4
5.1
0.94.3 5.0 3.6 2.6 2.0 1.3
1.9
1.0
4.4
1.4 2.7 5.4 2.5 1.6
0.8
1.0
1.22.1 3.9 4.5 2.4 2.4 2.5
2.8
1.5 4.31.0 1.5 2.7 4.9 2.5 1.7
3.8
2.2
2.2
2.1
3.9 2.2 1.3 0.8 2.63.2 3.83.8 2.6 6.2 4.5
1.1 3.5 4.1
2.73.83.0 1.7 1.3 1.6 2.8 3.4 3.23.0
2.2
2.1 1.3 1.0 1.1 1.4 2.43.0
2.82.0 3.6 6.1 3.5 1.8 1.11.9 2.31.1 2.5 2.4 3.4 6.9 4.3
4.1
0.71.5
4.0
4.9 4.6 4.8 4.5 3.3 1.31.5 1.12.3 4.0 5.8 3.2 1.8 1.21.3 2.0
2.83.7 5.3 6.3 5.1 0.6 0.6 1.62.0
2.1
2.7 2.8 2.6 1.7 1.2
3.7
1.1
1.6
0.7
1.1 1.3 1.3 1.2 1.3
0.5
1.9 1.81.4 2.0 2.3 2.3 2.2 2.4
2.1
1.6
6.2
2.6 2.5 2.4 2.3 3.2 2.81.1
4.1
1.4
1.3 0.9 1.7 3.3 3.7
1.4
6.2
1.51.8 1.6 1.6 1.9 2.0 1.3 2.41.0 0.92.2 2.0 1.7 1.8 2.1 2.2
4.0
0.9
1.3
1.3
1.6 2.6 2.6 2.3 2.31.0 2.41.4 0.7 1.6 2.0 2.0 1.9 2.72.61.73.3 3.5 3.7 3.7 3.6 2.8 1.11.3
0.5
2.7 2.5 2.3 2.3 2.9 2.31.6
1.61.0 1.1 1.5 1.9 1.8 1.5
6.9
1.61.6 1.2 0.7 2.1 2.3 2.3
0.8
1.51.2
0.5
1.0 1.7 2.5 2.7 2.7 1.31.7 1.71.1 1.5 1.8 1.6 1.3 1.4
4.2
2.4
2.12.0 3.6 7.0 3.4 1.8 1.0
0.9
2.11.1 2.1 2.1 4.5 7.4 6.3
1.7
0.71.51.4 2.5 3.2 5.4 4.8 3.0 1.31.6 1.12.2 4.1 6.3 3.2 1.7 1.2
1.2
2.2
2.02.2 4.3 4.2 4.0 2.0 1.20.7 1.61.1 2.0 1.9 3.6 6.8 5.5
2.6
0.71.62.2 3.3 4.7 4.9 4.3 3.3 1.41.5 1.12.4 4.7 4.2 3.5 1.9 1.3
0.8
2.0
Luminaire Location Summary
LumNo Z Tilt
Footcandles calculated using predicted lumen values after 50K hours of operation
Label Avg
Luminaire Schedule / "Did you know that utility rebates can cover 25% or more of a product's cost? Email rebates@cree.com to get help on your project!"
Symbol Qty Label Arrangement Lumens/Lamp
1 15 0
LLF Total Watts Description Lum. Watts
2 15 0
Max Min Avg/Min Max/Min
CalcPts_1 2.28 7.9
3 15 0
4 15 0
2 2ME-1 SINGLE 11648 0.930 172 OSQ-A-NM-2ME-B-57K-xx-xx + OSQ-DAxx 86
1 3ME-1 SINGLE 11648 0.930 86 OSQ-A-NM-3ME-B-57K-xx-xx + OSQ-DAxx 86
1 4ME-1 SINGLE 11648 0.930 86 OSQ-A-NM-4ME-B-57K-xx-xx + OSQ-DAxx 86
3 5ME-2 BACK-BACK 11056 0.950 516 OSQ-A-NM-5ME-B-57K-xx-xx + OSQ-DAxx 86
10 5SH-1 SINGLE 11678 0.950 860 OSQ-A-NM-5SH-B-57K-xx-xx + OSQ-DAxx 86
1 5SH-2 BACK-BACK 11678 0.950 172 OSQ-A-NM-5SH-B-57K-xx-xx + OSQ-DAxx 86
3 2MEB-1 SINGLE 8950 0.930 258 OSQ-A-NM-2ME-B-57K-xx-xx + OSQ-DAxx + OSQ-BLSMF 86
3 4MEB-1 SINGLE 8950 0.930 258 OSQ-A-NM-4ME-B-57K-xx-xx + OSQ-DAxx + OSQ-BLSMF 86
5 15 0
6 15 0
7 15 0
8 15 0
9 15 0
10 15 0
11 15 0
12 15 0
13 15 0
14 15 0
15 15 0
16 15 0
17 15 0
18 15 0
19 15 0
20 15 0
21 15 0
22 15 0
23 15 0
24 15 0
0.5 4.56 15.80
PROPERTY LINE 0.11 0.4 0.0 N.A.N.A.
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Plan Commission Minutes June 20, 2017
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.
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Plan Commission Minutes 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)
Respectfully submitted,
Darryn Burich
Director of Planning Services
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TID 33 LEGAL DESCRIPTION
BEING ALL OF LOTS 3 THROUGH 18 AND PART OF LOTS 1, 2 AND 19, BLOCK E, ALL OF LOTS 11, 23
THROUGH 28 AND PART OF LOTS 4, 6 THROUGH 12, 29 AND 30, BLOCK F, WESTERN ADDITION; ALL OF
OUTLOT 2 OF CERTIFIED SURVEY MAP NUMBER 5712 RECORDED IN VOLUME 1, PAGE 5712, DOCUMENT
NUMBER 1352487, WINNEBAGO COUNTY REGISTER OF DEEDS; AND PART OF MARION ROAD, VACATED
HANCOCK AND WARREN STREETS, BEING PART OF THE SOUTHEAST ¼ OF THE NORTHEAST ¼ AND PART
OF THE NORTHEAST ¼ OF THE SOUTHEAST ¼ OF SECTION 23, TOWNSHIP 18 NORTH, RANGE 16 EAST,
CITY OF OSHKOSH, WINNEBAGO COUNTY, WISCONSIN, BOUNDED AND DESCRIBED AS FOLLOWS:
COMMENCING FROM THE EAST ¼ CORNER OF SAID SECTION 23; THENCE N01°17’08”W, 233.30 FEET
ALONG THE EAST LINE OF THE NORTHEAST ¼ OF SAID SECTION 23; THENCE S88°42’52”W, 482.63 FEET
TO THE POINT OF BEGINNING; THENCE S37°17’27”W, 80.11 FEET ALONG THE EASTERLY LINE OF SAID
LOT 12, BLOCK F; THENCE N53°46’43”W, 2.00 FEET; THENCE S37°17’27”W, 67.49 FEET ALONG A LINE
PARALLEL TO SAID EAST LINE OF LOT 12, BLOCK F TO A POINT ON THE SOUTH LINE OF LOT 12, BLOCK F;
THENCE S53°46’43”E, 2.00 FEET ALONG SAID SOUTH LINE OF LOT 12, BLOCK F TO THE SOUTHEAST
CORNER OF SAID LOT 12; THENCE S37°27’03”W, 134.86 FEET ALONG THE EAST LINE AND EXTENDED
EAST LINE OF LOT 23, BLOCK F, ALSO BEING A WESTERLY LINE OF CERTIFIED SURVEY MAP NUMBER 6553
TO A SOUTHWESTERLY CORNER OF SAID CERTIFIED SURVEY MAP NUMBER 6553; THENCE S53°48’13”E,
60.03 FEET ALONG A SOUTHERLY LINE OF SAID CERTIFIED SURVEY MAP NUMBER 6553; THENCE
S37°23’42”W, 15.13 FEET ALONG A WESTERLY LINE OF SAID CERTIFIED SURVEY MAP NUMBER 6553;
THENCE S29°21’00”W, 192.35 FEET ALONG A WESTERLY LINE AND EXTENDED WESTERLY LINE OF SAID
CERTIFIED SURVEY MAP NUMBER 6553 TO A POINT ON THE NORTH LINE OF MARION ROAD; THENCE
N65°46’22”W, 702.60 FEET ALONG SAID NORTH LINE OF MARION ROAD TO A POINT ON THE EXTENDED
EAST LINE OF DAWES STREET; THENCE N36°58’17”E, 187.11 FEET ALONG THE EXTENDED EAST AND EAST
LINE OF DAWES STREET TO A POINT ON A SOUTH LINE OF CERTIFIED SURVEY MAP NUMBER 5396;
THENCE S53°47’54”E, 7.39 FEET ALONG A SOUTH LINE OF SAID CERTIFIED SURVEY MAP NUMBER 5396
TO A SOUTHEAST CORNER OF SAID CERTIFIED SURVEY MAP NUMBER 5396; THENCE 315.30 FEET ALONG
AN ARC OF A CURVE TO THE RIGHT, ALONG SOUTHERLY LINES OF CERTIFIED SURVEY MAP NUMBERS
5396 AND 5712, SAID CURVE HAVING A RADIUS OF 618.11 FEET AND A CHORD THAT BEARS
N68°05’32.5”E, 311.90 FEET; THENCE 461.24 FEET ALONG AN ARC OF A CURVE TO THE RIGHT, ALONG
SOUTH LINES OF LOT 2 OF CERTIFIED SURVEY MAP NUMBER 5712, DAWES STREET AND LOT 1 OF
CERTIFIED SURVEY MAP NUMBER 5712, SAID CURVE HAVING A RADIUS OF 618.69 FEET AND A CHORD
THAT BEARS S77°39’28”E, 450.63 FEET; THENCE S54°04’05”E, 2357 FEET ALONG THE SOUTH LINE OF
RIVERWAY DRIVE TO THE POINT OF BEGINNING.
SAID AREA CONTAINS 283,574 SQUARE FEET OR 6.510 ACRES, MORE OR LESS.
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