HomeMy WebLinkAbouttid-36-final-project-plan
Organizational Joint Review Board Meeting: May 7, 2019
Public Hearing: May 7, 2019
Approval by Plan Commission: May 7, 2019
Adoption by Common Council: June 11, 2019
June 11, 2019
Project Plan for the Creation of
Tax Incremental District No. 36
(Merge Redevelopment Project)
Approval by the Joint Review Board: June 28, 2019
Tax Incremental District No. 36 Creation
Project Plan
City of Oshkosh Officials
Common Council
Lori Palmeri Mayor
Steve Herman Deputy Mayor
Debra L. Allison-Aasby Council Member
Jake Krause Council Member
Bill Miller Council Member
Matt Mugerauer Council Member
Bob Poeschl Council Member
City Staff
Mark Rohloff City Manager
Allen Davis Community Development Director
Lynn Lorenson City Attorney
Mark Lyons Interim Planning Director
Kelly Nieforth Economic Development Services Manager
Trena Larson Finance Director
Pamela Ubrig City Clerk
Plan Commission
Thomas Fojtik, Chair Thomas Perry
Kathleen Propp, Vice-Chair Robert Vajgrt
Ed Bowen Derek Groth
Mike Ford John Kiefer
John Hinz Andrew Mott
Lori Palmeri, Mayor
Joint Review Board
Mark Rohloff, City Manager City Representative
Mark Harris, County Executive Winnebago County
Amy Van Straten, Chief Financial Officer Fox Valley Technical College District
Barbara Herzog, School Board President Oshkosh School District
Burk Tower Public Member
Table of Contents
EXECUTIVE SUMMARY ........................................................................................................................................... 4
TYPE AND GENERAL DESCRIPTION OF DISTRICT ........................................................................................ 6
PRELIMINARY MAPS OF PROPOSED DISTRICT BOUNDARY ...................................................................... 7
MAPS SHOWING EXISTING USES AND CONDITIONS ................................................................................. 10
PRELIMINARY PARCEL LIST AND ANALYSIS ................................................................................................. 12
EQUALIZED VALUE TEST ..................................................................................................................................... 13
STATEMENT OF KIND, NUMBER AND LOCATION OF PROPOSED PUBLIC WORKS AND OTHER
PROJECTS ................................................................................................................................................................ 14
MAP SHOWING PROPOSED IMPROVEMENTS AND USES ......................................................................... 16
DETAILED LIST OF PROJECT COSTS .............................................................................................................. 18
ECONOMIC FEASIBILITY STUDY, FINANCING METHODS, AND THE TIME WHEN COSTS OR
MONETARY OBLIGATIONS RELATED ARE TO BE INCURRED .................................................................. 19
ANNEXED PROPERTY........................................................................................................................................... 24
ESTIMATE OF PROPERTY TO BE DEVOTED TO RETAIL BUSINESS ...................................................... 24
PROPOSED ZONING ORDINANCE CHANGES ................................................................................................ 24
PROPOSED CHANGES IN MASTER PLAN, MAP, BUILDING CODES AND CITY OF OSHKOSH
ORDINANCES .......................................................................................................................................................... 24
RELOCATION ........................................................................................................................................................... 24
ORDERLY DEVELOPMENT OF THE CITY OF OSHKOSH ............................................................................. 25
LIST OF ESTIMATED NON-PROJECT COSTS ................................................................................................. 25
26
CALCULATION OF THE SHARE OF PROJECTED TAX INCREMENTS ESTIMATED TO BE PAID BY
THE OWNERS OF PROPERTY IN THE OVERLYING TAXING JURISDICTIONS ...................................... 27
OPINION OF ATTORNEY FOR THE CITY OF OSHKOSH ADVISING WHETHER THE PLAN IS
COMPLETE AND COMPLIES WITH WISCONSIN STATUTES 66.1105 ......................................................
_____________________________________________________________________________________________
TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 4 June 12, 2019
SECTION 1:
Executive Summary
Description of District
Tax Incremental District (“TID”) No. 36 (“District”) is a proposed 5.82-acre blighted area district
consisting of three parcels currently owned by the City’s Redevelopment Authority located on Marion
Road and Jackson Street. The District will be created to pay the costs of incentives needed to facilitate
development of a mixed-use project consisting of 240 residential units and approximately 39,000 square
feet of commercial space (“Project”) to be developed by Merge Urban Development Group
(“Developer”). The parcels to be included in the District are currently located within both Tax
Incremental District No. 13 and Tax Incremental District No. 21. Any increased valuation occurring after
January 1, 2019 will be captured as increment within Tax Incremental District No. 36.
Authority
The City is creating the District under the provisions of Wis. Stat. § 66.1105.
Estimated Total Project Cost Expenditures
The City anticipates making total expenditures of approximately $10 million (“Project Costs”) to
undertake the projects listed in this Project Plan (“Plan”). Project Costs include an estimated $9.8 million
in development incentive principal and interest, and an estimated $215,000 in District administrative
expense.
Incremental Valuation
The City projects that an increase in land and improvements value of approximately $26 million will
result from the Project. Creation of this additional value will be made possible by the Project Costs made
within the District. Assumptions as to the development timing and associated values are included in
Section 10 of this Plan.
Expected Termination of District
Based on the Economic Feasibility Study located within Section 10 of this Plan, the City anticipates that
the District will generate enough tax increment to pay all Project Costs within 17 of its allowable 27
years.
Summary of Findings
As required by Wis. Stat. § 66.1105, and as documented in this Plan and the exhibits contained and
referenced herein, the following findings are made:
1. That “but for” the creation of this District, the development projected to occur as detailed
in this Plan: 1) would not occur; or 2) would not occur in the manner, at the values, or
within the timeframe desired by the City. In reaching this determination, the City has
considered a review of the Project’s sources and uses, and cash flow proforma. Ehlers’ evaluation
examined the Project’s cash on cash returns. From Project stabilization in 2023 through 2029 the
average cash on cash return without incentives is 3.55%. With incentives, this return improves to
an average of 7.69%. To attract investment capital, most projects require a cash on cash return of
8% to 12% dependent on the risk profile. At the end of the incentive term, the Project reflects
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TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 5 June 12, 2019
projected returns of 10% or greater. Based on Ehlers review, provision of pay as you go
development incentives in the amount requested is necessary to provide an acceptable return on
investment and indicates that “but for” the assistance, the project would not likely proceed.
2. The economic benefits of the District, as measured by increased employment, business and
personal income, and property value, are sufficient to compensate for the cost of the
improvements. In making this determination, the City has considered that the Project will
provide increased employment opportunities, provision of housing to meet existing demand and
provision of space to accommodate retail and service businesses to support residents and workers
in the area.
3. The benefits of the proposal outweigh the anticipated tax increments to be paid by the
owners of property in the overlying taxing jurisdictions. As required by Wis. Stat. §
66.1105(4)(i)4., a calculation of the share of projected tax increments estimated to be paid by the
owners of property in the overlying taxing jurisdictions has been prepared and can be found in
Appendix A of this plan. However, because the Project would not occur without the use of tax
incremental financing, these tax increments would not be paid but for creation of the District.
Accordingly, the City finds that the benefits expected to be realized as set forth in this Plan
outweigh the value of the tax increments to be invested in the Project.
4. Not less than 50% by area of the real property within the District is a blighted area as defined by
Wis. Stat. § 66.1105(2)(ae)1. and as further detailed in Section 5 of the Plan.
5. Based on the foregoing finding, the District is designated as a blighted area district.
6. The Project Costs relate directly to the elimination of blight in the District, consistent with the
purpose for which the District is created.
7. Improvements to be made in the District are likely to significantly enhance the value of
substantially all of the other real property in the District.
8. The equalized value of taxable property in the District, plus the incremental value of all existing
tax incremental districts within the City does not exceed 12% of the total equalized value of
taxable property within the City.
9. That there are no parcels to be included within the District that were annexed by the City within
the three-year period preceding adoption of this Resolution.
10. That less than 35% of the territory within the District will be devoted to retail business at the end
of the District’s maximum expenditure period, pursuant to Wisconsin Statutes Section
66.1105(5)(b).
11. The Plan for the District is feasible and is in conformity with the Master Plan of the City.
_____________________________________________________________________________________________
TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 6 June 12, 2019
SECTION 2:
Type and General Description of District
The District is a proposed 5.82-acre blighted area district consisting of three parcels currently owned by
the City’s Redevelopment Authority located on Marion Road and Jackson Street. The District will be
created to pay the costs of incentives needed to facilitate development of a mixed-use project consisting
of 240 residential units and approximately 39,000 square feet of commercial space (“Project”) to be
developed by Merge Urban Development Group (“Developer”). The parcels to be included in the District
are currently located within both Tax Incremental District No. 13 and Tax Incremental District No. 21.
Any increased valuation occurring after January 1, 2019 will be captured as increment within Tax
Incremental District No. 36.
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TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 7 June 12, 2019
SECTION 3:
Preliminary Maps of Proposed District Boundary
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TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 8 June 12, 2019
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TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 9 June 12, 2019
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TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 10 June 12, 2019
SECTION 4:
Maps Showing Existing Uses and Conditions
_____________________________________________________________________________________________
TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 11 June 12, 2019
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TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 12 June 12, 2019
SECTION 5:
Preliminary Parcel List and Analysis
The following table identifies the parcels to be included in the District. The entirety of the area is a
blighted area as defined in Wis. Stat. § 66.1105(2)(ae). Specifically, the District consists of land upon
which buildings or structures have been demolished and which because of obsolete platting, diversity of
ownership, deterioration of structures or of site improvements, or otherwise, substantially impairs or
arrests the sound growth of the community.
City of Oshkosh, Wisconsin
Tax Increment District # 36
Base Property Information
District
Classification
Map
ID #Parcel Number Street Address Owner Acreage TID
Overlaps Land Imp PP Total
Equalized
Value
Ratio
Land Imp PP Total Blighted Area
1 01‐0202‐0000 0 JACKSON ST REDEVELOPMENT AUTH
CITY OF OSHKOSH 1.78 TID 13/
TID 21 0 0 0 0 94.83% 0 0 0 0 1.78
2 01‐0200‐0200 0 MARION RD REDEVELOPMENT AUTH
CITY OF OSHKOSH 1.41 TID 13/
TID 21 0 0 0 0 94.83% 0 0 0 0 1.41
3 01‐0222‐0300 0 MARION RD REDEVELOPMENT AUTH
CITY OF OSHKOSH 2.63 TID 13/
TID 21 0 0 0 0 94.83% 0 0 0 0 2.63
0 94.83% 0 0 0 0
Total Acreage 5.82 0 0 0 0 0 0 0 5.82
100.00%
Estimated Base Value 0
Property Information Assessment Information Equalized Value
_____________________________________________________________________________________________
TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 13 June 12, 2019
SECTION 6:
Equalized Value Test
The following calculations demonstrate that the City expects to be in compliance with Wis. Stat. §
66.1105(4)(gm)4.c., which requires that the equalized value of the taxable property in the proposed
District, plus the value increment of all existing tax incremental districts, does not exceed 12% of the total
equalized value of taxable property within the City.
The equalized value of the increment of existing tax incremental districts within the City, plus the base
value of the proposed District, totals $147,710,300. This value is less than the maximum of $488,841,912
in equalized value that is permitted for the City.
District Creation Date 5/28/2019
Valuation Data Percent Valuation Data
Currently Available Change Est. Creation Date
2018
Total EV (TID In) 4,073,682,600 4,073,682,600
12% Test 488,841,912 488,841,912
Increment of Existing TIDs 147,710,300 147,710,300
Total Existing Increment 147,710,300 147,710,300
Projected Base of New or Amended District 0 0
Less Value of Any Underlying TID Parcels 0 0
Total Value Subject to 12% Test 147,710,300 147,710,300
Compliance PASS PASS
City of Oshkosh, Wisconsin
Tax Increment District # 36
Valuation Test Compliance Calculation
_____________________________________________________________________________________________
TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 14 June 12, 2019
SECTION 7:
Statement of Kind, Number and Location of Proposed
Public Works and Other Projects
Project Costs are any expenditure made, estimated to be made, or monetary obligations incurred or
estimated to be incurred as outlined in this Plan. Project Costs will be diminished by any income, special
assessments or other revenues, including user fees or charges, other than tax increments, received or
reasonably expected to be received in connection with the implementation of the Plan. If Project Costs
incurred benefit territory outside the District, a proportionate share of the cost is not a Project Cost. Costs
identified in this Plan are preliminary estimates made prior to design considerations and are subject to
change after planning, design and construction is completed. With all Project Costs, the costs of
engineering, design, survey, inspection, materials, construction, restoring property to its original
condition, apparatus necessary for public works, legal and other consultant fees, testing, environmental
studies, permits, updating City ordinances and plans, judgments or claims for damages and other expenses
are included as Project Costs. The following is a list of public works and other tax incremental financing
eligible Project Costs that the City expects to make, or may need to make, in conjunction with the
implementation of the District’s Plan. The map found in Section 7 of this Plan along with the Detailed
List of Project Costs found in Section 9 provide additional information as to the kind, number and
location of potential Project Costs.
Public Improvements
Jackson Street Bridge Construction or Rehabilitation
The Wisconsin Department of Transportation has advised the City that it plans to reconstruct or
rehabilitate the Jackson Street Bridge, although the timeline and scope of work is uncertain. To the extent
the reconstruction or rehabilitation work requires the City to modify existing infrastructure such as
sidewalks or the riverwalk within the District, the adjoining rights of way or other areas located within ½
mile of the District’s boundaries, the City’s cost for such infrastructure are eligible Project Costs to the
extent they benefit the District and are necessary for the implementation of its Project Plan. The City has
not specifically identified a cost for these improvements in the Detailed List of Project Costs section of
this Plan as they remain unknown. To the extent incurring these costs becomes necessary, they would be
made in addition to the specific costs identified in this Plan without requiring that this Plan be further
amended.
Site Preparation Activities
Environmental Audits and Remediation
If it becomes necessary to evaluate any land or improvement within the District, any cost incurred by the
City related to environmental audits, testing, and remediation are eligible Project Costs.
Community Development
Cash Grants (Development Incentives)
The City may enter into agreements with property owners, lessees, or developers of land located within
the District for sharing costs to encourage the desired kind of improvements and assure tax base is
generated sufficient to recover Project Costs. No cash grants will be provided until the City executes a
developer agreement with the recipient of the cash grant. Any payments of cash grants made by the City
are eligible Project Costs.
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TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 15 June 12, 2019
Miscellaneous
Professional Service and Organizational Costs
The costs of professional services rendered, and other costs incurred, in relation to the creation,
administration and termination of the District, and the undertaking of the projects contained within this
Plan, are eligible Project Costs. Professional services include but are not limited to: architectural;
environmental; planning; engineering; legal; audit; financial; and the costs of informing the public with
respect to the creation of the District and the implementation of the Plan.
Administrative Costs
The City may charge to the District as eligible Project Costs reasonable allocations of administrative
costs, including, but not limited to, employee salaries. Costs allocated will bear a direct connection to the
time spent by City employees relating to the implementation of the Plan.
_____________________________________________________________________________________________
TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 16 June 12, 2019
SECTION 8:
Map Showing Proposed Improvements and Uses
_____________________________________________________________________________________________
TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 17 June 12, 2019
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TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 18 June 12, 2019
SECTION 9:
Detailed List of Project Costs
The following list identifies the Project Costs that the City currently expects to incur in implementing the
District’s Plan. All projects identified, and related costs reflect the best estimates available as of the date
of preparation of this Plan. All costs are preliminary estimates and may increase or decrease. Certain
Project Costs listed may become unnecessary, and other Project Costs not currently identified may need
to be made. (Section 7 details the general categories of eligible Project Costs). Changes in Project Cost
totals or the types of Project Costs to be incurred will not require that this Plan be amended. This Plan is
not meant to be a budget nor an appropriation of funds for specific Project Costs, but a framework within
which to manage Project Costs
Project Name/Type Estimated Cost
Development Incentives1 9,820,250
TIF Administrative Expenses 215,256
Total Projects 10,035,506
Notes:
1Incentive amount shown for purposes of establishing economic feasibility only. The City has not agreed to terms or
1conditions with the proposed Developer as to any public participation in the project.
City of Oshkosh, Wisconsin
Tax Increment District # 36
Detailed List of Project Costs
_____________________________________________________________________________________________
TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 19 June 12, 2019
SECTION 10:
Economic Feasibility Study, Financing Methods, and the
Time When Costs or Monetary Obligations Related are to
be Incurred
This Section includes a forecast of the valuation increases expected within the District, the associated tax
increment collections, a summary of how Project Costs would be financed, and a projected cash flow
demonstrating that the District is economically feasible.
Key Assumptions
The Project Costs the City plans to make are expected to create $26 million in incremental value by
January 1, 2023. The development Project estimated valuations and timing are included in Table 1.
Assuming the City’s current equalized TID Interim tax rate of $25.11 per thousand of equalized value,
and no economic appreciation or depreciation, the Project would generate $16,971,029 in incremental tax
revenue over the 27-year term of the District as shown in Table 2.
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TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 20 June 12, 2019
Building Site J Building Site I Building Site H Annual Total
1 2019 7,370,542 7,370,542 2019 1
2 2020 11,167,489 357,776 850,712 12,375,977 2020 2
3 2021 3,796,946 542,085 850,712 5,189,743 2021 3
4 2022 184,309 876,491 1,060,800 2022 4
5 2023 0 2023 5
6 2024 0 2024 6
7 2025 0 2025 7
8 2026 0 2026 8
9 2027 0 2027 9
10 2028 0 2028 10
11 2029 0 2029 11
12 2030 0 2030 12
13 2031 0 2031 13
14 2032 0 2032 14
15 2033 0 2033 15
16 2034 0 2034 16
17 2035 0 2035 17
18 2036 0 2036 18
19 2037 0 2037 19
20 2038 0 2038 20
21 2039 0 2039 21
22 2040 0 2040 22
23 2041 0 2041 23
24 2042 0 2042 24
25 2043 0 2043 25
26 2044 0 2044 26
27 2045 0 2045 27
Totals 22,334,977 1,084,170 2,577,916 25,997,063
City of Oshkosh
Tax Increment District No. 36
Development Assumptions
Construction Year Construction Year
Table 1 – Development Assumptions
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TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 21 June 12, 2019
Type of District Base Value 0
District Creation Date Appreciation Factor 0.00%
Valuation Date Jan 1, 2019 Base Tax Rate $25.11
Max Life (Years) Rate Adjustment Factor
Expenditure Period/Termination 22 5/28/2041
Revenue Periods/Final Year 27 2047
Extension Eligibility/Years Yes 3 Tax Exempt Discount Rate 0.00%
Recipient District Taxable Discount Rate 0.00%
Construction
Year Value Added Valuation Year
Inflation
Increment
Total
Increment Revenue Year Tax Rate1 Tax Increment
1 2019 7,370,542 2020 0 7,370,542 2021 $25.11 185,043
2 2020 12,375,977 2021 0 19,746,519 2022 $25.11 495,750
3 2021 5,189,743 2022 0 24,936,263 2023 $25.11 626,043
4 2022 1,060,800 2023 0 25,997,063 2024 $25.11 652,675
5 2023 0 2024 0 25,997,063 2025 $25.11 652,675
6 2024 0 2025 0 25,997,063 2026 $25.11 652,675
7 2025 0 2026 0 25,997,063 2027 $25.11 652,675
8 2026 0 2027 0 25,997,063 2028 $25.11 652,675
9 2027 0 2028 0 25,997,063 2029 $25.11 652,675
10 2028 0 2029 0 25,997,063 2030 $25.11 652,675
11 2029 0 2030 0 25,997,063 2031 $25.11 652,675
12 2030 0 2031 0 25,997,063 2032 $25.11 652,675
13 2031 0 2032 0 25,997,063 2033 $25.11 652,675
14 2032 0 2033 0 25,997,063 2034 $25.11 652,675
15 2033 0 2034 0 25,997,063 2035 $25.11 652,675
16 2034 0 2035 0 25,997,063 2036 $25.11 652,675
17 2035 0 2036 0 25,997,063 2037 $25.11 652,675
18 2036 0 2037 0 25,997,063 2038 $25.11 652,675
19 2037 0 2038 0 25,997,063 2039 $25.11 652,675
20 2038 0 2039 0 25,997,063 2040 $25.11 652,675
21 2039 0 2040 0 25,997,063 2041 $25.11 652,675
22 2040 0 2041 0 25,997,063 2042 $25.11 652,675
23 2041 0 2042 0 25,997,063 2043 $25.11 652,675
24 2042 0 2043 0 25,997,063 2044 $25.11 652,675
25 2043 0 2044 0 25,997,063 2045 $25.11 652,675
26 2044 0 2045 0 25,997,063 2046 $25.11 652,675
27 2045 0 2046 0 25,997,063 2047 $25.11 652,675
Totals 25,997,063 0 Future Value of Increment 16,971,029
Notes:
1Tax rate shown is actual rate for 2018/19 levy taken from DOR Form PC-202 (Tax Increment Collection Worksheet).
27
Yes
City of Oshkosh
Tax Increment District No. 36
Tax Increment Projection Worksheet
Blighted Area
May 28, 2019
Table 2 – Tax Increment Projection Worksheet
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TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 22 June 12, 2019
Financing and Implementation
Expected District Project Costs consist of development incentive principal and interest in an estimated
amount of $9.8 million, and an estimated $215,000 in District administrative expense. All Project Costs
will be paid from tax increment as it is received, and the City’s obligation to make development incentive
payments will be limited to tax increment generated by the Project and subject to annual appropriation.
The City will advance funds as needed to pay District administrative expenses prior to the availability of
tax increments.
Based on assumed $6.3 million development incentive payment accruing interest at 5% as shown in the
cash flow exhibit (Table 3), the District is projected to accumulate enough funds by the year 2037 to pay
off all Project related debt and other District liabilities and obligations. The projected early closure is
based on the various assumptions noted in this Plan and will vary dependent on actual Project Costs
incurred and the actual amount of tax increments collected.
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TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 23 June 12, 2019
City of Oshkosh
Tax Increment District No. 36
Cash Flow Projection
Year 6,300,000
Principal Est. Rate Interest Year
2019 0 30,000 30,000 (30,000) (30,000)2019
2020 0 5,000 5,000 (5,000) (35,000)6,300,000 2020
2021 185,043 185,043 0 5.00% 315,000 5,100 5,100 179,943 144,943 6,300,000 2021
2022 495,750 495,750 0 5.00% 315,000 630,000 5,202 635,202 (139,452)5,491 6,300,000 2022
2023 626,043 626,043 210,000 5.00% 309,750 519,750 5,306 525,056 100,987 106,478 6,090,000 2023
2024 652,675 652,675 280,000 5.00% 297,500 577,500 5,412 582,912 69,763 176,240 5,810,000 2024
2025 652,675 652,675 290,000 5.00% 283,250 573,250 5,520 578,770 73,904 250,145 5,520,000 2025
2026 652,675 652,675 305,000 5.00% 268,375 573,375 5,631 579,006 73,669 323,813 5,215,000 2026
2027 652,675 652,675 320,000 5.00% 252,750 572,750 5,743 578,493 74,181 397,995 4,895,000 2027
2028 652,675 652,675 340,000 5.00% 236,250 576,250 5,858 582,108 70,566 468,561 4,555,000 2028
2029 652,675 652,675 355,000 5.00% 218,875 573,875 5,975 579,850 72,824 541,385 4,200,000 2029
2030 652,675 652,675 375,000 5.00% 200,625 575,625 6,095 581,720 70,955 612,340 3,825,000 2030
2031 652,675 652,675 395,000 5.00% 181,375 576,375 6,217 582,592 70,083 682,423 3,430,000 2031
2032 652,675 652,675 415,000 5.00% 161,125 576,125 6,341 582,466 70,209 752,632 3,015,000 2032
2033 652,675 652,675 435,000 5.00% 139,875 574,875 6,468 581,343 71,332 823,963 2,580,000 2033
2034 652,675 652,675 455,000 5.00% 117,625 572,625 6,597 579,222 73,452 897,416 2,125,000 2034
2035 652,675 652,675 480,000 5.00% 94,250 574,250 6,729 580,979 71,695 969,111 1,645,000 2035
2036 652,675 652,675 505,000 5.00% 69,625 574,625 6,864 581,489 71,186 1,040,297 1,140,000 2036
2037 652,675 652,675 530,000 5.00% 43,750 573,750 7,001 580,751 71,924 1,112,220 610,000 2037
2038 652,675 652,675 610,000 5.00% 15,250 625,250 7,141 632,391 20,283 1,132,504 0 2038
2039 652,675 652,675 5.00% 0 0 7,284 7,284 645,391 1,777,894 0 2039
2040 652,675 652,675 5.00% 0 0 7,430 7,430 645,245 2,423,139 0 2040
2041 652,675 652,675 5.00% 0 0 7,578 7,578 645,096 3,068,236 0 2041
2042 652,675 652,675 5.00% 0 0 7,730 7,730 644,945 3,713,181 0 2042
2043 652,675 652,675 5.00% 0 0 7,884 7,884 644,790 4,357,971 0 2043
2044 652,675 652,675 5.00% 0 0 8,042 8,042 644,633 5,002,603 0 2044
2045 652,675 652,675 5.00% 0 0 8,203 8,203 644,472 5,647,075 0 2045
2046 652,675 652,675 5.00% 0 0 8,367 8,367 644,308 6,291,383 0 2046
2047 652,675 652,675 5.00% 0 0 8,534 8,534 644,140 6,935,523 0 2047
Total 16,971,029 16,971,029 6,300,000 3,520,250 9,820,250 215,256 10,035,506 Total
Notes:
1Incentive amounts, payment percentages, term and interest rate shown for purposes of establishing economic feasibility only. The City has not
1agreed to terms or conditions with the proposed Developer as to any public participation in the project.
Balances
Municipal Revenue Obligation (MRO)
Total MRO
Payment
Tax
Increments
Total
Revenues
Projected Revenues Projected Expenditures
Projected TID Closure
TIF Admin.
Total
Expenditures Annual Cumulative
MRO Principal
Outstanding
Cash Flow
Table 3
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TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 24 June 12, 2019
SECTION 11:
Annexed Property
A tax incremental district cannot include annexed territory unless at least three years have elapsed since
the annexation, or certain other requirements are met. None of the property within the proposed District
boundary was annexed during the past three years.
SECTION 12:
Estimate of Property to be Devoted to Retail Business
Pursuant to Wis. Stat. § 66.1105(5)(b), the City estimates that less than 35% of the territory within the
District will be devoted to retail business at the end of the District’s maximum expenditure period.
SECTION 13:
Proposed Zoning Ordinance Changes
The proposed Plan is in general conformance with the City’s current zoning ordinances. Individual
properties may require rezoning at the time of development.
SECTION 14:
Proposed Changes in Master Plan, Map, Building Codes
and City of Oshkosh Ordinances
The proposed Plan is in general conformance with the City’s Comprehensive Plan identifying the area as
appropriate for mixed use development. Development within the District will be required to conform to
State Building Codes and will be subject to the City's permitting and inspection procedures. The proposed
Plan conforms to all relevant State and local ordinances, plans, and codes. No changes to the existing
regulations are proposed or needed.
SECTION 15:
Relocation
Implementation of this Plan will not require relocation of individuals or business operations. Should
implementation of this Plan require relocation of individuals or business operations, relocations will be
handled in compliance with Wis. Stat. Chapter 32 and Wis. Admin. Code ADM 92.
_____________________________________________________________________________________________
TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 25 June 12, 2019
SECTION 16:
Orderly Development of the City of Oshkosh
Creation of the District and the implementation of the projects in its Plan will promote the orderly
development of the City through elimination of blight and the provision of appropriate financial
incentives that will create opportunities for mixed use development. Through use of tax increment
financing, the City can attract new investment that results in increased tax base. Development will occur
in an orderly fashion in accordance with approved plans so that the Projects will be compatible with
adjacent land uses. Development of new uses in the District will add to the tax base and will generate
positive secondary impacts in the community such as increased employment opportunities, provision of
housing to meet existing demand and provision of space to accommodate retail and service businesses to
support residents and workers in the area.
SECTION 17:
List of Estimated Non-Project Costs
Non-project costs are public works projects which only partly benefit the District. Costs incurred that do
not benefit the District may not be paid with tax increments. Examples of non-project costs are:
A public improvement made within the District that also benefits property outside the District.
That portion of the total Project Costs allocable to properties outside of the District would be a
non-project cost.
A public improvement made outside the District that only partially benefits property within the
District. That portion of the total Project Costs allocable to properties outside of the District
would be a non-project cost.
Projects undertaken within the District as part of the implementation of this Project Plan, the costs
of which are paid fully or in part by impact fees, grants, special assessments, or revenues other
than tax increments.
No improvements to be made within the District will benefit property outside the District. Furthermore,
there will be no improvements made outside the District that will only partially benefit the District.
_____________________________________________________________________________________________
TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 26 June 12, 2019
SECTION 18:
Opinion of Attorney for the City of Oshkosh Advising
Whether the Plan is Complete and Complies with
Wisconsin Statutes 66.1105
_____________________________________________________________________________________________
TID No. 36 Project Plan City of Oshkosh
Prepared by Ehlers Page 27 June 12, 2019
DOR Form PC-202 2018/19 Percentage
Winnebago County 749,693 20.22%
City of Oshkosh 1,482,441 39.98%
Oshkosh Area School District 1,320,217 35.60%
School District 0.00%
Fox Valley Techncial College 156,024 4.21%
Total 3,708,374
Revenue Year
Winnebago
County City of Oshkosh
Oshkosh Area
School District
Fox Valley
Techncial
College Total Revenue Year
2021 37,409 73,972 65,877 7,785 185,043 2021
2022 100,222 198,179 176,492 20,858 495,750 2022
2023 126,562 250,264 222,877 26,340 626,043 2023
2024 131,946 260,910 232,358 27,460 652,675 2024
2025 131,946 260,910 232,358 27,460 652,675 2025
2026 131,946 260,910 232,358 27,460 652,675 2026
2027 131,946 260,910 232,358 27,460 652,675 2027
2028 131,946 260,910 232,358 27,460 652,675 2028
2029 131,946 260,910 232,358 27,460 652,675 2029
2030 131,946 260,910 232,358 27,460 652,675 2030
2031 131,946 260,910 232,358 27,460 652,675 2031
2032 131,946 260,910 232,358 27,460 652,675 2032
2033 131,946 260,910 232,358 27,460 652,675 2033
2034 131,946 260,910 232,358 27,460 652,675 2034
2035 131,946 260,910 232,358 27,460 652,675 2035
2036 131,946 260,910 232,358 27,460 652,675 2036
2037 131,946 260,910 232,358 27,460 652,675 2037
2038 131,946 260,910 232,358 27,460 652,675 2038
2039 131,946 260,910 232,358 27,460 652,675 2039
2040 131,946 260,910 232,358 27,460 652,675 2040
2041 131,946 260,910 232,358 27,460 652,675 2041
2042 131,946 260,910 232,358 27,460 652,675 2042
2043 131,946 260,910 232,358 27,460 652,675 2043
2044 131,946 260,910 232,358 27,460 652,675 2044
2045 131,946 260,910 232,358 27,460 652,675 2045
2046 131,946 260,910 232,358 27,460 652,675 2046
2047 131,946 260,910 232,358 27,460 652,675 2047
3,430,900 6,784,252 6,041,848 714,029 16,971,029
Notes:
1The projection shown above is provided to meet the requirements of Wis. Stat. § 66.1105(4)(i)4.
Estimated Portion of Taxes that Owners of Taxable Property in Each Taxing Jurisdiction
Overlaying District Would Pay by Jurisdiction1
Exhibit A:
Calculation of the Share of Projected Tax Increments
Estimated to be Paid by the Owners of Property in the
Overlying Taxing Jurisdictions
730 WILLIAMSON STREET #331, MADISON, WI 53703 / 604 CLAY STREET, CEDAR FALLS, IA 50613
WWW.MERGEURBANDEVELOPMENT.COM
CITY OF OSHKOSHMARION ROAD REDEVELOPMENT PLAN
TIF APPLICATION
Page 28
Developer's Cover Letter .................................................................................................................Pg. 1-3
City Application .................................................................................................................................Pg. 4-8
Application Narratives .....................................................................................................................Pg. 9-12
Site Plan ..............................................................................................................................................Pg. 13
US Bank Letter of Support .............................................................................................................Pg. 14
Capital Partner Letter of Support .................................................................................................Pg. 15
Letter of Recommendation .............................................................................................................Pg. 16
Ehlers Financial Analysis .................................................................................................................Pg. 17-22
TABLE OF CONTENTS
Page 29
1
DEVELOPER’S COVER LETTER
Page 30
2
DEVELOPER’S COVER LETTER
Page 31
3
DEVELOPER’S COVER LETTER
Page 32
4
CITY APPLICATION
Page 33
5
CITY APPLICATION
Page 34
6
CITY APPLICATION
Page 35
7
CITY APPLICATION
Page 36
8
CITY APPLICATION
Page 37
9
APPLICATION NARRATIVES
Page 38
10
APPLICATION NARRATIVES
Page 39
11
APPLICATION NARRATIVES
Page 40
12
APPLICATION NARRATIVES
Page 41
13
SITE PLAN
Page 42
14
US BANK LETTER OF SUPPORT
Page 43
15
CAPITAL PARTNER LETTER OF SUPPORT
Page 44
16
LETTER OF RECOMMENDATION
Page 45
17
EHLERS FINANCIAL ANALYSIS
Page 46
18
EHLERS FINANCIAL ANALYSIS
Page 47
19
EHLERS FINANCIAL ANALYSIS
Page 48
20
EHLERS FINANCIAL ANALYSIS
Page 49
21
EHLERS FINANCIAL ANALYSIS
Page 50
22
EHLERS FINANCIAL ANALYSIS
Page 51
__________________________________
Plan Commission Minutes May 7, 2019
PLAN COMMISSION MINUTES
May 7, 2019
PRESENT: Ed Bowen, Michael Ford, John Hinz, Lori Palmeri, Thomas Perry, Kathleen Propp,
Robert Vajgrt
EXCUSED: Thomas Fojtik, Derek Groth, John Kiefer, Andrew Mott
STAFF: Darryn Burich, Planning Director; Kelly Nieforth, Economic Development Services
Manager; Justin Gierach, Engineering Division Manager / City Engineer; Mark
Lyons, Principal Planner; Jeff Nau, Associate Planner; Brian Slusarek, Assistant
Planner; Steven Wiley, Assistant Planner; Mina Kuss, Recording Secretary
Vice Chairperson Propp called the meeting to order at 4:00 pm. Roll call was taken and a quorum
declared present.
The minutes of April 16, 2019 were approved as presented. (Vajgrt/Hinz)
V. PUBLIC HEARING: PROPOSED CREATION OF TAX INCREMENT FINANCING
DISTRICT NO. 36 MERGE REDEVELOPMENT PROJECT; DESIGNATION OF
BOUNDARIES AND APPROVAL OF PROJECT PLAN
Site Inspections Report: Mr. Ford and Ms. Propp reported visiting the site.
Staff report accepted as part of the record.
Tax Incremental District No. 36 (the “TID” or “District”) is a proposed 5.82 acre blighted area
district located in the vicinity of the Jackson Street/Marion Road/Pearl Avenue intersections. The
proposed district is comprised of three parcels owned by the City’s Redevelopment Authority.
Proposed TID No. 36 would overlap TIDs No. 13 (Marion Road) and TID No. 21 (Fox River
Corridor) with any increased valuation occurring after January 1, 2019 being captured by the new
district.
Mr. Burich presented the item and discussed the purpose of the proposed TID creation. The City is
projecting that new land and improvements value of approximately $26 million will result from
redevelopment activity within the District. The developer is proposing a mixture of residential,
commercial and office uses. The parcels are described as Parcels J, H and I as found in the Marion
Road Pearl Avenue Redevelopment Plan. Site J is approximately 2.62 acres and is proposed to
consist of three buildings and associated surface parking. Site H is approximately 1.78 acres in size
and is proposed to consist of parking lot and a 2-story mixed use building. Site I is 1.41 acres in
size and is proposed to consist of nine two-story town home units and a surface parking lot. The
developer is anticipating being able to fully develop the district by sometime in 2022 starting with
the $22 million Site J on the river. The District is being created as a blighted area district as defined
in Wis. Stat. 66.1105(2)(ae). Specifically, the District consists of land upon which buildings or
Page 52
__________________________________
Plan Commission Minutes May 7, 2019
structures have been demolished and which because of obsolete platting, diversity of ownership,
deterioration of structures or of site improvements, or otherwise, substantially impairs or arrests
the sound growth of the community. In this particular case, all of the parcels involved contain
either some levels of environmental contamination or poor structural soils due to the historic
industrial uses of the area increasing development costs. The proposed Plan is in general
conformance with the City of Oshkosh’s Comprehensive Plan identifying the area as appropriate
for Center City mixed use development. The development is also consistent with the Marion
Road/Pearl Avenue Redevelopment Guidelines 2003 identifying the area as appropriate for a
mixed-use development pattern with strong urban streetwall fabric which the associated Planned
Development is proposing.
Ms. Propp opened up technical questions to staff.
Ms. Propp inquired about the Plan Commission’s function.
Mr. Burich stated the Plan Commission’s role is to look at the project plan and decide if it is
consistent with the Comprehensive and local plans. He said they have relied heavily on Common
Council to make the decisions about the cash flow portion. He said it is all part of the plan but
would prefer Plan Commission to focus on consistency with other plans.
Ms. Palmeri questioned if Anthem would consider having a building that is one story taller as a
problem in terms of views.
Mr. Burich said he has not heard anything from Anthem.
Ms. Palmeri questioned the rent rate of the upper floors and if the project would devalue Anthem’s
rates.
Mr. Burich said he wouldn’t think so. He said Anthem will have an impacted view but will still
have good views of the river. He said only one side is impacted.
Ms. Propp opened up the public hearing.
There were no public comments on this item.
Ms. Propp closed the public hearing.
Motion by Vajgrt to adopt the project plan and recommending the boundaries to the council and
adopting the staff report as the findings.
Seconded by Ford.
Ms. Propp asked if there was any discussion about the motion.
Ms. Propp inquired about the TIF districts overlapping.
Page 53
__________________________________
Plan Commission Minutes May 7, 2019
Mr. Burich explained the new value would go to the new TIF #36 and the old value would be
frozen / maintained.
Motion carried 6-0.
There being no further business, the meeting adjourned at approximately 6:25 pm. (Vajgrt/Hinz)
Respectfully submitted,
Darryn Burich
Director of Planning Services
Page 54
JUNE 11, 2019 19-351 RESOLUTION
CARRIED 6-0 LOST LAID OVER WITHDRAWN
PURPOSE: APPROVE TAX INCREMENT DISTRICT NO. 36 PROJECT PLAN;
DESIGNATE TAX INCREMENT DISTRICT NO. 36 BOUNDARIES;
CREATE TAX INCREMENT DISTRICT NO. 36 MERGE
REDEVELOPMENT
INITIATED BY: CITY ADMINISTRATION
PLAN COMMISSION RECOMMENDATION: Approved
WHEREAS, the City of Oshkosh (the "City") has determined that use of Tax
Incremental Financing is required to promote development and redevelopment within
the City; and
WHEREAS, Tax Increment District No. 36 (the "District") is proposed to be
created by the City as a blighted area district in accordance with the provisions of
Wisconsin Statutes Section 66.1105 (the "Tax Increment Law"); and
WHEREAS, a Project Plan for the District has been prepared that includes:
a. A statement listing the kind,number and location of all proposed public works
or improvements within the District, or to the extent provided in Wisconsin
Statutes Sections 66.1105(2)(k) and 66.1105(4)(gm), outside of the District;
b. An economic feasibility study;
c. A detailed list of estimated project costs;
d. A description of the methods of financing all estimated project costs and the
time when the related costs or monetary obligations are to be incurred;
e. A map showing existing uses and conditions of real property in the District;
f. A map showing proposed improvements and uses in the District;
g. Proposed changes of zoning ordinances, master plan, map,building codes and
City ordinances;
h. A list of estimated non-project costs;
i. A statement of the proposed plan for relocation of any persons to be displaced;
j. A statement indicating how the District promotes the orderly development of
the City;
Page 55
JUNE 11, 2019 19-351 RESOLUTION
CONT'D
k. An opinion of the City Attorney or of an attorney retained by the City advising
that the plan is complete and complies with Wisconsin Statutes Section
66.1105(4)(f); and
WHEREAS, prior to its publication, a copy of the notice of public hearing was
sent to owners of all property in the proposed district, to the chief executive officers of
Winnebago County, the Oshkosh Area School District, and the Fox Valley Technical
College District, and any other entities having the power to levy taxes on property located
within the District, in accordance with the procedures specified in the Tax Increment
Law; and
WHEREAS, in accordance with the procedures specified in the Tax Increment
Law, the Plan Commission, on May 7, 2019 held a public hearing concerning the project
plan and boundaries and proposed creation of the District, providing interested parties a
reasonable opportunity to express their views thereon; and
WHEREAS, after said public hearing, the Plan Commission designated the
boundaries of the District, adopted the Project Plan, and recommended to the Common
Council that it create such District and approve the Project Plan
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that:
1.The boundaries of the District shall be named "City of Oshkosh Tax
Increment District No. 36, Merge Redevelopment", are hereby established
as specified in Exhibit A of this Resolution.
2.The District is created effective as of January 1, 2019.
3.The Common Council finds and declares that:
a) Not less than 50% by area of the real property within the District is a
blighted area within the meaning of Wisconsin Statutes Section
66.1105(2)(ae)1.
b) Based upon the findings, as stated in 3(a) above, the District is declared
to be a blighted area district based on the identification and classification
of the property included within the District.
Page 56
JUNE 11, 2019 19-351 RESOLUTION
CONT'D
c) The improvement of such area is likely to significantly enhance the
value of substantially all of the other real property in the District.
d) The equalized value of the taxable property in the District plus the
incremental value of all other existing tax incremental districts within
the City, does not exceed 12% of the total equalized value of taxable
property within the City.
e) The City estimates that less than 35% of the territory within the District
will be devoted to retail business at the end of the District's maximum
expenditure period, pursuant to Wisconsin Statutes Section
66.1105(5)(b).
f) The project costs relate directly to promoting elimination of blight
consistent with the purpose for which the District is created.
g) All property within TID #36 was within the City boundaries as of
January 1, 2004.
4. The attached Project Plan for "City of Oshkosh Tax Increment District No.
36, Merge Redevelopment" is hereby approved, and the City further finds
the Plan is feasible and in conformity with the master plan of the City.
BE IT FURTHER RESOLVED that the Common Council of the City of Oshkosh
hereby approves creation of Tax Incremental Financing District No. 36 Merge
Redevelopment.
Page 57
Exhibit A"
TID 36 Merge Redevelopment
Legal Description
ALL OF LOT 2 OF CERTIFIED SURVEY MAP NUMBER 6553 RECORDED AS DOCUMENT NUMBER
1577796,WINNEBAGO COUNTY REGISTER OF DEEDS, LOT 3 OF CERTIFIED SURVEY MAP
NUMBER 7068 RECORDED AS DOCUMENT NUMBER 1709684, WINNEBAGO COUNTY REGISTER
OF DEEDS,LOT 2 OF CERTIFIED SURVEY MAP NUMBER 7150 RECORDED AS DOCUMENT
NUMBER 1724920,WINNEBAGO COUNTY REGISTER OF DEEDS,AND PART OF MARION ROAD,
ALL LOCATED IN THE SOUTHEAST 1/4 OF THE NORTHEAST 1/4 AND THE NORTHEAST 1/4 OF THE
SOUTHEAST 1/4,SECTION 23,TOWNSHIP 18 NORTH, RANGE 16 EAST, CITY OF OSHKOSH,
WINNEBAGO COUNTY,WISCONSIN,BOUNDED AND DESCRIBED AS FOLLOWS:
COMMENCING FROM THE EAST 1/4 CORNER OF SAID SECTION 23,TOWNSHIP 18 NORTH,
RANGE 16 EAST;THENCE S89°34'30"W, 70.48 FEET ALONG THE SOUTH LINE OF SAID
SOUTHEAST 1/4 OF THE NORTHEAST 1/4 TO A POINT ON THE WEST LINE OF JACKSON STREET
AND POINT OF BEGINNING;THENCE S01°20'11"E,3.93 FEET ALONG SAID WEST LINE TO THE
SOUTHEAST CORNER OF SAID LOT 2 OF CERTIFIED SURVEY MAP NUMBER 6553;THENCE
S88°39'43"W,314.04 FEET ALONG THE SOUTH LINE OF SAID LOT 2 TO A POINT ON THE EAST
LINE OF SAID LOT 2 OF CERTIFIED SURVEY MAP NUMBER 7150;THENCE S01°3928"E,249.88 FEET
ALONG THE EAST LINE OF SAID LOT 2 TO A POINT ON THE NORTH LINE OF MARION ROAD,
ALSO BEING THE BEGINNING OF A 349.43 FOOT RADIUS CURVE CONCAVE TO THE NORTH;
THENCE 2.75 FEET ALONG SAID CURVE WITH A CHORD BEARING N88047'20"E, 2.75 FEET;
THENCE N8803348"E,310.32 FEET ALONG SAID NORTH LINE AND EXTENDED NORTH OF
MARION ROAD TO A POINT ON THE EXTENDED WEST LINE OF JACKSON STREET;THENCE
S01024'37"E,441.96 FEET ALONG SAID EXTENDED WEST LINE AND WEST LINE OF JACKSON
STREET;THENCE S8803523"W,30.00 FEET ALONG A SOUTH LINE OF SAID LOT 3 OF CERTIFIED
SURVEY MAP NUMBER 7068;THENCE S0500642"W,88.04 FEET ALONG AN EAST LINE OF SAID
LOT 3;THENCE N6504326"W,381.07 FEET ALONG A SOUTH LINE OF SAID LOT 3 TO THE
SOUTHWEST CORNER OF SAID LOT 3;THENCE N24013'38"E, 188.89 FEET ALONG A WEST LINE
OF SAID LOT 3;THENCE N1704937"W,97.21 FEET ALONG A WEST LINE OF SAID LOT 3 TO THE
NORTHWEST CORNER OF SAID LOT 3,ALSO BEING A POINT ON THE SOUTH LINE OF MARION
ROAD;THENCE N65054'10"W, 91.57 FEET ALONG SAID SOUTH LINE;THENCE N6502622"W,262.96
FEET ALONG SAID SOUTH LINE TO A POINT ON THE EXTENDED WEST LINE OF SAID LOT 2 OF
CERTIFIED SURVEY MAP NUMBER 7150;THENCE N29021'00"E, 190.85 FEET ALONG SAID
EXTENDED WEST LINE AND WEST LINE OF SAID LOT 2;THENCE N3702342"E, 15.13 FEET ALONG
THE WEST LINE OF SAID LOT 2;THENCE N37020'01"E, 60.15 FEET ALONG THE WEST LINE OF
SAID LOT 2 TO THE NORTHWEST CORNER OF SAID LOT 2;THENCE N89034'30"E, 189.24 FEET
ALONG THE NORTH LINE OF SAID LOT 2 TO THE NORTHEAST CORNER OF SAID LOT 2,ALSO
BEING A POINT ON THE WEST LINE OF SAID LOT 2 OF CERTIFIED SURVEY MAP NUMBER 6553;
THENCE N0103928"W, 83.71 FEET ALONG THE WEST LINE OF SAID LOT 2;THENCE N36057'26"E,
290.27 FEET ALONG THE NORTHWESTERLY LINE OF SAID LOT 2 TO A POINT ON THE
SOUTHERLY LINE OF PEARL AVENUE;THENCE S53002'34"E, 159.59 FEET ALONG SAID
SOUTHERLY LINE TO THE BEGINNING OF A 25.00 FOOT RADIUS CURVE CONCAVE TO THE
SOUTHWEST;THENCE 22.56 FEET ALONG SAID CURVE WITH A CHORD BEARING S27011'23"E,
21.80 FEET TO A POINT ON THE WEST LINE OF JACKSON STREET;THENCE S01020'11"E,212.53
FEET ALONG SAID WEST LINE TO THE POINT OF BEGINNING.
SAID AREA CONTAINS 315,041 SQUARE FEET OR 7.232 ACRES,MORE OR LESS.
Page 58
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