Committee of the Whole

CITY OF OCONOMOWOC ELECTRONIC MEETING PROCEDURE Committee-Of-The-Whole – Tuesday, December 1, 2020 – 6:00 PM The City of Oconomowoc will be holding this meeting both in person at City Hall and virtually via Webex Instructions on joining the meeting virtually: 1. Please click on this meeting link: https://oconomowoc.webex.com/oconomowoc/onstage/g.php?MTID=e3dce0cb7b03132a4757 d7f1ef52ca4e0 2. Fill out your information: First Name, Last Name, Email Address. If the meeting hasn’t started, please try refreshing the page. 3. Click Join by browser 4. Click on the Phone Icon to connect to your computer’s audio or to show a dial in number. Public comment via Webex: When applicable, public comment can be requested by clicking the three dots on screen and selecting Raise Hand. You will be called upon and unmuted for your comment. **NOTICE: The City Webex Licensing allows up to 200 participants for an electronic meeting. In the event that the City logs in 197 participants, we will assume that there are more people that want to participate than we are currently licensed for. In that situation, the City must cancel the meeting and reschedule after the City has obtained additional licensing to accommodate the increased public audience.  City of Oconomowoc Committee-Of-The-Whole Tuesday, December 01, 2020 - 6:00 PM City Hall - Council Chambers 174 E. Wisconsin Ave. Oconomowoc, WI 53066 Notice: If a person with a disability requires that the meeting be accessible or that materials at the meeting be in accessible format, call the City Clerk at least 48 hours prior to the meeting to request adequate accommodations. Tel: (262) 569-2186. 1. Call to order and confirmation of appropriate meeting notification 2. Committee Business a. Closed Session: Per Wis. Stats. 19.85(1)(e) “Deliberating or negotiating the purchasing of public properties, the investing of public funds, or conducting other specified public business, whenever competitive or bargaining reasons require a closed session. (Redevelopment Plan, Blight Determination & Overview Tax Incremental Financing for Olympia Fields Project Area) 3. Adjourn ________________________________ Diane Coenen, City Clerk City of Oconomowoc Notice is hereby given that a majority of the Common Council will be present at the above scheduled meeting to gather information about a subject over which they have decision-making responsibility. This constitutes a meeting of the Common Council pursuant to State ex rel. Badke v. Greendale Village Board, 173Wis. 2d 553, 494 N.W. 2d 408 (1993) and must be noticed as such, although the Common Council will not take any formal action at this meeting. 1  MEMORANDUM DEPARTMENT Date: November 23, 2020 To: City Council From: Bob Duffy, Economic Development Re: TID #7 – Olympia Fields RELATES TO THE STRATEGIC PLAN Strategic Goal- III Focus on Economic Development A. Research and Plan for Development 11. Promote Development of the Olympia Resort Area BACKGROUND The Olympia Fields area encompasses approximately 65.7 acres. Based on the Blight Determination analysis performed by City Staff, many parcels within the area have blighting influences as outlined within State Statutes. Based on the analysis, of the 65.7 acre area, approximately 57.6 acres or 88% of the parcels are in need of reinvestment and rehabilitation. The current assessed value of the property in the district $14,351,800. On November 4th, the Oconomowoc City Council concurred with the determination, by approving a Resolution establishing the boundaries for the Olympia Fields, and declaring the area a Blighted district in need of blight elimination strategies. Wangard Partners has proposed a mixed use and infill development proposal for reinvestment into the area. Approximately, 35.25 acres developed for commercial purposes which includes a medical office building, newly created commercial out lots and structures, and rehabilitated existing commercial real estate. The development will also include multifamily housing units. As a result of the TIF district lands will be dedicated for public right-of-way, as well as enhanced water quality for storm water systems and the existing pond. In order for development to occur, an 11.8 acre property is critical as it serves as the gateway parcel for the entire development area. Based on issues with an estate and challenges in communicating with owner representatives, the City may need to pursue the acquisition of the parcel through its eminent domain powers. The estimated Tax Incremental Financing investment would amount to approximately $18.7 million. The City is continuing to work with Wangard and the City Council to finalize the terms of a development agreement. The costs associated with the infrastructure investment and development guarantees will be part of the creation of TID #7 for Olympia Fields. Currently, Wangard has indicated a willingness to guaranty $64.5 1 2 million of new increment investment. The remnant lands from the acquired parcel by the City is estimated to attract $13 million, for a total of $77.5 million in new increment investment. Based on the financial analysis related to these assumptions, the proposed TIF #7 would be able to recover the proposed expenditures in 20 years. Ehlers Public Finance Advisors will be available at the meeting to provide an overview of their analysis. 2 3