Tax Increment District #3
The Village has used Tax Incremental Financing (TIF) as a successful economic tool by providing public improvements to encourage and promote industrial, commercial and residential development. The goal of a TIF is to increase the tax base, to provide for and preserve employment opportunities within the Village, and to create and enhance tourism opportunities with the area and region. As such, the Village works with developers and property owners to provide infrastructure improvements and incentives for development. Public infrastructure and property improvements could be financed by a combination of TIF increments and debt financing.
To stay on track and continue to see Osceola grow, Village staff has begun to review the creation of a new Tax Increment District (TID). Creatively named “TID 3”, the district would likely be a “Mixed-Use” district based on the identification and classification of the property proposed to be included in the TID. The maximum life (absent extension) of the TID is 20 years from the date of adoption.
The District if approved is planned to substantially fund projects including:
1. INFRASTRUCTURE IMPROVEMENT – Roadway
LOCATION: River Street from E 3rd Avenue to end
TOTAL: $1,600,000
DESCRIPTION: Reconstruct River Street from E 3rd Avenue north to the terminus. Reconstruction efforts include design and engineering, storm sewer along the roadway including outfall replacement, water and sewer utilities, roadway and applicable sidewalk repair.
2. INFRASTRUCTURE IMPROVEMENT – Roadway
LOCATION: Ridge Road realignment
TOTAL: $850,000
DESCRIPTION: Realignment of Ridge Road from existing to newly developed Ridge Road. Estimated work includes extension of all utilities (storm, sewer and water) new road surface (curb, gutter, asphalt), extending pedestrian accommodations thereby creating non-motorized access and the removal and rehabilitation of the old Ridge Road segment.
3. INFRASTRUCTURE IMPROVEMENT – Roadway
LOCATION: Zindaus Street
TOTAL: $500,000
DESCRIPTION: Resurface Zindaus Street from STH-35/Ridge Road (south terminus) north approximately 1,000 feet including a new cul-de-sac. Additional improvements include extension of pedestrian accommodations and the removal and rehabilitation of the north segment of Zindaus Street from the proposed cul-de-sac to STH-35/Ridge Road (north terminus).
4. INFRASTRUCTURE IMPROVEMENT – Parking
LOCATION: 2nd Avenue Parking Lot (behind west 100 block of N. Cascade Street)
TOTAL: $400,000
DESCRIPTION: Reconstruct parking lot with concrete curb and gutter, stormwater mitigation as required, safety railing along bluff, improved pedestrian accommodations (including access to former OMC site), refuse and recycling structure and signage.
5. INFRASTRUCTURE IMPROVEMENT – Pedestrian and non-motorized
LOCATION: Ridge Road south to 63rd Avenue
TOTAL: $500,000
DESCRIPTION: Construct approximately 5,500 lineal feet of pedestrian and non-motorized sidewalk/trial along the west r.o.w. line of STH-35. Accommodations will be designed to help convey non-motorized commuters to and from the Osceola Medical Center and adjacent businesses.
6. INFRASTRUCTURE IMPROVEMENT – Stormwater mitigation
LOCATION: Ridge Road Development Area
TOTAL: $300,000
DESCRIPTION: Design and development of regional stormwater detention basins to help mitigate stormwater runoff and promote development of the Ridge Road Development Area.
7. DEVELOPMENT PLANNING – Depot Road
LOCATION: Depot Road (STH-35 west to terminus)
TOTAL: $75,000
DESCRIPTION: Produce a Depot Road master plan that will help define needs and development strategy for the revitalization of Depot Road. Objectives include but are not limited to parking and roadway strategies, seasonal and regular tourism planning, enhanced beautification, pedestrian and non-motorized planning, and general redevelopment concepts.
8. PARK/DEVELOPMENT IMPROVEMENTS – Cascade Falls Board Walk
LOCATION: Cascade Falls trail head to 2nd avenue parking lot
TOTAL: $350,000
DESCRIPTION: Research, design and construct an improved Cascade Falls trail head including larger overlook and seasonal boardwalk connecting the Cascade Falls trail head to the 2nd Avenue parking lot behind the west 100 block of N. Cascade Street.
9. DEVELOPER ASSISTANCE
LOCATION: Various Locations
TOTAL $2,000,000
DESCRIPTION: The Village will contribute $2,000,000 in TID funding in the form of Pay Go towards the redevelopment costs of various properties within the proposed TID boundary. Focus areas include former Osceola Medical Center, Ridge Road development area and Depot Road. Final amount of benefit and need will be dependent upon future development proposals. Developer assistance estimates do not guarantee full disbursement of funds being proposed.
Other Administrative Costs
10. FINANCING & INTEREST, CAPITALIZED INTEREST, COST OF ISSUANCE
LOCATION: ENTIRE TID
TOTAL: $1,800,000
DESCRIPTION: Debt financing and interest, capitalized interest, and cost of issuance fees.
11. ADMINISTRATIVE / ORGANIZATIONAL FEES
LOCATION: ENTIRE TID
TOTAL: $500,000
DESCRIPTION: Annual TID and Village staff administration fees and professional fees for creation and organization.
TID #3 Documents