2016 ANNUAL REPORT. Tax Incremental Finance District #8. City of Tomah, WI Project No Drafted: June 23, 2017

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1 216 ANNUAL REPORT Tax Incremental Finance District #8 City of Tomah, WI Project No. 677 Drafted: June 23, 217 TID #8: District Type: Rehabilitation/Conservation Creation Date: 5/12/215 Expenditure Period: 5/12/237 Termination Date: 5/12/242

2 216 Annual Report Tax Incremental Finance District #8 City of Tomah, WI Project No. 677 Prepared by: MSA Professional Services, Inc. 291 International Lane, Suite 3 Madison, WI (68) i

3 TABLE OF CONTENTS Page TAX INCREMENT DISTRICT #8 Section I. Summary of District... 1 Section II. Summary of Project Costs... 1 Section III. Summary of New Development Activities... 3 Section IV. Summary and Projection of District Performance Status Quo... 4 Section V. Summary and Projection of District Performance Additional Development... 7 Section VI. Annual Report Summary... 1 LIST OF TABLES Table 1: Project Costs per Original and Amended Project Plan... 1 Table 2: Project Expenditures per City Financial Statement... 2 Table 3: Actual and Projected Changes in Value from New (Re)Development... 3 Table 4: Projected Tax Increment - Status Quo..5 Table 5: Projected Performance Status Quo... 6 Table 6: Projected Tax Increment - Additional Development..8 Table 7: Projected Performance Additional Development... 9 LIST OF APPENDICES Appendix A: TID Boundary and Project Locations Map Appendix B: Department of Revenue PE-3 Forms Appendix C: Joint Review Board Annual Meeting Notice and Minutes Note: The following document provides a review of development projects; tax increment collected; and project expenditures allocated through year 216 within TIF District #8 since the district was created in 215. The report also provides an updated projection of future tax increments and expenditures as it relates to the TID #8 Project Plan (adopted in 215) and Amendment #1 (adopted in 216). Sources of data include the 216 Financial Statement, TID #8 Project Plan and Amendment and Wisconsin Department of Revenue Reports. ii

4 Section I. Summary of District TIF District #8 is a Rehabilitation/Conservation District that was created on May 12 th, 215, has a project expenditure period through May 12 th, 237 and a termination date of May 12 th, 242. Territory Amendment #1 was completed in 216. See a map of TIF District #8 in Appendix A. TID #8 quick facts (sources Wisconsin Department of Revenue and Village Financial Statements): TID #8 Base Value: $39,827,1 216 Current Value: $41,942,1 216 Tax Increment Value: $2,115, 216 Sources of Funds: $191,1 216 Uses of Funds: $96, Year End Fund Balance: $(715,415) EQUALIZED VALUE LIMIT (12%) Per Wisconsin Statute (4)(gm)4.c, municipalities are restrained in their use of TIF such that no new TIDs can be created, or territory added to existing TIDs, if the equalized value of taxable property of the (new/amended) district plus the value increment of all existing districts does not exceed 12 percent of the total equalized value of taxable property within the municipality. Currently, the tax increment value of Tomah s TID #8 is.33% of the total equalized value of taxable property within the municipality. Therefore, the City has capacity to create a new TID or amend the territory of TID #8. Section II. Summary of Project Costs Table 1 provides an updated summary of the projects and project costs identified in the original Project Plan (215) and Amendment #1 (216). Table 1: Project Costs per Original and Amended Project Plan Project Categories Total Project Cost TID Share of Cost A. Infrastructure for (Re)Development of the District $5,311,285 $5,211,285 B. Streetscaping Improvements $25, $25, C. Site Improvements $679,63 $679,63 D. Environmental Studies and Remediation $226,543 $226,543 E. Development Funds/Incentives $8,691,411 $8,691,411 F. Planning, Promotion & Development $412,5 $412,5 G. Real Estate Inspections, Acquisition, Vacating, and Relocation for Public Works and Other TID Eligible Projects $3,27,137 $3,27,137 H. Contributions to a Community Development Authority (CDA) or Redevelopment Authority (RDA) $ $ I. Administrative/Organizational Costs $412,5 $412,5 J. Financing Costs $8,462,92 $8,462,92 Total $27,653,97 $27,553,97 Page 1

5 Table 2 provides a summary of the total expenditures as reported in the City s Annual Financial Statements for the TID from Through 216 the TID has total expenditures of 3.3% of the total Project Plan and Amendment Costs. The City is required to complete three CPA Audits of the district triggered by the expenditure of project costs and closure. The first audit will be due within 12 months of 3% of the project costs being spent. Table 2: Project Expenditures per City Financial Statement Total Expenditures Expenditure Category Administrative Costs $9,519 Capital Expenditures $815,996 Total $96,515 Major projects completed within the TID by year include: 215 TID Created, acquisition of former Holy Smokes property for Downtown Information Center, acquisition of South Side Lumber for new Aquatic Center Pool Parking Lot 216 TID Amendment #1 Adopted, Downtown Master Plan, planning and design for Downtown Information Center and Aquatic Center Parking Lot, acquisition of property for Millhaven Development Anticipated projects in 217 include, but are not limited to: Razing of former Tee Pee Restaurant, begin construction of new mixed-use development Adoption of Downtown Master Plan Adoption of Downtown Design Standards Overlay Zoning District Adopting Developer Incentives Policy Manual and Application Construction of the Aquatic Center Parking Lot Rehabilitation of Holy Smokes for new Downtown Information Center Installation of utilities to serve Millhaven Development, final construction of Millhaven Development Potential Projects in 218 and beyond: Potential projects include implementation of the City s Downtown Master Plan (e.g. new street lighting, streetscaping improvements, community signage, development incentives, transportation and utility improvements, etc.). Refer to the TID #8 Project Plan for a list of all eligible project expenditures. Page 2

6 Section III. Summary of New Development Activities Table 3 (page 5) provides a summary and projection of major redevelopment/rehabilitation projects within TID #8 since its inception and the net impact on assessment values. Projects which received developer incentives are denoted in bold type. Table 3 is an updated copy of Table 3 found in TID #8 Project Plan Amendment #1. Other parcels which were identified in the TID #8 Project Plan as likely candidates for future redevelopment/rehabilitation, along with estimated improvements years and values, are also listed in the table. The table includes actual changes in assessment values since creation of the TID in 215 for major new development projects. Table 3 estimates total growth in value of new development over the life of the District of $6,137,533, slightly up from the estimate of $59,34,837 in the Amendment #1 Project Plan due to projected higher construction values than originally anticipated for the proposed redevelopment of the former Tee Pee Restaurant planned in 218. Note, there may be other parcels which could redevelop as well, or in replacement of those listed. Table 3: Actual and Projected Changes in Value from New (Re)Development Parcel ID from Maps 1-4 Type of New Development Total Acres Base Value Est. Growth in Value of New Development Estimated Construction Year Location Notes 29 Highway Commercial 6.53 $ 2,633,9 $ 349,1 215 Gordy's Gas Station Pumps Gateway Commercial 1.3 $ 719,3 $ 81, 215 Kwik Trip 291 Industrial.46 $ 39,4 $ 161, 215 Storage Units on Washington 14 & 19 Public 2.77 $ 277,1 $ (277,1) 216 South Side Lumber - Aquatic Center Parking Lot 185 & 186 Downtown Rehabilitation.25 $ 342,3 $ (342,3) 216 Veteran's Assistance Foundation purchase of Hank's Hardware 173 & 174 Downtown Rehabilitation.23 $ 97,5 $ (97,5) 216 Holy Smokes - Downtown Information Center 214 Downtown Rehabilitation.17 $ 221,5 $ 11, Superior Ave. (Chinese Restaruant) 38 Industrial 8. $ 1,618 $ 6,498, Phase 1 of Millhaven 232 Downtown Rehabilitation.15 $ 47,8 $ 16, Potential Coffeeshop/Art Studio in old photo studio, Mueller property 18 Downtown Rehabilitation.8 $ 54,4 $ 61, Superior Ave Downtown Mixed Use.89 $ 729,1 $7,77,9 218 TeePee Super Club 2 S.F. Residential.3 $ 18,1 $ 16, King St Gateway Commercial.4 $ 263,4 $ 286,6 218 Superior Auto Gateway Commercial 1.56 $ 474,3 $ 1,72, Southeast Corner of Superior and Clifton (Walgreens) 32 Highway Commercial 1.4 $ 23,1 $ 69, Behind Showroom Downtown Commercial.35 $ 65,2 $ 823, Southwest Corner of Superior and Council (131, vacate lots) 23 Downtown Rehabilitation.9 $ 51,2 $ 67, Superior Ave. 3 S.F. Residential.3 $ 18, $ 16, King St 27 & 31 Highway Commercial 3.81 $ 74,9 $ 1,647, West of Burnstad 223 Downtown Rehabilitation.9 $ 68,8 $ 5, Superior Ave Downtown Rehabilitation 1.5 $ 825,6 $ 62, Block Superior westside Council to Juneau (Bandbox) 37 & 38 Industrial 17.7 $ 3,572 $ 9,153, Remaining buildable portion of 37 & 38 not being given to Millhaven 17 & 18 Highway Commercial.51 $ 119, $ 112, Between Kwik Trip and DQ 298 Highway Commercial 1.3 $ 9,2 $ 376, West of BP Station 3 Highway Commercial 3.73 $ 7 $ 1,683, East of Burnstad 37 Industrial 8. $ 1,612 $ 6,498, Phase 2 of Millhaven 3 Industrial 5.94 $ 548,9 $ 1,17,8 222 Mikrut 16 M.F. Residential.93 $ 83,1 $ 36, NW corner Kilbourn and Elizabeth 2 & 21 Highway Commercial 2.64 $ 415,2 $ 779, Days Break Inn 36 Highway Commercial $ 13,8 $ 63, South Superior Ave. View to Dawnee 69 acre parcel only front 5 acres buildable 47 M.F. Residential 3.2 $ 253,7 $ 1,1, Elizabeth South of Kilbourn Downtown Mixed Use.7 $ 67,9 $ 4,384, Block of Superior eastside Council to Downtown Information Center Gateway Commercial 1.52 $ 685,6 $ 822, Southwest Corner of Superior and Clifton Downtown Commercial 1.22 $ 474, $ 2,652, Block of Superior eastside (Downtown Auto and Family Dollar) 286 & 287 Industrial 1.69 $ 163,9 $ 78, Industrial on E. Washington next to railroad 22 & 17 S.F. Residential 17.9 $ 285,4 $ 1,54, Kilbourn Residential (assume 1 new SF Lots) Downtown Commercial.7 $ 345,4 $ 1,443, Block Superior (east side, not included Medicine Shoppe) 78 & 79 Downtown Commercial.26 $ 125,9 $ 531, & 37 Superior 86 Downtown Commercial.52 $ 261,1 $ 1,74, Superior Ave. (Goodyear) Downtown Commercial.87 $ 612,3 $ 1,625, Block Superior (west side) 83 & 84 Downtown Commercial.34 $ 164,5 $ 75, Superior Ave. & 17 W. Monroe (vacant building and house) M.F. Residential 1.5 $ 316,6 $ 124, Block Superior (Benton to Jackson, west of alley) Downtown Commercial.77 $ 353,1 $ 1,614, Residential on W. Washington next to railroad Total $ 13,62,2 $ 6,137,533 Indicates actual growth in asssessment value of parcels since TID creation (excludes personal property growth) Page 3

7 The following is a list of Development Agreements approved by the City since inception of TID #8: 216 Mill Haven Foods (development incentives including land acquisition, utilities, cash grant for construction of a new manufacturing facility. Section IV. Summary and Projection of District Performance Status Quo Table 4 (page 6) and Table 5 (page 7) provides a summary and projection of the TID s performance under a status quo scenario (i.e. assumes no additional new development occurs and new capital expenditures, particularly those requiring debt issuance). Table 4 provides an updated summary of the projected tax increment of TID #8 commencing in 215 and running over the 27-year life of the district through year 242. The first year TID #8 will collect increment is 217. Table 4 provides a conservative estimate of future tax increments as it assumes no additional redevelopment projects will occur in years 217 and beyond. In addition, the analysis assumes no inflation, or deflation, of assessment values or tax rates over the remaining life of the TID. Based on these assumptions the total tax increment collected between 217 and 242 is projected to be $1,299,155. The annual tax increment collected is projected to remain constant over the remaining life of the TID under the stated assumptions. Table 5 provides an updated projection of the performance of TID #8 taking into account the actual reported income and project cost expenditures incurred from Table 4 assumes no additional capital expenditures (i.e. no new debt service) occurs in years 217 and beyond. The only additional projected costs are a modest amount of $1, per year to cover annual DOR TID fees and annual reporting and auditing requirements. The Tax Increment Collected assumptions in Table 4 are based on the conservative no new development analysis used in Table 4. Projected Other Income for the remainder of the TID s life was projected lower than reported in 216 Financial Statements because in 216 there was a transfer from industrial development which totaled $189,6. Based on these assumptions the District is expected to close with a TID fund balance of $613,229 in 242. The purpose of Tables 4 and 5 are to provide a status quo analysis to project the performance of the District over the remaining life of the TID to analyze whether the TID will cash flow if no new debt service is acquired and the amount of annual tax increment collected remains unchanged. Under these assumptions the TID could close early in year 231. Page 4

8 Table 4: Projected Tax Increment Status Quo City of Tomah TID #8 A B C D E F G H I J K IMPROV. BEGINNING EST. GROWTH END TAX TAX TAX TAX DURING OF YEAR IN VALUE OF CUMULATIVE INFLATION OF YEAR INCREMENT VALUE RATE 3 INCREMENT COLLECTION YEAR VALUE NEW DEVELOP 1 VALUE INCREMENT 2 VALUE VALUE YEAR $1, COLLECTED YEAR 215 $39,827,1 $2,115, $41,942,1 $ $41,942,1 $2,115, 216 $25.51 $53, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 217 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 218 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 219 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 22 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 221 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 222 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 223 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 224 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 225 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 226 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 227 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 228 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 229 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 23 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 231 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 232 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 233 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 234 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 235 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 236 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 237 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 238 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 239 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 24 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 241 $23.55 $49, $41,942,1 $ $41,942,1 $ $41,942,1 $2,115, 242 $23.55 x 243 TOTAL $2,115, $ $1,299,155 ASSUMPTION TID DATES 1. $2,115, in new development construction over the life of the TID. Creation Date = May 12th, % annual inflation of assessed values. Expenditure Period = May 12th, Tax rate remains constant at 216 levels Termination Date = May 12th, 242 Actual Values from City of Tomah Financial Statement & WIDOR TID Value Reports Page 5

9 Table 5: Projected Performance Status Quo City of Tomah TID #8 L M N O P Q R S T U PROJECT ANNUAL ADMIN & TOTAL TAX EST. CUMULATIVE PAYMENT EXPENDITURE DEBT OTHER USES INCREMENT OTHER INVESTM ANNUAL TID FUND YEAR COSTS 1 SERVICE 2 COSTS 3 TID FUNDS COLLECTED INCOME INCOME 4 CASH FLOW BALANCE 215 $314,98 $ $21,98 $336,959 $ $ $ ($336,959) ($336,959) 216 $51,16 $ $68,54 $569,556 $ $191,1 $ ($378,456) ($715,415) 217 $ $ $1, $1, $53,949 $1,5 $ $54,449 ($66,966) 218 $ $ $1, $1, $49,88 $1,5 $ $5,38 ($61,658) 219 $ $ $1, $1, $49,88 $1,5 $ $5,38 ($56,35) 22 $ $ $1, $1, $49,88 $1,5 $ $5,38 ($51,41) 221 $ $ $1, $1, $49,88 $1,5 $ $5,38 ($459,733) 222 $ $ $1, $1, $49,88 $1,5 $ $5,38 ($49,425) 223 $ $ $1, $1, $49,88 $1,5 $ $5,38 ($359,117) 224 $ $ $1, $1, $49,88 $1,5 $ $5,38 ($38,88) 225 $ $ $1, $1, $49,88 $1,5 $ $5,38 ($258,5) 226 $ $ $1, $1, $49,88 $1,5 $ $5,38 ($28,192) 227 $ $ $1, $1, $49,88 $1,5 $ $5,38 ($157,884) 228 $ $ $1, $1, $49,88 $1,5 $ $5,38 ($17,575) 229 $ $ $1, $1, $49,88 $1,5 $ $5,38 ($57,267) 23 $ $ $1, $1, $49,88 $1,5 $ $5,38 ($6,959) 231 $ $ $1, $1, $49,88 $1,5 $ $5,38 $43, $ $ $1, $1, $49,88 $1,5 $217 $5,525 $93, $ $ $1, $1, $49,88 $1,5 $469 $5,778 $144, $ $ $1, $1, $49,88 $1,5 $723 $51,32 $195, $ $ $1, $1, $49,88 $1,5 $978 $51,287 $246, $ $ $1, $1, $49,88 $1,5 $1,235 $51,543 $298, $ $ $1, $1, $49,88 $1,5 $1,493 $51,81 $35, $ $ $1, $1, $49,88 $1,5 $1,752 $52,6 $42, $ $ $1, $1, $49,88 $1,5 $2,12 $52,32 $454, $ $ $1, $1, $49,88 $1,5 $2,273 $52,582 $57, $ $ $1, $1, $49,88 $1,5 $2,536 $52,845 $56, $ $ $1, $1, $49,88 $1,5 $2,81 $53,19 $613,229 TOTAL $815,996 $ $26, $26, $1,299,155 $39, $16,489 ASSUMPTION TID DATES 1. No additional capital expenditures Creation Date = May 12th, No new debt service Expenditure Period = May 12th, Other Costs includes Annual DOR Fees/TID Management Costs/TID Planning Termination Date = May 12th, Other Income includes 'rent income' and 'transfer from industrial development' 5. Interest on investment income =.5% Source: DOR Value Limitation Reports, Tomah Financial Statements Page 6

10 Section V. Summary and Projection of District Performance Additional Development Table 6 (page 1) and Table 7 (page 11) provides a summary and projection of the TID s performance under an additional development scenario (i.e. assumes additional new development occurs and new capital expenditures, particularly those requiring debt issuance). The assumptions in Tables 6 and 7 represent updated projections from similar tables in the TID #8 Project Plan Amendment #1 adopted in 216. Table 6 provides an updated summary of the projected tax increment of TID #8 commencing in 215 and running over the 27-year life of the district through year 242. The assumptions in Table 6 are based on actual and projected values of new development summarized in Table 3 (page 5), with the exception of projecting negative growth in new development value for year 216. This is due to a number of land acquisition by tax exempt entities, refer to Table 3. The projections in Table 6 also include assumptions that the tax rate will remain constant and 1% annual inflationary increases in the value of the TID. These are the same assumptions used in the Amendment #1 Project Plan. Based on the assumptions and projections in Table 6 the total tax increment collected between 217 and 242 is projected to be $33,777,983. This is down from the projection of $36,143,812 in the Amendment #1 Project Plan due primarily to the drop in the tax rate from that used in the Amendment # 1 Project Plan. Table 7 provides an updated projection of the performance of TID taking into account the projected growth in new development from Table 6 and additional capital expenditures anticipated to still occur as described in the Amendment #1 Project Plan. The Amendment #1 Project Plan assumed the City would incur debt expenses in support of new capital expenditures at five different times during the life of the TID. Table 7 includes the same projections of debt service in years as found in Table 5 of the Amendment #1 Project Plan. The actual timing, amounts, and terms of future debt service will vary from that shown in Table 7 based on market conditions and ability of the City/TID to incur additional debt service. For example, Table 7 should not be construed as a commitment by the City to complete $6,955,491 in new capital expenditures in year 217. The purpose of Tables 6 and 7 are to project the performance of the District over the remaining life of the TID to analyze whether the TID will cash flow if new debt service is acquired and the amount of annual tax increment collected increases due to new development based on the assumptions in the Amendment #1 Project Plan. Based on these assumptions the District is expected to close with a TID fund balance of $5,168,927 in 242. Under these assumptions the TID could close in year 239. Page 7

11 Table 6: Projected Tax Increment Additional Development City of Tomah TID #8 A B C D E F G H I J K IMPROV. BEGINNING EST. GROWTH END TAX TAX TAX TAX DURING OF YEAR IN VALUE OF CUMULATIVE INFLATION OF YEAR INCREMENT VALUE RATE 3 INCREMENT COLLECTION YEAR VALUE NEW DEVELOP 1 VALUE INCREMENT 2 VALUE VALUE YEAR $1, COLLECTED YEAR 215 $39,827,1 $2,115, $41,942,1 $ $41,942,1 $2,115, 216 $25.51 $53, $41,942,1 ($716,9) $41,225,2 $ $41,225,2 $2,115, 217 $23.55 $49, $41,225,2 $6,67,237 $47,895,437 $412,252 $48,37,689 $9,197, $23.55 $216, $48,37,689 $11,14,288 $59,321,977 $483,77 $59,85,54 $2,694, $23.55 $487, $59,85,54 $11,471,962 $71,277,16 $598,51 $71,875,67 $32,764, $23.55 $771, $71,875,67 $489,33 $72,364,1 $718,751 $73,82,851 $33,972, $23.55 $8, $73,82,851 $8,182,172 $81,265,23 $73,829 $81,995,851 $42,885, $23.55 $1,9, $81,995,851 $1,324,753 $83,32,64 $819,959 $84,14,563 $45,3, $23.55 $1,6, $84,14,563 $1,382,999 $85,523,562 $841,46 $86,364,968 $47,254, $23.55 $1,112, $86,364,968 $5,395,464 $91,76,432 $863,65 $92,624,81 $53,513, $23.55 $1,26, $92,624,81 $822,955 $93,447,36 $926,241 $94,373,277 $55,263, $23.55 $1,31, $94,373,277 $2,652,792 $97,26,68 $943,733 $97,969,81 $58,859, $23.55 $1,386, $97,969,81 $78,359 $98,678,16 $979,698 $99,657,858 $6,547, $23.55 $1,425, $99,657,858 $1,54,12 $11,161,978 $996,579 $12,158,557 $63,48, $23.55 $1,484, $12,158,557 $1,443,814 $13,62,371 $1,21,586 $14,623,957 $65,513, $23.55 $1,542, $14,623,957 $531,764 $15,155,721 $1,46,24 $16,21,961 $67,91, $23.55 $1,58, $16,21,961 $1,74,48 $17,276,441 $1,62,2 $18,338,461 $69,228, $23.55 $1,63, $18,338,461 $1,625,798 $19,964,259 $1,83,385 $111,47,643 $71,937, $23.55 $1,694, $111,47,643 $75,388 $111,753,31 $1,11,476 $112,863,57 $73,753, $23.55 $1,736, $112,863,57 $124,43 $112,987,911 $1,128,635 $114,116,546 $75,6, $23.55 $1,766, $114,116,546 $1,614,651 $115,731,196 $1,141,165 $116,872,362 $77,762, $23.55 $1,831, $116,872,362 $ $116,872,362 $1,168,724 $118,41,86 $78,93, $23.55 $1,858, $118,41,86 $ $118,41,86 $1,18,411 $119,221,496 $8,111, $23.55 $1,886, $119,221,496 $ $119,221,496 $1,192,215 $12,413,711 $81,33, $23.55 $1,914, $12,413,711 $ $12,413,711 $1,24,137 $121,617,848 $82,57, $23.55 $1,943, $121,617,848 $ $121,617,848 $1,216,178 $122,834,27 $83,723, $23.55 $1,971, $122,834,27 $ $122,834,27 $1,228,34 $124,62,367 $84,952, $23.55 x 243 TOTAL $6,137,533 $24,97,734 $33,777,983 ASSUMPTION TID DATES 1. $6,137,533 in new development construction over the life of the TID. Creation Date = May 12th, % annual inflation of assessed values. Expenditure Period = May 12th, Tax rate remains constant at 216 levels Termination Date = May 12th, 242 Actual Values from City of Tomah Financial Statement & WIDOR TID Value Reports Page 8

12 Table 7: Projected Performance Additional Development City of Tomah TID #8 L M N O P Q R S T U PROJECT ANNUAL ADMIN & TOTAL TAX EST. CUMULATIVE PAYMENT EXPENDITURE DEBT OTHER USES INCREMENT OTHER INVESTM ANNUAL TID FUND YEAR COSTS 1 SERVICE 2 COSTS 3 TID FUNDS COLLECTED INCOME INCOME 4 CASH FLOW BALANCE 215 $ $ $ $ $ $ $ $ $ 216 $815,996 $ $9,519 $96,515 $ $191,1 $ ($715,415) ($715,415) 217 $6,955,491 $21,575 $25, $46,575 $53,949 $1,5 $ $8,874 ($76,541) 218 $ $314,146 $25, $339,146 $49,88 $1,5 $ ($287,837) ($994,378) 219 $ $819,933 $25, $844,933 $216,61 $1,5 $ ($626,832) ($1,621,21) 22 $ $819,933 $25, $844,933 $487,364 $1,5 $ ($356,69) ($1,977,279) 221 $4,657,464 $819,933 $5, $869,933 $771,613 $1,5 $ ($96,82) ($2,74,99) 222 $ $819,933 $25, $844,933 $8,56 $1,5 $ ($43,377) ($2,117,475) 223 $ $1,18,86 $25, $1,25,86 $1,9,957 $1,5 $ ($194,42) ($2,311,878) 224 $ $1,18,86 $25, $1,25,86 $1,6,465 $1,5 $ ($143,895) ($2,455,772) 225 $ $1,18,86 $25, $1,25,86 $1,112,85 $1,5 $ ($91,51) ($2,547,282) 226 $ $1,18,86 $25, $1,25,86 $1,26,252 $1,5 $ $55,892 ($2,491,39) 227 $2,844,884 $1,18,86 $25, $1,25,86 $1,31,445 $1,5 $ $97,86 ($2,394,34) 228 $ $1,18,86 $25, $1,25,86 $1,386,144 $1,5 $ $181,784 ($2,212,52) 229 $ $1,542,952 $25, $1,567,952 $1,425,897 $1,5 $ ($14,555) ($2,353,75) 23 $ $1,542,952 $25, $1,567,952 $1,484,789 $1,5 $ ($81,664) ($2,434,739) 231 $ $1,542,952 $25, $1,567,952 $1,542,849 $1,5 $ ($23,63) ($2,458,342) 232 $ $1,542,952 $25, $1,567,952 $1,58,11 $1,5 $ $13,559 ($2,444,783) 233 $ $1,542,952 $25, $1,567,952 $1,63,326 $1,5 $ $63,873 ($2,38,91) 234 $ $1,542,952 $25, $1,567,952 $1,694,127 $1,5 $ $127,674 ($2,253,236) 235 $ $1,542,952 $25, $1,567,952 $1,736,89 $1,5 $ $17,438 ($2,82,798) 236 $ $1,542,952 $25, $1,567,952 $1,766,399 $1,5 $ $199,947 ($1,882,851) 237 $ $1,521,378 $5, $1,571,378 $1,831,299 $1,5 $ $261,421 ($1,621,43) 238 $ $1,228,87 $25, $1,253,87 $1,858,822 $1,5 $ $66,516 ($1,14,915) 239 $ $36,927 $25, $385,927 $1,886,621 $1,5 $ $1,52,194 $487,28 24 $ $36,927 $25, $385,927 $1,914,698 $1,5 $2,436 $1,532,77 $2,19, $ $36,927 $25, $385,927 $1,943,55 $1,5 $1,1 $1,568,728 $3,588, $ $36,927 $5, $41,927 $1,971,696 $1,5 $17,944 $1,58,213 $5,168,927 TOTAL $15,273,835 $27,238,12 $815,519 $28,869,635 $33,777,983 $23,1 $3,48 ASSUMPTION TID DATES 1. Excludes Project Categories F, I, and J Creation Date = May 12th, Principal and Interest Payments on Debt for Project Expenditures, plus interest on Advances at 3% Expenditure Period = May 12th, Other Costs includes Annual DOR Fees/TID Management Costs Termination Date = May 12th, Other Income includes 'rent income' and 'transfer from industrial development' 5. Interest on investment income =.5% Source: DOR Value Limitation Reports, Tomah Financial Statements Page 9

13 Section VI. Annual Report Summary Based on projections in Table 5 and 7, the TID is estimated to have sufficient tax increment to enable the TID to cash flow by year 242, or sooner. No additional project or territory amendments are anticipated or recommended at this time. Page 1

14 APPENDIX A: TID #8 Boundary and Project Locations Map

15 APPENDIX B: PE-3 FORMS

16 Page 1 of 9 7/5/217 Wisconsin Dept of Revenue Print Friendly FAQ To print: 1. Click "Ctrl" and "P" at the same time on your keyboard to bring up the "Print" window 2. Select the printer where you would like the form to print 3. If you would like to avoid printing these instructions, begin printing from page 2

17 Page 2 of 9 7/5/217 TID Annual Report (PE-3) Co-muni code Year 216 TID # 8 TID type 3 - Reh/Cons post-95 Creation date Municipality CITY of TOMAH Due date July 3, 217 Report type AMENDED TID name N/A Mandatory termination date Beginning Balance Fund balance at beginning of fiscal year -336,959

18 Page 3 of 9 7/5/217 Section 2a. Expenditures Developer grants 1 N/A Subtotal Does this TID allocate funds to another TID? Yes No Subtotal Other expenditures 1 Name or description Amount Subtotal

19 Page 4 of 9 7/5/217 Section 2b. Expenditures Capital expenditures Administration Professional services Interest and fiscal charges Discount on long-term debt Debt issuance costs Principal on long-term debt Environmental costs Real property assembly costs Developer grants subtotal Allocation to other TIDs subtotal Other expenditures subtotal Total Expenditures 51,16 1,999 66,541 Amount Amount Amount Amount Amount Amount 569,556

20 Page 5 of 9 7/5/217 Section 3a. Revenues Does this TID receive allocated funds from another TID? Yes No Subtotal Development guarantees 1 Name or description Amount Subtotal Transfer from other funds 1 City of Tomah Industrial Developments 189,6 Subtotal 189,6 Other grant sources 1 Name or description Amount Subtotal Other revenue sources 1 Rental Income on purchased land 1,5 Subtotal 1,5

21 Page 6 of 9 7/5/217

22 Page 7 of 9 7/5/217 Section 3b. Revenues Tax increment Investment income Amount Special assessments Amount Exempt computer aid Amount Miscellaneous revenue Amount Sale of property Amount Allocation amount from other TIDs subtotal Developer guarantees subtotal Transfer from other funds subtotal 189,6 Other grant sources subtotal Other revenue sources subtotal 1,5 Total Revenues 191,1

23 Page 8 of 9 7/5/217 Section 4. Ending Balance Balance at end of fiscal year -715,415 Future project costs 3,958,28 Surplus or deficit (amount not included in future project costs) -4,673,443

24 Page 9 of 9 7/5/217 Section 5. Preparer/Contact Information Preparer Information Name Julia Mann Title Treasurer Phone jmann@tomahonline.com (68) Check here if the preparer is the same as the contact person Contact Person Name Julia Mann Title Treasurer Phone jmann@tomahonline.com (68) Confirmation Statement I declare this report is true, correct and complete to the best of my knowledge and belief. Yes No

25 APPENDIX C: JOINT REVIEW BOARD ANNUAL MEETING NOTICE AND MINUTES

26 Minutes of Joint Review Board Regarding Annual Report of Tax Increment Finance District #8 Created: May 12, 215; Expenditure Period May 12, 237; Termination Date May 12, 242 June 27, 217 4:3 P.M. The Joint Review Board met on Tuesday, June 27 th, 217 at 4:3 P.M. in the Council Chambers at City Hall, 819 Superior Avenue, Tomah, WI. The meeting was called to order by Tomah Area School District Representative Greg Gaarder. Members consist of representatives from the Tomah Area School District, Western Technical College, Monroe County, City of Tomah Citizen Representative, and City of Tomah Mayor. 1) Roll call was taken. Present: Dennis Treu representing Western Technical College (arrived at 4:36 p.m.), Greg Gaarder, representative of the Tomah Area School District, Jim Bialecki, representative of Monroe County, and Larry Baribeau - citizen representative. Absent: Mayor Nellie Pater representing City of Tomah. Others Present: City Administrator Roger Gorius, MSA Representative Andrew Bremer, City Treasurer Julia Mann, City Clerk JoAnn Cram, and Deputy Clerk Diane Webster. Approve Minutes of September 27, 216 Meeting. Motion by Bialecki, second by Baribeau to approve the minute of September 27, 216 as presented. Motion passed without negative vote. Review of TID #8 216 Annual Report Regarding Performance and Status. MSA Representative Andrew Bremer presented an overview of TID 8. Amendment No. 1 occurred in 216. The first year shows a tax increment value of $2,115,. The current 216 value is $41,942,1 with a starting value of $39,827,1. The equalized value test shows that the city is only using.33% of the total equalized value of taxable property in the municipality. Project expenditures in per the financial statement were $96,515 or 3.3% of the total Project Plan and amendment costs. Major projects completed in 216 include: TID Amendment #1 was adopted, Downtown Master Plan, planning and design for Downtown Information Center and Aquatic Center Parking lot, and acquisition of property for the Millhaven Development project. Anticipated 217 projects were reviewed. A Developer Incentive Policy Manual and Application will be presented for Council approval in the near future. We anticipate finishing the TeePee redevelopment project and then will begin work on projects laid out in the Master Plan to include such things as new street lighting, streetscaping improvements, community signage, development incentives, transportation and utility improvements, etc. Table 3 was reviewed describing actual and projected changes in value from new (re)development. This does not include increases due to personal property growth which includes Gordy s and Kwik Trip gas pumps. The table will be updated annually. A summary of the performance of the district was addressed including a status quo scenario and an additional development scenario. The first year TID #8 will collect increment is 217. Tables 4 and 5 include a status quo proforma analysis which assumes no additional development will occur in the TID and no new capital expenditures will be incurred. Table 5 shows performance paying off existing debt as it was at the end of 216 in year 231. This assumes no additional development or capital expenditures occurs in the District. A separate analysis was reviewed (Tables 6 and 7) which includes amended assumptions regarding future new

27 development and capital expenditures from the 216 Project Plan. Based on the assumptions and projections, the total tax increment collected between 217 and 242 is projected to be $33,777,983. Based on assumptions presented, the District is expected to close with a TID fund balance of $5,168,927 in 242. Under these assumptions, the TID could close in year 239. Motion by Bialecki, second by Baribeau to accept the report as presented. Motion passed without negative vote. Motion by Bialecki, second by Baribeau to adjourn. Motion passed without negative vote. Meeting adjourned at 4:48 p.m. Respectfully submitted, JoAnn M. Cram, City Clerk