Joint Review Board — Agenda packet

AGENDA JOINT REVIEW BOARD ANNUAL MEETING TOWN OF ALGOMA, WINNEBAGO COUNTY, WISCONSIN June 17, 2026 at 4:30 PM The meeting will be held at the Algoma Town Hall, located at 15 N Oakwood Road. 1. Call to order. 2. Roll call. 3. Approval of minutes from the June 5, 2024 Joint Review Board meeting. 4. Review the Town of Algoma PE -300 Municipal Tax Incremental Finance 2025 Audit and Annual Report for Tax Increment District Number One. 5. Adjourn. Joint Review Board DRAFT 1 TOWN OF ALGOMA WINNEBAGO COUNTY, WISCONSIN June 5, 2024 The Joint Review Board for Tax Incremental District No. 1 was called to order at 4:30 p.m. Members present were Paul Kaiser-Winnebago County, Joel Rasmussen-Town of Algoma, Amy VanStraten-Fox Valley Technical College, and Patti Frohrib-Public Member. Beth Wyman-Oshkosh Area School District was not present. Patti Frohrib made a motion to approve the minutes of the April 10, 2024, Joint Review Board meeting. Paul Kaiser seconded. The motion carried. Greg Johson, Ehlers, reviewed the gave a review of the project plan. There have been no changes from the initial meeting. All entities receive a copy of the resolution to review for today. Amy VanStraten made a motion to approve Joint Review Board resolution approving the creation of tax incremental district no. 1. Patti Frohrib seconded. The motion carried Amy Vanstraten made a motion to adjourn the meeting. Patti Frohrib seconded. The motion carried. The meeting adjourned at 4:40 p.m. Respectfully submitted, Katherine Reinbold, Clerk Town of Algoma Municipal Tax Increment Finance Annual Report for 2025 Submitted by Town Administrator Maggie Mahoney The Town of Algoma created its first Tax Increment Finance District (TID 1) on June 5, 2024. TID 1 serves two purposes: 1. Facilitates the development of a medical facility by OSMS Real Estate by extending water service from the corner of Witzel Avenue and N. Oakwood Road further south. 2. Provides a future financial tool to aid in the long-term redevelopment of Town owned property at the corner of Witzel and Oakwood (subject to Town approval). There were no specific redevelopment plans in place at the time of this District’s creation, but its existence supports our longer-term goals. Orthopedic & Sports Medicine Specialists (OSMS): The town entered into a development agreement with OSMS and Algoma Sanitary District #1 in October 2024. The town received a State Loan Trust Fund for $410,000 (at 5.5%) that same month to fund the water main extension project. The water main was installed in winter and spring of 2025, with the building construction being completed ahead of schedule and opening at 200 S. Oakwood Rd on April 13, 2026. In January 2026 the town refinanced the SLTF loan with General Obligation debt at 3.59%, saving $59,870. The estimated value of the project as of Sept 2024 was $4,951,000. The town is awaiting the 1/1/2026 valuation from our assessor, but we will not see the full value until next year’s assessment. The project appears to be very successful and the town is optimistic it will meet the assessment expectations of $5 million. When that value is known the proforma will be updated. Town property at Witzel Ave and Oakwood Rd: The town completed a Town Hall Facility Need Assessment in 2025 to look at present and future needs, and fiscal realities of renovating, expanding, and/or building new facilities to house the town operations and meeting spaces. The recommendation is to build new facilities at another location in the town, which would allow this property in the TID to be redeveloped. Plans for both the new facilities and possible redevelopment of this property are pending at this time. 2025 Financials: The town will be completing the PE-300 TID Annual Report for the first time for this TID and will be receiving professional assistance from CLA. As such, it is not yet completed at the time of this report but will be completed and submitted by the end of the month deadline. A 2025 actuals report is attached to show TID activity. As of December 31, 2025 the restricted fund balance of the TID was $116,191. The first debt payment of $36,012.71 is due in 2026. Annual Total Total Value 1 2024 0 2024 1 2 2025 4,951,000 4,951,000 2025 2 3 2026 0 2026 3 4 2027 0 2027 4 5 2028 0 2028 5 6 2029 0 2029 6 7 2030 0 2030 7 8 2031 0 2031 8 9 2032 0 2032 9 10 2033 0 2033 10 11 2034 0 2034 11 12 2035 0 2035 12 13 2036 0 2036 13 14 2037 0 2037 14 15 2038 0 2038 15 16 2039 0 2039 16 17 2040 0 2040 17 18 2041 0 2041 18 19 2042 0 2042 19 20 2043 0 2043 20 21 2044 0 2044 21 22 2045 0 2045 22 23 2046 0 2046 23 24 2047 0 2047 24 25 2048 0 2048 25 26 2049 0 2049 26 27 2050 0 2050 27 Totals 4,951,000 4,951,000 Construction Year Town of Algoma, Wisconsin Tax Increment District No.1 Development Assumptions Construction Year OSMS Project (Proposed Project) Page 1 9/24/2024 Type of District Base Value 400,000 District Creation Date Economic Change Factor 0.50% Valuation Date Jan 1, 2024 Apply to Base Value Max Life (Years) Base Tax Rate $15.23 Expenditure Period/Termination 22 5/1/2046 Rate Adjustment Factor -1.00% Revenue Periods/Final Year 27 2052 Extension Eligibility/Years Yes 3 Eligible Recipient District Construction Year Value Added Valuation Year Economic Change Total Increment Revenue Year Tax Rate Tax Increment 1 2024 0 2025 0 0 2026 $15.08 0 2 2025 4,951,000 2026 0 4,951,000 2027 $14.93 73,921 3 2026 0 2027 24,755 4,975,755 2028 $14.78 73,548 4 2027 0 2028 24,879 5,000,634 2029 $14.63 73,177 5 2028 0 2029 25,003 5,025,637 2030 $14.49 72,807 6 2029 0 2030 25,128 5,050,765 2031 $14.34 72,440 7 2030 0 2031 25,254 5,076,019 2032 $14.20 72,074 8 2031 0 2032 25,380 5,101,399 2033 $14.06 71,710 9 2032 0 2033 25,507 5,126,906 2034 $13.92 71,348 10 2033 0 2034 25,635 5,152,541 2035 $13.78 70,987 11 2034 0 2035 25,763 5,178,303 2036 $13.64 70,629 12 2035 0 2036 25,892 5,204,195 2037 $13.50 70,272 13 2036 0 2037 26,021 5,230,216 2038 $13.37 69,917 14 2037 0 2038 26,151 5,256,367 2039 $13.23 69,564 15 2038 0 2039 26,282 5,282,649 2040 $13.10 69,213 16 2039 0 2040 26,413 5,309,062 2041 $12.97 68,863 17 2040 0 2041 26,545 5,335,607 2042 $12.84 68,516 18 2041 0 2042 26,678 5,362,285 2043 $12.71 68,170 19 2042 0 2043 26,811 5,389,097 2044 $12.59 67,825 20 2043 0 2044 26,945 5,416,042 2045 $12.46 67,483 21 2044 0 2045 27,080 5,443,122 2046 $12.34 67,142 22 2045 0 2046 27,216 5,470,338 2047 $12.21 66,803 23 2046 0 2047 27,352 5,497,690 2048 $12.09 66,466 24 2047 0 2048 27,488 5,525,178 2049 $11.97 66,130 25 2048 0 2049 27,626 5,552,804 2050 $11.85 65,796 26 2049 0 2050 27,764 5,580,568 2051 $11.73 65,464 27 2050 0 2051 27,903 5,608,471 2052 $11.61 65,133 Totals 4,951,000 657,471 Future Value of Increment 1,805,397 Notes: Yes Town of Algoma, Wisconsin Tax Increment District No.1 Tax Increment Projection Worksheet Rehabilitation May 1, 2024 27 Page 2 9/24/2024 Total Dated Date: Debt Year Principal Est. Rate Interest Service Year 2024 0 0 25,857 25,857 (25,857) (25,857) 410,000 2024 2025 410,000 410,000 0 28,500 313,268 5,000 346,768 63,232 37,375 410,000 2025 2026 0 0 33,631 33,631 5,000 38,631 (38,631) (1,256) 410,000 2026 2027 73,921 73,921 13,279 6.00% 24,600 37,879 5,000 42,879 31,043 29,787 396,721 2027 2028 73,548 73,548 14,010 6.00% 23,869 37,879 5,000 42,879 30,670 60,457 382,711 2028 2029 73,177 73,177 14,916 6.00% 22,963 37,879 5,000 42,879 30,298 90,755 367,795 2029 2030 72,807 72,807 15,811 6.00% 22,068 37,879 5,000 42,879 29,929 120,683 351,985 2030 2031 72,440 72,440 16,760 6.00% 21,119 37,879 5,000 42,879 29,561 150,244 335,225 2031 2032 72,074 72,074 17,710 6.00% 20,169 37,879 5,000 42,879 29,195 179,440 317,515 2032 2033 71,710 71,710 18,828 6.00% 19,051 37,879 5,000 42,879 28,831 208,271 298,687 2033 2034 71,348 71,348 19,957 6.00% 17,921 37,879 5,000 42,879 28,469 236,740 278,730 2034 2035 70,987 70,987 21,155 6.00% 16,724 37,879 5,000 42,879 28,109 264,848 257,575 2035 2036 70,629 70,629 22,382 6.00% 15,497 37,879 5,000 42,879 27,750 292,599 235,194 2036 2037 70,272 70,272 23,767 6.00% 14,112 37,879 5,000 42,879 27,394 319,992 211,427 2037 2038 69,917 69,917 25,193 6.00% 12,686 37,879 5,000 42,879 27,039 347,031 186,234 2038 2039 69,564 69,564 26,705 6.00% 11,174 37,879 5,000 42,879 26,686 373,716 159,529 2039 2040 69,213 69,213 28,281 6.00% 9,598 37,879 5,000 42,879 26,334 400,051 0 2040 2041 68,863 68,863 30,004 6.00% 7,875 37,879 5,000 42,879 25,985 426,036 0 2041 2042 68,516 68,516 31,804 6.00% 6,075 37,879 5,000 42,879 25,637 451,673 0 2042 2043 68,170 68,170 33,712 6.00% 4,166 37,879 5,000 42,879 25,291 476,964 0 2043 2044 67,825 67,825 35,729 6.00% 2,150 37,879 5,000 42,879 24,947 501,910 0 2044 2045 67,483 67,483 0 5,000 5,000 62,483 564,393 0 2045 2046 67,142 67,142 0 5,000 5,000 62,142 626,535 0 2046 2047 66,803 66,803 0 5,000 5,000 61,803 688,338 0 2047 2048 66,466 66,466 0 5,000 5,000 61,466 749,804 0 2048 2049 66,130 66,130 0 5,000 5,000 61,130 810,934 0 2049 2050 65,796 65,796 0 5,000 5,000 60,796 871,730 0 2050 2051 65,464 65,464 0 5,000 5,000 60,464 932,193 0 2051 2052 65,133 65,133 0 5,000 5,000 60,133 992,327 0 2052 TOTAL 1,805,397 410,000 2,215,397 410,000 305,446 715,446 54,357 313,268 140,000 1,223,070 TOTAL Notes: LEGEND: END OF EXP. PERIOD PROJECTED CLOSURE YEAR Liabilities Outstanding Ongoing Planning & Administration Total Expenditures Annual CumulativeCapital Outlay State Trust Fund Loan 11/01/24 TIF Costs Town of Algoma, Wisconsin Tax Increment District No.1 Cash Flow Projection 20 year Projected Revenues Projected Expenditures Balances Tax Increments Debt Proceeds Total Revenues $410,000 Page 3 9/24/2024 Total Dated Date: Debt Year Principal Est. Rate Interest Service Year 2024 0 0 25,857 25,857 (25,857) (25,857) 410,000 2024 2025 410,000 410,000 0 28,500 313,268 5,000 346,768 63,232 37,375 410,000 2025 2026 0 0 33,631 33,631 5,000 38,631 (38,631) (1,256) 410,000 2026 2027 73,921 73,921 21,725 6.00% 24,600 46,325 5,000 51,325 22,596 21,340 388,275 2027 2028 73,548 73,548 22,965 6.00% 23,360 46,325 5,000 51,325 22,223 43,563 365,309 2028 2029 73,177 73,177 24,407 6.00% 21,919 46,325 5,000 51,325 21,851 65,414 340,902 2029 2030 72,807 72,807 25,871 6.00% 20,454 46,325 5,000 51,325 21,482 86,896 315,031 2030 2031 72,440 72,440 27,424 6.00% 18,902 46,325 5,000 51,325 21,114 108,010 287,607 2031 2032 72,074 72,074 29,022 6.00% 17,304 46,325 5,000 51,325 20,748 128,758 258,586 2032 2033 71,710 71,710 30,810 6.00% 15,515 46,325 5,000 51,325 20,384 149,142 227,775 2033 2034 71,348 71,348 32,659 6.00% 13,667 46,325 5,000 51,325 20,022 169,164 195,116 2034 2035 70,987 70,987 34,619 6.00% 11,707 46,325 5,000 51,325 19,662 188,826 160,498 2035 2036 70,629 70,629 36,669 6.00% 9,656 46,325 5,000 51,325 19,303 208,129 123,829 2036 2037 70,272 70,272 38,896 6.00% 7,430 46,325 5,000 51,325 18,947 227,076 84,933 2037 2038 69,917 69,917 41,230 6.00% 5,096 46,325 5,000 51,325 18,592 245,668 43,703 2038 2039 69,564 69,564 43,703 6.00% 2,622 46,325 5,000 51,325 18,239 263,907 0 2039 2040 69,213 69,213 0 5,000 5,000 64,213 328,119 0 2040 2041 68,863 68,863 0 5,000 5,000 63,863 391,983 0 2041 2042 68,516 68,516 0 5,000 5,000 63,516 455,498 0 2042 2043 68,170 68,170 0 5,000 5,000 63,170 518,668 0 2043 2044 67,825 67,825 0 5,000 5,000 62,825 581,493 0 2044 2045 67,483 67,483 0 5,000 5,000 62,483 643,976 0 2045 2046 67,142 67,142 0 5,000 5,000 62,142 706,118 0 2046 2047 66,803 66,803 0 5,000 5,000 61,803 767,921 0 2047 2048 66,466 66,466 0 5,000 5,000 61,466 829,387 0 2048 2049 66,130 66,130 0 5,000 5,000 61,130 890,517 0 2049 2050 65,796 65,796 0 5,000 5,000 60,796 951,313 0 2050 2051 65,464 65,464 0 5,000 5,000 60,464 1,011,776 0 2051 2052 65,133 65,133 0 5,000 5,000 60,133 1,071,910 0 2052 TOTAL 1,805,397 410,000 2,215,397 410,000 225,863 635,863 54,357 313,268 140,000 1,143,487 TOTAL Notes: LEGEND: END OF EXP. PERIOD Town of Algoma, Wisconsin Tax Increment District No.1 Cash Flow Projection 15 year Projected Revenues Projected Expenditures Balances Tax Increments Debt Proceeds Total Revenues $410,000 TIF & Agreement Costs Capital Outlay State Trust Fund Loan Ongoing Planning & Administration Total Expenditures Annual Cumulative 11/01/24 PROJECTED CLOSURE YEAR Liabilities Outstanding Page 4 9/24/2024 Total Dated Date: Debt Year Principal Est. Rate Interest Service Year 2024 0 0 25,857 25,857 (25,857) (25,857) 410,000 2024 2025 410,000 410,000 0 28,500 313,268 5,000 346,768 63,232 37,375 410,000 2025 2026 0 0 30,829 30,829 5,000 35,829 (35,829) 1,547 410,000 2026 2027 73,921 73,921 42,185 5.50% 22,550 64,735 5,000 69,735 4,186 5,733 367,815 2027 2028 73,548 73,548 44,450 5.50% 20,285 64,735 5,000 69,735 3,813 9,546 323,365 2028 2029 73,177 73,177 46,950 5.50% 17,785 64,735 5,000 69,735 3,442 12,988 276,415 2029 2030 72,807 72,807 49,532 5.50% 15,203 64,735 5,000 69,735 3,072 16,060 226,883 2030 2031 72,440 72,440 52,257 5.50% 12,479 64,735 5,000 69,735 2,704 18,764 174,626 2031 2032 72,074 72,074 55,104 5.50% 9,631 64,735 5,000 69,735 2,339 21,103 119,522 2032 2033 71,710 71,710 58,161 5.50% 6,574 64,735 5,000 69,735 1,975 23,077 61,360 2033 2034 71,348 71,348 61,360 5.50% 3,375 64,735 5,000 69,735 1,612 24,690 0 2034 2035 70,987 70,987 0 5,000 5,000 65,987 90,677 0 2035 2036 70,629 70,629 0 5,000 5,000 65,629 156,306 0 2036 2037 70,272 70,272 0 5,000 5,000 65,272 221,578 0 2037 2038 69,917 69,917 0 5,000 5,000 64,917 286,495 0 2038 2039 69,564 69,564 0 5,000 5,000 64,564 351,060 0 2039 2040 69,213 69,213 0 5,000 5,000 64,213 415,272 0 2040 2041 68,863 68,863 0 5,000 5,000 63,863 479,136 0 2041 2042 68,516 68,516 0 5,000 5,000 63,516 542,651 0 2042 2043 68,170 68,170 0 5,000 5,000 63,170 605,821 0 2043 2044 67,825 67,825 0 5,000 5,000 62,825 668,646 0 2044 2045 67,483 67,483 0 5,000 5,000 62,483 731,129 0 2045 2046 67,142 67,142 0 5,000 5,000 62,142 793,271 0 2046 2047 66,803 66,803 0 5,000 5,000 61,803 855,074 0 2047 2048 66,466 66,466 0 5,000 5,000 61,466 916,540 0 2048 2049 66,130 66,130 0 5,000 5,000 61,130 977,670 0 2049 2050 65,796 65,796 0 5,000 5,000 60,796 1,038,466 0 2050 2051 65,464 65,464 0 5,000 5,000 60,464 1,098,929 0 2051 2052 65,133 65,133 0 5,000 5,000 60,133 1,159,063 0 2052 TOTAL 1,805,397 410,000 2,215,397 410,000 138,710 548,710 54,357 313,268 140,000 1,056,334 TOTAL Notes: LEGEND: END OF EXP. PERIOD Town of Algoma, Wisconsin Tax Increment District No.1 Cash Flow Projection 15 year Projected Revenues Projected Expenditures Balances Tax Increments Debt Proceeds Total Revenues $410,000 TIF & Agreement Costs Capital Outlay State Trust Fund Loan Ongoing Planning & Administration Total Expenditures Annual Cumulative 11/01/24 PROJECTED CLOSURE YEAR Liabilities Outstanding Page 5 9/24/2024 Budget Comparison - Detail 2025 2025 Budget Status Budget % of December Fund: 400 - TID 1 ACCT 1:11 PM6/09/2026 Actual 2025 Account Number 12/31/2025 Budget Page: 0.00 0.00 0.00 0.00400-00-41120-000-000 TID #1 TAX INCREMENT 0.00 ========================================================================================================================================= TAXES 0.00 0.00 0.00 0.00 0.00 ========================================================================================================================================= 0.00 0.00 0.00 0.00400-00-48104-000-000 TID #1 INTEREST 0.00 0.00 1,000.00 -1,000.00 0.00400-00-48904-000-000 MISCELLANEOUS INCOME 0.00 ========================================================================================================================================= MISCELLANEOUS REVENUES 0.00 0.00 0.00 -1,000.00 1,000.00 ========================================================================================================================================= 0.00 0.00 0.00 0.00400-00-49140-000-000 PROCEEDS FROM LONG TERM DEBT 0.00 0.00 6,000.00 -6,000.00 0.00400-00-49300-000-000 FUND BALANCE APPLIED 0.00 ========================================================================================================================================= OTHER FINANCING SOURCES 0.00 0.00 0.00 -6,000.00 6,000.00 ========================================================================================================================================= ========================================================================================================================================= 0.00 7,000.00Total Revenues 0.00 0.00 -7,000.00 ========================================================================================================================================= Budget Comparison - Detail 2025 2025 Budget Status Budget % of December Fund: 400 - TID 2 ACCT 1:11 PM6/09/2026 Actual 2025 Account Number 12/31/2025 Budget Page: 150.00 5,000.00 4,850.00 3.00400-00-51401-200-000 TID #1 ADMINISTRATION 0.00 ========================================================================================================================================= GENERAL GOVERNMENT 0.00 3.00 150.00 4,850.00 5,000.00 ========================================================================================================================================= 0.00 2,000.00 2,000.00 0.00400-00-56201-456-000 TID #1 PLANNING 0.00 ========================================================================================================================================= CONSERVATION AND DEVELOPMENT 0.00 0.00 0.00 2,000.00 2,000.00 ========================================================================================================================================= 14,179.32 0.00 -14,179.32 0.00400-00-57700-820-003 WATERMAIN CONSTRUCTION 0.00 ========================================================================================================================================= CAPITAL OUTLAY 0.00 0.00 14,179.32 -14,179.32 0.00 ========================================================================================================================================= 0.00 0.00 0.00 0.00400-00-58300-600-000 TID #1 LTD PRINCIPAL 0.00 62.05 0.00 -62.05 0.00400-00-58301-620-000 TID #1 LTD INTEREST 62.05 ========================================================================================================================================= DEBT SERVICE 62.05 0.00 62.05 -62.05 0.00 ========================================================================================================================================= 0.00 0.00 0.00 0.00400-00-59100-390-000 MISC EXPENSE 0.00 0.00 0.00 0.00 0.00400-00-59200-000-000 TRANSFER TO OTHER FUNDS 221.75 ========================================================================================================================================= OTHER FINANCING USES 221.75 0.00 0.00 0.00 0.00 ========================================================================================================================================= ========================================================================================================================================= 14,391.37 7,000.00Total Expenses 283.80 205.59 -7,391.37 ========================================================================================================================================= 14,391.370.00-283.80 -14,391.37Net Totals