RDA approves amended offer to Commonwealth for Jefferson Street redevelopment after presentation and Q&A

The Oshkosh City Redevelopment Authority voted to approve an amended offer to sell Jefferson Street redevelopment properties to Commonwealth Development Corporation of America after hearing a 10‑minute presentation and a question‑and‑answer session.

Tyler Sheeran, identified in the meeting as Commonwealth’s vice president of development for the Wisconsin market, described a roughly $19.2 million affordable‑housing project using a 4% low‑income housing tax credit (LIHTC) structure. Sheeran said the capital stack includes about $8 million in federal LIHTC equity and $3 million in state LIHTC equity, a $530,000 deferred fee, and other financing and fees. He outlined three buildings: a 32‑unit, three‑story mid‑rise (mix of 1‑, 2‑ and 3‑bedrooms) and two eight‑unit townhome buildings, a proposed commercial space of about 3,000 square feet reserved for the Oshkosh Child Development Center (OCDC), 55 surface parking stalls, and roughly 20,000 square feet of outdoor courtyard space. Sheeran said unit set‑asides would include 30%, 50% and 80% of area median income (AMI) bands and that the team aims for Wisconsin Green Built Homes performance and LEED Silver certification.

RDA members pressed Commonwealth on subsidies, timing and design. Sheeran said there is no rental subsidy or contract in place with the housing authority, that there are no market‑rate units in the proposal, and that the developer plans to submit its WIDA/LIHTC application in January (the transcript identifies the funding timeline as tied to that application and subsequent awards). He described the Main Street mid‑rise parcel as under private contract and explained that tax‑credit equity is generated by selling LIHTCs to investors.

Before voting, members moved to amend the offer to add explicit timing and contingency language tied to Commonwealth’s LIHTC application and award process and to specify a target closing/extension date. The amendment passed on roll call and the RDA then approved the offer as amended. The motion to approve carried on a subsequent roll call vote.

The action directs staff to incorporate the agreed conditions into the sale agreement and to return the final agreement for signatures and any required city approvals (planning commission and common council reviews will follow the RDA recommendation as part of the city’s plan development overlay and site‑plan process).