Oshkosh RDA rejects extension for Millennium LLC’s Meridian project option

The Oshkosh Redevelopment Authority declined to extend an option for Millennium LLC to purchase an RDA parcel downtown after a presentation and questions about financing and design.

Developer Jared English, principal of Millennium LLC, told the RDA on Sept. 18 that the Meridian project — a mixed‑use development of apartments, townhomes and ground‑floor commercial space — has been reworked from a 93‑unit plan to 101 units to make the finances work. English said the team is pursuing multiple financing paths including HUD financing, applications to the Federal Home Loan Bank and discussions with potential equity partners in Chicago.

The RDA vote followed a motion to approve an extension of the option to purchase the RDA lot located between West Seventh and West Eighth avenues, west of South Main Street, for $1. The motion was moved and seconded on the record but failed on a roll call. Bella Crowley, Lasky, Connick and Belter voted no; the motion failed and staff told English they would follow up the next day.

Nut graf: The vote halts immediate progress on the Meridian site while leaving open further staff‑level work. English said the development team has continued conversations with construction partners and lenders and that the project’s cost estimate has risen to an estimated $30 million to $32 million from an earlier $28 million estimate.

English described financing options the team is exploring and why tax credits were not pursued earlier. "Our goal, whether we are able to receive tax credits or not, is to basically cover the entire spectrum of housing needs for the Oshkosh market," he said. He told the RDA the site fell just outside a qualified census tract, which reduced the project’s score for competitive tax credit rounds and led the team to explore alternative equity and bond structures.

English provided a timeline that assumes financing is secured: finalize design and potential non‑competitive tax credit application in spring, finalize equity and permanent financing partners by June, begin commercial tenant negotiations by August 2025, start construction in September 2025 and aim for substantial completion in early 2027. He said the team is considering a mix of unit sizes and price points and is modeling between 20% and 40% of units at targeted levels of area median income, but detailed compliance and affordability terms would depend on financing outcomes.

The RDA discussion preceding the vote focused on parking configuration, building height and the project's financial pro forma. English said construction partners CR Structures and Greenfire were engaged in cost estimating, and that contingencies and environmental cleanup estimates were included in the current pro forma. He estimated construction costs and contingencies but said final numbers depended on forthcoming contractor takeoffs.

After the roll call failed, RDA staff said they would follow up with the developer to discuss the concerns raised and potential next steps.

Ending: With the motion defeated, the Meridian team must return to staff for additional review; the RDA did not adopt any conditions or approvals on the record and no final sale or option extension was granted at the Sept. 18 meeting.