OSHKOSH – The city may already be seeing a return on its $12.5 million investment.
Ripon-based company Accurate Controls seems set on purchasing one of the two City Center lots, with the design security systems business looking at a multimillion-dollar acquisition of the 4imprint building at 101 Commerce St.
Multiple sources with intimate knowledge revealed the city hopes to secure a letter of intent from Accurate Controls within a matter of weeks in an agreement anticipated to be upwards of $4 million for what is thought to be 30% of the total City Center property.
Reports of the possible deal come just a week after Common Council narrowly approved the $12.5 million purchase agreement for the 17-acre riverfront property in a close 4-3 vote.
According to sources, multiple Common Council members have already met with representatives of Accurate Controls. City staff was said to have done likewise prior to the vote.
Calls and emails to the company’s owner, president and CEO TJ Rogers — not to be mistaken for billionaire entrepreneur T.J. Rodgers — were not immediately returned.
What is Accurate Controls?
Founded in 1982 by Rogers’ late father Tom, Accurate Controls integrates electronic security systems, specializing in the corrections market like courthouses, prisons, police departments and treatment centers.
As of May, the company has more than 40 employees and designed security systems for more than 200 correctional facilities including state prison Milwaukee Secure Detention Center and the Waukesha County Justice Center.
Despite being based in Ripon, Accurate Controls is reportedly looking to have new offices, labs and light manufacturing facilities at the 4imprint building in a possible expansion that could lead to hundreds of new jobs.
Why is Accurate Controls interested in Oshkosh?
Rogers’ interests appear to go beyond that City Center site, with multiple sources informing the Northwestern of possible plans to also buy the nearby BMO Harris Bank building at 50 Pearl Ave.
That acquisition would assist with the expansion of Opera House Square as part of the city’s grand downtown redevelopment plans.
Sources close to the situation explained TJ Rogers would be following in the footsteps of his father, who is widely credited for the revival of downtown Ripon.
Called an “angel on Earth” by a Ripon business owner, Tom Rogers is said to have bought, rehabbed and sold around 30 distressed downtown properties to preserve the city’s rich architectural history.
In his obituary, the senior Rogers, who passed away at 81 last August, was remembered for “recruiting entrepreneurs to start local businesses” and bringing visitors to downtown “aimed at growing the City of Ripon.”
Are there any potential hurdles for this deal?
Sources suggested Accurate Controls may want the city to spend further money to either rehab or raze the parking ramp at City Center.
Mayor Matt Mugerauer previously brought up the potential cost while openly opposing the city’s acquisition of City Center, saying the likely price tag was closer to $30 million with the demolition of structures and paying out tenants from their existing leases.
City Center’s financial viability also came into question after investigations revealed one of the two ownership groups, City Center Associates LLC, owed more than $332,751.86 of unpaid property taxes dating back to 2023 for 201 Pearl Ave.
Records at the Register of Deeds also showed the owners of both parcels took out four loans against the property since 2012 totaling more than $14 million.
The current status of those loans is not clear, but City Center Associates LLC cleared all of its tax arrears May 26 — the same day council approved the $12.5 million purchase agreement for City Center.
Under state law, Winnebago County could have initiated a tax foreclosure on 201 Pearl Ave. if those arrears weren’t paid by Sept. 1 this year.
What happens next?
According to the purchase agreement, the city is now in a period of due diligence to evaluate the properties for things like a structural analysis and Phase II environmental testing.
The effective closing date is listed as Sept. 30, but the agreement gives the city leeway to extend to Dec. 30.
The city has agreed to pay down $225,000 but will be reimbursed that “earnest money” if it opts out.
Why did the city acquire City Center?
City staff contends the property is central to a larger Downtown Redevelopment Plan as prime riverfront property with the potential for mixed-use developments.
The city’s information page regarding City Center lists its reasons as the following:
What is the city’s timeline?
Oshkosh Community Development Director Sara Rutkowski previously said the entire development likely wouldn’t be actualized for another six to 10 years.
Assuring the tax levy will not be used, the city said it doesn’t have any proposed funding models but revealed it would likely take on some debt while looking at Tax Increment Financing and state and federal grants.
Contact Justin Marville at jmarville@gannett.com and follow him on X (formerly Twitter) at @justinmarville.
This article originally appeared on Oshkosh Northwestern: Possible buyer emerges for part of Oshkosh City Center
Reporting by Justin Marville, Oshkosh Northwestern / Oshkosh Northwestern
USA TODAY Network via Reuters Connect
By Justin Marville, Oshkosh Northwestern | USA TODAY Network
