Marian Manor

The Oshkosh City Council approved a $3.28 million bond to renovate Marian Manor housing at the council meeting on Oct. 24.

The City Council had previously approved a preliminary bond resolution on this issue, however Brad Masterson of the Oshkosh Housing Authority said that the development teams on this project recognize the need to “lock down specific details and commitments to present assurances” to the council members.

The scheduled three-year renovation will increase the value of the building by the construction of a new roof, windows, entertainment area, personal care salon and computer lab among other improvements.

“Anything they can do will make it better,” said Ned Geerdts, 64, resident of Marian Manor. “All around it’s going to be a good change, but it’s going to take a while.”

To date, construction costs total $7.5 million with the Oshkosh Housing Authority requesting $3.8 million in revenue bonds. Bond proceeds of $3.28 million will pay off the existing mortgage and cover the transaction costs, developers’ fees and some residual cash which likely will supplement the $7.5 million in improvements.

If these bonds were to be needed, “The revenue from Marion Manor should be able to pay them off,” Deputy Mayor Burke Tower said.

As a member on the Housing Authority Board, Tower said, “The only reason we couldn’t pay back the money is if occupancy were to drop.” The occupancy now is expected to hold its 95 percentage rate.

"What this is going to do for the city of Oshkosh is to better provide higher level affordable housing in a model that will work for the city,” said Tower.

The improvements of Marian Manor could also lead to a substantial increase of work and income for local businesses. The Housing Authority Board would prefer to hire a local contractor for the construction, but they are reviewing bids and looking for the best fit for the renovation.

“As long as they’re making it better,” said Betty Struthers, 67, Marion Manor resident. “The walk-in showers and new carpeting will be a nice addition to our current living situation.”