RES 2015-0033 - Block 318 LLC TIF redevelopment project plan A °"'"HA'N!,e!'� R F. C E 1 V E U Planning Department
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OA44I)FEillk CITY CLERK
James R.Thele
City of Omaha i'MAHA. NEBR ASK''. Director
Jean Stothert,Mayor
January 6, 2015
Honorable President
and Members of the City Council,
The attached proposed Resolution is administrative as it rescinds the Block 318, LLC Tax
Increment Financing (TIF) Redevelopment Project Plan for the redevelopment and rehabilitation
of two existing buildings into office/retail space and 21 market-rate multi-family residential units
located at 1218 Izard Street and 1201 Nicholas Street approved by the City Council on January
29, 2013 by Resolution No. 9. The redevelopment project never materialized, thus the City is
canceling this TIF redevelopment project. Any excess ad valorem taxes generated will be
returned to the taxing jurisdictions.
Your favorable consideration of this Resolution will be appreciated.
Respectfully submitted, Referred to City Council for Consideration:
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ames R. Thele � Date Mayor's Office _., I 7.-/ 7_4/ I i y
Date
Planning Director -
Approved:
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Steph n B. Curtiss ate Robert G. Stubbe, P.E. Date
Finance Director Public Works Director
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C-25A CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
WHEREAS, on January 29, 2013 by Resolution No. 9, the City Council approved
the Block 318, LLC Tax Increment Financing (TIF) Redevelopment Project Plan for the
redevelopment and rehabilitation of two existing buildings into office/retail space and 21 market-
rate multi-family residential units located at 1218 Izard Street and 1201 Nicholas Street (see
Attachment 1 for complete legal description); and,
WHEREAS, this redevelopment project plan provided for the division of ad
valorem taxes under Sections 18-2147 through 18-2150, Revised Statutes of Nebraska: and,
WHEREAS, the City of Omaha is subsequently canceling the Block 318, LLC
Tax Increment Financing (TIF) Redevelopment Project Plan as it never materialized; and,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF OMAHA:
THAT, the Block 318, LLC Tax Increment Financing (TIF) Redevelopment
Project Plan for the redevelopment and renovation of two existing buildings into office/retail
space and 21 market-rate multi-family residential units located at 1218 Izard Street and 1201
Nicholas Street, prepared by the Omaha City Planning Department and containing a provision
for the division of ad valorem taxes under Section 18-2147 through 18-2150, Revised Statutes of
Nebraska, approved by the City Council on January 29, 2013 by Resolution No. 9, be and hereby
is rescinded.
APPROVED AS TO FORM:
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(]ssl. Y AT RN DATE
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By
Councilmember
Adopted ..�1AN 6 2 9-0
Cit Clerk
ApproveafLtL-. ) ti
Mayor
NO. ....
Resolution by
Res. that, the Block 318, LLC Tax Increment
Financing (TIF) Redevelopment Project Plan
for the redevelopment and renovation of two
existing buildings into office/retail space and
21 market-rate multi-family residential units
located at 1218 Izard Street and 1201
Nicholas Street, prepared by the Omaha City
Planning Department and containing a
provision for the division of ad valorem taxes
under Section 18-2147 through 18-2150,
Revised Statutes of Nebraska, approved by
the City Council on January 29, 2013 by
Resolution No. 9, be and hereby is rescinded.
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Presented to City Council
JAN 6 2015
Adopted
gaiter erocvn
City Clerk