ORD 40125 - Rescind Ord 37911 - Old Market Hotel TIF Agreement 0,,,,,A,NF8 r` t n
v4 �,J,, E C E l V E U Planning Department
� Omaha/Douglas Civic Center
('�ti i e� n 1819 Farnam Street,Suite 1100
® �
pA ti, 2014 AUG 29 PM 2. 24 Omaha,Nebraska402)444-5150
o�er���EgUe44 Telefax(402)444-6140
CITY CLERK James R.Thele
City of Omaha Jean Stothert,Mayor O M A H A, N E B R A S K Director
September 9, 2014
Honorable President
And Members of the City Council,
The attached Ordinance is administrative as it rescinds the Dial-Kinseth Development Inc.
Redevelopment Project Agreement between the City of Omaha and Dial-Kinseth Development
Inc. which was to implement the Old Market Hotel Associates LLC Redevelopment Project Plan.
The Plan contemplated the demolition and removal of the former Machine Works Building and
the commercial redevelopment of the site through the rehabilitation and conversion of a 66 foot
by 132 foot parking lot into a Marriott Residence Inn containing underground parking, active
street level retail and related facilities to be located at 12tl and Jackson Streets.
This Redevelopment Project Agreement was approved by the City Council on November 20,
2007 by Ordinance No. 37911, which provided for the use of ad valorem taxes generated by such
development and obligated the Developer to complete the Redevelopment Project.
The proposed Redevelopment Project never materialized, and thus the City is canceling this
Redevelopment Agreement. No TIF proceeds have been allocated for this project. However, if
any excess ad valorem taxes or TIF were generated, those taxes will be returned to the taxing
jurisdictions.
Your favorable consideration of this Ordinance is requested.
Sine el , Referred to City Council for Consideration:
•v51 J ,. atom_, s !zK i (c
Jam s R. Thee Date Mayor's Office/Title Date
Pla ing Director •
Appr ved a to Funding:
/ - "..-/4 6.74._
,rei, ,
0
teph n B. Curtiss ate Rbb rt G. Stubbe, P.E. Date
Finance Director Public Works Director
2026 dlh
ORDINANCE NO. y �,Z5-1
AN ORDINANCE Rescinding Ordinance No. 37911 passed on November 20, 2007 approving a
Tax Increment Financing (TIF) Redevelopment Agreement with Dial-Kinseth
Development Inc., a Nebraska Corporation, 11506 Nicholas Street, Suite 200, Omaha,
Nebraska 68154 to implement the Old Market Hotel Associates LLC Redevelopment
Project Plan which proposed a Marriott Residence Inn project containing underground
parking, active street level retail and related facilities located at 12th and Jackson Streets,
and providing for an effective date.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
Section 1. The Redevelopment Agreement with Dial-Kinseth Development Inc. to
implement the Old Market Hotel Associates LLC Redevelopment Project Plan proposed for the
Marriott Residence Inn to be located at 12th and Jackson Streets, passed by the City Council on
November 20, 2007 by Ordinance No. 37911, shall be and is hereby rescinded.
Section 2. This Ordinance shall be in full force and take effect immediately from and
after the date of its passage.
INTRODUCED BY COUNCILMEMBER:
.44/41164, APPROVED BY:
_t7U
041'
MAYOR OF THE CITY OF OMAHA DATE
PASSED SEP 2 3 2014
ATTEST:
/(‘eL ‘
/I
CITY CLERK OF THE CITY OF OMAH DA E
APROVED AS TO FORM:
57.7--P*-511
CITY ATTORNEY DATE
2026 dlh
///4
ORDINANCE NO. 16/
AN ORDINANCE rescinding Ordinance No.
37911 passed on November 20, 2007 approving
a Tax Increment Financing (TIF)
Redevelopment Agreement with Dial-Kinseth
Development Inc., a Nebraska Corporation,
11506 Nicholas Street, Suite 200, Omaha,
Nebraska 68154 to implement the Old Market
Hotel Associates LLC Redevelopment Project
Plan which proposed a Marriott Residence Inn
project containing underground parking, active
street level retail and related facilities located at
12th and Jackson Streets; and providing for an
effective date.
2026 dlh
PRESENTED TO COUNCIL
/ 1r9ding sEp 9 2014 -„ "v1
Hear ng SEP 1 6 2014 -a'e/ ?)
PUBLICATIONS Final Reading SEP 2 3 2014
PUBLICATION OF HEARING Passed
Date
BUSTER BROWN
PUBLICATION OF ORDINANCE City Clerk
Date /C _ l