RES 2014-0375 - Aksarben M-U Project TIF redevelopment project plan amendment oMAHA'nA
of I� ,P r
, , , Planning Department
afy 'fq? kr; Omaha/Douglas Civic Center
ilCOrr 1819 Farnam Street,Suite 1100
' Omaha,Nebraska 68183
to. ti (402)444-5150
o *4'47.
FeBR A¢ Telefax(402)444-6140
James R.Thele
City of Omaha Director
Jean Stothert,Mayor
March 25, 2014
Honorable President
and Members of the City Council,
The attached Resolution approves an Amendment to the Aksarben M-U Project at 72nd &
Pophpleton Streets Tax Increment Financing (TIF) Redevelopment Project Plan located between
70t & 72nd Streets and Pine & Poppleton Streets. This redevelopment project site is an
approximately 7.8 acre vacant site just west of the Aksarben Village Redevelopment Area. The
project plan was approved and adopted by the City Council by Resolution No. 455 on April 30,
2013, and the redevelopment agreement was passed by the City Council by Ordinance No. 39760
on August 27, 2013. The project plan proposed a mixed use development:
• A three-story structure consisting of 60 units of assisted living apartments and 27 units of
memory care,
• A four-story hotel consisting of 92 rooms, and
• An approximately 10,000 square feet, one to two-story structure commercial structure.
This Amendment proposes changing the scope of project by increasing the entire scope and the
legal boundaries of the redevelopment project plan. The following is the result of this amended
project scope:
• 40 market rate independent living units to be added to the 87 unit assisted and memory
care facility; they will be separate, but adjoining structures,
• A total of 103 hotel rooms—an additional 11 hotel rooms, and
• A total of 22,500 square feet of commercial/retail space — an additional 12,500 square
feet; which is now a two story structure. •
In addition, this amendment increases the original TIF loan allocation by $1,321,260.00, from
$4,035,116.00 to $5,356,375.00. The estimated total project cost increased from $34,043,449.00
to $42,437,158.00.
The Aksarben M-U Project at 72" & Poppleton Streets Tax Increment Financing (TIF)
Redevelopment Project Plan recommends that the City participate in the redevelopment of the
project site through the total revised TIF loan allocation of up to $5,356,375.00 to offset TIF
eligible costs of acquisition, site development, architectural and engineering fees, and site
utilities, surveys, and any public improvements, which includes a total of$65,000.00 of the TIF
toward the Aksarben Village Public Improvement Fund. The total estimated project costs are
$42,437,158.00.
Your favorable consideration of this Resolution will be appreciated.
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ames R. Thele tos12 Date Mayor's Office Date/
Planning Director
Approved:
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Steph B. Curtiss Date!y Robert G. Stubbe, P.E. Date
Finance Director .-14' Public Works Director
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Notice of Publication: March 27, 2014 and April 3, 2014
Public Hearing: April 15, 2014
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EXHIBIT "B"
AMENDMENT TO AKSARBEN MU 72ND &
POPPLETON STREETS TIF
REDEVELOPMENT PROJECT PLAN
BETWEEN 70TH & 72ND STREETS AND PINE
& POPPLETON STREETS
MARCH 2014
0 PJTA, NF
atis?6-151
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�4TRD FE'B PLANNING•OMAHA
Jean Stothert, Mayor City of Omaha James Thele, Acting Director
Planning Department
Omaha/Douglas Civic Center
1819 Farnam Street, Ste. 1111
Omaha, Nebraska 68183
3
CASE: C3-13-038
APPLICANT: Planning Department on behalf of the City of Omaha
REQUEST: Approval of an Amendment to the AKSARBEN MU PROJECT AT 72ND &
POPPLETON STREETS TIF REDEVELOPMENT PROJECT PLAN
LOCATION: Southeast of 72nd and Poppleton Streets
SUBJECT AREA IS SHADED - FEBRUARY 2014
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PANNING IXMN1 Feet
INTER-OFFICE COMMUNICATION
City of Omaha,Nebraska
Planning Department
TO: Chairman and Members of the Planning Board
FROM: James Thele,Planning Director
DATE: January 29,2014
SUBJECT: Amendment to the Aksarben MU Project at 72nd&Poppleton Streets TIF Redevelopment
Project Plan
Southeast of 72nd Streets and Poppleton Streets
C3-13-038
Project Summary and Description
This request amends the TIF redevelopment project plan approved at the February 6,2013 Planning Board
hearing and approved by City Council Resolution No.455 on April 30, 2013 for a mixed use project which
contemplated an assisted living facility for seniors,commercial space and a hotel. Future phases were to
include a 120,000 square foot independent living facility for seniors that would be added onto the assisted living
structure.
The owners anticipated closing on the HUD financing for the assisted living facility by this summer. Various
political disagreements and stalemates at the federal level,ultimately leading to a shutdown of the government
this fall,caused unforeseen delays in the approval for HUD financing. Consequently,the owners decided to
move forward with plans for a portion of the 120,000 square foot independent living facility. A different
funding source was able to provide preliminary financial commitment of approximately 40 units of
independent living for seniors. As a result the final scope of the TIF project increased and the legal boundaries
expanded. The following is the result:
• 40 market rate independent living units to be added to the 87 unit assisted and memory care facility.
• 11 additional hotel rooms to be added to the 92 room Hampton Inn.
• 12,500 square feet of additional commercial/retail space to be included as a second story to the original
10,000 square feet of space; the developer has tenants lined up for this project to include a coffee shop
and financial services.
The estimated total project cost increased from$34,043,449 to$42,437,158.
The construction for the hotel,commercial structure and the senior residential units is slated to begin in the
spring of 2014. Approximate project timeframes are as follows:
• Assisted Living&Independent Living: 15 months(June-July 2015)
• Hotel: 12 months(March-April 2015)
• Commercial Shell: 6-8 Months (October-December 2014)
Land Use and Zoning
No other changes.
Utilities and Public Improvements
Same as previously approved.
Transportation
No transportation issues.
The original recommendation report is attached.
No Building Permit will be issued based on a site plan that does not comply with the provisions of the
Zoning Ordinance.
BH
The project site is located within a Community Redevelopment Area,meets the requirements of Nebraska
Community Development Law and qualifies for the submission of an application for the utilization of Tax
Increment Financing to cover costs associated with project development as submitted for approval through the
Tax Increment Financing process. The project is or will be in compliance with the Master Plan,appropriate
Ordinances and development regulations of the City.
DEPARTMENT RECOMMENDATION:Approval.
ATTACHMENTS
General Vicinity Map
Amended Project Plan/TIF Application
Original Planning Board Recommendation Report
BH
INTER-OFFICE COMMUNICATION
City of Omaha,Nebraska
Planning Department
TO: Chairman and Members of the Planning Board
FROM: R. E. Cunningham,RA,F.SAME
Planning Director
DATE: January 8,2013
SUBJECT: Aksarben M-U Project at 72nd&Poppleton Streets TIF Redevelopment Project Plan
72nd and Poppleton Streets
Case#C3-13-038
This project represents the redevelopment of three separately platted of the approximately 7.8 acre vacant site
located between 70th and 72nd Streets and between Poppleton and Pine lots Streets. This redevelopment project
site is just west of the Aksarben Village Redevelopment Area and will compliment the various projects being
developed. The redevelopment project contemplates a mixed-use project which includes an assisted living
facility,a hotel and commercial retail space. The assisted living will be a three-story structure consisting of 60
units of assisted living apartments and 27 units of memory care,located on Lot 3 of the newly platted Aksarben
Center.The Hampton Inn hotel will be a four-story structure consisting of 92 rooms,located on Lot 2 of the
newly platted Aksarben Center.The commercial/retail/restaurant space will be a one to two-story structure
with approximately 10,000 square feet of space,located on Lot 1 of the newly platted Aksarben Center.
A preliminary plat in addition to the approval of the Major Amendment to the Aksarben Business and
Education Campus Mixed Use District Development Agreement was recently approved at the October Planning
Board meeting for this redevelopment site which is zoned MU-ACI-2,subject to amendments such as the
following:
• Submittal of updated site plan reflecting closure of 70th street driveway on the northeast corner
of Lot 3...relocation of the on-street parking farther to the south along 70th street,and removal
of midblock crosswalk on 70th street moving it farther south
• Updated landscape plan addressing the 40' tree planting along 72nd street,Poppleton Avenue
and 70th Street.
The uses are permitted by this zoning. Utilities exist in the area and will be brought to the site. Public
improvements will include sidewalks,parking lot screening and other streetscaping. This project will be
required to comply with all Planning Department and Planning Board recommendations. Construction
completion estimated to be August 2014 for the assisted living facility and October 2014 for the Hampton Inn.
Negotiations are ongoing with potential commercial tenants for the 10,000 sf commercial structure on Lot 1.
No Building Permit will be issued based on a site plan that does not comply with the provisions of the
Zoning Ordinance,unless zoning waivers were supported/approved.
TIF Request: A TIF approval of up to$4,035,116.00. TIF will be used to offset costs such as acquisition,site
work,architectural and engineering,surveys and any public improvements as necessary. The total estimated
project costs are$34,043,449.00.
The project site and area meet the requirements of Nebraska Community Development Law and qualify for the
submission of an application for the utilization of Tax Increment Financing to cover cost associated with project
development as submitted for approval through the Tax Increment Financing process. The project is in
compliance with the Master Plan, appropriate Ordinances and development regulations of the City.
DEPARTMENT RECOMMENDATION:Approval.
ATTACHMENTS
Plan
BH
INTER-OFFICE COMMUNICATION
Date: January 13, 2014
To: TIF Committee:
James Thele, Cassie Seagren, Stephen Curtiss, AL Herink, Paul Kratz,
Robert Stubbe, Todd Pfitzer, Gail Braun
From: Bridget A. Hadley - City Planning
Applicant: LFS/AK, LLC
Project Name: Aksarben M-U Project at 72nd & Poppleton Streets TIF Redevelopment
Project Plan Amendment
Location: Between 70th & 72nd Streets and Pine & Poppleton Streets
Project Summary and Description
This request amends the TIF redevelopment project plan approved at the February 6, 2013
Planning Board hearing and approved by City Council Resolution No. 455 on April 30, 2013 for
a mixed use project which contemplated an assisted living facility for seniors, commercial space
and a hotel. Future phases were to include a 120,000 square foot independent living facility for
seniors that would be added onto the assisted living structure.
The owners anticipated closing on the HUD financing for the assisted living facility by this
summer. Various politic disagreements and stalemates at the federal level of government,
ultimately leading to a shutdown of the government this fall, caused unforeseen delays in the
approval for HUD financing. Consequently, the owners decided to move forward with plans for
a portion of 120,000 square foot independent living facility. A different funding source was able
to provide preliminary financial commitment of approximately 40 units of independent living for
seniors. As a result the final scope of the TIF project increased and the legal boundaries
expanded. The following is the result:
• 40 market rate independent living units to be added to the 87 unit assisted and memory
care facility.
• 11 additional hotel rooms to be added to the 92 room Hampton Inn
• 12,500 square feet of additional commercial/retail space to be included as a second story
to the original 10,000 square feet of space; the developer has tenants lined up for this
project to include a coffee shop and financial services.
The estimated total project cost increased from $34,043,449 to $42,437,158.
The construction for the hotel, commercial structure and the senior residential units is slated to
begin in the spring of 2014. Approximate project timeframes are as follows:
• Assisted Living & Independent Living: 15 months (June-July 2015)
• Hotel: 12 months (March-April 2015)
• Commercial Shell: 6-8 Months (October-December 2014)
Land Use and Zoning
No other changes.
Utilities and Public Improvements
Same as previously approved.
Transportation
No transportation issues.
The original TIF Committee Memo is attached.
TIF Justification
The redevelopment project plan is located within a Community Redevelopment Area, meets the
requirements of Nebraska Community Development Law and qualifies for the submission of an
application for the utilization of Tax Increment Financing to cover costs associated with project
development as submitted for approval through the Tax Increment Financing process. The
project is or will be in compliance with the Master Plan, appropriate Ordinances and
development regulations of the City.
This project supports the City's efforts of urban infill redevelopment and the utilization of vacant
property to enhance neighborhoods, communities and business districts by making them
productive physical assets and by promoting economic vibrancy. It will complement the existing
redevelopment project at Aksarben Village to the east, and it will provide needed housing for
seniors.
Request: To increase the TIF request by $1,321,260.00, from $4,035,116.00 to $5,356,375.00, at
a bank interest rate of 6%. Using the current levy rate of 2.19974% supports the TIF amount
inclusive of capitalized costs. See attached TIF calculation spreadsheet. I will request a
$25,000.00 in TIF contributions toward the Aksarben Village public improvement fund.
TIF Fee Schedule: $500.00 application and processing fees of $3,000.00 will be collected for
this amendment due to the need to go through the approval process again. A maximum
administrative fee of $42,500.00 was already assessed for the 2013 proposed project, so no
additional administrative fee will be collected. Total collected to date is $23,500.00: $3,500.00
for the original application & processing last year and $20,000.00 of the administrative fees; the
remainder was to be collected upon HUD loan closing. The remaining administrative fees, new
application and processing fees, and the remainder of the TIF contribution (total of$65,000.00)
will be collected.
Total TIF fees for this new, amended project will be $49,500.00. Total TIF contribution is
$65,000.00.
Recommendation: Approval
ATTACHMENTS
TIF Application
TIF Calculation Spreadsheet
Applicant: 72nd&Poppleton Streets-Aksarben MU Project-AMENDMENT PRO FORMA
Debt Service Payments
Total Less Pre- TIF Treasurer's Revenues
Taxable Development Taxable Tax Tax 1%Collection Available Interest at Loan Capitalized Interest at
DATE Valuation Base Valuation Levy Revenues Fee For TIF Loan Principal 6.00% Total Balance Interest 6.00%
0 $4,850,000
0.5 $ - 0 $ - 2.19974 $ - $ - $ - $0 $0 $0 $4,995,500 145500 145500
1 $ - 0 $ - 2.19974 $ - $ - $ - $0 $0 $0 $5,145,365 149865 149865
1.5 $ - 0 $ - 2.19974 $ - $ - $ - $0 $0 $0 $5,299,726 154361 154361
2 $ - 0 $ - 2.19974 $ - $ - $ - $0 $0 $0 $5,458,718 158992 158992
2.5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $146,814 $163,762 $310,576 $5,311,904 0 163762
3 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $151,219 $159,357 $310,576 $5,160,685 0 159357
3.5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $155,755 $154,821 $310,576 $5,004,930 0 154821
4 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $160,428 $150,148 $310,576 $4,844,502 0 150148
4.5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $165,241 $145,335 $310,576 $4,679,261 0 145335
5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $170,198 $140,378 $310,576 $4,509,063 0 140378
5.5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $175,304 $135,272 $310,576 $4,333,759 0 135272
6 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $180,563 $130,013 $310,576 $4,153,196 0 130013
6.5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $185,980 $124,596 $310,576 $3,967,216 0 124596
7 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $191,560 $119,016 $310,576 $3,775,656 0 119016
7.5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $197,306 $113,270 $310,576 $3,578,350 0 113270
8 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $203,225 $107,351 $310,576 $3,375,125 0 107351
8.5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $209,322 $101,254 $310,576 $3,165,803 0 101254
9 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $215,602 $94,974 $310,576 $2,950,201 0 94974
9.5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $222,070 $88,506 $310,576 $2,728,131 0 88506
10 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $228,732 $81,844 $310,576 $2,499,399 0 81844
10.5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $235,594 $74,982 $310,576 $2,263,805 0 74982
11 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $242,662 $67,914 $310,576 $2,021,143 0 67914
11.5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $249,942 $60,634 $310,576 $1,771,201 0 60634
12 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $257,440 $53,136 $310,576 $1,513,761 0 53136
12.5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $265,163 $45,413 $310,576 $1,248,598 0 45413
13 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $273,118 $37,458 $310,576 $975,480 0 37458
13.5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $281,312 $29,264 $310,576 $694,168 0 29264
14 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $289,751 $20,825 $310,576 $404,417 0 20825
14.5 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $298,443 $12,133 $310,576 $105,974 0 12133
15 $ 28,522,710 0 $ 28,522,710 2.19974 $ 313,713 $ 3,137 $ 310,576 $307,397 $3,179 $310,576 $0 0 3179
$8,156,538 $81,562 $8,074,976 $5,660,141 $2,414,835 $8,074,976 $608,718
ASSUMPTIONS: (F9=calculate)
NOTE:This information is provided to assist in analyzing the Original Loan Amount $4,850,000
specific request to the TIF committee. This information is subject Capitalized Interest $608,718 1.Assume No Pre-Development Base
to change based on actual tax assessments.This schedule assumes Loan Balance Remaining $0 2.Loan Amount: $4,850,000
a 80%real estate valuation and a 1.0 debt coverage ratio.The 3.Interest Rate: 6.00%
actual TIF amount available to fund site specific project cost will $5,458,718 4.Project Hard Costs: $35,653,387
change based on the cost of public improvements. 5.Increment Base: $28,522,710
Annual Incremental Tax Payment $ 627,426
Application
December 18, 2013
to Amend
Aksarben Mixed
OriginalUse Project
TIF
Agreement
Steven Held
Aksarben Mixed Use Project redevelopment area is located East of 72nd Dial Realty Corp
between Pine and Poppleton Street,Omaha, Nebraska. 11506 Nicholas St.
Suite 100
Omaha,NE 68154
December 18,2013
Bridget Hadley, MPA
Planning Department
City of Omaha
1819 Farnam Street
Omaha, NE 68183
Dear Ms. Hadley,
I appreciate the opportunity to be able to provide this application for the proposed amendment to the
TIF Redevelopment agreement and corresponding TIF Redevelopment Promissory Note dated August
29, 2013 between the City of Omaha and LFS/AK, LLC for the Aksarben M-U Project at 72"d&Poppleton
Street.The existing redevelopment agreement called for the following:
Original Uses
• 87 unit assisted living and memory care facility
• 92 room Hampton Inn hotel
• 10,000 square feet of commercial retail space
• Total project cost estimated to be$34,043,449
Original Terms
• $4,884,128 of agreed upon TIF eligible costs
• $4,035,116 in TIF to offset certain TIF eligible costs for the project
• Base valuation of$2,220,700 and base year date set for January 1,2013
• "Division Date Year"set for January 1,2014 and estimated excess valuation of$22,614,078
The proposed amendment would contemplate the following additions/changes:
Additions to the Original Uses
• 40 market rate independent living units to be added to the 87 unit assisted and memory care
facility.
• 11 additional hotel rooms to be added to the 92 room Hampton Inn
• 12,500 square feet of additional commercial/retail space to be included as a second story to the
original 10,000 square feet of space.
• Total project cost estimated to increase to$42,437,158
Changes to the terms of the agreement
• Agreed upon TIF eligible costs to increase to$6,683,311
• TIF amount to increase to a total of$5,356,375
• Base valuation to increase to $2,499,236 and the base year to be adjusted one year forward to
January 1,2014
• "Division Date Year" adjusted to January 1, 2015 and estimated excess valuation to increase to
$30,656,878
1
We are confident these changes and the additions to the Aksarben M-U project will generate sufficient
tax revenue to not only service the bridge loan associated with this project, but allow the City to spend
additional available TIF monies to improve the surrounding district.
I am certainly available to meet with you and your committee at your convenience to discuss our plans. I
can be reached at 402-493-2800.
Sincerely,
Steven Held
Dial Realty Corp
2
I. Project Summary
TIF Project Owner:
LFS/AK, LLC
Chris Held and Patrick Day
11506 Nicholas St.Suite#100
Omaha, NE 68154
Project Address:72"d Street and Poppleton Avenue
Original Project Legal Description: Lot 1,2, and 3 of Aksarben Center,Being a replatting of lots 1 and 2,
AK-SAR-BEN Business& Education Campus Replat 4, a subdivision located in the NW1/4 of section 25,
township 15 North,range 12 East of the 6"'P. M.,Douglas County,Nebraska
• Amended to:Lot 1 of Aksarben Center, Lot 3 of Aksarben Center Replat 1,and Lots 1 and 2 of
Aksarben Center Replat 3.
The project site has had two administrative replats since the application was originally
submitted and is in the process of a third,Aksarben Center Replat 3.None of the original platted
lots included in the application have materially changed,the only material change involves the
addition of Lot 2 of Aksarben Center Replat 3 for the 40 unit Independent Living.
Projected Construction Start Date:The original TIF had a scheduled construction start date of
spring/summer 2013 for the Assisted Living, Hotel&Commercial Uses.The new projected construction
start date for these uses,along with the 40 unit Independent Living addition will begin in spring 2014.
Estimated Project Cost:The estimated project cost would be increased to the following:
IOriginal I Addition II Amended Total
Total Estimated Project Cost $ 34,043,449 $ 8,393,709 $ 42,437,158
TIF Eligible Costs:
TIF Eligible Costs Original Addition Amended Total
Land Cost 1,660,128 278,536 1,938,669
Survey 35,000 - 35,000
Environmental Audit 12,000 - 12,000
ACI 2 design elements 300,000 100,000 400,000
Grading 439,000 - 439,000
Utilities to Site 315,000 - 315,000
3
Engineering&Architecture 1,700,000 105,978 1,805,978
Soil Testing 30,000 - 30,000
Appraisal and Market Study 45,000 - 45,000
Public Sidewalks 198,000 - 198,000
Remove Existing Trees 20,000 - 20,000
Remove Existing Road 30,000 - 30,000
Sub-Grade Parking - 666,000* 666,000
Bioswale 100,000 50,000 150,000
Total Eligible Costs $ 4,884,128 $ 1,200,514 $ 6,084,647
*TIF Eligible Sub-Grade parking costs allow for 38 under building and below grade parking stalls.
The original agreed upon TIF eligible costs amounted to 4,884,128(original application of 5,482,792 less
the exclusion of 598,664 in land allocated for second phase of the Independent Living).This application
is requesting that amount be amended to include an additional 1,200,514 in TIF eligible costs for a total
amended amount of$6,084,647.
TIF Request: This application requests for the original agreement to be amended to increase the TIF
principal amount from$4,035,116 to$5,356,375 under the same term of 15 years at 6.00%interest per
annum.
Original Addition Amended Total
TIF Amount $ 4,035,116 $ 1,321,260 $ 5,356,375
The amended TIF request of$5,356,375 would be used towards offsetting the$6,084,647 in TIF eligible
costs associated with the project.
II. Narrative
Addition to Original Uses
Original I Amended
Amount . Addition Total
Senior Living 87 units 40 units 127 units
Hampton Inn 92 rooms 11 rooms 103 rooms
Commercial/
Retail 10,000 SF 12,500 SF 22,500 SF
4
Senior living addition
Long-term our plans for this site included 60 units of assisted living,27 units of memory care,
and 120 units of Independent Living. Due to capital constraints it was our intent to separate the
project into two separate phases that could be staggered for a period of time to mitigate lease
up risk.While it is true that independent living,assisted living,and memory care fall under the
category of"Senior Living",they have fundamental differences in terms of absorption periods
and their respective outlets for financing.With Assisted Living and memory care generally
having better absorption times than Independent Living,we felt comfortable building out that
portion of the project first and then phasing in the 120 units of Independent living once phase I
was complete and we felt comfortable with how lease up was going.At the time we made that
determination,we did not think there was a feasible way to break up the Independent Living
into multiple phases of its own.We also had assumed, incorrectly,that we would have received
financing for phase the initial 87-units by March or April of 2013 and would be starting
construction sometime in May. Unfortunately HUD,our financier, has taken significantly longer
than expected to review our application(The federal government shutdown in October did not
help the matter)and it is only now that we are receiving our loan commitment.With winter
looming,we realistically think construction will start in the spring of 2014.
The combination of these things,along with wanting to take advantage of Low interest rates and
certain economies of scale in construction on the project, has led us to our decision on moving
forward with 40 units of Independent Living simultaneous to construction of our 87 unit Assisted
Living structure.This will bring the total unit count to 127.TIF eligible Expenses associated with
this addition include: Land Cost for the 40 unit Independent Living,Architecture&Engineering,
ACI 2 design costs,additional costs for storm water detention,and costs allocated to the
sublevel garage parking structure for Independent Living.
Hampton Inn additional rooms
The Hampton Inn will be adding an additional 11 rooms to their original Layout.This will
increase the overall room count to 103.Additional TIF eligible costs associated with this addition
include architectural and engineering.
Commercial/Retail building additional square footage
The Commercial/retail building will be including an additional full second story for office use.
This,along with a slightly larger overall building footprint will bring the total square footage of
the structure to 22,500 square feet.
Changes to the terms of the agreement and TIF promissory Note
• The original agreement called for a Base Year of January 1,2013 and a Division Date year of
January 1,2014.Given the projects, inclusive of their additions,are likely to get underway in the
5
spring of 2014,we'd ask that the Base year be amended to January 1,2014 and the Division
Date year to be January 1,2015.This would allow for the full optimization of TIF proceeds.
III. Cost-Benefit Analysis
Original Cost-Benefit Analysis
Tax shifts resulting from granting of tax incentives:
The Aksarben Mixed Use Project will create an entirely new tax base with no resulting tax shifts.
Public Infrastructure and community public service needs impacts and local tax impacts arising from
projects receiving incentives:
The proposed project area currently exists as vacant land, underutilized and only marginally beneficially
for tax revenue purposes. The Aksarben Mixed Use Project will add 87 market-rate assisted living and
memory care units with incomes above$50,000. This could lead to more than$4,350,000 in taxable
income. Likewise, the Hampton inn will accommodate 92 rooms targeting a traveling demographic with
incomes between$35,000 and$75,000. It's quite possible that these projects could generate an ample
discretionary income stream used outside the projects themselves, to purchase goods and services from
businesses in and around the immediate area.
impacts on employers and employees of firms receiving tax incentives:
Tax Increment Financing will lend itself to the creation of new opportunities for employers and
employees involved in the Aksarben Mixed Use Project. These areas include financing services,
development,Architecture,Engineering, and construction and operations management.
impacts on those Nebraska employers and employees not receiving direct incentives or benefits:
During the construction period,construction workers working on the Aksarben Mixed Use Project will
likely support restaurants and local vendors in the immediate area. Once construction is completed,
employees,residents,and guests will support vendors of all kinds in the area.
Any other impacts relevant to the consideration of costs and benefits arising from the tax incentive
program:
The Aksarben Mixed Use Project will be comprised of at least three new business operations adding over
100 new full-time-equivalent jobs,87 new residents to the area, and guests staying at the hotel. We
believe this should feed into other tax generating avenues, and stimulate economic activity from other
businesses around the area, not just from the project itself.
6
Amended
The amended TIF would result in the same conclusions as the original TIF.The additional uses will add
25-50 full time equivalent jobs,an additional 40 resident dwelling units, 11 additional hotel rooms,and
an additional 12,500 square feet of commercial/retail space.Additional constructions jobs will be
created as a result and the attached ROI analysis concludes that the additional project uses would not
be economically feasible to attract investment without the use of TIF.
7
FWBank
First W•stroads Bank
Joel C.Jensen
Senior Vice President
jjensen@fwbk.com
(402)778-1343
December 20,2013
Steven Held
Dial Realty Corp
11506 Nicholas St. #100
Omaha,NE 68154
RE: Tax Increment Financing
Ak-sar-ben Mixed Use Project
• 87-Unit Assisted Living facility
• 40-Unit Independent Living facility
• 105-Room Hampton Inn hotel
• 22,500 square feet of commercial space
Dear Mr.Held:
Please be advised that First Westroads Bank would favorably consider providing Tax Increment
Financing related to the development of the above-referenced project(s)in the Ak-sar-ben area of
Omaha,Nebraska.
First Westroads Bank would also favorably consider providing Construction Financing related to
the development of the 40-unit independent living facility.
Our interest rate for both loans would be fixed at 6.0%,
I look forward to working with you on this project.
Best regards,
i
11 !! i
oel ' Jensen
1
Sen .r Vice President #
I
�15750 West Dodge Road•Omaha,_ 68118•Main Line:(402)330-7200•Fax:(402)330-8272•www frvbk,com
Commitment for U.S.Department of Housing OMB Approval No.9999-9999
Insurance of Advances and Urban Development (exp.mm/dd/yyyy)
Section 232 Office of Healthcare Programs
Public reporting burden for this collection of Information is estimated to average 0.5 hours. This includes the time for collecting,
reviewing,and reporting the data. The information is being collected to obtain the supportive documentation which must be
submitted to HUD for approval,and is necessary to ensure that viable projects are developed and maintained. The Department will
use this Information to determine if properties meet HUD requirements with respect to development,operation and/or asset
management,as well as ensuring the continued marketability of the properties. Response to this request for information is required
in order to receive the benefits to be derived. This agency may not collect this information,and you are not required to complete this
form unless It displays a currently valid OMB control number. No confidentiality Is assured.
Warning:HUD will prosecute false claims and statements. Conviction may result in criminal and/or civil penalties. (18 U.S.C.
1001,1010,1012;31 U.S.C.3729,3802)
Privacy Act Notice: The United Slates Department of Housing and Urban Development Federal Housing Administration, is
authorized to solicit the information requested in the form by virtue of Title 12,United States Code,Section 1701 et seq.,and
regulations promulgated thereunder at Title 12,Code of Federal Regulations. While no assurance of confidentiality is pledged to
respondents,HUD generally discloses this data only in response to a Freedom of Information Act request.
Please indicate the submission type:
❑Section 232 Substantial Rehabilitation
►I1 Section 232 New Construction
FHA Project No.: 103-43055
Project Name: Aksarben Assisted Living
Northwest Corner of Poppleton
Project Address: Ave. and Pine St.
Omaha, NE 68106
Gershman Investment Corp. Mid 0, LP
(Mortgagee) (Name of Mortgagor)
7 North Bemiston Ave. 11506 Nicholas St., Ste. 100
(Address) (Address)
St. Louis, MO 62105 Omaha, NE 68154
(City, State and Zip Code) (City, State and Zip Code)
We understand that you, as Mortgagee, have agreed to make a loan to Mid 0, LP,
(hereinafter called the "Mortgagor"), in an amount not exceeding the sum of Fourteen
Million Seventy-Eight Thousand, Seven Hundred and no/100 ($14,078,700) to be
secured by a credit instrument and security instrument (hereinafter jointly called the
"Mortgage") covering real property with existing building(s) (if any) thereon identified
above (hereinafter called the "Project"), as shown on the legal description of the
property attached hereto as Exhibit A.
Previous versions obsolete Page 1 of 11 form HUD-90004-OHP(mm/dd/yyyy)
27. The borrower(s), its contractors and subcontractors, shall comply with all
applicable Federal labor standards provisions as expressed in the Supplementary
Conditions of the Contract for Construction (HUD-2554), in connection with the
construction of said Project.
28. This Commitment is
Subject to Special Conditions numbered 1 through 12, attached hereto and are
made a part hereof.
[] Not subject to any Special Conditions.
Attached to this Commitment is a form closing checklist identifying documents required
for loans insured under Section 232 of the NHA. If there are any inconsistencies
between the attached closing checklist and this Commitment,this Commitment controls.
The Mortgagee or its counsel shall revise the form closing checklist to conform to the
requirements of this Commitment. Draft closing documents, conforming to the terms of
this Commitment, must be submitted not less than 15 business days prior to Initial
Endorsement. This Commitment and exhibits referred to herein together with the
applicable Regulations constitute the entire agreement among the parties, and
acceptance of the terms hereof is evidenced by the signature of the Mortgagor and
Mortgagee upon the lines provided below. Please return one original of this
Commitment, signed by the Mortgagee and the Mortgagor, to the OHP Underwriter
within 10 business days of the date of the Secretary's execution of this Commitment.
SECRETARY OF HOUSING AND URBAN DEVELOPMENT
BY: FEDERAL HOUSING COMMISSIONER
By: l Date: f '1 3
Authorized Agent
The above Commitment for lnsce of Advances, including Special Conditions (if
applicable), is hereby accepted by the undersigned, and we hereby agree to be bound
by the terms hereof.
Previous versions obsolete Page 9 of 11 form HUD-90004-OHP(mm/dd/yyyy)
August 28,2013
IOU,LLC
Attn: Mr.Dan Marak
23903 W 70a' St.
Shawnee,KS 66226
RE: Construction&Mini-perm financing
Proposed 103 room Aksarben Hampton Inn Hotel,to be constructed
Omaha,Nebraska
Members of IOU,LLC
This letter,when accepted by you and the members of IOU,LLC,will constitute the
agreement of Dundee Bank,a Branch of Security State Bank("Lender")to provide IOU,
LLC("Borrower")a construction/mini-perm loan("Loan")in accordance with the terms,
conditions and provision hereinafter outlined.
1. Borrower: IOU,LLC. A Kansas Limited Liability Company.
2.Subject Property: Hampton Inn to be built, 103 unit motel located at 72nd and
Poppleton Streets in Omaha,Nebraska.
3.Loan Amount: Construction loan note shall equal no more than 80%of
total project costs,or 75%of appraised value of the subject
property,whichever is less.
Mini-perm loan note shall equal no more than 80%of total
project costs,or 75%of appraised value of the subject
property,whichever is less.
4.Loan Term: Construction loan note period shall equal no more than 18
months
C • R E BANK
December 23,2013
Steven Held
Dial Realty Corp
11506 Nicholas St#100
Omaha, NE 68154
RE: 22,500 square feet of commercial space(72nd& Poppleton)
Dear Mr. Held,
Please be advised that Core Bank would favorably consider Construction Financing related to the development of 22,500
square feet of commercial space at 72nd&Poppleton. Our interest rate would be fixed at 4.5%.
Please let me know if any additional information is needed.
Sincerely,
Kathryn M.Barker
Chief Credit Officer
COREBANK.COM
12100 W CENTER RD OMAHA NE 68144
Uses:Aksarben Hampton Inn Hotel and Commercial/Retail Space
Original Amended Addition Total
Uses
DIRECT COSTS
Construction:Commercial 1,000,000 1,625,000 2,625,000
Construction:Hotel 6,239,124 881,615 7,120,739
Sitework 997,500 140,951 1,138,451
General Conditions 466,476 65,915 532,391
Construction Management 486,392 68,729 555,121
Construction Contingency 471,817 66,670 538,487
Architect&Engineering 750,000 105,978 855,978
General Contract GMP Subtotal 10,411,308 2,747,993 13,159,301
tend Costs -
Land 789,712 -
789,712
Sub Total land Costs 789,712 789,712
INDIRECT COSTS
Fumltur/Fixtures/Equipment/Finishes:
Hotel FFE 966,663 136,594 1,103,256
Public Area FFE 296,355 41,876 338,231
Equipment-Restaurant/Pantry/Confer 95,209 13,453 108,662
Equipment-Laundry 54,825 7,747 62,572
Exterior Signage/Awnings 29,106 4,113 33,219
MIS/Telecom/Security 197,045 27,843 224,888
FFE Gen Conditions 73,000 10,315 83,315
Other Project Costs Subtotal 1,712,202 241,942 1,954,144
SOFT COSTS
Opening Expenses/Working Capital 193,049 27,279 220,327
Working Capital 91,159 12,881 104,040
Builder's Risk 11,126 1,572 12,699
Franchise Fee 56,500 7,984 64,484
Development&Promotional Fee 800,000 113,043 913,043
Retail Leasing Fee 50,000 7,065 57,065
Soil Testing 15,000 2,120 17,120
Survey 10,000 1,413 11,413
Environmental 6,000 848 6,848
Technical Services 50,000 7,065 57,065
Construction Period Interest 250,000 35,326 285,326
Owner Contingency 150,000 21,196 171,196
Financing Fees 145,000 20,489 165,489
Leagl&Closing Costs 40,000 5,652 45,652
Title Insurance 6,000 848 6,848
Appraisal&Mlsc Closing Costs 20,000 2,826 22,826
Soft Costs Subtotal 1,893,834 267,607 2,161,441
TOTALS 14,807,057 3,257,541 18,064,598
T.td Mot Nowlin AeYetltd 1211keg
Amended
(Addhlon o3 40(lags of
Iend CastsOriginal Independent Urbg) Told
Land Actsulsitbsn 8707418 278.536.02 1,148,952
ConstructionWild Cam
12,519.976 4,400,000.00 16.919,976
Cenettudlml MMnorp nwtt 550.000 125,000.00 675,000
CanatrUddalCondn6ency 750,000 85,00000 815,000
She Walk 900,000 100,000.00 1.000,000
Sag Costs
Architectural A Enitinedriry 950,000 950,000
Working Capital 1.000,000 - 1.000.000
Financing Fees
Soil Testing 15,000
215.000 t12b{3.i{ 357,644
15.000 -
Sumer 2s,aoo 25.000
Enrtronm antal Audit 6,000 - 6.000
Title and Recording 10000 . 30,000
Appraisal end Market Sluda 25,000 12,000.00 37,000
Tare,and insurance 50,000 22,988.51 77,989
lease Up 10 Stabilization: 1.300,000 1,300,000
Total Uses of Foods 19,216,392 S 358,3M 08 fi»9f0
TIF Eligible Costs
Amended
Original Addition Total
Land Cost 2,258,792 278,536 2,537,333
Survey 35,000 - 35,000
Environmental Audit 12,000 12,000
ACI 2 design elements 300,000 100,000 400,000
Grading 439,000 439,000
Utilities to Site 315,000 315,000
Engineering A Architecture 1,700,000 105,978 1,805,978
Soil Testing 30,000 - 30,000
Appraisal and Market Study 45,000 - 45,000
Public Sidewalks 198,000 198,000
Remove Existing Trees 20,000 •
20,000
Remove Existing Road 30.000 30,000
Garage Parking 666,000 666,000
61oswa1e 100,000 50,000 150,000
Total Eligible Costs $ S,482,792 1,20,514 $ 6/114411
Requested TRF Amount 4,035,116 1,321,260 5,356,375
tleutilleed TIF ENO&Coals 1,447,676 (120,745) 1,324936
Construction Budget
40 Unit Independent Living
38 Stall Sub-grade Parking Garage Allocation
Demo/Grading/Utilities/Landscaping 125,000.00
Concrete 452,000.00 452,000.00
Masonry 189,000.00
Metals/Steel 140,000.00 75,000.00
Rough Carpentry 235,000.00
Finish Carpentry 135,000.00
Cabinets/Carpentry 185,000.00
Thermal/Moisture 201,000.00 78,000.00
Doors/Windows 118,000.00
Drywall/Accoustical 227,000.00
Painting/flooring 285,000.00
Specialties/Misc. 192,000.00
Equipment 70,000.00 36,000.00
Elevator 60,000.00
Fire Sprinkler 83,000.00
Plumbing 354,000.00
HVAC 549,000.00
Electrical 513,000.00 25,000.00
General Conditions 390,000.00
Construction Management 125,000.00
Contingency 85,000.00
Total 4,713,000.00 666,000.00
TIF Projected Incremental Revenue
Amended
Original Addition Total
1 Real Taxable(Property)Value $22,678,408 $7,978,470 $30.656,878
2 Initial Taxable(Property)Value $2,258,792 $278,536 $2,537.328
3 Change In Property Value $20,419,616 $7,699,934 $28,119,551
4 Total Eligible Millage Rate 0.0218 0.0218 0.0218
5 Total Other Eligible Miliage Rate 0.0000 0.0000 0.0000
6 Total Eligible Millage Rate 0.0218 0.0218 0.0218
7 Total Annual Tax Increment Revenue $444,719 1 7,697
1 The value of real property on a site as estimated after redevelopment
2 The total real and personal property value as It currently exists.
3 The estimated change In property value on a site after the date of a governmental unit's
approval of Plan that Includes the site.
4 The total millage rate for ail taxing jurisdictions not already being captured by
anotherauthority.
5 The other millage rate for all other taxing jurisdictions not already being captured by
another authority.May include Community Improvement Districts.
6 The total millage rate that can be applied to the change In property value.
7 The annual property tax revenue not already being captured.
Akawbsn Amended IIMed Use
Source of Funds and ROI Analyse
Total Sources Pawns
TIF 5,356375
Equity Financing 12,521,718
Debt Financing 24,559,065
Total Sources $ 42,437,158
ROI Analysts Year
t 2 2
Cash Flow Asslsbd 14Independent Mini t t)(.t 14 248,371 372,986 670,020
Lath Row Hampton Inn&CamnlrWl 101,296 532,157 408,842 500,689
TsSu Cush rim (M1.e17) NUN 7R.177 U*7,/
ROI With TIF 4.491i 6.23% 6.24% 6.35%
ROt without tiF -4.52X 4.37% 4.37% LSS%
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PROJECT NAME: Dial Senior Living Aksarben Village-Phase II MACCHIETTO
PROJECT NUMBER: 13083 __-.__..... S K2 1 I.
• .1516 Cuming Street
Omaha,NE 68102
DATE: 2013.10.16 Ph:402.341.1544
COPYRIGHT 2011 ALL RIGHTS RESERVED PRINTED OR ELECTRONIC DRAWINGS AND DOCUMENTATION MAY NOT BE
Fx: 402.341.4735
REPRODUCED IN ANY FORM WITHOUT WRITTEN PERMISSION FROM ALLEY POYNER MACCHIETTO ARCHITECTURE alleypoyner.com
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SHEET REFERENCE: $K2,2 DWG NO. ALLEY•POYNER
PROJECT NAME Dial Senior Living Aksarben Village-Phase II K2 MACCHIETTO
I. ' • 1•:1516 Cumin Street
PROJECT NUMBER: 13083 Omaha.NE 68102
DATE: 2013.10.16 Ph:402.341,1544
COPYRIGHT 2011 ALL RIGHTS RESERVED PRINTED OR ELECTRONIC DRAWINGS AND DOCUMENTATION MAY NOT SE Fx 402.341.4735
REPRODUCED IN ANY FORM WITHOUT WRITTEN PERMISSION FROM ALLEY POYNER MACCHIETTO ARCHITECTURE 011eypoyner.com
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DATE 2013.10.16 Ph:402,341,1544
COPYRIGHT2011 ALL RIGHTS RESERVED PRINTED OR ELECTRONIC DRAWINGS AND DOCUMENTATION MAY NOT BE ...._- -v mm.. -� FX: 402.341.4735
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PROJECT NUMBER: 13083Omaha,NE 68102
DATE: 2013.10.16 Ph:402.341.1544
COPYRIGHT 2011 ALL RIGHTS RESERVED PRINTED OR ELECTRONIC DRAWINGS AND DOCUMENTATION MAY NOT BE 1 Fx: 402.341.4735
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DATE: 2013.10.16 I Ph:402.341.1544
COPYRIGHT 2011 ALL RIGHTS RESERVED PRINTED OR ELECTRONIC DRAWINGS AND DOCUMENTATION MAY NOT BE Fx: 402.341.4735
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DATE: 2013.10.16 Ph:402,341.1544
----1 COPYRIGHT 2011 ALL RIGHTS RESERVED PRINTED OR ELECTRONIC DRAWINGS AND DOCUMENTATION MAY NOT BE Fx: 402.341.4735
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PROJECT NUMBER: 13083 I � Omaha,NE 68102
DATE: 2013.10.16 Ph:402.341,1544
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DATE 2013.10.16 _ Ph:402.341.1544
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DATE: 2013.10,16 Ph:402.341.1544
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PROJECT NUMBER: 13083Om_ . J • " .1516 Cu i 68102
DATE: 20131016 Ph:402.341.1544
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THE FOLLOWING DESIGN GUIDELINES SHALL BE INCORPORATED INTO THE FINAL ••""'•'�'�
DEVELOPMENT PLANS OF LOT 1 AT THIS LOCATION WITHIN THE
AKSARBEN CENTER DEVELOPMENT e.a
i • A BUSINESS OWNERS'ASSOCIATION SHALL BE ESTABLISHED AND
I MAINTAINED FOR THE DEVELOPMENT AND MAINTENANCE OF THE COMMON d
AREA ITEMS DETAILED IN THIS DOCUMENT. Z •
50 0 25 50 • ALL INTERIOR PEDESTRIAN-WAYS SHALL BE CONNECTED TO THE PERIMETER
impli
CIRCULATION SYSTEM AS INDICATED ia
1 inch = 50 ft V.
. INTEGRALLY COLORED CONCRETE PEDESTRIAN CROSSWALK OF AT LEAST 6 0 %g
FEET IN WIDTH SHALL BE USED TO DEFINE PEDESTRIAN CROSSWALKS AT z 1 II.1
DRIVEWAYS AND STREETS AS INDICATED,CONCRETE MUST BE COLORED A N B
THROUGHOUT AND NOT SURFACE APPLIED SUCH AS PAINT OR STAIN. LI `1
_ ___ w $
10'COMMUNICATION EASEMENT — POPPLETON AVENUE
MONUMENT SIGN • BIKE RACKS SHALL BE PROVIDED ON EVERY LOT.A MINIMUM OF ONE(1)
FIVE-BIKE RACK SHALL BE PROVIDED ON EVERY LOT. ¢ 2
+ ♦,;
•" of ••f y -,- '* -`07 • ALL PARKING LOT LIGHTING FIXTURES SHALL BE COORDINATED W
THROUGHOUT THE ENTIRE PROJECT.
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CENTER te) *r • OTHER THAN STREET TREE PLANTINGS,ALL LANDSCAPING IS CONCEPTUAL EIDENTIFICATION n4.• , j 6 # a AS TO SPECIES AND PLACEMENT.ALL PLANTINGS SHALL FOLLOW'CC'ZONING
SIGN REGULATIONS.
20' e '¢ 24.OK �" • MINIMUM GREENSPACE WITHIN THE PARKING AREA SHALL BE 7 PERCENT OF
THE PARKING AREA.THE MINIMUM SIZE OF THE PARKING LOT ISLANDS SHALL
Val ".• 2-STORY Ii 11 , BE 9 FEET BY 36 FEET(9 FEET BY 16 FEET FOR A HALF ISLAND). w a
STORM SEWER
EASEMENT 17 17 2i RETAIL ,� • STREET TREES SHALL BE PLANTED AT40'ON CENTER ALONG POPPLETON W a
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C-25A CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
WHEREAS, the primary objectives of the City of Omaha's Master Plan and Community
Development Program are to encourage additional private investment and infill development within
inner-city neighborhoods to eliminate conditions which are detrimental to public health, safety and
welfare, by developing vacant, under-utilized property within these neighborhoods; and,
WHEREAS, the Aksarben M-U Project at 72nd & Poppleton Streets Tax Increment
Financing (TIF) Redevelopment Project Plan area is within a designated community redevelopment area
which meets the definition of blight and substandard per the Community Development Law, and is in
need of redevelopment; and,
WHEREAS, the Aksarben M-U Project at 72nd & Poppleton Streets Tax Increment
Financing (TIF) Redevelopment Project Plan for an approximately 7.8 acre vacant redevelopment project
site which is located between 70th & 72nd Streets and Pine &Poppleton Streets was approved and adopted
by the City Council by Resolution No. 455 on April 30, 2013, and the redevelopment agreement was
passed by the City Council by Ordinance No. 39760 on August 27, 2013; and,
WHEREAS, the Aksarben M-U Project at 72nd & Poppleton Streets Tax Increment
Financing (TIF) Redevelopment Project Plan proposed a mixed use development comprised of a three-
story structure consisting of 87 assisted living units, a four-story hotel consisting of 92 rooms, and an
approximately 10,000 square feet, one to two-story structure commercial structure, for a total estimated
project cost of$34,043,449.00 and a$4,035,116.00 TIF loan allocation; and,
WHEREAS, this Resolution approves an Amendment to the Aksarben M-U Project at
72nd & Poppleton Streets Tax Increment Financing (TIF) Redevelopment Project Plan by increasing the
legal boundaries of the redevelopment project plan as per the legal description shown on Exhibit "A"
herein incorporated by reference; and,
WHEREAS, this Resolution also approves an Amendment to the Aksarben M-U Project
at 72nd & Poppleton Streets Tax Increment Financing (TIF) Redevelopment Project Plan by increasing
the entire project scope resulting in the following:
• 40 market rate independent living units to be added to the 87 unit assisted and memory care
facility; they will be separate, but adjoining structures,
• A total of 103 hotel rooms,
• A total 22,500 square feet commercial/retail space, which is now a two story structure, and
• A $1,321,260.00 increase in the original TIF loan allocation from $4,035,116.00 to
$5,356,375.00, for a total estimated project cost of $42,437,158.0 as described in Exhibit "B"
attached hereto and herein incorporated by reference, and;
By
Councilmember
Adopted
City Clerk
Approved
Mayor
NO.
Resolution by
Presented to City Council
ettJter grown
City Clerk
C-25A CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
Page 2
WHEREAS, the Amendment to the Aksarben M-U Project at 72' & Poppleton Streets
Tax Increment Financing (TIF) Redevelopment Project Plan recommends City participation in the
redevelopment of this project site through the revised total TIF loan allocation of an amount up to
$5,356,375.00 to offset TIF eligible costs of acquisition, site development, architectural and engineering
fees, and site utilities, surveys, and any public improvements, which includes a total of$65,000.00 of the
TIF toward the Aksarben Village Public Improvement Fund, for a project with total estimated costs of
$42,437,158.00; and,
WHEREAS, the Plan presents a project based on estimated figures and projections that
are subject to change as project costs are finalized, and is required to comply with all Planning
Department requirements and Planning Board recommendations; and,
WHEREAS, Section 18-2108 of the Nebraska Revised Statutes requires the City of
Omaha to adopt a redevelopment plan before taking an active part in a redevelopment project; including
the division of ad valorem taxes for a period not to exceed fifteen years under Sections 18-2147 through
18-2150, Revised Statutes of Nebraska; and,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF OMAHA:
THAT, the Amendment to the Aksarben M-U Project at 72nd & Poppleton Streets Tax
Increment Financing (TIF) Redevelopment Project Plan for an approximately 7.8 acre vacant
redevelopment project site which is located between 70th & 72nd Streets and Pine & Poppleton Streets,
increases the project scope and legal boundaries of the redevelopment site, and increases the TIF loan
allocation from $4,035,116.00 to $5,356,375.00 to offset TIF eligible costs of acquisition, site
development, architectural and engineering fees, and site utilities, surveys, and any public improvements,
which includes a total of$65,000.00 of the TIF toward the Aksarben Village Public Improvement Fund,
containing a provision for the division of ad valorem taxes under Section 18-2147 through 18-2150,
Revised Statutes of Nebraska, as recommended by the City Planning Department, be and hereby is
approved.
APPROVED AS TO FORM:
3/0//f
pep CITY ATTORNEY DATE
1992 dlh
By 141A
Councilmember
Adopted APR 1 52014
ity C rk /`7/
y /�
Approve dl..�4 ��
Mayor
NO. .........., ✓s~
Resolution by
Res. that, the Amendment to the Aksarben M-U
Project at 72nd & Poppleton Streets Tax
Increment Financing (TIF) Redevelopment
Project Plan for an approximately 7.8 acre
vacant redevelopment project site which is
located between 70t & 72nd Streets and Pine &
Poppleton Streets, increases the project scope
and legal boundaries of the redevelopment site,
and increases the TIF loan allocation from
$4,035,116.00 to $5,356,375.00 to offset TIF
eligible costs of acquisition, site development,
architectural and engineering fees, and site
utilities, surveys, and any public improvements,
which includes a total of$65,000.00 of the TIF
toward the Aksarben Village Public
Improvement Fund, containing a provision for
the division of ad valorem taxes under Section
18-2147 through 18-2150, Revised Statutes of
Nebraska, as recommended by the City Planning
Department, be and hereby is approved.
1992 dlh
Presented to City Council
MAR 2 5 2014 _
"1 /'..�('tlz`'/ ,
ty, 4 r / '
APR '1 5 2014 - Adopted
guoter grown.
City Clerk