RES 2014-0205 - 29th and Farnam TIF redevelopment project plan (°:1"5-.,PJ{,A',N'4,,i «- Plannig Department
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Omaha/Douglas Civic Center
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James R.Thele
City of Omaha Director
Jean Stothert,Mayor
February 11, 2014
Honorable President
and Members of the City Council,
The attached Resolution transmits the 39th & Farnam Tax Increment Financing (TIF)
Redevelopment Project Plan. This redevelopment project plan builds on the momentum of
current redevelopment activities occurring at 40th & Farnam Streets, which is within the
Blackstone Business District and the newly formed Blackstone Business Improvement District.
The goal of the project is to provide desirable tenant space to potential restaurateurs, shop
owners, entrepreneurs, business owners, and others who share the vision for the neighborhood.
The additional business activity is projected to create approximately 33 full and part-time jobs.
The continued redevelopment along this block of Farnam Street makes this business district
another viable destination between the Riverfront and 42" Street area along Farnam Street. The
redevelopment team includes members of the ownership team for the 40th & Farnam TIF project
approved in 2013.
This project plan involves the complete rehabilitation of two structures along 39th & Farnam
Street: the first is a former residence and now a retail store and studio, and the second is a
commercial warehouse for storage. The first structure will be converted into at least 5
professional executive suites. The second structure is two (2) stories and will have square
footage added to the south and east of the building which will bring it closer to the curb. The
garage structure directly west of the former residence will keep its current use. This project will
allow for diagonal parking along Farnam Street. In addition, the project will include a privately
owned, green space at the corner of 39th & Farnam Street. The redevelopment team believes in
cultivating a sense of community, and the green space will allow for area residents and visitors to
gather.
The Redevelopment Project Plan recommends the City's participation in the redevelopment of
this project site through the allocation of TIF in an amount up to $337,767.00 to offset TIF
eligible costs such as acquisition, rehabilitation construction, any site work and demolition,
architectural and engineering fees, and public improvements as required, which includes
$15,000.00 of the TIF proceeds/loan toward the Blackstone Business District Public
Improvement Fund. The total estimated project costs are $2,323,190.00, but are subject to
change as final costs come in.
Your favorable consideration of this Resolution will be appreciated.
Respectfully submitted, Referred to City Council for Consideration:
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Approved:
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Stephen B. Curtiss ate Rob rt G. Stubbe, P.E. Date
Finance Director Public Works Director
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Notice of Publication: February 13, 2014 and February 20, 2014
Public Hearing: March 4, 2014
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EXHIBIT "B"
39TH & FARNAM TIF REDEVELOPMENT
PROJECT PLAN
144 S 39TH STREET & 3904 - 3908 FARNAM
STREET
JANUARY 2014
vOMAHA•N�
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Nirt lrt '1 PLANNING OMAHA
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44D PEBO'
Jean Stothert, Mayor City of Omaha James Thele, Acting Director
Planning Department
Omaha/Douglas Civic Center
1819 Farnam Street, Ste. 1111
Omaha, Nebraska 68183
6
CASE: C3-14-002
APPLICANT: Planning Department on behalf of the City of Omaha
REQUEST: Approval of the 39TH AND FARNAM TIF REDEVELOPMENT PROJECT PLAN
LOCATION: Northwest of 39th and Farnam Streets
SUBJECT AREA IS SHADED -JANUARY 2014
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INTER-OFFICE COMMUNICATION
City of Omaha,Nebraska
Planning Department
TO: Chairman and Members of the Planning Board
FROM: James Thele, Planning Director
DATE: December 2,2013
SUBJECT: 39th&Farnam TIF Redevelopment Project Plan
144 S 39th and 3904-3908 Farnam Streets
C3-14-002
Project Summary
This redevelopment project plan builds on the momentum of current redevelopment activities occurring at 40th
&Farnam Streets,which is within the Blackstone Business District and newly forming Business Improvement
District within Midtown.The goal is to provide desirable tenant space to potential restaurateurs,shop owners,
entrepreneurs,business owners, and anyone else who shares the vision for this neighborhood. With the
additional business activity that this project contemplates, approximately 33 jobs will be created. The continued
redevelopment along this block of Farnam Street makes this business district another viable destination between
the Riverfront and 42nd Street area along Farnam Street. It also allows this business district to better connect the
University Of Nebraska Medical Center to Midtown Crossing. The development team includes the ownership
of the 40th&Farnam TIF project approved earlier this year;members such as Jay Lund,Sean Kelley and Matt
Dwyer.
Project Description
The project includes redevelopment of two buildings on 20,617 square feet of land on 39th & Farnam Street.
Building One which sets back from Farnam Street toward the north side of the parcel is a 5,000 square feet
former residence; it is used as a retail store and studio. Built in 1912, it will be converted into at least 5
professional executive suites. Building Two is located just southwest of the former residential building, yet on
the same parcel. The redevelopment plan contemplates additions to the south and east of Building Two. This
rehabilitation will create a new front to Building Two which brings the structure to the curb allowing for a more
urban environment. Once rehabilitation is completed, Building Two will be two-stories, comprised of 10,670
square feet. There are two signed letters of intent from retail tenants for this space. The first tenant is a yoga
studio which plans to lease 1,941 square feet on the 2nd floor. The second tenant is a full service restaurant with
plans to lease 2,830 square feet on the 1st and 2nd floors. These two tenants represent about 45% of Building
Two. A third building on the site is a garage that will continue to be used as such.
This project will also eliminate the disorganized configured parking on the parcel and allow for diagonal
parking onsite. In addition, the project will include a privately owned, public space on the corner of 39th&
Farnam. The redevelopment team believes in cultivating a sense of community,and the public space will allow
for area residents and visitors to gather. The amenities will include benches,green space,and art.
The project is anticipated to be completed by August 2014.
No Building Permit will be issued based on a site plan that does not comply with the provisions of the
Zoning Ordinance.
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.
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http://www.dogis.org/ 12/2/2013
INTER-OFFICE COMMUNICATION
Date: December 6, 2013
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: 144 S. 39th Street, LLC
Project Name: 39th & Farnam TIF Redevelopment Project Plan
Location: 149 S 39th and 3904—3908 Farnam Streets
Project Summary
This redevelopment project plan builds on the momentum of current redevelopment activities
occurring at 40th & Farnam Streets, which is within the Blackstone Business District and newly
forming Business Improvement District within Midtown. The goal is to provide desirable tenant
space to potential restaurateurs, shop owners, entrepreneurs, business owners, and anyone else
who shares the vision for this neighborhood. With the additional business activity that this
project contemplates, approximately 33 jobs will be created. The continued redevelopment
along this block of Farnam Street makes this business district another viable destination between
the Riverfront and 42nd Street area along Farnam Street. It also allows this business district to
better connect the University Of Nebraska Medical Center to Midtown Crossing. The
development team includes the ownership of the 40th & Farnam TIF project approved earlier this
year; members such as Jay Lund, Sean Kelley and Matt Dwyer.
Project Description
The project includes redevelopment of two buildings on 20,617 square feet of land on 39th &
Farnam Street. Building One which sets back from Farnam Street toward the north side of the
parcel is a 5,000 square feet former residence; it is used as a retail store and studio. Built in
1912, it will be converted into at least 5 professional executive suites. Building Two is located
just southwest of the former residential building, yet on the same parcel. The redevelopment
plan contemplates additions to the south and east of Building Two. This rehabilitation will
create a new front to Building Two which brings the structure to the curb allowing for a more
urban environment. Once rehabilitation is completed, Building Two will be two-stories,
comprised of 10,670 square feet. There are two signed letters of intent from retail tenants for
this space. The first tenant is a yoga studio which plans to lease 1,941 square feet on the 2"d
floor. The second tenant is a full service restaurant with plans to lease 2,830 square feet on the
1st and 2"d floors. These two tenants represent about 45% of Building Two. A third building on
the site is a garage will continue to be used as such.
This project will also eliminate the disorganized configured parking on the parcel and allow for
diagonal parking onsite. In addition, the project will include a privately owned, public space on
the corner of 39th & Farnam. The redevelopment team believes in cultivating a sense of
community, and the public space will allow for area residents and visitors to gather. The
amenities will include benches, green space, and art.
The project is anticipated to be completed by August 2014.
Project Finance Summary - Sources & Uses
ce .ofF'unds �; �r�» �b ."
r"
Owner Equity $ 262,233.00
Other Financing—Dundee Bank $1,723,190.00
Tax Increment Financing* $ 337,767.00
Total Sources of Funds $ 2,323,190.00
Uses;"Of`T±`un 1 $ -4,41
Acquisition& Due Diligence $865,000.000
Hard Construction Costs $1,257,800.00
Soft Costs (A&E, Legal, Project Mgt Fee, Leasing Fee) $200,390.00
Total Uses of Funds $ 2,323,190.00
*Note: Bank commitment letter states $331,500 or 85% of the TIF Note. The $397,373
maximum TIF loan, per the TIF calculation spreadsheet,would at least allow for a TIF
loan of$337,767. If the bank relaxes their term and increases up to 90% or 100% of the
TIF Note, the maximum TIF Note would be $397,373.00.
Land Use and Zoning
The land is currently being used for commercial retail and warehouse purposes. The structure
toward the north of the parcel (Building One) was a former residence which was converted into
commercial retail. The future use of this structure is to convert it into commercial office space to
be used by business professionals. The second structure toward the south of the parcel (Building
Two) will be rehabilitated for commercial retail users. A third building on the site is a garage
will continue to be used as such.
The current zoning is GC—ACI— 1(PL). The redevelopment project plan proposes a new
zoning of Neighborhood Business District—ACI— 1(PL).
Utilities and Public Improvements
Utilities (electrical, water, sewer) exist at the site.
The redevelopment plan indicates the addition of 10 diagonal parking spaces on the south side
and 7 diagonal parking spaces on the east side of the property. A right of way dedication is
required. Streetscaping and sidewalk improvements will also occur.
Transportation
No transportation issues, other than the proposed conversion of Farnam to two-way traffic to
encourage a pedestrian-friendly, neighborhood environment. The two-way conversion is slated
to begin next spring.
Cost Benefit Analysis—from the applicaiton
Tax Increment Financing on this parcel will not result in tax shifts. The current level of taxes
will flow to the current tax entities and only the increased value of revenues from improvements
will be applied to the cost of improvements. The parcel was trending stagnant and recently
realized a small increased in assessed value.
The community public service impact includes the public space area on the Northwest
corner of 39th & Farnam. Moreover, the additional public parking will provide much needed
parking. Additionally, the use of the area will result in an increase to sales tax revenues for the
City of Omaha and the State of Nebraska.
The redevelopment of the project will provide a positive impact on the area. The retail
space will provide 23 permanent jobs and 20 part-time jobs. By providing additional
professional and retail space, the redevelopment area increases density. This density will only
have a positive impact within the boundary of the area because it is attracting more activity and
providing amenities to a vibrant neighborhood.
Further, the immediate area outside the boundaries of the redevelopment project will be
benefited by increasing the demand for goods and services within the immediate area adjacent to
the redevelopment area which will result in increased employment and other economic
opportunities.
The request meets the necessary requirements for consideration. The site is in an area
that has been declared Blighted and Substandard. The TIF proceeds are to be used to cover
specific TIF eligible project costs and to assist in the improvement of the infrastructure of the
Blackstone Business Improvement District.
The current site is not being utilized at the fullest and best economic use. Only a small
portion of the site was used by the former owner. The site has seen little increase in assessed
value and is underutilized. The redevelopment project will provide additional jobs in the area.
The redevelopment will cause a welcomed increase in traffic in the area. Most
importantly, the site plan is consistent with the master plan and should result in more pedestrian
and bike traffic. The additional residents will increase the demand for goods and services which
justify the cost associated with the redevelopment. The long-term benefits resulting from the
increase in the tax base due to the redevelopment are proof that TIF assistance to this Project
meets the cost-benefit analysis.
TIF Justification
This redevelopment project plan meets the requirements of the Community Development Law
for TIF. In addition, the project plan supports the Blackstone Business District's vision and the
City's Master Plan for revitalization of neighborhoods including the business districts and
increasing density. It contributes to a connecting thread of destination spots from the Riverfront
westward for locals and visitors to Omaha. The project will bring additional economic activity
to a business district by re-investing in older structures and providing business opportunities to
existing and new businesses in Omaha as well as potential unique retailing and other services for
consumers. Ultimately, this project plan will enhance the tax base for various taxing
jurisdictions.
TIF will be used to offset costs such as acquisition, rehabilitation construction, any site work and
demolition, architectural and engineering fees, and public improvements as required. We will
request $15,000.00 of the TIF proceeds/loan toward the Blackstone Business District Public
Improvement Fund. The total estimated project costs are $2,323,190.00. TIF Eligible costs are
as follows:
Acquisition $ 860,000.00
Due Diligence/(Pre-Development Costs) $ 5,000.00
Construction Costs $1,257,800.00
Architectural & Engineering $ 75,000.00
Total $2,197,800.00
TIF Fees $ 3,500.00
Total TIF Eligible $2,201,300.00
The TIF of$397,373 is 17.1% of the total project costs.
Request: Up to $397,373.00, inclusive of capitalized interest; at an interest rate of 5.0%. Using
the current levy rate of 2.19974% and other assumptions of the TIF calculation spreadsheet
supports the TIF request, inclusive of capitalized interest. See attached TIF calculation
spreadsheet(s).
TIF Fee Schedule: $500.00 application fee and the processing fee of $3,000.00 were paid; no
administrative fees. Total fees will be $3,500.00.
Recommendation: Approval
ATTACHMENTS
TIF Application
TIF Calculation Spreadsheet
Applicant: 39th&Famam 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 5.00% Total Balance Interest 5.00%
0 $360,000
0.5 $ - 0 $ - 2.19974 $ - $ - $ - $0 $0 $0 $369,000 9000 9000
1 $ - 0 $ - 2.19974 $ - $ - $ - $0 $0 $0 $378,225 9225 9225
1.5 $ - 0 $ - 2.19974 $ - $ - $ - $0 $0 $0 $387,681 9456 9456
2 $ - 0 $ - 2.19974 $ - $ - $ - $0 $0 $0 $397,373 9692 9692
2.5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $11,219 $9,934 $21,153 $386,154 0 9934
3 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $11,499 $9,654 $21,153 $374,655 0 9654
3.5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $11,787 $9,366 $21,153 $362,868 0 9366
4 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $12,081 $9,072 $21,153 $350,787 0 9072
4.5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $12,383 $8,770 $21,153 $338,404 0 8770
5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $12,693 $8,460 $21,153 $325,711 0 8460
5.5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $13,010 $8,143 $21,153 $312,701 0 8143
6 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $13,335 $7,818 $21,153 $299,366 0 7818
6.5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $13,669 $7,484 $21,153 $285,697 0 7484
7 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $14,011 $7,142 $21,153 $271,686 0 7142
7.5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $14,361 $6,792 $21,153 $257,325 0 6792
8 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $14,720 $6,433 $21,153 $242,605 0 6433
8.5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $15,088 $6,065 $21,153 $227,517 0 6065
9 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $15,465 $5,688 $21,153 $212,052 0 5688
9.5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $15,852 $5,301 $21,153 $196,200 0 5301
10 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $16,248 $4,905 $21,153 $179,952 0 4905
10.5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $16,654 $4,499 $21,153 $163,298 0 4499
11 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $17,071 $4,082 $21,153 $146,227 0 4082
11.5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $17,497 $3,656 $21,153 $128,730 0 3656
12 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $17,935 $3,218 $21,153 $110,795 0 3218
12.5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $18,383 $2,770 $21,153 $92,412 0 2770
13 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $18,843 $2,310 $21,153 $73,569 0 2310
13.5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $19,314 $1,839 $21,153 $54,255 0 1839
14 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $19,797 $1,356 $21,153 $34,458 0 1356
14.5 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $20,292 $861 $21,153 $14,166 0 861
15 $ 1,942,650 0 $ 1,942,650 2.19974 $ 21,367 $ 214 $ 21,153 $20,799 $354 $21,153 $0 0 354
$555,542 $5,564 $549,978 $404,006 $145,972 $549,978 $37,373
ASSUMPTIONS: (F9=calculate)
NOTE:This Information is provided to assist in analyzing the Original Loan Amount $360,000
specific request to the TIF committee. This information is subject Capitalized Interest $37,373 1.Assume No Pre-Development Base
to change based on actual tax assessments.This schedule assumes Loan Balance Remaining $0 2.Loan Amount: $360,000
a 90%real estate valuation and a 1.0 debt coverage ratio.The 3.Interest Rate: 5.00%
actual TIF amount available to fund site specific project cost will $397,373 POTENTIAL 4.Project Hard Costs: $2,158,500
change based on the cost of public improvements. 5.Increment Base: $1,942,650
Annual Incremental Tax Payment, $ 42,734
TAX INCREMENT FINANCING REQUEST
144 S. 39th St.,LLC
39TH AND FARNAM
OMAHA, NEBRASKA
Prepared By:
144 S. 39th St.,LLC
December 2, 2013
Project Summary .1
Narrative 1
Sources and Uses of Funds ..4
Construction Project Budget and Project Timeline .5
Pro-Forma,Indicating Projected Costs and Revenues .5
ROI Analysis —"But For" .6
Evidence that Project Meets Evaluation Criteria ..6
Cost-Benefit Analysis 7
Limited Liability Company Papers Attached
I) PROJECT SUMMARY
Project Owner: 144 S. 39th St.,LLC
Project Address: 144 S. 39th St.68131 AND 3904—3908 Farnam St.
Project Legal Description: Jerome Park Lot 4 block 7 8.25 feet ADJ ON N & ALL
LTS 1-2 &3 &E5FT147x104.25
Estimated Total Project Cost: $ 2,323,190.00
TIF Request: $ 337,767 or 85% of the TIF Note
Current Use: Retail and Storage
Current Zoning: GC—ACI— 1(PL)
Proposed Use: Mixed use development. Retail, commercial, and public space.
Current Annual Real Estate Taxes(2013 tax year): $10,519.50
Current Assessed Tax Valuation (2013 tax year): Land: $ 108,200.00
Improvements: $384,800.00
Total: $493,000.00
II) NARRATIVE
A. Detailed Project Description
The Blackstone District has the potential to be a vibrant business district and serve as
another multi-use neighborhood in midtown Omaha. Additionally, the redevelopment of this
area would connect a business district to the University of Nebraska Medical Center to Midtown
Crossing to downtown Omaha. 144 S. 39th Street, LLC,recognizes the potential for this area and
would like to be part of the effort to strengthen the urban core of the city. Through the purchase
of the property and redevelopment to the buildings, 144 S. 39`s Street, LLC, hopes to provide
desirable tenant space to potential restaurateurs, shop owners, entrepreneurs, business owners,
and anyone else who shares the vision for this neighborhood.
The project includes redevelopment of two buildings on 20,617 square feet of land on
39th&Farnam Street. Building one is 5000 square feet used as a retail store and studio. Built in
1912, this one time residence is three stories tall and will be converted into at least 5 professional
executive suites. Building two is located just southwest of building one on the same parcel. The
redevelopment plans call for additions to Building two and new construction to the east of
Building two. After renovations, Building two will be 10,670 square feet. Building two is two
stories tall. The space has two signed letters of intent from retail tenants. The first is a yoga
studio willing to lease 1941 square feet. The second is a full service restaurant. The full service
restaurant will lease 2830 square feet. The redevelopment will move the existing useful premise
further to the curb allowing for a more urban environment. This project will eliminate the
disorganized configured parking on the parcel and allow for diagonal onsite parking. The
diagonal parking will require a right of way dedication.
The project will include a public space on the corner of 39th & Farnam. The
redevelopment team believes in cultivating a sense of community and the public space will allow
for area residents and visitors to gather. The amenities will include benches, green space, and
art.
The design and specifications for the Redevelopment Project have been prepared by
Hoefer and Wysocki Architecture.
The Redevelopment Project will be managed by Greenslate Development, LLC. Matt
Dwyer and Jay Lund are the principals of Greenslate Development, LLC.
A copy of the site plan is attached hereto as Exhibit"A".
B. Ownership Structure/Control of Property
144 S. 39th Street, LLC, will own and operate the property on the northwest corner of
39th & Farnam Streets. 144 S. 39th Street, LLC, will contract with Greenslate Development to
redevelop the property. Greenslate is comprised of developers, Matt Dwyer and Jay Lund.
Dwyer and Lund are the managing members of JMJ Partners, LLC, which redeveloped the
mixed-use corner on 40th&Farnam Streets.
144 S. 39th Street, LLC, is a diverse partnership with many skill sets. Matt Dwyer is a
former partner at CETAC Technologies, a large international instrument manufacturing company
headquartered in Omaha. Dwyer has 15 years of experience in operations and business
management. Jay Lund is Vice President of the Lund Company. The Lund Company manages
8 million square feet of office and retail space and over 4000 apartment units in the Omaha
metro area. Other members offer professional services in Omaha and are entrepreneurs in the
community.
C. Land Use Plan
Mixed Use.
D. Zoning
Current-GC—ACI— 1(PL)
Proposed—Neighborhood Business District—ACI— 1(PL)
E. Public Improvements
The redevelopment plan indicates 144 S. 39th Street, LLC, will build a public space on
the Northwest corner of 39th and Farnam Streets. The space will include benches, green space,
and art. Additionally, the redevelopment will add 10 parking diagonal spaces on the south side
and 7 diagonal parking spaces on the east side of the property. A right of way dedication is
required.
F. Historical Status—Not applicable
III) Sources and Uses
. .. ,,per
Owner Equity $ 262,233.00
Other Financing $ 1,723,190.00
Tax Increment Financing $ 337,767.00
Total Sources of Funds $2,323,190.00
COSTS ESTIMATES
Acqustton $ 860,000.00,
•
Due Diligence $ 5,000.00 current assessed
'Subtotal $ 865,000.00 493000 .._. ._
$ 372,000.00
•All New Bul7dmg Areas Core and SheN $ 400 000.00 $_. 110.65 jpsf :
Fre Suppression System $ 50,000.00
'House Roof $ 17,50000 ;
Existig Commercial Roof and Addition $ 35,000 00
'Replace existing RTU s $ 10,400 00;,
13 new 3 ton RTU $ 18_900_00'
Replace existing 2.5 ton AC and furnaces _. $ 17,000 00
Electrical 3 Phase mgrade
,Panel Distribution retail bays _...._. _.... . $ 25,000.00
1P(umbgtg.upgrades to retail bays ........ ..... $ 25,000.00!
House-Office Suite converstioa $ 100.000.00 i
T1 Allowances $ 223,000 00 $ 20.06 psf
Commerical restrooms 5 bays(additional T19 $ 75,000 00 $15000 00,per bay •
•
ADA access for second story $ 50,000 00 ..---
'Site Concrete Demolition $ 6,000.00
jMisc Building Demohnon $ 5,000 00
!Angle Parking and curbs . $ 20,000 00 1
New Patio spaces $ 15,000.00
Sidewalks $ 15,000.00,
:Plaza hard and soft stapes ...... $ 50,000 00
ILardsr-RnB._._._. $ 10,00000 _
5 lie._.. _-... ..._ 5..._500000 .._.._..
Exterior Lighting $ 10.000.00
Subtotal $1,257,800.00
Progct Management Fee $ 62,890 00 5'.'
A&E $ 75,000 00
Leasing fees S 50,000.00
':Legal $ 12500.00.
(Subtotal $ 200,390.00 $1,458,190.00 $372,000.00 1 $1,830190.00
946000 15% $274,528.50
TOTAL ; $2,323,190.00' $ 512,190.00 1
Commitment of Financing is attached as Exhibit"B"
IV) Construction Project Budget and Project Timeline (See above per
Project Construction Budget)
November 2013 —Acquire Property
March 2014—Commence Construction
August 2014—Construction Complete
V) Pro-Forma,indicating projected costs and revenues
The total project cost is$2,323,190.00. As set forth in Section III, the Sources of Funds
to pay for the Redevelopment Cost at$2,323,190.00 is a commercial loan of$1,723,190.00,TIF
of$337,767 and owner equity of$262,233.00.
A seven(7)year Cash Flow Projection is below.
7 YEAR CASH FLOW
INCOME 1 2 3 4 5 6 7
Year Year Year Year Year Year Year
2015 2016 2017 2018 2019 2020 2021
Total Gross Income $231,722.00 $237,515.05 $243,452.93 $249,539.25 $255,777.73 $262,17217 $268,726.48
Vacancy Rate 10% 10% 10% 10% 10% 10% 10%
Adjusted Gross Income $208,549.80 $213,763.55 $219,107.63 $224,585.32 $230,199.96 , $235,954.96 $241,853.83
Operating Expenses $ 62,680.00 $ 64,247.00 $ 65,853.18 $ 67,499.50 $ 69,186.99 $ 70,916.67 $ 72,689.58
TOTAL N01 $145,869,80 $149,516.55 $153,254.46 $157,085.82 $161,012.97 $165,038,29 . $169,164.25
Reserves 3% 3% 3% 3% 3% 3% 3%
Reserves total $ 4,376.09 $ 4,485.50 $ 4,597.63 $ 4712.57 $ 4,830.39 $ 4,951.15 $ 5,074.93
Debt Service $136,957.62 $136,957.62 $136,957.62 $136,957.62 $136,957.62 $136,957.62 $136,957.62
Cash Flow $ 8,912.18 $ 12,558.92 $ 16,296.83 $ 20,128.20 $ 24,055.34 $ 28,080.67 $ 32,206.62
Projected Valuation $495,000 $495,000 2,426,419 2,426,419 $2,426,419 $2,426,419 $2,426,419
MARKET RENTS
OCCUPANCY COST TO TENANT
SF PSF(NET) Annual Monthly OPEX PSF OP EX Total Annual Monthly
House 5,000.00 $ 5.00 $ 25,000.00 $ 2,083.33 $ 4.00 $ 20,000.00 $ 45,000.00 $ 3,750.00
Suite 1 1,94.1.00 $ 13.50 $ 26,203.50 $ 2,183.63 $ 4.00 $ 7,764,00 $ 33,967.50 $ 2,830.63
Suite 2 1,952.00 $ 13.50 $ 26,352.00 $ 2,196.00 $ 4.00 $ 7,808.00 $ 34,160,00 $ 2,846.67
Suite 3 1,993.00 $ 13.50 $ 26,905.50 $ 2,242.13 $ 4.00 $ 7,972.00 $ 34,877.50 $ 2,906.46
Suite,4 2,391.00 $ 15.00 $ 35,865.00 $ 2,988.75 $ 4.00 $ 9,564.00 $ 45,429.00 $ 3,785.75
Upper Level Commercial 2,393.00 $ 12.00 $ 28,716.00 $ 2,393.00 $ 4.00 $ 9,572.00 $ 38 288.00 $ 3,190.67
15,670.00 $169,042.00 $ 14,086.83 $ 62,680.00 $231,722.00 $19,310.17
VI) ROI Analysis —"But For"
STATEMENT AND DEMONSTRATION THE REDEVELOPMENT PROJECT
WOULD NOT PROCEED WITHOUT THE USE OF TAX INCREMENT
FINANCING.
It would not be economically feasible to proceed on this redevelopment project without
the successful incorporation of TIF. Tax Increment Financing is a critical component to
successful redevelopment.
With TIF Without TIF
Gross Annual Income $231,722.50 $231,722.50
Less: Vacancy(10%) ($23,172.25) ($23,172.25)
Less: Expenses(including RE taxes) ($64,460.00) ($64,460.00)
Less: Primary Debt Service ($129,824.99) ($129,824.99)
Less: Secondary Debt Service ( 0 ) ($30,090.12)
Annual Cash Flow 6.2% or $14,265.26 ($ 15,824.86)
Summary Conclusion: Without Tax Increment Financing there would be insufficient cash flow
and partner return to complete this redevelopment project. Therefore, the partnership has
concluded not to complete this project without TIF.
VII) Evaluation Criteria
A. Mandatory Criteria
1. The project is located in a blighted area.
2. The use of TIF will not result in a loss of pre-existing tax revenues to the City and
other taxing jurisdictions. The majority of the current 11,673 square feet of building
is not used in a commercial or retail manner. Therefore, property valuation will
remain stagnant without a change in the use. Further, the expansion of the
commercial building adds to the best use quality of the property. The real estate taxes
generated related to the redevelopment will be a direct increase to Douglas County
and other taxing jurisdictions.
3. This redevelopment project would not be economically feasible without the use of
Tax Increment Financing. TIF helps reduce the risk related to the undertaking of this
project in Omaha.
4. The project furthers the City's Comprehensive Master Plan by providing high
density mixed use developments with urban infill and neighborhood revitalization.
This redevelopment project will assist in the high density use the Blackstone District
was known for in the early 1900's. Furthermore, the project allows for the building
to be on the street with diagonal parking and additional parking in the rear of the
building.
B.Discretionary Criteria
1. The project will generate several of jobs non-existent before this redevelopment.
The change in use will result in many jobs in the area. The prior use was an owner
operated antique store with limited employees
2. The redevelopment project will use TIF proceeds for the construction of public
improvements.
4. This project eliminates actual and potential hazards to the public. The building is
largely unused including a parking area.
6. The building displays conditions consisted with blighted property as established
by state statute.
7. The redevelopment is attracting new business operations within the City of
Omaha.
8. The property condition has not been updated in recent years and will remain
stagnant without redevelopment.
EMPLOYMENT INFORMATION
Permanent Jobs(FTE)to be CREATED 33
Permanent Jobs (FTE) to be RETAINED 0
Permanent Jobs(FTE)to be RELOCATED 2
TOTAL 33
Anticipated Annual Payroll $421,200
Estimated number of construction jobs to be used during 63
construction phase
VIII) Cost-Benefit Analysis
Tax Increment Financing on this parcel will not result in tax shifts. The current level of
taxes will flow to the current tax entities and only the increased value of revenues from
improvements will be applied to the cost of improvements. The parcel was trending stagnant and
recently realized a small increased in assessed value.
The community public service impact includes the public space area on the Northwest
corner of 39th & Famam. Moreover, the additional public parking will provide much needed
parking. Additionally, the use of the area will result in an increase to sales tax revenues for the
City of Omaha and the State of Nebraska.
The redevelopment of the project will provide a positive impact on the area. The retail
space will provide 23 permanent jobs and 20 part-time jobs. By providing additional
professional and retail space, the redevelopment area increases density. This density will only
have a positive impact within the boundary of the area because it is attracting more activity and
providing amenities to a vibrant neighborhood.
Further, the immediate area outside the boundaries of the redevelopment project will be
benefited by increasing the demand for goods and services within the immediate area adjacent to
the redevelopment area which will result in increased employment and other economic
opportunities.
The request meets the necessary requirements for consideration. The site is in an area
that has been declared Blighted and Substandard. The TIF proceeds are to be used to cover
specific TIF eligible project costs and to assist in the improvement of the infrastructure of the
Blackstone Business Improvement District.
The current site is not being utilized at the fullest and best economic use. Only a small
portion of the site was used by the former owner. The site has seen little increase in assessed
value and is underutilized. The redevelopment project will provide additional jobs in the area.
The redevelopment will cause a welcomed increase in traffic in the area. Most
importantly, the site plan is consistent with the master plan and should result in more pedestrian
and bike traffic. The additional residents will increase the demand for goods and services which
justify the cost associated with the redevelopment. The long-term benefits resulting from the
increase in the tax base due to the redevelopment are proof that TIF assistance to this Project
meets the cost-benefit analysis.
IX) Organization Documentation
X) Attachments
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11{12367 0 Pins 9
144 S 39TH ST MC
Filed: 09/20/2013 10:43 AM
STATE of NEBRASKA
LIMITED LIABILITY COMPANY
CERTIFICATE of ORGANIZATION
144 S 39th St LLC
FIRST:The name of the limited liability company is 144 S 39th St LLC.
SECOND:The street and mailing address of its designated office in the state
of Nebraska is 450 Regency Parkway Suite 220,Omaha,Nebraska 68114.
THIRD:The street and mailing address of its agent for service of process in
the state of Nebraska is 450 Regency Parkway Suite 220,Omaha,Nebraska 68114.The
name of its agent for service of process is Matthew V.Dwyer.
FOURTH:The personal liability of the members and managers of the
company for monetary damages for breach of fiduciary duty shall be eliminated to the
fullest extent permissible under Nebraska law.The company is authorized to indemnify
its members and managers to the fullest extent permissible under Nebraska law.
IN WITNESS WHEREOF,the undersigned has executed this Certificate of
Ortnization on the date below.
Date: Septemb r 1 ,20
AA
LegalZoom om, no:Organizer
By: Cheye. - • oseley,Assistant Secretary
LDA#0104 in Los Angeles County(expires 12/2013)
101 N.Brand Blvd., 1 lth Floor,Glendale,CA 91203
(323)962-8600
C)
dundee bank
December 2,2013
144 S 39'"St., LLC
Attn: Mr. Matt Dwyer
450 Regency Parkway Suite 220
Omaha,NE 68114
RE: Construction Financing Loan
144 S 39'h Street
Omaha,Nebraska 68131
Dear Mr.Dwyer:
This letter,when accepted by you,will constitute the agreement of Dundee Bank,a
Branch of Security State Bank("Lender")to provide 144 S 39a`St., LLC
("Borrower")a Construction Line of Credit("Loan") in accordance with the terms,
conditions and provision hereinafter outlined.
1.Borrower: 144 S 39th St.,LLC,a Nebraska limited liability company.
2.Loan Amount: Loan amount shall be no more than$1,723,190.00 or 75%
of the"subject to completion"appraised value of 144 S 39111
Street,the subject property.
3.Loan Term: i year Construction Une of Credit.
4.Interest Rate: 5.00%
5.Loan Fee: $3,460 origination to Dundee Bank.
6.Loan Repayment: Monthly interest only payments.
7.Collateral: First Deed of Trust on the property at 144 S 39`e Street,
Omaha,NE 68131 and Assignment of Rents and Leases on
subject property.
f'JUi'.
I lt:u Sla+'i
•
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November 7,2013
144 S 39t St.,LLC
Attn: Mr. Matt Dwyer
450 Regency Parkway Suite 220
Omaha,NE 68114
RE: Tax Increment Financing Loan
144 S 39th Street
Omaha,Nebraska 68131
Dear Mr.Dwyer.
This letter,when accepted by you, will constitute the agreement of Dundee Bank,a
Branch of Security State Bank("Lender")to provide 144 S 39'h St.,LLC
("Borrower")a Tax Increment Note("Loan")in accordance with the terms,conditions
and provision hereinafter outlined.
1.Borrower: 144 S 39"'St.,LLC,a Nebraska limited liability company.
2.Loan Amount: Loan amount shall be no more than$331,500 or 85%of
TIP note with City of Omaha.
3.Loan Term: After completion of construction period,T1F note will be
matched to the term of the redevelopment promissory note
from the City of Omaha,but in no event to be more than 15
years.
4.Interest Rate: 5.00917 fixed for the first 5 years. Then variable at Wall
Street Prime plus 1.0'. with a floor of 5.0%thereafter.
5. Loan Tee: $250 origination to Dundee Bank.
6.L n Repayment: Semi-Annual principal and interest payments to closely
correspond with the payments made on the City of Omaha
Redevelopment Promissory Note in an amount necessary to
fully amortize the loan over the stated term of the note.
c ?sA 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; and to eliminate conditions which are detrimental
to public health, safety and welfare, by developing vacant, underutilized property within these
neighborhoods; and,
WHEREAS, the redevelopment project site located at 144 S. 39th and 3904-3908
Farnam Streets is within a community redevelopment area, as the area meets the definition of
blighted and substandard per the Community Development law and is in need of redevelopment;
and,
WHEREAS, the 39th & Farnam Tax Increment Financing (TIF) Redevelopment
Project Plan was approved by the TIF Committee and subsequently by the City of Omaha
Planning Board at their January 8, 2014 meeting; and,
WHEREAS, the project site for the 39th & Farnam Tax Increment Financing
(TIF) Redevelopment Project Plan is located at 144 S. 39th and 3904-3908 Farnam Streets and is
legally described in Exhibit "A" which is attached hereto and herein incorporated by reference;
and,
WHEREAS, the 39th & Farnam Tax Increment Financing (TIF) Redevelopment
Project Plan contemplates the redevelopment of two structures on 20,617 square feet of land
along 39th & Farnam Street by converting a former residence into at least 5 professional
executive suites, adding new square footage to the south and east sections of the existing
commercial building, in addition to a green space at the corner of 39th & Farnam as described in
Exhibit "B" attached hereto and herein incorporated by reference, and;
WHEREAS, the 39th & Farnam Tax Increment Financing (TIF) Redevelopment
Project Plan recommends City's participation in the redevelopment of this project site through
the allocation of TIF in an amount up to $337,767.00 to offset TIF eligible costs such as
acquisition, rehabilitation construction, any site work and demolition, architectural and
engineering fees, and public improvements as required, which includes $15,000.00 of the TIF
proceeds/loan toward the Blackstone Business District Public Improvement Fund, with an
estimated total project cost of$2,323,190.00; and,
By
Couticilmember
Adopted
City Clerk
Approved
Mayor
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C-25A CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
Page 2
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 attached 39th & Farnam Tax Increment Financing (TIF)
Redevelopment Project Plan for the redevelopment project site located at 144 S. 39`h and 3904-
3908 Farnam Streets which contemplates the redevelopment of two structures on 20,617 square
feet of land along 39th & Farnam Street by converting a former residence into at least 5
professional executive suites, adding new square footage to the south and east sections of the
existing commercial building, in addition to a green space at the corner of 39th & Farnam,
recommending the City's participation through the allocation of TIF in an amount up to
$337,767.00 to offset TIF eligible costs such as acquisition, rehabilitation construction, any site
work and demolition, architectural and engineering fees, and public improvements as required,
which includes $15,000.00 of the TIF proceeds/loan toward the Blackstone Business District
Public Improvement Fund, but is subject to change as final costs come in, 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.
s' OVED AS TO FORM:
( Zi !1i
CITY ATTORNEY DA E
1965 dlh
By .�°. it. .
MARCouncilmember /�
Adopted ,00‘0
4 2014 G � -y115 � s, c,irram_ j/0/(
ity Perk �/�
Approve4..Lk_
... . . .. l
Mayor
NO.
Resolution by
Res. that, the attached 39th & Farnam Tax containing a provision for the division of ad
Increment Financing (TIF) Redevelopment valorem taxes under Section 18-2147 through
Project Plan for the redevelopment project 18-2150, Revised Statutes of Nebraska. as
site located at 144 S. 39th and 3904-3908 recommended by the City Planning
Farnam Streets which contemplates the Department, be and hereby is approved.
redevelopment of two structures on 20,617
square feet of land along 39th & Farnam 1965 dlh
Street by converting a former residence into
at least 5 professional executive suites,
adding new square footage to the south and
east sections of the existing commercial
building, in addition to a green space at the
corner of 39th & Farnam, recommending the
City's participation through the allocation of
TIF in an amount up to $337,767.00 to offset
TIF eligible costs such as acquisition,
rehabilitation construction, any site work and
demolition, architectural and engineering
fees, and public improvements as required,
which includes $15,000.00 of the TIF
proceeds/loan toward the Blackstone
Business District Public Improvement Fund,
but is subject to change as final costs come in,
Presented to City Council
FEB 1 1 2014 " ��;/
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ti
MAR 4 2014 _ Adopted z ,��
/�tti LP /� ya?,5; JL f'l tftfj yZl`rl % '�r.i j�'
City Clerk