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RES 2013-1295 - The Wire TIF redevelopment project plan o,, ,xa,Nur,yE i e g k F. (` 4� V El , Planning Department �r� Omaha/Douglas Civic Center ��J;� is l►- 1819 Farnam Street,Suite 1100 ® t¢�� ��+ t'SP i ': I' `I Omaha,Nebraska 68183 � 3 eta. 17 �- o�• 7 .. (402)444-5150 ,0 4ti Telefax(402)444-6140 4 ��TEn FED'O' CITY Y C .- P\ James R.Thele 1 City of Omaha - t H A fv F:.-R ,x, ", Acting Director Jean Stothert,Mayor September 24, 2013 Honorable President and Members of the City Council, The attached Resolution transmits The Wire Tax Increment Financing (TIF) Redevelopment Project Plan. This redevelopment project plan is located at 100 South 19th Street and represents an adaptive re-use and conversion of a historically significant and major office building in Downtown Omaha from office use to a mix of uses. At approximately 349,300 square foot, this office building was the home and the corporate headquarters of the former Northwestern Bell Telephone Company. The conversion will entail nearly 300 market rate apartment units -- one and two bedrooms - on the top 10 floors, ground floor commercial space and parking stalls from the 2" floor to the basement. While there is no discernable look to the addition, the building was built in two phases, in 1957 and 1962. The 1957 building occupies the full northeast corner of the block. The 1962 building was built of the same materials and detailing as the original building, and it occupies the full northwest corner of the block. This former headquarters has been vacant for nearly 20 years and is one of the largest vacant office buildings remaining in Downtown Omaha. This building is listed on the National Register of Historic Places and is a representation of the Midwest Modernist style of architecture. Within the past three years, Nu Style Development has helped fulfill some of the objectives of the 2030 Downtown Master Plan by redeveloping three former office buildings: the Farm Credit Building n/k/a the Bank; the former Black Hills Energy Building n/k/a the Slate; and the former Northern Natural Gas/Enron Building n/k/a the Highline. These properties are all within close proximity of each other. This public private partnership with Nu Style Development has already helped to bring over 400 new apartment units online in Downtown Omaha within the past two years. At the completion of this project, Nu Style Development will have placed in service over 700 new apartment units within Downtown Omaha. The 2030 Downtown Master Plan identifies a goal of increasing the residential density by nearly 5,000 residential units. Since the approval of the Plan in August 2009, at least 1,675 apartment units have been or are in the process of being added to the Downtown Omaha community as a result of TIF redevelopment project plans. Also, as a result of TIF redevelopment project plans, approximately 39 owner-occupied units were completed in Downtown Omaha and along the riverfront during this same timeframe. 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 $6,400,000.00. TIF will be used to offset costs such as acquisition, site prep, rehabilitation, architectural and engineering fees, environmental and any public improvements as may be necessary. The total estimated project costs are $40,300,000.00, 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: ecz_.____ 07. 1._._cr Timm James R. Thele A '16.1 Date Mayor's Office Date Acting Planning Director V''V Approved: Allen Herink Date hrRobert G. Stubb , Date Acting Finance Director Public Works D or 1923 dlh Notice of Publication: September 26, 2013 and October 3, 2013 Public Hearing: October 22, 2013 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; 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 100 South 19th Street is within a designated 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 Wire Tax Increment Financing (TIF) Redevelopment Project Plan was approved by the TIF Committee and subsequently, by the City of Omaha Planning Board at their September 4, 2013 meeting; and, WHEREAS, the project site for The Wire Tax Increment Financing (TIF) Redevelopment Project Plan is located at 100 South 19th Street and is legally described in Exhibit"A" which is attached hereto and herein incorporated by reference; and, WHEREAS, The Wire Tax Increment Financing (TIF) Redevelopment Project Plan which contemplates an adaptive re-use and conversion of the historically significant office building and headquarters of the former Northwestern Bell Telephone Company into nearly 300 market rate apartment units on the top 10 floors, ground floor commercial space and parking from the 2nd floor to the basement; as described in Exhibit "B" attached hereto and herein incorporated by reference, and; WHEREAS, The Wire Tax Increment Financing (TIF) 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 $6,400,000.00 to offset TIF eligible costs such as acquisition, site prep, rehabilitation, architectural and engineering, environmental and any public improvements as may be necessary; and, By Councilmember Adopted City Clerk Approved Mayor 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 The Wire Tax Increment Financing (TIF) Redevelopment Project Plan for the project site located at 100 South 19th Street which contemplates an adaptive re-use and conversion of the historically significant office building and headquarters of the former Northwestern Bell Telephone Company into nearly 300 market rate apartment units on the top 10 floors, ground floor commercial space and parking from the 2°d floor to the basement; recommending the City's participation through the allocation of TIF in an amount up to $6,400,000.00 to offset TIF eligible costs such as acquisition, site prep, rehabilitation, architectural and engineering fees, environmental and any public improvements, 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. APPROVED AS • L. P CITY ATTORNEY D TE 1923 dlh By 146�G4�. Councilmember Adopted OCT 2 2 2013 '7 -D Cl/. .... .odd...Q:: / City ler , Approve Mayor .XHi8i T "A '�" f o 0 ' - 61.2s-_ aF o E. . + aii , ; � > o d a c c Z ° ��- � ! d Na w Ow 11 .� o ,,.... �OCll r�, wE mUOz ' 0 $ x � J i 6a a 2t3 m� a ■ i .F,8caw v ! M 4)d J i W d Lz ;z ti _ , Io. '01 - 2222, q_ 1if � g a ; � 5 E _ S # g =e I° is .5g, 0 ` a %s a T y €_ � , ; %'2 z- a fi , 3 : 19 r X6 ga 0 ke , y; a ww I_ 4; § gg Y3' ,, se H a i . a \is g ' . 0 1zs s 11 i26, 1 " y . � s: s r� ,a a Via, s°. ....0 _I 4 row& ' — $- nin N m - z m2 2 166 .�� -.ems :�:E3n , 1. 3 p _ m� Eg w -s g o ,.. a3 33Y ., 3 G1 3 a u a"r o& w 45 /a e . ri ww` 1 - O - g �. < w S g d J ) ml^ e t e w _ ..�.�� is txevx+ ., o c �.... I \ B xYx oo Rt , �. r e � �r iet. 77 x, V o o n e_ R. I. y'4". _ . xw+n 3 w ft , C ,. g, i c .;d,t;3 .„ i 0 1yia a ©� w m Xm _g , r « n ae E ru } EXHIBIT "B" THE WIRE TIF REDEVELOPMENT PROJECT PLAN 100 SOUTH 19TH STREET SEPTEMBER 2013 (..,,e(cAPHA, O `11 -y�7 Mr15715 '4'.11,‘4,41:Ari • ,p-- -_ _f, ey i s PLANNING•OMAHA ��TED FEBW°*. Jean Stothert, Mayor City of Omaha James Thele, Acting Director Planning Department Omaha/Douglas Civic Center 1819 Farnam Street, Ste. 1111 Omaha, Nebraska 68183 13 CASE: C3-13-171 APPLICANT: Planning Department on behalf of the City of Omaha REQUEST: Approval of THE WIRE TIF REDEVELOPMENT PROJECT PLAN LOCATION: 100 South 19th Street SUBJECT AREA IS SHADED - SEPTEMBER 2013 • I ;CBD-ACI-1(PL) CBD-ACI-1(PL) . ✓ c7) rn N � Ca itol Ave CBD-ACI-1(PL) o Capitol Ave Z p (I) fillin to-. E CBD-ACI-1(PL) = % - 8 z Dodge St CBD-ACI-1(PL) 11NR'';'"' s BD-ACI-1(PL; ■ is t-"' ' ) . . . .4eBD-I1CI-1(PL) CBD-ACI-1(PL) FBDACI1PL; ; Douglas St N rn u) III co CBD-ACI-1(PL) BD-ACI-1(PL . -� — — — - - - - - - - - - - - - co . . . co CBD-ACI-1(PL) 'BD-ACI- • . ) BD-ACI-1(PL Farnam St ■ . .. M .M . N . M i CBD-ACI-1(PL) (BEf.A41(P ) F-4.---.75131---;;717-p.17 N MI 0 700 Feet 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: August 16,2013 SUBJECT: The Wire TIF Redevelopment Project Plan 100 S. 19th Street C3-13-171 Project Summary This redevelopment project plan represents an adaptive re-use and conversion of another historically significant,major office building in Downtown Omaha from office use to a mix of uses. Currently on the Douglas County records at approximately 349,300 sf,this office building was the home and the corporate headquarters of the former Northwestern Bell Telephone Company. While there is no discernable look to the addition,the building was built in two phases,in 1957 and 1962. The 1957 building occupies the full northeast corner of the block. The 1962 building was built of the same materials and detailing as the original building, and it occupies the full northwest corner of the block. This former headquarters has been vacant for nearly 20 years and is one of the largest vacant office buildings remaining in Downtown Omaha. This building is listed on the National Register of Historic Places and is a representation of the Midwest Modernist style of architecture. Part I and Part II have been submitted to SHPO for review and approval as historic tax credits will be used. Downtown Omaha has had several vacant office buildings,which either remained vacant or saw sporadic use of its original or similar nature. The 2030 Downtown Master Plan addresses many goals related to the re- utilization of buildings as well as the redevelopment of existing sites into a denser urban form. Some of the goals or guiding principles of that plan are as follows: • Downtown Omaha should be the dominant economic engine for the region • Downtown Omaha should be a great place to live,work,play,visit and learn • Downtown Omaha should have distinct neighborhoods, districts and corridors • Downtown Omaha should be urban • Downtown Omaha should be a model of sustainable urbanism This urban form would generate economic vitality and draw residential inhabitants to create a vibrant urban community within and surrounding Omaha's Downtown area. Within the past three(3)years,Nu Style Development has helped fulfill some of the objectives of the 2030 Downtown Master Plan by redeveloping three former office buildings: the Farm Credit Building n/k/a the Bank;the former Black Hills Energy or Capital Building n/k/a the Slate;and the former Northern Natural Gas/Enron Building,n/k/a the Highline. These properties are all within one mile or approximately four blocks of each other. This public private partnership with Nu Style Development has helped bring over 400 new apartment units online within Downtown Omaha. This project,at its completion,will place well over 700 new apartment units in service within Downtown Omaha developed by Nu Style Development. Project Description Although the previous owner undertook extensive demolition and asbestos remediation,such that the building is basically an empty shell,the new owner and the developer-Nu Style yet have a tremendous task to rehabilitate the entire proprety into the vision of the plan. This project plan contemplates converting the top ten (10)floors into about 30 apartment units per floor,resulting in about 300 units. The mix of units will be one- and two-bedroom units. BH Parking options will be accommodated through the lower levels of the building and through additional stalls at the Douglas Parking Garage-essentially one block away. Approximately 134 parking stalls will be inside the building: • 60 stalls in the basement area • 24 stalls in the western section of the building, due to the change in grade around the building • 50 stalls on the 2nd floor,which can be accessed on-grade from 20th Street. To enable the basement and second floor parking to be as efficient as possible,the southernmost elevators and enclosing shafts will be removed on only those floors,with the shafts being retained and restored on all other floors. The existing mechanical penthouse will be renovated into tenant amenity space which will consist of a variety of community rooms,a game room,an indoor pool,along with adjacent rooftop decks. To make the penthouse a viable and attractive amenity, large openings will need to be created within all faces of the structure. Besides the lobby,there will be a leasing office,a fitness center,and possibly space set aside for a retail tenant on the 1st floor- on-grade from 19th Street. This project is scheduled for completion in the spring of 2015. 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. DEPARTMENT RECOMMENDATION:Approval. ATTACHMENTS General Vicinity Map Project Plan BH a 0 0 - N 0 .1 V1 N 01 0 CO 0 OD LD lD 0 CO N 0 .-i 0�l•O LD o O N .i CO N IN O of (0 N Al CO M CO N N CO N O V)T N M M N N O .i CO M 0 .1 O N CO N .. 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O11- L L L V N H V in VT v V N u L V L V A 0 N V N A V in L 0 u V in + C C r N a) .0 7 O . V N N M N 0 VI N N N N N N CO N 01 N O N . N N N M N 0 N N C a) V 77 O .1 tV (.1 Ti N tO r4 00 at '" O " N "1 .Ni "'1.Ni . Al'" Al ' N O'•O V V a) C L P- d A LL 42 A c) F V C 2 F a) U k A O) a F t).c e c O. N V C A a 0 V 2 A Va u INTER-OFFICE COMMUNICATION Date: August 16, 2013 To: TIF Committee: James Thele, Cassie Seagren, Scott Winkler, AL Herink, Paul Kratz, Robert Stubbe, Todd Pfitzer, Gail Braun From: Bridget A. Hadley - City Planning Applicant: 100 S. 19th Street, LLC Project Name: The Wire TIF Redevelopment Project Plan Location: 100 South 19th Street Project Summary This redevelopment project plan represents an adaptive re-use and conversion of another historically significant, major office building in Downtown Omaha from office use to a mix of uses. Currently on the Douglas County records at approximately 349,300 sf, this office building was the home and the corporate headquarters of the former Northwestern Bell Telephone Company. While there is no discernable look to the addition, the building was built in two phases, in 1957 and 1962. The 1957 building occupies the full northeast corner of the block. The 1962 building was built of the same materials and detailing as the original building, and it occupies the full northwest corner of the block. This former headquarters has been vacant for nearly 20 years and is one of the largest vacant office buildings remaining in Downtown Omaha. This building is listed on the National Register of Historic Places and is a representation of the Midwest Modernist style of architecture. Part I and Part II have been submitted to SHPO for review and approval as historic tax credits will be used. Downtown Omaha has had several vacant office buildings, which either remained vacant or saw sporadic use of its original or similar nature. The 2030 Downtown Master Plan addresses many goals related to the re-utilization of buildings as well as the redevelopment of existing sites into a denser urban form. Some of the goals or guiding principles of that plan are as follows: • Downtown Omaha should be the dominant economic engine for the region • Downtown Omaha should be a great place to live, work, play, visit and learn • Downtown Omaha should have distinct neighborhoods, districts and corridors • Downtown Omaha should be urban • Downtown Omaha should be a model of sustainable urbanism This urban form would generate economic vitality and draw residential inhabitants to create a vibrant urban community within and surrounding Omaha's Downtown area. Within the past three (3) years, Nu Style Development has helped fulfill some of the objectives of the 2030 Downtown Master Plan by redeveloping three former office buildings: the Farm Credit Building n/k/a the Bank; the former Black Hills Energy or Capital Building n/k/a the Slate; and the former Northern Natural Gas/Enron Building, n/k/a the Highline. These properties are all within one mile or approximately four blocks of each other. This public private partnership with Nu Style Development has helped bring over 400 new apartment units online within Downtown Omaha. This project, at its completion, will place over 700 new apartment units in service within Downtown Omaha developed by Nu Style Development. Project Description Although the previous owner undertook extensive demolition and asbestos remediation, such that the building is basically an empty shell, the new owner and the developer—Nu Style—yet have a tremendous task to rehabilitate the entire proprety into the vision of the plan. This project plan contemplates converting the top ten (10) floors into about 30 apartment units per floor, resulting in about 300 units. The mix of units will be one- and two-bedroom units. Parking options will be accommodated through the lower levels of the building and through additional stalls at the Douglas Parking Garage—essentially one block away. Approximately 134 parking stalls will be inside the building: • 60 stalls in the basement area • 24 stalls in the western section of the building, due to the change in grade around the building • 50 stalls on the 2" floor, which can be accessed on-grade from 20`" Street. To enable the basement and second floor parking to be as efficient as possible, the southernmost elevators and enclosing shafts will be removed on only those floors, with the shafts being retained and restored on all other floors. The existing mechanical penthouse will be renovated into tenant amenity space which will consist of a variety of community rooms, a game room, an indoor pool, along with adjacent rooftop decks. To make the penthouse a viable and attractive amenity, large openings will need to be created within all faces of the structure. Besides the lobby, there will be a leasing office, a fitness center, and possibly space set aside for a retail tenant on the 1st floor—on-grade from 19th Street. This project is scheduled for completion in the spring of 2015. Project Finance Summary SOURCES AND USES OF FUNDS 290 Units USE OF FUNDS TOTAL PER UNIT PURCHASE OF BUILDING and LAND 2,750,000 9,483 PARKING/SITE IMPROVEMENTS 330,000 1,138 CONSTRUCTION RESIDENTIAL 30,720,000 105,931 CONSTRUCTION CONTINGENCY 1,000,000 3,448 FINANCING AND SOFT COSTS 1,600,000 5,517 LEASE UP AND OPERATING RESERVE 400,000 1,379 DEVELOPER PROFIT/OVERHEAD 3,500,000 12,069 TOTAL USE OF FUNDS 40,300,000 138,966 SOURCE OF FUNDS TOTAL PER UNIT CONVENTIONAL LOAN 24,000,000 82,759 TAX INCREMENT FINANCING 6,400,000 22,069 FEDERAL HISTORIC TAX CREDITS 7,000,000 24,138 G.P. EQUITY&DEFERRED FEES 2,900,000 10,000 TOTAL SOURCE OF FUNDS 40,300,000 138,966 The conventional and TIF loans will be financed through First Westroads Bank. Land Use and Zoning The land is currently under-utilized as a vacant office building. The proposed use would convert this building from office to a multi-family and commercial uses. The property is currently zoned CBD—ACI 1 (PL) with no changes in zoning. Utilities and Public Improvements Utilities—sewer, water and electrical—exist at the site. All exterior sidewalks adjacent to the building will be replaced and inhanced with the new design of trees and landscaping to the street side. The street lights will be replaced with the new acorn style lights that have been used in the area. Some additional improvements within the ROWs of this property and other Nu-Style Development properties between 24th and 19t" Streets, Dodge to Douglas Streets may be accomplished. Transportation No transportation issues. Cost Benefit Analysis (from the application) The site is not being utilized at the fullest and best economic use. The site is currently vacant and/or underutilized with marginal tax value as the property with limited assessed value. The project will bring new infill, market-rate residential rental housing units and commercial retailing into the market. 1. Tax shifts resulting from the approval of the use of funds pursuant to section 18-2147: The use of TIF will not result in any tax shifts. The current level of taxes will continue to flow to the current taxing entities, and only the increased value of revenues resulting from the improvements will be applied to the cost of the improvement. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives: No community public service need will be generated as a result of this Project. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project: The development of this site will provide employment by increasing the demand for personal services and employees to provide these services. 4. Impacts on employers and employees within the city of village and the immediate area that are located outside of the boundaries of the area of the redevelopment project: This development will impact other businesses, as there will be an increase in the demand for employees to fill the employment opportunities created by this development. There will also be competition for renters to fill the new residential units being made available. The provision of new housing will increase employment opportunities and other economic opportunities by increasing the demand for goods and services. 5. Any other impacts determined by the authority to be relevant to the consideration of cost and benefits arising from the redevelopment project: The development will cause an increase in traffic in the area; however, the current street system is able to accommodate the Project. The creation of new housing opportunities, the creation of new employment opportunities, and the increased demand for goods and services justify the cost associated with the Project. The long-term benefits resulting from the increase in the tax base resulting from the development are other valid justifications to provide assistance to the Project. This project will be able to act as a catalyst to spur much needed future development for the area directly west of this project. TIF Justification This redevelopment project plan removes an office building from the inventory of vacant buildings in Downtown Omaha has been vacant nearly 20 years. The project plan will preserve a historic property in Omaha which was once occupied by the Northwestern Bell Telephone Company. In addition, at least 4—7 new jobs: 2 Property Managers, 2 Maintenance jobs and 3 jobs related to the commercial space would be created as a result of this project plan. Lastly, it supports the City's efforts to fulfill goals within the 2030 Downtown Master Plan as well as to provide infill housing. Ultimately, this project plan will enhance the tax base for various taxing jurisdictions. 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. TIF will be used to offset costs such as acquisition, site prep, rehabilitation, architectural and engineering, environmental and any public improvements as may be necessary. The total estimated project cost is $40,300,000.00. TIF Eligible costs are as follows: Acquisition (Bldgs & Land) $ 2,750,000.00 Construction Hard Costs, GC Fee, Contingency, General Conditions $30,975,000.00 Site Grading, Clearing $ 745,000.00 Off-site Improvements $ 330,000.00 Architectural/Survey/Engineer/Environmental $ 580,500.00 TIF Fees $ 46,000.00 Total TIF Eligible $35,201,500.00 The TIF is 15.9% of the total project costs. Request: The TIF request is for up to $6,400,000.00, inclusive of capitalized interest if needed; at an interest rate of 4.25%. Using the current levy rate of 2.17448% and other assumptions of the TIF calculation spreadsheet supports the TIF request, inclusive of capitalized interest. See attached TIF calculation spreadsheet(s). The requested amount is based on what the developer/owner needs to help off-set the risk and cost to rehabilitate this property. The developer/owner acknowledges and understands that if the County Assessor's Final assessed value is lower than projections, the developer/owner will be responsible for covering any shortfall in TIF payments to the financial institution. The developer/owner is comfortable that the project will meet the projected final assessed value to support TIF payments; he believes also that the rents are low enough that, if necessary, he could raise rents and still maintain strong occupancy. TIF Fee Schedule: $500.00 application fee was paid; the processing fee of $3,000.00 will be collected; $42,500.00 administrative fees. Total fees will be $46,000.00. 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F _ , ,,,.. 01iiii 100 S. 19th Street Omaha, NE 68102 I) Project Summary Project Owner: 100 S. 19th Street, LLC Project Address: 100 S. 19th Street Omaha,NE 68102 Project Legal Description: See Alta Survey Estimated Total Project Cost: $43,000,000.00 TIF Request: $6,400,000 Current Use: Vacant Office Space Current Zoning: CBD Proposed Use: Market Rate Multi-Family Apartments Current Annual Real Estate Taxes (2012 tax year): $13,181.48 Current Assessed Tax Valuation (2012 tax year): Land: $ 350,000.00 Improvements: $276,800.00 Total: $626,800.00 Northwestern Bell Corporate Headquarters Building- Omaha, Nebraska Project Description The Northwestern Bell Corporate Headquarters Building was built in two phases, in 1957 and 1962, although there is no discernable look to the addition. The 1957 building occupies the full northeast corner of the block, and the 1962 building was built of the same materials and detailing as the original and occupies the full northwest corner of the block. The building has an overall area of approximately 350,000 square feet. The building is an excellent representation of Midwest Modernist style — reflecting the no-nonsense philosophy of not just the Midwest division, but of the company of AT&T as a whole. The building has been a hulking derelict of office space for nearly 20 years, and is one of the last large vacant office buildings left in downtown Omaha. The previous owner of the building undertook extensive demolition and asbestos remediation, so that, other than the centralized stair and elevator core, the building is just one hulking empty shell, seemingly to have just been newly constructed. Plans are underway to renovate the uppermost ten floors of the building into a residential use — with 29 units planned for each floor, for a total of 290 units. To achieve this unit count as well as a desired ratio of two one-bedroom units for every one two bedroom unit, an atrium a full two structural bays is being created in the middle of the 1962 addition. Besides housing, other functions envisioned for the renovation will ensure that every inch of the building is redeveloped and put to good use. The basement will not only provide basic services such as the main electrical room,the main water and automated sprinkler service, but there shall also be parking for approximately 60 vehicles. The first floor, which is entered on- grade, from 19th Street, will have the entry sequence and lobby restored to the condition that was original to the 1962 era building addition. Besides the lobby,there will be a leasing office, a fitness center, and possibly space set aside for a retail tenant. In the western portion of the building, which is subterranean due to the change of grade around the building, there will be parking for approximately 24 autos (there is already a parking area for approximately 15 vehicles on this floor). On the second floor, which may be accessed on-grade via 20th Street, there will be parking for approximately 50 automobiles. As was stated earlier, floors three through twelve will be renovated into 290 apartments. The existing mechanical penthouse will be renovated into tenant amenity space which will consist of a variety of community rooms, a game room, an indoor pool, along with adjacent rooftop decks. All exterior sidewalks adjacent to the building will be replaced and inhanced with the new design of trees and landscaping to the street side. The street lights will be replaced with the new acorn style that have been used in the area. The redevelopment of this incredibly large structure would not be possible without the use of the 20% Federal Historic Tax Credit program. The Building is listed on the National Register of Historic Places. Part I and Part II have been submitted to SHPO.The single-pane, non-thermally-broken windows will be replaced with window units that exactly match the detailing and site lines of the existing units. The grey infill panels will be represented by fritted glass, and all glazing will be double, insulated units set within hopper-operation thermally-broken sashes and frames. To enable the basement and second floor parking to be as efficient as possible, the southernmost elevators and enclosing shafts will be removed on only those floors,with the shafts being retained and restored on all other floors. To make the penthouse a viable and attractive amenity, large openings will need to be created within all faces of the structure. These 'light touches' will ensure the success of the renovation and continued no- nonsense new life of this Omaha landmark for at least another 50 years. THE DEVELOPMENT TEAM Developer/General Contractor Accountant Nustyle Development Brad R.Gross C.P.A. Todd Heistand 613 Iowa Ave 514 Walker Street Dunlap,IA 51529 " ^ Woodbine,IA 51579 Phone:(712)643-5158 Phone: (712)647-2041 Fax: (712)647-2990 Contact: Todd Heistand Mechanical Engineer Morrissey Engineering Inc. Architect 3317 North 107th Street Omaha,NE 68134 Alley Poyner Architecture Phone:(402)491-4144 1516 Cumming Street Contact:George Morrissey Omaha,NE 68102 Phone: (402)341-1544 Structural Engineer Fax: (402)341-4735 Contact: Albert Macchietto Thompson,Dreesen,&Dorner 10836 Old Mill Road Property Management Omaha,NE 68154 Phone: (402)330-8860 NuStyle Management,LLC Fax: (402)330-5866 2223 Dodge Street Contact: Kip Squire Omaha,NE 68102 Phone: (402)345-8000 Civil Engineer Contact: Gabriel Gianes Thompson,Dreesen,&Dorner Attorney 10836 Old Mill Road Omaha,NE 68154 Kutak Rock LLP Phone: (402)330-8860 1650 Farnam St Fax: (402)330-5866 Omaha NE 68102 Contact: Kip Squire Phone: (402)346-6000 Contact:Gregg Yeutter/Jill Goldstein Owner Michael Matejka Woods&Aitken LLP 100 S. 19th Street,LLC 10250 Regency Circle 514 Walker Street Omaha,NE 68114 Woodbine,IA 51579 Phone: (402)898-7409 Phone: (712)-647-2041 Fax: (402)898-7401 Fax: (712)647-2990 Contact: Mike Matejka Contact: Todd Heistand EXHIBIT 8 B. Ownership Structure/ Control of Property Property located at 100 S. 19th Street Omaha, NE 68102 Owner: 100 S. 19th Street Limited Liability Company Managing Member of Owner: Heistand Holdings Limited Liability Company 100% Heistand Holdings Limited Liability Company Managing Members: Todd Heistand 50% & Mary Heistand 50% • t. O 5 I ( s�. d 4 A a �\ Q 0 — 0 -1 °.. tea` >� > °" - Ftr4 5[ 's - Q I—Z U _o . <F 2 3§._ .13,.3_z1?§S. x 3 8._ iQ3g ' ]] 13 la36 d fs ! `§a at. § ak$a pff02, S "F. 3! , g2 /g 6 J332 gel ig ' 3- 3_ .P, 2 i .c X) 2 n car car car car car car car car car car 013 014 015 016 017 018 019 020 ':021 022.. 3 n II g LL LL : .. 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Sg= �� Po' 's$ $y''u 2� ��4F�E ..,,, w € ' i Yaswxs,s ag ais !II! gi;1 ,i?gw°$ !7e�!, 41 L �3 =va s .;&' .4l 7 = i� �y�_nasast �' ,: iu E S .-. w w w w w w w � s tis s 4 s: s s ,S. 4 4 ss &I amel a I s a. � §I5 :-.1; II _ . cr -- _ j 'in _. ...._ ._, . �k. ,,_ ___ III = =- kr-- ■■ • ", IIII — — _ H r` I, m �-- u itll — — — ■1tli 1— rr�' �V ■IIM ■ ■ ■ ■ ■ ■ ■ ■ III I , AI! ■ • !■ . ■ ■ ■ ■ ■ ����� mil ■ ■ ■ ■ ■ •■ �■ ■.I ;; IIIIIII ]— — — — — — _ 11l 1 . cII � ' ri 1 Hp. ?— r� III I11 I ■ ■ ■ ■ ■ ■ ■ ■ # ci f II ' j €I ■ # ■ ■ ■ ■ ■ ■ ■ ,� i l IIr,� � pnllll''^ �� NI III MI ."11L-ir\i 1100 Ili F o L of . x Ia la m 100 S. 19th St The Wire upon stabilization With TIF 711612013 SOURCES AND USES OF FUNDS 290 Units USE OF FUNDS TOTAL PER UNIT PURCHASE OF BUILDING and LAND 2,750,000 9,483 PARKING/SITE IMPROVEMENTS 330,000 1,138 CONSTRUCTION RESIDENTIAL 30,720,000 105,931 CONSTRUCTION CONTINGENCY 1,000,000 3,448 FINANCING AND SOFT COSTS 1,600,000 5,517 LEASE UP AND OPERATING RESERVE 400,000 1,379 DEVELOPER PROFIT/OVERHEAD 3,500,000 12,069 TOTAL USE OF FUNDS 40,300,000 138,966 SOURCE OF FUNDS TOTAL PER UNIT CONVENTIONAL LOAN 24,000,000 82,759 TAX INCREMENT FINANCING 6,400,000 22,069 FEDERAL HISTORIC TAX CREDITS 7,000,000 24,138 G.P. EQUITY&DEFERRED FEES 2,900,000 10,000 TOTAL SOURCE OF FUNDS 40,300,000 138,966 OPERATING PRO FORMA RESIDENTIAL UNITS SQ FT Per Sq. Ft. Totals 190 632 1 -BR UNIT $ 875 PER MONTH 1.38 120,080 100 1,042 2-BR UNIT $ 1,195 PER MONTH 1.15 104,200 ANNUAL RESID INCOME 3,429,000 1.27 224,280 LESS VACANCY(5%) (171,450) LESS EXPENSES(TIF Taxes not included-below) (783,000) 2,700 Per Unit COMMERCIAL-TRIPLE NET 134 Parking Stalls $ 95 152,760 3,000 sq. ft.of 1st Floor Commercial $ 10 30,000 ANNUAL COMMERCIAL INCOME 182,760 LESS VACANCY(10%) (18,276) TOTAL NET OPERATING INCOME 2,639,034 1ST DEBT SERVICE RATIO 1.65 (1,600,798) MORT LOAN AMOUNT 24,000,000 INTEREST RATE 4.50 TERMS 25 2ND DEBT SERVICE RATIO 1.21 (577,750) TIF LOAN AMOUNT 6,400,000 MORT INTEREST RATE 4.25 TERMS 15 NET INCOME $ 460.487 Debt Service 1.21 Return on Investment 4.65% 100 S. 19*h St The Wire upon stabilization Without TUF 711612013 U ����� SOURCES AND USES OF FUNDS 29�� ~ TOTAL PEF� UNIT U�� [�F �U�D� PURCHASE DF BUILDING and LAND 2.75n.00U 9,483 PARKING/SITE IMPROVEMENTS 330,000 1,138 CONSTRUCTION RESIDENTIAL 30.720.000 105.931 CONSTRUCTION CONTINGENCY 1.000.000 3.448 FINANCING AND SOFT COSTS 1.60O.00O 5,517 LEASE UP AND OPERATING RESERVE 400.000 1.378 DEVELOPERPR0F|T/0VERHEAD 3,500,000 12,069 TOTAL USE OFFUNDS 40,300,000 138,966 TOTAL 9EF� UN|T S��UF�CEQFFUNDS CONVENTIONAL8O LOAN .400.00O 104,828 TAX INCREMENT FINANCING O O FEDERAL HISTORIC TAX CREDITS 7.000.000 24.136 G.P. EQUITY&DEFERRED FEES 2.800.000 10.000 TOTAL SOURCE OFFUNDS 40,300,000 138,966 OPERATING PRO FORMA RESIDENTIAL PorGq Ft. TotalsUN|TS SD FT 190 632 1 'BRUNIT $ 875 PER MONTH 1 38 120.00U 100 1,042 2 BR UNIT $ 1.195 PER MONTH 1 15 1O4.2DO ' ANNUAL REO|DINCOME 3.429000 127 224.28O LESS VACANCY(5%) (171,450) LESS EXPENSES(T|F Taxes indudog) (783.000) 27�O Per Unit Additional Taxes Due Without T|F (577750) COMMERCIAL'TRIPLE NET 154 Parking Stalls $ 95 152.760 3`000aq. ft. of 1st Floor Commercial $ 10 30.000 ANNUAL COMMERCIAL INCOME 182.760 LESS VACANCY(1OY6) (10.275) TOTAL NET OPERATING INCOME 2.081.284 18T DEBT SERVICE RATIO 0.88 (2.078.788) MDRT LOAN AMOUNT 30400.000 INTEREST RATE(1/^point higher based on high leverage) 4.75 TERMS 25 2ND DEBT SERVICE RATIO 0.99 0 T|F LOAN AMOUNT O MORT INTEREST RATE 425 TERMS 15 NET INCOME 0 (18�504) Debt Service 039 Return onInvestment 'O 1y% FWBank First Westroads Bank Joel C. Jensen Senior Vice President jjensen@fwbk.com (402) 778-1343 July 22, 2013 Todd Heistand NuStyle Development 514 Walker St. Woodbine, IA 51579 RE: The Wire 100 S. 19th Street, Omaha, Nebraska Construction and Tax Increment Financing Dear Mr. Heistand: Please be advised that First Westroads Bank would favorably consider providing Tax Increment Financing in the amount of$6,400,000 and construction financing in the amount of$24,000,000 related to development of The Wire at 100 S. 19th Street Street in Omaha, Nebraska. The interest rate for both loans would be set at New York Prime rate plus 1%, with a floor rate of 4.5% I look forward to working with you on this project. Best regards, ter. . i / oel C, J sen Senior Vice President �^ _ 15750 West Dodge Road•Omaha,Nebraska 68118•Main Line: (402)330-7200•Fax: (402)330-8272•www.fwbk.com The Wire TIF Costs 7/16/2013 Cost Land 300,000 Existing Structures 2,450,000 Site Grading, Clearing, Parking,etc. 745,000 Off-site Improvements (TIF) 330,000 Construction Hard Costs 28,685,000 Construction Contingency 1000,000 Architectural 502,500 Survey \ Engineering Fees 69,000 Environmental Study \ Review 9,000 General Conditions 465,000 I GC Fee 825,000 TIF HARD COSTS 35,380,500 . . ^ The Wire 100819thmt Units 290 Residential Construction Budget CostfUnit Utilities and Telephone 195.800 672 Temporary Toilets 13.000 45 Dump Fees and Trash Hauling 65.000 224 Demolition Labor 80.000 276 /\SbeStOG/L8adR8DloVal 5.000 17 Core Drill iOg/S@VVCUtS 85.000 283 COnC[Bt8/|Ot8riO[ 350.000 1.207 Parking/Site IrOp[OVePOentS 330.000 1.138 Parking Lot/Garage 745.000 2.589 Garage Doors 20.000 69 Elevator Maintenance 40.000 138 M@SUDrV 140.000 483 SkV[)eck Pool 750.000 2.586 WiOdOVVS 2.350.000 8.103 Storefront Glass 245.000 845 Historical Storefronts 50.000 172 Carpentry-Material 70,000 241 Carpentry-Labor 40.000 138 Roof 350.000 1.207 Crane cost 200.000 GSO Steel Fabrication 600.000 2.069 Steel Erection 500.000 1.724 Elevators 900000 3.103 Fireproofing 800,000 2.759 IOsUlgtiUD/EXete[iO[ SheU\ 75.000 259 F[8UliOO/D[yVV@ll/\OGU}2te 3.300.000 11.379 Plumbing 3.100.000 10.690 H\//\C 2.200.000 7.586 Electrical 4.000.000 13.793 Spr inkler ' 1300.000 4.483 Fire Alarm SVShen7 245.000 845 Security System 160.080 552 Low Voltage TV/Cat5 300.000 1.034 KitChGri/B@th Cabinets Material 1.200.000 4.138 Wooden Doors and Trim Material 180.000 021 Cabinet/Trim Install 220.000 759 Metal [lOorS/ HandVVBre Material 310.000 1.089 Metal Doors/Hardware Install 130.080 448 P@int/ StBiO 275.000 948 Flooring 985.000 3397 Refurbish F\OOr8 and Stairs 40.000 138 Appliances 950.000 3.278 Bath accessories 30.000 103 Closet Shelving 40.080 138 Window Coverings 180,000 621 Signage 80,000 276 Mailboxes 10,000 34 Final Clean 65,000 224 Furniture/Fitness Equip! Decor 75,000 259 Trash Chutes/Install 36,000 124 Toilet Partitions/Install 8,000 28 SkyDeck/Gym Cost 356,000 1,228 Safety/Fencing 2,000 7 Sitework/Landscaping - Rent-Field Equipment/Crane 20,000 69 Hardware/Tools/Supplies 200,000 690 Contract Labor 470,000 1,621 Project Manager/Accountant 30,000 103 Superintendent/Foreman 265,000 914 GC General Conditions 465,000 1,603 General Contractor Fee 825,000 2,845 Contingency 1,000,000 3,448 Residential Construction Total 32,050,000 110,517 Soft Costs Accounting 20,000 69 Appraisals / Market Study 7,500 26 Architectural 502,500 1,733 Building Permits 17,000 59 Closing Fees & Costs 5,000 17 Const. Period Taxes 50,000 172 Const. Period Interest 624,000 2,152 Developer Fee - Engineering 60,000 207 Environmental Reports 9,000 31 Legal Fees Const Period 50,000 172 LIHTC / Syndicator Fees - Origination Fees 80,000 276 Surveys 9,000 31 Property Insurance during Cons 100,000 345 TIF Costs 46,000 159 Title Insurance 20,000 69 Soft Cost Total 1,600,000 5,517 Lease Up & Reserve Advertising 100,000 345 Branding 50,000 172 Leasing Agents 150,000 517 Marketing 100,000 345 Lease Up & Reserve Total 400,000 500,000 Purchase Land 300,000 Existing Structures 2,450,000 Offsite Improvements (TIF) Purchase Total 2,750,000 E. STATEMENT AND DEMONSTRATION THAT THE PROJECT WOULD NOT PROCEED WITHOUT THE USE OF TIF. Without the successful incorporation of Tax Increment Financing, it would be economically infeasible to rehabilitate 100 S. 19th Street. TIF effectively combined with substantial equity, forms the critical basis for the remaining traditional financing to be economically viable. The developer is making a capital and equity contribution in the amount of$9,900,000 With TIF Without TIF Gross Annual Income $3,611,760 $3,611,760 Less Expenses ($783,000) ($783,000) Less Vacancy ($189,726) ($189,726) Less Debt Service (Primary) ($1,600,798) ($2,079,788) Less Debt Service (TIF) ($577,750) $0 Less Additional Debt Service $0 Less Real Estate Taxes ($577,750) Net Projected Annual Cash Flow $460,486 ($18,504) Equity $9,900,000 Return on Investment (Pre-Tax) 4.65% -0.19% Summary Conclusion: The project would not be able to proceed without Tax Increment Financing because it would not be an economically feasible investment. INO!m O Nm b I N O10'N N M:(0 VIV M M CO O'O,O O 'M (O a O (D CO O'.O CD CD' O M V 0(o N (+) o'1 co co 01 co O co!.V m co co o co(O A CO A CD 0 Is CO Y)1 V I I N O• (n O)01 N'O CO V(o N A.- u0 40 N O CO N O M A I A 0 00 CO U) 1v' 0,, 0 :0 N', (D MI`t�V (O a (o,V W N r A M (D (O O OIN. O' 0 },' (n. 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The project is located at 100 S. 19th Street within a designated community redevelopment area. 2. The use of TIF will not result in a loss of pre-existing tax revenues. 3. The project will not be economically feasible without the use of Tax Increment Financing due to limited cash flow/debt service ratio and additional expenses for incremental taxes created. It would result in a negative cash flow situation. 4. The project furthers the objectives of the City's Master Plan a. Registered on the National Register of Historic Places b. Rehab vacant buildings into market rate apartments in the downtown area. Allowing more residents to live in the downtown area. c. This project will create an estimate of 175 construction jobs d. The apartment management will create 4 full time positions. e. A portion of the first floor is being set aside for commercial space. We estimate this to create 3 full time jobs. It will also create more foot traffic for other retail spaces in the area. Discretionary Criteria 1. The project will create at least 4 full-time jobs in management for each $35,000 in principal value of the TIF Loan 3. The building is listed on the National Register of Historic Places 4. The project will eliminate an actual or potential hazard to the public by redeveloping an otherwise largely vacant building and unused open lot. The building has been vacant over 14 years. 6. The building to be redeveloped displays conditions of blight. EMPLOYMENT INFORMATION Please provide employment information for each Project Area. Reproduce the table below for each Project Area. Also, provide a separate listing of positions and corresponding salaries & wages. Permanent Jobs (FTE) to be CREATED 7 Permanent Jobs (FTE) to be RETAINED Permanent Jobs (FTE) to be RELOCATED TOTAL Anticipated Annual Payroll $335,000 Estimated number of construction jobs to be created during 175 construction phase 2- Property Managers- $45,000 2- Maintenance -$40,000 3 - Commercial space - $250,000 RESIDENTIAL UNIT INFORMATION Please provide employment information for each Project Area. Reproduce the table below for each Project Area. Rent Range Multi-Family Rental 0 Studio $0 (includes Condos, 190 1 bedroom $720-$975 Townhomes, 100 2 bedroom $990-$1395 Rowhouses, Apartments) Owner-occupied 0 1 bedroom 0 2 bedroom 0 3 bedroom Total Units 290 COST BENEFIT ANALYSIS The Wire 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 any public improvement cost with the remaining balance of the TIF to be used for Project-specific TIF eligible cost. The proposed TIF will be used to offset site preparation and public improvements costs as required and to defray other site development costs that are eligible activities. The site is not being utilized at the fullest and best economic use. The site is currently vacant and/or underutilized with marginal tax value as the property with limited assessed value. The project will bring new infill, market-rate residential rental housing units and commercial retailing into the market. 1. Tax shifts resulting from the approval of the use of funds pursuant to section 18-2147: The use of TIF will not result in any tax shifts. The current level of taxes will continue to flow to the current taxing entities, and only the increased value of revenues resulting from the improvements will be applied to the cost of the improvement. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives: No community public service need will be generated as a result of this Project. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project: The development of this site will provide employment by increasing the demand for personal services and employees to provide these services. 4. Impacts on employers and employees within the city of village and the immediate area that are located outside of the boundaries of the area of the redevelopment project: This development will impact other businesses, as there will be an increase in the demand for employees to fill the employment opportunities created by this development. There will also be competition for renters to fill the new residential units being made available. The provision of new housing will increase employment opportunities and other economic opportunities by increasing the demand for goods and services. 5. Any other impacts determined by the authority to be relevant to the consideration of cost and benefits arising from the redevelopment project: The development will cause an increase in traffic in the area; however, the current street system is able to accommodate the Project. The creation of new housing opportunities, the creation of new employment opportunities, and the increased demand for goods and services justify the cost associated with the Project. The long-term benefits resulting from the increase in the tax base resulting from the development are other valid justifications to provide assistance to the Project. This project will be able to act as a catalyst to spur much needed future development for the area directly west of this project. AMENDED CERTIFICA.TE OF ORGANIZATION LIMITED LIABILITY COMPANY Submit in Duplicate John A.Gale,Secretary of State • Room 1301 State Capitol,P.O.Box 94608 Lincoln,NE 68509 . (402)471-4079 htip:/lwww.sos.state.neus Name of Limited LiabilitY ComPanY 1515 cuming Street'LW Date Certificate of Organization was filed APril 27,1999 Please mark the changes thia amendment makes to the certificate as most recently amended or restated and provide the approptiate changes. i Name of Litnited Liability Company 199 S•19th Meet,144 Professional Service being rendered by the Limited Liability Company Street and mailing address of the Designated Office Name of Registered Agent Street,mailing address and post office box(if any)of Registered Agent Any other changes to the certificate of organization (attach additional pages if needed) Effective date if other than the date filed -...4"/i tare 01A ve 7;ctot /fee's tom ct, Printed Name of Authorized Representative Date , FILING FEB: $15.00 plus$5.00 per additional page Revised 10/12/11 Neb.Rev.Stat 21-118 Mg ol SWIG • CORP 111111111111111111110111111111111 18100498375 Pas: 2 AMENDED ARTICLES OF ORGANIZATION ntern77IORLET01251fin LIR OF 1515 CUMING STREET LIMITED LIABILITY COMPANY The Articles of Organization of 1515 Cuming Street Limited Liability Company, a Nebraska limited liability company,are hereby amended as follows: 1. Article 8 is hereby amended and restated as follows: "8- Management The management of the Company shall be vested in one or more Managers, who shall hold the offices and have the responsibilities accorded to them by the Members. The name and address of the initial Manager is as follows: Todd R.Heistand 514 Walker Street Woodbine,IA 51579 Mary J,Heistand 514 Walker Street Woodbine,1A 51579 Any successor or additional Managers shall be appointed by the affirmative vote of a majority in interest of the Members. 2. Exhibit"A" is hereby amended and restated as follows: "Exhibit A CAPITAL CONTRIBUTED BY MEMBERS Sole Member's Name Capital Contributed Heistand Holdings limited Liability Company, a Nebraska limited liability company $30.00" DATED this 2. day of Y91.6.>," ,2004. H13ISTAND HOLDINGS LIMITED LIABILITY COMPANY,a Nebraska limited liability company By: Todd R.Heistand,Manager By pn.".4A Mary J Hastand,Manager 156042 — • 1515 COMING STREET LIMITED LIABILITY COMPANY,a Nebraska limited liability company By: 7-1'4/i4 Todd R.&island,Manager By VItA.41 Mary J.Heistancl,Manager 144806 2 Hightower, Debbie (Ping) From: Sandra Moses <sandra.moses@ci.omaha.ne.us> Sent: Tuesday, September 24, 2013 4:01 PM To: Hightower, Debbie (Ping) Subject: CC Document I still need the new resolution 1923 with the "street" removed from the backing. Again, it will require a new original resigned by Law. Sandra L. Moses Deputy City Clerk 1819 Farnam Street Suite LC-1 Omaha,NE 68183 402.444.5552 i 7filfriA NO. />21?L- Resolution by Res. that, the attached The Wire Tax 1923 dlh Increment Financing (TIF) Redevelopment Project Plan for the project site located at 100 South 19th Street which contemplates an adaptive re-use and conversion of the historically significant office building and headquarters of the former Northwestern Bell Telephone Company into nearly 300 market rate apartment units on the top 10 floors, ground floor commercial space and parking from the 2nd floor to the basement; recommending the City's participation through the allocation of TIF in an amount up to $6,400,000.00 to offset TIF eligible costs such as acquisition, site prep, rehabilitation, architectural and engineering fees, environmental and any public improvements, 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. j p i Presented to City Council SEP 242013 �, ��� / � �/ Qve.� y 4 o /z9 3 / re/-1,b/ re 67,e./.4)e/y/a/e OCT..2.2.201.3 Adopted '7 -0 utter grown City Clerk