ORD 39760 - M-U Project 72nd and Poppleton Sts TIF redevelopment agreement 6
O,0NLAH",'V 4g, i- . �., L idy - Li Planning Department
ae Lc . Omaha/Douglas Civic Center
=1°'� 11 11 ^ ', r n 1819 Farnam Street,Suite 1100
«1j i k n
n® „ 27 19r Omaha,Nebraska 68183
o�F � = (402)444-5150
°oR �4ry I' Telefax(402)444-6140
477 FEBR�P ,
t ? ,. a,. Pi; James R.Thele
City of Omaha Acting Director
Jean Stothert,Mayor
August 13, 2013
Honorable President
and Members of the City Council,
The attached Ordinance transmits a Tax Increment Financing Redevelopment Loan Agreement between
LFS/AK, LLC and the City of Omaha for a redevelopment of an approximately 7.8 acre vacant site
located between 70th and 72nd Streets and between Poppleton and Pine Streets. This redevelopment
project site is just west of the Aksarben Village Redevelopment Area and will complement the various
projects being developed. The Redevelopment Agreement implements the Aksarben M-U Project at 72nd
& Poppleton Streets Tax Increment Financing Redevelopment Project Plan contemplates a mix of uses: a
three-story, assisted living facility consisting of 60 units of assisted living apartments and 27 units of
memory care; a hotel site which proposes a four-story a Hampton Inn consisting of 92 rooms; and a one
to two-story commercial structure with approximately 10,000 square feet of space.
The Redevelopment Agreement authorizes the City's participation in the redevelopment by providing up
to $4,035,116.00 to offset costs such acquisition, site work, architectural and engineering fees, tree and
' isting road removal, environmental, soil testing, utilities to the site, and any public improvement to
include $40,000.00 in TIF contributions toward the Aksarben Village public improvement fund. The
estimated total project cost is $34,043,449.00, but is subject to change as final costs come in.
Your favorable consideration of this Ordinance will be appreciated.
Respectfully submitted, Referred to City Council for Consideration:
-- 02 7/3®l,3 X,a,�.3 7/30/3
James R. Thele i� Date Mayor's Office Date
Acting Planning Director�l�''
.f'
Approved:
au__
_ _ 7,31 -/� gel& 1 -3,:., -13
Allen Herink Date Rober G. Stubbe, P.E. Date
Acting Finance Director �, Public Works Director
1835 dlh
ORDINANCE NO. L3 C,CO
AN ORDINANCE approving a redevelopment and tax increment financing loan agreement
between the City of Omaha and LFS/AK, LLC a Nebraska limited liability company to
implement the Aksarben M-U Project at 72nd & Poppleton Streets Tax Increment
Financing (TIF) Redevelopment Project Plan located between 70th and 72nd Streets and
between Poppleton and Pine Streets; this project will complement the various projects
being developed within the Aksarben Village Redevelopment Area; the redevelopment
project contemplates a mixed-use project that includes an assisted living facility, a four-
story 92 room hotel, and a one to two-story approximately 10,000 square feet commercial
structure; the agreement authorizes the use of up to $4,035,116.00 in excess ad valorem
taxes (TIF) generated by the development to help fund the cost of the project; and
providing for an effective date.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OMAHA;
Section 1. The Mayor is hereby authorized to execute, and the City Clerk to attest, the
attached Redevelopment Agreement between the City of Omaha and the LFS/AK, LLC a
Nebraska limited liability company to authorize the use of up to $4,035,116.00 in TIF that will
be used to offset costs such acquisition, site work, architectural and engineering fees, tree and
existing road removal, environmental, soil testing, utilities to the site, and any public
improvements to include $40,000.00 in TIF contributions toward the Aksarben Village public
improvement fund, with estimated total project cost in excess of$34,043,449.00, in addition to
any other documents necessary or appropriate to implement the Redevelopment Agreement or to
consummate the loan.
ORDINANCE NO. (3.9 4 0
PAGE 2
Section 2. Said Redevelopment Agreement contains obligations undertaken pursuant to
the Nebraska Community Development Law and Sections 18-2147 through 18-2150, and, are not
otherwise obligations of the City of Omaha.
Section 3. This Ordinance shall be in full force and take effect fifteen (15) days from and
after the date of its passage.
INTRODUCED BY COUNCILMEMBER
APPROVED BY:
MAYOR OF THE CITY OF OMAHA D E
PASSED AUG 2 7 2013
ATTEST. APPROVED AS TO FORM:
CityClerk of the Cityof Omaha u,� CityAttorney�(�I 1
1835 dlh
REDEVELOPMENT AGREEMENT
THIS AGREEMENT ("Agreement") is entered into by and between the City of Omaha, a
Nebraska Municipal Corporation in Douglas County, Nebraska, and LFS/AK, LLC, a Nebraska
limited liability company.
RECITALS:
WHEREAS, on April 30, 2013, by Resolution No. 455, the City Council of the City of
Omaha approved the Aksarben M-U Project at 72nd & Poppleton Streets Tax Increment
Financing Redevelopment Project Plan for a redevelopment project which contemplates a mixed-
use project that includes a three-story 87 unit assisted living facility, a four-story 92 room hotel
and a one to two-story approximately 10,000 square feet commercial structure as shown in
Exhibit"A", a site plan which is attached hereto and made a part hereof; and,
WHEREAS, the Aksarben M-U Project at 72nd & Poppleton Streets Tax Increment
Financing (TIF) Redevelopment Project Plan provides for $4,035,116.00 in TIF that will be used
to offset costs such as acquisition, site work, architectural and engineering fees, tree and existing
road removal, environmental, soil testing, utilities to the site, and any public improvement to
include $40,000.00 in TIF contributions toward the Aksarben Village public improvement fund;
and, the total project cost is estimated to be $34,043,449.00; and,
WHEREAS, this Agreement is a redevelopment agreement prepared pursuant to the
Nebraska Community Development Law in order to implement the above-referenced
Redevelopment Plan, and contemplates the use of the excess ad valorem taxes generated by such
development.
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IN CONSIDERATION OF THESE MUTUAL COVENANTS, THE PARTIES AGREE
AS FOLLOWS:
SECTION 1. DEFINITIONS
The following terms, whether plural or singular, shall have the following meanings for
purposes of this Agreement.
1.1 "City" shall mean - the City of Omaha, Nebraska, a Municipal Corporation of the
metropolitan class or such successor entity lawfully established pursuant to the
applicable provision of the Nebraska Community Development Act.
1.2 "Owner" shall mean—LFS/AK, LLC.
1.3 "Director" shall mean -the Director of the City of Omaha Planning Department.
1.4 "Redevelopment Project" shall mean - a mixed-use project which may include an
assisted living facility, a hotel and commercial retail space. The assisted living
facility will be a three-story structure consisting of approximately 60 units of
assisted living apartments and 27 units of memory care. The hotel site will
propose a Hampton Inn four-story structure consisting of approximately 92
rooms. The commercial retail or restaurant space will be a one to two-story
structure with approximately 10,000 square feet of space as shown in Exhibit "A".
The Redevelopment Project may be amended subject to City approval.
1.5 "Redevelopment Site" shall mean - the area legally described on Exhibit"B", and
attached hereto, as Lot 1 of Aksarben Center and Lots 1 and 3 of Aksarben Center
Replat 1.
1.6 "Redevelopment Note (TIF Funds/TIF Proceeds)" shall mean - any obligation
issued by the City and secured by the excess ad valorem taxes generated within
the Redevelopment Site.
1.7 "Excess ad valorem taxes" shall mean the additional real estate property taxes
generated by this Redevelopment Project pursuant to Section 18-2147 of the
Nebraska Revised Statutes.
1.8 "Division Date Year" for the purposes of this Agreement, the Redevelopment
Note and the Nebraska Community Development Act, shall mean — the agreed
upon date that the Excess ad valorem Taxes shall be divided for the
Redevelopment Site, which shall be January 1, 2014, and shall continue for 15
years thereafter or until the Redevelopment Note is paid in full and discharged,
whichever occurs first. City and the Owner agree that the base year valuation of
the Redevelopment Site shall be January 1, 2013.
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SECTION 2. OBLIGATIONS OF THE CITY
The City shall:
2.1 execute and deliver to the Owner at closing the Redevelopment Note in
substantially the same form as the copy attached hereto as Exhibit"C".
2.2 grant Redevelopment Loan proceeds to the Owner in the sum of$4,035,116.00.
2.3 pay debt retirement principal and interest from the Excess Ad Valorem Taxes
(TIF tax proceeds). Interest on monies in the special fund shall accrue first to
debt retirement interest and then to principal.
2.4 ensure that prior to expenditure or disbursement of Redevelopment Loan
proceeds, the Owner has provided the Director with evidence, acceptable to the
Director, that the private funds have been irrevocably committed to the
Redevelopment Project in the amount sufficient to complete the redevelopment
project.
2.5 establish a special fund under Section 18-2147 of the Nebraska Revised Statutes
for the purpose of collecting the excess ad valorem taxes generated by the
Redevelopment Project. Monies collected and held in the special fund shall be
used for no purpose other than to repay the Redevelopment Loan.
SECTION 3. OBLIGATIONS OF THE OWNER
Owner represents that they either own the Redevelopment Site, or in the event that they
may have transferred ownership of all or part of the Redevelopment Site, that they are authorized
to act on behalf of any subsequent owners for the purposes detailed in this Redevelopment
Agreement. The Owner shall:
3.1 complete the Redevelopment Project on or before December 31, 2015 creating an
increase in real property taxable base by reason of such construction of at least
$22,614,078.00.
3.2 use its best efforts to cause all real estate taxes and assessments levied on the
Redevelopment Project to be paid prior to the time such become delinquent.
3.3 loan redevelopment funds to the City in the principal amount of$4,035,116.00 as
set forth in Section 2.1, which, when combined with other private funds available,
will be sufficient to construct the redevelopment project. Execution and delivery
of the Redevelopment Promissory Note shall be at closing, which shall be as soon
as reasonably possible after execution of this Agreement but not more than 60
days thereafter. At closing, the loan to be accomplished by this Section and the
obligation of the City to use the redevelopment loan proceeds for redevelopment
purposes under Section 2.2 may be accomplished by offset so that the Owner
retains the loan proceeds. If the City so requests, the Owner shall, from time-to-
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time, furnish the City with satisfactory evidence as to the use and application of
the redevelopment loan proceeds.
3.3.1 Such loan funds shall be disbursed as provided in Section 2.
3.3.2 Such loan shall bear a 6.0% interest rate.
3.3.3 The principal shall be repaid by the City from the special fund established
pursuant to Section 2.5, as excess ad valorem taxes, pursuant to the
Redevelopment Plan and Section 18-2147 of the Nebraska Revised
Statutes, become available to the City for such use. To the extent of such
excess ad valorem taxes are unavailable to the City, the loan shall be
forgiven and the obligations of the Owner shall remain unaffected.
3.4 provide the City with quarterly progress reports during the redevelopment and
allow the City reasonable access upon written request to Owner to any relevant
financial records pertaining to the Redevelopment Project.
3.5 during the period that the Redevelopment Note (TIF Funds) is outstanding, (1) not
protest a real estate improvement valuation on the Redevelopment Site of
$2,220,700.00 (base) or less prior to and during construction; and $24,834,778.00
[$2,220,700 (base) plus $22,614,078.00 (excess valuation)] or less after
substantial completion or occupancy of the mixed-use redevelopment project
consisting of a residential facility, a hotel and commercial structure; (2) not
convey the Redevelopment Site or structures thereon to any entity which would
be exempt from the payment of real estate taxes, not apply for exemption of real
estate taxes from the county or the state, or cause the nonpayment of such real
estate taxes; if the county and/or state award the exemption of real estate taxes,
this TIF will be rendered void and cancelled from and after the date the exemption
becomes effective; (3) not apply to the Douglas County Assessor for the
structures, or any portion thereof, to be taxed separately from the underlying land
of the Redevelopment Site; (4) maintain insurance for ninety percent (90%) of the
full value of the structures on the Redevelopment Site; (5) in the event of
casualty, apply such insurance proceeds to their reconstruction, subject, however,
to any superior rights to such insurance proceeds of any lender of Owner and (6)
use its best efforts to cause all real estate taxes and assessments levied on the
Redevelopment Site to be paid prior to the time such become delinquent. In lieu
of the above, the Owner may surrender any remaining amount outstanding of the
Redevelopment Promissory Note to City. Each of the foregoing covenants shall
be referenced in a Notice of Redevelopment Agreement to be recorded with the
Douglas County, Nebraska Register of Deeds. The Owner agrees to include the
same restrictions within in any subsequent sale, assignment, sale-leaseback or
other transfer of the property, but shall not be responsible otherwise for the
actions of the third parties if these covenants are breached by such third parties if
the Owner no longer owns the property.
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3.6 shall provide the City of Omaha Finance Department with an executed copy of
the Redevelopment Promissory Note prior to disbursement of any proceeds for
repayment of such Note pursuant to Section 2.5, so that such payment can be
noted on the Note and the Note returned to Owner.
SECTION 4. PROVISIONS OF THE CONTRACT
4.1 Equal Employment Opportunity Clause. Annexed hereto as Exhibit "D" and
made a part hereof by reference are the equal employment provisions of this
contract, wherein the "Owner" is referred to as "Contractor".
4.2 Non-discrimination. The Owner shall not, in the performance of this Contract,
discriminate or permit discrimination in violation of federal or state laws or local
ordinances because of race, color, sex, age, political or religious opinions,
affiliations or national origin.
4.3 Captions. Captions used in this Contract are for convenience and are not used in
the construction of this Contract.
4.4 Applicable Law. Parties to this Contract shall conform with all existing and
applicable city ordinances, resolutions, state laws, federal laws, and all existing
and applicable rules and regulations. Nebraska law will govern the terms and the
performance under this Contract.
4.5 Interest to the City. Pursuant to Section 8.05 of the Home Rule Charter, no
elected official or any officer or employee of the City of Omaha shall have a
financial interest, direct or indirect, in any City of Omaha contract. Any violation
of this section with the knowledge of the person or corporation contracting with
the City of Omaha shall render the contract voidable by the Mayor or Council.
4.6 Merger. This Contract shall not be merged into any other oral or written contract,
lease or deed of any type.
4.7 Modification. This Contract contains the entire agreement of the parties. No
representations were made or relied upon by either party other than those that are
expressly set forth herein. No agent, employee or other representative of either
party is empowered to alter any of the terms herein unless done in writing and
signed by an authorized officer of the respective parties.
4.8 Assignment. The Owner may not assign its rights under this contract without the
express prior written consent of the City; such consent not to be unreasonably
withheld. The Mayor may, without City Council approval, approve, in writing,
the assignment of all rights hereunder to a successor entity owned by, or under
common control with Owner.
4.9 Strict Compliance. All provisions of this Contract and each and every document
that shall be attached shall be strictly complied with as written, and no
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substitution or change shall be made except upon written direction from
authorized representatives of the parties.
4.10 This Agreement shall be binding upon the Owner's successors and assigns, and
shall run with the land described in Exhibit "B", attached hereto, to the benefit of
the City of Omaha.
SECTION 5. AUTHORIZED REPRESENTATIVE
In further consideration of the mutual covenants herein contained, the parties hereto
expressly agree that for the purposes of notice, including legal service of process, during the term
of this Contract and for the period of any applicable statute of limitations thereafter, the
following named individuals shall be the authorized representatives of the parties:
(1) City of Omaha:
James Thele Legal Service
Acting Director, City Planning Department c/o City Clerk
Omaha/Douglas Civic Center Omaha/Douglas Civic Center
1819 Farnam Street, Suite 1100 1819 Farnam Street
Omaha, NE 68183 Omaha, NE 68183
(2) Owner:
Steven Held
LFS/AK, LLC
11506 Nicholas Street
Suite 103
Omaha,NE 68154
Attention: Krista Vanderpool
Either party may designate additional representatives or substitute representatives by
giving written notice thereof to the designated representative of the other party.
Executed this o1/reday of 4,/,40.74---- , 2013.
ATTEST. CITY OF OMAHA:
CITY CLERK OF THE CITY OF OMAHA MAYOR OF THE CITY OF O AHA
VED AS T •
1 • ? 713. 113
Dept CITY ATTORNEY
1835 dlh
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Executed this 2q day of w iy/ , 2013.
OWNER: LFS/AK, LLC, a Nebraska limited
liability company
By: )
Name: Steven H ld (—
Title: Manager
STATE OF NEBRASKA )
) §
COUNTY OF DOUGLAS )
Steven Held, Manager of LFS/AK, LLC, a Nebraska limited li bility co pany acknowledged
the foregoing Redevelopment Agreement before me this — ay of U , fib (3
2013.
(i(44 a i\i
Notary Public, State of Neb ask
My commission expires on (- Z�U `( 'D .
GENERAL NOTARY-State of Nebraska
LISA A.
wool
My Comm.Exp.Nov.26NAYLON,2015
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EXHIBIT "C"
THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
(THE " '33 ACT") AND MAY NOT BE TRANSFERRED, ASSIGNED, SOLD OR
HYPOTHECATED UNLESS A REGISTRATION STATEMENT UNDER THE '33 ACT
SHALL BE IN EFFECT WITH RESPECT THERETO AND THERE SHALL HAVE BEEN
COMPLIANCE WITH THE '33 ACT AND ALL APPLICABLE RULES AND
REGULATIONS THEREUNDER, OR THERE SHALL HAVE BEEN DELIVERED TO THE
CITY OF OMAHA PRIOR TO TRANSFER, ASSIGNMENT, SALE OR HYPOTHECATION
AN OPINION OF COUNSEL, SATISFACTORY TO THE CITY OF OMAHA TO THE
EFFECT THAT REGISTRATION UNDER THE '33 ACT IS NOT REQUIRED.
REDEVELOPMENT PROMISSORY NOTE
$4,035,116.00 ��z� ��, 2013
FOR VALUE RECEIVED, the undersigned, City of Omaha (hereinafter known as
"Borrower"), promises to pay LFS/AK, LLC, 11506 Nicholas Street Suite 103, Omaha, NE
68154, Attention: Steven Held ("Holder"), and/or its assigns, the principal sum of Four Million
Thirty Five Thousand One Hundred Sixteen and No/100 Dollars ($4,035,116.00), together with
interest thereon at the rate of 6%per annum from the date of the execution of this Note until paid
in full. The principal balance and interest thereon shall be due and payable to the Holder of this
Redevelopment Promissory Note as and at such time as any excess ad valorem taxes generated
by the R develop ent Project as set forth in that certain Redevelopment Agreement dated the
Clay of , 2013, by and between the Borrower and the Holder (the
"Redevelopment Agr ement") are collected by the Borrower and available for the retirement of
this debt.
In the event of default under this Redevelopment Promissory Note, all sums secured by
this Redevelopment Promissory Note or any other agreement securing this Redevelopment
Promissory Note shall bear interest at a rate equal to five percent (5%) above the regional prime
or base rate as published by the Wallstreet Journal, Omaha, Nebraska, from time-to-time;
however, in the event said interest rate exceeds the maximum rate allowable by law, then such
rate of interest shall equal the highest legal rate available.
The Borrower may prepay the principal amount outstanding in whole or in part, without
the prior consent of the Holder.
In the event the monies collected and held in that special fund established under Section
18-2147 of the Nebraska Revised Statutes and pursuant to the Redevelopment Agreement are
insufficient to pay in full all amounts due and owing at a date fifteen (15) years from the division
date year, and all excess ad valorem taxes generated by the Redevelopment Project, as set forth
in the Redevelopment Agreement, have been collected by the Borrower and have been paid,
immediately upon being available, towards the retirement of the amounts due hereunder, then, at
said date fifteen (15) years from the division date year, the Holder shall waiver any unpaid
portion of the principal and interest due upon written request of the Borrower.
In the event this Redevelopment Promissory Note is referred to an attorney for collection,
the Holder shall be entitled to reasonable attorney fees allowable by law and all court costs and
other expenses incurred in connection with such collection.
The Borrower shall be in default in the event the Borrower shall fail to pay, when due,
any amount required hereunder.
Unless prohibited by law, the Holder may, at its option, declare the entire unpaid balance
of principal and interest immediately due and payable without notice or demand at any time after
default.
The Holder may at any time before or after default, exercise its right to set off all or any
portion of the indebtedness evidenced hereby against any liability or indebtedness of the Holder
to the Borrower without prior notice to the Borrower.
Demand, presentment, protest and notice of nonpayment under this Redevelopment
Promissory Note are hereby waived.
No delay or omission on the part of the Holder in exercising any remedy, right or option
under this Redevelopment Promissory Note shall operate as a waiver of such remedy, right or
option. In any event, a waiver on any one occasion shall not be construed as a waiver or bar to
any such remedy, right or option on a future occasion.
Any notice provided for in this Redevelopment Promissory Note to the Borrower or the
Holder shall be in writing and shall be given by regular mail to the Holder or Borrower, or at
such other address as either party may designate by notice in writing.
This Redevelopment Promissory Note shall be governed by and construed in accordance
with the Laws of the State of Nebraska. All payments hereunder shall be payable in lawful
money of the United States of America and shall be legal tender for public and private debts at
the time of payment.
CITY OF OMAHA, A Municipal
Corporation
Bye L1�:A,k_>e
Mayor of the City of Omaha
ATTEST: APPROVED AS TO FORM:
1130l)3
City Clerk of the City of Omaha (1),,,- City Attorney
1835 dlh `l
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EXHIBIT "D"
EQUAL EMPLOYMENT OPPORTUNITY CLAUSE
During the performance of this Agreement, "Provider" agrees as follows:
(1) Provider shall not discriminate against any employee or applicant for employment
because of race, religion, color, sex, age, sexual orientation, gender identity, disability or national
origin. Provider shall ensure that applicants are employed and that employees are treated during
employment without regard to their race, religion, color, sex, sexual orientation, gender identity,
or national origin. As used herein, the word "treated" shall mean and include, without limitation,
the following: recruited, whether by advertising or by other means; compensated; selected for
training, including apprenticeship; promoted; upgraded; demoted; downgraded; transferred; laid
off; and terminated. Provider agrees to and shall post in conspicuous places, available to
employees and applicants for employment, notices to be provided by the contracting officers
setting forth the provisions of this nondiscrimination clause.
(2) Provider shall, in all solicitations or advertisements for employees placed by or on behalf
of Provider, state that all qualified applicants will receive consideration for employment without
regard to race, religion, color, sex, sexual orientation, gender identity,. or national origin, age,
disability.
(3) Provider shall send to each labor union or representative of workers with which it has a
collective bargaining agreement or other contract or understanding a notice advising the labor
union or worker's representative of Provider's commitments under the Equal Employment
Opportunity Clause of the City and shall post copies of the notice in conspicuous places
available to employees and applicants for employment.
(4) Provider shall furnish to the City Contract Compliance Officer all Federal forms
containing the information and reports required by the Federal government for Federal contracts
under Federal rules and regulations, and including the information required by Sections 10-192
to 10-194, inclusive, and shall permit reasonable access to his records. Records accessible to the
City Contract Compliance Officer shall be those which are related to Paragraphs (1) through (7)
of this Exhibit and only after reasonable advance written notice is given to Provider. The
purpose for this provision is to provide for investigation to ascertain compliance with the
program provided for herein.
(5) Provider shall take such actions as the City may reasonably direct as a means of
enforcing the provisions of Paragraphs (1) through (7) herein, including penalties and sanctions
for noncompliance; however, in the event Provider becomes involved in or is threatened with
litigation as the result of such directions by the City, the City will enter into such litigation as
necessary to protect the interests of the City and to effectuate the provisions of this division; and
in the case of contracts receiving Federal assistance, Provider or the City may request the United
States to enter into such litigation to protect the interests of the United States.
(6) Provider shall file, if any, compliance reports with Provider in the same form and to the
same extent as required by the Federal government for Federal contracts under Federal rules and
regulations. Such compliance reports shall be filed with the City Contract Compliance Officer.
Compliance reports filed at such times as directed shall contain information as to the
employment practices, policies, programs and statistics of Provider.
(7) The Provider shall include the provisions of Paragraphs (1) through (7) of this Section,
"Equal Employment Opportunity Clause", and Section 10-193 in every subcontract or purchase
order so that such provisions will be binding upon each sub-Provider or vendor.
/
//
ORDINANCE NO. s.59 2
AN ORDINANCE approving a
redevelopment and tax increment financing
loan agreement between the City of Omaha
and LFS/AK, LLC a Nebraska limited
liability company to implement the
Aksarben M-U Project at 72nd & Poppleton
Streets Tax Increment Financing (TIF)
Redevelopment Project Plan located
between 70th and 72nd Streets and between
Poppleton and Pine Streets; this project will
complement the various projects being
developed within the Aksarben Village
Redevelopment Area; the redevelopment
project contemplates a mixed-use project
that includes an assisted living facility, a
four-story 92 room hotel, and a one to two- PRESENTED TO COUNCIL
story approximately 10,000 square feet
commercial structure; the agreement 1st Readi g AUG 1. 2013 Iv/
authorizes the use of up to $4,035,116.00 in
excess ad valorem taxes (TIF) generated by
the development to help fund the cost of the Hear)ng AUG 2 0 i."n
project; and providing for an effective date. d7A-
PUBLICATIONS 1835 dlh
Final Reading AUG 2 T 2013
PUBLICATION OF HEARING 5I v/ Passed -fl
Date �' 16, (3 BUSTER BROWN
PUBLICAATIONN OF ORDINANCE City Clerk
Date /— l 5