RES 2013-1024 - Cypress Pointe II TIF redevelopment project plan r: , „: „ ,: ,
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4r , 8�� ,,, I . l. i.._ i ' '.--- '- ' Planning Department
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Omaha/Douglas Civic Center
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71'ED FEt'lk
1 Id •,. , :. James R.Thele
City of Omaha Acting Director
Jean Stothert,Mayor
July 30, 2013
Honorable President
and Members of the City Council,
The attached Resolution transmits the Cypress Pointe II Tax Increment Financing (TIF) Redevelopment
Project Plan. This project represents the second phase of construction for the Cypress Pointe
redevelopment project. Cypress Pointe is an approximate 8 acre redevelopment site located at the
southwest corner of 60`" and Hartman Avenue. The redevelopment site is a low-income housing tax
credit(LIHTC) project which consists of a mix of multi-family residential units and duplex style housing
units.
This TIF redevelopment project plan is for Cypress Pointe II which is phase II of the redevelopment
project and is comprised of approximately 3.5 acres of undeveloped land of the Cypress Pointe
redevelopment project. The proposed phase II project will consist of the new construction of two 3-story,
40 unit buildings totaling 80 affordable units for households with at least one senior 55 years of age and
older. Each building will be 64,150 gross square feet and will include 40 stalls of underground parking as
wcll as parking above ground. There will be 14 one bedroom units(750 sq. ft.) and 66 two bedroom units
(950 sq. ft.). All units will be fully handicap accessible.
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 $668,773.00 to offset costs such as acquisition, site
work, architectural and engineering fees, surveys and any public improvements as may be necessary. The
total estimated project cost is $9,929,533.00, but is 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:
.....TtA1,-. _______ , 7 /r-7/ i)
iames R_ Thele t Date Mayor's Office Date
Acting Planning Director 1 '_•
Approved:
ael- CiL‘,,ta- 7.---/y-0 grt-A-rgeil-/-,L, -7-11 -}'3
Allen Herink Date Robert G. Stubbe, P.E. Date
Acting Finance Director Public Works Director
1889 dlh
Notice of Publication: August 1, 2013 and August 8, 2013
Public Hearing: August 20, 2013
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EXHIBIT "B"
CYPRESS POINTE II TIF REDEVELOPMENT
PROJECT PLAN
SOUTHWEST CORNER OF 60TH & HARTMAN
AVENUE
JULY 2013
„HA,A,
F
t �" PLANNING•OMAHA
0 4.
44 0 FETiOs
Jim Suttle, Mayor City of Omaha R. E. Cunningham, RA, F. SAI,IE
Director, Planning Department
Omaha/Douglas Civic Certer
1819 Farnam Street, Ste. 1111
Omaha, Nebraska 68133
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: June 10,2013
SUBJECT: Cypress Pointe II,LLC TIF Redevelopment Project Plan
Southwest Corner of 60th&Hartman Avenue
#C3-13-132
Project Summary
This TIF project represents the second phase of a construction and redevelopment for the Cypress Pointe.
Cypress Pointe is an approximate 8 acre redevelopment site located at the Southwest Corner of 60th&
Hartman Avenue. The redevelopment site is a low-income housing tax credit(LIHTC)project which
consists of a mix of multi-family residential units and duplex style housing units. The project is slated to
be completed by December 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.
DEPARTMENT RECOMMENDATION: Approval.
ATTACHMENTS
General Vicinity Map
Project Plan
BH
9
CASE: C3-13-132
APPLICANT: Planning Department on behalf of the City of Omaha
REQUEST: Approval of the CYPRESS POINTE II, LLC TIF REDEVELOPMENT
PROJECT PLAN
LOCATION: Southwest of 60th Street and Hartman Avenue
SUBJECT AREA IS SHADED - JULY 2013
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PLANNING OMAHA Feet A
INTER-OFFICE COMMUNICATION
Date: May 29, 2013
To: TIF Committee:
Rick Cunningham, Cassie Seagren, Scott Winkler, AL Herink, Paul Kratz,
Robert Stubbe, Todd Pfitzer, Gail Braun, Dave Dover
From: Bridget A. Hadley - City Planning
Applicant: Cypress Pointe II, LLC
Project Name: Cypress Pointe II TIF Redevelopment Project Plan
Location: Southwest Corner of 60th & Hartman Avenue
Project Summary
This TIF project represents the second phase of a construction and redevelopment for the
Cypress Pointe. Cypress Pointe is an approximate 8 acre redevelopment site located at the
Southwest Corner of 60th & Hartman Avenue. The redevelopment site is a low-income housing
tax credit (LIHTC)project which consists of a mix of multi-family residential units and duplex
style housing units.
The project is slated to be completed by December 2014.
Project Description
This proposed project site for phase II is comprised of approximately 3.5 acres of undeveloped
land adjacent to and southwest of 60th and Hartman in Omaha,Nebraska. The proposed project
will consist of the new construction of two, 3-story, 40 unit buildings totaling 80 affordable units
for households with at least one senior 55 years of age and older. Each building will be 64,150
gross square feet and will include 40 stalls of underground parking as well as parking above
ground. There will be 14 one bedroom units (750 sq. ft.) and 66 two bedroom units (950 sq. ft.).
All units will be fully handicap accessible.
Project Finance Summary
Midwest Housing Initiatives, Inc. will be the Managing Member(0.01% ownership interest) and
an experienced Syndicator will be the Investor Member(99.99% ownership interest).
Sources of Funds
(LIHTC) Tax Credit Proceeds (Equity) $7,777,506.00
Bank Financing $1,408,254.00
Deferred Developer Fees $ 75,000.00
TIF $ 668,773.000
Total Sources of Funds $9,929,533.00
Use of Funds
Land Acquisition $ 300,000.00
Hard construction $6,282,363.00
Contractor's Overhead & Profit $ 409,781.00
Construction Contingency $ 341,484.00
Sitework Construction Costs $ 520,000.00
Developer Fees $1,030,131.00
Financing Fees $ 348,277.00
Reserves $ 503,097.00
Other: Architect, Engineer, Studies,
Appraisals & Survey $ 194,400.00
Total Uses of Funds $9,929,533.00
Land Use and Zoning
The land is currently vacant and designated as office/commercial in the City's Master Plan.
Multi-family housing is proposed for this land use.
The project site is currently zoned R6 (PUD).
Utilities and Public Improvements
Utilities such as sewer and water exist at the site and just need to be connected.
Public improvements will include sidewalk improvements and the addition of a bus stop along
60th Street adjacent to the entire Cypress Pointe site.
Transportation
No major transportation issues. Public transportation will be accessible by METRO along 60th
Street.
Cost Benefit Analysis (from the application)
TIF Justification
This project will help redevelop vacant land in north central Omaha into housing for seniors;
provision of housing complies with the City's Master Plan. The accompanying Housing Market
Study indicates a need for senior housing. The applicant/owner has a waiting list of over 200
seniors who have either sold their homes and need housing, or are renters who now need housing
due to special needs, or are renters who need better quality housing due to the inability to
maintain upkeep on their homes. Phase II of this project did not receive any HOME Funds or
other federal funding to help finance this project, therefore there was a funding gap. Phase II of
this project is unable to move forward without the use of TIF. The TIF loan would be
approximately 6.7% of the total project costs and represents a TIF assistance of$8,360.00 of
TIF/residential unit.
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, sitework, architectural and engineering fees,
surveys and any public improvements as may be necessary. The total estimated project cost is
$9,929,533.00. TIF Eligible costs are as follows:
Acquisition (Land) $300,000.00
Architectural/Engineering $136,400.00
Sitework Construction Costs $520,000.00
Survey $ 40,000.00
TIF Fees $ 3,500.00
Total TIF Eligible $999,900.00
Request: The TIF request is for up to $668,773.00; bank interest rate of 5.5%. Using the current
levy rate of 2.17448% supports the TIF amount inclusive of capitalized costs. See attached TIF
calculation spreadsheet.
TIF Fee Schedule: $500.00 application fee was paid and the processing fee of$3,000.00 will be
paid; administrative fees of$0.00. Total fees will be $3,500.00.
Recommendation: Approval
ATTACHMENTS
TIF Application
TIF Calculation Spreadsheet
Applicant: Cypress Pointe II 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 5.50% Total Balance Interest 5.50%
-- --- -- ------ --- ----- ----
0 $600,000
0.5 $ - 0 $ - 2.17448 $ - $ - $ - $0 $0 $0 $616,500 16500 16500
1 $ - 0 $ - 2.17448 $ - $ - $ - $0 $0 $0 $633,454 16954 16954
1.5 $ - 0 $ - 2.17448 $ - $ - $ - $0 $0 $0 $650,874 17420 17420
2 $ - 0 $ - 2.17448 $ - $ - $ - $0 $0 $0 $668,773 17899 17899
2.5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $18,207 $18,391 $36,598 $650,566 0 18391
3 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $18,707 $17,891 $36,598 $631,859 0 17891
3.5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $19,222 $17,376 $36,598 $612,637 0 17376
4 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $19,750 $16,848 $36,598 $592,887 0 16848
4.5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $20,294 $16,304 $36,598 $572,593 0 16304
5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $20,852 $15,746 $36,598 $551,741 0 15746
5.5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $21,425 $15,173 $36,598 $530,316 0 15173
6 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $22,014 $14,584 $36,598 $508,302 0 14584
6.5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $22,620 $13,978 $36,598 $485,682 0 13978
7 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $23,242 $13,356 $36,598 $462,440 0 13356
7.5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $23,881 $12,717 $36,598 $438,559 0 12717
8 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $24,538 $12,060 $36,598 $414,021 0 12060
8.5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $25,212 $11,386 $36,598 $388,809 0 11386
9 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $25,906 $10,692 $36,598 $362,903 0 10692
9.5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $26,618 $9,980 $36,598 $336,285 0 9980
10 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $27,350 $9,248 $36,598 $308,935 0 9248
10.5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $28,102 $8,496 $36,598 $280,833 0 8496
11 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $28,875 $7,723 $36,598 $251,958 0 7723
11.5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $29,669 $6,929 $36,598 $222,289 0 6929
12 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $30,485 $6,113 $36,598 $191,804 0 6113
12.5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $31,323 $5,275 $36,598 $160,481 0 5275
13 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $32,185 $4,413 $36,598 $128,296 0 4413
13.5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $33,070 $3,528 $36,598 $95,226 0 3528
14 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $33,979 $2,619 $36,598 $61,247 0 2619
14.5 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $34,914 $1,684 $36,598 $26,333 0 1684
15 $ 3,400,189 0 $ 3,400,189 2.17448 $ 36,968 $ 370 $ 36,598 $35,874 $724 $36,598 $0 0 724
$961,168 $9,620 $951,548 $678,314 $273,234 $951,548 $68,773
ASSUMPTIONS: (F9=calculate)
NOTE:This information is provided to assist in analyzing the Original Loan Amount $600,000
specific request to the TIF committee. This information is subject Capitalized Interest $68,773 1.Assume No Pre-Development Base
to change based on actual tax assessments.This schedule assumes Loan Balance Remaining $0 2.Loan Amount: $600,000
a 45%real estate valuation and a 1.0 debt coverage ratio.The --- 3.Interest Rate: 5.50%
actual TIF amount available to fund site specific project cost will $668,773 Max Possible 4.Project Hard Co $7,555,975
change based on the cost of public improvements. 5.Increment Base $3,400,189
Annual Est.Incremental Tax Payment $ 73,936
Pa <, e 4
I) Project Summary
Project Owner: Cypress Pointe II, LLC
N 60th and Hartman
Project Address:
Project Legal Description: CYPRESS POINTE ADD LOT OLB BLOCK 0 IRREG, CYPRESS POINTE ADD
LOT OLC BLOCK 0 IRREG
Estimated Total Project Cost: $
$9,929,533
668,773
TIF Request: $
Current Use: VACANT LAND Current Zoning: R6-PUD
AFFORDABLE SENIOR HOUSING RENTAL UNITS
Proposed Use:
2012 16.84
Current Annual Real Estate Taxes ( tax year): $
2012 800
Current Assessed Tax Valuation ( tax year): Land: $
Improvements: $ 0
Total: $
tsuu
Cypress Pointe II, LLC
Project Summary
The proposed Cypress Pointe II, LLC project will consist of the new construction two 40 unit
buildings for a total of 80 affordable units for households with at least one senior 55 years of
age and older. In the apartment buildings there will be 14 one bedroom units (750 sq. ft.) and
66 two bedroom units (950 sq. ft.). All units will be fully handicap accessible. Midwest
Housing Initiatives, Inc. will be the Managing Member (0.01% ownership interest) and an
experienced Syndicator will be the Investor Member(99.99%ownership interest).
The proposed site is comprised of approximately 4 acres of undeveloped land adjacent to and
southwest of 60th and Hartman in Omaha, Nebraska. Project activities will include the
acquisition of land and infrastructure development of water, storm sewer, sanitary sewer, and
paving.
The two bedroom apartment units will rent for $540 per month and the one bedroom
apartment units will rent for $490 per month. Tenants will pay electricity and owner will pay
for water, sewer, garbage and hot water heating.
Cypress Pointe II, LLC will be available to all income qualified households with at least one
person 55 years of age and older. The development will also be designed and marketed to
accommodate seniors with physical disabilities.
These attractive units will be one level, with zero entry design, patio or balcony and
underground parking. Exterior features will include partial brick and stone, landscaping, lawn
sprinklers and security system. Amenities, such as a washer and dryer, dishwasher,
refrigerator, stove and microwave will be included in each unit. All units will meet the
American National Standards for buildings providing accessibility and usability for persons
with disabilities. All units will have roll-in showers and higher toilet seats. In addition, all
units will meet the 2009 International Energy Conservation Code and several Nebraska
Investment Finance Authority Green Standards.
Accessible units have become increasingly import to Excel Development Group and Midwest
Housing Initiatives. In working with Eastern Nebraska Office on Aging, Assistive
Technology Partnership and other similar agencies we have learned that making all units
accessible helps our seniors to stay in their homes longer. By partnering with local agencies
we have been able to provide the help our seniors need to remain self-sufficient while getting
assistance as they need it.
The anticipated total project cost for the Cypress Pointe II, LLC is approximately $10 million.
The funding for the project will include: tax credit equity, a conventional mortgage and City
TIF Funds. We will be working with the City of Omaha and Midwest Housing Initiatives will
serve as the non-profit partner. We will apply to NIFA in May for the LIHTC (low income
housing tax credit) funds and start construction in the fall of 2013 with the project finishing
construction in October of 2014.
Cypress Pointe II, LLC
Narrative
The proposed Cypress Pointe II, LLC project will consist of the new construction two 40 unit
buildings for a total of 80 affordable units for households with at least one senior 55 years of
age and older. In the apartment buildings there will be 14 one bedroom units (750 sq. ft.) and
66 two bedroom units (950 sq. ft.). All units will be fully handicap accessible. Midwest
Housing Initiatives, Inc. will be the Managing Member (0.01% ownership interest) and an
experienced Syndicator will be the Investor Member (99.99% ownership interest). Midwest
Housing Initiatives currently owns the property as managing member of Fort Street Senior
Community LLC.
The proposed site is comprised of approximately 3.5 acres of undeveloped land adjacent to
and southwest of 60th and Hartman in Omaha, Nebraska. Project activities will include the
acquisition of land and infrastructure development of water, storm sewer, sanitary sewer, and
paving.
The site is zoned as a Planned Unit Development (PUD) overlay with R6 multi-family base
zoning. The permitted density is 14 units per acre for the entire PUD of 7.95 acres for a total
of 111 units allowable on the parcel.
At this time the proposed low-income tax credit development will not require further City
approvals to be in compliance with local code. Zoning Article VI Residential Districts,
Section 55-221, allows the affordable housing development.
Cypress Pointe II, LLC will be available to all income qualified households with at least one
person 55 years of age and older. The development will also be designed and marketed to
accommodate seniors with physical disabilities.
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SOURCES
Project Cost $9,929,533
GP Equity 0% 0
Tax Credit Proceeds(Equity) 78% (7,777,506)
Deferred Dev. Fee 1% (75.000)
FHLB -AHP Funds 0% 0
TIF Funds 0% 0
Trust/HOME Funds 0% 0
Other 1 ( TIF ) 7% ( 8e773)1
Other 2 ( ) 0% 0
Required Financing 14% $1,408,254
I aL, e 6
Uses of Funds(complete-where applicab e m
Land Acquisition $ 300,000
Building Acquisition $
Construction Hard Costs: $ 7,553,628
(Hard construction or rehabilitation costs) $ 6,282,363
Contractor's Overhead & Profit $ 409,781
Construction Contingency $ 341,484
Sitework Construction Costs $ 520,000
Construction Soft Costs: $2,075,905
(Breakout soft costs, including
architectural & engineering) $
Capital/Equipment Costs $
Tenant Improvements/Build-outs $
Developer Fees $ 1,030,131
Financing Fees $ 348,277
Reserves $ 503,097
Other(describe):
Architect, engineer, studies, appraisals, survey $ 194,400
Total Uses of Funds $ 9,929,533
Note:Include preliminary commitment letters for financing and/or equity in this section.
VI) Construction Project Budget and Project Timeline
VII) Pro-Forma, indicating projected costs and revenues
VIII) ROI Analysis — "But For"
IX) Evaluation Criteria
A. Mandatory
B. Discretionary
flauzoN . :. ANK
MEMBER FDIC
www.horizonbankne.com
May 15, 2013
Brent Williams, President
Excel Development Group
8551 Lexington
Lincoln,NE 68501
RE: Exhibit 109-Certification of Construction Financing
Exhibit 110.. Certification of Permanent Financing
Cypress Pointe II, LLC--Omaha,NE
80 Senior Units of Affordable Senior Rental Housing
Dear Brent:
Horizon Bank has approved a construction loan to Cypress Pointe II,LLC in the approximate amount
of up to $8,700,000 million dollars for an Affordable Housing Tax Credit project to be located at 60`1'
Ave and Ogden Street in Omaha, Nebraska. The construction loan will be approximately a twelve
month term with a rate of 4% fixed for the term of the loan. There is a 1% fee on this loan plus
reimbursement of normal construction loan expenses including but not limited to title insurance,
appraisals, filing fees, etc. We will require a first lien position on this loan during construction.
Principal and interest on this loan will all be due at maturity. This loan is subject to meeting the
syndicator's underwriting criteria.
If Horizon Bank is your construction lender,we would also be available to provide the first mortgage
loan in an approximate amount of$1,397,388. The rate on this loan will be set just prior to closing;
however, today that rate would be 5.3%. This loan would have a 30 year amortization with a 16 year
balloon payment. We would require a first lien position on this loan. This will be a non recourse loan
and will require a 1.15 debt service coverage ratio.
As the construction and first mortgage lender, Horizon Bank can also provide the Tax Increment
Financing (TIF) loan in an approximate amount of$680,000. The rate will be fixed for the 15 year
term of the loan. Estimated rate on this will be 5.5%. This will be a non-recourse loan.
This commitment is contingent upon a receiving a reservation of LIFITCs and is available until
December 31,2013. Thank you for the opportunity to work together on this project.
Sincerely,
•
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Scot Argo
Vice President
Acceptance: ,i ". L.. L✓,.i-��,. - Date: -/C-Ja'
10841 N. 142" St. • P.O. Box 447 • Waverly, Nebraska 68462 • 402/786-2555 • FAX 402/786.2559
328 N. Central Ave. • P.O. Box 404 • Superior, Nebraska 68978 • 402/879.4788 • FAX 402/879-3854
312 W. 1st St. • P.O. Box 200 • McCook, Nebraska 69001 • 308/345-1744 • FAX 308/345-2198
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EXCEL DEVELOPMENTGROUP
DEVELOPMENT MANAGEMENT CONSULTING
May 1, 2013
Teresa Kile
Nebraska Investment Finance Authority
1230"0"Street, Suite 200
Lincoln,NE 68508-1402
Re: Cypress Pointe II, LLC—Omaha,NE
Deferred Developer Fee Letter of Commitment
Dear Ms. Kile:
Excel Development Group agrees to contribute up to $75,000 of Deferred Developer Fee
to the proposed Cypress Pointe II development to construct 80 units of affordable senior
accessible rental housing in Omaha,Nebraska.
This commitment is contingent upon the project receiving the financing necessary to
implement the project and has no expiration date. Midwest Housing Initiatives and Excel
Development Group are applying for TIF from the City of Omaha and Low Income
Housing Tax Credits from the Nebraska Investment Finance Authority (N1FA).
We look forward to working with NIFA on this project!
Sincerely,
•
Brent D. Williams
President
EXCELLENCE IN AFFORDABLE HOUSING
8551 Lexington Avenue Lincoln, Nebraska 68505 1.800.378.9366 • 402.434-3344 • www,exceldg.com
MHEG
Midwest Housing Equity Group
•
Mr. Brent Williams May 1, 2013
Excel Development Group
8551 Lexington Avenue
Lincoln, NE 68505
RE: Cypress Pointe, LLC - Omaha, NE
Dear Brent,
Thank you for providing us with the opportunity to provide the syndication of the low income
housing tax credits for the above project. Midwest Housing Equity Group, Inc. ("MHEG") has
been in business since 1993 and since that time, we have invested in 350affordable housing
projects for a total of 9,770 units. We have a quality team that is experienced in development
and asset management and ready to assist with the project and partner with you throughout
the 15 year compliance period.
Assumptions
MHEG has received and reviewed the initial assumptions provided. Based on our initial review
the development's pro forma financial statement, other financial projections and LIHTC
assumptions meet or exceed MHEG's underwriting guidelines.
Ownership_Structure and Development Team
• Cypress Pointe 11, LLC, a Nebraska Limited Liability Company ("Company") will be formed
to acquire, develop, construct, own, and operate the Property.
• MHEG Fund 40, L.P., as Investor Member will acquire 99.99% interest in the Company.
• Midwest Housing Assistance Corporation will be admitted to the Company as a Special
Investor Member.
• The Managing Member will be Midwest Housing Initiatives, Inc., a non-profit company.
• The Guarantor will be Midwest Housing Initiatives, Inc. and Excel Development Group.
• The Developer will be Excel Development Group.
• The Property Management Agent will be Excel Development Group.
Property Design, Development Timing, and Operating Assumptions
• The Property will consist of 2 newly construction 3-story elevator buildings for a total of 80
units.
• MHEG will be admitted to the Company by October 1, 2013,
• Construction is assumed to begin approximately October 1, 2013.
• Construction completion is assumed to occur by November 30, 2014.
13520 California Street,Suite 250, Omaha,NE 68154 I P 402 334 8899 l F 402 334 5599 1 mheginc.com
• Qualified occupancy is assumed to occur by December 31, 2015 and the percentage of
units qualified for the initial year (2015) on a monthly basis is assumed to be at least
53.75%. This is used to determine the anticipated credit delivery schedule and is an
important factor in the pricing.
Financing Assumptions
Financing for the Property will include a permanent loan in the approximate amount of
$1,397,388, a tax increment financing loan in the approximate amount of $680,000, Deferred
developer fee/Managing Member Capital contribution in the approximate amount of $75,000.
Tax Credit Assumptions
The Company will receive an allocation of federal low income housing tax credits from the
Nebraska Investment Finance Authority in the aggregate annual amount of approximately
$931,488.
Capital Contributions:
Based upon these and other assumptions contained in the materials provided by the sponsor,
MHEG would make capital contributions to the Company in the aggregate amount of
$7,777,145 (credit pricing of $.835 per each dollar of federal low income housing tax credit).
The capital contribution will be advanced to the Company at construction completion and
stabilization.
Reserve Accounts
The Property shall:
a) fund an up front Operating Reserve Cash Account equal to at least $227,659 on or
before construction completion.
• b) fund throughout the 15 year credit compliance period a Replacement Reserve equal to
at least $310 per unit per year to be increased by 0% inflation each year.
c) fund a Lease Up Reserve to cover expenses and marketing during the lease up.
Guarantor Obligations
Development Completion Obligations: The Guarantor will guaranty the delivery of a
completed, lien-free project (including all final Certificates of Occupancy), in accordance
with plans and specifications based upon the fixed development costs. This guaranty
includes, a guaranty (i) to pay any amounts needed in excess of construction loan and other
available proceeds to complete the improvements and (ii) of all amounts necessary to
achieve permanent loan closing.
Operating Obligations: The Guarantor will be obligated to advance monies necessary to cover
operating deficits.
Tax CreditAdlusters: The Guarantor will guaranty any adjustments to or refunds of the capital
contributions resulting from a delay, recapture, and/or a reduction in the tax credit amount.
2
Environmental indemnity: The Guarantor will guaranty that to the best of its knowledge after
diligent inquiry and after appropriate removal, encasement, encapsulation or other
corrective action, the Property contains, and upon completion of construction/rehabilitation
will contain, no substance known to be hazardous.
Property Fees
A. Tax Opinion: The Property will pay $20,000 to the Investor Partner at equity closing for
the Company Tax Opinion.
B. Asset Management Fee: MHEG will be paid an asset management fee pursuant to a
Compliance Monitoring Fee Agreement to be entered into between the Company in an
• amount equal to $100 per unit per year to be increased by 2% inflation per year.
C. Transaction Expenses: The Property is responsible for typical costs of the transaction,
including, but not limited to, (i) costs of providing audited financial statements of the
Managing Member as requested by MHEG, (ii) title insurance policy premiums with
endorsements, (iii) all legal fees and other expenses incurred in obtaining the credit
allocation from the allocating agency or other governmental agency approvals required
to construct/rehabilitate and operate the Property (iv) local counsel opinions and (v)
costs of appraisals, market studies, engineering reports and phase one environmental
studies as required by MHEG.
Due Diligence and Closing Process
Upon receipt of an executed copy of this letter and an award of tax credits, the parties will
agree upon a mutually accepted due diligence period and closing schedule.
Admission of MHEG to the Company is subject to the following:
a) Sufficient capitalization of the Investor Member.
b) Underwriting review of final numbers and final timing assumptions.
c) Receipt of satisfactory due diligence.
d) Approval by MHEG's investors and MHEG's Audit/Investment Committee.
e) Receipt of acceptable Company Tax Opinion.
f) Guarantor's obligations are subject to MHEG's review of guarantor's financial strength.
g) Negotiation and execution of satisfactory documentation, including the Operating
Agreement and the Property Management Agreement.
h) No changes having been made to any tax laws, treasury regulations or pronouncements,
or judicial decisions or treasury interpretations of any existing tax laws, treasury regulations
or pronouncements, which would materially adversely affect MHEG's investment in the
Company.
Summaa
Based on the information contained in this letter, the Managing Member and Developer agree
to give MHEG the exclusive right to syndicate this Property until such time as MHEG and the
Managing Member and Developer mutually agree in writing to discontinue their efforts to
complete an investment. In exchange for granting this exclusive right to syndicate, the
Managing Member and Developer acknowledge that MHEG has and will continue to provide
technical services that are a benefit to this Property.
If the terms and conditions of this letter are acceptable to you, please sign and return this letter
to our office. This letter is only valid for 20 business days from the date of this letter,
3
unless fully executed. If,within this time frame, (I)this letter has not been accepted as
evidenced by a signature hereon, and (ii) if this letter has not been returned to MHEG,then this
letter expires. Notwithstanding the foregoing, if this letter Is used to obtain tax credits for the
Property this letter is hereby deemed to have been accepted. Once this letter is executed, It is
valid for 12 months from the date of this letter.
Sincerely, AGREED AND ACCEPTED:
Excel Health Services, Inc. d/b/a
Excel Development Group
Thomas J, Stratman (� -
Vice President of Acquisitions By: `�- .k.
Brent D. Williams, President
Date: t-�••13
AGREED AND ACCEPTED:
Midwest Housing Initiatives, inc.
By:
• Date: _S`\1:�
4
Proposed Timeline for Cypress Pointe II
Submit TIF application May 2, 2013.
Nebraska Investment Finance Authority (NIFA) Application submitted May 6, 2013.
NIFA announces awards June 2013.
Apply for building permits July 2013.
Sale of land occurs September 2013.
Infrastructure installation begins October 2013.
Construction of both building to start in October 2013.
First 40 units complete construction by October 2014 and begin leasing.
Final 40 units complete construction by December 2014 and being leasing.
All units leased by August 2015.
CONSTRUCTION COST BREAKDOWN
Account# Category Description
1 General Requirements
1 100 Superintendent $ 114,975
1 200 Contract Administration $ 35,265
1 300 Cleanup $ 54,651
Subtotal $ 204,891
2 On-site Work
2 100 Demolition $ -
2 200 Off-site Improvements $ 35,000
Subtotal $ 35,000
3 Concrete
3 100 Excavation $ 485,000
3 200 Footing / Foundation Labor & Materials $ 373,197
3 300 Reinforcement Steel / Tie-downs $ 62,060
Subtotal $ 920,257
4 Masonry
4 100 Masonry Labor & Materials $ 180,708
4 200 Stonework $ -
Su btotal $ 180,708
5 Metals
5 100 Miscellaneous Metals $ -
5 200 Steel Joists & Girders $ -
Subtotal $ -
6 Wood
6 100 Framing Material $ 544,293
6 200 Framing Labor $ 298,113
6 300 Finish Material $ 332,153
6 400 Finish Labor $ 313,941
Subtotal $ 1,488,500
7 Thermal / Moisture Protection
7 100 Waterproofing $ 87,355
7 200 Soffit & Fascia $ 91,173
7 300 Gutter & Downspout Labor & Materials $ 63,142
7 400 Insulation Labor & Materials $ 97,033
7 500 Roofing Labor & Materials $ 151,326
7 600 Vinyl Siding Labor & Materials $ 150,871
Subtotal $ 640,900
15 200 Electrical Labor & Materials $ 138,160
15 300 Lighting Fixtures Materials $ 94185
15 400 Fire Detection System Labor& Materials $ 27,104
Subtotal $ 305,679
16 Landscaping
16 100 Landscaping Labor & Materials $ 120,000
Subtotal $ 120,000
17 Profit & Overhead
17 100 Builder Profit $ 126,297
17 200 Builder Overhead $ 283,484
Subtotal $ 409,781
18 Other (Please list below)
100 $ -
200 $ -
300 $ -
Subtotal $ -
Grand Total $ 6,923,250
How were the above costs determined?
Excel Construction Company costs from current projects under construction
Do Davis-Bacon wage requirements apply to this development? No.
Real Estate Taxes 3%' 1 1 5 74_084'3 76,306 1$ 78,595 I$ 80,953 t$ 83.382)$ 85,883 1$ 88 460!$ 91 11a I$ 93,847 t$ 96'663 t,3_96562 1$102549 $105t526 1$106„7P51$112,058
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FORECASTED STATEMENT OF INCME.iL05$ES)
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Revenues Annual increases-> ----1- 2% 1 2% 2% 2% _q. 2% _.;._ 2% ¢ 2% r.F rA rt2% 1 2% 2% 2% 2% 2%
Rents 1- `-_8207.188 1 3520,200 55'a'J 604 1 $54 t 218 �2 040 $563,081 3574 343 $585,E 3597 646 $409 487 $621687€ $634121)$646,803 1 $659 739 i $672,934
Vacancy Allowance 701%. 0 2,4 Z,,« ,T,-.. <t' z z .ter;-t_, �3) (34,416) ( :GA) (4`e..28)t 1 1411 c _o ,43.518j. (443 '`. _(452 i ;4 >s,= (47105)
Interesllncom 1. -� 2277,� 2 454, 2655 2,658,3,064 3271 3460 3.692 I 3,905 4121 , 3649 3,882[ 4,077; 4,295 4,514
Net Annual Rents SO 8209,464'...$486240T $496,117I $506,189!5516,4611 $526936 $537619 $548,513I$559,623 $570954' 3581,818 5593,5941 8605,6041 8617.852I $630,343
General S Administrative Annual Increases->1- 'a23% 3% I 3% 3% 3% 3% 3% 3% 3% 3% 3% i-- 3% _ 3% 3%
Advertising $3200 s96 53,395,......53,497* $3,602 53,710 $3,821 53,936 154.0.54 34,175 34.301' 54430 I 54,562 $4,699 54,840
Legal 1 2.800_4 2.884,.., 2,971 3,060 3,151 3,246 3,343 3.444] 3,547 3,653 3,763 3,876' 3,992 4,112=.. 4,235
Accounting/Auditing 4,400, _ 4,532 4,668 4,8081 4_'9 i 5,101 5254 5,411 5,574 5741 5,913 6.0911 6,273I 6,462 6,655
Security .__._ _......_ - 0 0 0 D 0 0 0 0 1 0, 0 0 0; 0• 0 0
NIFAComplance Fee-2% • ... 18.630 18630 18,630 18,630 18,630 18,630; 18.630 18,630 1 18,830 16630 18,630 18,630, 18,630; 18,630= 18,630
I
Syndrra5on Fee 1_ -. 8.0000 8160! 8,323 8.490 8,659 8.833 9,009 9,189? �.2,373 9,561 9,752 9,947 10,146= 10.349 1 10,556
Oflica .......... ......... ......... 3,200� 3,296 ... 3.395 3,497; 3,602 1 3,710 3,821 3,936 1 4,054 4.175 4,301 4,430 1 4,5621 4.699 4,840
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Total t'i8A 1 $40,230! S40.798 1 541.381 $41.981 1 342.596 S43,2291 $43,678 I 544.5461 $45,231 $45,936 I 546.659 547,402�348.166 I 548.951 I S49,757
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Management fee -1 r S42.687 $43,968_ 545.287 346645 1 $48,045 1 $49,486 $50 971• 352• ,500( 554,075 S55,697 I 557,368 $59.089 I $60661 I v$62,687 $64,568
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3- z_.. ._-.. .T
Fuel ._. ._. _ >....�. $0 � s0 _...so $0 $0 so $0 $0 so so I So so sort so $0
Electricity-Vacancies �� L..)2,000 12.360 12.731 13,113 13,506 13.911 14.329 14,758• 15,201 15.657( 16,127 16,611 17.109 17,622 18,151
Water/Sewer _ 40,400 41,612 42,860 44,146 45,471 46.835 48.240, 49,687 51,178 52,713 54,294 55,923 57,601 59,329 61,109
Gas- 12400 12.772 13.155 i3,550T 13,956 14,375' 94, ? 15,2501 t5,708 iB i79 ^i6�665 17,164 17,679 18,210 18,756•
Trash removal -� ._ - 8COO 8,240- 8,487 8,742 i 9.004 9274 r.... 9,552` 9,839 Imo-10,134 10,438 1 10,751 11,074 11,406 11,748 12.101
Other-Elevator • 6,800 7,004 I 7.214 7,431 I 7,653 1 7,883 1 8,120 8,363 1 8,614 8,872 1 9,139 1 9,413 9.695 9,986 I 10,285
Total Operating s - S99.600 1 $102.588 $105,666 1$108,836 1$112,101 1 5115,464 I $118,928 $122,495 1 $126.170 $129,955 I $133,854,$137,870 3142,006) $146266 t 8150,654
Insurance $28.000,_.S28.840. $29.765 -..530,596 j 531.514 $32,460 $33,433 $34,436 i $35,470 ,,,$36.534 $37,630 $38,759 339,921 $41,119• S42.353
Real Estate Taxes $740841 576.306. _$78,595 $80,953I $83382I $858E,_S88,460�.,,,591,114 $93847I ,596,E $99,582IS102,5491 $105,626. $106,795I$112,0588
_. _ .._. ._.,... - _.:_ ....-... a-,- _.. .. .._. ._.. i .....---
Maintenance •
Painting and repairs $20 CO3 $20,600 $21,218 $21,855 $22 51O t $23,185 523 881 $24,597 $25,335 626,095, 526,878 j S27,685 1 328,515 1 $29,371 1 $30,252
._ r..Exterminating__. _ 1 4,800 4,944 5,092 I_ 5,245 5.402 _ 5,56- 5•731 5,903 6,080 6,263' 6,451 6,644 6,844 7,0491 7,260
Grounds �. 14/ 14,420 - 14,853 15,298 15,757 16,2K 16717 17218 17,735 18,2671 18.815 19,379 19,961 20,559 I 21,176
Snow Removal 14,000 14.420 14,853 15298 15.757 16.230 i 16,717 17218 17,735 18,267 18,815 1 19,379 19,961 20,559 r 21,176
Total Maintenance $52,800. $54,384 $56,016 557,696 $59.427 I $61,210 I $63,046 $64,937 1 $66,885 I $68,892 1 $70,959 873088 $75,280 $77,539 579,865
f I I I 1
Total OperatingExpl _ - $01 $337,401 • 6346884 I $356,650 I $366,707 $377.064• 3387,731 I $398,716 $410,028 $421,678 $433,676 5445,032 I $458,756 15471860 ;$4853561....$499,254
•
leiatin Sg Profit(Loss) 50 ' .' $139,356 I $139,467 $139,482 1 3139,397 1 $139,206 I $138,904 $138,485 3137.845($137,278' S135,786 I $134.838 I S133,744 I $132,496; $131.089_,
.771 1 I i !
Interest - _ , �. _L._ �:-
I.
Bank Debt ��_ - S73 592 -$72 531 T $71 413 $70,235- $68,992 $67,682 $68,301' $64,844 y $63,309 $61,690 $59,984 $58.184 I $56,287 S54287 t $52,178
Deferred Developer F f ._..._ .___.....__. .__. .._.-� 0 I _. 0 1 _..0_ 0 0 0, 0 1._.. .-. �... 0 0
..... _ 01 0 1
Total Interest $0 S73,592 372,531' 571,413 570,235' 868 692• $67,682 $66,301' $64,844 $63,309 I_ $61,690 $59,984 $58,184 $56,287 I $54,287 t $52,176
t •
"Il__.
W..32
Depreciation I-
Buliding _ �
27.51 8,851,982. , 8321.890 5321,890 3321,890 $321,890 $321,890' $321 I_890•}5321.890 3321,890 5321,890 $321890($321833 $21890 '$321, ,893 $321,890
8uildin4Additions 258 517 775 1.034 1,292 1550 6 1,809 2.067 2,326 5094 5,353 5611( 8.89 5869 6.128 6
Equipment/FF ; 10 11 240000 - 24,000 24,000 24.000 24.000 24.000� 24,000` 24,000 24.000 24,000 24,000 0 0 0 0 0
Equipment)FF Additions 0 0 0., 0, 0 1 0 0 I 0 0 0, 0 0• 0( _0,,� _„_0
Total Depreciation 1 $0 $346 149 I 5346,407 3346,665 $346,924'S347 182 I $347,441 1 8347 699 I 3347 957 8348 216 1$350 084 t $327,243 5327 501 I $327.760 $328 018( 6330;787
I I I I I I 1 I I I I
Net Income(Loss) I • .$0 I (S 7n77). ($279 583) l528,612)1($277 57E11;5_,0 % -75 a'ri1 f$275 96y (S_ 4,3 7),(S7 ,..,.57ll{$$..2.,"1,,-;,- r$251,440„(5259.8471'(5250.303)I(5249.509)i(5251.876)
Copyright 1996
Excel Development Group
Lincoln,Nebraska
402-434-3344 Page 8 Cypress Pointe v 80.15 MHEG
... .,,, _...w. _ . ..._.. Cypress Pointe II
80 Unit Senior
FORECASTED STATEMENT OF INCOME(LOSSES)
- . I I 7 1 i t __16.;�r-13
Pre,Open 1 year,I Year 2 I- Year 31 Year.4 Year 5' Year 6 i Year 7 Year 8 Year 9} Year 101 Year 11 Year 12;ti�'Year 13_ Year lal Year 15
i `
80 link Senior
FORECASTED STATEMENT OF CASH FLOWS �- � �� -
..e. _._. .. _ .. . .... ..........W.„.......__ _..... year.... ..._._.. ....�.. _ _..
1
t _1_. I 6-Apr-1d
_^ ,..__
1Pre-Open i 1 I 21 3 4 4. ( 51 81 71 8 9 ' 10 - 11 ?...._.12 I 13 14 1 15
Sources of Cash l I
Net Earnings . SO ,5>4 5 7, €s. a sE..; .-2 �$2 5 rs x I, ;3 52/4 7117 .5:Z .1Cttl (5%r`7+ 3 'Y2,*f 44 ICf5�0m 15250 307) $324999i ? y$2S1?3£';
Non-Cash expenses 1 r 1, I..m. .__... _» _. J. ._.. -
Property Tax A2)ustment(Payment rsr J . 34 30 s SO S SO SC so so s4 so SO s(
Depreciation ,- I 346146 346,403_ 346, 346.92 347.18 347,44 347,694 347.955 348.21Q 350,96e 32724 ..._327501 _327.766 32801E,, 330,781
Equity Investment 7.777.145� t� 4 _ 4_ Q _ G 0 Q _ r
Increase in Long Term Debt I 2077,387114 9_ __ R ... 4 _ 0 .._.... ._._... 9 ........,..._ ...._._....
Deferred Dev r fee _ .. x 5 CA70 _ _._. ._.._ - 0 __ - d _0
4 Y_ 4 4 4
Accrued Interest .�� I ' `.. 0 -� Q o _ 0
4 _ 4 2 4
Transfer From Operating Reserve Fund , , ..... 4 _ 4 _. 4 4- 0 4 4 4 0
Transfer From Replacement Reserve Fund ..._... � _ 71 -. 7104 71 71 7,1 7.106 .�7,106 7,106 7.1 76.1 ... 7, 7106 7108 --... 7,104 76,13E
Transfer From Street Maintenance Reserve Funds ,• C C 4 _0 0
Rental Deposits I - 39,526 � 4 0 _ 4 0 0 0 Q 4 4 4 0 0
Total,Sources of Cash( 1_ $9.929.533 5 �7 $73931 $75,160 $76.353 $77,511 $78636 $79,709 $80,747 $81,742 $151,724 $82,909__ $83,760 $84563 $85315 5155,04;
- Uses of Cash _ I �
Principal Debt Service , S19,526 $20,584 $21704 $22 882_ $24126 $25,4 $26.81 $28.27_- $29,80V-$31,42', $33,13.1 $34.933 $36,834 $38,836 $40,939
Deferred Developer Fee Terra 10 , a - 7,5 " _ 7, -. 7.504 7,504 7,50Q 7. 7,50 7,50 7,504 7,50C 4_. 4 0 4
Transfer to Operating Reserve Fund �-:' - 1,811 1,811 _ 1,829 --- 1,842 1.864 1, 1.90 ---- 1,921 1,94' 1.964 1,979 1.999 2.019 2,08 2,059
Transfer to Replacement Reserve Fur�i � ° 24,800 24, 24,80q 24,801 24, 24.806 24,� 24,80Q 24,800 24, 24,80Q 24,600 24.80c 24.809 24,800
Transfer to Special Reserve Fund r d q 2 4 4_.- o 4 _.� 0 C C 0
Capital Exoendttures l
Land _.... - S ._. 4 _ 4 Q._.... Q......... .......Q 4 Q Q 0 C
Building .-. -- 8,851, 7,104 ._� 7,106 7,1 7,10C 7,106 7,10Q 7,106 7,106 76,139 7.1 7,106 7,1 7.10478.136
Equipment/FF 240,� - 4 4 4 4 4 4 4 4 Q 0 0 4 0 0
Street Maintenance ' ;:;f-1,1,,IPMAIM 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Uses of Cash - i $9,546,434 $60,744 $61,809 $62.939 $64.11 $65,39566.725 588.12 S69,600 $71 155 6141,821_ 367,019 $68,638 $70,755 S72,771 $143,93<
Net tncrease(0ecrease In Cash $383,096 .($t$ i $12,128 -,S12,221 S12,218 $12,114 $11,904 511,584. $11,141 $10,588 $9,901 ;.$15,890...$t4,922 ,:S10,08 $12,541 $11,111
1 �SOQL I I I I . J .. I i_ _�-
t-(1,1'rrg„alance ....� } ._.,..,._. Si5�4. _ ')r.7`� 4 �� [ ,. ' c.1 $1196 . .523,113 $3370 $d3, S6949: 5744 $ $100,764
A 2 T r
A;u E I t I
Inc Dec In Crib 1 383 15 4 121z 12,22 12,218 12 1 4 11 11, 11 14 10,581 9,90 15, 14 92: 13 12,541 11.11`:
Increase in Investor Loan 1 9 l _
Less:.." '
Principal Debt Service-Investor Loan 4 0 .. 4 4 _ ,_ 4 I ,__
ACC ued!Merest Payment =,Lie a i,� a 4 4 CO 4 9 0 4 0 _ 2 4 ..- a
Transfer To Operating Reserve 1 /81 1 0 9. 4 __ ___ 4 4 0 _ 4 _.._ 4 _......_ �.... 4_ .. 0
Transfer To Debt Service.Reserve 46 55, ( -- Q----_ 4 _ 0 0 .. 0 W.�__ 9 ._ A._ -__ C 4 0 .. ..0
Transfer TO tacement Reserve _ 00 4 0 •-----._ __.. .._ - 0 W .- 4 _ (__®.-.....0_._.......
Dt9fributionnss m M -•-----� __Q___----0 I 4.. ..............4_ _.- �i_.. ._ _-- L. g .-- �._.__..._... .._.......�. o
Ending Operating Cash) I I $155,436 ' c 03)) I1-45.0741 535.9531 1123.9226) (S11,51.:2) 6383 611,967, $23,113 $33,701 $43,602 $59,492 574,415 $88,223 $100,764 $111,877
Copyright 1996
Excel Development Group
Lincoln,Nebraska
402-4343344 Page 8 Cypress Pointe v 80.15 MHEG
Cypress Pointe It
_.. 80 Unit Senior ... ... -.... _
FORECASTED STATEMENT OF INCOME(LOSSES)
. _ _. ..- 1 ---, I- I r I I I 16-Apr-13
_..
Pre,Oce !n _Year 1 Year 2 I Year 3 Year 4 1 Year 5 1 Year 61 Year 7 Year l W-Year 91 Year 101 Year 11 Year 12i Year 131 Ye. 14 Year 15
..___.- Reserve Funds i t
ReppscementReserve ' 1q _1 I i
6egiBeginning .-..ing Balance I SQ $17 535,56� 353,611 571, $9025� 5106, $727,636 31466063165766 $116{� $1349 $153,986 5173220 S1 64E
..W
Additions � 1 a ? 24 24 24,80 24.80( 24,80 24 24 24.80C 24,806 24 ExA 24 24,800 24, 24 24 80(
Adltions-Interest urrbr �._._. 1 35 536 71 9tt3 10�89 127F, _... 1 165$ �.,� 1�90 " w'1349 1,540 1 1,92e
Capital Expenditures � A- x'~t (7,1,,I ("=,1� ('1ce) (77o�) (7,1 _(,tog} t �uv tr.1� (7.10,) Iro.1�i,.1o�} ti.t°�3) tv.1c�¢I ti 1 ) (7b.13:)
Ending Balance 39 $17,694 535,566 353,614 571,845 590.25; $108 855 $127,636 5146,606 $165,764 $116.086 3134,941 3153,984 5173,22Q $192 646 5143,23E
Operating Reserve: ;, _
Beginning Balance I I 3181 10d $181.10( $162,911 3184,722 $186,55', $188,399 5190.264 $192.146__5194,051 $195.972 $197.91: $199,873 $201,85 3203.85Q $205850 3207,90
Additions-Interest ° 'qw 1,811 1,81' 1,82 1.84 196 .y1,881 1,611,921 1,94 1,960 1,979 1,9932,019 2,039 2.051
Reductions 1 I) C 1 Q 4 0 Q 0 Q 0 C
Ending Balance I 5181,100 5182.911 $184,722 $186.551 5188,39Q $190.264 519214$_ $194,051 5195972 $197,913 $199,872 $201.852 $203850 „5205869_5207.90i 5209.96E
- Ir ,_- I
Debt Service Reserve .. I--- �.._m _..___T _..�...�.�... .
Beginning Balance L. 545,55 $46 S5. $47 024 $47 490 $47 96Q 348,438 548,914 $49, $49,88 $50,382 $50.88 51.5 .... $61. 552.407 652.6 $53.450
Additions-Interest i , -' 464 469 470 475 480 48, 48 4 499 51 519 521 529
Reductions
Q o 4 4 9 Q 4 Q Q 4 0
Ending Balance.___ .._......_ 546.559__ $47.024 $47,490 847964) 548,43 348,91. 549.399 $49,86E 350,383 850.881 551,38j 561,897 552.407 552.921 353,456 353,980
Total Reserve Funds I 5227,659 5247,525 5267,777 5288,128 5308,673 5329,438 5350,403 5371,575 5392,969 $414,560 $367,346 5388,681 5410,244 5432,015 $454,004 5407,18:
I I1 I I I I I I I I I I
Operating Cash+Reserve Funds I 5383,098 $187,427 5219,703 5252,272 5285,042 5317,914 $350,783 $383,541 5418,074 5448,28' 5410,947, 5448,180 5484,651 $520,21 $554,763 $519,054
I I I I I I I I I
.._...m.....".._ ...�._.. .....___..m_.
Cypress Pointe II
DEBT SERVICE COVERAGE
__ 16-Apr-13
P_.-�. I r7
Pre-open ' Year1 1 Year2 Year3 Year41 Years Year Year? Year8 _Year9I Year10� Year 111 Year12 Year13 Year 14 Year15
Operating Profit(Before Interest&Dep-redeem ($127 9�3*.: 5139.351 5139.46 I 5139.482 I 5139.39: 5139 2063138,90• 3138 484 $137 945 3137.276 5135,764 5134,83E 5133,74 3132,496 5131,08(
Reserves 27,073 24,800 24,800 24,800 24.800 24.80( 24.804 24,80Q 24 8QQ 24.800 24,80011 24,80C 24.80( 24,800 24,80(
Operst"•.gPMfit(net ofreserves) I 1S155,0131 $114,558 $114,667 5114,682 $114.597 6114402 $114,104 $113684 $113145 3112,478 5110,986 3110.036 3108,944 5107,61 3106,284
Debtervke. f : _ __.,, I
Interest 73592 72.531 71.4 70,2 68.991 67,6 i,31 �64 844 63 3 61 0 59. 58.1 56,28 54.28 52,17E
Less:Accrued Home Funds Interest Q ._.____q__ Q ( 9_.� 4 4 - (
Principal 1 J 19,525 20,586 21.70. 22.882 24.125 25.435 26,816 28,273 29.808 31.423 33.134 34,933 368330 38.830 40.931
Total Debt Service [ L.�..-__._ $93117 593,117 593,117' 593,1171 593.113 $93.111 593,111 $93,113 $93,117 593,112 593,111 $93,11 393,1177 593117 593,117
Debt Service Covera.a before reserves) r .i , 1 5Q 1:.16 1.56 1.59 1.49 1.4 1.45 1.49 1.41 1.49 1.45 1.41 1.42.,.
Debt Service Coverage(after reserves) I (1.66) 1.23 123 1.23 14 , _14 ,- , „1.4 1.22 1.22 1.21 1.14 1.14 1.17 1.11 1.14
- , .
Operating6cpense Ratio' ---- .. --- 1.3E O.Sf 0.57 0.5f O. 0.5 0.5 0.60 0.6' 0.62 0.62' 0=,3_. 0.64 0.64 _ 0.65
I I fI
•
Copyright 1996
Excel Development Group
Lincoln,Nebraska
402-434-3344 Page 8 Cypress Pointe v 80.15 MHEG
ROI—But/For statement
Cypress Pointe II will be a Low Income Housing Tax Credit project and will target those
senior residents who are at or below 60% of the Area Median Income. As a tax credit
project, the State's funding agency,Nebraska Investment Finance Authority (NIFA) will
only allocate equity of$7,777,145 of the needed $9,929,533 for this project. The
developer has committed $75,000 of deferred fees to the project. The project can only
support a permanent loan of$1,397,388. Based on this permanent loan amount the
project is still in need of$668,773. The project would be able to benefit 80 senior renters
with the addition of TIF funding in the amount of$668,773. Without the TIF the project
will not cash flow and therefore would not be able to move forward and provide the type
of affordable housing that is drastically needed for the North Central Omaha area.
Without the TIF funds the project is unbankable and would not qualify for a mortgage
loan.
Sources of Funds and Equity Returns—No TIF
Equity $7,777,145
Debt $2,110,080
Deferred Fee $ 75,000
Total $9,929,533
Cash Flow 3 S i 79
ROI "1e ati ;
Sources of Funds and Equity Returns—TIF
Equity $7,777,145
Debt $1,408,254
Deferred Fee $ 75,000
TIF $ 668,773
Total $9,929,533
Cash Flow $11,347
ROI 5.95%
Mandatory Criteria
This project is located in a community redevelopment area.
The use of TIF for the project will not result in a loss of pre-existing tax revue to the City
and other taxing jurisdictions.
The project would not be economically feasible without the use of TIF as shown on the
ROI "But for" exhibit.
The project furthers the objectives of the City Master Plan by revitalizing an older
neighborhood area.
Discretionary Criteria
#5. The project will directly benefit low and moderate income people with 100% of the
units affordable to individuals at or below 60%AMI for 30 years.
#6. The unimproved property meets the definition of blight as established by Nebraska
State Statute as the entire property is unimproved land that has been within the city for
over 40 years and has remained unimproved during that time.
#7. The project involves the start-up of an entirely new business, Cypress Pointe II LLC.
RESIDENTIAL AZT INFORMATION
Please pravide the unit mix ana reutai income infomation for each. Project Area Rextroduce the
table below for each Project Area._
Multi-Fain* Reutal I -bedroom 56',156°
(includes Condos 66. 2 bedroom
3 bedroom
Rowhouses,
Aprtments)
OTak er-cw,c up ied 1 bedroom
2. bedroom
3 bedroom
S42,300
Total 1."nits
COST BENEFIT ANALYSIS
Cypress Pointe II
A cost-benefit analysis for each proposed redevelopment project for which tax-increment financing is
requested is required.
The following factors will be considered and analyzed for each project. Applicants for tax-increment
financing must include information about their projects addressing each of these considerations and may
be asked to provide additional information as a part of this analysis.
1. Tax shifts resulting from the approval of the use of funds pursuant to section 18-2147 (of the
Community Development Law);
Currently the project site is taxed at a value of$800 for a tax income of$16.84 annually.
After development the property will be valued at roughly $4,000,000 with estimated
annual taxes of$79,791.
2. Public infrastructure and community public service needs impacts and local tax impacts
arising from projects receiving incentives;
The project will be installing water, sewer, storm sewer, sidewalks and a new
concrete pad for the bus stop on 60th Street. This will benefit all citizens in the
neighborhood as the current sidewalk has no additional concrete for transit riders
to stand on and the sidewalk is cracked and uneven. There will be no negative tax
implications as the project will be able to cover all costs. There are no additional
public infrastructure needs caused by the project.
3. Impacts on employers and employees of firms locating or expanding within the boundaries of
the area of the redevelopment project;
Businesses in the area will see increased traffic from the new residents providing them
with a larger customer base from the additional housing options the project will provide.
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; and,
Because this is a senior residential development most of the residents are no longer in the
workforce but this will provide additional housing options for retirees.
5. Any other impacts determined by the authority to be relevant to the consideration of costs and
benefits arising from the redevelopment project.
With an annual increase in the taxes of approximately $79,774.16 this will
be an effective use of funds that will improve the public infrastructure system and provide much
needed housing for low income seniors in North Omaha. This project will be a wonderful asset
for the community. It will provide a safe, reliable option for people to age in place.
STATE OF NEBRA.SKA
United States of America, } ss. Secretary of State
State of Nebraska } State Capitol
Lincoln, Nebraska
I, John A. Gale, Secretary of State of the
State of Nebraska, do hereby certify that
the attached is a true and correct copy of the Certificate of Organization of
CYPRESS POINTE II, LLC
with its registered agent located in LINCOLN, Nebraska, as filed in this office
on April 1.0, 2013.
In Testimony Whereof,
.,--;�., v I have hereunto set my hand and
" S 7, affixed the Great Seal of the
,�� ','.2-0I"�°"'�$ba,y ' „\ State of Nebraska on this date of
` ' `'`t+ \ April 10, 2013
6 ,may j
1 �" B
n )\\Ii
xi
��1 � �� Secretary of State
NE Sec of State John A.Gale CORP-CRTO
9000055536-Page 1 of 2
CYPRESS POINTE II,LLC
Filed:04/10/2013 02:06:21 PM
CERTIFICATE OF ORGANIZATION
OF
Cypress Pointe II, LLC
The undersigned, acting as organizer of Cypress Pointe II, LLC, under the Nebraska
Uniform Limited Liability Company Act,Neb. RcY Stet §21-101 et seq., as amended, adopts the
following Certificate of Organization:
I.
NAME OF COMPANY
The name of the limited liability company is Cypress Pointe II, LLC (the "Company").
II.
INITIAL DESIGNATED OFFICE AND INITIAL AGENT FOR SERVICE OF
PROCESS
The address of the Company's initial designated office is as follows:
9021 Del Rio Drive
Lincoln, NE 68516
The name of the Company's initial agent for service of process and the address of the initial
agent for service of process is as follows
Paula Rhian
8551 Lexington Ave
Lincoln,NE 68505
IN WITNESS WHEREOF, the undersigned has caused this Certificate of Organization to
be executed this 9 day of April,2013.
Paula Rhian,Organizer
•
-1-
CONSENT TO USE NAME
Cypress Pointe, LLC, a Nebraska limited liability company does hereby authorize and consent to
the use of the name Cypress Pointe II, LLC in the State of Nebraska by Cypress Pointe II, LLC,
an anticipated Nebraska limited liability company.
Dated: April 9, 2013
Cypress Pointe, LLC,
a Nebraska limited liability company
By:
Name: Brent D. Williams
Title: CEO/President of Excel Health Services, Inc.
d/b/a Excel Development Group,
Co-Managing Member
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 the southwest corner of
60th & Hartman Avenue 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 Cypress Pointe II Tax Increment Financing (TIF)
Redevelopment Project Plan was approved by the TIF Committee and subsequently, by the City
of Omaha Planning Board at their July 10, 2013 meeting; and,
WHEREAS, the project site for Cypress Pointe II Tax Increment Financing (TIF)
Redevelopment Project Plan is comprised of approximately 3.5 acres of undeveloped land
located at the southwest corner of 60th and Hartman Avenue and is legally described in Exhibit
"A"which is attached hereto and herein incorporated by reference; and,
WHEREAS, the Cypress Pointe II Tax Increment Financing (TIF)
Redevelopment Project Plan contemplates the new construction of two 3-story, 40 unit buildings,
each building will include 40 stalls of underground parking as well as parking above ground
totaling 80 affordable units for households with at least one senior 55 years of age and older as
described in Exhibit"B" attached hereto and herein incorporated by reference; and,
WHEREAS, the Cypress Pointe II 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 $668,773.00 to offset costs such as
acquisition, site work, architectural and engineering fees, surveys and any public improvements;
and,
WHEREAS, the Plan presents a project based on estimated figures and
projections that are subject to change as project costs are finalized, and is required to comply
with all Planning Department requirements and Planning Board recommendations; and,
By
Councilmember
Adopted
City Clerk
Approved
Mayor
C-25A CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
Page 2
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 Cypress Pointe II Tax Increment Financing (TIF)
Redevelopment Project Plan for the redevelopment project site, comprised of approximately 3.5
acres of undeveloped land, located at the southwest corner of 60th and Hartman Avenue which
contemplates the new construction of two 3-story, 40 unit buildings, with each building
consisting of 64,150 gross square feet and including 40 stalls of underground parking as well as
parking above ground totaling 80 affordable units for households with at least one senior 55
years of age and older; recommending the City's participation through the allocation of TIF in an
amount up to $668,773.00 to offset costs such as acquisition, site work, architectural and
engineering fees, surveys 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 TO FORM:
30
'CPA CITY ATTORNEY DATE
1889 dlh
By 414, 1
Councilmember
Adopted . ..2 2:(61.3. . 7 Q
{ •
,City Clerk (0443
Approved... .
Mayor
NO. ,A1,72Y
Resolution by
Res. the attached Cypress Pointe II Tax final costs come in; containing a provision for
Increment Financing (TIF) Redevelopment the division of ad valorem taxes under
Project Plan for the redevelopment project Section 18-2147 through 18-2150, Revised
site, comprised of approximately 3.5 acres of Statutes of Nebraska, as recommended by the
undeveloped land, located at the southwest City Planning Department, be and hereby is
corner of 60th and Hartman Avenue which approved.
contemplates the new construction of two 3-
story, 40 unit buildings, with each building 1889 dlh
consisting of 64,150 gross square feet and
including 40 stalls of underground parking as
well as parking above ground totaling 80
affordable units for households with at least
one senior 55 years of age and older;
recommending the City's participation
through the allocation of TIF in an amount up
to $668,773.00 to offset costs such as
acquisition, site work, architectural and
engineering fees, surveys and any public
improvements, but is subject to change as
s .
Presented to City Council
JUL 3 0 20132 47
AUG 2 nm3 - Adopted
gaiter grown
City Clerk