RES 2008-1186 - Consent to assignment of co-general partnership interest in 4826 S 24th St LP F\ w ,e*,,,� Planning Department
6 �� ; ; ,�,� �y. �n � Omaha/Douglas Civic Ccnter
+��f� l 08 RUG 2 2 p ,. 1 + 1.2 1819 Farnam Street,Suite 1100
il�C'� r
7 .[ �1 � Omaha,Nebraska 68183
°yA" � 'tr ry V 1 (402)444-5150
°,�'T�D FEBRV��y ! �_.r: Telefax(402)444-6140
Steven N.Jensen,AICP,LA
City of Omaha Director
Mike Fahey,Mayor
September 9, 2008
Honorable President
and Members of the City Council
Attached is a proposed Resolution authorizing the Mayor to execute the attached Consent to
Assignment providing for the City's consent to the transfer of the Co-General Partner interest in
4826 South 24th Street Limited Partnership (Owner Partnership), a Nebraska Limited
Partnership, related to property located at 4826 South 24th Street, from South Omaha Affordable
Housing Corporation (Assignor), a Nebraska Nonprofit Corporation, 2401 Lake Street, Omaha,
NE 68111, to NuStyle Investment Corporation, Inc., (Assignee), a Nebraska Corporation, 514
Walker Street, Woodbine, IA, 51579.
On September 15, 1998, by Resolution No. 2543, the City Council approved an Agreement
between the City of Omaha and South Omaha Affordable Housing Corporation (SOAR) to
provide partial financing, in the amount of $166,000.00, for the construction of a
commercial/residential mixed-use facility at 4826 South 24th Street under the CDBG Economic
Development Program. SOAH became Co-General Partner in the 4826 South 24th Street Limited
Partnership, the purpose of which was to convert, own, rent, and operate the premises at 4826
South 24th Street. This project included the construction of main level commercial space and two
residential units on the upper level affordable to households at or below 80% of the Median
Family Income as determined by HUD. The terms of this Agreement provided the funding in the
form of a repayable loan at zero percent interest with amortization over 360 months beginning on
January 1, 2015. The principal balance of the loan becomes due and payable upon the sale or
transfer of the property. The Assignor has requested the City of Omaha's consent to the
assignment of its Co-General Partnership interest to the Assignee. NuStyle Investment
Corporation, Inc., a Nebraska Corporation, would join the other existing Co-General Partner,
4826 South 24th Street Corporation, a Nebraska Corporation, as Co-General Partner of the Owner
Partnership. The same person, Tammy Barrett, is President of both NuStyle Investment
Corporation, Inc., and 4826 South 24th Street Corporation.
t its pleasure.
ARTICLE VIII
Amendments
onflict of Interest Defined.
A conflict of interest is defined as the existence of circumstances where the actions of an
individual as a Director of the Corporation may have an effect of financial benefit or detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
•
The Board of Directors of South Omaha Affordable Housing Corporation has decided to dissolve
the corporation. This action requires the disposal of corporate assets, including the Co-General
Partnership interest in this project. The Assignee will continue to fulfill the terms of the
agreement. Approval of the attached resolution will provide for the City's consent to the
assignment. We urge your favorable consideration of this Resolution.
Sincerely, Referred to City Council for Consideration:
aft
Steven N. VI CP, LA 1? Date Mayor's Office/Title Date
Planning Director
PLNLSF 1 13 3-cover letter
n r+ m N 0 lD W 0' 0
a
n 8oa 000 -, 250
FIr A., • . O GP 'a N sv cm ,G .
ounci'lmember
Adopted 5 P !—9 2008_ _Jo: . _. —O
Cd)xac );& It:?/u/a1Approve
CONSENT TO ASSIGNMENT
In regards to the mixed-use project located at 4826 South 24th Street and pursuant to •
Sections 6.8 of the Agreement between the City of Omaha and South Omaha Affordable
Housing Corporation, assigned to 4826 South 24th Street Limited Partnership, approved on
September 15, 1998, by Resolution No. 2543, the undersigned Mayor of the City of Omaha does
hereby consent to the assignment of all rights and obligations as Co-General Partner regarding
that Agreement from South Omaha Affordable Housing Corporation, a Nebraska Nonprofit
Corporation, 2401 Lake Street, Omaha, NE 68111, to NuStyle Investment Corporation, a
Nebraska Corporation, 514 Walker Street, Woodbine, IA, 51579.
// IN W SS WHE OF, this Consent has been executed by the undersigned this
day of , 20D8.
ATTEST: CITY OF OMAHA, a Municipal Corporation
•
ITY CLERK OF THE CITY OF OMAHA MAYOR OF THE CITY OF MAHA
ACKNOWLEDGMENT
STATE OF NEBRASKA )
) §
COUNTY OF DOUGLAS )
On this //zL day of . 20 6 8, before me the undersigned, a
Notary Public in and for said County, personally came J
who executed the above document and acknowledged the execution thereof his his voluntary
act and deed as such officer and the voluntary act and deed of the City of Omaha, a Municipal
Corporation.
In testimony whereof, I have hereunto set may hand and affixed by Notary Seal at
Omaha in Douglas County Nebraska on the day and date last above written.
Notary Public
My commission expires: 8//6///
APPROVED AS TO FORM: GENERAL.NOTARY-State of Nebraska
k CYNTHIA I.FORD
'r My Comm.Exp.Aug.16,2011
' or a�
CI Y ATT RNE ate
PLNLSF 1133-consent to assignment
seholds at or below 80% of the Median
Family Income as determined by HUD. The terms of this Agreement provided the funding in the
form of a repayable loan at zero percent interest with amortization over 360 months beginning on
January 1, 2015. The principal balance of the loan becomes due and payable upon the sale or
transfer of the property. The Assignor has requested the City of Omaha's consent to the
assignment of its Co-General Partnership interest to the Assignee. NuStyle Investment
Corporation, Inc., a Nebraska Corporation, would join the other existing Co-General Partner,
4826 South 24th Street Corporation, a Nebraska Corporation, as Co-General Partner of the Owner
Partnership. The same person, Tammy Barrett, is President of both NuStyle Investment
Corporation, Inc., and 4826 South 24th Street Corporation.
t its pleasure.
ARTICLE VIII
Amendments
onflict of Interest Defined.
A conflict of interest is defined as the existence of circumstances where the actions of an
individual as a Director of the Corporation may have an effect of financial benefit or detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
-Since 1968-b
FAMILY HOUSING July 7, 2008
kdvisory Services, Inc. Ms. Kit Diesing
City of Omaha, Planning Department
MAIN OFFICE 1819 Farnam St
4'3I Lake Sweet
Omaha,Nebraska 681 I I Suite 1100
402.934.7926/Fax 402.934.7928 Omaha NE 68183-1100
SOUTH OFFICE
3605 Q Street RE: 4826 South 24th Street Limited Partnership
Omaha,Nebraska 68107
402.546.!013/Fax 402.734.8887
COUNCIL BLUFFS OFFICE Dear Ms. Diesing:
10 South 4th Street •
Council Bluffs,Iowa 51503
712.322.4436/Fax 712.322.4443 This is to request the City of Omaha's approval of the Assignment of
the interest of the South Omaha Affordable Housing Corporation, Inc.
OMAHA 10 0 (SOAR) to Nu Style Investment Corporation, Inc., a Nebraska
2401 Lake Street corporation, in the 4826 South 24th Street Limited Partnership, as
Omaha.Nebraska 6811 i provided in the attached form of Assignment. The reason for this
402.342.3773/Fax 402.342.3277
request is that the Board of Directors of SOAH has decided to dissolve
the corporation and we are therefore in the process of dissolution,
M.> r x u 10 0 which requires disposal of the corporation's assets. Nu Style
0 Soutn 4th Street •
•
Council Bluffs.Iowa 5!503 •
Investment Corporation, Inc. has consented to this assignment, when it •
_'.25e.3035,'Fax 7 2.322.4443 is has been approved by the,relevant parties.
I understand that this request will be reviewed by the City's Legal
Department prior to any required City Council Action. Please advise
me if any corrections or changes will be necessary following that
review.
incerely, 1-
•
boti,ed7tip`1.4eA.
• •
Teresa C. Hunter
Executive Director
South Omaha Affordable Housing Corporation, Inc.
cc. Tammy Barrett,Nu Style Investment Corporation, Inc.
Enclosure
=.:•,tied ine Unites S:ates Dees.a„err
busing anc(I,1jan Development
HiJ�,tc a•_yi:1e t.7.cmorenensive
•9'),aino Counsel, 'Sei �e
D A ccess via J,e N ecraska Re!av Svstem
United Mj •
Way ,, increasing Affordable Housing Opportunities fOr All
signor has requested the City of Omaha's consent to the
assignment of its Co-General Partnership interest to the Assignee. NuStyle Investment
Corporation, Inc., a Nebraska Corporation, would join the other existing Co-General Partner,
4826 South 24th Street Corporation, a Nebraska Corporation, as Co-General Partner of the Owner
Partnership. The same person, Tammy Barrett, is President of both NuStyle Investment
Corporation, Inc., and 4826 South 24th Street Corporation.
t its pleasure.
ARTICLE VIII
Amendments
onflict of Interest Defined.
A conflict of interest is defined as the existence of circumstances where the actions of an
individual as a Director of the Corporation may have an effect of financial benefit or detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
e° � A,y ,yFg r Planning Department
• +° ` sf. . , ° Omaha/Douglas Civic Center
�r �a , � ( — — 1819 Farnam Street,Suite 1100
Fl`• "R -
.IT,ti fk a,o Omaha,Nebraska 68183-0110
n®� >r � �m (402)444-5200
°A�` y :_ 'ti (402)444-5150
°R4reo Telefax(402)444-6140
Cityof Omaha Robert C.Peters
September 15, 1998 Acting Director
Hal Daub,Mayor
Honorable President
•
and Members of the City Council,
The attached proposed Resolution approves an Agreement between the City of Omaha and South
, Omaha Affordable Housing Corporation,a Nebraska Non-profit Corporation(SOAHC), 1704 South
10th Street, Omaha, Nebraska 68108, to provide CDBG financing in the amount of$166,000.00
(comprised of$86,000.00 FY97 carryover and $80,000.00 FY98 funds) for the construction of a
commercial/residential mixed-use facility at 4826 South 24th Street. Funding from the City will be
provided through the.FY98 CDBG Economic Development Program.
Following a request for proposals and an in-depth review of each, the SOAHC was selected as the
developer of the Melcher Building. This new facility will contain commercial space on the main
level and two residential units on the upper level affordable to households whose median income is
at or below 80% of the median. The total project cost is estimated at $423,000.00. In addition to
the $166,000.00 in the CDBG Funds, other sources of funds include a $157,000.00 conventional
loan and $100,000.00 in the form of other project contributions.
This Project encourages the creation of additional commercial space and residential units affordable
to low and moderate income residents and the creation/retention of approximately 20 jobs.
The SOAHC shall comply with the Federal Housing Act, as amended, and Section 504 of the
Rehabilitation Act of 1973, and construct the appropriate number of units accessible and adaptable
for persons having mobility,hearing or vision impairments.
The Contractor has on file a current Annual Contract Compliance Report Form (CC-1). As is City
policy, the Human Relations Director will review the Contractor to ensure compliance with the
Contract Compliance Ordinance.
Your favorable consideration of this Resolution will be appreciated. -
Sincerely, Referred to ity Council or Consideration: •
' 'WYr
I • zc. 9y Date
Robert C. Peters Date Mayor's Office/Title
Acting Planning Director
• pp •ved: proved:
*P 7407 t 1 -/
--erra-C.- 7,(4%i. '1' ‘// 1 a/
ouis A. D'Ercole 4_-� Date George ay s, r. t ate
Finance Director (' Human Rations Director
P:\PLN3\5986.MAF _ " ' L.
r detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
�a. CLEW OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebr
September 15 1998
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
WHEREAS,the City annually receives Community Development Block Grant Funds
under Title I of the Housing and Community Development Act of 1974, as amended,for the purpose
of benefiting low and moderate income residents, eliminating slums and blight,and for other urgent
community development needs; and,
WHEREAS, the City Council, on December 16, 1997, by Resolution No. 3397,
approved the 1998 Consolidated Submission for Community Planning Development Programs
which included the CDBG Economic Development Program; and,
WHEREAS, following a request for proposals and an in-depth review of each,the
South Omaha Affordable Housing Corporation, a Nebraska Non-profit Corporation(SOAHC), was
selected as the developer of the Melcher Building located at 4826 South 24th Street. This new
mixed-use facilitiy will contain commercial space on the main level and two residential units on the
upper level affordable to households whose median income is at or below 80% of the median; and,
WHEREAS,this Project encourages the creation of additional commercial space and
residential units affordable to low and moderate income residents and the creation/retention of
approximately 20 jobs; and,
WHEREAS,the SOAHC has had the property inspected,a work write-up completed
0.00.
n
and has solicited bids which indicate the total
osources the
of funds include e a $0 7 OOOI00 bank loan
ition to
the $166,000.00 CDBG Repayable Loan,
and $100,000.00 in the form of other project contributions; and,
WHEREAS, this project is eligible for funding under the City's CDBG Economic
Development Program; and,
WHEREAS, Section 5.17 of the Omaha Municipal Code, effective May 10, 1994,
requires that any expenditure exceeding Twenty Thousand Dollars ($20,000.00)be approved on an
individual basis by the City Council; and,
WHEREAS, it is in the best interest of the citizens of the City of Omaha to enter into
an agreement with SOAHC to provide partial financing to construct the Melcher Building located
at 4826 South 24th Street.
By
Councilmember
Adopted .
City Clerk
Approved
Mayor
Sincerely, Referred to ity Council or Consideration: •
' 'WYr
I • zc. 9y Date
Robert C. Peters Date Mayor's Office/Title
Acting Planning Director
• pp •ved: proved:
*P 7407 t 1 -/
--erra-C.- 7,(4%i. '1' ‘// 1 a/
ouis A. D'Ercole 4_-� Date George ay s, r. t ate
Finance Director (' Human Rations Director
P:\PLN3\5986.MAF _ " ' L.
r detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
COY OF OMAHA
LEGISLATIVE CHAMBER
•
Omaha,Nebr
September 15 19„�.......
PAGE 2
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF OMAHA:
Agreement, as recommended by the Mayor, between the City
THAT, the attached ?P Co oration, a Nebraska Non-profit
Corporation,
of Omaha and the South Omaha Affordable Housingof
1704 South 10th Street, Omaha, Nebraska 68108, in the
aor m tun co$16
6,00 .0 a
(comprised of$86,000.00 FY97 carryover and $80,000.00 FY98 Fun )
on
Comm erciallresidential mixed-use facility at 4826 South 24th Street into
commercial
isaeat below
the
main level,two apartments on the upper level affordable to households
oo Median Family Income, and the creation/retention of appryable Loan. �imateese ellyd20s hobs, is
payable
a8pproved.
roved.e
approved. Funding shall be in the form of a CDB Fund No. 193, Organization No. 8330.
from the CDBG Economic Development Program
APPROVED AS TO FORM:
ASSISTANT CITY ATTORNEY DATE
P:\PLN3\5987.MAF
tue
er - �`,r .,, r E r e
C;1TY CLERK
........ ....... ............................................ ....
17.7i-z91-( 4...-.
By Councilmember �-LO
Adopted..s 1 1998
•
.�..Cl... erk• Y
Approv Mayor
��. c .--
n
ition to
the $166,000.00 CDBG Repayable Loan,
and $100,000.00 in the form of other project contributions; and,
WHEREAS, this project is eligible for funding under the City's CDBG Economic
Development Program; and,
WHEREAS, Section 5.17 of the Omaha Municipal Code, effective May 10, 1994,
requires that any expenditure exceeding Twenty Thousand Dollars ($20,000.00)be approved on an
individual basis by the City Council; and,
WHEREAS, it is in the best interest of the citizens of the City of Omaha to enter into
an agreement with SOAHC to provide partial financing to construct the Melcher Building located
at 4826 South 24th Street.
By
Councilmember
Adopted .
City Clerk
Approved
Mayor
Sincerely, Referred to ity Council or Consideration: •
' 'WYr
I • zc. 9y Date
Robert C. Peters Date Mayor's Office/Title
Acting Planning Director
• pp •ved: proved:
*P 7407 t 1 -/
--erra-C.- 7,(4%i. '1' ‘// 1 a/
ouis A. D'Ercole 4_-� Date George ay s, r. t ate
Finance Director (' Human Rations Director
P:\PLN3\5986.MAF _ " ' L.
r detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
•
•
..
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o ° ° o o ° oo c� v 0 . o „ w W °� a
shall be in the form of a CDB Fund No. 193, Organization No. 8330.
from the CDBG Economic Development Program
APPROVED AS TO FORM:
ASSISTANT CITY ATTORNEY DATE
P:\PLN3\5987.MAF
tue
er - �`,r .,, r E r e
C;1TY CLERK
........ ....... ............................................ ....
17.7i-z91-( 4...-.
By Councilmember �-LO
Adopted..s 1 1998
•
.�..Cl... erk• Y
Approv Mayor
��. c .--
n
ition to
the $166,000.00 CDBG Repayable Loan,
and $100,000.00 in the form of other project contributions; and,
WHEREAS, this project is eligible for funding under the City's CDBG Economic
Development Program; and,
WHEREAS, Section 5.17 of the Omaha Municipal Code, effective May 10, 1994,
requires that any expenditure exceeding Twenty Thousand Dollars ($20,000.00)be approved on an
individual basis by the City Council; and,
WHEREAS, it is in the best interest of the citizens of the City of Omaha to enter into
an agreement with SOAHC to provide partial financing to construct the Melcher Building located
at 4826 South 24th Street.
By
Councilmember
Adopted .
City Clerk
Approved
Mayor
Sincerely, Referred to ity Council or Consideration: •
' 'WYr
I • zc. 9y Date
Robert C. Peters Date Mayor's Office/Title
Acting Planning Director
• pp •ved: proved:
*P 7407 t 1 -/
--erra-C.- 7,(4%i. '1' ‘// 1 a/
ouis A. D'Ercole 4_-� Date George ay s, r. t ate
Finance Director (' Human Rations Director
P:\PLN3\5986.MAF _ " ' L.
r detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
FILE No.964 12/02 '02 AM 10:44 ID:NUSTYLE DEVELOPMENT FAX:4023453623 PAGE 2
JUL 2 7 1998 :ra OF NE.BR.ASKA
is r:T'ARY'S OFFICE
F iyr fikx1 an ordedi on
tllra roll no.
at page_..,_..__.
CERTIFICATE AND AGREEMENT OF LIMITED PARTNERSHIP-- Sectary of
11*JA (.? cunt)
THIS CERTIFICATION AND AGREEMENT made as of the 21st day of
July, 1998, between 4826 South 24th Street Corporation (a "Co-General Partner"), South
Omaha Affordable Housing Corporation (a "Co-General Partner") and 4826 South 24th
Street Corporation(the "Limited Partner").
WITNESSETH:
That the parties hereto, for good and valuable consideration, receipt of which is
hereby acknowledged, hereby form a limited partnership (the "PARTNERSHIP") under
the laws of the State of Nebraska for the term and upon the conditions set forth herein,
and each of the parties hereby mutually covenants and agrees as follows:
I.
The name of the Partnership is "4826 SOUTH 24th STREET LIMITED
PARTNERSHIP."
II.
The purpose of the Partnership shall be to covert, own, rent, and operate the •
premises at 4826 South 24th Street in Omaha,Nebraska as a commercial and multi-
family residential apartment project.
IIl.
The principal place of business and office of the Partnership shall be c/o Tammy
Barrett, 1025 Leavenworth Street, Omaha,Nebraska 68102.
Iv.
Tammy Barrett, whose address is 1025 Leavenworth Street, Omaha,Nebraska
Approv Mayor
��. c .--
n
ition to
the $166,000.00 CDBG Repayable Loan,
and $100,000.00 in the form of other project contributions; and,
WHEREAS, this project is eligible for funding under the City's CDBG Economic
Development Program; and,
WHEREAS, Section 5.17 of the Omaha Municipal Code, effective May 10, 1994,
requires that any expenditure exceeding Twenty Thousand Dollars ($20,000.00)be approved on an
individual basis by the City Council; and,
WHEREAS, it is in the best interest of the citizens of the City of Omaha to enter into
an agreement with SOAHC to provide partial financing to construct the Melcher Building located
at 4826 South 24th Street.
By
Councilmember
Adopted .
City Clerk
Approved
Mayor
Sincerely, Referred to ity Council or Consideration: •
' 'WYr
I • zc. 9y Date
Robert C. Peters Date Mayor's Office/Title
Acting Planning Director
• pp •ved: proved:
*P 7407 t 1 -/
--erra-C.- 7,(4%i. '1' ‘// 1 a/
ouis A. D'Ercole 4_-� Date George ay s, r. t ate
Finance Director (' Human Rations Director
P:\PLN3\5986.MAF _ " ' L.
r detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
FILE No.964 12/02 '02 Aft 10:44 ID:NUSTYLE DEVELOPMENT FAX:4023453623 PAGE 3
68102, shall be the agent for services of process on the Partnership.
V.
The names and business addresses of the General Partners are:
4826 South 24th Street Corporation
1025 Leavenworth Street
Omaha,Nebraska 68102
South Omaha Affordable Housing Corporation
1704 South 10`h Street
Omaha,Nebraska 68108
VI.
The Partners' interest in the Profits and Losses of the Partnership are as follows:
•
Co-General Partner South Omaha Affordable
Housing Corporation 0.01%
Co-General Partner 4826 South 24th Street
Corporation 0.99%
Limited Partner 99.00%
VII_
The Partnership will allocate all items of Partnership income, profits and losses to
the Partners on a pro rata basis according to the proportionate interest held by each
Partner in the Partnership.
V III.
The Limited Partner hereby consents and agrees that the Partnership may sell
additional Limited Partnership interests at the election of the General Partner to investors
pursuant to a private placement of such interests and they hereby consent to the admission
of additional Limited Partners to the Partnership upon the approval of the General
Partner.
e Partnership shall be c/o Tammy
Barrett, 1025 Leavenworth Street, Omaha,Nebraska 68102.
Iv.
Tammy Barrett, whose address is 1025 Leavenworth Street, Omaha,Nebraska
Approv Mayor
��. c .--
n
ition to
the $166,000.00 CDBG Repayable Loan,
and $100,000.00 in the form of other project contributions; and,
WHEREAS, this project is eligible for funding under the City's CDBG Economic
Development Program; and,
WHEREAS, Section 5.17 of the Omaha Municipal Code, effective May 10, 1994,
requires that any expenditure exceeding Twenty Thousand Dollars ($20,000.00)be approved on an
individual basis by the City Council; and,
WHEREAS, it is in the best interest of the citizens of the City of Omaha to enter into
an agreement with SOAHC to provide partial financing to construct the Melcher Building located
at 4826 South 24th Street.
By
Councilmember
Adopted .
City Clerk
Approved
Mayor
Sincerely, Referred to ity Council or Consideration: •
' 'WYr
I • zc. 9y Date
Robert C. Peters Date Mayor's Office/Title
Acting Planning Director
• pp •ved: proved:
*P 7407 t 1 -/
--erra-C.- 7,(4%i. '1' ‘// 1 a/
ouis A. D'Ercole 4_-� Date George ay s, r. t ate
Finance Director (' Human Rations Director
P:\PLN3\5986.MAF _ " ' L.
r detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
FILE No.964 12/02 '02 AM 10:44 ID:NUSTYLE DEVELOPMENT FAX:4023453623 PAGE 4
IX.
In the event of the bankruptcy or dissolution of the General Partner, the Partnership
will be dissolved unless the initial Limited Partner elects to continue the Partnership and
select one or more successor General Partner.
X.
Tammy Barrett is hereby empowered and authorized as President of the General
Partner and on behalf of the Partnership to execute any and all documentation in the name
of the Partnership regarding any financing or governmental grants or loans to be obtained
by the Partnership and/or real estate to be acquired in the name of the Partnership.
XI.
This Certificate and Agreement of Limited Partnership shall be amended at such
time or times as may be required by the Nebraska Uniform Limited Partnership Act.
CO-GENERAL PARTNER:
4826 South 24th Street Corporation
By: 1-Cimvr ac
Tammy Barrett, resident
CO-GENERAL PARTNER:
South Omaha Affordable Housing Corporation
By: ..161),l . `-�✓
Sr. Marilyn Ross, Vecutive Director
LIMITED PARTNER:
4826 South 24th Street Corporation
By:
/'
Tammy Barrett, Pr ident
ners to the Partnership upon the approval of the General
Partner.
e Partnership shall be c/o Tammy
Barrett, 1025 Leavenworth Street, Omaha,Nebraska 68102.
Iv.
Tammy Barrett, whose address is 1025 Leavenworth Street, Omaha,Nebraska
Approv Mayor
��. c .--
n
ition to
the $166,000.00 CDBG Repayable Loan,
and $100,000.00 in the form of other project contributions; and,
WHEREAS, this project is eligible for funding under the City's CDBG Economic
Development Program; and,
WHEREAS, Section 5.17 of the Omaha Municipal Code, effective May 10, 1994,
requires that any expenditure exceeding Twenty Thousand Dollars ($20,000.00)be approved on an
individual basis by the City Council; and,
WHEREAS, it is in the best interest of the citizens of the City of Omaha to enter into
an agreement with SOAHC to provide partial financing to construct the Melcher Building located
at 4826 South 24th Street.
By
Councilmember
Adopted .
City Clerk
Approved
Mayor
Sincerely, Referred to ity Council or Consideration: •
' 'WYr
I • zc. 9y Date
Robert C. Peters Date Mayor's Office/Title
Acting Planning Director
• pp •ved: proved:
*P 7407 t 1 -/
--erra-C.- 7,(4%i. '1' ‘// 1 a/
ouis A. D'Ercole 4_-� Date George ay s, r. t ate
Finance Director (' Human Rations Director
P:\PLN3\5986.MAF _ " ' L.
r detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
FILE No.964 12/02 '02 PM 10:45 ID:NUSTYLE DEVELOPMENT FAX:4023453623 PAGE 5
STATE OF NEBRASKA )
COUNTY OF DOUGLAS )
SUBSCRIBED AND SWORN to before me this 21st day of July, 1998
by Tammy Barrett, President of 4826 South 24th Street Corporation
411`'? -1/:1"1"(
Gotary Public
G .T71 ART•eta e►
STATE OF NEBRASKA ) . ,• ;®,
JUL1E WE
)
COUNTY OF DOUGLAS )
SUBSCRIBED AND SWORN to before me this 21st day of July, 1998
by Sr. Marilyn Ross, Executive Director of South Omaha Affordable Housing
Corporation.
1ot,4-4( -
ary Public
fa 11 TA- •atiwo►Neeoeta
STATE OF NEBRASKA ) JUUE WEBER
My Comm.Exp.Sept.8,1999
COUNTY OF DOUGLAS )
SUBSCRIBED AND SWORN to before me this 21st day of July, 1998
by Tammy Barrett.
tart'
GEN NOTARY•etst.of Netsuke
Comm WEBER.
W 19�
._.,1 ., .... CuE .��
By: ..161),l . `-�✓
Sr. Marilyn Ross, Vecutive Director
LIMITED PARTNER:
4826 South 24th Street Corporation
By:
/'
Tammy Barrett, Pr ident
ners to the Partnership upon the approval of the General
Partner.
e Partnership shall be c/o Tammy
Barrett, 1025 Leavenworth Street, Omaha,Nebraska 68102.
Iv.
Tammy Barrett, whose address is 1025 Leavenworth Street, Omaha,Nebraska
Approv Mayor
��. c .--
n
ition to
the $166,000.00 CDBG Repayable Loan,
and $100,000.00 in the form of other project contributions; and,
WHEREAS, this project is eligible for funding under the City's CDBG Economic
Development Program; and,
WHEREAS, Section 5.17 of the Omaha Municipal Code, effective May 10, 1994,
requires that any expenditure exceeding Twenty Thousand Dollars ($20,000.00)be approved on an
individual basis by the City Council; and,
WHEREAS, it is in the best interest of the citizens of the City of Omaha to enter into
an agreement with SOAHC to provide partial financing to construct the Melcher Building located
at 4826 South 24th Street.
By
Councilmember
Adopted .
City Clerk
Approved
Mayor
Sincerely, Referred to ity Council or Consideration: •
' 'WYr
I • zc. 9y Date
Robert C. Peters Date Mayor's Office/Title
Acting Planning Director
• pp •ved: proved:
*P 7407 t 1 -/
--erra-C.- 7,(4%i. '1' ‘// 1 a/
ouis A. D'Ercole 4_-� Date George ay s, r. t ate
Finance Director (' Human Rations Director
P:\PLN3\5986.MAF _ " ' L.
r detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
•
I I I II Nebr Doc
Stamp Tax
Date
' .._.. _
1511G1 i7
5417E - By
•
•
IBIS PAGE INCLUDED FOR INDEXING
•
PAGE DOWN FOR BALANCE OF INSTRUMENT
iS7/0
...�A n 4 -R ; U
111... t4d....0 '..::.:
City's consent to the
assignment. We urge your favorable consideration of this Resolution.
Sincerely, Referred to City Council for Consideration:
aft
Steven N. VI CP, LA 1? Date Mayor's Office/Title Date
Planning Director
PLNLSF 1 13 3-cover letter
n r+ m N 0 lD W 0' 0
a
n 8oa 000 -, 250
FIr A., • . O GP 'a N sv cm ,G .
ounci'lmember
Adopted 5 P !—9 2008_ _Jo: . _. —O
Cd)xac );& It:?/u/a1Approve
ASSIGNMENT
For One Dollar ($1.00) and other good and valuable considerations, South Omaha
Affordable Housing Corporation, a Nebraska Non-profit Corporation, hereby assigns and
transfers to 4826 South 24th Street Limited Partnership, a Nebraska Limited Partnership, in
which the Co-General Partners are: South Omaha Affordable Housing Corporation, a Nebraska
Non-profit Corporation, and 4826 South 24th Street Corporation, a Nebraska Corporation, all of
South Omaha Affordable Housing Corporation's rights and obligations in and under the Certain
Agreement between South Omaha Affordable Housing Corporation and the City of Omaha dated
the 26 day of August , 19 98 (the "Agreement") for the construction of the Melcher
Building into a commercial/residential mixed-use facility at 4826 South 24th Street, legally
described as: the North 20 feet of Lot 5 and the South 9 inches of the South 24 feet of Lot 4,
Block 78, South Omaha, now a part of Omaha, Douglas County, Nebraska, as surveyed, platted
and recorded,together with all improvements thereon.
This Assignment is made pursuant to the provisions of Section 6.8 of the Agreement
approved by the City Council on September 1 , 19 98 ,by Resolution No. 2543 , whereby the
City of Omaha grants to South Omaha Affordable Housing Corporation authority to make this
Assignment.
By its signature affixed below, 4826 South 24th Street Limited Partnership accepts the
foregoing Assignment and agrees to perform all the duties and obligations required of South
Omaha Affordable Housing Corporation, as specified in the Agreement.
DATED this 22nd day of September , 19 98 .
SOUTH OMAHA AFFORDABLE HOUSING CORPORATION
a Nebraska Non-profit Corporation
By:
/✓
Name . rfr r' •t i.rJ
r ,
Title F� r e
•
After filing return to:
Omaha Planning Department
Attn: Kit Diesing
1819 Farnam Street, Suite 1 111
Omaha,NE 68183
ty Thousand Dollars ($20,000.00)be approved on an
individual basis by the City Council; and,
WHEREAS, it is in the best interest of the citizens of the City of Omaha to enter into
an agreement with SOAHC to provide partial financing to construct the Melcher Building located
at 4826 South 24th Street.
By
Councilmember
Adopted .
City Clerk
Approved
Mayor
Sincerely, Referred to ity Council or Consideration: •
' 'WYr
I • zc. 9y Date
Robert C. Peters Date Mayor's Office/Title
Acting Planning Director
• pp •ved: proved:
*P 7407 t 1 -/
--erra-C.- 7,(4%i. '1' ‘// 1 a/
ouis A. D'Ercole 4_-� Date George ay s, r. t ate
Finance Director (' Human Rations Director
P:\PLN3\5986.MAF _ " ' L.
r detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
•
ACCEPTED:
By: 4826 SOUTH 24TH STREET LIMITED PARTNERSHIP,
a Nebraska Limited Partnership
By: SOUTH OMAHA AFFORDABLE HOUSING CORPORATION,
a Nebraska Non-profit Corporation, General Partner
By:
Name - //lA(Lc Iv 4/ 12��
Title r Y c u,r ve ()/ cfr
By: 4826 SOUTH 24TH STREET CORPORATION
a Nebraska Corporation, General- Partner
By: / eC�/L2� %C
Tammy BPresident
il for Consideration:
aft
Steven N. VI CP, LA 1? Date Mayor's Office/Title Date
Planning Director
PLNLSF 1 13 3-cover letter
n r+ m N 0 lD W 0' 0
a
n 8oa 000 -, 250
FIr A., • . O GP 'a N sv cm ,G .
ounci'lmember
Adopted 5 P !—9 2008_ _Jo: . _. —O
Cd)xac );& It:?/u/a1Approve
STATE OF NEBRASKA )
COUNTY OF DOUGLAS )
SUBSCRIBED AND SWORN to before me this 22nd day of September, --
by Sr. Marilyn Ross, Executive Director of South Omaha Affordable Housing Corporation, a
Nebraska Non-Profit Corporation, on behalf of the Corporation.
GENERAL NOTARY-State of Nebraska Cs' 'Y 1-kQ 1`,
ANGELA LARSEN Notary Faublic
My Comm.Exp,Jan,31,2003
STATE OF NEBRASKA )
COUNTY OF DOUGLAS )
SUBSCRIBED AND SWORN to before me this 22nd day of September,-1-999€.
by Sr. Marilyn Ross, Executive Director of South Omaha Affordable Housing Corporation, a
Nebraska Non-Profit Corporation, General Partner on behalf of the corporation and partnership.
GENERAL NOTARY-State of Nebraska yl , ti'-)
ANGELA LARSEN i Y+ My Comm.Exp.Jan.31,2003 Notary PuQis
STATE OF NEBRASKA )
COUNTY OF DOUGLAS )
SUBSCRIBED AND SWORN to before me this 22nd day of September, 1998 by
Tammy Barrett, President of 4826 South 24th Street Corporation, a Nebraska Corporation,
General Partner, on behalf of the corporation and the partnership.
r.
i
Notary Public
GENERAL NOTARY-State of Nebraska
ANGELA LARSEN
-' - My Comm.Exp.Jan,31,2003
o South Omaha Affordable Housing Corporation authority to make this
Assignment.
By its signature affixed below, 4826 South 24th Street Limited Partnership accepts the
foregoing Assignment and agrees to perform all the duties and obligations required of South
Omaha Affordable Housing Corporation, as specified in the Agreement.
DATED this 22nd day of September , 19 98 .
SOUTH OMAHA AFFORDABLE HOUSING CORPORATION
a Nebraska Non-profit Corporation
By:
/✓
Name . rfr r' •t i.rJ
r ,
Title F� r e
•
After filing return to:
Omaha Planning Department
Attn: Kit Diesing
1819 Farnam Street, Suite 1 111
Omaha,NE 68183
ty Thousand Dollars ($20,000.00)be approved on an
individual basis by the City Council; and,
WHEREAS, it is in the best interest of the citizens of the City of Omaha to enter into
an agreement with SOAHC to provide partial financing to construct the Melcher Building located
at 4826 South 24th Street.
By
Councilmember
Adopted .
City Clerk
Approved
Mayor
Sincerely, Referred to ity Council or Consideration: •
' 'WYr
I • zc. 9y Date
Robert C. Peters Date Mayor's Office/Title
Acting Planning Director
• pp •ved: proved:
*P 7407 t 1 -/
--erra-C.- 7,(4%i. '1' ‘// 1 a/
ouis A. D'Ercole 4_-� Date George ay s, r. t ate
Finance Director (' Human Rations Director
P:\PLN3\5986.MAF _ " ' L.
r detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
C-25A CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
WHEREAS, on September 15, 1998, an Agreement between the City of Omaha and
the South Omaha Affordable Housing Corporation, a Nebraska nonprofit corporation, whose
interest in the Agreement was subsequently assigned to 4826 South 24th Street Limited
Partnership (hereinafter referred to as "Owner Partnership"), Co-General Partners being South
Omaha Affordable Housing Corporation, a Nebraska nonprofit corporation, and 4826 South 24th
Street Corporation, a Nebraska corporation, was approved by the City Council, by Resolution
No. 2543, and executed by the Mayor of the City of Omaha on September 21, 1998; and,
WHEREAS, the Agreement provided for the partial financing, in the amount of
$166,000.00, for the construction of a commercial/residential mixed-use facility at 4826 South
24th Street under the CDBG Economic Development Program, including the construction of
main level commercial space and two residential units on the upper level affordable to
households at or below 80% of the Median Family Income as determined by HUD; and,
WHEREAS, the terms of the Agreement state that the Owner (Owner Partnership)
may not assign its rights or obligations under this Agreement without the express prior written
consent of the City; and,
WHEREAS, South Omaha Affordable Housing Corporation, now intends to assign
its Co-General Partnership interest in the project to NuStyle Investment Corporation, a Nebraska
corporation; and,
WHEREAS, 4826 South 24th Street Corporation, will remain as Co-General
Partner; and,
WHEREAS, it is in the best interests of the residents of the City of Omaha that the
City consent to the assignment of Co-General Partnership interest to facilitate the dissolution of
South Omaha Affordable Housing Corporation and the continued provision of affordable rental
housing units.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF OMAHA:
By
Councilmember
Adopted
City Clerk
Approved
Mayor
an agreement with SOAHC to provide partial financing to construct the Melcher Building located
at 4826 South 24th Street.
By
Councilmember
Adopted .
City Clerk
Approved
Mayor
Sincerely, Referred to ity Council or Consideration: •
' 'WYr
I • zc. 9y Date
Robert C. Peters Date Mayor's Office/Title
Acting Planning Director
• pp •ved: proved:
*P 7407 t 1 -/
--erra-C.- 7,(4%i. '1' ‘// 1 a/
ouis A. D'Ercole 4_-� Date George ay s, r. t ate
Finance Director (' Human Rations Director
P:\PLN3\5986.MAF _ " ' L.
r detriment to the
individual, a member of his or her family, a business associate, or a business in which he or she owns an
interest.
or, upon a vote of a majority of the entire Board of Directors.
ration of
this Resolution.
Sincerely, Referred to City Council for Consideration:
C 1 ��• �.2„o.Q� V.^ZD—o7
Steven N. Jensen' AICP, A / Date ayor's Office/Title Date
Planning Directo
PLNLSF 1136-cover letter
C-25A CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
PAGE—2-
THAT, authorization for the Mayor to execute the attached Consent to Assignment
related to the assignment of Co-General Partnership interest in 4826 South 24th-Street Limited
Partnership, a Nebraska Limited Partnership, from South Omaha Affordable Housing
Corporation, a Nebraska Nonprofit Corporation, to NuStyle Investment Corporation, a Nebraska
Corporation, regarding the CDBG Program mixed-use project located at 4826 South 24th Street,
be and hereby is approved.
APPROVED AS TO FORM:
gADO<C2
Air, CI Y ATTORNEY Da
PLNLSF 1133-res
(:;?.;aidlott
Counctlmember
Adopted EP - 9 2008 7-o
.I,. ... . ..f.....
City Clerk
9///06
Approved/'1" -
Mayor
Cd)xac );& It:?/u/a1Approve
(-) r) x rb 8 CD
•
y4y CAD 0 G, O O ~• r,0 p, CD (:
CD ,P.� U4 v' E O
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s.
CD
1'71 to q 0 •A d O . v0i A) , O
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N 0 0 CD (D co 1-s CD
CD 0 . K CD a 0
•
e -
, . . '
A
. . .. „_ ..
n
Air, CI Y ATTORNEY Da
PLNLSF 1133-res
(:;?.;aidlott
Counctlmember
Adopted EP - 9 2008 7-o
.I,. ... . ..f.....
City Clerk
9///06
Approved/'1" -
Mayor
Cd)xac );& It:?/u/a1Approve