RES 2007-1453 - Caniglia Little Italy LLC TIF redevelopment project plan p~�
�,���,s E 1 L V E 'l..! Planning Department
•�r.I '.0101\' Omaha/Douglas Civic Center
nRR& November 20, 2QQp NOV # • C' 1819 FarnamStreet,Suite 1100
r Omahaa,,Nebraska 68183
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(402)444-5150
aR
arFo FesR°r Y �(x Telefax(402)444-6140
City OMAHA, NE'iitASKA Steven N.Jensen,AICP
Ci of OmahaDirector
Mike Fahey,Mayor
Honorable President
and Members of the City Council,
The attached proposed Resolution transmits the Caniglia Little Italy, LLC Tax Increment
Financing Redevelopment Project Plan as amended by the Planning Board for your review and
approval. The plan, as amended by the Planning Board, prior to submission to the City Council,
provides the framework for the development of the approximately 3-acre site into 39 single-
family townhomes at 7th & 8th Streets at Pacific & Pierce Streets in South Omaha to create a
stronger residential community in close proximity to downtown with lower price point homes in
comparison to the single-family Condo developments in downtown Omaha.
The completed project will provide a new location for residential home ownership opportunities
that will add increased real estate value to the site, increasing the tax base of the local taxing
entities, will encourage new employment opportunities and foster continued business
development in this area as the result of increased demand for goods and services.
The plan authorizes the use of Tax Increment Financing as a tool to assist in financing the total
amended project cost that increased from $12,900,000.00 to $14,378,000.00. The TIF eligible
expenses associated with the project are estimated at $3,900,000. The developer has requested
$1,370,000 in TIF that will be repaid from the increase in taxes as a result of project completion.
The project is in compliance with Nebraska Community Development law and appropriate City
of Omaha Ordinances.
Your favorable consideration of this Resolution is requested.
Sincerely, Referr to City Council for Consideration:
Steven N, -i, AICP LA Date Mayor's Office Date
Planning Director
Approved as to Fund'ng: A •
age. ikl/
Carol A. Ebdon Date ert G. Stubbe, .E Date
Finance Director P blic Works Director
Notice of Publication and Public Hearing: NovQenklar 7� ar+d oZq
Public Hearing: Dec .v Q.'( \\%Wbm
71.
•
:P:\PLN5\16113pjm.doc
. Daniel Smith.
13. The Underwriter and the City may simultaneously execute this Agreement, which
Agreement will constitute a separate Agreement between the Underwriter and each City,
individually. This Agreement is being executed by the Underwriter and the City in any number
of counterparts, each of which is an original and all of which are identical. Each counterpart of
this Agreement between the Underwriter and the City is to be deemed an original of this
Agreement between the Underwriter and the City, and all counterparts thereof collectively are to
be deemed but one instrument.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
4831-8094-0546.2
STRB 07 9
STRB 07 8
Depository Trust Company ("DTC") in accordance with DTC's book-entry-only
municipal bond requirements in the form of one fully-registered bond certificate without coupons
for each stated Bond maturity registered in the name of Cede & Co., as DTC's nominee, or at
such other place as may be mutually agreed upon. Such payment and delivery is hereby called
the "Closing."
4831-8094-0546.2
STRB 07 4
ct in all
4831-8094-0546.2 3
STAB 07
65245 _, 65,245
Total debt 8,830 79,463 76.449 69,500 68,482 68,192
Percent o1 Cash Reserves to Debt Outstanding 25% 12% 16% 23% 27% ....
.,i ,v%
Notes'
fF
"'Issuance of the Series 2009 Bonds is assumed to occur in July 2008.
o,Nursing opens over a three month period beginning January 2010.
•
•
"-t The new IL and AL building is assumed to open May 2010.
. 01 Represents the first full year of stabilized occupancy for the community on a consolidated basis.
(s'Assumes that Skyline is approved for tax increment financing to help pay for qualifying development costs.
With7-7F 5 t k )(line. ac levies,' j r et raj' o) n.1e c �t. ...........
for permanent financing.
-4 Skyline, Omaha Planning Department(8.14.07) 21
J
,. ''''I ,cl' 'si " ',
Due to construction costs ,'::411, ,it (-‘,. ft,
Project is not viable without T1F-. ,
. . . . • . .. . .
. . Skyline; Omaha Planning Department(8 14 07) . ..• . .. , ,. ..:47f::
I
Multi-purpose room (nevi) • N/A 2,750
6 Realigned tont entrance(Keystone Dr.) N/A. N/A
_ •
' Total • 418 436.417 •
''''''''''' '''4•4,1Yt'4"01.V6''''''‘I'''rt.,14VYOT41'',;•7•1",r',..nlgr.iff.e,A-rgT1111'frllr'Sq4104-1.4-59%,11MggrfaP7V''.•4
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i f . ags X X',AlnEli-�94g- 1 8g a`a h : € 6 t'
h DTC's book-entry-only
municipal bond requirements in the form of one fully-registered bond certificate without coupons
for each stated Bond maturity registered in the name of Cede & Co., as DTC's nominee, or at
such other place as may be mutually agreed upon. Such payment and delivery is hereby called
the "Closing."
4831-8094-0546.2
STRB 07 4
ct in all
4831-8094-0546.2 3
STAB 07
65245 _, 65,245
Total debt 8,830 79,463 76.449 69,500 68,482 68,192
Percent o1 Cash Reserves to Debt Outstanding 25% 12% 16% 23% 27% ....
.,i ,v%
Notes'
fF
"'Issuance of the Series 2009 Bonds is assumed to occur in July 2008.
o,Nursing opens over a three month period beginning January 2010.
•
•
"-t The new IL and AL building is assumed to open May 2010.
. 01 Represents the first full year of stabilized occupancy for the community on a consolidated basis.
(s'Assumes that Skyline is approved for tax increment financing to help pay for qualifying development costs.
With7-7F 5 t k )(line. ac levies,' j r et raj' o) n.1e c �t. ...........
for permanent financing.
-4 Skyline, Omaha Planning Department(8.14.07) 21
J
,. ''''I ,cl' 'si " ',
Due to construction costs ,'::411, ,it (-‘,. ft,
Project is not viable without T1F-. ,
. . . . • . .. . .
. . Skyline; Omaha Planning Department(8 14 07) . ..• . .. , ,. ..:47f::
I
Multi-purpose room (nevi) • N/A 2,750
6 Realigned tont entrance(Keystone Dr.) N/A. N/A
_ •
' Total • 418 436.417 •
''''''''''' '''4•4,1Yt'4"01.V6''''''‘I'''rt.,14VYOT41'',;•7•1",r',..nlgr.iff.e,A-rgT1111'frllr'Sq4104-1.4-59%,11MggrfaP7V''.•4
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i f . ags X X',AlnEli-�94g- 1 8g a`a h : € 6 t'
h DTC's book-entry-only
municipal bond requirements in the form of one fully-registered bond certificate without coupons
for each stated Bond maturity registered in the name of Cede & Co., as DTC's nominee, or at
such other place as may be mutually agreed upon. Such payment and delivery is hereby called
the "Closing."
4831-8094-0546.2
STRB 07 4
ct in all
4831-8094-0546.2 3
STAB 07
65245 _, 65,245
Total debt 8,830 79,463 76.449 69,500 68,482 68,192
Percent o1 Cash Reserves to Debt Outstanding 25% 12% 16% 23% 27% ....
.,i ,v%
Notes'
fF
"'Issuance of the Series 2009 Bonds is assumed to occur in July 2008.
o,Nursing opens over a three month period beginning January 2010.
•
•
"-t The new IL and AL building is assumed to open May 2010.
. 01 Represents the first full year of stabilized occupancy for the community on a consolidated basis.
(s'Assumes that Skyline is approved for tax increment financing to help pay for qualifying development costs.
With7-7F 5 t k )(line. ac levies,' j r et raj' o) n.1e c �t. ...........
for permanent financing.
-4 Skyline, Omaha Planning Department(8.14.07) 21
J
,. ''''I ,cl' 'si " ',
Due to construction costs ,'::411, ,it (-‘,. ft,
Project is not viable without T1F-. ,
. . . . • . .. . .
. . Skyline; Omaha Planning Department(8 14 07) . ..• . .. , ,. ..:47f::
I
Multi-purpose room (nevi) • N/A 2,750
6 Realigned tont entrance(Keystone Dr.) N/A. N/A
_ •
' Total • 418 436.417 •
''''''''''' '''4•4,1Yt'4"01.V6''''''‘I'''rt.,14VYOT41'',;•7•1",r',..nlgr.iff.e,A-rgT1111'frllr'Sq4104-1.4-59%,11MggrfaP7V''.•4
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i f . ags X X',AlnEli-�94g- 1 8g a`a h : € 6 t'
h DTC's book-entry-only
municipal bond requirements in the form of one fully-registered bond certificate without coupons
for each stated Bond maturity registered in the name of Cede & Co., as DTC's nominee, or at
such other place as may be mutually agreed upon. Such payment and delivery is hereby called
the "Closing."
4831-8094-0546.2
STRB 07 4
ct in all
4831-8094-0546.2 3
STAB 07
65245 _, 65,245
Total debt 8,830 79,463 76.449 69,500 68,482 68,192
Percent o1 Cash Reserves to Debt Outstanding 25% 12% 16% 23% 27% ....
.,i ,v%
Notes'
fF
"'Issuance of the Series 2009 Bonds is assumed to occur in July 2008.
o,Nursing opens over a three month period beginning January 2010.
•
•
"-t The new IL and AL building is assumed to open May 2010.
. 01 Represents the first full year of stabilized occupancy for the community on a consolidated basis.
(s'Assumes that Skyline is approved for tax increment financing to help pay for qualifying development costs.
With7-7F 5 t k )(line. ac levies,' j r et raj' o) n.1e c �t. ...........
for permanent financing.
-4 Skyline, Omaha Planning Department(8.14.07) 21
J
,. ''''I ,cl' 'si " ',
Due to construction costs ,'::411, ,it (-‘,. ft,
Project is not viable without T1F-. ,
. . . . • . .. . .
. . Skyline; Omaha Planning Department(8 14 07) . ..• . .. , ,. ..:47f::
I
Multi-purpose room (nevi) • N/A 2,750
6 Realigned tont entrance(Keystone Dr.) N/A. N/A
_ •
' Total • 418 436.417 •
''''''''''' '''4•4,1Yt'4"01.V6''''''‘I'''rt.,14VYOT41'',;•7•1",r',..nlgr.iff.e,A-rgT1111'frllr'Sq4104-1.4-59%,11MggrfaP7V''.•4
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74,n17•4* .:41,2f.-70,,,:-., bil-$:, i,e,'"191 16:-C 374., i;NtVeiki..i.-;L,i44t4-LeIrOdt,.ANclti'2?Z;evSN.1:4L744t*1
AV"4-..„.1;.'iglcv,M'4V,',Y04_1,X-„,4f4.44i.4. VE:'-:.:'pV..,i8',.•5t:,-.,ik,.,,i yl,.4,r4.-t1e,0-'lai%t-V,-.1 a)--it.,t p814M.,.".-.Pla 1t4k1p t.hgr4v.1".•Department,.'(0, k:,'-;7'-14.4:0 D; Lgie.
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p dd�_
E. ,, E FINAL PLAT ••v• �Pa Rs" NO. DESCRIPTION DATE Be �'
O a ;d�. ..f _ _ ' THE TOWNS 2 AT LITTLE ITALY g€P _` `"A= ›"
G m '"o� O_S �o
1'..2....a;' E non xo," mz1' Ol
7TH & PACIFIC STREETS
- OMAHA, NEBRASICA A = 0
b I i
...-o—,.san ; F y fi.Y R7R.i.eq ly' F i" xe}..5. q a
i f . ags X X',AlnEli-�94g- 1 8g a`a h : € 6 t'
h DTC's book-entry-only
municipal bond requirements in the form of one fully-registered bond certificate without coupons
for each stated Bond maturity registered in the name of Cede & Co., as DTC's nominee, or at
such other place as may be mutually agreed upon. Such payment and delivery is hereby called
the "Closing."
4831-8094-0546.2
STRB 07 4
ct in all
4831-8094-0546.2 3
STAB 07
65245 _, 65,245
Total debt 8,830 79,463 76.449 69,500 68,482 68,192
Percent o1 Cash Reserves to Debt Outstanding 25% 12% 16% 23% 27% ....
.,i ,v%
Notes'
fF
"'Issuance of the Series 2009 Bonds is assumed to occur in July 2008.
o,Nursing opens over a three month period beginning January 2010.
•
•
"-t The new IL and AL building is assumed to open May 2010.
. 01 Represents the first full year of stabilized occupancy for the community on a consolidated basis.
(s'Assumes that Skyline is approved for tax increment financing to help pay for qualifying development costs.
With7-7F 5 t k )(line. ac levies,' j r et raj' o) n.1e c �t. ...........
for permanent financing.
-4 Skyline, Omaha Planning Department(8.14.07) 21
J
,. ''''I ,cl' 'si " ',
Due to construction costs ,'::411, ,it (-‘,. ft,
Project is not viable without T1F-. ,
. . . . • . .. . .
. . Skyline; Omaha Planning Department(8 14 07) . ..• . .. , ,. ..:47f::
I
Multi-purpose room (nevi) • N/A 2,750
6 Realigned tont entrance(Keystone Dr.) N/A. N/A
_ •
' Total • 418 436.417 •
''''''''''' '''4•4,1Yt'4"01.V6''''''‘I'''rt.,14VYOT41'',;•7•1",r',..nlgr.iff.e,A-rgT1111'frllr'Sq4104-1.4-59%,11MggrfaP7V''.•4
`,6 efirj,e'vnl-WfWil in,Wer44.TrVQ,A,14:Ntrql,s7fli144;i4b,',,,•kir-,t,,,,,A,-,•,i'VliikeX,...,`,tt,‘,..A.4,,i, . , :re'..4,v%.,,,,,,,,..- -'1,,,, '/,-,-i,..,43.;,0,,,,.^.-.,.--A,,,,,,,k,',,,,.;,-4.,'.,-,..,,.V.-.',..- .
74,n17•4* .:41,2f.-70,,,:-., bil-$:, i,e,'"191 16:-C 374., i;NtVeiki..i.-;L,i44t4-LeIrOdt,.ANclti'2?Z;evSN.1:4L744t*1
AV"4-..„.1;.'iglcv,M'4V,',Y04_1,X-„,4f4.44i.4. VE:'-:.:'pV..,i8',.•5t:,-.,ik,.,,i yl,.4,r4.-t1e,0-'lai%t-V,-.1 a)--it.,t p814M.,.".-.Pla 1t4k1p t.hgr4v.1".•Department,.'(0, k:,'-;7'-14.4:0 D; Lgie.
S„ *4g
INTER-OFFICE COMMUNICATION
June 14, 2007
TO: Chairman and Members of the Omaha Planning Board
FROM: Steven N. Jensen, AICP, Planning Director
DEVELOPER: AMENDMENT CANIGLIA LITTLE ITALY, LLC
Tax Increment Financing Redevelopment Project Plan
By Bluestone Development, LLC
Project: Amendment to the CANIGLIA LITTLE ITALY, LLC
Tax Increment Financing Redevelopment Project Plan;
1. To provide for the purchase of additional property at the corner of 8th and Pierce Street
increasing the project site from 1.84-acres to approximately 1.818-acres to accommodate
the development of 4 additional units for a total of 39 new Townhomes at 7th & 8th Street
between Pacific &Pierce Streets.
2. To provide for the change in the legal description and the replacement of exhibits as
contained in the original plan as approved.
3. To provide for a $170,000.00 increase in TIF from $1,200,000.00 to $1,370,000.00 at an
adjusted rate of 8%
4. To provide for increased total project cost from $12,901,000.00 to $14,378,000.00 as
reflected in the amendment.
These changes enhance the creation of a strong residential community in close proximity to Downtown for
individuals seeking more affordable Downtown residential living with lower price point homes in
comparison to the condo developments in Downtown.
The project site and area meet the requirements of Community Development Law and qualify for the
utilization of Tax Increment Financing (TIF) for the project. The TIF of $1,370,000.00 will cover cost
associated with site acquisition, design, and development and public improvements as may be required and
all other eligible cost to complete the project. The TIF is based on the estimated sales value of
$9,172,000.00. The total project cost is estimated to be approximately $14,378,000. 00.
This amendment is an important element of this project that is having a significant impact on this area by
providing and increasing the number of single-family housing opportunities which will cause an increase in
the demand for goods and services in support of the growing Downtown residential community. TIF is
necessary as an innovative financing approach to encourage this type of development and to support the
potential growth which will occur as a result of this and other developments in the area.
Recommendation: Approve AMENDMENT to the CANIGLIA LITTLE ITALY LLC Tax Increment
Financing (TIF) Redevelopment Project that provides for the total purchase of 1.818-acres for the
development of 39 single-family townhomes at 7th & 8th Street between Pacific & Pierce Streets in South
Omaha to create a stronger residential community in close proximity to Downtown with. lower price point
homes in comparison to the single-family condo developments in Downtown.
A
d�_
E. ,, E FINAL PLAT ••v• �Pa Rs" NO. DESCRIPTION DATE Be �'
O a ;d�. ..f _ _ ' THE TOWNS 2 AT LITTLE ITALY g€P _` `"A= ›"
G m '"o� O_S �o
1'..2....a;' E non xo," mz1' Ol
7TH & PACIFIC STREETS
- OMAHA, NEBRASICA A = 0
b I i
...-o—,.san ; F y fi.Y R7R.i.eq ly' F i" xe}..5. q a
i f . ags X X',AlnEli-�94g- 1 8g a`a h : € 6 t'
h DTC's book-entry-only
municipal bond requirements in the form of one fully-registered bond certificate without coupons
for each stated Bond maturity registered in the name of Cede & Co., as DTC's nominee, or at
such other place as may be mutually agreed upon. Such payment and delivery is hereby called
the "Closing."
4831-8094-0546.2
STRB 07 4
ct in all
4831-8094-0546.2 3
STAB 07
65245 _, 65,245
Total debt 8,830 79,463 76.449 69,500 68,482 68,192
Percent o1 Cash Reserves to Debt Outstanding 25% 12% 16% 23% 27% ....
.,i ,v%
Notes'
fF
"'Issuance of the Series 2009 Bonds is assumed to occur in July 2008.
o,Nursing opens over a three month period beginning January 2010.
•
•
"-t The new IL and AL building is assumed to open May 2010.
. 01 Represents the first full year of stabilized occupancy for the community on a consolidated basis.
(s'Assumes that Skyline is approved for tax increment financing to help pay for qualifying development costs.
With7-7F 5 t k )(line. ac levies,' j r et raj' o) n.1e c �t. ...........
for permanent financing.
-4 Skyline, Omaha Planning Department(8.14.07) 21
J
,. ''''I ,cl' 'si " ',
Due to construction costs ,'::411, ,it (-‘,. ft,
Project is not viable without T1F-. ,
. . . . • . .. . .
. . Skyline; Omaha Planning Department(8 14 07) . ..• . .. , ,. ..:47f::
I
Multi-purpose room (nevi) • N/A 2,750
6 Realigned tont entrance(Keystone Dr.) N/A. N/A
_ •
' Total • 418 436.417 •
''''''''''' '''4•4,1Yt'4"01.V6''''''‘I'''rt.,14VYOT41'',;•7•1",r',..nlgr.iff.e,A-rgT1111'frllr'Sq4104-1.4-59%,11MggrfaP7V''.•4
`,6 efirj,e'vnl-WfWil in,Wer44.TrVQ,A,14:Ntrql,s7fli144;i4b,',,,•kir-,t,,,,,A,-,•,i'VliikeX,...,`,tt,‘,..A.4,,i, . , :re'..4,v%.,,,,,,,,..- -'1,,,, '/,-,-i,..,43.;,0,,,,.^.-.,.--A,,,,,,,k,',,,,.;,-4.,'.,-,..,,.V.-.',..- .
74,n17•4* .:41,2f.-70,,,:-., bil-$:, i,e,'"191 16:-C 374., i;NtVeiki..i.-;L,i44t4-LeIrOdt,.ANclti'2?Z;evSN.1:4L744t*1
AV"4-..„.1;.'iglcv,M'4V,',Y04_1,X-„,4f4.44i.4. VE:'-:.:'pV..,i8',.•5t:,-.,ik,.,,i yl,.4,r4.-t1e,0-'lai%t-V,-.1 a)--it.,t p814M.,.".-.Pla 1t4k1p t.hgr4v.1".•Department,.'(0, k:,'-;7'-14.4:0 D; Lgie.
S„ *4g
AMENDMENT
CANIGLIA LITTLE ITALY, L LC
TAX INCREMENT FINANCING
REDEVELOPMENT PROJECT PLAN
BY
BLUESTONE DEVELOPMENT, LLC
4 ADDITIONAL TOWNHOMES
8TH AND PACIFIC STREETS
OMAHA, NEBRASKA
JULY2007
ONLAHA,^,�
of a tp
AA A ,,14,
nertiNal
of�, 34,E{•;;A,
0.4 g`� II
PLANNING• OMAHA
4TED FEBROP
Mike Fahey, Mayor City of Omaha Steven N. Jensen, AICP, Director
Planning Department
Omaha/Douglas Civic Center
1819 Farnam Street
Omaha, Nebraska 68183
_
\ � ` \
_ _ . - k
0
-..- //) Ili
RECEIVED BY in_fr*ern ki
t�4A`LI IGMADE_ 8 U
DATE MAILED ///�!/o7
.
'5
Introduction
During the last three years, the Downtown Omaha residential housing market has taken
off. But with prices of new housing in Downtown Omaha being higher than comparable
square footages in the suburbs, some buyers may not value the downtown lifestyle
enough to pay a premium to live in the area. This higher entry price point makes it more
difficult for the young professional, the civically employed, or other moderately paid
individuals to be able to afford Downtown housing; specifically, those individuals falling
into the less than $250,000.00 price range.
The solution to this problem is to create a community in the Downtown Omaha area that
has a lower price point. However, just because a unit is moderately priced does not
mean that the design element should suffer. By creating smaller units with open and
unique floor plans, Bluestone Development has achieved the goal of desirable,
moderately priced units that integrate within the existing community and offer residents
not only a home but also a way of life.
The following modified excerpt from the previously approved plan provides insight that
will become reality with the approval of this request. The site, best known as Caniglia's
Original Restaurant, is located on 7th Street between Pacific and Pierce. It was
approximately 80,000 square feet and had access from 7th Street, 8th Street, Pacific
Street and Pierce Street. The surrounding area was and remains primarily residential.
Bluestone completed the process of placing additional parcels under contract that were
adjacent to the site. These parcels, if originally included, would have grown the previous
project to approximately 155,000 SF, and the project would have expanded based upon
projected market demand. The successful planning and analysis of the potential for the
proposed project concept has become reality as the actual market demand for the units
encourages and supports the request for this amendment.
Project Amendment
As a result of the success and initial response to the project concept and acceptance,
the developers have requested an amendment to the existing approved Caniglia Little
Italy Redevelopment Plan. This amendment will serve to 1) expand the site and TIF
area boundary from 1.84 acres to 1.818 acres, incorporating an additional site on the
corner of 8th & Pierce Streets, 2) increase the number of units from 35 to 39, and
3) increase the TIF amount by $170,000.00, from $1,200,000.00 to $1,370,000.00.
These changes represent the only changes to the currently approved Redevelopment
Plan; all other analysis and recommendations contained therein will remain in full force
and are unchanged. An overview of the original plan is provided herewith to establish an
appropriate context to this amendment.
The proposed project as amended will consist of 39 single-family attached townhomes
on 1.818 acres, with homes ranging from 1,200-1,800 finished SF. All units will have
private garages, outdoor space and price points starting at $198,000.00. 89% of the
homes will be under $250,000.00
non xo," mz1' Ol
7TH & PACIFIC STREETS
- OMAHA, NEBRASICA A = 0
b I i
...-o—,.san ; F y fi.Y R7R.i.eq ly' F i" xe}..5. q a
i f . ags X X',AlnEli-�94g- 1 8g a`a h : € 6 t'
h DTC's book-entry-only
municipal bond requirements in the form of one fully-registered bond certificate without coupons
for each stated Bond maturity registered in the name of Cede & Co., as DTC's nominee, or at
such other place as may be mutually agreed upon. Such payment and delivery is hereby called
the "Closing."
4831-8094-0546.2
STRB 07 4
ct in all
4831-8094-0546.2 3
STAB 07
65245 _, 65,245
Total debt 8,830 79,463 76.449 69,500 68,482 68,192
Percent o1 Cash Reserves to Debt Outstanding 25% 12% 16% 23% 27% ....
.,i ,v%
Notes'
fF
"'Issuance of the Series 2009 Bonds is assumed to occur in July 2008.
o,Nursing opens over a three month period beginning January 2010.
•
•
"-t The new IL and AL building is assumed to open May 2010.
. 01 Represents the first full year of stabilized occupancy for the community on a consolidated basis.
(s'Assumes that Skyline is approved for tax increment financing to help pay for qualifying development costs.
With7-7F 5 t k )(line. ac levies,' j r et raj' o) n.1e c �t. ...........
for permanent financing.
-4 Skyline, Omaha Planning Department(8.14.07) 21
J
,. ''''I ,cl' 'si " ',
Due to construction costs ,'::411, ,it (-‘,. ft,
Project is not viable without T1F-. ,
. . . . • . .. . .
. . Skyline; Omaha Planning Department(8 14 07) . ..• . .. , ,. ..:47f::
I
Multi-purpose room (nevi) • N/A 2,750
6 Realigned tont entrance(Keystone Dr.) N/A. N/A
_ •
' Total • 418 436.417 •
''''''''''' '''4•4,1Yt'4"01.V6''''''‘I'''rt.,14VYOT41'',;•7•1",r',..nlgr.iff.e,A-rgT1111'frllr'Sq4104-1.4-59%,11MggrfaP7V''.•4
`,6 efirj,e'vnl-WfWil in,Wer44.TrVQ,A,14:Ntrql,s7fli144;i4b,',,,•kir-,t,,,,,A,-,•,i'VliikeX,...,`,tt,‘,..A.4,,i, . , :re'..4,v%.,,,,,,,,..- -'1,,,, '/,-,-i,..,43.;,0,,,,.^.-.,.--A,,,,,,,k,',,,,.;,-4.,'.,-,..,,.V.-.',..- .
74,n17•4* .:41,2f.-70,,,:-., bil-$:, i,e,'"191 16:-C 374., i;NtVeiki..i.-;L,i44t4-LeIrOdt,.ANclti'2?Z;evSN.1:4L744t*1
AV"4-..„.1;.'iglcv,M'4V,',Y04_1,X-„,4f4.44i.4. VE:'-:.:'pV..,i8',.•5t:,-.,ik,.,,i yl,.4,r4.-t1e,0-'lai%t-V,-.1 a)--it.,t p814M.,.".-.Pla 1t4k1p t.hgr4v.1".•Department,.'(0, k:,'-;7'-14.4:0 D; Lgie.
S„ *4g
The project location is best known as the site of Caniglia's Original Restaurant at 7th and
Pacific Streets, which closed in the summer of 2005. This amendment adds property
located on the corner of 8th & Pierce Streets. The project is located in the Dahlman
Neighborhood, which is positioned immediately south of the Old Market in Downtown
Omaha. This Italian neighborhood is one of the oldest residential neighborhoods in
Omaha, with traditional architecture and a marked sense of community. This
amendment incorporates additional neighboring properties that Bluestone had under
consideration, or was negotiating to place under contract in order to enhance the
previously planned development and to provide for the possible future expansion of the
project. The need for expansion arrived sooner than anticipated, and thus is the basis of
this amendment.
Based upon the feasibility study previously prepared by Tracy Cross & Associates, the
Little Italy development is positioned in a niche market by offering both lower priced units
and a different product type (semi-attached). With the continued success of residential
products in the downtown core and in particular, Bluestone's The Rows at SoMa, the
Omaha market has proven there is an appetite for high density living with private
entrances and separate garages.
Bluestone has set Little Italy apart from the competition through product design and
pricing. The three overriding factors are: 1) the large amount of product currently
available in the downtown market; 2) the benchmark price of the Little Italy product is
20% below other multi-family products in Downtown Omaha and 3) the Little Italy
product offers semi-detached housing, a different product type than is currently offered in
Downtown Omaha.
The overall design of the project is all-white townhomes, with a focus on architectural
elements and landscaping to individualize each home and to fill the area with natural
color and style.
The current product design consists of 4 unit types ranging from 1,200 to 1,800 square
feet, with the majority of the units being 1,200 and 1,400 square foot units with 2
bedrooms and 1 or 2 baths. The construction is wood framing with poured-in-place
concrete foundations. Some construction highlights are vaulted ceilings in bedrooms,
11' living room ceilings, oversized windows, metal roofs and additional square footage in
an unfinished basement.
Program
• 39 "new urbanist" townhomes that will maximize the street presence of the units
and create a pedestrian oriented community through the use of traditional design
elements.
• Floor plan options will offer different layout amenities. All units will have storage
space and an unfinished basement.
2
ded will consist of 39 single-family attached townhomes
on 1.818 acres, with homes ranging from 1,200-1,800 finished SF. All units will have
private garages, outdoor space and price points starting at $198,000.00. 89% of the
homes will be under $250,000.00
non xo," mz1' Ol
7TH & PACIFIC STREETS
- OMAHA, NEBRASICA A = 0
b I i
...-o—,.san ; F y fi.Y R7R.i.eq ly' F i" xe}..5. q a
i f . ags X X',AlnEli-�94g- 1 8g a`a h : € 6 t'
h DTC's book-entry-only
municipal bond requirements in the form of one fully-registered bond certificate without coupons
for each stated Bond maturity registered in the name of Cede & Co., as DTC's nominee, or at
such other place as may be mutually agreed upon. Such payment and delivery is hereby called
the "Closing."
4831-8094-0546.2
STRB 07 4
ct in all
4831-8094-0546.2 3
STAB 07
65245 _, 65,245
Total debt 8,830 79,463 76.449 69,500 68,482 68,192
Percent o1 Cash Reserves to Debt Outstanding 25% 12% 16% 23% 27% ....
.,i ,v%
Notes'
fF
"'Issuance of the Series 2009 Bonds is assumed to occur in July 2008.
o,Nursing opens over a three month period beginning January 2010.
•
•
"-t The new IL and AL building is assumed to open May 2010.
. 01 Represents the first full year of stabilized occupancy for the community on a consolidated basis.
(s'Assumes that Skyline is approved for tax increment financing to help pay for qualifying development costs.
With7-7F 5 t k )(line. ac levies,' j r et raj' o) n.1e c �t. ...........
for permanent financing.
-4 Skyline, Omaha Planning Department(8.14.07) 21
J
,. ''''I ,cl' 'si " ',
Due to construction costs ,'::411, ,it (-‘,. ft,
Project is not viable without T1F-. ,
. . . . • . .. . .
. . Skyline; Omaha Planning Department(8 14 07) . ..• . .. , ,. ..:47f::
I
Multi-purpose room (nevi) • N/A 2,750
6 Realigned tont entrance(Keystone Dr.) N/A. N/A
_ •
' Total • 418 436.417 •
''''''''''' '''4•4,1Yt'4"01.V6''''''‘I'''rt.,14VYOT41'',;•7•1",r',..nlgr.iff.e,A-rgT1111'frllr'Sq4104-1.4-59%,11MggrfaP7V''.•4
`,6 efirj,e'vnl-WfWil in,Wer44.TrVQ,A,14:Ntrql,s7fli144;i4b,',,,•kir-,t,,,,,A,-,•,i'VliikeX,...,`,tt,‘,..A.4,,i, . , :re'..4,v%.,,,,,,,,..- -'1,,,, '/,-,-i,..,43.;,0,,,,.^.-.,.--A,,,,,,,k,',,,,.;,-4.,'.,-,..,,.V.-.',..- .
74,n17•4* .:41,2f.-70,,,:-., bil-$:, i,e,'"191 16:-C 374., i;NtVeiki..i.-;L,i44t4-LeIrOdt,.ANclti'2?Z;evSN.1:4L744t*1
AV"4-..„.1;.'iglcv,M'4V,',Y04_1,X-„,4f4.44i.4. VE:'-:.:'pV..,i8',.•5t:,-.,ik,.,,i yl,.4,r4.-t1e,0-'lai%t-V,-.1 a)--it.,t p814M.,.".-.Pla 1t4k1p t.hgr4v.1".•Department,.'(0, k:,'-;7'-14.4:0 D; Lgie.
S„ *4g
• • One-car garage and one parking pad. Additional parking on Pacific and Pierce
Streets.
• All units will be white in color, with a focus on architectural elements and
landscaping.
• A generous landscaping package will be included with each unit.
DEVELOPMENT FINANCING PLAN
SOURCES OF FUNDS
FIRST NATIONAL BANK $3,200,000
CASH EQUITY FROM PARTNERS 636,000
TAX INCREMENT FINANCING 1,370,000
SALES OF ROWHOUSES/CONDOS 9,172,000
TOTAL SOURCES OF FUNDS $14,378,000
USES OF FUNDS TOTAL
PURCHASE OF LAND $636,000
CONSTRUCTION COSTS 7,865,000
SOFT COSTS 1,908,000
FNBO LOAN PAY-OFF 3,200,000
RETURN OF EQUITY TO PARTNERS 636,000
PROFIT 133,000
TOTAL USES OF FUNDS $14,378,000
FIRST NATIONAL BANK
LOAN AMOUNT $3,200,000
INTEREST RATE 8.0%
TERM REVOLVING *
SOURCES OF FUNDS WITH WITHOUT
TIF TIF
FIRST NATIONAL BANK $ 3,200,000 $ 3,200,000
CASH EQUITY FROM PARTNERS 636,000 636,000
TAX INCREMENT FINANCING 1,370,000 0
SALES OF ROWHOUSES/CONDOS 9,172,000 9,172,000
TOTAL SOURCES OF FUNDS $14,378,000 $13,008,000
3
competition through product design and
pricing. The three overriding factors are: 1) the large amount of product currently
available in the downtown market; 2) the benchmark price of the Little Italy product is
20% below other multi-family products in Downtown Omaha and 3) the Little Italy
product offers semi-detached housing, a different product type than is currently offered in
Downtown Omaha.
The overall design of the project is all-white townhomes, with a focus on architectural
elements and landscaping to individualize each home and to fill the area with natural
color and style.
The current product design consists of 4 unit types ranging from 1,200 to 1,800 square
feet, with the majority of the units being 1,200 and 1,400 square foot units with 2
bedrooms and 1 or 2 baths. The construction is wood framing with poured-in-place
concrete foundations. Some construction highlights are vaulted ceilings in bedrooms,
11' living room ceilings, oversized windows, metal roofs and additional square footage in
an unfinished basement.
Program
• 39 "new urbanist" townhomes that will maximize the street presence of the units
and create a pedestrian oriented community through the use of traditional design
elements.
• Floor plan options will offer different layout amenities. All units will have storage
space and an unfinished basement.
2
ded will consist of 39 single-family attached townhomes
on 1.818 acres, with homes ranging from 1,200-1,800 finished SF. All units will have
private garages, outdoor space and price points starting at $198,000.00. 89% of the
homes will be under $250,000.00
non xo," mz1' Ol
7TH & PACIFIC STREETS
- OMAHA, NEBRASICA A = 0
b I i
...-o—,.san ; F y fi.Y R7R.i.eq ly' F i" xe}..5. q a
i f . ags X X',AlnEli-�94g- 1 8g a`a h : € 6 t'
h DTC's book-entry-only
municipal bond requirements in the form of one fully-registered bond certificate without coupons
for each stated Bond maturity registered in the name of Cede & Co., as DTC's nominee, or at
such other place as may be mutually agreed upon. Such payment and delivery is hereby called
the "Closing."
4831-8094-0546.2
STRB 07 4
ct in all
4831-8094-0546.2 3
STAB 07
65245 _, 65,245
Total debt 8,830 79,463 76.449 69,500 68,482 68,192
Percent o1 Cash Reserves to Debt Outstanding 25% 12% 16% 23% 27% ....
.,i ,v%
Notes'
fF
"'Issuance of the Series 2009 Bonds is assumed to occur in July 2008.
o,Nursing opens over a three month period beginning January 2010.
•
•
"-t The new IL and AL building is assumed to open May 2010.
. 01 Represents the first full year of stabilized occupancy for the community on a consolidated basis.
(s'Assumes that Skyline is approved for tax increment financing to help pay for qualifying development costs.
With7-7F 5 t k )(line. ac levies,' j r et raj' o) n.1e c �t. ...........
for permanent financing.
-4 Skyline, Omaha Planning Department(8.14.07) 21
J
,. ''''I ,cl' 'si " ',
Due to construction costs ,'::411, ,it (-‘,. ft,
Project is not viable without T1F-. ,
. . . . • . .. . .
. . Skyline; Omaha Planning Department(8 14 07) . ..• . .. , ,. ..:47f::
I
Multi-purpose room (nevi) • N/A 2,750
6 Realigned tont entrance(Keystone Dr.) N/A. N/A
_ •
' Total • 418 436.417 •
''''''''''' '''4•4,1Yt'4"01.V6''''''‘I'''rt.,14VYOT41'',;•7•1",r',..nlgr.iff.e,A-rgT1111'frllr'Sq4104-1.4-59%,11MggrfaP7V''.•4
`,6 efirj,e'vnl-WfWil in,Wer44.TrVQ,A,14:Ntrql,s7fli144;i4b,',,,•kir-,t,,,,,A,-,•,i'VliikeX,...,`,tt,‘,..A.4,,i, . , :re'..4,v%.,,,,,,,,..- -'1,,,, '/,-,-i,..,43.;,0,,,,.^.-.,.--A,,,,,,,k,',,,,.;,-4.,'.,-,..,,.V.-.',..- .
74,n17•4* .:41,2f.-70,,,:-., bil-$:, i,e,'"191 16:-C 374., i;NtVeiki..i.-;L,i44t4-LeIrOdt,.ANclti'2?Z;evSN.1:4L744t*1
AV"4-..„.1;.'iglcv,M'4V,',Y04_1,X-„,4f4.44i.4. VE:'-:.:'pV..,i8',.•5t:,-.,ik,.,,i yl,.4,r4.-t1e,0-'lai%t-V,-.1 a)--it.,t p814M.,.".-.Pla 1t4k1p t.hgr4v.1".•Department,.'(0, k:,'-;7'-14.4:0 D; Lgie.
S„ *4g
USES OF FUNDS
PURCHASE OF LAND $ 636,000 636,000
CONSTRUCTION COSTS 7,865,000 7,865,000
SOFT COSTS 1,908,000 1,908,000
FNBO LOAN PAY-OFF 3,200,000 3,200,000
RETURN OF EQUITY TO PARTNERS 636,000 636,000
TOTAL USES OF FUNDS $14,245,000 $14,245,000
PROFIT $133,000 ($1,237,000)
RETURN ON INVESTMENT 9% NEGATIVE
* The loan from First National Bank is a revolving construction loan with a maximum
loan at any given time of $3.2 million. The construction loan will be drawn upon
during construction and will be paid down with the proceeds from the townhome
closings.
STATEMENT AND DEMONSTRATION THAT THE PROJECT WOULD
NOT PROCEED WITHOUT THE USE OF TAX INCREMENT FINANCING
Without the successful incorporation of increased Tax Increment Financing, it would not
be economically feasible to proceed with project expansion. TIF blended with equity
forms the critical basis for the financing to be economically viable.
COST BENEFIT ANALYSIS
This request meets the necessary requirements for consideration. The project site is in
an area that meets the requirements to be and has been declared substandard and
blighted. The TIF proceeds are to be used to cover site acquisition, development, and
any public improvement costs, with the remaining balance of the TIF to be used for
project specific eligible costs. The site is currently vacant with marginal tax value
resulting from the removal of the former building on the redevelopment site. This
project will bring new housing to fill a gap in pricing for housing related to the current
new condo developments and conversions in Downtown Omaha. The site is currently
not being fully utilized economically by remaining a vacant property. The use of Tax
Increment Financing will not result in tax shifts. The current level of taxes will continue
to flow to the current taxing entities and only the increased value of revenues resulting
from the improvements will be applied to the cost of the improvement. No community
public service need will be generated as a result of this project. The proposed TIF will
be used to offset acquisition, demolition, and public improvement cost and to defray site
development costs, which are eligible activities. The development of this site will
provide employment by increasing the demand for personal services and employees to
provide such services. This development will impact other businesses, as there will be
an increase in the demand for employees to fill employment opportunities created by
4
ommunity through the use of traditional design
elements.
• Floor plan options will offer different layout amenities. All units will have storage
space and an unfinished basement.
2
ded will consist of 39 single-family attached townhomes
on 1.818 acres, with homes ranging from 1,200-1,800 finished SF. All units will have
private garages, outdoor space and price points starting at $198,000.00. 89% of the
homes will be under $250,000.00
non xo," mz1' Ol
7TH & PACIFIC STREETS
- OMAHA, NEBRASICA A = 0
b I i
...-o—,.san ; F y fi.Y R7R.i.eq ly' F i" xe}..5. q a
i f . ags X X',AlnEli-�94g- 1 8g a`a h : € 6 t'
h DTC's book-entry-only
municipal bond requirements in the form of one fully-registered bond certificate without coupons
for each stated Bond maturity registered in the name of Cede & Co., as DTC's nominee, or at
such other place as may be mutually agreed upon. Such payment and delivery is hereby called
the "Closing."
4831-8094-0546.2
STRB 07 4
ct in all
4831-8094-0546.2 3
STAB 07
65245 _, 65,245
Total debt 8,830 79,463 76.449 69,500 68,482 68,192
Percent o1 Cash Reserves to Debt Outstanding 25% 12% 16% 23% 27% ....
.,i ,v%
Notes'
fF
"'Issuance of the Series 2009 Bonds is assumed to occur in July 2008.
o,Nursing opens over a three month period beginning January 2010.
•
•
"-t The new IL and AL building is assumed to open May 2010.
. 01 Represents the first full year of stabilized occupancy for the community on a consolidated basis.
(s'Assumes that Skyline is approved for tax increment financing to help pay for qualifying development costs.
With7-7F 5 t k )(line. ac levies,' j r et raj' o) n.1e c �t. ...........
for permanent financing.
-4 Skyline, Omaha Planning Department(8.14.07) 21
J
,. ''''I ,cl' 'si " ',
Due to construction costs ,'::411, ,it (-‘,. ft,
Project is not viable without T1F-. ,
. . . . • . .. . .
. . Skyline; Omaha Planning Department(8 14 07) . ..• . .. , ,. ..:47f::
I
Multi-purpose room (nevi) • N/A 2,750
6 Realigned tont entrance(Keystone Dr.) N/A. N/A
_ •
' Total • 418 436.417 •
''''''''''' '''4•4,1Yt'4"01.V6''''''‘I'''rt.,14VYOT41'',;•7•1",r',..nlgr.iff.e,A-rgT1111'frllr'Sq4104-1.4-59%,11MggrfaP7V''.•4
`,6 efirj,e'vnl-WfWil in,Wer44.TrVQ,A,14:Ntrql,s7fli144;i4b,',,,•kir-,t,,,,,A,-,•,i'VliikeX,...,`,tt,‘,..A.4,,i, . , :re'..4,v%.,,,,,,,,..- -'1,,,, '/,-,-i,..,43.;,0,,,,.^.-.,.--A,,,,,,,k,',,,,.;,-4.,'.,-,..,,.V.-.',..- .
74,n17•4* .:41,2f.-70,,,:-., bil-$:, i,e,'"191 16:-C 374., i;NtVeiki..i.-;L,i44t4-LeIrOdt,.ANclti'2?Z;evSN.1:4L744t*1
AV"4-..„.1;.'iglcv,M'4V,',Y04_1,X-„,4f4.44i.4. VE:'-:.:'pV..,i8',.•5t:,-.,ik,.,,i yl,.4,r4.-t1e,0-'lai%t-V,-.1 a)--it.,t p814M.,.".-.Pla 1t4k1p t.hgr4v.1".•Department,.'(0, k:,'-;7'-14.4:0 D; Lgie.
S„ *4g
this development. The elimination of the substandard and blight conditions and the
provision of new housing that will increase employment opportunities will increase
economic opportunities. The development will cause an increase in traffic in this area;
however, it will cause a corresponding reduction in traffic in other areas by providing
housing and employment, which will reduce the outflow of people and of dollars from
the area. The current street system is able to accommodate the development. The
creation of new housing opportunities, the creation of new employment opportunities
and the increased demand for goods and services justify the cost associated with the
project. The long-term benefits resulting from the elimination of the substandard and
blight condition and the increase in the tax base resulting from the development are also
valid justifications to provide assistance to the Little Italy project.
5
ded with equity
forms the critical basis for the financing to be economically viable.
COST BENEFIT ANALYSIS
This request meets the necessary requirements for consideration. The project site is in
an area that meets the requirements to be and has been declared substandard and
blighted. The TIF proceeds are to be used to cover site acquisition, development, and
any public improvement costs, with the remaining balance of the TIF to be used for
project specific eligible costs. The site is currently vacant with marginal tax value
resulting from the removal of the former building on the redevelopment site. This
project will bring new housing to fill a gap in pricing for housing related to the current
new condo developments and conversions in Downtown Omaha. The site is currently
not being fully utilized economically by remaining a vacant property. The use of Tax
Increment Financing will not result in tax shifts. The current level of taxes will continue
to flow to the current taxing entities and only the increased value of revenues resulting
from the improvements will be applied to the cost of the improvement. No community
public service need will be generated as a result of this project. The proposed TIF will
be used to offset acquisition, demolition, and public improvement cost and to defray site
development costs, which are eligible activities. The development of this site will
provide employment by increasing the demand for personal services and employees to
provide such services. This development will impact other businesses, as there will be
an increase in the demand for employees to fill employment opportunities created by
4
ommunity through the use of traditional design
elements.
• Floor plan options will offer different layout amenities. All units will have storage
space and an unfinished basement.
2
ded will consist of 39 single-family attached townhomes
on 1.818 acres, with homes ranging from 1,200-1,800 finished SF. All units will have
private garages, outdoor space and price points starting at $198,000.00. 89% of the
homes will be under $250,000.00
non xo," mz1' Ol
7TH & PACIFIC STREETS
- OMAHA, NEBRASICA A = 0
b I i
...-o—,.san ; F y fi.Y R7R.i.eq ly' F i" xe}..5. q a
i f . ags X X',AlnEli-�94g- 1 8g a`a h : € 6 t'
h DTC's book-entry-only
municipal bond requirements in the form of one fully-registered bond certificate without coupons
for each stated Bond maturity registered in the name of Cede & Co., as DTC's nominee, or at
such other place as may be mutually agreed upon. Such payment and delivery is hereby called
the "Closing."
4831-8094-0546.2
STRB 07 4
ct in all
4831-8094-0546.2 3
STAB 07
65245 _, 65,245
Total debt 8,830 79,463 76.449 69,500 68,482 68,192
Percent o1 Cash Reserves to Debt Outstanding 25% 12% 16% 23% 27% ....
.,i ,v%
Notes'
fF
"'Issuance of the Series 2009 Bonds is assumed to occur in July 2008.
o,Nursing opens over a three month period beginning January 2010.
•
•
"-t The new IL and AL building is assumed to open May 2010.
. 01 Represents the first full year of stabilized occupancy for the community on a consolidated basis.
(s'Assumes that Skyline is approved for tax increment financing to help pay for qualifying development costs.
With7-7F 5 t k )(line. ac levies,' j r et raj' o) n.1e c �t. ...........
for permanent financing.
-4 Skyline, Omaha Planning Department(8.14.07) 21
J
,. ''''I ,cl' 'si " ',
Due to construction costs ,'::411, ,it (-‘,. ft,
Project is not viable without T1F-. ,
. . . . • . .. . .
. . Skyline; Omaha Planning Department(8 14 07) . ..• . .. , ,. ..:47f::
I
Multi-purpose room (nevi) • N/A 2,750
6 Realigned tont entrance(Keystone Dr.) N/A. N/A
_ •
' Total • 418 436.417 •
''''''''''' '''4•4,1Yt'4"01.V6''''''‘I'''rt.,14VYOT41'',;•7•1",r',..nlgr.iff.e,A-rgT1111'frllr'Sq4104-1.4-59%,11MggrfaP7V''.•4
`,6 efirj,e'vnl-WfWil in,Wer44.TrVQ,A,14:Ntrql,s7fli144;i4b,',,,•kir-,t,,,,,A,-,•,i'VliikeX,...,`,tt,‘,..A.4,,i, . , :re'..4,v%.,,,,,,,,..- -'1,,,, '/,-,-i,..,43.;,0,,,,.^.-.,.--A,,,,,,,k,',,,,.;,-4.,'.,-,..,,.V.-.',..- .
74,n17•4* .:41,2f.-70,,,:-., bil-$:, i,e,'"191 16:-C 374., i;NtVeiki..i.-;L,i44t4-LeIrOdt,.ANclti'2?Z;evSN.1:4L744t*1
AV"4-..„.1;.'iglcv,M'4V,',Y04_1,X-„,4f4.44i.4. VE:'-:.:'pV..,i8',.•5t:,-.,ik,.,,i yl,.4,r4.-t1e,0-'lai%t-V,-.1 a)--it.,t p814M.,.".-.Pla 1t4k1p t.hgr4v.1".•Department,.'(0, k:,'-;7'-14.4:0 D; Lgie.
S„ *4g
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INTER-OFFICE COMMUNICATION
Date: June 22, 2006
To: Chairman and Members of the Omaha Planning Board
From: Steve Jensen, Planning Director
Developer: CANIGLIA LITTLE ITALY, LLC
Tax Increment Financing Redevelopment Project Plan
By Bluestone Development, LLC
Project: CANIGLIA LITTLE ITALY LLC Tax Increment Financing Redevelopment
Project Plan provides for the purchase of 1.84-acres for the development of 35 new
Townhomes at 7th &Pacific Streets. The plan proposes to create a strong residential
community in close proximity to downtown for individuals seeking more affordable
downtown residential living with lower price point homes in comparison to the Condo
developments in downtown.
The project site and area meet the requirements of Community Development Law and
qualify for the utilization of Tax Increment Financing (TIF) for the project. The TIF of
$1,200,000.00 will cover cost associated with acquisition, site design, site development
and public improvements as may be required and all other eligible cost to complete the
project. The TIF is based on the estimated sales value of$8,065,000.00. The project cost
is approximately $12,901,000. 00.
This is an important project that will have a significant impact on this area by providing
single family housing opportunities which will increase the demand for goods and
services in support of the growing downtown residential community. TIF is necessary as
an innovative financing approach to encourage this type of development and to support
the potential growth which will occur as a result of this and other developments in the
area. The project will comply with development guidelines and is consistent with the
changing land use and proposed zoning for the area.
Recommendation: Approve the CANIGLIA LITTLE ITALY LLC Tax Increment
Financing(TIF) Redevelopment Project Plan developed and proposed by Bluestone
Development, LLC that provides for the purchase of 1.84-acres for the development of
35 single family townhomes at 7th & Pacific Streets in South Omaha to create a stronger
residential community in close proximity to downtown with lower price point homes in
comparison to the single-family Condo developments in downtown.
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CASE: C3-06-170 26
APPLICANT: Bluestone Development, LLC
REQUEST: Approval of the CANIGLIA LITTLE ITALY LLC 7th & PACIFIC STREETS
REDEVELOPMENT PLAN
LOCATION: 7th & Pacific Streets
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CASE: C3-06-170 9
APPLICANT: Bluestone Development, LLC
{REQUEST: Approval of an Amendment to the CANIGLIA LITTLE
ITALY LLC 7th & PACIFIC STREETS REDEVELOPMENT PLAN
LOCATION: 7th & Pacific Streets
SUBJECT AREA IS SHADED - JULY 2007
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•
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CANIGLIA LITTLE ITALY, L LC
TAX INCREMENT FINANCING
REDEVELOPMENT PROJECT PLAN
BY
BLUESTONE DEVELOPMENT, LLC
35 TOWNHOMES
7TH AND PACIFIC STREETS
OMAHA, NEBRASKA
J U LY, 2006
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O FE8Y'°' PLANNING • OMAHA
Mike Fahey, Mayor City of Omaha Steven N. Jensen, AICP, Director
Planning Department
Omaha/Douglas Civic Center
1819 Farnam Street
Omaha, Nebraska 68183
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• EXECUTIVE SUMMARY
Over the last three years, the downtown Omaha residential housing market has taken
off. Bluestone Development has recognized that one aspect of this downtown housing
boom has been that buyers in the under $250,000 price range do not have enough
options available to them in order to participate in this urban living revival.
The driving force behind the proposed Little Italy project at 7th and Pacific Streets is to
create a community in close proximity to Downtown with lower price point homes,
without compromising design aspects expected in urban dwellings. That being said, we
are excited about bringing new housing to the Little Italy neighborhood.
The proposed project consists of 35 single-family attached townhomes on 1.84 acres,
with homes ranging from 1,200-1,800 finished SF with private garages, outdoor space
and price points starting at $198,000 (89% of the homes will be under $250,000.)
The project location is best known as the site of Caniglia's Original Restaurant at 7th and
Pacific Streets, which closed in the summer of 2005. The property is located in the
Dahlman Neighborhood, which is positioned immediately south of the Old Market in
Downtown Omaha. This Italian neighborhood is one of the oldest residential
neighborhoods in Omaha with traditional architecture and a very
community/neighborhood oriented feel. There are additional neighboring properties that
Bluestone has either placed under contract or is negotiating to place under contract that
will enhance the currently planned development and allow for the possible expansion of
the development.
Based upon the feasibility study prepared by Tracy Cross & Associates (see report
narrative at Appendix 1), the development is positioned in a niche market by offering
both lower priced units and a different product type (semi-attached). With the continued
success of residential products in the downtown core and, in particular, Bluestone's The
Rows at SoMa, the Omaha market has proven there is an appetite for high density living
with private entrances and separate garages.
Tracy Cross points out factors that emphasize that Bluestone must set Little Italy apart
from the competition through product design and pricing. The two overriding factors are:
1) there is a large amount of product currently available in the downtown market and 2)
the benchmark price of the Little Italy product is 20% below other multi-family product in
Downtown Omaha, due to the fact that the location may be less desirable for those who
want to live in the heart of the downtown area.
Bluestone has teamed up with Pappageorge/Haymes Architects (Chicago) and Brester
Construction (Lincoln) to design and construct the project. Bluestone has worked with
Pappageorge/Haymes on other projects, most notably, The Rows at SoMa. Brester has
extensive experience in both single-family and multi-family residential construction
projects in the metro area.
1
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S„ *4g
• The overall design of the project is all white townhomes in an effort to create a
monochromatic community, with a focus on architectural elements to individualize each
home. The other important focus of the overall design is the attention to landscaping to
fill the project with natural color.
The current product design consists of 4 unit types ranging from 1,200 to 1,800 square
feet with the majority of the units being 1,200 and 1,400 square foot units with 2
bedrooms and 1 or 2 baths. The construction is wood framing with poured-in-place
concrete foundations. Some construction highlights are vaulted ceilings in bedrooms,
11' living room ceilings, oversized windows, metal roofs and additional square footage in
an unfinished basement.
There are potential challenges to optimizing the success of the project. The three main
challenges are: 1) the railroad bridge that provides an undesirable corridor to the area,
2) zoning and setback changes/waivers needed, and 3) the purchase of neighboring
properties in poor condition. Bluestone has arrived at potential solutions to all three
challenges and is in the process of working through those solutions.
PROJECT DESCRIPTION
Living Problem and Solution
Over the last three years, the downtown Omaha residential housing market has taken
off. But with prices of new housing in Downtown being higher than comparable square
footages in the suburbs, some buyers may not value the downtown lifestyle enough to
pay a premium to live in the area. The problem is that housing in Downtown tends to
have a higher entry price point making it more difficult for the young professional,
civically employed or other moderately paid individual to be able to afford Downtown
housing.
The solution to this problem is to create a community that has a lower price point.
Moderate pricing was the driving force behind the design of Little Italy. However, just
because a unit is moderately priced does not mean that the design should suffer. By
creating smaller units with open and unique floor plans, Bluestone hopes to achieve the
goal of desirable, moderately priced units that integrate within the existing community
and offer residents not only a home but a way of life.
Concept
The Little Italy development will bring urban living to the buyer in the moderate price
range. The project may be a first time purchase for someone renting Downtown, or it
may be a move-up house for someone coming from a lower price point in the suburbs.
The proximity to Downtown will allow for the urban lifestyle, while the site design and
location will allow for many amenities not found in the downtown lofts such as a private
garage, outdoor space and multi-level living.
2
) to design and construct the project. Bluestone has worked with
Pappageorge/Haymes on other projects, most notably, The Rows at SoMa. Brester has
extensive experience in both single-family and multi-family residential construction
projects in the metro area.
1
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1
Location
The site is best known as Caniglia's Original Restaurant located on 7th Street between
Pacific and Pierce. It is approximately 80,000 square feet and has access from 7th
Street, 8th Street, Pacific Street and Pierce Street. The surrounding area is primarily
residential. Bluestone is in the process of placing additional parcels under contract that
are adjacent to the site. If these parcels were included, the project would grow to
approximately 155,000 SF, which would allow the project to expand based upon market
demand.
Neighborhood
Little Italy is located in the Dahlman Neighborhood, which is positioned immediately
south of the Old Market in Downtown Omaha. The neighborhood was platted in 1854
and serves as the oldest residential neighborhood in Omaha, remaining primarily ethnic
in nature. There are a variety of businesses located in the neighborhood ranging from
the family owned Orsi's Italian Bakery to the larger employers like the main US Post
Office, ConAgra, Union Pacific and Grace University.
The neighborhood includes several attractions including the Botanical Gardens, Sokol
Hall, and numerous restaurants, schools and churches. Many of these attractions
enhance the Dahlman Neighborhood's heritage such as the Sons of Italy Hall and Saint
Francis Cabrini Church.
The architecture of the community is traditional in nature, meaning that the houses front
on the street with garages toward the back served by alleys or private streets.
Businesses are also set close to the street, with parking located either on the street or in
lots behind the buildings. There are several landmark buildings, such as the Santa Lucia
Hall, located near the property. These buildings are generally three stories, brick and a
little grander than the typical single-family home. The Little Italy development will
complement these architectural types.
Finally, the neighborhood is located near the Old Market, making the services of the Old
Market readily available to the buyers at Little Italy. This, combined with the unique
Dahlman Neighborhood, enhances the attraction of Little Italy. Little Italy will not just be
a development; it will be part of a true community.
Program
• 35 "new urbanist" townhomes that will maximize the street presence of the units
and create a pedestrian oriented community through the use of traditional design
elements.
• Floor plan options will offer different layout amenities. All units will have storage
space and an unfinished basement.
• One-car garage and one parking pad. Additional parking on Pacific and Pierce
Streets.
3
garage, outdoor space and multi-level living.
2
) to design and construct the project. Bluestone has worked with
Pappageorge/Haymes on other projects, most notably, The Rows at SoMa. Brester has
extensive experience in both single-family and multi-family residential construction
projects in the metro area.
1
S 2 AT LITTLE ITALY !II ,I° N1i - ›"
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S„ *4g
•
• • All units will be white in an effort to create a monochromatic community with a
focus on architectural elements.
• A generous landscaping package will be included with each unit.
The unit sizes and proposed entry level pricing are as follows:
Unit Type Avg. Square Feet Total # Units Sales Price Bed Bath Stories
Townhome 1,200-1,800 33 $198,000 2-3 1-2 2
Townhome 1,500 2 $249,000 2 21/2 3
** The square footages do not include garage, unfinished basement or storage space.
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The architecture of the community is traditional in nature, meaning that the houses front
on the street with garages toward the back served by alleys or private streets.
Businesses are also set close to the street, with parking located either on the street or in
lots behind the buildings. There are several landmark buildings, such as the Santa Lucia
Hall, located near the property. These buildings are generally three stories, brick and a
little grander than the typical single-family home. The Little Italy development will
complement these architectural types.
Finally, the neighborhood is located near the Old Market, making the services of the Old
Market readily available to the buyers at Little Italy. This, combined with the unique
Dahlman Neighborhood, enhances the attraction of Little Italy. Little Italy will not just be
a development; it will be part of a true community.
Program
• 35 "new urbanist" townhomes that will maximize the street presence of the units
and create a pedestrian oriented community through the use of traditional design
elements.
• Floor plan options will offer different layout amenities. All units will have storage
space and an unfinished basement.
• One-car garage and one parking pad. Additional parking on Pacific and Pierce
Streets.
3
garage, outdoor space and multi-level living.
2
) to design and construct the project. Bluestone has worked with
Pappageorge/Haymes on other projects, most notably, The Rows at SoMa. Brester has
extensive experience in both single-family and multi-family residential construction
projects in the metro area.
1
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S„ *4g
• Finishes
Finishes will be competitive in the marketplace for like price points and appropriate for
the moderate-income buyer.
Upgrade Options
• Cabinetry upgrade for changes in color and wood type
• Flooring upgrade from carpet to wood in living room, entry, bedrooms, hall
• Fireplace upgrade in the living room
• Powder room addition in the basement
• Countertop upgrade to granite from laminate
• Finished basement upgrade
• Kitchen and bathroom tile upgrade for changes in color and type
• Plumbing fixture upgrade
• Landscaping upgrade packages
Challenges
❖ Zoning and Setbacks
Challenge:
The current zoning is HI, or heavy industrial. This use was created to
accommodate uses that are not appropriate in residential areas due to major
external effects. Residential is not allowed under this use. If this challenge is
remedied through a change of zone to R-7, the required front yard setback is 35
feet. This setback limits the number of units that can be developed on the site.
Solution:
To address this issue, Bluestone is requesting a change of zone to R-7, which
will allow for residential development similar to The Rows at SoMa. In addition, a
waiver to decrease the front yard setback to 4.5 feet will be requested. At this
point in time, there is no reason to believe that the rezoning and waiver requests
will not be granted.
5
rages toward the back served by alleys or private streets.
Businesses are also set close to the street, with parking located either on the street or in
lots behind the buildings. There are several landmark buildings, such as the Santa Lucia
Hall, located near the property. These buildings are generally three stories, brick and a
little grander than the typical single-family home. The Little Italy development will
complement these architectural types.
Finally, the neighborhood is located near the Old Market, making the services of the Old
Market readily available to the buyers at Little Italy. This, combined with the unique
Dahlman Neighborhood, enhances the attraction of Little Italy. Little Italy will not just be
a development; it will be part of a true community.
Program
• 35 "new urbanist" townhomes that will maximize the street presence of the units
and create a pedestrian oriented community through the use of traditional design
elements.
• Floor plan options will offer different layout amenities. All units will have storage
space and an unfinished basement.
• One-car garage and one parking pad. Additional parking on Pacific and Pierce
Streets.
3
garage, outdoor space and multi-level living.
2
) to design and construct the project. Bluestone has worked with
Pappageorge/Haymes on other projects, most notably, The Rows at SoMa. Brester has
extensive experience in both single-family and multi-family residential construction
projects in the metro area.
1
S 2 AT LITTLE ITALY !II ,I° N1i - ›"
—ri7TH & PACIFIC STREETS ^ c &P' mR A rn
- ' OMAHA, NEBRASKA 6 I'
TE BY L7rn a
Li 2 ° THE TOWNS AT LITTLE ITALY • pow Y4�n
iQ u NAS
ct-
o k o �`m .. REPLAT 1 Ug li
ADMINISTRATIVE MINOR PLAT 3 =$; `4
m it ID
7TH & PACIFIC STREETS, OMAHA, NEBRASKA " - l^ •
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Pacific 8th Street looking South from Pacific
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,
❖ Neighboring Properties
p ✓ � Stl, T, t
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Challenge:
Several of the neighboring properties are in poor condition. Many of these
properties are rentals and appear to need substantial improvements. These
properties currently lower the quality of the neighborhood.
Solution:
One of the four properties is owned by the partnership as part of the purchase of
the Caniglia restaurant site. Bluestone is in the process of optioning the three
other properties for a future phase. Purchase contracts have been entered into
for two of the three properties, while the other property is still under negotiation
with the owner.
MARKET FEASIBILITY SUMMARY
Among other things, Bluestone uses a downtown market pipeline report and a market
feasibility report to assist in product, pricing and release decisions. Bluestone is
currently developing rowhouses downtown with the only current competition being
6
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8th Street looking North from Pierce 7th Street looking South from Pacific
• Riverfront Place. Bluestone's rowhouse project The Rows at SoMa has out-performed
other downtown projects in sales per month since groundbreaking in June 2004. The
main reason for this is the price per square foot and a product that offers a buyer their
own front door, roof top access and a private garage. That being said, there are
condo/loft projects in Downtown Omaha that could provide competition for Little Italy
based on price and square footage. Competitive projects with a portion of their units
selling in the $200,000's include Ford Lofts, Park Plaza, Beebe & Runyan, and The
Paxton and soon to be released Kimball Lofts and J Lofts. For the most part, the
projects that are underway have sold the majority of their lower priced units.
Bluestone's Residential Pipeline report (see Appendix 2) identifies 351 condominium
units currently selling on the market. Additionally, there are an additional 384 condos
planned in the downtown Omaha market. There are substantially fewer
rowhouses/townhomes on the market with only 40 currently selling and 50 planned. Of
the 50 planned, 35 are units at Little Italy and 15 are Bluestone's Butternut project,
which is on hold until 2007. With the amount of product in the downtown market, it is
important for Bluestone to set Little Italy apart from the competition through product
design and pricing.
The Tracy Cross & Associates feasibility summary (see Appendix 1) points out that the
benchmark pricing for Little Italy is 20% below other multi-family product that is being
offered in Downtown Omaha. The reason for this pricing discount is to allow Little Italy
to achieve a sales pace that will allow the project to sell out in 18 months. Additionally,
the location of Little Italy may be less desirable for the buyer who wants to be located in
the heart of Downtown Omaha. The Tracy Cross report and includes more detailed
information on how the benchmark pricing strategy was developed.
The data included in the Tracy Cross report is consistent with Bluestone's sales
experience at The Rows at SoMa. We have found that The Rows at SoMa is currently
unable to capture the buyer looking to purchase in the $200,000 price range. This
buyer is already attracted to the area and proximity to the Old Market, but can't afford
The Rows at SoMa.
The Tracy Cross report also discusses the design element of the "semi-attached"
product at Little Italy that is currently being developed. The product is described as
"semi-attached" because the garage is attached to the living space of the adjacent unit.
In other words, there are no shared living space walls. This provides more privacy than
an attached product. Tracy Cross points out that the use of this semi-attached product
may attract buyers away from other downtown products to Little Italy, despite a
subordinate location.
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8th Street looking North from Pierce 7th Street looking South from Pacific
•
• DEVELOPMENT FINANCING PLAN
USES OF FUNDS TOTAL
PURCHASE OF LAND $550,000
CONSTRUCTION COSTS 7,003,000
SOFT COSTS 1,610,000
FNBO LOAN PAY-OFF 3,000,000
RETURN OF EQUITY TO PARTNERS 636,000
PROFIT 102,000
TOTAL USES OF FUNDS $12,901,000
SOURCES OF FUNDS
FIRST NATIONAL BANK $3,000,000
CASH EQUITY FROM PARTNERS 636,000
TAX INCREMENT FINANCING 1,200,000
SALES OF ROWHOUSES/CONDOS 8,065,000
TOTAL SOURCES OF FUNDS $12,901,000
FIRST NATIONAL BANK
LOAN AMOUNT $3,000,000
INTEREST RATE 7.0%
TERM REVOLVING *
* The loan from First National Bank is a revolving construction loan. Disbursements
over the 16-month construction period will total approximately $4 Million with a
maximum loan at any given time of $3 Million. The construction loan will be drawn
upon during construction and will be paid down with the proceeds from the
townhome closings.
STATEMENT AND DEMONSTRATION THAT THE PROJECT WOULD
NOT PROCEED WITHOUT THE USE OF TAX INCREMENT FINANCING
Without the successful incorporation of Tax Increment Financing, it would not be
economically feasible to proceed with this project. TIF blended with equity forms the
critical basis for the remaining first mortgage construction loan to be economically
viable.
8
s 20% below other multi-family product that is being
offered in Downtown Omaha. The reason for this pricing discount is to allow Little Italy
to achieve a sales pace that will allow the project to sell out in 18 months. Additionally,
the location of Little Italy may be less desirable for the buyer who wants to be located in
the heart of Downtown Omaha. The Tracy Cross report and includes more detailed
information on how the benchmark pricing strategy was developed.
The data included in the Tracy Cross report is consistent with Bluestone's sales
experience at The Rows at SoMa. We have found that The Rows at SoMa is currently
unable to capture the buyer looking to purchase in the $200,000 price range. This
buyer is already attracted to the area and proximity to the Old Market, but can't afford
The Rows at SoMa.
The Tracy Cross report also discusses the design element of the "semi-attached"
product at Little Italy that is currently being developed. The product is described as
"semi-attached" because the garage is attached to the living space of the adjacent unit.
In other words, there are no shared living space walls. This provides more privacy than
an attached product. Tracy Cross points out that the use of this semi-attached product
may attract buyers away from other downtown products to Little Italy, despite a
subordinate location.
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Pierce Street looking East from 8th Street 7th Street Looking North from Pierce
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SOURCES OF FUNDS WITH TIF WITHOUT TIF
FIRST NATIONAL BANK * $ 3,000,000 $ 3,000,000
CASH EQUITY FROM PARTNERS 636,000 636,000
TAX INCREMENT FINANCING 1,200,000 0
SALES OF ROWHOUSES/CONDOS 8,065,000 8,065,000
TOTAL SOURCES OF FUNDS $12,901,000 $11,701,000
USES OF FUNDS
PURCHASE OF LAND $550,000 $550,000
CONSTRUCTION COSTS 7,003,000 7,003,000
SOFT COSTS 1,610,000 1,610,000
FNBO LOAN PAY-OFF 3,000,000 3,000,000
RETURN OF EQUITY TO PARTNERS 636,000 636,000
TOTAL USES OF FUNDS $12,799,000 $12,799,000
PROFIT $102,000 ($1,098,000)
RETURN ON INVESTMENT 9.4% NEGATIVE
SUMMARY CONCLUSION
Without Tax Increment Financing there would be insufficient cash flow and partner
return and the project would not be feasible. Therefore, the partners have determined
that they will not complete the project without Tax Increment Financing.
COST BENEFIT ANALYSIS
The request meets the necessary requirements for consideration. The site is in an area
that meets the requirements to be and is declared Substandard and Blighted. The TIF
proceeds are to be used to cover site acquisition, development, any public improvement
cost with the remaining balance of the TIF to be used for project specific eligible cost.
The site is currently vacant with marginal tax value resulting from the removal of the
former building on the redevelopment site. The project will bring new housing to fill gap
in pricing for housing related to the current new condo developments and conversions in
Downtown Omaha. The site is not being utilized at the fullest and best economic use as
vacant property.
The use of Tax Increment Financing will not result in tax shifts. The current level of
taxes will continue to flow to the current taxing entities and only the increased value of
revenues resulting from the improvements will be applied to the cost of the
improvement. No community public service need will be generated as a result of this
project. The proposed TIF will be used to offset acquisition, demolition, and public
improvement cost and to defray site development cost which are eligible activities. The
development of this site will provide employment by increasing the demand for personal
9
also discusses the design element of the "semi-attached"
product at Little Italy that is currently being developed. The product is described as
"semi-attached" because the garage is attached to the living space of the adjacent unit.
In other words, there are no shared living space walls. This provides more privacy than
an attached product. Tracy Cross points out that the use of this semi-attached product
may attract buyers away from other downtown products to Little Italy, despite a
subordinate location.
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- services and employees to provide services. This development will impact other
businesses, as there will be an increase in the demand for employees to fill the
employment opportunities created by this development. The elimination of the
substandard and blight conditions and the provision of new housing that will increase
employment opportunities will increase economic opportunities. The development will
cause an increase in traffic in this area, however it will cause a corresponding reduction
in traffic in other areas by providing housing and employment, which will reduce the
outflow of people and of dollars from the area. The current street system is able to
accommodate the development. The creation of new housing opportunities, the
creation of new employment opportunities and the increased demand for goods and
services justify the cost associated with the project. The long-term benefits resulting
from the elimination of the substandard and blight condition and the increase in the tax
base resulting from the development are other valid justifications to provide assistance
to the project
EVIDENCE THAT THE PROJECT MEETS EVALUATION CRITERIA
Mandatory Criteria
1. The project is located in the blighted area A-North Omaha and Downtown Omaha.
2. The project furthers the objectives of the City's Comprehensive Plan by creating a
diverse mix of housing types at all income levels. Omaha's master plan includes
residential infill development in targeted areas for diverse income levels.
Supported by the feasibility study discussed in the Market Information section and
at Appendix 1, this project fosters infill housing.
3. The use of TIF will not result in a loss of pre-existing tax revenues to the City and
other taxing jurisdictions. The homes that will be built in the area will generate
additional taxes above those currently being generated by the site in its current
state.
4. This project would not be economically feasible without the use of Tax Increment
Financing (see Application Requirement E). TIF helps to reduce the risk related
to the undertaking of this project in Omaha.
5. Since the summer of 2005 the land has been vacant and includes a vacant, aged
restaurant building. The site will remain in that status until it is developed. The
project will turn vacant land into a useful part of Omaha's downtown residential
community. It will help to make downtown a more stable community by bringing
more permanent residents to the area.
io
of the adjacent unit.
In other words, there are no shared living space walls. This provides more privacy than
an attached product. Tracy Cross points out that the use of this semi-attached product
may attract buyers away from other downtown products to Little Italy, despite a
subordinate location.
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• Discretionary Criteria
1. The project is located in the blighted area A-North Omaha and Downtown Omaha.
2. The land displays conditions of blight and is currently vacant including a vacant,
aged restaurant building. The redevelopment project increases the value of the
land by adding new residential living.
3. The project involves the start-up of an entirely new business.
4. Although the project is not technically in the historic Rail and Commerce District,
the historical importance of the area is not to be dismissed. See Appendix 4 for
an in depth historical narrative.
PUBLIC IMPROVEMENTS
The public improvements for Little Italy include reworking 7th St., 8th St., Pierce Street
and Pacific Street. This includes the sidewalks and public alley.
In addition to the above, Bluestone will address the following:
❖ Railroad Bridge/Underpass
1
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Challenge:
One of the two entries to the site is not a desirable entrance. It is a large railroad
bridge made of concrete that connects Leavenworth Street to Pacific Street on
7th Street. The bridge is very wide and dark when passing under it and creates a
separation between Little Italy and the Old Market.
Solution:
Bluestone has teamed up with the Bemis Center for Contemporary Arts who will
head up a Public Arts Project. The Bemis will attempt to get Union Pacific
Railroad, the City of Omaha and the Little Italy development to sponsor a public
vels.
Supported by the feasibility study discussed in the Market Information section and
at Appendix 1, this project fosters infill housing.
3. The use of TIF will not result in a loss of pre-existing tax revenues to the City and
other taxing jurisdictions. The homes that will be built in the area will generate
additional taxes above those currently being generated by the site in its current
state.
4. This project would not be economically feasible without the use of Tax Increment
Financing (see Application Requirement E). TIF helps to reduce the risk related
to the undertaking of this project in Omaha.
5. Since the summer of 2005 the land has been vacant and includes a vacant, aged
restaurant building. The site will remain in that status until it is developed. The
project will turn vacant land into a useful part of Omaha's downtown residential
community. It will help to make downtown a more stable community by bringing
more permanent residents to the area.
io
of the adjacent unit.
In other words, there are no shared living space walls. This provides more privacy than
an attached product. Tracy Cross points out that the use of this semi-attached product
may attract buyers away from other downtown products to Little Italy, despite a
subordinate location.
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r �
• arts project. This project will consist of improving the bridge leading to Little Italy
by making it a work of art as opposed to an eyesore. It will also serve to create a
new type of "bridge" between Downtown Omaha and the Dahlman Neighborhood
through shared community art. Bluestone has budgeted $25,000 as the first
sponsor of the Public Arts Project.
Cultural Context
Although commonly referred to as "Little Italy" within the City of Omaha, Little Italy was
not uniquely Italian. In fact, Italians statistically made up the least amount of the Omaha
immigrant population. Little Italy was in fact a melting pot. Foremost a German enclave
in the 1860s, it was quickly integrated by a mix of Swedes, Irish, Bohemians, Mexicans,
Syrians, and Poles all living comfortably as neighbors. Census facts aside, the
neighborhood became the heart of Italian life and is reverently known to Omahans as
Little Italy. It continues to strongly represent this particular heritage of our city.
*Note: In 1900, 47% of the City of Omaha's population was immigrants or first
generation immigrants.
History of the 2nd Ward
This locale of Omaha came into existence correlating directly with the real estate
speculation, which persistently followed the trail of the great Continental Railroad.
Located in a region prime for the working man, the 2nd Ward quickly filled with transient
and/or immigrant workers. Italian immigrants, as well as multitudes of other immigrant
nationalities, had begun passing through Omaha in the 1860s, living in flop houses and
moving on with the progression of the Continental Railroad. Jesse Lowe, the first mayor
of Omaha (1857), was, with his brother Enos, the owner of the Council Bluffs and
Nebraska Ferry Company. An Indian trader, banker, and real estate `baron', Lowe was
the original landowner in this once uninviting area near the floodplain. By one account,
Jesse Lowe "had a colorful and sinister past...a Bowie knife was once pushed through
his body....he has four wives living.... "I. Yet it was through the dangerous Lowe's
unwitting benevolence that this particular area grew to become a neighborhood. The
first Catholic mass in Omaha was held in a park on land donated by the Council Bluffs
and Nebraska Ferry Company, leading to the permanent building of St. Philomena
Cathedral in 1908 at 10th and William Streets forty-one years later". This church
provided a stabilizing force for the locals during the 20 h century.
The Salerno brothers, Joseph and Sebastiano, had arrived in Omaha in 1895 and 1897
respectively, at the urging of a brother-in-law who had settled in South Omaha in 1891.
Through their own tenacity they also settled and succeeded in their new land. Although
not the first settled Italians, the brothers proved to be blessed and giving patrons; in
1904 Sebastiano became an immigrant agent, recruiting hundreds of Italian men for
work in Omaha as day laborers, railroad men, and factory and warehouse employees.
The Salernos' assisted these Italians in locating work, securing housing, and preventing
the illiterate from being taken advantage of. With jobs, social clubs, and a church,
12
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permanent settlement rose dramatically. The Italian men carefully saved money, built
their own homes, brought their extended families to Omaha, and began their own
businesses. By 1916 the 2nd Ward had grown strong with families, businesses and
shops providing the requisite services, mixed alongside the industrial works, which
employed them. Immigration was brought to a near halt by the Quota Laws of 1921 and
the harsher immigration restriction laws in the following years. But Little Italy was
established.
Banker Herman Kountze developed a beautiful suburb with grand mansions at South 7th
Avenue, which he named "Parkwilde". The neighborhood flourished during the real
estate boom era of 1880-1898. Kountze also brokered multiple plattes within this area
of Omaha, between the Rail and Commerce District and what would become South
Omaha, in addition to locales throughout the burgeoning city. Unfortunately Parkwilde
was slightly out of step with the wealthier classes who were building grand homes on
Capital Hill, preferring the views from the heights, moving further west and north of that
area, while avoiding the mud and muck of the Missouri River. Eventually the suburb
gave way to Saint Catherine's Hospital and Grace Bible College, though outstanding
examples of architect designed homes still stand in the neighborhood today.
The Kountze brothers, Herman and Augustus, along with Samuel Rogers, also sold
parcels of land to the insatiable George Francis Train'. Train proceeded to develop a
tract for the working man, land he named The Credit Foncier Addition. Immediately
southeast of Bluestone's current neighborhood development project, The Credit Foncier
Addition encompassed ten blocks and several speculation houses bordered on the far
northeast side by Poppleton Street, the far northwest side by 2nd Street, and continuing
right into the Missouri River by several blocks to the east. More sensibly the Foncier
Addition was anchored in its mid-west area by 5th Street, the mid-north area by Hickory
Street, and to the south one-half block past Spruce Street, although the eastern side still
continued right into the river. Thankfully G.F. Train did not own the Stone Quarry
located between his property and that of the Burlington & Missouri Rail Road tracks.
Bluestone Development's Little Italy
Specifically the locale of 6th, 7th and 8th Streets, bounded by Pacific and Pierce Streets.
"Sixth Street at Pierce is the heart of Little Italy. The properties now owned by
Bluestone Development are the essence of what was Little Italy in its prime. These
exact blocks were where the mix of shops, dwellings, social and religious activity
flourished:
Joseph Salerno's shoe repair shop and grocery stood at 6th and Pierce; his brother's
interests down the street, both of their homes at 723 and 720 Pierce respectably,
Sebastiano Troia's home was located at 609 Pacific, Liniger and Metcalf Company, the
Howell and Munro Yards, the home of Howard Berkshire on Pierce, as well as the
Queen Theatre. To mention Orsi's Italian Bakery or Caniglia's Restaurant seems
superfluous.
13
eing taken advantage of. With jobs, social clubs, and a church,
12
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These blocks, the soul of Little Italy, were homes to Italians who believed in family and
hard work, did not discriminate against their neighbors (including `negros' and Swedes
whose properties they adjoined), who worked as pharmacists, nurses, fruit sellers,
grocers, tailors and cobblers, skilled carpenters, bakers and chefs, and soft drink
suppliers —just within these few blocks of Little Italy.
Potentially of greatest social historic significance to the ethnic fabric of the
neighborhood is the annual Santa Lucia Processional. This parade in honor of the
Italian patron saint of Carlentini, Italy started each summer at St. Philomena's Cathedral
(St. Frances Cabrini church since 1958), 1335 South 10th Street. From there the
procession walked to 10th and Pierce where the crowds carried Santa Lucia's image
and statue from the Cathedral to a triumphal arch located in front of Santa Lucia Hall at
6th and Pierce Streets. This festival lasted for two full days, and although the route now
differs slightly, it still continues. The Santa Lucia Festival is both a well-known and well
attended celebration by people of all ethnic and religious backgrounds throughout
Omaha.
The Little Italy housing development being designed by Bluestone Development is a
tasteful and socially conscious neighborhood, respecting and enhancing the integrity of
the local heritage that did and still does exist within this neighborhood.
Architectural Vernacular Styles
Within Little Italy are several architectural styles due to the mix of the neighborhood. In
existence were the immigrant's framed cottages, "emmegrant houses"", hotels and
apartments above shops."' With reference to housing, a simple, smart, vernacular style
stands out: the Prairie `Cube' or Box. Identifiable as a single or two story detached
home, three details easily identify it: a) a gabled roof, either low pitched on a single
story, or slightly higher pitched on a double story; b) simple siding, such as clapboard;
and c) a narrow porch running the full length of the home's front façade. Landscaping is
kept casual, enough room for a yard and garden, but not to be burdensome. Low
hedges or small fencing is commonly in place to provide a sense of independence
without loss of neighborliness.
Statement of Significance
Suggested that Little Italy be supported in gaining Historic District Status.
Specific Criteria of the National Register of Historic Places:
A) Association with events or activities that have made a significant contribution to
the broad patterns of our history.
B) Association with the lives of persons significant to our past;
14
flourished:
Joseph Salerno's shoe repair shop and grocery stood at 6th and Pierce; his brother's
interests down the street, both of their homes at 723 and 720 Pierce respectably,
Sebastiano Troia's home was located at 609 Pacific, Liniger and Metcalf Company, the
Howell and Munro Yards, the home of Howard Berkshire on Pierce, as well as the
Queen Theatre. To mention Orsi's Italian Bakery or Caniglia's Restaurant seems
superfluous.
13
eing taken advantage of. With jobs, social clubs, and a church,
12
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8th Street looking North from Pierce 7th Street looking South from Pacific
• C) Association with the distinctive characteristics of a type, period or method of
construction, or represents a significant and distinguishable entity whose
components may lack individual distinction.
Specific Criteria met by Little Italy:
A) Association to the railroads, jobbers and warehouses, as well as other vital job
markets creating the economic forces that established Omaha as a major
metropolitan city.
B) Significant Omaha early and/or `pioneer' families whose acts still benefit our City.
C) Vernacular housing types unique to the working and immigrant classes
assimilating into the City of Omaha.
Summary
This specific area is actually lacking a named boundary (excusing the neighborhood
association), and is an island per say. The Rail and Commerce District officially ends at
Leavenworth Street, while the South Omaha District begins at Martha Street. These
boundaries leave the neighborhood of Little Italy without a definitive place within the
districts. Little Italy's distinctive identity is easily characterized and follows the
Statements of Significance as required. As such this pocket necessitates association
with an existing District to be in accord with the Omaha Planning Department's goals
and those of Omaha by Design. It is suggested that Bluestone Development's "Little
Italy" and its historic surrounds be added to the existing Rail and Commerce District due
to the obvious association with the rail yards, jobbers, and warehouses, to facilitate the
neighborhood's improvement and restoration in the best manner possible.
Project Team
General Contractor: Brester Construction, Inc.
Ronald Brester
5940 South 57th Street
Suite A
Lincoln, NE 68516
Architecture: Pappageorge/Haymes Ltd.
George Pappageorge
814 North Franklin, Suite 400
Chicago, IL 60610
312-337-3344
Legal: Fraser Stryker Meusey
Olson Boyer & Bloch, PC
Bob Rieke
15
home's front façade. Landscaping is
kept casual, enough room for a yard and garden, but not to be burdensome. Low
hedges or small fencing is commonly in place to provide a sense of independence
without loss of neighborliness.
Statement of Significance
Suggested that Little Italy be supported in gaining Historic District Status.
Specific Criteria of the National Register of Historic Places:
A) Association with events or activities that have made a significant contribution to
the broad patterns of our history.
B) Association with the lives of persons significant to our past;
14
flourished:
Joseph Salerno's shoe repair shop and grocery stood at 6th and Pierce; his brother's
interests down the street, both of their homes at 723 and 720 Pierce respectably,
Sebastiano Troia's home was located at 609 Pacific, Liniger and Metcalf Company, the
Howell and Munro Yards, the home of Howard Berkshire on Pierce, as well as the
Queen Theatre. To mention Orsi's Italian Bakery or Caniglia's Restaurant seems
superfluous.
13
eing taken advantage of. With jobs, social clubs, and a church,
12
W.JA '"-Jr'.-• - , - ..._ ''''---"' ........a.. .....„ .......-- -,-....,...,-•4:*161..:..r..•••• . iv:" .- .•' * •. —
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AINIE110
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.. .
Pierce Street looking East from 8th Street 7th Street Looking North from Pierce
•
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1
500 Energy Plaza
409 South 17th Street
Omaha, NE 68102
402-341-6000
Developer: Bluestone Development, LLC
Christian Christensen
701 South 15th Street, Studio 100
Omaha, NE 68102
402-345-2408
Larsen,Lawrence H. and Cottrell,Barbara J.The Gate City,A History of Omaha.University of Nebraska Press,
1997. p54
"Dahlin,Christine C.Landmarks Inc. "Spring Tours."Omaha,2001.
Dahlin,Christine C. SOMA. Bluestone Development. Omaha,2004. p14
'"Works Project Administration. The Italians of Omaha,the Italian American Experience. Omaha and New York:
Independent Print Co.,and Arno Press, 1941. p36
Landmarks Heritage Preservation Commission. A Comprehensive Program for Historic Preservation in Omaha.
1980. p23; showing photo of Union Pacific Rail Road"Emmegrant House"located at 8th and Mason Streets
"'Landmarks Heritage Preservation Commission. A Comprehensive Program for Historic Preservation in Omaha.
1980. p36
16
le Italy's distinctive identity is easily characterized and follows the
Statements of Significance as required. As such this pocket necessitates association
with an existing District to be in accord with the Omaha Planning Department's goals
and those of Omaha by Design. It is suggested that Bluestone Development's "Little
Italy" and its historic surrounds be added to the existing Rail and Commerce District due
to the obvious association with the rail yards, jobbers, and warehouses, to facilitate the
neighborhood's improvement and restoration in the best manner possible.
Project Team
General Contractor: Brester Construction, Inc.
Ronald Brester
5940 South 57th Street
Suite A
Lincoln, NE 68516
Architecture: Pappageorge/Haymes Ltd.
George Pappageorge
814 North Franklin, Suite 400
Chicago, IL 60610
312-337-3344
Legal: Fraser Stryker Meusey
Olson Boyer & Bloch, PC
Bob Rieke
15
home's front façade. Landscaping is
kept casual, enough room for a yard and garden, but not to be burdensome. Low
hedges or small fencing is commonly in place to provide a sense of independence
without loss of neighborliness.
Statement of Significance
Suggested that Little Italy be supported in gaining Historic District Status.
Specific Criteria of the National Register of Historic Places:
A) Association with events or activities that have made a significant contribution to
the broad patterns of our history.
B) Association with the lives of persons significant to our past;
14
flourished:
Joseph Salerno's shoe repair shop and grocery stood at 6th and Pierce; his brother's
interests down the street, both of their homes at 723 and 720 Pierce respectably,
Sebastiano Troia's home was located at 609 Pacific, Liniger and Metcalf Company, the
Howell and Munro Yards, the home of Howard Berkshire on Pierce, as well as the
Queen Theatre. To mention Orsi's Italian Bakery or Caniglia's Restaurant seems
superfluous.
13
eing taken advantage of. With jobs, social clubs, and a church,
12
W.JA '"-Jr'.-• - , - ..._ ''''---"' ........a.. .....„ .......-- -,-....,...,-•4:*161..:..r..•••• . iv:" .- .•' * •. —
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. ..,
AINIE110
.• :,._,
.. .
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' ,a,.. , C'^-• '--...47___.' a 77" '' 'Sift," Ili:t fika*. a , ir 1,. ill '' .''n W4()i VI 111,'.
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TRACY CROSS&ASSOCIATES, INC.
MEMORANDUM
TO: Mr. Christian Christensen
Bluestone Development, L.L.C.
FROM: G. Tracy Cross
Tracy Cross&Associates, Inc.
SUBJECT: Caniglia Property � L u 5 �� p .
Omaha, Nebraska
DATE: August2, 2005 Qt vELOPMENT
Introduction At the request of Bluestone Development, Tracy Cross & Associates, Inc.
provided selected research services to determine the market potential for
residential development in central Omaha. Specifically, this analysis focuses
upon various development alternatives within the Caniglia land assemblage
which represents two separate parcels. The larger of the two is situated between
7th and 8th street and north and contiguous to Pacific Street while the second is
located at the northeast corner of 7th and Pacific streets.
_n__._... GEOGRAPHIC DELINEATION OF THE CANIGUA PROPERTY:
BLUEETOItE. OMAHA,NE /�,ry! /
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Source: Microsoft Streets&Trips and Tracy Cross&Associates,Inc.
Proposed
Development To date, a number of conceptual design schematics have been formulated.
These range from rowhome and courtyard townhome development with both
detached and tuck-under attached garages to semi-attached single family
REAL ESTATE MARKET ANALYSIS
2000 EAST ALGONQUIN ROAD♦SUITE 109♦SCHAUMBURG,ILLINOIS♦601 73-4 1 67*PHONE: 847.925 5400♦FAX 847.925.5415
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Memorandum
Caniglia Property
Bluestone Development, LLC
options. Most recently, however, two versions formulated by Pappageorge/
Haymes Ltd. Architects appear to have the strongest merit. The first represents
a 27-unit rowhome product line of two model types developed in a three-building
linear configuration with detached two-car garage access provided by an existing
public/private alley with front-door access accommodated from either Pacific or
Pierce streets.
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The second latest scenario outlines 37 semi-attached single family units. Under
this concept, two model types would also be featured with front and garage
access alternating between a new auto court, an existing public alley, or Pacific
and Pierce streets. Units in this schematic would be separated and joined by
one-car garages.
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Page 2 TRACY CROSS&ASSOCIATES, INC.
- 1 sriirrr. I I f L./ f y ,�_` , J‘k
fl P-- ,/ -li
,If If ii ! iz A
Source: Microsoft Streets&Trips and Tracy Cross&Associates,Inc.
Proposed
Development To date, a number of conceptual design schematics have been formulated.
These range from rowhome and courtyard townhome development with both
detached and tuck-under attached garages to semi-attached single family
REAL ESTATE MARKET ANALYSIS
2000 EAST ALGONQUIN ROAD♦SUITE 109♦SCHAUMBURG,ILLINOIS♦601 73-4 1 67*PHONE: 847.925 5400♦FAX 847.925.5415
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Memorandum
Caniglia Property
Bluestone Development, LLC
Under both recent options, unit types would be relatively narrow with individual
floor plans configured in 15' X 40' or 18' X 40' modules. This would yield unit
sizes in the 1,200 to 1,440 square footage range exclusive of basements at one-
half below grade. This 250 to 300+/- square foot area, however, could be
finished and yield a powder room and a family room, bedroom, or media room.
.rL_ DEVELOPMENT OPTIONS-CANIGLIA PROPERTY:
BLUEET(3InE- CENTRAL OMAHA STUDY AREA
likely Plan SliseSq.FL)- '
8edrleovrll3ath
Plan Width x Garage , Other -
' Detlynhdoh Depth - . Parking Room Mix Total Firshed Unfinished
Rowhon»s:27 Units
Plan A 15'x 40' Two-Car Detached 2-2.0 1,450 1,200 250
Plan A-1 15'x 40' Two-Car Detached 2+FR-2.5 1,450 1,450 ---
Plan 8 18'x 40' Two-Car Detached 2-2.0 1,790 1,440 350
Plan B-1 18'x 40' Two-Car Detached 2+FR-2.5 1,790 1,790 ---
Semi-Attached Single Family: 37 Units
Plan A 15'x 40' One-Car Detached 2-2.0 1,450 1,200 250
Plan A-1 15'x 40' One-Car Detached 2+FR-2.5 1,450 1,450 --
Plan B 18'x 40' One-Car Detached 2-2.0 1,790 1,440 350
Plan B-1 18'x 40' One-Car Detached 2+FR-2.5 1,790 1,790 --
Sources: Pappageorge Haymes Ltd.Architects and estimates by Tracy Cross&Associates,Inc.
Alternative
Selection Obviously, with the unit count moving from 27 units under the rowhome
alternative to 37 units under the single family option, it is strongly recommended
that Bluestone Development move toward the latter, Pappageorge/Haymes
schematic. In addition to maximizing the development's overall gross revenue,
the single family alternative would meet other objectives as well. The Caniglia
development would be void of any form of "like" direct substitution in the
marketplace especially downtown and it may have the potential to draw "would
be" attached buyers from the central core area to an area that will be considered
as a subordinate location (which it is).
Benchmark
Pricing Guidelines The following text table presents a pricing strategy for the 37-unit single family
alternative which will allow the community to reach full sellout within an 18-month
period, or at a rate of 2.1 monthly. Termed benchmark, the prices outlined
represent a starting place from which other price options can be analyzed and
reviewed.
._-__-___1 :PRICING GUIDELINES-SEMI-ATTACHED SINGLE FAMILY-THE CANIGLIA PROPERTY:
BLUESTOl1E- CENTRAL OMAHA STUDY AREA
Likely •- Plan Size(Sq.F9 RenchmarkSates Price )•
Probable Bedroom/Bath $1'
Plan Number Garage Other Finished
Designation of Units Perking Room Mix Total Finished Unfinished ' $ sq.Ft.
Plan A 5 One-Car Attached 2-2.0 1,450 1,200 250 $213,000 $177.50
•Plan A-1 13 One-Car Attached 2+FR-2.5 1,450 1,450 --- 228,000 157.24
Plan B 6 One-Car Attached 2-2.0 1,790 1,440 350 265,000 184.02
Plan B-1 13 One-Car Attached 2+FR-2.5 1,790 1,790 --- 286,000 159.78
Total/Average 37 - - - 1,534 - 5252,351 S164.50
k'1 Benchmark sales prices,presented in current dollars,do not include options,upgrades,or premiums for location. Standard features are
assumed to be similar to those offered at the Rows of SoMa.
Source: Tracy Cross&Associates,Inc.
Page 3 TRACY CROSS&ASSOCIATES,INC.
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Memorandum
Caniglia Property
Bluestone Development, LLC
Supportive
Rationale The 2.1 monthly sales forecast presented for the single family alternative was
based upon a number of factors. These include the following:
❑ At benchmark, the Bluestone attached single family community will be
positioned approximately 20 percent below multi-family product that is
being offered in downtown Omaha. This differential is viewed as
necessary to offset the"south of the tracks" location of the Caniglia site.
COMPOSITE SALES SUMMARY-
11_ SELECTED TOWNHOME/CONDOMINIUM COMMUNITIES:
ELUESTDnE. CENTRAL OMAHA STUDY AREA
Average' '- .PlanGize(S9.FL) •Sale*Price'
•
• Total Remaining Monttdy `
:Sold to be Sold Sales Rate
Product Type! Total• (As of (Awe • Since
• Program . Location • Units ' •6/31100 6134106) • 'Opening Range Average• •.`Range •,. Average .
APARTMENT CONVERSIONS
Farnham 1600 1603 Farnham St. 81 30 51 53.7 550- 712 $59,400- $106,438
1,075 190,477
Ford Lofts 1024 Dodge St. 59 8 51 34.8 708- 1,565 109,740- 269,763
2,815 517,960
Park Plaza 105 North 31st Ave. 59 31 28 14.7 535- 921 65,700- 116,682
1,582 237,300
The Hill Condominiums 26th&Douglas 27 24 3 4.8 800- 1,080 90,000- 116,400
1,628 170,000
LOFT CONVERSIONS
Beebe&Runyan 9th&Douglas 80 53 27 4.4 1,075- 1,258 $225,000- $294,454
1,555 443,175
The Paxton 1403 Farnham St. 59 25 34 3.6 1,055- 1,504 249,500- 324,389
3,115 500,500
HIGHRISE CONDOMINIUMS
Riverfront Place-Condos Riverfront Drive& 38 28 10 4.1 1,052- 2,016 $304,900- $541,150
Abbott Drive 2,926 834,900
TOWNHOMES/ROWHOMES
Riverfront Place-TH Riverfront Drive& 18 14 4 2.1 2,166- 2,387 $374,900- $434,900
Abbott Drive 2,608 494,900
The Rows of SoMa 11th&Leavenworth 70 51 19 4.6 1,284- 1,878 230,000- 356,667
2,280 445,000
Source: Tracy Cross&Associates,Inc.
❑ Against comparably-sized single family substitutes in the suburban area
(excluding HearthStone's Richland series of value-oriented product), the
proposed development will be priced approximately $90,000 higher.
This is viewed as proper given its proximity to downtown Omaha.
❑ The pricing structure outlined as benchmark considers preliminary
architectural schematics presented by Pappageorge/Haymes. These
provide for varied elevation detail and are in full concert with the environs
surrounding the subject property.
Page 4 TRACY CROSS 8 ASSOCIATES, INC.
Probable Bedroom/Bath $1'
Plan Number Garage Other Finished
Designation of Units Perking Room Mix Total Finished Unfinished ' $ sq.Ft.
Plan A 5 One-Car Attached 2-2.0 1,450 1,200 250 $213,000 $177.50
•Plan A-1 13 One-Car Attached 2+FR-2.5 1,450 1,450 --- 228,000 157.24
Plan B 6 One-Car Attached 2-2.0 1,790 1,440 350 265,000 184.02
Plan B-1 13 One-Car Attached 2+FR-2.5 1,790 1,790 --- 286,000 159.78
Total/Average 37 - - - 1,534 - 5252,351 S164.50
k'1 Benchmark sales prices,presented in current dollars,do not include options,upgrades,or premiums for location. Standard features are
assumed to be similar to those offered at the Rows of SoMa.
Source: Tracy Cross&Associates,Inc.
Page 3 TRACY CROSS&ASSOCIATES,INC.
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Memorandum
Caniglia Property
Bluestone Development, LLC
to, rffi' Y i - , r h' t�1111 I gU ' t� It' Iz � 4 I'm", ,,:4_Y • II •III ' Il,rlit ill ' w#II5 Alit:A
Pierce Street Elevator'
Sales Forecasts
At Varying
Price Points While the 18-month marketing life for the proposed Bluestone development
clearly should be viewed as acceptable from almost any perspective, enhanced
levels of profitability and/or economic return may be attained under different
pricing strategies. For this reason, the following text table illustrates the impact
upon sales if prices are lowered or raised.
SALES FORECASTS UNDER DIFFERENT PRICING STRATEGIES-
r_�h_..._..__ THE CANIGLIA PROPERTY:
BLUEETtDn.. CENTRAL OMAHA STUDY AREA
Marketing
Price Range Variance Anticipated Litt in
(Presented in From Sales Months.
Current$) benchmark Monthly (37 Units)'
$228,000-301,000 +$15,000 1.7 21.8
223,000-296,000 +10,000 1.9 19.5
218,000-291,000 +5,000 2.0 18.5
213,000-286,000 -0- 2.1 17.6
208,000-281,000 -5,000 2.2 16.8
Source: Tracy Cross&Associates,Inc.
Page 5 TRACY CROSS&ASSOCIATES, INC.
,300
The Hill Condominiums 26th&Douglas 27 24 3 4.8 800- 1,080 90,000- 116,400
1,628 170,000
LOFT CONVERSIONS
Beebe&Runyan 9th&Douglas 80 53 27 4.4 1,075- 1,258 $225,000- $294,454
1,555 443,175
The Paxton 1403 Farnham St. 59 25 34 3.6 1,055- 1,504 249,500- 324,389
3,115 500,500
HIGHRISE CONDOMINIUMS
Riverfront Place-Condos Riverfront Drive& 38 28 10 4.1 1,052- 2,016 $304,900- $541,150
Abbott Drive 2,926 834,900
TOWNHOMES/ROWHOMES
Riverfront Place-TH Riverfront Drive& 18 14 4 2.1 2,166- 2,387 $374,900- $434,900
Abbott Drive 2,608 494,900
The Rows of SoMa 11th&Leavenworth 70 51 19 4.6 1,284- 1,878 230,000- 356,667
2,280 445,000
Source: Tracy Cross&Associates,Inc.
❑ Against comparably-sized single family substitutes in the suburban area
(excluding HearthStone's Richland series of value-oriented product), the
proposed development will be priced approximately $90,000 higher.
This is viewed as proper given its proximity to downtown Omaha.
❑ The pricing structure outlined as benchmark considers preliminary
architectural schematics presented by Pappageorge/Haymes. These
provide for varied elevation detail and are in full concert with the environs
surrounding the subject property.
Page 4 TRACY CROSS 8 ASSOCIATES, INC.
Probable Bedroom/Bath $1'
Plan Number Garage Other Finished
Designation of Units Perking Room Mix Total Finished Unfinished ' $ sq.Ft.
Plan A 5 One-Car Attached 2-2.0 1,450 1,200 250 $213,000 $177.50
•Plan A-1 13 One-Car Attached 2+FR-2.5 1,450 1,450 --- 228,000 157.24
Plan B 6 One-Car Attached 2-2.0 1,790 1,440 350 265,000 184.02
Plan B-1 13 One-Car Attached 2+FR-2.5 1,790 1,790 --- 286,000 159.78
Total/Average 37 - - - 1,534 - 5252,351 S164.50
k'1 Benchmark sales prices,presented in current dollars,do not include options,upgrades,or premiums for location. Standard features are
assumed to be similar to those offered at the Rows of SoMa.
Source: Tracy Cross&Associates,Inc.
Page 3 TRACY CROSS&ASSOCIATES,INC.
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❑ The pricing structure outlined as benchmark considers preliminary
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provide for varied elevation detail and are in full concert with the environs
surrounding the subject property.
Page 4 TRACY CROSS 8 ASSOCIATES, INC.
Probable Bedroom/Bath $1'
Plan Number Garage Other Finished
Designation of Units Perking Room Mix Total Finished Unfinished ' $ sq.Ft.
Plan A 5 One-Car Attached 2-2.0 1,450 1,200 250 $213,000 $177.50
•Plan A-1 13 One-Car Attached 2+FR-2.5 1,450 1,450 --- 228,000 157.24
Plan B 6 One-Car Attached 2-2.0 1,790 1,440 350 265,000 184.02
Plan B-1 13 One-Car Attached 2+FR-2.5 1,790 1,790 --- 286,000 159.78
Total/Average 37 - - - 1,534 - 5252,351 S164.50
k'1 Benchmark sales prices,presented in current dollars,do not include options,upgrades,or premiums for location. Standard features are
assumed to be similar to those offered at the Rows of SoMa.
Source: Tracy Cross&Associates,Inc.
Page 3 TRACY CROSS&ASSOCIATES,INC.
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Chairperson
Board of Commissioners
Douglas County
LC2 Civic Center
1819 Farnam Street
Omaha, NE 68183-0001
Chairperson
Omaha Public Schools
3215 Cuming Street
Omaha, NE 68131
Chairperson
Board of Governors
Metropolitan Community College
3000 Fort Street
Omaha, NE 68111
Chairperson
Board of Directors
Papio Natural Resources District
8901 South 154th Street
Omaha, NE 68138
President
Educational Services Unit 1
3215 Cuming Street
Omaha, NE 68131
Chairperson
Metropolitan Utilities District
1723 Harney Street
Omaha, NE 68102
Chairperson
Metro Area Transit Authority
2222 Cuming Street
Omaha, NE 68102
Chairperson l f
Omaha/Douglas Public Building Commission MAILING LIST RECEIVED i/ / )9 / O7
RECEIVED BY Lau- lrl, bizeG.ru��
'to !NG MADE C1
DATE MAILED /0//0?
.
'5
OM�HA �, 6
City ofOmaha, Webras&a ` t, It
irA�1
1819 Farnam—Suite LC 1 z � d h
Omaha, Nebraska 68183-0112 0 ,; .;. -%
Buster Brown (402) 444-5550 G
0 eV
City Clerk FAX (402) 444-5263 47'Fo FEBRv�4
"NOTICE TO TAXING AUTHORITY"
NOTICE OF PUBLIC HEARING ON THE AMENDED CANIGLIA LITTLE ITALY, LLC
TAX INCREMENT FINANCING REDEVELOPMENT PROJECT PLAN
Notice is hereby given that the Omaha City Council has set Tuesday, December 11,
2007 at 2:00 p.m. as the date of Public Hearing on the Amended Caniglia Little Italy,
LLC Tax Increment Financing Redevelopment Project Plan.
The Amended Caniglia Little Italy, LLC Tax Increment Financing Redevelopment
Project Plan is approximately 3 acres bound by Pacific and Pierce Streets between 7th
and 8th Streets. The Redevelopment Plan is located within an area declared blighted
and substandard and in need of redevelopment by the City Council.
The redevelopment plan proposes the development of the site into 39 single family
townhomes to create a stronger residential community in close proximity to downtown
with lower price point homes.
The plan proposes $3,900,000 in Tax Increment Financing. The total project cost is
estimated to be $14,378,000. A copy of said plan is available for public inspection in
the City Clerk's Office.
Public Hearing will be held before the City Council of the City of Omaha, in the
Legislative Chambers, Omaha/Douglas Civic Center, 1819 Farnam Street, Omaha,
Nebraska.
Buster Brown
City Clerk
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igher.
This is viewed as proper given its proximity to downtown Omaha.
❑ The pricing structure outlined as benchmark considers preliminary
architectural schematics presented by Pappageorge/Haymes. These
provide for varied elevation detail and are in full concert with the environs
surrounding the subject property.
Page 4 TRACY CROSS 8 ASSOCIATES, INC.
Probable Bedroom/Bath $1'
Plan Number Garage Other Finished
Designation of Units Perking Room Mix Total Finished Unfinished ' $ sq.Ft.
Plan A 5 One-Car Attached 2-2.0 1,450 1,200 250 $213,000 $177.50
•Plan A-1 13 One-Car Attached 2+FR-2.5 1,450 1,450 --- 228,000 157.24
Plan B 6 One-Car Attached 2-2.0 1,790 1,440 350 265,000 184.02
Plan B-1 13 One-Car Attached 2+FR-2.5 1,790 1,790 --- 286,000 159.78
Total/Average 37 - - - 1,534 - 5252,351 S164.50
k'1 Benchmark sales prices,presented in current dollars,do not include options,upgrades,or premiums for location. Standard features are
assumed to be similar to those offered at the Rows of SoMa.
Source: Tracy Cross&Associates,Inc.
Page 3 TRACY CROSS&ASSOCIATES,INC.
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, CASE: G3-O6-17U Q
APPLICANT: l3k/nsk)nC Oove|opn)en!, LLC
REOUES'[ Approval of an Arnendmeni {o (hc CAN|C,L|A LITTLE
|TALY LLC 7N & PACIFIC STREETS [�EDEVELUP[@ENT PLAN
LOCATION: 7|h8 PaciOc5iroe1s
SUBJECT AREA IS SHADED ' JULY 2007
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DATE MAILED /0//0?
.
'5
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 approximately 3-acre Caniglia Little Italy, LLC Redevelopment
Area is bounded by Pacific and Pierce Streets between 7th and 8th Streets (see Attachment 1 for
complete legal description); and,
WHEREAS, State Statute 18-2109 requires that before any redevelopment plan
be prepared, the City Council must declare the proposed redevelopment area to be "Substandard
and Blighted" and in need of redevelopment; and,
WHEREAS, this Redevelopment Plan is located within an area previously
declared "blighted and substandard and in need of redevelopment" by City Council Resolution
No. 1336, adopted December 5, 2006 and,
WHEREAS, Section 18-2108 of 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 under Sections 18-2147 through 18-2150, Revised
Statutes of Nebraska; and,
WHEREAS, the Caniglia Little Italy, LLC Redevelopment Plan was approved
and amended by the City of Omaha Planning Board on June 12, 2006 and July 11, 2007
respectively; and
WHEREAS, Caniglia Little Italy, LLC Redevelopment Plan is for the purpose of
constructing a town home style residential community on the site as described in the
redevelopment plan and amendment attached hereto and made a part hereof; and,
WHEREAS, the Caniglia Little Italy, LLC Redevelopment Plan provides for the
use of Tax Increment Financing for site acquisition, demolition, site preparation and public
improvements and other community enhancements; and,
By
Councilmember
Adopted
City Clerk
Approved
Mayor
r
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7
igher.
This is viewed as proper given its proximity to downtown Omaha.
❑ The pricing structure outlined as benchmark considers preliminary
architectural schematics presented by Pappageorge/Haymes. These
provide for varied elevation detail and are in full concert with the environs
surrounding the subject property.
Page 4 TRACY CROSS 8 ASSOCIATES, INC.
Probable Bedroom/Bath $1'
Plan Number Garage Other Finished
Designation of Units Perking Room Mix Total Finished Unfinished ' $ sq.Ft.
Plan A 5 One-Car Attached 2-2.0 1,450 1,200 250 $213,000 $177.50
•Plan A-1 13 One-Car Attached 2+FR-2.5 1,450 1,450 --- 228,000 157.24
Plan B 6 One-Car Attached 2-2.0 1,790 1,440 350 265,000 184.02
Plan B-1 13 One-Car Attached 2+FR-2.5 1,790 1,790 --- 286,000 159.78
Total/Average 37 - - - 1,534 - 5252,351 S164.50
k'1 Benchmark sales prices,presented in current dollars,do not include options,upgrades,or premiums for location. Standard features are
assumed to be similar to those offered at the Rows of SoMa.
Source: Tracy Cross&Associates,Inc.
Page 3 TRACY CROSS&ASSOCIATES,INC.
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c-25a CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
PAGE 2
WHEREAS, an Industrial Development Bond issue may be used in this blighted
and substandard area to assist with project financing; and,
WHEREAS, the development site is located in an area that continues to be
designated as substandard and blighted in compliance with the standards established by Nebraska
Community Development Law; and,
WHEREAS, the redevelopment plan being presented, as amended by the Planning
Board, is necessary to assist in the development of expanded housing which generates increased
demand for the delivery of goods and services in support of the increased population and housing
in the areas abutting and or in close proximity to the downtown area; and,
WHEREAS, the redevelopment plan furthers the provision of infill housing
development and expansion and is in compliance with the commitment contained in the City of
Omaha's Master Plan and specific. Redevelopment Project Area Plans that encourage the type
and location for the infill housing being proposed.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF OMAHA:
THAT, the attached proposed Caniglia Little Italy, LLC Tax Increment Financing
Redevelopment Project Plan, prepared by the City of Omaha Planning Department, requesting
and authorizing the City to participate with a developer in implementing the proposed
redevelopment plan that provides for the use of Tax Increment Financing to assist in funding the
Caniglia Little Italy, LLC Tax Increment Financing Redevelopment Project to be located
between Pacific and Pierce Streets bound by 7th and 8th Streets under Sections 18-2147 through
18-2150, Revised Statutes of Nebraska, be and hereby is approved as the Caniglia Little Italy,
LLC Tax Increment Financing Redevelopment Project Plan for the area bound by Pacific and
Pierce Streets between 7th and 8th Streets as recommended by the Mayor.
P:\PLN5\16114pjm.doc APPROVED AS TO FORM:
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This is viewed as proper given its proximity to downtown Omaha.
❑ The pricing structure outlined as benchmark considers preliminary
architectural schematics presented by Pappageorge/Haymes. These
provide for varied elevation detail and are in full concert with the environs
surrounding the subject property.
Page 4 TRACY CROSS 8 ASSOCIATES, INC.
Probable Bedroom/Bath $1'
Plan Number Garage Other Finished
Designation of Units Perking Room Mix Total Finished Unfinished ' $ sq.Ft.
Plan A 5 One-Car Attached 2-2.0 1,450 1,200 250 $213,000 $177.50
•Plan A-1 13 One-Car Attached 2+FR-2.5 1,450 1,450 --- 228,000 157.24
Plan B 6 One-Car Attached 2-2.0 1,790 1,440 350 265,000 184.02
Plan B-1 13 One-Car Attached 2+FR-2.5 1,790 1,790 --- 286,000 159.78
Total/Average 37 - - - 1,534 - 5252,351 S164.50
k'1 Benchmark sales prices,presented in current dollars,do not include options,upgrades,or premiums for location. Standard features are
assumed to be similar to those offered at the Rows of SoMa.
Source: Tracy Cross&Associates,Inc.
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DATE MAILED /0//0?
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-- ——+ ---� THE DAILY RECORD
'NOTICE TO PUBLIC- ���
NOTICE OF PUBUC HEARING ON THE OF O1Tl'�/�'AHA
AMENDED CANIGLIA LITTLE ITALY,
LLC TAX INCREMENT FINANCING RONALD A. HENNINGSEN, Publisher
REDEVELOPMENT PROJECT PLAN
Notice is hereby given that the Omaha I , PROOF OF PUBLICATION
City Council has set Tuesday, December 1
11,2007 at 2:00 p.m. as the date of Public IIII
Hearing on the Amended Caniglia Little Italy, UNITED STATES OF AMERICA
LLC Tax Increment Financing
Redevelopment Project Plan. The State of Nebraska,
The Amended Caniglia Little Italy,LLC Tax I SS.
Increment Financing Redevelopment Project District of Nebraska,
Plan is approximately 3 acres bound by J'J County of Douglas,
Pacific and Pierce Streets between 7th and
8th Streets. The Redevelopment Plan is City of Omaha,
located within an area declared blighted and
substandard and in need of redevelopment
by the City Council. J.BOYD
The redevelopment plan proposes the
development of the site into 39 si ngle family being duly sworn,deposes and says that she is
townhomes to create a stronger residential
community in close proximity to downtown LEGAL EDITOR
with lower price point homes.
The plan proposes $3,900,000 in Tax of THE DAILY RECORD, of Omaha, a legal newspaper,printed and
Increment Financing. The total project cost
is estimated to be 814,378,000. A copy of . published daily in the English language, having a bona fide paid
said plan is available for public inspection in I circulation in Douglas County in excess of 300 copies, printed in
the City Clerk's Office.
Public Hearing will be held before the City Omaha,in said County of Douglas,for more than fifty-two weeks last
Council of the City of Omaha, in the past; that the printed notice hereto attached was published in THE
Legislative Chambers, Omaha/Douglas Civic
Center, 1819 Farnam Street, Omaha, DAILY RECORD,of Omaha,on
Nebraska.
BUSTER BROWN, November _22 and 29,. 2007
City Clerk
ALL REQUESTS FOR SIGN LANGUAGE •
INTERPRETERS(SIGNERS) WILL REQUIRE A
MINIMUM OF 48 HOURS ADVANCE NOTICE.
IF ALTERNATIVE FORMATS ARE NEEDED
ALL REQUESTS WILL REQUIRE A MINIMUM
OF 72 HOURS ADVANCE NOTICE. • 'I�haltsaid�IBwspaper during that time was re: arly published and
PLEASE NOTIFY TAMMY BIODROWSKI -
444-5553,IF ARRANGEMENTS NEED TO BE i •exy4ridiaVetkation in the County of Dougl. ,. d taate of Nebraska.
MADE. ll O. �F+
h11-22&29-07 BSI:VERA/.
Subscribed in my •,rs•• e and sworn to before
N0-fAC:oN 14 29th
Pi1blietertA qg $ me t s day of
• * • EX°1R
A�tlitional Copies;` November 20'4TE of 07
Publi a for Douglas(;ounty,
State of Nebraska
ES, INC.
Probable Bedroom/Bath $1'
Plan Number Garage Other Finished
Designation of Units Perking Room Mix Total Finished Unfinished ' $ sq.Ft.
Plan A 5 One-Car Attached 2-2.0 1,450 1,200 250 $213,000 $177.50
•Plan A-1 13 One-Car Attached 2+FR-2.5 1,450 1,450 --- 228,000 157.24
Plan B 6 One-Car Attached 2-2.0 1,790 1,440 350 265,000 184.02
Plan B-1 13 One-Car Attached 2+FR-2.5 1,790 1,790 --- 286,000 159.78
Total/Average 37 - - - 1,534 - 5252,351 S164.50
k'1 Benchmark sales prices,presented in current dollars,do not include options,upgrades,or premiums for location. Standard features are
assumed to be similar to those offered at the Rows of SoMa.
Source: Tracy Cross&Associates,Inc.
Page 3 TRACY CROSS&ASSOCIATES,INC.
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"NOTICE TO PUBLIC"
, NOTICE OF PUBLIC HEARING
4 ON THE AMENDED CANIGLIAA LITTLE (�
INCREMENT FINANC CING Proofj`of publication
1 REDEVELOPMENT PROJECT•
N
Notice is hereby given that
the Omaha City Council has
set Tuesday,December 11,
2007 at 2:00 p.m.as the date AFFIDAVIT
of Public Hearing on the
Amended Caniglia Little
Italy, LLC Tax Increment
Financing Redevelopment
y Project Plan.
}1 The Amended Caniglia Little Italy, LLC Tax Increment State of Nebraska, County of Douglas, ss:
Financing Redevelopment
Project Plan is
approximately 3 acres
bound by Pacific and Pierce
Streets between 7th and 8th
Streets. The
Redevelopment Plan is
located within an area
declared blighted and'
substandard and In need of
redevelopment by the City Joyce Sawatzki, being duly sworn, deposes and says that he/she is an employee
Council.
The redevelopment plan of The Omaha World-Herald, a legal daily newspaper printed and published in
proposes the development
of the site Into 39 single
I family townhomes to create
' a stronger residential I the county of Douglas and State of Nebraska, and of general circulation in the
1 community in close
proximity to downtown
with lower price point Counties of Douglas, and Sarpy and State of Nebraska, and that the attached
homes.
The plan proposes
$3,900,000 in Tax Increment printed notice was published in the said newspaper on the 22 & 29 days of
Financing. The total project
cost is estimated to be
I S14,378,000. A copy of said November 2007, and that said newspaper is a legal newspaper under the statutes
plan is available for public
inspection in the City
Clerk's Office.
Public Hearing will be held of the State of Nebraska. The above facts are within my personal knowledge,
before the City Council of '
the Ci
ty of Omaha, in the
Legislative The Omaha World-Herald has an average circulation of 188,248 Daily and
Chambers,
Omaha/Douglas Civic
Center,1819 Farnam Street,
Omaha,Nebraska. 235,161 Sunday,in 2007.
Buster Brown
City Clerk
ALL REQUESTS FOR SIGN
LANGUAGE INTERPRETERS
(SIGNERS)WILL REQUIRE A
MINIMUM OF 48 HOURS
ADVANCE NOTICE. •
IF ALTERNATIVE FORMATS
ARE NEEDED ALL REQUESTS (Signed) Title:Account Executive
WILL REQUIRE A MINIMUM
\.
OF 72 HOURS ADVANCE
NOTICE.
PLEASE NOTIFY TAMMY
• BIODROW$KI-444-5553 ,/
IF ARRANGEMENTS BE MADE NEED t0 bscri1bedthmy presence and sworn to before me this A day of
,2007.
/2 1 -
N tary Public
GENERAL NOTARY-State of Nebraska
I KIMBERLY M.HANSEN
-.,,..I . My Comm,Exp.May 11,2011
Printer's Fee$
Affidavit
Paid By
om/Bath $1'
Plan Number Garage Other Finished
Designation of Units Perking Room Mix Total Finished Unfinished ' $ sq.Ft.
Plan A 5 One-Car Attached 2-2.0 1,450 1,200 250 $213,000 $177.50
•Plan A-1 13 One-Car Attached 2+FR-2.5 1,450 1,450 --- 228,000 157.24
Plan B 6 One-Car Attached 2-2.0 1,790 1,440 350 265,000 184.02
Plan B-1 13 One-Car Attached 2+FR-2.5 1,790 1,790 --- 286,000 159.78
Total/Average 37 - - - 1,534 - 5252,351 S164.50
k'1 Benchmark sales prices,presented in current dollars,do not include options,upgrades,or premiums for location. Standard features are
assumed to be similar to those offered at the Rows of SoMa.
Source: Tracy Cross&Associates,Inc.
Page 3 TRACY CROSS&ASSOCIATES,INC.
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