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RES 2006-0620 - Townsend Investments LLC Wallstreet Tower Omaha TIF redevelopment project plan o , 4 _) Planning Department - v�►1�Ah,q;�; R E C .- Omaha/Douglas Civic Center �f�v"•+.,�R_ a 1819 Farnam Street,Suite 1100 Sri Pl-4 'I. �� !•�'1 �i 1 A } Omaha,Nebraska 68183 oy ^, " (402)444-5150 di, "4 C(�S - , — Telefax(402)444-6140 4TFD FEBO L Y 1 I (. .. 4 VIA e�VIA i "1' J s ++ Steven N.Jensen,AICP City of Omaha Director Mike Fahey,Mayor • June 6, 2006 Honorable President and Members of the City Council, The attached proposed Resolution transmits the Townsend Investments LLC, Walistreet Tower Omaha Tax Increment Financing Redevelopment Project Implementation Plan for the Former Union Pacific Headquarters Building at 1416 Dodge Street which is legally described as Lots 1 through 8 and the North 9 inches of Dodge Street on the South of Lots 5, 6, 7 and 8, Block 88, Original City of Omaha. This resolution is submitted as an amendment to the Downtown Northeast Redevelopment Area Plan which proposed that Tax Increment Financing be used as an economic development tool to offset the cost to develop specific projects as proposed and approved for the area and to finance additional public improvements in the Downtown Northeast Redevelopment Area as determined by the City of Omaha. Townsend Investments LLC has requested the approval of TIF as a tool in financing the Walistreet Tower Omaha Tax Increment Financing Redevelopment Project for the Former Union Pacific Headquarters Building site. Total project cost is estimated to be in excess of $122,337.000.00. The available TIF based on this amount utilizing the actual tax levy is estimated to be approximately$17,100,000.00. Your approval of the Townsend Investments LLC, Walistreet Tower Omaha Tax Increment Financing Redevelopment Project Plan for the demolition of the former Union Pacific j Headquarters Building at 1416 Dodge Street will provide an opportunity to assist in the rehabilitation of the contaminated site for the development of what will be considered one of the more architecturally significant buildings in Omaha and one of the most attractive high rises in Downtown WallStreet Tower (Omaha) will be a 32-story, 282 residential unit building, with 339,024 sellable square feet. The building is very unique to Downtown Omaha in that it has modern/contemporary architecture, a "warm" modern interior design, several penthouse homes, • a retail/commercial/office presence on the first thru fourth floors, an attached parking garage with secured entrance, 2-car garaged parking per home, a private gourmet coffee lounge, a business center with conference room, a movie theater, a warming kitchen and party room, a workout facility, a climate-controlled storage room per home, mailroom, 24-hour (video surveillance included) on-sight security, private balconies, rooftop swimming pool, outdoor cooking area and sun deck, and literally wall-to-wall windows on each floor, where the best views of the Omaha skyline can be seen from every direction. Honorable President and Members of the City Council Page -2- WallStreet Tower (Omaha) will be the ultimate and ideal setting for residential condominium living within the backdrop of the Downtown Omaha skyline. The surrounding area is recognized as Omaha's financial district and a business hub in the community. This property is surrounded by buildings, which include the First National Bank Tower and Union Pacific Headquarters, representing some of the most attractive high rise and financially significant buildings in the downtown area. As a compliment to this, residential growth and the success of other developments, i.e., Riverfront Place (Phase I), SoMa, and Beebe Runyan have proved by their quick sales and strong purchase prices that the Omaha Downtown condo market is booming. WallStreet Tower (Omaha), located seconds from the interstate, Dodge Street, the Qwest Center Omaha, is minutes from Downtown's entertainment district, Old Market, and literally located in the "heart" of Omaha...location, location, location. The proposed project enhances the development of the site and compliments other major developments in the revitalized downtown area. Your review and approval of the Townsend Investments LLC, Tax Increment Financing Redevelopment Project Plan proposal for the former Union Pacific Headquarters Building at 1416 Dodge Street is appreciated. Sincerely, Referred to City Council for Consideration: Steven N. Jensen A Date Mayor's Office Date Planning Directo_ Approved as to Funding: Approv : ,44( 5_5/—O 11 Carol A. Ebdon Date obert G. tubbe, .E. Date Finance Director Public Works Director P:\PLN3\6650sap.doc Publication of Notice of Public Hearing: June 8, 2006 and June 15, 2006 Public Hearing: June 27, 2006 INTER-OFFICE COMMUNICATION Date: April 14, 2006 To: Chairman and Members of the Omaha Planning Board From: Steven N. Jensen, AICP Planning Director Subject: Amendment Downtown Northeast Redevelopment Plan to facilitate the Townsend Investments LLC, Walistreet Tower Omaha Tax Increment Financing Redevelopment Project Plan for the Former Union Pacific Headquarters Building at 1416 Dodge Street legally described as Lots 1 through 8 and the North 9 inches of Dodge Street on the South of Lots 5, 6, 7 and 8, Block 88, Original City of Omaha. The Downtown Northeast Redevelopment Area Plan and a Major Amendment to the plan were approved pursuant to Resolution No. 3315 on December 17, 1996 and Resolution No. 1033 approved on April 20, 1999 respectively. The Area Redevelopment Plan was previously designated and remains designated as Substandard and Blighted. The project site is substandard and blighted in accordance with Nebraska Community Development Law and is located in an existing approved TIF project area. The Downtown Northeast Redevelopment Area Plan proposed that Tax Increment Financing be used as an economic development tool to offset the cost to develop specific projects as proposed and approved for the area and to finance additional public improvements in the Downtown Northeast Redevelopment Area as determined by the City of Omaha. The following are some of the cost categories that were determined to be eligible for TIF: site acquisition, demolition, environmental remediation, infrastructure development, site development and public improvements. Total project cost is estimated to be in excess of$122,337.000.00. The available TIF based on this amount utilizing the actual tax levy is estimated to be approximately$17,100,000.00 is based on the information provided by the developer who is requesting the fullest utilization of the TIF to recover all TIF eligible development cost. The department recommends approval of the Amendment to the Downtown Northeast Redevelopment Plan for the implementation of the Townsend Investments LLC, Wallstreet Tower Omaha Tax Increment Financing Redevelopment Project Plan for the demolition of the Union Pacific Headquarters Building and the redevelopment of the site located at 1416 Dodge Street subject to the review and approval of all project design elements, plans and specifications and the development and approval of a subsequent Tax Increment Financing Redevelopment Project Agreement. The approval is consistent with previous recommendations of the Planning Board in relation to approvals of the Downtown Northeast Redevelopment Plan and Amendments. The proposed project is in compliance with City Ordinances. This activity represents an enhancement to the area through the development of the currently vacant property. The redevelopment plan is consistent with the Master Plan, Land use Plan and Nebraska Community Development Law. „-,,---*,F,-..,,,-,---k-.4-..—*„..-!----i-,7-- ;.'.. ' , --- • . • -.,0-.„..-F-kilr '=-- t.-..-- - .. _---_,-,. - -____„_____-..,_.., _-_- — -v.---4.,--.1,-..ww..,,:-.-,,t,-,tt•',-.,=-n..11-•0---:-11:4,•_•.t.,ck,...vt-,...•-1 ..v.;14-"rlas -li',-.re..-',"it.......•.-7.14.-r, , --, . ,,....„_„,,..z.,--,....c,.:-.y.rg,:„'":r,'Z,-"3rlVt'-::rt. r'A,-",- il::S.F'a,r.i.srf'-KZ-,';-1::lr .i:*S.,;-p-,,-,, L_____L_______.-- --------=-I” ' •L.-•'1—..:.- • re p,..,,,rs•j::... ] . L________ _ 772 J I 1 ._____. 6 • 5 :,' 5 5 7 a 6 li g. I 1 - 2.12-t:--1-14 L------L". 5 ., • , . • . DAVENPORT . _ 1 p_ii a t 1 4 3 2 I \ . 4 3 \ 2- I I.-: 4 3 - 1 • . I-• I 1- 1--.------71 ------ r•-•• (..") 1 g 6.....) - — . 5 6 1 5 6 7 8 .-: j •0 . - • . - 4 , CAPITOL - •. . IP I#119 .. - i 11, . . i., ..,.... .. , _ , . 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I. .. . .. .. • ... .. ., Map ..,.-. . . .._ ..... ,. . .. Flood Plain M - ! WaliStreet Tower OMAHA , fl `I E�t F a �, ,,, 0 . M� -Ia®o rm _— Y.- 1 a \ y .r Rs. _.., itt,,1''.fit; rn i{'ea ..\.. . f ,: Tax Increment Financing Submission _.. (D) r.':-- DLR Group J E D urthl TN CONSTRUCTION INCORPORATED March 28, 2006 r4K ¢y µ t t yL�{tWi h. ri •\NNS N. i Wa I I Street Tower COMMUNITIES . ',, ..---m OMAHA - — r, ,\: AN UPSCALE COMMUNITY IN DOWNTOWN OMAHA. `EallStreet Tower Omaha will be the ultimate setting for residential condominium living within Downtown Omaha. The city of Omaha has enjoyed unprecedented downtown growth during recent years.WallStreet Tower Omaha builds on that success and simultaneously makes an impact on both the city and its skyline. This important landmark—the former Union Pacific Headquarters—represents the kind of re-development project that we take great pride in completing. HERE ARE OUR PLANS FOR THIS MAGNIFICENT BUILDING, WALLSTREET TOWER OMAHA... . Modern/contemporary architecture * Business center with conference room . "Warm modern"interior design . Party room,complete with warming kitchen • 32 stories,282 residential units . Movie theatre • Multiple penthouse units above floor 30 . Fitness Facility • Retail/office/commercial presence on floors 1-4 ¢ Mailroom • Attached secure parking with two-car garaged © Private balconies parking per home .- Private gourmet coffee lounge ti 24-hour on-site security . Climate-controlled storage room per home (video surveillance included) Also WallStreet Tower Omaha provides a rooftop swimming pool, outdoor cooking areas,sun deck and wall-to-wall windows on each floor for the best views of Omaha. OUR MISSION is to design and operate an unmatched collection of communities and provide unsurpassed service and quality for our residents.The key to our }1/1 tti continued success and growth is to offer sophisticated,world-class developments—with a s:° touch of fun and romance. gg -;'-t t .1,4 V e are a fullyintegrated organization with full-time real estate professionals who � �' � -' z- deliver a complete real estate operations package:designing,constructing,marketing, e' s 1 ' advertising and selling some of the marketplaces most uniquely positioned properties. rh ��,x keires R� F / F' :'; Townsend Communities and the dynamic Townsend team are currently generating ;,'fir� "�� :'"�`�� . a N C O R PO R AT E D record sales and have received numerous awards for luxury condominium development, as well as marketing and advertising industry accolades. T ownsend Inc's.success has resulted in an impressive list of clients and developments,allowing the company to further pursue real estate investments not only in Omaha,but several markets nationwide. [ y being the best at what we do,we will provide unique opportunities for our employees... better serve the communities in which we operate...and maximize value for our investors. • ' `v r' 7 =`,�*d7i ' 3 •?:y'L[�'s`T'x f,�I�c'1�`' "iY'"c�• - `' �' "��' {� k*/""' IF.4L? d- 'fir'i11 344�"".x'"p r3Y '}4'ex,t�i°-t'•`*,� '.`b ' y��q .%a �.F"s'S.a. �x'ta: °'?ettiARI,INPF- '� j,yam` P 4� �y..'�o+S ''a',ua�K,� , ,. 55.E ai ,x',ri e ,'�.•• sHYr'•'r r t.•..t?�%i''r.n '''''�K Y :y1 i• xv . h y"` ! �T'1. ql,"! �i.Al'{ ,xL y'sf - ! � ,, tz, ', a ri F,TE kf `� k �'", .,rrr If .,a 9 T.'Y ' ° - �t Y� $5 t• �' { t s a a st��1'',*'m:t si.6�7' att.�.ax 5 •''•�; ..1. a- " if c .a- 4,, u p fti 4 x' r .'k.A.•:.l ' '' x i1 , -."`4,--,e' • .r1, , -w t, K t n � ,;4 a+ ern , ;Imo " - '." 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'•.. .4.1.,:.-c....:;:'-'ft..,::-.4' ..-:-:1•..ix•i-S-'t&—t.,,,,.- �� ..�r ' i C tt,i�> t _ 1 � Currently Mr.Townsend and Townsend, Inc.are purchasing and r f.i fig 11-A ,'I"; �.• 't,, r.. _ . ' developing mixed-use properties with a focus on high-rise residential c�•C8,. __ --i-2 it.',tea: tome r • _ ; 1 . f- I.. 1 1 ( '.'t j,3 condominiums and portfolio apartment housing.The goal with each Ik +'r+as.�z i °i,l 1 s -- '.2{1`' "Townsend Community" is to develop properties that enhance the residents' • r r f i 1 �ptfi 3.•t1. 1 ::-- , 'A .4 1t igie 0; ' In.. -. 71a : s � lifestyles through higher-quality finishes and maintenance-free service ... '`;45 F�. �y -.:, P. :�,c ,; all at a competitive price. ' � I`' �' '�; - WALLSTREET TOWER OMAHA WILL tzAl. .4 ,I .- Y •il y 1 BE ONE OF THE MOST ATTRACTIVE z I�� ' r ' �Y '" ,',: ., HIGH-RISES IN DOWNTOWN. ,� `� • �,. � ��a1lStreet Tower will be considered one of the more ��,Pyf M ;,;.._. 44' :A:,g architecturally significant buildings in Omaha and one of the most +� ,' 4' •�','� .',• ,,; °.t. ,j attractive high-rises in downtown.The surrounding area is recognized '� O " ?,:7E ' as Omahas financial district and a business hub for the community. ,,,.•rg:ga , ' The property is surrounded by two of the most significant and newly constructed high-rise structures in the area: Union Pacific Headquarters and One First National Center.Additionally, residential growth and other condominium developments (i.e. SoMa, Beebe+ Runyan,The Paxton, among others) have proven through sales success and price points that the Downtown Omaha condo market is booming and underserved. • ' allStreet Tower will bring"sexy,sophisticated and elegant" residential living to downtown Omaha. Surrounded by the Qwest Center, Hilton Hotel, Northeast Redevelopment Plan, Old Market,Civic Auditorium,Joselyn Art Museum and New Holland Performing Arts Center,WaliStreetTower Omaha will become a crown jewel of Omahas urban re-development efforts. 5 ` FINANCIAL STRENGTH •.0 : '*�{i K ownsend, Inc. has built relationships with partners and sources � =3 ` F who possess more than $3 billion in combined equity.The company is actively c' - f. searching the U.S. for markets that present attractive opportunities for luxury 4Isst R ' ` 5E ;4',., ` ° >+ ` condominium re-development or new construction. To that end,Townsend .. it t� . `tip , +` 5 tis ,,:. partners with a variety of local individuals and organizations that bringclassry y - E - ,•.,'� t w' and expertise to each Townsend Community. g �� =" s - ". 'r n addition to the company's assets under management,there are fry: a3:`' t 3"` r, .� a . 60 � w currently more than. $750 million in properties under consideration for � » s:••. :IA •; �a development/investment. For more information, call 91 3.31 4.7577. �= �'� `° " ' WALLSTREET TOWER OMAHA WILL BECOME A CROWN JEWEL OF OMAHAIS URBAN RE—DEVELOPMENT EFFORTS. Amendment DOWNTOWN NORTHEAST REDEVELOPMENT PLAN TOWSEND, INC. TAX INCREMENT FINANCING REDEVELOPMENT PLAN WALLSTREET TOWER OMAHA PROJECT 1416 Dodge Street Introduction A major project in the Downtown Northeast Redevelopment Plan was the potential development and construction of a new, one million square-feet Union Pacific Headquarters Building in Downtown Omaha. One of the conditions of this development was an agreement that transferred the ownership of the former U.P. Headquarters facility at 1416 Dodge Street to the City of Omaha, to be held for future development opportunities. In view of this transfer of ownership and in a proactive effort to prepare for the potential development of the site, a Restricted Use Limited Appraisal was completed to assist in evaluating the property for development purposes. As a result of this assessment and the level of interest expressed for the possible acquisition, development and use of this prime location, it was determined that it was in the best interest of the City to initiate the development of the site through a "Request for Proposal" process to secure innovative, competitive, comprehensive proposals that would be complimentary to the continued expansion and development in Downtown Omaha. An Amendment to the Downtown Northeast Redevelopment Plan requested approval for the disposition of the former Union Pacific Railroad property located at 1416 Dodge Street through a Request for Proposal process. City Ordinances require the review and approval of proposals for the disposition of city-owned property by the Planning Board and the City Council. Pursuant to these requirements, the Planning Department prepared and advertised the Request for Proposals for the acquisition, demolition and redevelopment of the former U.P. site located in Block 88, Original City of Omaha, Douglas County Nebraska in the Downtown Northeast Redevelopment Plan Area. The City of Omaha sought development proposals from any financially capable person, corporation, limited liability company or partnership for the development of an approximately 1.46 acre site bounded by Capitol Avenue on the north, Dodge Street on the south, 14th Street on the east and 15th Street on the west. This prime site is located in the Central Business District of Omaha with frontage on one of the most well-known streets in the city, "Dodge Street". The site, covering a full square block, is one block east of the new 40-story First National Tower and north of the new Union Pacific Railroad Corporate Headquarters Building. The new Performing Arts Center, that is completed, is located two blocks to the east on Dodge Street. Directly north of the site to the east and west is the new Omaha World Herald Headquarters and Newspaper 1 Production Building, along with the First National Technology Center. There are several parking garages within walking distance of the site, with one across the street to the west. The redevelopment site is located within the Downtown Northeast Redevelopment Plan Area and is in close proximity to the Convention Center Arena Redevelopment Plan Area. The site is south of the North Downtown study area, which is an area that is designed to become a new, exciting and active urban neighborhood. Mid-rise buildings with uses that encourage street and sidewalk activity will characterize this neighborhood. New development in this area will be pedestrian-oriented to encourage walking and street-level activity. A variety of uses will be encouraged and mixed both vertically and horizontally The City of Omaha received two project proposals for the development of the site that were analyzed prior to presentations by the developers to a selection committee comprised of the Planning, Finance, and Public Works Department Directors, the City Comptroller, the City Attorney, the Assistant Director for Housing & Community Development in the Planning Department and two representatives from the Mayor's Office. The committee made its recommendation to the Mayor of the City of Omaha who selected the Townsend Incorporated development team and the WallStreet Tower Omaha project Proposal for the development of the former Union Pacific Headquarters Site at 1416 Dodge Street. The approved plan, as previously amended, provided broad guidelines for future development within this section of the city. This request is in compliance with the approved plan as amended. The approval of this request will provide the opportunity to continue the significant developments that have been completed and those that are in various stages of completion in Downtown. Some of these noteworthy projects are: the First National Bank Office Tower and Data Center, The World Herald Complex, The Riverfront Development, the new performing arts center, the Paxton Manor and the J.L. Brandeis Condo renovations. The new Riverfront Partners Condo Development and "South of the Market", "SOMA" Row Houses are significant developments that have helped in revitalizing Downtown as a"destination place". The approval of the request to dispose of the U.P. property and to develop the WallStreet Tower Omaha project is consistent with previous recommendations of the Planning Board in relation to approvals for the disposition of public property and of the approvals for the Downtown Northeast Redevelopment Plan and Amendments. The proposed disposition of the site and the project proposal is in compliance with City Ordinances. The results of this process will be a positive enhancement to the area through the development of the currently vacant, deteriorating redevelopment site. The resultant project plan to be submitted to the Planning Board and City Council will be consistent with the Master Plan, Land Use Plan and Nebraska Community Development Law governing Redevelopment Project Plans. There are no land use or zoning issues resulting from this amendment. The site is zoned Central Business District (CBD). The site is served by sanitary and storm sewers, public utilities and an effective street system to accommodate the needs of the future development. The current street system is able to accommodate the development. The amendment does not require additional 1 • utilities or infrastructure improvements for successful completion of the project. However, the City is requiring significant offsite and Capitol Avenue improvements funded through the allocation of TIF. The Downtown Northeast Redevelopment Area Plan and a Major Amendment to the plan were approved pursuant to Resolution No. 3315 on December 17, 1996 and Resolution No. 1033 approved on April 20, 1999 respectively. The area redevelopment plan was previously designated and remains designated as substandard and blighted. The project site is substandard and blighted in accordance with Nebraska Community Development Law and is located in an existing approved TIF project area. The Downtown Northeast Redevelopment Area Plan proposed that Tax Increment Financing be used as an economic development tool to offset the cost to develop specific projects as proposed and approved for the area and to finance additional public improvements in the Downtown Northeast Redevelopment Area as determined by the City of Omaha. The following are some of the cost categories that were determined to be eligible for TIF: site acquisition, demolition, environmental remediation, infrastructure development, site development and public improvements. Total project cost is estimated to be in excess of$122,337.000.00. The available TIF, based on this amount utilizing the actual tax levy, is estimated to be approximately $17,100,000.00 and is based on the information provided by the developer who is requesting the fullest utilization of the TIF to recover all TIF eligible development cost. The actual TIF amount and utilization of the funds will be negotiated as a part of the redevelopment agreement. The approval is consistent with previous recommendations of the Planning Board in relation to approvals of the Downtown Northeast Redevelopment Plan and Amendments. The proposed project is in compliance with City Ordinances. This activity represents an enhancement to the area through the development of the currently vacant property. The redevelopment plan is consistent with the Master Plan, Land Use Plan and Nebraska Community Development Law The plan contemplated future expansion within the area as other projects were envisioned and developed. The specific legal descriptions of each project were appended to the plan through the statutory modification process to identify the project for the division of ad valorum taxes in support of the renovation of existing and the construction of new facilities in the area. The expansion within the area has been made through the implementation of major projects that contribute to the rebirth of Downtown Omaha. WallStreet Tower Vision: "Elegant, Sophisticated"Kansas City Star on WallStreet Tower. Townsend Inc., based in Kansas City, is a leading development company in Kansas City's Downtown condominium scene. 2 The goal is to bring affordable luxury living into emerging neighborhoods in downtown areas of the city. Townsend develops communities that benefit from the conveniences of the city with the functionality of a suburban home, minus the commute and yard work. The developments of Townsend Inc. have been credited with bringing a new level of sophistication and sex appeal to Kansas City. The properties are known for their winning combination of luxurious homes, quality facilities and exceptional customer service. Mission: "We are striving together to deliver an exciting blend of lifestyle and affordability to Downtown Kansas City—and beyond. " The mission is to design and operate an unmatched collection of communities and provide unsurpassed service and quality for their residents. The key to their continued success and growth is to offer sophisticated, world-class developments — with a touch of fun and romance. They are a fully integrated organization with full-time real estate professionals who deliver a complete real estate operations package: designing, constructing, marketing, advertising and selling some of the marketplace's most uniquely-positioned properties. The dynamic Townsend team, in association with real estate professionals, is responsible for generating record sales in niche markets. By being the best at what they do, they will provide unique opportunities for their employees, better serve the communities in which they operate, and maximize value for their investors. Experience Jason Townsend is bringing his vision for new types of urban redevelopment communities to cities across the country. In fact, Mr. Townsend was the first major condominium developer in his hometown of Kansas City since the early 1990s. Since then, Townsend, Inc. has become one of the largest developers of"award-winning" condominium housing in the Kansas City area and is currently in different phases of development in several cities throughout the Midwest. Prior to establishing Townsend Inc., Mr. Townsend was President of an International Technology Development Company and Vice-president of an 80-year old engineering firm. Financial Strength Townsend, Inc. has built relationships with equity partners and sources who possess more than $3 billion in combined equity. The company will invest in any U.S. market that presents an attractive return on investment risk. To that end, Townsend partners with a variety of individuals and organizations that bring local and/or asset class expertise. In addition t the company's assets under management, another $700 million has been earmarked for investment in real estate opportunities throughout the Kansas City—and across the country. The Protect Plan This proposal presents an Amendment to the Downtown Northeast Redevelopment Plan to facilitate the Townsend Investments LLC, WallStreet Tower Omaha Tax Increment Financing 3 • Redevelopment Project Plan for the Former Union Pacific Headquarters Building at 1416 Dodge Street, legally described as Lots 1 through 8 and the North 9 inches of Dodge Street on the South of Lots 5, 6, 7 and 8, Block 88, Original City of Omaha. Over the past few years, there has been a surge in developer interest in the downtown area. The current Mayor, many City Council members, and the Chamber of Commerce have continually expressed personal and political interest in supporting and encouraging the residential and retail redevelopment of Downtown Omaha. This type of support, in combination with a shortage of home ownership opportunities in well-located, centralized, secure buildings, with ample parking, food service, retail service, views, in proximity to well-occupied, popular office buildings and local entertainment venues, has been limited, until now. WallStreet Tower (Omaha) will be considered one of the more architecturally significant buildings in Omaha and one of the most attractive high rises in Downtown. The surrounding area is recognized as Omaha's financial district and a business hub in the community. This property is surrounded by buildings, which include the First National Bank Tower and Union Pacific Headquarters, representing some of the most attractive high rise and financially significant buildings in the downtown area. As a compliment to this, residential growth and the success of other developments, i.e., Riverfront Place (Phase I), SoMa, and Beebe Runyan have proved by their quick sales and strong purchase prices that the Omaha Downtown condo market is booming. WallStreet Tower (Omaha), located seconds from the interstate, Dodge Street, the Qwest Center Omaha, is minutes from Downtown's entertainment district, Old Market, and literally located in the"heart" of Omaha...location, location, location. WallStreet Tower (Omaha) will be a 32-story, 282 residential unit buildings, with 339,024 sellable square feet. The building is very unique to Downtown Omaha in that it has modern/contemporary architecture, a "warm" modern interior design, several penthouse homes, a retail/commercial/office presence on the first thru fourth floors, an attached parking garage with secured entrance, 2-car garaged parking per home, a private gourmet coffee lounge, a business center with conference room, a movie theater, a warming kitchen and party room, a workout facility, a climate-controlled storage room per home, mailroom, 24-hour (video surveillance included) on-sight security, private balconies, rooftop swimming pool, outdoor cooking area and sun deck, and literally wall-to-wall windows on each floor, where the best views of the Omaha skyline can be seen from every direction. WallStreet Tower (Omaha) will be the ultimate and ideal setting for residential condominium living within the backdrop of the Downtown Omaha skyline. Cost Benefit Analysis This request meets the necessary requirements for consideration. The proposed plan implements the authorization to proceed with the disposition of City owned property in compliance with City of Omaha guidelines. The site is in an area that was previously declared Substandard and Blighted and a current assessment of the property indicates that the buildings are Substandard and Blighted. The site is vacant, has limited value, has deteriorating improvements and is owned 4 L by the City. This prime site is not being utilized at the fullest and best economic use as vacant property. The plan approval will continue the expansion of condominium ownership opportunities underway in Downtown. This project will not generate any additional public service needs. The mixed-use condominium and commercial development proposed for this site will provide additional housing and employment in the Omaha community. The development will impact other housing and commercial developments, as there will be increased competition for potential purchasers of the units and for employees to fill the employment opportunities that will be created by this development. The elimination of the substandard and blight conditions, the provision of new high-end housing and the related increase in additional 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 number of persons and the amount of expendable dollars leaving the area. The creation of new employment opportunities justify the cost associated with the potential development of the site. The long-term benefits resulting from the elimination of the substandard and blighted conditions and the increase in the tax base resulting from future development is another valid justification to provide assistance to the project. 5 hiDLR Group Architecture Engineering Planning Inipriors 7290 West 133rd Street Overland Park, KS 66213 tel 913/897-7811 March 27, 2006 fax 913/897-83.33 overlandpark@dlrgroup.com www.dlrgroup.com Ken Johnson Economic Development Manager City Planning Department City Of Omaha 1819 Farnam Street, Suite 1111 Omaha, NE 68183 Dear Mr. Johnson, We hope all is well with you. The entire WallStreet Tower Omaha team looks forward to working with you and your colleagues to make this project successful for all parties involved. To that end, the purpose of this letter is to provide you with the information requested in Steve Jensen's letter of October 28, 2005 regarding TIF eligible items. We are confident that the following explanation of Omaha's unique soil conditions and how those conditions relate to the design and construction of the project's special foundation system will meet with your approval as an activity traditionally funded through Omaha's Tax Increment Financing program. The Omaha CBD lies predominantly on an alluvial terrace adjacent to the modern Missouri River floodplain. The terrace soils were laid as overbank deposits during flood events and as alluvial fans where tributary areas drained out onto the flat floodplain. The soils consist of deep deposits of silt and lean clay with frequent layers of peat. Previous exploration in the area has identified bedrock at depths of 75 to 80 feet below grade. The terrace deposits are typically very moist and soft to firm, and are capable of carrying only modest foundation loads. Due to these weak soil conditions, it will be necessary to support the planned tower and parking garage on deep foundation elements. This will consist of piers or piles installed into the bedrock surface. Considering the height and footprint of the proposed structure as well as the soil conditions in the Omaha area, the deep foundation system will be either drilled piers/caissons or piles extending to bedrock. We anticipate a drilled pier system would bear on bedrock at average depths of 75 to 80 feet below grade and provide bearing capacities on the order of 150 ksf. A pile system would have similar bearing depths. Using these assumptions and preliminary analysis of the of the foundation loads, we anticipate drilled pier sizes averaging 6' in diameter built with 4,000 psi concrete and steel reinforcement for the condo tower. The parking structure is anticipated to have a similar type of drilled pier system with pier sizes averaging 3' in diameter. These piers would also extend to bedrock on average 75 to 80 feet below grade. Based on the footprint of the condo tower and the parking structure and the bearing conditions of the soil at this location we would expect both structures' special foundation system to require fifty piers. Overland Park Chicago Colorado Springs Des Moines Farmington Honolulu Milwaukee Minneapolis Omaha Orlando Philadelphia Phoenix Portland Sacramento Seattle Ken Johnson March 27, 2006 Page 2 If you have any questions regarding this analysis, please call either of us. You can reach Dan with Thiele Geotech at 402-556-2171 or Brian with DLR at 913-897-7811. Regards, Brian Schiller, P.E. Principaj.ip the Firm Struct alliEngi ee , D R Group Daniel Thi le, P.E. Principal, Thiele Geotech b "Wallstreet Tower Omaha " General Information Address: Omaha, NE Structure: Tower: 32 stories Parking Garage 4 Levels Elevators: Passenger 4 Year Built: 2006 Number of Condo Units: 280 Gross Revenue Estimations: Residential $118,714,400 Total Gross Condo Sales: Commercial $ 7,073,600 I Net Revenue From Sales: $121,782,691 TIF Eligible Costs: $15,319,284 Less Project Costs: $ (115,871,021) Reimburse Marketing Costs: $ 728,000 Profit from Sales: $21,958,954 Source and Use of Funds: Construction Debt Financed: $100,551,736.80 Proceeds from TIF: $15,319,284 Owner/Personal Guar. Amount: $115,871,020.80 THE FINANCIAL INFORMATION CONTAINED IN THE REDEVELOPMENT PLAN IS SUBJECT TO MODIFICATION.THE ACTUAL TIF AMOUNT WILL BE DETERMINED IN THE NEGOTIATIONS TO DEVELOP THE RE-DEVELOPMENT AGGREMENT.THE AMOUNTS INDICATED FOR TIF WILL BE MODIFIED,THE TIF WILL NOT EXCEED STANDARD ELIGIBLE TIF EXPENSES. Condominium Information Avg. Gross Floor Plate SF (w/Balc): 15,214 Number of Floors for Res. Condos: 28 Residential Saleable Sqft: 12,470 Total Residential Saleable SF: 349,160 Efficiency: 82% Total Residential Saleable SF: 349,160 Saleable SF with Decks: 367,472 Retail Saleable Sqft: 35,368 $340.00 = $/SSF including PH1 & PH2 $200 00 1= $/SSF F 4 18.95% • "Walistreet Tower Omaha " Summary of Cost Assumptions: Administrative Expense: $3,774,948 Advertising: $600,000 Appraisals: $75,000 Architecture/Engineering: $3,000,000 Borings: $200,000 Closing Cost: $135,000 Construction (Including MEP): $92,014,103 Construction Manager: $618,750 Contingency: $400,000 Furniture: $250,000 Insurance: $240,000 Interest Expense: $5,970,195 Legal: $850,000 Marketing Office Constr. & Model Units: $947,025 Marketing Office Exp. and Salaries: $350,000 Marketing: $378,000 Miscellaneous: $600,000 Operating Capital (Building Oper.)- Contingency $485,000 Presentation Materials: $15,000 Property Insurance (GL 1st) $120,000 Purchase Price (Abatement& Demo) $4,143,000 Security System: $500,000 Site Survey: $20,000 Travel: $185,000 Total Project Costs: $115,871,021 WallStreet Tower Omaha Omaha, Nebraska March 28, 2006 TIF Breakout Summary Description Cost Offsite Improvements $ 1,079,694 Demolition/Abatement $ 4,143,000 Site Utilities $ 1,221,889 Excavation $ 520,640 Piles $ 2,419,989 Foundations $ 3,968,206 Capitol Avenue Improvements $ 1,168,526 Design and Engineering Fees $ 797,339 Total $ 15,319,284 WallStreet Tower Omaha ' Omaha, Nebraska Offsite Improvements Description Quantity Unit Unit Price Total GENERAL CONDITIONS $ 61,111 PUBLIC WORKS PERMIT $ 75,579 PROJECT MANAGEMENT $ 151,157 FULL DEPTH SAWCUT PAVEMENT 1,000 LF $ 2 $ 2,000 REMOVE AND REPLACE 9" PAVEMENT 1,500 SY $ 50 $ 75,000 REMOVE EXISTING GRANITE CURB 1,200 LF $ 3 $ 3,600 REMOVE EXISTING SIDEWALK 15,000 SF $ 2 $ 30,000 MILL ASPHALT PAVEMENT (2") 6,000 SY $ 1 $ 6,000 RESURFACE ASPHALT PAVEMENT 1,000 TON $ 30 $ 30,000 TRAFFIC CONTROL 5,000 BD $ 5 $ 25,000 FINE GRADING 1,000 CY $ 2 $ 2,000 CONSTRUCT 5" CONC. SIDEWALK W/PATTERNS 16,000 SF $ 5 $ 80,000 CONSTRUCT HANDICAP RAMP 4 EA $ 250 $ 1,000 9" CONC. PAVEMENT- DROP OFF LANE/ DRIVES 400 SY $ 35 $ 14,000 CONSTRUCT 12" GRANITE CURB 950 LF $ 90 $ 85,500 CONSTRUCT 18" R.C.P., CLASS III 100 LF $ 25 $ 2,500 CONSTRUCT 18" PIPE BEDDING 100 LF $ 3 $ 300 CONSTRUCT 8" SANITARY SEWER PIPE 100 LF $ 17 $ 1,700 CONSTRUCT 8" PIPE BEDDING 100 LF $ 3 $ 300 TAP EXISTING STORM MANHOLE 1 EA $ 500 $ 500 TAP EXISTING SANITARY MANHOLE 1 EA $ 500 $ 500 REMOVE / REPLACE BUS SHELTERS 2 EA $ 5,000 $ 10,000 REMOVE/ REPLACE BIKE RACK 2 EA $ 1,000 $ 2,000 IRRIGATION SYSTEM 1 LS $ 20,000 $ 20,000 BENCHES 6 EA $ 1,500 $ 9,000 TRASH RECEPTACLES 2 EA $ 1,000 $ 2,000 PRECAST PLANTER 4 EA $ 6,000 $ 24,000 PLANTING SOIL 100 CY $ 25 $ 2,500 OTHER PLANTINGS 1 LS $ 10,000 $ 10,000 MAINTAIN LANDSCAPE (60 DAYS) 1 LS $ 1,000 $ 1,000 SHADE TREES 23 EA $ 500 $ 11,500 5' X 5' TREE GRATES 23 EA $ 750 $ 17,250 DRAINAGE PITS FOR TREES 23 EA $ 150 $ 3,450 WP OUTLET FOR TREE LIGHTS 23 EA $ 500 $ 11,500 ACORN STREET LIGHTS 24 EA $ 4,500 $ 108,000 PERMITS, BONDS, AND INSURANCE $ 19,799 CONTINGENCY 1 20% $ 179,949 Total $ 1,079,694 WallStreet Tower Omaha Omaha, Nebraska Site Utilities Assumptions/Comments: Steam line is 12"-18"from the existing UP Bldg footing. Costs are included to relocate this line into Capitol Avenue. Description Quantity Unit Unit Price Total • GENERAL CONDITIONS $ 69,159 PROJECT MANAGEMENT $ 146,627 REMOVE/ REBUILD OPPD UTILITY VAULTS 1 LS $ 50,000 $ 50,000 RELOCATE STEAM LINE 1 LS $ 650,000 $ 650,000 PROVIDE POWER SERVICE - COMMERCIAL 2 ACRE $ 2,452 $ 4,904 PROVIDE POWER SERVICE - RESIDENTIAL 200 UNIT $ 180 $ 36,000 PROVIDE WATER TAPS, METERS, ETC 1 LS $ 20,000 $ 20,000 STORM SEWER INLETS 5 EA $ 3,500 $ 19,145 PERMITS, BONDS, AND INSURANCE $ 22,406 CONTINGENCY 1 20% $ 203,648 Total $ 1,221,889 WaitStreet Tower Omaha Omaha, Nebraska Excavation Description Unit Quantity Unit Price Cost General Conditions 5.66% 29,468 Project Management 72,890 Garage Estimate General Excavation CY 1,796 3.50 6,286 Haul Surplus Earth CY 1,265 7.50 9,489 Haul Pier Spoils CY 556 12.00 6,668 Structural Excavation CY 701 17.70 12,411 Crushed Rock @ SOG, 6" TN 1,482 15.93 23,605 Earth Backfill CY 531 11.80 6,265 Hand Excavation SF 48,495 0.61 29,757 Finish Grading SF 17,920 0.18 3,172 Building Estimate Machine Excavation CY 7,615 3.50 26,652 Haul Pile Spoils CY 2,456 12.00 29,472 Grade Beam & Ftg Excavate CY 2,018 15.00 30,270 Crushed Rock @ SOG, 6" Thic TN 463 14.75 6,829 Hand Excavation SF 14,278 0.57 8,138 Compacted Backfill CY 3,158 11.80 37,264 Perimeter Foundation Drains LF 641 9.44 6,054 Soil Poisoning SF 14,278 0.08 1,142 Finish Grading LS 1 3,848 3,848 Retail Estimate Machine Excavation CY 1,104 3.50 3,864 Haul Pile Spoils CY 370 12.00 4,440 Grade Beam & Ftg Excavate CY 455 15.00 6,825 Crushed Rock @ SOG, 6" Thic TN 805 14.75 11,874 Compacted Backfill CY 455 11.80 5,369 Hand Excavation SF 24,830 0.47 11,720 Soil Poisoning SF 24,830 0.35 8,691 Finish Grading LS 1 5,536 5,536 Subtotal 408,000 • Permits, Bonds, Insurance 2.25% 9,180 Subtotal 417,180 Contractors Fees and Services 4.00% 16,687 TIF Contingency 20.00% 86,773 Total $520,640 WallStreet Tower Omaha Omaha, Nebraska Piles Description Unit Quantity Unit Price Cost General Conditions 5.66% 136,971 Project Management 338,799 Garage Estimate Augercast Piles, 16"0 LF 10,639 14.66 155,938 Building Estimate Augercast Piles,16"O LF 62,742 17.22 1,080,417 Retail Estimate Augercast Piles,16"O LF 9,461 19.48 184,300 Subtotal 1,896,425 Permits, Bonds, Insurance 2.25% 42,670 Subtotal 1,939,095 Professional Fees and Services 4.00% 77,564 TIF Contingency 20.00% 403,332 Total $2,419,990 • WallStreet Tower Omaha Omaha, Nebraska Foundations Description Unit Quantity Unit Price Cost General Conditions 5.66% 225,362 Project Management 557,432 Garage Estimate Pile Caps CY 318 438.36 139,229 Wall Footings CY 170 402.86 68,575 Foundation & Retaining Walls SF 3,835 36.02 138,123 Ramp Walls SF 2,126 36.02 76,587 5" Slab On Grade SF 48,495 4.65 225,463 Foundation Hoisting, 45T RT MO 1.7 17,719 30,281 Floor Drains EA 10 2,400 24,000 Building Estimate Pile Caps CY 1,953 438.36 856,114 Wall Footings CY 65 399.77 25,985 Foundation Walls & Pilasters SF 7,696 37.10 285,523 Slab on Grade, 4" SF 17,278 3.93 67,903 Elevator Pit and Dock Walls SF 560 37.10 20,776 Foundation Hoisting, 45T RT MO 2 17,719 28,411 Waterproof/Drain Mat @ Fdn Walls SF 7,696 3.50 26,937 Floor Drains/Trap Primers EA 2 1,000 2,000 Retail Estimate Pile Caps CY 250 438.36 109,590 Grade Beams; 2'x3', Form 100% CY 205 457.38 93,781 Slab on Grade, 4" SF 24,830 4.05 100,497 Elevator Pit and Dock Walls SF 280 40.10 11,228 Foundation Hoisting, 45T RT MO 0.25 17,719 4,430 Floor Drains/Trap Primers EA 2 1,000 2,000 Subtotal 3,120,224 Permits, Bonds, Insurance 2.25% 70,205 Subtotal 3,190,429 Professional Fees and Services 4.00% 127,617 1 TIF Contingency 20.00% 663,609 Total $3,981,655 • WallStreet Tower Omaha Omaha, Nebraska Capitol Avenue Improvements Assumptions/Comments: Includes work in the sidewalk fronting Capitol Avenue. (Pavers,Trees,etc) Inlcudes work to repave Capitol from West of 15th to East of 14th Street, including brick Paver Bands. Assumes the brick circle in 14th and Capitol will not be built,assumes brick cross walks instead. Bid Item Description Quantity Unit Unit Price Total GENERAL CONDITIONS $ 66,139 PUBLIC WORKS PERMIT $ 81,797 PROJECT MANAGEMENT $ 163,594 FULL DEPTH SAWCUT PAVEMENT 600 LF $ 2 $ 1,200 REMOVE 9" PAVEMENT 4,000 SY $ 3 $ 12,000 REMOVE EXISTING GRANITE CURB 370 LF $ 3 $ 1,110 REMOVE EXISTING SIDEWALK 10,000 SF $ 2 $ 20,000 TRAFFIC CONTROL 5,000 BD $ 5 $ 25,000 FINE GRADING 500 CY $ 2 $ 1,000 SUBGRADE PREPARATION 4,000 SY $ 3 $ 10,000 9" CONCRETE PAVEMENT- CAPITOL AVENUE 2,500 SY $ 35 $ 87,500 BRICK PAVER PAVEMENT W/CONCRETE SLAB - BANDS 1,500 SY $ 225 $ 337,500 12" GRANITE CURB 370 LF $ 90 $ 33,300 BRICK PAVER SIDEWALK W/CONCRETE SLAB 8,500 SF $ 20 $ 170,000 CONSTRUCT HANDICAP RAMP 4 EA $ 250 $ 1,000 CONSTRUCT PAVER PLANTING EDGING 200 SF $ 40 $ 8,000 CONSTRUCT PLANTER EDGING FOOTING 200 SF $ 7 $ 1,400 BENCHES 2 EA $ 1,500 $ 3,000 • IRRIGATION 1 LS $ 10,000 $ 10,000 TRASH RECEPTACLES 2 EA $ 1,000 $ 2,000 PRECAST PLANTER 2 EA $ 6,000 $ 12,000 PEDESTRIAN LIGHTS 6 EA $ 5,000 $ 30,000 PLANTING SOIL 300 CY $ 25 $ 7,500 OTHER PLANTINGS 1 LS $ 10,000 $ 10,000 MAINTAIN LANDSCAPE (60 DAYS) - 1 LS $ 1,000 $ 1,000 SHADE TREES 16 EA $ 500 $ 8,000 DRAINAGE PITS FOR TREES 16 EA $ 150 $ 2,400 OUTLET FOR TREE LIGHTS 4 EA $ 500 $ 2,000 PERMITS, BONDS, AND INSURANCE $ 24,940 • CONTINGENCY 1 20% $ 226,676 Engineering and Construction Administration Fees $ 120,000 Total $1,168,526 WaliStreet Tower Omaha Omaha, Nebraska Capitol Avenue Traffic Circle (for reference only) Bid Item Description Quantity Unit Unit Price Total GENERAL CONDITIONS $ 28,337 PUBLIC WORKS PERMIT $ 35,046 PROJECT MANAGEMENT $ 70,091 SUBGRADE PREPARATION 1,700 SY $ 3 $ 4,250 REMOVE 9" PAVEMENT - ADDITIONAL 300 SY $ 3 $ 900 CONSTRUCT 9" CONCRETE PAVEMENT- CAPITOL AVE. 500 SY $ 35 $ 17,500 CONSTRUCT BRICK PAVER PAVEMENT W/CONC. SLAB 1,200 SY $ 225 $ 270,000 CONSTRUCT 12" GRANITE CURB 200 LF $ 90 $ 18,000 CONSTRUCT HANDICAP RAMP 4 EA $ 250 $ 1,000 PERMITS, BONDS, AND INSURANCE $ 10,015 CONTINGENCY 1 10% $ 45,514 Total $ 500,653 1 Wallstreet Tower Omaha Omaha, Nebraska Professional Architecture and Engineering Fees TIF Related activities and oversight only, All Disciplines Assumptions and Task/Deliverable Cost Clarifications Project Initialization Phase $ 31,460 Predesign and Concept Phase $ 112,220 Schematic Design Phase $ 131,620 Design Development Phase $ 174,345 Construction Document Phase $ 201,585 Bidding and Negotiation Phase $ 14,460 Construction Document Phase $ 79,487 Total Proposed Fee for this Portion of Work $ 745,177 Estimated Reimbursable Costs $ 52,162 Budgetary Purposes Only Total Estimated Fees for TIF related Activities $ 797,339 Elec. Plumbing and Civil Architectural, Mech, Elec. 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' ,t a� I 1 1 �I ,,,REfA� T�lfRf1C6z t i RETAIL/R6TAURANf 1 • • ATGROUNDLEVB_ I GODGESiRBi SITE PLAN `,___,; 0 5 10 30 60 90 Rip .. . ._RL. _ illit\LR Group «.,:0<_:1) I I 1 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 Omaha/Douglas Public Building Commission MAILING LIST RECEIVED .6/3//th RECEIVED BY h nu- ,5C04467 t.AR ING MADE $ C DATE MAILED 6/• /Q 6 oMAHA NF F u� 8 Cityo Omaha Nebras a• . _%,� >>rr Eits 1819 Farnam Suite LC 1 ® r iiv Omaha, Nebraska 68183-0112 0 �' Buster Brown (402) 444-5550 City Clerk FAX (402) 444-5263 �4, p FEBR��4- "NOTICE TO TAXING AUTHORITY" NOTICE OF PUBLIC HEARING ON THE TOWNSEND INVESTMENTS LLC, WALLSTREET TOWER OMAHA TAX INCREMENT FINANCING REDEVELOPMENT PROJECT PLAN Notice is hereby given that the Omaha City Council has set Tuesday, June 27, 2006 at 2:00 p.m. as the date of Public Hearing on the Townsend Investments LLC, WallStreet Tower Omaha Tax Increment Financing Redevelopment Project Plan. The Townsend Investments LLC, WallStreet Tower Omaha Tax Increment Financing Redevelopment Project Plan is approximately 1.46 acres located at 1416 Dodge Street. The Redevelopment Plan is located within an area declared blighted and substandard and in need of redevelopment by the City Council. The Townsend Investments LLC, WallStreet Tower Omaha Tax Increment Financing Redevelopment Project Plan proposes the demolition of the former Union Pacific Headquarters Building at 1416 Dodge Street. WallStreet Tower Omaha will be a 32 story, 282 residential unit building, with 339,024 sellable square feet. The plan proposes $17,100,000.00 in Tax Increment Financing. The total project cost is estimated to be $122,237,000.00. 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 • CASE: C3-05-218 33 APPLICANT: Planning Department REQUEST: Approval of an Amendment to the Downtown Northeast Redevelopment Plan LOCATION: 1416 Dodge Street SUBJECT AREA IS SHADED -AUGUST 2005 iiLDS DS I L�J I • 1,L______j .f. l r CBD g .L—___ ' Z CBD St 1 = I1 DS 1 DS III IIII 1 OS 5 N 1 ' DS r m DS OS DS ra«St Z ...c cec IDPS:44-1_...001;irT IN CBD�i '" '�� DS SC• oDS 1D \ ( � ..- D b.7 HI-"pR t CBD 2,_ DS Chicago DSO'.• �, DS 4-�� `��>'*��_ � CBD �', CBD c DS DS"�,.`, ` �! cil DS DS ` ZZ! I. L]:1VE[lj7.i r j666 Davenp.R CBD n DS DS CBD Z DS DS DS 13 4Dao'to.Av :s i CBD tt�;:CBD�'i+?! CBD DS DS CBD ZI { sjyup l�::. CBD E CBD r. �,,Jkyr' in' gi "Si —, N� t �'^"`�i —�_ CBD I CBD JCBDn CBD rn• CBD h CBD CBD �F { CBD rn CBD CBD I! CBD CBD CBD CBD t -�� las Sl CBD .._,...P,P�,sLs.� ---- T CBD ce• CBD CBD CBD CBD 1 r CBD Fq L CBD CBD CBD CBD k ...•......•1---• 1••• •. ..w I CBD __1 JLCB CBDcBDoD Naraey-Sl i Y rThItDCBO .: •j CBD oen CBD CBD v7 �^d 1. . CBD CBD CBD •• ; CBD CBD of I �%_Hp -� ljq d�Ld-Sl' Si N 500 0 500 Feet la c + f WARRANTY DEED KNOW ALL MEN BY THESE PRESENTS, that the CITY OF OMAHA, a Municipal Corporation in the State of Nebraska, hereinafter referred to as CITY, in consideration of One Dollar ($1.00) and other valuable consideration in hand paid, does hereby grant, bargain, sell, convey and confirm unto WallStreet Tower Omaha, L.L.C., a Kansas Limited Liability Company, hereinafter referred to as Grantee, the following described real estate, situated in the County of Douglas and State of Nebraska to-wit: Lots 1, 2, 3, 4, 5, 6, 7 and 8, and the North 9 inches of Dodge Street adjacent on the South of Lots 5,6,7 and 8, Block 88, Original City of Omaha, Douglas County, Nebraska together with all the tenements, hereditaments, and appurtenances to the same belonging, and all the estate, title, claim or demand whatsoever of the CITY of, in, or any part thereof. TO HAVE AND TO HOLD the above described premises, with the appurtenances, unto the Grantee and to its successors and assigns forever, and the CITY for itself and its successors and assigns, do covenant with said Grantee and its successors and assigns that the CITY is lawfully seized of said premises, that they are free from encumbrance except those of record, that the CITY has good right and lawful authority to sell the same and that the CITY will and its successors and assigns shall warrant and defend the same unto the said Grantee and its successors and assigns forever, against the lawful claims of all persons whomsoever. IN WITNESS WHEREOF, the CITY OF OMAHA, a Municipal Corporation, has caused these presents to be executed by its Mayor and its Corporate Seal to be affixed hereto this .2a,041 day of �P6ru4 , 2007. THE CITY OF OMAHA, (Corporate Seal) A Municipal Corporation By: )1& ia4. ATTEST: APPROVED S F • _ ITY CLERK CITY ATTORNEY STATE OF NEBRASKA ) ) SS COUNTY OF DOUGLAS ) On thisaandday of Jr_ei_AA,«,4-,--4,-; 2007, before me, the undersigned, a Notary Public in and for said County, personally came , Mayor and , City Clerk of the City of Omaha, a Municipal Corporation, to me personally known to be the Mayor and the City Clerk and who executed the above conveyance, and acknowledged the execution thereof to be the voluntary act and deed of the City of Omaha, a Municipal Corporation, and that the Corporate Seal of the City of Omaha was thereto affixed by its authority. In testimony whereof, I have hereunto set my hand and affixed my Notary Seal at Omaha in Douglas County, on the day and date last above written. GENERAL NOTARY-State of Nebraska CYNTHIA i.FORD :"* My Comm.E q.Aug,18,NV ✓ �,I ^ n NOTARY PUBLIC My Commission expires e//(7o 7 RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: UNION PACIFIC RAILROAD COMPANY ATTN: Real Estate Dept., Mail Stop 1690 1400 Douglas Street Omaha, Nebraska 68179 (Space Above for Recorder's Use Only) TERMINATION OF MEMORANDUM OF LEASE WHEREAS, The City of Omaha, a municipal corporation of the State of Nebraska ("City"), and Union Pacific Railroad Company, a Delaware corporation ("UPRR"), entered into that certain Lease Agreement dated March 11, 2002 (the "Lease") for the lease by UPRR of the following described real property, together with buildings and other improvements thereon, in Omaha, Douglas County, Nebraska, to wit: Lots 1, 2, 3, 4, 5, 6, 7 and 8, and the North 9 inches of Dodge Street adjacent on the South of Lots 5, 6, 7 and 8, Block 88, Original City of Omaha, Douglas County,Nebraska. WHEREAS, a Memorandum of Lease dated March 11, 2002 was recorded on March 11, 2002 as Misc. No. 05334, Book 1427, Page 705, in the Office of the Register of Deeds, Douglas County, Nebraska, for record notice purposes. WHEREAS, the Lease terminated by its own terms on March 1, 2005. NOW, THEREFORE, UPRR and City have executed this Termination of Memorandum of Lease to document of record the termination of the Lease on March 1, 2005. " • UNION PACIFIC RAILROAD COMPANY, Att t: a Delaware corporation eal) By: k.- Assistant Secretary Its: Assistant VlddPresIdent—Real Estate CITY OF OMAHA .20 6 By: )1- 42.¢0 v2A07 e ity of Omaha Mayor of the Cit f Omaha -A3 v • F • ei-eri+h • ey - City a G:\LAWADM\CMS\CityofOmaha\Headquarters.Memorandam of Lease Tennination.doc STATE OF NEBRASKA ) ) ss. COUNTY OF DOUGLAS ) On February i`A , 2007, before me, a Notary Public in and for said County and State, personally appeared TONY K. LOVE and Barbara Holder , Assistant Vice President—Real Estate and Assistant Secretary, respectively, of UNION PACIFIC RAILROAD COMPANY, a Delaware corporation, personally known to me (or proved to me on the basis of satisfactory evidence) to be the persons whose names are subscribed to the within instrument, and acknowledged to me that they executed the same in their authorized capacities, and that by their signatures on the instrument the persons, or the entity upon behalf of which the persons acted, executed the instrument. WITNESS my hand and official seal. GENERAL NOTARY•State of Nebraska . DONNA.E COLTRANE l i V e, g L_ _ _ .�.`.'' My Comm.Exp.May 6,2008 ��'�- �''w�"r` Notary Public (SEAL) STATE OF NEBRASKA ) ) ss. COUNTY OF DOUGLAS ) On this day of February, 2007, before me, the undersigned, a Notary Public duly commis io d, qualified and acting, within and for th sad Cou ty and State, personally came y/ e i''�/� , Mayor, and ��'Cy' , City Clerk of the ity of Omaha, a municipal corporation of the State of Nebraska, to me personally known to be the Mayor and the City Clerk and who executed the above conveyance, and acknowledged the execution thereof to be the voluntary act and deed of the City of Omaha, a municipal corporation, and that the Corporate Seal of the City of Omaha was thereto affixed by its authority. In testimony whereof, I have hereunto set my hand and affixed my Notary Seal at Omaha in Douglas County, on the day and date last above written. -/l 41-ed GENERAL NOTARY-State of Nebraska Notary Public 'SE,11V ) SANDRA L.MOSES - ` ..: My Comm.Exp.July 29,2008 G:\LAWADM\CMS\CityofOmaha\Headquarters.Memorandum of Lease Termination.doc 2 i TERMINATION AGREEMENT THIS AGREEMENT, made and entered into this Pi day of February, 2007, by and between THE CITY OF OMAHA,NEBRASKA, a municipal corporation of the State of Nebraska ("Lessor"), and UNION PACIFIC RAILROAD COMPANY, a Delaware corporation, with its principal place of business being 1400 Douglas Street, Mail Stop 1690, Omaha, Nebraska 68179 ("Lessee"), WITNESSETH: RECITALS: A. By Lease Agreement dated March 11,2002,between Lessor and Lessee,identified in the records of Lessee as Audit No. 227065,Lessor leased to Lessee and Lessee leased from Lessor, commencing March 11,2002,certain property located in Omaha,Douglas County,Nebraska known as Block 88, Original City of Omaha, together with buildings and other improvements thereon. B. The Lease terminated by its own terms on March 1, 2005. AGREEMENT: NOW, THEREFORE, IT IS MUTUALLY AGREED AND ACKNOWLEDGED by and between Lessor and Lessee that the Lease automatically terminated on March 1, 2005. IN WITNESS WHEREOF, the parties have executed in duplicate this Termination Agreement the day and year first above written. UNION PACIFIC RAILROAD COMPANY, a Delaware corporation By: Its: Assistant c e iden .. eai Estate • CITY OF OMAHA �/�/7 By: al/20/ Ci;Clerk of e City.of Omaha Mayor of the City of maha Approved a. t o City G:\LAWADM\CMS\CityofOmaha\Hcadquartcis.Leaseback Tennination.doc 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 1.46-acre Townsend Investments LLC, Wallstreet Tower Omaha Tax Increment Financing Redevelopment Project Plan Area for the former Union Pacific Headquarters Building is located at 1416 Dodge Street and is legally described as Lots 1 through 8 and the North 9 inches of Dodge Street on the South of Lots 5, 6, 7 and 8, Block 88, Original City of Omaha, Nebraska(see Attachment 1 for complete legal description); 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. 947 adopted on April 17, 1984 and by City Council Resolution No. 1445, adopted on June 2, 1992, and, WHEREAS, the Townsend Investments LLC, Wallstreet Tower Omaha Tax Increment Financing Redevelopment Project Plan provided for the demolition of the buildings and the disposal of the site for the development of a mixed-use facility containing Condominiums with parking, retail, entertainment, recreational and commercial spaces as described in Exhibit "A", attached hereto and made a part hereof; and, WHEREAS, The Townsend Investments LLC Tax Increment Financing (TIF) Redevelopment Project Plan provides for the use of Tax Increment Financing to offset the cost of site acquisition, demolition, site preparation, environmental remediation, rehabilitation and public improvements as may be required; and, WHEREAS, an Industrial Development Bond issue may be used in this blighted and substandard area to assist with project financing; and, By Councilmember Adopted City Clerk Approved Mayor C-25A CITY OF OMAHA LEGISLATIVE CHAMBER Omaha,Nebraska • PAGE-2- - WHEREAS, Section 18-2108 of the Nebraska Revised Statutes requires the City of Omaha to adopt a redevelopment plan before taking an active part in a redevelopment project; including the division of ad valorem taxes under Sections 18-2147 through 18-2150, Revised Statutes of Nebraska; and, WHEREAS, The Townsend Investments LLC Tax Increment Financing (TIF) Redevelopment Project Plan, was previously approved by the action of the City of Omaha Planning Board on May 3, 2006. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: THAT, the attached Townsend Investments LLC, Wallstreet Tower Omaha Tax Increment Financing Redevelopment Project Plan as prepared by the Omaha City Planning Department, containing a provision for the division of ad valorem taxes under Section 18-2147 through 18-2150, Revised Statutes of Nebraska, be and hereby is approved as the Redevelopment Plan for the Townsend Investments LLC, Wallstreet Tower Omaha Tax Increment Financing Redevelopment Project Plan d at 1416 Dodge Street. APPROVED S • CITY A EY A E • P:\PLN3\6654sap.doc By (711/044 Councilmember Adopted 7 2006 7-O City Clerk/ / „ /6 Approvedh4 Co` v Mayor i `dam 2Q � � � A* � �` °. < � , c rn o a a• r' cu • 0 ' _ z < ,-1 c 0 coo c N (b d 0 0 w cn 0 0 _ r. I " a. a o p ¢, a ,-` Q as ~d 6 a E- o . N CV "G N �co N •• d 5 , cr C CD �" Oa N AD C 0 0 O r4 0 pci . b 0 o a 0 0 . 5 c4 a (PP o sz., 2,), ,-+ % 1\ Qr -F--6'` n n r c p CD Z pc, aC� � • a, {S - e c R ao- _pa p-ci • 6- 12 o. • nn� 1 ' A • • t:.. ` .$ ' ' V `r J f `y (� t ----'NOTICE TO PUBLIC—~ - THE DAILY RECORD NOTICE OF PUBLIC HEARING ON THE • TOWNSEND INVESTMENTS LLC, OF OMAHA A h A WALLSTREET TOWER OMAHA TAXINCREMENT NANCING REDEVELOPME TFIPROJECT PLAN RONALD A. HENNINGSEN, Publisher Notice hereby given that the Omaha PROOF OF PUBLICATION City Councilithas set Tuesday, June 27, 2006 at 2:00 p.m. as the date of Public Hearing on the Townsend Investments LLC, WallStreet Tower Omaha Tax Increment UNITED STATES OF AMERICA, Financing Redevelopment Project Plan. The State of The Townsend Investments LLC, Nebraska, SS. WallStreet Tower Omaha Tax Increment District of Nebraska, Financing Redevelopment Project Plan is approximately 1.46 acres located at 1416 County of Douglas, Dodge Street. The Redevelopment Plans City of Omaha, located within an area declared blighted and substandard and in need of redevelopment by the City Council. J.BOYD The Townsend Investments LLC, WallStreet Tower Omaha Tax Increment being duly sworn,deposes and says that she is Financing Redevelopment Project Plan proposes the demolition of the former Union Pacific Headquarters Building at 1416 LEGAL EDITOR Dodge Street. WallStreet Tower Omaha will be a 32 story, 282 residential unit building, of THE DAILY RECORD, of Omaha, a legal newspaper, printed and with 339,024 sellable square feet. The plan proposes $17,100,000.00 in Tax published daily in the English language, having a bona fide paid Increment Financing. The total project cost circulation in Douglas County in excess of 300 copies, printed in is estimated to be$122,237,000.00. A copy Douglas,Omaha,in said County of for more than fifty-two weeks last of said plan is available for public inspection in the City Clerk's Office. past; that the printed notice hereto attached was published in THE Public Hearing will be held before the City Council of the City of Omaha, in the DAILY RECORD,of Omaha,on Legislative Chambers, Omaha/Douglas Civic June 8 and 15 , ZOO 6 Center, 1819 Farnam Street, Omaha, Nebraska. 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 '' ewspaper during that time was gularly published and ALL REQUESTS WILL REQUIRE A MINIMUM • W ation in the County of Dougl tate of Nebraska. OF 72 HOURS ADVANCE NOTICE. 1�, PLEASE NOTIFY TAMMY BIODROWSKI - _t� ••....04 . i, 444-5553,IF ARRANGEMENTS NEED TO BE CP•CI MADE. h6-8&15-06 NOTARY :: '� Subscribed in y resence and sworn to before � moN 58 MD4 15t ti•lie $ me this day of dditonpl copief).�'•. 4 June 20 0 6 ti7 ATf t�� Notary Pu is i an ouglas County, ate of Nebraska °NOTICE TO PUBLIC° , ; , PROOF OF PUBLICATION NOTICE Of PUBLIC HEARING ON THE TOWNSEND INVESTMENTS LLCCE,,, R OMWANLOPMEX NT PROJECT i AFFIDAVIT REDEVELOPMENT PROJECT • PLAN NthelOmaha hereby Council has State of Nebraska, County of Douglas, ss: set Tuesday,June 27,2006 at 2:00 p.m.as the date of , • `, Public Hearing on the Townsend ee Tower Omaha. Tax Increment Financing Redevelopment Project Michelle Revis ,being duly sworn,deposes and says Plan. The,TownsendWallstreet To Investmentswer that he is an employee of The Omaha World-Herald, a legal daily newspaper LLC Omaha Tax Increment Financing Redevelopment printed and published in the county of Douglas and State of Nebraska, and of Project is approximately 1.46 acres located at 1416 Dodge general circulation in the Counties of Douglas and Sarpy and State of Nebraska, Street. The Redevelopment Plan is located within an area declared blighted and 1 and thatthe attached printed notice was published in the said newspaper on the substandard and in need of redevelopment by the City I day of Council. A.D.,20 The Townsend Investments I / June .AA LLC, Wallstreet Tower and that said newspaper is a legal newspaper under the statues of the State of Omaha Tax Increment Financing Redevelopment Project emo Ilion of proposes the Nebraska. The above facts are within my personal knowledge. The Omaha er Building Union at14q16 0 uart dge Street. Wallstreet Tower World-Herald has an average circulation of . . . . daily i9s;i96 ' '242,227 282 residential unit buildinry• with 339,024 sellable square Sunday,in 20. • •06 feet. The • Pp proposes (-�+�� . $17,100,00000 in Tax Increment Financing. The + A total Protect cost is . . . •tie: . . .Advertising estimated be (Slgne 8122,237,000.00. A Copy of said plan is available for ppublic inspection in the City Clerk's Office. 'Public Hearing will be held /� before the City Council of the City of Omaha, in the Subscribed in my presence and sworn to before me this Legislative Chambers, Omaha/Douglas Civic day of 20. . . Center,1819 Farnam Street, June 06 Omaha,Nebraska. Buster Brown City Clerk ALL REQUESTS FOR SIGN LANGUAGE INTERPRETERS 1 (SIGNERS) F8AINM O4 HOURS E NOTICE ,I IF ALTERNATIVE FORMATS ARE NEEDED ALL REQUESTS WILL REQUIRE A MINIMUM --- OF 72 HOURS ADVANCE ��`��`itt, Puy,�g�p�,p NOTICE. : GENEn,u;, "�unA L.MAR to PLEASE SKI- TAMMY "'• rear~= MY COMMISSION EXPIRES BIODROWSKI•444-5553 , IF ARRANGEMENTS NEED t0 BE MADE A;s;:"•' September 13,2007 Printer's Fee$ Affidavit Paid by 313-G8-007 2