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RES 2022-0472 - Shirley Tyree Theater TIF Project Plan D4-1 City Clerk Office Use Only:RESOLUTION NO. � Publication Date(if a-pplic ble):/ Agenda Date: LP 2- Department: Submitter: f'l 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 or underutilized property within these neighborhoods; and, WHEREAS, the approximately 0.29 acre redevelopment project site located at 2401 N. 24th Street, legally described in Exhibit "A", which is.attached hereto and incorporated herein by this reference, is within a designated community redevelopment area, as the area meets the definition of blight and substandard per the Community Development Law; and is within a designated Extremely Blighted Area, as the area meets the definition of extreme blight per the Community Development Law, and is in need of redevelopment; and, WHEREAS, Section 18-2108 of the Nebraska Revised Statutes requires the City of Omaha to adopt a redevelopment plan before taking an active part in a redevelopment project; including the division of ad valorem taxes for a period not to exceed twenty years under Sections 18-2147 through 18-2150, Revised Statutes of Nebraska; and, WHEREAS, the Shirley Tyree Theater Tax Increment Financing (TIF) Redevelopment Project Plan ("Plan") for the redevelopment project site proposes the 4,392 square foot building will be thoroughly renovated for use as a black box theater, and an addition of about 4,300 square feet will be added to the east of the existing building, as described in Exhibit "B", attached hereto and herein incorporated by reference, with the use of TIF as authorized by Section 18-2147 of the Nebraska Revised Statues; and, WHEREAS, the Plan conforms to the City of Omaha's Master Plan and the legislative declarations and determinations of the Community Development Law, as the redevelopment project would not be economically feasible and would not occur at the redevelopment project site without the use of TIF; and, WHEREAS, the costs and benefits of the redevelopment project, including their impact on other political subdivisions, have been analyzed and found to be in the long-term best interest of the community and the local economy, and the redevelopment project will satisfy an identified demand for the public and private services it will provide; and, WHEREAS, the Plan for the redevelopment project site was approved by the TIF Committee and subsequently by the City of Omaha Planning Board at the April 6, 2022 meeting; and, RESOLUTION NO. 2D21 bifi 2- WHEREAS, this Resolution seeks approval of the Shirley Tyree Theater Tax Increment Financing (TIF) Redevelopment Project Plan and authorizes the City's participation through the allocation of TIF in an amount up to $354,672.00, plus accrued interest, to offset TIF eligible expenses, including, but not limited to acquisition, demolition, site work, architectural and engineering costs, and public improvements as required, for a project with total estimated costs of $6,400,000.00; and, WHEREAS, the Plan presents a project based on estimated figures and projections that are subject to change as project costs are finalized, and is required to comply with all Planning Department requirements and Planning Board recommendations. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: THAT, the attached Shirley Tyree Theater Tax Increment Financing (TIF) Redevelopment Project Plan, for the redevelopment project site located at 2401 N. 24th Street, which proposes the 4,392 square foot building will be thoroughly renovated for use as a black box theater performance facility, and an addition of about 4,300 square feet will be added to the east of the existing building, and authorizes the City's participation through the allocation of TIF in an amount up to $354,672.00, plus accrued interest, to offset TIF eligible expenses including, but not limited to acquisition, demolition, site work, architectural and engineering costs, and public improvements as required, containing a provision for the division of ad valorem taxes as authorized by Section 18-2147 through 18-2150, Revised Statutes of Nebraska, as analyzed and determined to be in conformance with the Community Development Law and as recommended by the City Planning Department, be and hereby is approved. 3230 nsp APPROVED AS TO FORM: 1(//7/Z-07/ ASSIANT CTT>I5ATTORNEY DATE Adopted: J U N 0 / / ?? .X !l/ Attest: City C rk Approved: Mayor EXHIBIT "A" Legal Description, Alta Survey, Topographical Survey, etc.—see following page(s) Project Name:Shirley Tyree Theater ALL OF LOT TEN (10), BLOCK ONE {1':), IDLEINILD ADDITION, AN ADDITION TO THE CITY OF OMAFIA, DOUGLAS COUNTY, NEBRASKA, • VICINITY MAP LEGEND LEGAL DESCRIPTION • (CONCRETE CORNER FOUND 0) SEWER MANHOLE ALL CITY LOT TEN HA. DOUGLASG ONE (1), IDLEWILD ADDITION,AN ADDITION TO TD2 (CONCRETE_ NAIL WITH WASHER) © UTII.Y MANI:IOi.r THE OF OMAHA, COUNTY, NEBRASKA. e St PROJECT' PROPERTY CORNER SET A ,FIRE HYDRANT q LOCATION 'CERTIFICATION o EI', �� (5/8" REBAR W/CAP #308,UNLESS NOTED) NW WATER VALVE engineering 11 " �N TEMPORARY POINT G GAS VALVE • TO RH LAND MANAGEMENT COMPANY, LLC,A NEBRASKA LIMITED LIABILITY 99,, surveying ti MI� '� R RECORD DISTANCE BOLLARD COMPANY, C7c II .. „. M MEASURED DISTANCE IG1 AREA INLET CITY OF OMAHA, A MUNICIPAL CORPORATION IN THE STATE OF NEBRASKA, Inomwon,aroosaon a darner.Inc. smome WILLIS AVENUE TC TOP OF CURB 10336 OMMIII Re I IL INVERT ELEVATION OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, AND Omehe,NE 68150 p G GUTTER • FFE FINISHED FLOOR ELEVATION P.+oz30o.eefio 1.aoz330.ses6 M F ,�7r� ��IIyy NEBRASKA TITLE COMPANY. as"o.cem `(�'�_� DECIDUOUS TREE WITH TRUNK 517E r'""-IL CURB INLET • --55--- SANITARY SEWER TINE STORM SEWER LINE TCERIIFY HIS IS TO THAT THIS MAP OR PLAT AND THE SURVEY ON WHICH IT ma":SI ® STUMP - IS BASED,WERE MADE IN ACCORDANCE WITH THE 2021 MINIMUM STANDARD w",erl�. •--STM-- DETAIL REQUIREMENTS FOR ALTA/NSPS LAND TITLE SURVEYS, JOINTLY ALTA/NSPS LAND A LIGHT POLE •--.0u-- -' OVERHEAD UTILITY LINE ESTABLISFIED AND ADOPTED BY ALTA AND NSPS, AND INCLUDES ITEMS 1, 2, TITLE SURVEY ® UTILITY PEDESTAL 3, 4, 5, 6(8), 7(A)(81), 8, 9 AND 11 OF TABLE A THEREOF. THE FIELD -�--- CHAIN LINK FENCE WORK WAS COMPLETED ON MAY 20, 2021. -„ DI CABLE TV PFOESTAL ". "„ TFE ELECTRIC MEIER �J� GATE _-. BRA$'(' �' 2401 NORTH �G GAS METER ROCK WALL (UNLESS NOTED) - /NWISTFRF,, 'I r 24TH STREET AND T9 TRUNCATED DOME PAD - 1 2232 WILLIS AVENUE - SIGN CD TITLE COMMI IMENT EXCEPTION (i e LS-3�d$/' �j(J/•/ ','�goSURlt'4�- 8 0.WP ' MAY 20, 2021 „--_ RH LAND • .. DATE JAMES D WARNER MANAGEMENT NEBRASKA RLS #308 COMPANY,LLC J _-4 r ,�'�_ AREA INLET -.._-------- BENCHMARK \ , ov,-RIM=101y.41 of jo -'aJ • 'UI__ 1---1 LG=1013.36 • DESCRIPTION:THE RIM OF THE SEWER MANHOLE LOCATED IN THE CENTERLINE °j 4 Pacts m 1 AFC L OF 24TH STREET AND 25'i SOUTH OF THE CENTERLINE OF LAKE STREET. °'9 ° �s�p �.� L-I.P I DUMPSTER ENCLOSURE �' �` I.O 'f 8 1 • 6' L-J' ELEVATION: 1019.72 (NAVD 88) ]o] BLOCK 1 - !. / I' a ',°rPjzr T�, IDLEWILD A D D 11' I O N I STORM SEWER o ]• C ASPHALT - i-'ll'"'" MANHOLE NOTES_ .w.aa• ----- ----- ------------------,��g-I RIM=1020.48 ALL OF LOT TEN(10). 1018.38IC L 0 T 9 ! sT I.E.=101'' '' OASIS OF BEARINGS. CONCRETE 1017.88 c B I.O C K 1 e' ASPHALT 2��I OFARINGS SHOWN ARE BASED ON THE DOUGLAS AND SARPY COUNTIES OF BLOCK ONE(1), SIGN IDLEWILD ADDIAHON \ NEBRASKA LOW DISTORTION PROJECTION. IDLEWILD ADDITION, CONCRETE In1e55 IC - 101813 IC /� __WALL WITH DOUGLAS COUNTY, G = � I / ,�---��/ ^I o T i.I El OOD ZONE CLASSIFICATION- NEBRASKA. I0I6.05 G 1018.J3 G P WD00 • w STONE WALK ' / =tN(.I, 7I IF SURVEYED PROPERTY LIES WITHIN A DESIGNATED ZONE "X"(AREAS '� 5 PARKING 7 PAR K I N G S PAC E S' •44' SPACESI / /n DETERMINED TO BE OUTSIDE THE 0.27.ANNUAL CHANCE FLOODPLAIN) PER PAVING WIDTH ( CONC. WALK 1018.e5 IC 1019.29 IC V 20• BUST TES ((CI') TI IF DOUGLAS COUNTY, NEBRASKA AND INCORPORATED AREAS FLOOD ' , to18.J5 c" to16.]9 c .- '/1 NI( INSURANCE RATE MAP NUMBER 31055CO239H DATED DECEMBER 2, 2005. I ' �toxo.v'rc u1 _1 - 5 O"' OO (bi -i _)_ __ 1. '} +4 F: GROSS LAND AREA ,_ 1e O _-�--51 0 y ,-6 IHE SURVEYED PROPERTY CONTAINS 6,220 SQUARE FEET OR 0.14 ACRES tAJ //// " / /y?'V('. V.'.I..4 r 7� -T , 16 0 ^yr^ MORE OR LESS. i /:: -_ ... ...• /,; S89'44'18"E 13'S 00' R&M �_ ¢- • ,, FFE-1018.85 -FEL 11.S5� T\ /r �\ -A�Lt .'4 (', CURRENT ZONING CLASSIFICATION. p ' , \,/�, ,M 3 IHE SURVEYED I'ROI'ERIY IS ZONED NBD, (NEIGHBORHOOD BUSINESS - I , cc, BUILDING IS Y rn03 �.o/ ROPeRry LINE ONE-STORY BRICK BUILDING 1 0 %��--- \ To 1 - . (H TPI//WWW,DOCT) AS oSORG/).WN ON HTHSE OZONINGUGLAS CHAS THEOUNTY I FOLLOWING MINIMUM o 0 I112" ' ro 1 Lo o SETBACK REQUIREMENTS: rt' F,"'1018.80/gy, r • <:N 2401 N 24th STREET � • I \°?o.-.. 146 o u 1,,V FFE-1018.85 4,382 SQUARE FEET -- I iN • FRONT YARD NO REQUIREMENT I-m STONE WAIX __I'a% • 01 . AREA INLET \I 3 I\ SIDE YARD NO REQUIREMENT - .ev / BUILDING CORNER IS % RIM=1018.71 N REAR YARD NO REQUIREMENT N 66.0' O o% BUILIOMGYIS OI7NER FFE_Q1�@2 �-I I.f.= •I , S • MIDDUEAR '1a�,baly„,'a9. _ _ / PROPERTY LINE j o - IILOOK THE RUBUD CIrI.DINGaCONTAINS 4,382 SQUARE FEET.THIS AREA WAS CALCULATED RIGHT-OF-WAY WIDTH 1• e/l// ////////////je4.t"'/j////////////j//////////j////j I,o 'z I WALL USING EXTERIOR BUILDING DIMENSIONS MEASURED AT GROUND LEVEL. °9 --� PARKING COUNT I \ �I1�1 p,''8` \ ,CONCRETE WALK ,. __� C...O.ONNC��roA�`,,, aw�.b"u.I= \-+"Q--= r � erTr- \� TI-IERE ARE 12 REGULAR PARKING SPACES AND 0 DISABLED PARKING SPACES COMBINATION SEWER NASEOER I • \ %- �^ •N89'44'20"W "'___- ON THE SURVEYED PROPERTY. No, Description MM-DD-YY RIM=1018.18 I o 135.00' R 135.30' M a'� :1 - - - \ W r -I� o n �-CONCRETE FVIDEN-CF OF UTILITIES; - - _ 78"I.E.=1005.12 N I N ,% b 3 ASPHALT \CONCRETE T.] / s II'IE UI ILI IILS SI TOWN ON TI•IIS DRAWING WERE DETERMINED BY OBSERVED - - - (NO FLOW) 'I g_. -:- -'SS.o I. - SS- -�- -SS--- -�-SS- -'-��ro��.-- .-- EVIDENCE AT THE TIME OF SURVEY. NO RESPONSIBILITY OR LIABILITY IS '•'03 \ -SS- - -SS•-- Job No.:2042-21-1(AL) 240'f ASSUMED BY THE SURVEYOR FOR THE FAILURE TO SHOW ANY BURIED SERVICE wG �G, g AND/OR UTILITY LINES EVEN THOUGH THEY MAY EXIST. Drawn By:BJH COMBINATION / COMBINATION SEWER I SEWER ='�� a COMBINATION SEWER Reviewed By:JDW MANHOLE MANHOLE - m. - - MANHOLE TITLE COMMITMENT - SCHFDIII F R PART II FXCFPTIONS; Date:MAY 20,2021 RIM=1017.47 RIM=1017.70 WILLIS AVENUE RIM-1020.79 THIS DRAWING SHOWS OR NOTES THE EXCEPTIONS LISTED UNDER SCHEDULE Book:21-02 78" I.E.=1003.31 I __78" LE.=1001.31 (PUBLIC RIGHT-OF-WAY) 78" I.E.-1000,54 B, PART 2 OF 01_D REPUBLIC NATIONAL TITLE INSURANCE COMPANY Pages:44-49 ti PU N ----- COMMITMENT FOR TITLE INSURANCE NUMBER 0284914, EFFECTIVE DATE J• 1 • SEPTEMBER 3, 2019 AT 8:00 A.M. REVISION NO.: REVISE-1 9/6/2019. • 7. TERMS AND CONDITIONS OF ENCROACHMENT AGREEMENT BY AND BETWEEN •- • - -,i THE CITYOF OMAHA, NEBRASKA,A MUNICIPAL CORPORATION,AND RH LAND MANAGEMENT COMPANY, LLC, A NEBRASKA LIMITED LIABILITY COMPANY;RECORDED NOVEMBER 22, 2016 AS INST. NO. 2016097890. _ RECORDS OF DOUGLAS COUNTY, NEBRASKA. (ITS LOCATION IS SHOWN) ...raw ' SHEET 1 OF 1 EXHIBIT "B" SHIRLEY TYREE THEATER TIF REDEVELOPMENT PROJECT PLAN 2401 NORTH 24TH STREET April 2022 4 OMAHA'N RTFD ADO' PLANNING• OMAHA Jean Stothert, Mayor City of Omaha David Fanslau, Director Planning Department Omaha/Douglas Civic Center 1819 Farnam Street, Ste. 1111 Omaha, Nebraska 68183 omaha City Planning of OmahaBoard Planning Department O� ��®�Q Memo PLANNING To: Chairman and Members of the Planning Board From: David K. Fanslau Planning Director Date: March 30, 2022 Subject: SHIRLEY TYREE THEATER TIF REDEVELOPMENT PROJECT PLAN 2401 N. 24th Street Case#C3-22-074 PROJECT DESCRIPTION: Background and Existing Conditions The building is prominently located in the North 24th Street commercial district. It was constructed in 1914 and is a contributing building in the historic district. It was most recently used as a preschool, but has now been vacant for more than three years. The structure has experienced deterioration and neglect and will need remediation of mold, lead paint and asbestos. Proposal The 4,392 square foot building will be thoroughly renovated for use as a black box theater, and an addition of about 4,300 square feet will be added to the east of the existing building. The work includes a new roof, windows, doors, mechanical, electrical, plumbing, mortar repointing and finishes. Site work will include new sidewalks, curb, gutter, landscaping, lighting and utilities. The facility will be operated by the Union for Contemporary Arts. The building will have a flexible performance space, a ticket office, restrooms, scene ship, dressing room and rehearsal space. The theater's current capacity for 40 people will be expanded to a capacity of about 190 people. Parking The TIF boundary for the project include only the parcel containing the building, which does not include any onsite parking. The site is zoned NBD and is thus not required to provide onsite parking. The Union for Contemporary Arts has three lots for parking for this facility within a half block of the proposed theater. The project developers also own the property immediately adjacent, to the north of the theater site, and will develop this as a surface parking lot with 16 stalls. Employment The project is expected to create about 25 new full time jobs and about 100 construction related jobs. ANALYSIS: The project site is located within a Community Redevelopment Area and is within an Extremely Blighted Area, meets the requirements of Nebraska Community Development Law and qualifies for the submission of an application for the utilization of Tax Increment Financing to cover costs DS associated with project development as submitted for approval through the Tax Increment Financing process. Ultimately, this project plan will enhance the tax base for various taxing jurisdictions within Omaha and the state. The project would not be feasible without the assistance of the TIF Program. This infill redevelopment project serves to repurpose a long vacant building with historic character in a dense commercial district in north Omaha. The uncertainties often encountered in such building rehabilitation projects and the additional project costs resulting from redeveloping a site in a constrained, highly built out area reinforce the necessity of the TIF program support for this project. This project would further the objectives of the City of Omaha Master Plan by helping to"preserve and promote the city's physical, ethnic, and cultural heritage," "expand and improve the city's cultural amenities," "reverse deterioration in older areas of the city," and "promote the creation of a full range of jobs" (Concept Element, pp. 18-19). The Concept Element also states that "visual and performing arts need to be supported by and must be accessible to all residents" (p. 8). The project also helps fulfill numerous objectives in the draft Forever North Housing & Multimodal Transportation Study, including: "Create, attract, and/or build the capacity of existing organizations in order to support community artists while attracting regional, national, and international talent." (p. 1) "Secure financing for projects that focus on art, history, and culture." (p. 1) "Preserve culturally important sites and buildings while recognizing prominent residents." "Incorporate communal activity spaces for community gathering and programs." (p. 81) Build and expand "upon existing partnerships with corridor anchors, such as Love's Jazz and Arts Center and The Union for Contemporary Art" (p. 30) No Building Permit will be issued based on a site plan that does not comply with the provisions of the Zoning Ordinance. RECOMMENDATION: Approval. ATTACHMENTS: General Vicinity Map Project Plan Case Number: C3-22-073 Page 2 DS DCGIS Shirley Tyree Theater TIF Redevelopment Project Plan ES-Z.0_0i 4 -. i f �` �, ` . Legend . w, 1 a All Properties ITh. 4, t �'• rG h� "O h l o S t Ohio S t c = o S t; Planning Viewer Reference r ' z9�N - _ " _ City Limits r t. ` Y Irv. t . ®. ,.- ' r ' y �� .. ffftEEE� .vaw..x. .. }�p�j♦ — LaKe St •: ,Ill II t„=, a. _ r ,. • $' , , .izzte' R"abinson: Ave, ' .Lizzie Robinson Aver •: s ... ,. « � 7 4.W . dip'. ,- ♦ - 71 ._ a+ —�...e _ .. .. ill, .,,, L. . I •I t ,y € " • ..........„,. ,..,..„ � . ,.Grant" St_ t :::*47. : ,1 . 'N _ r.4: . 2 ;� Grant_ I- III e L '` I Burdette St - '" Burdette St.. - is .-gym F,, ..:+ilii• '' n. + ° - ^ — ette El it St I This map is a user generated static output from an Internet mapping site and is 0 450 900 for reference only Data on this map may or may not be accurate,current,or ft Printed from clogis.org: otherwise reliable.It is for informational purposes only,and may not be Please contact Douglas CountyGIS for mapquestions s@clou lascount ne. ov 02/15/2022 15:12:41 suitable for legal,engineering,or surveying purposes.Do NOT use property g (g g y g lines from this website for plan submissions. INTER-OFFICE COMMUNICATION Date: March 9, 2022 To: TIF Committee: David Fanslau, Stephen Curtiss, AL Herink, Jennifer Taylor, Robert Stubbe, Bridget Hadley, Todd Pfitzer, Troy Anderson, Kevin Andersen From: Don Seten - City Planning Applicant: City of Omaha Planning Department Project Name: Shirley Tyree Theater TIF Redevelopment Project Plan Location: 2401 N. 24th Street Request: The TIF request is for up to $354,672 at an estimated interest rate of 3.5 percent, inclusive of capitalized interest. Using the tax levy rate of 2.24313 percent and other assumptions of the TIF calculation spreadsheets, the 20-year term TIF request is supported using estimated cost and estimated market approaches. TIF Fee Schedule: The $500 application fee has been paid and the processing fee of$3,000 will be collected. Total fees will be $3,500. TIF Justification: The project site is located within a Community Redevelopment Area and is within an Extremely Blighted Area, meets the requirements of Nebraska Community Development Law and qualifies for the submission of an application for the utilization of Tax Increment Financing to cover costs associated with project development as submitted for approval through the Tax Increment Financing process. Ultimately, this project plan will enhance the tax base for various taxing jurisdictions within Omaha and the state. The project would not be feasible without the assistance of the TIF Program. This infill redevelopment project serves to repurpose a long vacant building with historic character in a dense commercial district in north Omaha. The uncertainties often encountered in such building rehabilitation projects and the additional project costs resulting from redeveloping a site in a constrained, highly built out area reinforce the necessity of the TIF program support for this project. This project would further the objectives of the City of Omaha Master Plan by helping to "preserve and promote the city's physical, ethnic, and cultural heritage," "expand and improve the city's cultural amenities," "reverse deterioration in older areas of the city," and "promote the creation of a full range of jobs" (Concept Element, pp. 18-19). The Concept Element also states that "visual and performing arts need to be supported by and must be accessible to all residents" (p. 8). The project also helps fulfill numerous objectives in the draft Forever North Housing & Multimodal Transportation Study, including: "Create, attract, and/or build the capacity of existing organizations in order to support community artists while attracting regional, national, and international talent." (p. 1) "Secure financing for projects that focus on art, history, and culture." (p. 1) "Preserve culturally important sites and buildings while recognizing prominent residents." "Incorporate communal activity spaces for community gathering and programs." (p. 81) Build and expand "upon existing partnerships with corridor anchors, such as Love's Jazz and Arts Center and The Union for Contemporary Art" (p. 30) ROI Statement The City of Omaha considers a project's ROI as part of the TIF review, but has not established a specific, numeric ROI threshold. The large number of variables involved in TIF projects would make any such threshold arbitrary, and potentially inequitable. The project variables include the project type, the geographic location, the project's market demand and competition, as well as the financial strength, positioning, and experience of the project developer. The ROI of a redevelopment project is based on the risk/reward that the applicant is willing to accept to fulfill redevelopment goals of the City of Omaha. Developers each have their own breakpoint for determining an acceptable level of ROI, and the amount of acceptable risk for a given estimated reward for any specific developer may change due to consideration of the many of the variables previously mentioned. As a result, the ROI an applicant projects will vary across projects. The ROI status described in the TIF application for this project notes that the owner will allow the Union for Contemporary Art to occupy the building and to present performances and related events without requiring payment of rent. The return on investment I be negative with or without TIF. The project needs TIF to help reduce the loss such that the project can proceed to completion. TIF eligible costs are acquisition, demolition, site work, architectural and engineering costs, and public improvements. TIF eligible costs total approximately $2,136,245. The total estimated project costs are $6,400,000. TIF Eligible Expenses Amount Acquisition $ 120,000 Eligible Site Work/ Excavation and Demolition $ 85,515 Rehabilitation Construction $ 1,300,000 Special Foundations / Engineered Foundations $ 161,200 Environmental Studies, Geotech Report and Surveys $ 12,100 Public Improvements; Utilities, Landscaping and Concrete Work $ 78,930 Architecture & Engineering $ 375,000 Subtotal $ 2,132,745 TIF Fees $ 3,500 Total TIF Eligible Expenses $ 2,136,245 The TIF is 5.5 percent of the total project financing. Recommendation: Approval of$354,672 in TIF Program assistance and all TIF eligible costs as addressed in this memo. Project Description Background and Existing Conditions The building is prominently located in the north 24th Street commercial district. It was constructed in 1914 and is a contributing building in the historic district. It was most recently used as a preschool, but has now been vacant for more than three years. It has experienced deterioration and neglect, and will need remediation of mold, lead paint and asbestos. Proposal The 4,392 square foot building will be thoroughly renovated for use as a black box theater, and an addition of about 4,300 square feet will be added to the east of the existing building. The work includes a new roof, windows, doors, mechanical, electrical, plumbing, mortar repointing and finishes. Site work will include new sidewalks, curb, gutter, landscaping, lighting and utilities. The facility will be operated by the Union for Contemporary Arts. The building will have a flexible performance space, a ticket office, restrooms, scene ship, dressing room and rehearsal space. The theater's current capacity for 40 people will be expanded to a capacity of about 190 people. Parking The project will provide about six(6) parking stalls. The site is zoned NBD and is thus not required to provide onsite parking. There are three parking lots within a half block of the theater, and on street parking within the project's vicinity. Employment The project is expected to create about 25 new full time jobs and about 100 construction related jobs. The Developer is RH Land Management, LLC, a subsidiary of the Sherwood Foundation, managed by Susan Buffett. The applicant anticipates construction beginning as soon as possible, with construction completion estimated to be about May, 2023. Project Finance Summary - Sources & Uses Sources of Funds Amount Philanthropic & Donations $ 6,045,328 TIF Funds $ 354,672 Total Sources of Funds $ 6,400,000 Uses of Funds Amount Acquisition $ 120,000 Construction Hard Costs $ 4,580,120 Construction Soft Costs $ 157,100 Other Soft Costs, Financing, Fees, Reserves and Contingency $ 500,023 Capital / Equipment Costs $ 667,757 Architecture and Engineering $ 375,000 Total Uses of Funds $ 6,400,000 Final Valuation Discussion The applicant estimates a total final valuation of about $1,300,000. The estimate is based on comparable public assembly facilities and utilizes the input of an experienced commercial real estate broker. The estimate represents 20 percent of the total project costs. Land Use and Zoning The treatment of the building's exterior has been reviewed and is deemed consistent with design standards for historic structures. The proposed use is appropriate for the site and its Neighborhood Business District (NBD) zoning. It is recommended the property have an ACI-1 zoning overlay applied. Adequate streetscaping improvements consisten with ACI zoning standards will be required. Utilities and Public Improvements Standard utilities (electrical, water, sewer) exist at the site. The project will provide, utilities, new sidewalks, and curbing along all street frontages. Transportation No transportation issues are noted. The site has access to the public transportation system.. Historical Status The building has official historic designation. It is a contributing building in a National Register Historic District. ATTACHMENTS: TIF Calculation Spreadsheet TIF Application • Applicant: Tyree Theater PRO FORMA Debt Service Payments Year Total Less Pre- TIF Treasurer's Revenues (Semi- Taxable Development Taxable Tax Tax 1%Collection Available Interest at Loan Capitalized Interest at Annual) Valuation Base Valuation Levy ' Revenues Fee For TIF Loan Principal 3.50% Total Balance Interest 3.50% 0 $336,685 0.5 $ - $0 $ - 2.22412 .$ - $ - $ - $0 $0 $0 $342,577 5892 5892 1 $ - $0 $ - 2.22412 $ - $ - $ - $0 $0 $0 $348,572 5995 5995 1.5 $ - $0 $ - 2.22412 $ - $ - $ - $0 $0 $0 $354,672 6100 6100 2 $ 1,300,000 $0 $ 1,300,000 2.22412. $ 14,457 $ 145 $ 14,312 $8,105 $6,207 $14,312 $346,567 0 6207 2.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $7,038 $6,065 $13,103 $339,529 0 6065 3 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $7,1.61 $5,942 $13,103 $332,368 0 5942 3.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103. $7,287 $5,816 $13,103 $325,081 0 5816 4 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $7,414 $5,689 $13,103 $317,667 0 5689 4.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $7,544 $5,559 $13,103 $310,123 0 5559 5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $7,676 $5,427 $13,103 $302,447 0 5427 5.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $7,810 $5,293 $13,103 $294,637 0 5293 6 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $7,947 $5,156 $13,103 $286,690 0 5156 6.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $8,086 $5,017 $13,103 $278,604 0 5017 7 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $8,227 $4,876 $13,103 $270,377 0 4876 7.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $8,371 $4,732 $13,103 $262,006 0 4732 8 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $8,518 $4,585 $13,103 $253,488 0 4585 8.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 .$8,667 $4,436 $13,103 $244,821 0 4436 9 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $8,819 $4,284 $13,103 $236,002 0 4284 9.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $8,973 $4,130 $13,103 $227,029 0 4130 10 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $9,130 $3,973 $13,103 $217,899 0 3973 10.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $9,290 $3,813 $13,103 $208,609 0 3813 11 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $9,452 $3,651 $13,103 $199,157 0 3651 11.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $9,619 $3,485 $13,103 $189,539 0 3485 12 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $9,786 - $3,317 $13,103 $179,753 0 3317 12.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $9,957 $3,146 $13,103 $169,796 0 3146 13 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $10,132 $2,971 $13,103 $159,664 0 2971 13.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $1.0,309 $2,794 $13,103 $149,355 0 2794 14 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $10,489 $2,614 $13,103 $138,866 0 2614 14.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $10,673 $2,430 $13,103 $128,193 0 2430 15 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $1.0,860 $2,243 $13,103 $117,333 0 2243 15.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ ' 132 $ 13,103 $11,050 $2,053 $13,103 $106,283 0 2053 16 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $11,243 $1,860 $13,103 $95,040 0 1860 16.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $11,440 $1,663 $13,103 $83,600 0 1663 17 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $11,640 $1,463 $13,103 $71,960 0 1463 17.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $11,844 $1,259 $13,103 $60,116 0 1259 18 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $12,051 $1,052 $13,103 $48,065 0 1052 18.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $12,262 $841 $13,103 $35,803 0 841 19 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,1.03 $12,476 $627. $13,103 $23,327 0 627 19.5 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $12,695 $408 $13,103 $10,632 0 408 20 $ 1,300,000 $109,900 $ 1,190,100 2.22412 $ 13,235 $ 132 $ 13,103 $12,917 $186 $13,103 $0 0 186 $490,917 $4;897 $486,020 $356,957 $129,063 $486,020 $17,987 (F9=calculate) NOTE:This information is provided to assist in analyzing the Original Loan Amount $336,685 specific request to the TIF committee. This information Is subject Capitalized Interest $17,987 ASSUMPTIONS: to change based on actual tax assessments,Including the levy rate. Loan Balance Remaining $0 1 Pre-Development Base $109,900 This schedule is based on the assumptions on the right side of the 2 Loan Amount $336,685 this spreadsheet. $354;672 MAX POTENTIAL 3 Interest Rate 3.50% The actual TIF amount available to fund site specific project cost 4 Est.Total Project Cost $6,400,000* could change based on the cost of public improvements. 5 Est.Final Valuation $1,300,000 6 Incremental Base Value $1,190,100 Estimated Annual Incremental Tax Payment $ '26,470 Other Info: TIF Loan Request $361,000 ** TIF Percentage of: N AM MEM EMU .- ils CITY OF OMAHA ___ TAX INCREMENT FINANCING (TIF) • APPLICATION II .al I IL W. omaha N loom. Dia'al CITY PLANNING ■ ! '_ " I■ ■iil Ili■ i— , 1■ MI; ■1: Ell: Ilti= IN J■ JIZ ' ■/ -MI 11111 r II O AHA, N 11■ ■1� O ,40., 4:4, ,wfr.-piirt7tim !i- i!ai :51P ...... . 0,,,, :40..1z.., ,p,-,-,:,,,7 , �` ... ■1! 111(a ii Ill !M ■■ !I �r�D FEBR' AI ■IIII. ill Ell ■ MI 1102 ■ ■C ull EN:in i_ ,2 �= -- I- —_ �= C=6" • Es SE ■Cu, ■ min I■ = ▪ = __ -- nm City of Omaha Planning Department 11819 Farnam Street,Suite 1100 I Omaha NE 68183-1100 1402-444-5150 Planninghcd.eityofomaha.org/tif TIF Application Checklist Part 1 of the TIF Application Non-Confidential Section ✓ Project Summary Page ✓ Project Development Team Page ✓ Project Narrative Sections: A. Existing Land Use and Conditions. B. Proposed Use and Project Details C. Parking Plan D. Market Demand E. Residential Information F. Employment Information G. Zoning Changes H. Public Improvements; Also any traffic concerns I. Historical Status, if applicable ✓ Development Financing Plan — (Attach bank commitment letters in Part II of the TIF application) ✓ Estimation and Justification of Final Valuation ✓ Construction Budget, with itemized Public Improvements Costs ✓ Development Schedule or Timeline ✓ Three-Year Pro Forma—profit/loss and cash flow statements • Statement of Need - ROI analysis With and Without TIF ✓ Evaluation Criteria: Mandatory Criteria(See and use the Program Criteria of the TIF Guidelines) ✓ Cost— Benefit Analysis (See and use Appendix Five of the TIF Guidelines) ✓ Site Plan(s) and Elevations ✓ Alta Survey and Legal Description ✓ Historic Designation Documentation, if applicable ✓ Any Other Supplemental Documentation 2 I Page pianninghcd.cityofomaha.org/tif Part 2 of the TIF Application Confidential Section ✓ Preliminary Commitment Letter(s), particularly for Construction and TIF Financing ✓ Documentation of Ownership or Site Control — Examples: copy of Purchase Contract, copy of Warranty Deed, or copy of Douglas County Property Records from website ✓ Organization Documentation — For Corporation, LLC, Sole Proprietorship or Partnership ✓ Audited Financial Statement of the Corporation, Partnership, or LLC for the most recent full calendar year; Or compilation or accountant prepared financial statements ✓ Reports and Studies, if applicable, only one hard-copy set of the final complete report(s) and/or study(s) needs to be provided A. Appraisal, after rehab B. Market Study C. Feasibility Study D. Environmental Study E. Traffic Study Note: The executive summary page(s) may be included with the TIF Redevelopment Project Plan that is shared with the public. 1 j Page planninghcd.cityofomaha.org/tif Project Summary Project Name: Shirley Tyree Theater Project Legal Description: LOT 10 BLK 1 46 X 135 Project Address: 2401 N 024 ST Proposed Project Size: Gross Sq. Ft. (Building(s)) 8,692.00 Property Owner/Applicant: RH LAND MANAGEMENT Net Sq.Ft. (Building(s)) 8,692.00 COMPANY LLC #of Acre(s)0.00 Lot/Parcel Size (Sq Ft.) 6,442.00 Owner Address: P 0 BOX 31565 Estimated Total Project Cost: $6,400,000 TIF Request: $354,672 LIHTC Project: No New Construction: Yes Market-Rate Project: No Rehabilitation: Yes Historic Tax Credit Project: No Current Use: Proposed Use: Zoning -Current/Proposed: Current-The site is currently zoned Neighborhood Business District(NBD). The NBD designation is designed for established local business districts in the City. These districts were the commercial cores of towns that the City eventually annexed or developed along or at the intersections of public transportation routes. Uses in the district are intended to preserve the scale and integrity of such districts, along with encouraging mixed uses. Proposed—No changes are proposed to the existing zoning. Current Annual Real Estate Taxes (Year) :2021 Land: $9,900 Improvements: $100,000 Current Assessed Tax Valuation (Year) :2022 Total: $109,900 Are Real Estate Taxes Current?Yes Requested Base Year:2022 Requested Division Year:2023 Does the applicant entity or do the members comprising the applicant entity have any delinquent taxes Due and owing? No Is the project within an extremely blighted area?Yes, does the project need 20 years?Yes 2 I Page planninghcd.cityofomaha.org/tif Project Development Team Page Legal Consulting Firm Michael D. Sands Baird Holm Attorneys at Law 1700 Farnam Street, Suite 1500 Omaha NE 68102 4026368271 msands@bairdholm.com Michael D. Sands is a Partner with Baird Holm Attorneys at Law. His practice focuses on real estate, construction, tax-increment financing, occupation taxes, municipal bonds, and renewable energy matters. Baird Holm represents public and private companies, individuals, private funds and other investors, financial institutions, governmental entities and nonprofit organizations. Construction Company Scott Thompson Lund-Ross Constructors 4601 F Street, P.O. Box 3688 Omaha NE 68117 4023422810 scottt@lundross.com Lund-Ross Constructors ("Lund-Ross") has been in business for over 35 years and specializes,in historic renovations. They have renovated projects all across the Midwest in the multi-family, educations,religious, not-for-profit and public sectors. Their experienced project managers, superintendents,field engineers, craftsmen and administrative professionals provide stewardship, accountability, community and quality standards to all projects they undertake. Engineering Firm Andy Lang Morrissey Engineering 4940 N 118th St Omaha NE 68164 4024914144 alang@morrisseyengineering.com Morrissey Engineering provides mechanical, electrical, lighting, plumbing, technology design and commissioning services for a myriad of clients. They have been in business since 1999 and can also help with Leed consulting and sustainable design, energy assessment and renewable energy systems. They deliver high performance solutions with staff committed to creating designs that achieve a balance between aesthetics and functionality to create the best environments for people to live and work. 3 I Page planninghcd.cityofomaha.org/tif Engineering Firm Doug Kellner Thomas, Dreessen & Dorner, Inc. (TD2) 10836 Old Mill Road Omaha NE 68154 4023308860 DKellner@TD2CO.com Thomas, Dreessen & Dorner, Inc. ("TD2") is a nationally recognized firm with over 50 years of history in Omaha and Sioux Falls, SD. TD2 is diversified in their expertise, which includes engineering and surveying, along with materials testing, special inspections, geotechnical, structural across all types of industries (residential, commercial/mixed use, industrial, municipal/government, gathering spaces, education and healthcare). Architecture Firm • Albert Macchietto • Alley-Poyner Macchietto Architecture Incorporated 1516 Cuming St Omaha NE 68102 4023411544 amacchietto@alleypoyner.com Alley-Poyner Macchietto Architecture Incorporated("APMA") is a 35-year-old, 66-person, Omaha-based design firm with a diverse portfolio and culture of collaboration. APMA's work includes a wide range of project types, including offices, community spaces, educational institutions, and multi-family housing for a variety of resident types. Applicant/Owner Representative Contact Andrea Kathol Field Day Development 1111 N 13th St#103Omaha NE 68102 4022156759 andrea@fielddaydev.com The Owner's Representative is Field Day Development, L.L.C. ("Field Day"), a real estate development consulting firm that helps developers manage their projects.Founded in 2010, by Andrea Kathol, their clients consist of developers, nonprofits, foundations, business owners and government agencies. Applicant/Owner Shari Lecci RH Land Management Company, LLC 808 Conagra Dr#200 Omaha NE 68102 4029132227 sharil@sherwoodfoundation.org The Owner is RH Land Management Company, LLC. In 2019, RH Land Management and The Union for Contemporary Art submitted an RFP to the City to acquire this building. 4 I Page planninghcd.cityofomaha.orgItif Developer Brigitte McQueen The Union for Contemporary Art 2423 N 24th St Omaha NE 68110 4029333161 brigitte@u-ca.org The Developer is The Union for Contemporary Art("The Union"), a 501(c)(3) nonprofit organization founded in 2011. Their mission it to"strengthen the cultural and social landscape of our community by using the arts as a vehicle to inspire positive social change." 5 I Page planninghcd.cityofomaha.org/tif I) Narrative A. Project Land Use Plan Detailed Project Description: Existing Land Use and Conditions of the Redevelopment Site: The building is prominently located in North Omaha on North 24th Street, in one of Omaha's most significant central business districts. It was constructed around 1914. After recently being used as a preschool, the building has sat vacant for over three years, resulting in considerable neglect, deterioration and dilapidation. It is south of The Union for Contemporary Art(separated by a parking lot). Across North 24th Street to the west is Dreamland Park, Lake Point Center(home of Family Housing Advisory Services, Inc.)and the Martin Luther King, Jr. Cornerstone Memorial. The area to the east and south is a mix of single-family residential homes, along with a mix of older, small commercial buildings, some occupied and some vacant. Proposed Use and Project Details: The existing 4,392 sq.ft. building will be renovated for use as a black box theater to house a performing arts program, operated by The Union. A4,300 sq.ft. addition will be added to the east of the building. This flexible theater concept will also have a ticket office, restrooms, a performance space, scene shop, dressing room and rehearsal space. The renovation will be a full gut and rehab to include but not limited to new roof, windows, doors, tuckpointing, mechanical, electrical, plumbing and finishes. Sitework includes new utilities, sidewalks, curb and gutter, landscaping, lighting, etc. The Shirley Tyree Theater will add to The Union's cultural campus and increase the accessibility of cultural programs to a greater number of artists and patrons. It will further add to the City of Omaha's long-standing master plan of creating an Arts + Culture district at 24th and Lake Streets. Expanded programming and opportunities for performing arts will result from this,project. The Union has assembled an advisory committee of local actors, crew members and performing arts stakeholders to assist with the design process and increase community involvement and awareness surrounding the-build out of the theater.A public meeting was held on July15, 2021, and the project has been presented at various community meetings in which residents and leaders voiced support. Parking Plan for Proposed Project: Any use within the neighborhood business district is exempt from off-street parking requirements. The Union has 3 parking lots within a half block of the theatre. Parking along both sides of Willis Avenue is allowed, as well as on North 24th Street, north.of Lake Street and south of Willis Avenue. Market Demand for Proposed Project: The Shirley Tyree Theater will be a flexible black box theater space, providing The Union an opportunity to expand its programming in North Omaha and to provide a space for other cultural organizations to share their programs with the community in a professional setting. The theater will also add to the City of Omaha's long-standing master plan to create an Arts + Culture district at 24th and Lake Streets. The Union strives to unite artists and the community to inspire positive social change in North Omaha, including social justice and greater civic engagement. The Union's current theatre has a seating capacity for 40 people,which is regularly sold out. The new theatre will have capacity for 190 people. Rehearsals and productions will now be able to occur in the same building,thus creating more productions throughout the year. 6 j Page planninghcd.cityofomaha.org/tif B. Zoning - Current and Proposed Current-The site is currently zoned Neighborhood Business District(NBD). The NBD designation is designed for established local business districts in the City. These districts were the commercial cores of towns that the City eventually annexed or developed along or at the intersections of public transportation routes. Uses in the district are intended to preserve the scale and integrity of such districts, along with encouraging mixed uses. Proposed—No changes are proposed to the existing zoning. C. Public Improvements Site demolition work will be required, along with earthwork preparation. New sidewalks, curb and gutter, exterior lighting, landscaping and utilities will be installed. A meeting with the planning and public works departments took place on June 7, 2021. All comments and concerns have been addressed through the design process. D. Historical Status - If Applicable The building is listed as a contributing structure within the North 24th and Lake Streets National Register Historic District. Preservation of this building is important to maintaining the historical relevance of the area. 7 I Page planninghcd.cityofomaha.org/tif Residential Unit Information Total Units: Comments: 8 I Page planninghcd.cityofomaha.org(of Employment Information Employees By Type Total Jobs: 25 General Labor= 10 Part-Time Production = 5 Part-Time Clerk/Service =5 Part-Time Clerk/Service =2 Permanent(FTE's) Sales/Marketing = 1 Permanent(FTE's) Management=2 Permanent(FTE's) Non-Construction Number of Jobs Created? (Non-Construction): 10 Number of Jobs Retained? (Non-Construction): 15 Anticipated Annual Payroll? (Non-Construction): $1,005,000 Contruction Estimated Number of Construction Jobs Created?: 100 Anticipated Annual Payroll for Construction Jobs?: $2,500,000 9 I Page planninghcd.cityofomaha.org/tif II) Funding Information Source of Funds ;Fund Source Source Amount' Philanthropic& Donations $6,045,328 TIF Financing $354,672, 'Total $6,400,000! Use of Funds Use of Funds Use Amount Building Acquisition $120,000 Other soft costs, reserves, $500,023 contingency, etc. ;Capital/Equipment Costs $667,757 ;Construction Soft Costs $157,100, Architectual and Engineering $375,000' Fees Construction Hard Costs or $4,580,120 Rehabilitiation Costs Total $6,400,000 B. Is there-or willthere be an application requesting Property Clean Energy (PACE) financing? C. Final Estimated Valuation and Justification -Add brief discussion regarding what the most probable final valuation will be and the methodology used to establish the final valuation. The projected taxable value of the project is expected to be approximately$1,300,000. The building will not generate income, thus making the income approach not feasible.Accordingly, • the estimated valuation is based on comps in the area and working with a licensed, commercial broker. Based upon total investment in the project of approximately$6,400,000, the above estimate is reasonable and conservative. 10 I Page planninghcd.cityofomaha.org/tif III) Construction Budget, Itemized Public Improvement Costs and Project Timeline Itemized Construction Budget Construction Budget Item Estimate Concrete $627,577 Conveying System $32,900 Demolition $29,000 Doors &Windows $525,544 Electrical, telecom, security $592,615 Equipment $9,282 Finishes $546,881 General Requirements $468,963 Masonry $22,344 Mechanical $465,039 Metals $387,066 Overhead & Profit $174,285 Sitework $247,812 Specialties $23,645 Thermal & Moisture Protection $152,541 Wood & Plastics $254,626 Total $4,560,120 Itemized Public Improvements Public Improvement Type Amount Curb Improvements $36,700 Landscaping (Within ROW) $4,480 Sanitary Sewers $25,000 Site Utilities (Within ROW) $24,450 Storm Sewers $25,000 Street Lighting (within the ROW) $8,400 Total $124,030 TIF Eligible Costs TIF Eligible Costs Item 'Amount Building Acquisition Costs ; $120,000.00 Environmental Studies (Phase I, Phase II, ! $5,000.00 Environmental Assessment) TIF fees $5,000.00 Special Foundations $161,200.00 Surveying $4,500.00 Site Utilities(Within ROW)** $74,450.00, 11 I Page planninghcd.cityofomaha.org/tif 'Site Excavation $56,515.00 Site Demolition $29,000 00. ;Rehabilitation Construction Costs (major $1,300,000.00 11 renovations, and retrofitting of structures) Landscaping (Within ROW)*** $4,480.00i Geotechnical Report $2,600.00! Engineering and Architecture Fees $375,000.00' (related to pre-development) Total $2,137,745.00! Project Timeline Construction Start Date: 05/16/2022 Start Date Comments: Construction Start Construction End Date: 04/21/2023 End Date Comments: Construction End 12 I Page planninghcd.cityofomaha.org/tif IV) Three Year Pro-Formas -profit/loss and cash flow statements Revenue Yearl Year 21 Year i I — ----I Effective Gross Income 1 Expenses I Year 1 Year 2: Year 3 Utilities $17'0001 $17,510! $18,035 . ! Maintenance $6,500j $6,695 $6,895 Insurance $10,000 $10,300 $10,609 Contracted Services $20,000j $20,600 $21,218 Real Estate Taxes (Increment) $26,470 $27,000 $27,500 Real Estate Taxes (Base) $2,6411 $2,641, $2,641 Total Expenses $82,611 $84,746i $86,898 Net Operating Income ($82,611) ($84,746) ($86,898) Debt Service , Year 1 Year 2 Year 3 Debt Service TIF $26,206, $26,206 $26206 Net Cash Flow ($108,817) ($110,952) ($113,104) 13 I Page planninghcd.cityofomaha.org/tif V) Statement of Need and ROI Analysis (with and without TIF)— In the Statement of Need section, talk about the challenging conditions of the redevelopment site which require the assistance of TIF. The ROI Analysis is"with" and "without TIF". Statement of Need Commercial redevelopment projects within older commercial areas are complex and often more expensive. Additionally, buildings which have sat vacant for any number of years often have other undiscovered needs that are not found until after redevelopment has begun. Environmental concerns at this property include lead, asbestos and mold, all increasing the costs of redevelopment.All of these issues financially challenge the reuse of this site. RH Land Management Company, LLC was the only bidder in the purchase of the site from the City. The building has historic value and is located along a significant corridor with a strong relationship to the North Omaha community. It is in the best interest of the neighborhood and surrounding properties for this building to be redeveloped and made viable. The neglect this building has suffered has only degraded its importance to the history of the community. ROI Analysis With TIF Without TIF NOI $0 $0 NOI +TIF Rebate $0 NCF $0:00 $0.00 Return on Owner Investment(ROI) % NaN . NaN • 14 I Page planninghcd.cityofomaha.org/tif VI) Evaluation Criteria: Mandatory Criteria -A project must meet each of the following criteria; briefly discuss how this project meets each criteria. Include each statement with your response. 1. The project must be located within a community redevelopment area or an area eligible for a designation of community redevelopment area as required and set forth by State Statute.The project must be located within a community redevelopment area prior to the preparation of a Redevelopment Plan, refer to Attachment 1 —Community Redevelopment Area map. Requirements for community redevelopment areas are found in Appendix One and Two. The proposed project is located within a Community Redevelopment Area, as verified by the City's website. 2. The use of TIF for the project will not result in a loss of pre-existing tax revenues to the City and other taxing jurisdictions. The use of TIF will not result in a loss of pre-existing tax revenues to the City and other taxing jurisdictions. The project is anticipated to increase the tax base of the rehabilitated structure, along with the construction of the new addition, but also of the surrounding area. 3. The developer is able to demonstrate that the project would not be economically feasible without the use of TIF. In addition, when the project has site alternatives, the proposal must demonstrate that it would not occur in the area without TIF. Return on investment assists in determining the economic feasibility of the project. As indicated in the ROI analysis, without the use of TIF, this project is not economically feasible. The project has nc other site alternatives. 4. The project must further the objectives of the City's Master Plan. This may include job creation, application/implementation of Urban Design elements of the project and related/adjacent public areas, preservation of historic sites and structures, revitalization of older neighborhood communities, business start-ups, business growth and expansion, and the densification of the urban core. This project furthers many of the objectives of the City's Master Plan.At a minimum, this project meets the following objectives of the City's Master Plan: • Supports and makes accessible the visual and performing arts to all residents; •Works to eliminate visual blight and promote high-quality design; • • Preserves a historic building and site; • Preserves, promotes and draws upon the City's cultural and ethnic heritage; • Provides a public amenity, which enhances the City's image; • Expands•and improves the City's cultural amenities; • Encourages private investment; • Creates an attractive physical environment; • Creates healthy and diverse neighborhoods throughout the City; • • Creates employment opportunities in areas close to the central business district; • Is located in a part of the City already served with public services; • Develops under-utilized property; and • Promotes the creation of a full range of jobs. 15 I Page planninghcd.cityofomaha.org/tif VII) Cost-Benefit Analysis—Respond to each statement; include any quantitative analysis (Community Development Law§18-2113 (2)) 1. Tax shifts resulting from the division of taxes as provided in section 18-2147; No tax shifts result from the approval of the use of funds pursuant to Section 18-2147 because the City of Omaha will continue to receive tax revenue on the base value for the Property. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from the approval of the redevelopment project; No additional community public service needs will be generated as a result of this proposed project as this area is in an infill area of the City. The development will positively impact the neighborhood with the renovation of a vacant, empty building and the City overall will benefit from the increase in the tax base from the current values. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project; The building has been 100%vacant for over three years. Thus, there is no impact on any current employers and employees in the building. However, during development and construction, TIF incentives will create opportunities for employers and employees involved in this project to benefit with respect to the development, finance, design, construction and property management industries. Upon completion, TIF incentives will support significant new full-and part-time employment positions in North Omaha. 4. Impacts on other employers and employees within the city or village and the immediate area that are located outside of the boundaries of the area of the redevelopment project; As detailed in the employment table above, redevelopment of the currently-vacant space will facilitate the retention and creation of full-time and part-time jobs, in addition to temporary construction jobs. Upon completion of the project, The Union will operate the space to provide performing arts and cultural programming, and it will provide a place for other performing artists and cultural organizations to share their programs with the North Omaha community in a professional setting. Additionally, it is anticipated that the project will improve the overall aesthetics of the area and attract new patrons to the area, thereby benefitting and generating new business for nearby employers and employees. 5. Impacts on the student_populations of school districts within the city or village; and The Shirley Tyree Theater is a commercial building with no residential use; therefore, there are no anticipated impacts on the student population of school districts. 6.Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the redevelopment project This project is saving a contributing structure in the North 24th and Lake Streets Historic District. This district is significant on a locallevel for its strong association with the African American community in Omaha. Once a vibrant center for countless African American professionals, businesses and fraternal organizations; the City's best nightlife took place in the music-venues along North 24th Street. It was also a predominant commercial corridor in Omaha that developed at a focal point of the City's streetcar system. It was an easily traveled north-south route, connecting North Omaha to South Omaha. These benefits of preserving this building and honoring the area's history is very impactful. 16 I Page planninghcd.cityofomaha.org/tif • VICINITY MAP LEGEND LEGAL DESCRIPTION • • PROPERTY'CORNER FOUND 1}) SEWER MANHOLE ALL OF LOT TEN (10), BLOCK ONE (1), IDLEWILD ADDITION, AN ADDITION TO TD2 ..,1__ (CONCRETE NAIL WITH WASHER) THE CITY OF OMAHA, DOUGLAS COUNTY, NEBRASKA SI PROJECT 0 UTILITY MANHOLE ° PROPERTY CORNER SET ,°• FIRE.HYDRANT CERTIFICATION =� It. ' LOCATION (5/8" REBAR W/CAP #308 UNLESS NOTED) • HW WATER VALVE engineering TEMPORARY POINT NG GAS VALVE TO RH LAND MANAGEMENT COMPANY, LLC,A NEBRASKA LIMITED LIABILITY & surveying = R RECORD DISTANCE COMPANY. BOLLARD • =_rz'A • M MEASURED DISTANCE ii CITY OF OMAHA,A MUNICIPAL CORPORATION IN THE STATE OF NEBRASKA, AREA INLETtromps..a.eesse„a dome,Inc. •"WILLIS AVENUE TC TOP OF CURB • 10836 Old M„1 Rd IE INVERT ELEVATION OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY,AND Omaha,NE 68154 c� G• GUTTER FFE FINISHED FLOOR ELEVATION 5.402990.6860 i.aoza80se66 ' I q� NEBRASKA TITLE COMPANY. mxo.com ��y DECIDUOUS TREE WITH TRUNK SIZE �""� CURB INLET 11-1-1 -N --55--- STORMY SEWER LINE THIS IS TO CERTIFY THAT THIS MAP OR PLAT AND THE SURVEY ON WHICH IT Grant a O STUMP IS BASED WERE MADE IN ACCORDANCE WITH THE 2021 MINIMUM STANDARD °"ov.voo --s1M--- STORM SEWER LINE DETAIL REQUIREMENTS FOR ALTA/NSPS LAND TITLE SURVEYS, JOINTLY ALTA/NSPS LAND 0 LIGHT POLE —Lou-- OVERHEAD UTILITY LINE ESTABLISHED AND ADOPTED BY ALTA AND NSPS,AND INCLUDES ITEMS 1, 2, TITLE SURVEY 03 UTILITY PEDESTAL ..o_.. o-- CHAIN LINK,FENCE 3, 4. 5, 6(B), 7(A)(B1), 8, 9 AND 11 OF TABLE A THEREOF. THE FIELD PO CABLE TV PEDESTAL WORK WAS COMPLETED ON MAY 20, 2021. _ �E ELECTRIC METER • '�)~� GATE gRA S�`A, 2401 NORTH �0 GAS METER' ROCK WALL'(UNLESS NOTED) 51ST6 ,'T `. 24TH STREET AND ® • TRUNCATED DOME PAD 2232 WILLIS AVENUE . 4 SIGN a9 TITLE COMMITMENT EXCEPTION LS-34) . ,! . '.✓9'1'O SURNF.. 'ci-:, 'SC'S D llH) N : MAY 20,'2021 „._- RH LAND • DATE - JAMES D WARNER MANAGEMENT NEBRASKA RLS #308 COMPANY,LLC 'I "I 1' 9',,`'i7 AREA INLET ' -------_ BENCHMARK •e _ ._ - • o ate'RIM=101 .36 o�,� -- I o -- - 'o L T 1 LE.=1013.36 DESCRIPTION: THE RIM OF THE SEWER MANHOLE LOCATED IN THE CENTERLINE �'4ee'�Y Py�cs� °'ava / c , Y( L 1 • OF 24TH STREET AND 25't SOUTH OF THE CENTERLINE OF LAKE STREET. °g:� 'ems c` •L,-f ' DUMPSTER • qL.` �T. I ENCLOSURE I- 0 T 8 J, L—J.I �I ELEVATION: 1019.72 (NAVD 88) py �. B 1.0 C K 1 . - �x 1 ,• ,vo/Bgr 1p I D L E W I L D A D I) I I O N P.- STORM SEWER o C ASPHALT ._ ' - •$g i-J1--- MANHOLE NOTES olie" ------'--._.----- RIM=1o20.48 ALL OF LOTTEN(10). ' 1018.38 TC I.0 T 9 -' IS."' RA,SIS OF RFARINGS• 1otz88 0 '13 I- 0 C'K 1 '• I:E.=101_55 BLOCK ONE CONCRETE 'ASPHALT • >, BEARINGS SHOWN ARE BASED ON THE DOUGLAS AND SARPY COUNTIES OF (1), SIGN I D L E W 11_ D A D.I) I$ I 0 N �• / C,ONCRk"I'I:: NEBRASKA LOW DISTORTION PROJECTION. IDLEWILD ADDITION, • � 1018.55 70 101813 Tc i-— _ 0 1 _WALL.WITH DOUGLAS COUNTY, w0 7j//- �� 1018.05 C 1018.}}C / - G o S .WOOD FLOOD ZONE CLASSIFICATION. STONE WALK ` ''I j I I �l -� ^l ,/ A�..P -- THE SURVEYED PROPERTY LIES WITHIN A DESIGNATED ZONE "X" (AREAS NEBRASKA. 44' �' 6 PARKING SPACES / PAR K 1 N C S PAC 1•S fI jA 11:NU- DETERMINED TO BE OUTSIDE THE 0.2%ANNUAL CHANCE FLOODPLAIN) PER `i— 1016.65'TC� 1019.'l9 Ice // p•• -I1USHf5 iTT THE DOUGLAS COUNTY, NEBRASKA AND INCORPORATED AREAS FLOOD PAVING WIDTH 1 ' CONC. WALK / '� V - ( ) . o 1 aj_ "�, 0 1018.15 c 1o1a.79 c\ 1/1. /1�1019.61 0 I INSURANCE RATE MAP NUMBER 31055CO239H DATED DECEMBER 2, 2005. 14" ; -" p ^ ' I ___A_ _.-._ 9.87y0 o THE SURVEYE LAND D PROPERTY CONTAINS _ 101 �J� u - P1J :l 0 87 S, GROSS 1- , ////fir/4.y�.0.— /p //y////// vy/ E S kV 6,220 SQUARE FEET OR 0.14 ACRES • , ••••• /•� •A- 1 16 0 1 ^v MORE OR LESS. 589'44'18'E 735.00' R&M ! �' r wa �y ... w 3 ----- - /, FFE 101885 FFE 1018999 r �T° R&M �j 0 0 / - / /. -ALLEY -' CURRENT 70NIN0 CI ASSIFlCATION• Ir o is j- �m , THE SURVEYED PROPERTY IS ZONED NBD, (NEIGHBORHOOD BUSINESS L 0 T S WEBSITE rn' ',1 / '-o j BROFERTY L1NE 0N•E-STORY BRICK BUILDING 1 0 /•=•-1 • ,.0\1 - (HTTPI//WWW.DOG S ORG/).CT)AS SHOWN ON HTH SE OZONINGUGLAS CHAS THEOUNTY I FOLLOWING MINIMUM FFE=101a.a0/ �' to SETBACK REQUIREMENTS: p •r .7 2401 N 24th STREET _-,�_ I �'020.;,,y 1° 0 x° r , o,-FFE 10ta.85 4,382 SQUARE FEET :- -\ 4a ` FRONT YARD NO REQUIREMENT mp STONE WQ,K �/ ^' AREA INLET L. 3 \ SIDE YARD NO REQUIREMENT ' o. T / BUILDING CORNER IS RIM=1'018.71 — N PROPERtt CORNER / I I- REAR YARD NO REQUIREMENT t1 6-W ,O z��/////�'///////E. o'/// //3/f///////////////////� I IN a I,I BROKEN x ' w•.wr.bNow. N ' i LE.= o v PROPERPf 3. o BUILDING I5 _ 1 a MODULAR Call before you ap. I_ _ o BLOCK RIB DING UL ANG,n I!. - CONTAINS 4,382 SQUARE FEET. THIS AREA WAS CALCULATED RIGHT-OF-WAY WIDTH 8n.t' I ¢ WALL BUILDING D - • USING EXTERIOR BUILDING DIMENSIONS MEASURED AT GROUND LEVEL. I A Ore MA \ 9,`CONCRETE WALK •CONC'WALK PARKING COUNT. win.""om". Q. " F_ '\--. ___ ___ THERE ARE 12 REGULAR PARKING SPACES AND 0 DISABLED PARKING SPACES COMBINATION SEWER I /_o �N89'44'20'W ' ON THE SURVEYED PROPERTY. No. 0escdRnon MM-00.W MANHOLE \ - - - RIM=1018.18 I 0 •3 b4, 135.00' R 135.30' M. 4''' S - - - W ° > 0 9 CONCRETE EVIDENCE OF UTILITIES: 78"I.E.=1005.12 \ N / 0 3 ASPHALT \CONCRETE—E 3 THE UTILITIES SHOWN ON THIS DRAWING WERE DETERMINED BY OBSERVED - (NO FLOW) I- j �. --.-.-(SS- 4 - SS- = --SAS- -- -SS- ----t-roc0- -SS--- -SS — • EVIDENCE AT THE TIME OF SURVEY. NO RESPONSIBILITY OR LIABILITY IS Job No.:2042-21-1 AL I� p . 240't 5 ASSUMED BY THE SURVEYOR FOR THE FAILURE TO SHOW ANY BURIED SERVICE ( ) COMBINATION SEWER_� COMBINATION "`1•I M8 b� a - AND/OR UTILITY LINES EVEN THOUGH THEY MAY EXIST. Drawn By:BJH MANHOLE 1 SEWER _•�, \ s, o. • COMBINATION SEWERReviewed By:JDW RIM MANHOLE MANHOLE ` MANHOLE • TITLE COMMITMENT- $OHFDUI E R PART II FXCEPIION': Date:MAY 20,2021 RIM=1017.70 WILLIS' AVENUE ' �1 RIM=1020.79 THIS DRAWING SHOWS OR NOTES THE EXCEPTIONS LISTED UNDER SCHEDULE Book:21-02 78" I.E.=1003.31 78" I:E.=1001.31 (PUBLIC RIGHT-OF-WAY) 78" I.E.=1000.54 B. PART 2 OF OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY Pages:44-49 N -----------._ -- ._. COMMITMENT FOR TITLE INSURANCE NUMBER 0284914, EFFECTIVE DATE 'U - SEPTEMBER 3, 2019 AT 8:00 A.M. REVISION NO.: REVISE-1 9/6/2019. 7. TERMS AND CONDITIONS OF ENCROACHMENT AGREEMENT BY AND BETWEEN -"+-;i THE CITY OF OMAHA, NEBRASKA,A MUNICIPAL CORPORATION, AND RH • I LAND MANAGEMENT COMPANY, LLC,A NEBRASKA LIMITED LIABILITY • ��...... COMPANY. RECORDED NOVEMBER 22, 2016 AS INST. NO. 2016097890; • - RECORDS OF DOUGLAS COUNTY, NEBRASKA. (ITS LOCATION IS SHOWN) N,ee1 eo.e., ' SHEET I OF I 3/./sa,3:41P,,..,,,,.,,.ww,.vial“.,Me.wom.,w12-1,ud,2,,,.124.a r,,,..A..6,.60.,.W...,1.1,w..Y..ww42..,,.10 32if11D311HO21`d 01131HDDVW 213NAOd A311V IZOZ 'L 3Nflf 9N1133W NOIJ:VOIIddV-add A110 aaeaN1 xos m3eIB lad AaeaoduaaluoD aoj . uoiun Zoning NBD PROPOSED USE Assembly,A-1 glIFI SITE AREA 18,520 sf • 11` L IJ w BUILDING AREA 7,350 gsf ice: • . 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