RES 2022-0745 - Industrial on Fort TIF Project Plan City Clerk Office Use Only:
RESOLUTION NO. 22--�1
Publication Date (if pplicable):
Agenda Date: g 23/2D22
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Department: 19d`�� /�L
Submitter: /Lf2 It//Pike
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 4.1 acre redevelopment project site located at 1215
Fort 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 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 Industrial on Fort Tax Increment Financing (TIF) Redevelopment
Project Plan ("Plan")for the redevelopment project site proposes the new construction of a 66,000
square foot industrial building with 14 leasable bays, 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 June 1, 2022 meeting;
and,
L-5-
RESOLUTION NO. ZI2 )7
WHEREAS, this Resolution seeks approval of the Industrial on Fort Tax Increment
Financing (TIF) Redevelopment Project Plan and authorizes the City's participation through the
allocation of TIF in an amount up to $1,227,069.00, which includes capitalized interest, to offset
TIF eligible expenses, including, but not limited to acquisition, demolition, site preparation,
architectural and engineering costs, and public improvements as required, and additional funds
up to $300,000.00, as may be available, to offset costs of future public improvements in the
immediate vicinity of the project, including infrastructure improvements within the adjacent 13th
Street right of way, for a project with total estimated costs of$6,304,081.00; 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 Industrial on Fort Tax Increment Financing (TIF)
Redevelopment Project Plan, for the redevelopment project site located at 1215 Fort Street, which
proposes the new construction of a 66,000 square foot industrial building with 14 leasable bays,
and authorizes the City's participation through the allocation of TIF in an amount up to
$1,227,069.00, which includes capitalized interest, to offset TIF eligible expenses including, but
not limited to acquisition, demolition, site preparation, architectural and engineering costs, and
public improvements as required, and additional funds up to $300,000.00, as may be available,
to offset costs of future public improvements in the immediate vicinity of the project, including
infrastructure improvements within the adjacent 13th Street right of way, 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.
3253 nsp APPROVED AS TO FORM:
ASS ANT CITY AT-T-O EY DATE
Adopted: AUG 2 3 2022
Attest:
City Clerk
Approved:
or
ACTING
EXHIBIT -A"
Legal Description,Alta Survey,Topographical Survey, etc.-see following page(s)
Project Name: Industrial on Fort
LEGAL DESCRIPTEON
The Land is described as follows
All of Block 4 of North Omaha,an Addition to the City of Omaha,Douglas County,Nebraska.,as platted
and recorded,alt of the vacated alley in said Block.4 and ad of vacated 12th Street adjoining said Block
4 tying Westerly of a line that is 8_5 feet normally distant Westerly from the centerline of the Union
Pacific Railroad Company's lead track as now constructed and operated.
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EXHIBIT "B"
INDUSTRIAL ON FORT TIF
REDEVELOPMENT PROJECT PLAN
1215 FORT STREET
June, 2022
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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 oCity of Omaha Planning Department
� up��� Planning Board
Memo
PLANNING
To: Chairman and Members of the Planning Board
From: David K. Fanslau
Planning Director
Date: May 25, 2022
Subject: INDUSTRIAL ON FORT TIF REDEVELOPMENT PROJECT PLAN
1215 Fort Street
Case#C3-22-121
PROJECT DESCRIPTION:
Layover Discussion
The project was laid over by the TIF Committee at their April 20th meeting, as the Committee
wanted costs estimates for the improvement of North 13th Street, adjacent to the project site. A
replat is not required for the project, which would trigger a requirement for the project to construct
the street improvements. The TIF Committee considered using the TIF approval to require the
improvements. After receiving estimates of$725,000 to $779,000, the TIF Committee concluded
the cost was not reasonable to impose on the relatively small TIF project. A 20 year term was
approved for the TIF assistance. The project's requested TIF amount will pay off before the end
of that term. The City will collect the TIF Proceeds after the project loan is retired, and apply them
towards public improvements in the immediate vicinity of the project site.
Existing Conditions
The project site consists of one vacant parcel about 4.1 acres in size. The site is adjacent to the
south side of Fort Street. The west lot line of the site abuts North 13th Street, which is presently
a narrow gravel roadway.
Proposal
A new industrial building of about 66,000 square feet will be constructed. The facility will have 14
bays of about 4,714 square feet each which will be available for rent at$6.50 to$10.50 per square
foot. Anticipated tenants will be small businesses needing storage and/or operating space. Site
access will be off Fort Street.
The Developer is JEH Enterprises, LLC, managed by Joshuwa Hannum.
The applicant anticipates construction beginning yet this year, with construction completion
estimated to be about June, 2023.
Employment
The development is expected to create approximately 42 new full time jobs and about 25
construction jobs.
DS
Parking
Surface parking with 45 stalls will be developed, with space for semi-trucks to park at the rear of
the building.
ANALYSIS:
The project site is located within a Community Redevelopment Area and is located 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.
The project supports job creation, as called for by the Concept Element of the Master Plan (p.
18). The proposed industrial building is appropriate as the property is located in an area
designated as"Industrial" on the Future Land Use Map within the Land Use Element of the Master
Plan.
No Building Permit will be issued based on a site plan that does not comply with the
provisions of the Zoning Ordinance.
RECOMMENDATION: Approval of the Project Plan.
ATTACHMENTS:
General Vicinity Map
Project Plan
Case Number: C3-22-121
Page 2
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lines from this website for plan submissions.
INTER-OFFICE COMMUNICATION
Date: May 12, 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: Industrial on Fort TIF Redevelopment Project Plan — LAYOVER MEMO
Location: 1215 Fort Street
Request: The TIF request is for up to $1,134,734 at an interest rate of 3.95 percent. 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.
Considerations; 13th Street Improvements: All core aspects of the project remain as presented
at the April TIF Committee meeting, and as described in the project application and the April staff
report. You will recall that the project was laid over until additional cost information could be
obtained related to the improvement of North 13th Street.
The applicant provided a quick estimate of about $250,000 for the street improvements. The
Public Works department provided two figures, with the cost difference reflecting the two possible
design standards. Their estimates were $725,000 for 13th Street constructed to residential
standards, and $779,000 for it to be construct to the standards for an industrial street. The Public
Works estimate is attached.
The applicants have relayed to us that the cost of the street improvements will dramatically impact
the return on investment and make the TIF project infeasible, even at the lower$250,000.
The applicants have requested a 20 year TIF term. The TIF calculations indicate it will pay off
early. One possible option is for the City to approve a larger amount of TIF support and use the
additional TIF proceeds as a contribution to the improvement of 13th Street.
The application, April staff report and the TIF calculations are being transmitted to the TIF
Committee along with this layover memo.
Recommendation: Approval of $1,347,875 in TIF Program assistance and all TIF eligible costs
as addressed in this memo, with the approval to include a contribution of $213,000 in TIF
proceeds for the 13th Street improvements, to be collected at/near the end of the TIF term.
ATTACHMENTS:
Public Works Estimates/ 13th Street Construction
TIF Calculation Spreadsheet
TIF Application
Applicant: Industrial on Fort PRO FORMA
Debt Service Payments
Year Total Less Pre- TIF Treasurers 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 3.95% Total Balance Interest 3.95%
0 $1,134,734
0.5 $ - $0 $ - 2.22412 $ - $ - $ - $0 $0 $0 $1,157,145 22411 22411
1 $ - $0 $ - 2.22412 $ - $ - $ - $0 $0 $0 $1,179,999 22854 22854
1.5 $ - $0 $ - 2.22412 $ - $ - $ - $0 $0 $0 $1,203,304 23305 23305
2 $ - $0 $ - 2.22412 $ - $ - $ - $0 $0 $0 $1,227,069 23765 23765
2.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $28,434 $24,235 $52,669 $1,198,635 0 24235
3 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $28,996 $23,673 $52,669 $1,169,639 0 23673
3.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $29,569 $23,100 $52,669 $1,140,070 0 23100
4 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $30,153 $22,516 $52,669 $1,109,917 0 22516
4.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $30,748 $21,921 $52,669 $1,079,169 0 21921
5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $31,355 $21,314 $52,669 $1,047,814 0 21314
5.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $31,975 $20,694 $52,669 $1,015,839 0 20694
6 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $32,606 $20,063 $52,669 $983,233 0 20063
6.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $33,250 $19,419 $52,669 $949,983 0 19419
7 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $33,907 $18,762 $52,669 $916,076 0 18762
7.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $34,576 $18,093 $52,669 $881,500 0 18093
8 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $35,259 $17,410 $52,669 $846,241 0 17410
8.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $35,956 $16,713 $52,669 $810,285 0 16713
9 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $36,666 $16,003 $52,669 $773,619 0 16003
9.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $37,390 $15,279 $52,669 $736,229 0 15279
10 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $38,128 $14,541 $52,669 $698,101 0 14541
10.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $38,882 $13,787 $52,669 $659,219 0 13787
11 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $39,649 $13,020 $52,669 $619,570 0 13020
11.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $40,432 $12,237 $52,669 $579,138 0 12237
12 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $41,231 $11,438 $52,669 $537,907 0 11438
12.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $42,045 $10,624 $52,669 $495,862 0 10624
13 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $42,876 $9,793 $52,669 $452,986 0 9793
13.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $43,723 $8,946 $52,669 $409,263 0 8946
14 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $44,586 $8,083 $52,669 $364,677 0 8083
14.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $45,467 $7,202 $52,669 $319,210 0 7202
15 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $46,365 $6,304 $52,669 $272,845 0 6304
15.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $47,280 $5,389 $52,669 $225,565 0 5389
16 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $48,214 $4,455 $52,669 $177,351 0 4455
16.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $49,166 $3,503 $52,669 $128,185 0 3503
17 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $50,137 $2,532 $52,669 $78,048 0 2532
17.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $51,128 $1,541 $52,669 $26,920 0 1541
18 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $52,137 $532 $52,669 $0 0 532
18.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $0 $0 $0 $0 0 0
19 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $0 $0 $0 $0 0 0
19.5 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $0 $0 $0 $0 0 0
20 $ 4,910,000 $126,000 $ 4,784,000 2.22412 $ 53,201 $ 532 $ 52,669 $0 $0 $0 $0 0 0
$1,915,236 $19,152 $1,896,084 $1,252,286 $433,122 $1,685,408 $92,335
(F9=calculate)
NOTE:This information is provided to assist in analyzing the Original Loan Amount $1,134,734
specific request to the TIF committee.This information is subject Capitalized Interest $92,335 ASSUMPTIONS:
to change based on actual tax assessments,including the levy rate. Loan Balance Remaining $0 1 Pm-Development Base 5126,000
This schedule is based on the assumptions on the right side of the 2 Loan Amount $1,134,734
this spreadsheet. $1,227,069 MAXPOTENTIAL 3 Interest Rate 3.95%
The actual TIF amount available to fund site specific project cost 4 Est.Total Project Cost $6,304,081
could change based on the cost of public improvements. 5 Est.Final Valuation $4,910,000
6 Incremental Base Value $4,784,000
Estimated Annual Incremental Tax Payment $ 106,402
Other Info:
TIF Loan Request S1,134,734 ••
TIF Percentage of:
-Est Final Valuation 23.11%
-Est.Total Project Cost 18.00% •
Leverage Factor 5.56 •
*Est.Total Project Costs also represents the total Uses
from the Sources and Uses table,which equates to the
total Sources for the project. The leverage factor
indicates for every$1 of TIF,the City leverages"x"
dollars of other funding.
-Plus capitalized interest
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City of Omaha Planning Department I 1819 Farnam Street,Suite 1100 I Omaha NE 68183-1100 I 402-444-5150
Planninghed.eityofomaha.org/tif
TIF Application Checklist
Part 1 of the TIF Application Non-Confidential Section
✓ Project Summary Page
V 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
V Development Financing Plan — (Attach bank commitment letters in Part II of the TIF application)
V 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
V 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
V Any Other Supplemental Documentation
2 Page planninghcd.cityofomaha.org/tif
Part 2 of the TIF Application Confidential Section
✓ Preliminary Commitment Letter(s), particularly for Construction and TIF Financing
V 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 1 Page planninghcd.cityofomaha.org/tif
Project Summary
Project Name: Industrial on Fort
Project Legal Description: E 1/2 VAC ALLEY&W 1/2 12
TH ST& LTS 1 TO & INC 12 &W 1/2 VAC ALLEY
LTS 13 TO& INC 50 X 125 EA
Project Address: 1215 FORT ST Proposed Project Size:
Gross Sq. Ft. (Building(s)) 66,000.00
Property Owner/Applicant: CRK CONSTRUCTION LLC Net Sq. Ft. (Building(s))66,000.00
#of Acre(s)4.00
Owner Address: C/O CESAR VALDIVIESO Lot/Parcel Size(Sq Ft.) 180,000.00
Estimated Total Project Cost: $6,304,081
TIF Request: $1,134,734 LIHTC Project: No
New Construction: Yes Market-Rate Project: Yes
Rehabilitation: No Historic Tax Credit Project: No
Current Use:
Proposed Use:
Zoning -Current/Proposed:
The proposed industrial use for the Project site is in compliance with the Master Plan and the General
Industrial District(GI) in which it is located. The site is currently zoned as GI and does not need to be
rezoned for this Project.
Current Annual Real Estate Taxes (Year) :2021 Land: $126,000
Improvements: $0
Current Assessed Tax Valuation (Year) :2022 Total: $126,000
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
Benjamin J. Pick
Pansing Hogan Ernst& Bachman LLP
10250 Regency Circle, Ste. 300 Omaha NE 68114
(402) 397-5500
bpick@pheblaw.com
Attorney
Legal Consulting Firm
Jessica E. Thomas
Pansing Hogan Ernst& Bachman LLP
10250 Regency Circle, Ste. 300 Omaha NE 68114
(402) 397-5500
jthomas@pheblaw.com
Attorney
Engineering Firm
Dan Dolezal
Erhart Griffin &Associates
3552 Farnam Street Omaha NE 68131
(402)551-0631
Structural and Civil Engineering
Architecture Firm
TRB Architecture
440 Regency Parkway, Ste. 138 Omaha NE 68114
(402) 973-1012
Architecture Firm
3 I Page planninghcd.cityofomaha.org/tif
Applicant/Owner
Joshuwa Hannum
JEH Enterprises, LLC
1410 N. Saddle Creek Road Omaha NE 68132
(402)558-6500
josh@aunitedglass.com
Josh Hannum is the Vice President of A-United Automatic Doors& Glass, Inc.
Developer
Joshuwa Hannum
JEDM Holdings LLC
1410 N. Saddle Creek Road Omaha NE 68132
(402)558-6500
josh@aunitedglass.com
Josh Hannum is the Vice President of A-United Automatic Doors&Glass, Inc.
4 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 Project site is located on the
southeast side of 13th and Fort Streets and consists of one parcel located at 1215 Fort Street,
Omaha, Nebraska 68110. The parcel is currently a vacant lot covering approximately 4.13 acres.
Proposed Use and Project Details: The proposed Project includes the new construction of an
industrial building that will contain approximately 66,000 gross square feet. The building will be
comprised of 14 bays with each bay containing approximately 4,714 rentable square feet. Rent for
each bay will range from $6.50 to $10.50 per square foot per month.
The Project will include 43 parking stalls plus 2 handicap stalls for tenants, their employees and
invitees. Parking facilities for semi-trucks and trailers will be provided at the rear of the building.
Parking Plan for Proposed Project: A total of 45 parking stalls are included in the Project. This
includes 43 standard and 2 handicap parking stalls. Additionally, parking facilities for semi-trucks and
trailers will be provided at the rear of the building.
Market Demand for Proposed Project: The demand for industrial space in the Omaha area remains
constant. The current vacancy rate in all industrial sectors is less than 3.5%. As such, this Project
assists in meeting the demand for space that can be used for a variety of industrial purposes.
5 I Page planninghcd.cityofomaha.orgjtif
B. Zoning -Current and Proposed
The proposed industrial use for the Project site is in compliance with the Master Plan and the General Industrial
District(GI) in which it is located. The site is currently zoned as GI and does not need to be rezoned for this
Project.
C. Public Improvements
The Project will include streetscape improvements along 13th and Fort Streets. Utilities, including an electrical
transformer and site/streetscape lighting, will be provided on the site in accordance with City guidelines.
The public improvements for this Project are estimated to cost$150,000 and include the following:
1. Sidewalk improvements and landscaping along site borders on 13th and Fort Streets;
2. Water and sewer lines extensions;
3. Lighting;
4. Curbs and gutters; and
5. Greenspace improvements.
D. Historical Status - If Applicable
As the Project site is currently vacant and has never been developed, there are currently no local or national
historic designations related to this site.
6 Page planninghcd.cityofomaha.org/tif
Residential Unit Information
Total Units:
Comments:
7 I Page planninghcd.cityofomaha.org/tif
Employment Information
Employees By Type Total Jobs: 42
Clerk/Service =5 Permanent(FTE's)
Sales/Marketing =5 Permanent(FTE's)
Management=4 Permanent(FTE's)
General Labor=28 Permanent(FTE's)
Non-Construction
Number of Jobs Created? (Non-Construction): 42
Number of Jobs Retained? (Non-Construction): 0
Anticipated Annual Payroll? (Non-Construction): $60,000
Contruction
Estimated Number of Construction Jobs Created?: 25
Anticipated Annual Payroll for Construction Jobs?: $70,000
8 I Page planninghcd.cityofomaha.org%tif
II) Funding Information
Source of Funds
Fund Source Source Amount
TIF Financing $1,134,734
Construction Loan $4,412,857
Owner Equity $756,490
Total $6,304,081
Use of Funds
Use of Funds Use Amount
Financing Fees $28,000
Construction Soft Costs $1,160,104
Construction Hard Costs or $4,822,977
Rehabilitiation Costs
Land Acquisition $293,000
Total $6,304,081
B. Is there or will there 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.
Currently the property has an assessed value of$126,000. After construction of the Project, it
is estimated the property will be valued at$4,910,000. Final valuation is based on a
comparable and project cost analysis for the industrial building. Based on a market analysis,
we believe that the valuation is a fair and reasonable assessment.
9 ( Page planninghcd.cityofomaha.org of
III) Construction Budget, Itemized Public Improvement Costs and Project Timeline
Itemized Construction Budget
Construction Budget Item Estimate
Concrete $331,850
Contingency $239,105
Doors and Windows $146,920
Electrical $385,000
General Requirements $160,604
Landscaping $40,000
Masonry $10,000
Mechanical $438,100
Pre-Engineered Buildings $1,816,100
Sitework $870,298
Streetscape Improvements $35,000
Tenant Improvements $350,000
Total $4,822,977
Itemized Public Improvements
Public Improvement Type Amount
Landscaping (Within ROW) $40,000
Other $15,000
Public Sidewalks $35,000
Site Utilities (Within ROW) $40,000
Street Lighting (within the ROW) $20,000
Total $150,000
TIF Eligible Costs
TIF Eligible Costs Item Amount
Public Improvements Costs $150,000.00
TIF fees $11,862.00
Appraisals $3,800.00
Environmental Studies (Phase I, Phase II, $6,200.00
Environmental Assessment)
Other $92,550.00
Erosion Control & SWPPP Maintenance $8,300.00
Other $142,000.00
Site Utilities (Within ROW)** $60,000.00
Other $15,000.00
Grading $300,000.00
Other $10,000.00
10 I Page planninghcd.cityofomaha.org/tif
Engineering and Architecture Fees $100,000.00
(related to pre-development)
Site Acquisition Costs $293,000.00
Total $1,192,712.00
Project Timeline
Construction Start Date: 07/01/2022
Start Date Comments:
Construction End Date: 02/01/2023
End Date Comments:
11 ( Page planninghcd.cityofomaha.org/tif
IV) Three Year Pro-Formas -profit/loss and cash flow statements
Revenue Year 1 Year 2 Year 3
CAM Adjustments $59,425 $61,155 $62,936
Gross Commercial Rents $396,000 $396,000 $396,000
Effective Gross Income $455,425 $457,155 $458,936
Expenses Year 1 Year 2 Year 3
Tax Expenses $112,168 $115,533 $118,999
Operations $161,000 $162,192 $162,741
Vacancy $31,880 $32,001 $32,126
Total Expenses $305,048 $309,726 $313,866
Net Operating Income $150,377 $147,429 $145,070
Debt Service Year 1 Year 2 Year 3
Debt Service(Perm) $104,907 $109,181 $113629
Net Cash Flow $45,470 $38,248 $31,441
12 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
As demonstrated below, without TIF, the Project does not achieve a return on investment that is acceptable for the
Applicant given the substantial risk involved. The limited cash flow and debt service ratio, coupled with the
significant and volatile expenses anticipated to develop a vacant lot, would render the Project impracticable. As
such, the Project cannot proceed without the inclusion of Tax Increment Financing.
ROI Analysis
With TIF Without TIF
Owner Equity $756,490 $1,891,224
Revenues $423,545 $423,545
Expenses $273,168 $273,168
NOI $150,377 $150,377
TIF Rebate $1,134,734
NOI +TIF Rebate $1,285,111
Debt Service $104,907 104907
NCF $45,470.00 $45,470.00
Return on Owner Investment(ROI) °° 6.01% 2.40%
13 Page planninghcd.cityofomaha.org/tif
ROI "But For" Analysis
As of March 2022
Total Total
With TIF Without TIF
Hard Costs S 4.822.977 4,822,977
Land Acquisition 293.000 293.000
Soft Costs 1.160.104 1,160,104
Total Development Costs S 6,276,081 6,276,081
Financing Costs S 28.000 28,000
Total Project Costs S 6,304,081 6,304,081
Loan Amount (% LTC) S 4.412.857 4,412,857
TIF Funds 1. 134,734 —
Investor Equity 756.490 1,891,224
Total S 6,304.081 6,304,081
Stabilized Operations (2023)
Rental Income S 396.000 396,000
CAM Adjustments 59.425 59,425
Vacancy (31,SS0) (31,S80)
Total Rent Revenues S 423,545 423,545
Operating Expenses S (273.16S) (273,16S)
Net Operating Income S 150,377 150,377
All Other Costs S — —
Net Cash Flow Before Debt Service S 150,377 150,377
Total Debt Service S (104,907) (104,907)
Net Cash Flow to Equity S 45,470 S45,470
Imputed ROI 6.01% 2.40%
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 property is located within a community redevelopment area as designated by the City of Omaha.
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.
This use of Tax Increment Financing will not result in tax shifts. The Project is intended to increase the tax base 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.
The Project will not be economically feasible without the use Tax Increment Financing due to the limited cash
flow/debt service ratio, increased additional expenses, and the volatile material supply and labor markets involved
in the construction of the building on an undeveloped lot. See Developer's ROI Analysis included within the
Application.
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.
The project furthers the objectives of the Master Plan by:
a) Developing an otherwise vacant lot into an industrial building in an area already zoned for such use by the City
of Omaha;
b) Simultaneously developing an area designated by the City of Omaha as "Extremely Blighted"and highlighting
the benefits of such investments to potential investors;
c) Enhancing an extremely blighted area of North Omaha through upgrades to the Project site and surrounding
public rights-of way;
d) Providing a number of construction jobs during the development phase of the Project; and
e)Creating a number of full-time employment opportunities with tenant businesses for residents of the surrounding
area and North Omaha in general.
14 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;
This use of Tax Increment Financing will not result in tax shifts.The current level of taxes will continue to
flow to taxing entities and only add value revenues resulting from the improvements.
2. Public infrastructure and community public service needs impacts and local tax impacts arising
from the approval of the redevelopment project;
The public improvements within this Project include sidewalk improvements and repairs as well as
landscaping improvements along 13th and Fort Streets. The proposed Tax Increment Financing will be used
to offset site acquisition, site development, and public improvement costs, all of which are eligible expenses.
The Project site is adequately served with streets and utilities, and the proposed Project will join a well-
established industrial hub in the heart of North Omaha. Furthermore, the Project will provide a long-term tax
benefit as a result of an increase to the tax base following completion of the Project.
3. Impacts on employers and employees of firms locating or expanding within the
boundaries of the area of the redevelopment project;
This industrial facility will attract both first-time business establishments, relocations of existing businesses,
and employers looking to expand existing operations.The success of the Project will have a positive impact
on the immediately surrounding residential and business community by providing a high-quality and modern
facility for employers and will promote the continued expansion of this industrial hub in North Omaha.
Additionally, the Project is expected to generate several new, full-time jobs, as well as support many
construction jobs during the development phase, for residents located within the boundaries of the area of
the Project. The utilization of this vacant parcel is in the best interests of the nearby residents and
businesses that will join this prime area of industrial activity.
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;
Given the demand for industrial space in the greater Omaha area, the Project will provide another option for
employers seeking such space. The Project aims to benefit the City of Omaha as a whole by drawing
exemplary businesses to Omaha's industrial sector, including small business owners. Naturally, this would
also benefit the immediate area located outside the boundaries of the development by providing many new,
permanent employment opportunities in the short-term. Further long-term benefits would be stem from
demonstrating to other potential developers the value of investing in both the City of Omaha in general and,
more specifically, in North Omaha's industrial corridor.
5. Impacts on the student populations of school districts within the city or village; and
The development does not include the addition of residential units and will have minimal to no impact on
student populations.
6.Any other impacts determined by the authority to be relevant to the consideration of
costs and benefits arising from the redevelopment project
The development of this vacant site into an industrial facility is in the best interests of both the residents of
the immediately surrounding area and, more broadly, the City of Omaha. This Project assists in providing
industrial space in a market that is in high demand and in a location that has already been designated by
the City of Omaha as prime for industrial use.The proposed Project will result in a facility with bays that can
be tailored to a variety of industrial uses based on tenant needs. The Project will significantly improve the
site, add value to the tax base, and provide new, permanent employment opportunities in North Omaha.
15 ( Page planninghcd.cityofomaha.org(of
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