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RES 2022-0964 - 5902 N 9th Street TIF Project Plan �� —n I(,(�(/ City Clerk Office Use Only: RESOLUTION NO. V"� Publication Date(if a plicabl ): Agenda Date: 0 25 2-022 Department: '1 t✓"7 Submitter: 7 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 11.49 acre redevelopment project site located at 5902 North 9th 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 5902 North 9th Street Industrial Tax Increment Financing (TIF) Redevelopment Project Plan ("Plan") for the redevelopment project site proposes the new construction of a one story industrial building of about 160,000 square feet, 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 September 7 , 2022 meeting; and, RESOLUTION NO. 2021 1 l to" 1 WHEREAS, this Resolution seeks approval of the 5902 North 9th Street Industrial Tax Increment Financing (TIF) Redevelopment Project Plan and authorizes the City's participation through the allocation of TIF in an amount up to $3,200,000.00, plus capitalized interest, to offset TIF eligible expenses, including, but not limited to acquisition, site work, engineered foundations, architectural and engineering costs, and public improvements as required, for a project with total estimated costs of$ 21,750,287.00; 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 5902 North 9th Street Industrial Tax Increment Financing (TIE) Redevelopment Project Plan, for the redevelopment project site located at 5902 North 9th Street, which proposes the new construction of a one story industrial building of about 160,000 square feet, and authorizes the City's participation through the allocation of TIF in an amount up to $3,200,000.00, plus capitalized interest, to offset TIF eligible expenses including, but not limited to acquisition, site work, engineered foundations, 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. 3302 nsp APPROVED AS TO FORM: /AVZOLL A ISTANT CIT ATTORNEY DATE Adopted: O C T 25 ZUZZ Attest: City Cle Approved: Mayor EXHIBIT "A" Legal Description,Alta Survey, Topographical Survey, etc.-see following page(s) e • g• • LEGAL DESCRIPTION LOT 6, LOZIER BUSINESS PARK, AN ADDITION TO THE CITY OF OMAHA, AS SURVEYED, PLATTED AND RECORDED IN DOUGLAS COUNTY, NEBRASKA. 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EXHIBIT "B" 5902 N. 9TH STREET INDUSTRIAL TIF REDEVELOPMENT PROJECT PLAN 5902 N . 9TH STREET September, 2022 4 pbSPa-I Np A Viagf 47'4.0 FE13 \-\ IJOMAHA Jean Stothert, Mayor City of Omaha David Fanslau, Director Planning Department Omaha/Douglas Civic Center 1819 Farnam Street, Ste. 1111 Omaha, Nebraska 68183 omaha CPlanningity of.OmahaBoard Planning Department DimMemo PLANNING To: Chairman and Members of the Planning Board From: David K. Fanslau Planning Director Date: August 31, 2022 Subject: 5902 INDUSTRIAL TIF REDEVELOPMENT PROJECT PLAN 5902 North 9th Street Case#C3-22-232 PROJECT DESCRIPTION: Proposal The project site is comprised of one parcel of about 11.0 acres. A one story industrial building of about 160,000 square feet will be constructed. At present, the applicants plan to have four bays in the building, each about 40,000 square feet in size. The bay sizes may be adjusted as tenants are identified and signed on to the project. It is anticipated that most of the tenants will be in the warehousing, distribution and storage category. The site has good access to both the airport and to railroad transportation. Parking There will be about 161 on-site parking stalls provided on an outdoor surface lot, plus an additional 13 stalls for semi truck parking. Employment The project is anticipated to create about 107 new permanent jobs, and will also provide approximately 50 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 associated with project development as submitted for approval through the Tax Increment Financing process. The requested TIF term of 20 years complies with the TIF Committee policies in that the project is an industrial development and is located in north Omaha, north of the Storz Expressway. 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 is consistent with several goals and objectives in the Concept Element of the Master Plan (pg. 18) including promoting job creation and encouraging the development of an industrial park near the airport. DS 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: C3-22-232 Page 2 DS DCG i s 5902 N. 9th Street Industrial N . (---hs ) .s,., ...... -. .. .. , .. .. : ., . .. . , .... .....,.., .... Ir16.-}.. :!'"'"l'''•-4-. .I V,-4;'.. . 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INTER-OFFICE COMMUNICATION Date: August 10, 2022 To: TIF Committee: David Fanslau, Stephen Curtiss, AL Herink, Jennifer Taylor, Robert Stubbe, Bridget Hadley, Todd Pfitzer From: Don Seten - City Planning Applicant: City of Omaha Planning Department Project Name: 5902 Industrial TIF Redevelopment Project Plan Location: 5902 North 9th Street Request: The TIF request is for up to $3,200,000 at an estimated interest rate of 5.7 percent, plus capitalized interest. Using the tax levy rate of 2.22412 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. $34,500 in administrative fees will also be collected. Total fees will be $38,000. Extreme Blight Consideration: The project is in an Extremely Blighted Area (EBA). The requested TIF term of 20 years complies with the TIF Committee policies. The project is considered an industrial development, and is located in north Omaha, north of Cuming Street. 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. The project is consistent with several goals and objectives in the Concept Element of the Master Plan (pg. 18) including promoting job creation and encouraging the development of an industrial park near the airport. 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 ROIs stated within this TIF application, for three years after stabilization, are as follows: ROI With TIF 6.02% ROI Without TIF 2.84% TIF eligible costs are acquisition, site work, engineered foundations, architectural and engineering costs, and public improvements. TIF eligible costs total approximately $4,989,635. The total estimated project costs are $21,750,287. TIF Eligible Expenses Amount Acquisition $ 2,049,200 Site Work; Excavation and Grading $ 1,107,492 Public Improvements; Util, Curbing and Landscaping $487,990 $ 562,990 Engineered Foundations $ 692,000 Architecture & Engineering $ 272,953 Subtotal $ 4,684,635_ TIF Fees $ 38,000 Total TIF Eligible Expenses $ 4,772,635 The TIF is 14.7 percent of the total project financing. Note that a geotechnical report describing the necessity of special engineered foundations must be submitted prior to the Planning Board hearing for the project, for that activity to be included as a TIF eligible cost. Recommendation: Approval of TIF proceeds to sufficient to pay off a TIF loan for the project up to $3,200,000 dollars plus capitalized interest, and all TIF eligible costs addressed in this memo. Project Description Proposal The project site is comprised of one parcel of about 11.0 acres. A one story industrial building of about 160,000 square feet will be constructed. At present, the applicants plan to have four bays in the building, each about 40,000 square feet in size. The bay sizes may be adjusted as tenants are identified and signed on to the project. It is anticipated that most of the tenants will be in the warehousing, distribution and storage category. The site has good access to both the airport and to railroad transportation. Parking There will be about 161 on-site parking stalls provided on an outdoor surface lot, plus an additional 13 stalls for semi truck parking. Employment The project is anticipated to create about 107 new permanent jobs, and will also provide approximately 50 construction related jobs. The Developer is Greenslate 5902, LLC, managed by Clay Vanderheiden. The applicant anticipates construction beginning about February, 2023, with an estimated project completion date of January 31, 2024. Project Finance Summary -Sources & Uses Sources of Funds Amount Owner Equity $ 2,851,204 Construction Loan $ 15,699,083 TIF Financing $ 3,200,000 Total Sources of Funds $ 21,750,287 Uses of Funds Amount Acquisition $ 2,800,000 Construction Hard Costs $ 14,966,352 Construction Soft Costs $ 684,898 Construction Contingency $ 748,318 Financing Fees & Loan Interest Reserve $ 600,385 Architecture $ Engineering $ 272,953 Developer Fees $ 839,381 TIF Fees $ 38,000 Tenant Improvements $ 800,000 Total Uses of Funds $ 21,750,287 Final Valuation Discussion The applicant estimates a total final valuation of about $14,190,000. The estimate is based on the annual taxes of comparable properties, on a square foot basis. Land Use and Zoning The site is a single parcel of about 11.0 acres is vacant. It is zoned GI General Industrial, which is appropriate for the proposed use. Utilities and Public Improvements Standard utilities (electrical, water, sewer) exist at the site. The project will provide utility work in the public right of way, and landscaping, concrete curbing and gutters along all street frontages, at an estimated cost of$562,990. Transportation Public transportation is readily available to the site. Historical Status The site is vacant, is not within a historic district, nor is it near any historic resources. ATTACHMENTS: TIF Calculation Spreadsheet TIF Application Applicant: 5902 North 9th Street Industrial 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 5.75% Total Balance Interest 5.75% 0 $2,938,546 0.5 $ - $0 $ - 2.22412 $ - $ - $ - $0 $0 $0 $3,023,029 84483 84483 1 $ - , $0 $ - 2.22412 $ - $ - $ - $0 $0 $0 $3,109,941 86912 86912 1.5 $ - $0 $ - 2.22412 $ - $ - $ - $0 $0 $0 $3,199,352 89411 89411 2 $ - $0 $ - 2.22412 $ - $ - $ - $0 $0 $0 $3,291,333 91981 91981 2.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $53,331 $94,626 $147,957 $3,238,002 0 94626 3 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $54,864 $93,093 $147,957 $3,183,138 0 93093 3.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $56,442 $91,515 $147,957 $3,126,696 0 91515 4 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $58,064 $89,893 $147,957 $3,068,632 0 89893 4.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $59,734 $88,223 $147,957 $3,008,898 0 88223 5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $61,451 $86,506 $147,957 $2,947,447 0 86506 5.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $63,218 $84,739 $147,957 $2,884,229 0 84739 6 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $65,035 $82,922 $147,957 $2,819,194 0 82922 6.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $66,905 $81,052 $147,957 $2,752,289 0 81052 7 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $68,829 $79,128 $147,957 $2,683,460 0 79128 7.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $70,808 $77,149 $147,957 $2,612,652 0 77149 8 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $72,843 $75,114 $147,957 $2,539,809 0 75114 8.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $74,937 $73,020 $147,957 $2,464,872 0 73020 9 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $77,092 $70,865 $147,957 $2,387,780- 0 70865 9.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $79,308 $68,649 $147,957 $2,308,472 0 68649 10 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $81,588 $66,369 $147,957 $2.226,884 0 66369 10.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $83,934 $64,023 $147,957 $2,142,950 0 64023 11 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $86,347 $61,610 $147,957 $2,056,603 0 61610 11.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $88,830 $59,127 $147,957 $1,967,773 0 59127 12 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $91,384 $56,573 $147,957 $1,876,389 0 56573 12.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $94,011 $53.946 $147,957 $1,782,378 0 53946 13 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $96,714 $51,243 $147,957 $1,685,664 0 51243 13.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $99,494 $48,463 $147,957 $1,586,170 0 48463 14 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $102,355 $45,602 $147,957 $1,483,815 0 45602 14.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $105,297 $42,660 $147,957 $1,378,518 0 42660 15 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $108,325 $39,632 $147,957 $1,270,193 0 39632 15.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $111,439 $36,518 $147,957 $1,158,754 0 36518 16 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $114,643 $33,314 $147,957 $1,044,111 0 33314 16.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $117,939 $30,018 $147,957 $926,172 0 30018 17 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $121,330 $26,627 $147,957 $804,842 0 26627 17.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $124,818 $23,139 $147,957 $680,024 0 23139 18 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $128,406 $19,551 $147,957 $551,618 0 19551 18.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $132,098 $15,859 $147,957 $419,520 0 15859 19 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $135,896 $12,061 $147,957 $283,624 0 12061 19.5 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $139,803 $8,154 $147,957 $143,821 0 8154 20 $ 14,190,000 $750,800 $ 13,439,200 2.22412 $ 149,452 $ 1,495 $ 147,957 $143,822 $4,135 $147,957 $0 0 4135 $5,380,272 $53,820 $5,326,452 $3,291,334 $2,035,118 $5,326,452 $352,787 (F9=calculate) NOTE:This Information is provided to assist in analyzing the Original Loan Amount $2,938,546 specific request to the TIF committee. This information is subject Capitalized Interest $352,787 ASSUMPTIONS: to change based on actual tax assessments,including the levy rate. Loan Balance Remaining $0 1 Pre-Development Base $750,800 This schedule is based on the assumptions on the right side of the -- 2 Loan Amount $2,938,546 this spreadsheet. $3,291,333 MAX POTENTIAL 3 Interest Rate 5.75% The actual TIF amount available to fund site specific project cost 4 Est.Total Project Cost $21,750,286• could change based on the cost of public improvements. 5 Est.Final Valuation $14,190,000 6 Incremental Base Value $13,439,200 Estimated Annual Incremental Tax Payment $ 295,914 Other Info: TIF Loan Request $3,200,000 •• TIF Percentage oh -Est Final Valuation 22.55% -Est.Total Project Cost 14.71% • Leverage Factor 6.80 • *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"a" dollars of other funding. **Plus capitalized interest SAM 11111111111111 ;17, or, MOM 1...\\al . . CITY OF OMAHA I I III TAX INCREMENT FINANCING (TIF) IIAPPLICATION ft fa s i omaha ama,diii , CITY PLANNING . mil .... ii. IN Eli ii. ion I iii nu En In LE 11111 UN 11111.1 11 I 1MI-E 11111 MIZ ,bulkHA, Iv_ MN NM 1111 III I A, 0,kj ir ti....44t, MI WI 11111 MI I L'7AtIP• i'llik.'i III ER aril MO 111 /- - agial;fi,ij"-ln:,71111 III Ft.U-M611ri I W;;,\V-51-'6,31)?''4 iiEl PIZ -17= 1-4 ,,,,q_..k.i .1.4:. h• ,..............iii-IN INN ma= ......1 Inoro _fri.-11011:47: .....,. .1,44 0''6;:''' :71j:6 41° IN IIIII II! 111r1 I mi 441, 1111 VIM NE MLR !I RD FEB* AO PIP IN NE • im r II KM L' I EI nem IIII ILI i• i i.7-2 em 2,1 '''' ..,;" = 1 •---.-- - .r- -.._-_'-'-= main I ilE 115i ME 1111111 O.. 12 i2==4- E= F I = ill . E r. - i-,-lm -z-a iTE = III 111.9E ell Illit EI S 1 il F._ .E...-Ee. ;Z.."...= =Lo! . imac City of Omaha Planning Department I 1819 Farnam Street,Suite 1100 I Omaha NE 68183-1100 I 402-444-5150 Planninghed.cityofomaha.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 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 planninghcd.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 V 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. 3 Page planninyhcd.cityofomaha.org!tif Summary Project Name: 5902 N 9th Street Industrial Project Legal Description: IRREG 11.49 AC Proposed Project Size: Project Address: 5902 N 009 ST Gross Sq. Ft. (Building(s)) 160,000.00 Net Sq. Ft. (Building(s)) 160,000.00 Property Owner: GREENSLATE 5902 LLC #of Acre(s) 11.00 Lot/Parcel Size (Sq Ft.) 500,504.00 Owner Address: 3814 FARNAM ST#203 OMAHA, NE 68131 Project Owner: LIHTC Project: No Estimated Total Project Cost: $21,750,286 Market-Rate Project: Yes Requested TIF Loan: $3,200,000 Historic Tax Credit Project: No New Construction: Yes Rehabilitation: No Current Use: Proposed Use: Zoning -Current/Proposed: The current zoning of the site is General Industrial (GI)and the development team is not requesting to adjust the zoning. Current Annual Real Estate Taxes (Year) : 2022 Land: $750,800 Current Assessed Tax Valuation (Year) : 2022 Improvements: $0 Total: $750,800 Are Real Estate Taxes Current?Yes Requested Base Year: 2023 Requested Division Year: 2024 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?YesDoes the project need 20 years?Yes 4 I Paae planninghcd.cittyofomaha.org/tif Project Development Team Page Construction Company TBD TBD Architecture Firm TBD TBD Engineering Firm Daniel Dolezal Ehrhart Griffin &Associates 3552 Farnam Street Omaha NE For over thirty-two years, Ehrhart Griffin &Associates has strived to be the firm of choice for our clients.We provide professional engineering, land surveying and construction management services.As a highly experienced and diversified company,the firm is able to serve all our client's needs in the areas of recreational, residential, commercial, retail, and institutional site developments. 5 I Page planninghcd.cityofomaha.org/tif Applicant/Owner Clay Vanderheiden GreenSlate Development 3814 Farnam Street, Suite 203 Omaha NE 68131 3097984123 clay@greenslatedevelopment.com The principals of GreenSlate Development, Matt Dwyer and Jay Lund, have been the visionaries of the Blackstone District since its inception in 2012. Over$175 million of new investment has flowed into the area from GreenSlate and others during the past 8 years resulting in 26 new businesses. Almost every building along the primary corridor of the District has been newly redeveloped or is slated for re-development. The City of Omaha has offered unprecedented assistance to GreenSlate to further this transformation by reconfiguring Farnam Street from a one-way to two-way, adding new lighting and landscaping and rezoning parcels for continued denser development in the District. The result has been a truly urban, walkable, high-density, 'live, work, play'district in the shadow of the State of Nebraska's largest hospital system, largest insurance company, and largest construction company. 6 Page planninghcd.cityofomaha.orgitif I) Narrative A. Project Land Use Plan Detailed Project Description: Existing Land Use and Conditions of the Redevelopment Site: The current land has no active code violations. There is no current use for the land as it sits vacant. Proposed Use and Project Details: The development team is proposing a 160,000 square feet industrial project on the land. This asset type fits the neighboring land uses and will add jobs and tax base to a currently unused site. The development team currently plans that the 160,000 square foot building will be demised into four 40,000 square foot bays. Building is planned as speculative with no current tenants signed on, so bay sizes could adjust accordingly. There is no cold storage currently planned for the building and the development team estimates the future businesses will likely fall into storage/warehousing/distribution category due to proximity to the Eppley Airport as well as ease of access to rail lines. Parking Plan for Proposed Project: The development will include the creation of 161 parking stalls,which meets the 1 stall per 1,000 square feet requirement. There will also be an additional 13 stalls for semi truck parking, as well as dock doors for the future businesses that occupy the space. Market Demand for Proposed Project: Per the 1st Quarter 2022 Omaha market report from Cushman & Wakefield, Omaha currently has 5.3 million square feet of industrial space currently under construction. Of that space, 86% is already leased prior to completion of construction,which speaks to the high demand for this type of asset.A large majority of these sites under construction are located near or in Sarpy County due to the abundance of undeveloped land. The development team believes with this site's proximity to the airport and both North Omaha and Downtown labor markets, it is unique to the market and the additional square footage will be easily absorbed into the market. 7 Page planninghcd.cityofomaha.org!tif B. Zoning - Current and Proposed The current zoning of the site is General Industrial (GI)and the development team is not requesting to adjust the zoning. C. Public Improvements The public improvements associated with the project include new curb improvements as well as landscaping around the building. D. Historical Status - If Applicable None. 8 Page planninghcd.cityofomaha.org!tif Residential Unit Information Total Units: Comments: 9 Paoe planninghcd.cityofomaha.org!of Employment Information Employees By Type Total Jobs: 107 Production = 107 Permanent(FTE's) Non-Construction Number of Jobs Created? (Non-Construction): 107 Number of Jobs Retained? (Non-Construction): 0 Anticipated Annual Payroll? (Non-Construction): $7,155,304 Contruction Estimated Number of Construction Jobs Created?: 50 Anticipated Annual Payroll for Construction Jobs?: $500,000 10 Page planninghcd.cityofomaha.org/tif II) Funding Information Source of Funds Fund Source Description Source Amount Owner Equity $2,851,204 TIF Financing $3,200,000 Construction Loan $15,699,082 Total $21,750,286 Use of Funds Use of Funds Description Use Amount TIF Fees TIF Fees $38,000 Construction Soft Costs $684,898 Loan Interest Reserve Loan Interest Reserve $549,937 Financing Fees $50,448 Developer Fees $839,381 Tenant Improvement/Build-Outs $800,000 Architectual and Engineering $272,953 Fees Construction Contingency Construction Contingency $748,318 Construction Hard Costs or Rehabilitiation Costs $14,966,352 Land Acquisition $2,800,000 Total $21,750,287 B. Is there or will there be an application requesting Property Assessed Clean Energy (PACE) financing? C. Are you requesting an Enhanced Employment Area (EEA) Designation and the use of a General Business Occupation Tax? D. Final Estimated Valuation and Justification -Add a brief discussion regarding what the most probable final valuation will be and the methodology used to establish the final valuation. Upon project completion, based on the development team's research of competitive properties in the market, the most probable final valuation is $14,190,000.00. This valuation allows for the requested TIF to pay off during the term. This valuation on a per square foot basis is also consistent with annual taxes from similar type buildings in the area. 11 ( Page planninghcd.cityofomaha.org/tif III) Construction Budget, Itemized Public Improvement Costs and Project Timeline Itemized Construction Budget Construction Budget Item Description Estimate Concrete $2,697,117 Doors &Windows $612,035 Electrical $424,000 Framing & Drywall $65,000 General Requirements $1,073,433 Masonry $2,248,913 Mechanical $65,000 Misc. Specialties $6,456 Painting $320,566 Plumbing $240,000 Roofing $1,120,000 Sitework $2,236,482 Steel $3,471,750 Thermal & Moisture $385,600 Total $14,966,352 Itemized Public Improvements Public Improvement Type Description Amount Curb Improvements $25,000 Landscaping (Within ROW) $26,000 Site Utilities (Within ROW) $436,990 Total $487,990 TIF Eligible Costs TIF Eligible Costs Item Comments Amount Landscaping (Within ROW)*** $26,000.00 TIF fees $38,000.00 Engineering and Architecture Fees $272,953.00 (related to pre-development) Site Utilities (Within ROW)** $436,990.00 Special Foundations $692,000.00 Site Excavation $1,107,492.00 Site Acquisition Costs Site acquisition less current tax valuation. $2,049,200.00 Total $4,622,635.00 12 Page planninghcd.cityofomaha.org/tif Project Timeline Construction Start Date: 02/01/2023 Start Date Comments: Construction End Date: 01/31/2024 End Date Comments: 13 Page planninghcd.cityofomaha.org/tif IV) 3 Year Pro-Formas -profit/loss and cash flow statements Revenue Year 1 Year 2 Year 3 Vacancy& Loss ($52,253) ($53,559) ($54,898) NNN Reimbursement $469,771 $481,515 $493,553 Gross Commercial Rents $1,272,000 $1,303,800 $1,336,395 Effective Gross Income $1,689,518 $1,731,756 $1,775,050 Expenses Year 1 Year 2 Year 3 Common Area Maintenance $152,000 $155,800 $159,695 Real Estate Taxes (Increment) $301,459 $301,459 $301,459 Real Estate Taxes (Base) $16,841 $16,841 $16,841 Insurance $32,000 $32,800 $33,620 Total Expenses $502,300 $506,900 $511,615 Net Operating Income $1,187,218 $1,224,856 $1,263,435 Debt Service Year 1 Year 2 Year 3 Debt Service (Perm) $1,015,435 $1,015,435 $1015435 Net Cash Flow $171,783 $209,421 $248,000 14 I Page planninghcd.cityofomaha.orq!of 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, the Return on Investment is severely diminished if TIF is removed from the capital stack. Without TIF, the development team would be unable to raise the necessary equity and the project would be unable to proceed. The project site also features specific challenges such as topographic challenges that will require grading and earthwork, as well as a stormwater prevention plan to prepare the project site. The specific site also will require significant sitework and geopiers in order to complete the project. ROI Analysis With TIF Without TIF Owner Equity $2,851,204 $6,051,204 Revenues $1,689,518 $1,689,518 Expenses $502,300 $502,300 NOI $1,187,218 $1,187,218 TIF Rebate $298,444 - NOI +TIF Rebate $1,485,662 TIF Debt Service $298,444 $0 Debt Service $1,015,435 $1015435 NCF $171,783.00 $171,783.00 Return on Owner Investment(ROI) % 6.02% 2.84% 151 Page planninghcd.citvofomaha.ory!of 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 project is located within a Community Redevelopment Area (CRA)and therefore satisfies this mandatory criterion. 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. There will be no loss of tax revenue to the City or any other taxing jurisdictions resulting from the use of TIF. None of the current taxes collected from the base value will be lost or used towards TIF. Only the tax revenues generated by the improvements being construction on the site will be used towards TIF. 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 development team has demonstrated the economics of the deal and the need for TIF in the aforementioned section of this application.Without TIF, ROI would be unacceptably low, the project would not be able to attract investor equity, and the project would not occur. Utilizing TIF dramatically improves the rate of return, increasing it to an attractive level for investors and making the project financially feasible. There are no comparable alternatives to the proposed site. With the current use of the land being vacant and the future use being similar to all neighboring properties, the development team believes the specified site is the best option for this development. 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 City's Master Plan by: 1. Providing job creation in a CRA 2. Providing an area for creation of new business, growth of existing business and increased traffic to the area 3. Provide industrial space near the Airport 4.Attract further development to the CRA 16 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 were identified for this project. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from the approval of the redevelopment project; This project will not create any additional community public service needs and TIF will be used to cover the cost of necessary public improvements. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project; The project will create a large number of permanent jobs as well as construction jobs during the project.The United States Energy Information Administration estimates that in warehousing/manufacturing type facilities, there is a need for 1 employee per 1,500 square feet of space. Based on that, the development team is expecting the creation of 107 jobs. 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; The downtown Omaha and North Omaha area's will benefit from this creation of additional quality jobs in the vicinity of the Airport. 5. Impacts on the student populations of school districts within the city or village; and There will be no negative impact on the student population of the school districts within the city. With the industrial nature of the project,there will be no children within the project that will attend area schools, but the increase in jobs will have a positive impact on the 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 17 ; Page planninghcd.cityofomaha.org/tif 1 ; I € PI IVIP it E i s AA r 1 i g g§ 1oN,V44£ 1' Z ts, — •e N'I I# .- rE$g 514 rr n 6 °? �E � III _� _,,. - 8 ��f K FFpSep FF# d I b g d o , E ' € £s a n 22 a 87 z ; '' I . . , GA7E1 1,-7 i i. .., K € 3 € Iz Ez -, zz ° t m A. a € C 3 a g RE N S P g 1 [ 2 - • fo C q k s I1 _ P s € �a ngg a °€ o s geD a q.'. - s O�- €o ° !. 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S.=Q tl9� c lI as l Y R_ .1,E q..5z iz 1nz !z v. ... � n o 0 0 � REVISIONS =`„"-::.. 5 GREENSLATE INDUSTRIAL ''' m= ii ;i;a`o �'�+, v.2 nom NO. DESCRIPTION DATE BY D_a o o - ALTA/NSPS LAND TITLE SURVEY ogg Nip - �" F /:. .%a- U 5902 N 9 ST �� oa sZa �o 11 OMAHA, NEBRASKA - �� 0 :Ir==,.a 1 I - 1 . I ` I - - I ` . - I . 1' 4 0 ho © Fx 0 F? r O �' =m =ii- - —_ i� iI �I f- G 1 r. - -- e a 1 1p -- L I. x 4o a Lf & k L B r --e I 8t ti e2 4. i .Q 1 4.. z s 6 QgJ a &' a SS 1 GREENSLATE 44,.44 n D -IPROJECT NAME O m u uo w,, e. wssn.m SCH=MM=R Z r ADDRESS(OPEN PROJECT INFO TO ENTER) N ADDRESS A D�y.W,IryaW�MfaiYo c 2 EXTERIOR BUILDING ELEVATIONS, -I BUILDING CROSS SECTIONS zo