RES 2023-0603 - 7101 Mercy TIF Project Plan RESOLUTION NO.2_0z -DI,P 03 City Clerk Office Use Only:
Publication Date (if pplicable):
Agenda Date: //pp � 2.)2�
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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 3.15 acre redevelopment project site located at
7101 Mercy Road, 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 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 fifteen (15) years under
Sections 18-2147 through 18-2150, Revised Statutes of Nebraska; and,
WHEREAS, the 7101 Mercy Tax Increment Financing (TIF) Redevelopment
Project Plan ("Plan") for the redevelopment project site proposes the demolition of an existing
office building and construction of a new four story apartment building. A new five story parking
structure will also be built on the site, with a bridge connecting it to the apartment building on the
third floor, 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 May 3, 2023 meeting;
and,
RESOLUTION NO. 23 0 NI D3
WHEREAS, this Resolution seeks approval of the 7101 Mercy Tax Increment
Financing (TIF) Redevelopment Project Plan and authorizes the City's participation through the
allocation of TIF in an amount up to $6,549,341.00, which includes capitalized interest, to offset
TIF eligible expenses, including, but not limited to acquisition, demolition, materials used for
increased exterior aesthetic design appeal, architectural and engineering costs, and public
improvements as required, for a project with total estimated costs of$ 49,987,177.00; 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 7101 Mercy Tax Increment Financing (TIF) Redevelopment
Project Plan, for the redevelopment project site located at 7101 Mercy Road, which proposes an
older office building will be demolished and a new four story apartment building will be
constructed. A new five story parking structure will also be built on the site, with a bridge
connecting it to the apartment building on the third floor, and authorizes the City's participation
through the allocation of TIF in an amount up to $6,549,341.00, which includes capitalized
interest, to offset TIF eligible expenses including, but not limited to acquisition, demolition,
materials used for increased exterior aesthetic design appeal, 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.
3383 nsp APPROVED AS TO FORM:
vr' /.//Z u Z3
AS< NT ITYTORNE DATE
Adopted: J U N 2 7 2023 Lo
Attest:
City Cle
Approved: ,k/1h b
t/A—L
Mayor
EXHIBIT "A►►
Legal Description,Alta Survey,Topographical Survey, etc.-see following page(s)
7101 Mercy
Project Address: 7101 Mercy Rd. Omaha, NE 68106
Project Legal Description: LOT 2, MID AMERICA PLAZA REPLAT 1
EXHIBIT "B"
7101 MERCY TIF REDEVELOPMENT
PROJECT PLAN
7101 MERCY ROAD
May 2023
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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 CPlanningity of.OmahaBoard Planning Department
NBA Memo
PLANNING
To: Chairman and Members of the Planning Board
From: David K. Fanslau
Planning Director
Date: April 26, 2023
Subject: APPROVAL OF THE 7101 MERCY TIF REDEVELOPMENT PROJECT PLAN
7101 Mercy Road
Case #C3-23-100
PROJECT DESCRIPTION:
Proposal
The 3.15 acre project site is occupied by an older office building of about 48,000 square feet. It
will be demolished and a new four story apartment building will be constructed. There will be 200
market rate apartment units with amenities such as a clubhouse, an interior courtyard with a pool
and outdoor patio seating. A new five story parking structure will also be built on the site, with a
bridge connecting it to the apartment building on the third floor.
Parking
The project will have a total of 296 parking stalls. There will be 279 on-site stalls located inside
the building and 17 on a surface parking lot.
Employment
The project is expected to create ten full time positions and about 250 construction related jobs.
Residential Unit Information
Unit Type #Units SF Rent/Mo.
One Bedroom (small) 29 488 $1,000
One Bedroom (large) 112 728 $1,486
Two Bedroom 51 1143 $2,139
Three Bedroom 8 1210 $2,400
TOTAL 200
The developer is 7101 Mercy Holdings, LLC, managed by Jack Schrager.
The applicant anticipates construction beginning about in March, 2024, with an estimated project
completion date around September, 2025.
ANALYSIS:
The project site is located within a Community Redevelopment 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
DS
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 (pp. 18-19) including providing high quality housing options in a "mix of patterns, types,
and styles" and promoting "healthy and diverse neighborhoods throughout the city" by reversing
"deterioration in older areas of the central city."
The Concept Elements (p. 24) states that "The City will require that proposed projects be
considered within the context of their surroundings and that they be consistent with an overall
design concept that considers the interrelationship of buildings, parking, open space, pedestrian
movement and existing site features" and the Environment Element recommends that bicycle
parking be provided "in large projects and projects in locations that are likely to experience
substantial future bicycle traffic." Based on the close proximity of this project to the Keystone
Trail, the Aksarben Transit Center, Aksarben Village, College of St. Marys, CHI Health
Creighton University Medical Center— Bergan Mercy, and UNO, it is strongly recommended that
the project take steps to accommodate pedestrian and bicycle access to and from these key
destinations, including:
• Provide a secondary building entrance and connection to the sidewalk at the
northeast corner of the site along Mercy Rd to allow residents more direct access to
walk or bike to Aksarben Village, the Keystone Trail, and the Aksarben Transit
Center.
• Provide a secure indoor bicycle parking area for tenants.
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: C3-23-100
Page 2
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DCGis 7101 Mercy Apts TIF Redevelopment Project Plan
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INTER-OFFICE COMMUNICATION
Date: April 12, 2023
To: TIF Committee:
David Fanslau, Stephen Curtiss, AL Herink, Jennifer Taylor, Robert
Stubbe, Bridget Hadley, Austin Rowser, Jacquelyn Morrison, Steve
Jensen
From: Don Seten - City Planning
Applicant: City of Omaha Planning Department
Project Name: 7101 Mercy TIF Redevelopment Project Plan
Location: 7101 Mercy Road
Request: The TIF request is for up to $6,246,574 plus capitalized interest at an estimated interest
rate of 5.45 percent.
TIF Fee Schedule: The $500 application fee has been paid and the processing fee of$3,000 will
be collected. $42,500 in administrative fees will also be collected. Total fees will be $46,000.
Other City Incentives:
EEA— Will not be used.
PACE —Will not be used.
Extremely Blight Discussion: The project is not located in an Extremely Blighted Area (EBA).
Urban Core Plan Discussion: The project is not located in the Urban Core Housing and Mobility
Plan Area.
TIF Justification:
The project site is located within a Community Redevelopment 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 (pp. 18-19) including providing high quality housing options in a "mix of patterns, types,
and styles" and promoting "healthy and diverse neighborhoods throughout the city" by reversing
"deterioration in older areas of the central city."
The Concept Elements (p. 24) states that "The City will require that proposed projects be
considered within the context of their surroundings and that they be consistent with an overall
design concept that considers the interrelationship of buildings, parking, open space, pedestrian
movement and existing site features" and the Environment Element recommends that bicycle
parking be provided "in large projects and projects in locations that are likely to experience
substantial future bicycle traffic." Based on the close proximity of this project to the Keystone
Trail, the Aksarben Transit Center, Aksarben Village, College of St. Marys, CHI Health
Creighton University Medical Center— Bergan Mercy, and UNO, it is strongly recommended that
the project take steps to accommodate pedestrian and bicycle access to and from these key
destinations, including:
• Provide a secondary building entrance and connection to the sidewalk at the
northeast corner of the site along Mercy Rd to allow residents more direct access to
walk or bike to Aksarben Village, the Keystone Trail, and the Aksarben Transit
Center.
• Provide a secure indoor bicycle parking area for tenants.
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 ROls stated within this TIF application, for three years after stabilization, are as follows:
ROI With TIF 7.75% ROI Without TIF 4.52%
TIF eligible costs include acquisition, demolition, materials used for increased exterior aesthetic
design appeal, architectural and engineering costs and public improvements. TIF eligible costs
total approximately $6,415,239. The total estimated project costs are $49,987,177.
TIF Eligible Expenses Amount
Site Acquisition $ 3,036,739
Demolition $ 1,300,000
Façade Improvements Exceeding Code $ 175,000
Public Improvements & Utilities in ROW $ 335,000
Architecture and Engineering $ 1,520,000
Appraisals $ 2,500
Subtotal $ 6,369,239
TIF Fees $ 46,000
Total TIF Eligible Expenses $ 6,415,239
The TIF is 12.5 percent of the total project financing.
Recommendation: Approval of the $6,246,574 TIF request, plus capitalized interest, with TIF
revenues sufficient to pay off a maximum principal loan of $6,549,341. Using the levy rate of
2.24121 percent and other assumptions of the TIF calculation spreadsheets, the TIF request is
supported over a 15 year term using estimated cost and estimated market approaches.
Project Description
Proposal
The 3.15 acre project site is occupied by an older office building of about 48,000 square feet. It
will be demolished and a new four story apartment building will be constructed. There will be 200
market rate apartment units with amenities such as a clubhouse, an interior courtyard with a pool
and outdoor patio seating. A new five story parking structure will also be built on the site, with a
bridge connecting it to the apartment building on the third floor.
Parking
The project will have a total of 296 parking stalls. There will be 279 on-site stalls located inside
the building and 17 on a surface parking lot.
Employment
The project is expected to create ten full time positions and about 250 construction related jobs.
Residential Unit Information
Unit Type #Units SF Rent/Mo.
One Bedroom (small) 29 488 $1,000
One Bedroom (large) 112 728 $1,486
Two Bedroom 51 1143 $2,139
Three Bedroom 8 1210 $2,400
TOTAL 200
The developer is 7101 Mercy Holdings, LLC, managed by Jack Schrager.
The applicant anticipates construction beginning about in March, 2024, with an estimated project
completion date around September, 2025.
Project Finance Summary - Sources & Uses
Sources of Funds Amount
Owner Equity $ 8,749,579
Construction Loan $ 34,991,024
TIF Loan $ 6,246,574
Total Sources of Funds $ 49,987,177
Uses of Funds Amount
Acquisition $ 3,036,739
Construction Hard Costs $ 38,837,143
Construction Soft Costs $ 8,113,295
Total Uses of Funds $ 49,987,177
Final Valuation Discussion
The applicant estimates a total final valuation of approximately $35,000,000, which represents an
average per unit valuation of $175,000 which the applicant states is in line with comparable
properties. The $35,000,000 valuation equates to a 7.25 percent capitalization rate under an
income approach to valuation
Land Use and Zoning
The site is zoned GO—General Office District with the MC — Major Commercial Corridor Overlay
District. The applicants are proposing to rezone the site to R8 — High Density Multifamily
Residential District with an MCC overlay.
Utilities and Public Improvements
Standard utilities (electrical, water, sewer) exist at the site. The project will provide landscaping,
utilities, and new sidewalks in adjacent public rights of way.
Public Improvements in the ROW Amount
Landscaping $ 55,000
Sidewalks $ 15,000
Storm Sewers $ 115,000
Utilities in the ROW $ 150,000
Total $ 335,000*
*There may be some additional public improvement costs required related to any additional Mercy
Road street improvements that may be required to enhance the multimodal functions of that right
of way.
Transportation
The City has concept plans for enhancing the multimodal functions of Mercy Road. The project
design and the design of its public improvements in the Mercy Road right of way will be required
to assist in achieving the goals of multimodal connectivity. The project also needs to provide better
bicycle and pedestrian access to Mercy Road from the building at the northeast end of the site.
Historical Status
The property does not contain any historic structures and is not located in nor near a historic
district.
ATTACHMENTS:
TIF Calculation Spreadsheet
TIF Application
Applican 7101 Mercy PRO FORMA
Debt Service Payments
Year Total Less Pm- 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 5.45% Total Balance Interest 5.45%
0
$5,882,139
0.5 $ - $0 $ - 2.24121 $ - $ - $ - $0 $0 $0 $6,042,280 160141 160141
1 $ - $0 $ - 2.24121 $ - $ - $ - $0 $0 $0 $6,206,781 164501 164501
1.5 $ - $0 $ - 2.24121 $ - $ - $ - $0 $0 $0 $6,375,761 168980 168980
2 $ - $0 $ - 2.24121 $ - $ - $ - $0 $0 $0 $6,549,341 173580 173580
2.5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $176,452 $178,306 $354,758 $6,372,889 0 178306
3 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $181,256 $173,502 $354,758 $6,191,633 0 173502
3.5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $186,191 $168,567 $354,758 $6,005,442 0 168567
4 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $191,260 $163,498 $354,758 $5,814,182 0 163498
4.5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $196,467 $158,291 $354,758 $5,617,715 0 158291
5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $201,816 $152,942 $354,758 $5,415,899 0 152942
5.5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $207,310 $147,448 $354,758 $5,208,589 0 147448
6 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $212,954 $141,804 $354,758 $4,995,635 0 141804
6.5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $218,752 $136,006 $354,758 $4,776,883 0 136006
7 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $224,707 $130,051 $354,758 $4,552,176 0 130051
7.5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $230,825 $123,933 $354,758 $4,321,351 0 123933
8 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $237,109 $117,649 $354,758 $4,084,242 0 117649
8.5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $243,565 $111,193 $354,758 $3,840,677 0 111193
9 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $250,196 $104,562 $354,758 $3,590,481 0 104562
9.5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $257,007 $97,751 $354,758 $3,333,474 0 97751
10 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $264,004 $90,754 $354,758 $3,069,470 0 90754
10.5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $271,192 $83,566 $354,758 $2,798,278 0 83566
11 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $278,575 $76,183 $354,758 $2,519,703 0 76183
11.5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $286,159 $68,599 $354,758 $2,233,544 0 68599
12 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $293,950 $60,808 $354,758 $1,939,594 0 60808
12.5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $301,953 $52,805 $354,758 $1,637,641 0 52805
13 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $310,173 $44,585 $354,758 $1,327,468 0 44585
13.5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $318,618 $36,140 $354,758 $1,008,850 0 36140
14 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $327,292 $27,466 $354,758 $681,558 0 27466
14.5 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $336,203 $18,555 $354,758 $345,355 0 18555
15 $ 35,000,000 $3,022,500 $ 31,977,500 2.24121 $ 358,341 $ 3,583 $ 354,758 $345,356 $9,402 $354,758 $0 0 9402
$9,316,866 $93,158 $9,223,708 $6,549,342 $2,674,366 $9,223,708 $667,202
(F9=calculate)
NOTE:This information is provided to assist in analyzing the Original Loan Amount $5,882,139
specific request to the TIF committee. This information is subject Capitalized Interest $667,202 ASSUMPTIONS:
to change based on actual tax assessments,including the levy rate. Loan Balance Remaining $0 1 Pm-Development Base $3,022,500
This schedule is based on the assumptions on the right side of the 2 Loan Amount $5,882,139
this spreadsheet. $6,549,341 MAXIMUM PRINCIPAL NOTE 3 Interest Rate 5.45% 10 yr T-note+2%
The actual TIF amount available to fund site specific project cost 4 Est.Total Project Cost $49,987,177
could change based on the cost of public improvements. 5 Est.Final Valuation $35,000,000
6 Incremental Base Value $31,977,500
Estimated Annual Incremental Tax Payment $ 709,516
Other Info:
TIF Loan Request $6,246,574 ••
TIF Percentage of:
-Est Final Valuation 17.85%
-Est.Total Project Investment 12.50%
Leverage Factor 8.00 *
•Est.Total Project Investment also represents the total
Costs/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 11819 Farnam Street,Suite 1100 I Omaha NE 68183-1100 1402-444-5150
Planninghcd.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
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 planninghcd.cityofomaha.org(of
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.
3 I Page planninghcd.cityofomaha.org(of
Summary
Project Name: 7101 Mercy
Project Legal Description: LT 2 3.152 AC
Proposed Project Size:
Project Address: 7101 MERCY RD Gross Sq. Ft. (Building(s))202,879.00
Net Sq. Ft. (Building(s)) 0.00
Property Owner: 7101 MERCY HOLDINGS LLC #of Acre(s) 3.00
Lot/Parcel Size(Sq Ft.) 137,269.00
Owner Address: CIO COLLIERS OMAHA, NE 68154
Project Owner:
LIHTC Project: No
Estimated Total Project Cost: $49,987,177
Market-Rate Project: Yes
Requested TIF Loan: $6,246,574
Historic Tax Credit Project: No
New Construction: Yes
Rehabilitation: No
Current Use:
Proposed Use:
Zoning -Current/Proposed:
Current zoning of the parcel is General Office with an MCC overlay. The Developer proposes to change
zoning to R8. The proposed development complies with future zoning and City Master Plan.
Current Annual Real Estate Taxes(Year) : 2023 Land: $808,100
Current Assessed Tax Valuation (Year) : 2023
Improvements: $2,214,400
Total: $3,022,500
Are Real Estate Taxes Current?Yes
Requested Base Year: 2024
Requested Division Year: 2025
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? No
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Project Development Team Page
Engineering Firm
Lucas Weatherly
Olsson
2121 S. 67th Street Omaha NE 68106
4029382442
Founded in 1956, Olsson is a nationally recognized, employee-owned engineering and design firm
headquartered in Nebraska with nine Nebraska offices and headquartered in Lincoln. Olsson has more than
1,700 resources firmwide including 285 in Omaha. Olsson has been ranked in Engineering News-Record's
national list of top 100 design firms every year since 2018. Their core services include planning and design,
engineering, field, environmental, and technology services for variety of markets.
Over the last five years, Olsson has performed professional services on more than 1,200 projects in the
Omaha community. Our services range from planning and design, engineering, and landscape architecture,
to a wide range of field services involving public and private clients. Olsson is well connected with the City of
Omaha, Omaha Public Works, and Omaha Planning Department to name a few. Olsson has roots in the
Aksarben community as our main office in Omaha has been located there since 2009. It's great to be part
of a thriving area of town where one can truly eat, work, and play.
Number of total staff: 1,765
Number of Nebraska staff: 806
Number of Omaha, Nebraska staff: 285
Legal Consulting Firm
Brent Beller
Fullencamp, Jobeun, Johnson & Beller, LLP
11440 W Center Road, Suite C Omaha NE 68144
4023340700
bbeller@fjjblaw.com
Fullenkamp Jobeun Johnson &Beller, LLP, is an experienced real estate development firm, which has
handled numerous ground up and rehabilitation TIF projects in the City of Omaha, and other municipalities
surrounding the City of Omaha. Firm has represented dozens of TIF projects and has successfully helped
develop more than $250 million in TIF related projects alone in the last five years alone.
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Construction Company
Eric Carlson
Carlson Kennedy Construction
14909 Grover Street Omaha NE 68144
4028303696
Carlson Kennedy Construction will provide construction management services for this project. Eric Carlson
is the owner of Carlson Kennedy Construction, LLC and has over 25 years of construction management,
general contracting, design-build, and commercial development experience. CK has built a wide variety of
projects in the single family, multifamily, commercial, civil, and healthcare sectors. CK is based in Omaha,
NE and works in the metropolitan area. Some notable projects in our portfolio include: Springhill Ridge
Apartments, Chadwick Apartments, LUX 96 Apartments, Multiple NP Dodge Buildings, and many others.
Founded in 2012, we have the expertise to make your vision a reality. Every project's success is dependent
upon developing and implementing an accurate plan based on real time information. Our development,
construction, and operations knowledge make us much more than just a General Contractor. Our combined
team experience enables us to provide valuable input to our clients throughout the entire project cycle. The
process is so much more than building the buildings. We use our detailed thought process to envision the
workflow of your company's processes in the building to make sure it meets your company's efficiency
needs.
Architecture Firm
Graham Hanson
BSB Design
4601 Westown Parkway, Suite 208 Des Moines IA 50266
ghanson@BSBDesign.com
BSB Design has produced ground-breaking architecture, planning and design since 1966. Following the
tradition of our founder, Jack Bloodgood, a pioneer in modern residential architecture and planning, we have
helped recreate housing industry standards by focusing on individual market needs, strengths and
opportunities. Our clients enjoy excellent service, innovative solutions and unequaled expertise.
With 12 offices nationwide, BSB Design specializes in unique residential housing communities in all price
ranges throughout the United States and abroad. We have access to nationwide trends and ideas that
inspire our design creativity as we develop tools our clients use to build new opportunities in today's
competitive marketplace. From architectural design and planning to community identity packages, BSB
Design offers a complete line of services to develop any project to its fullest potential.
6 I Page planninghcd.cityofomaha.org/tif
Applicant/Owner
Jack Schrager
7101 Mercy Holdings, LLC
210 Saint Paul Street Omaha NE
4026812415
7101 Mercy Holdings, LLC, its owners, and related entities have recently begun developing apartments in
Omaha. This is our company's second development in Omaha. The first is a 248-unit project currently under
construction at 19050 Jackson St.
Loge Properties LLC, an affiliate of 7101 Mercy Holdings, LLC, is a real estate development firm focused
on multi-family and mixed-use projects in Colorado and Nebraska.We are focused on building high-quality
product in strong locations. Our company is well capitalized and we have strong relationships with third-
party financing sources. We invest in pro communities and properties for the long-term and, as a result,
design and construct quality buildings that fit well in the community and stand the test of time.
7101 Mercy Holdings, LLC, together with a strong team of design and construction partners described
below, would design, permit, finance, and construct the proposed apartment project.
7 I Page planninghcd.cityofomaha.orgftif
I) Narrative
A. Project Land Use Plan
Detailed Project Description:
Existing Land Use and Conditions of the Redevelopment Site:The site consists of an approximately
48,000 SF office building on a 3.15-acre lot at 71st and Mercy Rd. The existing office building was constructed
in 1968 and has become obsolete. The site is near Aksarben Village, Creighton University Medical Center,
College of St. Mary, and the University of Nebraska Omaha.
Proposed Use and Project Details: The proposed project consists of(i)4-story apartment building and (ii) 5-
story parking garage. The project will house 200 residential units; a clubhouse; and an interior courtyard with a
pool, outdoor seating, and landscaping. The project will add residential density near employment hubs,
universities, and shopping areas and increase walkability in the neighborhood.
Parking Plan for Proposed Project: The building features 279 garage parking spaces and 17 surface parking
spaces.
Market Demand for Proposed Project: Market demand for this project should be robust. The development is
near several major employment hubs (CHI Hospital,Aksarben Village office space, College of St. Mary,
University of Nebraska Omaha, etc.)and is within walking distance of the retail in Aksarben Village. Only two
new housing projects have been developed in this sub-market in the last five years (Broadmoor63 and
Centerline Apartments).
•A four-story apartment project is in line with competing properties (Broadmoor63, Broadmoor Aksarben,
Centerline Apartments, Cue Apartments, etc.)and a freestanding parking garage is more economical to
construct than podium parking
• Current Class A apartment occupancy in the Aksarben Village submarket is 98%, and the rents are high
enough to support new construction (with the benefit of TIF). This level of occupancy suggests there is
significant unmet demand for housing in Aksarben Village.
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B. Zoning - Current and Proposed
Current zoning of the parcel is General Office with an MCC overlay. The Developer proposes to change zoning
to R8.The proposed development complies with future zoning and City Master Plan.
C. Public Improvements
Public Improvements associated with this redevelopment include new landscaping and sidewalk along Mercy
Road and a new storm sewer extending across Mercy Road.
D. Historical Status - If Applicable
N/A
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Residential Unit Information
Multi-Family Total Units: 200
3 Bedroom Rentals = 8 Units 1210sgft Per Unit @ $2400 Per Month
2 Bedroom Rentals = 51 Units 1143sgft Per Unit @ $2139 Per Month
1 Bedroom Rentals = 112 Units 728sqft Per Unit @ $1486 Per Month
1 Bedroom Rentals = 29 Units 488sqft Per Unit @$1000 Per Month
Comments:
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Employment Information
Employees By Type Total Jobs: 10
Technical =2 Permanent(FTE's)
Sales/Marketing =2 Permanent(FTE's)
Management=2 Permanent(FTE's)
General Labor=2 Permanent(FTE's)
Clerk/Service=2 Permanent(FTE's)
Non-Construction
Number of Jobs Created?(Non-Construction): 10
Number of Jobs Retained? (Non-Construction): 0
Anticipated Annual Payroll? (Non-Construction): $800,000
Contruction
Estimated Number of Construction Jobs Created?: 250
Anticipated Annual Payroll for Construction Jobs?: $19,000,000
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II) Funding Information
Source of Funds
Fund Source Description Source Amount
TIF Loan $6,246,574
Construction Loan $34,991,024
Owner Equity $8,749,579,
Total $49,987,177
Use of Funds
Use of Funds Description Use Amount,
Construction Soft Costs $8,113,295
Construction Hard Costs or
Rehabilitiation Costs $38,837,143
Land Acquisition $3,036,739
Total $49,987,177
B. Is there or will there be an application requesting Property Assessed Clean Energy(PACE)
financing? No
C. Are you requesting an Enhanced Employment Area (EEA) Designation and the use of a General
Business Occupation Tax? No
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.
We expect the final valuation to be approximately$175,000 per residential unit($35,000,000 total). We anticipate 200
residential units: $175,000 per unit x 200 units = $35,000,000
This valuation equates to a—7.25% cap rate, which is in line with what the City of Omaha generally uses to value
multi-family properties using the income method.As such, we believe our projected valuation is reasonable.
Please see the attached complete form application to view table of like-property comparison valuations.
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III) Construction Budget, Itemized Public Improvement Costs and Project Timeline
Itemized Construction Budget
Construction Budget Item Description Estimate
Building Envelope $3,710,250
Concrete & Masonry $1,879,458
Drywall, Paint, Flooring $3,475,000
FF&E $300,000
General Conditions & Fee $3,070,743
Hard Cost Contingency $1,493,736
MEP & Fire Sprinkler $7,761,107
Parking Garage $6,975,000
Pool $350,000
Public Improvements $185,000
Sitework& Utilities $1,408,450
Architecture, Engineering, City& Tap Fees,
Soft Costs General Soft Costs, Financing Fees, Interest& $8,113,295
Operating Loss, Management Fees, Reserves
Specialties &Appliances $992,109
Steel, Lumber, Carpentry $7,236,290
Total $46,950,438
Itemized Public Improvements
Public Improvement Type Description Amount
Landscaping (Within ROW) $55,000
Public Sidewalks $15,000
Storm Sewers $115,000
Total $185,000
TIF Eligible Costs
TIF Eligible Costs Item Comments Amount
Engineering and Architecture Fees $1,520,000.00
(related to pre-development)
Appraisals $2,500.00
TIF Fees $86,825.00
Facade Renovation (Exceeding Code) $175,000.00
Site Utilities(Within ROW)** $150,000.00
Site Demolition $1,300,000.00
Site Acquisition Costs $3,036,739.00
Public Improvements Costs $185,000.00
Total $6,456,064.00
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Project Timeline
Construction Start Date: 03/01/2024
Start Date Comments:
Construction End Date: 08/31/2025
End Date Comments:
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IV) 3 Year Pro-Formas -profit/loss and cash flow statements
Revenue Year 1 Year 2 Year 3
Gross Income $4,605,380, $4,884,131 $5,030,655
Effective Gross Income $4,605,380 $4,884,131 $5,030,655
Expenses Year 1 Year 2 Year 3
Gross Operating Expenses $1,985,960 $2,053,613 $2,115,221
Total Expenses $1,985,960 $2,053,613 $2,115,221
Net Operating Income $2,619,420 $2,830,518 $2,915,434
Debt Service Year 1 ; Year 2 Year 3
Debt Service(Perm) $1,837,029 $1,837,029 $1837029
Net Cash Flow $782,391 $993,489 $1,078,405
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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
The total development costs are estimated to be$49,987,177. Without Tax Increment Financing ("TIF'), this project
cannot move forward.The TIF request is$6,246,574. The remaining funding sources are construction loan and
equity.
The Project cannot proceed without the inclusion of the TIF. As demonstrated above, without TIF there would be a
very small owner profit, and the Project return would provide a 4.50% return. This makes the project unfeasible
without TIF. Because this is an urban in-fill project, the Project will have to comply with various City requirements
for design and landscaping.
The proposed re-zoning of the property is GO-MCC which requires more stringent standards for design including
streetscape, sidewalks, specialty pedestrian lighting, building placement, and building materials.All of these items
not only add cost but require additional time to work through.
ROI Analysis
With TIF Without TIF
Owner Equity $8,749,579 $14,996,153
Revenues ? $4,339,487 $4,339,487
Expenses $1,824,608 $1,824,608
NOI $2,514,879 $2,514,879
TIF Rebate $719,905 -
NOI +TIF Rebate $3,234,784
TIF Debt Service $719,905 $0
Debt Service $1,837,029 $1837029
NCF $677,850.00 $677,850.00
Return on Owner Investment(ROI) % 7.75% 4.52%
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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 the boundaries of the TIF Community Redevelopment Area.
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 for the Project will not result in a loss of pre-existing tax revenues to the City or to other taxing
jurisdictions. The Project is anticipated to increase the tax base of the surrounding area, through a significant
increase in the property valuation and additional commerce in the immediately 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 shown in the ROI analysis,this project is not economically feasible without the use of Tax Increment Financing.
Commercial redevelopment/urban infill projects within neighborhoods are complex and more expensive to due size
restrictions, environmental issues, and compliance with urban design guidelines. What the Applicant is proposing
requires a significant investment and redevelopment of the site in order to redevelop the vacant site for multifamily
residential property use. TIF financing fills in the gap to make this project feasible by increasing the overall value of
the area by replacing a previously outdated commercial office building with a newly constructed residential property
that advances the City's Master Plan by increasing density and allows the site to be utilized to its fullest potential.
Based upon the projections set forth in the ROI Analysis, it is reasonable to conclude that this development would
not occur in this area without TIF.
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) Creating a new opportunity and living experience for residents who are looking for an urban environment in a
vibrant part of Omaha, near Aksarben Village and focused on pedestrian foot and bike traffic.
(2)Creating sustainability and renewable energy by prioritizing during construction the use of high efficiency
mechanical systems and materials where appropriate.
(3) Implementing urban design elements while striving to integrate such design to align with the charm of the
surrounding neighborhood.The Project encourages active pedestrian traffic around a newly revitalized block. The
areas immediately surrounding the Project will be updated with new landscaping, sidewalks and site lighting
features,while the new construction of the units themselves will only serve to uplift the existing character of the
neighborhood and draw people to it.
(4)Taking an obsolete office building and transforming it into beautiful and desirable residential project in a growing
near Aksarben Village, all while maintaining the character of the neighborhood and creating a new housing option
for those wanting to walk and bike to and from work and/or shops in Aksarben Village.
(5) Establishing greater density within an important neighborhood of the midtown community.
17 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;
The use of TIF will result in a large increase of real estate revenue for Omaha, and no public service needs will be
generated as a result of this project. No tax shifts are anticipated.
2. Public infrastructure and community public service needs impacts and local tax impacts arising from the
approval of the redevelopment project;
The proposed will provide valuable and currently needed public improvements to the immediate area and it will not
result an any additional public service needs to impacts to local taxes.
3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of
the redevelopment project;
Through the utilization of the TIF incentives the development of the Project will address one of City's Master Plan
goals, providing new housing for those living and working in the area. Additionally, as Aksarben Village and
surrounding neighborhoods continue their revitalization, there will be increased foot traffic in the many already
existing retail spaces and more name recognition for the businesses that are part of the community.The
businesses and increased employment opportunities should also lift the wage base of the community, while the
significantly increased value of the property will lift the tax revenue generated.
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 project is targeted to those who wish to live and work in the same area. New residents will invest their energy
and capital in the surrounding retail businesses, office jobs, and healthcare positions. The addition of new residents
to the area will also drive economic growth provide additional employment opportunities.
5. Impacts on the student populations of school districts within the city or village; and
Due to the visibility and location, the proposed units will be designed in a way that directly appeals to those
employees who which to work and live in the same area. This aspect is central to the spirit of the project and its
goal of creating a more pedestrian-friendly neighborhood. There will be no negative financial impacts on the existing
school districts within the City of Omaha, as the number of school aged children residing in the project is expected
to be negligible. Living trends show that young professionals are looking for living arrangements that provide a
modern and urban appeal in an area where they can both work and play. The proposed apartments expand
housing options in the area and creates energy for further redevelopment and growth in this important part of
Omaha.
6.Any other impacts determined by the authority to be relevant to the consideration of costs and benefits
arising from the redevelopment project
N/A
18 I Page planninghcd.cityofomaha.org/tif
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