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RES 2023-0604 - 2816 Ames TIF Project Plan RESOLUTION NO. L1PD tf. City Clerk Office Use Only: "� Publication Date (if applliic]abl-): Agenda Date: _ / / f / 2 02?. Department: .0 / L. / Submitter: 4 `M 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 1.87 acre redevelopment project site located at 2816 Ames Avenue, 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, 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 (20) years under Sections 18-2147 through 18-2150, Revised Statutes of Nebraska; and, WHEREAS, the 2816 Ames Tax Increment Financing (TIF) Redevelopment Project Plan ("Plan")for the redevelopment project site proposes the comprehensive rehabilitation of an existing one story building for use as a medical clinic, 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. WHEREAS, this Resolution seeks approval of the 2816 Ames Tax Increment Financing (TIF) Redevelopment Project Plan and authorizes the City's participation through the allocation of TIF in an amount up to $321,729.00 which includes capitalized interest, to offset TIF eligible expenses, including, but not limited to building rehabilitation construction costs, and public improvements as required, for a project with total estimated costs of$ 2,500,000.00; and, WHEREAS, the Plan presents a project based on estimated figures and projections that are subject to change as project costs are finalized, and is required to comply with all Planning Department requirements and Planning Board recommendations. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: THAT, the attached 2816 Ames Tax Increment Financing (TIF) Redevelopment Project Plan, for the redevelopment project site located at 2816 Ames Avenue, which proposes the comprehensive rehabilitation of an existing one story building for use as a medical clinic, and authorizes the City's participation through the allocation of TIF in an amount up to $321,729.00, which includes capitalized interest, to offset TIF eligible expenses including, but not limited to building rehabilitation construction 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. 3385 nsp APPROVED AS TO FORM: ASSlrANT CI THY ATfORNEY DATE Adopted: JUN 2 7 r0 3 tp-O Attest: City CI Approved: _ -614 Mayor EXHIBIT "A" Legal Description,Alta Survey, Topographical Survey, etc.-see following page(s) Project Legal Description: 1!2 VAC ALLEY ADJ & -EX E= 16E LT10 & ALL LT 11THRU17BLIB 2 & LT1 S 1 EVENS PLACE REPLAT 1 & LT 1 STEVENS PLACE REPLAT 2 Project Address: 2816 AMES AV EXHIBIT "B" 2816 AMES TIF REDEVELOPMENT PROJECT PLAN 2816 AMES AVENUE May 2023 pNSAHA,Nt v y �a 4 A a� �9rED FEBR\ 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 oL luo City of Omaha Planning Department NEMPlanning Board Memo PLANNING To: Chairman and Members of the Planning Board From: David K. Fanslau Planning Director Date: April 26, 2023 Subject: APPROVAL OF THE 2816 AMES TIF REDEVELOPMENT PROJECT PLAN 2618 Ames Avenue Case #C3-23-099 PROJECT DESCRIPTION: Proposal The project site consists of a single lot 1.87 acres in size, with a former church building of about 10,400 square feet on the west half of the site along with a surface parking lot. The existing one story building will be thoroughly renovated for use as a medical clinic. The building will be occupied by Archwell Health, which focuses on geriatric services. They intend to serve as a one- stop medical care facility for seniors, providing a wide range of medical services typically needed by that population. The developers intend to subdivide the parcel and sell the east half for someone else to develop a commercial project that complements the TIF project and the area. Parking The project will have 68 parking stalls located in a surface parking lot on the site. Employment The project is expected to create about 15 new permanent jobs and 15 part times jobs, and about 20 construction related jobs. The Developer is AH 2816 Ames, LLC, operated by the Atwater Development Group managed by Nicholas Stratigakes. The applicant anticipates construction beginning about in June, 2023, with an estimated project completion date around May, 2024. 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 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. DS The proposed project is consistent with goals in the Concept Element of the Master Plan (pp. 18- 19) including ensuring "a mix of necessary retail and personal services in all areas" and promoting job creation. 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: C3-23-099 Page 2 DS ECG i s 2816 Ames TI F Redevelopment Project Plan ,. .� y 6! .._._�..e ` . 5a ^ 'sf,t'LL.—r_l U 1 C -." vrs• ,,V - r•`� .ice ,ry 'r3'.:";'Q f �, • . , �_�.r�+ � ...„ ^5a.•atoga 5f,*,- s Legend .. Q e' P %ft + All Properties �`_• <, Sa.�-. %�"'',�" o ai .n.pe-.., ,•„-.,. ter nd.r;Rva Grand Ave o- p If Sso'r e n s en i t: ?:, . . �: - : • __ Planning Viewer Reference :6-. ,-- .-0- tm :,..„1-„-;.,,„4-,,ti;;,7 ‘,... P. -- it r 4* " L'rlm urefi e xx City Limits `VI I)A� -- .i: �1�. is 4[ '.' 4 yk. 'zD +c rn prat:u rlaL , , IL y ... tS It y�* lit .ai. 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"lac '"�`,., I"'�' -. 4 a.' z 1 ^ San r<� &Jr s, y , rr E _ 3 1 lie s Y� .,,Do .,; <m ty'NE;Pettawattamie County,IA,Maxar rn aim ,. , ,. „ ,{ f1 , � This map is a user generated static output from an Internet mapping site and is 0 500 1000 ft for reference only Data on this map may or may not be accurate,current,or Printed from dogis.org: otherwise reliable.It is for informational purposes only,and may not be Please contact Douglas County GIS for map questions(gis@douglascounty-ne.gov) 03/13/2023 13:29:18 suitable for legal,engineering,or surveying purposes.Do NOT use property lines from this website for plan submissions. 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: 2816 Ames TIF Redevelopment Project Plan Location: 2816 Ames Avenue Request: The TIF request is for up to $300,000 plus capitalized interest at an estimated interest rate of 5.45 percent. TIF Fee Schedule: The $500 application fee has been paid, a processing fee of$3,000 will be collected. Total fees will be $3,500. Other City Incentives With Related TIF Costs: EEA—Will not be used. PACE —Will not be used. Extremely Blight Discussion: The redevelopment site is located in an Extremely Blighted Area (EBA). The project meets the TIF Committee criteria for a 20 year TIF term in that it is an infill development project bringing jobs to north Omaha, and it serves as a beneficial civic use in that needed medical services will be available for local residents in the area. Urban Core Plan Discussion: The project is not located in the Influence Area of the Urban Core Housing and Mobility Redevelopment Plan area nor in the Influence Area of that Redevelopment Plan. A contribution of a portion of the new TIF revenues generated by the project is not required. 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 proposed project is consistent with goals in the Concept Element of the Master Plan (pp. 18- 19) including ensuring "a mix of necessary retail and personal services in all areas" and promoting job creation. 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 2.6% ROI Without TIF 2.1% TIF eligible costs claimed for the project are the building rehabilitation construction costs, which readily exceed the amount of TIF requested. Architectural and engineering fees are also eligible, but have not been specifically listed and enumerated. Also, the costs of public improvements are TIF eligible, but no public improvements are proposed by the applicant. TIF eligible costs total approximately $1,103,000. The total estimated project costs are $2,500,000. TIF Eligible Expenses* Amount Building Rehab Construction Costs $ 1,300,000 Subtotal $ 1,300,000 TIF Fees $ 3,500 Total TIF Eligible Expenses $ 1,303,000 The TIF is 12.0 percent of the total project financing. * The cost of the public improvements in the Ames Avenue right of way, which are required to be included in this redevelopment project, are also TIF eligible costs and can be added to the $1,103,000 total shown in the above table. Recommendation: Approval of the $300,000 requested TIF amount and all TIF eligible costs as address in this committee memo, with TIF revenues sufficient to pay off a maximum principal loan of$321,729, which includes capitalized interest. Using the levy rate of 2.24121 percent and other assumptions of the TIF calculation spreadsheets, the 20-year term for the TIF request is supported using estimated cost and estimated market approaches. The project must also provide public improvements in the Ames Avenue right of way; street trees and new sidewalks at the least. Protect Description Proposal The project site consists of one lot of about 1.87 acres, with an existing church building of about 10,400 square feet on the west half of the site, along with a surface parking lot. The existing one story building will be thoroughly renovated for use as a medical clinic. The building will be occupied by Archwell Health, which focuses on geriatric services. They intend to serve as a one- stop medical care facility for seniors, providing a wide range of medical services typically needed by that population. The developers intend to subdivide the parcel and sell the east half for someone else to develop a commercial project that complements the TIF project and the area. Parking The project will have 68 parking stalls located in a surface parking lot on the site. Employment The project is expected to create about 15 new permanent jobs and 15 part times jobs, and about 20 construction related jobs. The Developer is AH 2816 Ames, LLC, operated by the Atwater Development Group managed by Nicholas Stratigakes. The applicant anticipates construction beginning about in June, 2023, with an estimated project completion date around May, 2024. Project Finance Summary - Sources & Uses Sources of Funds Amount Owner Equity $ 1,191,679 Construction Loan $ 1,008,321 TIF Financing $ 300,000 Total Sources of Funds $ 2,500,000 Uses of Funds Amount Acquisition $ 900,000 Construction Hard Costs $ 1,300,000 Construction Soft Costs $ 300,000 Total Uses of Funds $ 2,500,000 Final Valuation Discussion The applicant estimates a total final valuation of approximately $1,805,000. The current 2023 base value of the entire parcel is $601,800, of which $63,700 is the land only valuation. The land valuation is being prorated, based on plans to subdivide the parcel, giving the TIF project redevelopment site an estimated base value of $575,570 (which includes all of the current valuation related to the improvements on the parcel). Land Use and Zoning The parcel has split zoning, with the western half(containing the parking and building) zoned CC Community Commercial District with the ACI-2(PL) Areas of Civic Importance Overlay District. The northeastern portion is zoned R5 Urban Family Residential District and the southeaster portion is zoned GC General Commercial District. The proposal is to replat the parcel into two lot, with the new medical facility on the west lot under the existing zoning, and the eastern portion Utilities and Public Improvements Standard utilities (electrical, water, sewer) exist at the site. The Ames Avenue right of way is in need of improvements. The sidewalks must be replaced and some street trees will be required, both as a Public Works condition of approval for the replat of the property and as a condition for receiving TIF Program assistance. Transportation There are no transportation issues noted. The development is close to the public transit services provided along the Ames Avenue corridor. Historical Status The property is not located in a historic district, and is not in close proximity to any historic structures. ATTACHMENTS: TIF Calculation Spreadsheet TIF Application Applicant: 2816 Ames 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 5.45% Total Balance Interest 5.45% 0 $288,925 0.5 $ - $0 $ - 2.24121 $ - $ - $ - $0 $0 $0 $296,798 7873 7873 1 $ - $0 $ - 2.24121 $ - $ - $ - $0 $0 $0 $304,886 8088 8088 1.5 $ - $0 $ - 2.24121 $ - $ - $ - $0 $0 $0 $313,194 8308 8308 2 $ - $0 $ - 2.24121 $ - $ - $ - $0 $0 $0 $321,729 8535 8535 2.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $5,371 $8,767 $14,138 $316,358 0 8767 3 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $5,517 $8,621 $14,138 $310,841 0 8621 3.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $5,668 $8,470 $14,138 $305,173 0 8470 4 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $5,822 $8,316 $14,138 $299,351 0 8316 4.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $5,981 $8,157 $14,138 $293,370 0 8157 5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $6,144 $7,994 $14,138 $287,226 0 7994 5.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $6,311 $7,827 $14,138 $280,915 0 7827 6 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $6,483 $7,655 $14,138 $274,432 0 7655 6.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $6,660 $7,478 $14,138 $267,772 0 7478 7 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $6,841 $7,297 $14,138 $260,931 0 7297 7.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $7,028 $7,110 $14,138 $253,903 0 7110 8 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $7,219 $6,919 $14,138 $246,684 0 6919 8.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $7,416 $6,722 $14,138 $239,268 0 6722 9 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $7,618 $6,520 $14,138 $231,650 0 6520 9.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $7,826 $6,312 $14,138 $223,824 0 6312 10 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $8,039 $6,099 $14,138 $215,785 0 6099 10.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $8,258 $5,880 $14,138 $207,527 0 5880 11 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $8,483 $5,655 $14,138 $199,044 0 5655 11.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $8,714 $5,424 $14,138 $190,330 0 5424 12 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $8,952 $5,186 $14,138 $181,378 0 5186 12.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $9,195 $4,943 $14,138 $172,183 0 4943 13 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $9,446 $4,692 $14,138 $162,737 0 4692 13.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $9,703 $4,435 $14,138 $153,034 0 4435 14 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $9,968 $4,170 $14,138 $143,066 0 4170 14.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $10,239 $3,899 $14,138 $132,827 0 3899 15 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $10,518 $3,620 $14,138 $122,309 0 3620 15.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $10,805 $3,333 $14,138 $111,504 0 3333 16 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $11,100 $3,038 $14,138 $100,404 0 3038 16.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $11,402 $2,736 $14,138 $89,002 0 2736 17 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $11,713 $2,425 $14,138 $77,289 0 2425 17.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $12,032 $2,106 $14,138 $65,257 0 2106 18 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $12,360 $1,778 $14,138 $52,897 0 1778 18.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $12,697 $1,441 $14,138 $40,200 0 1441 19 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $13,043 $1,095 $14,138 $27,157 0 1095 19.5 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $13,398 $740 $14,138 $13,759 0 740 20 $ 1,850,000 $575,570 $ 1,274,430 2.24121 $ 14,281 $ 143 $ 14,138 $13,763 $375 $14,138 $0 0 375 $514,116 $5,148 $508,968 $321,733 $187,235 $508,968 $32,804 (F9=calculate) NOTE:This information is provided to assist in analyzing the Original Loan Amount $288,925 specific request to the TIF committee. This information is subject Capitalized Interest $32,804 ASSUMPTIONS: to change based on actual tax assessments,including the levy rate. Loan Balance Remaining $0 1 Pre-Development Base $575,570 This schedule is based on the assumptions on the right side of the 2 Loan Amount $288,925 this spreadsheet. $321,729 MAXIMUM PRINCIPAL NOTE 3 Interest Rate 5.45%10 yr T-note+2% The actual TIE amount available to fund site specific project cost 4 Est.Total Project Investment $2,500,000' could change based on the cost of public improvements. 5 Est.Final Valuation $1,850,000 6 Incremental Base Value $1,274,430 Estimated Annual Incremental Tax Payment $ 28,276 Other Info: TIF Loan Request $300,000•• TIF Percentage of -Est Final Valuation 16.22% -Est.Total Project Investment 12.00% * Leverage Factor 8.33 'Est.Total Project Investment also represents the total CostUses from the Sources and Uses table,which equals to the Sources for the project. The leverage factor indicates for every$1 of TIF,the City'leverages x"dollars of other funding. "Plus capitalized interest U- kja CITY OF OMAHA II ` TAX INCREMENT FINANCING (TIF) -� II 11111..._ APPLICATION omaha Nimmq Ei -ma'� CITY PLANNING . mom '� ' 1111 ■I■I 111■ MI I I. :11111 ■G ■II: in ■I= 11111 !la !1112 ' Ell _EMI 1E11 r' ill ■■ Mil • , 1m 11■ 11■ 010.FIA, Nit 1E1 NEI MI ME 1 01 - r 44.4 IIP 1111 :1141". IN erfri,,,iril El an tn76Tir:Priiei ug_V ,,. imi pn. 11:i i%CI.1 1,. t•-, ■■ 'II• ■■ !I �'�e --.--.-- _.- ti. In MP MI ■ O� - ; �� MI I� EM min is. ■ ■C II: �rt-D FEB05�NM III m_ II` =11 IIII111 MN .._ _- • =.i M B ii 1.— = i li ___-- ,aT1EES = seq. E. __ —m 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 V 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) 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 ✓ 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 V Historic Designation Documentation, if applicable ✓ Any Other Supplemental Documentation 2 I Page planninghcd.cityofomaha.orgjtif Part 2 of the TIF Application Confidential Section V 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 I Page planninghcd.cityofomaha.org/tif Summary Project Name: 2816 Ames Omaha Nebraska LLC Development Project Project Legal Description: 1/2 VAC ALLEY ADJ &-EX E 16 FT- LT10 &ALL LTS 11 THRU 17 BLK 2& LT 1 Proposed Project Size: STEVENS PLACE REPLAT 1 & LT 1 STEVENS PLACE Gross Sq. Ft. (Building(s)) 10,384.00 REPLAT 2 Net Sq. Ft. (Building(s)) 10,384.00 #of Acre(s) 1.00 Project Address: 2816 AMES AV Lot/Parcel Size (Sq Ft.) 1.00 Property Owner: AH 2816 AMES OMAHA NEB LLC Owner Address: 162 W GRAND AVE#300 CHICAGO, IL 60654 Project Owner: LIHTC Project: No Estimated Total Project Cost: $2,500,000 Market-Rate Project: Yes Requested TIF Loan: $300,000 Historic Tax Credit Project: No New Construction: No Rehabilitation: Yes Current Use: Proposed Use: Zoning -Current/Proposed: The Project site is currently zoned CC-ACI-2(PL). While a zoning change is not required for the Project site, it is anticipated that the subdivided portion to the east may be rezoned to provide for future commercial use. Current Annual Real Estate Taxes (Year) : 2022 Land: $63,700 Current Assessed Tax Valuation (Year) : 2023 Improvements: $538,100 Total: $601,800 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 Page planninghcd.cityofomaha.org/tif Project Development Team Construction Company TBD JE Dunn Construction 14606 Branch St Suite 300 Omaha NE 68154 JE Dunn is the 13th largest domestic general contractor in the United States with offices in 26 locations and hundreds of project sites across the country. Architecture Firm Multiple Earl Swensson Associates 1033 Demonbreun St#800 Nashville TN 37203 Earl Swensson Associates is a leading architectural firm based in Nashville, committed to sustainability and award- winning leadership in BIM integration. Legal Consulting Firm Michael Sands Baird Holm LLP 1700 Farnam Street; Suite 1500 Omaha NE 68102 402-636-8271 msands@bairdholm.com Baird Holm is Omaha-based and the oldest law firm in the state of Nebraska. Its integrated team of over 90 attorneys, licensed in 20 states, provides extensive and diverse expertise to respond efficiently to its clients' local, regional, national and international legal needs. Applicant/Owner Nicholas Stratigakes AH 2816 Ames Omaha Nebraska LLC 162 West Grand Avenue, Suite 300 Chicago IL 60654 AH 2816 Ames Omaha Nebraska LLC, is a single purpose entity controlled by Atwater Development Group. Atwater Development specializes in commercial builds to suit developments for national retailers, with a focus on single tenant projects. It provides strategic expansion solutions by streamlining the retail development process for its clients, from site selection to grand opening. Atwater is committed to delivering quality projects. 5 I Page planninghcd.cityofomaha.org/tif I) Narrative A. Project Land Use Plan Existing Land Use and Conditions of the Redevelopment Site: The parcel currently consists of approximately 1.8744 acres. The western portion of the parcel is currently comprised of a church and parking lot,while the eastern portion is vacant. As part of the Project, Redeveloper intends to subdivide the two portions, with the western portion constituting the Project site. The Project site was most recently utilized as a church. Proposed Use and Project Details: The Project will consist of the rehabilitation of the current building (a church)for use as a medical facility. The medical facility will be operated by Archwell Health. Archwell Health provides one-stop medical care to seniors, largely in underserved areas. Specifically, it will provide multiple specialties needed by aging populations in a single location, instead of across multiple locations/clinics—which is much needed due to transportation being a huge impediment within these populations. The Project will require a complete retrofit of the current building interior for use as a medical facility. The building exterior will also be refurbished, as shown on the preliminary elevations set forth in the architectural plans. As detailed above, the current lot containing the Project site will be subdivided to create a separate lot for the building/parking, and the vacant area to the east. Redeveloper intends to market the vacant lot for the purpose of additional commercial development that complements the Project and area. Parking Plan for Proposed Project: The Project site includes 68 total parking spaces (65 normal and 3 handicapped). No further parking improvements are anticipated. Market Demand for Proposed Project: There is strong demand for medical facilities for the elderly and other underserved populations in the area. B. Zoning - Current and Proposed The Project site is currently zoned CC-ACI-2(PL). While a zoning change is not required for the Project site, it is anticipated that the subdivided portion to the east may be rezoned to provide for future commercial use. C. Public Improvements Redeveloper contemplates the public improvements may consist of repairs and/or replacement of the sidewalk adjacent to Ames Ave, along with some landscaping next to the right-of-way. To the extent required by the City, Redeveloper intends to undertake the same. D. Historical Status - If Applicable Not Applicable. 6 I 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: 30 Clerk/Service = 15 Part-Time Technical = 15 Permanent(FTE's) Non-Construction Number of Jobs Created? (Non-Construction): 30 Number of Jobs Retained? (Non-Construction): 0 Anticipated Annual Payroll? (Non-Construction): $1,300,000 Construction Estimated Number of Construction Jobs Created?: 20 Anticipated Annual Payroll for Construction Jobs?: $490,000 8 I Page planninghcd.cityofomaha.orgtif II) Funding Information Source of Funds Fund Source Description Source Amount Owner Equity $1,191,679 TIF Loan TIF Self-Financed $300,000 Construction Loan 'Bank Financing $1,008,321 Total $2,500,000 Use of Funds Use of Funds Description Use Amount Construction Hard Costs or Rehabilitiation Costs $1,300,000 Construction Soft Costs $300,000 Building Acquisition $900,000 Total $2,500,000 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. Applicant anticipates an assessed valuation of$1,850,000 upon completion of the Project, based on an income approach at a capitalization rate of approximately 6.5%. Redeveloper is requesting TIF indebtedness in the principal amount of$300,000, plus interest at a rate of 5.98% over 20 years. The 2023 assessed valuation of the entire parcel (of which the Project Site is a part) is$601,800. The base value of the Project Site is anticipated to be$575,570, in accordance to a pro-rata adjustment to the land value following the proposed lot split. Based upon a final valuation of$1,850,000, the anticipated taxable increment is$1,273,000. Using the 2022 levy rate of 2.24121% (less the county's 1% collection fee) and a nineteen year amortization period, total available increment is estimated at$536,636. This amount is sufficient to support the TIF request of$300,000 at a 5.98% rate of interest. 9 I Page planninghcd.cityofomaha.org/tif Ill) Construction Budget, Itemized Public Improvement Costs and Project Timeline Itemized Construction Budget Construction Budget Item Description Estimate Acquisition $900,000 Construction soft costs and contingency $300,000 Rehabilitation Costs Internal reconfiguration and updating, along with $1,300,000 limited external rehab to facade. Total $2,500,000 Itemized Public Improvements Public Improvement Type Description Amount Landscaping (Within ROW) Cost and scope TBD in accordance with $0 discussions with city Public Sidewalks Cost and scope TBD in accordance with $0 discussions with city Total $0 TIF Eligible Costs TIE Eligible Costs Item Comments Amount Rehabilitation Construction Costs (major Internal reconfiguration and updating, along with limited $1,300,000.00 renovations, and retrofitting of structures) external rehab to facade. Site Acquisition Costs $900,000.00 Total $2,200,000.00 Project Timeline Construction Start Date: 05/01/2023 Start Date Comments: Construction to commence pending receipt of TIF Construction End Date: 12/31/2023 End Date Comments: 10 I Page planninghcd.cityofomaha.org/tif IV) 3 Year Pro-Formas - profit/loss and cash flow statements Revenue Year 1 Year 2; Year 3 TI F $28,5301 $28,530 $28,530 Gross Commercial Rents I $132,000, $132,000. $132,000 Effective Gross Income 1 $160,530 $160,530 $160,530 Expenses ' Year 1 Year 2 Year 3 [Total Expenses Net Operating Income $160,530 $160,530 $160,530 ;Debt Service Year 1 Year 2, Year 3 Debt Service (Perm) $128,856, $128,856 $128856 Net Cash Flow $31,674 $31,674 $31,674 11 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 Redeveloper estimates total Project costs of$2,500,000. Due to the current condition of the building and substantial cost of rehabilitation, along with the limitations associated with the intended use of the site, the redevelopment project is not economically feasible without TIF. Additionally,while Redeveloper acknowledges that the Project is a relatively small project(in relation to other TIF projects), there is a real need in the area (and among the underserved aging population in such area)for the medical services it will provide; and likewise, there is a real need for the TIF to facilitate the same. Given the public benefit that the project will provide, it is a good candidate to receive TIF. Such a conclusion may differ for a more generic project of a similar size (e.g., small apartment building or small storefront), that is less of a need and public benefit to the community. ROI Analysis With TIF Without TIF Owner Equity $1,191,679 $1,491,679 Revenues $132,000 $132,000 Expenses $0 ! $0 NOI $132,000 $132,000 TIF Rebate $28,244 $0 NOI +TIF Rebate $160,244 $132,000 Debt Service $128,865 $128865 NCF $31,379 $3,135 Return on Owner Investment(ROI) % 2.63% 0.21% 12 ( Page planninghcd.cityofomaha.org/tif VI) Evaluation Criteria: Mandatory Criteria -A project must meet each of the following criteria; briefly discuss how this project meets each criteria. Include each statement with your response. 1. The project must be located within a community redevelopment area or an area eligible for a designation of community redevelopment area as required and set forth by State Statute. The project must be located within a community redevelopment area prior to the preparation of a Redevelopment Plan, refer to Attachment 1 — Community Redevelopment Area map. Requirements for community redevelopment areas are found in Appendix One and Two. The Project is located in a blighted area within the boundaries of a 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 TIF request proposes to utilize only the increases in the property taxes resulting from the Project improvements. Existing tax revenues will continue to accrue to the City and other taxing jurisdictions. The site's current use generates little property tax revenue, and that will continue without the assistance of TIF. The City will also benefit from additional sales taxes and income taxes from the Project. 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. Redeveloper specifically selected the Project because of the availability of TIF. If TIF proceeds were not available for the Project, the Project would not be feasible due to the increased costs associated with substantial rehabilitation of the existing structures, all of which cause a ROI less than what is required to attract prudent investors. 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 providing a medical facility in an area of high need for elderly and underserved populations. The Project site is specifically identified for such future use in the City's Master Plan for north Omaha. • 131 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; There are no anticipated tax shifts associated with the Project because, but for TIF, the Project would not occur and, thus, this site would not generate additional tax revenues for taxing entities. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from the approval of the redevelopment project; The Project will benefit public service needs by providing employment opportunities during construction and upon operation of the medical facilities. The Project will generate additional sales and income tax. Over the long term, the Project will also provide additional local property tax due to the increased value of the Project site. Subsequent to completion of the public and private improvements associated with the Project, Redeveloper anticipates that the existing public infrastructure will adequately service and support the Project. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project; The medical facility constructed will provide new employment opportunities that do not currently exist in the area. 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 medical facility will provide additional new jobs to area employees, and provide a needed service to the area, benefitting both area employees and employers. 5. Impacts on the student populations of school districts 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 will not impact 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 By improving an underutilized and underserved area with the construction of a medical facility, the Project will have a substantial positive impact on the surrounding area. The Project's costs are greatly outweighed by its benefits. 14 I Page planninghcd.cityofomaha.org/tif . , •_.- - - - 9 '' ' ...., . ..„..o.,,... .7,-„,,_,,,,..„, „„,,• _,'.t4ff._.74'..!i-......'7";""i4ig-, ' '„.- '-`• ., . ., . • 0. ._ „.., , .. .. . . ..r.... ,;.1....,..„, .;. sum) . _x-,, . • ---- et,'-., • ro . .,._..._,.. , 1:41. • 1''''''''.. -,--; _- .1--,'- ..J • . ..,.„ ,,,_,_,, • ' . , . i , ,• .-... -- ---------- _ ..,• ,. . - ' 1 ' _ - -..t.:.,.' ,-. ,•41-4,--4,,,w,,,,,----t.,,, ,,.,-;,-...------,,,---. ,- .,-,--- f., 71,...,4.-:•,.7'...'4•I'' ...',..'.'W.-:..Ilik'',N.-..e4.41_3n;-4,-- • . . ... •','''''.0-.0'.:.;.-'':-41,1*...n-!:. '' --. •, . • , 1 1'• . ., a ': . . • , . `,-'a- .' . _ :' ---' , . . ..., ., : •,..-',' , ., . . il- ' 13 1 ' ..:' r-i • ' - . . -.Alt." _ . I ' i:,i •„ ... : 1 . • 1 ... 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