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RES 2018-0983 - Courtyard on Park Townhomes TIF redevelopment project plan 61.110.HA,tiF , Planning Department u ,,.....,f�7 Omaha/Douglas Civic Center zl4T�ft�[�01r ,ila h 1819 Farnam Street;Suite 1100 `' Omaha,Nebraska 68183 oyf� ry (402)444-5150 Aop` 4� Telefax(402)444-6140 44D FEBRA3r David K.Fanslau City of Omaha Director Jean Stothert,Mayor October 30, 2018 Honorable President and Members of the City Council, The attached Resolution transmits the Courtyard on Park Townhomes Tax Increment Financing (TIF) Redevelopment Project Plan; for a redevelopment project site located at 1007 Park Avenue. The redevelopment project plan proposes the construction of twelve new townhome residential units, arranged in two separate structures with six units each. These will be owner occupied,.for sale market-rate units, with a paved patio and a two-stall garage included in each Unit. Six of the units will have rooftop patios. A landscaped common area with sidewalks and lighting is located between the two buildings: The alley provides vehicular access to the townhomes, and will be improved as a component of this project. The Planning Board recommended the approval of this redevelopment project plan at the October 3, 20.18 public hearing. The,Redevelopment Project Play; authorizes the City's participation-i'n the redevelopment of this project site through the,allocation of TIF in an amount up to $584,778.00, plus accrued interest. TIF will be used to offset eligible expenses such as acquisition, environmental and geoteclinical studies, architectural and er"igineering fees, alley improvements and other public improvements as required. The developerskare.also contributing $15,000.00'of the Tir loan p„oceeds to the Midtown Public Improvement Fund. The total estimated project costs are $3,637,900`00,.but are,, subject to change as final casts come in. Your favorable consideration of this Resolution will be appreciated. Respectfully submitted, Approved: L. -1,/„„z,7 - /0//04t l'f to ii'./ lit David K. Fans! o -4 Date id/Robert G. Stubbe Date Planning Director Public Works Director Approved: Referred to City Council for Consideration: ig _._... -_ __ A---.__ f U ..i K _.'1:4._ A-,—�`C � �- 1 _L* - Cal -- _ 0 Ste, ienB. Curtiss Date Mayor's Office ate Finance Director I t- 2733 rmf Notice of Publication and Public;Hearing: Nove,rnber 1, 2018 and November 8, 2018 Public Hearing: November 20, 2078 City Clerk Office Use Only: RESOLUTION NO. Publication Date(i applic ble : Agenda Date: Departmen • Submitter: CITY OF OMAHA LEGISLATIVE CHAMBER Omaha, Nebraska RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: WHEREAS, the primary objectives of the City of Omaha's Master Plan and Community Development Program are to encourage additional private investment and infill development within inner-city neighborhoods; and to eliminate conditions which are detrimental to public health, safety and welfare, by developing vacant or underutilized property within these neighborhoods; and, WHEREAS, the approximately 0.58 acre redevelopment project site located at 1007 Park 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, 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 years under Sections 18-2147 through 18-2150, Revised Statutes of Nebraska; and, WHEREAS, the Courtyard on Park Townhomes Tax Increment Financing (TIF) Redevelopment Project Plan ("Plan")for the redevelopment project site proposes the construction of twelve new owner-occupied, market-rate townhome residential units, each with a two-stall garage, arranged in two separate structures with six units each, 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 October 3, 2018 meeting; and, RESOLUTION NO.g WHEREAS, this Resolution seeks approval of the Courtyard on Park Townhomes Tax Increment Financing(TIF)Redevelopment Project Plan and authorizes the City's participation through the allocation of TIF in an amount up to $584,778.00, plus accrued interest, to offset TIF eligible expenses, including, but not limited to acquisition, environmental and geotechnical studies, architectural and engineering fees, alley improvements, and public improvements as required, with the applicant contributing $15,000.00 of the TIF loan proceeds to the Midtown Public Improvement Fund, for a project with total estimated costs of$3,637,900.00; 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 Courtyard on Park Townhomes Tax Increment Financing (TIE) Redevelopment Project Plan, for the redevelopment project site located at 1007 Park Avenue, proposes the construction of twelve new owner-occupied, market-rate townhome residential units, each with a two-stall garage, arranged in two separate structures with six units each, and authorizes the City's participation through the allocation of TIF in an amount up to $584,778.00, plus accrued interest, to offset TIF eligible expenses including, but not limited to acquisition, environmental and geotechnical studies, architectural and engineering fees, alley improvements, and public improvements as required, with the applicant contributing $15,000.00 of the TIF loan proceeds to the Midtown Public Improvement Fund, 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. 2733 rmf APPROVED AS TO FORM: /u//G4.7 ASSI NT CI RNEY DATE NOV 2 0 2018 --� Adopted: Attest: AfftWil..`. DimiTX City CA0,k f/ Approved: '-rAffiikagi Mayor ACTING .R&s!9U/cE, L /7-/s D Ci s bi ` _' Z O i0R 9 p Q 4�''of. 0 H rh 1 ildg r.,...•5 dl k ! 2 1 ;I 'i,,_3tl''B6 g E U .0 ao y M Y g�9 p ¢r E o 3S ytl S qq 3 gVgg€ ; 3 W O 6 `@ ;g446ii 6 , a !� W z4 $ a. itffi i 8i i ; Lg 4' cc i :iii . Y_a j ®83 E ^t k € =E N Ll t J lJ \ 111111Ellill O J \O n i—M iiittatililli— ! Iiii • I■�,�� •o ••i..4e.i..•„.1,.•iiii ii ®wisiiEclt -0 iiI Lams_ WIMIENt e i l l li■■�...�� 9A3 ha @d ii3S�@5 �� • CV - n f z E�i 3 qq .' xs .. a - I eel i deg Z.' ;_2 j °iw°'Mozsw,00,�'� W soo2TY0•Y' imarpp+mm•, ♦ r B Y 1! IVI11 I vaw e 11�,'4! I I I W . -7 '» -i i w ;�. '` "�/r .� Wwaw 3a12 a z.9 _ wuut E1= W' 4: —_=c-_ _t; ' - (3 e dX ' - __(M2cawfi'/-__. (e., _L, (10.0010wm q $- F oml .ii.__e `� .i �_�Y ,MIOW AVM-A-1101tl°f19M Ave wWE if -� _ g _--G5 — __i g I --3nN3AV >12lVd----- 2~WgV»"= 3� _._._._._._._._. _ o'€ .ivFe, Y 3� s Fs ,T,Es o="d EXHIBIT B COURTYARD ON PARK TOWNHOMES TIF REDEVELOPMENT PROJECT PLAN 1007 Park Avenue OCTOBER 2018 AO�ObtAHA MF�� lf ge+fir 'lr{t `"`�t��C '�`t ® y r( > �( � PLANNING • OMAHA ( � s 4-Rp FE$R-AAr Jean Stothert, Mayor City of Omaha David K. Fanslau, Director Planning Department Omaha/Douglas Civic Center 1819 Farnam Street, Ste. 1111 Omaha, Nebraska 68183 omaha Cityof Omaha PlanningDepartment O O p ��Q Planning Board ma Memo PLANNING To: Chairman and Members of the Planning Board , From: David K. Fanslau Planning Director Date: September 26, 2018 Subject: The Courtyard on Park TIF Redevelopment Project Plan 1007 Park Avenue Case#C3-18-203 Project Description Proposal Proposed is the construction of twelve new townhome residential units, arranged in two separate structures with six units each. These will be owner occupied, for sale market rate units. Parking is provided on site,with a two stall garage included in each unit. Each unit will have a paved patio. A landscaped common area with sidewalks and lighting is located between the two buildings. Six of the units will have rooftop patios, and excellent views of downtown Omaha. The site slopes significantly, dropping about 13 feet from Park Avenue to the alley on the east. The alley provides the vehicular access to the townhomes, and will be improved as a component of this project. Public improvements include the alley work and the repair and replacement of portions of the water and sewer mains in the alley, as necessary. The Park Avenue sidewalks will be reconstructed, to include street trees and landscaping improvements. The design of the project has been coordinated with the City Planning urban design staff. The developers are also making a $15,000 voluntary TIF contribution to the Midtown Improvement Fund. The requested TIF support is $584,778, and the applicant anticipates construction completion by spring, 2020 (approx. late May). Background This project is being developed by Courtyard on Park LLC, an entity owned by Milestone Property LLC and managed by Steve and Alex Jensen. Previous developments undertaken by this project team include the 24-unit Dewey 3700 and the nine unit historic rehab project known as the West Farnam Apartments, among others. Located on south Park Avenue just south of Leavenworth, the half-acre project site is located in the Park Avenue Neighborhood Association (formerly Ford Birth site Neighborhood), and is in the vicinity of the Leavenworth Neighborhood Association. It is near two other residential TIF projects; the Hanscom Apartments, immediately to the south, and the Park Avenue Redevelopment. The Uptown District townhomes and the Midtown Triangle (apartments), both recently completed TIF projects, are also in the general area. DS 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. The project is in corn- pliance with the Master Plan, appropriate Ordinances and development regulations of the City. The project is in compliance with the City's Master Plan. The proposed use is consistent with the Land Use Element of the Master Plan and with the recommendations outlined in various other Master Plan elements. The Concept Element of the Master Plan calls for providing "good quality housing"options in a "mix of patterns, types, and styles" as well as encouraging home ownership. Another goal in the Concept Element of the Master Plan is to "create healthy and diverse neighborhoods throughout the city" by reversing "deterioration in older areas of the central city." By developing quality for-sale housing on presently vacant land, this project helps to achieve these goals. Lastly, the Environment Element of the Master Plan emphasizes the benefits of "promot[ing] well-designed higher density development to conserve land, to enhance existing neighborhoods, and to reduce per capita costs of public utilities, infrastructure, and services." 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:C3-18-203 Page 2 • • DS N hr 121 I a .51 o v Z •• - c 213th St ... S lbih St V O • A 70 7 O 0 o11e 2 Flin .. s .;Ih s: "._ .. .... Q p N • S,/it 51 Q O N. , - N t J T 4 N y .j, - • eS • • O L YO C 0 O 0, - E 0, ` C •f. P T b i j T j IA J N 0 0 0 - • N S'7 uth>[ __'.'NG Dumb 41,u.:udn1 _ -`'- 0 c '1 I B 1 • gz, O 3 m O: a N o •• •L i ! o tilr' c . 1F.kd µ..III'` o 1- ,,O,t - - C //C . S u.1 St • V �' . `i � - . 0 P.1'r.Avr w ._ Path.As .. CO Fmk Avr. • 'ark As: - tD S.._ .AN, r••- _ iV Vl 't,... s !tilt st u O asp a 111111 00 Tr-1 N • ',/;",, d? i _ - .. tip 1 fV V NO a S:41•t'Si. ,• O O S 31..t.St __ _ - . - - all P . 5..3.1♦1 SI' .. .. 1 • .. - Fr i - . tam S,'41 s1 Avr _ - It O. ,'c S"ata Avc n - p 'Cr CO M N S 37i1.1 Ave • S S ,:d AS: as VI ji ,c I I• 2 . 4 5 CASE: C3-18-203 APPLICANT: Planning Department on behalf of the City of Omaha REQUEST: Approval of the COURTYARD ON PARK TOWNHOMES TIF REDEVELOPMENT PROJECT PLAN LOCATION: 1007 Park Avenue SUBJECT AREA IS SHADED - OCTOBER 2018 �M ■ ■ o ' R7-ACI-1(PL) ■ R7-ACI-1(PL) ■ -� I R7111 ■ R7 cn ■ o Mason St CAM • �■ I Mason-St 11.11 ■ i I ■ I ■ I ' w (n ■ I > ■ Q ■ I L N ■ a co ■ R7 I R7 ' ■ ■ I ■ I R7 ■ , R7 ■ I ■ ■ I ■ ( I R5 ■ ■ I ■ LC ■ I R7 ■ I ■ ■ ■ L omaha N oQu9 0 400 PLANNING Feet INTER-OFFICE COMMUNICATION Date: September 13,2018 To: TIF Committee: David Fanslau, Stephen Curtiss,AL Herink,Paul Kratz,Robert Stubbe,Bridget Hadley, Todd Pfitzer,Troy Anderson From: Don Seten-City Planning Applicant: City of Omaha Planning Department Project Name: Courtyard on Park Townhomes TIF Redevelopment Project Plan Location: 1007 Park Avenue Request: The TIF request is for up to$584,778 at an interest rate of 6.0%,inclusive of capitalized interest. Using the levy rate of 2.24872%and other assumptions of the TIF calculation spreadsheets,the TIF request is supported using estimated cost and estimated market approaches. TIF Fee Schedule: $500 application fee paid; the processing fee of$3,000 will be collected; $160 in administrative fees will be collected. Total fees will be $3,660. 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. The project is/or will be in compliance with the Master Plan, appropriate Ordinances and development regulations of the City. The project is in compliance with the City's Master Plan. The proposed use is consistent with the Land Use Element of the Master Plan and with the recommendations outlined in various other Master Plan elements. The Concept Element of the Master Plan calls for providing"good quality housing"options in a "mix of patterns,types, and styles" as well as encouraging home ownership. Another goal in the Concept Element of the Master Plan is to "create healthy and diverse neighborhoods throughout the city" by reversing "deterioration in older areas of the central city." By developing quality for-sale housing on presently vacant land, this project helps to achieve these goals. Lastly, the Environment Element of the Master Plan emphasizes the benefits of"promot[ing]well-designed higher density development to conserve land, to enhance existing neighborhoods, and to reduce per capita costs of public utilities, infrastructure, and services." TIF eligible costs are acquisition, utilities in the alley, site preparation, architectural and engineering fees, and public improvements. TIF eligible costs total approximately $709,925. The total estimated project costs are$3,637,900. TIF Eligible Expenses Amount Acquisition Cost/Net $ 403,100 Site Preparation and Grading $ 69,914. Utility Extensions $ 16,987 Public Improvements(Alley, Sidewalks,Landscaping) $ 93,264 Architecture and Engineering $ 108,000 TIF Voluntary Contribution $ 15,000 Subtotal $ 706,265 ITIF Fees $ 3,660 I Total TIF Eligible Expenses $ 709,925 The TIF is 14.0%of the total project costs. Recommendation: Approval. Project Description Background This project is being developed by Courtyard on Park LLC, which is owned by Milestone Property LLC and managed by Steve and Alex Jensen. Previous developments undertaken by this project team include the 24-unit Dewey 3700 and the nine unit historic rehab project known as the West Farnam Apartments. Located on south Park Avenue slightly south of Leavenworth, the half-acre project site is located in.the • Park Avenue Neighborhood Association(formerly Ford Birth site Neighborhood),and is in the vicinity of the Leavenworth Neighborhood Association. It is near two other TIF residential TIF projects;the Hanscom Apartments, immediately to the south, and the Park Avenue Redevelopment. The Uptown District townhomes and the Midtown Triangle (apartments), both recently completed TIF projects, are also in the general area. Proposal Proposed is the construction of twelve new townhome residential units,arranged in two separate structures with six units each. These will be owner occupied,for sale market rate units. Parking is provided on site, with a two stall garage included in each unit. Each unit will have a paved patio. A landscaped common area with sidewalks and lighting is located between the two buildings. Six of the units will have rooftop patios,and excellent views of downtown Omaha. The site slopes significantly,dropping about 13 feet from Park Avenue to the alley on the east. The alley provides the vehicular access to the townhomes, and will be improved as a component of this project. Public improvements include the alley work, and the repair and replacement of portions of the water and sewer mains in the alley,as necessary. The Park Avenue sidewalks will be reconstructed, and will include street trees and landscaping improvements. The design of the project has been coordinated with the City Planning urban design staff. The developers are also making a$15,000 voluntary TIF contribution to the Midtown Improvement Fund. The applicant anticipates construction completion by Spring,2020(approx. late May). Project Finance Summary-Sources&Uses Sources of Funds Amount Owner Equity $ 324,697 Construction Loan—First National Bank $2,728,425 Tax Increment Financing—First National Bank;6.0% $ 584,778 Total Sources of Funds $3,637,900 Uses of Funds Amount Land Acquisition $ 425,000 Construction Hard Costs $2,964,900 Soft Costs: Architect/Engineering $ 126,000 Financing Costs $ 110,000 Legal and Accounting $ 12,000 Total Uses of Funds $3,637,900 Final Valuation Discussion The applicant estimates a probable final valuation of about$3.3 million upon project completion,based on an assumption that the market rate value of these for-sale units will be about$170 per square foot,for above ground finished floor area. This equates to about $275,000 per townhome unit, which aligns well with similar units in the Midtown and nearby downtown areas. Land Use and Zoning The project consists of 12 market rate for sale townhome units in two separate buildings, consistent with the neighborhood and surroundings. The existing zoning is R-7. The applicant has coordinated with the current planning staff and the urban design staff of the Planning Department,and has applied for a rezoning to PUR. The property will also be replatted as required. Utilities and Public Improvements Standard utilities(electrical, water, sewer)exist at the site. Sidewalks along Park Avenue will be widened and improved, including landscaping in the public right of way. The existing alley along the east end of the project site will be repaved from Mason Street to the southern end of the lot. Transportation No transportation issues noted. Historical Status Not applicable Evaluation Criteria: Mandatory Criteria—from the TIF application 1. The project must be located within a blighted area or an area eligible for a designation of blight as required and set forth by State Statute. The project is located within a community redevelopment area in accordance with Community Development Law 18-2103(20). The project site complies with the law's definition of a "substandard" and"blighted area." 2. The project must further the objectives of the City's Comprehensive Plan. The project furthers the objectives of the City's Master Plan for community redevelopment. Additionally,this projects aim is to provide high-quality, increased density housing in the urban core that is consistent with the City's Master Plan and the TIF objectives. 3. 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 this project will not result in a loss of preexisting tax revenue to the city and other taxing jurisdictions. Currently, the city derives little tax revenue from the project site. Upon completion, the project is estimated to generate tax revenue over $74,000. The revenue that will be utilized to pay the TIF note will come from increased valuation after the proposed construction. Additionally, the redevelopment includes investments towards public improvements, through site work and the voluntary donation that will direct funds to the area that would not have otherwise been available. 4. 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 set forth above, the project is not economically feasible without the use of tax increment financing.There are significant construction costs related to the density of this project.The TIF provides important gap financing. Without this financing option profit is negative,making debt and equity financing impossible to raise. Cost-Benefit Analysis—from the TIF application 1. Tax Shifts resulting from the approval of the use of funds pursuant to section 18-2147 (of the Community Development Law): The project site is in an area that has been identified as a community redevelopment area and eligible for TIF financing. All TIF proceeds are to be used for TIF eligible project costs and to assist in the improvement of the area. Approval of TIF funds will not result in tax shifts and the flow of tax revenues will not decrease to taxing entities. The increased value of revenues from the improvements will be applied to offset certain eligible expenses. In addition, the current value of the property, $21,900, will increase to an estimated $3,300,000 upon completion of the project. This will result in a substantial increase of tax revenue from the property. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives: There will be a positive impact on public infrastructure and community public service because of the incentives received for the project.The site currently sits vacant. Improvements to the sidewalks and landscaping along the historic Park Avenue will result from the project.The alley behind the property will also see significant improvements because of the project. The plan involves re-pavement of the alley as it will be the main access for residents of the townhomes. There will be no negative tax implications as the project will cover all costs.Additionally,the TIF voluntary contribution will aid in further public improvements.No additional public infrastructure needs will be created by the project. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of redevelopment project: The TIF. benefit received by the project will have a positive impact on employers and employees in the redevelopment area. Additional opportunities will be created by the redevelopment of the project site for employers and employees involved in the financing, design, construction and management of the project. This will occur not only because of the construction over the next year but also in the years to follow through the employment of personnel to maintain and service the property and its residents. 4. Impacts on employers and employees within the city and the immediate area that is located outside of the boundaries of the area of the redevelopment project: Tax incentives received for this project will stimulate economic growth and jobs in the area. The indirect impact of this project will be shown through the increase in activity created by the workers employed by the project and the new residents. Therefore, offering local businesses the opportunity to expand their customer base. 5. Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the development project: This project will enhance the development that has recently occurred in the Park Avenue/Leavenworth neighborhood and provide another high-quality, owner-occupied housing option.The market for this style of housing is young professionals, graduate students, and medical students and professionals, which will help to encourage new investment in the area. Aiding the project will be an effective use of public funds as it furthers redevelopment of this area and will provide long-term benefits for the city of Omaha through long-term increases in tax revenues. ATTACHMENTS: TIF Calculation Spreadsheet TIF Application Applicant: Courtyard on Park PRO FORMA • Debt Service Payments Total Less Pre- TIF Treasurer's Revenues -------------------------------------------------- Taxable Development Taxable Tax Tax 1%Collection Available Interest at Loan Capitalized Interest at DATE Valuation Base Valuation Levy Revenues Fee For TIF Loan Principal 6.00% Total Balance Interest 6.00% ---- ------ ---- ----- - ---- 0 $530,000 0.5-$ - 0 $ - .2.24872 $ - $ - $ - $0 $0 $0 $545,900 15900 15900 1 $ - 0 $ - 2.24872 $ - $ - $ - $0 $0 $0 $562,277 16377 16377 1.5 $ - 0 $ - 2.24872 $ - $ - $ - $0 $0 $0 $579,145 16868 16868 2 $ - 0 $ - 2.24872 $ - $ - $ - $0 $0 $0 $596,519 17374 17374 2.5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $18,593 $17,896 $36,489 $577,926 0 17896 3 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $19,151 $17,338 $36,489 $558,775 0 17338 3.5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 38,489 $19,726 $16,763 $36,489 $539,049 0 16763 4 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 38,489 $20,318 $16,171 $36,489 $518,731 0 16171 4.5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $20,927 $15,562 $36,489 $497,804 0 15562 5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 38,858 $ 369 $ 36,489 $21,555 $14,934 $36,489 $476,249 0 14934 5.5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 38,489 $22,202 $14,287 $36,489 $454,047 0 14287 6 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $22,868 $13,621 $36,489 $431,179 0 13621 6.5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $23,554 $12,935 $36,489 $407,625 0 12935 7 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $24,260 $12,229 $36,489 $383,365 0 12229 7.5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 38,858 $ 369 $ 36,489 $24,988 $11,501 $36,489 $358,377 0 11501 8 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $25,738 $10,751 $36,489 $332,639 0 10751 8.5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $26,510 $9,979 $36,489 $306,129 0 9979 9 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 .$27,305 $9,184 $36,489 $278,824 0 9184 9.5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $28,124 $8,365 $36,489 $250,700 0 8365 10 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 38,489 $28,968 $7,521 $36,489 $221,732 0 7521 10.5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $29,837 $6,652 $36,489 $191,895 0 6652 • 11 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ . 369 $ 36,489 $30,732 $5,757 $36,489 $161,163 0 5757 11.5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 38,489 $31,654 $4,835 $36,489 $129,509 0 4835 12 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 38,489 $32,604 $3,885 $36,489 $96,905 0 3885 12.5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $33,582 $2,907 $36,489 $63,323 0 2907 13 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $34,589 $1,900 $36,489 $28,734 0 1900 13.5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $35,627 $862 $36,489 $0 0 862 14 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $0 $0 $0 $0 0 0 14.5 $ 3,278,100 0 $ 3,278,100 2.24872 $ 36,858 $ 369 $ 36,489 $0 $0 $0 $0 0 0 15 $ 3,278,100 0 $ 3,278,100 2.24872 $ 38,858 $ 369 $ 36,489 $0 $0 $0 $0 0 0 $958,308 $9,594 $948,714 $603,412 $235,835 $839,247 $66,519 j F9=calculate j NOTE:This information is provided to assist in analyzing the Original Loan Amount $530,000 specific request to the TIF committee.This information is subject Capitalized Interest $66,519 ASSUMPTIONS:to change based on actual tax assessments.This schedule assumes _ Loan Balance Remaining $0 1.Loan Amount: _ $531/,000' Fa$3,278,100 increase in real estate valuation and a 1.0 debt coverage j --------- 2.Interest Rate: 6.00%' • ratio.The actual TIF amount available to fund site specific project cost $596,519 MAX POTENTIAL 3.Est.Project Hard Cost $3,515,900-• will change based on the cost of public improvements. 4.Increment Base: $3,278,100 .. Estimated Annual Incremental Tax Payment $ 73,716 • Applicant estimates final value of$3,300,000 Using 2017 Base Valuation of$21,900 Potential incremental valuation would be approximately$5,373,394 TIF request is$584,778 Courtyard on Park, LLC 6324 S. 118th Street Omaha, NE 68137 REVISED APPLICATION FOR TAX INCREMENT FINANCING (TIF) The Courtyard on Park Townhomes 1007 Park Avenue September 20,.2018 SECTION I PROJECT SUMMARY Project Name: The Courtyard on Park Townhomes Project Legal Description: Rees Place Lot 19 Block 0 Project Address: 1007 Park Avenue, Omaha,Nebraska 68105 Project Owner: Courtyard on Park,LLC Owner Address: 6324 South 118th Street, Omaha,Nebraska 68137 Project Cost: $3,637,900 TIF Request: $584,778 New Construction: Yes Proposed Project Size: (i)Gross Sq.Ft.(Building(s):Approximately 29,700 GSF of attached townhomes (ii)Net Sq.Ft. (Building(s)):Approximately 19,800 RSF of attached townhomes (iii)#of Acres:0.58 acres (iv)Lot/Parcel Size: 25,410 Sq. Ft., 12 residential units Market-Rate Project: Yes • Current Use: Vacant Current Zoning: R-7;Multi-family(No zoning changes proposed) Current Valuation: Land: $ 20,200 (2017 tax year) Improvements: $ 1,700 Total: $ 21,900 Current Annual Taxes: $473.22(2017) Requested Base Year: 2018. Requested Division Date: January 1, 2019 Page 2 of 10 SECTION II PROJECT NARRATIVE A. Project Description: Courtyard on Park,LLC,as redeveloper("Redeveloper"), intends to construct the"Courtyard on Park Townhomes" consisting of approximately 12 attached townhomes on the east side of Park Avenue located just south of Leavenworth Street(referred to herein as the "Project"). The townhomes will be owner occupied, for-sale housing. The Project aims at revitalizing a half-acre vacant lot on the Park Avenue corridor. Redeveloper estimates that construction will begin in fall of 2018 and completed in spring of 2020. Upon completion,the Project will generate nearly 150 times the current property tax revenue. Redeveloper anticipates that the Project will include two buildings,each containing six attached townhomes, configured east to west on the lot. The two structures will be approximately 30 feet apart, each facing a central shared courtyard/walkway leading from Park Avenue to the front doors of the townhomes. The courtyard area will contain separated individual patios that will be property of the homeowners. On the back side of each building(the North and South ends of the lot)there will be a gated drive entering from the existing alley on the east side of the property. To access their garages, residents will enter the alley from Mason Street. The alley provides access to the private drives on the South and North ends of the property. Redeveloper anticipates that each townhome will be three stories; with a two-car garage on the first level,the kitchen, living room and powder bathroom on the second level,and two bedrooms and two bathrooms on the third floor. There will be widened sidewalks along Park Avenue with landscaping to help beautify the streetscape. The courtyard entrance will be on Park Avenue and will contain a secured entry system. Located along historic Park Avenue,the Project is located within 2 miles of University of Nebraska Medical Center to the west and downtown Omaha to the east. The City of Omaha("City")has designated the site of the Project as a blighted and substandard community redevelopment area that is in need of redevelopment. The Project conforms to the City's Master Plan by contributing to growth in the community; increasing support for the existing local commercial areas and burgeoning job market; assisting in the revitalization of historically significant areas and utilizing the City's Urban Design Guidelines. In recent years,the Midtown Crossing development and the University of Nebraska Medical Center have generated significant job growth. The Project will provide new, owner-occupied housing for people employed within the area,continuing to enliven Midtown Omaha. The creation of infill development within the urban core furthers the objectives of the Omaha Master Plan and the TIF guidelines. Courtyard on Park,LLC is a project company owned by Milestone Property,LLC and SL Jensen Construction. This group prides itself on high quality design and construction that the community will be proud of decades after completion. The townhomes will compete favorably in the market with their large, spacious floor plans,attractive brick buildings and desirable lot layouts. This is the first for-sale, owner-occupied project by the development team. However,this is comparable to previously completed projects by the team;the most recent being the 24-unit Dewey 3700 and the 9-unit West Farnam apartment complexes,both of which received tax-increment financing. B. Land Use Plan: The Project will consist of 12 owner-occupied townhome units in two separate buildings, resulting in approximately 19,200 square feet of livable space. Attached hereto as Exhibit A and incorporated herein Page 3of10 • • is a preliminary site plan for the Project showing the anticipated post-development land use. C. Zoning- Current and Proposed: The Project site is currently zoned R-7(multi-family residential). Townhomes are a permitted use under R-7 zoning. Accordingly,the Project does not require a zoning change. D. Public Improvements: Public improvements will include,but are not limited to,widened, landscaped sidewalks along Park Avenue and re-pavement of the existing alley east of the Project site from Mason Street to the southern • end of the lot. Provided below is a breakdown of such public improvements and other TIF-eligible costs. SECTION III DEVELOPMENT FINANCING PLAN TABLE A: SOURCES& USE OF FUNDS SOURCE OF FUNDS AMOUNT Owner Equity $324,697 Construction Loan—First National Bank $2,728,425 TIF Financing—6%First National Bank $584,778 Total Source of Funds $3,637,900 USES OF FUNDS Land Acquisition $425,000 Construction Hard Costs or Rehabilitation Costs $2,964,900 Soft Costs: Architect/Engineering $126,000 Financing Costs $110,000 Legal and Accounting $12,000 Total Uses of Funds $3,637,900 Redeveloper estimates a post-redevelopment valuation in the range of$2.8 million to$3.3 million. The low end of the range represents approximately eighty percent of construction costs. The townhomes are a for-sale, single family housing development and will be market rate transactions. The high end of the estimated valuation range is derived from Redeveloper's assumption of the assessed value of each individual unit based on comparable values and past experience with the Douglas County Assessor's Office. This results in an assessed value of roughly$275,000 per townhome. • • Page 4 of 10 SECTION IV CONSTRUCTION BUDGET AND PROJECT TIMELINE THE COURTYARD ON PARK AVE CONSTRUCTION BUDGET • Total Construction Costs General& Sitework 287,860 Concrete 354,509 Masonry &Metals 191,830 Carpentry 708,498 Doors & Windows 148,379 Interior Finishes 631,882 Mechanical& Electrical 434,506 Other 207,436 Total Construction Costs 2,964,900 Total Soft Costs 248,000 Land Cost 425,000 TOTAL PROJECT COST 3,637,900 Public Improvements Site Utilities -Park Ave Decorative Lighting 13,600 Exterior Paving- Sidewalks& Curbs 4,550 Exterior Paving-Alley 69,336 Landscaping 5,778 Total 93,264 TIF Eligible Expenses Requested Cost Amount Acquisition Cost less current assessed value 403,100 403,100 Arch&Engineering 108,000 0 Site preparation and grading 69,914 69,914 Utility extension and hookup 16,987 0 TIF fees 3,500 3,500 TIF Volunatary Contribution 15,000 15,000 Public Improvements 93,264 93,264 !TOTAL 709,765( 584,7781 Redeveloper anticipates that construction(on both buildings)will begin in fall of 2018 and completed in spring of 2020. - Page 5 of 10 SECTION V Profit& Loss and Cash Flow Statement THE COURTYARD ON PARK TOWNHOMES CASH FLOWS Total Per Unit Q4 2018 Q1 2019 Q2 2019. Q3 2019. Q4 2019 Qt 2020 Q2 2020 Q3 2020 Sources of Funds ,_, ___._��.-� - -- Construction Loan � 2,728,425 227,368.75 1,037,283 __ 568,980 - (15,79 568,980 568,980 TIF 584,778 48,731.50 584,778 __Equity' 324,697 27,058.09 324,697 Total 3,637,900 303,158 1,361,980 568,980 568,980 568,980 568,980 Uses of Funds - • Acquisition_ 425,000 35,417 425,000 Construction Hard.Costs 2,964,900 247.075 688,980 568,980 568,980 568.980 568,980 Financing 110,000 9,167 110,000 • Architect and Engineering 108,000 9,000 108,000 • Soft Costs 30,000 2,500 30,000 Total _ 3,637,900 303,158 1,361,980 568,980 568,980 568,980 568,980 - Net Sales 3,444,240 287,020 - 287,020 861,060 861,060 861,060 574,040 Paydown Equity 324.697 27,058 141,775 182,922 Construction loan 2,728,425 227,369 287,020 861,060 861,060 719,285 Developer Fee 150,000 12,500 150,000- Profit 241,118 I 20,093 - I - I - - I - - - I 241,118 Page 6 of 10 • SECTION VI STATEMENT OF NEED There are a few factors that render the.Project cost-prohibitive without the assistance of TIF. The first is the cost of the lot. The market for properties in the midtown and downtown neighborhoods has led to increased lot listings and inflated sale prices, even for blighted properties. Second,the grade of the lot presents challenges for redevelopment. The lot has a significant drop off from Park Avenue sloping to the back alley as much as 13 feet below street level. This results in increased expenses for foundations for the two structures and expensive retaining walls allowing for the elevation change from Park Avenue to the drive below. Third,re-pavement and cleanup of . the existing alley behind the lot is necessary because the alley provides access to the buildings' • tenants. . The Project is not feasible without the assistance of TIF. Due to the layout and grade of the lot, construction is prohibitively expensive given the foundation and retaining wall costs required. • TIF is a crucial piece of the funding;without it there would be no profit and the returns would not be sufficient to raise either debt or equity investments for the Project. The below ROI analysis (with and without TIF) illustrates Redeveloper's need for TIF: • CPARK AVE TOWNHOMES-ROI ANALYSIS With TIF Without TIF °SOURCES 1 �p Equity 324,697 909,475 Construction Loan 2,728,425 _i 2,728,425 TIF 584,778 - EE TOTAL SOURCES 3,637,900 ' 3,637,900- I USES Land Acquisition 425,000 425,000 Construction Hard Costs and Site Work 2,964,900 2,964,900 ' Soft Costs E p Architectural and Engineering 108,000 108,000 Legal,Accounting,Design 30,000 30,000 interest Costs 110,000 { , 110,000 • • TOTAL USES 3,637,900 3,637,900 ',Net Sales 3,444,240 3,444,240 !Less: Loan balance i 2,728,425 2,728,425 Equity- payback 324,697 909,475 Develo r Fee 150,000 150,000 !Net Proceeds 241,118 (343,660) tl ROI 6.6% -9.4% Page 7of10 • SECTION VII EVALUATION CRITERIA A. Mandatory Criteria: 1) The Project is located within an area designated by the City as a blighted and substandard community redevelopment area in accordance with section 18-2109(1) of the Nebraska Community Development Law. 2) The use of TIF for the Project will not result in a loss of preexisting tax revenue to the City and other taxing jurisdictions. Currently, the City derives little tax revenue from the Project site. Upon completion,the Project is estimated to generate tax revenue between $64,400 and $75,900 per year based on our estimated assessed valuation range. The revenue that will be utilized to pay the TIF note will come from increased valuation after the proposed construction. Additionally,the redevelopment includes investments towards public improvements,through site work and the voluntary donation that will direct funds to the area that would not have otherwise been available. 3) As set forth above,the Project is not economically feasible without the use of TIF. There are significant construction costs related to the density of this Project. TIF provides important gap financing. Without TIF, profit is negative, making debt and • equity financing impossible to raise. 4) The Project furthers the objectives of the City's Master Plan for community redevelopment. The Project aims to provide high-quality, increased density housing in the urban core that is consistent with the City's Master Plan and the TIF objectives. SECTION VIII COST-BENEFIT ANALYSIS Section 18-2113 of the Nebraska Community Development Law requires a cost-benefit analysis for each redevelopment project that utilizes TIF. This analysis addresses the following statutory issues pertaining to the Project: 1. Tax shifts resulting from the approval of TIF: • The approval of TIF for the Project will not result in tax shifts and the flow of existing tax revenues will not decrease to taxing entities. The increased value of revenues from the improvements will be applied to offset certain eligible expenses for a maximum period of 15 years. In addition,the current value of the property, $21,900, will increase to an estimated $3,300,000 upon completion of the project. This will result in a substantial long-term increase of tax revenue from the property. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from the Project: Page 8of10 The Project should positively impact public infrastructure and community public service needs. The Project site currently sits vacant. Improvements to the sidewalks and landscaping along the historic Park Avenue will result from the Project. The alley behind the property will also see significant improvements because of the Project. There will be no negative tax implications, as Redeveloper will cover all costs. Additionally,the TIF voluntary contribution will aid in further public improvements. No additional public infrastructure is required the Project. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the Project: The Project will have a positive impact on employers and employees in the redevelopment area. The Project provides additional housing for employees in the area. Additionally,the Project will create opportunities for employers and employees involved in the financing, design, construction and management of the Project. This will occur not only because of the construction over the next. year but also in the years to follow through the employment of personnel to maintain and service the property and its residents. 4. Impacts on employers and employees within the City and the immediate area that is located outside the boundaries of the area of the Project: The Project should have a material positive impact on employees and private sector businesses in. and around the area of the Project. The Project will provide additional housing in the community, which will benefit employers, employees, and the City in general. Further,the townhomes constructed as part of the Project should increase the need for services and products from existing businesses, such as household products and general consumer services. 5. Impacts on student populations of school districts within the City: The addition of school age children as a result of the Project will have an impact on the school districts encompassing the Project site. Assuming each townhome will result in 2.35 persons and there is a traditional family in each dwelling, a student population increase of.35 children per dwelling is possible. Single parents with multiple school age children will skew this number higher. The school district will not receive taxes from the townhomes during the time the increased taxes are utilized to pay the TIF note. The school district has received state aid to education in the past. Part of the school aid formula involves assessed valuation in the school district. The increased valuation that generates the TIF note payments is not included in the formula and does not count against the state aid that the school district receives. Taxes on any increase in the base value of the land will benefit the school district. After the TIF note is paid, or at the end of the respective 15 years of division of taxes,whichever is sooner,the increased valuation from the residential construction will be available to and benefit the school district. 6. Other impacts relevant to the consideration of the costs and benefits arising from the Project: The Project will enhance the development that has recently occurred in the Park Avenue/Leavenworth neighborhood and provide another high-quality, owner-occupied housing option. The market for this style of housing is young professionals, graduate students, medical students and professionals,which will help to encourage new investment in the area. Aiding the Project via TIF is an effective use of public funds as it furthers redevelopment of this area and will provide benefits for the City through long-term increases in tax revenues. • Page 9 of 10 SECTION IX EMPLOYMENT AND RESIDENTIAL UNIT MIX INFORMATION A. EMPLOYMENT INFORMATION Permanent Jobs(FTE)to be Created 0 Permanent Jobs(FTE)to be Retained 0 Permanent Jobs(FTE)to be Relocated 0 Total 0 Anticipated Annual Payroll N/A Estimated number of construction jobs to be 20-30 jobs at an estimated total payroll of created during the construction phase approximately $325,000. APPLICABLE ATTACHMENTS: A. Site Plans & Elevations—Exhibit A B. Preliminary Financing Commitment Letter—Exhibit B C. Alta Survey& Legal Description of Project Site—Exhibit C D. Documentation of Ownership—Exhibit D E. 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IMAGE SKETCHES i [ n OMAHA,NE 68105J , �r ROBERT TORSON ARCHITECTS 6542 South 118th Street• Omaha,Nebraska 68137• (402) 399-0225 G Ijt ir1 ff II ) (17' - r,, 91 I 4a b. 4., IJ° . . 41110 I J► o cal C:•� —f +efi_ sa •'�,— -,4 u ' 'a - 'tom .-. ,.,. o ti II-i- a , ) �6, 1 ' i s - \ t it L1,111Z ,! t 1 o S diA (o° V0 r , i, i ill' I 1 T1 r I r 7, 1' 1 I,a Nvrl---�-1.1..:r-- -4-�f 5I t,, + ,•µ C 0 d l t-1 0 J N It a D)1._/. 0 PARK AVE.CONDOMINIUMS 1007PARKAVE. IMAGE SKETCHESi [ N OMAHA,NE 68105 9 r \ ROBERT TORSON ARCHITECTS 6542 South 118th Street• Omaha,Nebraska 68137• (402) 399-0225 • • I I I I I I I I I I 1 L L J L L J L -1. - 7 st 40 I r y r y r 1 4 p � i 1 t 1 3 ‘1' illI ! r 1 r 1 y. X +. 1 y 1 TI t I \ \ � r it rz- - � r1-I'yCi-r�nin T rz=l CI-r1 y T .Z.U 1, I r 1- 1' 1 Ir t-I $ F ' -I yyr - t Iry lt-I tI 'tt iII=' 1-Z i hII, Ly, 4 Ib,I" y 1 1 t Yk, 1 1 1 I` I`-- 1 IEMMIGMEM '1 J1 1 Aly I I l iI I I I I T. 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I r _ IL-=-' ---JI IL___ m§ II ___ ___ ___ • - n I 1 I_p_I I_I_I — 11■ ` _. �¢�. ra 1 11 �n�I I �i € II 0 1 -11 11 14,, „ ,....._L.... j7.Liiii,_,L f, g•_7. I I I I I I I I 19 7C T • I I I • a C I I I 0 Z I I I I to . _ ail 111 ' r I \ '.I / / II == I�_I , I��I I��I II �I �I�I I II rt' I r_rt�F �,�I i� Yam ' j. . '— —•' — —I I—'_ j - - �_ CY - - III 1_I II_IMNIMI_. .MIN _;_I II • 1 1H==I �0 .1I=== I 1I !'___ I '' a I I I I I J f ' ` l 1 - -� �D a D v v Q COURTYARD ON PARKi . 1007 PARK AVE. MAIN LEVEL PLAN N 9 OMAHA,NE 68105 ,r J J (.. . ROBERT TORSON ARCHITECTS 6542 South 118th Street• Omaha,Nebraska 68137• (402) 399-0225 ) • • • 1 • ■ _-- - _ ,�= --ram-- r.- rr _..- -�- T`_r-w-.-� _,___ 11 II Lt • CD I 1 ;__. EL- III it it ii=-- 0 1 „I J` D s a . I __ _= W w )�:L kI __ 1-- it ' C ' \141'; rn re.. .ia .__.. r— 1e e — r- ��i . ___i_ a., . FF,.______ Li -\ _-_�� 1 ;h —L R; ;h R 1111 NN wa, W7_ .I I W� 0 F5 I CC. 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SECOND LEVEL PLAN w (� OMAHA,NE 68105 ROBERT TORSON ARCHITECTS 6542 South 118th Street• Omaha, Nebraska 68137• (402) 399-0225 • • N n LE -I 14'X 12'ROOFTOP DEC r -i] N WITH 36"H.PROTECTIVE RAIL o �y( r L� O I . . ,,...: L / , ) Iv , • LI I rJ ,g zcl cC 14'X 12'ROOFTOP DEC 00— C[ — '-I----'-I------WIT IH 36'-H.PROTECTIVE - - 1 i - - — - - - - a-- Z r J L, N Y 1 60 I ri I I IEiV I I Iii I I v 00 L� rJ N 0 a c9 fn :i: �14'X12'ROOFTOPDEC IIIK(3)UNITS EACH BUILDING ( o g 2 v) J L, U I Hc I I iL I Iv�_'r � yI IQ vI I 1 3 Lr o fL J L J ® ROOF PLAN x r�oRna� < SEP 10,2018 1N:1 m' A2.4 v 1 ROOFTOP DECK ACCESS --'�a (3)UNITS EACH BUILDING I Ln cv o N M 6'H.FENCE 0 BRICK —®' s BRICK ® 6'H.FENCE DECKWITff 36'H.PROTECTIVE RAIL\ , ,i B __ 1 7-6'H.FENCE&GATE 1 i ® M l__ , _ _ _ v„, .. H e II CO 1 _ • i 25%MINIMUM TRANSPARENT AREA 4 11 r / PER ZONING SEC.55-926 < < i i O LDRIVEWAY BEYOND w 4 DRIVEWAY BEYOND i- 0 w 0 ® I.UEST ELEVATION (PARK AVE.) vex.P-0' a • 0 JC 1 00 ROOFTOP DECK ACCESS BEYOND 4 � — (3)UNITS EACH BUILDING CC 0 Q 0 • Z o � t O we N — — — — — — — DECORATIIIECOJ(ERTO o BR CK .— ��FRONT DOOR STOOPS Q�Z o PARK AVE 00T T EIDOO T T DODO. _ a gyp- � o a -� 11 kY KJI C� —yy �? K]I K4 !1 ® Q - __ 2 W PROTERVE RAIL- .0- 6'H.FEN f a ® a g BRICK g ® = ® c_) �l■�it ��i�ll i 111� ■■I U ll r — ■l it li, RETAINING WAIL i~ ii i ii 110 !Hill ; I ii,l l! Ji !! LOT INE .ALLEY `a o 04 LOT LINE ® SOUTH ELEVATION SEP I0,2018 1/8'`-0. A3.1 i ♦ r♦ . :<---ROOFTOP DECK ACCESS (3)UNITS EACH BUILDING 1-1 • N N O C cn [1] SIDING El El—DECK wrrifSIDING 111 Tr • 36"H,PROTECTIVE RAIL ii___ ■� ® ■■■■■�■■ �42"H,PROTECTIVE RAIL ■■�■■■■�l ® ■■!�'!�j■■ 1M�� I�� ' �f �� 1 i I`0 al CMU FOUNDATION RETAINING WALL . CMU FOUNDATION u) co ` 1 E. Z i ALLEY LINE wI i ® EAST ELEVATION (ALLEY) VB'=P-O' y b JC4 I. 45 ROOFTOP DECK ACCESS ROOFTOP DECKS 00 /(3)UNITS EACH BUILDING /WITH 36"RAILING 4 Nz .o O w wcf. N - - -fE�Z 10 ® f 0 m 0 m SIDING ® fto m m El 0 a= 6'H.FENCE 0 o a - — — — - - - - - - oo2 — — SLIDING DOORS Cr u DECK WITH - I — - - — H 36"H.PROTECTIVE RAIL - . .._ - - - \ ___ PARK AVE 16'X1'G,DOOR\ l — 4 a j _. T LINE Th i 6'H.:GATE �-41 ,oi a �_� 1I1n oII ' , .— n �—i O ALLEY _\ Af I — -=— = H L J RETAINING WALL x LOT LINE SIDING ABOVE DOORS BRICK BETWEEN G.DOORS 3 o ® NORTH ELEVATION SEP 2018 1/8'''-0' A3.2 • RE.C.S.'_:r7ce, L /7-I? r r , g a is All! 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I i n5 e 9 I= spa: U a a ig ill a� it - - --- a' 1.6 1 °Sm0°*Mstr") . snv2Y20-M im.n•M im.. ♦ - II j' WI ae..c E g C { • • alter a \ P; �Q W< - 1� /HS L', . \ ate `.-m,oEre , ►aw�_-\\\-� - i 'd:Egie +�.� < _ uss�.m ___ c-.mmm y (Nm»W�w -o �_ ;--uaw ial3tzor4-, , / y 3z�zw <w \.m i 53N 5 Y 101- - _s a xw — --__��,ati—s .a-$5 «fin.`_ _''=-$�`=, a---- --j- _- �»L- ^ 4 0�� o�Ea - ,roam AY*-4O-11g01 Orland A'08 w jr g- _— —____ / ----__-- gy i 3f1N3A`d NeNd----- N x&su4,�z `o- _.-.-.-.-.-.-.-. a�oa ffi_ --�•-•-•-•-•-•Ya-•-•-•-•-tB'-•-o:.�aM;a�.a,v.,m,:,r..J._.-• �%-•-•-•-•- 5=_ wl�wso� ; :7I ; �a�s,aga NO. qg3 Item Submitted By: Don Seten/Rikki Flott Department: Planning Council Meeting Date: November 20, 2018 Res. that, the Courtyard on Park Townhomes Tax Increment Financing (TIF) Redevelopment Project Plan, for the redevelopment project site located at 1007 Park Avenue, proposes the construction of twelve new owner-occupied, market-rate townhome residential units, each with a two-stall garage, arranged in two separate structures with six units each, and authorizes the City's participation through the allocation of TIF in an amount up to $584,778.00, plus accrued interest, to offset TIF eligible expenses including, but not limited to acquisition, environmental and geotechnical studies, architectural and engineering fees, alley improvements, and public improvements as required, with the applicant contributing $15,000.00 of the TIF loan proceeds to the Midtown Public Improvement Fund, 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. 41, Presented to City Council November 20, 2018 APPROVED 7-0 elizabetl1 Muller City Clerk