RES 2018-0469 - Urban Chiral Condominiums TIF redevelopment project plan I-
c'Aiiii -,a,-.."'MNHA,4. 10, / � Planning Department
Omaha/Douglas Civic Center
_e f iel : bl 1819 Farnam Street,Suite 1100
o® Pl °�► "= Omaha,Nebraska 68183
o,�, y =fry (402)444-5150
'00R �-� Telefax(402)444-6140
4T�D FEBR3r David K.Fanslau
City of Omaha Director
Jean Stothert,Mayor
May 15, 2018
Honorable President
and Members of the City Council,
The attached Resolution transmits the Urban Chiral Condominiums Tax Increment
,Financing (TIF) Redevelopment Project Plan for a redevelopment project site located at
714 South 15th Sat'reet. The.:project owner is Urban Chiral LLC, Laura Shiffermiller,
manager. The rpdevelo ;melrt project plan proposes`the rehabilitation of an 11,485
square foot two :story brick` building constructed in 1910, into a commercial unit on the
first floor and two residential units above, with three parking spaces, including two
striped on street spaces in front of the building. The property was placed on the
National Register of Historic Places-as the Swartz Printing Company building in July,
200Ta'nd is also a local landmark. The.Planning Board recommended the approval of
this redevelopment project plan at the April 4, 2018 public hearing.
The Redevelopment Project Plan recommends the City's participation in the
redevelopment of this project site through the allocation of TIF in an amount up to
'$348-;436.00, plus accrued interest. TIF will be used to offset eligible expenses such as
acquisition, building rehabilitation, architectural and engineering fees and' .publiq
improvements as required. The total estimated project costs are $3,455,010.00, but ar'6
subject to change as final cosy ; come in.
Your favorable consideration cf this Resolution will be appreciated.
Respectfully submitted, Approved:
1)1AA.414.-VAA-%-%----- c-I•illits
eL,,,,5r --.3"9-/3
tJavid K. Fanslau Date Ro
� ert C. Stubbe, P. Date
Planning Director Public Works Director
Approved: Referred to City Council for Consideration:
-1-47/1‘4----- /2-6i'he .1,4, --. __‹-tt-) K'
...Stephen S. Curtiss Y
Date. Mayor's s Office ate
Finance Director
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, underutilized property within these
neighborhoods; and,
WHEREAS, the redevelopment project site located at 714 South 15th Street 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, this Urban Chiral Condominiums Tax Increment Financing (TIF)
Redevelopment Project Plan for the redevelopment project site was approved by the TIF
Committee and subsequently by the City of Omaha Planning Board at their April 4, 2018 meeting;
and,
WHEREAS, the redevelopment project site for the Urban Chiral Condominiums
Tax Increment Financing (TIF) Redevelopment Project Plan is located at 714 South 15th Street
and is legally described in Exhibit "A" which is attached hereto and herein incorporated by
reference; and,
WHEREAS, the Urban Chiral Condominiums Tax Increment Financing (TIE)
Redevelopment Project Plan proposes — as described in Exhibit "B", attached hereto and herein
incorporated by reference; and,
WHEREAS, this Resolution seeks approval of Urban Chiral Condominiums Tax
Increment Financing (TIE) Redevelopment Project Plan recommends the City's participation
through the allocation of TIE in an amount up to $348,436.00, plus accrued interest, to offset TIF
eligible costs such as acquisition, building rehabilitation_, architectural and engineering fees, and
any public improvements, as may be required, for a project with total estimated costs of
$3,455,010.00; 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; and,
Page 2
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,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF OMAHA:
THAT, the attached Urban Chiral Condominiums Tax Increment Financing (TIF)
Redevelopment Project Plan located at 714 South 15th Street, which proposes the rehabilitation •
of an 11,485 square foot two story brick building constructed in 1910, into a commercial unit on
the first floor and two residential units above, with three parking spaces, including two striped on
street spaces in front of the building, recommending the City's participation through the allocation
of TIF in an amount up to $348,436.00, plus accrued interest, to offset TIF eligible costs such as
acquisition, building rehabilitation, architectural and engineering fees, and any public
improvements, as may be required, containing a provision for the division of ad valorem taxes
. under Section 18-2147 through 18-2150, Revised Statutes of Nebraska, as recommended by the
City Planning Department, be and hereby is approved.
2663 rmf APPROVED AS TO FORM: .
.s 7/7?
ASS T CITY T 1 Y ATE
•
• By . ...LIV
Council ember
AdoptedV4 �
amk Clerk
Approved.- ..: Mayor Mayor ...
Exhibit"A"
Legal Description
Units 101, 102, 201, 202, 301, 302, 303 and 304, together with 100% of the Common Elements
and 100% of the Limited Common Elements, Urban Chiral Condominiums, a condominium
property regime organized under the laws of the State of Nebraska pursuant to the Condominium
Declaration filed July 15, 2008 as Instruction No. 2008069812, all in Douglas County, Nebraska,
together with all of the rights and allocated interests as set forth in the Master Deed and any
amendments thereto.
•
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EXHIBIT B
URBAN CHIRAL CONDOMINIUMS TIF
REDEVELOPMENT PROJECT PLAN
714 SOUTH 15' STREET
APRIL2018
OMAHhA,Art
B
4'4413 FE$0/1'�� PLANNING• OMAHA
Jean Stothert, Mayor City of Omaha David K. Fanslau, Director
Planning Department
Omaha/Douglas Civic Center
1819 Farnam Street, Ste. 1111
Omaha, Nebraska 68183
ELL/0o City of Omaha Planning Department
Q Planning Board
Memo •
PLANNING
To: Chairman and Members of the Planning Board
From: David K. Fanslau
Planning Director
Date: March 28, 2018
Subject: Urban Chiral Condominiums TIF Redevelopment Project Plan
714 South 15th Street
Case#C3-18-057
Project Description
The redevelopment project will result in a comprehensive rehabilitation of an 11,485 square foot
two story brick building, constructed in 1910 as a carriage factory. The building has not been
updated extensively and is in need of repair. The property was placed on the National Register
of Historic Places as the Swartz Printing Company building in July, 2007. It is also a local
landmark.
•There will be three condominium units in the building: a commercial unit on the first floor and
two residential units above. The commercial condominium unit will be comprised of 8 suites,
which will be leased to either retail or office tenants. The project has three parking spaces,
including two striped on street spaces in front of the building. The project owner is Urban Chiral
LLC, Laura Shiffermiller, manager.
Proposed public improvements in the project plan include sidewalks, curbs, gutters, landscaping
(to include one or more street trees) and substantial alley improvements. The estimated cost of
the public improvements is $107,700.
•
This project will create an estimated 16 permanent full-time equivalent (FTEs) within the
commercial/retail service industry. The applicant anticipates construction completion by
December 2018.
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 or will be in
compliance with the Master Plan, appropriate Ordinances and development regulations of the
City.
This project furthers the goals of the City's Master Plan. The Concept Element of the Master
Plan calls for preserving historic structures, promoting the creation of a full range of jobs,
reversing deterioration in older areas of the central city, ensuring a mix of housing patterns and
types, and ensuring a mix of necessary retail and personal services in an area. In addition, the
DS
Downtown Master Plan calls for high quality building frontages and active commercial uses on
the ground floor. This project would incorporate those features.
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:C3-18-057
Page 2 •
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CASE: C3-18-057
APPLICANT: Planning Department on behalf of the City of Omaha
REQUEST: Approval of the URBAN CHIRAL CONDOMINIUMS TIF REDEVELOPMENT PROJECT
PLAN
LOCATION: 714 South 15th Street
SUBJECT AREA IS SHADED - APRIL 2018
CBD-ACI-,1(PL-) f
Jones St
■
■
■
DS-ACI-1(PL) , CBD-ACI-1(PL)
■
45
■
■
■
m CBD ACI-1(PL)
■ ■
' CBD-ACI-1(PL) ■ DS ACI-1(PL)
■ ■
DS ACI-1(PL) D.S ACI-1(PL)
■ ■
•
•
Leavenworth-St
■ . . .
DS-ACT(PL) [ DSACI1(PL)
I
omaha • N
11-1.�, 0 200
PLAN Feet
INTER-OFFICE.COMMUNICATION
Date: March 15,2018
To: TIF Committee:
David Fanslau, Troy Anderson, Stephen Curtiss,AL Herink,Paul Kratz,Robert
Stubbe,Todd Pfitzer
From: Don Seten-City Planning
Applicant: City of Omaha Planning Department
Project Name: Urban Chiral Condominiums
Location: 714 South 15th Street
Request: The TIF request is for up to $348,436, at a bank interest rate of 4.75%. Using the levy rate of
2.24872%and other assumptions of the TIF calculation spreadsheet,the TIF request is supported using an
income approach to estimate the final valuation of the property.
TIF Fee Schedule: $500 application fee paid; the processing fee of$3,000 will be collected. Total fees
will be$3,500.
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 applicant notes the additional costs involved in undertaking construction in the congested commercial
core of the central business district,along with the uncertainties and the added costs of fully rehabilitating
a building constructed over 100 years ago, as reasons for the necessity of TIF assistance. The phase I
environmental review of the project indicates substantial asbestos remediation is required, further
supporting the necessity of the TIF program support. Ultimately,this project plan will enhance the tax base
for various taxing jurisdictions.
TIF would be used to offset such costs as acquisition,building rehabilitation/construction, architectural
and engineering fees,and public improvements. The total estimated project costs are $3,421,010. TIF
eligible costs exceed$2,275,323.
TIF Eligible Costs-Estimate I
Acquisition $ 445,000
Construction(Rehabilitation of Existing Historic Building) $ 1,613,323
Architectural&Engineering(6.0% of Construction and Contingency) $ 105,800
TIF fees $ 3,500
Additional Public Improvements $ 107,700
ITotal $2,275,323 I
Other,additional TIF eligible costs are included in the soft cost items, including construction contingency,
the environmental study,and title and recording costs.
The TIF is 10.1%of the total project costs.
Recommendation: Approval of$348,436 in TIF support.
Project Description
The redevelopment project will result in a comprehensive rehabilitation of an 11,485 square foot building,
constructed in 1910 as a carriage factory. The building has not been updated extensively and is in need of
repair.The property was placed on the National Register of Historic Places as the Swartz Printing Company
building in July,2007. It is also a local landmark. There will be three condominium units in the building:
a commercial unit on the first floor and two residential units above. The commercial condominium unit
will be comprised of 8 suites, which will be leased to either retail or office tenants. The project has three
parking spaces, including two striped on street spaces in front of the building. The project owner is Urban
Chiral LLC, Laura Shiffenmiller,manager.
Proposed public improvements in the project plan include sidewalks,curbs,gutters,landscaping(to include
one or more street trees) and substantial alley improvements. The estimated cost of the public
improvements is$107,700.
This project will create an estimated 16 permanent FTEs within the commercial/retail service industry.
Job Creation/Retention Fi.ures Job Creation/Retention T aes
Permanent Jobs(FTEs) 16 Mana_ement 8
Part-Time Jobs: 7 Maintenance
TOTAL _ 23 Sales/Marketin_
I Clerical/Administration 8
Total Jobs CREATED 5 Production
Total Jobs RETAINED 18 Clerk/Service 2
TOTAL 237 General Labor
TOTAL 5
Antici.ated Annual Pa oll or Avera:e Annual Ware for Full&Part-Time Jobs $875,100
L
Estimated number of construction 'obs created as a result of the Project 67
Antici.ated Pa roll for Construction Jobs 801 60
The applicant anticipates construction completion by December 2018.
Project Finance Summary-Sources&Uses
Sources of Funds
Owner Equity $ 1,656,574
Conventional Financing; Dundee Bank $ I;450,000
TIF Financing;Dundee Bank $ 348,436
Total Sources of Funds $ 3,455,010
Uses of Funds
Acquisition $ 445,000
Construction Hard Costs $ 1,613,323
Site Work $ 175,000
Construction Soft Costs $ 239,339
Developer Fees $ 50,000
Financing Fees $ 120,000
Soft Costs(includes A&E and construction contingency) - $ 812,438
Total Uses of Funds and Total Project Costs $ 3,455,010
Final Valuation Discussion
The applicant estimates a valuation increase of$1,543,400,using an income approach to valuation,with
an estimated total fmal assessed valuation of$1,700,000, or$148 per square foot.
Land Use and Zoning
The proposed commercial and residential mixed-use development complies with the existing zoning and
the Master Plan. The site was recently rezoned from DS to CBD-ACI-1(PL).
City Master Plan Compliance
This project furthers the goals of the City's Master Plan. The Concept Element of the Master Plan calls for
preserving historic structures,promoting the creation of a full range of jobs,reversing deterioration in older
areas of the central city, ensuring a mix of housing patterns and types, and ensuring a mix of necessary
retail and personal services in an area.In addition,the Downtown Master Plan calls for high quality building
frontages and active commercial uses on the ground floor. This project would incorporate those features.
Utilities and Public Improvements
Standard utilities(electrical,water, sewer)exist at the site;utility connections anticipated.
The project proposal includes curb, gutter, sidewalk, and landscaping in the public right of way areas
adjacent to the property, and alley improvements/reconstruction.
Transportation
No transportation issues noted.
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 Property is located in an area previously designated by the City of Omaha as a redevelopment zone.
• 2. The project must further the objectives of the City's Comprehensive Plan.
The project results in the renovation of a neighborhood commercial and residential building that provides
convenient and needed services to the surrounding area.
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 Tax Increment Financing request proposes to utilize only the increase in property taxes resulting
from the improvements proposed by Developer. Existing tax revenues will continue to accrue to the
benefit of the City of Omaha and other taxing jurisdictions.
4. The developer is able to demonstrate that the project would not be economically feasible without
the use of Tax Increment Financing. In addition, if the project has site alternatives,the proposal must
demonstrate that it would not occur in the area without TIF.
See Developer's"ROI Analysis"set forth in the TIF Application.
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):
There are no anticipated tax shifts resulting from this project.
2. Public infrastructure and community public service needs impacts and local tax impacts arising from
projects receiving incentives:
The project will provide improved or replaced public infrastructure such as parking, sidewalks,
lighting and landscaping immediately adjacent to the site.The project will also benefit public service
needs by providing employment opportunities in the neighborhood. Over the long term, it will
provide additional local tax revenues through real estate taxes and personal property taxes. In
• Omaha,there is a resurgence of interest in urban housing. This project is designed for persons who
want homeownership in the form of a condominium regime. It will appeal to people within the
existing population as well as those relocating to Omaha.Additionally,this property will be owner-
occupied. It will join similar developments in the area, including Joslyn Loft Apartments (Bekins
building/Western Newspaper Union building), Kimball Lofts (Kimball Laundry & Graham Ice
Cream Company,)Barker Building(Barker Building),and The Paxton(Paxton Manor.)
3. Impacts on employers and employees of firms locating or expanding within the boundaries of the
area of the redevelopment project:
During development and construction, TIF incentives will create opportunities for the employers
and employees involved in this project benefitting development,financing,design,construction and
property management industries. Upon completion, TIF incentives will potentially support the
creation of 15 new FTE employment opportunities.
4. Impacts on employers and employees within the city or village and the immediate area that are
located outside of the boundaries of the area of the redevelopment project:
The project will directly benefit low- and moderate-income people, in addition to higher earners.
First, the commercial office space and office suites will house professional enterprises, providing
income for the owner/operators as well as their support staff and provide employment opportunities
for startup businesses and their employees. Second, a significant workforce will be employed to
maintain the common areas of the condominium, including exterior maintenance, mechanical
service, cleaning of shared spaces, landscaping, snow removal,window cleaning,etc.
5. Any other impacts determined by the authority to be relevant to the consideration of costs and
benefits arising from the redevelopment project:
This project will help retain services in this neighborhood and further urban revitalization valued by
the City. •
ATTACHMENTS
TIF Calculation Spreadsheet
TIF Application
•
Applicant: Urban Chiral,2018 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 4.76% Total Balance Interest 4.75%
----- ------ ------ --- ------ ------- ----- ------- ------ ------
0 $332,457
0.5 $ 0 $ - 2.24872 $ - $ - $ - $0 $0 $0 $340,353 7896 7896
1 $ - 0 $ - 2.24872 $ - $ - $ - $0 $0 $0 $348,436 8083 8083
1.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $8,904 $8,275 $17,179 $339,532 0 8275
2 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $9,115 $8,064 $17,179 $330,417 0 8064
2.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $9,332 $7,847 $17,179 $321,085 0 7847
3 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $9,553 $7,626 $17,179 $311,532 0 7626
3.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $9,780 $7,399 $17,179 $301,752 0 7399
4 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $10,012 $7,167 $17,179 $291,740 0 7167
4.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $10,250 $6,929 $17,179 $281,490 0 6929
5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $19,494 $6,685 $17,179 $270,996 0 6685
5.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $10,743 $6,436 $17,179 $260,253 0 6436
6 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $10,998 $6,181 $17,179 $249,255 0 6181
6.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $11,259 $5,920 $17,179 $237,996 0 5920
7 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $11,527 $5,652 $17,179 $226,469 0 5652
7.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $11,800 $5,379 $17,179 $214,669 0 5379
8 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $12,081 $5,098 $17,179 $202,588 0 5098
8.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $12,368 $4,811 $17,179 $190,220 0 4811
9 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $12,661 $4,518 $17,179 $177,559 0 4518
9.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $12,962 $4,217 $17,179 • $164,597 0 4217
10 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $13,270 $3,909 $17,129 $151,327 0 3909
10.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $13,585 $3,594 $17,179 $132,242 0 3594
11 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $13,908 $3,271 $17,179 $123,834 0 3271
11.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 514,239 $2,941 $17,179 $109,596 0 2941
12 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $14,576 $2,603 $17,179 $95,020 0 2603
12.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $14,922 $2,257 $17,179 $80,098 0 2257
13 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $15,277 $1,902 $17,179 $64,821 0 1902
13.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 • $15,640 $1,539 $17,179 $49,181 0 1539
14 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $16,011 $1,168 $17,179 $33,170 0 1168
14.5 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $16,391 $788 512,179 $16,779 0 788
15 $ 1,543,401 0 $ 1,543,401 2.24872 $ 17,353 $ 174 $ 17,179 $16,780 $399 $17,179 $0 0 399
$485,884 $4,872 $481,012 $348,437 $132,575 $481,012 $15,979
(F9=calculate)
NOTE:This information is provided to assist in analyzing the Original Loan Amount $332,457
specific request to the TIF committee.This information is subject Capitalized Interest $15,979 ASSUMPTIONS:
to change based on actual tax assessments.This schedule assumes Loan Balance Remaining $0 1.Loan Amount: $332,467'
a$1,543,401 increase In real estate valuation and a 1.B debt coverage ; ---------- 2.Interest Rate: 4.75%,
ratio.The actual TIF amount available to fund site specific project cost $348,436 MAX POTENTIAL 3.Est.Project Hard Cost $3,421,000-•
_
will change based on the cost of public improvements. :4.Increment Base: $1,543,401.'••
Estimated Annual Incremental Tax Payment $ 34,706 • Applicant estimates final value of$1,700,000
" Using 2017 Base Valuation of$156,600
TIF request is$348,436 Potential incremental valuation would be
approximately$1,543,400
- )'
-
TAX INCREMENT FINANCING APPLICATION
Urban Chiral Condominium
Application to the City of Omaha
Submitted by Urban Chiral LLC
Property Address:
714 South 15th Street
Omaha, Nebraska 68102
1
Project Name •
Urban Chiral Condominium
Project Legal Description: Units 101, 102, 201, 202, 301, 302, 303 and 304, together with 100% of
the Common Elements and 100% of the Limited Common Elements, Urban Chiral Condominiums, a
condominium property regime organized under the laws of the State of Nebraska pursuant to the
Condominium Declaration filed July 15, 2008 as Instruction No. 2008069812, all in Douglas County,
Nebraska, together with all of the rights and allocated interests as set forth in the Master Deed and any
amendments thereto. •
Property Owner/Applicant Name: Urban Chiral, LLC Project Address: 714 S. 15th Street
Laura L. Shiffermiller Omaha, NE 68102
•
Estimated Total Project Cost: $3,455,010 Owner Address: 1137 S. 8th Street
Omaha, NE 68108
•
Applicant Address: 1137 S. 8th Street
Omaha, NE 68108
New Construction: No TIF Request: $348,436
Rehabilitation: Yes Proposed Proiect Size:
LIHTC Project: No Gross Sq. Ft. (Building): 11,485
Market-Rate Proiect: Yes #of Acres: .138
Historic Tax Credit Proiect: No Lot/Parcel Size: 132'x 45.5'
Current Use: Vacant Building Current Zoning: CBD-ACI-1(PL)
Proposed Use: Mixed Commercial/Residential Proposed Zoning: No Change
•
Current Annual Real Estate Taxes: $3,383.00
Current Assessed Tax Valuation: Requested Base Year: 2017
Land: $34,200.00 Requested Division Date Year: 2018
Improvements: $122,400.00
Total: $156,600.00
• •
NARRATIVE
A. APPLICANT BACKGROUND
Developer is Urban Chiral LLC, a limited liability company formed under the laws of the State of
Nebraska and is governed by the organizational documents attached hereto as Exhibit "D".
Developer is a single purpose entity that is owned by Laura L. Shiffermiller. Laura is a non-profit
professional, retired from Fontanelle Forest's Executive Director position and currently working as a
nonprofit consultant at No Stone Unturned®.
B. PROJECT DESCRIPTION
Urban Chiral LLC, a Nebraska limited liability company("Developer"), is applying for tax increment
financing in connection with the renovation of that certain real property consisting of approximately
.138 acres commonly referred to as 714 South 15th Street, Omaha, Nebraska and legally
described on Exhibit "A" attached hereto (the "Property"). This is a mixed-use project, including
commercial and residential spaces. Under the existing condominium regime, the Property is
comprised of eight(8) units,which include two(2)commercial units, two(2)residential units, and(4)
parking units. As part of the development, the condominium declaration will be amended and
restated to revise the number of units to three (3), which shall include two (2) residential units and
one(1) commercial unit comprised of eight(8) suites leased to separate tenants. The development
has a dual goal of restoring the historically significant characteristics and creating a sustainable
structure based on the guidelines set forth by the Leadership in Energy and Environmental Design
(LEED) Green Building Rating SystemT"^. Sustainable elements included in the project make it an
example of environmentally responsible rehabilitation in downtown Omaha. Included in the design
are recycled and renewable materials, energy efficient HVAC system and appliances,water efficient
plumbing fixtures, vegetative roof system to combat heat island effect, a rainwater
collection/recycling system for watering the vegetated roof and to reduce runoff and pollution, and a
public accessible bike rack.
The project scope includes restoring the entire exterior including the brick, mortar, and limestone on
all facades and repainting the north and west elevations to reduce brick deterioration, installing
energy efficient replacement windows that are historically accurate, and repairing existing storefront.
Selected items will be saved and repurposed, such as doors, porcelain sinks,transom windows, iron
exhaust fans, and an old cast iron radiator
By inserting this new program,the Urban Chiral Condominium,formerly known as the Swartz Printing
Company Building will rejoin the vibrant and evolving downtown district. The project scope includes
the following:
• First Floor—one(1)commercial unit comprised of eight(8)office/studio spaces. All first-floor
office/studio space tenants share common areas including lobby, conference room,
restrooms, and utility galley.
• Second Floor - two (2) residential units, one in the front and one in the rear. Second-floor
tenants share common areas including lobby, private entrance with elevator and stairs, and
storage. The front unit has a roof popup to a lofted master suite with access to a roof deck.
3
• West Alley — security gate, fire escape platform, and stair. This provides a second
entrance/exit and outdoor deck for rear unit.
• Roof—A modular green roof system will surround the front popup and roof deck. It will be
watered via a rainwater collection/recycling system.
This rehabilitation will facilitate and increase the likelihood of additional rehabilitation and/or
redevelopment in the area. The updated appearance and exterior site improvements will improve
the overall aesthetics of this neighborhood commercial area and will create a viable and
sustainable building for the future.
This application requests the approval of $348,436 in Tax Increment Financing to support the
rehabilitation of the Property, thus creating a large incremental increase in assessed property
value. Without this tax increment financing, the project is not economically feasible for Developer
to pursue.
C. LAND USE PLAN
The building is a mixed-use facility, combining residential living and commercial/retail spaces.
Additionally, public elements along the front sidewalk including seating, landscaping with a tree,
and a bike rake sculpture. Our goal is to help create an inclusive, connected neighborhood and
positively impact this mixed-use area of downtown Omaha which already includes condominiums,
apartments, corner groceries, restaurants, coffee shops, art galleries, retail stores and small
businesses.
D. ZONING
Current zoning is CBD-ACI1(PL).
E. PUBLIC IMPROVEMENTS
The public improvements for this Project are estimated to have a cost of$107,700 and include the
following:
• North alley—remove and replace brick pavers, regrade and pave
• Street striping and installation of new sidewalks
• East/front—extend curb, remove and replace concrete, add built-in planters with trees and
plantings, add street lighting, add public seating (bench), and add bike rack sculpture.
• Roof—a vegetative roof system combats heat island effect.The rainwater collection/recycling
system reduces stormwater runoff and pollution.
F. HISTORY STATUS AND EXISTING CONDITION:
Swartz Printing Company Building was designated as an Omaha Landmark on 05/01/2007. It was
added to the National Register of historic Places on 07/03/2007. Designed at the turn of the last
century by Jacob Nachtigall,and finished in 1910,this structure was built to house the Swartz Printing
Company, a commercial printer and book publisher. It is located on the boundary of the Commerce
and Rail Historic District(NRHP 1996)which was the commercial and industrial center of Omaha in
4
the late 19th and early 20th centuries. Due to the close proximity to railroad lines, wholesale jobbers
bought product from suppliers and wholesaled it to retail merchants located in nearby warehouses.
Additional industries, such as printers, also found this area desirable, using the railroad to deliver
paper, ink, and other raw materials.
Swartz Printing Company occupied the building until 1974. Early on, the printing company shared
the north storefront bay with the Omaha Trade Exhibit which was a local trade newspaper and later
(1929-1930) by Food Facts Publishing Company. From 1911 until 1974, the south storefront bay
served as offices for a variety of tenants, including the Hogan Linotyping Company, the N. C. Leary
Company, United Advertisers, Art Services and Signs, and the Ford Sign Company. In 1974, the
building was purchased by the Driscoll Leather Company, and used as a storage warehouse for
leather goods and trappings until 2005. It has been vacant since December of 2005 when was
purchased by the current owner.
The building is composed of brick and limestone bearing walls with a wood and cast-iron skeleton.
It continues to echo the original company name on the stone plaque at the top of the east facade.
One of the most identifiable characteristics is the window configuration on the north side, where the
size of each window gets smaller, corresponding to the grade of the land. Because there are no
adjacent structures that share its walls, it is a rare stand-alone building in downtown Omaha.
On July 25, 2011, this property was declared to be unsafe, unfit for human occupancy, or unlawful
due to violations that included lack of security for unlawful access, overgrown weeds, and unsafe
steps/handrails. The owner installed an 8' chain-link fence to secure access from the back of the
building; covered the north alley windows with metal hardware cloth; internally secured the front
entrances; and cleared the weeds. The development plans were provided to the inspector to show
that efforts at renovation of entire structure were ongoing.
G. PROJECT COSTS & TIF ALLOWABLE EXPENSES: The site and building rehabilitation
construction cost breakdown includes building renovation and site repair. The total project costs are
estimated to be approximately$3,455,010, as more particularly set forth on the construction budget
set forth hereinafter. Out of the total project costs, there are approximately 3,160,212 in eligible
expenses, as set forth hereinafter.
•
DEVELOPMENT FINANCING PLAN
Sources and Uses
Use of Funds
Purchase $445,000
Construction Hard Costs $1,613,323
Site Work $175,000
Construction Soft Costs (includes overhead, $239,339
profit, insurance, building permits and general
conditions)
Developer Fee $50,000
Financing Fees $120,000
Soft Costs* $812,348
Total $3,455,010
Source of Funds
Owner Equity $1,656,574
Conventional Financing $1,450,000
TIF Financing $348,436
Total $3,455,010
Currently, the property has an assessed value of$156,600 for real estate tax payment of$3,383
annually. After rehabilitation, it is estimated the Property will be valued at approximately
$1,700,000 with estimated annual taxes of approximately$38,228. Final valuation for the Urban
Chiral Condominium is estimated to be set at$1,700,000 or$148 per square foot, which is based
on an income based analysis for the commercial units and a comparable and project cost analysis
for the residential units. We believe that with the extensive improvements and rehabilitation of the
building, the $148 per square foot value is a fair and reasonable assessment.
*Soft Cost Breakdown
Contingency $150,000
FF&E $20,000
Architect and Engineering $210,000
Legal $35,000
Consulting $70,000
Environmental $10,000
Accounting $3,500
Appraisal $13,000
Title&Recording $2,500
TIF Fees $3,500
Miscellaneous Ineligible Soft Costs $294,848
Total $812,348
• 6
CONSTRUCTION BUDGET
Category Cost
General Requirements $123,394
Exploratory Demolition $34,000
Sitework* $140,380
Concrete* $48,602
Masonry $64,599
Metals $31,865
Wood & Plastics $239,753
Thermal-Moist Protection $93,565
Doors&Windows $204,888
Finishes $215,389
Specialities $16,891
Equipment $16,600 '
Furnishings $99,400
Conveying Systems $40,000
Mechanical $246,908
Electrical $175,675
Miscellaneous Items $124,268
O&P, Insurance $111,485
Total $2,027,662
* $107,700 of the site work is for public improvements (including street striping, concrete
removals, R&R curbs, new sidewalks, removal and replacement of brick pavers in alley, re-
grading alley and alley paving)and approximately$87,000 of that is for the improvements to
the alley.
•
5 YEAR PRO FORMA
Year 1 Year 2 Year 3 Year 4 Year 5
Gross Commercial $61,200 $64,424 $63,672 $64,946 $66,245
Rent
- Commercial $6,120 $4,370 $4,457 $4,546 $4,637
Vacancy
= Effective Gross $55,080 $58,054 $59,215 $60,400 $61,608
Income
- Expenses $18,360 $18,911 $19„478 $20,062 $20,664
= Net Operating $36,720 $39,144 $39,737 $40,337 $40,943
Income
- Debt Service $33,242 $33,242 $33,242 $33,242 $33,242
= Cash Flow $3,478 $5,901 $6,495 $7,095 $7,701
9
STATEMENT OF NEED AND ROI ANALYSIS
Statement of Need
The age and condition of the building and surrounding site improvements make the existing property
unattractive to commercial or residential use. The bricks, mortar and limestone on the exterior of the
Property are in need of extensive repair and the existing windows are inefficient. In addition, because
of the age of the building, there is likely to be asbestos that will need to be removed as part of the
demolition, which is an additional development cost. The building is of historic value to the Omaha
community and is located in a resurging urban neighborhood. It is in the best interest of the
neighborhood for this building to be redeveloped and made viable for the foreseeable future so that
we can preserve its historic value and provide the neighborhood with residential and commercial
space.
ROI Analysis
Stabilized Year 2 Without TIF With TIF
Amount Financed $807,355 $447,355
Net Operating Income $39,144 $39,144
Annual Debt Service $65,741 $33,242
Annual Cash Flow ($26,597) $5,901
Debt Coverage Ratio 0.60 1.18
ROI (annual) -1.82% 0.40%
•
•
• 10 •
EVALUATION CRITERIA
The project meets the mandatory criteria set forth in the Tax Increment Financing
Guidelines issued by the City of Omaha.
MANDATORY CRITERIA
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 Property is located in an area previously designated by the City of Omaha as a
redevelopment zone.
2. The project must further the objectives of the City's Comprehensive Plan.
The project results in the renovation of a neighborhood commercial and residential
building that provides convenient and needed services to the surrounding area.
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 Tax Increment Financing request proposes to utilize only the increase in property
taxes resulting from the improvements proposed by Developer. Existing tax revenues
will continue to accrue to the benefit of the City of Omaha and other taxing jurisdictions.
4. The developer is able to demonstrate that the project would not be economically
feasible without the use of Tax Increment Financing. In addition, if the project has site
alternatives, the proposal must demonstrate that it would not occur in the area without
TIF.
See Developer's "ROI Analysis" set forth herein.
COST BENEFIT ANALYSIS
1. Tax Shifts resulting from the approval of the use of funds pursuant to
section 18-2147 (of the Community Development Law): There are no
anticipated tax shifts resulting from this project.
2. Public infrastructure and community public service needs impacts and
local tax impacts arising from project receiving incentives: The project will
provide improved or replaced public infrastructure such as improving the alley,
parking, sidewalks, lighting and landscaping immediately adjacent to the site.
The project will also benefit public service needs by providing employment
• 11
opportunities in the neighborhood. Over the long term, it will provide additional
local tax revenues through real estate taxes and personal property taxes. In
Omaha, there is a resurgence of interest in urban housing. This project is
designed for persons who want homeownership in the form of a condominium
regime. It will appeal to people within the existing population as well as those
relocating to Omaha. Additionally, this property will be owner-occupied. It will
join similar developments in the area, including Joslyn Loft Apartments(Bekins
building/Westerri Newspaper Union building), Kimball Lofts (Kimball Laundry
& Graham Ice Cream Company,) Barker Building (Barker Building), and The
Paxton (Paxton Manor.)
3. Impacts on employers and employees of firms locating or expanding
• within the boundaries of.the area of redevelopment project: During
development and construction, TIF incentives will create opportunities for the
employers and employees involved in this project benefitting development,
financing, design, construction and property management industries. Upon
• completion, TIF incentives will potentially support the creation of 15 new FTE
employment opportunities.
4. Impacts on employers and employees within the city and the immediate
area that is located outside the boundaries of the area of redevelopment
project: The project will directly benefit low- and moderate-income people, in
addition to higher earners. First, the commercial office space and office suites
will house professional enterprises, providing income for the owner/operators
as well as their support staff and provide employment opportunities for startup
businesses and their employees. Second, a significant workforce will be
employed to maintain the common areas of the condominium, including
exterior maintenance, mechanical service, cleaning of shared spaces,
landscaping, snow removal, window cleaning, etc.
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 help retain services in this neighborhood and further
urban revitalization valued by the City.
12
EMPLOYMENT ANALYSIS
Job Creation/Retention Figures • Job Creation/Retention Types
Permanent Jobs (FTEs) 16 Management 8
Part Time Jobs 7 Technical
TOTAL 23 Sales/Marketing
Clerical/Administrative 8
Total Jobs Created 5 Production
Total Jobs Retained 18 Clerk/Service 2
TOTAL 23 General Labor 5
TOTAL 23
Anticipated Annual Payroll or Average Annual Wage for full and part-time jobs $875,100.00
Estimated number of construction jobs for this project 67
Anticipated payroll for construction jobs $801,360
• 13
EXHIBITS
A— Legal Description
B—Site Plan
C— Elevations and Floor Plans
D—Organizational Documents
E—Title Commitment
F—Environmental Reports
G — Financial Commitments
14
Exhibit"A"
Legal Description
Units 101, 102, 201, 202, 301, 302, 303 and 304, together with 100% of the Common Elements
and 100% of the Limited Common Elements, Urban Chiral Condominiums, a condominium
property regime organized under the laws of the State of Nebraska pursuant to the Condominium
Declaration filed July 15, 2008 as Instruction No. 2008069812, all in Douglas County, Nebraska,
together with all of the rights and allocated interests as set forth in the Master Deed and any
amendments thereto.
•
• 15
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NO.
Item Submitted By: Don Seten/Rikki Flott
Department: Planning
Council Meeting Date: May 15, 2018
Res. that, the attached Urban Chiral Condominiums Tax Increment Financing (TIF)
Redevelopment Project Plan located at 714 South 15th Street, which proposes the rehabilitation
of an 11,485 square foot two story brick building constructed in 1910, into a commercial unit on
the first floor and two residential units above, with three parking spaces, including two striped on
street spaces in front of the building, recommending the City's participation through the allocation
of TIF in an amount up to $348,436.00, plus accrued interest, to offset TIF eligible costs such as
acquisition, building rehabilitation, architectural and engineering fees, and any public
improvements, as may be required, containing a provision for the division of ad valorem taxes
under Section 18-2147 through 18-2150, Revised Statutes of Nebraska, as recommended by the
City Planning Department, be and hereby is approved. .
2663 rmf
Presented to City Council
• 19 -0
e&.izahet 1 &tier
•
City Clerk