RES 2010-0737 Capitol Rows TIF PlanCity of Omaha
Jim Suttle, Mayor
Honorable President
and Members of the City Council,
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June 22, 2010
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Planning Department
Omaha/Douglas Civic Center
1819 Farnam Street, Suite 1100
Omaha, Nebraska 68183
(402) 444-5150
Telefax (402) 444-6140
R. E. Cunningham, RA, F.SAME
Director
The attached Resolution transmits the Capitol Rows, LLC Tax Increment Financing
Redevelopment Project Plan for a redevelopment of under-utilized parcels between 22nd to 24th
Streets, Chicago to Davenport Streets that will result in the creation of eighty-two new, market-
rate apartment units, and a commercial space for a new business within an urban residential
village setting on the northwest edge of Downtown Omaha.
The Redevelopment Project Plan recommends the City's participation in the redevelopment of
the project site through the allocation of Tax Increment Financing (TIF) in an amount up to
$765,000.00 to offset the cost of site preparation, site development and related public
improvements based on TIF eligible costs of $1,041,170.00. The total project cost is estimated
to be $10,081,259.00.
Your favorable consideration of this Resolution will be appreciated.
Respectfully submitted,
Pam Spaccarotella
Finance Director
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Date
Date
Referred to City Council for Consideration:
Lva.t{,1-' Lcu,J,u--~ & /<)/10
Mayor's Office Date
R ert G. Stubbe, P.E.
Public Works Director
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Date
Notice of Publication and Public Hearing: June 24 and July 1, 2010
Public Hearing: July 13, 2010
Plnlsfl 40 I-cover letter
L. Legal Description
Lot 2, Reeds Capitol, a subdivision, as surveyed, platted, and recorded in Douglas
County, Nebraska
L. Legal Description
Currently known as:
Lots 1 and 2, Block 364, Original City of Omaha, a subdivision, as surveyed,
platted and recorded in Douglas County, Nebraska, TOGETHER WITH, part of Lot 4, all
of Lots 5 and 6, Block 50, Original City of Omaha, a subdivision, as surveyed, platted
and recorded in Douglas County, Nebraska, AND ALSO TOGETHER WITH, vacated
23rd Street lying between and abutting said Blocks 50 and 364, the north 14.00 feet of
vacated Davenport Street abutting said Lots 5 and 6 in Block 50 and Lot 2, Block 364,
the vacated east-west alley abutting said Lots 1 and 2, Block 364, that portion of the
vacated east-west alley abutting said Lots 4, 5 and 6, Block 50. The perimeter of the
parcel described by metes and bounds as follows:
Beginning at the northwest comer of said Lot 1, Block 3 64 said point being the
intersection of the east right of way line of 24th Street with the south right of way line of
Chicago Street;
Thence South 89°45'22" East (assumed bearings) for 84.67 feet along said south
right of way of Chicago Street;
Thence South 89°47'58" East for 70.00 feet continuing along said south right of
way line to a point being 51.01 feet westerly of the northeast comer of said Lot 4, Block
50;
Thence South 00°08'01" West for 141.66 feet to the centerline of the vacated east-
west alley in said Block 50;
Thence South 89°49'34" East for 117.36 feet along said centerline to the
intersection of the extended west line of Lot 7, said Block 50;
Thence South 00°00'29" West for 155.49 feet along said west line to the south
line of the vacated north 14.00 feet of Davenport Street;
Thence North 89°51 '34" West for 299.16 feet along said south line to the east
right of way line of 24th Street;
Thence North 00°27'56" East for 297.36 feet to the Point of Beginning.
Contains 71,970 square feet or 1.652 acres.
To be known as:
Lot 2, Reeds Capitol, a subdivision, as surveyed, platted, and recorded in Douglas
County, Nebraska
Exhibit "A"
CAPITOL ROWS, LLC
TIF REDEVELOPMENT PROJECT PLAN
Located between 22°d and 24th Streets, Chicago and
Davenport Streets
June 2010
Jim Suttle, Mayor City of Omaha
PLANNING • OMAHA
R. E. Cunningham, RA, F. SAME
Director Planning Department
Omaha/Douglas Civic Center
1819 Farnam Street
Omaha, Nebraska 68183
TO:
FROM:
DATE:
SUBJECT:
ANALYSIS:
INTER-OFFICE COMMUNICATION
City of Omaha, Nebraska
Planning Department
Chairman and Members of the Planning Board
R. E. Cunningham, RA, F. SAME
Planning Director
May 7, 2010
Capitol Rows, LLC TIF Redevelopment Project Plan
The Capitol Rows Housing Project is located between 22nd and 24 1h Streets, Chicago and Davenport
Streets. The area is currently blighted. The project will result in the creation of eighty-two apartment
units and a commercial space for a new business to Downtown Omaha within an urban residential
village. This project site is nestled in between Joslyn Art Museum, Central High School and the
Creighton University campus.
The 1.30 acre site was formerly occupied by a one-hundred-seventeen stall surface parking lot. The
Capitol Rows Housing Project will consist of two, three-story residential buildings housing thirty-four one
and two bedroom apartment units, a 1,300 square foot commercial space, and one four-story
residential building housing forty-eight one and two bedroom apartments. Parking will be provided by
an adjacent 94 stall secured surface parking lot. There will be internal pedestrian connections which will
connect sidewalk areas to adjacent parking amenities and also to the surrounding Joslyn Art Museum,
Central High School, and Creighton University campuses.
The current legal description was inserted behind Section "L." -Legal Description. The insert describes
the parcels for this project in their current state as well as how it will be described after approval of the
final plat. Also, see Section "M." TIF District Boundary of the TIF application for visual depiction of what
final plat will be. A site plan review request to re-zone and replat the parcels was approved by the
Planning Board at the public hearing on Wednesday, May 5, 2010, subject to the following:
Retention of necessary utility easements
Approval of a final plat to condition of preliminary plat approval
Submittal of an acceptable final subdivision agreement prior to forwarding the request to
the City Council.
The parcels will be rezoned from R8 to CBD/ ACl-1 (PL). Street infrastructure and other public
improvements will be addressed as necessary by the developer as part of the Redevelopment Plan.
The projected is scheduled to be completed in the fall of 2011.
DEPARTMENT RECOMMENDATION:
Approval -The project site and area meet the requirements of Nebraska Community Development Law
and qualify for the submission of an application for the utilization of Tax Increment Financing to cover
cost associated with project development as submitted for approval through the Tax Increment
Financing process. The project is in compliance with the Master Plan, appropriate Ordinances and
development regulations of the City.
ATIACHMENT:
Exhibit "A" -Capitol Rows, LLC TIF Redevelopment Project Plan
CAPITOL ROWS
HOUSING
24TH & DA VEN PORT STREET
OMAHA, NEBRASKA
APPLICATION FOR TAX INCREMENT
FINANCING
-0-Tetrad Development AMERic!A FIRST
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-,,-Tetrad Development
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Mr. Ken Johnson
Economic Development Manager
1819 Farnam Street
Omaha NE 68183
April 20, 2010
Re: Capitol Rows Housing
Dear Mr. Johnson,
On behalf of Capitol Rows, LLC, (Manager: Tetrad Corporation, W. David Scott, President) we appreciate the
opportunity to submit the following Application for Tax Increment Financing for Capitol Rows Housing.
The Capitol Rows Housing is a supporting element to many of the recently approved mixed-use projects designed
to complement and expand commercial, office and residential development in Downtown Omaha, including the
Joslyn Art Museum, Central High School and Creighton University campuses. The Capitol Rows Housing Project,
specifically located on Lot 2, Reeds Capitol, a subdivision, as surveyed, platted, and recorded in Douglas County,
Nebraska, will result in the creation of eighty-two apartment units and a commercial space for a new business to
Downtown Omaha within an urban residential village.
Formerly occupied by a one-hundred-seventeen stall surface parking lot, the 1.30 acre Capitol Rows Housing
Project site will provide the stimulus for additional private and public sector investment along the nearby Dodge
Street and adjacent 24th Street corridors. When completed in the fall of2011, the $10 million project will contribute
to the overall long term success of the Omaha's central business district.
The Capitol Rows Housing Project will consist of two, three-story residential buildings housing thirty-four one and
two bedroom apartment units and a 1,300 square foot commercial space plus one four-story residential building
housing forty-eight one and two bedroom apartments. Parking will be provided by an adjacent 94 stall secured
surface parking lot. Internal pedestrian connections will connect sidewalk areas to adjacent parking amenities and
also to the surrounding Joslyn Art Museum, Central High School, and Creighton University campuses.
This application requests the approval of $765,000 in Tax Increment Financing to support the development of the
Capitol Rows Housing, a $10 million project that will create, at a minimum, a $5, 166,000 incremental increase in
assessed property value. As represented within the application, the Capitol Rows Housing project meets the
mandatory and discretionary criteria set forth within the Tax Increment Financing Guidelines issued by the City of
Omaha.
Perhaps of most significance, the Capitol Rows Housing project cannot proceed without Tax Increment Financing
assistance.
President, Tetrad Development Corporation
402-997-7512
dmohlman@tetradcorp.com
Application for
Tax Increment Financing
Capitol Rows
Housing
24th & Davenport Street
Omaha, Nebraska
Submitted by:
Capitol Rows, L.L.C.
Managing Member: Tetrad Corporation
W. David Scott, President
11422 Miracle Hills Drive, Suite 400
Omaha, NE 68154-4420
April 20, 2010
Application for
Tax Increment Financing
Capitol Rows Housing
The Capitol Rows Housing is a supporting element to many of the recently approved
mixed-use projects designed to complement and expand commercial, office and
residential development in Downtown Omaha, including the Joslyn Art Museum, Central
High School and Creighton University campuses. The Capitol Rows Housing Project,
located on Lot 2, Reeds Capitol, a subdivision, as surveyed, platted, and recorded in
Douglas County, Nebraska, will result in the creation of eighty-two apartment units and a
commercial space for a new business to Downtown Omaha within an urban residential
village. The project's developer is Capitol Rows L.L.C., Manager: Tetrad Corporation,
W. David Scott, President.
Formerly occupied by a one-hundred-seventeen stall surface parking lot, the 1.30 acre
Capitol Rows Housing Project site will provide the stimulus for additional private and
public sector investment along the nearby Dodge Street and adjacent 24th Street corridors.
When completed in the fall of 2011, the $10 million project will contribute to the overall
long term success of the Omaha's central business district.
The Capitol Rows Housing Project consists of two, three-story residential buildings
housing thirty-four one and two bedroom apartment units and a 1,300 square foot
commercial space and one four-story residential building housing forty-eight one and two
bedroom apartments. Parking will be provided by an adjacent 94 stall secured surface
parking lot. Internal pedestrian connections will connect sidewalk areas to adjacent
parking amenities and also to the surrounding Joslyn Art Museum, Central High School,
and Creighton University campuses.
This application requests the approval of $765,000 in Tax Increment Financing to support
the development of the Capitol Rows Housing project, a $10 million project that will
create, at a minimum, a $5,166,000 incremental increase in assessed property value.
COST BENEFIT ANALYSIS
Capitol Rows, LLC
The request meets the necessary requirements for consideration. The site is in an area that has
been declared Blighted and Substandard. The TIF proceeds are to be used to cover any public
improvement cost with the remaining balance of the TIF to be used for Project-specific TIF
eligible cost. The proposed TIF will be used to offset site preparation and public improvements
costs as required and to defray other site development costs that are eligible activities.
The site is not being utilized at the fullest and best economic use. The site is currently vacant
and/or underutilized with marginal tax value as the property with limited assessed value. The
project will bring new infill, market-rate residential rental housing units and commercial retailing
into the market.
The use of TIF will not result in tax shifts. The current level of taxes will continue to flow to the
current taxing entities, and only the increased value of revenues resulting from the improvements
will be applied to the cost of the improvement.
No community public service need will be generated as a result of this Project. The development
of this site will provide employment by increasing the demand for personal services and
employees to provide these services. This development will impact other businesses, as there
will be an increase in the demand for employees to fill the employment opportunities created by
this development. There will also be competition for renters to fill the new residential units
being made available. The provision of new housing and commercial retailing will increase
employment opportunities and other economic opportunities by increasing the demand for goods
and services.
The development will cause an increase in traffic in the area; however, the current street system
is able to accommodate the Project. The creation of new housing opportunities, the creation of
new employment opportunities, and the increased demand for goods and services justify the cost
associated with the Project. The long-term benefits resulting from the increase in the tax base
resulting from the development are other valid justifications to provide assistance to the Project.
B. Financing Plan
-,J-Tetrad Development
C 0 R I' I) R A 1 I 0 N
PROJECT SCOPE
Building Area
1-BR Units
2-BR Units
1-Retail
Surface Parking
Land (SF)
Units RSF/Unit
60 639
22 954
1 1278
Total
71,055 GSF
38,340 RSF
20,988 RSF
1,278 RSF
94 Stalls
56,610 (1.30 acres)
PROJECT BUDGET
Quantity Unit Price Unit Total
Land:
Purchase Price -Lot 2 $ 600,000
Total Land $ 600,000
Construction:
Site Preparation 56,610 $ 3.66 Land SF $ 207,269
Utility Infrastructure 56,610 $ 1.79 Land SF $ 101,102
Site Improvements (on-site) 56,610 $ 6.46 Stalls $ 365,757
Site Improvements (off-site)
Paving 56,610 $ 0.81 Land SF $ 45,738
Walkways 56,610 $ 0.88 Land SF $ 49,770
Landscaping 56,610 $ 0.66 Land SF $ 37,295
Street Lighting 56,610 $ 0.58 Land SF $ 32,936
Building -A (North 3 stry) 12,768 $ 101.35 GSF $ 1,293,996
Building -B (South 3 stry) 13,959 $ 99.00 GSF $ 1,381,979
Building -C (South 4 story) 44,328 $ 88.85 GSF $ 3,938,440
$ 7,454,282
Consultants:
Design 6.30% $ 469,620
Soils I Survey LS $ 42,500
Spcl. Inspections (code) LS $ 30,000
Other Consultants LS $ 52,100
T.l.F. Application Fees LS $ 3,500
Legal I Acctg I Misc. LS $ 239,536
Financing and Other LS $ 378,000
Project Management 4.00% $ 331,662
$ 1,546,917
Subtotal $ 9,601,199
Project Contingenc)l:
5.00% $ 480,060
Total Project Cost 10,081,259
Est1matea 1.1.F.
Tax Valuation Eligibility
$ 600,000 $ 600,000
$ 600,000 $ 600,000
$ 207,269 $ 207,269
$ 101,102 $ 101,102
$ 365,757
$ 45,738 $ 45,738
$ 49,770 $ 49,770
$ 37,295 $ 37,295
$ 32,936 $ 32,936
$ 1,293,996
$ 1,381,979
$ 3,938,440
$ 7,454,282 $ 474,111
$ 469,620 $ 29,869
$ 42,500 $ 42,500
$ 30,000 $ 30,000
$ 52,100
$ 3,500 $ 3,500
$ -
$ -
$ 331,662 $ 18,964
$ 929,381 $ 124,833
$ 8,983,663 $ 1,198,944
$ 449,183 $ 59,947
$ 9,432,846 $ 1,258,891
Project Budget_ T I F Application 04 20 1 O
Capitol Rows
Sources and Uses
Omaha, Nebraska
April 2010
SOURCES:
Tax Increment Financing
Financing from Financial Institution
Cash Equity
Total Sources
USES:
Land Acquisition
Construction
Site Preparation
Utility Infrastructure
Site Improvements, on-and off-site
Building Shell & Core, with Foundations
Consultants
Design
Soils/Survey
Special Inspections
Other Consultants
T. I. F. Application Fees
Legal, Accounting, Misc.
Financing and Other
Project Management
Project Contingency
Total Uses
$ 765,000
8,065,007
1,251 252
$ 10,081,259
$ 600,000
$ 207,269
101,102
531,496
6,614.415
$ 7.454,282
$ 469,620
42,500
30,000
52,100
3,500
239,536
378,000
331,661
$ 1,546,917
$ 480,060
$ 10,081,259
Capitol Rows
TIF Operating Summary
Omaha, Nebraska
April 2010
Project Costs
Loan-to-Value Ratio
Financing from Financial Institution
TIF Qualified Financing
Equity Required
Debt Coverage Ratio, 1st Mortgage
Financing Interest Rate, 1st Mortgage
Total Financing and Equity
Net Operating Income
Debt Service, 1st Mortgage Annual P&I
Cash Flow after Debt Service
Cash on Cash Return on Equity
$
$
$
$
$
$
$
$
With
TIF
10,081,259
80%
8,065,007
765,000
1,251,252
1.2
6%
10,081,259
693,032
580,248
112,784
9.01%1
$
$
$
$
$
$
$
$
Without
TIF
10,081,259
80%
8,065,007
2,016,252
1.2
6%
10,081,259
693,032
580,248
112,784
5.59%1
Applicant: 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 7.00% Total Balance Interest 7.00% ----------------... 0 $800,000 0.5 $ 0 $ 2 13427 $ $ $ $0 $0 $0 $828,000 28000 28000 1 $ 0 $ 2.13427 $ $ $ $0 $0 $0 $856,980 28980 28980 1.5 $ 0 $ 2.13427 $ $ $ $0 $0 $0 $886,974 29994 29994 2 $ 0 $ 2 13427 $ $ $ $0 $0 $0 $918,018 31044 31044 2.5 $ 5,166,000 0 $ 5, 166,000 2.13427 $ 55,128 $ 551 $ 54,577 $22,446 $32,131 $54,577 $895,572 0 32131 3 $ 5, 166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $23,232 $31,345 $54,577 $872.340 0 31345 3 5 $ 5,166,000 0 $ 5.166,000 2.13427 $ 55,128 $ 551 $ 54,577 $24,045 $30,532 $54,577 $848,295 0 30532 4 $ 5,166,000 0 $ 5, 166,000 2.13427 $ 55,128 $ 551 $ 54,577 $24,887 $29,690 $54,577 $823,408 0 29690 4 5 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $25,758 $28,819 $54,577 $797,650 0 28819 5 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $26,659 $27,918 $54,577 $770,991 0 27918 5 5 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $27,592 $26,985 $54,577 $743,399 0 26985 6 $ 5,166,000 0 $ 5, 166,000 2.13427 $ 55,128 $ 551 $ 54,577 $28,558 $26,019 $54,577 $714,841 0 26019 6 5 $ 5,166,000 0 $ 5,166,000 2 13427 $ 55,128 $ 551 $ 54,577 $29,558 $25,019 $54,577 $685,283 0 25019 7 $ 5,166,000 0 $ 5,166,000 2 13427 $ 55,128 $ 551 $ 54,577 $30,592 $23,985 $54,577 $654,691 0 23985 7.5 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $31,663 $22,914 $54,577 $623,028 0 22914 8 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $32,771 $21,806 $54,577 $590,257 0 21806 8 5 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $33,918 $20,659 $54,577 $556,339 0 20659 9 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $35.105 $19,472 $54,577 $521,234 0 19472 9 5 $ 5,166,000 0 $ 5,166,000 213427 $ 55,128 $ 551 $ 54,577 $36,334 $18,243 $54,577 $484,900 0 18243 10 $ 5,166,000 0 $ 5,166,000 2 13427 $ 55,128 $ 551 $ 54,577 $37,605 $16,972 $54,577 $447,295 0 16972 10.5 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $38,922 $15,655 $54,577 $408,373 0 15655 11 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $40,284 $14,293 $54,577 $368,089 0 14293 11 5 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $41,694 $12,883 $54,577 $326,395 0 12883 12 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $43, 153 $11,424 $54,577 $283,242 0 11424 12.5 $ 5,166,000 0 $ 5,166,000 2 13427 $ 55,128 $ 551 $ 54,577 $44,664 $9,913 $54,577 $238,578 0 9913 13 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $46,227 $8,350 $54,577 $192,351 0 8350 13 5 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $47,845 $6,732 $54,577 $144,506 0 6732 14 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $49,519 $5,058 $54,577 $94,987 0 5058 14 5 $ 5,166,000 0 $ 5,166,000 2 13427 $ 55,128 $ 551 $ 54,577 $51,252 $3,325 $54,577 $43,735 0 3325 15 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $53,046 $1,531 $54,577 $0 0 1531 -----------------------------------------=========== $1,433,328 $14,326 $1,419,002 $927,329 $491,673 $1,419,002 $118,018 =::==:======== ==========;::: ====;::====== =========== :;;:;:;;:::::::;::;::;::::::=== =======:::=== :;::;:::::::::;;:;::::;::;:::;:::;:::;:: ASSUMPTIONS ( F9 = calculate ) NOTE· This mformation is provided to assist in analyzing the Original Loan Amount $800,000 spec1f1c request to the TIF committee This information is sub1ect Capitalized Interest $118,018 1 Assume No Pre-Development Base to change based on actual tax assessments. This schedule assumes Loan Balance Remaining $0 2. Loan Amount $800,000 a 90% real estate valuation and a 1 0 debt coverage ratio The -----------3. Interest Rate 7 00% actual TIF amount available to fund site spec1f1c pro1ect cost will $918,018 4 Pro1ect Hard Costs $0 change based on the cost of public improvements. ============ 5. Increment Base $5, 166,000
Applicant 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 lnt.erest 6.00% ----------------------------------------------------------0 $850,000 05 $ 0 $ 2.13427 $ $ $ $0 $0 $0 $875,500 25500 25500 $ 0 $ 2 13427 $ $ $ $0 $0 $0 $901,765 26265 26265 1 5 $ 0 $ 2.13427 $ $ $ $0 $0 $0 $928,818 27053 27053 2 $ 0 $ 2.13427 $ $ $ $0 $0 $0 $956,683 27865 27865 2.5 $ 5, 166,000 0 $ 5, 166,000 2.13427 $ 55,128 $ 551 $ 54,577 $25,877 $28,700 $54,577 $930,806 0 28700 3 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $26,653 $27,924 $54,577 $904,153 0 27924 3.5 $ 5, 166,000 0 $ 5, 166,000 2.13427 $ 55,128 $ 551 $ 54,577 $27,452 $27, 125 $54,577 $876,701 0 27125 4 $ 5,166.000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $28,276 $26,301 $54,577 $848,425 0 26301 4 5 $ 5, 166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $29,124 $25,453 $54,577 $819,301 0 25453 5 $ 5,166,000 0 $ 5, 166,000 2.13427 $ 55,128 $ 551 $ 54,577 $29,998 $24,579 $54,577 $789,303 0 24579 5 5 $ 5, 166,000 0 $ 5,166,000 2 13427 $ 55,128 $ 551 $ 54,577 $30,898 $23,679 $54,577 $758,405 0 23679 6 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $31,825 $22,752 $54,577 $726,580 0 22752 6.5 $ 5.166,000 0 $ 5,166,000 2 13427 $ 55,128 $ 551 $ 54,577 $32,780 $21,797 $54,577 $693,800 0 21797 7 $ 5, 166,000 0 $ 5,166,000 2 13427 $ 55,128 $ 551 $ 54,577 $33,763 $20,814 $54,577 $660,037 0 20814 7 5 $ 5,166,000 0 $ 5, 166,000 2.13427 $ 55,128 $ 551 $ 54,577 $34.776 $19,801 $54,577 $625,261 0 19801 8 $ 5, 166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $35,819 $18,758 $54,577 $589,442 0 18758 8 5 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $36,894 $17,683 $54,577 $552,548 0 17683 9 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $38,001 $16,576 $54,577 $514,547 0 16576 9 5 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $39,141 $15,436 $54,577 $475,406 0 15436 10 $ 5, 166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $40,315 $14,262 $54,577 $435,091 0 14262 105 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $41,524 $13,053 $54,577 $393,567 0 13053 11 $ 5, 166,000 0 $ 5, 166,000 2.13427 $ 55,128 $ 551 $ 54,577 $42,770 $11,807 $54,577 $350,797 0 11807 11.5 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $44,053 $10,524 $54,577 $306,744 0 10524 12 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $45,375 $9,202 $54,577 $261,369 0 9202 12 5 $ 5, 166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $46,736 $7,841 $54,577 $214,633 0 7841 13 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $48, 138 $6,439 $54,577 $166,495 0 6439 13 5 $ 5,166,000 0 $ 5,166,000 2 13427 $ 55,128 $ 551 $ 54,577 $49,582 $4,995 $54,577 $116,913 0 4995 14 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $51,070 $3,507 $54,577 $65,843 0 3507 14 5 $ 5,166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $52,602 $1,975 $54,577 $13,241 0 1975 15 $ 5, 166,000 0 $ 5,166,000 2.13427 $ 55,128 $ 551 $ 54,577 $54,180 $397 $54,577 $0 0 397 --------------------------------------------------------========-=== -----·----$1,433,328 $14,326 $1,419,002 $997,622 $421,380 $1,419,002 $106,683 =========== =========== =========== =========== =====;;:;;:;:::;:::;::::: =========== =========== ASSUMPTIONS· ( F9 = calculate ) NOTE· This information 1s provided to assist in analyzing the Original Loan Amount $850,000 specific request to the TIF committee. This 1nformat1on is subiect Capitalized Interest $106,683 1. Assume No Pre-Development Base to change based on actual tax assessments This schedule assumes Loan Balance Remaining $0 2. Loan Amount· $850,000 a 90% real estate valuation and a 1 0 debt coverage ratio The -----------3. Interest Rate. 6.00% actual TIF amount available to fund site specific project cost will $956,683 4. Project Hard Costs $0 change based on the cost of public improvements =:::========= 5 Increment Base. $5, 166,000
Applicant: TIF Projection -Capitol Rows Housing $5, 166,000 construction 100% valuation $765,000 TIF supported 7.00% interest 1.05 coverage ratio 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 ForTIF Loan Principal 7.00% Total Balance Interest 7.00% ---------------0 $765,000 0.5 0 0 0 2.13427 0 0 0 $0 $0 $0 $791,775 26775 26775 1 0 0 0 2.13427 0 0 0 $0 $0 $0 $619,487 27712 27712 1.5 0 0 0 2.13427 0 0 0 $0 $0 $0 $648,169 26682 26682 2 0 0 0 2.13427 0 0 0 $0 $0 $0 $877,655 29686 29666 2.5 4920000 0 4920000 2.13427 52503 525 51978 $21,253 $30,725 $51,978 $656,602 0 30725 3 4920000 0 4920000 2.13427 52503 525 51978 $21,997 $29,981 $51,978 $834,605 0 29961 3.5 4920000 0 4920000 2.13427 52503 525 51978 $22,767 $29,211 $51,978 $811,838 0 29211 4 4920000 0 4920000 2.13427 52503 525 51978 $23,564 $28,414 $51,976 $788,274 0 26414 4.5 4920000 0 4920000 2.13427 52503 525 51976 $24,366 $27,590 $51,976 $763,686 0 27590 5 4920000 0 4920000 2.13427 52503 525 51976 $25,242 $26,736 $51,976 $736,644 0 26736 5.5 4920000 0 4920000 2.13427 52503 525 51976 $26,125 $25,653 $51,976 $712,519 0 25653 6 4920000 0 4920000 2.13427 52503 525 51976 $27,040 $24,936 $51,976 $665,479 0 24936 6.5 4920000 0 4920000 2.13427 52503 525 51976 $27,986 $23,992 $51,978 $657,493 0 23992 7 4920000 0 4920000 2.13427 52503 525 51978 $28,966 $23,012 $51,978 $626,527 0 23012 7.5 4920000 0 4920000 2.13427 52503 525 51978 $29,980 $21,998 $51,978 $596,547 0 21996 6 4920000 0 4920000 2.13427 52503 525 51978 $31,029 $20,949 $51,976 $567,518 0 20949 8.5 4920000 0 4920000 2.13427 52503 525 51976 $32,115 $19,663 $51,976 $535,403 0 19663 9 4920000 0 4920000 2.13427 52503 525 51976 $33,239 $16,739 $51,976 $502,164 0 16739 9.5 4920000 0 4920000 2.13427 52503 525 51976 $34,402 $17,576 $51,976 $467,762 0 17576 10 4920000 0 4920000 2.13427 52503 525 51978 $35,606 $16,372 $51,976 $432,156 0 16372 10.5 4920000 0 4920000 2.13427 52503 525 51978 $36,653 $15,125 $51,978 $395,303 0 15125 11 4920000 0 4920000 2.13427 52503 525 51976 $36,142 $13,836 $51,976 $357,161 0 13836 11.5 4920000 0 4920000 2.13427 52503 525 51976 $39,477 $12,501 $51,978 $317,684 0 12501 12 4920000 0 4920000 2.13427 52503 525 51976 $40,659 $11,119 $51,976 $276,625 0 11119 12.5 4920000 0 4920000 2.13427 52503 525 51976 $42,269 $9,689 $51,976 $234,536 0 9669 13 4920000 0 4920000 2.13427 52503 525 51978 $43,769 $8,209 $51,976 $190,767 0 6209 13.5 4920000 0 4920000 2.13427 52503 525 51976 $45,301 $6,677 $51,976 $145,466 0 6677 14 4920000 0 4920000 2.13427 52503 525 51976 $46,667 $5,091 $51,976 $98,579 0 5091 14.5 4920000 0 4920000 2.13427 52503 525 51976 $46,528 $3,450 $51,978 $50,051 0 3450 15 4920000 0 4920000 2.13427 52503 525 51978 $50,226 $1,752 $51,978 $0 0 1752 2.13427 ---- --------=========== $1,365,076 $13,650 $1,351,426 $878,030 $473,398 $1,351,428 $112,855 =========== =========== =========== =========== =========== =========== =========== NOTE: This information is provided to assist in analyzing the Original Loan Amount $765,000 ASSUMPTIONS: specific request to the TIF committee. This information is subject Capitalized Interest $112,855 1. Assumes Pre-Development Base of $603,800 to change based on actual tax assessments. This schedule assumes Loan Balance Remaining $0 2. Loan Amount: $765,000 a 100% real estate valuation and a 1.05 debt coverage ratio. This ---3. Interest Rate: 7.00% schedule is for illustration purposes only. The results contained Annual tax revenues: $877,655 4. Project Hard Costs: $5,166,000 herein are not guaranteed and include information from others which $105,006 =========== 5. Increment Base: $4,920,000 has not been verified for accuracy. Actual results may vary. The TIF and financing programs referenced herein have specific requirements. Availability or receipt of TIF is contingent on numerous factors including decisions of governmental agencies and financial institutions. No likelihood of financial feasibility or success is expressed or implied.
C. Commitment for Financing
First National Bank
One with You.
April 9, 2010
Mr. W. David Scott
Capitol Rows, L.L.C.
c/o Tetrad Corporation
11422 Miracle Hills Drive, Suite 400
Omaha, NE 68154
Re: Financing of Public Improvements -24th & Davenport
Dear Mr. Scott:
1620 Dodge Street
Omaha NE 68197
402.341.0500
First National Bank would favorably consider providing financing to construct
apartments and associated public improvements at 24th & Davenport Streets,
Omaha, Nebraska. The financing package would include Tax Increment Financing
("TIF") with an amount to be determined.
Please do not hesitate to give me a call if you have any further questions, or require
additional information. We look forward to working with you on this transaction.
Sincerely,
FIRST NATIONAL BANK
Scott W. Damrow
Vice President
D. Proforma
Included in Exhibit B
E. Statement
Statement and demonstration that the project would not proceed without the use ofTIF:
As evidenced in Exhibit B, the projected return without TIF is 5.59% and therefore the
Capitol Rows Housing project would not proceed without Tax Increment Financing
assistance.
F. 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 Capitol Rows project is located in a designated Blighted and Substandard
Area of the City of Omaha.
2. The project must further the objectives of the City's Comprehensive Plan.
The Capitol Rows Housing project results in the redevelopment of 1.30 acres
located centrally between the Joslyn Art Museum and Creighton University.
The project will create a total of 82 urban rental residential units -60 one-
bedroom and 22 two-bedroom; a 1,300 square foot commercial space; and a
secured 94 stall parking lot. It will further reinforce the overall success of the
Joslyn, Central High School and Creighton University neighborhoods and will
extend much needed public improvements to areas located east of 24th Street
between Chicago and Davenport.
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 the 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.
As demonstrated by Exhibit B, the Capitol Rows Housing project is not
economically feasible without the use of Tax Increment Financing. Since the
project is a supporting residential element of the Joslyn Art Museum and
Creighton University neighborhoods, there are no site alternatives for the
project.
5. The project will eliminate an actual or potential hazard to the public. Hazards
may include condemned or unsafe buildings, sites or structures.
The 1.30 acre site exhibits deteriorating sidewalks and alleys, an aged storm
sewer dating from the turn of the 19th century and an isolated network of
streets.
As detailed below, the Capitol Rows Housing project meets five of the discretionary
criteria as set forth in the City of Omaha's Tax Increment Financing Guidelines and
qualifies for a 15-year amortization period.
Discretionary Criteria:
1, The Capitol Rows Housing project will create one new business and
approximately 2.5 FTE new jobs.
2. The Capitol Rows Housing project is located within Downtown Omaha, an
area that has been designated as blighted and substandard.
3. TIF proceeds will be used for the construction of all public improvements
required by the City of Omaha's Planning and Public Works Departments.
4. The Capitol Rows Housing project area displays conditions of blight and
constitutes an economic and social liability detrimental to the successful
development of the Joslyn, Creighton and Central High School
neighborhoods.
7. Upon completion of the proposed improvements, the Capitol Rows Housing
project's commercial space will be occupied by a new business within the
City of Omaha that will create 2.5 FTE jobs.
G. Preliminary Site Plan, Building Plans and Elevations
I-LU LU c:.:: I-<fl I 1-"'1"" N SITE PLAN EB ~o· O' H:\2010\10017\de!ilgn\10017 _sl~.l'MO. 4/12/2.010 10:39:57 AM, tccldm, Adobe PDF.pcJ 5> =·~ =-omttH 11£T-...u {----ONE NAY TRAFFIC. ( H I .,,..--..... """' ___,...,. @] ~ c A EXTERIOR PA TIO G 0 IB ~~ llJr s "" "'Tl' T R E E GAPITOL HILL APARTI-ENTS I-EIDER HALL T D A V E N P 0 R T ( (-~ ---,..., (-~ S I T E I s T A T I s T -1 c s I Zoning-CBD U N I T I s T A T I s T I c s -1 TOTAL UNIT TYPE S.F./UNIT UNITS total S.F. 1 bed/ 1 bath 639 60 38,340 2 bed/ 2 bath 954 22 20,988 Retail 1,278 1,278 I 82 60,606 I total units total s.f. PARKING ANALYSIS: New ON SITE SURFACE PARKING : 94 ACCESSIBLE SPACES (per code) : 4 BUILDING STATISTICS: 24TH STREET TOWNHOMES: BUILDING "A" 1-3 Floor 4,256 s.f. TOTAL 12,768 s.f. 24TH STREET TOWN HOMES: BUILDING "B" I-1-3 Floor 4,653 s.f. LU TOTAL 13,959 s.f. LU c:.:: DAVENPORT TOWN HOMES: BUILDING "C" 1-4 Floor 11,082 s.f. I-TOTAL 44,328 s.f. <fl oTYPICAL Is T R u c T u R E · I z N N ~YERTIGAL GIRGULATION ~35TORY5TR!X;11JRE S T R E E DD TWBED TWO BATH 954sf 51N6LE 6ED 51N6LE 6ATH 639sf CAPITOL ROWS 24TH & DAVENPORT -1i-1.,,.: t)·\ c::=~ HBA + ___ * __ _ \"\iTRic \!li"0T ? "i 0017 04/12/. 0
It•-•-<-( CONCEPTUAL ~:GPLAN EB H:\2010\10017\deslgn\10017 _dvll.dWg, 4/12/2010 9:33:'12 AM, toddm, Adobe PDF.pcJ -rl ®I Shade Tree 30' -40' ht. Ornamental Tree 15' -20' ht. Flowering Shrub 1 O' -12' ht. Evergreen Shrub 3' -4' ht. Native Grasses 2' -4' ht. ® -l CAPITOL ROWS 24TH & DAVENPORT -1r1. 11i.. . n: .~ H BA + ___ * __ _ \"\iTIITc \~ P-:T 1 "JO l J4/ 1 2/ C
41'-2" f lb'-10" q'-611 181-1011 f 1' ~ 1' ~ lB Gl05ET I ~ ...,,., 1 BEDROOM 6 3 9 S . F . 1 BED I 1 BATH UNIT PLANS ~ O' 8' 16' 0111 lJ 'I lM"6 ~ 1 BEDROOM 639 S.F. 1 BED I 1 BATH P:\proposals-2009\!'0933 • Cbpltal Hiil liouslng\deslgn\P0933_unlt plans.dwg, 4/2/2010 11:30:33 AM, toddm, Adobe PDF.pc3 56'-IO" 181-1011 q'-6" 18'-10" q'-8" raJ LMN9 b I ~ ~I~ i6 ~ D ~ jl ""'! ' tg;gJ II '-' Li tl11 '.-' LI~~~!!!!!!!!!!!!!il!!!!!!!U L""" D I BEDROOM 639 S.F. 1 BED I 1 BATH 2 BEDROOM 954 S.F. 2 BED I 2 BATH CAPITOL A P A R T M -ff·-:l i•:«d Di"·'-ic>pnwn: A\11· l·llZS'I H I L L E N T S + ~HBA :<.::933 Cl1/U2/ 10 "" N £.\;;! n_ "'-
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H. Development Schedule
Attached is a preliminary development schedule for the Capitol Rows Housing project.
Completion of buildings and site improvements is anticipated to be accomplished during
2010 and 2011 with occupancy of leased spaces occurring in August of 2011.
A B CI D N 0 Q T u v w x y z AAIUl~l~IAflMl~l~l™l~l~l~IW BE BF BG BH Bl BJ BK -lrretrad Development t: ~· ,, ; l ~ ., ! ' ..., ----•===== AMERICA FIRST Real Estate Group r--,..:c11tt:ec1 1 [ County J .=ompletcc 79 Schematic Design 80 City Comments Returned 82 Review Meeting with PlanningfT.l.F. 83 Review Meeting with Planning 84 Review Meeting with Public Works 86 TIF Application 87 TIF Committee 88 Redevelopment Plan PB Agenda 89 Redevelopment Agreement 90 City Council (Plan) 92 Introduction CC Agenda 93 Lay-over for Advertising Advertise 94 Public Hearing & Vote 95 City Council (Agreement) 97 1st Reading CC Agenda 98 2nd Reading 99 Public Hearing & Vote !100 Planning Board 101 Submit Zoning (CBD) 102 Submit Minor Plat 103 Sum It Vacation of ROW 104 Site Plan Review 105 ACI Review 106 Board Review 110 City Council Approvals ~-------------'I ..,.PlanlncBoardApproval 112 Release of Easements 113 1st Reading I -1->I CCAgenda 114 2nd Reading 115 Public Comments & Vote Oty Council Approval 116 Record I 128 Complete Sitework and Foundaions 129 Grading Permit (demo; earthwork; utilities) Gradig Permit Approval (critical) 132 Complete Contract Drawin!l_s 134 Building permit Building Permit Approval (critical) 1371Construclion Phase 1381 I Award Contracts; Mobilize 14 1391 I Begin Demo; Earthwork; Utiliities 22 1411 I Foundations 19 142 Paving 26 1431 I Enclosure 2 1441 I Finishes 6 1451Completed Project 146 Preliminary Milestone Schedule 04.15.lOds
I. Public Improvements
Public improvements are estimated at $350,000 as described in the attached Section B -
Project Budget.
J. Articles of Organization
STATE OF
United States of America,
State of Nebraska } SS.
NEBRASKA
Department of State
Lincoln, Nebraska
SECRETARY OF STATE
This certificate is not to be construed as an endorsement,
recommendation, or notice of approval of the entity's
financial condition or business activities and practices.
ARTICLES OF ORGANIZATION
OF
CAPITOL ROWS, L.L.C.
( 1ii1in fi11iii1111n1i1iiii 1-111ru1ff111
1000977860 Pgs: 1
. CAPITOL ROWS, L. L .C.
\ .. Filed: 04/08/2010 04:40 PM
The undersigned, desiring to form a limited liability company (the "Company") under the
Nebraska Limited Liability Company Act (the "Act") hereby states as follows:
Article I: NAME
The name of the Company is Capitol Rows, L.L.C.
Article II: PURPOSE
The Company may conduct any lawful business as allowed by law.
Article III: PRINCIPAL PLACE OF BUSINESS
The principal place of business of the Company in Nebraska is 11422 Miracle Hills Drive, Suite
400, Omaha, Nebraska, 68154.
Article IV: CAPITAL CONTRIBUTIONS
Capital Contributed. The total amount of cash contributed to the Company by the members as
stated capital is $100.00 and no property other than cash was contributed.
Additional Contributions. The members may make additional contributions to the capital of the
Company at such times and in such amounts as the members may determine in accordance with the
Operating Agreement of the Company.
Article V: ADDITIONAL MEMBERS
Additional members may be admitted to the Company by the members at such times and upon
such te1ms and conditions as are provided in the Operating Agreement of the Company.
Article VI: MANAGEMENT AND ADMINISTRATION
The business and affairs of the Company shall be managed by a manager. The administration and
regulation of the affairs of the Company shall be governed in the Operating Agreement of the Company.
The name and address of the initial manager is Tetrad Corporation, 11422 Miracle Hills Drive,, Suite 400,
Omaha, Nebraska, 68154.
Article VII: REGISTERED AGENT AND OFFICE
The name and address of the registered agent of the Company is Robert W. Rieke, 500 Energy
Plaza, 409 South 17th Street, Omaha, Nebraska, 68102.
EXECUTED by the undersigned Organizer on the 7th day of April, 2010.
Robert W. Rieke, Organizer
W536144
K. Financial Statement
April 19, 2010
Mr. Paul Kratz
Omaha City Attorney
1819 Farnam Street
Suite 804
Omaha, NE 68183
Re: Capitol Rows, L.L.C. 's Financial Statements
Dear Mr. Kratz:
This letter is in response to your request for a copy of Capitol Rows, L.L.C.'s financial statements as part
of the TIF Application. Capitol Rows, L.L.C. is privately held and was formed for the ownership and
management of the Capitol Rows project at 24th and Davenport Streets. Tetrad Corporation, the
managing member and majority owner of Capitol Rows, L.L.C. is also privately held. However, Capitol
Rows, L.L.C. and Tetrad Corporation agree to permit access to such information for review at its office
located at 11422 Miracle Hills Drive, Suite 400, Omaha, NE .
The City of Omaha agrees that it will not disclose, communicate, or reveal to any other person, firm, or
corporation, and will not use any of Capitol Rows, L.L.C.'s or Tetrad Corporation's information, directly
or indirectly, for any purpose other than to consider the proposed business relationship, without the
prior written consent of Capitol Rows, L.L.C. or Tetrad Corporation.
If you should have any questions or concerns regarding this matter, please feel free to contact me.
Gail K. Hawkins
Senior Vice President,
Tetrad Corporation, Manager
LOCATED IN; IM1/•Nll1/•~2'2-15-13 PRELIMINARY PLAT REEDS CAPITOL lots 1 and 2, Being a repkrtting of lots 1, 2, J, 4, 5 ond 6, inclusive, Block 50, Original City of Omoho. TOGETHER WITH the west 14.00 feet of vocoted 22nd Street adjoining Lot 1 on the East. AND ALSO the vocoted nOl'"th 14.00 feet of vocgled Dovenport Street abutting Lots 5 gnd 6 on the south. TOGETHER WITH Lots 1 ond 2, Block 364, Original City of Omoho, ANO ALSO the vacated East-West glley abutting said Lots 1 and 2, Block 364 AND ALSO the vocaled East-West Alley abutting said Lots J, 4, 5 ond 6, Block 50, AND ALSO the north hall of the vocoted East-West alley abutting said Lots 1 and 2, Block 50 on the south, ANO ALSO the remaining west 14.00 feet of 22t1d Street right of way abutting the north and south ~nes of the eicisting vacated west 14.00 of 22nd Street right of woy, ANO ALSO vocoted 23rd Street abutting said Blocks sioa:.~ c..,w.,1-.w ·::::;~~~"·:··· If.CS>·;;.~~ ·,L .,,. c-1t(St1-1i~~ .. "((HE,..2'•'·1ll.~~ Y. r,,.rr-\--"'" ~S:~ \ -=-~~ IC(IM)-,1.~07~ ~··ti~~ ll"{ENtJ•,~f7,:, ':."::::::l~r -·111919 It l((->•1116-'2 "' 1S"ll()P -Ot .. 11o1o1-wihhoo<I --1111.a !g !I~ I ... "' ------]-, -·-"~"·r·~. Sl=•l1.lUl7 l[(E)•1~22.l9 . '· .,:::~~~ ,--9: ~ .::l~:~11 l[(N)•;;.1-::.~ K(lolf.)•;~33-~l 1 -~..:.:':':.~ ,,. ~:i ,· "-'~\!':.'~ -· -..::.·.; •. ' ~-·~~.· .. 7t. i '' 50 and 364, AND ALSO the vocated North 14.00 feel of Davenport Street abutting Lol 2, Block 364 all being subdivisions, as surveyed, plotted and recorded in Douglas County, Nebraska L '~~~~~~r~" ·5=: .,-~. . ,'( e ~i~'' ~.,,-r-;?--~~ '"' ~",. ; r:-77 i <:;.;; ___ .i7C¥ .· __ ___, ·s . _CC. ~. _dili _ ijl§fii"""ft"" co (") ~ Tiiis ..,._91-. obte,.,.d -ne• ol oo-OflCI ..i~;lltt -tot 1 ... llMoofkl.....,,......,.. No..,opoMlbiJlya<-"olitylo.,.....neclbjllhoou....,... !wlholaih,.. ID ----•-/r><..tlity ~-... ,,llH>ovh lhll' =9~. c-tocl"On&Coll"(•a2-l"4-»&5}P"...,lo...,..,......,1..,.o" = 2.AUANGltSAl!C90'lltl.EllSOTHEllWIS£N01[0 .l PISTANC£S »Ill .o.NGLts SHllfW>I N -NTHES(S Mf?R lO [.\5[\j[lfi5-4 SCHOOL DISTRICT (OWNER) GO '°" I[) u 0 ,-1 Ill SCHOOL DISTRICT (OWNER) GO 5 <--->I ' ~ ~ LEGAL QESCRlpT!ON Lo!ol,2,3,•,Sol'>dS,ln< ... olvc,-k:SO,Orio;llftalCltyofOmo!la, TOGCTHUWlft11!1•-•114.00feetof""°"l..:122ndSlreetad)oW1191.ol l onllHl[olJl.At.,IOALSOll>e""°"IO<l""tlh\4,00IH\ofvo<OtedO-potl Sl .... abulUnqLl>bS-6on11>eooulh,TOllElttUWITHlOIS1o"°2, llloc-3&4,QriolnolCllyofOm ..... ,ANllALSOth•-d[•l-W.11~ ob~l\lrlgl oold loi. 1 and 2, lllon 364 N<ID ,tJ,SO IM -od [Gil--\ Moyobul.t.119-loltl,4,Sand6,81ff-5(1,,\l<lb"1.S01hll11Drlhhalf oflflo10>COlet1EolJl-W.•lok)ootouUlngooldlot11ond2,B""'':so"" Ille ....,1h,Al<l().tJ.$(111H1r1molil1n9-o114.00 feel of 22nd s1...,1 rigllt of ""I' olKIHlnq lho north ond •""'h lino• ol '"° -llr>O ¥OOolcc! •HI H,00 of22rdSltOOl<lglltol-.ANllAL$0-o!cd2lrd51...tolKIHlfllllOld ~~~ !'.t::! ~!t2~:.-~!":.i1~ .~~.te,: =~=-"P"" plol!od<Hldrocordodln bouotoeC-ty,~b ... to. llll'li'6. ~ .IOSLYNl'!IOP£RTIU lll(MfA!tNl.MSTRW ~>fEH102 CAPl'f0l.ROW$,LLC 11U2MlfitoO.CLt~llltM:,SUITt400 OW.MA.N[H1~ ~ lAUl',ll'fNENISONl<A5SOCIA.T£S,IN;, 14710WCSfOODll[NQllJ),SUITt100 OW.W..NEEIAASKt.681~-21127 ZllHllili OIMW. PUBU:: "'>WC" D6l!llCT 44'1Slllmil6THS1R[[lW.U. mwu.,~ la102-2247 lol(TROPOUrAN1JTIL111[$01S1111CT 310050UTH61S1AYOll,I[ 0~'1[ 118106-3821 MtTROPOLITANUltUTIESDISTlllCT 3100SOUTH•1$l'AY£NU£ OW.W.,NES11106-ll21 u= <:< • WATE"w.NHOLC 1-G ElolfJICClo.C'f P1111>fE . "'" r I> . !:;. CORNEllSrt'{~8"REBAI! ~sV~~~mc UNL£SSllOT£001H[l!WISE) --llllUNPN!TLW( = ;:; 0 0 I" u "! ~ ~ " ~ ~ ~=1 ~ &.!:,; ~ ~ ~ .~ ~ !! < <Id H ~ "''° ~ r. ~ c -g<I (;: o! 0: J~ j ~l ::;\ ~~ N[!l .,,z g~ ~z m::> :g8 ~V> _J :5 12"' ~g ~§1 <>:O >-I~ ::; a_ "' "' a_
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LOCATED IN; Mlfl/4Hfll/4S.C.22-15-13 PRELIMINARY PLAT REEDS CAPITOL Lots l and 2, Being a replatting of Lots l, 2, J, 4, S ond 6, inclusive, Block 50, Original City of Omoha, TOGETHER WITH the west 14.00 feet of vacated 22nd Street adjoining Lot 1 on the East, AND ALSO lhe vocoted north 14.00 feet of vacated Davenport Street obulting Lots 5 ond 6 on the south, TOGETHrR WITH Lots 1 ond 2, Block J64, Original City of Omaho, ANO ALSO the vocoled East-West alley abutting said Lols 1 and 2, Block J64 AND ALSO the vocoled Eosl-Wesl Alley obutling said lots J, 4, S and 6, Block SO, AND ALSO the north half of the vacated East-West alley abutting said Lots 1 and 2, Block 50 on the south, AND ALSO the remoining west 14.00 feet of 22nd Streel right of way obutling the north and south lines of the existing vacated west 14.00 of 22nd Street right of woy, ANO ALSO vacated 2Jrd Street abutting said Blocks SO and J64, AND ALSO lhe vocoted North 14.00 feel of Dovenporl Street abutting Lot 2, Block J64 all being subdivisil)f\s, as surveyed, platted and recorded in Douglas County. Nebn:isko -.::.~"'\.. I I ~NTERSTATE ~; RIGHT-;;;..,9....K-WAt L ·:~~~~~~~:.: 1'. r;,"'1'f.Ji"' ;;:::u;. ll[l)-111MM ,.. 2•"llCI' -1\I~ .,._.........__~--=---,,._._ 1• • ~--»i--"l---~....,..___ , • / ----~ ~::~~(il ~~->'·;!'!. ,' ?5f '7;~.,.:;r,, %:t$C· ' ·iJ<-~. i'f ~45£¥)~;~~.'" • ~· •• _, __ ,/ / ,. I ~ ·"~'· .•• , ,_,;., .~.. • ji~~r rll'"~ s ...... _ ... ~1~}~ \ -=-~ l[JNl(j·;:.~ ll(W$11)·1w::; lt(tllt)-2~'.01~ ··"'""~r I[(~-.·~.·~ t._ -1o111-d·-llWll•111t.M I ii® I rf\ £(W)•!Ui.15 \V 2•"11CP (!') ~~2:1'~!~ ~=:~;is..! JJilLII!'....Mf Tlllo d-lfto IM!-. -IW<I 0¥ldeoc• ol H-1 Giid utllllleo .. klont ol lhO. 1i .... r • ......,..w,.11or .. poulbllllyorliol>lli!J'lo.,..u..Ubjllhoo........,.... lerlho I..., lo -""l'butltc!Mrtloo Olld/.,ulllty~-_,,tlloyghllloy ;;::: :;,~1. Co..tod "O ... Coll" (4D2-344-~65) ,...1 .. ,., ....,. -IM H ~ 1,~0l$TANCC>AACSHOW>llllD£t:ao\O.lr£CT. 2.ol.l..l.ANIOUSAA(IKJIJl&.USOlHERWISCNOTCD. 3. DISJ.ulCCSAND.\llGILSSlttlWN INPNlf:Ntl'lSES REFER TOWDmns. 4 S=R~ISTRICT GO ,_,, • ~ ~ ' 1? r lO 60 lfr.Al QfSCRIP!tON l.ot11,l,J.4,5-ll,lno......_,lioek!IO,O<lrjlno1CllJ'el~ TOGCltt[Rll"lfMtho-1114.00ltel.ol-e<IUndS\tHlodjlllr*'9LCll1 .., lho [HI, AND Al50 IM i""::~lle "::;11,1~:1fofWITll_,.:.: ~...:rt -o.ANDAl.SOlho_,,,_d[Oll-W..lolio,. ,81ock3'41#fOAl.SOU..-dCMl-WHI 4,5-l,111Mk50,ANOAt.501M"°"hhoH ...,_"'9Nldlol11-2 .... k500ll lh1""1h,ANDA1.$0lh1lallMllrlir19 ... t1.a.OOloo1ol2Znr15ltnltl<;ihlof ...,.._u,,.tt•enorlhoflCl1..,llllLM'lelllw...ts11n,......t•d-114.0ll •' 22nd S(<H\ rirjhl ol -· ANO At.SO _ ...... 2.lnl S1ree! •n111g ~old flloel!S50-JH.AllDAl.S01M-1dlW!h14.00leelolDcM,..ort S11 .. I011lltllrlol.ol2,Blocl<J'4oNb01nto........-..,.1..._.i, flolted1flClt10or<l1dlftOoue1o1Cow11Q>,~k"' lllltl.tl! ~ iOSl.YJI "'0HltllCS 1004fAlt-STRCCT OkW-l'..NE6810l ~~M=i:~ORl'IE,SUlfC400 OMAHA,NEMlll4 ~ lAMP,JrrNfNISON6'ASSOClt.TES.NC. !4110wtSTOODG(RQ.t.0,SUlft:10D ~lj(llRASICAH15'1-202J ZOl!IWli CIO-ACl-2(PL) OW.Ml PUllUC PQW(R DISTRICT «4$CC.llltll1HSJRCCTMAl..L DWW..NE Q102-224J ~A .. 111!U1\BDISlRICT ~100 SOOTH llST .wtNl.IC OW.W..NE: HIOll-Jl21 M[l-.:MJJAlltml111[51JlSTRICT ll0050llTHl1S'IAYOIUC OWW.,NE U\Oll-3521 ~ t1 llGHTl'Ol.l l;> 9 W~lElt IMllHOLE -Q-111 ltl.U'H(ltl[Rl5Ell • POWEii PUU. BOX IB l£lll'HQilERAISER D E~l'HDllt m PCllllEltTIWm'OIMJI "" .r I. . A COllNOSl"l'(~a·RulAA W/1 1/4" 't"(W)W PU.s11C CAI' SlAW'fO LS-5~1, UNl.m NOUD OTHCltWISE) --DDUNMRYUIE = :l! 0 0 ., u ., ~ ~ ; &ii ~ ii :~ ;:::; ~ 8 --~ "( ';; Nffi ~·;g-gz = ~-c-;a o~ 5 J ~ ~s ~it ~8 p:::; O..o _..U> o:J:!~....1:5 s ;;;: i f?e> c. 2 .. ~=> ....:i :c5 u8 -gi:f 'liiill t:l :i <t:O ~ ~~ :::; a. ~ ,... ................ 0110016.01-00J book pegm 10016. 1-5 ..... 04-09-2010 efieet 1 ol 1
Chair.Person
Board of Commissioners
, Douglas County
LC2 Civic Center
1819 Farnam Street
Omaha, NE 68183-0001
Chairperson
Omaha Public Schools
3215 Cuming Street
Omaha, NE 68131
Chairperson
Board of Governors
Metropolitan Community College
3000 Fort Street
Omaha, NE 68111
Chairperson
Board of Directors
Papio Natural Resources District
8901 South 154 1h Street
Omaha, NE 68138
President
Educational Services Unit 1
3215 Cuming Street
Omaha, NE 68131
Chairperson
Metropolitan Utilities District
1723 Harney Street
Omaha, NE 68102
Chairperson
Metro Area Transit Authority
2222 Cuming Street
Omaha, NE 68102
Chairperson
Omaha/Douglas Public Building Commission
City of Omaha, :Ne6rask,a
Buster Brown
City Clerk
1819 Farnam -Suite LC 1
Omaha, Nebraska 68183-0112
(402) 444-5550
FAX (402) 444-5263
CORRECTED
"NOTICE TO TAXING AUTHORITY"
Notice is hereby given that the Omaha City Council has set Tuesday, July 20,
2010 at 2:00 p.m. as the date of Public Hearing on the Capitol Rows, LLC Tax
Increment Financing Redevelopment Project Plan.
The Capitol Rows, LLC Tax Increment Financing Redevelopment Project Plan
provides for the redevelopment of under-utilized parcels between 22nd to 24th
Streets, Chicago to Davenport Streets that will result in the creation of 82 new,
market-rate apartment units, and a commercial space for a new business within
an urban residential village setting on the northwest edge of downtown Omaha.
Tax Increment Financing in an amount up to $765,000.00 will be used to offset
the cost the project. The total project cost is estimated to be $10,081,259.00.
A copy of said plan is available for public inspection in the City Clerk's Office.
Public Hearing will be held before the City Council of the City of Omaha, in the
Legislative Chambers, Omaha/Douglas Civic Center, 1819 Farnam Street,
Omaha, Nebraska.
Buster Brown
City Clerk
Chairperson
Board of Commissioners
Douglas County
LC2 Civic Center
1819 Farnam Street
Omaha, NE 68183-0001
Chairperson
Omaha Public Schools
3215 Cuming Street
Omaha, NE 68131
Chairperson
Board of Governors
Metropolitan Community College
3000 Fort Street
Omaha, NE 68111
Chairperson
Board of Directors
Papio Natural Resources District
8901 South 154 1h Street
Omaha, NE 68138
President
Educational Services Unit 1
3215 Cuming Street
Omaha, NE 68131
Chairperson
Metropolitan Ut'llities District
1723 Harney Street
Omaha, NE 68102
Chairperson
Metro Area Transit Authority
2222 Cuming Street
Omaha, NE 68102
Chairperson
Omaha/Douglas Public Building Commission !-/\AILING LIST REC[IVED & -// -I o
EECEIVED BY ~~ ~( ~
1J,i\l~:NG fvlf,Ot &' ~
f~'l\TE MAIL[=D ___ '7"""'-.·_, d-::::_cf,,__-_/'...;.O ___ _
City of Omalia, :Ne6rask,a
Buster Brown
City Clerk
1819 Farnam -Suite LC 1
Omaha, Nebraska 68183-0112
(402) 444-5550
FAX (402) 444-5263
"NOTICE TO TAXING AUTHORITY"
Notice is hereby given that the Omaha City Council has set Tuesday, July 13,
2010 at 2:00 p.m. as the date of Public Hearing on the Capitol Rows, LLC Tax
Increment Financing Redevelopment Project Plan.
The Capitol Rows, LLC Tax Increment Financing Redevelopment Project Plan
provides for the redevelopment of under-utilized parcels between 22nd to 24th
Streets, Chicago to Davenport Streets that will result in the creation of 82 new,
market-rate apartment units, and a commercial space for a new business within
an urban residential village setting on the northwest edge of downtown Omaha.
Tax Increment Financing in an amount up to $765,000.00 will be used to offset
the cost the project. The total project cost is estimated to be $10,081,259.00.
A copy of said plan is available for public inspection in the City Clerk's Office.
Public Hearing will be held before the City Council of the City of Omaha, in the
Legislative Chambers, Omaha/Douglas Civic Center, 1819 Farnam Street,
Omaha, Nebraska.
Buster Brown
City Clerk
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C-25A
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, underutilized property within these
neighborhoods; and,
WHEREAS, the Capitol Rows, LLC Tax Increment Financing Redevelopment
Project Plan requests that the City of Omaha authorize the use of Tax Increment Financing (TIF) in
support of the redevelopment project that takes under-utilized parcels between 22nd to 24th Streets,
Chicago to Davenport Streets to create eighty-two new, market-rate apartment units, and a
commercial space for a new business within an urban residential village setting on the northwest
edge of Downtown Omaha; and,
WHEREAS, the City of Omaha TIF Committee reviewed and recommended the
approval of the Capitol Rows, LLC Tax Increment Financing Redevelopment Project Plan for the
redevelopment of the project site located between 22nd to 24th Streets, Chicago to Davenport Streets
(See Attachment 1 for the legal description and survey of the site); and,
WHEREAS, the Capitol Rows, LLC Tax Increment Financing Redevelopment
Project Plan was approved by the Planning Board at their June 2, 2010 meeting subject to conditions
to comply with current City of Omaha Ordinances; and,
WHEREAS, this Resolution seeks your approval of the Capitol Rows, LLC Tax
Increment Financing Redevelopment Project Plan which recommends the City's participation
through the allocation of TIF in an amount up to $765,000.00 to offset the cost of site preparation,
site development and related public improvement costs as may be required as indicated here in
Exhibit "A" and attached hereto and made a part hereof; 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,
By ........................................................................................ .
Councilmember
Adopted ......................................................................... .
City Clerk
Approved .............................................................. .
Mayor
C-25A
CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha, Nebraska
Page 2
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
THAT, the attached Capitol Rows, LLC Tax Increment Financing Redevelopment
Project Plan for the redevelopment project that takes under-utilized parcels between 22nd to 241h
Streets, Chicago to Davenport Streets to create eighty-two new, market-rate apartment units, and a
commercial space for a new business within an urban residential village setting on the northwest
edge of Downtown Omaha; and the plan recommends the use ofTIF in an amount up to $765,000.00
to offset the cost of site preparation, site development and related public improvement costs as may
be required as described in the redevelopment plan attached hereto and made a part hereof,
containing a provision forthe 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.
APPROVED AS TO FORM:
~r CITY ATTORNEY
Plnlsfl 40 I-res
By ...... ~~;;;~ji;b~;······
Adopted ......... ~ ... Z .. O.}.QJO. .... ~ .... -.· ...... .
~~~ k?/..:<'¥6'
Approved .... ~.~ .. ::-.
~ · Mayor
v/. NO ......... ?.J1,. ............ . Resolution by ................................................... . •. Res. that the attached Capitol Rows, LLC Tax Increment Financing Redevelopment Project Plan for the redevelopment project that takes under-utilized parcels between 22nd to 24th Streets, Chicago to Davenport Streets to create eighty-two new, market-rate apartment units, and a commercial space for a new business within an urban residential village setting on the northwest edge of Downtown Omaha; and the plan recommends the use of TIF in an amount up to $765,000.00 to offset the cost of site preparation, site development and related public improvement costs as may be required as described in the redevelopment plan attached hereto and made a part hereof, containing a provision for the division of ad valorem taxes under Section 18-2147 through 18-2150, Revised Statutes of Nebraska, as recommended by the City Planning Department, be and hereby is approved. Plnlsfl 40 I-backing Presented to City Council JUL 2 o 1.0iO -Adopted ?-o JUN 2 2 2010 . c/v~r 3·;;;;;;z;···7~;3//C;·4;. -0k~~/1 ~Ad Jc k/.'.~. ~·· v.l/IJtf~f /:~ ~.~. &v/.?c'/ 4k i2£4' 0 ~/-. _/J .J ; JUL . O .-Y/co?Y 'V'J ~~v~ &/,le ·. ~,ZP 7~~o ,70/' L-10/'/~~a' ~k .~~/.1 .. )$.l~t.?. .:Ze. .. z74 ~d'/lea/1/~ a/l//ec/ -? -o /Jujfer Brown City Clerk ,#~/~Sc /'" s