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RES 2016-1216 - Ames Row Houses TIF redevelopment project plan oN`IA,HA,NFB� -, , ; Planning Department t Omaha Douglas Civic Center f« 1819 Farnam Street,Suite 1100 ` �, v s t2*. 2 i 6 p 1 9 I;"= 4* 1 Omaha,Nebraska 68183 o -tom t i f (402)444-5150 0'k Telefax(402)444-6140 '1rFD FEBit A ". James R.Thele City of Omaha Director Jean Stothert,Mayor August 30, 2016 Honorable President and Members of the City Council, The attached Resolution transmits the Ames Row Houses Tax Increment Financing (TIF) Redevelopment Project Plan for a redevelopment site located at 5801 Fowler Avenue. The project is an infill development utilizing a vacant 1.09 acre parcel one block north of Ames Avenue, adjoining the Ames Plaza development. Ames Plaza LLC intends to build a housing development consisting of 12 townhome-style residential units arranged in three structures that will contain four units each. The project will utilize Low Income Housing Tax Credits (LIHTC), and will serve as housing for lower income veterans. All households living in the units will be at or below 60% of the area's median family income (MFI), and a quarter of the units — four of the twelve — will be occupied by households with incomes below 30 percent of the area's MFI. The new construction represents an investment of more than $2.6 million in a site with a current assessed value of approximately $10,200.00. The project includes the construction of curb, gutter, sidewalks and some greenspace recreation area. These public improvements total approximately $85,000.00. The Planning Board recommended the approval of this Redevelopment Project Plan at the July 6, 2016 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 $90,433.00. TIF will be used to offset TIF eligible expenses such as site demolition, utilities, architectural and engineering fees, and all public improvements as required. The project includes an estimated $367,490.00 in TIF eligible expenses. The total project costs are $2,631,806.00, but are subject to change as final costs come in. Your favorable consideration of this Resolution will be appreciated. Respectfully submitted, Referred to City Council for Consideration: 1 / D ames R. Thele )4 Date Mayor's Office Date Planning Director Approved: �-�� ,,,-_ / ate I " ,„ S ephe B. Curtiss Robert G. Stubbe, P.E. Date Finance Director \ — Public Works Director 2395 dlh Notice of Publication: September 1, 2016 and September 8, 2016 Public Hearing: September 20, 2016 F� _sg i 8 �� fYm@r"L Z$ _ [174Q <_ a:2; 3 eo <i=w--L,d_o=z ' f•- s E10 o= W n a ! E i' fi t gg _ �C " ! ! 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IN : i li '2I I , M.man WNW -� \---- 6C'J g a Li — �. le - M,Ma fOa� �� ».. m,iwi to,w6" w,�. „..s I1 N,:br Doc ��y- C� I I I I I (II J II{ I I ,�mpTax FEE 15J FB DEED 20071139917 Date /a'P Cio .COMP ± t DEL SCAN, .FV 1 LI By / r _;EF L..J 2007 1 J:.1U F C Received-DIANE L.BATTIATO Register of Deetls.Douglas Cody.NE 9/26/2007 15:10:50.25 WARRANTY DEED I 0"71 771 • KNOW ALL MEN BY THESE PRESENTS THAT DANIEL F.LINDSAY and u YY 99 SIMONE I.LINDAY,Husband and Wife,and MILO PAUL VACANTI,JR.,and NANCY ANN VACANTI,Husband and Wife,herein called the Grantor,whether one or more,in consideration of One Dollar and other valuable consideration received from Grantee,does hereby grant, bargain,sell,convey,and confirm unto AMES PLAZA,LLC,A Nebraska Limited Liablity Company,Grantee,whether one or more,the following described real property: The East 156.42 feet of the West half of Lot 77;except that part of Lot 77 taken for Ames Avenue;the East 156.42 feet of the West half of Lot 78;the East 156.42 feet of the South 73.75 feet of the West half of Lot 79;the North 104.5 feet of the East 163.8 feet of Lot 78;the South 73.75 feet of the East 163.8 feet of Lot 79;the North 55.75 feet of Lot 79;the South 114 feet of Lot 80;the North 15.5 feet of the East 203 feet of Lot 80;the South 119.5 feet of the West 150 feet of Lot 82;the North 15.5 feet of the West 150 feet of Lot 83,except the East 85 feet thereof;the South 114.0 feet of Lot 83,except the East 85 feet thereof;the South 119.5 feet of the East 203 feet of Lot 81;the North 106.5 feet of Lot 84,except the East 85 feet thereof;the Smith 23 feet of Lot 84,except the East 75 feet thereof;the East 75 feet of the South 23 feet of Lot 84;the South 23 feet of Lot 89;Lot 85,except the East 75 feet thereof;Lot 86,except the East 75 feet thereof,and except that part of Lot 86 taken for Ames Avenue;the East 15 feet of the South 25 feet of Lot 78;the East 15 feet of Lot 77;the East 75 feet of Lot 85,aid the East 75 feet of Lot 85, except part taken for Ames Avenue,all in Benson Heights,An Addition to the City of Omaha,As Surveyed,Platted and Recorded in Douglas County,Nebraska, part of which is sometimes described as: Units 5804, , 4 and 5906, Ames Commercia dominium Property Regime,a Condominium org ' der s of the State of Nebraska,in the City of Omaha,Douglas Coun raska,p aart o Master Deed and Declaration filed August 10, 198 ' ook 1736 at Page 483,and Am t to Master Deed and Decla ed September 21, 1984 in Book 1739 at Page 43 , To have and to hold the above described premises together with all tenements,hereditaments and appurtenances thereto belonging unto the Grantee and to Grantee's heirs and assigns forever. And the Grantor does hereby covenant with the Grantee and with Grantee's successors and assigns that Grantor is lawfully seized of said premises;that said premises are free from encumbrances except covenants,easements and restrictions of record and all regular taxes and a�t�i o i special assessments,except those levied or assessed subsequent to date hereof;that Grantor has right and lawful authority to convey the same;and that Grantor warrants and will defend the title to said premises against the lawful claims of all persons whomsoever. Dated this ig day of September,2007. /)vI�L,O AUL VACANTI,JR.,A Married Person 4 .5*(7.013/ NANCY ANN VACANTI,A Married Person DAME F.LINDSAY,A Marred P r n SIMONE I.LINDSAY,A Marri on STATE OF NEBRASKA ) )ss. COUNTY OF DOUGLAS ) The foregoing instrument was sworn to and executed before me this f2'day of September, 2007,by Daniel F.Lindsay,Nancy Arm Vacanti,Milo Paul Vacanti,Jr.,and Simone I.Lindsay, as their free and voluntary act and deed. GENERAL NOTARY-State of Nebraska of ublic //l J MY Comm. E NI Oct STOVER,2009Co scion Expires:/�%J�� MY Comm.E ,Oct 15.2OO9 Return to: MRT#5 EXHIBIT "B" AMES ROWHOUSES TIF REDEVELOPMENT PROJECT PLAN 5801 FOWLER AVENUE AUGUST 2016 O AHA.MF 11 �► ak7 ef �Ir�*Os O - If;yc :ra '•• ti 04'0RD FEBRU"`�4 PLANNING. OMAHA Jean Stothert, Mayor City of Omaha James Thele, Director Planning Department Omaha/Douglas Civic Center 1819 Farnam Street, Ste. 1111 Omaha, Nebraska 68183 INTER-OFFICE COMMUNICATION City of Omaha,Nebraska Planning Department TO: Chairman and Members of the Planning Board FROM: James Thele,Planning Director DATE: June 29,2016 SUBJECT: AMES ROW HOUSES TIF REDEVELOPMENT PROJECT PLAN 5801 Fowler Avenue Case#C3-16-162 Project Description The project involves new construction of twelve 3-bedroom attached single family rental units in a townhome or row house configuration,with three structures on the site,each containing four attached units. The gross building area is 19,320 square feet. The 1.09 acre north Omaha site to be redeveloped by this project is presently vacant. The row houses are approved as a LIHTC project,and are intended to serve as housing for local veterans. All units will be restricted to households at or below 60% of the area median income(AMI),and 25 percent of the units will be set aside for tenants who are at or below 30%of the area median income. The site fronts a minor residential collector street (Fowler Street), and is surrounded by single family homes on three sides. The south (rear) parcel boundary abuts the back side of commercial developments that front Ames Avenue, including the Ames Plaza TIF project. The project budget includes $367,490 in TIF eligible costs. The public improvements are estimated to cost$85,000. Residential Unit Information Single-Family Attached Rental Number of Units Three Bedroom 12 Total 12 The applicant anticipates construction completion by March,2017. Employment Information The applicant does not anticipate the project will create any new permanent jobs (FTEs), nor that it will result in the retention of any existing permanent jobs. The number of construction and related jobs to be created during the construction phase is estimated at 20. No Building Permit will be issued based on a site plan that does not comply with the provisions of the Zoning Ordinance. 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 DS 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. DEPARTMENT RECOMMENDATION:Approval. ATTACHMENTS General Vicinity Map Project Plan DS 8 CASE: C3-16-162 APPLICANT: Planning Department on behalf of the City of Omaha REQUEST: Approval of the AMES ROW HOUSES TIF REDEVELOPMENT PROJECT PLAN LOCATION: 5801 Fowler Avenue SUBJECT AREA IS SHADED - JULY 2016 R4(35) Z-11- iR3,_•-• L1_'. I3N-A-K3 1I-■-s-R3. . . ve1 d.-a-R3L■-. 'Cr R31:' . _ --_ - _—-_._ ran - in, 6 . . . ■ i ■ ■ I ■ ■ -;' ■ R3— ■ ■' • ' R3 • ■ 2 I I —r I -La rimore Ave — r • . 1 • •• • • \ . • • • I • • ■ ■ _DR ♦♦ R3 .j, ■ R3 �� p ■ ■ . ■ ■ ■ ■ ■ ■ 7+ ■ ■ • . ve i R3 R3 I I ■ i p ■ i,'P i cG ■ ■ .R3+ a R7 I 1• I ■ I GC • r ' 1 GC , 1 R3 • • r ■ i iku . win • • _ AmesAve_ �� _.._ — _ . p . . . II,. . . . . . ■ ■ r".2) t GC i I GC '_ — GC • Q•� � I R4(35) ;CB v R4(35) —_ i omaha N Eked 0 700A PLANNING Feet in m IN,fn Cr, ". ,s cr M 7 ` V 4i NI V to ^ (Y1 N ,, C ' O ref rt a� N l0 01 lI1 NIj1itY1 ti' .- vN 7�.4h - - 7 Q0 m m MCCt .-, N if v .ter - 0 ▪ . m a 0 0 a N� Ln a s y• � 0 Say ricA,� l� v'7 c �' ci f N 0 ,.. M. _ y n Ln ry d r n i o . - m c 5 C. N yl - 'L� .�^ t G is, . c r. _ 4 C : i.r: e-y N W R 0 N t2 ^ Sl'1 i Ln -F-+ iD '" - - NAa, La w Ln O x !� I"--., INN N. lJ COS G IN o U1 LA 0 VO y '' SVh i� 'h xi - N ,n N • N NA :r x c .n 7e L s x o 0 00 _ < oo to �r x C 0 sI r F. ,r7 tigrallel 1641., r Q M ("Ni NF;3117z;t «. it ,, t•J P,Ot 3`ity •1:7. 7 .44 r• - INTER-OFFICE COMMUNICATION Date: June 7, 2016 To: TIF Committee: James Thele,Stephen Curtiss,AL Herink,Paul Kratz,Robert Stubbe,Todd Pfitzer, Cassie Paben, Gail Braun From: Don Seten-City Planning Applicant: City of Omaha Planning Department Project Name: The Ames Row Houses TIF Redevelopment Project Plan Location: 5801 Fowler Avenue Request: The TIF request is for up to $90,433, at an interest rate of 5.0%. Using the current levy rate of 2.23039%and other assumptions of the TIF calculation spreadsheet supports the TIF request. See attached TIF calculation spreadsheet. 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 in compliance with the Master Plan, appropriate Ordinances and development regulations of the City. This redevelopment project plan represents an infill redevelop opportunity to develop a mostly vacant site in an established neighborhood for the purposes of constructing new apartment units. This project will be designed to complement a stable residential neighborhood. The density added to this neighborhood will provide alternate housing options for the local area market. Ultimately, this project plan will enhance the tax base for various taxing jurisdictions. TIF will be used to offset the costs of property acquisition, site preparation, site utilities, architectural and engineering fees and public improvements as required. The total estimated project costs are $2,631,806. TIF eligible costs are as follows: TIF Eligible Costs-Estimate Land $110,000 Site Work $119,790 Architectural& Engineering $125,000 Market Study and Appraisal $ 9,200 Total $363,990 TIF fees $ 3,500 Total TIF Eligible $367,490 Public Improvements—Estimate (in table above) Storm Sewer $25,000 Sanitary Sewer $25,000 Green Space Recreation Area $15,000 Sidewalks $20,000 Total $85,000 The TIF is 3.4%of the total project costs. Recommendation: Approval Project Description The project will redevelop a 1.09 acre vacant North Omaha site with the construction of twelve 3-bedroom attached single family rental units in a townhome or row house configuration, with four attached units in each of three structures on the site. It is a LIHTC project intended to serve as housing for local veterans. All units will be restricted to households at or below 60%of the area median income(AMI),and 25 percent of the units will be set aside for tenants who are at or below 30%of the area median income. The site front a minor residential collector street(Fort Street), and is surrounded by single family homes on three sides. The south(rear)parcel boundary abuts the back side of commercial developments that front Ames Avenue, including the Ames Plaza TIF project. Residential Unit Information Single-Family Attached Rental Number of Units Three Bedroom 12 Total 12 The applicant anticipates construction completion by March,2017. Employment Information Permanent Jobs(FTE)to be CREATED - Permanent Jobs(FTE)to be RETAINED - Permanent Jobs(FTE)to be RELOCATED - TOTAL - Anticipated Annual Payroll N.A. Estimated number of construction and related jobs to be created during construction 20 phase Project Finance Summary- Sources& Uses Sources of Conventional Loan, First National Bank, 5.0% $ 566,267 TIF Financing: First National Bank, 5.0% $ 90,433 LIHTC $ 1,828,356 Deferred Developer Fees/Owner Equity $ 71,750 Donated Construction Materials & Services $ 75,000 Total Sources of Funds $ 2,631,806 lists Land $ 110,000 Building Contract (Construction) $ 1,428,000 Site Work $ 119,790 Capitalized Interest $ 73,154 Architecture & Engineering $ 125,000 Contingency $ 71,400 Market Study and Appraisal $ 9,200 TIF Fees $ 3,500 Other Soft Costs $ 691,762 Total Uses of Funds and Total Project Costs $ 2,631,806 Final Valuation Discussion Per the applicant and their discussions with the Douglas County Assessor and with an appraiser, the final valuation of the twelve (12) 3-bedroom LIHTC apartment units is based on per unit per annum (PUPA) taxes estimated at$850 per unit. The result is an anticipated net project valuation of$453,345. Land Use and Zoning The site is presently vacant. The proposed land use will be twelve residential townhome/rowhouse units arranged in three structures of two to three stories. The current zoning is R-5 Urban Family Residential. No changes in zoning are anticipated. Utilities and Public Improvements Standard utilities(electrical, water, sewer)exist at the site; utility connections will be necessary. Public improvements related are as follows: • sidewalks, • storm sewer, • sanitary sewer, • green space recreation area g stalls along Cuming and 14th Streets, and Transportation No transportation issues noted. Mandatory Criteria.from the application Mandatory Criteria#1: The project is located within an area that has been designated a Community Redevelopment Area. Community Development Law 18-2103(20)states that"community redevelopment area"means a "substandard and blighted area which the committee redevelopment authority designates as appropriate for a renewal project." The project site is located in a community redevelopment area and satisfies the Community Development Law's definitions of a"substandard area"and"blighted area." The project area qualifies as a"substandard area"under 18-2103 (10)because the combination of the high density of population and the dilapidation, deterioration, age or obsolescence,of the majority of the buildings in the area is conducive to crime and ill health, and is detrimental to the public safety and welfare. The project area qualifies as a "blighted area" because it satisfies the requirements of both 18- 2103(11)(a)and(b). The project area satisfies subsection(a)because the combination of certain factors, specifically,the presence of a substantial number of deteriorating structures,deterioration of site and other improvements in nearby commercial lots, and diversity of ownership, substantially impairs the sound growth of the community and retards the provision of quality housing accommodations. The project area satisfies subsection(b)because the average age of the residential units in the area is at least forty years. Mandatory Criteria#2: The use of Tax Increment Financing will not result in a loss of preexisting tax revenues to the city and other taxing jurisdictions. All of the revenue which will be utilized to pay the Tax Increment Financing note will come from additional valuation on the site resulting from the improvements to be constructed on the site. The tax received from the increased taxable valuations will be more than sufficient to support the Tax Increment Financing and will not result in a loss of preexisting tax revenues. Mandatory Criteria#3: As set forth above,the project is not economically feasible without the use of Tax Increment Financing. TIF provides a necessary gap financing that is critical to the capital stack due to the project already utilizing a conventional loan that is at the maximum LTV of 75%and the lack of viable alternate subsidies for residential developments. Mandatory Criteria#4: The project furthers the objective of the City's Master Plan by providing housing. H. 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); The current property tax system is able to accommodate the development. The use of Tax Increment Financing for this project will not result in the loss of tax revenue for Omaha. The current level of taxes will continue to flow to the current taxing entities and the only increase value of revenues resulting from the improvements will be applied to the eligible costs. Furthermore, the long-term benefit resulting from an increase in the tax base from the development is another valid reason to approve TIF assistance for this project. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives; The proposed TIF will be used to offset site acquisition, site development, and public improvement cost, all of which are eligible expenses. The project will not generate additional community/public service needs. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project; This development will positively affect employees of firms in the area of the redevelopment project as it will increase the availability of below-market rate housing for low to moderate wage employees. Furthermore,the development will also attract prospective employees to the area,thereby increasing the pool of prospective employees for local employers. 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; and, This development will impact employers and employees outside of the redevelopment project because the housing portion of the project will result in a concentrated consumer base that other firms will seek to target and a new housing option for employees of such firms. 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O ul..ul N In nl N a In Ill ul m ul n M m u)m ul O ul.-I N N m M N a In m L d d Z LL W = o - N ni at in td r; to of-'o"" "I N"en-'a rn a u H `� _�Xp F,7', d a ❑ O c XFit zrn° wwu Ames Plaza, LLC Tax Increment Financing New Construction Ames Row Houses 5801 Fowler Avenue Omaha, NE 68104 May 2016 1 Ames Row Houses Omaha, Nebraska Project Directory Owner Ames Plaza, LLC (subsidiary of White Lotus Group) 105 North 31 St Avenue, 1st Fl. Phone: 402-408-0005 Omaha,NE 68131 Fax: 402-344-2861 Contact: Arun Agarwal 402-408-0005 Contractor Ronco Construction Phone: 402-397-9109 1717 N. 74th Street Omaha, NE 68131 Contact: Zak Olsen 402-397-9109 Architect Studio 951, Ltd. 800 P St., #203 Phone: 402-477-1666 Lincoln,NE 68508 Contact: Dave Johnson DaveJohnson@studio951.net 2 TIF APPLICATION Project Name: Ames Row Houses Project Addresses&Legal Description(per Douglas County Assessor): 1. 5801 Fowler Avenue,Omaha,NE 68104:City of Omaha,Benson Heights Lot 86,Block 0,N 15.5,E 203 Ft, Lot 80&S 119.5 Ft,E 203 Ft,Lot 81 &S 119.5 W 150 Ft,Lot 82&N 15.5 W 150 FT,Lot 83 • Property Owner/Applicant Name: Owner Address: Ames Plaza,LLC 105 N.31st Ave.,Omaha NE 68131 Estimated Total Project Cost: TIF Request: $2,631,806 $90,433 New Construction: Yes Proposed Project Size: Rehabilitation: No Gross Sq.Ft.(bldg(s)): 19,320 Net Sq.Ft.(Bldg(S)): 16,800 Acres: 1.09 LIHTC Project:yes Market-Rate Project:no Historic Tax Credit Project: no Current Use Current Zoning 5801 Fowler Avenue undeveloped R-5 Current Annual Real Estate Taxes(2015 tax year): $217.90 Current Assessed Tax Valuation: Land: $ 10,200.00 Improvements: $0 Total: $ 10,200.00 3 Biography -Team White Lotus Group White Lotus Group is presently being headed by its principal,Arun Agarwal. As a former investment banker at Prudential Securities,Arun Agarwal focused on healthcare and real estate initiatives. During that time, Arun had conducted a variety of public and private transactions of over$2 billion, including a$100 million private equity infusion towards Brookdale Living Communities with Capital Z Partners. Having developed a strong track record in the healthcare and real estate markets,Arun Agarwal began his own private equity firm in 2002,returning to Omaha,Nebraska,to set up a home base for DANA Partnership. DANA Partnership continues to facilitate projects within the real estate and healthcare markets. The team completed a hotel acquisition and development in Winter Park, Colorado in 2003, a hotel acquisition and renovation in Omaha,Nebraska in 2011, and a variety of other projects including condominiums, self- storage facilities, office and retail space, and multi-family housing. The healthcare initiatives have been growing at an equivalent rate with strong relationships within the sector. Arun Agarwal was a founding partner of Nebraska Advanced Radiology, a free-standing PET/CT imaging business. The facility includes the development of medical office and ancillary services including physician practices, aesthetic laser therapy, surgery, rehabilitation therapy, and pharmaceuticals. In 2004,Arun built the first of nine self-storage facilities(Armor Storage)in Council Bluffs, Iowa and has since built several facilities in Papillion and Omaha. The facilities have a general manager, and utilize the latest technologies for client convenience including web-based security and payment options. Arun was a graduate from the Wharton School of Finance at the University of Pennsylvania in 1998. Studio 951 Dave Johnson is principal in the firm. He is also a member of the American Institute of Architects. Studio_951 has worked on a wide array of commercial, residential, and mixed-use developments including the North Pointe Villas and Spaces. Ronco Construction Ronco Construction was founded in Omaha,Nebraska, more than 35 years ago and has a repertoire of projects that span throughout the Midwest. Office buildings, schools,churches, hotels, restaurants, healthcare and public assembly projects represent the majority of Ronco's portfolio. WLG and Ronco have worked together on numerous projects in the Midwest, including: • Collective for Youth(buildout)-Completed May 2013,approximately 2,000SF • Hotel Deco/Zin Room Restaurant(rehab)-Completed May 2011,97,500 SF • Heartland Workforce Services(buildout)-Completed July 2012,approximately 21,000SF • Ames Plaza Renovation(rehab)-Completed October 2012,approximately 20,000SF • Hindu Temple(rehab)-Completed February 2013,approximately 8,600SF • 7814 Pierce Residence(rehab)-Completed July 2013,4,100 SF • Learning Community(rehab)-Completed September 2016,approximately 6,000SF 4 NARRATIVE A. Description of Project Ames Row Houses will be located at 5801 Fowler Avenue, Omaha, NE 68104. The project will provide 12 units of three-bedroom row houses for veterans in the Benson Height neighborhood, which is also located within the Benson-Ames Alliance geographic boundary area in Omaha. Twenty-five percent(25%) of the units will be set aside for tenants who are at or below thirty percent (30%) of the area median income (AMI). The project's focus is to provide housing that is affordable to very low-income individuals and families and to fulfill the housing and supportive service needs of local veterans, specifically by providing quality housing and employment-related supportive services. Location The project will be newly constructed on 1.09 acres of land. The following is the legal description for the Project Site per the Douglas County Assessor's website: City of Omaha, Benson Heights Lot 86, Block 0, N 15.5, E 203 Ft, Lot 80 & S 119.5 Ft, E 203 Ft, Lot 81 & S 119.5 W 150 Ft, Lot 82 &N 15.5 W 150 FT, Lot 83 The project site is not located in the North Neighborhood Revitalization Strategy Area(NRSA); however, the census tract(63.02) is in a Community Redevelopment Area (CRA) as well as an"area of minority concentration" (AMC), in which 50% or more of the population is a racial minority or is Hispanic, as defined by the City of Omaha. This project is located adjacent to a commercial development that was renovated by Ames Plaza, LLC. Ames Plaza, LLC, leases commercial space to Heartland Workforce Solutions, a Nebraska non-profit corporation, and Planet Fitness Center. Heartland Workforce Solutions will offer supportive services to the development's tenants. Heartland Workforce Solutions will coordinate with the project's property management team to offer job training, career development, and job placement to veterans. Additionally, Planet Fitness Center will offer tenants memberships to its fitness facility. Financing and Rent Restrictions The project will be financed with a combination of Low Income Housing Tax Credit, Deferred Developer Fees/Owner Equity,City of Omaha Tax Increment Financing(TIF), and materials and construction services donated by Ronco Construction. All 12 units of housing will be restricted to those at 60%and below the area median income(AMI). Rents will range from$567 for three of 3-bedroom houses that will be set aside for 30%AMI and below tenants and$871 for the remaining nine 3-bedroom units. The project rents are 20%+discounts to comparable area rents. $.Land Use Plan The residential project will consist of twelve units. All units will be three-bedrooms and include garages. C.Zoning-Current and Proposed The Project Site is presently zoned R5- Urban Family Residential. Townhouse residential is a permitted use for R5 thus rezoning is unnecessary. 5 D.Public Improvements The following are the anticipated public improvements: 1. Storm sewer 2. Sanitary sewer 3. Green space recreation area 4. Sidewalks F.Project Timeline. Sources &Uses.and Pro Forma Project timeline: (1)Financial closing: August 2016(2)Construction: August 2016—March 2017: Sources Conventional loan $566,267 Tax Increment Financing $90,433 LIHTC $1,828,356 Deferred Developer Fees/Owner Equity $71,750 Donated Construction Materials&Services $75,000 Total Sources $2,631,806 LIM Land $110,000* Building Contract $1,428,000 Site Work $119,790* Capitalized Interest $73,154 Architectural&Engineering $125,000* Contingency $71,400 Market study and appraisal $9,200* TIF fees $3,500* Other soft costs $691,762 Total Uses $2,631,806 Construction Budget Building Contract $1,428,000 Site Work $119,790* Capitalized Interest $73,154 Contingency $71,400 Public improvements $85,000 Storm sewer $25,000 Sanitary sewer $25,000 Green space recreation area $15,000 Sidewalks $20,000 Other Site Work $34,790 Total TIF Eligible Expenses* S367,490 6 3 Year Pro Forma Summary Year 1 Year 2 Year 3 Net Revenue 110,083 112,285 114,531 Total Operating Expenses 53,456 54,938 56,464 *Annual Property Taxes Post-Rehab:$10,200.00 Net Operating Income 56,627 57,347 58,067 Post-Rehab Valuation and TIF Request: The new construction valuation is$453,345. This is based on discussions with the Douglas County Assessor and an appraiser, Valbridge,that current per unit per annum(PUPA)taxes of comparable new construction LIHTC properties are $850. Using this PUPA standard and the applicable levy,the $453,345 is a reasonable new construction valuation. Current assessed value of the land is $10,200;the consequent incremental value is $443,145. Based on obtaining a TIF loan at a 5% interest rate,the total overall loan, inclusive of capitalized interest, is$90,433. F.A statement and demonstration that the project would not proceed without the use of TIF: it should be in the form of an ROI analysis with and without TIF FinancinEi Total development costs are estimated to be approximately $2,631,806. Without Tax Increment Financing("TIF"),this project cannot move forward. The TIF Request is $90,433. The remaining funding sources are deferred developer fees aka owner equity, low-income housing tax credit equity, a conventional loan,and donated construction services and materials. The project cannot proceed but for TIF primarily because the financing of the project through additional conventional loan proceeds is not feasible due to the fact the current loan is already at the maximum loan to value amount of 75%. Furthermore, raising of project rents to increase the amount of conventional loan proceeds the project could obtain would disqualify the project from qualifying for low-income housing tax credits and therefore make the project unfeasible. Here,the limited income generated from the rent-restricted residential units cannot be increased given NIFA's requirement that 25%of the units be set aside for 30%AMI and below tenants in order for the project to be eligible for the CRANE program(Collaborative Resource Allocation of Nebraska). 7 With TIF Without TIF Loan 566,267 566,267 Equity 1,900,106 1,990,539 TIF 90,433 Donated materials and services 75,000 75,000 NOI 56,627 56,627 Debt Service 41,387 41,387 Additional Debt Service CF 15,240 15,240 ROI 0.802% 0.766% * Additional Debt beyond 575,000 is not viable based on local lenders providing a maximum loan of 75%Loan To Value (LTV) G.Evaluation Criteria: Mandatory Criterj Mandatory Criteria#1: The project is located within an area that has been designated a Community Redevelopment Area. Community Development Law 18-2103(20) states that"community redevelopment area"means a"substandard and blighted area which the committee redevelopment authority designates as appropriate for a renewal project." The project site is located in a community redevelopment area and satisfies the Community Development Law's definitions of a "substandard area"and"blighted area." The project area qualifies as a"substandard area"under 18-2103 (10)because the combination of the high density of population and the dilapidation, deterioration,age or obsolescence, of the majority of the buildings in the area is conducive to crime and ill health, and is detrimental to the public safety and welfare. The project area qualifies as a "blighted area" because it satisfies the requirements of both 18-2103(11)(a)and(b). The project area satisfies subsection(a)because the combination of certain factors, specifically,the presence of a substantial number of deteriorating structures, deterioration of site and other improvements in nearby commercial lots, and diversity of ownership, substantially impairs the sound growth of the community and retards the provision of quality housing accommodations. The project area satisfies subsection(b)because the average age of the residential units in the area is at least forty years. Mandatory Criteria#2: The use of Tax Increment Financing will not result in a loss of preexisting tax revenues to the city and other taxing jurisdictions. All of the revenue which will be utilized to pay the Tax Increment Financing note will come from additional valuation on the site resulting from the improvements to be constructed on the site. The tax received from the increased taxable valuations will be more than sufficient to support the Tax Increment Financing and will not result in a loss of preexisting tax revenues. 8 Mandatory Criteria#3: As set forth above,the project is not economically feasible without the use of Tax Increment Financing. TIF provides a necessary gap financing that is critical to the capital stack due to the project already utilizing a conventional loan that is at the maximum LTV of 75%and the lack of viable alternate subsidies for residential developments. Mandatory Criteria#4: The project furthers the objective of the City's Master Plan by providing housing. H. 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); The current property tax system is able to accommodate the development. The use of Tax Increment Financing for this project will not result in the loss of tax revenue for Omaha. The current level of taxes will continue to flow to the current taxing entities and the only increase value of revenues resulting from the improvements will be applied to the eligible costs. Furthermore,the long-term benefit resulting from an increase in the tax base from the development is another valid reason to approve TIF assistance for this project. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives; The proposed TIF will be used to offset site acquisition, site development, and public improvement cost, all of which are eligible expenses. The project will not generate additional community/public service needs. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project; This development will positively affect employees of firms in the area of the redevelopment project as it will increase the availability of below-market rate housing for low to moderate wage employees. Furthermore,the development will also attract prospective employees to the area,thereby increasing the pool of prospective employees for local employers. 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; and, This development will impact employers and employees outside of the redevelopment project because the housing portion of the project will result in a concentrated consumer base that other firms will seek to target and a new housing option for employees of such firms. I. Employment information and Unit Mix Description Estimated FI'L4 Estimated PTE Estimated #of construction 20 jobs Type Square Footage Units Price 3 Bedroom 1,400 9 $ 871 3 Bedroom (30%AMI) 1,400 3 $ 567 9 Application Attachments: A. Site Plans& Elevations: enclosed B. Alta Survey: enclosed C. Documentation of Ownership or Site Control: enclosed D. Preliminary Commitment Letters for Financing: enclosed 1. TIF 2. Conventional Loan 3. LIHTC (NIFA reservation letter and syndicator commitment) 4. Donated Construction Services and Materials E. Organization Documentation: enclosed F. Reports and Studies: Market study enclosed. G. Financial statements: Ames Plaza, LLC, is a privately held company, however,we agree to permit access to financial information to this entity at 105 N. 31st Avenue, Omaha,NE 68131. The purpose of sharing private financials is solely for the City of Omaha to determine its business relationship with Ames Plaza, LLC. 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This is a project that Great Southern Bank("Lender")would be very interested in further discussing with you. The terms and conditions discussed herein do not constitute a commitment or obligation to lend,but rather are discussion points for additional review and negotiation. Any future commitment to lend on this project will first be subject to full underwriting and due diligence by Lender and approval by the Great Southern Bank Loan Committee;therefore,the terms and conditions below should not be construed as a binding obligation. This letter does not set forth all the terms and conditions of a future credit facility but rather is only an outline, in summary format, of the major points of understanding which will begin to form the basis of a credit facility. Borrower: Ames Row Houses I,Limited Partnership with Ames Row Houses,LLC as the General Partner Loan Purpose: Financing for the development of a 12-unit row house project for affordable living in the Benson Heights neighborhood located in Omaha,NE Guarantor: Joint and several unlimited guarantees of the owners Perm Loan Amount: Up to$566,267 limited to 75%of appraised value Perm Loan Maturity: 15 year term,P&I payments based on a 30-year amortization Perm Loan Interest Rate: 5.25% Construction Loan Amount: Up to$1,935,731 Construction Loan Maturity: 12 months, I/O Construction Loan Interest Rate: 3.85% Construction Loan Fee: %%of the Loan Amount TIF Bridge Loan Amount: $90,433 TIF Bridge Loan Maturity: 15 year term, Principal plus Interest payments based on a I5-year amortization TIF Bridge Interest Rate: 5.0% Collateral: 1'` D/T, AOR, FCBA—Ames Row Houses located in the Benson Heights neighborhood in Omaha,NE Expiration: The terms in this letter shall expire December 1, 2017, and are subject to full underwriting and due diligence by Lender and approval by the Great Southern Bank Loan Committee Financial Information: 1. Borrower will be required to provide an income statement and balance sheet on an annual basis and tax returns as requested. 2. Additionally,the guarantor(s)will be required to provide annual personal financial statements and tax returns to Lender. Additional Required Documentation/Agreements: Prior to proposing the Loan to our Loan Committee we will need the following information/agreements to complete our due diligence and analysis: 1. Any Financial information required to make a decision; 2. Copies of leases. 3. Tour of the project. 4. Negotiation of financial covenants as required by Lender in its sole discretion. 5. Any additional information or documentation the Lender may require in its sole discretion. Closing Costs: Borrower will pay all of Lender's costs associated with the Loan including but not limited to fees and expenses for disbursements, inspections, attorney fees, and filing and recording fees. Borrower will further agrees to pay all out-of-pocket costs associated with any commitment issued by Lender and the preparation of loan documents. Oral or unexecuted agreements or commitments to loan money,extend credit or to forebear from enforcing repayment of a debt including promises to extend or renew such debt are not enforceable, regardless of the legal theory upon which it is based that is in any way related to the credit agreement. To protect you (Borrower(s)) and us(Lender)from misunderstanding or disappointment,any agreements we reach covering such matters are contained in this writing, which is the complete and exclusive statement of the agreement between us,except as we may later agree in writing to modify it. I am looking forward to working with you on this project. If you have any questions or concerns, please feel free to contact me. Sincerely, Jenn E. Kanne Relationship Manager JEK Agreed and accepted this 1 day of May ,2016 Ames Ro HI uses 1, Limit Partner; ip By: N I FA III110 INYESI!'IEIT FINANCE NKr March 18, 2016 Mr. Neeraj Agarwal Clarity Development Company, LLC 144 S. 39th Street Omaha, NE 68131 RE: CRANE Program Ames Row Houses NIFA LIHTC #7-0839 Dear Mr. Agarwal: The Nebraska Investment Finance Authority ("NIFA") has conducted a review of the supplemental information submitted for the Low Income Housing Tax Credit (LIHTC) application for the above-referenced Project. I am pleased to inform you that the Project has been assigned a Category 1 designation. Once assigned a Category 1 designation, a project in the CRANE process is eligible for consideration by NIFA for a conditional reservation of LIHTC's. This consideration will occur at the next scheduled meeting of the NIFA Board at which LIHTC's for the CRANE set-aside are available for reservation. Therefore, NIFA staff will be recommending a conditional reservation of LIHTC's from the 2016 CRANE set-aside for Ames Row Houses at the NIFA Board Meeting on April 15, 2016. NIFA's staff remains committed to working with you as your Project continues in the CRANE process. If you have any questions, please do not hesitate to contact Teresa Kile at 402-434-3916. Sincerely, eithAtateALMINU Christie Weston Deputy Director 1230 0 Street - Suite 200 • Lincoln,NE 68508-1402 - (402)434.3900 • (800)204-NIFA • FAX:(402)434-3921 • ww'w'.nlfa.org El R4 CAPITAL April 28,2016 Clarity Development Company Attn: Neeraj Agarwal 144 S. 39th Street,Penthouse Omaha,NE 68131 Re: Ames Row Houses,Omaha,Nebraska(the"Project") Dear Mr.Agarwal: Thank you for sending the information on Ames Row Houses. We have reviewed the development proposal, find it feasible and would be very interested in pursuing an investment in this 12-unit community. We are always seeking to acquire equity interests in quality tax credit projects.R4 Capital is a nationwide,full-service Section 42 Housing Credit investment and asset management firm whose senior executives have been responsible for the origination, underwriting and management of more than$12 billion of Housing Credit investments for more than 100 corporate investors. They have also syndicated many properties in Nebraska over the past 20 years.We are a consistent long-term equity source with flexible, competitive transaction terms. Based on the information submitted,we expect a Credit price of approximately$0.935 per dollar of Federal Credits available to this project.The total capital contribution(net equity) based on a 99.99%interest in the estimated annual Federal Credits of$195,546 would be approximately$1,828,356. We understand that the Nebraska Credits are from their 2016 Credit ceiling. We look forward to working with you on this and other projects. Sincerely, ‘77(1:id-614144 K.Nicole Flores Executive Vice President R4 CAPITAL LLC 5113 Southwest Parkway, Suite 110,Austin, TX 78735 o 512 575 4750 w www.R4cap.com I .��f CDnistruction Building Excellence Through Teamwork 171/ "forth 1,1' street Crn,iha, NE oil l l Phone:1ti! 3? 9ii'•r Fsx: l(f i' i' www.roncoomaha.com October 26,2015 Nebraska Investment Finance Authority 1230 0 Street,Suite 200 Lincoln,NE 68508 RE: Ames Row Houses-Crane Application Donation of Construction Services To Whom it may concern: This letter shall confirm Ronco Construction agrees to donate$75,000.00 in the manner of labor,materials,equipment or services with respect to the Ames Row Houses Project.Ronco has previously generated a direct costs construction estimate of$1,682,387.00.In this case Ronco would contract for the project in the amount of$1,607,387.00 creating a donation to the project of$75,000.00.This commitment will not expire until May 1,2017. We look forward to working with you on this project. Sincerely, Zak Olsen-President Ronco Construction Scanned by CamScanner 07-07-'09 18,00 FROM- T-203 P01/04 U-268 • Sae of St 4. John A4t4 - LONP pJ- I IIIIII IIIII IIIII IIIII IIIII IIIII IIII1111 1000746158 PBB. 3 AMES PLAZA, u,c ARTICLES OF ORGANIZATION Filed: 09104,2007 01.55 PM OF Ames Plaza, LLC The undersigned, desiring to form a limited liability company for the purposes hereinafter set forth, under and in conformity with the laws of the State of Nebraska do hereby make this written certificate in duplicate and hereby verify: 1. Name. The name of the company shall be Ames Plaza,LLC 2. Duration. The period of duration of the company shall be thirty (30) years from the date these Articles of Organization are filed with the Secretary of State of Nebraska. 3. Purpose. The company is organized to acquire, purchase, lease or otherwise hold,own and sell real and personal property. 4. Principal Pi=B i7ess—Registered Agent and Office. Vit105 North 30 Avenue Suite 101 Omaha,NE 68131 5. Property Contributed. The total amount of cash and property other than cash contributed by the organizational members as capital is described in Exhibit"A"hereto. 6. Additional Contribution. The total additional contribution to be made by all members and the times at which or events upon the happening of which they shall be made are as follows: Additional contributions shall be made in proportion to the percentage of ownership of each member as required under the Operating Agreement of the company. 7. Additional Members. The members of the company have the right to admit additional members from time to time upon the terms and conditions of admission as stated in the Operating Agreement and as may be determined by the members at the time of admission. Except as provided in the Operating Agreement, the interests of the members in the company may not be transferred or assigned.lZ a.r E e r' ivit 0 105 North 31'Avenue,Suite 101 Omaha,NE 68131 07-07-'09 18:00 FROM- T-203 P02/04 U-268 S. Right to Continue Business. I. the event of the death, retirement, resignation, expulsion, bankruptcy or dissolution of a member or the occurrence of any other event which terminates the continued membership of a member in the limited liability company, than by consent of two-thirds (in interest) or more of the members, the remaining members of the company have the right to continue the business of the company, at their election and option. 9. Management. Management of the company shall be vested in its members and they sha1l serve as such until the first annual meeting of m bers or until successors are elected and qualified. ola_ #114/14$14t1 J 10.Internal Affairs. The regulation of the internal affairs of the company are set forth in the Operating Agreement of the company and shall govern the operations of the business and members accordingly. The undersigned,a Notary Public in and for the State of Nebraska, hereby verifies that on the 4th day of September,2007 personally appeared before me,Neena Will,who being by me first duly sworn, declared that she is the person who signed the foregoing Articles of Organization,and he further verified that the statements contained therein are true to the best of his knowledge and belief (t)— Prrittils14 N a Will,Member STATE OF NEBRASKA ) )ss. COUNTY OF DOUGLAS ) Witness my hand and seat SU$}iMp gEuvAtt Game► t ,me Notary Public 07-07-'09 18: 00 FROM- T-203 P03/04 U-268 EXHIBIT "A" Member and Address Capital Contribution Ownership Units Lial e fertfte4 I31411 � °� $1, 0.00 1,000 105 North 31 st Avenue Suite 101 Omaha,NE hS 131 07-07-'09 18:00 FROM- T-203 PO4/04 U-268 STATE OF ___-=Fr` _r inn ,,�, NEBRASKA 41r, li 41111* • '1 R • United States of America, +�;i' aili Department of State State of Nebraska $s- ""1'" Lincoln,Nebraska rr 1 Y '..w4 I,John A. Gal �, ryalof 6 :a certify; �/"jA. {,kW r.r. :\ 4' j'....�r 'ice;~ A. 7 the attach "a t�, G r esf0 ^ anon it 'It;6 ♦'-e S PL �'�,YL. L4' 1, , k .� • W,t•r‘ y�t ;y�i'7�` - wt ♦ aa►.�.%'�>.w � � '� .. '�i 1 ..,A t'�R. t" N. 4 with jr�ole S ed,offak i c. _ted ' . . , ref 's ' r.L Offie f `�gp -T- s►�. •� r * " r . a r ;t ,r t;. '' ,, A - _''''''^ir i�•a-.-r{4 `•91 M t. ».w ',r' ,.".r :*�♦ Of f' , 0 '.✓ ' L --.;"_ .�" 464,7, ' ,ram, * .r ,0 n' 41,6 `h 4,7 x),...: 1.1.4 1 ; •„. �.�vKi4 7-''44 t,,,,- In Tes ' et 4 1 i.`i y�Y Y``?� '' i 4 Y' -• ,er• . +' :. e.?tea` .. nd i '': ;; i`' i 1 , the z�.ea1 of ;�.T. tate y. ' ;\ U I')' fit' ask trSepte i t, ,.. .4 2007. K a� r.r.,�� n ,''.�, vviF S 7'.i r,. �• f SECRETARY OF STATE r r J ` 4 _ „., This certificate is not to be construed as an endorsement, i = r recommendation, or notice of approval of the entity's l 1ri(:i{ ;''k` financial condition or business activities and practices. STATE OF NEBRASKA United States of America, } ss. Secretary of State State of Nebraska } State Capitol Lincoln, Nebraska I, John A. Gale, Secretary of State of the State of Nebraska, do hereby certify that AMES PLAZA, LLC was duly formed under the laws of Nebraska on September 4, 2007; all fees, taxes, and penalties due under the Nebraska Uniform Limited Liability Company Act or other law to the Secretary of State have been paid; the Company's most recent biennial report required by section 21-125 has been filed by the Secretary of State; the Secretary of State has not administratively dissolved the company; the Company has not delivered to the Secretary of State for filing a Statement of Dissolution; a Statement of Termination has not been filed by the 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. In Testimony Whereof, I have hereunto set my hand and 4 k, affixed the Great Seal of the _!-',.c-vtE S `i dry♦, State of Nebraska on this date of 0i & .' -- ETA y `} v .� "t _`'� �� April 19, 2016 n vrs -e rd,''' i -�-T 'ce ff y l l4 � .. .,_ --vim � n / t..y 1"... ;'; :r err4. 1 .2 �. I/� )1!/:,k......________. _ r w [_ ' „,,, Secretaryof State H , I'`li'' Verification ID 9d2c456 has been assigned to this document. Go to ne.gov/go/validate to validate authenticity for up to 12 months. SITE AND PROJECT SPECIFIC HOUSING MARKET STUDY OF Proposed Ames Row Houses LIHTC Project Located at 58th & Fowler Avenue Omaha,Nebraska 68104 AS OF February 26, 2016 PREPARED FOR Clarity Development Co. Attn: Nee raj Agarwal 144 South 39th Street, Suite 2B Omaha,NE 68131 NIFA (Nebraska Investment Finance Authority) PREPARED BY Brian Wilson with Wilson Valuation, LLC 11850 Nicholas Street, Suite 200 Omaha,Nebraska 68154 (402) 932-7121 Fax: (888) 551-2785 E- mail: brian@wilsonvaluation.com ©Copyright 2015, Wilson Valuation, LLC. , .... .„, Wilson I Valuation 11850 Nicholas Street, Suite 200 Omaha,Nebraska 68154 Phone: (402) 932-7121 Fax: (888) 551-2785 E-mail: brian@wilsonvaluation.com February 26, 2016 Clarity Development Co. WV Project#1015-072-1 Attn:Neeraj Agarwal Site and Project Specific Market Study 144 South 39th Street, Suite 2B Proposed Ames Row Houses LIHTC Project Omaha,Nebraska 68131 Omaha,Nebraska 68104 Dear Mr. Agarwal: At your request, this site and project specific market study has been provided to be used for decisions regarding application for LIHTC and other sources of funding for the above referenced project. The following report will summarize the supply and demand in the area, and conclusions specific to the proposed project's feasibility and appropriateness. I have performed over 150 appraisals and market studies of similar LIHTC housing projects in the past 5 years in Kansas, Oklahoma, Iowa, and Nebraska, where I am a licensed real estate appraiser. Within these appraisals and market studies, a supply and demand analysis was performed considering the feasibility and appropriateness of the subject development. I have worked for numerous LIHTC developers and lenders performing these assignments. Further credentials and experience is located in the Addenda. Sincerely, -"&r:„..__, (iJ — Brian Wilson Proposed Ames Row Houses L1HTC Project 58t&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 3 TABLE OF CONTENTS TABLE OF CONTENTS Executive Summary Scope of Work Site Description Project Description Site Photographs Market Area Description and Analysis Supply and Demand Analysis Comparable Rental Analysis Analysis of Operating Expenses Certification Assumptions, Methods, and Sources ADDENDA Qualifications and License Proposed Ames Row Houses LIHTC Project 58t1i&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 4 EXECUTIVE SUMMARY LOCATION: The subject site is located at 58th& Fowler Avenue in Omaha,Nebraska. (See maps, following pages). LEGAL DESCRIPTION: Briefly described as Lot 86, Block 0, and portions of Lot 80, 81, 82 and 83 in Benson Heights in Omaha, Douglas County,Nebraska PROJECT SUMMARY: This project will provide 12 units of 3-bedroom row houses for affordable living in the Benson Heights neighborhood. 11 of the 12 units will be 3-Bedroom, 2 Bath. These 2 story walk-up designs will have basement level garages and laundry room. The odd unit is single story, 3-Bed design with first level garage and a basement bedroom. The rents are targeted for income qualified households at or below 60% of the AMI with a 25%, or 3 of the units, set-aside for below 30% of the AMI. These larger units will appeal to multigenerational and veteran households as well. Site plans include a community garden and playground. The development will specifically market to veterans but not restricted to veterans only. The developer has partnered with Heartland Workforce Solutions, (HWS), located very near the proposed development site, to offer job training, career development and job placement to veterans. Veterans who qualify for assistance under the Workforce Investment Act are eligible for various supportive services and referrals to assist with employment barriers; and pain and unpaid internships and job shadowing. ZONING: The Site is currently zoned as R5 urban family residential district within Omaha's jurisdiction. PROJECTED RENTS: #of Asking Unit Type %AMI Units Rent(Net) 3 Bed,2 Bath 30% 3 $422 3 Bed,2 Bath 60% 9 $726 Total 12 PROJECTED MARKET SHARE CAPTURE: 1.38% ESTIMATED ABSORPTION PERIOD: 12 units in 3 months. OVERVIEW: The proposed Ames Row Houses project is expected to be well received in the market; it is expected to meet demand for new good quality affordable and veteran rental units in the area. It also appears to meet the City of Omaha's overall future housing needs. Proposed Ames Row Houses LIHTC Project 58h&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 5 SCOPE OF WORK Scope of work relates to statement describing the extent of the process in which data is collected, confirmed, and reported. Scope of work includes, but is not limited to, the following: The degree to which the property is inspected or identified; The extent of research into physical or economic factors that could affect the property; The extent of data research; and The type and extent of analysis applied to arrive at opinions or conclusions. Degree of Property Identification and Inspection: The subject site is located at 58th & Fowler Avenue in Omaha, Nebraska as described earlier. According to County records, this location corresponds to the legal description described in this report. I inspected the vacant site, and was provided architectural drawings to help describe the proposed improvements. Type and Extent of Economic Factors Researched: A market analysis was performed using mostly inferred and fundamental methodology relying on published demographic and real estate reports from the applicable local areas. This type of analysis typically relies on instinctive knowledge, historical data and trending, and judgment when forecasting future economic conditions. It was considered appropriate in light of the physical and economic conditions of the subject. An absorption analysis was also performed using current supply and demand information available and conversations with local market participants and property owners. Type and Extent of Data Researched: Building descriptions and floor plan sizes were based on architectural drawings provided. The site measurements were obtained from County records. Other data was collected from public records, conversations with local property owners and brokers, information published in real estate industry publications and my files. Type and Extent of Analysis Applied: A site and project specific marketability analysis was performed considering specific demographics in the area, with income at or below 50% of AMI; the subject's targeted tenant market. There was adequate data available to reach credible conclusions. Conclusion: The conclusions and analyses were reconciled into the final estimate of feasibility, absorption, and appropriateness. A summary of my credentials, supporting the Competency Rule of USPAP, is contained in the Addenda of this report. The Dictionary of Real Estate Appraisal,Fifth Edition,Appraisal Institute,Chicago,Illinois,2010 Proposed Ames Row Houses LIHTC Project 58''&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 6 SITE DESCRIPTION Site Location: The proposed development is located at the 58th & Fowler Avenue in the north central portion of Omaha,Nebraska, Douglas County. LOCATION MAP •Ili • l .1 a z .' - k. ,t Fo 1 rA V_e' a-- a N i, ' _ l ` - Z 2 'a 4 d 1 1 1: y- $. s ♦ 1 - a `-. 4- - Ave la , = e►, - rtea_ . - _ - . Site Size and Shape: The project will be newly constructed on a 1.09 rectangular tract of land. Access: The site will have direct street access from Fowler Avenue located 1 block north of Ames Avenue. According to the 2010 MAPA traffic study, Ames Avenue carries over 20,000 vehicles per day near the intersection of 60th Street. Access was considered good. Visibility: Due to the topography of the site and the commercial land uses adjacent to the site to the south, the site will have only limited visibility to Ames Avenue. Therefore, visibility was considered average. Topography and Drainage: The topography of the site slopes from east to west and north to south. While civil drawings were not provided for review, we assume all site grading and improvements will properly account for any potential drainage concerns. Utilities and Easements: The site is/will be served by all normal utilities (sanitary sewer, water, natural gas, electricity, telephone, etc.) running in the adjacent streets or in easements running alongside the property lines. Proposed Ames Row Houses LIHTC Project 58li`&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 7 SITE DESCRIPTION Zoning: The Site is zoned as an R5 urban family residential district. The R5 urban family residential district is intended to provide medium-density residential neighborhoods with single- family characteristics, while allowing considerable latitude in the physical design of housing. The R5 district permits single-family residential housing, duplexes and townhouses. It is adaptable to both established and developing neighborhoods, as well as to transition areas between single-family and multiple-family development. The R5 district recognizes changes in the form of single -family housing and accommodates these changes. As with other residential zones, it requires review and conditional approval of supporting community facilities with greater traffic generating characteristics than the basic allowed residential use. (Source: Omaha, Nebraska, Code of Ordinances, Part II- Municipal Code, Chapter 55 — Zoning, February 12, 2013) Zoning Map 3 littil i ti*,, O =- N , fowler Ave < GG ate.. :,; a Soil Conditions: Soil conditions of the site are presumed to be adequate for the subject improvements, but we have not conducted any soil testing. See Limiting Conditions in this report as they relate to the value if contamination or poor soil conditions are found. Proximity to Detrimental Influences:None. Conclusion: In conclusion, residential use for the site appears to be the most conducive, given the surrounding land use, zoning, and site conditions. Proposed Ames Row Houses LIHTC Project 58th&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 8 PROJECT DESCRIPTION This project will provide 12 units of 3-bedroom row houses for affordable living in the Benson Heights neighborhood. 11 of the 12 units will be 3-Bedroom, 2 Bath. These 2 story walk up designs will have basement level garages and laundry room. The odd unit is single story, 2-Bed design with first level garage and a basement bedroom. The rents are targeted for income qualified households at or below 60% of the AM with a 25%, or 3 of the units, set-aside for below 30% of the AMI. These larger units will appeal to multigenerational and veteran households as well. Site plans include a community garden and playground. . s; - 0 F`. - t+Lase, 41 -i 17-7 i .2, u3 L J - - o LF^ Y c t N 0 _ t _-: x f LLF Te U r s - I 1 WQ rW Q �- W lidy � miAI . {L1 r iot ca ! ,, y Z r . yT LLJ v s 1-' 17 t --'..- - ' 4' I O. w.s..0`~‘.\\, 1 ! Proposed Ames Row Houses LIHTC Project 581�`&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 9 PROJECT DESCRIPTION ELEVATIONS m o 3 i 1 J -. cl v ss I 11 .}. _� � z' ' '1 y'tt 0 Im � c _+ i I I I £e. VA aict® .r,- IN 111 algal [iP _I II P_MP .�� is ut_ I II I _ II INNt� I11181■1 E , I . I m I I_I ■ i JNiieiil [ C_ __ = Ill IIM T ! i• ' i _ I II ill no I I I■ill■� : g H ` r— _ I ■t !, a , NIJ INIW I • I 1 [ t I NiztEN I i I■ig■1 ■, I Ii ■t IN INN E ' i . I c 1iiIii LTA; 1 : I MI gip' I ., IIir , IItI 1 � , , 1 1 i , C P1: aiz ~ I 1 l EL' ' [ "I n , r; �'Lli iIN 1 o '-- t a a = i. I ■t iI 1t 1_ I I T t 1' I tt� ue Proposed Ames Row Houses LIHTC Project 5811i&Fowler Avenue Omaha, Nebraska 68104 Wilson valuation, LLC. ©Copyright 2015 Page 10 PROJECT DESCRIPTION • ._. ," -' lax 'S r� • `." , to G 2_ tEl l vNpJ „ IL "l l l ' J < , „. , I 1l {' l l lll! L„__�1� 4:: w„; , , I—.• I �tp Ilici rn,m r ItiIrFr i[.7f r 1. 1 ,7�" ' ( 1I one-iy f l I - it, i ' l 1 II ,� 1'i'-fill t_ a 1 1` l I i �f, 1v I ? �, !I I__.-;Ill l 1 ■i 1 it 1 I,�L>LL 'i ' I �; ; 4 II E mil ; ,, II!I II; ' 11 ,, 1 i, . II ! ! I 1 1p 1 ' ! j' ` :.L. r k1!1,11i lit - i 11fl11' ! ' � . Ill ! iiii` Z 1 l ] 1 ) . i.„ Q I !IInlrrl } 1 , mi .,, , d. 1 ■1I ilin Ilintsiii i -HIMI it ;, lilii-.I. ' 1 ,_,,,. "''-I' , N I ,1 I P '` =-i . it Ell t ll(1,1ii111UI,!l ?'lrit Proposed Ames Row Houses LIHTC Project 581h &Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 11 PROJECT DESCRIPTION LOWER LEVEL PLAN(Typical of Units 1-11) [ , e �i I I . Y * �'I� Y r i ,c[• _ , . , _........_., ---, . 1 ,.. . . , s, , .. ... , . 1 • . , i , t —r, . . . , tr- I1 .. . _ I • , r . _ V ._.••_, il _ „. -4 R -,( 1 fir. ..._:, .— ^ 3�'.. ,1.l Ll` - O •7e { I-1 s _ I. 9 w n . % 6 Y Proposed Ames Row Houses LIHTC Project 58`h&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 12 PROJECT DESCRIPTION FIRST FLOOR PLAN(Typical of Buildings 1-11) L=. ems . j.. i..=Y1NR •w s!!1 ` __K_. ..0 a J .- Z � J aQ! y.wt., -ai W Y IogS . . r I . 01I .-t h I ZI ' 17 41-11 7 rt . i _ , u• 1- - :: -.� •' f ? , 1 J d_ �3 11 I— 3 �� Y I II, . f r._ 9 ' _ I , . il.:,_:4 , • ., ::1 *` _ -i. -110 I 0 Cal �: ,., y = moo s. 1 ;l41R a r Proposed Ames Row Houses LIHTC Project 581j`&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 13 PROJECT DESCRIPTION SECOND FLOOR PLAN(Typical of Units 1-11) • . . -_ -- 5 , s 7.=.7:74.1.7.r.r=7,-=.7.=.1.T. _ 0 , •—•1; ,i-—,1--i.i.;-. $ i ''''I "- ci- t,-.-.-' -,-1 .= ..i. 1.-- ac 1 S! • ' r .. - i L 1 i ': ., I; ; ) 1 1- 1 i!. I I' 1 , . -1 4. I k ,__11... ..4 s,./;-2-0 i i t> 4-----L EB-.7. 1 i....... - 7 : E w_______, ,_ _ I -7.,%-• . yi, : 1 __, , 1 , . . - ..7; ---!---'1,, ,,,_,)1 1151. ' 1 , 1 , - , . -. I-11 ' 1 I • . l . .L I ',.i!! .. , I, 1 --I if. .,..i .,...t- ' .., ; • , 0 - : 1 . i '.. _ :71;T •-,i i '., - . i ti • I I ! 1 , 0 ' - - r • ''l :L, 1 i : -I 1-- 1 - , [, u , 1- . 1 ! • - i , N --. . , 1 ,.. _..-_. - • ,..... , - , , ,. I , F-Th 11 , 0 . .,... 1 .. % . , , 1 / . . Proposed Ames Row Houses LIHTC Project 58Ih&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 14 PROJECT DESCRIPTION Lower Level Plan—Building with 3 Bedroom Handicapped Unit .,,. .-, : tr....A.,-..-.4.,-,;,..-.4.1,-,,,...--,,=.4.7...-4,...77, .- ; i ,:i .... .._-_. i 1. 1* i , 4 •.,1 ! I- .1 -----, .1 ; ;E',-.;t- t I- .' , i -r --,- , - LflIJLI-j , , ....—.. .i... ,--- , 1 . . .1 1 : Et_ltri -7 I • ME Jilt !. 1 . - ' - " ' -,1... .... li , 1 _ ' 1 5 • • 11.___••-.:#' ;r, LL. . - ' ' 1777, dettlgaditteeL_ 4"-•44.e - 11111 L.11111 . 1 I I, ,-7----,- ' , - 0 _ r __. if:5 •. , 7...- "I .. '--"'--. ', .-.iiiiiiiii 41'-:. "' - ' '':111INIMIII ' I . - w . , D ,e - 1 1 ..= : I 2- .. 1 .. ,-- ..116/2 .. 4..f7.. ...u-rr: _.. 7-.1, 5, i. I ,n -- . irl. . ± i . I i k;i 4 , _......,.. . ......___g, : . i,-.‘ ti., . , _ . Proposed Ames Row Houses LIHTC Project 581,&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 15 PROJECT DESCRIPTION First Floor Plan— Building with 3 Bedroom Handicapped Unit i- 1 .---.-,_:.`,'.-; ., .i:, 1 ' - •1 -1- . ; . ' '•' i •. k•.1 I,17- - _ :, I IfI- c.i, , i i i 1 -r 71 . 1 i .1.;• 0 , . : - i l• I 1 1- , . — i ,t1.1_.i. .:, .'" 1 - •!: _ . ., . ,- - • i 1 , : , If ,* 0-, ; !I I ! •, .1 ++—;71 ,, 1 ,.., 1 I i • 7,___v, v. _,,_i__ _, f 1 , I, s ,__L_.. I; ,. . 't _ _ _'• '• V4t, -Li , - .1 1 1.1ci i _ -, -1 1 1 : Liii±L-41:;': 1 I — •i ,! i I 1 i7-77;'cl'ii',—L7 ''1- ; 1 , . t- I —..k „ ,7_ ___. - -----,,,A , , 1 — • ET .--- _,._ r ..7.-t, .• I , 1 < iq) c q ,:' i 1,-'11.---w--,-- , ,..____'_._-_,---• " • I t".---1 _ I 1 i . ,—.-- 2 _._,•,... - . -----'v---t-----1 ,-. . ; . d 1 *--• i - , . ' imi . - -, i•—' . _ —_ __ 1 ,.. '.. . Proposed Ames Row Houses LIHTC Project 581h&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 16 PROJECT DESCRIPTION Second Floor Plan—Building with 3 Bedroom Handicapped Unit r i 1 f l 1 1 •---I , .1 1 :r 4 --,—I—.;;.nd; 1 .;F -1,--,1 .11 I ; - ' '• I I 1 1.' -I---.4 T,7 , . . - I ti •Ir - „ -1 , 8 1 , k I II I , I 1' T 1 1. . 1\ _1 ' - i'i 1•'- _, T -,- _1 4_ —11-17-11- 1 ri 1 I 1 1 1 - il „'‘_l.;-'`ja-•,,i-araif!1 t,1,1' _,4_ - .---,4i ji__..1i....,.;-•_;1__ .-1 4. , gLE0i4L,. 11L, ,.,i - • ' ''.' 1--;,- .- ;,, _ ; _--tti_;_,) .... ! , , E., , . - i - Vi_, ' 1 1 i _L>. , _ I_ ----H .......... ; Lr7---, -- • % ; . ; !;?;1--- . . , •X Si --- -,_,-. ' ' g • --, --- 1 -771 1 / I I ....'"7.--S ; . „,- , - , •-; • ;1.111111- . _. si • 4 , . - - - 4 - Et . , , .. Proposed Ames Row Houses LIHTC Project 58" &Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 17 PROJECT DESCRIPTION This project will provide 12 units of& 3-bedroom row houses for affordable living in the Benson Heights neighborhood. 11 of the 12 units will be 3-Bedroom, 2 Bath. These 2 story walk-up designs will have basement level garages and laundry room. The odd unit is single story, 3-Bed design with first level garage and a large lower level family room. The rents are targeted for income qualified households at or below 60% of the AMI with a 25%, or 3 of the units, set-aside for below 30% of the AMI. These larger units will appeal to multigenerational and veteran households as well. Site plans include a community garden and playground. The development will specifically market to veterans. The developer has partnered with Heartland Workforce Solutions, (HWS), located very near the proposed development site, to offer job training, career development and job placement to veterans. Veterans who qualify for assistance under the Workforce Investment Act are eligible for various supportive services and referrals to assist with employment barriers; and pain and unpaid internships and job shadowing. EXTERIOR: Foundation: Foundations are assumed to be reinforced concrete perimeter footings. Structural: The buildings will be wood framed construction with pitched roofs and asphalt shingles. Exterior: The exterior will consist of an attractive combination of brick veneer, smooth cement board siding and lapped cement board siding. Floors: The floors are assumed to be wood subfloor on top of wood floor joists with slab on grade concrete in the basement. INTERIOR: Washers & dryers, stoves, refrigerators, gas forced heating, dishwashers & microwave, window coverings, internet access, security systems, playground equipment, significant landscaping, and on-site storage will be provided. The development will meet the required "Green Standards" for efficiency and sustainability. Electrical/Mechanical: Specific electrical and HVAC details were not provided, but are presumed to include typical 3-phase wiring, with individual sub-panels for each unit. HVAC is expected to be via a heat pump for each individual unit. Plumbing: The bathrooms are expected to have typical apartment fixtures including residential style sinks, stools, and roll in tub/showers. Additionally, each unit is expected to have an electric water heater. SITE IMPROVEMENTS According to the architectural drawings provided, the Site will provide adequate surface parking stalls. The remaining site area will be landscaped with sod, shrubs and small trees. There will be a drive along the south side of the site to allow access to the basement garages on the walkout south side. Proposed Ames Row Houses LIHTC Project 58" &Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 18 SITE PHOTOS s. ! e4. �' Y } _ It '1 ' ; ;,Adett a .x_ T Looking east along Fowler Avenue at the Site 3 K 4 1 O Looking west along Fowler Avenue at the Site r - - !r LL i Looking northwest at the rear of the Site { a t Looking northeast at the rear of the Site Proposed Ames Row Houses LIHTC Project 58t1i&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 19 MARKET AREA DESCRIPTION AND ANALYSIS The Market Area: The market area, for the purpose of this report, is in the north central portion of the City of Omaha. The market area is bound by Interstate 680 on the north, North 30th Street/Highway 75 on the East, Blondo/Hamilton Street on the south, and 72nd Street on the west. MARKET AREA MAP iii, ',.. ,,,,--,,.;,-,-.1-113 , . : i; - '----' ilri._}.— c, 14 jr. :44,4• - 9} ;ice - - 1 -gaw4 Y i _Y �t e r' - tit _ t &I f T^ #3 Y ax 77 �1 ' ._I; a« t 1 i,, , _ _ uy =Olilditd y 1 ,'' r ;r T _ �Y.ir Ei ¢ A +-U wWifi11 • tiII ati.a 41 1 I r. ,, R ,t _ # L -' - i y D _ .r a , t r ,. a ..,..,v4 ._,,,,. ....k....,6.,,lit„...„.., 3„.._,..011,:c.w.; 2,1 : ,74---f- ' ' '., ! -, - '.* . .,,,.., ii, }a Overview: North Omaha is an established area of Omaha with a mostly older housing stock and little growth. Proposed Ames Row Houses L1HTC Project 58`t`&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 20 MARKET AREA DESCRIPTION AND ANALYSIS Social Characteristics: (All demographic data is from stdbonline.com via ERSI demographics) General Population: Table 1 reveals there was a slight reduction in the overall population between 2000 and 2010. However, from 2010 to 2015 the market area population increased at rates similar to the overall metro; they are also forecasted to continue to increase at rates similar to the metro. Table I:Population 2000- 2010 2015 2020 Cep• Census Estimate Fmrcast Mariret Area Number 63,338 60,096 62,184 94,951 Mw"t Area Amami Perms n/a -0.52% 0.69% 8.83% OntaiwiliSA Nwnber 767,041 865,350 900,048 948,281 Percent n/a 1.21% 0.79% 1.05% Veteran Population: Table 2 & 3 indicate approximately 8.8%of the general population are veterans. Among the veteran population, over 91%are male. Table 2:2009-2013 Pamir Total Veteran Non-Vet Pcxulaic -Douglas C 387,883 34,166 353,717 PerreMage 100.0% 8.8% 91.2% Table 3:2009-2013 Gender Mak Few Taal 48.5% 51.5% Veto= 91.1% 8.9% Non-Veteran 44.4% 55.6% Households: Table 4 indicates a similar household trend as population. Table 4:Households(IIH) 20041 201E 2015 2020 Census- Cep mite Forecast hiculket Area Number 23,806 22,916 23,785 24,860 arket Area Annual Percent n/a -0.38% 0.75% 0.89% Omaha AISA Nwnber 294,502 334,379 349,040 368,197 MA Anmtal Percent n/a 1.28% 0.86% 1.07% The development will specifically market to veterans but not restricted to veterans only. The developer has partnered with Heartland Workforce Solutions, (HWS), located very near the proposed development site, to offer job training, career development and job placement to veterans. Veterans who qualify for assistance under the Workforce Investment Act are eligible for various supportive services and referrals to assist with employment barriers; and pain and unpaid internships and job shadowing. The subject can rent to non-veterans, so the general population was included in the demand analysis. Proposed Ames Row Houses LIHTC Project 58 &Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 21 MARKET AREA DESCRIPTION AND ANALYSIS Major Industries/Employment: Civilian Employed Population 16+by Industry Total 27,965 100.0% AgricultureiForesty/FishingiHunting/Mining 82 0.3% Construction 1,972 7.1% Manufacturing 3,208 11.5% ,,Mnoiesale Trade 722 2.6% Retail Trade 3,302 11.8% Transportation/Warehousing/Utilities 1,567 5 6% Information 807 2 9% Financellnsurance/Real Estate/Rental/easing 2,741 9.8% ProfessionaliScientificiMgmt/AdmirvWaste Mgmt Services 2,979 10 7% EducationaUHealtISociai Services 5,953 21.3% Arts'Entertainment/RecreationIAccommodation/Food Services 2,352 8.4% Other Services 1,473 5.3% Public Administration 807 2.9% Economic Characteristics: Income: Tables 3 & 4 detail the market area residents' incomes levels. The data shows the market area population's income levels are consistently lower than that of the general population. Table 5. Atedian fill Income 1990 20 2015. 2020 Census Coma, . it Forecast Market Area N n/a n/a $35,899 $39,911 likaltet Area Annuci Permit n/a n/a n/a 2.14% AA hurter n/a n/a $55,843 $68,217 Ontalta AEA Arnaud Perms n/a n/a n/a 4.08% Table 6:Average I Income c 19f0 2 2015 2020 Cep Estelle Forecast Alirket Area Phoebes. n/a n/a $46,072 $52,691 Market Area kvinal Percy* n/a n/a n/a 2.72% Omaha M f der n/a n/a $72,722 $85,369 attain MU Annual Pervert n/a n/a n/a 3.26% Proposed Ames Row Houses L1HTC Project 58" &Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 22 SUPPLY AND DEMAND ANALYSIS LIHTC Program Restrictions: Under the regulations for the low income housing tax credits, the property must conform to rent limits and resident income limits established by the Nebraska Investment Finance Authority (NIFA). The 2015 limits for the subject are set by NIFA, and identify maximum household income limits and restrict the rents to not exceed the amounts detailed in the following analysis. We sourced the LIHTC rent/income limits below from NIFA with exception of the 30% AMI figures which are not published by NIFA. As a result, we have utilized the Novogradac & Company, LLP's Rent & Income Limit Calculator as found at www.novoco.com/products/rentincome.php for these figures; Utility Allowance: Utility allowances are established by the U.S. Department of Housing and Urban Development (HUD). Utility consumption tends to vary according to certain characteristics such as location, building constriction type and size. To account for such factors, HUD administers utility allowances through the use of local Public Housing Agencies who group dwelling units with similar characteristics into categories and calculate distinct allowances for each category. The developer has estimated $223/month for the 3-bedroom units, which appears reasonable. Maximum Gross Rent: The following tables detail the comparison between NIFA maximum allowable gross rent figures and the proposed Ames Row Houses development asking rents; NIFA Max Rents: NIFA MAXIMUM GROSS RENTS FOR GIVEN# BEDROOMS AMI EFF 1 2 3 4 5 30% $382 $409 $492 $568 $633 $699 50% $637 $683 $820 $946 $1,056 $1,165 60% $765 $819 $984 $1,136 $1,267 $1,398 Proposed Asking Rents: Asking NIFA #of Asking Utility Rent Maximum Unit Type Unit Size(SF) %AMI Units Rent(Net) Allowance (gross) Rents 3 Bed,2 Bath 1,686 30% 3 $422 $145 $567 $568 3 Bed,2 Bath 1,686-1,822 60% 9 $726 $145 $871 $1,136 Total 12 The above tables indicate the proposed utility allowances and asking rents comply with the LIHTC program standards. Proposed Ames Row Houses LIHTC Project 58th&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 23 SUPPLY AND DEMAND ANALYSIS Eligible Households: To determine the number of eligible households for the proposed development,the below market area income analysis was used; Household Occupancy: Table 7 shows owner occupied households have remained relatively stable while renter occupied households have slightly increased and vacancies have simultaneously decreased at similar rates. Tabk 7 HI!Orewancy&Size , 20W 201C0 2015. 2020 Comm Comas- #e Forecast Toted Swaim Uri& 25,178 25,538 26,469 27,686 Owner Ocar�Pta 61.0% 532.6% 49.2% 48.8% Perrot 33.6% 36.5% 42.8% 40.9% Vox&Percest 5.4% 10.3% 10.7% 10.2% IvusehoitiSize 2.61 2.58 2.58 2.58 Market Area Household Income: The following table details the market area household income levels; 2015 Households by Income Number Percent <$15,000 4,662 19.60e.. $15,000 - $24,999 3,428 14.4% 525,000 - 534,999 3,438 14.5114: $35,000 - 549.999 4,242 17.8% S50.000 - 574,999 4,048 17.0", $75,000 - $99,999 2,082 6.8cy. $100,000 - $149,999 1,338 5.6,4 S150,000 - $199,999 387 1.6'. • 5200,000± 160 0.7%. Households by Size: The following indicates a breakdown of persons per household. These figures are from 2010 and are presumed to be relatively similar today. 3 bedroom units are projected to appeal to 2 - 5 person households. 2010 Households by Size Total 22,915 1 Person Household 30.3°!° 2 Person Household 28.7% 3 Person Household 16.3% 4 Person Household 12.2% 5 Person Household 6.9% 6 Person Household 3.0% 7 + Person Household 2.6% Proposed Ames Row Houses LIHTC Project 58th&Fowler Avenue Omaha,Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 24 SUPPLY AND DEMAND ANALYSIS Minimum Household Income Limits: Based on these proposed rents, plus utility allowances, and an average overall rent expense of 30% of total household income, minimum household income needed to afford the proposed rent and the maximum allowable qualifying household income levels are summarized as follows: Asking NIFA #of Asking Utility Rent Maximum Unit Type Unit Size(SF) %AMI Units Rent(Net) Allowance (gross) Rents x Months %of Hill Min Hill 3 Bed,2 Bath 1,686 30% 3 $422 $145 $567 $568 x 12 30% $22,720 3 Bed,2 Bath 1,686-1,822 60% 9 $726 $145 $871 $1,136 x 12 30% $37,560 Total 12 $22,720 Eligible Households: The table below details the number of eligible households for each unit type and income restriction, total income range and total eligible households, and project capture rates. The calculations below have eliminated single person households from the total eligible households for the proposed units. #of NIFA Max Total Renter Eligible Unit Type Unit Size(SF) %AMI Units Min HHI Hill Eligible HH H11% Renter HH 3 Bed,2 Bath 1,686 30% 3 $22,720 $23,610 196 42.8% 84 3 Bed,2 Bath 1,686-1,822 60% 9 $37,560 $43,680 1,109 42.8% 475 Total 12 1,305 42.8% 559 Capture Rate Analysis: According to the National Council of Affordable Housing Market Analysts (NCAHMA), Capture Rate is defined as follows; "The capture rate is calculated by dividing the total number of units at the property by the total number of age, size, and income qualified renter households in the primary market area." It should be noted, the below capture rate was not adjusted to account for any veteran population, so the capture rate would likely be lower once this demographic is considered. #of NIFA Max Total Renter Eligible Unit Type Unit Size(SF) %AMI Units Min HHI HHI Eligible HH ICI% Renter 1111 %Capture 3 Bed,2 Bath 1,686 30% 3 $22,720 $23,610 196 42.8% 84 3.58% 3 Bed,2 Bath 1,686-1,822 60% 9 $37,560 $43,680 1,109 42.8% 475 1.90% Total 12 1,305 42.8% 559 2.15% Proposed Ames Row Houses L1HTC Project 58"&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 25 SUPPLY AND DEMAND ANALYSIS Rent Overburden: The below tables provide by the US Bureau of the Census, Census 2013 detail gross rent figures in the market area as well as what percentage (48.3%) of the population's residents are paying 30%or more of their household income on rent: Gross Rent As a Percentage of Gross Rents in 2009-2013 ACS Household Income in 2009-2013 ACS Omaha Metro Number Percent Omaha Metro Number Percent <$200 1,741 2.5% < 15% 7,682 11.1% $200-$299 1,683 2.4% 15 - 19.9% 9,362 13.5% $300-$499 6,127 8.6% 20 - 24.9% 9,247 13.4% $500-$749 24,732 34.8% 25 -29.9% 9,467 13.7% $750-$999 21,841 30.8% $1,000-$1,499 13,372 18.8% 35%or more 27,068 39.2% $1,500 or more 760 2.1% Not Computed 3,612 n/a Estimated Vacancy Rate When Stabilized: Given the expected good marketability of the subject units, current strong occupancy and high demand,the average stabilized vacancy rate for the subject is expected to be near 5%, or 0-1 vacant unit at any given time. Conclusions: The above calculations indicate the proposed Ames Row Houses LIHTC project needs to capture approximately only a small amount 2.15% of the market area's eligible households. Additionally, there are Section 8 housing vouchers present in the area. These housing vouchers allow households with very low income to afford qualifying rental unit options. The subject units will also help improve the supply of affordable housing options in the area, lessening the rent overburden statistics for the market area. Veteran specific renter demand demographics are difficult to quantify but anecdotally, veteran specific housing is always stated as a need by those services who provide services to veterans. The subject's preference to market to veteran renters should be met with good demand as well as fill a need for housing and supportive services for veterans. Proposed Ames Row Houses LIHTC Project 58th&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 26 SUPPLY AND DEMAND ANALYSIS Existing and Proposed Competing Housing Market: In 2000 the housing stock in the market area were broken down as follows: Housing Units by Units in Structure Total 25.096 1 Detached 20.337 1 Attached 555 628 3 or 4 531 5 to 9 933 10 to 19 619 20, 1.349 Mobile Home 135 Other 9 Housing Units by Year Structure Built Total 25 090 1999 to March 2000 63 1995 to 1998 331 1990 to 1994 308 1980 to 1969 921 1970 to 1979 2.415 1969 or Earlier 21.052 Median Year Structure Built 1954 In 2000, most of the existing housing unit inventory was built before 1970, with a median year built of 1954. Most of the units were single family detached housing. There have been several affordable units added to the market area recently. The added affordable units have been observed as mostly senior housing with the completion of North Omaha Senior Cottages—Phase II. These units were quickly absorbed and property management continues to report strong waiting lists of 100+, further supporting the strong demand in the area, as well as demonstrating successful and timely absorption. The north Omaha area consistently has numerous over 55 household LIHTC projects in application and pending construction. The nearby Cypress Pointe development is building an additional 80 age restricted units in the form of 2 large apartment buildings to complement the existing duplex buildings. These projects have continually been absorbed quickly with no effect on other properties. Another competing property is 27 single- family homes associated with the Village Crown II project also receiving 2014 tax credits. The City of Omaha is committed to adding new housing units to older areas of the City, such as the subject's area. Based on this housing plan, and the overall housing trends in the area, the subject project appears to complement the City of Omaha's overall future housing needs including the need for new affordable housing units in the downtown portion of the metro area. As detailed below, the number of multifamily units built in the City of Omaha has rebounded over the past 2 years, albeit at levels below highs in 2008. Proposed Ames Row Houses LIHTC Project 58`h&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 27 SUPPLY AND DEMAND ANALYSIS Hoak Unit 111Ading Permits for:OMAHA,NE (Doutglas Cry) 2001 2002 2003 2004 2000 2806 2007 2800 2009 2018 2811 2812 2813 2014 1!D 2015 Total Usti 2690 3,111 2,915 2,974 3,462 2,902 2,627 2,657 1,868 1,579 1,834 1,915 2,570 2,453 1,566 Units in SsRie-Fas1y Structures 2,175 2,282 2,581 2,646 2,870 1,879 1,905 1,576 1,542 1,191 1,160 1,305 1,567 1,306 1,019 Data a AO l i-Funtgy Strocts es 515 829 334 328 592 1,023 722 1,081 326 388 674 610 1,003 1,147 547 Units a 2-ask Msdti-Essitly S6netares 8 16 26 18 48 48 22 22 6 18 6 28 22 0 0 Units a 3-and 4-anit Structures 12 12 0 14 35 89 19 24 6 20 6 0 7 0 0 Uats a 5+Unit Multi-Fanuly Structure 495 801 308 296 509 886 681 1,035 314 _ 350 662 582 _ 974 1,147 547 Proposed Ames Row Houses LIHTC Project 58i6&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 28 COMPARABLE RENTAL ANALYSIS There are several income or rent restricted housing developments in the market area. The developments have varying ages and states of condition. They also have varying income and rent restrictions, and rent/occupancy levels. These properties are summarized as follows: Project Type Building Type Built/Remodel f of Units Bedroom Rent 2015 Unit Size Occupancy 2015 Waiting List Amber Ridge/Cedarwood 27 1 $585 888 100% Wait 1875 S 75th Street LIHTC-Multi- 75 2 $685 988 97% Omaha NE Family Apartments 1963/1998 48 3 $825 1,088 93% Douglas 150 Pine Tree Apartments 72 1 Bed,1 Bath $735-$765 760 95% 10351 Hamilton Plaza LIHTC-Multi- Apartments 1998 72 2 Bed,2 Bath $871-$901 1,036 Overall Yes Omaha NE Family 53 3 Bed,2 Bath $995-$1,030 1,266 Doolas 197 The Bluffs @ Cherry Hills 84 2 Bed,2 Bath $810-$895 902-1,135 94% 6501 North 107th Court/Plaza LIHTC-Mult- Apartments 1999 64 3 Bed,2 Bath $925-$1,1 15 1,148-1,365 Overall Yes Ornaha NE Family 48 4Bed $965-$1,025 1,334-1,429 Douglas 196 Irvington Heights 72 1 Bed,I Bath $633-$653 770-809 6805 Irvington Road LIHTC-Multi- Apartments 2008/2009 52 2 Bed,2 Bath $818 1068-1105 97%Overall Yes Omaha NE Family 36 3 Bed,2 Bath $942 1,319-1,357 Douglas 160 Douglas County Public Housing 40 1 Bed Income 5448 N 107th Plaza HUD Apartments Based 100% Yes Omaha NE Multi-family Douglas 40 Cypress Pointe I&II SWC of 60th&Hartman Ave LIHTC Apartments 2012 24 2 Bed 1 Bath $520 1,064 Yes 100% Omaha NE Elderly Doolas 24 Notre Dame Apts Studio $390 350 100%Overall 3501 State Street LIHTC 1 Bed $550 450 Omaha NE Elderly Apts 1999 2 Bed $695 725 Yes Douglas _ 32 North Omaha Senior Cottages 4318 Fort Street LIHTC Duplex 44 2 Bed $550 940 Yes l00% Omaha NE Elderly 2012 44 Kings Gate Senior Apts 7063 Crown Pointe 1 Bed $595 745 95% Yes' Omaha NE LIHTC Elderly Apartments 2000 2 Bed $715 1,026 Overall Dou_•las 107 t t 4 Totals 950 96.0% All competing properties were operating at occupancies between 94% and 100% and 96.6% overall. In general, the Facility Managers interviewed indicated there was a stable demand for LIHTC housing. The area has an aging population and large waitlists are at most similar projects in the area. There is such strong demand for units currently, the subject would likely enjoy strong lease up. Most of the comparable LIHTC units have units which are restricted to households making under 60% of AMI, similar to the proposed subject units. Based on this, the subject's proposed rents are very affordable compared to competing properties. According to the March 2015 survey by NIFA, The City of Omaha had an overall vacancy rate of 4.3% (down from 4.4% 2014) of over 40,000 total units surveyed. Within the same survey, over 38% of respondents indicated there was at least some need for additional housing units. Proposed Ames Row Houses LIHTC Project 58t`&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 29 COMPARABLE RENTAL ANALYSIS It appears there is continued demand for units in the area with most competing LIHTC units having 94% to 100% occupancy, some with long waiting lists. There does not appear to be any large vacancy problems in the area and the proposed development is not expected to significantly impact most existing properties, and appears to be filling a need for newer units. The population is growing in the area. The subject's design with larger units should be a welcome addition of diversity to the housing options in the area and help fill demand for mutigenerational and veteran households in the area as well as offer supportive services to the market area's veteran population. COMPARABLE PROPERTY PHOTOS I , 44 4! liiii*0 1 - k f Amber Rid.e/Cedarwood Pine Tree A Its 4. I Lr _ . . The Bluffs • Che Hills Irvin:ton Hei:hts 8 SCATTERED SITES Notre Dame A8ts Dou:las Count Public Housin: Proposed Ames Row Houses L(HTC Project 58Ih&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 30 COMPARABLE RENTAL ANALYSIS t _- T . p r t __ r =� _ ._'_gy�pp y z North Omaha Senior Cottages Kings Gate Apartments tiff_ _ ate= Cypress Pointe—Phase I m Proposed Ames Row Houses LIHTC Project 58th&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 31 ANALYSIS OF OPERATING EXPENSES Analysis of Operating Expenses: Total expenses for LIHTC properties similar to the subject range from $3,600/unit to near $5,500/unit in the area. The subject is expected to have total annual operating expenses (including reserves) of $49,032 or $4,086/unit, which is reasonable for the number of units, when it reaches stabilization. ANNUAL OPERATING EXPENSE INFORMATION (Complete the yellow-shaded areas) General and\or Administrative Expenses: Advertising $ 900 Legal $ - Accounting\Auditing $Security $ - Management Fee $ 6,095 Other(please list below): $ 1,200 Syndicator fee Sub-total $ 8,195 NIFA Annual Compliance Fee $ 3,922.02 Operating Expenses: Trash Removal $ - Electricity $ 3,000 Water\Sewer $ Gas $ Snow Removal $ - Internet Service $ - Office Supplies $ - Salaries $ 12,000 Other(please list below): $ Administrative Sub-total $ 15,000 Maintenance Expenses: Painting&Repairs $ 10,800 Exterminating $ - Grounds\Landscape $ - Elevator $ - Internet Maintenance Costs $ - Other(please list below): $ - Sub-total $ 10,800 Other Expenses: Insurance $ 3,600 Real Estate Taxes(estimated value x mill levy rate) $ 1,100 Annual Commercial Space Expenses $ - Other(please list below): $ Sub-total $ 23,862 TOTAL ANNUAL EXPENSES: $ 42,617 Annual Replacement Reserves $ 3,000 ($250 per unit per year for all units if LIHTC only&$350 per unit per year for all units if HOME&LIHTC) TOTAL ANNUAL EXPENSES +RESERVES $ 45,617 Proposed Ames Row Houses LIHTC Project 581h&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 32 PROFESSIONAL CERTIFICATION I certify that,to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. I certify that, to the best of his knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and the Uniform Standards of Appraisal Practice. 8. I have made a personal inspection of the property that is the subject of this report. 9. I have performed a market study on this property in 2013, January 2014 and April 2014. Each time details of the development may have altered in design, proposed rents, etc. 10. Scott McQueen provided significant real property appraisal assistance in the form of report drafting and research under supervision of Brian Wilson.2 p j Brian Wilson 2 Source for Items#1-#10,Standards Rule 2-3, Uniform Standards of Professional Appraisal Practices,2014-2015 Edition Proposed Ames Row Houses LIHTC Project 581h&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 33 ASSUMPTIONS,METHODS,AND DATA SOURCES The proposed Ames Row Houses LIHTC development is appropriate for the community. It is expected to be well received by potential tenants. All demographic information used in the report was derived from The Site To Do Business Online or stdbonline.com. This site is powered by ERSI demographic data. All 1990, 2000, and 2010 information is from the Census with 2015 and 2020 from ERSI estimates. http://socds. huduser. org provided all building permit data. A phone survey of all existing comparable income restricted units was performed by Scott McQueen and Brian Wilson obtaining rent and occupancy information. A brief exterior drive by all of these properties was performed as well. Proposed Ames Row Houses LIHTC Project 581h&Fowler Avenue Omaha, Nebraska 68104 Wilson Valuation, LLC. ©Copyright 2015 Page 34 11850 Nicholas Street, Suite 200 \Xi 1son Omaha,Nebraska 68154 Phone: (402) 932-7121 %TatLjatjoH Fax: (888) 551-2785 E-mail: brian@wilsonvaluation.com Brian Wilson, MAI PROFESSIONAL EXPERIENCE: Commercial Real Estate Appraisal Services:Project Manager for commercial real estate appraisals on various property types including vacant land,office, light industrial,apartment,retail,and religious buildings. I have also competed appraisals involving Section 42 Tax Credits as well as H.U.D.rent studies. Services performed for mortgage lending,tax protest,condemnation/eminent domain,foreclosure,and estate settlement. I also served as a commercial real property tax protest referee in Sarpy County in 2006,2007,and 2010.Key clients include: American National Bank,First National Bank of Omaha,US Bank,Horizon Bank,Foundations Capital,Excel Development and numerous property owners,local and national banking institutions,law firms and insurance companies. EDUCATION/TRAINING: Bachelor Of Science, Business Administration - University Of Nebraska at Omaha Advanced Applications(Appraisal Institute) Subdivision Analysis(Appraisal Institute) Office Building Valuation(Appraisal Institute) Highest and Best Use and Market Analysis(Appraisal Institute) Uniform Standards of Professional Practice/USPAP (The Moore Group, Inc.)Evaluating Commercial Construction(Appraisal Institute) Advanced Income Approach(Appraisal Institute) Advanced Sales Comparison and Cost Approach (Appraisal Institute) Report Writing and Valuation Analysis(Appraisal Institute) Income Approach to Valuation(The Moore Group,Inc.) Sales Approach to Valuation(The Moore Group,Inc.) Cost Approach to Valuation(The Moore Group,Inc.) Fundamentals of Real Estate Appraisal(The Moore Group,Inc.) PROFESSIONAL AFFILIATION/CERTIFICATIONS: Nebraska and Iowa Certified General Real Estate Appraisal License Appraisal Institute,(MAI Designated) WORK HISTORY: * Wilson Valuation,LLC 2012-Present * The Assessment Group Inc. 2007-2012 * Mitchell&Associates,Inc 2003-2007 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 redevelopment project site located at 5801 Fowler Avenue is within a community redevelopment area, as the area meets the definition of blighted and substandard per the Community Development Law and is in need of redevelopment; and, WHEREAS, the Ames Row Houses Tax Increment Financing (TIF) Redevelopment Project Plan was approved by the TIF Committee and subsequently by the City of Omaha Planning Board at their July 6, 2016 meeting; and, WHEREAS, the project site for the Ames Row Houses Tax Increment Financing (TIF) Redevelopment Project Plan is located at 5801 Fowler Avenue, and is legally described in Exhibit "A" which is attached hereto and herein incorporated by reference; and, WHEREAS, the Ames Row Houses Tax Increment Financing (TIF) Redevelopment Project Plan proposes the construction of twelve townhome-style residential units arranged in three structures that will contain four units each as described in Exhibit "B" attached hereto and herein incorporated by reference; and, WHEREAS, the Ames Row Houses Tax Increment Financing (TIF) Redevelopment Project Plan recommends City's participation in the redevelopment of this project site through the allocation of TIF in an amount up to $90,433.00. TIF will be used to offset TIF eligible expenses such as site demolition, utilities, architectural and engineering fees, and all public improvements as required. The project includes an estimated $367,490.00 in TIF eligible expenses, for a project with total estimated costs of$2,631,806.00; and, By Councilmember Adopted City Clerk Approved Mayor c 2sA CITY OF OMAHA LEGISLATIVE CHAMBER Omaha,Nebraska Page 2 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, 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 Ames Row Houses Tax Increment Financing (TIF) Redevelopment Project Plan for a redevelopment site located at 5801 Fowler Avenue which proposes the construction of twelve townhome-style residential units arranged in three structures that will contain four units each, recommending the City's participation through the allocation of TIF in an amount up to $90,433.00. TIF will be used to offset TIF eligible expenses such as site demolition, building rehabilitation, utilities, architectural and engineering fees and public improvements as required, but is subject to change as final costs come in, 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. 2395 dlh APPROVED AS TO FORM: t-as-/G ASSISTANT CITY ATTORNEY DATE By & 14 .446,— Councilm/ember Adopted S ...2..0..2 .... 1 - o City Clerk ,/qa/c: 694' Approved1'�'A''` Mayor ,,fir yi NO f Resolution by Res. that. the attached Ames Row Houses Tax Increment Financing (TIF) .-.,• Redevelopment Project Plan for a redevelopment site located at 5801 Fowler i Avenue which proposes the construction of ' twelve townhome-style residential units arranged in three structures that will contain four units each. recommending the City's participation through the allocation of TIF in an amount up to $90,433.00. TIF will be used to offset TIF eligible expenses such as site demolition. building rehabilitation, utilities, architectural and engineering fees and public improvements as required, but is subject to change as final costs come in. 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. 2395 dlh Presented to City Council AUG 3 0 2016 r l A / r 5/, ' yr i �f/ 4. if SEP 2 b 2016- Adopted -- L?ui.ic,' grown City Clerk