ORD 39175 1201 Howard TIF AgreementCity of Omaha
Jim Suttle, Mayor
Honorable President
and Members of the City Council,
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November 8, 2011
Planning Department
Omaha/Douglas Civic Center
1819 Farnam Street, Suite 1100
Omaha, Nebraska 68183
(402) 444-5150
Telefax (402) 444-6140
R. E. Cunningham, RA, F.SAME
Director
The attached Ordinance transmits a redevelopment agreement between the City of Omaha, a Nebraska
Municipal Corporation in Douglas County, Nebraska, and 1201 Howard, LLC, a Nebraska Limited
Liability Company, which implements the redevelopment of the project site at 1201 Howard Street. The
site is currently home to two operating commercial businesses that will be displaced during construction
and will return to the new development as occupants. The mixed-use development will include an
additional 5,000 sq. ft. of new retail space and new market rate apartments on the upper floors. It is
anticipated that the Plan will provide the stimulus for additional private and public sector investment.
The Redevelopment Agreement authorizes the City's participation in the redevelopment of this project
site through the allocation of TIP in an amount up to $632,500.00 to offset costs of site work, acquisition,
demolition architectural and engineering, surveying, public improvements and a $10,000.00 contribution
to the Old Market public improvement fund. The total project cost is approximately $4,671,000.00 with
TIF eligible cost of approximately $2,015,000.00.
Your favorable consideration of this Resolution will be appreciated.
Approved:
Pam Spaccarotella
Finance Director
Plnlsfl 613-cover letter
Date
Referred to City Council for Consideration:
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Mayor's Office Date
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Public Works Director
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Date
ORDINANCE NO. r.39/?o
AN ORDINANCE approving a Redevelopment and Tax Increment Financing Loan
Agreement between the City of Omaha and 1201 Howard, LLC, which provides for Tax
Increment Financing (TIF) in the amount of $632,500.00 for the redevelopment of a site located
at 1201 Howard Street in Omaha, Nebraska into a new, mixed-use development that will include
an additional 5,000 sq. ft. of new retail space in addition to new market-rate apartments on the
upper floors as detailed in the Redevelopment Project Plan; and providing for an effective date.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
Section 1. The Mayor is hereby authorized to execute, and the City Clerk to attest, the
attached Redevelopment and Tax Increment Financing Loan Agreement between the City of
Omaha and 1201 Howard, LLC for the redevelopment of the project site which shall include: (i)
the demolition of the existing building; (ii) the site preparation and environmental remediation of
the site as may be required; and (iii) the development and the relocation of utilities. Specific site
development work includes, but is not limited to, the redevelopment of the site into a new,
mixed-use development that will include an additional 5,000 sq. ft. of new retail space in
addition to new market-rate apartments on the upper floors as detailed in the approved
Redevelopment Project Plan and detailed in the Redevelopment Agreement. Further, the Mayor
is hereby authorized to execute, and the City Clerk to attest, any other documents in connection
with the Redevelopment Agreement necessary or appropriate to consummate the TIF loan.
Section 2. Said Redevelopment Agreement contains obligations undertaken pursuant to
the Nebraska Community Development Law and Sections 18-2147 through 18-2150; and, are
not otherwise obligations of the City of Omaha.
ORD. c3t?Jf$
PAGE-2-
Section 3. This Ordinance shall be in full force and take effect immediately from and
after the date of its passage.
INTRODUCED BY COUNCILMEMBER
APPROVED BY:
PASSED DEC -61.0ll 1-~
ATTEST:
~~/~
CI CLERK OF THE CITY OF OMAHA -DATE
APPROVED AS TO FORM:
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~$J CITY ATTORNEY DA TE
Plnls/1613-ord
REDEVELOPMENT AGREEMENT
THIS AGREEMENT is entered into by and between the City of Omaha, a Nebraska
Municipal Corporation in Douglas County, Nebraska, and 1201 Howard, LLC, a Nebraska
Limited Liability Company.
RECITALS:
WHEREAS, on October 25, 2011, by Resolution No. 1191 the City Council of the City
of Omaha approved the, 1201 Howard LLC Tax Increment Financing Redevelopment Project
Plan, for the redevelopment of the project site located at 1201 Howard Street into a new, mixed-
use development that will include an additional 5,000 sq. ft. of new retail space, in addition to
new market-rate apartments on the upper floors; as illustrated and as shown in Exhibit "A", a site
plan and redevelopment plan which are attached hereto and made a part hereof and,
WHEREAS, the 1201 Howard, LLC Tax Increment Financing (TIF) Redevelopment
Project Plan provided for $632,500.00 in TIF to offset costs of site work, acquisition, demolition,
architectural and engineering, surveying, and public improvements; and,
WHERAS, the total project cost is estimated to be $4,671,000.00, with TIP-eligible costs
of $2,015,000.00 and for the use of the excess ad valorem taxes generated by such development;
and,
WHEREAS, this Agreement is a redevelopment agreement prepared pursuant to the
Nebraska Community Development Law in order to implement the above-referenced
Redevelopment Plan.
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IN CONSIDERATION OF THESE MUTUAL COVENANTS THE PARTIES AGREE
AS FOLLOWS:
SECTION 1. DEFINITIONS
The following terms, whether plural or singular, shall have the following meanings for
purposes of this Agreement.
1.1 "City" shall mean -the City of Omaha, Nebraska, a Municipal Corporation of the
metropolitan class or such successor entity lawfully established pursuant to the
applicable provision of the Nebraska Community Development Act.
1.2 "Owner" shall mean -1201 Howard, LLC.
1.3 "Director" shall mean -he Director of the City of Omaha Planning Department.
1.4 "Redevelopment Project" shall mean -the redevelopment of the project site
located at 1201 Howard Street into a new, mixed-use development that will
include an additional 5,000 sq. ft. of new retail space in addition to new market-
rate apartments on the upper floors; the project site currently houses two operating
commercial businesses that be displaced during construction, yet who will be
occupants in the new mixed-use development as shown on the Site Plan and
attachments of Exhibit "A".
1.5 "Redevelopment Site" shall mean -the area legally described on Exhibit "B",
attached hereto.
1.6 "Redevelopment Note (TIF Funds/TIF Proceeds)" shall mean -any obligation
issued by the City and secured by the excess ad valorem taxes generated within
the Redevelopment Site.
1. 7 "Excess ad valorem taxes" shall mean -the additional real estate property taxes
generated by this Redevelopment Project pursuant to Section 18-2147 of the
Nebraska Revised Statutes.
1.8 "Division Date Year" for the purposes of this Agreement, Note and the statute
shall mean -that excess ad valorem taxes shall be divided for the project
beginning in the tax year this Agreement is executed, but not more than 60 days
thereafter, and continuing for 15 years or until the Redevelopment Note is
discharged, whichever occurs first.
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SECTION 2. OBLIGATIONS OF THE CITY
The City shall:
2.1 execute and deliver to the Owner at closing the Redevelopment Note m
substantially the same form as the copy attached hereto as Exhibit "C".
2.2 grant Redevelopment Loan proceeds to the Owner in the sum of $632,500.00.
2.3 pay debt retirement principal and interest from the Excess Ad Valorem Taxes
(TIF tax proceeds). Interest on monies in the special fund shall accrue first to
debt retirement interest and then to principal.
2.4 ensure that prior to expenditure or disbursement of Redevelopment Loan
proceeds, the following shall be obtained, to wit:
2.4.1 Owner shall provide the Director with evidence, acceptable to the
Director, that the private funds have been irrevocably committed to the
Redevelopment Project in the amount sufficient to complete the
redevelopment project.
2.4.2 Owner shall provide evidence of, and maintain adequate performance and
labor materials bonds during the period of construction of the project. The
City shall be specified as a co-obligee.
2.5 establish a special fund under Section 18-2147 of the Nebraska Revised Statutes
for the purpose of collecting the excess ad valorem taxes generated by the
Redevelopment Project. Monies collected and held in the special fund shall be
used for no purpose other than to repay the Redevelopment Loan.
SECTION 3. OBLIGATIONS OF THE OWNER
The Owner shall:
3.1 complete the Redevelopment Project on or before April 30, 2013, creating an
increase in real property taxable base by reason of such construction of at least
$3,451,680.00.
3.2 cause all real estate taxes and assessments levied on the Redevelopment Project to
be paid prior to the time such become delinquent.
3.3 loan redevelopment funds to the City in the principal amount of $632,500.00 as
set forth in Section 2.1, which, when combined with other private funds available,
will be sufficient to construct the redevelopment project. Of this sum, $10, 000. 00
shall be retained to be used at the City's discretion for public improvements
within the public right-of-way, which are off-site to the Redevelopment Site, in
the Old Market and Downtown areas. The retention shall be paid upon execution
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of this Redevelopment Agreement. Execution and delivery of the Redevelopment
Promissory Note shall be at closing which shall be as soon as reasonably possible
after execution of this Agreement but not more than 60 days thereafter. At
closing, the loan to be accomplished by this Section and the obligation of the City
to use the redevelopment loan proceeds for redevelopment purposes under Section
2.2 may be accomplished by offset so that the Owner retains the loan proceeds. If
the City so requests, the Owner shall, from time to time, furnish the 'City with
satisfactory evidence as to the use and application of the redevelopment loan
proceeds.
3.3.1 Such loan funds shall be disbursed as provided in Section 2.
3.3.2 Such loan shall bear a 5.50 % interest rate.
3.3.3 The principal shall be repaid by the City from the special fund established
pursuant to Section 2.5, as excess ad valorem taxes, pursuant to the
Redevelopment Plan and Section 18-2147 of the Nebraska Revised
Statutes, become available to the City for such use. To the extent of such
excess ad valorem taxes are unavailable to the City, the loan shall be
forgiven and the obligations of the Owner shall remain unaffected.
3.4 provide the City with quarterly progress reports during the redevelopment and
allow the City reasonable access upon written request to Owner to any relevant
financial records pertaining to the Redevelopment Project.
3.5 during the period that the Redevelopment Note (TIF Funds) is outstanding, (1) not
protest a real estate improvement valuation on the Redevelopment Site of
$655,800.00 (base) or less prior to and during construction; and $4,107,480.00
[$655,800.00 (base) plus $3,451,680.00 (excess valuation)] or less after
substantial completion or occupancy of the mixed-use commercial and residential
building and garage redevelopment project; (2) not convey the Redevelopment
Site or structures thereon to any entity which would be exempt from the payment
of real estate taxes or cause the nonpayment of such real estate taxes; (3) not
apply to the Douglas County Assessor for the structures, or any portion thereof, to
be taxed separately from the underlying land of the Redevelopment Site; (4)
maintain insurance for ninety percent (90%) of the full value of the structures on
the Redevelopment Site; (5) in the event of casualty, apply such insurance
proceeds to their reconstruction and ( 6) cause all real estate taxes and assessments
levied on the Redevelopment Site to be paid prior to the time such become
delinquent. In lieu of the above, the Owner may surrender any remaining amount
outstanding of the Redevelopment Promissory Note to City. Each of the
foregoing covenants shall be referenced in a Notice of Redevelopment Agreement
to be recorded with the Douglas County, Nebraska Register of Deeds. The Owner
agrees to include the same restrictions to be included in any subsequent sale,
assignment, sale leaseback or other transfer of the property, but shall not be
responsible otherwise for the actions of the third parties if these covenants are
- 4 -
breached by such third parties if the Owner no longer owns the property.
3.6 shall provide the City of Omaha Finance Department with an executed copy of
the Redevelopment Promissory Note prior to disbursement of any proceeds for
repayment of such Note pursuant to Section 2.5, so that such payment can be
noted on the Note and the Note returned to Owner.
SECTION 4. PROVISIONS OF THE CONTRACT
4.1 Equal Employment Opportunity Clause. Annexed hereto as Exhibit "D" and
made a part hereof by reference are the equal employment provisions of this
contract, wherein the "Owner" is referred to as "Contractor".
4.2 Non-discrimination. The Owner shall not, in the performance of this Contract,
discriminate or permit discrimination in violation of federal or state laws or local
ordinances because of race, color, sex, age, political or religious opinions,
affiliations or national origin.
4.3 Captions. Captions used in this Contract are for convenience and are not used in
the construction of this Contract.
4.4 Applicable Law. Parties to this Contract shall conform with all existing and
applicable city ordinances, resolutions, state laws, federal laws, and all existing
and applicable rules and regulations. Nebraska law will govern the terms and the
performance under this Contract.
4.5 Interest to the City. Pursuant to Section 8.05 of the Home Rule Charter, no
elected official or any officer or employee of the City of Omaha shall have a
financial interest, direct or indirect, in any City of Omaha contract. Any violation
of this section with the knowledge of the person or corporation contracting with
the City of Omaha shall render the contract voidable by the Mayor or Council.
4.6 Merger. This Contract shall not be merged into any other oral or written contract,
lease or deed of any type.
4.7 Modification. This Contract contains the entire agreement of the parties. No
representations were made or relied upon by either party other than those that are
expressly set forth herein. No agent, employee or other representative of either
party is empowered to alter any of the terms herein unless done in writing and
signed by an authorized officer of the respective parties.
4.8 Assignment. The Owner may not assign its rights under this contract without the
express prior written consent of the City; such consent not to be unreasonably
withheld. The Mayor may, without City Council approval, approve, in writing,
the assignment of all rights hereunder to a successor entity owned by, or under
common control with Owner.
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4.9 Strict Compliance. All provisions of this Contract and each and every document
that shall be attached shall be strictly complied with as written, and no
substitution or change shall be made except upon written direction from
authorized representatives of the parties.
4.10 This Agreement shall be binding upon the Owner's successors and assigns, and
shall run with the land described in Exhibit "B", attached hereto, to the benefit of
the City of Omaha.
SECTION 5. AUTHORIZED REPRESENTATIVE
In further consideration of the mutual covenants herein contained, the parties hereto
expressly agree that for the purposes of notice, including legal service of process, during the term
of this Contract and for the period of any applicable statute of limitations thereafter, the
following named individuals shall be the authorized representatives of the parties:
(1) City of Omaha:
R. E. Cunningham, RA, F. SAME
Director, City Planning Department
Omaha/Douglas Civic Center
1819 Farnam Street, Suite 1100
Omaha, NE 68183
(2) Owner:
Legal Service
c/o City Clerk
Omaha/Douglas Civic Center
1819 Farnam Street
Omaha, NE 68183
1201 Howard, LLC, a Nebraska Limited Liability Company
Eric Wieseler, Managing Members
c/o First Management Inc.
1941 South 42nd Street, Suite 550
Omaha, NE 68105
Either party may designate additional representatives or substitute representatives by
giving written notice thereof to the designated representative of the other party.
Executed this _2_ 1ay of Dr:c'!'lddtz= , 2011.
~~ CITY OF OMAHA: -~-
CITY CLERK OF THE CITY OF OMAHA
APPROVED AS TO FORM:
QX~ ~ 1olnJ11 ttr CITY ATTORNEY , •
-6-
Executed this Z111 day of ~0~L~/~-7~J· /Md~1 ~~------' 2011.
STATEOFNEBRASKA )
) §
COUNTY OF DOUGLAS )
OWNER:
Eric Wieseler, Managing Members, LLC, a
Nebraska Limited Liability Company
Bylf1,J)~
Eric Wieseler, Managing Members
Eric Wieseler, Manager on behalf of 1201 Howard, LLC, a Nebraska Limited Liability Company
ackn~ed the foregoing Redevelopment Agreement before me this 2.L_ day of
{)cf_ Il , 2011.
~ GENERAL NOT ARY • Slate of Nebraska .~ JOYCE M. STEVENS
.~ .. , My Comm. Exp. July 29, 2014
Plnlsfl 613-agreeement
My commission expires on~ .71, Jo/'f,
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LEGAL DESCRIPTION
L07 1, BLCCK 1 E.6. (!If OF O~AAl--A, A SJBDIV~SION IN
D:)UCLAS COU~l7Y, NEBP.o.S\/A
CERTIFICATION
TO:
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ThiS IS TO CERTIFY TH!.T TrilS MAF OR P'...AT ANO Tr.E
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FOR ALTA/ACSM L~NO TIT'_E SURVEYS. JOINTLY ES7A8USHEO
ANO ADOPTEC BY ALTA AND NSPS, ANO \/'.CLUOES ITEMS l,
2, J, 4, 5, 6(b), 7(a)(b1), 8. 9. 10(a) AND 11(b) OF
TABLE A THEREOF Tl-:E FIELD WORK WAS COMPLETED ON
AUGUST 29, 201 ·1. ,,,,,,,,,.
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DATE
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thompson, dreessen & darner. inc.
10836 Old Mill Rd
Omaha, NE 68154
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TITLE SURVEY
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EXHIBIT "C"
THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
(THE '"33 ACT") AND MAY NOT BE TRANSFERRED, ASSIGNED, SOLD OR
HYPOTHECATED UNLESS A REGISTRATION STATEMENT UNDER THE '33 ACT
SHALL BE IN EFFECT WITH RESPECT THERETO AND THERE SHALL HA VE BEEN
COMPLIANCE WITH THE '33 ACT AND ALL APPLICABLE RULES AND
REGULATIONS THEREUNDER, OR THERE SHALL HA VE BEEN DELIVERED TO THE
CITY OF OMAHA PRIOR TO TRANSFER, ASSIGNMENT, SALE OR HYPOTHECATION
AN OPINION OF COUNSEL, SATISFACTORY TO THE CITY OF OMAHA TO THE
EFFECT THAT REGISTRATION UNDER THE '33 ACT IS NOT REQUIRED.
REDEVELOPMENT PROMISSORY NOTE
$632,500.00 December 7 Ji'?> ' 2011
FOR VALUE RECEIVED, the Undersigned, Borrower, promises to pay 1201 Howard, LLC, a
Nebraska Limited Liability Company, Holder, Eric Wieseler, Managing Member c/o First
Management Inc., 1941 S. 42nd Street, Ste. 550 Omaha, NE 68105 and/or its assigns, the
principal sum of Six Hundred Thirty Two Thousand Five Hundred Dollars ($632,500.00),
together with interest thereon at the rate of 5 .50 % per annum from the date of the execution of
this Note until paid in full. The principal balance and interest thereon shall be due and payable
to the holder of said Redevelopment Promissory Note as and at such time as any excess ad
valorem taxes generated by the Redevelopment Project as set forth in that certain Redevelopment
Agreement dated the k, nf day of December, 2011, by and between the City of Omaha,
Borrower, and the Holder, (the "Redevelopment Agreement") are collected by the City of
Omaha and available for the retirement of this debt.
In the event of default under said Redevelopment Promissory Note, all sums secured by
this Note or any other agreement securing this Note shall bear interest at a rate equal to five
percent (5%) above the regional prime or base rate as published by the Wallstreet Journal,
Omaha, Nebraska, from time to time, however, in the event said interest rate exceeds the
maximum rate allowable by law then such rate of interest shall equal the highest legal rate
available.
Borrower may prepay the principal amount outstanding in whole or in part, without the
prior consent of the Holder.
In the event the monies collected and held in that special fund established under Section
18-2147 of the Nebraska Revised Statutes and pursuant to the Redevelopment Agreement are
insufficient to pay in full all amounts due and owing at a date fifteen (15) years from the division
date year, and all excess ad valorem taxes generated by the Redevelopment Project, as set forth
in the Redevelopment Agreement, have been collected by the City of Omaha and have been paid,
immediately upon being available, towards the retirement of the amounts due hereunder, then, at
said date fifteen (15) years from the Redevelopment Agreement approval date year, the Holder
shall waiver any unpaid portion of the principal and interest due upon written request of the City
of Omaha.
In the event this Note is referred to an attorney for collection the Holder shall be entitled
to reasonable attorney fees allowable by law and all Court costs and other expenses incurred in
connection with such collection.
The Borrower shall be in default in the event the Borrower shall fail to pay, when due,
any amount required hereunder.
Unless prohibited by law, the Holder may, at its option, declare the entire unpaid balance
of principal and interest immediately due and payable without notice or demand at any time after
default, as such term is defined in this paragraph.
Holder may at any time before or after default, exercise his right to set off all or any
portion of the indebtedness evidenced hereby against any liability or indebtedness of the Holder
to the Borrower without prior notice to the Borrower.
Demand, presentment, protest and notice of nonpayment under this Redevelopment
Promissory Note are hereby waived.
No delay or omission on the part of the Holder in exercising any remedy, right or option
under this Redevelopment Promissory Note shall operate as a waiver of such remedy, right or
option. In any event, a waiver on any one occasion shall not be construed as a waiver or bar to
any such remedy, right or option on a future occasion.
Any notice provided for in this Redevelopment Promissory Note to the Borrower or the
Holder shall be in writing and shall be given by regular mail to the Holder or Borrower, or at
such other address as either party may designate by notice in writing.
This Redevelopment Promissory Note shall be governed by and construed in accordance
with the Laws of the State of Nebraska. All payments hereunder shall be payable in lawful
money of the United States of America and shall be legal tender for public and private debts at
the time of payment.
CITY OF OMAHA, A Municipal
Corporation
ATTEST: APPROVED AS TO FORM:
--~~.,___.__,~~~..:..!!!!::.... __ <-\?y-~20/ tfpft1
City Clerk of the City of Omaha 1\5~ /.-City Attorney
1
Plnlsfl 613-note
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EXHIBIT "D"
EQUAL EMPLOYMENT OPPORTUNITY CLAUSE
During the performance of this contract, the Program Provider agrees as follows:
(1) The Program Provider shall not discriminate against any employee or applicant for
employment because of race, religion, color, sex, national origin, or disability as defined by
the Americans With Disabilities Act of 1990 and Omaha Municipal Code 13-82. The
Program Provider shall take affirmative action to ensure that applicants are employed and
that employees are treated during employment without regard to their race, religion, color,
sex or national origin. The Program Provider shall take all actions necessary to comply with
the Americans With Disabilities Act of 1990 and Omaha Municipal Code (Chapter 13)
including, but not limited to, reasonable accommodation. As used herein, the word "treated"
shall mean and include, without limitation, the following: Recruited, whether advertising or
by other means; compensated; selected for training, including apprenticeship; promoted;
upgraded; demoted; downgraded; transferred; laid off; and terminated. The Program
Provider agrees to and shall post in conspicuous places, available to employees and
applicants for employment, notices to be provided by the contracting officers setting forth the
provisions of this nondiscrimination clause.
(2) The Program Provider shall, in all solicitations or advertisements for employees placed by or
on behalf of the Program Provider, state that all qualified applicants will receive
consideration for employment without regard to race, religion, color, sex, national origin, or
disability as recognized under 42 uses 12101 et seq.
(3) The Program Provider shall send to each labor union or representative of workers with which
he has a collective bargaining agreement or other contract or understanding a notice advising
the labor union or worker's representative of the Program Provider's commitments under the
Equal Employment Opportunity Clause of the City and shall post copies of the notice in
conspicuous places available to employees and applicants for employment.
(4) The Program Provider shall furnish to the contract compliance officer all federal forms
containing the information and reports required by the federal government for federal
contracts under federal rules and regulations, and including the information required by
Sections 10-192 to 10-194, inclusive, and shall permit reasonable access to his records.
Records accessible to the Contract Compliance Officer shall be those which are related to
Paragraphs (1) through (7) of this subsection and only after reasonable notice is given the
Program Provider. The purpose for this provision is to provide for investigation to ascertain
compliance with the program provided for herein.
- 1 -
(5) The Program Provider shall take such actions with respect to any sub-contractor as the City
may direct as a means of enforcing the provisions of Paragraphs (1) through (7) herein,
including penalties and sanctions for noncompliance; however, in the event the Program
Provider becomes involved in or is threatened with litigation as the result of such directions
by the City, the City will enter into such litigation as necessary to protect the interests of the
City and to effectuate the provisions of this division; and in the case of contracts receiving
federal assistance, the Program Provider or the City may request the United States to enter
into such litigation to protect the interests of the United States.
(6) The Program Provider shall file and shall cause his sub-contractor, if any, to file compliance
reports with the Program Provider in the same fonn and to the same extent as required by the
federal government for federal contracts under federal rules and regulations. Such
compliance reports shall be filed with the Contract Compliance Officer. Compliance repo1is
filed at such times as directed shall contain infonnation as to the employment practices,
policies, programs and statistics of the Program Provider and his sub-contractor.
(7) The Program Provider shall include the provisions of Paragraphs (1) through (7) of this
Section, "Equal Employment Opp01iunity Clause", and Section 10-193 in every subcontract
or purchase order so that such provisions will be binding upon each sub-contractor or vendor.
-2 -
ASSIGNMENT OF REDEVELOPMENT PROMISSORY NOTE
The undersigned 1201 HOWARD, LLC, a Nebraska limited liability company ("Assignor"). for
value received, does hereby sell, assign, transfer, and set over unto Mutual of Omaha Bank
("Assignee"), all monies due or to become due under a certain Redevelopment Promissory Note
in the amount of Six Hundred Thirty-Two Thousand Five Hundred Dollars and 00/100
($632,500.00) (the "Note") between Assignor and The City of Omaha, 9 Municipal Corporation,
said Note relating to a Redevelopment Agreement dated December_(£}_, 2011 between the
Assignor and the City of Omaha.
Assignor represents and warrants that there are no defenses, offsets. or counterclaims to such
Note, and that such Note has not been transferred, assigned or otherwise disposed of, and is
now owned by the Assignor free and clear of all liens and encumbrances of any nature
whatsoever.
Assignor hereby nominates, constitutes and appoints the Assignee as the true and lawful
attorney-in-fact of the Assignor in its name, place, and stead to receive, receipt and sue for all
monies due upon such note, to endorse the name of the Assignor on all commercial paper given
in payment or in part payment thereof, and to settle, adjust, or compromise any claim
thereunder as fully as the Assignor could do itself, and that it will deliver to the Assignee all
sums which may be collected by it thereon.
Dated this 6th day of December, 2011.
1201 Howard, LLC
r-/_ / 'L.~ .. By:_~---~--"------------
Eric A. Wieseler, Its Manager
ST A TE OF NEBRASKA )
) SS.
COUNTY OF DOUGLAS )
The foregoing instrument was acknowledged before me on this J2..._ day of December
2011, by Eric A. Wieseler, the manager of 1201 Howard, LLC, a Nebraska limited liability
company, on behalf of the company.
DOCS/1071988.2
~lliQ1~
otafYPublic
GENfM. NOTARY • State of Nebraska
BRANDI M. BALLAN
_, .~ MyComm. Exp. Oct. 17. 2015
ACKNOWLEDGEMENT BY THE CITY OF OMAHA:
We have received notice of this Assignment and agree that no other party has notified us of an
Assignment or pledging of the Note.
ATTES)' ~
~.@ d!J:2,::;? 1-;.J1h1
Cl CLERK OF _THE CITY OF OMARA
CITY OF OMAHA:
DOCS/1071988.2
PUBLICATIONS PUBLICATION OF HEARING Date (\.-Lt·-l\ PUBLICATION OF ORDINANCE Date 12-l'f~-d ./ A.5'11 / ORDINANCE NO. ;39/"'f<.L AN ORDINANCE approving a Redevelopment and Tax Increment Financing Loan Agreement between the City of Omaha and 1201 Howard, LLC, which provides for Tax Increment Financing (TIF) in the amount of $632,500.00 for the redevelopment of a site located at 1201 Howard Street in Omaha, Nebraska into a new, mixed-use development that will include an additional 5,000 sq. ft. of new retail space in addition to new market-rate apartments on the upper floors as detailed in the Redevelopment Project Plan; and providing for an effective date. Plnlsfl 613-backing PRESENTED TO COUNCIL ~.in NOV Z Z ZUll -~ ~~~·· Final Reading ___________ _ ,, f\ti><r.\ild a-o '1 ·-~ BUSTER BROWN City Clerk $~;#sc. !....>