ORD 38242 901 Land TIF AgreementCity of Omaha
Mike Fahey, Mayor
September 9, 2008
Honorable President and
Members of the City Council,
("1 r---·
, J ~-' i f -' ~ ,' .. ._
. -\. ,'
. ''
Planning Department
Omaha/Douglas Civic Center
1819 Parnam Street, Suite 1100
()1naha, Nebraska 68183
(4112) 444-5150
Telefax (402) 444-6140
Steven N. Jensen, AICP, LA
Director
The attached Ordinance is to transmit a Tax Increment Financing Redevelopment Agreement
between the City of Omaha and 90 I Land, LLC for your approval. The Agreement implements
the 901 Land, LLC Tax Increment Financing Redevelopment Project Plan.
We request your approval of Tax Increment Financing (TIF) as a tool to be used to assist in
financing the proposed project plan submitted by 901 Land, LLC. TIF will allow the developers
to capture the increase in taxes resulting from the redevelopment and expansion of the 0.25-acre
residential site (currently a part of The Lofts At Soma I Condominium) through the development
of a 5-story mid-rise, 15-unit loft building condo project at 11th Plaza and Marcy Plaza located
near the intersection of 11th Street and Leavenworth Street.
The 901 Land, LLC redevelopment project provides for the use of Tax Increment Financing to
offset the cost of site acquisition, installation of public improvements and infrastructure, the cost
of utility relocations and installation, demolition, site preparation and other related TIF eligible
project costs. Tax Increment Financing will be used for these uses and other cost associated with
site development to expand the housing sector in downtown.
The total project cost is estimated at $8,510,000.00, which includes some refinancing of
approximately $4,135,000.00 in hard costs and $4,375,000.00 in soft costs. The projected
average sales value of the 15-units at $290,000.00 per unit generates an increased valuation of
$4,350,000.00 which supports the TIF request of $643,000.00 based on current TIF guidelines of
a 2% tax Levy at 90% of value to be repaid from the taxes generated as a result of the completion
of the project.
Your approval of the Tax Increment Financing Redevelopment Project Agreement with 901
Land, LLC, for the redevelopment of 15 condos on the 0.25-acre project site at 11th Plaza and
Marcy Plaza located near the intersection of 11th Street and Leavenworth Street will be
appreciated.
Respectfully submitted,
Approved:
Carol A. Ebdon
Finance Director
PLNLSFJ 138-cover letter
P,LA/(£1
a.21.ae
Date
bate
Referred to City Council for Consideration:
~ ! ,.,. :;,,,z.-0$
Mayor's Office Date
R bert G. Stubbe, P.E.
Public Works Director
ORDINANCE NO. r ?fd~
AN ORDINANCE approving a Redevelopment and Tax Increment Financing Loan Agreement between
the City of Omaha and 901 Land, LLC which provides for Tax Increment Financing {TIF) in the
amount of $643,000.00 for the redevelopment of 15 condominiums on land now included within
The Lofts at Soma I Condominium, located between 11th Plaza and Marcy Plaza near the
intersection of 11"' Street and Leavenworth Street, Omaha, Nebraska; and providing for an
effective date.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
Section I. 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 901
Land, LLC which provides for the rehabilitation of the project site through the development of the 0.25-
acre site with a 5-story 15-unit mid-rise loft condominium building project. The project provides for the
development of new loft style urban condominiums with underground parking. 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 loan.
Section 2. Said Redevelopment Agreement contains obligations undertaken pursuant to the
Nebraska Community Development Law and Sections 18-2147 through 18-2150; and is not otherwise an
obligation of the City of Omaha.
CJ.A'r/J.~l[//JCE /)cJ .. c3P~
/'39 OE / 4/cJ
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 __ S_EP_2_3_2_006_~.::f".~-~O~--
AL &YCLERKo~o~
APPROVED AS TO FORM:
~~
tf>SJ CITY ATTORNEY
PLNLSFI 138-ord
z/zz/oi'
DATE
REDEVELOPMENT AGREEMENT
THIS AGREEMENT is entered into by and between the City of Omaha, a Nebraska
Municipal Corporation in Douglas County, Nebraska, and 901 Land, LLC, a Nebraska limited
liability company.
RECITALS:
WHEREAS, on August 12, 2008, the City Council of the City of Omaha approved the
901 Land, LLC Tax Increment Financing Redevelopment Project Plan; and,
WHEREAS, the project plan provides for the rehabilitation of the project site through the
development of a 0.25-acre site with a 5-story 15-unit mid-rise loft condominium building
project; and,
WHEREAS, the project provides for the development of new loft-style urban
condominiums with underground parking between 11th Plaza and Marcy Plaia near the
intersection of 11th Street and Leavenworth Street; and,
WHEREAS, the project includes the construction of improvements referenced in the
redevelopment plan and as illustrated on the site plan; 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; and,
WHEREAS, this agreement authorizes the use of the excess ad valorem taxes generated
by such development.
IN CONSIDERATION OF THESE MUTUAL COVENANTS THE PARTIES AGREE
AS FOLLOWS:
-I -
SECTION 1. DEFINITIONS
The following terms, whether plural or singular, shall have the following meanings for
purposes of this Agreement.
I. I "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 "Developer" shall mean 901 Land, LLC, with an office at 701 South 15th Street,
Studio 100,0maha Nebraska, 68102.
1.3 "Director" shall mean the Director of the City of Omaha Planning Department.
1.4 "Redevelopment Project" shall mean the rehabilitation of the Redevelopment Site
through the development of a 5-story 15-unit mid-rise loft condo building project.
The project provides for the development of new loft style urban condos with
underground parking between 11th Plaza and Marcy Plaza located near the
intersection of 11th Street and Leavenworth Street and other improvements
referenced in the redevelopment plan and as illustrated on the site plan attached
hereto as Exhibit "A".
1.5 "Redevelopment Site" shall mean the approximate .25 acre area legally described
on Exhibit "B", attached hereto.
1.6 "Redevelopment Loan" shall mean the loan to be made by the Developer to the
City pursuant to Section 2.2 of this Agreement.
1.7 "Redevelopment Note" shall mean any obligation issued by the City and secured
by the Excess Ad Valorem Taxes generated within the Redevelopment Site.
1.8 "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.
SECTION 2. OBLIGATIONS OF THE CITY
The City shall:
2.1 execute and deliver to the Developer 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 Developer for site development and
other eligible costs including any public improvements that may be required and
site-specific rehabilitation costs up to the sum of $643,000.00.
- 2 -
2.3 pay debt retirement principal and interest from the Excess Ad Valorem Taxes.
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
Developer 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.
2.5 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 DEVELOPER
The Developer shall:
3.1 complete the Redevelopment Project on or before June 1, 2010 creating an
increase in real property taxable base by reason of such construction of at least
$4,350,000.00.
3 .2 cause all real estate taxes and assessments levied on those portions of the
Redevelopment Project owned by the Developer to be paid prior to the time such
become delinquent.
3.3 loan redevelopment funds to the City in the principal amount of $643,000.00 as
set forth in Section 2.1, which, when combined with other private funds available,
will be sufficient to construct the Redevelopment Project. Execution and delivery
of the Redevelopment 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 Developer
retains the loan proceeds. If the City so requests, the Developer 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 an 8% 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 Developer shall remain unaffected.
- 3 -
3.4 shall provide the City with quarterly progress reports during the redevelopment of
the site and allow the City reasonable access to any relevant financial records
pertaining to the Redevelopment Project.
3.5 during the period that the Redevelopment Note is outstanding, (1) not protest a
real estate improvement valuation on the Redevelopment Site of $202,000.00 or
less prior to and during construction and $4,350,000.00 or less after substantial
completion and occupancy of the loft style condominiums and associated parking
in the Redevelopment Project area; (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 but such
agreement shall not prohibit development of the Redevelopment Site as
condominiums; (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 owned by the Developer to be
paid prior to the time such become delinquent. In lieu of the above, the
Developer may surrender any remaining amount outstanding of the
Redevelopment 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 Developer 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 breached by such third parties if
the Developer no longer owns the Redevelopment Site.
3.6 shall provide the City Finance Department with an executed copy of the
Redevelopment 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 Developer.
SECTION 4. PROVISIONS OF THE CONTRACT
4.1 Equal Employment Opportunity Clause. Annexed hereto as "D" and made a part
hereof by reference are the equal employment provisions of this Agreement,
wherein the "Developer" is referred to as "Contractor".
4.2 Non-discrimination. The Developer shall not, in the performance of this
Agreement, 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 Agreement are for convenience and are not used
in the construction of this Agreement.
-4-
4.4 Applicable Law. Parties to this Agreement shall conform to 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 Agreement.
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 shall have a financial
interest, direct or indirect, in any City contract. Any violation of this section with
the knowledge of the person or corporation contracting with the City shall render
the contract voidable by the Mayor or Council.
4.6 Merger. This Agreement shall not be merged into any other oral or written
contract, lease or deed of any type.
4. 7 Modification. This Agreement 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 Developer may not assign its rights under this Agreement
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 Developer.
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 Developer's successors and assigns,
and shall run with the land described in Exhibit "B'', attached hereto, to the
benefit of the City.
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 Agreement and for the period of any applicable statute of limitations thereafter, the
following named individuals shall be the authorized representatives of the parties:
-s -
(I) City of Omaha:
Planning Director
City Planning Department
Omaha/Douglas Civic Center
1819 Farnam Street, Suite! 100
Omaha, NE 68183
(2) Developer:
901 Land, LLC
701 South 15th Street, Studio 100,
Omaha Nebraska, 68102
Bluestone Development, LLC, Manager
Christian Christensen, President
Legal Service
c/o City Clerk
Omaha/Douglas Civic Center
1819 Farnam Street
Omaha, NE 68183
Either party may designate additional representatives or substitute representatives by
giving written notice thereof to the designated representative of the other party.
~=,,,
Executed this __ day ~f =:. 2008.
ATTEST:
Executed this ity of August, 2008
CITY OF OMAHA:
buk a
MAYOR OF rnE't:#Y OF OMAHA
APPROVED AS T FORM:
~-c. \
~5. /-CITY ATTORNEY
- 6 -
DEVELOPER:
901 Land, LLC
By: Bluestone Development, LLC Manager
STATE OF NEBRASKA) )
)§
COUNTY OF DOUGLAS )
Christian Christensen, President Bluestone Development, LLC, Manager of s:\id 901
Land, LLC, acknowledged the foregoing Redevelopment Agreement before me this ZZ" day of
August 2008. , Jndy A. cJ#ndJ
Notary Public, State of Nebraska
My commission expires on ~ ~ / fR ~ J..Df .O
w-489135v2
- 7 -
GENEIW. NOTARY -State of Nebraska
ANDREA SANDEL
My Comm. Exp. June 16, 2010
STRUCTURE LOCA llON
THE LOFTS AT SOMA 1
A CONDOMINIUM
LOT 26 LOT 25 LOT 24 LOT 1 5 LOT 14 LOT 13
THF: ROWS 4T SoMa REPLAT 1 THE RO VS AT s, Ma
MARCY PLAZA
I sgo·oo·oo"E 181.70' Cl)-
COMMON ELEMENT ~ 1-1 -
0 "' !' '"1'~ c-• o. o. 40 OU'l '"1' f-Ro~ . "' 0. 0 0. COMMON ELEMENT o-
_J p~ """' 0 0 0 CONDOMINIUM BUILDING z z
11
RAIL ROAJJ
L ~ 17
(UNpLAT
'TEJJ ')
NORTH
SCALE 1" =30 '
ENGINEERING
o.90·
PLANNING
sgo·oo·oo"E
16.50'
"51
COMMON ELEMENT
30.33"
N89"57"19"W
UJ
'o
mo
"" .o -P
"'0
0 z
LAND SURVEYING
n
N
f--
0
_J
EHRHART
GRIFFIN &
ASSOCIATES 3552 Farnam Street • Omaha, Nebraska 68131 • 402 / 551-0631
<( + t""'" B6 ~-~ 94 'lE 97 ~ ~ '75 fi74 !~7J !•12 jt71 LEAVENWOl!lH PLAZA 75 !~ 77 :, 78 I· 79 " 80 ,,...,,, 100 107 ~ 106 :-1 10~ ti 104;,j 103 :., ~~+~-+-·~ '. l-;',\_-~J:t:'_~_,,, ~"--'-~:__] ~1 111 112 LI 113;] i;4 r.1 115 MARCY Pl.AZA t;100 101 th llt> '" " " 'X~ "> THE ROWS AT SoMa J.~'.t/ ~' ~,~~I LtiVBNWORTll ST. -IH 2 I 3 (, ;,51r5,: ;:: ; .+6 ; 47 ''C .. ,, 44 1; •3 Ii •2 I' .. 1 r •o" cxrn.OT so· E[l <( ,. .-"' N '" <( ; S4 ,, ~ " ~ 53 ~ ' --; :'J " "'' ,, ·-·;;-;-' N 58 ;:' 57 ; 5-0 !~ 59 LEAVENWORTH P1.AZA ~-·J -~· ""~ ,, 36 !; 37 38 39 _ _;:·r-35 ]:,;; .. ''"]_:_ "' EE ;:!j i? -iO ;: oon.OT ~· ~ ti ~.cu>u· W; ~ I --• " 26 ; 25 '; 24 ;., ,. ~ MARCY _ -r --1 .. 1-__ ·1 r; ,, 1.,, r ,; . F ' ''' PLAZA I ;': L---' -0 • I .-• T ~-I 1\1 •i--,. ,. -,, ' st' z-~:r ::a ;1 MA 'YllERRY ,._ f,;+;~-r ,, '" + '' " '' 27 _,.,~ " ~ 60 '-61 i;; 62 c PLAZA B •. 9 120 ;:J 121 '" 69 !22ri 12J ; 65 J; ££ 1~ 67 Ji 58 " ~,u~t ~"'r' ~-""' PLAZA ;, ,, 18 t 19 :, -20 • '· ~~ '). "' 23 l~ 22 I~ 21 THE ROWS AT SoMa REPlA T 3 (LOTS 103 -123) THE ROWS AT SoMo RfPlAT 2 (LOTS 7/1-BJ, 94 -101) Co"rtllNJ Ploce No. i. iit -'J,'I rowJ.1*'1
2r>f 7
•
f"" ~ cO ------------The Rows at SoMa -Condo A lllh st. and Leavenworth SI, Omaha, Nebraska L @!!hi1i!ffi~{ 1 ,ooo• l)J::: - --=-;:n-__ ~ ~ /iT1""-·· /;-'"1 ' ! .\ ~ z~1,1: ---------~===--~· .--·fb ;; I ; ; . I __ / ' First Floor Sc.lo, lo!O =!=..____________, -·~-1-1 ·· ,,~~1~1ro:(·~1~ ~1~1~1~r ' 1' I I ~"~ GAFIME 1' t ·-I .. PA~ING GARAGE ·----+--.. ---'" i " ........ PARKN<l GAFWIE ~ -~ "'"'"""' GAMGE PAnKI"" GAMGE I I • i E9 N -------> _________ ,·:::_-.-_-_._._:0·"1 r···o::::_-_-_-_-:-1----------------1 -' l-o ·~ ,-, -t ~ ,-" -.·-1 1._ • • 1> -, ,-,r-~a 1 1 . 1 I . -. ,;; / .. I , / __ -_:'l9i . [~~ ~ ~r~°I I !'~:,t~;j~-~ " --1 '" [[ b--~) ' ~// "-'. ____ ___n_ _____ _ 8LUESTDnE.. ocv;-_, ""'~'-"~ BLUESTONE DEVELOPMENT, LLC DEVELOPER m/m PAPPAGEORGE/HAYMES Ltd. ARCHITECT July 03, 2007 PIH# 051559 "-•:::.·:.r::::::.:".z;.:,::=-..;=.:::;;".:;;;::·..::::
r-~ ::T e · III I I/ I I I I .], I I I I ~I I \, -:::;:-.:: lllTCl-Etl:I [~JI 1A ""00 D ~~ The Rows at SoMa -Condo A 11th SI. and Leavenworth St. Omaha, Nebraska ------·-...... ;;;;;.-..,.----------. ,R V-11 -"-' I i, 1, (Iii+ ;g . I I I I . .. Set:ond Floor S<al" 1,10 ~:1 3C Ll\/lNO I li1 " .. -.,_ •m~ EB N .;..;,: 11~=11 SA ·-Bl\LC<.JNY D ______ n_ __ -----8 L LJEST IJ n E.. BLUESTONE DEVELOPMENT, LLC DEVELOPER m/m PAPPAGEORGE/llAYMES Ltd. ARCHITECT July 03, 2007 PIH# 051559 --=:..;.:-,,;:;,~...:==:.::=-..:.-::;.;;;
r-'-'"' a \0 I L ~-1':;'.::, 0 ""LCIJNY · .. """""' r;·~'I ~ ..... :_ ...... :J 1A .. _ The Rows at SoMa ~ Condo A 11th SI. and Leavenworth St. ~ ,,f!j;, .~ ~ ' 'k,, --1-c1 I Ii ' = , lit"'lSI --· l7 ' =::·=:.. ~I•.,., .. " -a~unooM ~:.?.~; KlrCH~N [[~111 3C ll"NG BALDONY { """"" I ' iJ15'0l' 1 I :.__:~_ .... ) SA .. ~ ··-.=,;".::. -w~ 0 Om"ha, Nebraska Third Floor S<>I" l•IO E9 N .. t=::::=::::=::::=:::.:::::=::::====:+============-~-+~~~~"~~··~~~-+-~~~~~~~~~~~~~~::;;;:;JnF!:: 8 L U~E""~"":i -cer '°'Dru~;-D£"VC.L!'.Ji>MENT BLUESTONE DEVELOPMENT. I.LC DEVELOPER m/m PAPPA GEORGE/HAYMES Ltd. ARCHI'IBCT July 03, 2007 PIH# 051559 ""~·'::;::.'"..":'.:'.'I:':.::.:'!';.'::~::::::=;:::~~~.':.:."':
r-~ Q ...9 r ~I.· . -·~ ' 1~11 .. -.-.:i.:.~~·_::_J_---· 1AP-"-The Rows at SoMa • Condo A 11th St. and Leavenworth St. Omaha, Nebraska .\.__.,:,,, -----FiJl ___ :--__ _ ti-::1 1 "I I I · V W"'J • te1%t-)04 Fourth Floor S<:11., 1.10 w ~[TCHEN [[lf!JI 3CP ll"NG -1·:::t0 ·-· ' m•C~Jlc· SAP --~ EB N m/m PAPPAGEORGFJHAYMES Ltd. ARCIIlTECT July 03, 2007 P/H # 051559 -~~-!'"~~.:"'..::,~~~=:..~
t'---~ Q r-L --'~ The Rows at SoMa -Condo A 11th st. and Leavenworth st. Omaha, Nebraska ,·,., Penthouse Options s .. 1 •. 1,10 EB N _____ n_~_ 8LLIESTO!iE-BLUESTONE DEVELOPMENT, LLC DEVEWPER m/m PAPPAGEORGE/HAYMES Ltd. ARCHITECT July 03, 2007 PIH# 051559 '"'~":;.::.;·:=: ... -..:.~":.-:==-:.:.~;;.:.":
MISC 2006046422
APR 26 2006 14:1}5 P 2
~Iii\ Received-DIANE L. BATTIATO
RoQ:llor or ~.xi•. D<>~ Cour.ty. NE
4/26n006 14:05:08.88
11111111111~1m11m1r111111111 2006046422
Project No. EGA061146 Location THE ROWS AT SOMA
ADMJNISTR!TIVE SUBDMSION
LAND SURVEYOR'S CERTIFICAlE
J hereby certify that this plot, map, survey, or report was mode by me or under my direct personal
supervision ·and that I om o -duty -Registered Land Surveyor under the lows of the State of Nebraska.
lEGAL DESCRIPTION THE LOFTS AT SOMA 1
LOT 1, THE LOFlS AT SOMA 1, BEING A REPLAT OF OUTLOT "C", THE ROWS AT SOMA REPLAT 1, AS SURV£YEO,
PLA TIED A~D RECORDED lN DOUQ..AS COUNTY, .NEBRASKA.
LOT 26 LOT 25 LOT 24 LO.T 15 LOT 14 LOT 13
TH' ROWS ~T SoMa REPLAT 1 THE RO vs AT 5, Ma
0 •t--
t-
0
_J
"' > 0 p 'N
p"' 9.,...:
0 ... ·o. z
MARCY .PLAZA
S90"00'00"E
LOT
181.70'
1
10994 Sq.Ft.
PLANNING DIRECTOR APPROVAL
l.£GENO: P -PLAT DISTANCE
C.T.P. -CRIMPED TOP PIPE
O.T.P. -OPEN TOP PIPE
Date: 04-21-06
• -FOUND SURVEY POINT A -ACTUAL DISTANCE
D. -SET SURVEY POINT R -RECORDED OISTANCE
"' ' • 0 "'0 "' . .o -o .... 8 z
S90"00'00"E
16.50' /'-'
·O • 0 ~o ..: p
l")Q
0
30.33' z
N89'57'19"W
LAND SURVEYING
EHRHART
GRIFFIN &
ASSOCIATES 3552 Farnam Street • Omaha, Nebraska 68131 • 402 / 551-0631
OWNEK'S CE~TfFIC..\ TICN
ClTY OF OMAHA, NESRASKA
ADMINISTRATIVE sueOIVISION
PAGCZOF2
KNOW AU.. F5RSCNS 6Y THESE PRESENTS. Thac U'le undersigned ar• owntf"s ot !he propeny a~ desctlbed in 01• surveyo~·s ;c:; ""~ T :;;lat, 2f15' 2:;·-;~ to be oubdMdld into lolO as snown on lhro plat.
Oat• Owner Dace
ACKNQWL C:QG§MENT 9Y CORpORA TTCN
Stat• ot Nebraska )
) s.s
County ot Douglas )
On !his. P-J dayot t\iari / .w~ bototw mo 111• undor3j9)'J'"· a ".I~ P411lie in and for >aid ,.-;:;;,. county, ~nattyeame~hri<414£i<¢fb?&f,W n p<esid~ of the pr:,tl';fld'f? f?!'~(A1r11X p Ni tt6 ~
i h(I\~~ tA. \:u..\>: \i~') Gacnp•~ .,,,,,~fiaA, to t:e personally KnoWn to be j:lresldent and laerrtSc:al per.son 'NhOH Mn'M' 1s atftxed lo U1o aaove _...,,..'--,.----
(i;:, ll'l.ll°'""~ -,---_, .. and h~h• acxnowtedged !he 011>.cution therltOt I hi:lher voluntaf)' ac: and deed a:s such otnCer. and the voluntary
act ana aeeci ot :saKS eoree1nC'i&A. t· ..... '.1(.A. \:"'°'-r.~ t" ~Dpo._,.. -i;:.
Witrless my nand ano nctanal seat at • !ast ab<Ne wntten.
~ GENERAL NOTAAY·Slale of Nebraska
.. . BERNIE TOBIN
My Comm. Em, Januarv 31, 201 o
Notary Pucltc
MORTGA.GE REL:.ASE; That-------------------Mortga9e(s) under Mortgage dated ---day of 19 ___ reeoraed at _____ Book No. Page No. Mortgage
Rec.ores. Oo1.19/a$ C\lUnty, Nec~ka covenn9 toot of land above desc."1bed hereby consent :o and approve of plat
aru:1 release from said mortgage uie
_________ wruiout prejudice to the lien of mortgage on the remaining real estate.
MOOgagee
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 HYPOTHECA TION 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
$643, 000.00 Attgttst S.ep-1-ew.&-r 2s, 2008
FOR VALUE RECEIVED, the Undersigned, Borrower, promises to 901 Land, LLC at 701 South
15th Street, Studio 100, Omaha Nebraska, Holder, and I or its assigns, the principal sum of Six
Hundred Forty Three Thousand Dollars and no Cents($ 643, 000.00), together with interest thereon
at the rate of eight (8%) 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 2 3 ,.,,(, day of
September, 2008 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 arate equal to five percent (5%)
above the regional prime or base rate as used by the First National Bank, 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 fu 11 all amounts due and owing at a date fifteen ( 15) years from the effective
date of the Redevelopment Plan, 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 effective date of the Redevelopment Plan, 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
By:~~
'MaYOf{;f theCiof Omaha
ATTEST: APPROVED AS TO FORM:
~ ~/,~
Cii)TC1efkOftileCah_a _____ ~JfTity Attorney
PLNLSFl 138-note
- 2 -
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 ofrace, 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.
- I -
( 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 form 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 reports
filed at such times as directed shall contain information 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 Opportunity 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 -
PUBLICATIONS PUBLICATION OF HEARING Date 9-fl-Of) PUBLICATION OF ORDINANCE Date / () "f-05 ./ //95 / ORDINANCE NO. _ c3l,;J'f'¢ AN ORDINANCE approving a Redevelopment and Tax Increment Financing Loan Agreement between the City of Omaha and 901 Land, LLC which provides for Tax Increment Financing (TIF) in the amount of $643,000.00 for the redevelopment of 15 condominiums on land now included within The Lofts at Soma 1 Condominium, located between 11th Plaza and Marcy Plaza near the intersection of 11th Street and Leavenworth Street, Omaha, Nebraska; and orovidina for an effective date. -·"? . /',~ LJ • PRESENTED TO COUNCIL 1st Reading SEP - 9 2006 -~IAfl: 'fd~far Hearing SEP 1 6 2008 o v e v tv 9 /d-3 / o ff Final Reading SEP 2 3 2006 • Passea <r_·o BUSTER BROWN City Clerk )f;t/#u6/1 5)