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RES 2016-0433 - Adams Park TIF redevelopment project plan of ;�� Planning Department �� ,> Omaha/Douglas Civic Center C 1819 Farnam Street,Suite 1100 ,74 01*, � l { Omaha,Nebraska 68183 � ; am tyro !t[ f.tYiIt oRq� - �\ �.� (402)444-5150 Telefax(402)444-6140 ED FE84 L James R.Thele City of Omaha C . Director Jean Stothert,Mayor °' '''_ l '° " April 5, 2016 Honorable President and Members of the City Council, The attached Resolution transmits the Adams Park Residences Tax Increment Financing (TIF) Redevelopment Project Plan for a redevelopment site located south of the 36th Court and Maple Street intersection. The project is an infill development utilizing an irregularly shaped 3.5 acre parcel on the south side of Maple Street at North 37th Street, immediately south of the Martin Luther King Elementary School. The site has been neglected, and has long been platted for single family homes without experiencing any development. The Holy Name Housing Corporation (HNHC) intends to build a senior housing complex consisting of 18 townhome-style "cottages" in a mix of 2-unit, 3-unit, 4-unit and 5-unit buildings (six structures). The project will utilize Low Income Housing Tax Credits (LIHTC), for which final approval is presently pending. Development of the site will require extensive tree removal and considerable grading. The new construction represents an investment of more than $4.9 million in a site with a current assessed value of approximately $13,000.00. HNHC will build a private cul-de-sac roughly 375 feet long. Extensive new storm sewer pipe and sanitary sewer lines will also be built, with gas and water main lines extended. The construction includes curb, gutter and sidewalks along the roadways. These public improvements total more than $625,000.00. The senior rental units will be available for persons age 55 and older who earn less than 60 percent of the area's median family income. The cottages are to be independent living units, but the services recently initiated by Holy Name at their North Omaha Intergenerational Campus (the former St. Richards School and campus at 4318 Fort Street) will be made available to the residents of the Adams Park Residences. The Planning Board recommended the approval of this Redevelopment Project Plan at the March 2, 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 $221,000.00. TIF will be used to offset TIF eligible expenses such as site demolition, building rehabilitation, utilities, architectural and engineering fees, and all public improvements as required. The total estimated project costs are $4,931,202.00, 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: .3/"Q, ames R. The1e'4. Date Mayor's Office Date Planning Director Approved: 0 Z 2/ 4, %j 6_,k-: 1'1:61:-(, _ 2 Stephe B. Curtiss,r Date Ro ert G. Stubbe, P.E. Date Finance Director Public Works Director 2330 dlh Notice of Publication: April 7, 2016 and April 14, 2016 Public Hearing: April 26, 2016 „ . 0, , nil 0)c„ ,., . .7,- C 5 g; c m _ ? $ o ° Et: LL N r I a' o Z TA hi ID LI � � °zo szo E z 3 V E m W Cd5 m'� = Y -0 o o ,,,,,,, e a a � t � 9 o ,x,.1g3Y��Y$ li.a i i i r 'L�. R j:X lggag'ir „ 27a i g g pyp x 5_ r!Y U .1.04bgW8 OI Ce w •!1 x l p I B E i g9 Yb Yi rn iYg€�'SiS j G Y graa i z e yq 2 ggg 3 G o l9; `li@iyl`i S.Q Y O_;rg.]:,8 1 g J 11 E' 1 i1 111 l: glib:Y ^' 3 Zilitia9:s33?i $Ad §i aR6Yid€E 1 --- -J • roe., I I ;�oQ ��' �; II a j I -f �„ A n In II • r ? I, �_ ... • I - wr. \ 9i • .1.".."; ;;;'" r �i `. • • F I ' Ir, " r• y rp;'yo L —_ —..—. —.-- ' :a �5 �t �� p $:_I: ,' G ,4 `U ' ''.. —.� _\a .L � I \,,, r :I i _ ''N.- r � lI a1 r Ir �-' —-� I1-------- r EXHIBIT "B" ADAMS PARK TIF REDEVELOPMENT PROJECT PLAN SOUTH OF THE 36' COURT AND MAPLE STREET INTERSECTION MARCH 2016 °A1 lbw�MAHA,N'lto L.hi‘111111'4C1A 157?" o4'r .4.ro PLANNING. OMAHA ED FEBR 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: February 24,2016 SUBJECT: ADAMS PARK TIF REDEVELOPMENT PROJECT PLAN South of the 36th Court and Maple Street Intersection Case#C3-16- Project Description The Adams Park project is an infill redevelopment in north Omaha,utilizing an irregularly shaped 3.5 acre parcel on the south side of Maple Street at North 37th Street,immediately south of the Martin Luther King Elementary School.The site has been neglected,and has long been platted for single family homes without experiencing any development. The Holy Name Housing Corporation(HNHC)intends to build a senior housing complex consisting of 18 townhome-style "cottages" housed in a mix of 2-unit, 3-unit, 4-unit and 5-unit buildings (six structures). The project will utilize Low Income Housing Tax Credits (LIHTC), for which final approval is presently pending. Development of the site will require extensive tree removal and considerable grading.The new construction represents an investment of more than$4.9 million in a site with a current assessed value of approximately $13,000.00. HNHC will build a private cul-de-sac roughly 375 feet long. Extensive new storm sewer pipe and sanitary sewer lines will be built, and gas and water main lines extended. The construction includes curb,gutter and sidewalks along the roadways. The senior rental units will be available for persons age 55 and older who earn less than 60 percent of the area's median family income. The cottages are to be independent living units,but the services Holy Name has recently initiated at their North Omaha Intergenerational Campus(the former St.Richards School and campus at 4318 Fort Street)will be made available to the residents of the Adams Park Cottages. Residential Unit Information Multi-Family Rental(Townhome Units) Number of Units One Bedroom Two Bedroom 18 Three Bedroom - Total 18 The project is anticipated to be completed by December 2017. DS Employment Information Permanent Jobs(FTE)to be CREATED 0 Permanent Jobs(FTE)to be RETAINED 12 Permanent Jobs(FTE)to be RELOCATED 0 TOTAL 12 Anticipated Annual Payroll $496,312 Estimated number of construction and related jobs to be created during construction 52 estimated phase No Building Permit will be issued based on a site plan that does not comply with the provisions of the Zoning Qrdinance. The project site is located within a Community Redevelopment Area,meets the requirements of Nebraska Community Development Law and qualifies for the submission of an application for the utilization of Tax Increment Financing to cover costs associated with project development as submitted for approval through the Tax Increment Financing process. The project is or will be in compliance with the Master Plan, appropriate Ordinances and development regulations of the City. DEPARTMENT RECOMMENDATION:Approval. ATTACHMENTS General Vicinity Map Project Plan DS Project Finance Summary-Sources&Uses Sources and uses/Total Project Costs Sources of Funds Owner Equity & $400,000 HOME Funds 940,400 TIF Financing- American National Bank 221,000 First Mortgage - American National Bank 200,000 Low income Housing tax credits 3,569,802 Total Sources of Funds 4,931,202 Uses of Funds Site Acquisition 139,000 Site Preparation 875,566 Development costs - 18 units 3,916,636 Total Use of Funds 4,931,202 Note:American National Bank is considering construction financing and TIF financing, both at 6% Final Valuation Discussion Per the applicant,the final valuation of the senior housing project is estimated at$1,105,992. This is based on HNHC's recent experience with assessments for two of their other senior housing projects,also located in north Omaha: the Fontenelle Cottages and the North Omaha Senior Cottages. Land Use and Zoning The nearly 3.5 acre site has recently been rezoned and replatted,with City approval. The property is now zoned R6-PUD,Low Density Multiple Family Residential. Utilities and Public Improvements Standard utilities(electrical,water,sewer)exist at the site;utility connections will be necessary. Public improvements will include basic streetscaping, sidewalks, and any other public improvements as required. Transportation The 18 units will be served by a newly constructed cul-de-sac access road,which will connect with Maple Street. There are no transportation issues that need to be addressed. Mandatory Criteria-from the application 1. The proposed project has been declared blighted and TIF eligible. The project is also located in a Department of Housing and Urban Development statutorily mandated Qualified Census Tract (61.01)for IRC Section 42. (Community Development Law §18- 2103) 2. The proposed project furthers the objectives of the City of Omaha's Comprehensive Plan by meeting the priority housing need for affordable rental housing 60% of medium income as well as the special needs of low income elderly. Adams Park is also a node for redevelopment in the City of Omaha Master Plan. (Community Development Law§18-2113 and§18-2116). DS 3. The use of TIF for the project will not result in a loss of pre-existing tax revenues to the City of Omaha since the tax revenue from the proposed site are minimal. (Community Development Law§18-2113 and§18-2116) 4. The proposed new construction project will not be economically feasible without Tax Increment Financing as previously evidenced. (City of Omaha Charter§7.04,The Master Plan;Community Development Law§18-2112). Cost Benefit Analysis-from the application Consideration 1. Tax shifts resulting from the approval of the use of funds (Section 18-2147 Community Development Law) As indicated on page I[of the submitted application],this site is not only an eyesore that discourages other development in the area;it generates minimal taxes on the property. Based on similar projects developed by HNHC,the organization knows these taxes will increase substantially when the site is improved. Consideration 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives. The site is not being utilized to its fullest or best economic use. In fact, the site is detrimental to any development in the area. It is overgrown with weeds and trees and has been for years. Homeless individuals have lived on the site at various times. In addition to creating an eyesore,this site presents a danger to children in the neighborhood. Although difficult to develop because of the grade of the lots,the site could be redeveloped as a neighborhood. The potential increases in tax valuations to the surrounding area were discussed with residents at a public meeting. However, the majority recognized that the potential increase in the market value of their homes was also a potential benefit should they sell their homes. Consideration 3.Impacts on employers and employees within the city and the immediate area that ae located within the boundaries of the project area. Martin Luther King Elementary School is located across the street from the site. In working with the school to develop relationships between the students and seniors in the cottages the desired outcome would be that it is beneficial to both. The Director of Malcolm X Foundation believes that this development would enhance proposed future development on the Malcolm X site. HNHC has already entered into a partnership with Hope of Glory Church and Williams Prepared Place to utilize their landscaping services (staffed by those in substance abuse recovery) to provide services to another site developed by the Corporation. We would extend this contract to include the Adams Park Project. Consideration 4. Impacts on employers and employees within the city and the immediate area that are located outside of the boundaries of the project area. The negative effects to the entire city in not redeveloping North Omaha have been well documented. One of the goals of the City's master plan for redevelopment of the Adams Park area is to attract new residents from other parts of the city to North Omaha. Many North Omaha residents are gainfully employed,but often are unable to find decent, affordable housing because their wages have not kept pace with the rapidly increasing costs of living. DS This project will directly affect another development by HNHC that combines housing with services needed to enable low income seniors to sustain their housing. Seniors living in the proposed Adams Park Cottages will be able to take advantage of the North Omaha Intergenerational Campus(NOIC),a major redevelopment for seniors and children on the site of the former St. Richard's school, a 10 acre site at 43rd and Fort. The Adam Park Cottage residents will be provided transportation to access the NOIC services including a senior city center that offers free or low costs meals,a variety of social and education services,and Charles Drew Community Health Center. Finally,HNHC has been very successful in finding,assisting and hiring small contractors from all over the city,with a concentration of contractors from North Omaha to work on its projects. Consideration 5. Any other impacts determined to be relevant to the consideration of costs and benefits arising from the project. Based on its 34 years of development in North Omaha, HNHC is very aware of the positive effects resulting from significant developments such as Adams Park. Long term residents become more active in neighborhood activities and start making improvements to their property. HNHC has also noted a decrease in crime in redeveloped areas. Currently, HNHC is aware of a significant number of seniors needing this type of housing. HNHC currently has a waitlist of over 100 for its senior housing units. HNHC's experience shows seniors are often paying more for rent than they can afford. This reality combined with their lack of any discretionary income means even a small crisis can cause them to lose their housing. The social and financial costs of constant moving are well documented. By providing supportive services including (case management,financial education and emergency funds) HNHC is able to mitigate these social costs and help tenants achieve sustainable housing. TIF Justification This redevelopment project plan represents an opportunity for infill housing on a vacant neighborhood site that has been a neglected, overgrown dumping ground adversely impacting the surrounding neighborhood. The project is in compliance with the Master Plan, appropriate Ordinances and development regulations of the City. The project is designed to complement a relatively stable residential neighborhood. It is an independent living senior housing project in a townhome style development, and provides alternate housing options in the neighborhood. Ultimately,this project plan will enhance the tax base for various taxing jurisdictions. TIF Request: A TIF request of up to $221,000. TIF will be used to offset costs such as site demolition, building rehabilitation, utilities, architectural and engineering fees. The total estimated project costs are$4,931,202. This project will be required to comply with all Planning Department and Planning Board recommendations. DS 2 CASE: C3-16-046 APPLICANT: Planning Department on behalf of the City of Omaha REQUEST: Approval of the ADAMS PARK TIF REDEVELOPMENT PROJECT PLAN LOCATION: South of the 36th Court and Maple Street intersection ' SUBJECT AREA IS SHADED - MARCH Fi4(3 rL rrR-(35 R.(3, �«t /■R4 e r M r z r r I ''b(35) r R 3-,• • r Maple-St r f R 35 1 R4(35) R5(35) R5( ) R 35 R4(3• ... y� ; R5(35) R5(35) Corby St '- , _ Corby St r . *R 35 R4(35) , ; , , , ' R5(35) ._._a R4 j35 R4(3' ) R5 -•(35) R4 _ _ - _ _ t Miami St a __- m GI c 11111:1 CZ -c co -a-sas 4. --. R5(35) z1111111 R5(35) R7 Ohio St -______ —J°r _ Rie -- 1 R7 ii- omaha N ��aD o 700 PLANNING Feet Date: February 12, 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: Adams Park TIF Redevelopment Project Plan Location: On both sides of unimproved North 36th Court, south of Maple Street Request: The TIF amount originally requested has been revised (reduced) to $221,005, inclusive of capitalized interest, after being reviewed with the applicant; and the applicant is in agreement with the revised amount. The TIF calculation spreadsheet, which is attached, indicates the project can support a maximum TIF request of$221,005, inclusive of capitalized interest. The calculations use the current levy rate of 2.23039% and the other assumptions incorporated into the TIF calculation spreadsheet. Note that the spreadsheets show the project/TIF note pays off in about the 14th year of the TIF term. TIF Fee Schedule: The $500 application fee has been paid, and the processing fee of $3,000 will be collected. Total fees will be $3,500. TIF Justification The project site is located within a Community Redevelopment Area, meets the requirements of Nebraska Community Development Law and qualifies for the submission of an application for the utilization of Tax Increment Financing to cover costs associated with project development as submitted for approval through the Tax Increment Financing process. The project is/or will be in compliance with the Master Plan, appropriate Ordinances and development regulations of the City. This redevelopment project plan represents an opportunity for infill housing on a vacant neighborhood site that has been a neglected, overgrown dumping ground adversely impacting the surrounding neighborhood. The project is designed to complement a relatively stable residential neighborhood. It is an independent living senior housing project in a townhome style development, and provides alternate housing options in the neighborhood. Ultimately,this project plan will enhance the tax base for various taxing jurisdictions. TIF will be used to offset costs such as acquisition, site work, site utility infrastructure, architectural and engineering fees and public improvements as required. The total estimated project costs are $4,931,202. TIF eligible costs are as follows: Land Acquisition $ 139,000 Site Earthwork $ 250,290 Public Improvements, including infrastructure costs $ 625,276 Architect Design $ 99,500 Architect Supervision $ 12,000 Survey $ 31,000 Environmental Study/Review $ 9,600 Market Study $ 5,500 4.5% of budgeted Contractor Overhead $ 2,025 4.5% of Contractor Profit $ 11,340 Total $1,185,531 TIF Fees $_ 3,500 Total TIF Eligible $1,189,031 NOTE: Public Improvement Costs are $625,276. These include paving, sidewalks, streetscaping, and substantial infrastructure costs in the public right of way, such as street paving, improvements to the storm sewer, sanitary sewer, gas and water systems. The TIF requested is 5.1%of the total project costs. Recommendation: Approval Project Description The Adams Park project is an infill redevelopment in north Omaha, utilizing an irregularly shaped 3.5 acre parcel on the south side of Maple Street at North 37t'' Street, immediately south of the Martin Luther King elementary school. The site has been neglected, and has long been platted for single family homes without experiencing any development. The Holy Name Housing Corporation(HNHC) intends to build a senior housing complex consisting of 18 townhome-style "cottages" housed in a mix of 2-unit, 3-unit, 4-unit and 5-unit buildings (six structures). The project will utilize Low Income Housing Tax Credits (LIHTC), for which final approval is presently pending. Development of the site will require extensive tree removal and considerable grading. The new construction represents an investment of more than $4.9 million in a site with a current assessed value of approximately $13,000.00. HNHC will build a private cul-de-sac roughly 375 feet long. Extensive new storm sewer pipe and sanitary sewer lines will also be built, with gas and water main lines extended. The construction includes curb, gutter and sidewalks along the roadways. The senior rental units will be available for persons age 55 and older who earn less than 60 percent of the area's median family income. The cottages are to be independent living units, but the services recently Holy Name has recently initiated at their North Omaha Intergenerational Campus(the former St. Richards School and campus at 4318 Fort Street)will be made available to the residents of the Adams Park Cottages. The project is anticipated to be completed by December 2017,with the following timeline: Final zoning and planning Board approval,completed April, 2015 Submission of application for LIHTC Crane Program Jan, 2016 Permits for construction completed by February,2016 Funding commitments for site preparation by March,2016 Site Preparation&Utility Installation to begin April,2016 Funding sources for residential units in place by December,2016 Construction and lease up completed by December, 2017 Project Finance Summary- Sources&Uses Sources and uses/Total Project Costs Sources of Funds Owner Equity & $400,000 HOME Funds 911,400 TIF Financing—American National Bank 250,000 First Mortgage—American National Bank 200,000 Low income Housing tax credits 3,569,802 Total Sources of Funds 4,931,202 Uses of Funds Site Acquisition 139,000 Site Preparation 875,566 Development costs— 18 units 3,916,636 Total Use of Funds 4,931,202 Note:American National Bank is considering construction financing and TIF financing, both at 6%. Final Valuation Discussion Per the applicant,the final valuation of the senior housing project is estimated at$1,105,992. This is based on HNHC's recent experience with assessments for two of their other senior housing projects, also located in north Omaha: the Fontenelle Cottages and the North Omaha Senior Cottages. Land Use and Zoning The nearly 3.5 acre site has recently been rezoned and replatted,with City approval. The property is now zoned PUD, R6—Low Density Multiple Family Residential. Utilities and Public Improvements Standard utilities(electrical,water, sewer)exist at the site; utility connections will be necessary. Public improvements will include basic streetscaping, sidewalks, and any other public improvements as required. Transportation There were some neighborhood concerns about the density causing too much traffic in the neighborhood. Public Works recommended only one access point for entrance and exit to the site and that this access point be close to 51st and Leavenworth Street. Additional neighborhood concerns then became that this access point might cause a bottleneck at/onto Leavenworth Street. The applicant ordered a traffic study and submitted it to city staff for review. Mandatory Criteria—from the application 1) The proposed project has been declared blighted and TIF eligible. The project is also located in a Department of Housing and Urban Development statutorily mandated Qualified Census Tract (61.01)for IRC Section 42. 2) The proposed project furthers the objectives of the City of Omaha's Comprehensive Plan by meeting the priority housing need for affordable rental housing 60%of medium income as well as the special needs of low income elderly. Adams Park is also a node for redevelopment in the City of Omaha Master Plan 3) The use of TIF for the project will not result in a loss of pre-existing tax revenues to the City of Omaha since the tax revenue from the proposed site are minimal. 4) The proposed new construction project will not be economically feasible without Tax Increment Financing as previously evidenced. Cost Benefit Analysis—from the application 1. Tax shifts resulting from the approval of the use of funds As indicated on page I,this site is not only an eyesore that discourages other development in the area; it generates minimal taxes on the property. Based on similar projects developed by HNHC,the organization knows these taxes will increase substantially when the site is improved. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives The site is not being utilized to its fullest or best economic use. In fact,the site is detrimental to any development in the area. It is overgrown with weeds and trees and has been for years. Homeless individuals have lived on the site at various times. In addition to creating an eyesore,this site presents a danger to children in the neighborhood. Although difficult to develop because of the grade of the lots, the site could be redeveloped as a neighborhood The potential increases in tax valuations to the surrounding area were discussed with residents at a public meeting. However,the majority recognized that the potential increase in the market value of their homes was also a potential benefit should they sell their homes. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project Martin Luther King Elementary School is located across the street from the site. In working with the school to develop relationships between the students and seniors in the cottages the desired outcome would be that it is beneficial to both. The Director of Malcolm X Foundation believes that this development would enhance proposed future development on the Malcolm X site. HNHC has already entered into a partnership with Hope of Glory Church and Williams Prepared Place to utilize their landscaping services(staffed by those in substance abuse recovery)to provide services to another site developed by the Corporation. We would extend this contract to include the Adams Park Project. 4. Impacts on employers and employees within the city or village and the immediate area that are located outside of the boundaries of the area of the redevelopment project The negative effects to the entire city in not redeveloping North Omaha have been well documented. One of the goals of the City's master plan for redevelopment of the Adams Park area is to attract new residents from other parts of the city to North Omaha. Many North Omaha residents are gainfully employed,but often are unable to find decent, affordable housing because their wages have not kept pace with the rapidly increasing costs of living. This project will directly affect another development by HNHC that combines housing with services needed to enable low income seniors to sustain their housing. Seniors living in the proposed Adams Park Cottages will be able to take advantage of the North Omaha Intergenerational Campus(NOIC), a major redevelopment for seniors and children on the site of the former St. Richard's school, a 10 acre site at 43rd and Fort. The Adam Park Cottage residents will be provided transportation to access the NOIC services including a senior city center that offers free or low costs meals, a variety of social and education services, and Charles Drew Community Health Center. Finally, HNHC has been very successful in finding, assisting and hiring small contractors from all over the city,with a concentration of contractors from North Omaha to work on its projects. 5. Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the redevelopment project Based on its 34 years of development in North Omaha,HNHC is very aware of the positive effects resulting from significant developments such as Adams Park. Long term residents become more active in neighborhood activities and start making improvements to their property. HNHC has also noted a decrease in crime in redeveloped areas. Currently,HNHC is aware of a significant number of seniors needing this type of housing. HNHC currently has a waitlist of over 100 for its senior housing units. HNHC's experience shows seniors are often paying more for rent than they can afford. This reality combined with their lack of any discretionary income means even a small crisis can cause them to lose their housing. The social and financial costs of constant moving are well documented. By providing supportive services including(case management, financial education and emergency funds)HNHC is able to mitigate these social costs and help tenants achieve sustainable housing. ATTACHMENTS TIF Application TIF Calculation Spreadsheet Vicinity Map E Q as `a u a a a o c o u i � N Qo �pppp IpN��p�p (ppy�� 0op ppp �1pp� ppp p^Nf f♦I1 ppp p prypl It M 0 0 O O O O O O O O O O O O O O 0 0 0 0 0 0 0 O O O I ♦ = C 9 N IOW ... a U• m (�« ppp Y m N �O t D 10 e . qRq O m N . t. 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Property Owner/Applicant Name: Holy Name Housing Corporation Owner Address: 4324 Fort Street, Omaha, NE 68111 Estimated Total Project Costs:$ 4,931,202 TIF Request: $221,000 New Construction:Yes Rehabilitation: No 22,642 Gross Sq. Ft. Building(s) 18,714 Net Square Ft. Building(s) 3.5 Acres 152,110 SF Lot/Parcel Size Current Use: Overgrown lots used as dumping ground Current Zoning: R6 PUD Current annual real estate taxes(2015):$0.00 Current Assessed Tax Valuation: Land: $13,000 Improvements: none Total: $13,000 1 I) Narrative A. Detailed Project Description:The Adams Park Redevelopment proposes to transform 3.5 acres of vacant land into a PUD for 18 Senior Cottages. Although originally platted for single family houses; this land has set vacant and overgrown for many years and served as a dumping ground. Because of the steep slope and difficult terrain of the land, it has been redesigned as a PUD that will be the site of 18 cottages for seniors, 55 and older. Services recently available at the North Omaha Intergenerational Campus(community medical center,Senior Center with meals and other activities)will be made available to new residents of the Adams Park senior cottages. Holy Name Housing Corporation (HNHC) has engaged in conversation with the leadership of two other anchors in the neighborhood, the Malcolm X Foundation and the Williams Prepared Place.These leaders welcomed this redevelopment to the area and felt it would complement their own redevelopment efforts. At a meeting with residents they saw this as a great improvement to the current condition of the property considered to be detrimental to the health and safety of residents. Holy Name Housing Corporation is a member of Alliance Building Community(ABC), an organization that also includes Omaha Economic Development Corporation, Family Housing Advisory Services and philanthropic partners. ABC, together with the Nebraska Investment Finance Authority provided the funding that initiated the North Omaha Village Revitalization Plan of 2011 that has now been incorporated in the City Master Plan.The plan focuses on the Malcolm X/Adams Park as a node for development. B. Land Use Plan The site is approximately 3.5 acres in size and located south of Maple Street at 37th Street(unimproved). This site includes multiple residential lots and unimproved rights of way.The property is a heavily treed area and consists of steep slopes from Maple Street on the north to the south. The land will be redeveloped with 18 cottages units within 6 structures. The 18 cottages are all accessed off of one private drive and are a mix of 2-unit, 3-unit,4-unit and 5-unit structures. Site plan and current aerial view are illustrated on the following pages Although originally platted for single family houses,this land has set vacant and overgrown for many years and served as a dumping ground. Services recently available at the North Omaha Intergenerational Campus will be made available to new residents of this complex. 2 Site plan is illustrated below. A complete set of design documents are attached. , , 4 ADAMS PARK LOTS 1 AND 2 ---, 1 ,,- ,.-,--- ,, ,c..) 41 4 4 4 '9, , I 4, 44 I 4,4 4.4,444 'IL 1 44_ Ilk 5 4 I 3 , •.0 00._ ...„,,. (--) , s , ,.... i ....., -.le, A*-' ,, ‘q 1 - r'41J "- ., .,,,,ilko SilltOiNa a ' 4 ' • 1./OK 1 ,\ -4 AV i , . V. i 1 74.4 1111 , 611AL o...,,.. v . zss,,.' 22- 036 i • 'Y' 00V/ 1 f1MCWG 7 i , ‘ ‘s.4. " IgY) k pit v • ' -+-i.' -7 .•••• ' y ,-ealig 1 1 '7'ilIVY L . eV 1 lots g 4 411,1 I 1 1 71— 't 1 041 4 te' 1 i 7 ; ' 4 —'-I- ''., , irrAk''''.., vo'''' * ,•".., aos. F— 1 1 1 1 4 t i R1 1 tANDSCAPE PLAN A T...... .-, 3 Aerial View of Property Today I. �i r N :4 » as a , v� fr� ': , ,di:'44.5' :,i,r:_,4".__.ij0o.- .04:1L ' :"1:"::'''''' f' ''''' '*4 sr -ITT- fig Fr "77 + �. 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Ian' GV I' 1 'IIII 'ME ®— 1 ■ Alg _ 9� �1�1111111��1i1 jv 1•i1 ' ' i o �I i 71011[1 l„E1 11111 kl�il I I 8 r i 11'''' i , __-_ m s is`: Q i I i 1 - - 1 1 - - I - I _ E C. Zoning Previously: R4(35)Single-Family Residential District(high density), R5-Urban Family Residential and R5 (35)-Urban Family Residential District Currently: PUD zoned R6-Low Density Multiple Family Residential District.The planning board and city council have approved the PUD and replat. D. Public Improvements • HNHC is coordinating with Public Works Department in regards to construction of the storm sewer running east along Maple Street. • HNHC is coordinating with Public Works Department in regards to a water main needing to be installed between Maple and Corby. • HNHC will provide a private street for access and entry to the proposed residents. • HNHC will construct sidewalks along all private and public streets as required by the Subdivision Ordinance. Note: See Section III Construction Budget for itemized Public Improvement Costs and the attached design documents for a complete illustration of the public improvements being proposed. Historical Status N/A 5 II)Development Financing Plan Sources and uses/Total Project Costs Sources of Funds Owner Equity&$400,000 HOME Funds 940,400 TIF Financing—American National Bank 221,000 First Mortgage—American National Bank 200,000 Low income Housing tax credits 3,569,802 Total Sources of Funds 4,931,202 Uses of Funds Site Acquisition 139,000 Site Preparation 875,566 Development costs—18 units 3,916,636 Total Use of Funds 4,931,202 Discussion on Final Evaluation There are two senior living projects that are the very same design, mix of tenants and monthly rental income as Adams Park Senior Cottages. They are the North Omaha Senior Cottages and the Fontenelle Cottages. The North Omaha Senior Cottages have been assessed at a rate equal to$60,254/rental unit and the Fontenelle Cottages have been assessed at a rate equal to$62,633/rental unit. Using the average of these two,$61,444/rental unit,the projected assessed value of the Adams Senior Cottage buildings is$1,105,992. 6 III) Construction Budget, Itemized Public Improvement Costs and Project Time Estimate of Costs for Site Preparation: • Maple &Corby Street Reconst. & Utility Wk $ 96,050.76 Paving $ 29,200.00 Sanitary Sewer $ 14,200.76 Storm Sewer $ 52,650.00 Site Earthwork $ 250,290.00 Clear& Grub $ 50,000.00 Topsoil $ 7,440.00 Common Excavation $ 90,000.00 Imported Fill $ 22,500.00 Site Retaining Walls $ 35,500.00 Railings for Walls $ 5,600.00 Stabilized Const Entrance $ 2,500.00 Silt Fence $ 5,200.00 Inlet Filter $ 1,500.00 Erosion Control $ 25,050.00 Seeding $ 5,000.00 Site Paving&Sidewalks $ 92,750.00 7" Paving $ 56,000.00 4" Sidewalks $ 36,750.00 Sanitary Sewer $ 43,300.00 Construct Sanitary Sewer Trap $ 1,000.00 Construct 54" I.D.Sanitary Sewer MH $ 8,750.00 Construct Sanitary Sewer Wye $ 1,400.00 Construct 8" Sanitary Pipe w Bed $ 8,400.00 Construct 6" Sanitary Pipe w Bed $ 23,750.00 Storm Piping $ 13,875.00 Construct Storm Sewer Tap $ - Construct Manhole Ring&Cover $ 2,400.00 Construct 48" l.d. Storm Sewer MH $ - Construct Type III Curb Inlet $ - Construct Type IV Curb Inlet $ - Construct Type 11 Area Inlet $ 3,000.00 Construct Concrete Collar $ 500.00 Construct 24" RCP w Bed $ - Construct 18" RCP w Bed $ 7,975.00 Construct 15" RCP w Bed $ - $ 496,265.76 Gas Utilities Water Main- From Maple to Corby $ 130,800.00 $ 130,800.00 Power Company$750/unit $ 13,500.00 $ 13,500.00 Inspections& Monitoring $ 35,000.00 $ 35,000.00 Allowance- Landscaping $ 200,000.00 $ 200,000.00 Total $ 875,565.76 7 Estimate of Building Costs—Residential Only: New Building Hard Costs $ 2,320,000 Construction Contingency $ 181,420 Architect Design $ 99,500 Architect Supervision $ 12,000 Survey $ 31,000 Construction Insurance $ 20,000 Construction Loan Interest $ 50,000 Origination Fee $ 8,150 Construction Period Taxes $ 25,300 Property Appraisal** $ 3,000 LIHTC Fees $ 108,926 Environmental Study/Review $ 9,600 Market Study $ 5,500 Real Estate Attorney $ 4,200 Contractor Overhead $ 45,000 Contractor Profit $ 252,000 General Requirements $ 70,000 Developer Overhead $ 38,000 Developer Fee $ 475,000 Title & Recording $ 8,000 Cost Certification $ 3,000 Counsel Fee $ 4,500 Organizational $ 200 Tax Opinion $ 20,000 Rent-up Reserves $ 5,000 Operating Reserves $ 61,594 Other: Personal Property $ 55,746 Total Residential Costs: $ 3,916,636 Timeline: Final zoning and planning Board approval, completed April, 2015 Submission of application for LIHTC Crane Program Jan, 2016 Permits for construction completed by February,2016 Funding commitments for site preparation by March, 2016 Site Preparation & Utility Installation to begin April,2016 Funding sources for residential units in place by December,2, 8 Construction and lease up completed by December, 2017 IV) 3 year Pro-Formas-Profit/Loss and cash flow with TIF The second mortgage noted below is the TIF loan. Revenue Escalation 2% Per Month Year 1 Year 2 Year 3 Gross Rents $ 10,160 $ 121,920 $ 124,358 $ 126,846 Vacancy 7% $ (711) $ (8,534) $ (8,705) $ (8,879) Other Income $ 2,109 $ 25,302 $ 25,808 $ 26,324 Total Income $ 11,557 $ 138,688 $ 141,461 $ 144,291 Expense Escalation 3% Per Month Year 1 Year 2 Year 3 General anchor Administrative Expenses $ 1,277 $ 15,321 $ 15,781 $ 16,254 NWA Arrntirtpliance Fe ,lalafion) $ - $ - $ - $ Operating Expenses $ 775 $ 9,297 $ 9,576 $ 9,863 Maintenance Expenses $ 869 $ 10,428 $ 10,741 $ 11,063 Other Expenses $ 3,082 $ 36,984 $ 38,094 $ 39,236 Total Operating Expenses $ 6,003 $ 72,030 $ 74,191 $ 76,417 Replacement Reserves $ 525 $ 6,300 $ 6,300 $ 6,300 Annual Amount per unit $350 Annual Escalation of Reserves 0% Net Operating Income(NOI) $ 5,030 $ 60,358 $ 60,970 $ 61,574 Monthly Debt Debt Information Amount Rate Term Service Conventional Loan $ 200,000 5.75% 16 $ 1,167 $ 14,006 $ 14,006 $ 14,006 HOME Funds $ 400,000 4.00% 20 $ - $ - $ - Second Mortgage $ 250,000 5.75% 16 $ 1,995 $ 23,934 $ 23,934 $ 23,934 Other(please list below): GP Loan-all available cash flow $ 511,400 2.00% 16 $ - $ - $ - Total Debt Service $ 3,162 $ 37,940 $ 37,940 $ 37,940 Net Cash Flow $ 1,868 $ 22,418 $ 23,030 $ 23,634 9 3 year Pro-Formas-Profit/loss and cash flow without TIF Revenue Escalation 2% Per Month Year 1 Year 2 Year 3 Gross Rents $ 10,160 $ 121,920 $ 124,358 $ 126,846 Vacancy 7% $ (711) $ (8,534) $ (8,705) $ (8,879) Other Income $ 114 $ 1,368 $ 1,395 $ 1,423 Total Income $ 9,563 $ 114,754 $ 117,049 $ 119,390 Expense Escalation 3% Per Month Year 1 Year 2 Year 3 General and\or Administrative Expenses $ 1,277 $ 15,321 $ 15,781 $ 16,254 NIA fiat Comp;, ee'(no esoal I $ - $ - $ - $ - Operating Expenses $ 775 $ 9,297 $ 9,576 $ 9,863 Maintenance Expenses $ 869 $ 10,428 $ 10,741 $ 11,063 Other Expenses $ 3,082 $ 36,984 $ 38,094 $ 39,236 Total Operating Expenses $ 6,003 $ 72,030 $ 74,191 $ 76,417 Replacement Reserves $ 525 $ 6,300 $ 6,300 $ 6,300 Annual Amount per unit $350 Annual Escalation of Reserves 0% Net Operating Income(NOI) $ 3,035 $ 36,424 $ 36,558 $ 36,673 Monthly Debt Debt Information Amount Rate Term Service Conventional Loan $ 450,000 5.75% 16 $ 3,162 $ 37,940 $ 37,940 $ 37,940 HOME Funds $ 400,000 4.00% 20 $ - $ - $ - Second Mortgage $ - 16 $ - $ - $ - Other(please list below): GP Loan-all available cash flow $ 511,400 2.00% 16 $ - $ - $ - Total Debt Service $ 3,162 $ 37,940 $ 37,940 $ 37,940 Net Cash Flow $ (126) $ (1,516) $ (1,382) $ (1,267) 10 V)Statement of Need and ROI Analysis(with and without TIF) Without the successful incorporation of Tax Increment Financing, it would not be economically feasible to develop the proposed Adams Park Project. TIF effectively combined with substantial equity forms the critical basis for the remaining developer financing to be economically viable. The Developer, Holy Name Housing Corporation is making a capital contribution in the amount of 511,400 to the project to fill the remaining gap. WITH TIF Without TII Gross Rents 121,920 121,920 Less Vacancy -8,534 -8,534 Misc Income 1,368 1,368 Property Tax Income 23,935 Total Income 138,689 114,754 Less Expense -72,030 -72,030 Less Replacement Reserves -6,300 -6,300 Less Debt Service -37,940 -37,940 Net Projected Cash Flow-ROI 22,418 -1,516 18% -1% Because of the following factors: • Site of the project has been abandoned overgrown and used as dumping site for many years • Engineer and Architect reports indicate need to address difficult elevation issues that will be expensive to address • Although the site is located in a proposed redevelopment area,the market for the properties will be low income seniors earning less than 60%for 16 of the 18 units This Project will require substantial financial subsidies. 11 VI. Evaluation Criteria: Mandatory Criteria Mandatory Criteria 1) The proposed project has been declared blighted and TIF eligible.The project is also located in a Department of Housing and Urban Development statutorily mandated Qualified Census Tract (61.01)for IRC Section 42. 2) The proposed project furthers the objectives of the City of Omaha's Comprehensive Plan by meeting the priority housing need for affordable rental housing 60%of medium income as well as the special needs of low income elderly. Adams Park is also a node for redevelopment in the City of Omaha Master Plan 3) The use of TIF for the project will not result in a loss of pre-existing tax revenues to the City of Omaha since the tax revenue from the proposed site are minimal. 4) The proposed new construction project will not be economically feasible without Tax Increment Financing as previously evidenced. 12 VII)Cost Benefit Analysis Adams Park Redevelopment The request meets the necessary requirements for consideration in determining cost benefit: (Appendix Five of the guidelines.) 1.Tax shifts resulting from the approval of the use of funds: As indicated on page I, this site is not only an eyesore that discourages other development in the area; it generates minimal taxes on the property. Based on similar projects developed by HNHC, the organization knows these taxes will increase substantially when the site is improved. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives:The site is not being utilized to its fullest or best economic use. In fact, the site is detrimental to any development in the area. It is overgrown with weeds and trees and has been for years. Homeless individuals have lived on the site at various times. In addition to creating an eyesore,this site presents a danger to children in the neighborhood. Although difficult to develop because of the grade of the lots, the site could be redeveloped as a neighborhood asset. The potential increases in tax valuations to the surrounding area were discussed with residents at a public meeting. However,the majority recognized that the potential increase in the market value of their homes was also a potential benefit should they sell their homes. 3. Impacts on employees and employees of firms locating or expanding within the boundaries of the area of the redevelopment project: Martin Luther King Elementary School is located across the street from the site. In working with the school to develop relationships between the students and seniors in the cottages the desired outcome would be that it is beneficial to both. The Director of Malcolm X Foundation believes that this development would enhance proposed future development on the Malcolm X site. HNHC has already entered into a partnership with Hope of Glory Church and Williams Prepared Place to utilize their landscaping services (staffed by those in substance abuse recovery) to provide services to another site developed by the Corporation. We would extend this contract to include the Adams Park Project. 4.Impacts on employers and employees within the city or village and the immediate area that is located outside of the boundaries of the area of the redevelopment project: The negative effects to the entire city in not redeveloping North Omaha have been well documented. One of the goals of the City's master plan for redevelopment of the Adams Park area is to attract new residents from other parts of the city to North Omaha. Many North Omaha residents are gainfully employed, but often are unable to find decent, affordable housing because their wages have not kept pace with the rapidly increasing costs of living. This project will directly affect another development by HNHC that combines housing with services needed to enable low income seniors to sustain their housing.Seniors living in the proposed Adams Park Cottages will be able to take advantage of the North Omaha Intergenerational Campus (NOIC), a major redevelopment for seniors and children on the site of the former St. Richard's school, a 10 acre site at 13 43rd and Fort. The Adam Park Cottage residents will be provided transportation to access the NOIC services including a senior city center that offers free or low costs meals, a variety of social and education services, and Charles Drew Community Health Center. Finally, HNHC has been very successful in finding, assisting and hiring small contractors from all over the city,with a concentration of contractors from North Omaha to work on its projects. 5. Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the redevelopment project. Based on its 34 years of development in North Omaha, HNHC is very aware of the positive effects resulting from significant developments such as Adams Park. Long term residents become more active in neighborhood activities and start making improvements to their property. HNHC has also noted a decrease in crime in redeveloped areas. Currently, HNHC is aware of a significant number of seniors needing this type of housing. HNHC currently has a waitlist of over 100 for its senior housing units. HNHC's experience shows seniors are often paying more for rent than they can afford. This reality combined with their lack of any discretionary income means even a small crisis can cause them to lose their housing. The social and financial costs of constant moving are well documented. By providing supportive services including(case management,financial education and emergency funds) HNHC is able to mitigate these social costs and help tenants achieve sustainable housing. EMPLOYMENT INFORMATION Perm anent Jobs(FTE)to be CREATED Permanent Jobs (FTE)to be RETAINED 12 Note below Permanent Jobs(FTE)to be RELOCATED TOTAL 12 Anticipated Annual Payroll $496,312 Estimated number of construction jobs to be created during 52 estimate; actual construction phase unknown Note:The 12 permanent jobs to be retained include the current employees of Holy Name Housing Corporation. Without the ability to develop and construct new projects that meet our mission of revitalizing North Omaha,the Corporation would not be able to meeting ongoing operating expenses. 14 RESIDENTIAL UNIT INFORMATION Property Type(s) Number of Units Unit Mix Single Family Rental 1 bedroom 2 bedroom 3 bedroom Multi Family Rental 1 bedroom (includes Condos, 18 2 bedroom Townhomes, Rowhouses, 3 bedroom Apartments) Total Units 18 15 c Asa 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 south of the 36th Court and Maple Street intersection 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 Adams Park Residences Tax Increment Financing (TIF) Redevelopment Project Plan was approved by the TIF Committee and subsequently by the City of Omaha Planning Board at their March 2, 2016 meeting; and, WHEREAS, the project site for the Adams Park Residences Tax Increment Financing (TIF) Redevelopment Project Plan is located south of the 36th Court and Maple Street intersection, and is legally described in Exhibit "A" which is attached hereto and herein incorporated by reference; and, WHEREAS, the Adams Park Residences Tax Increment Financing (TIF) Redevelopment Project Plan proposes the new construction of a senior housing complex consisting of six structures for a total of 18 townhome-style "cottages" housed in a mix of 2-unit, 3-unit, 4-unit and 5-unit buildings described in Exhibit "B" attached hereto and herein incorporated by reference; and, WHEREAS, the Adams Park Residences 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 $221,000.00 to offset TIF eligible expenses such as site demolition, building rehabilitation, utilities, architectural and engineering fees, and all public improvements as required with total estimated costs of$4,931,202.00; and, By --- - - -- Councilmember Adopted , ,,..IA....`.-v...c�/,{/ City Clerk Approved Mayor C-25A 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 Adams Park Residences Tax Increment Financing (TIF) Redevelopment Project Plan for a redevelopment site located south of the 36th Court and Maple Street intersection which proposes the new construction of a senior housing complex consisting of six structures for a total of 18 townhome-style "cottages" housed in a mix of 2-unit, 3-unit, 4- unit and 5-unit buildings, recommending the City's participation through the allocation of TIF in an amount up to $221,000.00 to offset TIF eligible expenses such as site demolition, building rehabilitation, utilities, architectural and engineering fees, and all 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. APPROVED AS TO FORM: 37/11i912 b// ASSISTANT CITY ATTORNEY DATE 2330 dlh By 4L... ,,�.... Counci lmember Adopted .. .....2.. . ..201.6... 7(/' I City Clerkf/os -or/v/iWt. Appro Vet t, Mayor } 2j NO ...:..',,.e.,,....e.. Resolution by Res. that, the attached Adams Park Residences Tax Increment Financing (TIF) Redevelopment Project Plan for a redevelopment site located south of the 36th Court and Maple Street intersection which proposes the new construction of a senior housing complex consisting of six structures for a total of 18 townhome-style "cottages" housed in a mix of 2-unit, 3-unit, 4-unit and 5-unit buildings, recommending the City's participation through the allocation of TIF in an amount up to $221,000.00 to offset TIF eligible expenses such as site demolition, building rehabilitation, utilities, architectural and engineering fees, and all 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. 2330 d1h Presented to Cite Council APR 5 2016 'art 3 Lc t' > f. c�/r �! r 11,./. 1 fi r ` APR 2..6..201 6-Adopted Pito tergrown City Clerk