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RES 2016-0384 - Yard Apartments TIF redevelopment project plan OMAHA,A' of sVW/ Planning Department h � - L. �l — 1-' Omaha/Douglas Civic Center " 4 1819 Farnam Street,Suite 1100 fi a� ^ I n Omaha,Nebraska 68183 � f � :fro 2016 fil; 5 i 2: , (402)444-5150 0 ��. Telefax(402)444-6140 4,9TE'D FEB4U� _, E_RK, James R.Thele City of Omaha Director Jean Stothert,Mayor a ` r March 22, 2016 Honorable President and Members of the City Council, The attached Resolution transmits the Yard Apartments Tax Increment Financing (TIF) Redevelopment Project Plan for a redevelopment site located at 1415 Cuming Street. "The Yard" was a four acre, private surface parking lot in North Downtown located between 14th and 15th Streets, Cuming to Mike Fahey Streets. This entire site is in the process of being transformed into a $50 million campus featuring a five-story apartment building, approximately 6,000 square feet of retail shops and the recently approved Kiewit EIL international training facility, in addition to other potential uses. This Redevelopment Project Plan proposes the new construction of a five-story, mixed-use structure consisting of 107 market rate apartments and 5,890 square feet of leasable commercial space. In addition, 68 structured and 39 surface parking stalls will be provided for residents and for patrons of the commercial space. Portions of the TIF will be used to make street and parking improvements along North 14th, 15th and Cuming Streets. The Yard Apartments project will anchor the northern portion of the former private surface parking lot in North Downtown. The project is consistent with and fulfills the goals and objectives of the City of Omaha Master Plan which emphasizes additional residential development, job creation, business growth and expansion, higher density development, implementation of Urban Design elements and more effective utilization of surface parking lots. The project is a major development opportunity that will revitalize and enhance the emerging North Downtown neighborhood. 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 $1,912,900.00. TIF will be used to offset eligible expenses such acquisition, site preparation, demolition, site utilities, special foundations, architectural and engineering fees and public improvements as required. The total estimated project costs are $16,838,459.00, 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: t *I & J QEU 'Lt� jf/c/ /!A mes R. Thele Date Mayor's Office Date Planning Director I) Approved: 0.0 Steph . Curtiss Date obert G. Stubbe, P.E. Date Finance Director Public Works Director 2329 dlh Notice of Publication: March 31, 2016 and April 7, 2016 Public Hearing: April 19, 2016 EXHIBIT "A" Legal Description, Alta Survey, Topographical Survey, etc.—see following page(s) Tax Increment Financing Application for The Yard Apartments January 4, 2016 B. Alta Survey and legal description (site specific) 1. Project Legal Description: Lot 3, N.D. Park Replat 1, a Subdivision located in the SW1/4 of the SE1/4 and part of the NW1/4 of the SE1/4 of Section 15, Township 15 North, Range 13 East of the 6th P.M., Douglas County, Nebraska Page 13116 ..............__,,,, _„,,,„ ,,.....: LAND SURVEYORS CERTIFICATE I HEREBY CERTIFY THAT THIS PLAT,MAP,SURVEY OR REPORT WAS MADE BY ME OR UNDER MY DIRECT PERSONAL SUPERVISION AND THAT I AM A DULY REGISTERED LAND SURVEYOR UNDER THE LAWS OF THE STATE OF NEBRASKA LEGAL DESCRIPTION: LOT 3,N.D.PARK REPLAT 1,A SUBDIVISION LOCATED THE SW1/4 OF THE SE114 AND PART OF THE NW114 OF THE SE1/4 OF SECTION 15,TOWNSHIP 15 NORTH,RANGE 13 EAST OF THE 6TH P.M.,DOUGLAS COUNTY,NEBRASKA. N 87°38'02"E,263.67' 100.0 — _ 0' ��100.00 263.67' ct \ --I .G J} f \'I7� \ Li^ \ nJ N yo '� c� 3zo N \ 0.988 acres \ Ld 0 \ 'r—^^I Iw H 96�N9 264.67' 89400j• �C L.I._—�L I a.. 'Sr ,_I_' o I m p I . \ — _i loco N 2 G, \ c., 1.528 acres o << o 0 o I 124,02' N _ ;J I Lu tr7 ii I9oo I-- Owl n \I c3 71) F calcy 0.I 14260w 9�4I 1.465 acres -Si I 1 NI 1L 100.00' L - - 267.69' _ _ ___1 100.00' S 87°30'20"W,267.69' 1 .z,, MIKE !-�rlL\I IIIIIIIIII ` QV •tt'tttt o�•..G1STF9 99:t°1I/ /7- ice; Q( cO '� i LS-608 100 0 100 i { ERICA.SCHABEN �j ''•.°SU 7.4.'i'i h =1 iiy9c 4.S� 7�� DECEMBER 31TH, 201 DATE E &A CONSULTING GROUP, INC.e as Engineering•Planning•Environmental 8 Field Services LOT CERTIFICATE E&A CONSULTING MVP,INC. 10909 Mill Valley Road,Suite 100.Omaha,NE 68154 Phone:402.895.4700•Faz402895,3599 LOT 3,N.D.PARK REPLAT 1 Engineering Answer Drawn by: JRS I Chkd by: I Date, 12/31/2015' DOUGLAS COUNTY,NEBRASKA Job No.: P2010.132.011 s —o Jeff Stoll 12/311201511:50 AM K:1Prajectsl201011321p011Srvy0.ot Certs1LOT CERTS-RP1-000.dwg ` EXHIBIT "B" THE YARD APARTMENTS TIF REDEVELOPMENT PROJECT PLAN 1415 CUMING STREET MARCH 2016 oMAHA'NF `��O`11'�y:t Vr� 0�41WD FEBr�� PLANNING• OMAHA Jean Stothert, Mayor City of Omaha James Thele, Director Planning Department Omaha/Douglas Civic Center 1819 Farnam Street, Ste. 1111 Omaha, Nebraska 68183 City of Omaha,Nebraska Planning Department TO: Chairman and Members of the Planning Board FROM: James Thele,Planning Director DATE: February 24,2016 SUBJECT: THE YARD APARTMENTS TIF REDEVELOPMENT PROJECT PLAN 1415 Cuming Street Case#C3-16-047 Project Description "The Yard" was a four acre,private surface parking lot in North Downtown located between 14th and 15th Streets,Cuming to Mike Fahey Streets. This entire site is in the process of being transformed by NewStreet Properties,LLC,Noddle Development,and a yet to be selected third development entity into a$50 million campus featuring a five-story national brand hotel, a five-story apartment building, approximately 6,000 square feet of retail shops and the recently approved Kiewit EIL international training facility. The Yard Apartments project will anchor the northern portion of the redevelopment site. The new, five- story structure will consist of 107 market rate apartments and 5,890 square feet of leasable commercial space. In addition, 68 structured and 39 surface parking stalls will be provided for residents and patrons for the commercial space. Residential Unit Information ifii R rig ui� 1 � 5�, . bit i r , oi ! �t Level Beal] ' 444 4 ,Y. ,Er 44 4 r E 7"41 ',i4ji p 4 Level 2 Studio 11 448-734 sf 1 bedroom 1 bath 10 636-731 sf 2 bedroom 2 bath 6 931-1,286 sf Roof Deck 0 7,370 sf Ameni Space 0 2,509 sf Level 3 Studio 10 448-734 sf 1 bedroom 1 bath 13 _- 636-731 sf —�� 2 bedroom 2 bath 7 -_ 931-1,286 sf Level 4 Studio 0 448-734 sf 1 bedroom 1 bath 13 636-731 sf 2 bedroom 2 bath 7 931 -1,286 sf Level 5 Studio 1 448-734 sf BH 1 bedroom 1 bath 1 636-731 sf 2 bedroom 2 bath 18 931-1,286 sf Indoor 68 Outdoor 39 Total Spaces 107 The applicant anticipates completion by late summer/early fall 2017. Employment Information Permanent Jobs(FTE)to be CREATED 19 Permanent Jobs(FTE)to be RETAINED 2 Permanent Jobs (FTE)to be RELOCATED 0 TOTAL 21 Anticipated Annual Payroll $1,190,000 Estimated number of construction and related jobs to be created during construction 192 phase No Building Permit will be issued based on a site plan that does not comply with the provisions of the Zoning Ordinance. The project site is located within a Community Redevelopment Area,meets the requirements of Nebraska Community Development Law and qualifies for the submission of an application for the utilization of Tax Increment Financing to cover costs associated with project development as submitted for approval through 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 BH r rn n a‘!p s o 49. ch S 14 9 N .,,,2,,-4..r,..:.,,'.,.,,..:c-:-:4),,:f .C: 'if:W. ..,4 ,. .r.,,,..... :,,,:.„.,,,,,...,,. S . Q V a Ir F1...,c,,,2":'71.- :,..-7 I. Cr o „_. 0,,,:::,__,,.,,, ,, 'Ill o � '� • o i s f ^c ; 1 : IS� W I9 I, N 1iirc.. so< is• I"Ati d .,.s' 1- ' : Vi `ii; a. - o $ ` rt� • r S V V y r. ' f" ° 5 , Airr , IN •�- fir �.s C . A.W 5 [Y ', c A"» N ' N .:..- s. M FN. X-M1 N., F: -4,.. . : \ . •.. Orb -7 N , _ . `� iD 3 3 I�/ -0 C� 2 f 22g) ►b y v o 5 y N r a3 ? m a m..cmm N Z Np ,i p N m D ' y C o 61 N N 1�T -- 3 N 1 I I S 3 O t� W Q N 7 d 2 !"R W F�� F� o- at W 22 '�� N LII / y N o Hip ID r• a y �t W O- w N 3 rn N hi o n m a v V INTER-OFFICE COMMUNICATION Date: February 10, 2016 To: TIF Committee: James Thele,Stephen Curtiss,AL Herink,Paul Kratz,Robert Stubbe,Todd Pfitzer, Cassie Paben, Gail Braun From: Bridget A.Hadley-City Planning Applicant: City of Omaha Planning Department Project Name: The Yard Apartments TIF Redevelopment Project Plan Location: 1415 Cuming Street Request: The TIF request is for up to $1,912,900; at an interest rate of 4.0%. Using the current levy rate of 2.23039% and other assumptions of the TIF calculation spreadsheet supports the TIF request. See attached TIF calculation spreadsheet. TIF Fee Schedule: $500 application fee paid; the processing fee of $3,000 will be collected; an administrative fee of$21,194 will be billed. Total fees will be $24,694. 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. The project is consistent with and fulfills the goals and objectives of the City of Omaha Master Plan which emphasizes additional residential development,job creation,business growth and expansion,higher density development, implementation of Urban Design elements and more effective utilization of surface parking lots. The project is a major development opportunity that will revitalize and enhance the emerging North Downtown neighborhood. The project also contemplates the creation of 19 FTEs and the retention of 2 FTE positions; 7 of the positions would be related to the apartments and 14 related to the potential commercial businesses. Ultimately, this project plan will enhance the tax base for various taxing jurisdictions. Due to the following factors outlined by the applicant,this project requires the use of TIF: • Land costs are often more expensive in Omaha's urban core area versus Omaha's suburban areas. • The location is in an Area of Civic Importance (ACM. • The high density nature of urban construction and the cost per square foot or cost per unit is generally higher than typical suburban apartment projects. Primarily,this is due to the need to provide structured parking on-site which significantly increases the project costs and is much more expensive than surface parking. Also, additional costs are incurred by building high density 5-story buildings which require elevators and more expensive life,safety and health related construction techniques and products. Lastly, according to the applicant, without the use of TIF to fund site acquisition, off-site public improvements and TIF eligible project costs,the required owner's equity would increase 64%to$4,898,011 and the return on the equity investment would drop from 4.5%to an unacceptable 2.9%. As a result, TIF is essential for this project to proceed. TIF will be used to offset costs such as acquisition, site preparation, demolition, site utilities, special foundations, architectural and engineering fees and public improvements as required. The total estimated project costs are $16,838,459. TIF eligible costs are as follows: TIF Eligible Costs-Estimate Land Acquisition $834,309 Demolition $65,000 Site Preparation $300,346 Site Mechanical Utilities $232,557 Special Foundations(geo-piers) $200,000 Architectural&Engineering* $58,895 Public Improvements(see table below) $350,000 Total $2,040,807 TIF fees $24,694 Total TIF Eligible $2,065,501 *Note:A/E fees are figured at a percentage of TIF eligible costs, approx. 3% Public Improvements—Estimate (in table above) OPPD&MUD Relocations $14,000 Cox and CenturyLink Relocations $11,200 Sidewalks $47,000 15'St. Realignment,Paving, Parking $126,000 PCSMP Facilities $33,000 Masonry Parking Lot Buffer Walls $37,800 Lighting&Landscaping $37,000 Pavement markings/handicap signage $7,500 Engineering& Staking $36,500 Total $350,000 The TIF is 11.4%of the total project costs. Recommendation: Approval Project Description "The Yard"was a four acre, private surface parking lot in North Downtown located between 14th and 15th Streets,Cuming to Mike Fahey Streets. This entire site is in the process of being transformed by NewStreet Properties,LLC,Noddle Development,and a yet to be selected third development entity into a$50 million campus featuring a five-story national brand hotel, a five-story apartment building, approximately 6,000 square feet of retail shops and the recently approved Kiewit EIL international training facility. The Yard Apartments project will anchor the northern portion of the redevelopment site. The new, five- story structure will consist of 107 market rate apartments and 5,890 square feet of leasable commercial space. In addition, 68 structured and 39 surface parking stalls will be provided for residents and patrons for the commercial space. Residential Unit Information Level 1 R+ atil h s r,1x su N a i', ,;., .. 5,87 Level2 Studio 11 448—734 sf 1 bedroom 1 bath 10 636—731 sf 2 bedroom 2 bath 6 931 — 1,286 sf Roof Deck 0 7,370 sf Amenity Space 0 2,509 sf Level 3 Studio 10 448—734 sf 1 bedroom 1 bath 13 636—731 sf 2 bedroom 2 bath 7 931 — 1,286 sf Level 4 Studio 10 448—734 sf 1 bedroom 1 bath 13 636—731 sf 2 bedroom 2 bath 7 931 — 1,286 sf Level 5 Studio 1 448—734 sf 1 bedroom 1 bath 1 636—731 sf 2 bedroom 2 bath 18 931 — 1,286 sf r� a afE.V a r' 'u °:� al t.#7" . -.— Y` :`r. � �'Md(� ( ( `r '4 t ra .,.+"',s:3 �. us`: Indoor 68 Outdoor 39 Total Spaces 107 The applicant anticipates completion by late summer/early fall 2017. Employment Information Permanent Jobs(FTE)to be CREATED 19 Permanent Jobs(FTE)to be RETAINED 2 Permanent Jobs(FTE)to be RELOCATED 0 TOTAL 21 Anticipated Annual Payroll $1,190,000 Estimated number of construction and related jobs to be created during construction 192 phase Project Finance Summary- Sources &Uses k,.�`� a e � J A ,,.� > ,. r,. . .,.. Os:AL Owner Equity $ 2,985,112 Other Financing: Conventional Loan, SGD Investments, Inc. $11,940,447 TIF Financing: SGD Investments, Inc., 4% $ 1,912,900 Total Sources of Funds $16,838,459 c, i,pPf° ry i5:r'ka *1 ,add�i�i r m,.�e 4 s i ""=`�g ,� l'Y;;Ys -*Y�.i� ?+dt ,,,"�`j, D xd ;•ji;1 'XI ,°`t<k. y b"1��l YA �4 x ax i � 1' I � I C � ° � wnY`�s��a �: rt ��,� ��r.ui�}y•.. Land & Building Acquisition $ 834,309 Demolition (Included in Construction) $ - Construction Hard Costs $ 12,210,604 Site Work Construction Costs $ 954,378 Construction Soft Costs $ 1,209,018 Capital/Equipment Costs $ NA Tenant Improvements/Build-outs $ 79,500 Developer Fees $ - Financing Fees $ 25,000 Other (describe); Pre-development, A&E, Other Soft $ 1,525,650 Contingency $ - Total Uses of Funds and Total Project Costs $ 16,838,459 Final Valuation Discussion Per the applicant, the final valuation of the 107 market-rate apartment units is based on $85,000/unit assessed valuation. The result is an anticipated net project valuation of$9,095,000. Land Use and Zoning Currently, a paved surface parking lot. The proposed land use will be for a new five-story, 144,510 square foot,multi-family structure with 5,890 square feet of ground floor commercial space. The current zoning is CBD-ACI-1 (PL). No changes in zoning are anticipated. Utilities and Public Improvements Standard utilities(electrical,water, sewer)exist at the site; utility connections will be necessary. Public improvements related are as follows: • sidewalks, • curbs and gutters, • landscaping, • parallel parking stalls along Cuming and 14th Streets, and • diagonal parking stalls along 15t Streets. The Yard Apartments project would fund 28% or$350,000 of the total cost of these public improvements from its TIF loan proceeds. Transportation No transportation issues noted. Mandatory Criteria—from the application 1. The Yard Apartments project site is located within the North Downtown Redevelopment Plan Area, an area designated Blighted and Substandard Area of the City of Omaha. (Community Development Law §182103) 2. The proposed use of TIF will not result in a loss of pre-existing tax revenues to the City of Omaha and other taxing jurisdictions. Existing tax revenues will continue to accrue to the benefit of the City of Omaha and other taxing jurisdictions. (Community Development Law §18-2113 and §18-2116) 3. As demonstrated in the TIF pro forma, The Yard Apartments project is not economically feasible without the use of Tax Increment Financing because the returns on investment are unacceptable without the use of TIF. (Community Development Law §18-2113 and §18-2116) 4. Project furthers the City's Comprehensive Plan, in particular the development requirements of the North Downtown and Downtown Plans, by providing additional multi-family housing opportunities that complement the existing commercial, residential and civic uses adjacent to the project site. The project is consistent with and carries out the goals and objectives of the City of Omaha Master Plan which emphasizes additional residential development,job creation, business growth and expansion,higher density development,implementation of Urban Design elements and more effective utilization of the existing service and facility infrastructure. The project is a major development opportunity that will revitalize and enhance the emerging North Downtown neighborhood; there is no site alternative for the project. The project will also create 192 construction jobs as well as create 19 FTE and retain 2 FTE positions. (City of Omaha Charter §7.04,The Master Plan; See Community Development Law §18-2112) Cost Benefit Analysis—from the application 1. Tax shifts resulting from the approval of the use of funds pursuant to section 18-2147 (of the Community Development Law); The Yard Apartments project will create an entirely new tax base with no resulting tax shifts. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives; The Yard Apartments project will provide new public infrastructure, including street improvements, landscaping, public sidewalks and diagonal and parallel parking stalls along public streets adjacent to the site. It will benefit public service needs by providing housing and employment opportunities in the North Downtown District that will be accessible to mass transit providers along the Cuming Street corridor. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project; Tax Increment Financing incentives will create additional opportunities for the employers and employees involved in The Yard Apartments project. Areas of benefit include development, lending, design, construction and management industries. 4. Impacts on employers and employees within the city or village and the immediate area that are located outside of the boundaries of the area of the redevelopment project; and, The Yard Apartments project will stimulate economic activity through the creation of jobs, which will have an indirect benefit on Nebraska employers and employees not receiving direct incentives or benefits. For example, construction workers and material suppliers will likely support restaurants in the vicinity of the project site during the construction period. Following construction, The Yard Apartments project residents, employees and participants will have a similar but longer term effect. 5. Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the redevelopment project: The Yard Apartments project will help to further develop the North Downtown neighborhood and catalyze development in the areas east of Creighton University and west of 14th Street and the adjacent TD Ameritrade ballpark. The Yard Apartments project will create a new business venture, NS —Yard Apts, LLC that will provide 107 new market rate residential units and 5,890 square feet of commercial space. In addition, the project will create 19 FTE positions and retain 2 additional FTE opportunities. The total annual payroll and benefits impact is estimated to be $1,190,000. ATTACHMENTS TIF Application TIF Calculation Spreadsheet t'1 m m 0 Z D 7 ti V O L -O 7 C N n O 0 -0 1 m- cn y a m D = �� N N N 00 a 0- - COD -I N A . 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A m N C G N A A CT A G) W W W W W ,^ A 0 0 J t0 00 CO 00o0 J 0 "co o 0 - m W O A CU O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LU J 01 0 G 3 O lD F+ W U7 J tD 1-1 N A 01 0000 I~O V+ N A U1 V CO O F+ N A U1 CW1 V tD O tD CO COW v A N 1O CO V 01 A NJ CD 01 W 0 01 NJ V V V NJ 01 0 A CO F+ A V t0 F+ W to CO A0 W O•+ Q01 01 00 NJ I-c A NJ to IAn N V 0 N W In CO N V to T N 0 OW F+ U7 IJn 00 0 01 0 1 4 •A Y _j ; 5 it .Y e k 11 xr n January 4,2016 Application for Tax Increment Financing The Yard Apartments 1415 Cuming Street Omaha, Nebraska 68102 Owner: NS -Yard Apts, LLC 6336 Pershing Drive Omaha, Nebraska 68110 Applicant: Jerry G. Banks Portfolio Director, NewStreet Properties, LLC On behalf of NS -Yard Apts, LLC 6336 Pershing Drive Omaha, Nebraska 68110 Page 1116 Tax Increment Financing Application for The Yard Apartments January 4, 2016 Project Name The Yard Apartments Tax Increment Financing Redevelopment Project Plan North Downtown Redevelopment District Located at 1415 Cuming Street, Omaha, Nebraska 68102 Project Legal Description: Reference Section Property Address: 1415 Cuming Street, Omaha, VIII(B),Alta Survey and legal description Nebraska 68102 Lot 3, N.D. Park Replat 1, an Addition to the City of Omaha, in Douglas County, Nebraska. Property Owner/Applicant Name: Property Owner Address: Owner: NS—Yard Apts, LLC Owner: 6336 Pershing Drive, Omaha, Nebraska 68102 Applicant: NS—Yard Apts, LLC; Jerry G. Banks Portfolio Director, NewStreet Properties LLC on behalf of NS—Yard Apts, LLC New Construction:Yes Proposed Project Size: Rehabilitation: No 144,510 Gross Square Feet (Building) LIHTC: No 110,895 Net Square Feet (Building) Market Rate Project:Yes .98 Acres Historic Tax Credit Project: No 43,037 Square Feet (Lot Area) Estimated Total Project Cost: $16,838,459 TIF Request: $1,912,900 Current Use: Surface Parking Lot Current Zoning: CBD-Central Business District (CBD- (Formerly known as The Yard) ACI-1(PL)) Current Annual Taxes (2015 Tax Year) $18,197 Current Assessed Valuation (2015 Tax Year) Land: $746,800.00($17.35 psf) Improvements: $105,000.00($2.44 psf) Total: $851,800.00($19.79 psf) I. Narrative A. Detailed Project Description The Yard Apartments project is a five-story, 144,510 square foot, 107-unit market rate apartment complex located south of Cuming Street between 14th and 15th Streets in the North Downtown neighborhood. The project owner is NS — Yard Apts, LLC, 6336 Pershing Drive, Omaha, Nebraska 68110. NS - Yard, LLC is a single purpose development entity created by NewStreets Properties, LLC for the development of the The Yard Apartments project. The four acre site, currently a private surface parking lot known as "The Yard", will be transformed by NewStreet Properties, LLC, Noddle Development and a yet to be selected third development entity into a $50 million campus featuring a five-story national brand hotel, a five-story apartment building, approximately 6,000 square feet of retail shops and the recently approved Kiewit EIL international training facility. The Yard Apartments project will anchor the northern portion of the redevelopment site and when completed in late 2017 will provide an additional 107 market rate Page 2116 Tax Increment Financing Application for The Yard Apartments January 4, 2016 apartments located prominently within the emerging North Downtown neighborhood. In addition, the project will provide supporting off-street resident and guest parking consisting of 68 structured and 39 surface stalls. (See attached site plan, floor plans and building elevations/materials in Section VIII(A)). NewStreet Properties, LLC NewStreet Properties, LLC (NSP) was founded in the fall of 1992 and is headquartered at 6336 Pershing Drive in Omaha, Nebraska. NSP has investments in numerous apartment complexes, office buildings, retail centers, warehouses and a broad range of other real estate developments in the Western United States. The NSP investments are considered to be Class A to B properties located in or near primary markets. Either currently or historically, NSP has developed or operated properties in several U.S. major markets including Omaha, NE; Dallas, TX; Ft. Worth, TX; Salt Lake City, UT; Phoenix, AZ; Philadelphia, PA; Jackson, MS; St. Paul, MN; and, Houston, TX. Growth in the portfolio has been achieved through a combination of the acquisition and rehabilitation of existing properties and/or the development of new product. In addition, NSP has made investments in single family housing subdivisions, mortgages, and other miscellaneous real estate ventures throughout its tenure. Today the portfolio contains approximately 3,975,000 square feet of investment property. More than 65% of the portfolio's square footage is in apartments located within the states of Nebraska, Kansas and Oklahoma. Historically, NSP has held over 8,000 units in its multi-family division of which over 400 apartment units were developed in-house. NewStreet Properties has also developed retail and office space in excess of 277,000 square feet. The current multi-family holdings (over 2,700 units) are valued in excess of $250 million. NewStreet Properties retail, office, warehouse and other investment holdings are currently valued in excess of$350 million. Allan Lozier is the principal partner. Allan is the majority partner in all investments properties owned by NewStreet Properties through the Allan Lozier Trust. He is the Chairman of Lozier Corporation's Board of Directors. NewStreet Properties' Portfolio Director, Jerry Banks, is also a partner in all investment properties owned by NewStreet Properties. Jerry has been affiliated with NSP since its inception and has overseen the acquisition and management of the entire portfolio. Jerry is responsible for the portfolio direction, performance, dispositions, acquisitions, lending and borrowing activity. Jerry has over 35 years of experience in real estate investments, sales, management, development and construction. Current Use: Currently, a surface parking lot formerly known as "The Yard" located between Mike Fahey, Cuming, 14th and 15th Street. Planned Use: Multi-family Residential — 107 market rate apartments; 68 structured and 39 surface parking stalls; and, 5,890 square feet of leasable commercial space. In September 2015, the former surface parking lot known as "The Yard" was replatted into three lots to enable development of the site. The Yard Apartments project is located on Lot 3, N.D. Park Replat 1 Subdivision. See attached ALTA Survey in Section VIII(B)). Page 3116 Tax Increment Financing Application for The Yard Apartments January 4, 2016 The acquisition cost for The Yard Apartments property is $834,309. The estimated development cost, including acquisition costs for The Yard Apartments project is $16,838,459. B. Land Use Plan The Future Land Use Element of the City's Master Plan designates the project site bounded by Mike Fahey Street on the south, Cuming Street on the north, 14th Street on the east and 15th Street on the west as a Downtown Mixed Use area. The 2030 Downtown Master Plan states that the North Downtown District is a "major development opportunity" and projects a combination of office, commercial, residential and civic uses served by both structured and surface parking. The development site, formerly known as "The Yard", has been subdivided into three lots of record and easements will be recorded to allow shared access to adjacent development sites and their associated surface parking areas. Subdivision of the property complies with Chapter 53 Subdivision of the Omaha Municipal Code. C. Zoning: Current and Proposed The property for the proposed multi-family residential use is currently zoned Central Business District, Area of Civic Importance (CBD-ACI-1(PL)). All site development regulations are in compliance with the goals of the North Downtown District and the City of Omaha's zoning and Urban Design guidelines. The project owner is requesting that the City file its Notice to set the base year valuation as of January 1, 2016, and the division date as of January 1, 2017. D. Public Improvements Public improvements related to the project site (e.g. sidewalks, curbs, gutters, and landscaping; diagonal and parallel parking improvements along 14th, 15th, and Cuming Street; and, PCSMP facilities, utility relocations and extensions) to meet the requirements of the Omaha Planning Department and the proposed The Yard Apartments Tax Increment Financing Redevelopment Project Plan are estimated to cost $350,000 and are included in the attached Public Improvements/TIF Eligible and the Estimated Construction budget. E. Historical Status — Not Applicable II.Development Financing Plan A review of the attached Sources and Uses of Funds for The Yard Apartments project evidences that the project lender is requiring an equity contribution in the amount of $2,985,111. As evidenced by the attached TIF pro forma, the projected return on equity without TIF would be only 2.93% and with TIF, 4.55%. An equity return of 2.93% is not sufficient for a new construction, real estate investment involving Page 4116 Tax Increment Financing Application for The Yard Apartments January 4, 2016 construction, stabilization and ongoing operating risks. Therefore, the project would not proceed without the use of Tax Increment Financing. A projected pro-forma, which assumes the availability of Tax Increment Financing, is attached. Sources & Uses/Total Project Costs Sources of Funds Owner Equity $ 2,985,112 Other Financing: Conventional Loan, SGD Investments, Inc. $11,940,447 TIF Financing: SGD Investments, Inc. $ 1,912,900 Total Sources of Funds $16,838,459 Uses of Funds Land & Building Acquisition $ 834,309 Demolition (Included in Construction) $ - Construction Hard Costs $ 12,210,604 Site Work Construction Costs $ 954,378 Construction Soft Costs $ 1,209,018 Capital/Equipment Costs $ NA Tenant ImprovementsBuild-outs $ 79,500 Developer Fees $ - Financing Fees $ 25,000 Other (describe); Pre-development, A&E, Other Soft $ 1,525,650 Contingency $ - Total Uses of Funds and Total Project Costs $ 16,838,459 The anticipated assessed valuation for the base year will be the existing land and improvements value in the amount of$851,800. This application requests the approval of a TIF loan in the principal amount of $1,912,900 to support the development of The Yard Apartments project. This TIF request is based on a projected net project valuation of$9,095,000 (107 apartment units x $85,000 per unit assessed value), together with an interest rate of 4.0 percent and capitalized interest for two (2) years. Please reference the attached TIF calculation sheet in Section IV. TIF Eligible Costs TIF will be used to offset such costs as acquisition, site work, demolition, architectural and engineering, surveys and public improvements in the project area. The total estimated project costs are $16,838,459. The TIF loan amount requested is $1,912,900. TIF eligible costs total $2,071,107 and are detailed in the TIF Eligible Costs, Public Improvements and Construction Budget schedules which follow: Page 5116 Tax Increment Financing Application for The Yard Apartments January 4, 2016 I TIF Eligible Costs - Estimate I Land Acquisition 834,309 Demolition 65,000 Site Preparation 300,346 Site Mechanical Utilities 232,557 Special Foundations 200,000 Architectural & Engineering (6%) 58,895 TIF fees 30,000 Public Improvements (see table on following page) 350,000 I Total $2,071,107 I Public Improvements Public improvements related to The Yard Apartments project site (e.g. sidewalks, curbs and gutters, landscaping, parallel parking stalls along Cuming and 14th Streets and diagonal parking stalls along 15th Streets, PCSMP facilities and utility relocations and extensions) to meet the requirements of the Omaha Planning and Public Works Departments along with the previously approved Kiewit EIL Tax Increment Financing Redevelopment Project Plan are estimated to cost $1,258,092. The Yard Apartments project will fund 28% or $350,000 of the total cost of these public improvements from its TIF loan proceeds. IPublic Improvements-Estimate I OPPD& MUD Relocations $14,000 Cox and CenturyLink Relocations $11,200 Sidewalks 47,000 15th St. Realignment, Paving, Parking $126,000 PCSMP Facilities $33,000 Masonry Parking Lot Buffer Walls $37,800 Lighting & Landscaping $37,000 Pavement markings/handicap $7,500 signage Engineering &Staking $36,500 ITotal $350,000 I Page 6116 Tax Increment Financing Application for The Yard Apartments January 4, 2016 III. Construction Budget, Itemized Public Improvements, and Project Timeline 1. Overall construction budget is estimated to be $14,453,500 and will create an estimated 192 construction jobs. Reference the attached construction budget. 2. Construction of The Yard Apartments project is scheduled to begin in February 2016. Scheduled completion of the all project components is September 2017. 3. Solicitation of Bids, Review and Preparation of Final Budget: 6 weeks 4. Permit Review and Approval: 5-6 weeks 5. Mobilization: 1 week 6. Construction Duration: 20 months - February 2016 thru September 2017 Reference the attached construction budget estimate and construction timeline. Page 7116 NS-Yard Apts,LLC Construction Budget Estimate SITE WORK/PREP $400,346 SITE IMPROVEMENTS $421,475 CONCRETE $2,011,004 MASONRY $574,800 METALS $322,208 WOOD $2,093,784 THERMAL AND MOISTURE PROTECTION $908,200 DOORS AND WINDOWS $970,659 FINISHES $1,566,830 SPECIALTIES,FURNISHINGS,EQUIPMENT $700,185 MEP $3,142,434 INFRASTRUCTURE $132,557 GENERAL CONDITIONS AND COST OF WORK $636,375 PERMITS/INSUARANCE/FEE/CONTINGENCY $572,643 TOTAL $14,453,500 SUMMARY CONSTRUCTION HARD COSTS $12,210,604 SITEWORK CONSTRUCTION COSTS $954,378 CONSTRUCTION SOFT COSTS $1,209,018 TENANT IMPROVEMENT COSTS $79,500 TOTAL $14,453,500 Uses of Funds Land&Building Acquisition $ 834,309 Demolition $ - Construction Hard Costs $ 12,210,604 Site work Costs $ 954,378 Construction Soft Costs $ 1,209,018 Capital/Equipment Costs $ - Tenant Improvements/Build Outs $ 79,500 Developer Fees $ - Financing Fees $ 25,000 Other;Predevelopment,A&E,Other Soft $ 1,525,650 Contingency $ - Total $ 16,838,459 TIF Eligible Costs-Estimate Land Acquisition $ 834,309 Demolition $ 65,000 Site Preparation $ 400,346 Site Mechanical Utilities $ 132,557 Special Foundations $ 200,000 Architectural&Engineering(5%) $ 58,895 TIF Fees $ 30,000 Public Improvements $ 350,000 Total $ 2,071,107 Basis: $1,258,092 $ 350,000.00 0.28 Public Improvements Estimate OPPD&MUD Relocations $ 14,000.00 Cox and Century Link Relocations $ 11,200.00 Sidewalks $ 47,000.00 15th Street Realignment,Paving,Parking $ 126,000.00 PCSMP Facilities $ 33,000.00 Masonry Parking Lot Buffer Walls $ 37,800.00 Lighting and Landscaping $ 37,000.00 Pavement Markings/handicapped signage $ 7,500.00 Engineering and Staking $ 36,500.00 Total $ 350,000.00 Off Site Public Improvements - N.D. Park Lots 1 thru 3 OPPD & MUD Relocations Allowance $ 50,000.00 Cox Relocations Allowance $ 20,000.00 Century Link Relocations Allowance $ 20,000.00 Concrete Sidewalks Concrete Sidewalks 35,830 sf $ 4.50 $ 161,235.00 Grading/Subgrade Prep 35,830 sf $ 0.25 $ 8,957.50 $ 170,192.50 15th/14th/Cummings Paving Pavement Removal 7,500 sy $ 5.00 $ 37,500.00 Grading/Subgrade Prep 3,300 cy $ 3.00 $ 9,900.00 Concrete pavement 9,900 sy $ 40.00 $ 396,000.00 Barricades/Traffic Control 1 Is $ 6,000.00 $ 6,000.00 Testing 1 Is $ 2,000.00 $ 2,000.00 $ 451,400.00 PCSMP Facilities Underground PCSMP 1 Is $ 120,000.00 $ 120,000.00 $ 120,000.00 Architectural Walls Masonry Wall 4,500 sf $ 30.00 $ 135,000.00 $ 135,000.00 Pedestrian Lighting Replace Existing with Acorn Lights 13 ea $ 2,500.00 $ 32,500.00 New Wiring, Bases&Acorn Lights 6 ea $ 4,000.00 $ 24,000.00 $ 56,500.00 Planters in ROW 6'x 17' Planters 66 ea $ 1,200.00 $ 79,200.00 $ 79,200.00 Pavement Markings/Curb Ramps Curb Ramps 12 ea $ 800.00 $ 9,600.00 HC Inserts 28 ea $ 150.00 $ 4,200.00 Pavement Markings 1 Is $ 2,000.00 $ 12,000.00 $ 25,800.00 Engineering&Staking $ 130,000.00 Total Public Improvements $ 1,258,092.50 TIF Eligible 100% $ 1,258,092.50 t; i s - _ o O E E - u - S y 3 ♦ 9 4 _ t q s m C Y m g T. q ♦ J u S 4 — a a n g t _ a 9 — f ,io n g' � n m LL 9 u g . — . 17. Z r E E is E u E E C E .5 E o E ' ;,* 2 1 ! q I: I n E A ^ » E E 9 a a c a i o 3. 9 )r.! r n i e 1_ 71 Q z - - C M / / - E ,: E A 3 LL f f z 2 f m 2 .2 .E 3 z . LL 3 » » m 9 m o e a o I m » Q 2 L.g S A • o 0 h f _ 3 1 i„,. o t.0 O i, _ 7-1 71 E 5 u r c E m 5 8 8, 8 8 8 8, — � _. 1 n L c \ 3 o 4 n o `c ° o ° n w 2 a u N v u c i � u a °i o a o w 2 c 2 ' , Im a ' wf� m1, j,, 1,. .. ,I' 1 -1.' kE� rAv .T ,. i., gi161M o Tax Increment Financing Application for The Yard Apartments January 4, 2016 IV. 3-Year Proforma - Profit/Loss, Cash Flow and TIF Loan Amortization Schedule Reference the attached project operating proforma, cash flow and TIF loan schedule. Page 8116 Market:Mixed Use The Yard Mixed Use Address: 1415 Cuming Street Site Area: $ 1.12 Acres Land: $ 43,050.00 Sf $ 19.38 $ 834,309 Building Information GSF RSF #of Units Parking Stalls Commercial Bays Floors 2-4 103845 77530 107 Floor 1(Garage) 33365 27475 $ 68 68 Garage Stalls/li Floor 1(Commercial) 33365 5890 3 Floor 2(Roof Deck) 7300 Totals 144510 110895 107 $ 68 3 Predevelopment Expenses Legal Survey and Topo A&E Predevelopment $ 15,000 Geotechnical Report $ 12,000 Zoning Expenses Phase 1 Environmental $ 1,800 Total Predevelopment $ 28,800 Improvement Costs CORE&SHELL $ 13,887,000 Sitework/Existing Conditions Concrete Masonry Wood Thermal and Moisture Protection Doors and Windows Finishes Specialties,Furnishings and Equipment $ 347,000 MEP Infrastructure and Misc Utilities $ 30,000 Security $ 50,000 Communications $ 60,000 PARKING GARAGE SITE TENANT IMPROVEMENT $ 79,500 CONTINGENCY GENERAL CONDITIONS Total Construction $ 14,453,500 ARCHITECTURAL FEES $ 744,350 OTHER COSTS Construction Loan $ 250,000.00 $ 250,000 Loan Costs $ 25,000.00 $ 25,000 Builders Risk Insurance - R/E Taxes During Construction Legal Fees Title and Closing Costs $ 25,000.00 $ 25,000 Off Site Public Improvements $ 350,000.00 $ 350,000 Owner's Contingency - Capital Facilities Fees $ 15,000.00 $ 15,000 Construction Testing $ 32,500.00 $ 32,500 TIE Fees $ 30,000.00 $ 30,000 Marketing $ 50,000 Total other Costs $ 777,500 Total Development Costs $ 16,838,459 Equity Required $ 2,985,112 Financing:Conventional Loan,SGD Investments Inc. $ 11,940,447 TIF $ 1,912,900 Total Sources $ 16,838,459 Subsidized ROE with TIF 4.55% ROE without TIF 2.93 LL I o • � p o 0 0 0 0 0 0 0 0 0 0 0 0 0 Q p Ln N- 0) r N co co O W t r N N N M M M M M 4 4 4 4 V Ln N w+ L U- o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O L p O N 7r Imo- O M I`- O M CO 6) N (fl O N W t= N M Ni Ni 4 L!) 6 Ln Co CO Co Co 4 T' 1 Ln r c}' N- CO O V O) 00 O I- r r CS) Ln CO CO r CD O CO CO N- N- N- N Ln d' N O) N- CO 3 CO O CO 00 00 0) r Cr CO CO 0) M d N N Ln co• 0 cam- N d' L• NC) ccN- 0000) CO N CO CO U LL CO r r r r r r r r r N N N N 00 64 69-ER 69- ER 04 9 ER 64 64 ER 64 64 63 69 64 O Ln co Ln r 0 cf r CO CA CO N O N r C) LC) N O co N- (fl LC) Ln LC) LC) CD CO O N CO 2 L 1 1- CO N Ln (n CO I, r Ln (3) CO I` N Co r- • C) ti CO Co Co CA CP O O O r• r N N CA d CO Cc) CO C�C�cr V. a Cr Cr cr df. � cc ER 6464 ER 64 ER 64 ER 64 ER6 - ER 64 64 64 69- CO 00 00 CO CO CO CO CO CO CO CO CO CO CO CO CO CO Co Co CD Co (D CO CO CD CD CO (D CD CD CO r M CO CO M CO CO CO M CO CO CO CO co co LC) a) ++ V CO 00 CO CO Co CO 00 CO 00 co-00 00 00 Co c LC) .2 CO CO CD CO CO O O CD O CD CO CO CD CO CO N C) L. 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O U 0 W`1- C o -O C co 'L.= > ` D C n R 0 O U rp L a) 0, y CN -O -O a- ‹ Z a 2 ,I) `Co' L .0 to co I .0 N Tax Increment Financing Application for The Yard Apartments January 4, 2016 V. Return on Investment Analysis - "But For" The Yard Apartments TIF Sensitivity: Without the use of TIF to fund site acquisition, off-site public improvements and TIF eligible project costs, the required owner's equity would increase 64% to $4,898,011 and the return on the equity investment would drop from 4.5% to an unacceptable 2.9%. As a result, Tax Increment Financing is essential for this project to proceed. Reference the attached Statement of Need for TIF Assistance. Page 9116 -et NewStrei3 PROPERTIES, LLC Date: January 4, 2016 From: Jerry Banks, Portfolio Director, NewStreet Properties, LLC To: City of Omaha TIF Committee Statement of Need for TIF Assistance: • Land in Omaha's urban core area is far more expensive than in its suburban areas. Land costs run in the range of$18.00 to$40.00 per square foot in North Downtown whereas multi-family land in suburban areas runs in the range of$2.00 to$5.00 per square foot. • Due to the location of The Yard Apartments project being in an Area of Civic Importance (ACI-1), the cost of exterior finishes exceeds typical apartment finishes and increases cost found in suburban locations. • Due to the high density nature of urban construction,the cost per square foot or cost per unit is considerably higher than typical suburban apartment projects. Primarily,this is due to the need to provide structured parking on site which is multiple times more expensive than surface parking. Additional costs are also incurred by building high density 5-story buildings which require elevators and more expensive life, safety and health related construction techniques and products. • As evidenced by our return analysis,the returns on investment without the TIF assistance would make this project unacceptable. With TIF assistance, it is marginally acceptable. Tax Increment Financing Application for The Yard Apartments January 4, 2016 VI. Evaluation Criteria: Mandatory Criteria 1. The Yard Apartments project site is located within the North Downtown Redevelopment Plan Area, an area designated Blighted and Substandard Area of the City of Omaha. (Community Development Law§182103) 2. The proposed use of TIF will not result in a loss of pre-existing tax revenues to the City of Omaha and other taxing jurisdictions. Existing tax revenues will continue to accrue to the benefit of the City of Omaha and other taxing jurisdictions. (Community Development Law§18-2113 and§18-2116) 3. As demonstrated in the TIF pro forma, The Yard Apartments project is not economically feasible without the use of Tax Increment Financing because the returns on investment are unacceptable without the use of TIF. (Community Development Law §18-2113 and §18-2116) 4. Project furthers the City's Comprehensive Plan, in particular the development requirements of the North Downtown and Downtown Plans, by providing additional multi-family housing opportunities that complement the existing commercial, residential and civic uses adjacent to the project site. The project is consistent with and carries out the goals and objectives of the City of Omaha Master Plan which emphasizes additional residential development, job creation, business growth and expansion, higher density development, implementation of Urban Design elements and more effective utilization of the existing service and facility infrastructure. The project is a major development opportunity that will revitalize and enhance the emerging North Downtown neighborhood; there is no site alternative for the project. The project will also create 192 construction jobs as well as create 19 FTE and retain 2 FTE positions. (City of Omaha Charter §7.04, The Master Plan; See Community Development Law §18-2112) VII. Cost Benefit Analysis 1. Tax shifts resulting from the approval of the use of funds pursuant to section 18-2147 (of the Community Development Law); The Yard Apartments project will create an entirely new tax base with no resulting tax shifts. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives; The Yard Apartments project will provide new public infrastructure, including street improvements, landscaping, public sidewalks and diagonal and parallel parking stalls along public streets adjacent to the site. It will benefit public service needs by providing housing and employment opportunities in the North Downtown District that will be accessible to mass transit providers along the Cuming Street corridor. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project; Tax Increment Financing incentives will create additional opportunities for the employers and employees involved in The Yard Apartments project. Areas of Page 10116 Tax Increment Financing Application for The Yard Apartments January 4, 2016 benefit include development, lending, design, construction and management industries. 4. Impacts on employers and employees within the city or village and the immediate area that are located outside of the boundaries of the area of the redevelopment project; and, The Yard Apartments project will stimulate economic activity through the creation of jobs, which will have an indirect benefit on Nebraska employers and employees not receiving direct incentives or benefits. For example, construction workers and material suppliers will likely support restaurants in the vicinity of the project site during the construction period. Following construction, The Yard Apartments project residents, employees and participants will have a similar but longer term effect. 5. Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the redevelopment project: The Yard Apartments project will help to further develop the North Downtown neighborhood and catalyze development in the areas east of Creighton University and west of 14th Street and the adjacent TD Ameritrade ballpark. The Yard Apartments project will create a new business venture, NS — Yard Apts, LLC that will provide 107 new market rate residential units and 5,890 square feet of commercial space. In addition, the project will create 19 FTE positions and retain 2 additional FTE opportunities. The total annual payroll and benefits impact is estimated to be $1,190,000. EMPLOYMENT INFORMATION Permanent Jobs (FTE) to be CREATED 19 Permanent Jobs (FTE) to be RETAINED 2 Permanent Jobs (FTE) to be RELOCATED TOTAL 21 Anticipated Annual Payroll $1,190,000 Estimated number of construction and related jobs to 192 be created during construction phase Financial Statement NS —Yard Apts, LLC is a single-asset entity that will own and manage The Yard Apartments project. This entity became active in 2015 and therefore no financials are currently available. The entity that will be the holder of The Yard Apartments Redevelopment Project Promissory Note is NS —Yard Apts, LLC. Certificate of Organization for the entity is attached in Attachment E - Organization Documentation. Page 11 116 Tax Increment Financing Application for The Yard Apartments January 4, 2016 VIII.ATTACHMENTS A. Site Plan, Floor Plans, Elevations and Building Materials See attached. Page 12116 ' .p ' W .av� ___ � (� r4'y3�a"zA'r ll]� hd' may`* 4 ., :.. ww•. • 'ti 4' y„i`1'.:.. 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Documentation of Ownership or Site Control Reference the attached Purchase Agreement and Douglas County Assessor information. Page 14116 REAL ESTATE PURCHASE AGREEMENT SELLER: NS—YARD PARKING, LLC BUYER: NS—YARD APTS, LLC January 1, 2016 _ I Douglas County, Nebraska Property Record - R1835010554 Print Report Information is valid as of 2015-11-07 Treasurer's Tax Report New Feature 4 4 4 Subdivision Sales Search Owner NS YARD PARKING LLC 6336 PERSHING DR OMAHA NE 68110-0000 Property Information Key Number: 3501 0554 18 Account Type: Commercial Parcel Number: 1835010554 Parcel Address: 1415 CUMING ST OMAHA NE 68102-0000 Legal Description: N D PARK REPLAT 1 LOT 3 BLOCK 0 LT 3 0.988 AC Value Information Land Improvement Total 2015 $746,800.00 $105,000.00 $851,800.00 2014 $0.00 $0.00 $0.00 2013 $0.00 $0.00 $0.00 2012 $0.00 $0.00 $0.00 2011 $0.00 $0.00 $0.00 2010 $0.00 $0.00 $0.00 Land Information Acres SF Units Depth Width Vacant 0.98 43037.28 1.0 0.0 0.0 No Improvement Information Building 1 No N o Image Image Available) Available CLICK TO ENLARGE IMAGE I CLICK TO ENLARGE IMAGE I i Square Footage: 39000.0 Percent Complete: 100.0% Perimeter 0.0 Quality: Average Unit Type: Condition: Average Built As: Parking Lot Condo Square Footage: 0.0 HVAC: None Rooms: 0.0 Exterior: Units: 0.0 Interior: Baths: 0.0 Roof Cover: Bedrooms: 0.0 Roof Type: Stories.__ 0.0 __._... Floorcover: Foundation: Sprinkler Square Footage: 0.0 Year Percent Adjusted Year Year Built Remodeled Remodeled Built Physical Age 2011 0 0% 2011 4 Detail Type Detail Description Units Add On Light Mercury Pole And Brk 7.0 Douglas County Treasurer - Real Property Tax Inquiry Page 1 of 1 Douglas County Treasurer Nebraska Taxpayer Information Mailing Address: 6336 PERSHING DR OMAHA,NE 68110 Property Information Parcel Number. 1835010554 Key Number: 3501 0554 18 Treasurer's Home Page Property Address: 1415 CUMING STREET Contact Us Legal Description: N D PARK REPEAT 1 LOT 3 BLOCK 0 Search Page Tax Information for 2015 Taxable Value: $851,800.00 Assessor's Valuation Page Tax Levy: 2.23039 Lew Info Tax Amount: $18,197.00 Make a Payment Payment History Tax i Tax Payment Year I Amount Date Principal Interest.Advertising Total 2015 $18,197.00 NONE $0.00 $0.00 $0.00 $0.00 http://dotcwsprodweb0l.dotcomm.or#;/TreasTax/faces/pages/taxinfo.i sp?rarc=183 50105 54 12/26/2015 Tax Increment Financing Application for The Yard Apartments January 4, 2016 D. Preliminary Commitment Letter for Financing with Terms SGD Investments, Inc. has provided a letter supporting financing of the TIF loan and also will look favorably upon providing construction and permanent financing for the project. (Reference attached letter). Page 15 1 16 SGD INVESTMENTS, INC. December 30, 2015 Jerry Banks NS—Yard Apts,LLC 6316 Pershing Drive Omaha,NE 68110 Re: TIF/Construction Financing for NS—Yard Apts, LLC Dear Jerry, This letter will serve as notice that SGD Investments,Inc. would favorably consider providing Construction Financing and Tax Increment Financing for your proposed multifamily project located at 1415 Cuming Street for NS—Yard Apts,LLC("Borrower"). It is our understanding that the project will contain approximately 107 multifamily units and that the Borrower is looking to secure TIF financings of approximately$1,900,000- $2,000,000. A formal commitment to provide TIF financing would come after the review of the Agreement between the Borrower and the City of Omaha. SGD Investments has provided financing for real estate projects for over the past 20+years. We look forward to working with you on this new project. Please contact me if you have any further questions or require any additional information. Sincerely, SGD Investments,Inc.I Jan Muller Treasurer 6336 John J. Pershing Drive,Omaha,NE 68110 Tax Increment Financing Application for The Yard Apartments January 4, 2016 E. Organization Documentation See attached documents: 1. Certificate of Organization: NS—Yard Apts, LLC (serA LE) 2. Operating Agreement: NS—Yard Apts, LLC Development Team Developer: NS —Yard Apts, LLC 6336 Pershing Drive Omaha, Nebraska 68110 General Contractor: W. Boyd Jones Construction Co. 4360 Nicholas Street Omaha, NE 68131 Architect: Alley Poyner Machietto 1516 Cuming Street Omaha, NE 68102 Civil Engineer: E&A Consulting Group 10909 Mill Valley Road, Suite 100 Omaha, NE 68154 Legal: McGill, Gotsdiner, Workman & Lepp, PC, LLO 11404 West Dodge Road, Suite 500 Omaha, Nebraska 68154 Page 16116 C-25A CITY OF OMAHA LEGISLATIVE CHAMBER Omaha,Nebraska RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: WHEREAS, the primary objectives of the City of Omaha's Master Plan and Community Development Program are to encourage additional private investment and infill development within inner-city neighborhoods; and to eliminate conditions which are detrimental to public health, safety and welfare, by developing vacant, underutilized property within these neighborhoods; and, WHEREAS, the redevelopment project site located at 1415 Cuming Street 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 Yard Apartments 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 Yard Apartments Tax Increment Financing (TIF) Redevelopment Project Plan is located at 1415 Cuming Street, and is legally described in Exhibit "A" which is attached hereto and herein incorporated by reference; and, WHEREAS, the Yard Apartments Tax Increment Financing (TIF) Redevelopment Project Plan proposes the new construction of a five-story, mixed-use structure consisting of 107 market rate apartment units, leasable commercial space, and 68 structured and 39 surface parking stalls for residents and patrons of the commercial space as described in Exhibit "B" attached hereto and herein incorporated by reference; and, WHEREAS, the Yard Apartments 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 $1,912,900.00 to offset TIF eligible expenses such as acquisition, site preparation, demolition, site utilities, special foundations, architectural and engineering fees and public improvements as required with total estimated costs of$16,838,459.00; and, By Couticilmember Adopted City Clerk Approved Mayor c 2sA CITY OF OMAHA LEGISLATIVE CHAMBER Omaha,Nebraska Page 2 • WHEREAS, the Plan presents a project based on estimated figures and projections that are subject to change as project costs are finalized, and is required to comply with all Planning Department requirements and Planning Board recommendations; and, WHEREAS, Section 18-2108 of the Nebraska Revised Statutes requires the City of Omaha to adopt a redevelopment plan before taking an active part in a redevelopment project; including the division of ad valorem taxes for a period not to exceed fifteen years under Sections 18-2147 through 18-2150, Revised Statutes of Nebraska; and, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: THAT, the attached Yard Apartments Tax Increment Financing (TIF) Redevelopment Project Plan for a redevelopment site located at 1415 Cuming Street which proposes the new construction of a five-story, mixed-use structure consisting of 107 market rate apartment units, leasable commercial space, and 68 structured and 39 surface parking stalls for residents and patrons of the commercial space, recommending the City's participation through the allocation of TIF in an amount up to $1,912,900.00 to offset TIF eligible expenses such as acquisition, site preparation, demolition, site utilities, special foundations, architectural and engineering fees and public improvements as required, but is subject to change as final costs come in, containing a provision for the division of ad valorem taxes under Section 18-2147 through 18-2150, Revised Statutes of Nebraska, as recommended by the City Planning Department, be and hereby is approved. APPROVED AS TO FORM: 3/7/A. ASSIS' ANT CITY TTORNEY DATE 2329 dlh B AL? y Councilmember Adopted........APR....1...9..201. . —C ^C�'ty Clerk / D/1 Approved,/ . . ... — 144 ----��CC Mayor 0/;:r/021' NO. 8`L! Resolution by Res. that, the attached Yard Apartments Tax Increment Financing (TIF) Redevelopment Project Plan for a redevelopment site located at 1415 Cuming Street which proposes the new construction of a five-story, mixed-use structure consisting of 107 market rate apartment units, leasable commercial space, 47 and 68 structured and 39 surface parking stalls for residents and patrons of the commercial space, recommending the City's participation through the allocation of TIF in an amount up to $1,912,900.00 to offset TIF eligible expenses such as acquisition, site preparation, demolition, site utilities, special foundations, architectural and engineering fees and public improvements as required, but is subject to change as final costs come in, containing a provision for the division of ad valorem taxes under Section 18-2147 through 18-2150, Revised Statutes of Nebraska, as recommended by the City Planning Department, be and hereby is approved. 77 2329 dlh / 7/ Presented to City Council MAR 22...2016 /A/ doer 4./eel5 Z4,f9/ /Ai - A,a�O ted APR....e.9..201 A 7- c' euitei^ U. POWII City Clerk