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RES 2010-0860 Notre Dame Apartments TIF PlanCity of Omaha Jim Suttle, Mayor Honorable President ! n !' •: .J1 rr1 ·, ! .-:; ~.' ~ '.._I 1_, _, -_ I July 20, 2010 Planning Department Omaha/Douglas Civic Center 1819 Farnam Street, Suite 1100 Omaha, Nebraska 68183 ( 402) 444-5150 Telefax (402) 444-6140 R. E. Cunningham, RA, F.SAME Director and Members of the City Council, The attached Resolution transmits the Notre Dame Apartments, LLC Tax Increment Financing Redevelopment Project Plan for the conversion of the unused and under-utilized central and west wings of the former Notre Dame Academy n/k/a the Notre Dame Sisters Convent located at 3501 State Street within a quiet Florence neighborhood. The project will entail the addition of 30 new apartments in the central and west wings of the building for seniors and the renovation of 32 apartments in the east wing of the building to make them more energy-efficient. The Redevelopment Project Plan recommends the City's participation in the redevelopment of the project site through the allocation of Tax Increment Financing (TIF) in an amount up to $225,000.00 to offset the cost of project development based on TIF eligible costs of approximately $7,255,750.00. The total project cost is estimated to be $10,001,830.00. Your favorable consideration of this Resolution will be appreciated. Respectfully submitted, Approved: Pam Spaccarotella Finance Director Date · y Council for Consideration: G_:~-o +e-"'-~-"G'--=. S=---11-b-b~~'--P--7'1. f-. ~k<..· =·~"-------=7-~!' /O Public Works Director Notice of Publication and Public Hearing: July 22 and July 29, 201 O Public Hearing: August 10, 2010 Plnlsjl 412-cover letter Exhibit "A" NOTRE DAME APARTMENTS, LLC TIF REDEVELOPMENT PROJECT PLAN LOCATED AT 3501 STATE STREET July 2010 Jim Suttle, Mayor City of Omaha PLANNING • OMAHA R. E. Cunningham, RA, F. SAME Director Planning Department Omaha/Douglas Civic Center 1819 Farnam Street Omaha, Nebraska 68183 TO: FROM: DATE: SUBJECT: ANALYSIS: INTER-OFFICE COMMUNICATION City of Omaha, Nebraska Planning Department Chairman and Members of the Planning Board R. E. Cunningham, RA, F. SAME Planning Director May 25, 2010 Notre Dame Apartments, LLC TIF Redevelopment Project Plan The Notre Dame Apartments, LLC Project involves the renovation and conversion of the un-used and under-utilized central and west wings of the former Notre Dame Academy now known as the Notre Dame Sisters Convent located at 3S01 State Street in Omaha, Nebraska. The Notre Dame Academy building itself is located in the heart of historic Florence. The building is also listed on the National Register of Historic Places. Central States Development, LLC, in conjunction with Notre Dame Housing, Inc. created Notre Dame Apartments, LLC, a single asset limited liability company, in September 2008. Notre Dame Housing, Inc. is a Nebraska non-profit corporation run by the Notre Dame Sisters; the Notre Dame Sisters control the land and the building. The TIF will cover the portion of ground described in Exhibit "A", Attachment 1, which is also the legal for the ground lease. This is the ground or portion of the legal -Lot 1 Re plat II - upon which the Sisters pay taxes; the remaining portion is exempt from taxes. The Notre Dame Sisters will convey the building to Notre Dame Apartments, LLC and lease the ground legally described in Exhibit "A", Attachment 1. The ground lease contains language that places the responsibility of payment of real property taxes on Notre Dame Apartments, LLC. We have copies of the draft purchase contract and ground lease in our TIF files with a resolution by the Notre Dame Sisters acknowledging these transactions. We will receive executed copies upon closing with their lenders. As an old dormitory, the building became dysfunctional and not completely conducive for apartment living. Over the years, the population of Notre Sisters decreased which lead to the west wing of the building becoming under-utilized and later mothballed. A blight designation for this project site -the building itself-was approved by the Planning Board at the April 7, 2010 meeting as a precursor to the TIF Redevelopment Plan. The Plan allows for the "gutting" of the central and west wings of the Convent to allow for the conversion into 30 new apartment units and the renovation of the existing 32 units of senior (age SS+) affordable housing in the east wing of the Convent. Historians and architects specializing in historic renovations have been retained to assist in the preservation of significant elements of the building and to make certain that new items added to the common areas of the building are consistent with the nature, charm and style of original Academy. New energy efficient HVACs will replace an aging, energy consuming outdated boiler heating and cooling system. In addition, new electrical service will replace the existing electrical service to allow for the new apartments to be separately metered. The exterior of the building will be preserved. A new entrance will be created on the West side of the building that will comply with the Americans with Disabilities Act (ADA). The TIF loan request is for up to $225,000.00. The total development project costs are estimated to be )i0,001,830. DEPARTMENT RECOMMENDATION: Approval -The project site and area meet the requirements of Nebraska Community Development Law and qualify for the submission of an application for the utilization ofTax Increment Financing to cover cost associated with project development as submitted for approval through the Tax Increment Financing process. The project is in compliance with the Master Plan, appropriate Ordinances and development regulations of the City. ATTACHMENT: Exhibit "A" -Notre Dame Apartments, LLC TIF Redevelopment Project Plan Existing Conditions: The Notre Dame Academy and Convent located at 3501 State Street, located in the Florence area of North Omaha. It is adjacent to the Seven Oaks Retirement Living Facility to the east. The entire property is situated on 5.15 acres and is irregular in shape. The building has four stories. Each apartment ts either an efficiency unit or a one or two bedroom unit. The exterior is covered in Masonry Brick Veneer in generally good condition with off-color mortar that did not match the original installation. The building has stone accents which have been attacked by algae throughout the years. The surface will need to be resealed and clean thoroughly. The age of the original building is approximately 85 years old with the age of the additions between 46- 47 years old. Other than the phased additions to the building, there have been few renovations. As a result, the building has outlived its usefulness in its current state. The heating and cooling functions of the building have been serviced by an old boiler plant which is inadequate and inefficient to support the building for the existing and future occupants. The west wing of the building has been mothballed due to the dysfunctional layout of each floor of the building. Upon a visual inspection of the property, the existing rooms within the west wing of the building are not useable for living quarters as they were formally dorm rooms. Consequently, the rooms are very small. In addition, the rooms will need modern amenities such as kitchens and bathrooms to make them true desirable, living quarters. The central wing/Mother House will be gutted to construct apartment units for seniors. The east wing was totally rehabilitated in the late 1990s; however, this wing also requires energy-efficient windows and heating and cooling system. The gross area of the buildings is 66,031 square feet. There are 62 apartments units, with the average unit square feet ranging from 399sf-800sf. Each apartment is either an efficiency unit or a one or two bedroom unit. Historical & Architectural Significance:1&2 The Notre Dame Academy and Convent at 3501 State Street is on the National Register of Historic Places and is also designated as a local landmark. The history of this building begins with the Czech Sisters of Notre Dame who were brought to Omaha to provide culture and language. There was a settlement of Liberal Czechs in Omaha who taught Czech language and culture during evening and weekend classes. However, the Catholic Church wanted more emphasis on culture, language and religion, and thus wanted Czech Catholic teachers for its parishioners. As a result the Sisters of Notre Dame in Czechoslovakia were invited to this county in 1908. As the order grew, more Czechoslovakian sisters and Czech-American women joined the order. By 1914 they were teaching in Nebraska and ready to establish their own Mother House and convent. The sisters had moved from a house purchased in Schuyler, Nebraska to a farmhouse in 1920 purchased from Father Edward J. Flanagan of Boys Town. Due to a growing membership, high school and boarders, the sisters required a new building. The sisters retained Omaha architects Matthew Lahr and Carl Stangel, who began designing the historic E-shaped building in 1924. Unfortunately, the sisters were only able to afford constructing one-third of the building. The construction phases occurred approximately as follows1&2: the northeast and east wing was constructed in 1926 the central wing (the main fa<;:ade/building is also referred to as the Motherhouse) the chapel, and main entry were constructed in 1950 the northwest fa<;:ade was constructed in 1956 the west wing was completed in 1965 the small house located between the west and central wings was constructed in 1914 Each building phase remained true to the original architectural plan from 1924. Proposed Project: Central States Development, LLC, in conjunction with Notre Dame Housing, Inc. created Notre Dame Apartments, LLC, a single asset limited liability company, in September 2008. Notre Dame Housing, Inc. is a subsidiary of Notre Dame Sisters, a Nebraska non-profit corporation. Notre Dame Sisters controls the land and the building at 3501 State Street. The Notre Dame Sisters mission is to provide housing to the elderly and low income persons. Central States Development, LLC has been working closely with the Notre .Dame Sisters developing this project. Notre Dame Housing, Inc. and Central States Development, LLC developed a plan to create a new use for the unused portion of the building by creating 30 affordable senior housing apartments in that under- utilized space. To create these apartments, current sections of the central and western portions of the building will be essentially "gutted" for the creation of one and two bedroom apartments. Due to the historic nature of the building, historians and architects specializing in historic renovations have been retained to assist in the preservation of significant elements of the building and to make certain that new items added to the common areas of the building are in consistent with the nature, charm and style of original Academy. The exterior of the building will be preserved. As a part of this project and Redevelopment Plan, the Notre Dame Sisters will convey ownership of the building to Notre Dame Apartments, LLC. Also, the Notre Dame Sisters enter into a ground lease with Notre Dame Apartments, LLC whereby the Notre Dame Apartments, LLC will be responsible for payment of the property taxes which will fund the TIF loan. Copies of the ground lease and purchase contract will be placed in the TIF file upon execution and closing of the loans with lenders. A resolution signed by the Notre Dame Sisters acknowledging the ground lease and conveyance of the building are in the TIF file. Census 3 The study area is located within Census Tract 62.02, which is bounded by 30th Street on the east, Laurel Avenue on the south, Northridge Drive, 40th Street and 36th Streets on the west, and McKinley Street on the north. See Exhibit B. According to the 2000 U.S. Census, there was a 3.7% loss of population within CT 62.02 from 5,364 to 5, 166. The per ca pita income was $6, 776 lower than the City per capita income. The age of the housing structures is greater than 40 years old; the median year of structures built within the census tract was 1951. Based on this census data, the study area exhibits the following Blighted and Substandard conditions1 : 2 • Decreasing population base on the last two decennial censuses 11 Per capita income is lower than the per capital income of the City of Omaha " Average age of the structures in the area is greater than 40 years This study area complies with the conditions for substandard and blighted in the Nebraska Community Development Law. As such, passage and approval of the City Council resolution designating this project site substandard and blighted will allow the preparation of a Redevelopment Project Plan to authorize the use of TIF through a Redevelopment Agreement. This project is unable to proceed without the assistance of TIF dollars to help offset the owner's development costs. Zoning: Currently the site is zoned Residential (R-7). No zoning changes are required for this project. Public Improvements: No improvements to the public infrastructure external to the building are part of this project. There is adequate water and sewer service to the property site. Legal Description: The legal for this TIF application only pertains to the legal description that applies to the ground lease. See Attachment 1. 1 Phase 1 Environmental Site Assessment Report, Theile Geotechnical, Inc., August 7, 2009 2Capital Needs Assessment, Schemmer, December 2008 32000 U.S. Census Data 3 Notre Dame Apartments LLC TIF Application Exhibit A Description of Project Notre Dame Apartments LLC TIF Application Exhibit A -Project Description The Notre Dame Apartments Project involves the former Notre Dame Academy now known as the Notre Dame Sisters Convent located at 3501 State Street in Omaha, Nebraska. The Notre Dame Academy building itself is located in the heart of historic Florence. The building is also listed on the National Register of Historic Places. Central States Development, LLC, in co~junction with Notre Dame Housing, Inc. created Notre Dame Apartments, LLC, a single asset limited liability company, in September 2008. Notre Dame Housing, Inc. is a Nebraska non-profit corporation run by the Notre Dame Sisters, whose mission is to provide housing to the elderly and low income persons. Central States Development, LLC has been working closely with the Notre Dame Sisters developing this project. Due to current economic times and the aging of the Notre Dame Sisters' population (the average age of the Sisters is 71), the Notre Dame Sisters believed that they were unable to continue to care for and maintain the western portion of their Convent. As a result, Notre Dame Housing, Inc. and Central States Development, LLC developed a plan to create a new use for the unused portion of the building by creating 30 affordable senior housing apartments in that under-utilized space. To create these apartments, sections of the central and western portions of the building as it now exists will be essentially "gutted" for the creation of one and two bedroom apartments. Because of the historic nature of the building, historians and architects specializing in historic renovations have been retained to assist in the preservation of significant elements of the building and to make certain that new items added to the common areas of the building are in consistent with the nature, charm and style of original Academy. In addition to the creation of 30 new apartments, the plan allows for the renovation of the existing 32 units of senior (age 55+) affordable housing in the eastern section of the building. Once the 30 new apartments have been constructed, residents from the existing 32 units will be relocated to the newly constructed apartments so that existing 30 apaiiments may be renovated. There will be minimal relocation of existing residents as a result of this plan. The new units and the renovated apartments will contain new energy efficient HV A Cs to replace an aging, energy consuming outdated boiler heating and cooling system. Energy efficient storm windows will be constructed over/inside the existing windows so that the new energy efficient windows will meet the historic criteria and not change the look of the building from the outside. New energy efficient kitchen appliances, water-saving batlu·oom and kitchen fixtures will be installed. New carpet and vinyl flooring and new cabinet1y in kitchens and bathrooms will be added to accommodate the needs of the senior population. The historic hallways of the school building will remain in tact (retain flooring, wood moldings, etc.) except for the first floor which will be remodeled to closely resemble the second and third floors in order to allow for the creation of similar apartments in those areas. The exterior of the building will be preserved. A new entrance will be created on the West side of the building that will comply with the Americans with Disabilities Act (ADA). To finance this project, a HUD insured mortgage, Low Income Housing Tax Credits, TCAP and Section 1602 Funds and Historic Tax Credits will be utilized. In addition, Tax Increment Financing is also being requested to assist with the project. Federal Home Loan Bank's Affordable Housing Program Funds will be used for construction of the new units in order to keep the rents affordable for the low income seniors. To assist in outlining the scope of the Project, the following documents are attached hereto: 1. A copy of the legal description of the site. 2. Aerial and street map of the subject property. 3. National Register of Historic Places designation information. 4. The Capital Needs Assessment prepared by Schemmer dated December 2008. Exhibit A Lease Area of Notre Dame Sisters building Legal Description ATTACHMENT 1 (loFz..) A tract of land and all improvements thereon, located in Lot 1, Notre Dame Sister Replat 2, City of Omaha, as platted and recorded in Douglas County, Nebraska, to be known as the Lease Area of the Notre Dame Sisters building, containing 78,692.28 sq.ft. (1.81 acres), being more particularly described as follows: Beginning at the Northwest corner of Lot 1, Notre Dame Sisters Replat 2, thence S 89- 47-21 E (assumed bearing) along the North line of said Lot 1 for 330.50'; thence S 00- 01-12 E along the Northerly projection of the West line of Lot 2, Notre Dame Sisters Replat 2 for 134.01 '; thence along the Westerly line of said Lot 2 for the the following four (4) courses: (1) S 89-58-48 Wfor 5.15'; (2) S 00-01-12 E for 89.42'; (3) N 89-58-48 E for 5.15'; (4) S 00-01-12 E for 31.00'; thence S 89-58-49 W along the Westerly projection of the South line of the East Wing of Notre Dame Sisters building as described in Book 1270, Page 477, Douglas County Register of Deeds office, for 157.82'; thence N 00-01-12 W for 47.42'; thence S 89-58-48 W for 56.20'; thence S 00- 01-12 E for 25.94'; thence S 89-58-48 W for 116.56'; thence N 00-00-00 E along the West line of said Lot 1 for 234.28' to the point of beginning. ~~ \--l..L 'Z <l ill~ ~ ~ <.._) g <t: ]s loo VJ C::: :SO "''" '") l••FBflOO Poe~--.._ FostF00•1"ll ~I~ \~/ ~ 0 ~ ~--' J --1 inch 60 ft. h~-~-~~--~· --Pre!)ared by: The Schemmer Associates 10~4 North 115th Street, Suite 300 Omaha, NE 68154-4436 402.493.4800 S89~58'48"W 157.82' State Street 65' h'(H11 ·•otr• 00~· 01 1. 1' ~0910\ ~ 5ist•rs Legend fl -Corners Found (as noted) O -Corners Set (as noted) (S) -Surveyed Dlmentlon (P) -Plated Dimension {D) -Deeded Dimension (Bk. 1270 Pg, 477) OTP -Open Top Pipe S89'56'24"E 82.22·<Si 82 ?.T(P\ .'<'4"~TP ·S~\0"'~ soro a~si S89"58'48"W re)< ~1-o,~1 T4.88'(S) rob. 75.00'IP) r5/6""!Pb"' ~lilg §~ ~ -0001" --"' _N89"48'05"W 398.29'(S) 398.03'(P) --~~~l "' :E~ aia:i fjgj N9o·oo·oo-w 127.76'($) '28.00'(P) N89'56'03"V'V --n3.23'(~ 27?: 22'{P) "'0~r-'"'~ §£; ,~~ -----~-~-~---~-5;:19'~ 77 .JT(S) 71<.fJO'(F\ •r•vT I iii~' §~I I I :14"0TP ,,[I~ ~ ;~: .,, ---~-t~•~·---ol Legal Q_escription -Lease Area of Notre Dame Sister Building A tract of land and all improvements thereon, located in Lot 1, Notre Dame Sister Replat 2, City of Omaha, as platted and recorded in Douglas County, Nebraska, to be known as the Lease Area of the Notre Dame Sisters building, containing 78,692.28 sq.ft. (1.81 acres), being more particularly described as fallows· Beginning at the Northwest comer of Lot 1, Notre Dame Sisters Replat 2, thence S 89-47-21 E (assumed bearing) along the North line of said Lot 1for330.50'; thence S 00-01-12 E along the Northerly projection of the West line of Lot 2, Notre Dame Sisters Replat 2for134.01'; thence along the Westerly line of said Lot 2 for the the following four (4) courses: (1) S 89-58-48 W for 5.15'; (2) S 00-01-12 E for 89.42'; (3) N 69·58-48 E for 5.15'; (4) S 00-01-12 E for 31.00'; thence S 89-58-49 W along the Westerly projection of the South !ine of the East Wing of Notre Dame Sisters building as described in Book 1270, Page 477, Douglas County Register of Deeds office. for 157.82'; thence N 00-01-12 W for47A2'; thence S 89·58-48 W for 56.20': thence S Q0-01-12 E for 25.94'; thence S 89-58-48 IN for 116.56'; thence N 00-00-00 E along the West line of said Lot 1 for 234.28' to the point of beginning. 0::: : 111 ~ ~= :E ~ " llP J:; u~ (/) * 1~-~ ffi-o:-~ lii~ ill (/)::; z L:. wO _ ::; u._ ~ ffi -<Oz :i: 0 '.>-::J x wf-o w ~ ~ t) U'i Q N CQ ('( z 1--::; <( ..::50 m 1--CL ::> <( gg,ig I~ = ,108 NO. 05620.001 --c;'"EET of I " ;,.~ . ... : :i .. I ·•: ' i " Q ~ 9!>\t,I'> .V'\\.~~:;~ D•-.,,.~ ,_ ""'@ .:-.: w ~~1ij J~! ·ri ,,if\Ol<ott ----lo\l.~~~1 1 THE SUBJECT PROPERTY IS LOC.a.TEO IN ZOHE X, AREAS DETERMINED TO BE OUTSIDE THE 0.2% ANNUAL CHolJ'ICE FLOODPLAIN. AS DETERMINED av THE FEDERAL EMERGENCY M,f,NAGEMENT AGENCY, FLOOO INSURANCE RATE MAP #31055C0229H, EFFECTIVE DATE DECEMBER 2, 2005. ZONING THE SUBJECT PROPERTY IS ZONED R-7 (MEDIUM-DENSITY MULTIPLE·FAMIL Y RESIDENTIAL DISTRICT, SEC. 55-2'1, CITY OF OMAHA. MUNICIP,i\L COOE) • SElBACKS ANO SlOEYAROS PER CITY OF OM,&.HA Pl.ANNING & ZONING (402) 4.44-3426. All REGULATIONS SHOWN ARE FOR MULTIPLE FAMILY/LARGE GROUP UV1NG. LOT AREA: 5000 SQ, FT.; LOT WIOTH: 50'; FRONT YARD: 35': ST. SIOE YARD: 15' +2' FOR EACH 10' IN HEIGHT OVER 45~ INT. SIDE YARD: 10' -tZ FOR EACH 10' IN HEIGHT OVER 45'; REAR YARD: 75; HElGKT: 75', P.&.RKING REQUIREMENTS FOR RESIDENTIAL ASSISTED LIVING: 11'/0EPENOANT • 1 SPACE PER OWELLINO SEMl·INDEPENOANT • 1 SPACE PER 2 DWELLINGS DEPENDANT· 1 SPACE PER 4 BEDROOMS UTILITY NOTE I ! "1 ·t Q r -··J.7.'f,. ____ ,,"._Q _____ i ;//J ! 1:.~ l@ :~1 f e@ Q Q Q 5~~ i ~-llTILliY COMPANIES HAVE BEEN CONTACTED PER A "ONE CALL "lfTlUTY LOCA"TE, TICKET NO. 2•40392. UTILITIES SHOWl'I ARE FROM LOCATOR'S MARKINGS OR OTHERWISE VlS19LE iN THE FIELD AT "THE TIME OF SURVEY. ,._/I p LEGEND . . CORNERS FOUND (9.1 no!ed) 0 -CORNERS SET (es noted) {S) -SURVEYED DISTANCE (P) -PLATTED OJSTANCE (;} -SURVEY CONTROl POI ITT ® • WA"TER MANHOLE @ ·STORM SEWER M.-.NHOLE (J) -SANrTARYSEWERMANHOlE (D -TELEJCOMMUNICATIONS MANHOLE CO -ELEC MANHOLE. '&. -POWER POLE .....(!: -LIGHTPOLE ¢ -DECORATIVE LIGHT POLE -SIGN -SPRINKLER CONTROL BOX ID -TELE.PHONE PEDESTAL 10 -CASLETVPEDEST-'L .. .. .,,. -UTILITY METER ® -BOLLARD OWNER NOTRE DAME HOUSING LTD 3501:STATEST .. OMAH~";'E611_112 ,,. Iii ti 8 \!) _P_ JIMl.'<'9"(S) :)IMl.OY!Pl ·POST INDICATOR VALVE ·FIRE HYDRANT ·ELECTRICAL TRANSFORMER -S"TORM GRA."TE INLET -DECIDUOUS TREE wftrunk g1V! ·CONIFEROUS "TREE wllrunk site -Fl.AG POLE -PROPERlY UNE -SETBACK LINE -CHAIN LINK FENCE -PLASTIC FENCE -WA"TERUNE -GAS UNE ·SANITARY SEWER LINE -STORM SEWER LINE -OVERHEAD "TELEPHONE LINE ·UNDERGROUND TELEPHONE UNE ·OVERHEAD POWER LINE -UNDERGROUND P()WEf{ UNE PREPARED BY THE SCHEMMER ASSOCIATES 1044 NOATH 115TI-t. STREET. SUITE 300 OMAHA:NE 681~-4436 •PH:402·493-4800 . EMAIL_:·M~REOR_lC~ON@SCHEMMER.COM ·.,~-· NOTES I inch= SO fl. 1.lHeRE IS NO EVIOENCE OF EARTH MOVING OR BUILDING CONSlRUCTIOt.I. 2. 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OR (\I} IY 1HEMP~MTSOH1l!eADJoiMINOPROl'ERTIU.Slf\fflSORAl1EYSUPOMTIIESU8JECTPAOl'ERTY ll4f.LOCATIOHOF£ACHEASfiMEMT.RIGlfl'OFW"'f•&IEIMTUOE.Nt001MER""'nEfl8,.;F~TM£SUIL)ECTPROl'IEl':TY,\llil llSTtO OM TIE mt.£ IMSURNICE: PQUC"( NUMIM!RT-0t1 '°522 tlATEOEff!CTlllE JULY IS, 20Cll, ISS!JEO OY FIR!f MEBRASKI\ 10\.E ANO ESCROWOtl8EIW.FOFCUIMOffWEl\lllll.l<MDTffLl!lteU!WtCE.COW'....,...WllHlllHPEC'flOTliESUllJEC1PllOPER'JY.HAS8EEM SHOWH OtlTHSUAYn', 100EJH!R'MntAPPllOf'ftl4TE ~ REFEA£HCES. TOUIE E)Cn:NT"THlT SllCHW.llSISoiN11£ LOCAlEO. TO THE EXIE.MT TttE LOCATIOH Of l>Xf EASEMErff CANHOT DE PLOnEO OH TIE St.19JECl PllOPfATV. IT MS 9EEH NOTED l\S B'Elf'IGDl.AMKEllNNATUAl!ORl\Sl'IOl MFECllMG1HESU8JECf PROPEATY.1Hli~T'flHOWtlONTttESURllE'f15THE~ OESCAl8EOJtlfKl\TTfTlEPoucY.THELOCl.110HMMJ.~SOMTH(SUIJECTPflOPER'JYlSll*l\CCOROW11HlHE~ SETBAO< Pf!OVISIOMS~AIESTRICTIOHS OF MOOROAEFl!flEteEDlltSUCH"fYllE POI.ICY. T1'E SUllJl!.CT Pot.ICY W.S llCCESS TO NfD FROtd A Dlll Y QEOICATIEO MIO ACCEl'TIEO PUILIC 97REET ~HIGHWAY. (l!XCEPT AS INCt.UDl!O 1H "THE NOTES AMO lltOWH OM 1KE 800\'!Y J THE SUllJSCT PAOf'ERTV OOES HOT SERVE-'!« .q)JOIHIHG P!'IQIPl!RTY FOfl OAAllV<GE. IJJIU11€S, OR ttfGAESS OR EGRES3. THIERIECOflOOESClllPl~Dl'Ttft:SV9.IEC1PAOf'f!RTY ~,,-"THEtM.T1CAlL'fCl.DS£DF1GUJIE. THE SUIU!CT ftttOl"tRTY UES wm~" "'-000 ?Ot• x "5 lOENTtREO OH n.ooo 111$Uftl\MCE AA.TE"""' 1)1055C012'H -'"O E'X~PT l\S SPECIFlCM.l Y MOTfO OM THE 5UIWEY, HO PNll OF THE $U8.EC1 PROPEllTYLIES WITHIN »IV AAE" DESICNl\lEO llS 'FLOOO PROtlE "RV.,• "SPl!!Cl.o.L FlOOO HAV.AO ""Ell' OR IOO·YV<R fl..000 l'UJH W 1HE FEOEAAL El.l!ftGENC'Y Ml\Nl\GV.IENT "O~MC'f, lHE UtfllEO SlAlESAAMY CORP8 OF EMGl"EERS. T!EUS0El'AflTME+n'OFllOO$UtOllNOUll9"M HVELOPMUIT. THIE $T"1l! OF M!BR.\Sl(I.. CITY OF OW.Ill\, COUHTY OF OOllGLU Oft Al« OTHER GOVl!IUIMEllTM. 11GEllCV OR 11Ulti0Rrn' Kl\W«l..IUl'llSDIC'flOM OVER THE $118JECT PROPEIUY HO!\ IS 1'Ht' l'OATIOO OF lHE &uaJECT l'flOf'ERT.Y LOCATED WITHIN 1'Ht' UKE OR /I.I« CllE!K, STREllM. RM!R Oii 07ttER WATEll~ llEOUlllED TO llE_UNDISTURaroav "" N'PIWf>Rll\TE GOVE-"'NT"'-AoaleVOllAJJTHO!VTY. -·~ 'r"':=. S1 !•, .1,"p,,. ·' ·-~···.;; Wlll;Y:r=~,llLS5'2 ,;";<:;· ·:·.~ Mit ,. ; THE SUBJECT PROPERTY IS THE SAME PROPERTY AS DESCRIBED IN FIRS.T • NEBRASKA TIRE COMMITMENT FOR TITLE INSURANCE, COMMrTMEITT NO. T--09110622, WITH AN EFFECTIVE DATE OF APRIL 5, 201Q lHE FOLLOWING EXCEPTIONS AAE DESCR•eeo UNDER SCHEDULE 6-SECTION 2 OF SAIO TITLE COMMITMENT. SPECIALEXCef'TIONS 1. 2, 4 THROUGH 13, 15, 18THROUGH22 (19AN022 BEING INTENTIONALLY DELETED) ARE GAAPHtCALLY NOT PLOTTASLE. 3. OISCREPANClES, CONFLICTS IN THE BOUNDARY LINES. SHORTAGE IN AREA. ENCROACHMENTS, ANO ANY FACTS WHICH A CORRECT SURVEY ANO INSPECTION OF THE PREMISES WORLD DISCLOSE ANO WHICH ARE NO"T SHOWN BY "THE PUBUC RECORDS. {AFFECTS SUBJECT PROPERTY! 14. VACATION ORE»NANCE WlTH eASEMENT RESERVED TO THE CITY OF OMAHA, OVER A PORTION OF THE PAE MISES IN QUESTION, AS SET FORTH IN ORDINANCE NO. 222R FILED IN 800K 3'13 AT PAGE 619. {AFFECTS SUBJECT PROPERTY) 16. "TERMS AND PROVISIONS Of' THE INSTRUMENT CAP"TIONfO: RECIPROCAL E-'SEaAENT AGREEMENT, FILED NOVEMBER 8. 1997. IN 13001M193 AT PAGE 67; AND AMENDMENT FILED OECEMSER 16. 1999, IN BOOK 1320A"T PAGE 388. No BLANKET EASEMENTS FOIJNO. (AFFECTS SUBJECT PROPERTY) 17. TERMS AHO PROVISIONS OF THE INSTRUMENT CAPTIONED. RECIPROCAL EASEMENT AGREEMENT. FILEONOl/EMBER 3, 1997, IN BOOl< 1227 AT PAGE ""40; ANO AMENDMENT TO RECtPROCAL EASEMENT, FILED DECEMBER 16, 1999. IN BOOK 1320 AT PAGE JU. NO BlANKET EASEMEN"TS FOUND. (AFFECTS SUBJECT PROPER"TY) 23. GROUND LEASE CONVEY-'NCE, FILED NOVEMBER 13, 1998, IN BOOK 1270 AT PAGE 477, BY .-.NO BElWEEN NO~E OAMe. SISTERS, LANDLORD ANO NOTRE DAME HOUSING, LtMITEO PARTNERSHIP, TENANT; ANO ASSIGNMENT ANO ASSUMPTION OF GROUND LEASE ANO CONVEYANCE, FILED DECEMBER 31. 1{$8, IN BOOK 1V6 AT PAGE 623. (AFFECTS SUBJECT PROPERTY) 24, ASSIGNMENT FILED NOVEMBER 13. 19911, lN BOOK 1210AT PAGE 490 (AFFECTS SUBJECT PROPERTY) 25. TERMS ANO PROVISIONS OF AN UNRECORDED LEASE. BY ANO BETWEEN NOTRE DAME SISTERS. LANDLORD, A.ND QWEST WIRELESS, l.L.C .• TENANT, NOTICE OF WHICH IS GIVEN BY MB40RANDUM OF OPTION .ANO SITE LEASE. AGREEMENT FllEO APRIL 6. 2001. IN 8001( 1376 AT PAGE 707: ~D MEMORANDUM OF ASSIGNMENT AND ASSUMPTION AGREEMENT FtlEO JUl y 28. 2004. AS INST. NO. ~098187, av AND BETWEEN OWESTWIRELESS. L.L.C., ASSIGNOR, AND SPRINT SPECTRUM L.P., ASSIGNEE; ANO srre DESIGNATION SUPPLEMENT TO MASTER LEASE ANO SUBLEASE AGREEMENT. FILED JUNE 6. 2005. AS INST. NO. 200506479-t. {AFFECTS SUB.JECT PRQPERTY) 26. AFFIOAVfT OF FACTS FlLEO NOVEMBER 3Q 2005, AS INST. NO. 2005,50606. {AFFECTS SUBJECT PROPERTY) DEEDED LEGAL DESCRIPTION (PER FIRST NEBRASKA TITLE COMMITMENT NO. T-0911062:2) LOT 1, NOTRE OAJ.IE SISTERS REPLAT h, AN ADDITION TO THE Cm' OF Ot.1-'HA. DOUGLAS COUNTY. NEBRASKA AS SURVEYED. PlATTED, ANO RECORDED IN BOOK 1215 AT PAGE 102, DOUGLAS COUNTY RECORDERS OFFICE. UTILITY COMPANY CONTACTS = OPPO {OM-'HA PUBLIC POWER OlSTfl:ICT) PATCARN,&.ZZO 444 SOUTH 16TH STREET MALL 0Jr,1AHA,NEU102 PH:<ID2·636-3525 EMAIL: PCARNAZZO@OPPO.COM GAS &WATER MUD (METROPOLITAN UTlLl"TIES OISTR!CT) LYMPITSCHKA 1723 HARNEY STREET OMAHA, NE 68102 PH: ~02-504-7910 EMAIL' l.YN_PITSCHKA@MUONE0A.C0M TELEPHONE QWEST CORPORATION JONSTU"TZMAN 7404 NORTH 78TH STREET, 0LOG. A OMAHA,NE68!22 PH:4b2-572.-6-ll9 EM.-.1L: JQN.STUTZMAN@QWEST.COM CABLEITELEPHONE COX COMMUNICATIONS GREG SORGENFREI 11505 WEST DOOOE ROAD OMAHA, NE.60154 PH;402-93A-04« EMAll: GREG.SORGENFRlE@CO.lCCOM SANITARY&. STORM SEWER CITY OF OMAHA SEWER MA\NTEN.-.NCE 68800STREE.T 0MAHA,NE68117 P,H: 402--"4~·53.32 g 0:: 111 ~ ~ 111 :c u (/) ::; ::; 0: ~ ~ ii'. ~ ro u; ~ ~ ?:-~~3 ~08 o~~ zO.: .:?:6 b~g -'NO ll5820.001 '"" ·•:·1 of "' ~ ~ ~ F 0 ~ " ~ ~ Lease Area of Notre Dame Sisters building Legal Description A tract of land and all improvements thereon, located in Lot 1, Notre Dame Sister Replat 2, City of Omaha, as platted and recorded in Douglas County, Nebraska, to be known as the Lease Area of the Notre Dame Sisters building, containing 78,692.28 sq.ft. (1.81 acres), being more particularly described as follows: Beginning at the Northwest corner of Lot 1, Notre Dame Sisters Replat 2, thence S 89-47-21 E (assumed bearing) along the North line of said Lot 1for330.50'; thence S 00-01-12 E along the Northerly projection of the West line of Lot 2, Notre Dame Sisters Replat 2 for 134.01 '; thence along the Westerly line of said Lot 2 for the the following four (4) courses: (1) S 89-58-48 W for 5.15'; (2) S 00-01-12 E for 89.42'; (3) N 89-58-48 E for 5.15'; (4) S 00-01-12 E for 31.00'; thence S 89-58-49 W along the Westerly projection of the South line of the East Wing of Notre Dame Sisters building as described in Book 1270, Page 477, Douglas County Register of Deeds office, for 157.82'; thence N 00-01-12 W for 47.42'; thence S 89-58-48 W for 56.20'; thence S 00-01-12 E for 25.94'; thence S 89-58-48Wfor116.56'; thence N 00-00-00 E along the West line of said Lot 1 for 234.28' to the point of beginning. ..... ~ ,• . ~· .1 ' ·, ·.,. .. ··-;,•.· .·.' ,I,·,, JAN.22.2009 3:29PM '1:lfm 1 ().., ~ A.w. 12100 . NOTRE DA\•1E SISTERS · UNITED STAi5S cePARiMEN'T OF TH~ INn=~IOR N0.573 NA TIONAl. PAFU< SEF!VlCC. HlSTOR1C PRESERVATION CERTIFICATlON APPUCAT10N ' . . RSQUEST FOR CERTIFICATION OF COMPLETED WORK ~ ~ ~ QI ttlt ~. ~ 11\it fofm ..iin tt?fft'r1ilt!VC phCTOqrapl\I at lllll ccmplmll lllOfll. lbad'I fZltf1ar .tM ~ 'MW'CI to UMt -l)C)lia• ~ °"*'-.If .t....,, 2 &Qrlllcltlorl 1'1.M J'l01 l)oMI\ ~ In ~ ol lli'Ojfa t:«l"~ It lnu,st ~ llil Ae<lwt:rt ICC~ Cf • . ~Wort:, A ~Of ltlie. tonn d bl pttNlcHld ID In. lnl9m&l. ~ ~. Type M ptlr!t Olarty i"t tJll.et Ink. The.~ lly ltlll ~ -,llY ~ .· · .. _,, ~ t) ~ it fMdo ~ tnit.bMll at 1lll ~ io ~ ~k:alJoft bm.. tn llllll twnt al lllY ~ ~ Int ~ic:allon 1er;n anci «ftlt, ~~~Md! It lauds n~ll!W. «1hriflQll &114 ~).11'111.~ f!:Wm WI Im~· 1 ~ Mlr!W·ot~ .. • Notre Dame Academy · · '"3S01 state Street·. ·. AdcHm of~ &Mt~---~---------'"'"--------------------- . ~ _0m_~_a_h_a_._ .. _. -----........... · ~ tlougl':s $lilt .,..NE_._1 ._··. __ zi·· 68112 II proplllftf ~ .omlflld tJlsOle ICnldlll'I? • . XJ rt' . Cl m .· H )'ff. eAll of ~ ~ NPS: -· _...,_"'.'.""'."'_,_ _____ ,;,;,._ __ _ ·. «dll!:tct.~~inliw~~ March 5, 1998 ........ . 2. o.c. ..... ~ ~ . NatioNJ Pm.s.Mc:a ~ rwllditsllcn ~ numblT: _m;_ .. _9_8_-_0_0_0_0_1....,.....;.c _2 2_6-:-3-'l:.-..---:----..,_--...__,_,_--.. ~-~~: April 16, 1998 .· A1f\dll~WartoLHl1if~.;.~ai\1mtblJifdiiig~i11H(Vicv 0 n: ~December 31; • 1999 &Um.11<1 am~ to1tty ~ tie'flltldticlion °'.IM~~: i __ $ 3 ......... , _1_7_2 .... , _4_9_8 ___________ _ iitimt~ ~·drlO!ltlCI ta'*'~ ~ wilfl .,,. \ $ 0 ,.~liOtt. ~\14i~ ~ tiCI ---~ IQU, ~;I-------------------- :i.· Dwftilr. r!IPll* Cin ~ a ~ IM!Mi11 I hentQy lfJPIY tat ~tliln ol ~ ~ ~ lbM fO' ~of \:hf Fftll'll •~I~ CtMt sl,a. IM If!~~ it. · · ICI UW 0111t cf my~ mrtc:I. llld""' Ill 1ft1~INOn1M ~ rtnel~ l'l!fttl 1tM StoM'y'• "~ -~-~ 11-.. ·. *11 'tllbtl lhe ll«lfil ~ i'I Pan 2 al ~ Hll1lxlc JlmmlljQn Clnlftc::a&lon AppllcltiOn. 1 lliO -ttw. l CMt1 CINI ~ dJICirititd l!IQ\le. I ~ 'l!Wt llJlll'atlon af 1IGIUll "P'WN!UlleiN In• ~ it tuqi:r ta CZim1M1 ~ Of .. UO \0 S1U,QOQ tn lllill or ~fer up 1:1 ~ Y1111 pur-"*lto'11 t,1~.e.'.1001. . . . . ' . . . . . .• . . .. ·.... . ·... .. .. ·. . . ~ ~~:.......!.;.!.W==~~~~~·· 6-.. r!3'~ l~ .Limited ~ .·.Or;ali~ Notre name Hounin SociaJ 11cUrt1V cir 'T~1 ldllndflcat1cn ~."-El-· I_N_.·._J .... ~ .... --1 ... 9 ... 4...,7 .... ru......,o .... 1_· ----------------- . stmt 3501 State Street Qty , qmana .. , , . Si&tl __ .NE ______ 21p 68112 O&~T~Num. 402 .. 459-2994' JAh.22.200'3 PS Fotm 10-900 :' -· '0-90) 3:29Pl'1 ~ StaU Departme11t or the Interior ;nal Pm'k Semte l . ~OTRE DAME SISTERS "Jationat Register of Historic Places ~egistration Form ~~o. sn OMB No. IO:J,..('()!ti nu. fu1ll1 ii fut ux in namiil&!iils or~ ~om fur imlvidll.ll v<O(>Elt1ia. md dUi!riQ:S, SK~ in How w ~ dv: NaiWttoJ &gi.fllfr ef Ritrcric P~ . F:r~ F~rtn (Nltioo.tl ~ 'Bull«ln 16A) •. Compl~ M.c:h if¢m by ~ •x • i.n the awropriu.c oo;i; or by ~ ttNO inform.ltion rtiq~. If aey irA:m does not ipply to !hep~ .boi.o( do«UTwJZ.d, «»ir "NIN fur "not spplic::ablia". Fot ~m, ·~ clc.uifiwion, ~. 01 a.n:u of Qguifi~ ~. Ollly ¢.tttoe'Orltuod auhc:.i~M fuii:il. tbe ~-~ tddiliond ~and ~vi: i1onls 6o. ~Si~ (NFS fon'JI IMOOc.). Ue= t. typcwriw, word il~r, or co~ute( to comple«i ail U:tru; not for publio-Ation [ l vicinity [ ] code NE rip code ,,.68........_] 1._.2.__ ___ _ Siatci or Fll<lt~l a ea and ·lH.lrflllU ..;J N'atlous! Park Scmc• Ccd:iflcstion... (]other, (upl~l.µ]1 ___ _ I L~~_j~---~~--_: __ ,'.:~~t:\1'::··-~~~~-·-. -~~-i for 350 i State Street Omaha 1 Nebraska Prepared for December 2008 Ai·( C !~ l TE CT S I. Introduction to the Repo,·tJCertification IT. Project Summary A. Project Description Property Information 'J Site Information B. Building Information :Nnmber of Buildings Number of Stories Number of Unit Types Exterior Elernents '' Interior Elements III. Imrnediate Repair Needs A. Critical Repair lterns Site and Grouncls Building Exteriors c: Common Areas '' Building Interiors B. Non-Critical Repair Items Site and Grou!1ds •3uildiEg Exteriors " Building Interiors IV. Computation Summaries A. Repair and Replacement B. SurntT1ary Capit<\l Needs C. Renovation Cost D. Reserve Fund Computation V Rernaining Usefoi Life Ta.ble of Contern::s q . ..,. ~ ~ :.;t2':X"::.:::;..7·/".'.:~!-22:.-~--!...·_~.·.:_;:; .... :·~.;.:...,.;,.3-~-.;, -~ : ~--.·= ... --.-..-... ;::..::· ::;-·;_,_~:.:.:.l" ";._;.:~_;.:_~~ ..... :;.i.-~-!:!'.:::.:. :::.-.::·~:.-:.:....: ;·-~-:.:~ .. ...,:;.,';"'.;J.. : • .;: ; __ :~.:~::.. •• :.....:.c.:.:..::.t. _!.J •• .:. .. h •• :_ • • .J ;.~:_;·,,., ----·--'. ".:... -:.-• ....:. 11"°"···.:, ,_ -~· ~=~·~'" -.. ~---~-~--~' Table of Contents Page; The following is a Physical Inspection Report of Notre Dame Academy & Conv~nt in Crnaba, ]\fE. This repe:rt was prepared by Schemmer Associates for the use of Notre Dame Apartments, LLC 740 South 75th Street Omaha, Nebraska, its successors and/or assigns. The report is expressly and e;-'_cksiveiy for the sole use and benefit of Notre Dame Apartments, LLC is not for the use or benefit of, nor may be relied upon by, any other person or entity without the advanced written consent of SchemJI1er Associates. Assessment and Report The assessment included a site visit; interviews with prope1iy management personnel; inquiries to the local building department, zoning department and fire depariment; a review of readily available construction drawings and specifications provided by the property owner; and visual observations of the following systems components: site developrn.ent, building exterio,· and interior, building structure. l\fochanical, electrical and plumbing systems, conveyance systems, life safety/fire protectio;1, and general ADA and Fair Housing Act compliance. This report is intended to provide a general overview of the buildi.ng systems and their oven11! condition. It lrns been performed using that degree of skiH and care normally exercised by reputable consultants pei.forming similar work. The activities of this survey included observations of visible and readily accessible areas. The observations were performed without removing or damaging components of the existing building systems. Consequently, certain assumptions have been made regarding condttions and operating performance. Comprehensive studies to identify, document, and evaluate every defect or deficiency were not conducted. In addition, system checks or testing of the equipment in the operating mode [s beyond the scope of this assessment The observations, findings, and conclusions within this report are based on profession a! judgment and information obtained during the course of rhis assessment and recommendations presented herein are !::u.sed on observations, evctluation of the information provided, and interviews with personnel familiar with the property and should not be considered design solutions. No calculations have been performed to determine the adequacy of the facility's original design. It is possible·that defects and/or deficiencies exist that were net readily accessible or visible. Problems may develop with time, which were not evident at the time of this assessment. The opinions and recommendations in this report should not be construed in anyway to constitute a warranty or guarantee regn.rdi.ng future performance of uny system identified. Capital Needs Assessment !='age: ADA and Fair Housin~ The representations regarding the status of Ibe ADA Title Ii~. <rnd i:<air Eousing Act compliance were determined based on visual observation wirhout detailed physical measuring and thus are intended to be a good faith effort to assist the Client by noting noEconforming conditions along with estirri<ltes of costs to correct and are not to be considered to be based on a detailed study. This report does not confirm the presence or absence of asbestos, PCB's, lead ba~;ed paints, toxic soils, nor other environmental conditions on this property. The opinion of costs is !lie repair/replacement of readily visible materials and building system defects that might significantly affect the value of property dming the evaluatio11 period. Tl1ese opinicns ~tL"e based on approximate quantities eind values. TI1ty do not constitute a vjarrnnty that all items, which may require repair or replacement, are included. Infonriation furnished by site perrnnnel or the prope·ty management, if presented, is assumed to be reliable. A detailed inventory of quantities for cost estimating is not a part of the scope of this report. Estimated cost opinions presented in this report are based on data from ~l combination of sources. The pri:nary sources are from Means Repair and Remodeling 2ost Data rnd M~eans Facilities }Jfo.intenance; and Repc;_;r Cost Data; information supplied by the prope·~ty and the experience Schemmer Associates. Actual costs may vary depending on such matters as type and design of remedy; quality of materials and installation; manufacturer of the equipment or system selected; field conditions; whether a physical defici.ency is repaired or repiaced in whole; phasing of the work; quality of the contractor(s); project management exercised; and the availability of time to thoroughly solicit competitive pricing. 1n view of these limitations, the costs presented here in are for general descriptive purposes only, Detc~iled design and contractor bidding is needed to determine actual cost All costs are stated m present value unless otherwise noted. EVALUATION DEFINITIONS C Critical: Items that represent code deficiencies., major functional inadequacies, or bmlding/infrnstrucmre systems drnt are in need of imminent repair/replacement, bul that are not an immediate threat to health, ~afety, ancl welfare of those who use the building. S Serious: Materials, finishes, ancl systems that have greatel" than normal wear and need to \Je cleaned er replaced. Items can be deferred with no immediate effect on the building/info.:istructure or to the health. safely, and welfrtre of those who nse the buiiding. M Minor: l'viaterials, finishes, ctnd systems that have minirnal wear Jnd can be cJe,med or replaced. Items cm be deferred wirh no immeclime effect on the building/infrastructme or to the hea!rh. safety, and welfare of those who use the building. Unk:ss s!ateJ i11 d11S :·epurt, the systems reviewed :u-e considered t.o be tn Avernge condition ;.ud their perfurnunce appears robe safisfoctory. ~~l!!!!'~"·"'~~:-···--::A'.:'.!i!-~~.:;;.~;-,.,,~:;::.~~.:::..~ .. ;;:i.: .. J';,:x~:~·~.;;:::::o:~.;..<!.:.;:..:J:~~....w......:.:.::':-s..·.::n.~.::..-c~::;; . .::~n..::::.::;·.,_~"--~u•~;~··~...-..... "t.:~:c..,_.:..:.....::..:o:x;:;:~-.:_:..:!.:~.~:.:-:-'-£~~.i::::~~~ Capital Needs Assess,-rent Page 2 Schemmer Associates Schemmer Associates is a full service architectural firm providing inspectioriJreport services for a wide variety of clients and properties. Schemmer trained and licensed professionals have provided services to property owners, equity investors, public and p!·ivate corporations. fdentitv ofinteres~ No identity of interest, as defined in the contract, exists between our firm and the sponsor, propeiiy owner, principals of the sponsor's, owners, mortgagor's firms, the property manageme11t entity, or any contractors or subcontractors involved in the rehabilitation of this project. The Sclze,nm.st A.ssccfr;,,·es By: John S. Rickert, AIA CSI CCS Date: Pec:ember 182008 Capital Needs /\ssessment Page: ·~· Name: Notre Dame Academy and Convent Address. <. Number of buildings: 3501 State Street Omaha, i'Jebrnska 68112 l Number of Apartments: 62 Totu.1 32 Existing Ft-3 0 c 0 1:) 5 f,xisting Effuje~1cy i\pts 24 Existing Cne Bedrnom 3 Existing Two Bedroom 3 One Bedroom 27 New Two Bedroom Avg P,.vg Sq l~t ---4'?2 Sq Ft --722 Avg Sq ~-600 i\vg Sq Ft -800 Total Gross Area: 66.031 square feet 30 l'..Jew Year Existing Apart1nents Developed: 1998 (Convent East Vi 7ing) Age of Building: Origina: 1925 (83 years) ;wd Additions in 1962 and 1963 (46 and 45 yeo.rs) Site Are<t The building is located in norih Omaha. Interstate 680 is approximately l mile to the nonh. 0 Amenities are located within 34 mile radius of the building to Old Towne Benson. '' To the east are historic residential and commercial properties. ( To rhe north C\nd south are residtntictl properties. To the west are !1istoric residential properties. Site Layottt The building's lvfain Entrance faces north ;incl is loc:ued clrrnmd an interior and exterior pt:rin~1eter circle ve and i~ tidj~~.cent to Seven Retirement Living F:tcility ro the east. 0 The: site is irregular in shape and encompasses 5. l5 acres. Capitai f\feecis Assessmenr 1 I I \ Topographic Features -Generally the site slope from north to south. Drainage appears to flow well around the buildings. Handicap Accessibility There are provisions for l12ndicap accessibility to the property. There are approximately 6 (six) designated handicap accessible parking spaces located to the north and west of the building. Parking Spaces --------, I ! I I I I ! I The off-street parking is owned and maintained by the facility. ,__ ___ _ ---------· _ _:·.:_ _____ J There are approximately 27 parking stalls located to the north and west of rhe currem · 1: Entrance to the Building. Additional separated parking for Seven Oaks Retirement Living i~ provided east of the facility. Concrete curb and drives appear to be in good condition. Miscellaneous joint sealing is required. Si clew al.ks ° Concrete sidewa£ks are approximately 48 inches wide concrete. c Sidewalks run parallel to all parking areas and through the site. t, Sidewalks are in good condition with limited repairs required. Landscaping " The landscaping is made up of shrubs, mature trees, and bushes. '; Overall the landscaping is in good condition. Mail Facilities a Mail is deii vered m a central exterior mail box at rhe Main Entrance (Motberhousc) to the building. Cluster boxes are provided [n the Lobby of the East Wing building for individual distribution. Capital Needs Assessment Page 5 Stte Utilities c Utilities me provided to the property via both overheact and underground installations. Utilities are pro,1ided by: o ElectricaL C1n~ha F\1blic F'o\ver District o Natural Sas, Dcmest1c ater, and Sanitary Sewer: Metropo1itan Utilities District o Telephone Service: Qwest (Multiple providers are ;ivailable) o Cable ~~elevision: Cox Communications (lV''.ultiple providers 8.re available) o No problems were reported with site utilities Site Lighting Tbe site lighting includes minirnal wull mcumed light packs at che building entrances. ··~·he overall lighting is poor and an upgrade allowance has been included [n the construction ·dget. Nttl11ber Buildings 'fbere is one main building on i:be property, \Vi th severn! support structures tO ihe south of the original building. c Number of Stories. The building is four stories !.n height. Both one and tv.10 bedroom units are proposed for apartments with a Kitchen and Dining area, Living Room and one full bathroom. " Exterior Elements. Caoital Needs Assessmer•t B.rick "\/ eneer ccvering the emire perimerer is in gencrni1y good conclitlon. Numerous areas were noted as previously being luckpointed as evidenced by an off- color mortar not marching the onginal installation. Tlie stone Jccent portions of the building have been attacked b_y <:1n algae over rhe years and : n need of a thorough deaning and reseat lhe SLLrface to limit future growth. Capital Needs Assessment Roof facing towards the front (north side) of the building is historic clay tile was removed in 1998 and extensively repaired with new felts and tiles reinstalled. As an apparent cost savings, the balance of the building is covered with asphalt shingles. The cunent condition cannot be confirmed, but from limited vision appears to be in fair condition. Fascias for all elevations of the building are painted wood tiim believeo tc t.:o->, poor condition. Fascias to be replaced with maintenance free product. The building has painted metal gutters with metal downspouts. They a.re in generally good condition. Where there are multiple steps around the perimeter of the building, a single steel handrail is provided. These are in fair condition, but should be replaced with new steel handrails on each side of the stair, conforming to the requirernents of the Building Code. A significant railroad tie retaining wall exists on the west side of the site along 36th Street. This "Nall has shown signs of a forward rotation at the base for many years, indicating the foundation is potentially substandard and may become significant structural concern. The wall could be replaced with a segmental concrete block iandscaping wall or a concrete retaining wall. ---1 I I I ------i ::: ... I I I I I _______ 1 Page;: Ec;ch <lpartment has two 36 inch x 80 inch six panel historic wood door set it; a steel frame. Each door bas a lockset, deadbolt, threshold and weather ~tripping. Tbey are in good condition and will be recLsed during the renontion project where possible. Apartments will have new double historic wood windows with insulated glazing and Low-E coating to :.;u.pport tirnited ultr<>violet light lcansn1itting into the i_nterior of the building in addition to the increased energy savings value. ,, Interior Elements -East \Ying and Ceilings. W cills have a smooth painted finish over plaster lath. Ceilings bave a i.minted smooth finish over plaster lath. Floors. Floors are a combination of vinyl in the kitcnen and carpeting in the living toom. All baseboards ar:d casings are wood. All floors are in fair slnpe. Interior Doors. Capital Neec!s Assessrnen1· Interior p:.lssage doors ate typictily 32 inches x 80 inches for rhe bedrooms ctr.'i bathrooms set in 'Nood frames. The bedroom closet doors and mecbanical closer doors are metal bi-fold set in wood frames. are in £one! <;hane. ~ l Paqe B Window Treatments. Units currently have vinyl mini blinds. They are in fair condition and should be replaced. Cabinets. Cabinet doors, rails and stiles are solid wood, with either stained wood or painted finish. Countertops are plastic laminate. All cabinets are in good condition. Appliances -each kitchen has the following elements and they are in good condition. An electric rnnge and oven. A two-speed hood with light. Apartment sized refrigerator with upper freezer. A double bowl stainless steel sink witb garbage disposal. -----------1 Bathroom Fixtures. Capital f\Jeea:S Assessment Cabinet vanity with porcelain lavatory wirh knob-type fixtures. Porcelain rank type water closet with single grab bar in each unit. All units are provided with fiberglass sunound 36 inch ~;quare showers with l'old down seats. AU fixtures are in good condition and should be retained. i Heating dnd is served by 5 ,''.eparate systems. 1n the original i)Z1lt of tiding heating is served by stearn rnd[ators. The west w[ng addit\on is heated by J 2-pipe fan coil system. fo addition to the fan coils, there is also an air hand1er to cool the first floor of the west wing. The chapel has two small air handlers that cool the space. in 2 recent renovation of the auditorium in the basement a heat pmnp system was <1dded to heat arid cool that area. The Boiler PL:ml piping is rustit1g and a mojority of 1t is not insulated. The insulation that exists is cleg:radec! and is falling the piping. There is also an abandoned boiler that could be removed to add additional space for equipment if desired. Tbe active boiler was installed in 1982 and is within the estimated service life of 30 years. Tb_e Boiler Plant space ts not properly ventilated for combustion and the air brought in through open windows is unheated which could cause condensation to occur on piping and equipme::i- causing corrosion and degradation of everything in the space. The pumps serving the fan- coil system in the west wing are still operating but are in poor condition and have exceeded tbe estinuted service Life 20 years. In 1999 a beat pump systern was installed for rhe Seven Oaks building and the pumps, heat exchanger, and cooling tower for this system were installed in or just outside of the boiler plant. These items are in good operating condition. Distribution equipment. !2iJ2ing. and ductwork The ductwork and piping that could be observed in the building appeared to be in goc;d oper2ting, condition. The steam radi<1tor:; in the Motherhouse appear to be in good opernring condition and the fan-coil heaters in the west wing also appear to be in good operating condi1ion. The air handlers in the chapel and first floor west wing also appear to be in good operating condition. All of the equipment serving the facility, with the exception of the beat pumps in the auditorium, have exceeded the estimated service lifo of their respecri ve categories and may not operate at the optimum levels that the equipment would if it were within the estimated service life. There is no observable means of providing ventilation air, which is required to meet local codes. This is dso required to rneet ASI--E~AE Standard 62.1. Miscellaneous Mechanical The administration offices have window air conditioners installed and appear to be in operational condition. rthe bathroom exhaust fans appeared to be in good condition fror1 whut \V~1s observable. They also appem~ to be near tile end of the estimated service life bctsed on the sryle installed. 'The kitchen lrnod e:zhmist clppears relatively new and seen'S i.o meet currenL code requirements. ·•-w:emr=tt,..1?~·T:;_:!:_"""~~£..°"-~C' .... -:..f-:.':._~~~G±._~~-6:.~-~g.--~--=~:.:.·;.~;~.:._~..:.:!-l~:::.:;.r··· ---~-~~..;-~~~-~-~~~-~'-=-.;~;-;;;~::; CJpitaJ l\feecfs , 1..~;,sessrnent Plumbing fixtures tbat \Vere observed appeared to be in good working condition with the normal wear and tear of everyday usage. Piping, both domestic a.nd sanitary, could not be observed. Maintenance personnel made no comrnent about having any issues with the piping, however, due to its age can be expected to have significant deterioration - especially at joints and fittings. ,, Electrical Power and Lighting Service and Distribution An overhead electrical service provides power to the site. This overhead service provides 277 /480volt to the boiler pl.ant and a cell tower using three pole-mounted transformers and provides 13.8kv to the Seven Oaks utility pad mount transformer. The Seven Oaks building is not part of this assessment. The main panel tn the Boiler Plant provides power to most of the facility with the exception of a panel in the Boiler Flant that is fed frc~n Seven Oaks. The Seven Oaks' panel provides power to the cooling tower and pump. The main panel in the Boiler Plant is rated at 600 amps. The panel has four switcbes considered mains: (2) 400/3 and (2) 200/3. There is a 277/480 volt and a 120/208 volt distribution panel as well as a 120/208 volt appliance/lighting panel in the Boi1er Pbnt. The panels in the Boiler Plant are manufactured by Frank Adams and are in poor condition. There is a 277 /480 volt panel and a 120/208 volt panel that was installed during a recent upgrncle to the auditorium area, and is a 277 /480 vo1t panel in the we2t wing as well as several 120/208 volt panels. These panels are also Frank Adams and are in fair condition. The 120/208 volt distribution panel in the Boiler Piant feeds panels in the Motherhouse. Some of these panels are "screw-in" fuse type. These panels are in fair condition. Lighting. The lighting system is a combination of old and new luminaires. Incandescent luminaires are being relampcd with self-ballasted fluorescent lamps \i.i·here appropriate. There are locations where luminaires have been replaced with 1uminaires that look original to the building. There are areas where the lighting is very dark; an example is the corridors in the west wing. Tn the support areas such as offices, workrooms, Kitchens, etc. linear fluorescent iuminaires have been installed. These include lay-in troffers, wraparounds and strips. Updated areas such as the auditorium use ciimrnabie recessed fluorescent cans. Branch Wiring. As noted in the service and distribution system above, power is distributed in 480 vott and 208 volt. Outlets llre located throughout the facility. Some areas do not have an equipment grounu in the brnnch v.iring. There is a shortage of convenience outlets in rn'my areas. There are some areas that still have cloth insulated \Viring. The po\ver system, including outlets and branch \Viring is in fair condition. Capital Needs Assessment Page 1 :.=ommunications Systems The p<lging system u!lov;s paging lhroughout the facility. r~~here are a cornbinat1on speakers including two types of surface mounted and a recessed baffle type speaker. controller/amplifier is located in the reception office. The system has selector type sv;itching and was manufactured by Bogen. The wiring and speakers are rn good condition. comroller/arn.plifier is in fair condition. The call system rs located in the west wing infirmary. The system includes call stations Cld,iucent to i:he beds and emergency stations in the toilets. There are dome lights above . v v each door the coLTidor. The master station is located in the mEses' stc1tion ancl includes audio and visual Jnnmlciation. The call system is in fair to mostly poo~-condition Fire Alarm Svstem. The fire alarm panel is a Sensiscan 1000 manufactured by Fire-Lite Alarms, Inc Cenei·,11 Fire & Safety Equipment maintains lhe system. The fire alarm is a zoned noncoded system. The controi panel is located in rhe reception office. There is minir:nurn ammmr Gf detection but appears m meet code requirements. The audio/visual and visual devtc_:.::;s ire located ir:. corridors and some assembly areas. ri'bere are u.reas that to do ha•.re the proper coverage for audio/visual devices. Soecial Building Systems Emergency iighting consists of self-contained units (bugeyes) and exits. Bugeyes are located along the path of egress and at exit points. Typicaliy the bugeyes are circuited tc the nearest receptacle circuit. Exit lurninaires appe,ar to be installed at required locatio~1s, ,._, l ·i • l . . l , . . . t-. T ~.D l nere are severa larnp types in Lie ex1 ts iEC uorng incandescent, tuorescent anct !_.t, •. Each apartment has hlld a wired hardwired smoke detector, fire sprinkler systern, 8.nd attendant call system in each living room and bedroom. All health and safety deficiencies or violation of Section 8 housing quality standards ct Fl-;.ii..' ~: regulatory agreernent standards that requii·e ;mmediate remediaticn. Sire ctnd Grounds. There were no Critical Needs inspection. Sire and Grounds noted at the rime of the Building Exteriors. There were no Critical Needs for the Building Exteriors noted at the time of tbe inspecrion. Cornmor: /~reas. There were no Cntical Needs for the Common Areas noted at the time the rnspectiun Builclmg Intenm·s. There were no Crittcal Needs for the Budding Interiors noled at lhe lime the inspectior;. Capital Needs Assess111enl Bo Nor-C-,·hi;~r:'. 12 Month Repait ltcffcS. An estimate of the repairs, replacements, and significant deferred and other maintenance items tbnt should be addressed within 12 months of closing. Site and Grounds. There were no Non-Criticai Repair items for Site and Grounds noted at the time of the inspection. Building Exteriors. There were no Non-Critical Repair Items for the Euilding Exteriors noted at the time of the inspection. Common Areas. There were no Non-Critical Repair Itenrn for the Comnwn Areas noted at the time of the inspection_ Building Interiors. There were no i'1on-Critical Repair Items for the Building fateriors noted at the time of the inspection. C. Ren.ovat;-0a Cost. See attached CNA spreadsheet D, Reserve l~·'cmdl CornptktadoD. 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The federal funding being utilized includes Low Income Housing T~x Credits (LIHTC), TCAP and IRS Section 1602 Funds, Historical Tax Credits and Federal Home Loan Bank Affordable Housing Program Fun.els. The Federal Home Loan Bank has awarded the development an Affordable Housing Program allocation of $450,000.00. Private funding sources include a US Bank mortgage in the amount of $3,300,000.00 (constrnction loan). US Bank will convert the construction loan to a long term pe1manent mortgage in the amount of $425;000.00 following completion of the renovation work. . . The Notre Dame Sisters have agreed to subordinate the debt owed them on the east wing of the building and create a second mortgage note, payable ONLY from available cash flow. The amount of the second mortgage is $2.1 million. In addition, Central States Development, LLC has agreed to contribute and defer payment of their developme11t fee in the amount of $221,400.00 to facilitate the construction/developmerit of the Notre Dame Apartments. A local investor has agreed to purchase .the fedetal LIHTC and Federal Historic credits awarded for the sum of $5, 157,445.00. The City of Oni.aha cunently has in place a mo11gage in the an1ount of $360,000.00 on the east wing of the Notre Dame bu\lding. We have requested that the City subordinate their mortgage to the new $425,000.00 first mortgage. In addition to the foregoing funding sources, we are hopeful to receive an award of TIF from the City of Omaha in an amount of not less than $225,000.00. •i ! ~ i~ ~ I ••••••1 0 -1 l~Ee G ~~ < ~ ~ ~ti i~ i~~ 1 •••••••• ~.11.10.1.Jt§llti§ •••• i1 •• 1a11.1.1101.1.~ •• 111 11 •••••• 11 t---~.~~-+-~+-~~~~~~~~~~~~~~-t-~~--'~~-Ff'--'..C...C~--"-=-=:c:_;:i=_::_;:..::_::i.- . ; .......... s cl .......................................... o o cc o o o o a o I o o o o e> o o o o o o o o o o o o o o ¢ o o o o o o '2 o o ,, c: o o o ci o o .c-o o o "' e o o o o o o o o o o o o o o o o o. 'C' e 0 o o o o •ooocooocoaooy•···················································· I i -.. ........... ~-t .... • ......... 0 •• 0 0 ••••• 0 •• 0 0 0 •••••• + p •••••••••••••• ~~ l W 8 0 0. 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Notre Dame Apartments ···NIFA LIHTC#7-0710 bear Mr. Foley: On December 18, 2009, the NIFA Board of Directors approved a conditional award of Section 1602 program funds for the above~referenced project in the amount of$823;430. Jhe foll9v.iingAttachmentJdetails the eonditions of the a.war~ that must be rnef prior to the execution ofthe Section 1602 Agreement; .Please submit the items setforthin Attachment Ito· . NIFAwithin 60 days of the date of this letter. Once NIFA has received all ccmdition·a1 aw·ard ··· . • items,. acqpy·of the SectiQn··.i602Agreement··and instrLctionsfor rnakingdrawrequests wilrt:ie•· forwarded to you. W:e congratulate you and look forward to working with you as you co(npleteyourprdject. If •.. · .... . ·you have any questions, please do not hesitate to contact me orTeresa Kile at402'"434~3900. · Robin Ambroz·H6U ............ ~ Manager-UHTC & CRANE ·.·.·._: :, _.;· .. ·· . ::·'.:-....... . . . > i :~§~!f Ju~~~~:t~~:rits, LLC trciPco~di~i~~~lAWard .· .· · <> .·.• NC>tf~ Oe1~~:Apartrnents · Ni FA LI HTC #7-071() .. . . ·.· / < / [)~~; J,, Fril~y: r . . ···. onbkce~b~r.l~, 2()()9,theN.IFA/Boardof Directors .cl'ppr()ved. a tonditional. award of Jax ctedit > AssistanceProgram(TtAP) fundsforthe. above-referenced •project in the am6unt of$Gi6.26i .. · .. < ..••..••.• ~efQll~w;niAttath~e~\Toutnnes the i~itjal cond.itlori~ •. of .the award .that· ni ust .• b• ~et priOr.·.· ... ·.· . tdthe NoticeofReleaseofFunds'. Please.submit the items set forth in Attachment I to Nl~A <>··· >YJithiri6o clays of the date.ofthis letter.•·.·()nce.the. project has reC:eived·.efivironmentaireviev/ · .. ><> cte.araht~ and.th~ Notice of Release of Funds; NIFAwill pr6vide aTCAPAgreement···.Loan· ·.·.·•·.··· . . ·.· .. ··.·.·.··.··· ... · ... · ·······/ .••..••.•. •.•x•·•rt~~iw;~~!·~~:~Jj~OVi#edafyet··the .tcAJ>• AgreenierU. is •e~e~ut¢d. and .. a 11 .... othe( coriditio.ns of ..• · .•• •.· .. ·. .. ·.·As··~· rerni~der,AttaC:hrnentll details all Mthe federal i"equirernents that apply fo your project > • under theJC:Af' funding• . . . . . . . . . . . . . . ·. . ·. . . . .. . . . .. We.congratu.late you and/16okforwardto working with you asybutornpleteyour project: · .. . . · .... ·.· · ·. y()u have ari\/q~estiohs, please dor1ot hesitate to contact m(! or Teresa Kile af402·434~3g()() .. ·.· ~~-'-'-'---"---~..____:_~--'----'.~· .· . " . ·: ··~~.'-·-·'""·---'-·"""~-·~·· ·.~~ ..... ~---. 200Con\merce Court • 1230 O Street • Lincoln, NE 68508-1402 · • (402) 434-3900 .• (800) 204~NIFA • FAX:J402)4J4-3921 • www.nifa.org City of Omaha Mike Fahey, Mayor October 7, 2008 Ted Simpson Nebraska Investment Finance Authority Deputy Director, Programs 1623 Farnam Plaza, Suite 750 Omaha, NE 68102 · Sponsor/Owner: Notre Dame Apartments LLC Planning Department Omaha/Douglas Civic Center 1819 Farnam Street, Suite 1100 Omaha, Nebraska 68183 (402) 444-5150 Telefax (402) 444-6140 Steven N. Jensen, AICP, LA Director Lender/ Agency has a commitment for support in the form of Tax Increment Financing (TIF) subject to the submission and approval of a project proposal. (Type of assistance, e.g .. grant or loan) To _Notre Dame Apartments LLC __ Owner/Sponsor for the project known as Notre Dame Apartments located at 3501 State Street, Omaha Nebr. (Project Name) (Address) Agency agrees to provide assistance in the following areas:. x Tax abatement or defennent 0 Local government fee waivers D Volunteer labor 0 Donated goods and services D Non cash assistance form local government 0 Infrastructure improvements D Zoning change or variance The support for the project is more specifically described as: The pending approval of a request for the award of Tax Increment Financing (TIF) by the City of Omaha to Notre Dame Apartments LLC for the Notre Dame Apartments project located at 3501 State Street, Omaha Nebr. The area and project qualifies to be designated as Substandard and Blighted thereby the project is eligible for Consideration for the award ofTIF subject to the receipt and approval of the project proposal for an amount up to $150,000.00. Ted Simpson October 7, 2008 Page 2 The participation in the project is subject to the following conditions: An award of Low Income Housing Tax Credits by NIF A during the 2008/2009 LIHTC application cycle. This commitmentwill expire on: 10".'1~09 (Date) r. pment Authorized Sig turefor Agency) ·.. . z N. "E"··p··. M . . . ·..:.; an ajjiftate ef LISC 18 July 23, 2009 JobnC. Foley CentralStates Developtnent,LLC 740 South 75lh Street Omaha, NE 68i14 Sister Margaret Coonealy, ND Norre Dame H0US. · · Inc. . . mg, . 350l Stare Street Omaha. NF'.68112 Re: Notre Dame :Apnim~ts (the "Project;') 350l State Street, Oi:naha, Nebraska Dear Mr. Foley and Sister"Coonealy: On ·behalf ·of NatiooafF.quity Fund. Inc. {"NEF''). I -am pte.aSed to provi4e this ~ of Iritent {the "Letter") which Sets fordi. •fbe pmposed business 't.erim amfooilditi~ under which NEF? ·~ its affiliate'NEF Assigninent toq,otat.ioo.("NEF;, would be willing to inv~ in the above-named~~ by ~2:t~~==~~-mntallied in the materiiilii which were provided t:o us and ·which are 'summati:red in the Pi'.OJ~ons ~in &hibit·B. Any changes in these-assumptions may change the terms and conditions~ ilttlnding the price, c0ntained ll1 tbiS Letter. · Upon acceptance of the tetms and condiJions outlined in ·um; Letter, NEF will begin its staridatd due diiigerrce review and srek approval of tlfe investmep.t from its fi;ivesfitlent Review Coinini:ttee ("IRC"). Upon approval of the inve5tment by the IRC, satisfaction -of the ronditi:ons contained in this Letter and salisfaetlon of all of the conditions ur modificatlorrs tn·this proposal as impOse.d by the IRC, NEF will enter into an Operating Agreement ·an.d other relared .agreementS that will intorp()rate and elaborate on tbe terttlS and conditioils stated in this :I...etter, .and proceed to close on the investment.· In the event the terms and conditions described in thiS Letter differ from the terms and coildltions that are eventually set fOrth in the Operating Agreement, the terms and c0nditions of f!1e Ope,cating Agreement ·will control and supersede all prior agreements when it is appr-ove:d and execited by NEF; 1. Property fufm:maiiomr The Project consists of the rehabilitation of56 elderly low inct>me housing ·Wt credit Units (the ·~bank. Omaha Business Banking 8800 West Center Road Ornaila, NE 68124 usll>ank.com April 7, 2010 Central States Development Attn: John foley 740 South 7 5th St. Omaha, NE 68114-4 621 Re: Notre Dame High School Mr. Foley: U.S. Bank National Association is pleased to commit to provide financing to Notre Dame Apartments, LLC, a credit facility up to the maximum principal amount of$3,300M. Such loan facility would be provided pursuant to commercial loan documents incorporating provisions deemed by U.S. Bank to be customary and appropriate in transactions of this type. A summary of such provisions is set forth in the attached "Principal Tem1s and Conditions". If any other material bi.1siness or legal issues arise prior to initial funding, stich issues may cause changes or additions to the Principal Terms and Conditions and must be resolved to the satisfaction of U.S. Bank or this commitment will become null and void. The loan documents shall contain all of the terms of the credit facility and such terms shall supersede this conrniitme1i.t and the Principal Te1111s and Conditions. If the terms outlined in the attached Principal Tenl1S and Conditions are acceptable to you, please execute and return a copy of the Principal Terms and Conditions by facsimile, delivery or mail to be received by U.S. Bartle prior to the close ofb11siness on May 7, 2010 or this commitment will automatically eXi)ire. In the event the BO!l'OWer does not fulfill its commitment to close and fund this transaction or the conditions set forth above are not fulfilled to the complete satisfaction of U.S. Bank oi1 OJ' before June 15, 2010, U.S Bank may elect not to proceed with this transaction upon notice to the Borrower, but the applicable fees, reimbursement and indenmity obligations described above and/or in the Principal Terms and Conditions shall survive such tennination. Please note that this proposal is for your review only. It may not be disclosed to any third party otl1er than your attorney, accountant and authorized agents representing you. Thank you choosing U.S. Bank for your banking services. We at U.S. Bank appreciate your business and look forward to working with you in the future. If you have any questions regarding this letter, please contact us at 399-2731. Assistant Relationship Manager Jessica M. Popanda Banking Assistant uslnmk.com Summary of Terms aud Conditions April 7, 2010 Notre Dame Apartments Proposal for Financing 2 .1 PURPOSE-. Subsequent to the issuance of a Certific;ite of Occupancy ou the completed project and other terms and conditions that may be required by "NEF" or by an identified Investor Member, the Bonower will convert to a Tenn Loan on the Property, which shall be used as part of a comprehensive permanent-financing package of the subject Construction Loan. 2.2 LOAN AMOUNT: The constmction loan described herein will be reduced to $500,000. The loan an"lount will be increased to $650,000 as a result of Tax Increment Financing (TIF) contemplated by the City of Omaha. 2.3 COLLATERAL The loan shall be secured by a I st Deed of Trust on the Property, an assignment of leases and rents and an all-inclusive Financing Statement/Security Agreement. Otl1er documents as determined by Bank counsel. 2.4 GUARANTOR: As required in the Limited Partnership Agreement. 2.5 LOAN FEE: A foe equal to 1.0°;(, of the Term Loan amount shall be collected at closing of !he Construction Loan. 2.6 PR!ClNG OPTIONS Interest Rate: Repayment: Prepayment: Matunty: "A fixed rate of 8.0% per annum." Monthly p1incipal and interest payments pursuant to a 30-year amortization. Balloon payment due at maturity. The loan Will be subject to the Bank's standard yield maintenance prepayment provisions, which, among other things, do not allow for early repayment of any principal balance without payment of yield maintenance. Seventeen years and six months from origination of the construction I term loan; but not later than (November I, 2027). The TJF portion of the tenn loan will be subject to repayment restrictions found within State statute. The TIF portion will mature not later than May I, 2024. 2.7 CONDITIONS PRECEDENT TO FUNDING SHALL INCLUDE, BUT ARE NOT LIMITED TO THE FOLLOWING: Confidential a. The Propc1iy shall have receiv"'d its final Certificate of Occupancy from the City of Onrnha. b. Bonower shall fund a replacement reserve as determined by Bank and '"NEF". Page4of7 April 7, 2010 ~~· FHLBank Topeka FHLBank Topeka I P.O. Box 176 I One Security Benefit Pl, Suite 100 I Topeka, Kansas 66601-0176 Affordable Housing Program Agreement for Rental"Pftij\?~f507 I www.fhtbtopeka.com Building Communities Together The Federal Home Loan Bank of Topeka ("FHLBank"), Access Bank ("Member"), Notre Dame Housing, Inc. ("Project Sponsor") and Notre Dame Apartments, LLC ("Project Owner") enter into this Affordable Housing Program Agreement for Rental Project ("Agreement"), effective December 18, 2008 which sets forth the respective duties and obligations of the FHLBank, Member, Project Sponsor and Project Owner with regard to the approval and funding of the Member's Affordable Housing Program ("AHP") Application ("Application") by the FHLBank. This Agreement shall be binding upon the parties and upon any successor in interest to the parties. 1. The Member and the Project Owner shall be bound by the temlS and conditions governing the approval and funding of the Application, including any and all representations made in said Application. Certain of the Application's features are as follows: Project Number: 2008B1029 Project Name: Notre Dame Apartments Project Owner: Notre Dame Apartments, LLC Amou11t and Type of AHP Subsidy (hereinafter "subsidy'~: $450,000 direct subsidy Total Housiltg Units (minimum): 62 AHP Subsidy'Per U11it (maximum): $8,036 Targetbtg: Units at or below 50% of area median income: 13 21% Units at or below 60% of area median income: 43 69.3% Units at or below 70% of area median income: Units at or below 80% of area median income: Units at or above 80% of area median income: 6 9.7% Donated Property: NIA Project Sponsor: Notre Dame Housing, Inc. will have an ownership interest and be integrally involved in the development. Housing for Homeless: NI A Empowerment: Community Stability: District Priority #I District Priority #2 a. Educational programs b. Resident council Displacement: No a. Rehab of historic property b. Abatement ofbazardous material Special Needs: 56 wiits Member Financial Participation: Construction loan Community Involveme11t: a. Tax abatement b. Donated goods c. Volunteer fabor Urba11: Infill and Rehab Project Support Services: a. Health sei:vices b. Congregate meal site Retention Period: 15 years ............. FHLBankTopeka I COLORADO I KANSAS I NEBRASKA I OKLAHOMA Notre Dame Apartments LLC TIF Application Exhibit D Pro Forma of Costs and Revenues Applicant: Debt Service Payments Total less Pre-TIF Treasurer's Revenues -----------------------------Taxable Development Taxable Tax Tax 1% Collection Available Interest at Loan Capitc:lized lnte,rBst at DATE Valuation Base Vatuation Levy Revenues Fee ForTIF Loan Principal 8.00% Total Balance Interest 8.00% ------------------------~------------------------------------------0 $225,000 0.5 $ 0 $ 2.13427 $ $ $ $0 $0 $0 $234,000 9000 9000 1 $ 0 $ 2.13427 $ $ $ $0 $0 $0 $243,360 9360 9360 1.5 $ 0 $ 2.13427 $ $ $ $0 $0 $0 $253,094 9734 9734 2 $ 0 $ 2.13427 $ $ $ $0 $0 $0 $263,218 10124 10124 2.5 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $6,100 $10,529 $16,629 $257, 118 0 10529 3 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $6,344 $10,285 $16,629 $250,774 0 10285 3.5 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $6,598 $10,031 $16,629 $244,176 0 10031 4 $ 1,574,000 0 $ 1,574,000 2 13427 $ 16,797 $ 168 $ 16,629 $6,862 $9,767 $16,629 $237,314 0 9767 4.5 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $7,136 $9,493 $16,629 $230,178 0 9493 5 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $7,422 $9,207 $16,629 $222,756 0 9207 5.5 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $7,719 $8,910 $16,629 $215,037 0 8910 6 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $8,028 $8,601 $16,629 $207,009 0 8601 6.5 $ 1,574,000 0 $ 1,574,000 213427 $ 16,797 $ 168 $ 16,629 $8,349 $8,280 $16,629 $198,660 0 8280 7 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $8,683 $7,946 $16,629 $189,977 0 7946 7.5 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $9,030 $7,599 $16,629 $180,947 0 7599 8 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $9,391 $7,238 $16,629 $171,556 0 7238 8.5 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $9,767 $6,862 $16,629 $161,789 0 6862 9 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $10,157 $6,472 $16,629 $151,632 0 6472 9.5 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16.797 $ 168 $ 16,629 $10,564 $6,065 $16,629 $141,068 0 6065 10 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $10,986 $5,643 $16,629 $130,082 0 5643 10.5 $ 1,574,000 0 $ 1,574,000 2 13427 $ 16,797 $ 168 $ 16,629 $11,426 $5,203 $16,629 $118,656 0 5203 11 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $11,883 $4,746 $16,629 $106,773 0 4746 11.5 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $12,358 $4,271 $16,629 $94,415 0 4271 12 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $12,852 $3,777 $16,629 $81,563 0 3777 12.5 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $13,366 $3,263 $16,629 $68,197 0 3263 13 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $13,901 $2,728 $16,629 $54,296 0 2728 13.5 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 15,629 $14,457 $2,172 $16,629 $39,839 0 2172 14 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $15,035 $1,594 $16,629 $24,804 0 1594 14.5 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $15,637 $992 $16,629 $9,167 0 992 15 $ 1,574,000 0 $ 1,574,000 2.13427 $ 16,797 $ 168 $ 16,629 $16,262 $367 $16,629 $0 0 367 ------------------------------------------------------------=========== -------$436,722 $4,368 $432,354 $270,313 $162,041 $432,354 $38,218 =========== =========== ========== =========== =====;;===== =========== =========== ASSUMPTIONS· ( F9 = calculate ) NOTE: This information is provided to assist in analyziflQ the Original Loan Amounl $225,000 specific request to the TIF committee. This information is subiect Capitalized Interest $38,218 1 . Assume No Pre-Development Base to change based on actual tax assessments. This schedule assumes Loan Balance Remaining $0 2. Loan Amount $225,000 a 90% real estate valuation and a 1.0 debt roverage ratio. The -----3 Interest Rate: 8.00% actual TIF amount available to fund site specific project cost will $263,218 4 Project Hard Costs. $0 change based on the cost of public improvements. =========== 5. Increment Base-$1,574,000 Applicant Debt Service Payments Total Less Pre-TIF Treasurer's Revenues -------------------~------Taxable Development Taxable Tax Tax 1 % Collection Available Interest at Loan Cap~talized Interest at DATE Valuation Base Valuation Levy Revenues Fee For TIF Loan Principal 8.00% Total Balance Interest 8 00% ------------------------------------0 $210,000 0.5 $ 0 $ 2.00000 $ $ $ $0 $0 $0 $218,400 8400 MOO 1 $ 0 $ 2.00000 $ $ $ $0 $0 $0 $227, 136 873'3 8736 1.5 $ 0 $ 2.00000 $ $ $ $0 $0 $0 $236,221 9085 9085 2 $ 0 $ 2.00000 $ $ $ $0 $0 $0 $245.670 9449 9449 2.5 $ 1,574,000 0 $ 1.574,000 2.00000 $ 15,740 $ 157 $ 15,583 $5,756 $9,827 $15,583 $239,914 0 9827 3 $ 1,574,000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15,583 $5,986 $9,597 $15,583 $233,928 0 9597 5 $ 1,574,000 0 $ 1,574,000 200000 $ 15,740 $ 157 $ 15,583 $6,226 $9,357 $15,583 $227,702 (J 9357 4 $ 1,574;000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15,583 $6,475 $9.108 $15,583 $221,227 0 9-108 4.5 $ 1,574,000 0 $ 1,574,000 2 00000 $ 15,740 $ 157 $ 15,583 $6,734 $8,849 $15.583 $214,493 0 8849 5 $ 1,574,000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15,583 $7,003 $8,580 $15,583 $207,490 I] 8580 5.5 $ 1,574,000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15,583 $7,283 $8,300 $15,583 $200,207 0 8300 6 $ 1,574,000 0 $ 1.574,000 2 00000 $ 15.740 $ ~57 $ 15,583 $7,575 $8,008 $15,583 $192,632 0 8008 6.5 £ 1,574,000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15,583 $7,878 $7,705 $15,563 $184.754 0 T705 7 $ 1,574,000 0 $ 1,574,000 200000 $ 15,740 $ 157 $ 15,583 $8,193 $7,390 $15,583 $176,561 I) 7390 7.5 $ 1,574,000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15,583 $8.521 $7,062 $15,583 $168,040 0 l062 8 $ 1,574,000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15,583 $8,861 $6,722 $15,583 $159, 179 0 G722 8 5 $ 1,574,000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15,583 $9.216 $6,367 $15,583 $149,963 0 6367 9 $ 1,574,000 0 $ 1.574,000 200000 $ 15,740 $ 157 $ 15,583 $9,584 $5,999 $15,583 $140,379 0 5999 95 $ 1,574,000 0 $ 1,574,000 2 00000 $ 15,740 $ 157 $ 15,583 $9,968 $5,615 $15,583' $130.411 0 5615 10 $ 1,574,000 0 $ 1,574,000 2.00000 $ 15,740 $ ~ 57 $ 15,583 $10,367 $5,216 $15,583 $120,044 0 5216 10 5 $ 1,574,000 0 $ 1,574,000 2 00000 $ 15,7 40 $ 157 $ 15,583 $10,781 $4,802 $15,583 $109,263 0 4802 11 $ 1.574,000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15,583 $11,212 $4,371 $15,583 $98,051 0 4371 11.5 $ 1,574,000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15,583 $11,661 $3,922 $15.583 $85,390 0 3922 12 $ 1.574,000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15,583 $12.127 $3,456 $15,583 $74,263 0 3456 12.5 $ 1,574,000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15.583 $12,612 $2,971 $15;583 $61.651 0 2971 13 $ 1,574,000 0 $ 1,574,000 200000 $ 15,740 $ 157 $ 15,583 $13,117 $2,466 $15,583 $48.534 0 2466 13.5 $ 1,574,000 0 $ 1,574,000 200000 $ 15,740 $ 157 $ 15,583 $13,642 $1,941 $15,583 $34,892 0 1941 14 $ 1,574,000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15,583 $14,187 $1,396 $15,583 $20,705 0 1396 14.5 $ 1,574,000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15.583 $i4,755 $828 $15,583 $5,950 0 R2B 15 $ 1,574.000 0 $ 1,574,000 2.00000 $ 15,740 $ 157 $ 15,583 $15,345 $238 $15,583 $0 0 238 --------------------------------------------------------=========== $409,240 $4,082 $405,158 $255,065 $150,093 $405.158 $35,670 =========== =========~= ==~======== =========== ::::::;:::=======:::: ::::::::::::-::::=;;;==== =====:;;:::::;::;:=== ASSUMPTIONS· ( F9 ~ calculate ) NOTE: Tt11s information is provided to ass 1st in analyzing the Original loan Amount $210,000 specific request to the TIF committee. This information is subject Capitalized ·Interest $35,670 i. Assume No Pre-Development Base to change based on actual tax assessments. This schedule assumes Lo~m Balance Remaining $0 2 Loan Amount_ $210,000 a 90% real estate valuation and a 1.0 debt coverage ratio. The ----·-----3. interest Rate 8_00% actual TIF amount available to fund site specific project cost will $245,670 4. Projeci Hard Casis: $0 change based on lhe cost of public improvements ='='==:::o-=:::::::::::::::::::: '5 lncremenl Base $1,574.000 Notre Dame Apartments Sources and Uses of Funds Sources - FHLB Affordable Housing Program First Mortgage Seller Carryback UHTC Equity Tax Increment Financing Deferred Developer Fee TCAP/Section 1602 Funds Total Sources Building Acquisition Demolition Rehabilitation Hard Construction Costs Construction Contingency Architect Design Architect Supervision Survey\ Engineering Fees Construction Loan Interest Const Loan Origination Fee Construction Period Taxes Property Appraisal LIHTC Fees Environmental Study\ Review Market Study Real Estate Attorney Contractor Overhead Contractor Profit Developer Overhead Developer Fee Title & Recording Perm. Loan Origination Fee Construction Cost Certification Organizational Tax Opinion Operating Reserves Furn/Equipment Temporary Resident Relocation Cost Caoital Needs Analysis Total Residential Project Costs Amounts $450,000 I $425,000 I $2,068,458 $5,172,281 $225,000 $221,400 $1,439,691 $10,001,830 Estimated Development Costs $ 2,735,000 $ 70,000 $ 3,951,500 $ 433,600 1$ 115,000 1$ 110,000 1$ 80,000 1$ 274,000 1$ 31,000 $ 15,000 $ 15,000 $ 27, 130 $ 20,000 $ 12,000 $ 110,000 $ 150, 150 $ 64,350 $ 175,340 $ 931,660 $ 12,000 $ 6,600 $ 20,000 $ 53,000 $ 45;000 $ 356,000 $ 145,000 $ 28,500 $ 15,000 $ 10,001,830 .' . : .. · : ·. 8 · ...•. · Doors & Windows .· , . s · 1 oo Hardware > > ·.·•.·.····· .··. ·.· . s · ·· 206 8te~1 doors & Frarn~s ·a ·· 300 \/Vcioci bo()rs & Frames ·.··. ··· ..•. s 400 :.l\dcires~ Nurnbers Labbr& Materials · a 5oo:W1nciows Labo(& Materials · .· 8 · · 600 :Sliding Doors Labor & Materials . . . . . . . . : . . : .. : . . . ·:-: : . . ... ': .. ·. . _·. : . . .. . . ... .. ~ ..... · .. 9 ·. . Finishes ..•..•... •· ................... ··· .• · ·. 9 i oo Drywall Labor & Materials ·... ·. ·.· .. ·· 9.·. ·•• 200 ;G~r(;\tnic Til~Lab()r & M~terials ·.· · ·.· ·.·. 9. 300 Carpet labor & Materials ... · · · 9 · .·. 400 Resilient Flooring L,abor& MateriaJs .·. . · ·.· 9 ·. 500 Painting & \A/all Coverings labor& Materials f;$~/·;;;:)./,y::::·,/r.le§':;7.~·s .. · · ;'Trio\;;;:;y.):_'=::::'·c:;;:<·;:. • .. ·.• ·•· ·:i;'$N·<,\'.;:,:1\··:i?:\'-Pt>';ooo:·.· ;;.$')1i,'.::.'~i::;;,:<::,-\'·'11'.7ti;626.' .. f :!··$;}.~~:~.:.::·~1-~>:?~~l.::;_: .. :/\:~:-'. ·. · :' ~:,. ;.'.~\:_,/~?iL'.J.;;.~ xi~:~-' ; .. ._Subtotal· ··'.:: $Y/''Hffft;:·t:;wt>Vtteft1i$tt···.: · .· · .. :::;;~~~;~f'.~'.f ~:i:::(;;:r;I.;£\~1~~i~~~;··• $ . 362,341 .. ·..... < . . > .. ·.·· ··· .•. ··.···• . Subtotal .. $ . 400,i 26 • 1 O .. .Sathrdorn · .. · .·.. . .. 10 ·· 1 oo. BathrnornAccessories .. . · 1 o ·· ·. · 200 Ac6ess6rie$ Labor & Materials 1 o . 300. Mirrors l.a6¢r & Materials •·. i 1 11 . ·. 11 12 · .. · •.. 12· · .· Eguigrne~r .. 1 oo · 13ath .Appliarlces· 200: Kitchen Appll~npes ... ·.:·: ... _ ..... :-,:: _· .... ·.::·· · .. ·.·. ..:·. _: :_. . Furnishinds > . . .·. . •.••. . · .. 1 oo Cfiblnets Labor&. Materials .·· . · · 13 · · Gonveyihd Systems ·· 13 . 1 oo Elevata(Systerns .. ···.· · $ 29,lOO .·.Subtotal $. . •.. 53,4~5 . . ...... · . ··.· _.· ..... : .. · ·. · · .· ... ·· ;;;~Af:.i:~;:1:rt:;,;;~~~~:~:;~·':~i'a~\;s:s$ : .··. Subtotal $-.· .·· ···.· ... 123,555 . ,• . ·•··· ..•. :~:'$r!.;?~(:i:,z:·,'";.-.:a4d\io.£f · Subtotal· .$ 240;708 ======~===== : . . . . . · .•... ~: .• 1 oo• ~=~r~rifaor & Mat~(ia1s · $i ,.; . > asG,~ 1 a · l4 200. Air b011c!iiioning Labor & Materials · · lffof.. ..... . .. ··) ... < . 14 soo: cooler Labor & Materials . · · · 'lno t >< ,;. .. · · ... 14. 400: Plumbing Labor& M[;lteri~ls · .. · · ·· .. · · ·. < .·.$fr.< > ' 285,23fJ .. · . . . . . . ~-. · 14.< ·· 500 Geothermai,He~t.~Put)lp System Labor & Materiais ·$':<:'·. - . · ·· • ···· · · 14 .. · .· 600 Fire Sprinkler System · · · · .· · .. ·. . '~V < .... •·.· ... ·.•. · .· • -. . · · · · · ·. · ·. · · ·· . · Subtotal.> · ·=$==· ··=·· ·=·· ==· =· ·=6=38=· '=55=7=.·· .. ·.· . ·. 15 . Electrical · · · · 15 . 1 oo Security System 15 15 15 . i 6 16 17 17 17 18 200 Electrical Labor & Materials 300 Lighting FixturesMaterials 400 Fire Detection System Labor & Materials Landscaping 100 'Landscaping Labor & Materials , Profit & Overhead 1 oo ·Builder Profit -. . -.. 200 Builder Overhead ?:$.:';i:i~'·;:,\>:':')2 +;.:',',::741i800·.··.' · U<$K:;>'i'\~\1,:i/~/?:frt'4~ .. 60~i · Subtotal $.. 224,400 ======::::::::=::======= 50,262 GrandTotal $ 4,389,200 .. a n ' I! , .. p u f 1e • •·o· H ~ u ' t~ ·.f. · .. ,: .. u I . . . . ' . .'.i~~ ..... ,: ....•. ~ ....•... · ...... Grcu~!Jflf:i v~rie., Other ~ncem11 ..J:.?tMlrr.:.cm• G~n«t.!l~Mid\.cir Amr.lri~ ..... ~lv~ Ex~ensts op"'~Ex?'!nHt Me:W•rrmet Elcpen.a~' 01r,1.l"°5:!1f~tti . •nu~ N"!lt Opt:ratlno lneom• ~r} Yurf ~:i~-: f'f~Wnt.Js. f!~oaf11.r!On 2"' P!r i'\fonth s . .32,,Z!I~~ rt. s ·<>.•~ol o I 29~ $. a,tN f Yfti! ~tS.iF t /t1.~ .t .. ·3-,5T< .$ PROFORMA (Compltf1 ·lh• Y611~~~~11d.it"d tnU) Y .. t3 ~o3.rri • _(ti;t\~) ' .M•ll ~ Y•at"4 tC1,1,:t~.t (2~f7.!)l) ~!1t( YtfJS Ytir.! ~~•.to•-t 42-7'..7.Q8 (l!t,liJt) ~ :(ft,~~~) pu t· •.•i• Yur:.7 "'438°;~§2. t.Jo,5-4&) 3.~, Y•1r.8· "<45.0ill f f.11,t!•) $ 4.02!, t y,.,,_g 483.0f!l1 l (3f,1'19) s ~.10s $ Yeiir lO. .Yur11 Ytt1(r 12 Y•ar 13 Ye!!!rH V1tuB. ~63,oeo $ .(T2,321 t "18'1,759 : '491,.i;o;i s !i~1 2.1'1 'i S.~1.2~3 {3'2,<41") $ (03,002) ~ {33,724) ' \J.c,:?9e> .s (3!i,C~~) 'S r:?S,7~Bl . 4,1BIJ ; .... 271 ~ 4.~57 s il,44;4 s <t,5:]3 • 4.':-"2J . iis~ . .. <,\1,~ta · or . 43:4i834 ... .$... -~'oC3;630~ ~i'.J;oJ '45.1'40 .$ ~70 t1!5 _$; 450:<()~! ... Exp~h~•EJo~fitfrm 3% P4rMonth Y9at1 . Y•~~. . Y•~-3 . Y•~r-4 .. .Y••r'.~ Yl:tte-Ytlr7 Y.tarJ Y••r·9 Y .. do s ~.~• i n.~7 t nµ.i t· : ~1.~;, l ••.aa1 I .u,d.1 t . ··~.au t n,22s • H,1"02 s •1,a·•• 1 loo,n1 s 11,2« t 1-~4,l!il' t J:!~.~ ~ t,«.7:too ; 1•1"•• .1. rs-1;Q}t t ·uMr• . 1 1e1,17i t 1~s.ooa . t 110,Qeo • 11s,na t 2,000 t tot,~ -t ti,tiG t 2t.~~t c · 2,,tt~ I 2Mt2 t .21;H'3 t 28;8S'/ s 2g,g17 t · 30,<02 s o,,31_s s 2,4-17 ~-~;ri00: .s, ~•.no t .-~~·· -r '31",ae9 f 3~flt1 · •· .3"3.!1t i ~;e~1 t 3~.e,a!I -i ·:us.7li! t: '37,e"'Ja 2•101 _ 1 z6621t .··" -~i~J;* ·. i :i43ji f· . ,jhi~.fo .1. 3Q~;&~i · • .3&i¢5i: -·f · · 3u,ea f. .m. •I• t · 335,m f · a<M<e . * 1 · 1,tso s 1s,ti(l() ~ 1•,1~a i 1-0,733 t 'oMs .1 :>0,•3< 1 21.0e2 1 22,20' s 2U75 $ 23'.s•2 s .2<2e• $ ' !,on ~ •0.0•2 ,. 10.n• t .7r,'4{7 t 7!5,9t!' $ 7"4;~04 I i.t,U1. $ 70,01 t ouee $ ~4,17• • !'4,!17 $ >!onlhlr !)ob! ,.,,_,..,µ Ut,ff<!;Oo 10,110.lSO tu,&eo;ao l!u::= !'•·f!::: tll,31Q,(l0 t!!l;!IOJlO .. !;!JIO,O!J 0<.300 •. 00 ~ ·111;ao. 10.00 t.Mo .Jti~ to.&! tMO. t~m ~ ~.tlo tMo· $0.0(! tO.Oo. tD.00 to.CO) 10.00-.f0,00 -~.00 w.eo ~.CO ~(IQ .tO>OO . $0.0ll. :io.oo_ ·:J0.00 $0.oo .$0,00 tO,OQ Ye&t1i Yur.12 103,!00 l· 1¢fUl1-·181,-40t $ 1!!,!'4'.(. 32,25.4 i .:!3,222 3a,&i~ s <f0,1~-3 Ynr19 110.121 i92,.C4Q' _j-t.2ie 41,.j~r. I $ s s YW'IHH Yoer T-S 113,<(.2S s rH,a2e 1ge.,223 s 204-.1~'3 35,:z.;$. s J~,30:.2 42',661 ' 43,0.,5 358,.'42g: ·M.1,..fii -~.--Jte,.Pe_ .s 38'9:4M $· 4D-1.1ns 24,997 ! 25,747 2,,SH~ t 27,~PS S 28,13-( e2.1o:C. ' SB,5:l2 i se,79~ s 5-3",~93 s 50,7!''.I $l.i!,31JO.OO '$55,!S0,00 $55,3!0.00 $55,3.!0\00 !'!i!,JBO::OO $0.00 $0.00 $0.00 .$0.00 S'O;O'J i0.00 i0.6o $0.00 $0.00 s0:c0 $0.00 so.oo t0.00 t0.00 $0.00 NttGftk,~li:iW-~ '· l 2"i'l9' -1'.~ lffl"i:~=-=-~ ~lY}i!.!.f~;; t:.-;J~~'"f:. :' .-" ·':~'31>1?._:r ·HiPh .. ·_1!rtt1· -1· :..t;so.,-;·_, ' .. : : ·A~f??t.t .f·· .s,;31~-,•~-~~-. ~--·s ~"T..~i1a~::f .. 1j'~'.H :_ ~-:: .· +~¥'9-n·-..f···:: £6-81)" DtbtS•MetoC0\''"'3;!:•·Pi!dla 1'."4'4~~ot~.H-.. 1;:C.2 -:'1,40. ~ -.1 .. ,;..7 1;14 . ,1,_3; -1.:28 t.'P.-~ 1,21 .(1e-", 1.1e . ,,01 1.00: 0.97', -· o.e2 \. " '~ . - PAO F©RMA (Co~t11'e.the y$'.llow~the.~.•d aree;e) Rewmue.Escaletldn 2% Per Month Yt~r 1 YI•~ 2 YHr'rl . YHi~ YHf 6 Yel.r.$ . Yeat 7 Yu.re· 'r'ee:r 9 YeAr to Year 11 Year 12 Yee.r ~3 Yeer 14 YeE\r 1 ! GroosR•ots · $ · 32,2·89· $ 3e7;4~8 .$ 3~s.217 $ 4'o:i,1u $ 4l.1,.t84 t o~.4oe. s 42-(,1.v! $ 43S,362 $ "446,o'i9 ' •63,Q81 $. 463,oeo s ·•12,a21 $ 481,788 s 491,403 $ 501,231 $ 511,2' vacancy 7% s (2,2e)>) s· (27,.;23> s. (2:f,ijw6) $. .(2B;~1Q) ••· 12~;rlia) s (21;359) • :(n;ue) $ (30,lf45) $ (31,iee) $. (3i,7iS) $ (32,414) $ (33,0821 $ (33,724) $ (34,39B) s (35,086) $ (35,7 Other lneom• $ .292 $ 3,604c $-3·,,ii74 .$ a,84:& $ '3;-71li'. $ -~·7U $" 3,Bllg $ .3;848 $ 4,025 $ 4,106 $ 4, 188 $ 4,27i -~ A,367 $ 4.444 $ 4,833 $ 4,6' Total\heome 3"0321 ·· ... 4. ·9:4'&·· 28 7.. 43'A-83l!.. .4·43·&30-. 4.52'.AQ1 $. 461·449: 470678 .$.:.4ao·o~ . Expen!l~E$c•ls.flon 3% PtrMonth YHt1 Y•l~.2,·, v .• ;r.·3 '·Y•ilt4 .'i:'.taf:·~··· Y~i.M' Ytllr7 v .. ra YtarHi~ Y•sr·'tO Y6ar11 YHrn Yee.r13 Yeer14 Yeer1! 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'31',8!9 s 32;e-•-o ··• :r.i,'018 $ 3·4;028 $ ·35,eeli -$. · 30,738 $ 37.~38 $ 38,974. $ 40,143· $ 41,347 $ 42,507 ·$ 43,0< ·-··----·· -· 1-011n .. veeratms.r::xpeneea *. 2z.1~1 J .:tea1~~Z.· i .u.,rlt.4" $ -=:i::~.f1~o~ £., .;2e9'.~·t-O>f: .. 2s·a.:e0v f .. 301t459' ·f 3ta;"883. s .32-6:18G _.f. 335;e·a9 $. )_3~.6i046. $ .. 356.429. $. ,357,122 J 376,136 $ 38.9;4BO $· 40·1,\€ Re~laoei'hent.ReON'e!, $"' 1.650 $ 18,eoo $. 19,1.56 ,. !9,7~3 $ 20.~2g $ 20.934 $ ~.1,562. $ 22,_209 $ 22,875 $ 23',552 $ 24,259 $ 24,997 $ 25,747 $ 26,519 $ 27,315 $' 29, 1 ~ AhilU8! Amo1:1nt p&r. unlt AMnue.l.E·l!loe.IBtlori of Re"aerves Net Operating lnoome (NOi) $ e1~et ' 80,092. $ 76,796 $ .17,44.7 $ . 75,985' $. 741404 $ 72,8D7. $ 10.ee1 $· 88,889 $ ee.1i'e $ 84,617 $ 82,104 $ 59,532 $ 56,794 $ 53,863 $ 50,78 t;lo~tbly o•~! BtM~I ns,3eo.:ocf · •ee,'aeo.oo · . seueo.oo ... uu-ao,,oo· · $S5,U01<iO $!6-,3&0.00 U!,390.00 SB.6;380.00 · te6;!l1o.oo $55,390;0'0 $65,3'30.0.0 $55,380.00 $55,380.00 l55,3BO.OO $55,380.0 •o~. . so:oo fo.oo· $Mo · io:oo • •0100 '$0.00 $0.00 $0.00 Si'l:lJO $0.00 $0.00 $0.00 $0,00 $0.0 tll'.lio •o·.'Oo $0.00 $0.qa tMo. so.oo $0.00 $.0.00 $0.00 $0.00 $0.00 $0.00 $0.00 1.0.00· $0.0 fctiO.o .t.M!l $0.00 $MO $0.00. ·so.o.o ':$0.00 $0.0b .$0.00 $Q,00 $0.00 $0.00 $0.00 $0.00 $0.0 ··~-~---·.___,___. ··-.L.~.,:,~-~·-·-··· :.:_,;.... _,_._,_ __ .... ____ .. ,.~~--·-· -··-· -....... __ .:__,·-~---·---.• ~ · Tototoetii..selV/Oo. . s .. u1s,oo-.· .§551389\0Q· : •$§&10®;!l9 . . sn·38o\oq. . :.;ter,a8o,oo . ;. S5t38910p: .. •5§'.,389',92 tss,oat>.00'. f66,3_ao.oo ... f§5;3aMo . · f55:Me,oo .1ssi30o;oo • sss.,~60.00. $55,300.00 • $55,ooo.oo. }so,3so,o ~-c H-rn~--· --~ ~·~~.9~~~ci~2 :$ ~;J~;f~';J.~; ~~eili~~~~§~.~~~~~~'~'ll'~;i_.$ c15.~~,,·.i,.; .1.~.s~t:, .• ,, .~j'~Q·;,:;$:~:-9.,137: $.. .6,72'\ $.: 41lS2'.$ 1.41.4. $ (.1J.497) ,$ .(4;50 Net,Caeh FfOw ~ Debt Service Co_Ve"r~ge Ratio _ 1.4461~~984 i:42 .: 1.40,. im 1,34 '1.31' ·.1.29 "-' 1.2~ 1.21 .. 1:16' 1.12 1.07. 1,03 0,97 0.9 \ . ..... · ·.;,.·.·· . :·;.. .._ .... ·:.·· ~~· : Notre Dame Apartments LLC TIF Application Exhibit E This Project Needs TIF to Proceed Notre Dame Apartments LLC TU' Application Exhibit E -Necessity of TIF for this Project As stated previously, the Notre Dame Apartment Project is using a variety of financing options in which fund the multi-million dollar renovation of the historic Notre Dame Sisters Convent located at 3501 State Street in Omaha, Nebraska. These funding sources include a tentative award of Low Income Housing Tax Credits, Historic Tax Credits, TCAP and Section 1602 Funds from the Nebraska Investment Finance Authority (NIFA). In addition, Affordable Housing Program (AHP) funds will be used for the construction financing in addition to a HUD financed mortgage. However despite all of these financing options, the Notre Dame Apartments Project would not proceed without Tax Increment Financing (TIF). The current economic environment is such that it is difficult to secure investors to purchase Low Income Housing T:;i,x Credits. As a result, the price paid for such tax credits has fallen drastically. Furthermore, lenders are increasingly more cautious about advancing loan funds. Those same lenders are requiring higher than normal debt service cover ratios (DSCR) before they will agree to advance loan funds. Accordingly, TIF funds are a necessity as neither our tax credit purchaser nor lender will close the purchase of the credits or the loan without a firm commitment from the City of Omaha to create a TIF. In addition, our investors and funding agencies see the City's involvement with our Project as a key ingredient to its success. COST BENEFIT ANALYSIS Notre Dame Apartments, LLC The request meets the necessary requirements for consideration. The site is in an area that has been declared Blighted and Substandard. The TIF proceeds are to be used to cover any public improvement cost with the remaining balance of the TIF to be used for Project-specific TIF eligible cost. The proposed TIF will be used to offset site preparation and public improvements costs as required and to defray other site development costs that are eligible activities. The site is not being utilized at the fullest and best economic use. The site is currently vacant and/or underutilized with marginal tax value as the property with limited assessed value. The project will add rental, residential senior housing units in North Omaha to fill the gap in the housing market. The site is not being utilized at the fullest and best economic use. The use of TIF will not result in tax shifts. The current level of taxes will continue to flow to the current taxing entities, and only the increased value of revenues resulting from the improvements will be applied to the cost of the improvement. No community public service need will be generated as a result of this Project. The development of this site will provide employment by increasing the demand for personal services and employees to provide these services. This development will impact other businesses, as there will be an increase in the demand for employees to fill the employment opportunities created by this development. There will also be competition for renters to fill the new residential units being made available. The provision of new housing will increase employment opportunities and other economic opportru1ities by increasing the demand for goods and services. The development will cause an increase in traffic in the area; however, the cun-ent street system is able to accommodate the Project. The creation of new housing opportunities, the creation of new employment opportunities, and the increased demand for goods and services justify the cost associated with the Project. The long-term benefits resulting from the increase in the tax base resulting from the development are other valid justifications to provide assistance to the Project. Notre Dame Apartments LLC TIF Application Exhibit F Project Meets Evaluation Criteria Notre Dame Apartments LLC TIF Application Exhibit F-Project Meets Evaluation Criteria The Notre Dame Apartments Project meets the following TIF Application criteria as set forth by the City of Omaha: 1. The pirojcct is located within a "blighted" area or an area eligible for dcsign;)fam of blight as required and set forth by State Statute. With respect to the Notre Dame Apartments Project, the City of Omaha Planning Departnient has stated that "The area and project qualifies to be designated as Substandard and Blighted tht~reby the project is eligible for Consideration for the award of TIF subject to the receipt and approval of the project proposal for an amount up to $225,000.00. The participation in the project is subject to the following conditions: An award of Low Income Housing Tax Credits by NIFA during the 2008/2009 UHTC application cycle." See letter from Kenneth E. Johnson, Sr., Economic Development per the attached letter dated October 7, 2008. The Notre Dame Apartments, LLC was award with Low Income Housing Tax Credits (LIHTC) during the 2009 application cyde, thereby meeting Mr. Johnson's conditions under which the Noire Dame Apartments Project would be eligible for TTF. 2, The proj~ci furthers the objectives of the City's Comprehensive Plan. a. The Notre D::ime Apaiiments Project and the Omaha Master Plan share the same goals. The project is pro-active rather than reactive regarding development; it preserves a historic structure; it preserves and promotes the City's physical, ethnic and cul tum! heritage; it reverses deterioration in older areas of the central city; it encourages private investment; it ensures good quality housing; it promotes the construction of affordable housing; and it prevents negative change to neighborhood characteristics. See Page 6 of the Omaha Master Plan -Hansing Element. b. The Notre Dame Apmtments Project, located at 3501 State Street, just 6.6 miles norU1 of downtown Omaha, further complies with the City's objectives in that its end result is the "preservation and improvement of inner-city neighborhoods" which "must be balanced with the goal of increasing the availability of affordable housing m1its throughout the city." See Page 16 of the Omaha Master Plan - Housing Element. c. The Notre Dame Apartments Project renovates the existing Notre Danie Academy in a manner to keep it "consistent with the character of older neighborhoods." The exterior of the building and the nature of the property will not change with the remodeling project. The end result of the Notre Dame Apartments Project will be the creation of 30 new affordable senior housing apartments and renovation of 32 existing ser1ior housing apartments, only 6 of which will be market rate. See Page l 6 of the Omaha Master Plan -Housing Element. d. The Notre Dame Apartments Project creates 30 additional affordable apartments in a building that currently has 32 existing units. Accordingly, the Omaha Master Plan agrees with the concept of the Notre Dame Apartments Project in that: "The City will encOllrage the preservation and renovation of existing housing stock and historic sites and structures through a variety of methods, including the use of incentives as well as the construction of new housing." See Page 17 of the Omaha ?v1aster Plan·-Housing Element. e. The City of Omaha's objectives with respect to rental rehabilitation are the basis for whil~h lhe Notre Dame Apartments Project was created. As stated on Page 20 of the Omaha Master Plan -Housing Elements, the objectives are: "To provide sound rental housing for low-and moderate-income residents. To encourage the reuse of vacant but repairable multi-family structures. To leverage private investment and to make rehabilitation projects economically feasible with the use of federal funds. To increase the supply of handicapped accessible units." The Notre Dame Apartments project, using a variety of private and public funding sources, is creating a financially feasible project. The federal funds being utilized include Low Income Housing Tax Credits (LIHTC), Historic Tax Credits, TCAP funds and IRS Section 1602 Funds as well as a loan from the Federal Home Loan Bank's Affordable Housing Program. f. The Notre Dame Apartments Project involves the renovation and preservation of a historic landmark and the building is located on the National Register of Historic Places. While apartments will be created in sections of presently unused areas of the former Notre Dame Academy, architectural and design elements of the building that contribute to its present charm and historic nature such as the sections of clay tile root: certain prominent light fixtures, stained glass and clear glass windows as well as decorative or unique doors and fixtures will be preserved and restored. To the extent that new fixtures or windows need to be installed as a part of the project, they will be done in such a way so as to not detract from the nature and style of the building. Architects and Historians have been retained to oversee the remodeling of the historic building to ensure that the natme and quality of the building will be preserved as a part of this project. The Omaha Master Plan "encourages the retention and rehabilitation of historic structures" and states "the City must proceed in conjunction with the owner to preserve the structure's historical integrity." See Page 25 of the Omaha Ma<;ter Plan --Housing Element. g. The Omaha Master Plan "encourages major rehabilitation of rental housing by non~profit and/or for-profit organizations." See Page 28 of the Omaha Master Plan -·-Housing Element. Notre Dame Apartments, LLC, the ownership entity for the Notre Dame Apartments project, is comprised of Notre Dame Housing, Inc. a Nebraska non-profit corporation, and Central States Development LLC. Notre Darne Housing, Inc. will manage and operate the Notre Dame Apartments once the renovations have been completed. h. The Notre Dame Apartments project will create in excess of fifteen new full ti1ne constrnction jobs during the construction phase of the project. ln addition, it is likely that new employment opportunities will be created for the operations of the new senior hm;sing apartments once the renovations have been completed. 3. The use of TJF will not result in a Joss of pre-existing tax revenues to the City arid other taxing .iurisdictions. The use of TlF to renovate the historic Notre Dame Academy building will not result in a los'.; of pre-existing tax revenue to the City and other taxingjurisdi<.:tions. The einpty µorlion of the existing building is owned by the Notre Dam.e Sisters, a non- profit organization. The TIF will be used to create thirty (30) new units of affordable senior housing within tbe now empty portion of the building. This renovation is possibll~ using Low income Housing Tax Credits, Historic Tax Credits, TlF, owner financing., and new long term debt. 4. The project would not be economically feasible without the use of TIF. In ~<ldition, thcr'c are no alternative locations for the project. As a condition of their investment, the purchaser of the Low Income HoGsing Tax Credits and long tern1 lender have required the project have TIF in the amount of not less 1.han $225,000,00. As this is an existing unoccupied building and the project is specific to the renovation of subject sile, there are not any alternative sites for this project. 5. The pro,jed will eliminate an actual or potential hazard to the public. H~zards may include condt-mned or unsafe buildings, sites or structures. The creation of senior affordable housing within the historic Notre Dame Academy building will eliminate potential detriment to the surrounding neighborhood. The Notre Dame Sisi(~rs are no longer financially capable of maintaining the very large facility, portions of which are presently unused. As a result, the Notre Dame Sisters have sought to convert 1he unused or vacant space within the historical building to affordable senior apartments. The Notre Dame Apartments Project will restore and preserve the historic nature of tlie bl1ilding in addition to keeping it from deteriorating to the point becoming a hazard or unsafo building. Disudnoltliary CrHe:ri:it L The Notre Dame Apartments remodeling project will generate at least one fuH-Hme ,job for each $109000.00 in principal value of the TIF loan. As a result of this Project, thi1ty (30) new senior affordable apartments will be created resulHng iii the crt~ii ion of at least fifteen ( 15) new full time jobs. The construction costs related tu the new units an' approximately $3.5 million. Theses funds will be used to purcbnse supplies alld hire tradesmen (such as plumbers, carpenters and electricians) to construct the new unit:>. 4. The 1no.ject involves the rehabilitation of a designated city landmark; a buHdjnf~ listed on, or eligible for listing on, the National Register of Historic Places; or a building located within a landmark district. The Notre Dame Apartments Project will be located at the Notre Dame Sisters Academy and Convent. 3501 State Street, Omaha, Nebraska, described on the National Register of Historic Places since March 5, 1998 (#98000192). See attachment to Exhibit A. 5. The project will directly benefit low income people as identified by the Comrmmity Development Block Grant Program. A project will meet this criterion if at least one of the following conditions is met: a. If the project is residential, at least 51 % of all housing units will be initiaUy affordable to low-and moderate-income households. The Notre Dame Apartments Project meets the criteria set forth in item 5.a. as ninety-one percent (91 % ) of the senior apartments will be set aside for low to moderate income households. Six units will be reserved as market rate apartments. 6. The building or site that is to be redeveloped itself displays conditions or blight as established by Nchraska State Statute. The building which is the subject of this renovation project consists of tens of thousands of square feet of vacant and under ut.ilized space. The Notre Dame Sisters are financially unable to afford the upkeep of the building for much longer. As a result, the building will fall into disrepair unless something is done to make the space useful and viable. The proposed renovation project will address the under utilized areas of the building and make the care and maintenance financially feasible going forward. 7. The pro_ject involves the start-up of an entirely new business or business operation within the City of Omaha. The Notre Dame Apar1ments Project has resulted in the creation of a new business, Notre Dame Apartments, LLC. Notre Dame Apartments, LLC will own the renovated 62 unit affordable senior housing community, which will be operated within the City of Omaha. Notre Dame Apartments LLC TIF Application Exhibit H Development Schedule Contractor Award Contractor Set up Construction Start West Wing-Site Work Footings/Found/Floor slabs Elect/Water/Sewer Framing/Trusses M&E/Plumb Rough Ins Insulation/Drywall Shingle Window Installation Interior Finishes Finish Exterior/Landscape Punch List/Substan Comp Final Inspection Cert of Occ East Wing -Demo Cabinets Paint Floor Coverings Cert of Occ East Wing Move In -0 ..... 0 C\J --C\J ..... --Cl) Notre Dame Apartments Construction Schedule ... I Ill • •• I 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 0 0 0 0 0 0 0 0 0 0 C\J ~ C\J ~ ~ C\J C\J C\J C\J C\J N N N ~ N N N ~ --(;) ------co ----r::::---co N" --co (j) ..... ~ co C\J 0 Cl) 0 lO (j) ~ ~ N --~ ..---..-t?. ..-N ..-~ --N --..... --lO co --r------co --0 --..... --Cl) '<1" lO co r--r--co (j) Cf> ..... 0 ..... ..... l l I -· I I -· I :1 0 0 0 ..... .,..... ..... ..... ..... ..... ..... ..... ..... 0 0 0 0 0 0 0 0 0 N N N ~ N N N N N ----------------Cl) r--..... co ..... lO .,..... lO --.,..... Cl) ..... N ..... N ..... N N ----------------..... N N ..... ..... C\J C\J Cl) Cl) Notre Dame Apartments LLC TIF Application Exhibit I -List of Public Improvements At this stage of the development of the Notre Dame Apartments Project, the public improvements include an upgrade in the electrical package that services the subject property. The additional electrical service is necessary to power the HV AC systems and other similar items once the additional 30 apartments are added to the property. It is believed that the existing water and sewer services are adequate to address the needs of the Project. At this time, we are not aware of any additional public improvements that will be made as a result of the Notre Dame Apartments Project. Notre Dame Apartments LLC TIF Application Exhibit J Corporation Formation Documentation STATE OF United States of America, State of Nebraska } SS. the attached· ·~r of -------··-·-·-··-····· • NEBRASKA Department of State Lincoln, Nebraska SECRETARY OF STATE This certificate is not to be construed as an endorsement, recommendation, or notice of approval of the entity's financial condition or business activities and practices. ARTICLES OF ORGANIZATION OF NOTRE DAME APARTMENTS, LLC l liliil f llllf lilllfll{ 11ill llllliUff II\ 1000842510 Pgs: 3 NOTRE DAME APARTMENTS, LLC Filed: 09/19/2008 10:31 AM The undersigned, desiring to form a limited liability company under the Nebraska Limited Liability Company Act, adopt the following Articles of Organization for such Company, and do hereby verify: ARTICLE "I" The name of the Company shall be: Notre Dame Apartments, LLC. ARTICLE "II" The period of duration of the Company shall be thirty (JO) years from the date these Articles are filed with the Nebraska Secretary of State. ARTICLE "III" The purposes for which the Company is organized are to do and transact fully any and all lawful business, other than banking or insurance, for which a limited liability company may be organized under the Nebraska Limited Liability Company Act, as amended from time to time. ARTICLE "IV" The affairs of the Company are to be conducted by a Manager elected by the members according to the Operating Agreement. The Manager shall have such powers and duties as set forth in the Operating Agreement. Central States Development, LLC, 740 S. 75 Street, Omaha, Nebraska 68114, is to serve as Manager until the first annual meeting of members, or until a successor is elected and qualified. ARTICLE "V" The total amount of cash and property contributed by the organizational and special services members as capital is set forth below: Notre Dame Housing, Inc. Central States Development, LLC $1 .00 $99.00 Commonwealth Land Title Insurance Company SCHEDULE A COMMITMENT FOR TITLE INSURANCE Commitment No. T-09110622 Revision #2 1. Effective Date: April 5, 2010 at 8:00 a.m. 2. Policy or Policies to be issued: Amount Premium (a) AL TA Owner Policy -(6-17-06) $9 ,000,000.00 $12,555.00 Proposed Insured: NOTRE DAME APARTMENTS, UC, fee simple title to the improvements and leasehold interest as to the land (b) ALTA Loan Policy· (6-17-06) $3,300,000.00 $75.00 Proposed Insured: US BANK, its successors and/or assigns 3. The estate or the interest in the land described or referred to in the Commitment and covered herein is fee simpl~ and is at the effective date hereof vested in: NOTRE DAME SISTERS, a Nebraska Non-Profit Corporation, formerly known as SCHOOL SISTERS DE NOTRE DAME, a Corporation of Schuyler 4. The land referred to in this Commitment is described as follows: Lot 1, Notre Dame Sisters Replat II, an Addition to the City of Omaha, Douglas County, Nebraska. , / ? ·~'' Countersigned: -· ____ _,!""~"""· '-"--'ui!Z;""""""'/""'/ 7'-:--'"'_ :....+.+:~1.,..,,. J,/·.,,...;~a1""',··-+-----------------*-7/~~a NM 6 (10-85) PA 3 ,j f/ uthorized Officer or Agent American Land Title Association Commitment Schedule A Form 1004-67 (Rev. 6-86) Issued by: FIRST NEBRASKA TITLE 2425 South 120th Street Omaha, NE 68144 l'hone (402) 691-9933 Fax 691-9970 Valid Only if Schedule Band Cover Are Attached Please read the e•ceptions and the terms shown 1>r referred t1> herein carefully. The exceptions are munt to provide you with notice of matters which are not covered under the terms of the Title Insurance Policy and should be carefully considered, It ls important to note that this form is not a written representation as to the condition of title and may not list all liens, defects, and encumbrances affecting title to the land. City of Omalia, :Ne6rask.g Buster Brown City Clerk 1819 Farnam -Suite LC 1 Omaha, Nebraska 68183-0112 (402) 444-5550 FAX (402) 444-5263 "NOTICE TO TAXING AUTHORITY" Notice is hereby given that the Omaha City Council has set Tuesday, August 10, 2010 at 2:00 p.m. as the date of Public Hearing on the Notre Dame Apartments, LLC Tax Increment Financing Redevelopment Project Plan. The Notre Dame Apartments, LLC Project Plan provides for the conversion of the unused and under-utilized central and west wings of the former Notre Dame Academy n/k/a the Notre Dame Sisters Convent located at 3501 State Street, within a quiet residential neighborhood in the Florence community. The project will include the addition of 30 new apartments in the central and west wings of the building for seniors and the renovation of 32 apartments in the east wing of the building to make them more energy-efficient. The Notre Dame Academy and Convent is on the National Register of Historic Places and is also designated as a local landmark. Tax Increment Financing in an amount up to $225,000.00 will be used to offset the cost of project development. The total cost of the project is estimated to be $10,001,830.00. A copy of said plan is available for public inspection in the City Clerk's Office. Public Hearing will be held before the City Council of the City of Omaha, in the Legislative Chambers, Omaha/Douglas Civic Center, 1819 Farnam Street, Omaha, Nebraska. Buster Brown City Clerk 8604 3640 8124 f 'e. 0-~ b 'r' (1\ " \ .. Cha·1rperson • Board of Commissioners Douglas County LC2 Civic Center 1819 Farnam Street Omaha, NE 68183-0001 Chairperson Omaha Public Schools 3215 Cuming Street Omaha, NE 68131 Chairperson Board of Governors Metropolitan Community College 3000 Fort Street Omaha, NE 68111 Chairperson Board of Directors Papio Natural Resources District 8901 South 154th Street Omaha, NE 68138 President Educational Services Unit 1 3215 Cuming Street Omaha, NE 68131 Chairperson Metropolitan Utilities District 1723 Harney Street Omaha, NE 68102 Chairperson Metro Area Transit Authority 2222 Cuming Street Omaha, NE 68102 ; ! Chairperson · : Omaha/Douglas public Building Commission N\AILl~JG LIST RECCIVED "7 -9 -( 0 . FECEIVEDBY ~-~·k: ~ ~ ~·J.. -/ -1J.1\'.UNG M1\0E o ~~ f'/\TE MAILED 7 ~ .d-.J--f o -~-- 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 Notre Dame Apartments, LLC Tax Increment Financing Redevelopment Project Plan requests that the City of Omaha authorize the use of Tax Increment Financing (TIF) in support of the redevelopment project that will convert the unused and under- utilized central and west wings of the Notre Dame Academy and Convent located at 3501 State Street within a quiet Florence neighborhood into 30 new apartments for seniors, and renovate 32 apartments in the east wing of the same building to make them more energy-efficient; and, WHEREAS, The Notre Dame Academy and Convent is on the National Register of Historic Places and is also designated as a local landmark; and, WHEREAS, the City of Omaha TIF Committee reviewed and recommended the approval of the Notre Dame Apartments, LLC Tax Increment Financing Redevelopment Project Plan for the redevelopment of the project site located at 3501 State Street (See Attachment 1 for the legal description and survey of the site); and, WHEREAS, the Notre Dame Apartments, LLC Tax Increment Financing Redevelopment Project Plan was approved by the Planning Board at their July 7, 2010 meeting subject to conditions to comply with current City of Omaha Ordinances; and, WHEREAS, this Resolution seeks your approval of the Notre Dame Apartments, LLC Tax Increment Financing Redevelopment Project Plan which recommends the City's participation through the allocation of TIF in an amount up to $225,000.00 to offset the cost of project development as indicated here in Exhibit "A" and attached hereto and made a part hereof; 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 ofNebraska; and, By .................................................................................... . Councilmember Adopted ......................................................................... . City Clerk Approved .................................. . Mayor C-25A CITY OF OMAHA LEGISLATIVE CHAMBER Omaha, Nebraska Page2 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: THAT, the attached Notre Dame Apartments, LLC Tax Increment Financing Redevelopment Project Plan for the redevelopment project that will convert the unused and under- utilized central and west wings of the Notre Dame Academy and Convent located at 3501 State Street into 30 new apartments for seniors, and renovate 32 apartments in the east wing of the same building to make them more energy-efficient; and the plan recommends the use ofTIF in an amount up to $225,000.00 to offset the cost of project development as described in the redevelopment plan attached hereto and made a part of 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: <2_p~ -1/3bv /1s5 J--CITY ATTORNEY DAfE Plnls/1412-res By#:+~ Councilmember Adopted ..... AU~ .. Z0.1~········-~············· ~b~~*' Approv~~~y;;· V' NO ........... fLP.Q .......... . Resolution l:ly ........................................ · · · · · ..... .. Res. that the attached Notre Dame Apartments, LLC Tax Increment Financing Redevelopment Project Plan for the redevelopment project that will convert the unused and under-utilized central and west wings of the Notre Dame Academy and Convent located at 3501 State Street into 30 new apartments for seniors, and renovate 32 apartments in the east wing of the same building to make them more energy-efficient; and the plan recommends the use of TIF in an amount up to $225,000.00 to offset the cost of project development as described in the redevelopment plan attached hereto and made a part of 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. Plnlsfl 412-backing Presented to City Council .... ,.JUL..2.0.ZQ,0 /7 / / / / _.,/I {)tie/'~ tvee-45~ ~(P,o?VI" ,,oa.O//.eovM aa;/?//C Jt:.Cl/Y '-jY/CJYQ/J'?f ?:!P 4.z!r,, &t.1/Jt!/ /;{{; _,f 7JL ,F.'" .AUGJ .. 0.201.0 ... ~ .: .. 4¢.qpted 1-·o . ···················· IJu:>fer l?rown .......... , ...... ························· ····················· City Clerk ~J/~S/'Jl