ORD 39089 Salem Village II TIF AgreementCity of Omaha
Jim Suttle, Mayor
Honorable President
I t JUL I 4 AH \O: 4 1
July 26, 2011
Planning Department
Omaha/Douglas Civic Center
1819 Farnam Street, Suite 1100
Omaha, Nebraska 68183
(402) 444-5150
Telefax (402) 444-6140
R. E. Cunningham, RA, F.SAME
Director
and Members of the City Council,
The attached Ordinance transmits a Redevelopment Agreement between the Salem Village II Limited
Partnership and the City of Omaha for a redevelopment project located at 3520 Lake Street. The
Redevelopment Agreement implements the Salem Village II Limited Partnership Tax Increment
Financing (TIF) Project Plan for Phase II of the Salem Village Senior Housing Project at the
Miami Heights Senior Development. This is a new 3-story, midrise, residential housing building
with underground parking, which comprises 27 two-bedroom affordable, senior living units.
There will be nine units per floor, one of which will be fully accessible. The rents are targeted to
residents at roughly 41 % of the area median income.
The Redevelopment Agreement authorizes the City's participation in the redevelopment by providing up
to $180,000.00 to offset the costs of site development, architectural and engineering costs, and
any public improvements as may be required. The total project cost is estimated to be
$5,416,993.00, with TIF eligible cost of approximately $286,932.00.
Your favorable consideration of this Ordinance will be appreciated.
Approved:
?J
\ .. /~----
(J ~
1
Pam Spaccarotella
1Jv~'--" Finance Director
Plnlsfl 552-cover letter
7 --17-11
Date
Referred to City Council for Consideration:
<{l)J!L-/Zk1\y_70 I I ~ Date
a~
Robert G. Stubbe, P.E.
Public Works Director
)-IZ--11
Date
ORDINANCE NO. ---=3~g=-V..._f...L.-Cf __
AN ORDINANCE approving a redevelopment and tax increment financing loan agreement with
the City of Omaha and Salem Village II Limited Partnership, a Nebraska Limited
Partnership to implement the Salem Village II Limited Partnership Tax Increment
Financing (TIF) Redevelopment Project Plan which proposes a new 3-story, midrise,
residential housing building with underground parking located at 3520 Lake Street; the
new building will be comprised of 27 two-bedroom affordable, senior living units; the
ordinance authorizes the use of $180, 000.00 in excess ad valorem taxes (TIF) generated
by the development to help fund the cost of the project; and providing for an effective
date.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OMAHA;
Section 1. The Mayor is hereby authorized to execute, and the City Clerk to attest, the
attached Redevelopment Agreement between the City of Omaha and Salem Village II Limited
Partnership, a Nebraska Limited Partnership authorizing the use of $180,000.00 in TIF to offset
the costs of site development, architectural and engineering costs, and any public improvements
as may be required for a project with a total project cost is estimated to be $5,416,993.00 with
TIF eligible costs of $286,932. Further, the Mayor is authorized to execute, and the City Clerk
to attest, aany other documents in connection with the Redevelopment Agreement necessary or
appropriate to consummate the loan.
Section 2. Said Redevelopment Agreement contains obligations undertaken pursuant to
the Nebraska Community Development Law and Sections 18-2147 through 18-2150; and are not
otherwise obligations of the City of Omaha.
ORDINANCE NO. ,?'JcJ 8'cL
PAGE2
Section 3. This Ordinance shall be in full force and take effect fifteen (15) days from and
after the date of its passage.
APPROVED BY:
PASSED __ A'--UG------'-1 -=-6 _20_1_1 _?_· _-cJ __
APPROVED AS TO FORM:
~ 'ltZ.·I} ~DATE
Plnlsfl 552-ordinance
REDEVELOPMENT AGREEMENT
THIS AGREEMENT is entered into by and between the City of Omaha, a Nebraska
Municipal Corporation in Douglas County, Nebraska, and Salem Village II Limited Partnership,
a Nebraska Limited Partnership.
RECITALS:
WHEREAS, on March 1, 2011, by Resolution No. 148, the City Council of the City of
Omaha approved the Salem Village II Limited Partnership Tax Increment Financing
Redevelopment Project Plan proposing Phase II of the Salem Village Senior Housing Project at
the Miami Heights Senior Development: a new 3-story, midrise, residential housing building
with underground parking. The building is comprised of 27 two-bedroom affordable, senior
living units as described in Exhibit "B", attached hereto and made a part hereof; and,
WHEREAS, the Salem Village II Limited Partnership Tax Increment Financing (TIF)
Redevelopment Plan provided for $180,000.00 in TIF to offset the costs of site development,
architectural and engineering costs, and any public improvements as may be required. The total
project cost is estimated to be $5,416,993.00 with TIF eligible costs of $286,932, and for the use
of the excess ad valorem taxes generated by such development; and,
WHEREAS, this Agreement is a redevelopment agreement prepared pursuant to the
Nebraska Community Development Law in order to implement the above-referenced
Redevelopment Plan.
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IN CONSIDERATION OF THESE MUTUAL COVENANTS, THE PARTIES AGREE
AS FOLLOWS:
SECTION 1. DEFINITIONS
The following terms, whether plural or singular, shall have the following meanings for
purposes of this Agreement.
1.1 "City" shall mean -the City of Omaha, Nebraska, a Municipal Corporation of the
metropolitan class or such successor entity lawfully established pursuant to the
applicable provision of the Nebraska Community Development Act.
1.2 "Owner" shall mean -Salem Village II Limited Partnership.
1.3 "Director" shall mean -the Director of the City of Omaha Planning Department.
1.4 "Redevelopment Project" shall mean -the construction of a new 3-story, midrise,
residential housing building with underground parking located at 3520 Lake
Street containing 27 two-bedroom affordable, senior living units as shown on the
Site Plan Exhibit "A".
1.5 "Redevelopment Site" shall mean -the area legally described on Exhibit "B",
attached hereto.
1.6 "Redevelopment Note (TIP Funds/TIP Proceeds)" shall mean -any obligation
issued by the City and secured by the excess ad valorem taxes generated within
the Redevelopment Site.
1. 7 "Excess ad valorem taxes" shall mean -the additional real estate property taxes
generated by this Redevelopment Project pursuant to Section 18-2147 of the
Nebraska Revised Statutes.
1.8 "Division Date" for the purposes of this Agreement, Note and the statute shall
mean -that excess ad valorem taxes shall be divided for the project beginning in
the 2011 tax year and continuing for 15 years after the approval of the
Redevelopment Agreement or until the Redevelopment Note is discharged
whichever occurs first.
SECTION 2. OBLIGATIONS OF THE CITY
The City shall:
2.1 execute and deliver to the Owner at closing the Redevelopment Note in
substantially the same form as the copy attached hereto as Exhibit "C".
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2.2 grant Redevelopment Loan proceeds to the Owner in the sum of $180,000.00.
2.3 pay debt retirement principal and interest from the excess ad valorem taxes (TIF
tax proceeds). Interest on monies in the special fund shall accrue first to debt
retirement interest and then to principal.
2.4 ensure that prior to expenditure or disbursement of Redevelopment Loan
proceeds, the following shall be obtained, to wit:
2.4.1 Owner shall provide the Director with evidence, acceptable to the
Director, that the private funds have been irrevocably committed to the
Redevelopment Project in the amount sufficient to complete the
redevelopment project.
2.4.2 Owner shall provide evidence of, and maintain adequate performance and
labor materials bonds during the period of construction of the project. The
City shall be specified as a co-obligee.
2.5 establish a special fund under Section 18-2147 of the Nebraska Revised Statutes
for the purpose of collecting the excess ad valorem taxes generated by the
Redevelopment Project. Monies collected and held in the special fund shall be
used for no purpose other than to repay the Redevelopment Loan.
SECTION 3. OBLIGATIONS OF THE OWNER
The Owner shall:
3 .1 complete the Redevelopment Project on or before December 31, 2012, creating an
increase in real property taxable base by reason of such construction of at least
$2,582,547.00.
3.2 cause all real estate taxes and assessments levied on the Redevelopment Project to
be paid prior to the time such become delinquent.
3.3 loan redevelopment funds to the City in the principal amount of $180,000.00 as
set forth in Section 2.1, which, when combined with other private funds available,
will be sufficient to construct the redevelopment project. Execution and delivery
of the Redevelopment Promissory Note shall be at closing which shall be as soon
as reasonably possible after execution of this Agreement but not more than 60
days thereafter. At closing, the loan to be accomplished by this Section and the
obligation of the City to use the redevelopment loan proceeds for redevelopment
purposes under Section 2.2 may be accomplished by offset so that the Owner
retains the loan proceeds. If the City so requests, the Owner shall, from time to
time, furnish the City with satisfactory evidence as to the use and application of
the redevelopment loan proceeds.
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3.3.l Such loan funds shall be disbursed as provided in Section 2.
3.3.2 Such loan shall bear a 7.5% interest rate.
3.3.3 The principal shall be repaid by the City from the special fund established
pursuant to Section 2.5, as excess ad valorem taxes, pursuant to the
Redevelopment Plan and Section 18-2147 of the Nebraska Revised
Statutes, become available to the City for such use. To the extent of such
excess ad valorem taxes are unavailable to the City, the loan shall be
forgiven and the obligations of the Owner shall remain unaffected.
3.4 provide the City with quarterly progress reports during the redevelopment and
allow the City reasonable access upon written request to Owner to any relevant
financial records pertaining to the Redevelopment Project.
3.5 during the period that the Redevelopment Note (TIF Funds) is outstanding, (1) not
protest a real estate improvement valuation on the Redevelopment Site of
$39,800.00 (base) or less prior to and during construction; and $1,331,353.00
[$39,800.00 (base) plus $1,291,553.00 (excess valuation)] or less after substantial
completion or occupancy of the mixed-use commercial and residential building
and garage redevelopment project; (2) not convey the Redevelopment Site or
structures thereon to any entity which would be exempt from the payment of real
estate taxes or cause the nonpayment of such real estate taxes; (3) not apply to the
Douglas County Assessor for the structures, or any portion thereof, to be taxed
separately from the underlying land of the Redevelopment Site; (4) maintain
insurance for ninety percent (90%) of the full value of the structures on the
Redevelopment Site; (5) in the event of casualty, apply such insurance proceeds
to their reconstruction and ( 6) cause all real estate taxes and assessments levied on
the Redevelopment Site to be paid prior to the time such become delinquent. In
lieu of the above, the Owner may surrender any remaining amount outstanding of
the Redevelopment Promissory Note to City. Each of the foregoing covenants
shall be referenced in a Notice of Redevelopment Agreement to be recorded with
the Douglas County, Nebraska Register of Deeds. The Owner agrees to include
the same restrictions to be included in any subsequent sale, assignment, sale
leaseback or other transfer of the property, but shall not be responsible otherwise
for the actions of the third parties if these covenants are breached by such third
parties ifthe Owner no longer owns the property.
3.6 shall provide the City of Omaha Finance Department with an executed copy of
the Redevelopment Promissory Note prior to disbursement of any proceeds for
repayment of such Note pursuant to Section 2.5, so that such payment can be
noted on the Note and the Note returned to Owner.
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SECTION 4. PROVISIONS OF THE CONTRACT
4.1 Equal Employment Opportunity Clause. Annexed hereto as Exhibit "D" and
made a part hereof by reference are the equal employment provisions of this
contract, wherein the "Owner" is referred to as "Contractor".
4.2 Non-discrimination. The Owner shall not, in the performance of this Contract,
discriminate or permit discrimination in violation of federal or state laws or local
ordinances because of race, color, sex, age, political or religious opinions,
affiliations or national origin.
4.3 Captions. Captions used in this Contract are for convenience and are not used in
the construction of this Contract.
4.4 Applicable Law. Parties to this Contract shall conform with all existing and
applicable city ordinances, resolutions, state laws, federal laws, and all existing
and applicable rules and regulations. Nebraska law will govern the terms and the
performance under this Contract.
4.5 Interest to the City. Pursuant to Section 8.05 of the Home Rule Charter, no
elected official or any officer or employee of the City of Omaha shall have a
financial interest, direct or indirect, in any City of Omaha contract. Any violation
of this section with the knowledge of the person or corporation contracting with
the City of Omaha shall render the contract voidable by the Mayor or Council.
4.6 Merger. This Contract shall not be merged into any other oral or written contract,
lease or deed of any type.
4.7 Modification. This Contract contains the entire agreement of the parties. No
representations were made or relied upon by either party other than those that are
expressly set forth herein. No agent, employee or other representative of either
party is empowered to alter any of the terms herein unless done in writing and
signed by an authorized officer of the respective parties.
4.8 Assignment. The Owner may not assign its rights under this contract without the
express prior written consent of the City; such consent not to be unreasonably
withheld. The Mayor may, without City Council approval, approve, in writing,
the assignment of all rights hereunder to a successor entity owned by, or under
common control with Owner.
4.9 Strict Compliance. All provisions of this Contract and each and every document
that shall be attached shall be strictly complied with as written, and no
substitution or change shall be made except upon written direction from
authorized representatives of the parties.
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4.10 This Agreement shall be binding upon the Owner's successors and assigns, and
shall run with the land described in Exhibit "B" attached hereto, to the benefit of
the City of Omaha.
SECTION 5. AUTHORIZED REPRESENTATIVE
In further consideration of the mutual covenants herein contained, the parties hereto
expressly agree that for the purposes of notice, including legal service of process, during the term
of this Contract and for the period of any applicable statute of limitations thereafter, the
following named individuals shall be the authorized representatives of the parties:
(1) City of Omaha:
R. E. Cunningham, RA, F. SAME
Director, City Planning Department
Omaha/Douglas Civic Center
1819 Farnam Street, Suite 1100
Omaha, NE 68183
(2) Owner:
Salem Village II Limited Partnership
CIO Salem Village II Development, LLC
1701 North 24th Street, Suite 102
Omaha, NE 68110
Legal Service
c/o City Clerk
Omaha/Douglas Civic Center
1819 Farnam Street
Omaha, NE 68183
Either party may designate additional representatives or substitute representatives by
giving written notice thereof to the designated representative of the other party.
/~It /J. /
Executed this _J_Q_ day of ~~ , 2011.
ATTEST: CITY OF OMAHA:
CIT~tt:~AHA ·--==-=
APPROVED AS TO FORM:
~£~
CITY ATTORNEY
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Executed this\ )-tt\day of_J~u~\~~+---------' 2011.
ST A TE OF NEBRASKA )
) §
COUNTY OF DOUGLAS )
OWNER:
Salem Village II Limited Partnership,
By~~~
Ken Lyons, Manager, Salem Village II Limited Partnership, a Nebraska Limited ~nership
aclpio\ledged the foregoing Redevelopment Agreement before me this \l_ day of
._J\) ~ ,2011. . -
JACQUELINE HANKINS
MY COMMISSION EXPIRES
September 9, 2013
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Not P lie, State of Nebraska
My commission expires on '3 \ q l 2D t3 .
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Douglas County Account Information ~X)f !bJT 1'/3i1Page 1 of2
:::k-kb: JlfL-De~cK-1
Douglas County, Nebraska Property Record -R2144921000
Information is valid as of 2011-3-8
Owner
SALEM VILLAGE II LIMITED PART
C!O KEN LYONS
1701 N 24 ST #102
OMAHA NE 68110-0000
Property Information
Key Number: 4492 1000 21
Account Type: Residential
Parcel Number:
Parcel Address: 3520 LAKE ST
Print Report
View Interactive GIS MaQ
Treasurer's Tax Report
New Feature -+ -+ -+ Subdivision Sales Search
OMAHA NE 68111-0000 * SALEM VILLAGE MIAMI HEIGHTS RP 1 LOT 1 BLOCK 0 IRREG 1.034 AC
Value Information
2010
2009 $9,400.00
•AW-
2008 $0.00
2007 $0.00 , __ , •~v··--~·--~~-
2006 $0.00
$0.00
I Sales Information
Sales Date: 2010-07 -23
Deed Type:
Price:
Grantor:
Grantee:
Valid/Invalid:
Exclusion Reason:
Land Information
Acres
1.03
; Improvement
$30,400.00
$41,200.00
$0.00
$0.00
i Depth
. . I . .
0.0
Total
Width
0.0
$39,800.00
$50,600.00
$0.00
$0.00
$0.00
$0.00
Page: 067338
http://douglasne.mapping-online.com/DouglasCoNe/static/accountinfo.j sp?accountno=R21... 3/18/2011
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EXHIBIT "C"
THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE"
'33 ACT") AND MAY NOT BE TRANSFERRED, ASSIGNED, SOLD OR HYPOTHECATED
UNLESS A REGISTRATION STATEMENT UNDER THE '33 ACT SHALL BE IN EFFECT
WITH RESPECT THERETO AND THERE SHALL HA VE BEEN COMPLIANCE WITH THE '33
ACT AND ALL APPLICABLE RULES AND REGULATIONS THEREUNDER, OR THERE
SHALL HA VE BEEN DELIVERED TO THE CITY OF OMAHA PRIOR TO TRANSFER,
ASSIGNMENT, SALE OR HYPOTHECATION AN OPINION OF COUNSEL, SATISFACTORY
TO THE CITY OF OMAHA TO THE EFFECT THAT REGISTRATION UNDER THE '33 ACT IS
NOT REQUIRED.
REDEVELOPMENT PROMISSORY NOTE
$180,000.00 ------------' 2011
FOR VALUE RECEIVED, the Undersigned, Borrower, promises to pay Salem Village II
Limited Partnership, Holder, c/o Salem Village II Development, LLC 1701North24th Street, Suite
102, Omaha, NE 68110, and/or its assigns, the principal sum of One Hundred Eighty Thousand and
No/100 ($180,000.00), together with interest thereon at the rate of 7.5% per annum from the date of
the execution of this Note until paid in full. The principal balance and interest thereon shall be due
and payable to the holder of said Redevelopment Promissory Note as and at such time as any excess
ad valorem taxes generated by the Redevelopment Project as set forth in that certain Redevelopment
Agreement dated the day of , 2011, by and between the City of
Omaha, Borrower, and the Holder, (the "Redevelopment Agreement") are collected by the City of
Omaha and available for the retirement of this debt.
In the event of default under said Redevelopment Promissory Note, all sums secured by this
Note or any other agreement securing this Note shall bear interest at a rate equal to five percent (5%)
above the regional prime or base rate as published by the Wallstreet Journal, Omaha, Nebraska, from
time to time, however, in the event said interest rate exceeds the maximum rate allowable by law
then such rate of interest shall equal the highest legal rate available.
Borrower may prepay the principal amount outstanding in whole or in part, without the prior
consent of the Holder.
In the event the monies collected and held in that special fund established under Section
18-214 7 of the Nebraska Revised Statutes and pursuant to the Redevelopment Agreement are
insufficient to pay in full all amounts due and owing at a date fifteen (15) years from the division
date, and all excess ad valorem taxes generated by the Redevelopment Project, as set forth in the
Redevelopment Agreement, have been collected by the City of Omaha and have been paid,
immediately upon being available, towards the retirement of the amounts due hereunder, then, at said
date fifteen (15) years from the effective date of the Redevelopment Plan, the Holder shall waiver
any unpaid portion of the principal and interest due upon written request of the City of Omaha.
In the event this Note is referred to an attorney for collection the Holder shall be entitled to
reasonable attorney fees allowable by law and all Court costs and other expenses incurred in
connection with such collection.
The Borrower shall be in default in the event the Borrower shall fail to pay, when due, any
amount required hereunder.
Unless prohibited by law, the Holder may, at its option, declare the entire unpaid balance of
principal and interest immediately due and payable without notice or demand at any time after
default, as such term is defined in this paragraph.
Holder may at any time before or after default, exercise his right to set off all or any portion
of the indebtedness evidenced hereby against any liability or indebtedness of the Holder to the
Borrower without prior notice to the Borrower.
Demand, presentment, protest and notice of nonpayment under this Redevelopment
Promissory Note are hereby waived.
No delay or omission on the part of the Holder in exercising any remedy, right or option
under this Redevelopment Promissory Note shall operate as a waiver of such remedy, right or option.
In any event, a waiver on any one occasion shall not be construed as a waiver or bar to any such
remedy, right or option on a future occasion.
Any notice provided for in this Redevelopment Promissory Note to the Borrower or the
Holder shall be in writing and shall be given by regular mail to the Holder or Borrower, or at such
other address as either party may designate by notice in writing.
This Redevelopment Promissory Note shall be governed by and construed in accordance with
the Laws of the State of Nebraska. All payments hereunder shall be payable in lawful money of the
United States of America and shall be legal tender for public and private debts at the time of
payment.
CITY OF OMAHA, A Municipal Corporation
ATTEST
c&•
APPROVED AS TO FORM:
~}eity Attorney 7 ( ( zf /
Plnlsfl 552-note
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EXHIBIT "D"
EQUAL EMPLOYMENT OPPORTUNITY CLAUSE
During the performance of this contract, the Program Provider agrees as follows:
(1) The Program Provider shall not discriminate against any employee or applicant for
employment because ofrace, religion, color, sex, national origin, or disability as defined by
the Americans With Disabilities Act of 1990 and Omaha Municipal Code 13-82. The
Program Provider shall take affirmative action to ensure that applicants are employed and
that employees are treated during employment without regard to their race, religion, color,
sex or national origin. The Program Provider shall take all actions necessary to comply with
the Americans With Disabilities Act of 1990 and Omaha Municipal Code (Chapter 13)
including, but not limited to, reasonable accommodation. As used herein, the word "treated"
shall mean and include, without limitation, the following: Recruited, whether advertising or
by other means; compensated; selected for training, including apprenticeship; promoted;
upgraded; demoted; downgraded; transferred; laid off; and terminated. The Program
Provider agrees to and shall post in conspicuous places, available to employees and
applicants for employment, notices to be provided by the contracting officers setting forth the
provisions of this nondiscrimination clause.
(2) The Program Provider shall, in all solicitations or advertisements for employees placed by or
on behalf of the Program Provider, state that all qualified applicants will receive
consideration for employment without regard to race, religion, color, sex, national origin, or
disability as recognized under 42 uses 12101 et seq.
(3) The Program Provider shall send to each labor union or representative of workers with which
he has a collective bargaining agreement or other contract or understanding a notice advising
the labor union or worker's representative of the Program Provider's commitments under the
Equal Employment Opportunity Clause of the City and shall post copies of the notice in
conspicuous places available to employees and applicants for employment.
( 4) The Program Provider shall furnish to the contract compliance officer all federal forms
containing the information and reports required by the federal government for federal
contracts under federal rules and regulations, and including the information required by
Sections 10-192 to 10-194, inclusive, and shall permit reasonable access to his records.
Records accessible to the Contract Compliance Officer shall be those which are related to
Paragraphs (1) through (7) of this subsection and only after reasonable notice is given the
Program Provider. The purpose for this provision is to provide for investigation to ascertain
compliance with the program provided for herein.
- 1 -
(5) The Program Provider shall take such actions with respect to any sub-contractor as the City
may direct as a means of enforcing the provisions of Paragraphs (1) through (7) herein,
including penalties and sanctions for noncompliance; however, in the event the Program
Provider becomes involved in or is threatened with litigation as the result of such directions
by the City, the City will enter into such litigation as necessary to protect the interests of the
City and to effectuate the provisions of this division; and in the case of contracts receiving
federal assistance, the Program Provider or the City may request the United States to enter
into such litigation to protect the interests of the United States.
(6) The Program Provider shall file and shall cause his sub-contractor, if any, to file compliance
reports with the Program Provider in the same form and to the same extent as required by the
federal government for federal contracts under federal rules and regulations. Such
compliance reports shall be filed with the Contract Compliance Officer. Compliance reports
filed at such times as directed shall contain information as to the employment practices,
policies, programs and statistics of the Program Provider and his sub-contractor.
(7) The Program Provider shall include the provisions of Paragraphs (1) through (7) of this
Section, "Equal Employment Opportunity Clause", and Section 10-193 in every subcontract
or purchase order so that such provisions will be binding upon each sub-contractor or vendor.
- 2 -
EXECUTION COPY
ASSIGNMENT
This Assignment is granted by Salem Village II Limited Partnership ("Borrower"), to and
in favor of Horizon Bank ("Lender") as security for the TIF Loan made by Lender to Borrower
on November 2, 2011. Borrower assigns to Lender:
All of Borrower's interests in and rights to tax increment reimbursements due to
Borrower from the City of Omaha, Nebraska ("City") in accordance with the Redevelopment
Promissory Note between Borrower and City dated August 18, 2011.
SALEM VILLAGE II LIMITED PARTNERSHIP
By:
By:
(Remainder of Page Intentionally Left Blank)
ACKNOWLEDGMENT
The City of Omaha, Nebraska acknowledges receipt of a copy of the above Assignment
and agrees to make payments directly to Horizon Bank to be applied on Borrower's TIF Loan.
DA TED November 2, 2011.
CITY OF OMAHA, NEBRASKA
STATE OF NEBRASKA )
) SS.
COUNTY OF DOUGLAS )
{?' &,.-
The following Consent was acknowledged before me this-J.Hd day of November, 2011
Jim Suttle, Mayor of the City of Omaha, Nebraska, on behalf of the City.
ATTEST:
A, GENERAL NOT ARY • State ol Nebraska
11m~ CYNTHIA FORD THINNES
My Comm. Exp. August 16, 2015
~-,~
City Clerk of the City of Omaha
Notar/Public
APPROVED AS TO FORM:
,.··------··--· "'l'
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PUBLICATIONS PUBLICATION OF HEARING Date~ PUBLICATION OF ORDINANCE Date '? -~1-I l ..,,,,,, ?vi / ORDINANCE NO. c:Yh n AN ORDINANCE approving a redevelopment and tax increment financing loan agreement with the City of Omaha and Salem Village II Limited Partnership, a Nebraska Limited Partnership to implement the Salem Village II Limited Partnership Tax Increment Financing (TIF) Redevelopment Project Plan which proposes a new 3-story, midrise, residential housing building with underground parking located at 3520 Lake Street; the new building will be comprised of 27 two-bedroom affordable, senior living units; the ordinance authorizes the use of $180, 000.00 in excess ad valorem taxes (TIF) generated by the development to help fund the cost of the project; and providing for an effective date. Plnlsf1552-backing PRESENTED TO COUNCIL 1~~/ Hearing ,\ilG-9 zon::-'1Jo zfo %/d.Rfit -r· T Final Reading AtJG 1 6 2011 Passe-ct-1-c;; BUSTER BROWN City Clerk faf (1.us1fij