ORD 40520 - Rail and Commerce Building TIF redevelopment agreement MAHA,
O �'
�� ' "cp _- {\, �\ Planning Department
r . cC i - Omaha/Douglas Civic Center
}�/ i �4 1819 Farnam Street,Suite 1100
n r ilt- 107 n In C "," '`' c Omaha,Nebraska 68183
PA ro VS ti '°' (402)444-5150
oR�TED AEBR�r*� Telefax(402)444-6140
City of Omaha 1 . v,:,,, James R.Thele
Jean Stothert,Mayor 1y- tt.,,, Director
September 29, 2015
Honorable President
and Members of the City Council,
The attached Ordinance transmits a Tax Increment Financing (TIF) Redevelopment Loan
Agreement between Resumo, LLC and the City of Omaha for a redevelopment project located at
950 South 10th Street. This Redevelopment Agreement implements the Rail and Commerce
Bldg Tax increment Financing (TIF) Redevelopment Project Plan, which proposes the adaptive
reuse and conversion of the historic, former Postal Annex Building. The development team
proposes converting the structure into a mix of modern-day commercial office and retail uses,
and the addition of a new parking structure for the building tenants. Another crucial piece of this
redevelopment is the opportunity to incubate new businesses in a newly create space within the
structure.
The Redevelopment Agreement authorizes the City's participation in the redevelopment by
providing up to $2,454,471.00 in TIF to offset TIF eligible expenses such as acquisition,
rehabilitation costs, architectural and engineering fees, site work and demolition costs, and all
public improvements as required. The total estimated project costs are $25,126,705.00, but are
subject to change as final costs come in.
Your favorable consideration of this Ordinance will be appreciated.
Respectfully submitted, Referred to City Council for Consideration:
R.Tte_p_._ 9,,,,3-
_� o / i �-
J t^
ames R. Thele Date Mayor's Office Date
Planning Director
Approved:
, — -- �-- 1ii, '5—
Ste hen B. Curtissp ate R ert G. Stubbe, P.E. Date
Finance Director Public Works Director
2228 dlh
ORDINANCE NO. ga'�,2C�
AN ORDINANCE approving a redevelopment and tax increment financing loan agreement
between the City of Omaha and Resumo, LLC, a Nebraska limited liability company, to
implement the Rail and Commerce Bldg Tax Increment Financing (TIF) Redevelopment
Project Plan located at 950 South 10th Street which proposes the adaptive reuse and
conversion of the historic, former Postal Annex Building into a mix of modern-day
commercial office and retail uses, and the addition of a new parking structure for the
building tenants; the agreement authorizes the use of up to $2,454,471.00 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 Resumo, LLC, a Nebraska
limited liability company, to authorize the use of up to $2,454,471.00 in TIF that will be used to
offset TIF eligible expenses such as acquisition, rehabilitation costs, architectural and
engineering fees, site work and demolition costs, and all public improvements as required, for a
project with total estimated costs of $25,126,705.00, in addition to any other documents
necessary or appropriate to implement the Redevelopment Agreement or to consummate the
loan.
ORDINANCE NO.
PAGE 2
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.
Section 3. This Ordinance shall be in full force and take effect fifteen (15) days from and
after the date of its passage.
INTRODUCED BY COUNCILMEMBER
APPROVED BY:
cirJAA_<ckrtaAr is
MAYOR OF THE CITY OF OMAHA ATE
PASSED OCT 2 0 2015 710
ATTEST: APPROVED AS TO FORM:
c. :4
to .6 ?A /5
it Clerk of the Cityof Omaha
45,1• ity Atto e Date
2228 dlh
REDEVELOPMENT AGREEMENT
THIS AGREEMENT is entered into by and between the City of Omaha, a Nebraska
Municipal Corporation in Douglas County, Nebraska, and Resumo, LLC, a Nebraska limited
liability company.
RECITALS:
WHEREAS, on August 18, 2015 by Resolution No. 953, the City Council of the City of
Omaha approved the Rail and Commerce Bldg. Tax Increment Financing (TIF) Redevelopment
Project Plan for a project located at 950 South 10th Street, which proposes the adaptive reuse and
conversion of the historic, former Postal Annex Building into a mix of modern-day commercial
office and retail uses, and the addition of a new parking structure for the building tenants as
shown in Exhibit"A", a site plan which is attached hereto and made a part hereof; and,
WHEREAS, the Rail and Commerce Bldg. Tax Increment Financing (TIF)
Redevelopment Project Plan provides for up to $2,454,471.00 in TIF to offset TIF eligible
expenses, as allowed by the Community Redevelopment Law, such as acquisition, rehabilitation
costs, architectural and engineering fees, site work and demolition costs, and all public
improvements as required, for a project with total estimated costs of$25,126,705.00; and,
WHEREAS, this Agreement is a redevelopment agreement prepared pursuant to the
Nebraska Community Development Law in order to implement the above-referenced
Redevelopment Plan, and contemplates the use of the excess ad valorem taxes generated by such
t,
development. �.
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 "Base Year" and "Base Year Valuation" shall mean the year prior to the calendar
year that the division of the property tax levied on the Redevelopment Site is to
become effective. It is established by the Notice to Divide Tax for Community
Redevelopment Project ("Notice to Divide") form prepared by the City of Omaha,
which establishes the valuation for the base amount and the calendar year that
division of real property tax levied is to become effective. For purposes of this
Agreement, the parties agree the Base Year and associated Valuation shall be
established on January 1, 2016.
1.2 "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 Law.
1.3 "Community Redevelopment Law" shall mean the Community Redevelopment
Law of the State of Nebraska (Chapter 18, Article 21, Sections 18-2101, et. seq.),
as supplemented by and including Sections 18-2147 to 18-2153, Reissue Revised
Statues of Nebraska, 1943, as amended.
1.4 "Director" shall mean -the Director of the City of Omaha Planning Department.
1.5 "Division Date" shall mean the agreed upon date after which any ad valorem real
estate taxes levied upon the Redevelopment Site shall be divided by the Douglas
County Assessor pursuant to the Community Redevelopment Law and the Notice
to Divide. For purposes of this Agreement,the parties agree the Division Date
shall be January 1, 2017.
1.6 "Excess ad valorem taxes" shall mean any ad valorem tax which is levied upon
and generated by the real property in the Redevelopment Site after the Division
Date (at the rate fixed each year by or for each of the hereinafter defined public
bodies)by or for the benefit of the State of Nebraska, the City, and any board,
commission, authority, district or any other political subdivision or public body of
the Sate of Nebraska(collectively "public bodies") in excess of any ad valorem
tax generated by the levy on the Base Year Valuation.
1.7 "Owner" shall mean Resumo, LLC, a Nebraska limited liability company.
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1.8 "Redevelopment Promissory Note" shall mean any obligation issued by the City
in the form of Exhibit "B" attached hereto and incorporated herein by reference,
which shall be in the principal amount set forth in such Exhibit ("Redevelopment
Loan Proceeds") and which shall be repaid from and secured by the Excess ad
valorem Taxes generated by the real property within the Redevelopment Site.
1.9 "Redevelopment Plan" shall mean the Rail and Commerce Bldg. Tax Increment
Financing Project Plan approved by the City Council of the City of Omaha on
August 18, 2015 by Resolution No. 953.
1.10 "Redevelopment Project" shall mean adaptive reuse and conversion of the
historic, former Postal Annex Building into a mix of modern-day commercial
office and retail uses, and the addition of a new parking structure for the building
tenants, according to the Redevelopment Plan and as shown on the Site Plan
attached hereto as Exhibit"A" and incorporated herein.
1.11 "Redevelopment Site" shall mean the real property legally described on Exhibit
"C", attached hereto and incorporated herein.
SECTION 2. OBLIGATIONS OF THE CITY
The City shall:
2.1 execute and deliver to the Owner at closing the Redevelopment Promissory Note
in substantially the same form as that which is attached hereto as Exhibit"B".
2.2 grant Redevelopment Loan Proceeds for TIF eligible expenses, including any
public improvements, to the Owner in an amount not to exceed $2,454,471.00.
2.3 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, which Excess ad valorem taxes shall be used for no other
purpose than to pay debt retirement principal and interest as required by the
Redevelopment Promissory Note. 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, in their sole discretion, that sufficient private funds have been
committed 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 in an
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amount equal to the Redevelopment Loan Proceeds. The City shall be
specified as a co-obligee.
2.5 make payments, as required by this Redevelopment Agreement and the
Redevelopment Promissory Note, of the Excess ad valorem taxes levied and
divided by the Douglas County Assessor on or after the Division Date and held in
the special fund called for in Section 2.3 above, for no more than fifteen (15)
years (i.e. thirty (30) semi-annual installments).
The City and Owner acknowledge and agree that the Owner shall receive the
benefit of the Redevelopment Loan Proceeds, as limited to eligible expenses
allowed by the Community Redevelopment Law,with the understanding that
the Excess ad valorem taxes and resulting Redevelopment Loan Proceeds
may not be available for each and every installment or may not be sufficient
to fully amortize the Redevelopment Note issued by the City.
SECTION 3. OBLIGATIONS OF THE OWNER
The Owner shall:
3.1 complete the Redevelopment Project on or before July 31, 2017.
3.2 cause all real estate taxes and assessments levied on the real property within the
Redevelopment Site to be paid prior to the time such become delinquent.
3.3 loan redevelopment funds to the City in the principal amount of$2,454,471.00 as
set forth in Sections 2.1 and 2.2, 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 Redevelopment 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.
3.3.1 Such loan funds shall be disbursed as provided in Section 2.
3.3.2 Such loan shall bear a 4.5% interest rate.
3.3.3 The principal and interest thereon shall be repaid by the City from the
special fund established pursuant to Section 2.3 to collect and hold Excess
ad valorem taxes, pursuant to the Redevelopment Plan and Section 18-
2147 of the Nebraska Revised Statutes, as they become available to the
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City for such use. To the extent of such excess ad valorem taxes are
insufficient or 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 construction of the
Redevelopment Project 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 Promissory Note is outstanding:
(1) not seek to reduce via protest a real estate improvement valuation on the
Redevelopment Site below the greater of (i) $288,000.00; or (ii) or the taxable
valuation set by the Douglas County Assessor's office as of January 1, 2016
(base) prior to and during construction; and $12,540,568.00 [$288,000.00 (if the
taxable valuation at January 1, 2016 is equal to or less than $288,000 as base
valuation) plus $12,252,568.00 (excess valuation)] or less after substantial
completion or occupancy of the Redevelopment Project. If the taxable valuation
at January 1, 2016 is greater than $288,000, the agreed base and excess valuation
taxable valuation "non-protestable" floor valuation shall be the arithmetic sum of
the base taxable valuation at January 1, 2016 plus $12,252,568.00 (excess
valuation) after substantial completion or occupancy of the Redevelopment
Project. The covenant agreed to herein is for the benefit of, and binding
upon, both the City and the Owner and any successors and assigns, but all
parties acknowledge that the excess valuation agreed to herein is not binding
on the Douglas County Assessor and that any partial or full valuation
designated by the Douglas County Assessor may not be produce excess ad
valorem taxes to amortize the Redevelopment Promissory Note;
(2) not convey the Redevelopment Site or structures thereon to any entity which
would be exempt from the payment of real estate taxes, not apply for exemption
of real estate taxes from the county or the state, or cause the nonpayment of such
real estate taxes; if the county and/or state award the exemption of real estate
taxes, this Redevelopment Agreement and its associated Redevelopment
Promissory Note will be rendered void and cancelled;
(3) not apply to the Douglas County Assessor for the structures, or any portion
thereof, to be taxed separately from the underlying real property encompassed
within 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 the reconstruction of
the Redevelopment Project, to the extent permitted by Owner's mortgage lender;
-5 -
and,
(6) cause all real estate taxes and assessments levied on the Redevelopment Site
to be paid prior to the time such become delinquent. The Owner acknowledges
and agrees that any real estate taxes levied in the fifteenth year under this
Redevelopment Agreement that become delinquent shall be forfeited and returned
to the appropriate taxing jurisdictions.
In the event the Owner violates or breaches any of the above agreements,
representations or covenants, the Owner may be required by the City to surrender
the Redevelopment Promissory Note and cancel any remaining amount
outstanding of the Redevelopment Promissory Note, upon reasonable notice and
opportunity to cure. In lieu of the compliance with the above, Owner may, in its
sole discretion, surrender the Redevelopment Promissory Note and cancel any
remaining amount outstanding of the Redevelopment Promissory Note. Each of
the foregoing covenants shall be referenced in a Notice of Redevelopment
Agreement to be recorded by the Owner with the Douglas County, Nebraska
Register of Deeds within sixty (60) days of the execution of this Redevelopment
Agreement. The Owner shall include the same covenants and restrictions agreed
to above in any conveyance of the Redevelopment Site, or any portion thereof,
including but not limited to, any sale, assignment, sale-leaseback or other such
transfer of the property, but shall not be responsible otherwise for the actions of
the third parties if these covenants are breached by such third parties if the 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.
3.7 The Owner or developer shall provide the City with a penal bond in an amount
equal to the Redevelopment Promissory Note Proceeds as may be required by
Section 18-2151 of the Redevelopment Law. The bond requirement contained
herein and the bond requirement set forth in Section 2.4.2, above, may be satisfied
by one single bond instrument.
SECTION 4. PROVISIONS OF THE AGREEMENT
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
Agreement, wherein the "Owner" is referred to as "Contractor".
4.2 Non-discrimination. The Owner shall not, in the performance of this Agreement,
discriminate or permit discrimination in violation of federal or state laws or local
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ordinances because of race, color, sex, age, political or religious opinions,
affiliations or national origin.
4.3 Captions. Captions used in this Agreement are for convenience and are not used
in the construction of this Agreement.
4.4 Applicable Law. Parties to this Agreement 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 Agreement.
4.5 Interest to the City. Pursuant to Section 8.05 of the Home Rule Charter, no
elected official or any officer or employee of the City of Omaha shall have a
financial interest, direct or indirect, in any City of Omaha Agreement. Any
violation of this section with the knowledge of the person or corporation
contracting with the City of Omaha shall render the Agreement voidable by the
Mayor or Council.
4.6 Merger. This Agreement shall not be merged into any other oral or written
Agreement, lease or deed of any type.
4.7 Administrative Amendments. The parties hereto recognize that certain
administrative amendments may need to be made to this Agreement in order to
carry out the intent of this Agreement and the Redevelopment Plan. The parties
hereto recognize that any such minor amendments to this Agreement negotiated
and executed by the parties' respective representatives, other than those defined in
§18-2117 of the Redevelopment Law, shall be considered and treated as
administrative in nature and not as a legislative amendment to this Agreement or
the Redevelopment Plan. However, amendments of the following types shall be
referred to the City Council for approval:
(1) Those that materially alter or reduce existing areas or structures otherwise
available for public use or access;
(2) Those that require the expenditure of $75,000.00 or more of City funds
above the levels contained in this Agreement;
(3) Those that increase City loans, bonded indebtedness, deferred payments of
any types, or other financial obligations above the levels contained in this
Agreement; and
(4) Those are otherwise considered major or material in the reasonable
discretion of the City.
-7-
4.8 Modification. This Agreement contains the entire agreement of the parties. No
representations were made or relied upon by either party other than those that are
expressly set forth herein. No agent, employee or other representative of either
party is empowered to alter any of the terms herein unless done in writing and
signed by an authorized officer of the respective parties.
4.9 Assignment. The Owner may not assign its rights under this Agreement without
the express prior written consent of the City; such consent not to be unreasonably
withheld. The Mayor may, without City Council approval, approve, in writing,
the assignment of all rights hereunder to an affiliate of Owner, successor entity at
least partially owned by, or under common control or ownership with Owner, or
any Redevelopment Project mortgage lender, as may be in related to entity
structuring for tax credit equity participation and funding.
4.10 Strict Compliance. All provisions of this Agreement and each and every
document that shall be attached shall be strictly complied with as written, and no
substitution or change shall be made except upon written direction from
authorized representatives of the parties.
4.11 This Agreement shall be binding upon the Owner's successors and assigns, and
shall run with the land described in Exhibit "C", 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 Agreement 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:
James R. Thele Legal Service
Planning Director c/o City Clerk
City Planning Department Omaha/Douglas Civic Center
Omaha/Douglas Civic Center 1819 Farnam Street
1819 Farnam Street, Suite 1100 Omaha,NE 68183
Omaha,NE 68183
(2) Owner:
Resumo, LLC
4361 Lafayette Avenue
Omaha,NE 68131
Attention: Jon Crane, Manager
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Either party may designate additional representatives or substitute representatives by
giving written notice thereof to the designatedrepresentative of the other party.
Executed this V day of D der— , 2015.
ATTES : CITY F OMA A:
/1_ /S'--
City Clerk of the City of Omaha Date Mayor of the City of Omaha ate
APPROVED AS TO FORM:
9/N/s
A .51• AT Date
2228 dlh
-9-
Executed this i l day of �p '0"� , 2015.
OWNER: Resumo, LLC, a Nebraska limited liability company
By:
Name: Jon Cr
Title: Manager
STATE OF NEBRASKA )
) §
COUNTY OF DOUGLAS )
Jon Crane, Manager,Resumo, LLC, a Nebraska limited liability company acknowledged the
foregoing Redevelopment Agreement before me this 1 1"day of , 20 15.
Notary Public, State of Nebraska
My commission expires on w -t Z.-1 S
GENERAL NOTARY-State of Nebraska
DONNA PRUGGER
My Comm.Exp.June 12,2018
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EXHIBIT
Prcparry Legal Description
-
CITY LOTS LOT 8 BLOCK 220-EX1RREC-: S 35.25 E ,55 FT- 10' FT VAC MASON ST 8: 10 FT VAC ST
10 ADJ&LOTS 5 THRU 8 ELK 22C LYING S OF A LINE 12 FT S OF SPUR TRACT.
Ari4
CITY LOTS LOT 3 BLOCK.222 N 67 S 102 FT VAC 11 ST ADJ BLK 221 & VAC 12 ST&•IRR N PT LTS
7 $ 51.K 222;8.IRR 72 FT LTS 5 TO BLK 221,
' ...—.....,—...
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IIM ''! IM
PART OF LOTS 220 THROUGH 222
CITY OF OMAHA
ALTAIACSM
LAND TITLE SURVEY '
,
DOUGLAS COUNTY,NEBRASKA 2 I
11
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 HAVE BEEN
COMPLIANCE WITH THE '33 ACT AND ALL APPLICABLE RULES AND
REGULATIONS THEREUNDER, OR THERE SHALL HAVE 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
$2,454,471.00 a- , 20
FOR VALUE RECEIVED, the undersigned, City of Omaha (hereinafter known as
"Borrower"), promises to pay Resumo, LLC, 4361 Lafayette Avenue, Omaha, NE 68131,
Attention: Jon Crane, Manager ("Holder"), and/or its assigns, the principal sum of Two Million
Four Hundred Fifty Four Thousand Four Hundred Seventy One and No/100 Dollars
($2,454,471.00), together with interest thereon at the rate of 4.5% 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 this 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 �7'"tay of UP46er , 2015, by and between the
Borrower and the Holder (the "Redevelopment Agreement") are collected by the Borrower and
available for the retirement of this debt.
In the event of default under this Redevelopment Promissory Note, all sums secured by
this Redevelopment Promissory Note or any other agreement securing this Redevelopment
Promissory Note shall bear interest at a rate equal to five percent (5%) above the prime rate as
published by the Wallstreet Journal 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.
The Borrower may prepay the principal amount outstanding in whole or in part, without
the prior consent of the Holder.
In the event the monies collected and held in that special fund established under Section
18-2147 of the Nebraska Revised Statutes and pursuant to the Redevelopment Agreement are
insufficient to pay in full all amounts due and owing at a date fifteen (15) years from the division
date year, and all excess ad valorem taxes generated by the Redevelopment Project, as set forth
in the Redevelopment Agreement, have been collected by the Borrower 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 division date year, the Holder shall waiver any unpaid
portion of the principal and interest due upon written request of the Borrower.
In the event this Redevelopment Promissory 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.
The Holder may at any time before or after default, exercise its 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
Bye) AEI
Mayor of the City of Omaha Date
ATTEST: APPROVED AS TO FORM:
/% . 7
i y Clerk of the City of Omaha Date Asa-f it A rney Date
- 2 -
EXHIBIT "D"
EQUAL EMPLOYMENT OPPORTUNITY CLAUSE
During the performance of this Agreement, "Provider"agrees as follows:
(1) Provider shall not discriminate against any employee or applicant for employment
because of race, religion, color, sex, age, sexual orientation, gender identity, disability or national
origin. Provider shall ensure that applicants are employed and that employees are treated during
employment without regard to their race, religion, color, sex, sexual orientation, gender identity,
or national origin. As used herein, the word "treated" shall mean and include, without limitation,
the following: recruited, whether by advertising or by other means; compensated; selected for
training, including apprenticeship; promoted; upgraded; demoted; downgraded; transferred; laid
off; and terminated. 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) Provider shall, in all solicitations or advertisements for employees placed by or on behalf
of Provider, state that all qualified applicants will receive consideration for employment without
regard to race, religion, color, sex, sexual orientation, gender identityl or national origin, age,
disability.
(3) Provider shall send to each labor union or representative of workers with which it has a
collective bargaining agreement or other contract or understanding a notice advising the labor
union or worker's representative of 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) Provider shall furnish to the City 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
City Contract Compliance Officer shall be those which are related to Paragraphs (1) through (7)
of this Exhibit and only after reasonable advance written notice is given to Provider. The
purpose for this provision is to provide for investigation to ascertain compliance with the
program provided for herein.
(5) Provider shall take such actions as the City may reasonably direct as a means of
enforcing the provisions of Paragraphs (1) through (7) herein, including penalties and sanctions
for noncompliance; however, in the event 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, Provider or the City may request the United
States to enter into such litigation to protect the interests of the United States.
(6) Provider shall file, if any, compliance reports with 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 City Contract Compliance Officer.
Compliance reports filed at such times as directed shall contain information as to the
employment practices,policies,programs and statistics of Provider.
(7) The 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-Provider or vendor.
)1/59/#1Ae
/7O
ORDINANCE NO. 945,20
AN ORDINANCE approving a
redevelopment and tax increment financing
loan agreement between the City of Omaha
and Resumo, LLC, a Nebraska limited
liability company, to implement the Rail and
Commerce Bldg Tax Increment Financing
(TIF) Redevelopment Project Plan located at
950 South 10th Street which proposes the
adaptive reuse and conversion of the
historic, former Postal Annex Building into
a mix of modern-day commercial office and
retail uses, and the addition of a new parking
structure for the building tenants; the
agreement authorizes the use of up to
$2,454,471.00 in excess ad valorem taxes
(TIF) generated by the development to help PRESENTED TO COUNCIL
fund the cost of the project; and providing 2015
for an effective date. 1st R d" g EP 2 9 /f/�j/
2228 dlh
�/
Heari — 6 2015 _
PUBLICATIONS
Final Reading OCT 2 0 2015 ,
PUBLICATION OF HEARING
Passed 7-e>
Date 0-07 16—
BUSTER BROWN
PUBLICATION OF ORDINANCE City Clerk
Date AD-- /5-