Loading...
RES 2015-0955 - Sorensen Place TIF redevelopment project plan Planning Department '"l ' Omaha/Douglas Civic Center ' `���jii.e&C/d „ 1819 Farnam Street,Suite 1100 205 r '#ri 9 Omaha,Nebraska 68183 o r� 0 d .SUL b (402)444-5150 �rFn FEenUr4 I'elefax(402)444-6140 City C1 Y CI-LE�'K JamesR.Thele of Omaha Director Jean Stothert,Mayor $ S July 28, 2015 Honorable President and Members of the City Council, The attached Resolution transmits the Sorensen Place Tax Increment Financing (TIF) Redevelopment Project Plan for a project site located northeast of 60th Street and Sorensen Parkway. The Sorensen Place TIF Redevelopment Project Plan proposes an approximately 17 acre, in-fill mixed-use redevelopment project in northcentral Omaha. The project plan proposes the clean-up and redevelopment of vacant land that has been heavily wooded for years and has remained undeveloped due to challenges associated with the site. The developer intends to improve this challenging site with a mixed-use development to be known as Sorensen Place. The plan recommends redeveloping the site into five (5) lots to include affordable housing, commercial/retail, a self-storage facility and a convenience store as follows: • affordable housing consisting of approximately 120 units covering seven acres: o 60 of the units with senior preference and the other 60 with veterans preference; • a self-storage facility of approximately 57,000 square feet; • retail lot for approximately 4,000 square feet; and • convenience store of approximately 8,000 square feet. The Planning Board recommended the approval of this Redevelopment Project Plan at the June 3, 2015 public hearing. The Redevelopment Project Plan recommends the City's participation in the redevelopment of this project site through the allocation of TIF in an amount up to $1,915,000.00. TIF will be used to offset TIF eligible expenses for infrastructure improvements and design costs (architectural and engineering fees), and other public improvements as required. The total estimated project costs are $23,831,223.00, but are subject to change as final costs come in. Your favorable consideration of this Resolution will be appreciated. Respectfully submitted, Referred to City Council for Consideration: i . gal S ,j Q.4-,- w - -7/ IS/1 James R. Thele Date Mayor's Office Date 'V.I.-Planning Director p 0 I Approved: Ce-.U.-4,19jjL/ Stephen B. Curtiss Date R bert G. Stubbe, P.E. Date Finance Director Public Works Director 2203 dlh Notice of Publication: August 6, 2015 and August 13 Public Hearing: August 25, 2015 EXHIBIT "A" Legal Description, Alta Survey, Topographical Survey, etc. —see following page(s) Douglas County, Nebraska Property Record - R2233970202 ,--- _ Print Report View Interactive GIS Map Information is valid as of 2015-05-09 Treasurer's Tax Report New Feature -, 4 -0 Subdivision Sales Search 1 . ___ --- Owner SIXTY SORENSEN LLC 105 N 31 AVE SECOND FLOOR OMAHA NE 68131-0000 7 . Property Information Key Number: ; 3397 0202 22 Account Type: Commercial _ -- Parcel Number: 2233970202 Parcel Address: 5910 NEWPORT PLAZA OMAHA NE 68152-0000 Legal Description: SORENSEN PLAZA* LOT 2 BLOCK 0 IRREG 16.50AC Value Information , I ' 11 Land 1 Improvement Total 2015 1--- $140,900.00 $0.00 $140,900.00 2014 $140,900.00 $0.00 $140,900.00 1--- 2013 $140,900.00 $0.00 $140,900.00 - , .-1 2012 $140,900.00 $0.00 $140,900.00 I , 2011 $140,900.00 $0.00 $140900.00 _.., 2010 ' $140,900.00 $0.00 $140,900.00 Sales Information I I Sales Date: 2012-04-20 I View Document -Deed Type:Type: WD . Book: I 2012 , Page: ' 038074 I i Price: $290,000.00 --- — - ----1- _ . Grantor: DPI GROUP LLC Grantee: SIXTY SORENSEN LLC Valid/Invalid: Valid Exclusion Reason: : i — — Land Information 1 , 1 Acres i SF Units I Depth 11 Width 1 Vacant 7 4 I I I 16.5 718740.0 0.0 0.0 0.0 Yes Land Attributes ---- ' Attribute Attribute Description Utilities All Public Street/Road Paved Location Secondary Strip Topography/Shape Level 60 ifb, cri ..0 gOr 14 LP r::: 0- Gr$ WhitMOre St • '' c-11 .P. e. ..., e. e, wa Le) Ida St z co 4- 2 6, 0 .0 ke) . Z Mary St , CP IT 1 c_ I la- (i) Newport Ave 1 .13 z -1' i GI ce) kr:,1 _ Sorensen Pkwy Sorensen Pkwy Sorensen Pkwy z a, z iso, al t' z = c) cri ct., s .co > ko al, co Eagles Nest , ul Z 1 y J ) J Curtis Ave Warship Center 11"1, - Map data 82015 Google To interact more fully with Google Maps and Street View go to this link Goonle. If you require a more exact , property location, you may use the Interactive GIS Maps that are maintained by our office. _._ i is n;�,,•?: ' 5>� %-, a:..., .,�... [oAlzloie 0 1 N 11'1 i N iY i/-1 ,,,j• 1''::;?..-1,Y tZ.."r+_ 4.,.. ram a 2s_'.• r t3 1—.l U—t tt ,,( Z�, U,j(tp n ./Ea ,,-•;:f:.;;;.;;;';';.,';':::;::;',.::'•Z:,:,:.----..-s,,,'':.;'...:',.......-dt ..;:i :::":.VV#11iaVlitit.ti)::'' ,....,..,4,,, .,.;- .•,__,. - - ',., ff 1 ua;ie l�•a• ;.ire:• ' � • ; ,I du . � 1 k.4L. fi` '" , g „,,,r ., ....... ..': ... ! �)3 p-:a•41::1..`•' a . Tint Q�AWfSO(Ulrk(9Ir14.o a t �/ •'.I• ... ! ��, +/.i ter.,-•.r..;;;\. L,,�j t;5••`..;. tii 14...., .':- i I-1:;:;::.:::::5.-:::.:.:::.:'::::.:.''::.-.....';*":',1:1;"..".'.:;,.....:.:v..;:::::::..::::::::,........,.".::„'................................................-,:.....::,..\''':-.'--i,)if/I,..,/./.../yf//// '71:411'7,_... ;P:':...,,,''Nt...z;, ,1 • f t f / /; ' ` /f ;" •(.;'�j" - ' mi: m":.w�.un,mro.,..wn..—,. ,r f. r� / /- / 7 ....:•• 11f � f.�l f:. 7S o ;', b.��va.,......a,r,m • �I1. ia}nz`�a n,runm.y�// /, a�1,'' F 'i• ��fffr.,r.•`•ll I i...: ,- 4 ' ! r.!'i •/. ../ ../•. °�":::,wet...'.7."N•sonra morm-a�n wr) .tq. xeF:.__ � y �¢I.�f��+�f//.r./f./. ,r ,..+ ....r M'1i'iA`.w aS pt,J % I ! ?;.l}//} r f // i( .r �.r.,.»••`Y•;.. H n,,".�:"^"t�L' Im t t7 0 i } ' a :" p.t^t f r`/ 'ka°,,lxrn9� ( / \. ..�'� a t Nw,Y<a .�Fi e,:r."..7.�Hiv,.o F„ f'� ] ram/ + )' 4// " /I( / 2 : ;:? ;j�..... � If . � A ,L-".`V�ti�"tu]'"fPt�.,�ir..Y'u�<?-`Y:.! �,. atm tat$". tt •/l/%/r, / "\ifc:I ) Et.t I ifiPTRUMMIVti ACT, t! j .I:. ? '+G%.F�;su�'r V�°:3„,Qp SN y. I / U/ 41' i1 it Iii 7 y wrm<w tar• 16 l , • yi„(,..,• .. �, 1 fflimmuira i;.'wal:i d4:''N' o-t:iceqF M K;4,frr�, r•.,., —, hs�`` r+ ^. i _ t• e. .. w54k rY'r` .m,.rs- 1--ate..?c—'_"sr'r 7A ! /lS-!r ( r0!= ' rt + o,d4. •l �F' sax alga rnntcwnV ga ,N.wt nul , r...,a ,. . l or I EXHIBIT "B" SORENSEN PLACE TIF REDEVELOPMENT PROJECT PLAN 60TH & SORENSEN PARKWAY AUGUST 2015 QM,1LHA,0/Nir 44. 111 U 1s►2r41-401111k7 rifitT,/J rR,. Ot 44. '1'RD FEB09' PLANNING.OMAHA Jean Stothert, Mayor City of Omaha James Thele, Director Planning Department Omaha/Douglas Civic Center 1819 Farnam Street, Ste. 1111 Omaha, Nebraska 68183 0 ice' w 0 " . ,� i' , N. I f y (k �,.. 4. ^ y . 5%d M4 .j Wig. .- ,,r -. ',(, ti � ... —isQ c 1 �p-� 444.1J 1 ' lei. __ ,., I !"� / - N t r 0,.. t A• 3 ";/ :atAr- n �e, • a mo t- 'r n -. ac v •< n' ry a a n , p c 1 n Ye C la y ,, >u Nx�1_nri>nvt P124 14. Aft n .�x n ro '" '. { it'it ' ro r i aat r`4a .ram• b ..,fs�lvNX.uv4iQN'" ° '' * �':.,� > ;.01,4 Ili i • ii II .p w t"" thi N 60th: :.St - . ; :� L t N 6Oth Vla ,e, E ;;In t 1 0. 0 71 i, - m 0 '� §_n lat i ,�F x�_♦♦ n v % ,Q 0 a N',din 5t i 1; z i N N'Y57,th 5t ar, tw• A, . N 56th5t N 5 I - 1 X� 7 bth9S N-56th St .t M, Li`` � "..__„ ) 'i 4 ti ': ''..41: d S v N 4rhr _ St,h a ,te jtr ` 1 h ::,1" N, X .. L'd' e.aP Yc U X p c o -I ' "%se P r S M N .gra T4 ''' n ^'" ip , .. + - V n .. ♦ X _ wet ts' d : ^me- N 52ndwSt n, „4, ? wit N4X52n'ddrSt .,. - d . d St =tea a A m � .. 0 3 7 Via L, , d yso. • „art •l ,-,+ e , ,.". 3 , ter , ►9^S1"sta5tt yn ilk Y M r 'a0s ti Of ttti EMI' '�', _.d `='4 ." li p,,� `., w 3Y, 4 un' m r ' t i s ? t , :�r'.+w forestilL'awn� ° ,N( •, "'.. � Ave As, �iarM��IMI wee/; go N ` " INTER-OFFICE COMMUNICATION City of Omaha,Nebraska Planning Department TO: Chairman and Members of the Planning Board FROM: James Thele,Planning Director DATE: May 27,2015 SUBJECT: SORENSEN PLACE TIF REDEVELOPMENT PROJECT PLAN General boundaries:60th Sorensen Parkway Case#C3-15-130 Project Summary The Sorensen Place Redevelopment Project Plan is an approximate 17 acre, in-fill redevelopment site located in North-Central Omaha, near Nathan Hale Middle School. The existing CRA in the area was extended to include this site in early 2014. The project plan proposes the clean-up and redevelopment of vacant land that has been heavily wooded for years and has remained undeveloped due to challenges associated with the site. In addition to having a significant number of trees, the site contains buried debris under a large portion of the site and jurisdictional wetlands on a significant portion of the site that requires a development configured around the wetlands,according to the applicant. The project development team includes DANA Partnership, LLP, d/b/a White Lotus Group as the controlling member of Sixty Sorensen, LLC, the applicant and the owner of the project site; and, Clarity Development and Ronco Construction. Sixty Sorensen, LLC purchased the currently wooded area located near 60th Street and Sorensen Parkway with the intent of developing this challenging site into a mixed-use development to be known as Sorensen Place. Project Description The redevelopment site will consist of five (5) lots and include affordable housing,business/retail,a self- storage facility and a convenience store as follows: • proposed housing will consist of approximately 120 units covering seven acres o 60 of the units with senior preference and the other 60 with veterans preference; • self-storage facility will be approximately 57,000 square feet and be approximately four acres; • retail lot will be approximately 4,000 square feet and will cover approximately one acre;and • the convenience store will be approximately 8,000 square feet and will span roughly one acre. The completion of the redevelopment of this entire site is slated for October 2016. Residential Unit Mix Type Unit Count SF 1 bedroom/1 bath 48 650 2 bedroom/2 bath 54 875 3 bedroom/3 bath 18 1,100 TOTAI/AVG 120 656 BH No Building Permit will be issued based on a site plan that does not comply with the provisions of the Zoning Ordinance. The project site is located within a Community Redevelopment Area,meets the requirements of Nebraska Community Development Law and qualifies for the submission of an application for the utilization of Tax Increment Financing to cover costs associated with project development as submitted for approval through the Tax Increment Financing process. The project is or will be in compliance with the Master Plan,appropriate Ordinances and development regulations of the City. DEPARTMENT RECOMMENDATION:Approval. ATTACHMENTS General Vicinity Map Project Plan BH 8 CASE: C3-15-130 APPLICANT: Planning Department on behalf of the City of Omaha REQUEST: Approval of SORENSEN PLACE TIF REDEVELOPMENT PROJECT PLAN LOCATION: Northeast of 60th Street and Sorensen Parkway SUBJECT AREA IS SHADED - JUNE 2015 - "IiIMIEll II „7 ... , A -whitm e_stimino_iligilluilw Ailiwid , i -1-1.-1-..--_-_ • • ,Ni MIME arr illilitilNiioNIIIII 1 • DR • • ■ R3 4H1 • 11 ■ ■• �� ■ • ,t, ------H •I En 5 1 11 � ♦ i�, I;I �'�• ♦♦♦ • Mary_S 1t ilk' ,, ♦♦ • mil 1: . ,1 • � I ♦ I • IIIII `!'i^' 1' � E 'll • • 1 • . H 1 ll Z l 1 • 4 i 1 z iii ,., ., ,„ i. ...L__ _ _ _ _, 1 � IIohYrot7iI '0?0, r'� i �a 7 on (limited - -.1--------------.--.--.---._ lif 1 1 4n no on No on no no NM Sorensen-P-kwy--— o a MI IN 11 O I a-: i •• DR :. ■ CC ■ -a■ : ma z MI . \ • 0 800 A PLOWING • °M. Feet INTER-OFFICE COMMUNICATION Date: May 12, 2015 To: TIT' Committee: James Thele, Stephen Curtiss,AL Herink, Paul Kratz, Robert Stubbe,Todd Pfitzer, Cassie Seagren, Gail Braun From: Bridget A. Hadley-City Planning Applicant: City of Omaha Planning Department Project Name: Sorensen Place TIE Redevelopment Project Plan Location: 60th& Sorensen Parkway area Project Summary The Sorensen Place Redevelopment Project Plan is an approximate 17 acre, in-fill redevelopment site located in north-central Omaha, near Nathan Hale Middle School. The existing CRA in the area was extended to include this site in early 2014. The project plan proposes the clean-up and redevelopment of vacant land that has been heavily wooded for years and has remained undeveloped due to challenges associated with the site. In addition to having a significant number of trees,the site contains buried debris under a large portion of the site and jurisdictional wetlands on a significant portion of the site that requires a development configured around the wetlands, according to the applicant. The project development team includes DANA Partnership, LLP, d/b/a White Lotus Group as the controlling member of Sixty Sorensen, LLC, the applicant and the owner of the project site; and, Clarity Development and Ronco Construction. Sixty Sorensen, LLC purchased the currently wooded area located near 60th Street and Sorensen Parkway with the intent of developing this challenging site into a mixed-use development to be known as Sorensen Place. Project Description The redevelopment site will consist of five (5) lots and include affordable housing, business/retail, a self- storage facility and a convenience store. • the proposed housing will consist of approximately 120 units covering seven acres: o 60 of the units with senior preference and the other 60 with veterans preference; • self-storage facility will be approximately 57,000 square feet and be approximately four acres; • retail lot will be approximately 4,000 square feet and will cover approximately one acre; and • convenience store will be approximately 8,000 square feet and will span roughly one acre. The completion of the redevelopment of this entire site is slated for October 2016. Residential Unit Mix Type Unit Count SF 1 bedroom/1 bath 48 650 2 bedroom/2 bath 54 875 3 bedroom/3 bath 18 1,100 TOTAL/AVG 120 656 Pro'ect Finance Summa -Sources&Uses First Lien $ 11,588,790 Second Lien $ 1,500,000 LIHTC—IFG Capital $ 5,697,653 TIF Financing—Great Southern Bank, 5% $ 1,915,000 Owner Equity $ 3,126,780 Total Sources of Funds $ 23,831,223 Acquisition $ 1,935,000 Construction $ 15,087,885 Design $ 549,365 Origination Fees $ 272,775 Interest Expense $ 432,376 Soft Costs $ 5,553,822 Origination Fees $ 272,775 Total Uses of Funds $ 23,831,223 Final Valuation Per the applicant, the TIF request is based on a projected final valuation of $9,641,000 based on an income capitalization approach and comparables. Due to the LITHC funding source, rents are restricted, thereby limiting the market income potential of the project. See the TIF calculation sheet within the application. Land Use and Zoning Current use is heavily wooded land. The proposal calls for a mix of uses: residential, commercial—retail, storage facility and convenience store. The developer will work with city staff to finalize a tree mitigation plan. The redevelopment site was already zoned Community Commercial District ("CC"). At the May 6,2015 Planning Board hearing, a major Commercial Corridor Overlay ("MCC") was recommended for approval. Also at the May Planning Board hearing, the following approvals were recommended subject to conditions by the Planning Department and Planning Board: • Major amendment to large special Use permit in a CC-MCC • Major amendment to special use permit to allow convenience storage in a CC-MCC • Major amendment to conditional use permit to allow multi-family residential in a CC-MCC • Approval of a conditional use permit to allow warehousing and distribution (limited) in a CC- MCC Utilities and Public Improvements Standard utilities (electrical, water, sewer)exist near the site/within the area; appropriate connections will be made to the development. Public improvements associated with the redevelopment site are as follows: • Storm sewer • Sanitary sewer • Green space/recreation area • Sidewalks Infrastructure Improvements Cost Summary Site Work 850,000 Tree Mitigation 300,000 Signage 50,000 Lighting 250,000 Sewer 150,000 Water Treatment 175,000 Retaining Walls 300,000 $2,075,00 Transportation The construction of an eastbound left turn lane at the intersection of the site access with Sorensen Parkway is required. Mandatory Criteria—from the application Mandatory Criteria#1: The project is located within an area that is eligible for designation as a community redevelopment area. Community Development Law 18-2103(20) states that"community redevelopment are"means a"substandard and blighted area which the committee redevelopment authority designates as appropriate for a renewal project." The Sorensen Place project site is eligible for designation as a community redevelopment area because it satisfies the Community Development Law's definitions of a "substandard area" and"blighted area." First,the project area qualifies as a"substandard area"under 18-2103 (10)because the combination of the high density of population and the dilapidation, deterioration, age or obsolescence, of the majority of the buildings in the area is conducive to crime and ill health, and is detrimental to the public safety and welfare. Second,the project area qualifies as a"blighted area" because it satisfies the requirements of both 18-2103(11)(a)and(b). The project area satisfies subsection(a)because the combination of certain factors, specifically, the presence of a substantial number of deteriorating structures, deterioration of site and other improvements in nearby commercial lots, and diversity of ownership, substantially impairs the sound growth of the community and retards the provision of quality housing accommodations. The project area satisfies subsection(b)because the average age of the residential units in the area is at least forty years. Mandatory Criteria#2: The use of Tax Increment Financing will not result in a loss of preexisting tax revenues to the city and other taxing jurisdictions. Currently,the city derives little tax revenue from the project site.All of the revenue which will be utilized to pay the Tax Increment Financing Note will come from additional valuation on the site resulting from the improvements to be constructed on the site. The tax received from the increased taxable valuations will be more than sufficient to support the Tax Increment Financing and will not result in a loss of preexisting tax revenues. Mandatory Criteria#3: As set forth above,the project is not economically feasible without the use of Tax Increment Financing. TIF provides a necessary gap financing that is critical to the capital stack due to the considerable cost of the development given the large scale development that the developer wishes to create and the lack of viable alternate subsidies for residential and commercial projects. Furthermore, based upon the projection set forth above, it is reasonable to conclude that this development would not occur in this area without TIF, given the construction costs involved. Mandatory Criteria#4: 1. The project furthers the objective of the City's Master Plan by providing housing, furthering job creation,and contributing to business growth and expansion. Cost Benefit Analysis—from the application 1. Tax shifts resulting from the approval of the use of funds pursuant to section 18-2147(of the Community Development Law); The use of Tax Increment Financing for this project will not result in the loss of tax revenue for Omaha. The current level of taxes will continue to flow to the current taxing entities and the only increase value of revenues resulting from the improvements will be applied to the eligible cost. No community/public service needs will be generated as a result of this project. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives; The proposed TIF will be used to offset site acquisition, site development, and public improvement cost, all of which are eligible expenses. The current property tax system is able to accommodate the development. Furthermore,the long-term benefit resulting from an increase in the tax base from the development is another valid reason to approve TIF assistance for this project. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project; This development will impact employers and employees of firms in the area of the redevelopment project as it increases traffic and availability of retail and housing services in the surrounding community. The new commercial facilities will produce numerous employment opportunities. Please refer to the table below. 4. Impacts on employers and employees within the city or village and the immediate area that are located outside of the boundaries of the area of the redevelopment project; and, This development will impact employers and employees outside of the redevelopment project because it will encourage employers to locate or expand their business in the redevelopment project area due to the increase of commercial activity from the project's quality commercial tenants. Additionally, the housing component of the project will result in a concentrated consumer base that other firms will seek to target and new housing option for employees of such firms that will be primarily appealing due to the lack of new high quality and affordable housing in North Omaha. 5. Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the redevelopment project. The project will provide considerable benefits because it will be making the highest and best use of property that has been undeveloped for years. Furthermore,the project site poses significant challenges that result in significant infrastructure costs. First,the site is a wooded area,which results in the developer incurring significant costs to simply clear the site. Second,there is substantial buried debris on a large portion of the site which results in considerable costs relating to site preparation. Third, given the topography of the site,the developer will incur significant costs with respect to grading. TIF Justification The project site is located within a Community Redevelopment Area, meets the requirements of Nebraska Community Development Law and qualifies for the submission of an application for the utilization of Tax Increment Financing to cover costs associated with project development as submitted for approval through the Tax Increment Financing process. The project is/or will be in compliance with the Master Plan, appropriate Ordinances and development regulations of the City. This redevelopment project plan takes an undeveloped, challenging site in north-central Omaha and proposes to redevelop the site. The redevelopment project will provide much needed housing for the senior and veteran populations. It will also provide several jobs, approximately 13 of which 9 would be FTEs, in this area. The investment in this area may provide some catalyst for redevelopment of the older commercial area across Sorensen Parkway,just east of the site. Ultimately, this project plan will help to enhance the tax base for various taxing jurisdictions. Employment information Description Estimated FTE Estimated PTE Self-storage facility 1 1 Retail 4 2 Convenience Store 2 2 Affordable housing 2 1 TOTALS 9 4 Estimated #of 85 construction jobs TIF will be used to offset costs such as infrastructure improvements and design costs (architectural and engineering fees) and any other public improvements as required. The total estimated project costs are $23,831,223.00. TIF Eligible costs are as follows: Design(A/E) $ 549,365.00 Infrastructure Improvements $2,075,000.00 Total $2,624,365.00 TIF Fees $ 24,725.00 Total TIF Eligible $2,649,090.00 The TIF is 8.0%of the total project costs. Request: The TIF request is for up to $1,915,000.00, inclusive of capitalized interest; at an interest rate of 5.0%. Using the current levy rate of 2.18859% and other assumptions of the TIF calculation spreadsheet supports the TIF request, inclusive of capitalized interest. See attached TIF calculation spreadsheet(s). TIF Fee Schedule: $500.00 application fee paid; the processing fee of$3,000.00 will be collected; an administrative fee of$21,225.00 will be billed. Total fees will be $24,725.00. 0 m m N 0 N 0 N of al N In of N a on OD CO N CD CO m 00 L lD a n N 00 M CO▪ c 0.r In N N In In.--1 m N 00 al to O o1 a a 0 N 01 0 n 01 lD N.M m 00 lO Ol to .O In tO n Cl.-I n M Cn a Cn m n .-I V1 n O N'CO In In tO Cl')a M.-I 01 l0 N 00 m )Cl') V a a V CO CO CO CO CO CO CO M 01 M r0n M r0n N N uD N N ON co.i RI.a. a I a1 n a N N CO C ♦ C O CD O RI u0 N CD CD O C)0 C)CD C)CD C)CD O CD CD CD C)CD CD CD CD CD C)CD 0 O g am, 13 Ic�nT}tDnrn «; 86e.4 'g N ''' V a a a .01:. N uOi O IO N Q 00 r.0 N. O • W to T. ri N _ C 49 U G u II 0 ;Kam' O1 rn E n ILL O. O C a N _O 00 m tD 00 O 00 LO ..N 0 m a 0o a of 01 01 M 0 0 to m CO LO N LL-ILC) V1 1 > 0 O.-I t0 co n 01 N n LC,N O LC1N In.f..M Ol 0o M O CO O 0 0 ID ID 0 m V1 0 0 0 In.-I 00 n 0 Ql CO In.•.N CO n 0 n n al m CO to M.•.00 In 0 m CO N n n p 0 O.O to'CO O 00 to ri N LA.-I t0 O.•1 N o1 L6 O'M.Ti M.01 CO N N.to.1 CO C!) O 00 N n .-I to.4 Ol mN .•I In co N Ln 000m L000ON m In tO N00 al0101 U •n c C N oo 00 a1 al al co n e ID IO In CO CO m N N RI O cn N aoo N tin tTr m/T N V1 u• to +�•' O O CO RI.- .1 RI RI.I.I.-i.I RI.i. . .I.-I.-I RI.-1. Z O J -' U O V)V1 V1 V1 V1 N V1 to V1 V1 V1 V1 L1 L1 V1 V1 V1 V1 LA. O Z O y:tn .n C HJmaEa v > mr=ilQ� E — .-1NM Li I O O O O 00 co 00 00 00 00 co 00 00 00 co 00 00 00 00 00 00 00 00 00 00 00 00 00 m 00 00 v�L�v>•<nmmmmmmmmmmmmmmmmmmmmmmmmmm o0 _ co0o00mo00o0000o0oDm00000o00mmo00o00o0oDmo00oa N rim m n ni fri m 00 00 n n M.ri M.00 00 M.M.M.00 M.m 00lri 00 00 Di 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 01 O ..1-1........ .f ........RI 01 1-1 .-I .... ...y RI .. .... LID H Vl L1 V1 10 10.V1 LA LA V1 V1 10 V1 Vl to V1 V1 V1 V1 Vl 4A V1 10 111 V1 1./1 VI. N V1 J Q e IA. M N 00...,..,-....,01 N CO O1 N CO m 0000 N 0 00 00 LD 0O CON.N 00m O F r� • O L1 L1 V1 Ln In.I CO 01 LIDO C) a1 O N C1 CD n m M 00 ID 01 01 2 2 0 0 .-I n M al CO CO MI n .-ILA n 0 Cl.a N N CO m Ln ID Ln CO M RI CO tD N 00 M N W O E ai n a rri.ti ci oc n Lr ri Ni O cc t6 a N O0 t 06 a.4 al r`a rV Qi I-.a a a CO Cr a a m m m m m m N N N N N...-I .. .••I Lf V1 V.4./1 N 0 1.1 V.V 1 V 1 N N L1 V 1 V I.V 1 N V 1 10.V 1 L1 L1 V 1 V 1 VI.1.0 1.A.VI N a co a 5 O0i t .........O1O1 to m O1 tD gm o OCD 00 Oo N In N CO .-I CDo In 00 0000 00 a O V1 V1 V1 V1 RI OD 00 N 01 o Ln a LD m 01 01 m..a m Ur,a n tO 0 0 in a 01 O CO V1 CO n co O. a n O a 01 m 41 a 0 LO 01 n In a m N N N m a ID Ol N V1 01 a CO O n n N Lar; o a6 .iniLlito0o.-irivir;Di.-00U')Nai.a=LOai.-i o ov ' Di LID LOLID n In Cl')In Ln tD LO L tD L N n n n n co 00 00 00 00 01 01 01 01 O n 00 0o 0 O C V1 to 10 V?V1 V0 VT N L1 L0 LA V1 V1 V1 u>V1 VY LA N N V1 V1 V0 VI.V1.. 01 n .0 01 N O — VD .-I e-I u} .--I Cr. V1 to V1 1 C CO CO m 00 CO CO CO CO CO CO CO CO CO CO CO Co CO CO CO CO CO CO O Co CO CO 00 ▪ 0 0 0 M M M 01 M CI 01 CO M CI CI Cl 01 01 CI 01 01 CI CI 01 M 01 01 01 M M CO • 0 O ' . CO CO OD CO CO CO CO CO CO CO CO CO CO CO CO 0D 00 CO CO CO CO CO CO CO CO CO N. C J12J M M M M Oi ri M M M M co"M rh M M M M M M M 07 rS rM MMM ai 0 0 CgLL 000D00000000000000D000000o m m E • >m LC) CO E • K 4 V1 Ni o ...'o rL Et LL f9 V1 fR 69 f9 f9 f9 f9 f9 f9 f9 V1 u9 49 f9 f9 f9 fA rA 01 V1 t9 f9 V1 f9 f9 01 V1 f9 V1 8 `. E c Of 00 a0 00 00 0)0) 01 CO 0)o)0)o)0)0)01 0)0D a)o)0)0)01 0)CO 0 CO a c :° l'^ O 'COs COa as a aCOCO CO g'CO a as CO$CO a a a as n C — CO i'�. ' 0 0 0 0 0 O O O 0 0 0 0 0 0 0 0 0 0 N i i N 0 C E J N O 13 V1 C'�_10m 0 CU V U ~p d R C RI (9(9(9 f919 E9 V1 V1 6906919 61 f9 V1 6909 69 f9 6.1 Eft U1 C9 69 69 f9 19 19 61 61 .5 U JO To = n n n n n n n n n n n n n n n n n n n n n n n n n n N C CO01 0D CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO ID C Cl.. ' ' ' ' COCOOOmCOCOCOCOC COmwODCOCOCOCOCO OD.CC COmmCOCOCO 0 4 XC 000000000000000000000000oo N CO CO E CO f909 69 V1 EA ER IA 09f9 V1 CO f9 fA fa 0919 69 f9 f909 19 f9 f9 69 69 69 6969 69 61 lL al a1 01 01 01 01 01 01 01 01 a1 01 01 01 01 01 01 01 01 01 a1 01 Cl 01 01 01 01 01 01 01 Ln rn 0 Ln rn rn 00 rn Ln rn VIrn rn 0 rn rn L rn 0 0 0 0 rn 0 0 Ln Ln Ln rn CO c0 00 00 00 co m 00 00 00 00 00 co co 00 00 00 co m o0 00 a0 co oO 00 co m co co co a0 co OD co co co co co moo co co co co oo oo 00 co co 00 co co 0o co 1 co 00 co 00 co 00 H 11 I N N rV rV N N N rJ N N N rV rV N rV rV rV rV N N N N N N N N N N N N Hl 0 u E a a sa a aa a n II m 3 L00 tD 1 33 taO 000000 tO tD taO tOI I taD laO 00 laD tD tD r 0) 0 H o O CO ' ' 0a0 0a0 co ca°00 ro 00 W 00 co co OaD oo m OD 00 00 W 00 00 co co,co.co 00 00 m j 0 LL " W W g W coc00000cogg W gIg W e c W W gg W; gc CN c708.+ X In 1n In Ln In In In Vl ul Ili In Ill In In Ln Nl in Vl In In Ln Vl In In In In T L E 4 of cri cr.;al cri 06 01 Ol a1 ai cr.,'cri Qi al 01 Ol 01 01 01 of 01 al a1 cri al al 0 W 0 0 e C W 01 O V1 ailV1 N V1 L1 V1 V1 LA Vl V1 VT L1 V1 V1 V1 V1 V1 V1 tn.V1 V1 V1 V1 V1 V1 V1 N.VT All0 O L g V C c H 0 w 43 ▪ 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 >V tag E. 0) N 0 12 U O N E M= C tl1 O 10 0 0) 6' 0 a H O m 0 .0+ a v o d 9 y E v ID. » I.)c 0 vE R 0 w 13 y LOLaDaLaaaZS321a3/311I111I1ZS3111 C00 0 C ' ' , ' 0000000000000000000000o 0000000000000000000000000000000 ° W 0 0 Waaa00ag N rTomm 000o0o0oaa00a00V0000c aOaa 0a00a000aWc0 CI x n n l) n n n In n n 1n V1 N n In N Vl In ll Il n In n n Il 11 V1 CFJ 0 CO H — ai ai al al cri on of of of Oi cri 01 of Ci a1 c6 cri ai of cri ai ai O m cf cr.; G .Ot.' V J T., O0 .ro 0 r G > 0 ...' 0 V1 N Ll V1 N V1 Vl V1 V1 V1 Vt V1 VT V1 V1 V•V1 V1 N V1 Vl N L1 V1 L1 V1 N V1 V1 V1 S.C C co O q d O O Ill ..In N In m CO Ill lf1 Ln tD t6 N Vl CO In Q1 Vl O Cr,..In N In m ni CO Ln In C 0 0.0 0 o O .. N ni a In tG n 00 al''O .~. .N. .m. .a.~ .0 Cr-0 0 CO IA w L E 0 Wm LL 2, rC0 Q ~ U g L~ 0 u 0 I•• 4 t c § C m a z Oai 2 0 ® a Sixty Sorensen, LLC Tax Increment Financing Mixed-Use Development Sorensen Place 56th Street and Sorensen Parkway Omaha, NE April 2015 Sorensen Place Mixed Use Development Omaha, Nebraska Project Directory Owner: Owner/Applicant: Sixty Sorensen,LLC Developer: White Lotus Group 105 N. 31st Avenue 2nd Floor Omaha,NE 68131 Arun Agarwal (402) 510-3000 Development Consultants: Clarity Development Company, LLC 105 N. 31st Avenue, #207 Omaha,NE 68131 Tom McLeay (402) 516-8881 Mike Peter (402) 525-7626 Neeraj Agarwal (402)905-0718 Construction Manager: Ronco Construction 1717 North 74th Street Omaha,NE 68131 Zak Olsen (402)677-8212 TIF APPLICATION 1. Project Name: Sorensen Place 2. Project Legal Description: The project consists of five lots, three outlots, and is approximately 16.56 acres. The following is the legal description: SORENSEN PLAZA* LOT 2 BLOCK 0. 3. Project Address: 5910 Newport Plaza, Omaha, NE 68152 4. Property Owner/Applicant Name: Sixty Sorensen, LLC 5. Owner Address: 105 N. 31st Avenue, 2nd Floor, Omaha,NE 68131 6. Estimated Total Project Cost: $23,831,223 7. TIF Request: $1,915,000 8. New Construction: Yes 9. Proposed Project Size: i. Gross Sq. Ft. (Building(s)): approximately 69,220 GSF of commercial/office and approximately 115,000 GSF of residential ii. Net Sq. Ft. (Building(s)): approximately 98,250 RSF of residential # of Acres: 16.56 acres iv. Lot/Parcel Size: a) Lot 1: 1.00 acre, 3,850 sf of office/commercial b) Lot 2: 1.30 acres, 8,320 sf of office/commercial c) Lot 3: 4.42 acres, 57,050 sf of office/commercial (self-storage) d) Lots 4-5: 7.24 acres, 120 residential units e) Outlots A-C: 2.60 acres 10. LIHTC Project: Yes (100% of the 120 units will be LIHTC units). 60 units will have a senior preference and the other 60 will have a veterans preference. 11. Current Use: undeveloped 12. Proposed Use: Mixed-use development consisting of 120 affordable apartments, a self- storage facility, and two commercial businesses. 13. Current Zoning: CC 14. Proposed Zoning: N/A (the applicant rezoned the property to allow for the proposed use) 15. Current Valuation and Taxes: (a) Valuation: $140,900.00 (b) Taxes: $2,982.92. Biography of Project Team DANA Partnership.LLP.d/h.a White Lotus Group DANA Partnership, LLP, d/b/a White Lotus Group is the controlling member of Sixty Sorensen, LLC,the applicant and the owner of the project site. Re-branded from White Lotus Development, developer White Lotus Group redeveloped the historic Redick Plaza Hotel located in downtown Omaha into the four-star hotel, Hotel Deco XV. Other recent White Lotus Group projects include the tenant finish construction of a 25,000+square foot facility for a local non-profit agency, and the renovation and addition to an award winning religious structure. Upcoming projects include a fifty-acre mixed-use development near 168th Street and West Dodge Road. The Sorensen Place("Sorensen") project is similar to projects previously completed by developer White Lotus Group("WLG")and its affiliates. One such affiliate, White Lotus Construction, a minority, female-owned construction firm, managed the development and construction of Ames Plaza,which received tax increment financing from the City of Omaha in 2009. Like Sorensen Place, Ames Plaza involved the development of substantial commercial space which was aimed at attracting a variety of quality tenants. Though Sixty Sorensen, LLC, is a new entity that was created for the purpose of being the owner of the property that is being developed into Sorensen Place, the development team behind Sorensen Place has a history of established success in real estate development. The development team has consistently been involved in the creation of commercial,residential, and mixed-use developments in the Midwest for many years. White Lotus Group is presently headed by its principal,Arun Agarwal. As a former investment banker at Prudential Securities,Arun Agarwal focused on healthcare and real estate initiatives. During that time, Arun had conducted a variety of public and private transactions of over$2 billion, including a $100 million private equity infusion towards Brookdale Living Communities with Capital Z Partners. Having developed a strong record of accomplishment in the healthcare and real estate markets,Arun Agarwal began his own private equity firm in 2002,returning to Omaha,Nebraska, to set up a home base for DANA Partnership d/b/a White Lotus Group. White Lotus Group focuses on projects within the real estate and healthcare markets. The team completed a hotel acquisition and development in Winter Park, Colorado in 2003, a hotel acquisition and renovation in Omaha,Nebraska in 2011, and a variety of other projects including condominiums, self-storage facilities, office and retail space, and affordable housing. Arun was a graduate from the Wharton School of Finance at the University of Pennsylvania in 1998. Clarity Development Clarity Development,whose principals have been involved in the development of over$100 million in multifamily real estate nationwide, bring depth and experience from inception to completion and stabilization of the Project. Ronco Construction Ronco Construction was founded in Omaha,Nebraska, more than 35 years ago and now has projects that span throughout the Midwest. Ronco's diverse portfolio includes office buildings, schools, churches,hotels,restaurants,healthcare and public assembly projects. Zak Olsen serves as President of Ronco Construction.Zak has been in the construction industry since 1998 where he began work as a laborer while in carpenter school. Zak serves on the board of directors for the Associated General Contractors of America,National Safety Council,United States Green Building Council, Omaha Chamber of Commerce, and the Council Bluffs Chamber of Commerce. Zak received a bachelor's degree in business administration from Nebraska Wesleyan University NARRATIVE A. Description of project The project site, located at approximately 56th Street and Sorensen Parkway, has remained undeveloped for numerous years due to various challenges associated with the site that have deterred developers. First, the project site has been a heavily wooded area for years and the costs associated with removal of trees and tree mitigation per local requirements is significant. Secondly,there is buried debris under a large portion of the site which results in additional expense relating to its removal and poses a challenge with respect to ensuring a proper foundation for any development. Thirdly, there are jurisdictional wetlands on a significant portion of the site that essentially necessitates the creation of a site plan that is configured around the wetlands given that wetlands mitigation is not a viable option primarily due to the location of the site. Sixty Sorensen, LLC purchased the project site with the intent of developing this challenging site into a mixed-use development to be known as Sorensen Place. The development will consist of five (5) lots and include affordable housing, business/retail space, a state of the art self-storage facility and a service station. The proposed housing will consist of approximately 120 units covering seven acres; 60 of the units shall have a senior preference and the other 60 will have a veterans preference. The self-storage facility will be approximately 57,000 square feet and be approximately four acres; the retail lot will be approximately 4,000 square feet and will cover approximately one acre; and the convenience store will be approximately 8,000 square feet and will span roughly one acre. The Sorensen Place project is similar to projects previously completed by developer White Lotus Group ("WLG") and its affiliates. One such affiliate, White Lotus Construction, a minority, female owned construction firm, managed the development and construction of Ames Plaza, which received tax increment financing from the City of Omaha in 2009. Like Sorensen Place, Ames Plaza involved the development of office and retail space, and a state of the art storage facility for the existing chain, Armor Storage. B. Land Use The commercial portion will be approximately sixty-nine thousand (69,000) square feet and will consist of a self-storage facility,retail store, and convenience store. The residential portion will consist of one hundred and twenty units: There will be forty- eight one bedroom, fifty-four two-bedroom and eighteen three-bedroom units in ten buildings. Sixty of the units will have a senior preference and sixty will have a veterans preference. Amenities will include a pool, clubhouse, a walking trail, and multiple ponds. C. Zoning-Current and Proposed The applicant is rezoning the property to Community Commercial District ("CC")with a major Commercial Corridor Overlay ("MCC") is obtaining a conditional use permit for Lots 4-5. Planning Departments has recommended approval per its April 2015 staff report. D. Public Improvements 1. Storm sewer 2. Sanitary sewer 3. Green space/recreation area 4. Sidewalks E. Sources & Uses. Construction Budget.Pro Forma. and Project Timeline Project timeline: 1. Entitlements: The project will be fully entitled by May 2015. 2. Financial closing: July- August 2015 (various project components) 3. Construction: July 2015 —October 2016 (various project components) Pro Forma Combined Financials Medium Grocery/ LIHTC Project Finances C- Store Retail Storage Apartments Total Net Revenue 403,264 306,471 257,040 1,069,226 2,036,001 Total Operating Expense 106,794 183,883 154,224 573,343 1,018,244 Real estate taxes 24,569 42,310 35,481 108,529 210,889 Net Operating Income 296,470 122,588 102,816 495,884 1,017,758 Debt Service 160,998 94,425 86,219 431,203 772,845 1.30 1.30 1.19 1.15 Cash Flow 135,472 28,163 16,597 64,681 244,913 3 Year Pro Forma Summary Year 1 Year 2 Year 3 Net Revenue 2,036,001 2,097,081 2,159,993 2,224,793 Total Operating Expense 1,018,244 1,048,791 1,080,255 1,112,663 Net Operating Income 1,017,758 1,048,290 1,079,738 1,112,130 Sources, Uses & Construction Budgets Medium Grocery/ LIHTC Project Uses C- Store Retail Storage Apartments Total Construction Budget 1,929,442 1,034,723 1,500,000 10,623,720 15,087,885 Acquisition 450,000 385,000 350,000 750,000 1,935,000 Design 126,500 56,500 50,000 316,365 549,365 Origination Fees 80,000 21,287 15,000 156,488 272,775 Interest Expense 44,000 31,325 15,000 342,051 432,376 Soft Costs 75,000 52,950 50,000 5,375,872 5,553,822 Total Uses 2,704,942 1,581,785 1,980,000 17,564,496 23,831,223 Cap Analysis 10.96% 7.75% 5.19% 2.87% 4.36% Medium Grocery/ LIHTC Project Sources C- Store Retail Storage Apartments Total First Lien 1,773,954 1,040,428 950,000 7,824,408 11,588,790 Second Lien - - - 1,500,000 1,500,000 LIHTC - - - 5, 697,653 5,697,653 TIF 390,000 225,000 300,000 1,000,000 1,915,000 Equity 540,988 316,357 730,000 1,542,435 3,129,780 Total Sources 2,704,942 1,581,785 1,980,000 17,564,496 23,831,223 Infrastructure Improvements Cost Summary Site Work 850,000 Tree Mitigation 300,000 Signage 50,000 Lighting 250,000 Sewer 150,000 Water Treatment 175,000 Retaining Walls 300,000 2,075,000 Post-Rehab Valuation and TIF Request: The post-rehab valuation is $9,641,000.This is based on the value of the proposed residential and commercial developments based on an income capitalization approach, and based on comparable residential and commercial properties in the area. The consequent incremental value is $9,500,100 . Based on obtaining a TIF loan at a 5% interest rate,the total overall loan, inclusive of capitalized interest, is approximately$1,915,000. F. A statement and demonstration that the project would not proceed without the use of TIF: it should be in the form of an ROI analysis with and without TIF Financing: Total development costs are estimated to be approximately $23,831,223. Without Tax Increment Financing ("TIF"), this project cannot move forward. The TIF Request is $1,915,000. The remaining funding sources are owner and tax credit equity, tax-exempt bond proceeds, HUD financing, and conventional financing. Project BUT FOR Analysis But For Analysis With TIF Without TIF NOI 1,017,758 1,017,758 Debt Service 772,845 772,845 CF 244,913 244,913 Equity 3,129,780 5,044,780 ROI 7.83% 4.85% As demonstrated above the ROI for the entire project would be below 5%. Given the expense and time involved in preparing the site, the applicant must have an ROT greater than 5%for its investment to be worthwhile The housing portion of the project cannot proceed but for the inclusion of the TIF proceeds for multiple reasons. Above all, the project cannot proceed but for TIF because the financing of the project through tax-exempt bonds would be unable to service additional significant debt** due to limited income generated from the rent-restricted residential units. The raising of project rents would disqualify the project from offering affordable housing and therefore make the project unfeasible. The commercial components of the projects cannot proceed but for the inclusion of the TIF proceeds because there are significant atypical infrastructure costs associated with the project. A major infrastructure-related hurdle is the substantial buried debris under the proposed self-storage facility site. G.Evaluation Criteria: Mandatory Criteria Mandatory Criteria#1: The project is located within an area that is eligible for designation as a community redevelopment area. Community Development Law 18-2103(20) states that"community redevelopment are"means a"substandard and blighted area which the committee redevelopment authority designates as appropriate for a renewal project." The Sorensen Place project site is eligible for designation as a community redevelopment area because it satisfies the Community Development Law's definitions of a "substandard area"and"blighted area." First,the project area qualifies as a"substandard area"under 18-2103 (10)because the combination of the high density of population and the dilapidation, deterioration,age or obsolescence, of the majority of the buildings in the area is conducive to crime and ill health, and is detrimental to the public safety and welfare. Second,the project area qualifies as a"blighted area"because it satisfies the requirements of both 18-2103(11)(a)and(b). The project area satisfies subsection(a)because the combination of certain factors, specifically, the presence of a substantial number of deteriorating structures,deterioration of site and other improvements in nearby commercial lots, and diversity of ownership, substantially impairs the sound growth of the community and retards the provision of quality housing accommodations. The project area satisfies subsection(b)because the average age of the residential units in the area is at least forty years. Mandatory Criteria#2: The use of Tax Increment Financing will not result in a loss of preexisting tax revenues to the city and other taxing jurisdictions. Currently,the city derives little tax revenue from the project site.All of the revenue which will be utilized to pay the Tax Increment Financing Note will come from additional valuation on the site resulting from the improvements to be constructed on the site. The tax received from the increased taxable valuations will be more than sufficient to support the Tax Increment Financing and will not result in a loss of preexisting tax revenues. Mandatory Criteria#3: As set forth above,the project is not economically feasible without the use of Tax Increment Financing. TIF provides a necessary gap financing that is critical to the capital stack due to the considerable cost of the development given the large scale development that the developer wishes to create and the lack of viable alternate subsidies for residential and commercial projects. Furthermore, based upon the projection set forth above, it is reasonable to conclude that this development would not occur in this area without TIF, given the construction costs involved. Mandatory Criteria#4: The project furthers the objective of the City's Master Plan by providing housing, furthering job creation, and contributing to business growth and expansion. H. Cost-Benefit Analysis 1. Tax shifts resulting from the approval of the use of funds pursuant to section 18-2147(of the Community Development Law); The use of Tax Increment Financing for this project will not result in the loss of tax revenue for Omaha. The current level of taxes will continue to flow to the current taxing entities and the only increase value of revenues resulting from the improvements will be applied to the eligible cost. No community/public service needs will be generated as a result of this project. 2. Public infrastructure and community public service needs impacts and local tax impacts arising from projects receiving incentives; The proposed TIF will be used to offset site acquisition, site development, and public improvement costs, all of which are eligible expenses. The current property tax system is able to accommodate the development. The project will not result in any increased need for public services. 3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project; This development will impact employers and employees of firms in the area of the redevelopment project as it increases traffic and availability of retail and housing services in the surrounding community. The new commercial facilities will produce several employment opportunities. Please refer to the table below. 4. Impacts on employers and employees within the city or village and the immediate area that are located outside of the boundaries of the area of the redevelopment project; and, This development will impact employers and employees outside of the redevelopment project because it will encourage employers to locate or expand their business in the redevelopment project area due to the increase of commercial activity from the project's quality commercial tenants. Additionally, the housing component of the project will result in a concentrated consumer base that other firms will seek to target and new housing option for employees of such firms that will be primarily appealing due to the lack of new high quality and affordable housing in North Omaha. 5. Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the redevelopment project. The project will provide considerable benefits because it will be making the highest and best use of property that has been undeveloped for years. Furthermore, the project site poses significant challenges that result in significant infrastructure costs. First,the site is a wooded area,which results in the developer incurring significant costs to simply clear the site. Second,there is substantial buried debris on a large portion of the site which results in considerable costs relating to site preparation. Third, given the topography of the site,the developer will incur significant costs with respect to grading. I. Employment information Description Estimated FTE Estimated PTE Self-storage facility 1 1 Retail 4 2 Convenience Store 2 2 Affordable housing 2 1 TOTALS 9 4 Estimated #of construction 85 jobs J.Residential unit mix Type Unit Count SF 1 bedroom/1 bath 48 650 2 bedroom/2 bath 54 875 3 bedroom/3 bath 18 1,100 TOTAL/AVG 120 656 Application Attachments: A. Site Plans &Elevations B. Alta Survey(site specific): C. Documentation of Ownership or Site Control D. Preliminary Commitment Letters for Financing i. TIF ii. Housing • Debt • Equity iii. Storage iv. Family Dollar v. Convenience Store E. Organization Documentation 1. Corporation, LLC or partnership papers 2. Current Certificate of Good Standing 3. Documentation stating authorized signors F. Reports and Studies G. An audited financial statement of the corporation,partnership, or individual for the most recent full calendar year, or compilation or accountant prepared financial statements v U I 01��e N r r _ _. a�._�.I T N n-n 1 1 70" o j ■ I 1 xd' e r'4 O di "8I, N` ''Z-,C1-1-,.. .0 1 I .\. ' .‘"--:---,•• M ‘ o;:\t Z ill -.4 iiii.::i:\'..la 0, �� 1 one -o r \ .\ l a 0il'. I s. l ',' ..li l . 0�o 1 A 7 , I ~ iEa i m I. Cls II4 gg ur • z 80 / o n A A o a I 4. v , W nnv p m� pc IIErna ›0n — , �v\J C N tit �GN / /� n 1 1 1 i // 1 N y II ��C��C��C� N GARAGE N a • f-x--�—x x ti��� I ► x x \ k zgm p p — rx l o __- 'pl p 2 0 / o .I: 2r 02 STORAGE UNISS / 00 1 _qI I — L i il I \ / 0� / ` 'Peiro-----\ .ar ?. 1 1 (6- I \ Fri 1‘. j_________ _______!_-____ ________ __I / /I/ .., 0 1 n2'il // �a m M z I 2IV / O .ELIMINARY SITE PLAN Na DATE REVISIONSDESCWPnON I cC PRELIMINARY PLAT O�®LSS®N ® SORENSEN PLACE ASSOCIATES 0TH AND SORENSEN 2014 Orn h South 68108°�SAE 290 FAX 4E2.341.5E95 w..w.a::o�,a:,odaia,.mm REVISIONS J - I ., I e I ^ I u I • 1 1 1 . 1 a I I n I a I ^ I n i - 1 u 1 a I a L I JI; f Ii ' p� p t# iIl1 I Ili l F'I r t 3 64 3: P 46 Is 1 7r4 TJ r {VQP�yl�l ii Z I T,§ S yr 1 ~ �IH.I .,. -i 1.pnr 4�144 +i£ib ! i. y r li. €:Y #S .liE, •hD l G M--,14 tO 1 1 - L ^r®Iffw£1 O, �// - ; �`` 4 I ra pi , ,; 1 lull, d�j i .c4� old tiq, ,2. � v f0 9 s. 14 g 1 Mil 171.: y o Ij�`_ D kg f - i��<`. n o I {1 El 1 0 1!!I ' O Z :_tl I JzlI-t fit t O I 7 f."3 -I DAM s, 0 R I 1 I D r 2 1�II , � ' I tiY z I 1 Irk 1 �} I mil I1��' I 55v�a �t fi 47 �1L,�:i,,, rs y i o i�` 'F1 - y F cT e�U��,�>`!;¢ `3 4 n >)#3 q ~O I OO III...,,. rlr,lE • 1FFF • ®{y .}fl j p�]s < I!III lyyy, y,yr , t -41 1I �r ii fJ ty _• m119>j• ,, : 1 iL71� 11' I�'S�1iiI2 s, ig a -gli y�6` �` '�ti''°1'i3Ot i 1 1®ii I lip. ® 11 ,44 ' �p is ,a' I id' 1; 1 -r n iir 1 ' 93 L4 ' F1414. I °"Ilj l.`r>< ,I i.,` I tjl 7 J J ��k. r:5 I1 4 IJ�1�viA 4< ICI I sYNEI a.4 r �it l pm 57 #{ i t I IrII 1 r >��y� -j1.;1 11 ,r y .. 1 if [:.''t r rr1' Y L��J t V al* )� e �11Y44 _ --,j �c7 Li i4 l; 2_-,, t t Inu I,,,F AW t1_ �..emu tfid^rg 0I:I 1: I Sl t a ill J�'�'u>1W,v � �-1 � ' s am I=poll — ,i,I;,��I�n,IIIl-a is �IIi �!Ka , iI1 , i 711! in Eve Eliffill 'Q t 14 g Mu - BI nip- 10 z Rfflii _ IlFlr ®III,r'4'� 7i;ii I�gII IIi^;itlt t; I lll� jlli� I€ iil" I®i!' - 1 t 1I I,• ; IIr1' I 1 r s ICI LEI I®II ^ II 4,.41 4('�4r�1I j�33 1�41C` I { ^ 5 �'4.T�' . •'' EI'{ ern CIC }� I € ❑ m sH" _ x i gar 40 } .� -€I Y# pl _ r1" . :F - z :ri E ,, n, i{ E,1 p . t 1■• ■ gip "r-`Ts t1I ale f4' lam �,I-_ 07../ti,,, — _r.l_---II grei1�.lRyb" 11=411C1H1l-tb ^ II ' s SORENSEIIPLACEtdi for ! +°s' 'ifa^, .i:yu4 rr.rlrlaoy €1 .. ' : . -. . - • - • .,,.... . ,..... , ... .._,..J• . , •. • • • . . . -•• . • - :. .' • ...- ' . . . .. -. . -.. .. •,' . J - I , I w 1 .- I 0 I • I q i • t ,, i . I = f n I n I -, I . I a. I . i . 1 ,, L " .. . _. ., 1.1 I I 'I 1 . 1 . li . - 8 . 1111 III 1 111 1111 11111 111 .... . in.,-,.-_:. ._:,.'..!,.",,.; - ,, 1 ti 1 ,11 , I ,i 1 — -• , - ,,,- • • • • -- -.- . 4 . r4 / .1_ lirtetillili, .. .... ., . 0 .0 - 111111111 --".,,, .. ' Ellin-7 .,gi W111r1/ •.: ,' -',,...... .,. ,,..,, , -,.._,, . k m 1.111.11.1111 till l, --H.,... ._.....,-...... 4.1 ±.,•• ... liWiZ'..-...--;':..7 ' EMIL ,. ..: ....._• g - fill---e L1711.111 70 • z tog II - INI II ill! .:-.H.:.1.:;:•I' •'. _tr'.7.. .._ l', - p• - 0011,..-0 . _. , -.... .‘,. . ,1444 .• ••' '':• '• t ' ''''•''•'' •• i . ' !=_i- o _. 1:ij 111 ...‘ ; ,.,. ......,:.. ....,,.. . '.••••.' - , .•' ...'_•,.. . .1.1', _ - Eii li Ntall -, .. '.; _-2.All'- ..- ',:-.'-...' :. 71 :••', .. . .,.. ,.,.... ..- ..„.1,- . . • —i -' li j . IT111Nl!------G ----17 ' )() .„,....*.,...:1.„..,..._. _• ill"! m Kel Om d__ iliMMItti l 1 1 1 Ii ... .. ‘ . 1 . f ' I III H - 1 ti t 1,1 0 • ' it • - - (21 ii 111 1 11, 4 1 1 , G .. :i. cas- t'1. / ' 'e) G • z 11111- .-1 1,, • - MEIN 11111.111I _ III! 1 _ IIIIII , _ _ - oc-411- - . Oil _ ' 11111111 ' - 11111111 - • ._ IINNI(,-___. . . _...... , *110,.1 .. - !ill( 111111 _ _NE i__•.0 _ , .. . . _ 1 ' 1 - - h.vm-,:w.1...;....:,....... ,.„..---....„ SORENSEN PLACE CICEIEM1111110111111:1EllEr111111 t.,,0„.1 Nr.jilern=ffallEs.._ ==. _,,,, ,,,, =11 v . , J - I . 1 I 1 . 1 0 1 o i - I • 1 o la la Iola la I ; la la I a L S" �� '' 1 is111 I( 11111I - • I 11 111 b t t - ,M b p 6 Jp LTI:rz: • z o -- _ -- °z-131 o III= r 2 it pQ ,� el o II IIL W a i� III — 11 ( -Ai . earIII= Ia a II 1oMO Pull I�l1e iol!zliol r —o '� .—© - ail` E.'3�.Q —o - 111- Aalla — ° III` —. M- o 1 !� I ° III=- , ' _ M III f _ M _ II ' - EII III f I f in—rx d `—O — pill o Ill ' Mil 1iiII� . o - Emm-4 -© Iii — — --o —u : o - - -a II a - MIA • ai......v — ,..--. . .1 - I .. I o I o i e .. I = i a a a n I n I in - { i,Q�a�� ---- „n., SORENSEN PLACE a®»sa�mmi� P,crn.'cto Sp='���3 u,ac,n.,, nwikm nailing B= CaF .{FLtch;1J L61ir_'n�,.J:a mnsWNon GREATBSOUTHERN Jennifer E. Kanne Relationship Manager 1020 S. 179th Ct. Omaha,NE 68118 Phone 402-758-8712 jkanne@greatsouthernbank.com February 2,2015 Sixty Sorensen,LLC Arun Agarwal 105 N.3131 Ave.#200 Omaha,NE 68131 Mr.Agarwal, I have reviewed your financing request for a new mixed-use facility located in Omaha,NE. This is a project that Great Southern Bank("Lender")would be very interested in further discussing with you. The terms and conditions discussed herein do not constitute a commitment or obligation to lend,but rather are discussion points for additional review and negotiation. Any future commitment to lend on this project will first be subject to full underwriting and due diligence by Lender and approval by the Great Southern Bank Loan Committee;therefore,the terms and conditions below should not be construed as a binding obligation. This letter does not set forth all the terms and conditions of a future credit facility but rather is only an outline, in summary format, of the major points of understanding which will begin to form the basis of a credit facility. Borrower: Sixty Sorensen, LLC Loan Purpose: Provide TIF bridge financing for the construction of an independent senior living facility consisting of 120 units to be constructed at the intersection of 60'1'and Sorensen Parkway in Omaha,NE within the Sorensen Place development. Guarantor: Joint and several unlimited guarantees of the owners TIF Loan: Approximately$1,915,000;anticipated interest rate of 5%, 15 year term, 15 year amort. Collateral: 1st DOT,AOR,FCBA—5910 Newport Plaza Omaha,NE Financial Information: 1. Borrower will be required to provide an income statement and balance sheet on an annual basis and tax returns as requested. 2. Additionally,the guarantor will be required to provide annual personal financial statements and tax returns to Lender. Greataouthernsankt com pringfiel ,, CO 801 749.7113 6S808 90071 f T L tl Additional Required Documentation/Agreements: Prior to proposing the Loan to our Loan Committee we will need the following information/agreements to complete our due diligence and analysis: 1. Any Financial information required to make a decision; 2. Copies of leases. 3. Tour of the project. 4. Negotiation of financial covenants as required by Lender in its sole discretion. 5. Any additional information or documentation the Lender may require in its sole discretion. Closing Costs: Borrower will pay all of Lender's costs associated with the Loan including but not limited to fees and expenses for disbursements,inspections, attorney fees, and filing and recording fees. Borrower will further agrees to pay all out-of-pocket costs associated with any commitment issued by Lender and the preparation of loan documents. Oral or unexecuted agreements or commitments to loan money,extend credit or to forebear from enforcing repayment of a debt including promises to extend or renew such debt are not enforceable, regardless of the legal theory upon which it is based that is in any way related to the credit agreement.To protect you(Borrower(s)) and us(Lender)from misunderstanding or disappointment,any agreements we reach covering such matters are contained in this writing, which is the complete and exclusive statement of the agreement between us,except as we may later agree in writing to modify it. I am looking forward to working with you on this project. If you have any questions or concerns,please feel free to contact me. Sincerely, Jennifer E. Kanne Relationship Manager JEK I I MAIN®ANK pOBox270 111 12212 No1Eh 16001 Skleet `° �3etinlntJton,N 08007 ,:.--, \� `I G MAPLE L�NA,NGi-I �V I1 TO 1 G845 Spaulding Street 402430.2245 o Fax:402-288.2014 a www.bankbcnn.corm Omaha,NE 08116 bor M vane 5,2014 To Whom It May Concern, The Bank of Bennington is committed to a$1,600,000,00 loan to Sixty Sorensen,LLC for the ' purpose of purchasing the real estate and the construction of a mini-storage facility on the real estate located at 60th&Sorensen,Omaha,NE, If you have any questions regarding this letter,please contact me at 402-238-2245, Sincerely, ANI� 0 .D d o.yle D. Cooh, . Exeouti e Vice President 1 it • igershmam. M®4gag • January 16th,2015 • Mr.Thomas McLeay President Clarity Development Company, LLC 5319 North 30th Street Omaha, NE 68111 RE: Sorensen Apartments a Omaha, NE 221(d)4 Construction and Permanent Financing Dear Mr, Mcleay: • • Gers,hmat Mortgage has accepted your application to process a HUD- insured loan under Bedell 221(d)(4) to fund the construction and permanent loan for the project captioned above. The mortgage would be in the amount of $7,383,239 at a rate of 3.76% for a term of 40 years plus the duration construction , period. • Cur final underwriting approval is conditioned on receiving updated appraisal • and market study as well as various other updated credit documents, Our, commitment to interest rate is subject to.market conditions at the time the HUD Firm Commitment Is. available. This rate and term is readily available under current market conditions. Once HUD issues a commitment to insure our loan,yo.t can proceed toward • closing subject to several conditions, First,your organizational entity must be ' ' formed and comply with HUD's single-asset entity requirement. A final sources and uses of funds schedule must be provided that details the complete transaction. An acceptable Lender's title policy and survey will be required, it is fully understood that the terms of the commitment stated above are • subject to the availability of owner's equity from the sale of available tax credits. • Gershman Mortgage is very familiar with this form of financing with mult€- layered sources of funds, We have recently closed similar transactions in Omaha, Illinois, Indiana, Denver, Kansas City and St Louis, If you have any questions in regard to the information provided above, please call me at(314) 889-0694. Sincerely, GER HMAN MORTGAGE Adam Hendin � • www,gershrig,grrident • 7 North Bemistoit Avenue n St.Louis,MO 63105-3399 Q ph:(314)889.0600 ❑ 1(800)137.7462 n fx;(314)862,1636 t Et i;(_iedi%S I t.rin F,ItI".Inr I l'ij"air-`ltrllJl1�/ March 31,2014 Clarity Development Company, LLC Attn:Tom McLeay 105 N. 31st Ave,2nd floor Omaha,NE 68131 RE: Sorensen Place Dear Tom: Thank you for the opportunity to provide this preliminary commitment letter for the syndication of the low income housing tax credits for the above project.IFG Capital(IFG)has years of experience investing in affordable housing and is excited to contribute to the development of this project. Based upon the initial financial projections and assumptions that you have provided to us,IFG is interested in purchasing the low income housing tax credits and becoming the investor partner in the project(99,99%ownership).IFG will make this investment through an investment fund compromised of various corporate investors. IFG's investment will be for$5,697,653 at a price of$.93 per tax credit. After a successful award of credits,we will continue to review the structure and feasibility of the project and development team,We look forward to working with you on finalizing the underwriting and entering into a detailed Letter of Intent on the project.This letter is valid for 3 months from the date noted above and afterward is subject to renegotiation if market conditions change. Again,thank you for contacting us and we look forward to working with you as the allocation process progresses.Please call us if you should have any questions. Respectfully: Thomas J.Riha Chief Operating Officer Los Angeles I Newport Beach I Singapore I Zurich i11 C:d >ilalre.coin k DcFciidper 73,2014 pose 1 oN a ' L YJ L7 First Bark arid Trust CamPiltly of Illii cis t;YOotllve Offlci b: 300 East NorthVVOSt Highway Palatine;illilidls(30007 (047)356.62.62 rex(647)705-303 • TRIPLE C DEVELOPMENT,INC. TERM 51-IEE T Lender First Bank&Twat Company of Illinois together with its affiliates,successors,participants and assigns ("Lender'). Mortgaged Property Property Type: Retail Property Names: Triple C Development, Inc.,an Alabama corporation Property Address: Located at the corner of 60th Street and Sorensen Parkway In the City of Omaha,NE(Lot 6) Loan Purpose Proceeds from this Loan shall be used to provide construction funds to construct a Family Dollar located at Located at the corner of 60th Street and Sorensen Parkway in the City of Omaha,NE(Lot 6) Borrower Triple C Development, Inc., an Alabama corporation (herein"Borrowers"). Borrowers shall be an entity under the control of Jay Machiolt(herein,the"Principal"). Loan Amount The amount of the Loan (the "Loan Amount") will not exceed an amount calculated based upon the parameters outlined In this Term Sheet as determined by an Independent appraisal, subject to the lesser • of: I) $1,266,428,00 II) 80%Loan to"As Is"value Interest Rate Interest shall be (I) payable monthly on the first day of the month, based upon the outstanding principal balance of the Loan, (II) paid in arrears and (lii) calculated by multiplying the actual number of days elapsed In the period for which Interest Is being calculated by a daily rate based on a year consisting of 360 days, The Interest rate on the Loan (the"Interest Rate") will float during the term of the Loan. The Interest Rate shall be calculated at the time of Closing by adding 275 basis points to the appropriate Bank Prune Lending Rate. Notwithstanding the foregoing, in no event shall the Interest Rate on the Loan be less than 5,25%, Terms and Amortization The Loan shall be for a term of thirty six(36)months and shall amortize on a 20 year schedule. � I Trifle t!..1*lo)nnrenr,Inc. Diy..0,ber23;2011 P,le$ofI Fees Borrower agrees to pay Lender an,Origination Fee of 1,0%of the total loan amount, The Origination Fee shall be fully earned,clue and payable at Closing. Good Faith Deposit Concurrently herewith,the Borrower has deposited a fee("Geed Faith Depeoll")in the amount of$20,000 made payable to First bank end Trust Company of Illinois ("First Bank I Illinois or Lender"). The Good Faith deposit will be refundable to the borrower if Lender elects not,to close the lean in absence of material changes in the transaction discovered during Lender's Due Diligence,but eniy to,the mktent that the amount of`tt.he Good Faith Deposit exceeds any and all costs;(a) incurred by Lender or, on behalf of Lender by any.third party in connection with Lender's due diligence or underwriting of the Borrower or the Mortgaged Property or any other assets being moldered as security for the L0011 (the"Due Diligence Expenses".), and (b)arising out of the preparation, exepulton, and delivery of this Tetm Sheet and the transactions pontemplated thereby,inotuding,but not limited to reasonable fees and expenses of Lender's outside counsel Mel-eclat Expenses"). Any refund of any portion of the Geed Faith Deposit r Lender o ylred f the terms of this Applioation will'be made by Lender within thirty (30) days of receipt by Applicant's written request for a refund. Should Lender elect not to close the loan due to material changes In the transaction,or the Borrower elects pot to close on the loan for any reason,the'Good Faith Deposit shell be non-refundable and will be applied to Due Diligence Expenses and Legal Expenses. Any amounts remalning,frem the Good Faith Deposit after all Due Diligence Expenses and Legal Expenses have been paid shall be credited to Lender as liquidated damages. RecoursoieuarantV Provisions The loan shall be 100% recourse for principal, interest,carry(including debt service and operating costs), environmental indemnity,and completion,Joint and severally to all Principals of the transaction. Prepayment Prepayment of the loan shall be prohibited for a period of nine(9)months following closing unless,a 2,0% penalty Is paid during months 1-6 of the loan, 1%during months 7-9 of the loan,and thereafter shall be prepayable without penalty,A 90-day notice is required for any prepayment prior to the Maturity Date. Security The Loan shall he evidenced by a promissory note executed by Borrower and secured by, among other things, I) a first mortgage/deed of trust on the real p(operty;11)a perfected first priority security Interest in the personal property and FF&E associated with the property; lit) a first priority interest in all cash management accounts, escrows and reserves; iv) assignment of rents, security agreements, and contracts associated with the property; and v)collateral assignment of the ownership interests and vi) all other normal and customary loan documents. No other security Interests In the property may be granted without Lender's permission. Loan Documents Borrower and Sponsors shall execute and deliver to Lender such Loan Documents which Lender determines to be necessary or e to evidence, rfect Lender's erests nd rights in the collateral and guarantees. All Loan Documentssecure ocuments shalll be satisfactory to Lender In Lender'sr'Lender's commercially reasonable discretion. Covenants and Conditions • Standard for a loan of this type, including Lender's standard default language, and escrows for real estate taxes. • Receipt of an acceptable appraisal as directed by and addressed to Bank. Appraisal to indicate"As Is"and"As Stabilized"values, • Verification of"In Place" NOI from the properties and business cash flow as represented to the bank. • Receipt of environmental and property condition reports. • Copies of borrower and guarantor financial statements and lax returns. Guarantor Financial statements shall he certified to First Bank/Illinois. _-._- • Where You' are a Step Ahead • 7r1p(u i!iii!eloillyent,Car' hia r .Weiiri4r2J,2014 Page:3 • ifrdiviciltfs Who are principals of borrower and/or guarantor's will,need to_proyide proof of identification during the documentation process in Compliance With the USA Patriot Act. • Gttar'antors shall provide ahnua(flnanolal;statements and ann• ual talc returns, Gtiarantof shall Maintain nilnitnyrm het Worth and liquid assets at levels to'be determined and 'satisfactory to Lender end 13drroWer. • Borrower shall provide quarterly operating statements arid leasing status reports, • 511ouid debt service coverage drop below 2,o0x as measured quarterly Using actual het operatirlg.1ncome arid with debt service calculated using the current Interest only rate on the loan,Borrower shall msiee a prinelpa(reduction to bring debt coverage above 2,00x, • Minimum release prices to be established prior to Closing. Confidentiailty, This Term Sheet is being delivered with the understanding that neither It nor Its substance will bp disclosed to any third persbn, except to those Who are in confidential relationships to the Borrower or Sponsors(i.e., principals,counsel,adcountan'ts and retained business advisors)or as may be required by law, ,rotce Toe, The Borrower and Sponsor represent and agree that no broker fee Is owed by,,Lender and agree to Indemnify and save the Lender harmless from and against any and all suits for compensation, coininisslons or otherwise (and all costs, losses and expenses, including, but not limited to, attorneys' tfees and o have dealt with or to have ted beenemployethat d by the Bor owe be aeserted of rnorte the Borrower)s rep esentativeerson ot 1lty claiming Expiration The terms described herein represent the Indicative terms under which the Bank may consider providing credit as of December 31, 2014, This Term Sheet expires on June 1, 2015("Expiration pate"), and may be modified if it Is not executed by the Borrower and returned with the applicable Good Faith Deposit on or before the Expiration Date. Guarantee of Fees and Expenses Without limitation of the terms and provisions contained In the Section hereof entitled Good Faith Deposit, under all circumstances Borrower, Applicant, Sponsor and Principals are responsible for all costs of Lender(including,but not limited to, the fees and expenses of attorneys,appraisers, consultants and the cost.of ed with thethe due diligence Loan whether or notrd the Loan closes.ing LenderiestigatiOns Lender will supplyuat g budget ofrder) incurred in proje connection projected costs, Equal Credit Opportunity Act Notice You have the right to a statement of the specific reasons should adverse action he taken on your loan application. Your request must be received within 60 days of our notification of adverse action. We will respond within 30 days of your request. The statement of reasons can be obtained from: Emad Murrar Credit Officer First Bank and Trust Company of Illinois 300 East Northwest Highway Palatine, Illinois 60067 847-654-4408 The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race,color,religion,national origin, sex, marital status,age(provided the applicant has the capacity to enter Into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has In good faith exercised any right under the Consumer Credit Protection Act.The federal agency that administers compliance with this law concerning this creditor is the Federal Deposit Insurance Corporation, FDIC Consumer Response Center, 2345 Grand Boulevard,Suite 100,Kansas City,Missouri 64108. °hate 'OEM are a Step Ahead .„.., ., . .•.,.-•,..,,,-e .. -, .•.-- - '1 I , :. .. . . . . . . ... . .. .., . . . ., • : • .- • . • - , . . -' '.- • '' • 1 ., .. .. , _ . WP1trc beNlomenl,inc. De00.0!bei;23,2011 l'4 %1 W 1 Elreept fel the Y.Qcied rnith Deposit,o provisions of this Terri Sheet whteh ale each impross)y intorided to he binding and fkiltY enforeeable obligatiOns of She bOrtolver and SpenscreiPrInClpais 1 , eVkloneed 69 their sigratdeiiholoW,this'Term Sheet IS for.disoneSion pitrp00P ,?tillf Prtd 0000 t I net'C'efOlLite.a Wiltilild 60.t*Iti/ie,ht el. WRY eflibl'.P..11114at10n Of Lender or Apy 00109 t:hoopf to male a IlOOI Or to ONVide ereat, Any emnibititOrit is 0009gent IiiiOn eht101001.1/ tietilipletlort Of bitalneeS,and legal due Iljitgen0e,the.aheence of any deYolepirt opt o0ohrring with reepe-ot to the Markets*, Property, Derroider afidlor,SporkSers which could, In LenderS Opinion adVerSely effect the value of the Preperty ati'd/oi2 credit of the'spensors,and creak Put1101zEttiPt1 with full and final credit aPprevat I,* the appropriate officers and committee of Lender. In addition, any Such commitment will be Subject to ceMPletion of comprehensive loan dectimentation that is satiefaetay to Lender In its sole disbrotion end to the eitoc (lOrt end delivery thereof bV FlOrrower, Lerldei'0:nd any other parties tegOired by Lender. Delivery by Lender of any draft loan doeuments and deliVei'y bY Lender Of final unsigned copies of lean documents,including,without limitatloo, . . the tendering of any *agave or di aft thereof,shall not conetittite a commitment to Make a loan tiy to provide dedit. NO party or entity etionid or can rely on any statments, oral agreements, draft doeiinonts, proposals, letters or ether dOcuinents or items made or prepared as a resUlt of or In the course of any negotiations el diScussions relating to the sub,ect matter of this Term Shoot. This Term Sheet is intended to be a brief summary of the indisatiVe terms of the proposed Loan and is hot coinprehonsive. The loan documents will contain provisions not included In this Term Sheet, I, If the je rns of MIS pro osal are acceptable,please sign below and return this Term Sheet along with the Go d Faith Deposit. _ ---- . 4yr— ) y Machlel , .1, , leo,sir.h6lit , as President for Triple C Development,Inc,,dated December 23,2014, i • . . Mae 'You are a Step Ahead t Mitcatell 418 ,t CERTIFICATE CAI (,A]'l A t'adDIV %Y tso nit2oc -o6 ni pm 1 f �kI f l • SIXTY SO}iYENSF,N1 LAX i to form a limited liability con�ttc,lly for the purposes The undersigned, desirin{, i hereinafter: set forth,under and in conformity with the laws of the Stale of Nebraska do 1 hereby make this written certificate in duplicate and hereby verity. Shay 1• Now: The name of the company shall be� �.t Sorenson,lael perpetual dual from the 4 steal I p period of duration of the company of State �, date Duration: e The l ' date this Certificate of Urgttrtizatii,rt is tiled with the Secretary Nebraska, is organized to acquire, purchase, lease ando 5 't otherwise The Company e hold, own, mintage, operate and sell Real Estate related frrodita s, services and information. 4 Designated Office Registered Agent and Offices Arun/ti;m wat „a Moor North Avenue,2 Omaha,NE 68131 ti The ate total amount of cash.and property, other than i i?ta�utty Contributed; organizational members a5 capital is described in ` cash, contributed by Exhibit"A"hereto. or whielt by all 6. Additional Contribution: The total or events upon t]telibution to lttt]tpeningbc made��ant shall and t e mss at wfollows; Additional required under shall be. tomade areas I, ofowner5 ip of eachibutions n ember as shall be made proportion to the percentage the Operating Agreement of the company. right to admit 7, Additional The time taro rsain ef the upo<oitlte1ltcttYu�c the nncl conditions of additional es from Y Agreement and as may be determined by admission as stated in the Operating Ag' the members at the times'10 f1lQtcsirticml members as thel a�company the n may Operating not b e d,�,n'eernt;nt, the .inlereS.t transfcrrecl or assigned, The members are the following: DAN _Vartnership „ci 105 North 31`i Avenue,2 Floor t t Omaha,NB 68.13l f 8, Right to Continue Business: In the event or the death, retirement, resignation, expulsion, bankruptcy or dissolution of a member or the occurrence of any other event which terminates the continued membership of a member in the, Limited liability company, then by the consent of two-thirds (in interest) or more of the members,the remaining members of the company have the right to continue the business of the company, at their election and option. 9. Managements The company shall be Manager managed and the management of the company shall be vested in DANA Partnership located at 105 North 31st Avenue,2" Floor, and it shall servo as such until successors are elected and qualified. IU.Internal Affairs: The regulations of the internal affairs of the company are set Forth in the Operating Agreement of'the company and shall govern the operations of the business and members accordingly. The undersigned acknowledges that he is the true and a•curate Registered Agent and subsequent Manager for Sixty Sorensen,I,LL'pe Ile Ai a f;artval • .___.w__—_____. ..._. f ` I 1 • Exhibit"Ar' li entlret,itpst A.ddro:ti Cjtpithi ConlAlluiicrn Ovntevoltip Mit§ i i DANA,a NE PAttner•ship $100.00 100 105 North 31 s'Moue,ue,Zan Floor i Oninlin,NE 681:31 • • t I t 3 STATE OF NEBRASKA United States of America, } ss. Secretary of State State of Nebraska } State Capitol Lincoln, Nebraska I, John A. Gale, Secretary of State of the State of Nebraska, do hereby certify that Mal(SORIENSEN,ILLC • a limited liability company duly formed under the laws of this state on April 4, 2012, has paid all applicable fees,taxes and penalties to the Secretary of State; • the most recent biennial report required has been filled; the company has not delivered to the Secretary of State a statement of dissolution or termination or been administratively dissolved by the Secretary of State and said limited liability company is in existence as of this date. 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, In Testimony Whereof, • , +„q�\e I have hereunto set my hand and �,•.4 , �� affixed the Great Seal of the aoa°annd°; -' l o State of Nebraska on this date of r ®�oqP uCr•RE; °o� �� /7 °°v � °�4� January 15,2015 i t Qf P-- r E Q W 'q�.i.WJ����q}, ww F* of $ C) CA,t4041,i' CA261 -___,‘, , Of01,4)# (Ph, 4, j:/e.e„,____________ 4-C, "' O� I r S fin, ag �4 Secretary of State (f a ii O m R • 18.qmu I .i 1 .•• R • N --n -a W,,f,, g 0---.._--5.7:-9 1 4 1 p 111.fil cql g pl g ., A.,` i4 1 g . .fEd p '" ;V:g . . zn- cis' rz. i NteM,Id �. UIHU PlO Fa . A ljT4,4 t 1 illd/ g tis .......P • — a I i 1 . 1 " • • —� H 1 I!fl111 kk11n i1, H •g0111 GW 1. A tip w3 111 Q m MI c 2sA CITY OF OMAHA LEGISLATIVE CHAMBER Omaha,Nebraska RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: WHEREAS, the primary objectives of the City of Omaha's Master Plan and Community Development Program are to encourage additional private investment and infill development within inner-city neighborhoods; and to eliminate conditions which are detrimental to public health, safety and welfare, by developing vacant, underutilized property within these neighborhoods; and, WHEREAS, the redevelopment project site is located northeast of 60th Street and Sorensen Parkway, is within a community redevelopment area, as the area meets the definition of blighted and substandard per the Community Development law and is in need of redevelopment; and, WHEREAS, the Sorensen Place Tax Increment Financing (TIF) Redevelopment Project Plan was approved by the TIF Committee and subsequently by the City of Omaha Planning Board at their June 3, 2015 meeting; and, WHEREAS, the project site for the Sorensen Place Tax Increment Financing (TIF) Redevelopment Project Plan is located northeast of 60th Street and Sorensen Parkway, and is legally described in Exhibit "A", attached hereto and herein incorporated by reference; and, WHEREAS, the Sorensen Place Tax Increment Financing (TIF) Redevelopment Project Plan proposes the clean-up and redevelopment of this challenging site into a mixed-use development to include affordable housing, commercial/retail, a self-storage facility and a convenience store as described in Exhibit "B" attached hereto and herein incorporated by reference, and; WHEREAS, the Sorensen Place Tax Increment Financing (TIF) Redevelopment Project Plan recommends City's participation in the redevelopment of this project site through the allocation of TIF in an amount up to $1,915,000.00 to offset TIF eligible expenses for infrastructure improvements and design costs (architectural and engineering fees), and other public improvements as necessary, for a project with total estimated costs of $23,831,223.00; and, By Councilmember Adopted City Clerk Approved Mayor rD • ri 0 CD n Z ~C r CD n CD 1 c ZSA CITY OF OMAHA LEGISLATIVE CHAMBER Omaha,Nebraska Page 2 WHEREAS, the Plan presents a project based on estimate& figures and projections that are subject to change as project costs are finalized, and is required to comply with all Planning Department requirements and Planning Board recommendations; and, WHEREAS, Section 18-2108 of the Nebraska Revised Statutes requires the City of Omaha to adopt a redevelopment plan before taking an active part in a redevelopment project; including the division of ad valorem taxes for a period not to exceed fifteen years under Sections 18-2147 through 18-2150, Revised Statutes of Nebraska; and, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: THAT, the attached Sorensen Place Tax Increment Financing (TIF) Redevelopment Project Plan for a site located northeast of 60th Street and Sorensen Parkway proposes the clean-up and redevelopment of this challenging site into a mixed-use development to include affordable housing, commercial/retail, a self-storage facility and a convenience store, recommends the City's participation through the allocation of TIF in an amount up to $1,915,000.00 to offset TIF eligible expenses for infrastructure improvements and design costs (architectural and engineering fees), and other public improvements, 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: c 7/5/1'5 ASS . ITY ATT EY DATE 2203 dlh By 4L ...401. Councilmember Adopted AAIG -I "' ^0 ,4r3 Cit Clerk 8//2745- Approved kiet..-- N- Ill - Mayor / /f 5C2 NO. i Resolution by Res. that, the attached Sorensen Place Tax Increment Financing (TIF) Redevelopment Project Plan for a site located northeast of 60th Street and Sorensen Parkway proposes the clean-up and redevelopment of this challenging site into a mixed-use development to include affordable housing, commercial/retail, a self-storage facility and a convenience store, recommends the City's participation through the allocation of TIF in an amount up to $1,915,000.00 to offset TIF eligible expenses for infrastructure improvements and design costs (architectural and engineering fees), and other public improvements, 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. 2203 dlh Presented to City Council JUL. 2 8 2015 a' //67 (3,/e/ etiee4 3/2L -A-,41/".11aS AUG 2015 Adopted'5 � guiier grown City Clerk