RES 2015-0777 - Benson Mixed-Use TIF redevelopment project plan r"A'A'E'
� 4� 1 F _ Planning Department
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x M.�l�lr(�iJ��d 1819 Farnam Street,Suite 1100
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�` -'`` ' 2015 JUN 12 PM 1: 59
.pA ti. (402)444-5150
oR'r�D FEBR`r4- Telefax(402)444-6140
Cityle
of Omaha CITY CLERK James R.Theor
Director
Jean Stothert,Mayor ()MAHA. Ni_BRASKA
June 23, 2015
Honorable President
and Members of the City Council,
The attached Resolution transmits the Benson Mixed-Use Tax Increment Financing (TIF)
Redevelopment Project Plan for a site generally located southwest of 60th Street and Northwest
Radial Highway, and involves approximately a 2.46 acre site. The development is planned as a
two phased-project involving the site presently occupied by Great Western Bank and its under-
utilized surface parking lots.
This project provides newly constructed, multi-family rental housing options for the Benson area
in the place of the Great Western Bank structure and provides both job retention and job creation
opportunities. The projects proximity to the historic downtown Benson area is a great advantage
as it provides access to some basic goods and services as well as entertainment venues.
The completed phases will consist of 141 market rate apartment units in a newly constructed
building, along with 10,800 square feet of commercial space incorporated into the lower level for
an estimated project cost of$22,307,922.00. The initial phase proposes 99 market rate apartment
units in a newly constructed building, along with 2,800 square feet of commercial space
incorporated into the lower level. The aging, existing Great Western Bank building and the
surface parking lots will be demolished upon completion of the first phase. The branch bank
operation will be downsized and moved into the newly constructed building. Phase I has an
estimated project cost of$13,851,697.00.
The second phase proposes to add another 8,000 square feet of commercial space and another 42
market rate apartment units. A privately owned parking garage of approximately 200 to 215
spaces to support the additional density will also be built as part of the second phase.
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 $3,175,787.00. TIF will be
used to offset TIF eligible expenses such as acquisition, architectural and engineering fees, site work
and demolition costs, and all public improvements associated with this project. The total estimated
project costs are $22,307,922.00, 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:
j/ZI / (di/
mes R. Thele Date Mayor's Office Date
Planning Director
Approved:
/LteGSSeph B. urtiss Ro ert G. Stubbe, P.E. Date
Finance Director Pu lic Works Director
2206 dlh
Notice of Publication: June 25, 2015 and July 2, 2015
Public Hearing: July 14, 2015
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 generally located southwest of 60th
Street and Northwest Radial Highway 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 Benson Mixed-Use 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 Benson Mixed-Use Tax Increment Financing
(TIF) Redevelopment Project Plan is generally located southwest of 60th Street and Northwest
Radial Highway and is legally described in Exhibit "A" which is attached hereto and herein
incorporated by reference; and,
WHEREAS, the Benson Mixed-Use Tax Increment Financing (TIF)
Redevelopment Project Plan proposes the construction of a new mixed-use development to
accommodate 141 market rate residential apartment units, a new parking structure, and 10,800
square feet of commercial space along with the demolition of the existing branch bank building
inclusive of the parking lots over two phases, as described in Exhibit "B" attached hereto and
herein incorporated by reference, and;
WHEREAS, the Benson Mixed-Use 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 $3,175,787.00 to offset TIF eligible
expenses such as acquisition, architectural and engineering fees, site work and demolition costs,
and all public improvements associated with this project, for a project with total estimated costs
of$22,307,922.00; and,
By
Councilmember
Adopted
City Clerk
Approved
Mayor
c ZSA CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
Page 2
WHEREAS, the Plan presents a project based on estimated figures ar'td
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 Benson Mixed-Use Tax Increment Financing (TIF)
Redevelopment Project Plan for a site generally located southwest of 60th Street and Northwest
Radial Highway which contemplates the construction of a new mixed-use development to
accommodate 141 market rate residential apartment units, a new parking structure, and 10,800
square feet of commercial space along with the demolition of the existing branch bank building
inclusive of the parking lots over two phases, recommending the City's participation through the
allocation of TIF in an amount up to $3,175,787.00 to offset TIF eligible expenses such as
acquisition, architectural and engineering fees, site work and demolition costs, and all public
improvements associated with this project, but is subject to change as final costs come in,
containing a provision for the division of ad valorem taxes under Section 18-2147 through 18-
2150, Revised Statutes of Nebraska, as recommended by the City Planning Department, be and
hereby is approved.
APPROVED AS TO FORM:
C7/10//
Assi• C ATTO EY DATE
2206 dlh
By L1J4
i4A1144,6
Councilmember
Adopted JUL 1 4-2015
City Clerk 7/4fr
Approves . ... .. . .. .. -te
t,
Mayor
Exf.riBir \,1 A 'r
.
Exhibit"B"
ALTA Survey
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EXHIBIT "B"
BENSON MIXED USE TIF
REDEVELOPMENT PROJECT PLAN
60TH & NORTHWEST RADIAL HIGHWAY
JUNE 2015
OMAH A,NF
,,,
1111
160:
O.4 44
'TAD FETSO. 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
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: BENSON MIXIED USE TIF REDEVELOPMENT PROJECT PLAN
3010 North 60th Street;60th Street and NW Radial Highway
Case#C3-15-129
Project Summary
The redevelopment project plan for the Benson Mixed Use development located along NW Radial
Highway at 60th Street is planned as a two phase project involving the site presently occupied by Great
Western Bank and its surface parking lots. The project includes 141 market rate apartment units in a
newly constructed building, along with 10,800 sq ft. of commercial space incorporated into the lower
level.The building,with 146,800 gross square feet,will occupy a 2.46 acre site. The aging,existing Great
Western Bank building and the surface parking lots will be demolished. The branch bank operation will
be downsized and moved into the newly constructed building.
This project provides expanded multi-family rental housing options for the Benson area, where there is
not an abundance of existing apartment units, and provides both job retention and job creation
opportunities. The project's proximity to the historic downtown Benson area is a great advantage as it
provides access to some basic goods and services as well as entertainment venues. The additional
housing options created through this project will help expand housing choices and helps to provide
balanced housing in the area.
Project Description
This project plan involves two phases of construction. The initial phase will include 99 market rate
apartment units in a newly constructed building,along with 2,800 sq ft. of commercial space incorporated
into the lower level. The second phase will add another 8,000 sq. ft. of commercial space and another 42
market rate apartment units. A privately owned parking garage of approximately 200 to 215 spaces to
support the additional density will also be built as part of the second phase. Phase I has an estimated
project cost of$13,851,697,and the estimated total project cost with both phases combined is$22,307,922.
The site is presently occupied by the Great Western Bank branch building and underutilized surface
parking lots. There is considerable topographic change across the property, from north to south.
Extensive retaining walls will be required, both on site and included within the building's structural
walls.
Construction is expected to commence September 2015, with Phase I completed by December 2016.
Phase 2 is anticipated to start as soon as the operating stabilization of Phase I has occurred. Phase II
construction would likely occur over a 12 to 18 month period.
DS/BH
Market Rate Apartment Unit Mix
Phase I Phase II
Unit Mix Units Units Totals % Rates
Studio 30 12 44 31 $745-$775
1 Bedrooms 40 14 55 39 $945-$995
2 Bedrooms 29 15 42 30 $1245-$1295
Totals 99 42 141 100%
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
DS/BH
7
CASE: C3-15-129
APPLICANT: Planning Department on behalf of the City of Omaha
REQUEST: Approval of BENSON MIXED-USE TIF REDEVELOPMENT PROJECT PLAN
LOCATION: Southwest of 60th Street and Northwest Radial Highway
SUBJECT AREA IS SHADED - JUNE 2015
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INTER-OFFICE COMMUNICATION
Date: May 15, 2015
To: TIF Committee:
James Thele, Stephen Curtiss, AL Herink, Paul Kratz, Robert Stubbe, Todd
Pfitzer, Cassie Seagren, Gail Braun
From: Don Seten/Bridget Hadley- City Planning
Applicant: City of Omaha Planning Department
Project Name: Benson Mixed-Use TIF Redevelopment Project Plan
Location: 3010 North 60th Street; 60"` Street and NW Radial Highway
Project Summary
The redevelopment project plan for the Benson Mixed Use development located along NW Radial
Highway at 60th Street is planned as a two phase project involving the site presently occupied by Great
Western Bank and its surface parking lots. The project includes 141 market rate apartment units in a newly
constructed building, along with 10,800 sq ft. of commercial space incorporated into the lower level. The
building, with 146,800 gross square feet, will occupy a 2.46 acre site. The aging, existing Great Western
Bank building and the surface parking lots will be demolished. The branch bank operation will be
downsized and moved into the newly constructed building.
This project provides expanded multifamily rental housing options for the Benson area, where there is not
an abundance of existing apartment units, and provides both job retention and job creation opportunities.
The project's proximity to the historic downtown Benson area is a great advantage as it provides access to
some basic goods and services as well as entertainment venues. The additional housing options created
through this project will help expand housing choices and helps to provide balanced housing in the area.
Project Description
This project plan involves two phases of construction. The initial phase will include 99 market rate
apartment units in a newly constructed building, along with 2,800 sq ft. of commercial space incorporated
into the lower level. The second phase will add another 10,000 sq. ft. of commercial space and another 42
market rate apartment units. A privately owned parking garage of approximately 200 to 215 spaces to
support the additional density will also be built as part of the second phase. Phase I has an estimated
project cost of$13,851,697, and the estimated total project cost with both phases combined is $22,307,922.
The site is presently occupied by the Great Western Bank branch building and underutilized surface
parking lots. There is considerable topographic change across the property, from north to south. Extensive
retaining walls will be required, both on site and included within the building's structural walls.
Construction is expected to commence September 2015, with Phase I completed by December 2016. Phase
2 is anticipated to start as soon as the operating stabilization of Phase I has occurred. Phase II construction
would likely occur over a 12 to 18 month period.
Market Rate Apartment Unit Mix
Phase I Phase II
Unit Mix Units Units Totals% Rates
Studio 30 12 44 31 $745-$775
1 Bedrooms 40 14 55 39 $945-$995
2 Bedrooms 29 15 42 30 $1245-$1295
Totals 99 42 141 100%
_Project Finance Summary Overall Both Phases)-Sources &Uses
�• i4„ �9 3:,1�`5 411f.73'��"_ :az��x ,�F� 3.a e,�, 1,3 .
•
.:. toi . #.} �4 � F wiN.,.l _ ,.`<Y MA> :k. '�6t"g'o_Ri<., v, M11E ..', •�',
Equity $ 2,832,135
Construction Loan(CORE Bank,4.25%) $16,300,000
Tax Increment Financing(CORE Bank, 4.25%) $ 3,175,787
Total Sources of Funds $22,307,922
}h;,4r.� y L€i `- = r igp\
k. 3 rf ice{-
,r,UT es of Fun s .:
Land&Building Acquisition $ 1,122,000
Hard Costs/Construction Contract $15,244,523
Site Work&Public Improvements $ 434,350
TIF Capitalized Interest $ 133,787
Design(architectural) $ 920,000
Contingency $ 1,200,000
Soft Costs $ 3,253,262
Total Uses of Funds $22,307,922
Final Valuation
Per the applicant, the projected valuation after completion of Phase I is $9,744,000, with a total projected
valuation of$15,414,000 for the entire proposed project. The applicant based this on an approach using a
combination of comparables of similar projects and using the Douglas County Assessor database to
establish a projected valuation based on income. See TIF calculation spreadsheets.
Land Use and Zoning
The property is presently occupied by an aging branch bank building and underutilized surface parking lots.
A replat of the property has been approved by the Planning Board, reconfiguring the 18 lots of the project
site into two lots, and the property has approval for rezoning to NBD (Neighborhood Business District),
which is appropriate for the proposed project.
Utilities and Public Improvements
Standard utilities (electrical, water, sewer) exist at the site/within the area. Construction of public
improvements will include new streetscape improvements, on-street parking, and sidewalks. The estimated
costs of these improvements are$209,350 as shown in the TIF Eligible Expense section of the application.
Transportation
There are no significant transportation issues to resolve.
Cost Benefit Analysis(from the TIF 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 will not result in tax shifts. The current level of taxes will continue to
flow to the current taxing entities and only the increased value of revenues resulting from the
improvements will be applied to the cost of the improvement.
2. Public infrastructure and community public service needs impacts and local tax impacts arising from
projects receiving incentives:
No community public service needs will be generated as a result of this Project. The proposed TIF will be
used to help offset public infrastructure improvement cost.
3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of
the redevelopment project;
The development will positively impact the neighborhood within the redevelopment area by providing
quality residential housing which will support the existing businesses as well as help spur future
developments and improvements within the redevelopment area.
4. Impacts on employers and employees within the city or village and the immediate area that are located
outside of the boundaries of the area of the redevelopment project; and,
The development will positively impact other businesses in the immediate area outside of the boundaries of
the redevelopment area because the addition of more quality residential housing within the redevelopment
area will result in a larger pool of qualified potential employees for the businesses in the immediate area
inside and outside of the boundaries of the redevelopment area.
5. Any other impacts determined by the authority to be relevant to the consideration of costs and benefits
arising from the redevelopment project.
The elimination of the substandard and blight conditions in this area will bring needed economic
opportunities to this area of the community. The revitalization will cause an increase in traffic in the area.
The long-term benefits resulting from the elimination of the substandard and blight condition and the
increase in the tax base resulting from the development are other valid justifications to provide assistance to
the Project.
TIF Justification
The project site is located within a Community Redevelopment Area, meets the requirements of Nebraska
Community Development Law and qualifies for the submission of an application for the utilization of Tax
Increment Financing to cover costs associated with project development as submitted for approval through
the Tax Increment Financing process. The project is/or will be in compliance with the Master Plan,
appropriate Ordinances and development regulations of the City.
The project will provide expanded housing options in the Benson area, with access to basic goods and
services as well as shopping and entertainment venues. Job retention involving the existing bank operation
on the site and job creation related to the additional new commercial floor area is anticipated to result in 41
jobs, including a mix of management, clerical and service positions. The project plan supports the City's
goal to continue to provide decent, safe and sanitary housing. Ultimately, this project plan will help to
enhance the tax base for the various taxing jurisdictions.
TIF will be used to offset TIF eligible costs such as acquisition, architectural and engineering fees, site
work and demolition costs, and all public improvements associated with this project. The total estimated
project cost of both phases is $22,037,922. The overall TIF eligible costs are as follows:
Acquisition(Land& Structures) $1,122,000
Design-Architect/Engineering $ 920,000
Demolition $ 265,000
Public Improvements $ 209,350
Sitework—Retaining Walls, Grading,Utilities $ 369,000
Contractor Fee (14.2% of itemized total cost) $ 103,152
Contractor Contingency (14.2%of itemized total cost) $ 170,400
Total $3,158,902
TIF Contribution(to be used for other public improvements) $ 30,000
TIF Fees $ 37,758
Total TIF Eligible $3,226,660
The TIF is 14.2%of the total project costs.
Request: The TIF request is for up to $3,175,787. Using the interest rate of 4.25%, the current levy rate of
2.18859% and other assumptions of the TIF calculation spreadsheet supports the TIF request; the TIF
should payoff in much less than 15 years based on the TIF calculation spreadsheet(s). See attached TIF
calculation spreadsheets. Because this is a phased project and the applicant/developer anticipates two
separate TIF notes and two separate division dates, the TIF calculation spreadsheets and supplemental
spreadsheets provide a separate analysis for each phase.
Overall TIF Fee Schedule: $500 application fee was paid; the processing fee of$3,000 will be collected;
$34,258 in administrative fees will be billed. Total fees will be $37,758.
Recommendation: Approval
ATTACHMENTS
TIF Application
TIF Calculation and other spreadsheets
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TAX INCREMENT FINANCING APPLICATION
BENSON MIXED-USE
Application to the City of Omaha
by
60`"&NW Radial, LLC
..
3010 N 60`" Street
Omaha,NE
Project Name: Benson Mixed-Use
Project Legal Description: Project Address: 3010 N 60th Street
As described on the attached Survey
Property Owner/Applicant Name: 60th&NW Radial, LLC Owner Address: P.O. Box 428, Boys
Town,NE 68010
Estimated Total Project Cost: $22,307,922.00 TIF Request: $3,175,787.00
New Construction: Yes (yes or no) Proposed Project Size:
146,800 Gross Sq.Ft. (Building(s))
Rehabilitation: No (yes or no) 118,320 Net Sq.Ft. (Building(s))
2.46 #of Acres
107,158SF Lot/Parcel Size
LIHTC Project No (yes or no)
Market-Rate Project Yes (yes or no)
Historic Tax Credit Project No (yes or no)
Current Use: General Office Building&Parking Lots Proposed Use: Mixed-Use
Development
Current Zoning: CC &R5 Proposed Zoning: NBD(MCC)
Current Annual Real Estate Taxes (2015 Tax year): $22,354.02
Current Assessed Tax Valuation(2015 tax year): Land: $ 185,200
Improvements: $ 870,700
Total: $1,055,900
NARRATIVE
EXISTING CONDITIONS: Applicant is the contractor purchaser of the real property generally known
as 3010 N 60th Street, Omaha, Nebraska (the "Property") and legally described on the Survey as shown in
Exhibit"B".
The Property is located just north of the Historic Downtown Benson and currently consists of an aging
building, and underutilized parking lots. The property is currently owned and occupied by a bank branch.
The entire Property is located within an area previously designated as blighted and substandard and in its
current condition as a large, underutilized parcel it is not being utilized to its full potential. The site is also
largely constrained by some extreme topography with over 20 feet of elevation change across approximately
.. 200 feet of distance, creating challenges to redevelop the Property. The underutilized parking lots are also a
target for loitering.
PROJECT DESCRIPTION: The Applicant intends to redevelop the Property for the purposes of
constructing a mixed-use development which maximizes the buildout on the site given the existing site
constraints. The project will include demolition of the existing building&parking lots and construction of a
new mixed-use building and private structured parking in two phases. Phase 1 will include an approximately
93,000 SF building including 99 apartment units and approximately 2,800 SF of commercial space,as well as
project amenities. The Phase 1 commercial space will relocate the existing bank branch from their old
building into the new project. The Phase 2 portion of the project will include an additional 42 apartment units
and approximately 8,000 SF of additional commercial space, along with a privately owned parking garage to
support the additional density. According to the Applicant's independent market research of similar
properties / developments within the surrounding area, the proposed development plan is the "highest and
best use"of the Property given its site constraints.
A significant challenge is the extensive retaining, both in on-site walls, and structural walls within the
building,to facilitate the dense development given the challenging site topography. Another challenge is that
very little new construction of multi-family product has occurred in this neighborhood in the last few decades
and therefore new construction apartment rents are largely unproven, creating a significant risk for the
developer/owner.
The site plan, preliminary floorplans, and elevations for the Overall Project and Phase 1 are attached
hereto as Exhibit "A" and incorporated herein by this reference. The Applicant has contracted with TACK
Architects for architectural and engineering service, Brester Construction to act as General Contractor, and
Lamp Rynearson Associates for civil, survey, &public improvement design and construction administration
for the project.
CURRENT TAX BASE: The current base valuation of the Property is approximately $1,055,900.00
with annual tax revenue of$22,354.02 as indicated on the DC Assessor's website.
The projected taxable valuation of the Property following construction and stabilization of the project
E, .. was evaluated utilizing a combination of comparables, on a per SF basis, of similar projects listed on the
Douglas County Assessor database and by projecting the value using data from the Douglas County
Assessor's most recent Cap Rate Study to project the assessed value based on its income. Applying the
applicable cap rate from the recent study, results in a projected assessed valuation of $108 / Gross SF.
Evaluating similar of new construction projects in older neighborhoods east of 72nd street resulted in an
average assessed value of$107 / Gross SF. For the purposes of this project we projected our new Benson
project at $105 / Gross SF which for the total buildout resulted in the $15,414,000 tax valuation following
construction. Utilizing the same approach as to tax valuation as previously discussed, we conservatively
project the taxable valuation of the Phase 1 of the project at approximately$9,744,000.
ZONING: Currently the Property is zoned partially R5—Urban Residential District("R5")and partially
Community Commercial District ("CC"). The Property is currently platted as 18 original lots. With the
project, we are proposing to re-plat the Property into two new lots with the Phase 1 building being
constructed on Lot 1 and the Phase 2 Building and Parking garage being on Lot 2. The existing building is
entirely Lot 2. With the re-platting, we have proposed to change the zoning of the entire parcel to
Neighborhood Business District ("NBD") zoning with a Major Commercial Corridor (MCC) overlay. The
Plat that has been submitted and is currently working through the process is included in Exhibit "A" for
reference.
UTILITIES &INFRASTRUCTURE: Applicant shall bring new utilities into the Property as required to
support the project as well as installing sidewalks, landscaping, and streetscape surrounding the Property as
required to accommodate the project.
PROJECT COSTS & TIF ALLOWABLE EXPENSES: The site and building construction cost
breakdown includes preconstruction, site development costs, demolition, and acquisition costs is in the
Project Sources & Uses of Funds is attached hereto as Exhibit "F" and by this reference made a part hereof.
The total project costs for the Project are estimated to be approximately Twenty Two Million,Three Hundred
Seven Thousand,Nine Hundred Twenty Two Dollars ($22,307,922.00). TIF Calculations and a list of TIF
Eligible Expenses are also included in Exhibit"F"and by this reference made a part hereof.
The Phase 1 total project costs are estimated to be approximately Thirteen Million, Eight Hundred Fifty
One Thousand, Six Hundred Ninety Seven Dollars ($13,851,697.00) and a Sources & Uses of Funds for
44.50,
Phase 1 is also included in Exhibit"F".
PUBLIC IMPROVEMENTS: The current condition of the Property is blighted and substandard. The
Applicant wishes to work with the City to construct new public improvements along with the Project,
including new street landscape improvements and additional public,on-street parking.
SOURCES & USES/TOTAL PROJECT COSTS
The Applicant intends to obtain a construction loan to finance the cost of the construction of the
improvements on the Property shown in the site plan attached hereto as Exhibit "A". The financing
necessary to complete this project is outlined in the Sources & Uses of Funds attached hereto as Exhibit
"F". The Applicant has obtained a preliminary loan commitment for the Phase 1 portion of the project, in
the principal sum of$10,300,000.00, for development financing, a copy of which is included as Exhibit
"D" and incorporated herein by this reference. The Applicant plans to seek permanent financing to take
out the construction financing upon stabilization of the Project. The Applicant has secured a preliminary
financing commitment from a lender for the TIF portion of financing which is also attached in Exhibit
CONSTRUCTION BUDGET AND PROJECT TIMELINE
The building construction and rehabilitation costs, including acquisition and soft costs, will total
approximately $22,307,922 for the project overall and approximately $13,851,697 for the Phase 1 project, as
set forth in the Sources&Uses of Funds included attached hereto as Exhibit"F".
PROJECT TIMELINE
The Project is expected to commence in September of 2015, with the first phase of the Project to be
substantially completed by December of 2016. Phase 2 of the project is expected to start within a few years
of the operating stabilization of Phase 1 and would likely be constructed over an 18 to 24 month period.
PRO-FORMA-PROFIT/LOSS AND CASH FLOW STATEMENTS
Project costs are projected as set forth in the Sources & Uses of Funds included attached hereto as
Exhibit"F". An Income Statement for both the Overall Project and the Phase 1 portion of the project are also
included herein as Exhibit"G".
ROI ANALYSIS—STATEMENT OF NEED
Attached hereto as Exhibit "G", an investment analysis outlines the projected return on invested
capital (ROI). The Applicant's ROI without TIF financing would be 4.03%, causing the Project to be
financially infeasible to the Applicant. With the proposed Tax Increment Financing, the Applicant's ROI
would be 8.55%, realizing an acceptable return for the Applicant. The Applicant hereby requests Tax
Increment Financing including two(2)years of capitalized interest in the principal amount of Three Million,
One Hundred Seventy Five Thousand, Seven Hundred Eighty Seven Dollars ($3,175,787.00). The
receipt of such TIF proceeds will enhance the returns to an acceptable level as shown herein and illustrated in
Exhibit"G."
EVALUATION CRITERIA: MANDATORY CRITERIA
1. The Project is located within a blighted area as defined in the Nebraska Statutes.
2. The Project furthers the objectives of the City's Comprehensive Plan.
3. The use of Tax Increment Financing will not result in a loss of pre-existing tax revenues to
the City and other taxing jurisdictions. All of the revenue, which will be utilized to pay the redevelopment
note, will come from additional valuation on the site resulting from the improvements to be constructed on
the site. None of the existing tax base will be utilized to fund the redevelopment note.
4. As set forth above,the Project is not economically feasible without the use of Tax Increment
Financing. Further, based upon the projection set forth above, this Project will not occur without the
availability of TIF.
COST-BENEFIT ANALYSIS
1. The use of Tax Increment Financing will not result in tax shifts. The current level of
taxes will continue to flow to the current taxing entities and only the increased value of revenues resulting
from the improvements will be applied to the cost of the improvement.
2. No community public service needs will be generated as a result of this Project. The
proposed TIF will be used to help offset public infrastructure improvement cost.
3. The development will positively impact the neighborhood within the redevelopment area
by providing quality residential housing which will support the existing businesses as well as help spur
future developments and improvements within the redevelopment area.
4. The development will positively impact other businesses in the immediate area outside of
the boundaries of the redevelopment area because the addition of more quality residential housing within
the redevelopment area will result in a larger pool of qualified potential employees for the businesses in
the immediate area inside and outside of the boundaries of the redevelopment area
5. The elimination of the substandard and blight conditions in this area will bring needed
economic opportunities to this area of the community. The revitalization will cause an increase in traffic
in the area. The long-term benefits resulting from the elimination of the substandard and blight condition
and the increase in the tax base resulting from the development are other valid justifications to provide
assistance to the Project.
EMPLOYMENT INFORMATION
The following table projects the retention of the existing Bank employees currently on the site as
well as creating new commercial space planned to be leased as office space to the growing technology/
design industry within Omaha as well as new full-time and part-time staff to manage the apartment
portion of the project. All employment figures are estimates.
Job Creation/Retention Figures Job Creation/Retention Types
Permanent Jobs(FTEs) 40 Management 5
Part-Time Jobs 1 Technical 16
TOTALS 41 Sales/Marketing 5
»+ ,g„ w r -VAf F 5
i 4 A Clerical/Administration
Total Jobs CREATED 3 Production 5
Total Jobs RETAINED 0 Clerk/Service 4
TOTALS General Labor 1
r 41
oefiqtiViAA; TOTALS
Anticipated Annual Pa roll or Avera e Annual Wage for Full&Part Time Jobs $30,000(est.)
✓ bR',�' ��" '�"3 �,/ c�s"�,r'g f6 ,�,"�, .Y �'f +�" ,r�s. ;fir t l`9f r ,�,;�
�,� "``,r,'�`y��-' 'r act i �t 'd �a <�TIPA�
� ;.p,� �� sr5+.d:.�+? ;h;f ,w ts^', 'qf� ant,'
,ititivaalfziaimovissei
Estimated number of construction jobs created as a result of this project 75
Approximately
$18.00/hour
Anticipated Payroll for Construction Jobs per employee
RESIDENTIAL UNIT INFORMATION
Unit Mix Monthly Rents
Single-Family Rental 0 1 bedroom
0 2 bedroom
0 3 bedroom
Owner-occupied 0 1 bedroom
0 2 bedroom
0 3 bedroom
Multi-Family Rental 44 Studio $745 to$775
55 1 bedroom $945 to $995
42 2 bedroom $1,245 to$1,295
Owner-occupied 0 1 bedroom
(Condos,Townhomes, 0 2 bedroom
etc.)
0 3 bedroom
Total Units 141
Respectfully submitted,
60th&NW Radial,LLC,a Nebraska
Limited Liability Company
APPLICATION ATTACHMENTS:
A. Site Plans &Elevations
B. Alta Survey(site specific)
C. Documentation of Ownership or Site Control
D. Preliminary Commitment Letter for Financing
E. Organization Documentation
F. Sources&Uses of Funds/Construction Budget/TIF Eligible Expenses
G. Pro Forma and ROI Analysis
Exhibit"A"
Site Plans and Elevations
Attached.
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Exhibit"C"
Documentation of Ownership/Control
REAL ESTATE PURCHASE AGREEMENT (1'Page Only)
eclat r Si:argThis Real Estate Purchase Agreement(the"Agreement") is made and entered into as of
' Oelobef48;?014(the"Effective Date")by and between GREAT WESTERN BANK("Seller")and
CITY VENTURES, LLC,a Nebraska limited liability company("Buyer").
WHEREAS, Seller is the fee simple owner of the real estate legally described as Lots 10
through 12 and Lots 19 through 24 of Benson Block 7, an addition to the City of Omaha,
Douglas County, Nebraska(the"Land");and
WHEREAS, Seller is also the fee simple owner of an approximately 8,700 square foot
building located on the Land(the"Existing Building");and
WHEREAS, Buyer wishes to purchase the Existing Building and enter into a ground lease
for the Land and an option to purchase the Laid;and
WHEREAS, Seller has agreed to sell the Existing Budding to Buyer and to enter into a
ground lease for the Land and an option for Buyer to purchase the Land, all subject to the terms
and conditions of this Agreement.
NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency of
which are hereby acknowledged,the parties hereto agree as follows;
1. Existing Bcilding. Subject to the terms and conditions hereof, Seller agrees to sell,
and Buyer agrees to purchase from Seder,the Existing Building.
2. Purchase Price. The Iota purchase price for the Existing Budding is
"Purchase Price").The Purchase Price shall be paid as follows:
(a) Within three (3) days after the Effective Date, Buyer will into escrow with
TitleCore ("Escrow Agent") an earnest money deposit "Earnest
Deposit"). Escrow Agent shall hold the Earnest Deposit in an FDIC insured
interest-bearing account. The Earnest Deposit and any interest earned on the
Earnest Deposit shall be credited to the Purchase Prime at Closing, or if Closing
does not occur,shad be paid by Escrow Agent to the party who is entitled to receive
the Earnest Deposit according to the terms of this Agreement.
(b) The Buyer shall pay the balance of the Purchase Price by wire transfer at Closing.
3. Closin . The closing of the sale of the Existing Bung (the"Cos shal take
place at the office of the Escrow Agent on a date agreed to by the parties hereto,which date shall
not be later than thirty(30)days after the expiration of the Feasibility Period(defined below).
4. Conditions to Buyer's Obligation to Close. Buyer's obligations under this
Agreement are specifically conditioned upon the satisfaction of all of the following conditions:
(a) Title and Survey Approval. Within twenty (20) days after the Effective Date, Seller
shad deliver to Buyer a Commitment for Leasehold Owner's Title Insurance Policy
(ALTA form B) (the "Commitment") in the amount of the Purchase Price issued
through the Escrow Agent. The Commitment shall include legible copies of
underlying title documents affecting the Land, the Existing Bulking, and any other
1
DOCS/1293987.5 04-
Exhibit"C"
Documentation of Ownership/Control
ASSIGNMENT AND ASSUMPTION OF
REAL ESTATE PURCHASE AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION OF REAL ESTATE PURCHASE
AGREEMENT (this "Amendment') is made and entered into as of February 20, 2015, by and
between CITY VENTURES, LLC, a Nebraska limited liability company ("Assignor") and 60th &
NW RADIAL, LLC, a Nebraska limited liability company(`Assignee").
RECITALS
WHEREAS, Assignor and Great Western Bank are parties to that certain Real Estate
Purchase Agreement, dated as of October 13, 2014, as amended by that certain (i) First
Amendment to Real Estate Purchase Agreement and (ii) Second Amendment to Real Estate
Purchase Agreement (collectively, the Purchase Agreement') with respect to that certain real
property legally described as Lots 10 through 12 and Lots 19 through 24 of Benson Block 7, an
addition to the City of Omaha, Douglas County, Nebraska (the Property"), as more particularly
described in the Purchase Agreement;
WHEREAS, Assignor desires to assign, transfer, sell and convey to Assignee all of
Assignor's right,title and interest in,to and under the Purchase Agreement; and
WHEREAS,Assignee desires to accept all of Assignor's right, title and interest in,to and
under the Purchase Agreement.
NOW, THEREFORE, in consideration of the foregoing recitals, the terms, provisions,
agreements and covenants contained in this Assignment and for other valuable consideration,
the receipt and sufficiency of which is hereby acknowledged by each of the parties hereto and
intending to be legally bound hereby,the parties agree as follows:
1. Assignment. Assignor has assigned, transferred, sold and conveyed and by
these presents does hereby assign, transfer, sell and convey unto Assignee all of Assignor's
right, title and interest in, to and under the Purchase Agreement. Assignee hereby assumes all
of Assignor's duties and obligations under the Purchase Agreement.
2. Force and Effect Except as modified and amended herein, all other terms and
conditions of the Purchase Agreement shall remain unchanged and in full force and effect. This
Assignment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.
3. Counterparts: Exchange by Electronic Transmission. This Agreement may be
executed in two or more counterparts, and by electronic transmissions, each of which shall be
deemed an original, but which together shall constitute one and the same instrument.
Exhibit"C"
Documentation of Ownership/Control
IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be duly
executed as of the Effective Date.
CITY VENTURES, LLC�
By: '"
Name: 60,44 )PEtatG,Et+cicses)
Title: PA14e.tiat..
60th&NW RADIAL, LLC
By:
Name: 'L.��tS-sir iraw� ws,00^.
Title: i4..rkatuc 140Lotelt
Exhibit"D"
Copies of Financial Commitment Letters
Bank
great VVestern
Making RTe Great Member FDIC
April 6, 2015
60th&NW Radial,LLC
c/o Chris Erickson
RE: Planned project at 60th&NW Radial
Dear Chris:
Thank you for allowing Great Western Bank the opportunity to assist in financing your
planned project at 60th&NW Radial Highway. We are currently underwriting the
financing of the construction loan portion of Phase I of the project. The projected loan
amount is$10,300,000. Although we are still working on the underwriting/due diligence
process,we are using an interest rate of 4.25%.
Let me know if you have any questions.
Sincerely,
Gordon arnisch
Senior Vice President
Great Western Bank
r're. c+ek vetR r' rram
C • R E BANK
May 15,2015
60th& NW Radial, LLC
C/o Chris Erickson
PO Box 428
Boystown NE 68010
Dear Chris:
Thank you for considering Core Bank to finance your TIF loan for 60th&NW Radial, LLC. The project is
for the construction of a mix use property located at 60th and NW Radial Highway in Omaha. The
purpose of this letter is to provide you with the basic terms and conditions of the loan that was
approved by Core Bank for your project. Should we be able to come to agreement on these basic terms
and conditions,we will move to a financing commitment that would include other customary financing
terms, conditions and covenants.
Borrower: 60th&NW Radial,LLC
Rate: 4.25%fixed for 5 years and 3 months,then adjusting at years 6 and 11 at a market rate
to be determined in our final negotiations.
Loan Amount: $2,140,137 or the final amount of the TIF Note.
Term: 16 years. To include an interest only construction period of 2 year and 3 months and 14
year of Principal and Interest payments.
Purpose: Assist in the financing of the development project to be constructed at 60th and NW
Radial Highway in Omaha NE.
Sincerely,
Kevin McCroden
Vice President,Core Bank
CORE BANK.COM
12100 W CENTER RD OMAHA NE 68144
MEMBER FDIC Q EQUAL HOUSING LENDER
Exhibit"E"
Organizational Documents
NE Sec of State John A.Gide CORP-CRTC
9000129906-Paps 1 of 1
BOTH&NW RADIAL.LLC
Filed:02/11/2015 0424:39 Pt
CERTIFICATE OF ORGANIZATION
OF
60*&NW RADIAL,LLC
ARTICLE
NAME
The name of this limited liability company is 60th&NW Radial,Lit(the"Company").
ARTICLE II
DESIGNATED OFFICE
The Company's designated office in Nebraska is
with a mailing address of P.U.Box 428,Boys Town,Nebraska 68010.
ARTICLE lB
REGISTERED AGENT
The name and address of the registered agent of the Company is Kendra J. Ringenberg, 14301
FNB Parkway,Suite 220,Omaha,Nebraska 68154.
IN WITNESS WHEREOF,this Certificate of Organization has been executed by the undersigned,
effective as of this 10th day of February,2015.
r
Kendra J. ' + nize
city ventures
Exhibit"E"
Organizational Documents
April 5,2015
RE: 60th&NW Radial,LLC
To whom it may concern,
City Ventures, has placed a 2.46 acre parcel in the southwest corner of 60th Street & NW Radial
Highway on the edge of Benson in north central Omaha under contract and intends to develop a large
mixed-use real estate development project on the site. As part of our normal process of acquiring and
developing real estate,we formed a new business entity called"60th&NW Radial,LLC"to develop and
own the project.
60th&NW Radial,LLC is a new entity with no operating history. The entity will be used solely for the
purpose of acquiring the property, developing/constructing the project, and subsequently owning
and operating the asset following its construction.
Please feel free to call (1-402-902-8669) or e-mail (cerickson@city-ventures.com) to discuss any
details further.
Respectfully,
Christopher L.Erickson
City Ventures,Principal
60th&NW Radial,LLC,Managing Member
1
Exhibit"F"
Sources &Uses of Funds/Construction Budget/TIF Eligible Expenses
Attached.
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citylventures Benson Mixed Use Exhibit "F" 5/13/2015
Acquisition&Redevelopment TIF Eligible Expenses
Uses of Funds
TIF Eligible Expenses Phase 1 Phase 2
Acquisition
Land&Structures $850,000 $250,000
Hard Costs
Demolition of Existing Building/Site Paving $125,000 $140,000
Public Impr.-Sidewalks,On-Street Parking,Streetscaping $145,000 $64,350
Sitework-Retaining Walls,Grading,Utilities $245,000 $124,000
Soft Costs
TIF Fees/Contributions $50,000 $25,000
Contractor Fee $422,343 $304,080
Contractor Contingency $1,000,000 $200,000
Design-Architecture/Engineering $550,000 $370,000
Developer Fee $875,000 $525,000
Total TIF Eligible Expenses $6,264,775
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' Benson Mixed Use Exhibit"G" 5/13/2015
city ventures Acquisition&Redevelopment Investment Analysis
Uses of Funds
Description Value
Net Operating Income $1,301,899
Annual Debt Service(ADS) ($1,059,640)
Cash Flow Before Taxes(CFBT) $242,260
ROI Analysis-Statement of Need
PrOjett
Description 1W
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TIF Proceeds
Debt 16�,�'
Equity
Total Project ,
Cash Flow Before Taxes
Return on Investment s
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NO. 777
Resolution by
Res. that, the attached Benson Mixed-Use recommended by the City Planning
Tax Increment Financing (TIF) Department, be and hereby is approved.
Redevelopment Project Plan for a site
generally located southwest of 60th Street and 2206 dlh
Northwest Radial Highway which
contemplates the construction of a new "`, .\`.
mixed-use development to accommodate 141
market rate residential apartment units, a new
parking structure, and 10,800 square feet of
commercial space along with the demolition
of the existing branch bank building inclusive
of the parking lots over two phases,
recommending the City's participation
through the allocation of TIF in an amount up
to $3,175,787.00 to offset TIF eligible
expenses such as acquisition, architectural
and engineering fees, site work and
demolition costs, and all public improvements
associated with this project, but is subject to
change as final costs come in, containing a
provision for the division of ad valorem taxes
under Section 18-2147 through 18-2150,
Revised Statutes of Nebraska, as
Presented to City Council
JUN 2 3 2015
ovir 4rJuL cJiii2J6 AD -0405
Or fabli.Cal'b .Oild.fa.66..c.pitig_p-urucv4-.10 e4 axed WA- \I/if-
JUI.....�.4.2015- Adopted '0
euoter ere)
City Clerk