07-01-2010 Community Redevelopment Authority Regular Meeting Packet
Community Redevelopment
Authority (CRA)
Thursday, July 1, 2010
Regular Meeting Packet
Board Members:
Lee Elliott
Tom Gdowski
Barry Sandstrom
Sue Pirnie
Glen Murray
4:00 PM
Grand Island City Hall
100 E 1st Street
Grand Island Regular Meeting - 7/1/2010 Page 1 / 66
Call to Order
Roll Call
A - SUBMITTAL OF REQUESTS FOR FUTURE ITEMS
Individuals who have appropriate items for City Council consideration should complete the Request for
Future Agenda Items form located at the Information Booth. If the issue can be handled administratively
without Council action, notification will be provided. If the item is scheduled for a meeting or study
session, notification of the date will be given.
B - RESERVE TIME TO SPEAK ON AGENDA ITEMS
This is an opportunity for individuals wishing to provide input on any of tonight's agenda items to reserve
time to speak. Please come forward, state your name and address, and the Agenda topic on which you will
be speaking.
DIRECTOR COMMUNICATION
This is an opportunity for the Director to comment on current events, activities, and issues of interest to
the commission.
Grand Island Regular Meeting - 7/1/2010 Page 2 / 66
Community Redevelopment
Authority (CRA)
Thursday, July 1, 2010
Regular Meeting
Item A1
Agenda
Staff Contact: Chad Nabity
Grand Island Regular Meeting - 7/1/2010 Page 3 / 66
AGENDA
Thursday July 1, 2010
4:00 p.m.
Grand Island City Hall
Open Meetings Notifications
1.Call to Order Barry Sandstrom
This is a public meeting subject to the open meetings laws of the State of
Nebraska. The requirements for an open meeting are posted on the wall in
this room and anyone that wants to find out what those are is welcome to read
through them.
2.Approval of Minutes of June 9, 2010 Meeting.
3.Approval of Financial Reports.
4.Approval of Bills.
5.Request for funding for BID #7.
6.Discussion of swapping CRA properties at 1st and Sycamore for City owned
properties near the old fire station at Koenig Street and Pine Street.
Resolution to approve swap to be considered. Resolution 114.
7.Review of 2010-2011 Budget. Resolution to approve budget and levy request
to be considered. Resolution 115.
8.Consideration of Redevelopment Contract with Ken-Ray LLC for 107 & 203 S
Locust Street. Resolution 116.
9.Review of Committed Projects and CRA Properties.
10.ADJOURN TO EXECUTIVE SESSION TO DISCUSS NEGOTIATIONS.
RETURN TO REGULAR SESSION
11.Approve Resolution or Resolutions to Purchase/Sell Property.
12.Directors Report.
13.Adjournment.
Next Meeting July ? 2010
The CRA may go into closed session for any agenda item as allowed by state law.
Grand Island Regular Meeting - 7/1/2010 Page 4 / 66
Community Redevelopment
Authority (CRA)
Thursday, July 1, 2010
Regular Meeting
Item B1
Meeting Minutes
Staff Contact: Chad Nabity
Grand Island Regular Meeting - 7/1/2010 Page 5 / 66
OFFICIAL PROCEEDINGS
MINUTES OF
COMMUNITY REDEVELOPMENT AUTHORITY
MEETING OF
June 9, 2010
Pursuant to due call and notice thereof, a Regular Meeting of the Community
Redevelopment Authority of the City of Grand Island, Nebraska was conducted
on June 9, 2010 at City Hall 100 E First Street. Notice of the meeting was given
in the June 2, 2010 Grand Island Independent.
1.CALL TO ORDER Tom Gdowski called the meeting to order at 4:05 p.m.
The following members were present: Glen Murray, Sue Pirnie. Also
present were; Director, Chad Nabity; Secretary, Rose Woods; Finance
Director, Mary Lou Brown; Legal Council, Duane Burns; Council Liaison,
Mitch Nickerson, Amos Anson, Oscar Erives, Scott Gordon and Marv
Webb.
Gdowski stated this was a public meeting subject to the open meeting
laws of the State of Nebraska. He noted that the requirements for an
open meeting were posted on the wall easily accessible to anyone who
would like to read through them.
2.APPROVAL OF MINUTES. A motion for approval of the Minutes for the
May 12, 2010 meeting, Pirnie made the motion to approve the May 12,
2010 meeting minutes. Motion was seconded by Murray. Upon roll call
vote, all present voted aye. Motion carried unanimously.
3.APPROVAL OF FINANCIAL REPORTS. Brown reviewed the financial
reports for the period of May 1, 2010 through May 31, 2010. She noted
revenue in the amount of $130, 268 and expenses in the amount of
$20,426 for the month. Total cash was $1,113,520. Motion by Murray,
seconded by Pirnie, to approve the financial reports. Upon roll call vote,
all present voted aye. Motion carried unanimously.
4.APPROVAL OF BILLS. The bills were reviewed by Brown.
Motion made by Pirnie and seconded by Murray to approve the bills in the
amount of $9910.42. Upon roll call vote all present voted aye. Motion
carried unanimously to approve the payment of bills totaling $9910.42.
5.CONSIDERATION OF FAÇADE IMPROVEMENTS
Scott Gordon, who represents Big O Tires, located at 1919 S Locust St,
has requested funding under the façade development program to assist
with façade improvements at this location. The anticipated cost of the
façade project is $67,923 with a total project cost of approximately
Grand Island Regular Meeting - 7/1/2010 Page 6 / 66
$238,336 of developer equity in updates to the building. Mr. Schwab is
asking for a grant of $67,923 to offset the costs of the façade
improvements. Improvements will be made to the South Locust and
Stolley Park Road frontage.
Nabity stated this would change the purple and yellow color of the building
to red and white and conform more to the company’s requirements.
Nabity also noted the Façade review committee who met last week
recommended approval, that this would compliment South Locust.
A Motion was made by Murray and seconded by Pirnie to approve the
grant request for Big O Tires in the amount of $65,297.52 to help with the
Façade improvements to the exterior. Upon roll call vote all present voted
aye. Motion carried unanimously to approve the Facade request in the
amount of $65,297.52.
6.CONSIDERATION OF FAÇADE IMPROVEMENTS
Amos Anson, owner of the Chocolate Bar, located at 116 W 3rd Street, has
requested funding under the façade development program to assist with
façade improvements at this location. The anticipated cost of the façade
project is $37,772 with a total project cost of approximately $117,772 of
developer equity in updates to the building. Mr. Anson is asking for a
grant of $37,772 to offset the costs of the façade improvements.
Improvements will be made to 116 W 3rd frontage.
Anson explained this would be a rotisserie, serving a light breakfast and
lunch and offering an adult atmosphere in the evening. Cakes, chocolates
etc. would also be served. Nabity commented this building was being
remolded in phases. Nickerson asked if a Business Plan was in place,
Anson stated they were currently working on the Plan and getting the
correct items in place. Anson explained with the funding provided for the
Façade for the Chocolate bar this would help improve his equity within the
building and would allow for future loans to be obtained. The basement
will house the kitchen an employee lounge and restroom. The main phase
will consist of the façade of the Chocolate Bar moving to the west to
renovate that building as well then to the second floor for potential
residences.
Nabity explained that the Façade review committee liked this project in
phases and that doing so was legit and responsible. Pirnie liked this
approach as well giving some much needed improvement to the
downtown.
A Motion was made by Murray and seconded by Pirnie to approve the
grant request for The Chocolate Bar in the amount of $37,772 to help with
the Façade improvements to the exterior. Upon roll call vote all present
Grand Island Regular Meeting - 7/1/2010 Page 7 / 66
voted aye. Motion carried unanimously to approve the Facade request in
the amount of $37,772.
7.CONSIDERATION OF FAÇADE IMPROVEMENTS
Oscar Erives, owner of 120, 122, and 124 W 3rd Street, has
requested funding under the façade development program to
assist with façade improvements at this location. The
anticipated cost of the façade project is $71,170 with a total
cost of $167,960 of developer equity in updates to the
building. Mr. Erives is asking for a grant of $71,170 to offset
the costs of the façade improvements. Improvements will be
made to the frontage of 120, 122 and 124th Street.
Nabity explained the Façade review committee felt this was an appropriate
architect treatment and a reasonable approach to downtown with the
fabric awning. Gdowski asked about the fabric awning and how durable it
would be, Marv Webb explained the fabric has UV protection and is
attached to an aluminum frame and is very durable.
A Motion was made by Pirnie and seconded by Murray to approve the
grant request for 120, 122 and 124 W 3rd St. in the amount of $71,170 to
help with the Façade improvements to the exterior. Upon roll call vote all
present voted aye. Motion carried unanimously to approve the Facade
request in the amount of $71,170.
8. CONSIDERATION TO AMEND AGREEMENT.
Consideration to amend the Interlocal Agreement. Nabity
explained this request to amend was to agree to cover 20%
of the Planning Secretary’s time.
A Motion was made by Murray to amend the interlocal
agreement and seconded by Pirnie. Upon roll call vote all
present voted aye. Motion carried unanimously to amend
the Interlocal Agreement.
9. REVIEW OF 2009-2010 BUDGET.
This is a preliminary review of the budget for this year in
preparation for the next budget cycle.
10. REVIEW OF COMMITTED PROJECTS AND CRA PROPERTIES.
Nabity reviewed the committed projects. The final payment has been made
to Vlcek Gardens for the BID 6 Landscaping. They will now come off the
committed projects. Still awaiting a bill for the conduit in the BID 6 area,
this may have been paid for by the state. Masonic Temple, Nabity spoke
with the architect and they are 90% complete. The Wayside horns for
downtown are looking to be completed this year. The Dock Façade is
Grand Island Regular Meeting - 7/1/2010 Page 8 / 66
almost done; bills may be coming in July. T.R. Merchant is complete and
bills will be brought in for next month’s meeting. The “Bucket” TIF has
been moving forward as well with water lines to be completely installed by
July, bills will follow although the anticipated price is $96,000 not $136,000.
The demolition is moving forward on 3235 S Locust.
8.ADJOURN TO EXECUTIVE SESSION TO DISCUSS NEGOTIATIONS.
9.APPROVE RESOLUTION OR RESOLUTIONS TO PURCHASE/SELL
PROPERTY.
The City is asking for a property switch for 203, 211 and 217
1st Street for land near the old fire station on Pine St. A
Resolution and an Ordinance should be approved at the next
City Council meeting.
9.APPROVE RESOLUTION TO PURCHASE/SELL PROPERTY. There were
no resolutions to purchase or sell property.
10. DIRECTOR’S REPORT. Nabity told the board he was looking at
changing the July meeting date to the end of June and also changing the
August meeting as he would be out of town.
11.ADJOURNMENT.
Gdowski adjourned the meeting at 4:50 p.m.
The next meeting is scheduled for July 1, 2010 at 4:00 p.m.
Respectfully submitted
Chad Nabity
Director
Grand Island Regular Meeting - 7/1/2010 Page 9 / 66
Community Redevelopment
Authority (CRA)
Thursday, July 1, 2010
Regular Meeting
Item C1
Financial Reports
Staff Contact: Chad Nabity
Grand Island Regular Meeting - 7/1/2010 Page 10 / 66
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF JUNE 2010
MONTH ENDED 2009 - 2010 2010 REMAINING
JUNE 2010 YEAR TO DATE BUDGET BALANCE
CONSOLIDATED
Beginning Cash 1,113,520 1,547,542 1,547,542
REVENUE:
Property Taxes 186,682 519,057 662,843 143,786
Loan Proceeds - - - -
Interest Income 107 15,753 12,940 (2,813)
Land Sales - - 50,000 50,000
Other Revenue 4,139 13,744 - (13,744)
TOTAL REVENUE 190,929 548,554 725,783 177,229
TOTAL RESOURCES 1,304,449 2,096,096 2,273,325 177,229
EXPENSES
Auditing & Accounting - 5,392 7,500 2,108
Legal Services - 2,115 10,000 7,885
Consulting Services - - 10,000 10,000
Contract Services 3,660 29,084 40,000 10,916
Printing & Binding - - 1,000 1,000
Other Professional Services - - 5,000 5,000
General Liability Insurance - - 250 250
Postage 32 134 200 66
Matching Grant - - - -
Legal Notices - 573 800 227
Licenses & Fees - - - -
Travel & Training - - 1,000 1,000
Other Expenditures - - 500 500
Office Supplies - - 500 500
Supplies - - 300 300
Land - 448,720 100,000 (348,720)
Façade Improvement 6,218 171,758 539,950 368,192
South Locust - - - -
Alleyway Improvement - - - -
Other Projects - - 800,000 800,000
Bond Principal 75,517 180,727 161,611 (19,116)
Bond Interest 35,881 74,453 81,172 6,719
Interest Expense - - - -
- - -
TOTAL EXPENSES 121,308 912,955 1,759,783 846,828
INCREASE(DECREASE) IN CASH 69,621 (364,402) 513,542
ENDING CASH 1,183,141 1,183,141 2,061,084
LESS COMMITMENTS 874,511 706,489
AVAILABLE CASH 308,630 476,652 2,061,084 -
CHECKING 603,468
INVESTMENTS 579,673
Total Cash 1,183,141
Grand Island Regular Meeting - 7/1/2010 Page 11 / 66
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF JUNE 2010
MONTH ENDED 2009 - 2010 2010 REMAINING
JUNE 2010 YEAR TO DATE BUDGET BALANCE
CRA
GENERAL OPERATIONS:
Property Taxes 85,314 332,607 425,000 92,393
Interest Income 91 15,470 8,000 (7,470)
Land Sales - - 50,000 50,000
Other Revenue & Motor Vehicle Tax - 1,558 - (1,558)
TOTAL 85,405 349,634 483,000 133,366
GILI TRUST
Property Taxes 31,720 65,694 65,780 86
Interest Income - - - -
Other Revenue - 8 - (8)
TOTAL 31,720 65,702 65,780 78
CHERRY PARK LTD II
Property Taxes 30,355 32,832 59,180 26,348
Interest Income 15 251 - (251)
Other Revenue - - - -
TOTAL 30,371 33,083 59,180 26,097
GENTLE DENTAL
Property Taxes - 4,479 4,202 (277)
Interest Income 0 1 - (1)
Other Revenue - - - -
TOTAL 0 4,480 4,202 (278)
PROCON TIF
Property Taxes 8,701 17,972 19,162 1,190
Interest Income 0 5 - (5)
Other Revenue - 998 - (998)
TOTAL 8,701 18,974 19,162 188
WALNUT HOUSING PROJECT
Property Taxes 30,593 33,089 74,472 41,383
Interest Income 0 26 - (26)
Other Revenue 4,139 11,180 - (11,180)
TOTAL 34,732 44,296 74,472 30,176
BRUNS PET GROOMING
Property Taxes - 5,457 4,986 (471)
Interest Income - - 4,940 4,940
Other Revenue - - - -
TOTAL - 5,457 9,926 4,469
GIRARD VET CLINIC
Property Taxes - 4,911 - (4,911)
Interest Income - - - -
Other Revenue - - - -
TOTAL - 4,911 - (4,911)
GEDDES ST APTS-PROCON
Property Taxes - 14,809 1,195 (13,614)
Interest Income - - - -
Other Revenue - - - -
Grand Island Regular Meeting - 7/1/2010 Page 12 / 66
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF JUNE 2010
MONTH ENDED 2009 - 2010 2010 REMAINING
JUNE 2010 YEAR TO DATE BUDGET BALANCE
TOTAL - 14,809 1,195 (13,614)
SOUTHEAST CROSSING
Property Taxes - 7,208 8,866 1,658
Interest Income - - - -
Other Revenue - - - -
TOTAL - 7,208 8,866 1,658
TOTAL REVENUE 190,929 548,554 725,783 177,229
Grand Island Regular Meeting - 7/1/2010 Page 13 / 66
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF JUNE 2010
MONTH ENDED 2009 - 2010 2010 REMAINING
JUNE 2010 YEAR TO DATE BUDGET BALANCE
EXPENSES
CRA
GENERAL OPERATIONS:
Auditing & Accounting - 4,392 7,500 3,108
Legal Services - 2,115 10,000 7,885
Consulting Services - - 10,000 10,000
Contract Services 3,660 29,084 40,000 10,916
Printing & Binding - - 1,000 1,000
Other Professional Services - - 5,000 5,000
General Liability Insurance - - 250 250
Postage 32 134 200 66
Matching Grant - - - -
Legal Notices - 573 800 227
Licenses & Fees - - - -
Travel & Training - - 1,000 1,000
Other Expenditures - - 500 500
Office Supplies - - 500 500
Supplies - - 300 300
Land - 448,720 100,000 (348,720)
PROJECTS
Façade Improvement 6,218 171,758 539,950 368,192
South Locust - - - -
Alleyway Improvement - - - -
Other Projects - - 800,000 800,000
TOTAL CRA EXPENSES 9,910 656,776 1,517,000 860,224
GILI TRUST
Bond Principal 28,119 55,158 51,001 (4,157)
Bond Interest 4,771 10,622 14,779 4,157
Other Expenditures - - -
TOTAL GILI EXPENSES 32,890 65,780 65,780 (0)
CHERRY PARK LTD II
Bond Principal 21,839 42,864 39,729 (3,135)
Bond Interest 7,751 16,316 19,451 3,135
TOTAL CHERRY PARK EXPENSES 29,590 59,180 59,180 (0)
GENTLE DENTAL
Bond Principal 1,221 2,395 2,276 (119)
Bond Interest 880 1,807 1,926 119
TOTAL GENTLE DENTAL 2,101 4,202 4,202 -
PROCON TIF
Bond Principal 5,154 10,183 9,467 (716)
Bond Interest 4,427 8,979 9,695 716
TOTAL PROCON TIF 9,581 19,162 19,162 0
WALNUT HOUSING PROJECT
Bond Principal 19,184 37,743 39,151 1,408
Bond Interest 18,052 36,729 35,321 (1,408)
- - -
TOTAL WALNUT HOUSING 37,236 74,472 74,472 0
Grand Island Regular Meeting - 7/1/2010 Page 14 / 66
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF JUNE 2010
MONTH ENDED 2009 - 2010 2010 REMAINING
JUNE 2010 YEAR TO DATE BUDGET BALANCE
BRUNS PET GROOMING
Bond Principal - 5,457 4,986 (471)
Bond Interest - - - -
TOTAL BRUNS PET GROOMING - 5,457 4,986 (471)
GIRARD VET CLINIC
Bond Principal - 4,911 4,940 29
Bond Interest - - - -
TOTAL GIRARD VET CLINIC - 4,911 4,940 29
GEDDES ST APTS - PROCON
Bond Principal - 14,809 1,195 (13,614)
Bond Interest - - - -
TOTAL GEDDES ST APTS - PROCON - 14,809 1,195 (13,614)
SOUTHEAST CROSSINGS
Bond Principal - 7,208 8,866 1,658
Bond Interest - - - -
TOTAL SOUTHEAST CROSSINGS - 7,208 8,866 1,658
POPLAR STREET WATER
Bond Principal - - - -
Bond Interest - - - -
Auditing & Accounting - 1,000 - (1,000)
TOTAL SOUTHEAST CROSSINGS - 1,000 - (1,000)
TOTAL EXPENSES 121,308 912,955 1,759,783 846,828
Grand Island Regular Meeting - 7/1/2010 Page 15 / 66
Community Redevelopment
Authority (CRA)
Thursday, July 1, 2010
Regular Meeting
Item D1
Bills
Staff Contact: Chad Nabity
Grand Island Regular Meeting - 7/1/2010 Page 16 / 66
1-Jul-10
TO: Community Redevelopment Authority Board Members
FROM: Chad Nabity, Planning Department Director
RE: Bills Submitted for Payment
The following bills have been submitted to the Community
Redevelopment Authority Treasurer for preparation of payment.
City of Grand Island
Administration Fees $ 2,216.43
Accounting
Officenet Inc.
Postage $ 19.54
Lawnscape
Sheffield Tree Service - tree removal 203, 211, 217 E 1st $ 800.00
TR Merchant Façade Tattered Book $ 154,557.00
Dobesh Land Leveling $ 39,764.00
Grand Island Independent $ 13.63
Monthly & Redevelopment Plan Notices
Mayer, Burns, Koenig & Janulewicz
Total:
$ 197,370.60
Grand Island Regular Meeting - 7/1/2010 Page 17 / 66
Community Redevelopment
Authority (CRA)
Thursday, July 1, 2010
Regular Meeting
Item E1
Committed Projects
Staff Contact: Chad Nabity
Grand Island Regular Meeting - 7/1/2010 Page 18 / 66
COMMITTED PROJECTS AMOUNT ESTIMATED DUE DATE
Big O Tires $65,297.52 Fall 2010
The Chocolate Bar $37,772 Winter 2010
120, 122, 124 W 3rd $71,170 Winter 2010
BID 6 (Conduit)$55,000 Spring 2010
Paul Warshauer
(Masonic Temple)
$17,700 Spring 2010
2010 Wayside Horns (Oak,
Pine, Elm & Walnut)
$140,000 Fall 2010
2012 Wayside Horns
(Custer/Blaine)
$100,000 Fall 2011
The Dock Façade $57,250 Spring 2010
T.R. Merchen Facade
Tattered Book
$154,557 Spring 2010
“Bucket” TIF 11th & Poplar
Streets
$136,000 Summer 2010
3235 S Locust $39,764 Demolition Pending
Total Committed $874,510.52
CRA PROPERTIES
Address Purchase Price Purchase Date Demo Cost Status
203 E 1st St.$68,627 10-09-02 $23,300 City Swap
217 E 1st St $17,000 03-20-03 $6,500 City Swap
408 E 2nd St $4,869 11-11-05 $7,500 Surplus
211 E 1st $34,702 11-13-07 $8,000 City Swap
3235 S Locust $450,000 4-2-2010 $39,764 Surplus
Campbell’s Sub
Lots 10 & 11
City Swap for
203, 211 & 217 E
1st St.
6-2010 -City Swap
June 30, 2010
Grand Island Regular Meeting - 7/1/2010 Page 19 / 66
Community Redevelopment
Authority (CRA)
Thursday, July 1, 2010
Regular Meeting
Item H1
TIF Request
Staff Contact: Chad Nabity
Grand Island Regular Meeting - 7/1/2010 Page 20 / 66
REDEVELOPMENT CONTRACT
This Redevelopment Contract is made and entered into as of the _____ day of
___________, 2010, by and between the City of Grand Island, Nebraska, acting as the
Community Redevelopment Authority of the City of Grand Island, Nebraska (“City”), and Ken
Ray, LLC, a Nebraska limited liability company (“Redeveloper”).
WITNESSETH:
WHEREAS, the City of Grand Island, Nebraska (the “City”), in furtherance of the
purposes and pursuant to the provisions of Section 12 of Article VIII of the Nebraska
Constitution and Sections l8-2101 to 18-2154, Reissue Revised Statutes of Nebraska, 2007, as
amended (collectively the “Act”), has designated an area in the City as blighted and substandard;
and
WHEREAS, City and Redeveloper desire to enter into this Redevelopment Contract for
acquisition and redevelopment of a parcel in the blighted and substandard area;
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein
set forth, Authority and Redeveloper do hereby covenant, agree and bind themselves as follows:
ARTICLE I
DEFINITIONS AND INTERPRETATION
Section 1.01 Terms Defined in this Redevelopment Contract.
Unless the context otherwise requires, the following terms shall have the following
meanings for all purposes of this Redevelopment Contract, such definitions to be equally
applicable to both the singular and plural forms and masculine, feminine and neuter gender of
any of the terms defined:
“Act” means Section 12 of Article VIII of the Nebraska Constitution, Sections 18-2101
through 18-2154, Reissue Revised Statutes of Nebraska, 2007, as amended, and acts amendatory
thereof and supplemental thereto
“Authority” means the Community Redevelopment Authority of the City of Grand
Island, Nebraska.
“City” means the City of Grand Island, Nebraska.
“Governing Body” means the Mayor and City Council of the City.
Grand Island Regular Meeting - 7/1/2010 Page 21 / 66
“Holder” means the holders of TIF indebtedness issued by the Authority from time to
time outstanding.
“Liquidated Damages Amount” means the amounts to be repaid to Authority by
Redeveloper pursuant to Section 6.02 of this Redevelopment Contract.
“Project” means the improvements to the Redevelopment Area, as further described in
Exhibit B attached hereto and incorporated herein by reference and, as used herein, shall include
the Redevelopment Area real estate.
“Project Cost Certification” means a statement prepared and signed by the Redeveloper
verifying the Redeveloper has been legally obligated for the payment of Project Costs identified
on Exhibit D
“Project Costs” means only costs or expenses incurred by Redeveloper for the purposes
set forth in §18-2103 (a) through (f), inclusive, of the Act as identified on Exhibit D.
“Redeveloper” means Ken Ray, LLC, a Nebraska limited liability company.
“Redevelopment Area” means that certain real property situated in the City of Grand
Island, Hall County, Nebraska, which has been declared blighted and substandard by the City
pursuant to the Act, and which is more particularly described on Exhibit A attached hereto and
incorporated herein by this reference.
“Redevelopment Contract” means this redevelopment contract between the Authority
and Redeveloper with respect to the Project.
“Redevelopment Plan” means the Amended Redevelopment Plan for the
Redevelopment Area related to the Project, prepared by the Authority and approved by the City
pursuant to the Act.
“Resolution” means the Resolution of the Authority, as supplemented from time to time,
approving this Redevelopment Contract and the issuance of the TIF Indebtedness.
“TIF Indebtedness” means any bonds, notes, loans, and advances of money or other
indebtedness, including interest and premiums, if any, thereon, incurred by the Authority
pursuant to Article III hereof and secured in whole or in part by TIF Revenues.
“TIF Revenues” means incremental ad valorem taxes generated by the Project which are
allocated to and paid to the Authority pursuant to the Act.
Section 1.02 Construction and Interpretation.
The provisions of this Redevelopment Contract shall be construed and interpreted in
accordance with the following provisions:
Grand Island Regular Meeting - 7/1/2010 Page 22 / 66
(a)Wherever in this Redevelopment Contract it is provided that any person
may do or perform any act or thing the word “may” shall he deemed permissive and not
mandatory and it shall be construed that such person shall have the right, but shall not be
obligated, to do and perform any such act or thing.
(b)The phrase “at any time” shall be construed as meaning “at any time or
from time to time.”
(c)The word ‘including” shall be construed as meaning ‘‘including, but not
limited to.”
(d)The words ‘will” and “shall” shall each be construed as mandatory.
(e)The words “herein,” “hereof,” “hereunder,” “hereinafter” and words of
similar import shall refer to the Redevelopment Contract as a whole rather than to any
particular paragraph, section or subsection, unless the context specifically refers thereto.
(f)Forms of words in the singular, plural, masculine, feminine or neuter shall
be construed to include the other forms as the context may require.
(g)The captions to the sections of this Redevelopment Contract are for
convenience only and shall not be deemed part of the text of the respective sections and
shall not vary by implication or otherwise any of the provisions hereof.
ARTICLE II
REPRESENTATIONS
Section 2.01 Representations by Authority.
The Authority makes the following representations and findings:
(a)The Authority is a duly organized and validly existing Community
Redevelopment Authority under the Act.
(b)The Redevelopment Plan has been duly approved and adopted by the City
pursuant to Section 18-2109 through 18-2117 of the Act.
(c)The Authority deems it to be in the public interest and in furtherance of the
purposes of the Act to accept the proposal submitted by Redeveloper as specified herein.
(d)The Redevelopment Project will achieve the public purposes of the Act by,
among other things, increasing employment, improving public infrastructure, increasing
the tax base, and lessening conditions of blight and substandard in the Redevelopment
Area.
Grand Island Regular Meeting - 7/1/2010 Page 23 / 66
(e)(1) The Redevelopment Plan is feasible and in conformity with the general
plan for the development of the City as a whole and the plan is in conformity with the
legislative declarations and determinations set forth in the Act, and
(2) Based on Representations made by the Redeveloper:
(i) the Project would not be economically feasible without the use
of tax-increment financing,
(ii) the Project would not occur in the Redevelopment Area without
the use of tax-increment financing, and
(iii) the costs and benefits of the Project, including costs and benefits
to other affected political subdivisions, the economy of the community, and
the demand for public and private services have been analyzed by the
Authority and have been found to be in the long-term best interest of the
community impacted by the Project.
(f)The Authority has determined that the proposed land uses and building
requirements in the Redevelopment Area are designed with the general purpose of
accomplishing, in conformance with the general plan, a coordinated, adjusted, and
harmonious development of the City and its environs which will, in accordance with
present and future needs, promote health, safety, morals, order, convenience, prosperity,
and the general welfare, as well as efficiency and economy in the process of
development: including, among other things, adequate provision for traffic, vehicular
parking, the promotion of safety from fire, panic, and other dangers, adequate provision
for light and air, the promotion of the healthful and convenient distribution of population,
the provision of adequate transportation, water, sewerage and other public utilities,
schools, parks, recreational and community facilities, and other public requirements, the
promotion of sound design and arrangement, the wise and efficient expenditure of public
funds, and the prevention of’ the recurrence of insanitary or unsafe dwelling
accommodations, or conditions of blight.
Section 2.02 Representations of Redeveloper.
The Redeveloper makes the following representations:
(a)The Redeveloper is a Nebraska limited liability company, having the power
to enter into this Redevelopment Contract and perform all obligations contained herein
and by proper action has been duly authorized to execute and deliver this Redevelopment
Contract.
(b)The execution and delivery of the Redevelopment Contract and the
consummation of the transactions therein contemplated will not conflict with or constitute
a breach of or default under any bond, debenture, note or other evidence of indebtedness
or any contract, loan agreement or lease to which Redeveloper is a party or by which it is
bound, or result in the creation or imposition of any lien, charge or encumbrance of any
nature upon any of the property or assets of the Redeveloper contrary to the terms of any
instrument or agreement.
Grand Island Regular Meeting - 7/1/2010 Page 24 / 66
(c)There is no litigation pending or to the best of its knowledge threatened
against Redeveloper affecting its ability to carry out the acquisition, construction,
equipping and furnishing of the Project or the carrying into effect of this Redevelopment
Contract or, except as disclosed in writing to the Authority, as in any other matter
materially affecting the ability of Redeveloper to perform its obligations hereunder.
(d)Any financial statements of the Redeveloper or its Members delivered to
the Authority prior to the date hereof are true and correct in all respects and fairly present
the financial condition of the Redeveloper and the Project as of the dates thereof; no
materially adverse change has occurred in the financial condition reflected therein since
the respective dates thereof; and no additional borrowings have been made by the
Redeveloper since the date thereof except in the ordinary course of business, other than
the borrowing contemplated hereby or borrowings disclosed to or approved by the
Authority.
(e)The Project would not be economically feasible without the use of tax
increment financing.
(f)The Project would not occur in the Redevelopment Area without the use of
tax-increment financing.
(g)The Redeveloper is an accredited investor as that term is defined for
purposes Regulation D, issued pursuant to the Securities Act of 1933, as amended.
ARTICLE III
OBLIGATIONS OF THE AUTHORITY
Section 3.01 Division of Taxes.
In accordance with Section 18-2147 of the Act, the Authority hereby provides that any ad
valorem tax on the following real property in the Project: to wit: Lots 2 and 3, Equestrian
Meadows Second Subdivision to the City of Grand Island, Hall County, Nebraska, for the benefit
of any public body be divided for a period of fifteen years after the effective date of this
provision as set forth in this section. The effective date of this provision shall be January 1, 2011.
(a)That proportion of the ad valorem tax which is produced by levy at the rate
fixed each year by or for each public body upon the Redevelopment Project Valuation (as
defined in the Act) shall be paid into the funds of each such public body in the same
proportion as all other taxes collected by or for the bodies; and
(b)That proportion of the ad valorem tax on real property in the
Redevelopment Area in excess of such amount (the “Incremental Ad Valorem Tax”), if
any, shall be allocated to, is pledged to, and, when collected, paid into a special fund of
the Authority to pay the principal of, the interest on, and any premiums due in connection
Grand Island Regular Meeting - 7/1/2010 Page 25 / 66
with the bonds, loans, notes or advances of money to, or indebtedness incurred by
whether funded, refunded, assumed, or otherwise, such Authority for financing or
refinancing, in whole or in part, such Project. When such bonds, loans, notes, advances of
money, or indebtedness, including interest and premium due have been paid, the
Authority shall so notify the County Assessor and County Treasurer and all ad valorem
taxes upon real property in such Project shall be paid into the funds of the respective
public bodies.
Section 3.02 Issuance of TIF Indebtedness
The Authority shall incur TIF Indebtedness in the form and principal amount and bearing
interest and being subject to such terms and conditions as are specified on the attached exhibit C.
No TIF Indebtedness will be issued until Redeveloper has (a) acquired fee title to the
Redevelopment Area; (b) obtained financing commitments as described in Section 5.01; and (c)
entered into a contract for construction of the Project. The Authority shall have no obligation to
find a lender or investor to acquire the TIF Indebtedness, but rather shall issue the TIF
Indebtedness to the Redeveloper upon payment of the principal amount thereof. The purchase
price of the TIF Indebtedness may be offset against the Grant described in Section 3.04 hereof.
The TIF Indebtedness issued pursuant to the provisions of this contract constitutes a
limited obligation of the Authority payable exclusively from that portion of the ad valorem real
estate taxes mentioned in subdivision (1)(b) of Section 18-2147, R.R.S. Neb. 2007, as levied,
collected and apportioned from year to year with respect to certain real estate located within the
"Redevelopment Area" The TIF Indebtedness shall not constitute a general obligation of the
Authority and the Authority shall be liable for the payment thereof only out of said portion of
taxes as described in this paragraph. The TIF Indebtedness shall not constitute an obligation of
the State of Nebraska or of the City or the Authority (except for such receipts as have been
pledged pursuant to Section 3.03) and neither the State or Nebraska, the Authority nor the City
shall be liable for the payment thereof from any fund or source including but not limited to tax
monies belonging to either thereof (except for such receipts as have been pledged pursuant to
Section 3.03). Neither the members of the Authority's governing body nor any person executing
the TIF Indebtedness shall be liable personally on the TIF Indebtedness by reason of the issuance
thereof. The Authority’s obligation to the holder of the TIF Indebtedness shall terminate, in all
events no later than 15 years from the effective date set forth in Section 3.01 hereof.
Section 3.03 Pledge of TIF Revenues.
The Authority hereby pledges 100% of the annual TIF Revenues as security for the TIF
Indebtedness.
Section 3.04 Grant of Proceeds of’ TIF Indebtedness.
From the proceeds of the TIF indebtedness incurred as described on Exhibit C, the
Authority shall grant the following sums to the following entities, to wit: 100% to the
Redeveloper for Project Costs.
Grand Island Regular Meeting - 7/1/2010 Page 26 / 66
Notwithstanding the foregoing, the amount of the grant shall not exceed the amount of
Project Costs certified pursuant to Section 4.02. The grants shall be paid to the Redeveloper upon
certification that the Redeveloper has incurred or is obligated to incur such Project Costs which
include supporting documentation requested by the Authority and shall, if requested by
Redeveloper, be made in one or more advances.
Section 3.05 Creation of Fund.
The Authority will create a special fund to collect and hold the TIF Revenues. Such
special fund shall be used for no purpose other than to pay TIF Indebtedness issued pursuant to
Sections 3.02 above.
ARTICLE IV
OBLIGATIONS OF REDEVELOPER
Section 4.01 Construction of Project; Insurance.
(a) Redeveloper will complete the Project and install all infrastructure, improvements,
buildings, fixtures, equipment and furnishings necessary to operate the Project. Redeveloper
shall be solely responsible for obtaining all permits and approvals necessary to acquire, construct
and equip the Project. Until construction of the Project has been completed, Redeveloper shall
make reports in such detail and at such times as may be reasonably requested by the Authority as
to the actual progress of Redeveloper with respect to construction of the Project. Promptly after
completion by the Redeveloper of the Project, the Redeveloper shall furnish to the Authority a
Certificate of Completion. The certification by the Redeveloper shall be a conclusive
determination of satisfaction of the agreements and covenants in this Redevelopment Contract
with respect to the obligations of Redeveloper and its successors and assigns to construct the
Project. As used herein, the term “completion” shall meant substantial completion of the Project.
(b) Any general contractor chosen by the Redeveloper or the Redeveloper itself shall be
required to obtain and keep in force at all times until completion of construction, policies of
insurance including coverage for contractors’ general liability and completed operations and a
penal bond as required by the Act. The City, the Authority and the Redeveloper shall be named
as additional insured. Any contractor chosen by the Redeveloper or the Redeveloper itself, as an
owner, shall be required to purchase and maintain property insurance upon the Project to the full
insurable value thereof. This insurance shall insure against the perils of fire and extended
coverage and shall include “All Risk” insurance for physical loss or damage. The contractor or
the Redeveloper, as the case may be, shall furnish the Authority with a Certificate of Insurance
evidencing policies as required above. Such certificates shall state that the insurance companies
shall give the Authority prior written notice in the event of cancellation of or material change in
any of any of the policies.
Section 4.02 Cost Certification.
Redeveloper shall submit to the Authority a certification of Project Costs, on or before the
Grand Island Regular Meeting - 7/1/2010 Page 27 / 66
issuance of the TIF Indebtedness which shall contain detail and documentation showing the
payment or obligation for payment of Project Costs specified on the attached Exhibit D in an
amount at least equal to the grant to Redeveloper pursuant to Section 3.05.
Section 4.03 Legal Costs.
Redeveloper shall pay the Authority the sum of $5,000 for the costs incurred by the
Authority associated with the issuance of the TIF Indebtedness. Redeveloper understands that
the law firm assisting with the issuance of the TIF Indebtedness represents the Authority and not
the Redeveloper.
Section 4.04 No Discrimination.
Redeveloper agrees and covenants for itself, its successors and assigns that as long as any
TIF Indebtedness is outstanding, it will not discriminate against any person or group of persons
on account of race, sex, color, religion, national origin, ancestry, disability, marital status or
receipt of public assistance in connection with the Project. Redeveloper, for itself and its
successors and assigns, agrees that during the construction of the Project, Redeveloper will not
discriminate against any employee or applicant for employment because of race, religion, sex,
color, national origin, ancestry, disability, marital status or receipt of public assistance.
Redeveloper will comply with all applicable federal, state and local laws related to the Project.
Section 4.05 Pay Real Estate Taxes.
Redeveloper intends to create a taxable real property valuation of the Redevelopment
Area and Project of One Million Eight Hundred Thousand Dollars ($1,800,000) no later than no
later than January 1, 2011. During the period that any TIF Indebtedness is outstanding, neither
the Redeveloper, nor its assigns, will (1) file a protest seeking to obtain a real estate property
valuation on the Redevelopment Area of less than One Million Eight Hundred Thousand Dollars
($1,800,000) after substantial completion or occupancy; (2) convey the Redevelopment Area on
structures thereon to any entity which would be exempt from the payment of real estate taxes or
cause the nonpayment of such real estate taxes; nor (3) allow real estate taxes and assessments
levied on the Redevelopment Area and Project to become delinquent during the term that any
TIF Indebtedness is outstanding.
Section 4.07 Assignment or Conveyance.
Any assignment or conveyance of the any portion of the Redevelopment, the Project or
any interest therein prior to the termination of the 15 year period commencing on the effective
date specified in Section 3.01 hereof Area by the Redeveloper shall be subject to the terms and
conditions of this Redevelopment Contract.
Section 4.08 Purchase of TIF Indebtedness.
The Redeveloper shall purchase the TIF Indebtedness at 100% of the principal amount
thereof upon issuance of such debt. The Authority may provide that such purchase be offset
against the grant provided in Section 3.04 hereof.
Grand Island Regular Meeting - 7/1/2010 Page 28 / 66
Section 4.09 Penal Bond.
The Developer shall execute a penal bond for the Project with good and sufficient surety to be
approved by the Authority meeting the requirements of Section 18-2151, Reissue Revised Statutes of
Nebraska, as amended, on or prior to its execution of this Contract.
ARTICLE V
FINANCING REDEVELOPMENT PROJECT; ENCUMBRANCES
Section 5.01 Financing.
Redeveloper shall pay all Project Costs and any and all other costs related to the
Redevelopment Area and the Project which are in excess of the amounts paid from the proceeds
of the TIF Indebtedness granted to Redeveloper. Prior to issuance of the TIF Indebtedness,
Redeveloper shall provide the Authority with evidence satisfactory to the Authority that private
funds have been committed to the Redevelopment Project in amounts sufficient to complete the
Redevelopment Project. Redeveloper shall timely pay all costs, expenses, fees, charges and other
amounts associated with the Project.
ARTICLE VI
DEFAULT, REMEDIES; INDEMNIFICATION
Section 6.01 General Remedies of Authority and Redeveloper.
Subject to the further provisions of this Article VI, in the event of any failure to perform
or breach of this Redevelopment Contract or any of its terms or conditions, by any party hereto
or any successor to such party, such party, or successor, shall, upon written notice from the other,
proceed immediately to commence such actions as may be reasonably designed to cure or
remedy such failure to perform or breach which cure or remedy shall be accomplished within a
reasonable time by the diligent pursuit of corrective action. In case such action is not taken, or
diligently pursued, or the failure to perform or breach shall not be cured or remedied within a
reasonable time, this Redevelopment Contract shall be in default and the aggrieved party
may institute such proceedings as may be necessary or desirable to enforce its rights under this
Redevelopment Contract, including, but not limited to, proceedings to compel specific
performance by the party failing to perform on in breach of its obligations.
Section 6.02 Additional Remedies of Authority
In the event that:
(a)the Redeveloper, on successor in interest, shall fail to complete the
construction of the Project on or before January 1, 2011, or shall abandon construction
work for any period of 90 days,
Grand Island Regular Meeting - 7/1/2010 Page 29 / 66
(b)the Redeveloper, on successor in interest, shall fail to pay real estate taxes
or assessments on the Redevelopment Area on any part thereof or payments in lieu of
taxes pursuant to Section 4.07 when due; or
(c) There is, in violation of Section 4.08 of this Redevelopment Contract, and
such failure or action by the Redeveloper has not been cured within 30 days following
written notice from Authority, then the Redeveloper shall be in default of this
Redevelopment Contract.
In the event of such failure to perform, breach or default occurs and is not cured in the
period herein provided, the parties agree that the damages caused to the Authority would be
difficult to determine with certainty and that a reasonable estimation of the amount of damages
that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.04 of this
Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness,
plus interest on such amounts as provided herein (the “Liquidated Damages Amount”). The
Liquidated Damages Amount shall be paid by Redeveloper to the Authority within 30 days of
demand from the Authority.
Interest shall accrue on the Liquidated Damages Amount at the rate of one percent (1%)
over the prime rate as published and modified in the Wall Street Journal from time to time and
interest shall commence from the date that the Authority gives notice to the Redeveloper
demanding payment.
Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its
obligation to pay real estate taxes or assessments with respect to the Project.
Section 6.03 Remedies in the Event of Other Redeveloper Defaults.
In the event the Redeveloper fails to perform any other provisions of this Redevelopment
Contract (other than those specific provisions contained in Section 6.02), the Redeveloper shall
be in default. In such an instance, the Authority may seek to enforce the terms of this
Redevelopment Contract or exercise any other remedies that may be provided in this
Redevelopment Contract or by applicable law; provided, however, that the default covered by
this Section shall not give rise to a right or rescission on termination of this Redevelopment
Contract, and shall not be covered by the Liquidated Damages Amount.
Section 6.04 Forced Delay Beyond Party’s Control.
For the purposes of any of the provisions of this Redevelopment Contract, neither the
Authority nor the Redeveloper, as the case may be, nor any successor in interest, shall be
considered in breach of or default in its obligations with respect to the conveyance or preparation
of the Redevelopment Area for redevelopment, or the beginning and completion of construction
of the Project, or progress in respect thereto, in the event of forced delay in the performance of
such obligations due to unforeseeable causes beyond its control and without its fault or
negligence, including, but not restricted to, acts of God, or of the public enemy, acts of the
Grand Island Regular Meeting - 7/1/2010 Page 30 / 66
Government, acts of the other party, fires, floods, epidemics, quarantine restrictions, strikes,
freight embargoes, and unusually severe weather or delays in subcontractors due to such causes;
it being the purpose and intent of this provision that in the event of the occurrence of any such
forced delay, the time or times for performance of the obligations of the Authority or of the
Redeveloper with respect to construction of the Project, as the case may be, shall be extended for
the period of the forced delay: Provided, that the party seeking the benefit of the provisions of
this section shall, within thirty (30) days after the beginning of any such forced delay, have first
notified the other party thereto in writing, and of the cause or causes thereof and requested an
extension for the period of the forced delay.
Section 6.05 Limitations of Liability; Indemnification.
Notwithstanding anything in this Article VI or this Redevelopment Contract to the
contrary, neither the City, the Authority, nor their officers, directors, employees, agents nor their
governing bodies shall have any pecuniary obligation or monetary liability under this
Redevelopment Contract. The sole obligation of the Authority under this Redevelopment
Contract shall be the issuance of the TIF Indebtedness and granting of a portion of the proceeds
thereof to Redeveloper, as specifically set forth in Sections 3.02 and 3.04. The obligation of the
City and the Authority on any TIF Indebtedness shall be limited solely to the payment of the TIF
Revenues on the TIF Indebtedness. Specifically, but without limitation, neither the City nor
Authority shall be liable for any costs, liabilities, actions, demands, or damages for failure of any
representations, warranties or obligations hereunder. The Redeveloper releases the City and
Authority from, agrees that neither the City or the Authority shall be liable for, and agrees to
indemnify and hold the City and the Authority harmless from any liability for any loss or damage
to property or any injury to or death of any person that may be occasioned by any cause
whatsoever pertaining to the Project.
The Redeveloper will indemnify and hold each of the City and the Authority and their
directors, officers, agents, employees and member of their governing bodies free and harmless
from any loss, claim, damage, demand, tax, penalty, liability, disbursement, expense, including
litigation expenses, attorneys’ fees and expenses, or court costs arising out of any damage or
injury, actual or claimed, of whatsoever kind or character, to property (including loss of use
thereof) or persons, occurring or allegedly occurring in, on or about the Project during the term
of this Redevelopment Contract or arising out of any action or inaction of Redeveloper, whether
on not related to the Project, or resulting from or in any way connected with specified events,
including the management of’ the Project, or in any way related to the enforcement of this
Redevelopment Contract or army other cause pertaining to the Project.
ARTICLE VII
MISCELLANEOUS
Section 7.01 Notice Recording.
This Redevelopment Contract or a notice memorandum of this Redevelopment Contract
Grand Island Regular Meeting - 7/1/2010 Page 31 / 66
shall be recorded with the County Register of Deeds in which the Redevelopment Area is
located.
Section 7.02 Governing Law.
This Redevelopment Contract shall be governed by the laws of the State of’ Nebraska,
including but not limited to the Act.
Section 7.03 Binding Effect; Amendment.
This Redevelopment Contract shall be binding on the parties hereto and their respective
successors and assigns. This Redevelopment Contract shall run with the Redevelopment Area.
The Redevelopment Contract shall not be amended except by a writing signed by the party to be
bound.
Section 7.04 Third Party Enforcement,
The provisions of this Redevelopment Contract which obligate the Redeveloper shall
inure to the benefit of the holder of the TIF Indebtedness, the Hall County Assessor, the City and
the Authority, any of whom may, but are not obligated to enforce the terms of this
Redevelopment Contract in a court of law.
IN WITNESS WHEREOF, City and Redeveloper have signed this Redevelopment
Contract as of the date and year first above written.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF
ATTEST: GRAND ISLAND, NEBRASKA
_________________________________By:___________________________________
Secretary Chairman
STATE OF NEBRASKA )
) ss.
COUNTY OF HALL)
The foregoing instrument was acknowledged before me this ______ day of ______,
_____, by _______________ and ________________, Chair and Secretary, respectively, of the
Community Redevelopment Authority of the City of Grand Island, Nebraska, on behalf of the
Authority.
__________________________________
Notary Public
Grand Island Regular Meeting - 7/1/2010 Page 32 / 66
Ken Ray, LLC
By:_____________________________
Manager
STATE OF NEBRASKA )
) ss.
COUNTY OF __________)
The foregoing instrument was acknowledged before me this ______ day of ______,
_____, by ___________________, Manager of Ken Ray, LLC, on behalf of the limited liability
company.
__________________________________
Notary Public
Grand Island Regular Meeting - 7/1/2010 Page 33 / 66
EXHIBIT A
DESCRIPTION OF REDEVELOPMENT AREA
Lots 2 and 3, Equestrian Meadows Second Subdivision to the city of Grand Island, Hall County,
Nebraska
A-I
Grand Island Regular Meeting - 7/1/2010 Page 34 / 66
EXHIBIT B
DESCRIPTION OF PROJECT
Site acquisition, demolition and construction of a 17,500 commercial/ office building together
with the required electrical, water, sanitary sewer and storm sewer extensions, as required by the
City of Grand Island.
B- 1
Grand Island Regular Meeting - 7/1/2010 Page 35 / 66
EXHIBIT C
TIF INDEBTEDNESS
1.Principal Amount:$299,600.00 [annual payment amounts assumed are $21,400]
2.Payments:Semi-annually or more frequent, with payments limited to
annual incremental taxes revenues from the project.
3. Interest Rate: Zero percent (0.00%)
4. Maturity Date:On or before December 31, 2025.
C-1
Grand Island Regular Meeting - 7/1/2010 Page 36 / 66
EXHIBIT D
PROJECT COSTS
All Project Costs payable from the proceeds of TIF indebtedness pursuant to the Act including:
1.Redevelopment Area Acquisition cost
2.Site demolition work and site preparation
3.Utility extensions, installation of gas, water, sewer and electrical lines and equipment
D-1
Grand Island Regular Meeting - 7/1/2010 Page 37 / 66
Grand Island Regular Meeting - 7/1/2010 Page 38 / 66
Grand Island Regular Meeting - 7/1/2010 Page 39 / 66
Grand Island Regular Meeting - 7/1/2010 Page 40 / 66
Grand Island Regular Meeting - 7/1/2010 Page 41 / 66
Grand Island Regular Meeting - 7/1/2010 Page 42 / 66
Grand Island Regular Meeting - 7/1/2010 Page 43 / 66
Grand Island Regular Meeting - 7/1/2010 Page 44 / 66
Grand Island Regular Meeting - 7/1/2010 Page 45 / 66
Grand Island Regular Meeting - 7/1/2010 Page 46 / 66
Grand Island Regular Meeting - 7/1/2010 Page 47 / 66
Grand Island Regular Meeting - 7/1/2010 Page 48 / 66
Grand Island Regular Meeting - 7/1/2010 Page 49 / 66
Grand Island Regular Meeting - 7/1/2010 Page 50 / 66
Grand Island Regular Meeting - 7/1/2010 Page 51 / 66
Grand Island Regular Meeting - 7/1/2010 Page 52 / 66
Grand Island Regular Meeting - 7/1/2010 Page 53 / 66
Grand Island Regular Meeting - 7/1/2010 Page 54 / 66
Grand Island Regular Meeting - 7/1/2010 Page 55 / 66
Grand Island Regular Meeting - 7/1/2010 Page 56 / 66
Grand Island Regular Meeting - 7/1/2010 Page 57 / 66
Grand Island Regular Meeting - 7/1/2010 Page 58 / 66
Grand Island Regular Meeting - 7/1/2010 Page 59 / 66
Grand Island Regular Meeting - 7/1/2010 Page 60 / 66
Community Redevelopment
Authority (CRA)
Thursday, July 1, 2010
Regular Meeting
Item K1
Budget
Staff Contact: Chad Nabity
Grand Island Regular Meeting - 7/1/2010 Page 61 / 66
COMMUNITY REDEVELOPMENT AUTHORITY
GRAND ISLAND, NEBRASKA
RESOLUTION NO. 115
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY
OF GRAND ISLAND, NEBRASKA (the “Authority”) RECOMMENDING A LEVY ALLOCATION
BY THE CITY OF GRAND ISLAND TO THE AUTHORITY FOR ITS BUDGETARY PURPOSES
IN FISCAL YEAR 2010-2011 AS AUTHORIZED BY NE. REV. STATUTES 77-3443, AS
AMENDED.
WHEREAS, the Mayor and City Council of the City of Grand Island, Nebraska (the “City”), by
its Ordinance passed and adopted June 27, 1994, created the Community Redevelopment Authority of
the City of Grand Island, Nebraska, pursuant to Sections 18-2101 through 18-2153 of the Nebraska
Community Development Law; Reissue Revised Statutes of Nebraska, as amended (the “Act”);
WHEREAS, on July 1, 2010, the members of the Community Redevelopment Authority of the
City of Grand Island considered its budget for fiscal year 2010-2011 and determined that a request for
personal and real property tax in the amount of $425,000 is necessary to accomplish the statutory
purposes of the Authority in the upcoming fiscal year and that the accomplishment of these purposes is
in the best interests of the City of Grand Island.
NOW, THEREFORE BE IT RESOLVED THAT, by copy of this Resolution delivered to the
City of Grand Island on this date, the Authority hereby requests and recommends that the City of Grand
Island, Nebraska, as a part of the City maximum levy of $.45 per $100 of taxable valuation of property,
as authorized by the Revised Statutes of Nebraska, Section 77-3442, authorize a 2010-2011 levy
allocation which will provide $425,000 in personal and real property tax funds to the Community
Redevelopment Authority of the City of Grand Island for the accomplishment of the purposes for which
it was created.
Passed and approved by the Authority this 1st day of July, 2010.
COMMUNITY REDEVELOPMENT AUTHORITY OF
THE CITY OF GRAND ISLAND, NEBRASKA
By:_________________________________
Chair
ATTEST:
_____________________________
Director
Grand Island Regular Meeting - 7/1/2010 Page 62 / 66
Community Redevelopment
Authority (CRA)
Thursday, July 1, 2010
Regular Meeting
Item X1
Property Swap
Staff Contact: Chad Nabity
Grand Island Regular Meeting - 7/1/2010 Page 63 / 66
Legal Description of CRA Lots on First and Sycamore Streets:
All of Lots Three and Four (3 & 4) in Block Ninety Two (92) in the Original Town, now City of Grand
Island, Hall County, Nebraska.
And
All of Lot Two (2), except the Easterly Six (6.0) feet of the Northerly One Hundred Three (103.0) feet of
the Easterly Thirty Seven (37.0) feet of the Southerly Twenty Nine (29.0) feet thereof in Block Ninety
Two (92) in the Original Town, now City of Grand Island, Hall County, Nebraska.
Legal Description of Fire Station Lots:
Lots Ten and Eleven (10 & 11) of Campbell’s Subdivision in the City of Grand Island, Hall County,
Nebraska.
Grand Island Regular Meeting - 7/1/2010 Page 64 / 66
COMMUNITY REDEVELOPMENT AUTHORITY
GRAND ISLAND, NEBRASKA
RESOLUTION NO. 114
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF
THE CITY OF GRAND ISLAND, NEBRASKA, PERTAINING TO THE SALE OF REAL
ESTATE AND TO PROVIDE THE TERMS THEREOF.
WHEREAS, the CRA has acquired tracts of land known as 203 E 1st Street, 217
E 1st Street and 211 E 1st Street in Grand Island, Nebraska, as a part of its activities in
Redevelopment Area #1; and
WHEREAS, the public has been invited to submit offers for the purchase of the
tract; and
WHEREAS, no offers were received from the public; and
WHEREAS, this property is located in close proximity to the Grand Island City
Hall and is a logical property for the location of municipal government services in the
future; and
WHEREAS, the City of Grand Island owns and has declared surplus property
located south of the old fire station on Koenig and Pine Streets in Redevelopment Area
#2 that has redevelopment potential, and
WHEREAS, the Grand Island City Council approved Ordinance # 9263
conveying the surplus city lots located south of the old fire station on Koenig and Pine
Streets in Redevelopment Area #2; and
WHEREAS, the Grand Island City Council approved Resolution 2010-160
approving the acquisition of the property owned by the Community Redevelopment
Authority at 203 E 1st Street, 217 E 1st Street and 211 E 1st Street in Grand Island,
Nebraska;
NOW THEREFORE BE IT RESOLVED BY THE COMMUNITY
REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA
that:
1. The offer from the City of Grand Island to exchange title and interest in the
property owned by the City of Grand Island described as:
Lots Ten and Eleven (10 & 11) of Campbell’s Subdivision in the City of Grand
Island, Hall County, Nebraska.
Grand Island Regular Meeting - 7/1/2010 Page 65 / 66
for title and interest in property owned by the Community Redevelopment Authority
described as:
All of Lots Three and Four (3 & 4) in Block Ninety Two (92) in the Original Town,
now City of Grand Island, Hall County, Nebraska.
And
All of Lot Two (2), except the Easterly Six (6.0) feet of the Northerly One Hundred
Three (103.0) feet of the Easterly Thirty Seven (37.0) feet of the Southerly
Twenty Nine (29.0) feet thereof in Block Ninety Two (92) in the Original Town,
now City of Grand Island, Hall County, Nebraska.
is hereby accepted.
2. Neither party shall be required to furnish title insurance and each party shall
pay their own costs.
3. The Chairperson and Director are hereby authorized to proceed with execution
of all documents necessary for the sale and conveyance of the above described
real estate.
PASSED AND APPROVED this 1st day of July, 2010.
ATTEST: COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA
_________________________By ______________________________________
Director Chair
Grand Island Regular Meeting - 7/1/2010 Page 66 / 66