07-09-2014 Community Redevelopment Authority Regular Meeting Packet
Community Redevelopment
Authority (CRA)
Wednesday, July 9, 2014
Regular Meeting Packet
Board Members:
Michelle Fitzke
Tom Gdowski
Barry Sandstrom
Sue Pirnie
Glen Murray
4:00 PM
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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.
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Community Redevelopment
Authority (CRA)
Wednesday, July 9, 2014
Regular Meeting
Item A1
Agenda
Staff Contact: Chad Nabity
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AGENDA
Wednesday, July 9, 2014
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 18, 2014 Meeting.
3.Approval of Financial Reports.
4.Approval of Bills.
5.Review of Committed Projects and CRA Properties.
6.Consideration of a Resolution to forward a Redevelopment Plan Amendment
to the Hall County Regional Planning Commission for Grand Island Mall,
located at 2228 N Webb Rd., Grand Island, NE.
7.Consideration of a Resolution of intent to enter into a Site Specific
Redevelopment Contract & Approval of related actions 30 day notice to City
Council for Grand Island Mall, located at 2228 N Webb Rd., Grand Island, NE.
8.Consideration of a Resolution to forward a Redevelopment Plan Amendment
to the Hall County Regional Planning Commission for AWG Five Points,
located at 620 W State Street, Grand Island NE.
9.Consideration of a Resolution of intent to enter into a Site Specific
Redevelopment Contract & Approval of related actions 30 day notice to City
Council for AWG Five Points, located at 620 W State Street, Grand Island NE.
10.Budget.
11.Discussion concerning Purchase/Sale of Real Estate of property.
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12.Approve Resolution or Resolutions to Purchase/Sell Real Estate.
13.Directors Report
14.Adjournment
Next Meeting August 13, 2014
The CRA may go into closed session for any agenda item as allowed by state law.
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Community Redevelopment
Authority (CRA)
Wednesday, July 9, 2014
Regular Meeting
Item B1
Meeting Minutes
Staff Contact: Chad Nabity
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OFFICIAL PROCEEDINGS
MINUTES OF
COMMUNITY REDEVELOPMENT AUTHORITY
MEETING OF
June 18, 2014
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 18, 2014 at City Hall 100 E First Street. Notice of the meeting was given
in the June 11, 2014 Grand Island Independent.
1.CALL TO ORDER. Chairman Barry Sandstrom called the meeting to order
at 4:00 p.m. The following members were present: Sue Pirnie, Tom
Gdowski and Glen Murray. Also present were; Director, Chad Nabity;
Secretary, Rose Rhoads; Council Liaison, Vaughn Minton; Legal Counsel,
Duane Burns; Senior Accountant, Billy Clingman; Charles and Amos
Anson.
Sandstrom 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 Minutes for the May
14, 2014 meeting was made by Murray and seconded by Gdowksi. Upon
roll call vote all present voted aye. Motion carried unanimously.
3.APPROVAL OF FINANCIAL REPORTS. Clingman reviewed the financial
reports for the period of May 1, 2014 through May 31, 2014. Motion was
made by Pirnie and seconded by Murray 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 Nabity.
A motion was made by Murray and seconded by Pirnie to approve the bills
in the amount of $112,054.59. Upon roll call vote all present voted aye.
Motion carried unanimously to approve the payment of bills totaling
$112,054.59.
5.REVIEW OF COMMITTED PROJECTS & CRA PROPERTY.
Nabity reviewed the Committed Projects.
6. CONSIDERATION OF A REDEVELOPMENT CONTRACT. Anson
Investments, (the “Developer”) has proposed to redevelop an area within
the city limits of the City of Grand Island at 217 N Locust. The CRA passed
resolution 174 notifying City Council of their intent to enter into a
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redevelopment contract at their meeting on April 16, 2014. The Hall
County Regional Planning Commission met on May 7, 2014, and passed
Resolution 2014-06 finding that this plan amendment is consistent with the
comprehensive development plan for the City of Grand Island. The Grand
Island City Council passed Resolution 2013-134 at their meeting on May
27, 2014. A MOTION to approve the attached resolution is in order No
175. Motion was made by Pirnie and seconded by Murray to approve
Resolution 175. Upon roll call vote all present voted aye. Motion carried
unanimously.
7. DISCUSSION CONCERNING PURCHASE/SALE OF REAL
ESTATE OF PROPERTY. None
8. APPROVE RESOLUTION OR RESOLUTIONS TO
PURCHASE/SELL REAL ESTATE. None
9. DIRECTIORS REPORT.
10. ADJORNMENT. Sandstrom adjourned the meeting at 4:48 p.m.
The next meeting is scheduled for July 9, 2014 at 4:00 p.m.
Respectfully submitted
Chad Nabity
Director
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Community Redevelopment
Authority (CRA)
Wednesday, July 9, 2014
Regular Meeting
Item C1
Financial Reports
Staff Contact: Chad Nabity
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Community Redevelopment
Authority (CRA)
Wednesday, July 9, 2014
Regular Meeting
Item D1
Bills
Staff Contact: Chad Nabity
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9-Jul-14
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
Accounting
Officenet Inc.
Postage $ 25.42
Lawnscape 408 E 2nd $ 105.00
Grand Island Independent
Bacon & Vinton, LLC Tower 217 TIF $ 5,000.00
TIF Bond Payments
TIF Pass Thrus
Mayer, Burns, Koenig & Janulewicz Legal Services $ 150.00
Total:
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$ 5,280.42
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Community Redevelopment
Authority (CRA)
Wednesday, July 9, 2014
Regular Meeting
Item E1
Committed Projects
Staff Contact: Chad Nabity
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Community Redevelopment
Authority (CRA)
Wednesday, July 9, 2014
Regular Meeting
Item H1
TIF App - 2228 N Webb Rd
Staff Contact: Chad Nabity
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Site Specific Redevelopment Plan
Grand Island CRA Area 9
June 2014
The Community Redevelopment Authority (CRA) of the City of Grand Island
intends to amend the Redevelopment Plan for Area 9 with in the city, pursuant to
the Nebraska Community Development Law (the “Act”) and provide for the
financing of a specific infrastructure related project in Area 9.
Executive Summary:
Project Description
THE RENOVATION AND REDEVELOPMENT OF THE GRAND ISLAND MALL
AT 2228 N WEBB ROAD LOT 10 OF GRAND ISLAND MALL EIGHTH
SUBDIVSION AND LOT 2 OF GRAND ISLAND MALL FIFTHTEEN
SUBDIVISION. THE SUBSEQUENT SITE WORK, UTILITY, ENGINEERING,
LANDSCAPING AND PARKING IMPROVEMENTS NECESSARY FOR
REDEVELOPMENT AND RENOVATION AT THIS LOCATION.
The developer intends to use Tax Increment Financing to aid in renovation and
conversion of 128,000 square feet of leasable ‘open air’ tenant space and the
development of out parcels on the existing mall property. The developer intends to
connect a drive between the east and west sides of the mall by opening a vehicle and
pedestrian plaza through the center of the mall creating additional tenant spaces with
exterior entrances. The developer is trying to attract national retailers as an anchor to the
shopping center. This project would not be possible in an affordable manner without the
use of TIF.
The site is owned by the developer. All site work, demolition and utilities will be paid
for by the developer. The developer is responsible for and has provided evidence that
they can secure adequate debt financing to cover the costs associated with the acquisition,
site work and remodeling. The Grand Island Community Redevelopment Authority
(CRA) intends to pledge the ad valorem taxes generated over the 15 year period
beginning January 1, 2016 towards the allowable costs and associated financing for the
remodeling and site work.
TAX INCREMENT FINANCING TO PAY FOR THE ACQUISTION OF THE
PROPERTY AND RELATED SITE WORK WILL COME FROM THE
FOLLOWING REAL PROPERTY:
Property Description (the “Redevelopment Project Area”)
This property is located between State Street and Capital Avenue and between U.S.
Highway 281 and Webb Road in northwest Grand Island. The attached map identifies the
subject property and the surrounding land uses:
Legal Descriptions Lot 10 of Grand Island Mall Eighth Subdivision and Lot 2 of
the Grand Island Mall Fifteenth Subdivision in the City of Grand Island, Hall
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County, Nebraska. It is anticipated that these will be replatted to facilitate the
redevelopment.
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The tax increment will be captured for the tax years the payments for which become
delinquent in years 2016 through 2030 inclusive.
The real property ad valorem taxes on the current valuation will continue to be paid
to the normal taxing entities. The increase will come from rehabilitation of the
vacant commercial space into smaller tenant spaces.
Statutory Pledge of Taxes.
Pursuant to Section 18-2147 of the Act, any ad valorem tax levied upon real property in
the Redevelopment Project Area shall be divided, for the period not to exceed 15 years
after the effective date of the provision, which effective date shall be January 1, 2015.
a. That portion 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 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 portion of the ad valorem tax on real property in the
redevelopment project in excess of such amount, if any, shall be allocated 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 with the bonds, loans, notes, or advances on money
to, or indebtedness incurred by, whether funded, refunded, assumed, or otherwise, such
Authority for financing or refinancing, in whole or in part, a redevelopment 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 redevelopment
project shall be paid into the funds of the respective public bodies.
Pursuant to Section 18-2150 of the Act, the ad valorem tax so divided is hereby pledged
to the repayment of loans or advances of money, or the incurring of any indebtedness,
whether funded, refunded, assumed, or otherwise, by the CRA to finance or refinance, in
whole or in part, the redevelopment project, including the payment of the principal of,
premium, if any, and interest on such bonds, loans, notes, advances, or indebtedness.
Redevelopment Plan Amendment Complies with the Act:
The Community Development Law requires that a Redevelopment Plan and Project
consider and comply with a number of requirements. This Plan Amendment meets the
statutory qualifications as set forth below.
1. The Redevelopment Project Area has been declared blighted and substandard by
action of the Grand Island City Council on April 24, 2012. [§18-2109] Such
declaration was made after a public hearing with full compliance with the public
notice requirements of §18-2115 of the Act.
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2. Conformation to the General Plan for the Municipality as a whole. [§18-2103 (13)
(a) and §18-2110]
Grand Island adopted a Comprehensive Plan on July 13, 2004. This redevelopment plan
amendment and project are consistent with the Comprehensive Plan, in that no changes in
the Comprehensive Plan elements are intended. This plan merely provides funding for
the developer to rehabilitate an existing conforming use on this property.
3. The Redevelopment Plan must be sufficiently complete to address the following
items: [§18-2103(13) (b)]
a. Land Acquisition:
There is no proposed acquisition by the authority or the developer.
b. Demolition and Removal of Structures:
The project to be implemented with this plan amendment does not call for the demolition
and removal of any existing structures. Partial demolition and renovation of the existing
Grand Island Mall will be necessary to facilitate the planned development and vehicular
and pedestrian plaza between the east and west sides of the Mall.
c. Future Land Use Plan
See the attached map from the 2004 Grand Island Comprehensive Plan. The site is
planned for highway commercial development. [§18-2103(b) and §18-2111] The
attached map also is an accurate site plan of the area after redevelopment. [§18-2111(5)]
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City of Grand Island Future Land Use Map
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d. Changes to zoning, street layouts and grades or building codes or ordinances or
other Planning changes.
The area is zoned CD Commercial Development zone. The CD zone is a planned unit
development with the look, style placement and size of the buildings approved by with a
Development Plan approved by the Grand Island City Council. The proposed
redevelopment will require a revised development plan for the Grand Island Mall
Commercial Development zone. No changes are anticipated in street layouts or grades.
No changes are anticipated in building codes or ordinances. No other planning changes
are contemplated. The proposed use for commercial retail space is permitted in the CD
zoning district. [§18-2103(b) and §18-2111]
e. Site Coverage and Intensity of Use
The developer is proposing rehabilitate the existing structure a conforming structure and
use in the CD zoning district and add additional structures as may be permitted with a
revised development plan. [§18-2103(b) and §18-2111]
f. Additional Public Facilities or Utilities
This site has full service to municipal utilities. No utilities would be impacted by the
development. It is anticipated that the developer will need to extend sewer and water to
various new lots to be created on this property. All improvements will be paid for by the
developer.
The developer will be responsible for replacing any sidewalks damaged during
construction of the project.
No other utilities would be impacted by the development. [§18-2103(b) and §18-2111]
4. The Act requires a Redevelopment Plan provide for relocation of individuals and
families displaced as a result of plan implementation.
This property, owned by the developer is maintained as retail center. The proposed use
of this property would continue as a retail commercial space. No individuals or families
will be relocated as a result of this project.[§18-2103.02]
5. No member of the Authority, nor any employee thereof holds any interest in any
property in this Redevelopment Project Area. [§18-2106]
6. Section 18-2114 of the Act requires that the Authority consider:
a. Method and cost of acquisition and preparation for redevelopment and estimated
proceeds from disposal to redevelopers.
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The developer has owned the property since 2013 it was acquired at a cost of $1,818,000.
The cost of property acquisition is not being included as a TIF eligible expense. Costs
for rehabilitation of the existing structure are estimated at $10,009,805. The cost of
onsite improvements including the extension of utilities is estimated at $3,165,805. Fees
and reimbursement to the City and the CRA will be included as a TIF eligible expense.
No property will be transferred to redevelopers by the Authority. The developer will
provide and secure all necessary financing.
b. Statement of proposed method of financing the redevelopment project.
The developer will provide all necessary financing for the project. The Authority will
assist the project by granting the sum of $6,447,250 from the proceeds of the TIF
Indebtedness issued by the Authority. This indebtedness will be repaid from the Tax
Increment Revenues generated from the project. TIF revenues shall be made available to
repay the original debt and associated interest after January 1, 2016 through December
31, 2030.
c. Statement of feasible method of relocating displaced families.
No families will be displaced as a result of this plan.
7. Section 18-2113 of the Act requires:
Prior to recommending a redevelopment plan to the governing body for approval, an
authority shall consider whether the proposed land uses and building requirements in the
redevelopment project 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.
The Authority has considered these elements in proposing this Plan Amendment. This
amendment, in and of itself will promote consistency with the Comprehensive Plan, in
that it will allow for the utilization of and redevelopment of commercial lots. This will
not significantly impact traffic at this location. Renovated commercial development will
raise property values and provide a stimulus to keep surrounding properties properly
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maintained. This will have the intended result of preventing recurring elements of unsafe
buildings and blighting conditions.
8. Time Frame for Development
Development of this project (including demolition, site preparation and new construction)
is anticipated to be completed between October 2014 and June of 2016. Additional
buildings will be added as the market permits. Excess valuation should be available for
this project for 15 years beginning with the 2016 tax year.
9. Justification of Project
The U.S. Highway 281 Corridor is a major entrance for the City of Grand Island from the
north and from I-80. The majority of the new commercial development in Grand Island
in the past 10 years has occurred along this stretch of highway. The Grand Island Mall
area was one of the first pieces in this corridor to develop. The pattern that has been most
successful with buildings facing onto U.S. 281 was not as obvious a pattern for success as
it is today. The opportunity to partner with owners of key building along this corridor as
they redevelop and reinvest in their properties is important to making those favorable first
impressions. Buildings to both the north and the south of this property have been
redeveloped with faces toward both U.S. 281 and Webb Road. The completion of this
project will transform this area.
10. Cost Benefit Analysis Section 18-2113 of the Act, further requires the Authority
conduct a cost benefit analysis of the plan amendment in the event that Tax Increment
Financing will be used. This analysis must address specific statutory issues.
As authorized in the Nebraska Community Development Law, §18-2147, Neb. Rev. Stat.
(2012), the City of Grand Island has analyzed the costs and benefits of the proposed
Grand Island Mall Redevelopment Project, including:
Project Sources and Uses. Approximately $6,447,250 in public funds from tax
increment financing provided by the Grand Island Community Redevelopment Authority
will be required to complete the project. This investment by the Authority will leverage
$14,638,399 in private sector financing; a private investment of $2.27 for every TIF
dollar investment.1
1 This does not include any investment in personal property at this time.
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Use of Funds.
Description TIF Funds Private Funds Total
Site Acquisition $1,818,000 $1,818,000
Site preparation $3,165,805 $3,165,805
Legal and Plan*
Building Costs
Renovation Phase 1 $6,447,250 $3,562,555 $10,009,805
Out Parcels Phase 2 $2,657,000 $2,657,000
General Conditions $805,630 $805,630
Personal Property ???
Soft Costs $2,629,409 $2,629,409
TOTALS $6,447,250 $14,638,399 $21,570,029
Tax Revenue. The property to be redeveloped is anticipated to have a January 1, 2014,
valuation of approximately $2,044,858. Based on the 2013 levy this would result in a
real property tax of approximately $45,015. It is anticipated that the assessed value will
increase by $19,525,171, upon full completion, as a result of the site redevelopment.
This development will result in an estimated tax increase of over $429,818.00 annually.
The tax increment gained from this Redevelopment Project Area would not be available
for use as city general tax revenues, for a period of 15 years, or such shorter time as may
be required to amortize the TIF bond, but would be used for eligible private
redevelopment costs to enable this project to be realized.
Estimated 2014 assessed value:$ 2,044,858.00
Estimated value after completion $ 21,570,029.00
Increment value $ 19,525,399.00
Annual TIF generated (estimated)$ 429,818.00
TIF bond issue $ 6,447,250.00
(a) Tax shifts resulting from the approval of the use of Tax Increment Financing;
The redevelopment project area currently has an estimated valuation of $2,044,858.
The proposed renovation of this facility will result in an estimated additional $19,525,399
of taxable valuation based on an analysis by the Hall County Assessor’s office. No tax
shifts are anticipated from the project. The project creates additional valuation that will
support taxing entities long after the project is paid off.
(b) Public infrastructure and community public service needs impacts and local tax
impacts arising from the approval of the redevelopment project;
No additional public service needs have been identified. Existing water and waste
water facilities will not be impacted by this development. The electric utility has
sufficient capacity to support the development. It is not anticipated that this will impact
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schools. Fire and police protection are available and should not be impacted by this
development.
(c) Impacts on employers and employees of firms locating or expanding within the
boundaries of the area of the redevelopment project;
This project will protect and enhance the existing employment within the Project
Area by redeveloping prime commercial space at this location. Most of the retail space at
this location is vacant. It could result in a new national retailers locating in Grand Island.
The new retail facilities will employ managerial and sales staff at these locations. New
businesses would result in a net increase in employment. At project stabilization
employment is expected to increase by 368 employees including a mixture of part time,
full time and managerial positions. Temporary construction employment will increase
during the construction. The construction period is expected to be 18 to 36 months.
The proposed facility will provide jobs for persons employed by the contractors that
will be involved with the project.
(d) Impacts on other employers and employees within the city or village and the
immediate area that are located outside of the boundaries of the area of the
redevelopment project; and
This may create additional demand for retail service employees in the Grand Island area
and could impact other retailers. The proposed retailers represent businesses not located
in Grand Island but they will potentially create competition for businesses located here.
The latest available labor statistics show that the Grand Island labor pool is 27,961 with a
3.3% unemployment rate2.
(e) Any other impacts determined by the authority to be relevant to the
consideration of costs and benefits arising from the redevelopment project.
Personal property in the project is subject to current property tax rates and would
generate additional property tax for all entities in the first year. Annual city sales taxes at
this location at project stabilization are expected to approach $25,000,000. Based on the
current city sales tax rate of 1.5% this would be projected at $375,000.
Time Frame for Development
Development of this project is anticipated to be completed during between October 2014
and June of 2016 with out-parcels to be developed as the market demands. The base tax
year should be calculated on the value of the property as of January 1, 2015. The tax
increment on excess valuation should be available for this project for 15 years beginning
in 2016. Excess valuation will be used to pay the TIF Indebtedness issued by the CRA
per the contract between the CRA and the developer for a period not to exceed 15 years
2 https://neworks.nebraska.gov Labor Force, Employment and Unemployment for Grand Island City in
May 2014
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or an amount not to exceed $6,447,250 the projected amount of increment based upon the
anticipated value of the project and current tax rate. Based on the estimates of the
expenses of the cost of renovation, site preparation, engineering, expenses and fees
reimbursed to the City and CRA, and financing fees the developer will spend over
$13,000,000 of TIF eligible activities over $10,000,000 of which are directly related to
remodeling and rehabilitating the existing building.
It is anticipate by the Hall County Assessor’s office that this property if redeveloped as
proposed will see a 10 fold increase in valuation.
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2228 N Webb Rd
COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA
RESOLUTION NO. 176
RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY
OF GRAND ISLAND, NEBRASKA, SUBMITTING A PROPOSED
REDEVELOPMENT PLAN TO THE HALL COUNTY REGIONAL PLANNING
COMMISSION FOR ITS RECOMMENDATION
WHEREAS, this Community Redevelopment Authority of the City of Grand
Island, Nebraska ("Authority"), pursuant to the Nebraska Community
Development Law (the "Act"), prepared a proposed redevelopment plan (the
"Plan") a copy of which is attached hereto as Exhibit 1, for redevelopment of an
area within the city limits of the City of Grand Island, Hall County, Nebraska; and
WHEREAS, the Authority is required by Section 18-2112 of the Act to submit
said to the planning board having jurisdiction of the area proposed for redevelopment
for review and recommendation as to its conformity with the general plan for the
development of the City of Grand Island, Hall County, Nebraska;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
The Authority submits to the Hall County Regional Planning Commission the
proposed Plan attached to this Resolution, for review and recommendation as to its
conformity with the general plan for the development of the City of Grand Island, Hall
County, Nebraska.
Passed and approved this ___ day of ___________, 2014.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF
GRAND ISLAND, NEBRASKA.
By___________________________
Chairperson
ATTEST:
__________________________
Secretary
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2228 N Webb Rd
EXHIBIT 1
REDEVELOPMENT PLAN AMENDMENT
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2228 N Webb Rd.
COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY
OF GRAND ISLAND, NEBRASKA
RESOLUTION NO. 177
RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY
OF GRAND ISLAND, NEBRASKA, PROVIDING NOTICE OF INTENT TO ENTER INTO
A REDEVELOPMENT AFTER THE PASSAGE OF 30 DAYS AND OTHER MATTERS
WHEREAS, this Community Redevelopment Authority of the City of Grand
Island, Nebraska ("Authority"), has received an Application for Tax Increment
Financing under the Nebraska Community Development Law (the “Act”) on a
project within redevelopment area 2, from Anson Investments, (The "Developer") for redevelopment of an area within the city limits of the City of Grand Island as set
forth in Exhibit 1 attached hereto area; and
WHEREAS, this Community Redevelopment Authority of the City of Grand
Island, Nebraska ("Authority"), is proposing to use Tax Increment Financing on a project within redevelopment area 2;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
Section 1. In compliance with section 18-2114 of the Act, the Authority hereby
gives the governing body of the City notice that it intends to enter into the
Redevelopment Contract, attached as Exhibit 1, with such changes as are deemed
appropriate by the Authority, after approval of the redevelopment plan amendment
related to the redevelopment project described in the Redevelopment Contract, and
after the passage of 30 days from the date hereof.
Section 2. The Secretary of the Authority is directed to file a copy of this
resolution with the City Clerk of the City of Grand Island, forthwith.
Passed and approved this ___ day of __________, 2014.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF
GRAND ISLAND, NEBRASKA.
By ___________________________
Chairperson
ATTEST:
___________________
Secretary
Grand Island Regular Meeting - 7/9/2014 Page 50 / 90
2228 N Webb Rd.
Exhibit 1
Attach a copy of the Redevelopment Contract
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Community Redevelopment
Authority (CRA)
Wednesday, July 9, 2014
Regular Meeting
Item H2
TIF Request - 620 W State St
Staff Contact: Chad Nabity
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Redevelopment Plan Amendment
Grand Island CRA Area 6
June 2014
The Community Redevelopment Authority (CRA) of the City of Grand Island
intends to amend the Redevelopment Plan for Area 6 within the city, pursuant to
the Nebraska Community Development Law (the “Act”) and provide for the
financing of a specific infrastructure related project in Area 6.
Executive Summary:
Project Description
THE ACQUISITION OF PROPERTY AT FIVE POINTS EAST OF BROADWELL
AVENUE AND NORTH OF STATE STREET BY THE DEVELOPER AND
SUBSEQUENT SITE PREPARATION, DEMOLITION, UTILITY IMPROVEMENTS,
LANDSCAPING AND PARKING IMPROVEMENTS NECESSARY FOR BUILDING
A NEW GROCERY STORE, INLINE RETAIL SPACE AND RESTAURANT SPACE
AT THIS LOCATION.
The use of Tax Increment Financing (“TIF”) to aid in the acquisition of property,
demolition of existing structures, necessary site work and installation of public utilities
and street improvements necessary to redevelop this site. The use of TIF makes it feasible
to complete all of the phases of the proposed project within the timeline presented. This
project could not be completed without the use of TIF.
The acquisition, site work and construction of all improvements will be paid for by the
developer. The developer is responsible for and has provided evidence that they can
secure adequate debt financing to cover the costs associated with the acquisition, site
work and remodeling. The Grand Island Community Redevelopment Authority (CRA)
intends to pledge the ad valorem taxes generated over the 15 year period beginning
January 1, 2016 towards the allowable costs and associated financing for the acquisition
and site work.
TAX INCREMENT FINANCING TO PAY FOR THE ACQUISTION OF THE
PROPERTY AND RELATED SITE WORK WILL COME FROM THE
FOLLOWING REAL PROPERTY:
Property Description (the “Redevelopment Project Area”)
This property is located at the northeast corner of Broadwell Avenue and State Street in
northeast Grand Island including the attached map identifies the subject property and the
surrounding land uses:
Legal Descriptions Lot 3 of Skag-Way Subdivision and Lot 1 of Skag-
Way Second Subdivision.
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The tax increment will be captured for the tax years the payments for which become
delinquent in years 2017 through 2030 inclusive.
The real property ad valorem taxes on the current valuation will continue to be paid
to the normal taxing entities. The increase will come from the construction of new
commercial space on this property.
Statutory Pledge of Taxes.
Pursuant to Section 18-2147 of the Act, any ad valorem tax levied upon real property in
the Redevelopment Project Area shall be divided, for the period not to exceed 15 years
after the effective date of the provision, which effective date shall be January 1, 2016.
a. That portion 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 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 portion of the ad valorem tax on real property in the
redevelopment project in excess of such amount, if any, shall be allocated 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 with the bonds, loans, notes, or advances on money
to, or indebtedness incurred by, whether funded, refunded, assumed, or otherwise, such
Authority for financing or refinancing, in whole or in part, a redevelopment 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 redevelopment
project shall be paid into the funds of the respective public bodies.
Pursuant to Section 18-2150 of the Act, the ad valorem tax so divided is hereby pledged
to the repayment of loans or advances of money, or the incurring of any indebtedness,
whether funded, refunded, assumed, or otherwise, by the CRA to finance or refinance, in
whole or in part, the redevelopment project, including the payment of the principal of,
premium, if any, and interest on such bonds, loans, notes, advances, or indebtedness.
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Redevelopment Plan Amendment Complies with the Act:
The Community Development Law requires that a Redevelopment Plan and Project
consider and comply with a number of requirements. This Plan Amendment meets the
statutory qualifications as set forth below.
1. The Redevelopment Project Area has been declared blighted and substandard by
action of the Grand Island City Council on October 9, 2007.[§18-2109] Such
declaration was made after a public hearing with full compliance with the public
notice requirements of §18-2115 of the Act.
2. Conformation to the General Plan for the Municipality as a whole. [§18-2103 (13)
(a) and §18-2110]
Grand Island adopted a Comprehensive Plan on July 13, 2004. This redevelopment plan
amendment and project are consistent with the Comprehensive Plan, in that no changes in
the Comprehensive Plan elements are intended. This plan merely provides funding for
the developer to acquire the necessary property and provide the necessary site work for
the construction of a permitted use on this property.
3. The Redevelopment Plan must be sufficiently complete to address the following
items: [§18-2103(13) (b)]
a. Land Acquisition:
The Redevelopment Plan for Area 6 provides for real property acquisition and this plan
amendment does not prohibit such acquisition. There is no proposed acquisition by the
authority. The applicant will be acquiring the property from the current owner.
b. Demolition and Removal of Structures:
The project to be implemented with this plan does intend several structures along on the
subject property to be removed or demolished. The structures to be demolished are all
non-residential in nature and use.
c. Future Land Use Plan
See the attached map from the 2004 Grand Island Comprehensive Plan. The site is
planned for commercial development. [§18-2103(b) and §18-2111] The attached map
also is an accurate site plan of the area after redevelopment. [§18-2111(5)]
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City of Grand Island Future Land Use Map
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d. Changes to zoning, street layouts and grades or building codes or ordinances or
other Planning changes.
The area is zoned B2- General Business zone. No zoning changes are anticipated with
this project. No changes are anticipated in street layouts or grades. No changes are
anticipated in building codes or ordinances. Nor are any other planning changes
contemplated. [§18-2103(b) and §18-2111]
e. Site Coverage and Intensity of Use
The developer is proposing remove all of the structures on the subject property in two
phases. The buildings on Lot 3 of Skag-Way Subdivision will be demolished and a new
grocery store will be constructed at that location, fuel pumps will be added near
Broadwell Avenue and after the construction of the new store the old store will be
demolished and the site will be prepared for additional retail and restaurant space to be
constructed at a time when the market allows for said construction. The property is zoned
B2 and could accommodate a building of up to 100% of the property [§18-2103(b) and
§18-2111]
f. Additional Public Facilities or Utilities
Sewer and water are available to support this development. Water mains will have to be
extended throughout the site to support the configuration of the proposed development.
New water and sewer services may be required for this building.
No other utilities would be impacted by the development.
The developer will be responsible for replacing any sidewalks damaged during
construction of the project.
No other utilities would be impacted by the development. [§18-2103(b) and §18-2111]
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4. The Act requires a Redevelopment Plan provide for relocation of individuals and
families displaced as a result of plan implementation. This amendment does not
provide for acquisition of any residences and therefore, no relocation is
contemplated. [§18-2103.02]
5. No member of the Authority, nor any employee thereof holds any interest in any
property in this Redevelopment Project Area. [§18-2106]
Barry Sandstrom, Chairman of the Grand Island Community Redevelopment Authority,
is President of Home Federal Bank in Grand Island and Home Federal has a branch office
and an ATM on the property. Mr. Sandstrom will recuse himself from action on this
application.
6. Section 18-2114 of the Act requires that the Authority consider:
a. Method and cost of acquisition and preparation for redevelopment and estimated
proceeds from disposal to redevelopers.
The developer is proposing to purchase this property for redevelopment for $2,600,000 in
October of 2014 provided that TIF is available for the project as define. The cost of
property acquisition is being included as a TIF eligible expense. Costs for site
preparation, utility and parking improvements are estimated at $3,004,953 as related to
the demolition and site preparation are included as a TIF eligible expense. It is estimated
based on the proposed increased valuation of $4,416,000 will result in $1,600,000 of
increment generated over a 15 year period, substantially less than the TIF allowable
expenses.
No property will be transferred to redevelopers by the Authority. The developer will
provide and secure all necessary financing.
b. Statement of proposed method of financing the redevelopment project.
The developer will provide all necessary financing for the project. The Authority will
assist the project by granting the sum of $1,600,000 from the proceeds of the TIF
Indebtedness issued by the Authority. This indebtedness will be repaid from the Tax
Increment Revenues generated from the project. TIF revenues shall be made available to
repay the original debt and associated interest after January 1, 2016 through December
2030.
c. Statement of feasible method of relocating displaced families.
No families will be displaced as a result of this plan.
7. Section 18-2113 of the Act requires:
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Prior to recommending a redevelopment plan to the governing body for approval, an
authority shall consider whether the proposed land uses and building requirements in the
redevelopment project 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.
The Authority has considered these elements in proposing this Plan Amendment. This
amendment, in and of itself will promote consistency with the Comprehensive Plan, in
that it will allow for the utilization of and redevelopment of commercial lots. This will
not significantly impact traffic at the Five Points intersection. New commercial
development will raise property values and provide a stimulus to keep surrounding
properties properly maintained. This will have the intended result of preventing recurring
elements of unsafe buildings and blighting conditions.
8. Time Frame for Development
Development of phase one of this project (including construction of the new grocery
store) is anticipated to be completed between October of 2014 and October of 2015.
Demolition of the existing Skagway store and preparation of the eastern portion of the
site for further development will occur after the opening of the new store. Excess
valuation should be available for this project for 15 years beginning with the 2016 tax
year.
9. Justification of Project
Skagway has been a commercial anchor for the Five Points neighborhood since the
1950’s. This redevelopment and reinvestment by AWG at this location represents a great
opportunity to strengthen and sustain this neighborhood commercial development. This is
infill development in an area with all city services available. This project does not
propose to tear down any buildings with historic value.
10. Cost Benefit Analysis Section 18-2113 of the Act, further requires the Authority
conduct a cost benefit analysis of the plan amendment in the event that Tax Increment
Financing will be used. This analysis must address specific statutory issues.
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As authorized in the Nebraska Community Development Law, §18-2147, Neb. Rev. Stat.
(2012), the City of Grand Island has analyzed the costs and benefits of the proposed
AWG-Skagway North Redevelopment Project, including:
Project Sources and Uses. Approximately $1,600,000.00 in public funds from tax
increment financing provided by the Grand Island Community Redevelopment Authority
will be required to complete the project. This investment by the Authority will leverage
$14,430,000.00 in private sector financing; a private investment of $9.02 for every TIF
dollar investment.
Use of Funds.
Description TIF Funds Private Funds Total
Site Acquisition $1,600,000 $1,000,000 $2,600,000
Site preparation $3,004,953
Legal and Plan
Building Costs
Phase 1 $4,725,000 $4,725,000
Phase 2 $3,000,000 $3,000,000
Fuel Center $500,000 $500,000
Personal Property $1,000,000 $1,000,000
Soft Costs $1,200,000 $1,200,000
TOTALS $1,600,000 $14,429,953 $16,029,953
Tax Revenue. The property to be redeveloped is anticipated to have a January 1, 2014,
valuation of approximately $3,442,551. Based on the 2013 levy this would result in a real
property tax of approximately $75,783. It is anticipated that the assessed value will increase by
$4,416,000, upon full completion, as a result of the site redevelopment. This development will
result in an estimated tax increase of over $97,200.00 annually adjusted with a 2% appreciation in
value for 15 years resulting in $1,600,000 of increment over the 15 year period. The tax
increment gained from this Redevelopment Project Area would not be available for use as city
general tax revenues, for a period of 15 years, or such shorter time as may be required to amortize
the TIF bond, but would be used for eligible private redevelopment costs to enable this project to
be realized.
Estimated 2014 assessed value:$ 3,442,551.00
Estimated value after completion $ 7,858,035.00
Increment value $ 4,415,484.00
Annual TIF generated (estimated)$ 97,200.00
TIF bond issue $ 1,600,000.00
(a) Tax shifts resulting from the approval of the use of Tax Increment Financing;
The redevelopment project area currently has an estimated valuation of $3,442,591.
The proposed demolition, new parking lot and renovations at this location will result in
an additional $4,415,444 of taxable valuation based on an analysis by the Hall County
Grand Island Regular Meeting - 7/9/2014 Page 75 / 90
Assessor’s office. No tax shifts are anticipated from the project. The project creates
additional valuation that will support taxing entities long after the project is paid off.
(b) Public infrastructure and community public service needs impacts and local tax
impacts arising from the approval of the redevelopment project;
No additional public service needs have been identified. Existing water and waste
water facilities will not be impacted by this development. The electric utility has
sufficient capacity to support the development. It is not anticipated that this will impact
schools. Fire and police protection are available and should not be impacted by this
development.
(c) Impacts on employers and employees of firms locating or expanding within the
boundaries of the area of the redevelopment project;
This project will protect and enhance the existing employment within the Project Area by
maintaining a grocery store at this location. Additional employment is anticipated with
the inline retail and restaurant also proposed at this site. At project stabilization
employment is expected to increase to 28 full time equivalent employees. Temporary
construction employment will increase during the construction. The construction period
is expected to exceed 12 months.
(d) Impacts on other employers and employees within the city or village and the
immediate area that are located outside of the boundaries of the area of the
redevelopment project; and
This facility could draw employees from other similar facilities within the City. The
latest available labor statistics show that the Grand Island labor pool is 27,961 with a
3.3% unemployment rate1.
(e) Any other impacts determined by the authority to be relevant to the
consideration of costs and benefits arising from the redevelopment project.
This will provide appropriate development at a key entrance into the City of Grand
Island. Five Points is an iconic location in Grand Island. This redevelopment plan will
result in substantial new construction in the neighborhood. Skagway has been a key
business at the Five Points location for more than 60 years. This site has had a
neighborhood grocery store since before the area to the north and east was developed.
Redevelopment of this site will preserve this neighborhood commercial district and
strengthen and preserve the surrounding residential values.
Personal property in the project is subject to current property tax rates. Personal property
for the Project is estimated at $1,000,000 resulting in an estimated personal property tax
for the first year of operations of $22,000. Personal property tax is not subject to TIF and
1 https://neworks.nebraska.gov Labor Force, Employment and Unemployment for Grand Island City in
May 2014
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will be paid to the normal taxing entities. There will additionally be more city sales taxes
paid to the city of Grand Island as a result of new taxable sales at the restaurant and inline
stores.
Time Frame for Development
Development of phase 1 of this project is anticipated to be completed during between
October 2014 and October of 2015. The base tax year should be calculated on the value
of the property as of January 1, 2015. Excess valuation should be available for this
project for 15 years beginning with the 2016 tax year. Excess valuation will be used to
pay the TIF Indebtedness issued by the CRA per the contract between the CRA and the
developer for a period not to exceed 15 years or an amount not to exceed $1,600,000 the
projected amount of increment based upon the anticipated value of the project and current
tax rate. Based on the purchase price of the property and estimates of the expenses of
renovation activities and associated engineering fees, the developer will spend more than
$5,000,000 on TIF eligible activities.
See Attached Site Plan and Interior Renovation Plan
Grand Island Regular Meeting - 7/9/2014 Page 77 / 90
620 W State Street
COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA
RESOLUTION NO. 178
RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY
OF GRAND ISLAND, NEBRASKA, SUBMITTING A PROPOSED
REDEVELOPMENT PLAN TO THE HALL COUNTY REGIONAL PLANNING
COMMISSION FOR ITS RECOMMENDATION
WHEREAS, this Community Redevelopment Authority of the City of Grand
Island, Nebraska ("Authority"), pursuant to the Nebraska Community
Development Law (the "Act"), prepared a proposed redevelopment plan (the
"Plan") a copy of which is attached hereto as Exhibit 1, for redevelopment of an
area within the city limits of the City of Grand Island, Hall County, Nebraska; and
WHEREAS, the Authority is required by Section 18-2112 of the Act to submit
said to the planning board having jurisdiction of the area proposed for redevelopment
for review and recommendation as to its conformity with the general plan for the
development of the City of Grand Island, Hall County, Nebraska;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
The Authority submits to the Hall County Regional Planning Commission the
proposed Plan attached to this Resolution, for review and recommendation as to its
conformity with the general plan for the development of the City of Grand Island, Hall
County, Nebraska.
Passed and approved this ___ day of ___________, 2014.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF
GRAND ISLAND, NEBRASKA.
By___________________________
Chairperson
ATTEST:
__________________________
Secretary
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620 W State Street
EXHIBIT 1
REDEVELOPMENT PLAN AMENDMENT
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620 W State Street
COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY
OF GRAND ISLAND, NEBRASKA
RESOLUTION NO. 179
RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY
OF GRAND ISLAND, NEBRASKA, PROVIDING NOTICE OF INTENT TO ENTER INTO
A REDEVELOPMENT AFTER THE PASSAGE OF 30 DAYS AND OTHER MATTERS
WHEREAS, this Community Redevelopment Authority of the City of Grand
Island, Nebraska ("Authority"), has received an Application for Tax Increment
Financing under the Nebraska Community Development Law (the “Act”) on a
project within redevelopment area 6, from Super Market Developers, Inc., (The "Developer") for redevelopment of an area within the city limits of the City of Grand
Island as set forth in Exhibit 1 attached hereto area; and
WHEREAS, this Community Redevelopment Authority of the City of Grand
Island, Nebraska ("Authority"), is proposing to use Tax Increment Financing on a project within redevelopment area 6;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
Section 1. In compliance with section 18-2114 of the Act, the Authority hereby
gives the governing body of the City notice that it intends to enter into the
Redevelopment Contract, attached as Exhibit 1, with such changes as are deemed
appropriate by the Authority, after approval of the redevelopment plan amendment
related to the redevelopment project described in the Redevelopment Contract, and
after the passage of 30 days from the date hereof.
Section 2. The Secretary of the Authority is directed to file a copy of this
resolution with the City Clerk of the City of Grand Island, forthwith.
Passed and approved this ___ day of __________, 2014.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF
GRAND ISLAND, NEBRASKA.
By ___________________________
Chairperson
ATTEST:
___________________
Secretary
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620 W State Street
Exhibit 1
Attach a copy of the Redevelopment Contract
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Community Redevelopment
Authority (CRA)
Wednesday, July 9, 2014
Regular Meeting
Item K1
Budget
Staff Contact: Chad Nabity
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COMMUNITY REDEVELOPMENT AUTHORITY
FY 2014- 2015 BUDGET
2010 2011 2012 2013 2013 2014 2014 2015
Actual Actual Actual Budget Actuals Budget Forecasted Budget
CONSOLIDATED
Beginning Cash 1,547,542 985,902 923,823 298,766 186,509 377,849 414,486 530,861
REVENUE:
Property Taxes-CRA 442,832 421,109 464,412 446,578 476,837 474,384 474,384 488,069
Property Taxes-Lincoln Pool - - 154,234 207,859 193,649 195,000 195,000 198,050
Property Taxes-TIF's 205,341 312,136 404,016 438,016 384,041 575,124 433,568 1,267,592
Loan Proceeds - - - -
Motor Vehicle Tax 2,156 1,872 2,658
Interest Income-CRA 19,804 2,403 4,667 1,000 342 1,000 1,000 1,000
Interest Income - TIF's 334 217 165 - 135 - - -
Loan Income (Poplar Street Water Line) 5,000 8,154 5,000 6,000 6,000
Land Sales - 30,000 - 100,000 - 100,000 - 100,000
Bond Proceeds - Lincoln Pool - - - 1,800,000 1,800,000 - - -
City Share of Life Safety Grant Downtown 100,000
Other Revenue 10,000 10,500 12,552 22,000 29,539 22,000 22,000 22,000
Other Revenue - TIF's 12,361 12,143 10,064 - 7,707 - - -
TOTAL REVENUE 692,826 790,379 1,052,768 3,020,453 2,900,404 1,372,508 1,131,952 2,182,711
***MAKE SURE THESE TOTALS MATCH THE TOTAL EXPENSES IN THE BOTTOM BELOW!
TOTAL RESOURCES 2,240,368 1,776,281 1,976,591 3,319,219 3,086,913 1,750,357 1,546,438 2,713,572
EXPENSES
Auditing & Accounting 5,392 4,998 4,025 5,000 16,075 5,000 4,000 5,000
Legal Services 3,060 2,389 2,187 3,000 1,410 3,000 2,000 3,000
Consulting Services - - - 10,000 - 10,000 5,000 5,000
Contract Services 174,875 78,795 44,428 55,000 50,960 65,000 50,000 65,000
Printing & Binding - - - 1,000 - 1,000 - 1,000
Other Professional Services - 6,393 7,599 5,000 7,210 5,000 - 5,000
General Liability Insurance - - - 250 - 250 - 250
Postage 202 712 328 200 336 200 200 200
Legal Notices 613 881 1,979 2,500 1,693 2,500 2,000 2,500
Licenses & Fees - - - - - - - -
Travel & Training - - 161 1,000 - 1,000 - 1,000
Other Expenditures - 94 796 - - - - -
Office Supplies 328 746 - 300 123 300 100 300
Supplies - - - 300 - 300 100 300
Land 448,720 2,002 - 20,000 - 80,000 - 100,000
Façade Improvement-to be applied for 354,015 442,155 1,146,639 120,000 482,361 200,000 130,000 200,000
Lincoln Pool Bond Proceeds pay out - - 180,658 1,800,000 1,699,883 - - -
Other Projects - - - 50,000 - 265,000 100,000 250,000
Property Taxes South Locust Project - 11,000 - 11,000 11,000 11,000
Life Safety Reimbursment Grant - - - - - - - 200,000
Outstanding Façade Improvement Grants - 318,000 - 130,000 - 117,000
Railroad Horns - - - - - -
Other Committed Projects - 134,000 - 40,000 40,000 148,000
Property Management - - - - - -
Bond Payment /Fees 207,859 525
Debt-Lincoln Pool - - - - -
Lincoln Pool Principal Bond Payment - 170,000 170,000 175,000
Lincoln Pool Interest Bond Payment 15,105 23,828 23,828 23,050
Other Expenditures-TIF's - 47,373 -
Bond Principal-TIF's 199,617 255,618 350,317 396,334 355,016 541,944 397,899 1,236,022
Bond Interest-TIF's 74,453 63,170 50,965 41,682 41,730 33,180 32,077 31,070
TOTAL EXPENSES 1,261,276 857,952 1,790,082 3,182,425 2,672,427 1,588,501 1,015,577 2,579,692
***MAKE SURE THESE TOTALS MATCH THE TOTAL EXPENSES IN THE BOTTOM SECTION!
INCREASE(DECREASE) IN CASH (568,451) (67,572) (737,314) (161,972) 227,977 (215,993) 116,375 (396,981)
ENDING CASH 979,091 918,329 186,509 136,794 414,486 161,856 530,861 133,880
- - - -
AVAILABLE CASH 979,091 918,329 186,509 136,794 414,486 161,856 530,861 133,880
CRA CASH 937,028 870,571 152,203 7,249 299,440 32,636 453,561 56,080
LINCOLN POOL CASH - - (26,424) 81,787 72,058 81,368 73,230 73,230
TIF CASH 42,063 47,758 60,730 47,758 42,988 47,852 4,071 4,571
TOTAL CASH 979,091 918,329 186,509 136,794 414,486 161,856 530,861 133,880
Grand Island Regular Meeting - 7/9/2014 Page 83 / 90
COMMUNITY REDEVELOPMENT AUTHORITY
FY 2014- 2015 BUDGET
2010 2011 2012 2013 2013 2014 2014 2015
Actual Actual Actual Budget Actuals Budget Forecasted Budget
CRA REVENUES
GENERAL OPERATIONS: 01
Property Taxes 442,832 421,109 464,412 446,578 476,837 474,384 474,384 488,069
Property Taxes-Lincoln Pool Levy 154,234 207,859 193,649 195,000 195,000 198,050
Motor Vehicle Tax 2,156 1,872 2,658 -
Interest Income 19,804 2,403 4,667 1,000 342 1,000 1,000 1,000
Loan Income (Poplar Street Water Line) 5,000 8,154 5,000 6,000 6,000
Land Sales - 30,000 100,000 100,000 - 100,000
Bond Proceeds Lincoln Pool 1,800,000 1,800,000
City Share Life Safety Grant Downtown - 100,000
Other Revenue & Motor Vehicle Tax 10,000 10,500 12,552 22,000 29,539 22,000 22,000 22,000
TOTAL 474,791 465,884 638,523 2,582,437 2,508,521 797,384 698,384 915,119
GILI TRUST-07
Property Taxes 65,694 66,223 32,019
Interest Income - 12 -
Other Revenue 8 511
TOTAL 65,702 66,235 32,530 - - - - -
CHERRY PARK LTD II-08
Property Taxes 32,832 63,374 64,641 59,180 62,605 29,588 29,588 -
Interest Income 301 186 157 - 129 -
Other Revenue -
TOTAL 33,133 63,561 64,797 59,180 62,734 29,588 29,588 -
GENTLE DENTAL-09
Property Taxes 4,479 4,512 4,659 4,202 4,755 4,202 4,202 -
Interest Income 2 2 1 - 1 - -
Other Revenue - - -
TOTAL 4,481 4,514 4,660 4,202 4,756 4,202 4,202 -
PROCON TIF-10
Property Taxes 17,972 18,163 27,675 19,162 9,613 19,162 19,162 19,162
Interest Income 5 4 2 - 2 -
Other Revenue 1,172 1,555 233 271
TOTAL 19,148 19,722 27,910 19,162 9,886 19,162 19,162 19,162
WALNUT HOUSING PROJECT-11
Property Taxes 33,089 63,871 65,147 74,472 67,032 74,472 74,472 74,472
Interest Income 26 13 6 - 3 -
Other Revenue 11,180 10,588 9,320 7,436
TOTAL 44,296 74,471 74,473 74,472 74,471 74,472 74,472 74,472
BRUNS PET GROOMING-12
Property Taxes 10,502 6,727 19,667 13,500 7,360 13,500 13,500 14,000
Interest Income - -
TOTAL 10,502 6,727 19,667 13,500 7,360 13,500 13,500 14,000
Grand Island Regular Meeting - 7/9/2014 Page 84 / 90
COMMUNITY REDEVELOPMENT AUTHORITY
FY 2014- 2015 BUDGET
2010 2011 2012 2013 2013 2014 2014 2015
Actual Actual Actual Budget Actuals Budget Forecasted Budget
GIRAD VET CLINIC-13
Property Taxes 13,855 350 18,736 14,500 9,883 14,500 14,500 14,500
Interest Income - - - -
TOTAL 13,855 350 18,736 14,500 9,883 14,500 14,500 14,500
GEDDES ST APTS - PROCON-14
Property Taxes 14,809 29,185 41,923 30,000 28,045 30,000 30,000 30,000
Interest Income - - - -
TOTAL 14,809 29,185 41,923 30,000 28,045 30,000 30,000 30,000
SOUTHEAST CROSSINGS-15
Property Taxes 12,109 12,200 12,616 12,000 13,193 12,000 15,000 15,000
Interest Income - - - -
TOTAL 12,109 12,200 12,616 12,000 13,193 12,000 15,000 15,000
POPLAR STREET WATER-16
Property Taxes - - 2,052 2,500 7,817 2,500 6,000 6,000
Interest Income - - - - -
Other Revenue -
TOTAL - - 2,052 2,500 7,817 2,500 6,000 6,000
CASEY'S FIVE POINTS-17
Property Taxes 4,429 8,670 10,000 13,276 10,000 10,000 10,000
Interest Income - - -
TOTAL CASEY'S FIVE POINTS - 4,429 8,670 10,000 13,276 10,000 10,000 10,000
SOUTHPOINTE HOTEL-18
Property Taxes - 41,479 85,341 90,000 87,104 90,000 90,000 90,000
Interest Income - -
TOTAL SOUTHPOINTE HOTEL - 41,479 85,341 90,000 87,104 90,000 90,000 90,000
TODD ENCK-19
Property Taxes - 1,622 6,059 2,500 6,169 3,200 6,000 6,000
Interest Income - - -
TOTAL TC ENCK - 1,622 6,059 2,500 6,169 3,200 6,000 6,000
SKAGWAY - 20
Property Taxes - - - 55,000 9,767 55,000 40,000 750,000
Interest Income - - -
TOTAL SKAGWAY - 20 - - - 55,000 9,767 55,000 40,000 750,000
JOHN SCHULTE CONSTRUCTION-21
Property Taxes - - 4,449 6,000 5,088 6,000 5,900 6,000
Interest Income - - -
TOTAL JOHN SCHULTE CONSTRUCTION - - 4,449 6,000 5,088 6,000 5,900 6,000
PHARMACY PROPERTIES INC-22
Property Taxes - - 10,363 11,000 10,551 11,000 10,700 11,000
Interest Income - - -
TOTAL PHARMACY PROPERTIES INC - - 10,363 11,000 10,551 11,000 10,700 11,000
KEN-RAY LLC-23
Property Taxes - - - 34,000 38,919 34,000 34,000 34,000
Interest Income - - -
TOTAL KEN-RAY LLC - - - 34,000 38,919 34,000 34,000 34,000
COUNTY FUND #8598
Property Taxes - - - - 2,864 - 1,458 1,458
Interest Income - - -
TOTAL COUNTY FUND #8598 - - - - 2,864 - 1,458 1,458
ARNOLD WENN-Duplex 13th & Huston-NEW 2013-2014
Property Taxes - - - - - 3,000 3000
Interest Income - - -
TOTAL ARNOLD WENN - - - - - 3,000 - 3,000
TOKEN PROPERTIES LLC -Duplex N Ruby-NEW 2013-2014
Grand Island Regular Meeting - 7/9/2014 Page 85 / 90
COMMUNITY REDEVELOPMENT AUTHORITY
FY 2014- 2015 BUDGET
2010 2011 2012 2013 2013 2014 2014 2015
Actual Actual Actual Budget Actuals Budget Forecasted Budget
Property Taxes - - - - 3,000 3,000 3,000
Interest Income - - -
TOTAL TOKEN PROPERTIES LLC - - - - - 3,000 3,000 3,000
STRATFORD PLAZA-HOWARD JOHNSON-NEW 2013-2014
Property Taxes - - - - 15,000 23,086 35,000
Interest Income - - -
TOTAL STRATFORD PLAZA - - - - - 15,000 23,086 35,000
EIG GRAND ISLAND LLC-STATE STREET-NEW 2013-2014
Property Taxes - - - - 40,000 40,000
Interest Income - - -
TOTAL EIG GRAND ISLAND LLC - - - - - 40,000 - 40,000
BAKER DEVELOPMENT -NEW 2013-2014
Property Taxes - - - - 3,000 3,000 3,000
Interest Income - - -
TOTAL BAKER DEVELOPMENT - - - - - 3,000 3,000 3,000
TOKEN PROPERTIES LLC (CAREY ST) -NEW 2013-2014
Property Taxes - - - - 3,000 3,000
Interest Income - - -
TOTAL TOKEN PROPERTIES LLC(CAREY ST) - - - - - 3,000 - 3,000
GORDMAN GRAND ISLAND LLC -NEW 2013-2014
Property Taxes - - - - 40,000 40,000
Interest Income - - -
TOTAL GORDMAN GRAND ISLAND LLC - - - - - 40,000 - 40,000
TOKEN PROPERTIES LLC (KIMBALL ST)-NEW 2013-2014
Property Taxes - - - - 3,000 3,000
Interest Income - - -
TOTAL TOKEN PROPERTIES LLC (KIMBALL ST) - - - - - 3,000 - 3,000
AUTO GROUP -PINE ST & S LOCUST -NEW 2013-2014
Property Taxes - - - - - 10,000 10,000
Interest Income - - - -
TOTAL AUTO GROUP - - - - - 10,000 - 10,000
HABITAT (ST PAUL RD)-NEW 2013-2014
Property Taxes - - - - - 6,000 6,000
Interest Income - - - -
TOTAL HABITAT - - - - - 6,000 - 6,000
CHIEF FABRICATION(ADAMS ST)-NEW 2013-2014
Property Taxes - - - - - 40,000 40,000
Interest Income - - - -
TOTAL CHIEF FABRICATION - - - - - 40,000 - 40,000
PRIDON LLC-NEW 2013-2014
Property Taxes - - - - - -
Interest Income - - - -
TOTAL PRIDON LLC - - - - - - - -
COPPER CREEK-NEW 2013-2014
Property Taxes - - - - - -
Interest Income - - - -
TOTAL COPPER CREEK - - - - - - - -
TOTAL REVENUE 692,826 790,379 1,052,768 3,020,453 2,900,404 1,372,508 1,131,952 2,182,711
Grand Island Regular Meeting - 7/9/2014 Page 86 / 90
COMMUNITY REDEVELOPMENT AUTHORITY
FY 2014- 2015 BUDGET
2010 2011 2012 2013 2013 2014 2014 2015
Actual Actual Actual Budget Actuals Budget Forecasted Budget
EXPENSES EXPENSES
CRA
GENERAL OPERATIONS: 01
Auditing & Accounting 4,392 3,998 4,025 5,000 16,075 5,000 4,000 5,000
Legal Services 3,060 2,389 2,187 3,000 1,410 3,000 2,000 3,000
Consulting Services - - - 10,000 - 10,000 5,000 5,000
Contract Services 84,977 40,666 44,428 55,000 50,960 65,000 50,000 65,000
Printing & Binding - - - 1,000 - 1,000 - 1,000
Other Professional Services - 6,393 7,599 5,000 7,210 5,000 - 5,000
General Liability Insurance - - - 250 - 250 - 250
Postsge 202 712 328 200 336 200 200 200
Legal Notices 613 881 1,979 2,500 1,693 2,500 2,000 2,500
Licenses & Fees - - - - -
Travel & Training - - 161 1,000 - 1,000 - 1,000
Other Expenditures - 94 796 - - -
Office Supplies 328 746 - 300 123 300 100 300
Supplies - - - 300 - 300 100 300
Land 448,720 2,002 - 20,000 - 80,000 - 100,000
- - -
DEBT - - -
Bond Payments/Fees 207,859 525 207,859
Lincoln Pool Principal Bond Payment - 170,000 170,000 175,000
Lincoln Pool Interest Bond Payment 15,105 23,828 23,828 23,050
Payment to City-Lincoln Pool engineering fees - - -
PROJECTS: 05 - -
Façade Improvement 354,015 442,155 1,146,639 120,000 482,361 200,000 130,000 200,000
Lincoln Pool Construction From Bond Proceeds - 180,658 1,800,000 1,699,883
Life Safety Reimbursment Grant - - - - 200,000
Outstanding Façade Improvement Grants - 318,000 - 117,000
Railroad Horns - - - -
Other Committed Projects - 134,000 - 40,000 40,000 148,000
Other Projects - - 50,000 - 265,000 100,000 250,000
Property Taxes BID Fees - - 11,000 - 11,000 11,000 11,000
Property Management - - - - - - -
TOTAL CRA OPERATING EXPENSES 896,308 500,035 1,388,800 2,744,409 2,275,681 1,091,237 538,228 1,312,600
GILI TRUST-07
Bond Principal 55,158 59,654 33,066 - - -
Bond Interest 10,622 6,126 1,325 - - -
Other Expenditures - - -
TOTAL GILI EXPENSES 65,780 65,780 34,390 - - - - -
CHERRY PARK LTD II-08
Bond Principal 42,864 46,245 49,894 53,831 53,831 28,486 29,496 -
Bond Interest 16,316 12,935 9,286 5,349 5,349 1,102 - -
Other Expenditures - - - - - - 47,373 -
TOTAL CHERRY PARK EXPENSES 59,180 59,180 59,180 59,180 59,180 29,588 76,869 -
GENTLE DENTAL-09
Bond Principal 2,395 2,566 2,745 2,986 2,937 3,195 3,195 -
Bond Interest 1,807 1,636 1,457 1,216 1,265 1,007 1,007 -
TOTAL GENTLE DENTAL 4,202 4,202 4,202 4,202 4,202 4,202 4,202 -
PROCON TIF-10
Bond Principal 10,183 10,829 11,641 12,467 12,467 13,355 13,355 13,355
Bond Interest 8,979 8,333 7,521 6,695 6,695 5,807 5,807 5,807
TOTAL PROCON TIF 19,162 19,162 19,162 19,162 19,162 19,162 19,162 19,162
WALNUT HOUSING PROJECT-11
Bond Principal 37,743 40,331 43,096 46,051 46,051 49,209 49,209 49,209
Bond Interest 36,729 34,141 31,376 28,421 28,421 25,263 25,263 25,263
TOTAL WALNUT HOUSING PROJECT 74,472 74,472 74,472 74,472 74,472 74,472 74,472 74,472
Grand Island Regular Meeting - 7/9/2014 Page 87 / 90
COMMUNITY REDEVELOPMENT AUTHORITY
FY 2014- 2015 BUDGET
2010 2011 2012 2013 2013 2014 2014 2015
Actual Actual Actual Budget Actuals Budget Forecasted Budget
BRUNS PET GROOMING-12
Bond Principal 10,502 6,727 19,667 13,500 7,054 13,500 13,500 13,500
Bond Interest - - -
TOTAL BRUNS PET GROOMING 10,502 6,727 19,667 13,500 7,054 13,500 13,500 13,500
GIRARD VET CLINIC-13
Bond Principal 13,855 350 18,736 14,500 9,883 14,500 11,000 14,500
Bond Interest - - -
TOTAL GIRARD VET CLINIC 13,855 350 18,736 14,500 9,883 14,500 11,000 14,500
GEDDES ST APTS - PROCON-14
Bond Principal 14,809 29,185 41,923 30,000 28,045 30,000 30,000 30,000
Bond Interest - - -
TOTAL GEDDES ST APTS - PROCON 14,809 29,185 41,923 30,000 28,045 30,000 30,000 30,000
SOUTHEAST CROSSINGS-15
Bond Principal 12,109 12,200 12,616 12,000 12,856 12,000 15,000 15,000
Bond Interest - - -
TOTAL SOUTHEAST CROSSINGS 12,109 12,200 12,616 12,000 12,856 12,000 15,000 15,000
POPLAR STREET WATER-16
Auditing & Accounting 1,000 - -
Contract Services 89,899 38,129 -
Bond Principal - - 2,052 2,500 8,154 2,500 6,000 6,000
Bond Interest - - -
TOTAL POPLAR STREET WATER 90,899 38,129 2,052 2,500 8,154 2,500 6,000 6,000
CASEY'S FIVE POINTS-17
Bond Principal 4,429 8,670 10,000 13,276 10,000 10,000 10,000
Bond Interest - - -
TOTAL CASEY'S FIVE POINTS - 4,429 8,670 10,000 13,276 10,000 10,000 10,000
SOUTHPOINTE HOTEL-18
Bond Principal 41,479 85,341 90,000 87,104 90,000 90,000 90,000
Bond Interest - - -
TOTAL SOUTHPOINTE HOTEL - 41,479 85,341 90,000 87,104 90,000 90,000 90,000
TODD ENCK PROJECT - 19
Bond Principal 1,622 6,059 2,500 6,169 3,200 6,000 6,000
Bond Interest - - -
TOTAL TODD ENCK PROJECT - 1,622 6,059 2,500 6,169 3,200 6,000 6,000
SKAGWAY - 20
Auditing & Accounting - 1,000 -
Bond Principal - - 55,000 9,767 55,000 40,000 750,000
Bond Interest - - -
TOTAL SKAGWAY - 1,000 - 55,000 9,767 55,000 40,000 750,000
JOHN SCHULTE CONSTRUCTION-21
Bond Principal - - 4,449 6,000 5,088 6,000 5,900 6,000
Bond Interest - - -
TOTAL JOHN SCHULTE CONSTRUCTION - - 4,449 6,000 5,088 6,000 5,900 6,000
PHARMACY PROPERTIES INC-22
Bond Principal - - 10,363 11,000 10,551 11,000 10,700 11,000
Bond Interest - -
TOTAL PHARMACY PROPERTIES INC - - 10,363 11,000 10,551 11,000 10,700 11,000
KEN-RAY LLC-23
Bond Principal - - - 34,000 38,919 34,000 34,000 34,000
Bond Interest - - -
TOTAL KEN-RAY LLC - - - 34,000 38,919 34,000 34,000 34,000
COUNTY FUND #8598
Bond Principal - - - 2,864 - 1,458 1,458
Bond Interest - - -
TOTAL COUNTY FUND #8598 - - - - 2,864 - 1,458 1,458
ARNOLD WENN-Duplex 13th & Huston-NEW 2013-2014
Bond Principal - - - 3,000 0 3,000
Bond Interest - - -
TOTAL ARNOLD WENN - - - - 3,000 - 3,000
Grand Island Regular Meeting - 7/9/2014 Page 88 / 90
COMMUNITY REDEVELOPMENT AUTHORITY
FY 2014- 2015 BUDGET
2010 2011 2012 2013 2013 2014 2014 2015
Actual Actual Actual Budget Actuals Budget Forecasted Budget
TOKEN PROPERTIES LLC-Duplex N Ruby-NEW 2013-2014
Bond Principal - - - 3,000 3,000 3,000
Bond Interest - - -
TOTAL TOKEN PROPERTIES LLC - - - - 3,000 3,000 3,000
STRATFORD PLAZA LLC (HOWARD JOHNSONS)- New 2013-2014
Bond Principal - - - 15,000 23,086 35,000
Bond Interest - - -
TOTAL STRATFORD PLAZA - - - - 15,000 23,086 35,000
EIG GRAND ISLAND LLC-STATE ST - New 2013-2014
Bond Principal - - - 40,000 40,000
Bond Interest - - -
TOTAL EIG GRAND ISLAND LLC - - - - 40,000 - 40,000
BAKER DEVELOPMENT - New 2013-2014
Bond Principal - - - 3,000 3,000 3,000
Bond Interest - - -
TOTAL BAKER DEVELOPMENT - - - - 3,000 3,000 3,000
TOKEN PROPERTIES LLC (CAREY ST) - New 2013-2014
Bond Principal - - - 3,000 - 3,000
Bond Interest - - -
TOTAL TOKEN PROPERTIES LLC - - - - 3,000 - 3,000
GORDMAN GRAND ISLAND - New 2013-2014
Bond Principal - - - 40,000 40,000
Bond Interest - - -
TOTAL GORDMAN GRAND ISLAND - - - - 40,000 - 40,000
TOKEN PROPERTIES LLC(KIMBALL ST) - New 2013-2014
Bond Principal - - - 3,000 - 3,000
Bond Interest - - -
TOTAL TOKEN PROPERTIES LLC - - - - 3,000 - 3,000
AUTO GROUP -PINE ST & LOCUST - New 2013-2014
Bond Principal - - - 10,000 - 10,000
Bond Interest - - -
TOTAL AUTO GROUP - - - - 10,000 - 10,000
HABITAT (ST PAUL RD) - New 2013-2014
Bond Principal - - - 6,000 - 6,000
Bond Interest - - -
TOTAL HABITAT - - - - 6,000 - 6,000
CHIEF FABRICATION -ADAMS ST - New 2013-2014
Bond Principal - - - 40,000 - 40,000
Bond Interest - - -
TOTAL CHIEF FABRICATION - - - - 40,000 - 40,000
PRIDON LLC - New 2013-2014
Bond Principal - - - -
Bond Interest - - -
TOTAL PRIDON LLC - - - - - - -
COPPER CREEK - New 2013-2014
Bond Principal - - - -
Bond Interest - - -
TOTAL COPPER CREEK - - - - - - -
Blank TIFF - New 2013-2014
Bond Principal - - - -
Bond Interest - - -
TOTAL BLANK TIF - - - - - - -
Blank TIFF - New 2013-2014
Bond Principal - - - -
Bond Interest - - -
TOTAL BLANK TIF - - - - - - -
Blank TIFF - New 2013-2014
Bond Principal - - - -
Bond Interest - - -
TOTAL BLANK TIF - - - - - - -
Grand Island Regular Meeting - 7/9/2014 Page 89 / 90
COMMUNITY REDEVELOPMENT AUTHORITY
FY 2014- 2015 BUDGET
2010 2011 2012 2013 2013 2014 2014 2015
Actual Actual Actual Budget Actuals Budget Forecasted Budget
Blank TIFF - New 2013-2014
Bond Principal - - - -
Bond Interest - - -
TOTAL BLANK TIF - - - - - - -
TOTAL EXPENSES 1,261,276 857,952 1,790,082 3,182,425 2,672,427 1,666,360 1,015,577 2,579,692
Grand Island Regular Meeting - 7/9/2014 Page 90 / 90