03-18-2015 Community Redevelopment Authority Regular Meeting Packet
Community Redevelopment
Authority (CRA)
Wednesday, March 18, 2015
Regular Meeting Packet
Board Members:
Tom Gdowski
Glen Murray
Sue Pirnie
Barry Sandstrom
Glenn Wilson
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, March 18, 2015
Regular Meeting
Item A1
Agenda
Staff Contact: Chad Nabity
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AGENDA
Wednesday, March 18, 2015
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 February 11, 2015 Meeting.
3.Approval of Financial Reports.
4.Approval of Bills.
5.Review of Committed Projects and CRA Properties.
6.Approval of Series II of Copper Creek Bonds.
7.Review of the Upper Story Residential Grant Program and the Application
Form for Grant Funds
8.Approve Resolution or Resolutions to Purchase/Sell Real Estate.
9.Directors Report.
10.Adjournment
Next Meeting April 8, 2015
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, March 18, 2015
Regular Meeting
Item B1
Meeting Minutes
Staff Contact: Chad Nabity
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OFFICIAL PROCEEDINGS
MINUTES OF
COMMUNITY REDEVELOPMENT AUTHORITY
MEETING OF
February 11, 2015
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 February 11, 2015 at City Hall 100 E First Street. Notice of the meeting was
given in the February 5, 2015 Grand Island Independent.
1.CALL TO ORDER. Vice Chairman Tom Gdowski called the meeting to
order at 4:00 p.m. The following members were present: Glen Murray,
and Glenn Wilson. Also present were; Director, Chad Nabity; Planning
Secretary, Rose Rhoads; City Administrator, Marlan Ferguson; Council
Liaison, Vaughn Minton; Sr. Accountant, Billy Clingman, Todd Enck.
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 Minutes for the
January 14, 2015 meeting was made by Wilson and seconded by Murray.
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 January 1, 2015 through January 31, 2015. Motion
was made by Murray and seconded by Wilson to approve the financial
reports. Upon roll call vote all present voted aye. Motion carried
unanimously.
4. APPROVAL OF BILLS. The bills were reviewed. A motion was made by
Wilson and seconded by Murray to approve the bills in the amount of
$4861.86. Upon roll call vote all present voted aye. Motion carried
unanimously to approve the payment of bills totaling $4861.86.
5.REVIEW OF COMMITTED PROJECTS & CRA PROPERTY.
Nabity reviewed the Committed Projects. J. Elizabeth LLC is moving
forward with their façade. Ryan Waind should be nearing completion this
summer.
6.CONSIDERATION OF RESOLUTION 188.
Consideration of a Resolution to forward a Site Specific redevelopment
plan to the Hall County Regional Planning Commission for 1616 S Eddy.
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The CRA received a TIF application and staff has prepared a Site Specific
redevelopment plan (the “Plan”), for redevelopment of an area within city
limits of the City of Grand Island, Hall County, Nebraska. Nabity explained
this was a request to enter into a TIF contract for 1616 S Eddy, with Todd
Enck (TC Enck Builders) that included the redevelopment of the current
property; approval of Resolution 188 would forward the Redevelopment
Plan to the Hall County Planning Commission. A motion to approve
Resolution 188 was made by Wilson and seconded by Murray. Upon roll
call all present voted aye. Motion carried.
7.CONSIDERATION OF RESOLUTION 189.
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 1616 S Eddy. Nabity explained this was a request to enter
into a TIF contract for 1616 S Eddy with Todd Enck (TC Enck Builders) that
included the redevelopment of the current property; approval of Resolution
189 would forward the TIF contract request to the City Council. A motion to
approve Resolution 189 was made by Wilson and seconded by Murray.
Upon roll call all members present voted aye. Motion carried.
8.DISSCUSSION. Discussion of Grand Island Housing Study.
9.DISCUSSION CONCERNING PURCHASE/SALE OF REAL ESTATE.
None
10.APPROVE RESOLUTION OR RESOLUTIONS TO PURCHASE TO
PRUCHASE/SELL REAL ESTATE. None
11.DIRECTORS REPORT.
12.ADJOURNMENT. Gdowski adjourned the meeting at 4:40 p.m.
The next meeting is scheduled for March 18, 2015.
Respectfully submitted
Chad Nabity
Director
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Community Redevelopment
Authority (CRA)
Wednesday, March 18, 2015
Regular Meeting
Item C1
Financial Reports
Staff Contact: Chad Nabity
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Community Redevelopment
Authority (CRA)
Wednesday, March 18, 2015
Regular Meeting
Item D1
Bills
Staff Contact: Chad Nabity
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18-Mar-15
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 $ 3,327.91
Accounting
Officenet Inc.
Postage $ 40.77
Lawnscape $ 85.00
Grand Island Independent $ 17.24
Rinder Printing CRA envelopes $ 310.26
TIF Bond Payments
TIF Pass Thrus
Bruns TIF Bruns $219.57
Girard TIF Girard $158.78
Geddes St Apt TIF Geddes $450.51
Southeast Crossing TIF Southeast $206.53
CRA - Poplar TIF Poplar water lines $107.12
Casey's General Store 1814 N Eddy St $144.55
South Pointe Hotel TIF South Pointe $1,399.25
Todd Enck TIF Darr Ave $99.10
Skagway 5 Points TIF Skagway north $321.87
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J & D Schulte/T Plate/C Ratliff TIF 703 S Lincoln $81.72
Pharmacy Properties TIF 4th St U-Save Pharmacy $169.49
Ken-Ray LLC TIF Ken-Ray $590.43
Token Properties TIF Ruby St $46.02
Gordman Grand Island TIF Gordman Grand Island $129.30
Baker Development TIF Baker $54.32
Stratford Plaza LLC TIF Stratford Plaza $386.73
Copper Creek TIF Copper Creek $2,350.48
Chief Industries TIF Old Aurora Coop $92.08
Todd Enck TIF Kimball St $4.84
GI Area Habitat for Humanity Habitat $45.94
Auto One Inc Auto One $124.28
EIG TIF Northwest Crossings $441.32
Todd Enck TIF Carey St $56.83
Wenn TIF 1303 & 1307 Huston $27.06
Mayer, Burns, Koenig & Janulewicz Legal Services
Total:
$ 11,489.30
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Community Redevelopment
Authority (CRA)
Wednesday, March 18, 2015
Regular Meeting
Item E1
Committed Projects
Staff Contact: Chad Nabity
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COMMITTED PROJECTS TOTAL AMOUNT 2015 FISCAL YR 2016 FISCAL YR 2017 FISCAL
YR
ESTIMATED
COMP
J Elizabeth LLC $ 69,440.00 $ 69,440.00 2015
2222 W 2nd St - Ryan Waind $ 92,608.00 $ 92,608.00 2015
Downtown Kaufman -
Cummings Plaza
$ 50,000 $ 50,000.00 2015
Tower 217 (Amos Investment
& Development)
$ 291,581.00 $ 99,482.00 $ 99,482.00 2017
$ -
Total Committed $ 503,629.00 $ 311,530.00 $ 99,482.00 $ -
Façade Budget $ Remaining $ 200,000.00
Other Projects $ 207,371.00
Land - Budget $ Remaining $ 200,000.00
Land Sales ($100,000.00)
subtotal $ 507,371.00
Less committed ($311,530.00)
Balance remaining $ 195,841.00
CRA PROPERTIES
Address Purchase Price Purchase Date Demo Cost Status
408 E 2 nd St $4,869 11/11/2005 $7,500 Surplus
3235 S Locust $450,000 4/2/2010 $39,764 Surplus
February 28, 2015
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Community Redevelopment
Authority (CRA)
Wednesday, March 18, 2015
Regular Meeting
Item J1
Resolution 190 - Copper Creek Bonds Series II
Staff Contact: Chad Nabity
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RESOLUTION NO. 190
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY
OF GRAND ISLAND, NEBRASKA, AUTHORIZING THE ISSUANCE OF A TAX
INCREMENT REVENUE BOND; PROVIDING FOR THE TERMS AND PROVISIONS OF
SAID BOND; PLEDGING CERTAIN REVENUES OF THE AUTHORITY PURSUANT TO
THE COMMUNITY DEVELOPMENT LAW; AUTHORIZING THE SALE OF SAID BOND;
PROVIDING FOR A GRANT OF THE PROCEEDS OF SAID BOND; PROVIDING FOR THE
TERMS AND THE SALE OF THE BOND; APPROVING THE REDEVELOPMENT
CONTRACT AND PROVIDING FOR THIS RESOLUTION TO TAKE EFFECT.
BE IT RESOLVED by the Chair and Members of the Community Redevelopment
Authority of the City of Grand Island, Nebraska, as follows:
Section 1. The Chair and Members of the Community Redevelopment Authority of the
City of Grand Island, Nebraska (the “City”) hereby find and determine (a) that the Community
Redevelopment Authority of the City of Grand Island, Nebraska (the “Authority”) has been duly
created by ordinance for purposes of assisting with redevelopment of blighted and substandard real
estate located within the City; that the Authority has and may exercise all of the powers of a
redevelopment authority provided for under the Community Development Law of the State of
Nebraska; that there has been prepared a redevelopment plan, entitled “Redevelopment Plan
Amendment Grand Island CRA Area 12, May 2013” (the “Plan”) for the redevelopment of the real
estate described on Exhibit A, (hereinafter in this Resolution referred to as the “Redevelopment
Project Area”); (b) that prior to the recommendation or approval of the Plan the Redevelopment
Project Area was declared blighted and substandard by action of the Mayor and Council of the City;
(c) that the City has had in effect its general plan for the development of the City from the time prior
to the preparation of the Plan; (d) that the Plan was prepared by the Authority for purposes of
assisting the Redeveloper (as defined below) finance a redevelopment project and submitted to the
City Planning Commission of the City and approved and thereafter recommended by the Authority
to the Mayor and Council of the City; (e) that on the 25th day of June, 2013, the Mayor and Council
of the City held a public hearing on the Plan for which notice was given by publication prior to such
hearing in Grand Island Independent on June 12th, 2013, and June 19th, 2013, and, after such hearing,
the Mayor and Council gave their approval to the Plan; (f) that the Plan, among other things, calls
for the redevelopment of the Redevelopment Project Area by the acquisition and subdivision of
developed and undeveloped and vacant land and construction of related improvements including
site preparation and infill and related street, storm and sanitary sewers, water lines and other utility
extensions (all as described in the Plan, the “Project”); (g) that The Guarantee Group, LLC, a
Nebraska limited liability company (hereafter referred to as the “Redeveloper”) is interested in the
redevelopment of the Redevelopment Project Area and the Redeveloper has undertaken and is
undertaking certain of the construction and rehabilitation as provided for in the Plan and the City
and the Authority have previously communicated willingness to assist such redevelopment in order
to encourage the providing of employment and the economic development of the City as well as for
the redevelopment of a blighted and substandard area of the City; (h) that the Authority and the
Redeveloper have entered into an agreement entitled “Redevelopment Contract” and under the
terms of the Redevelopment Contract, the Authority agreed to assist the Redeveloper with grant
assistance to pay part of the cost of the Project and for such purpose it is necessary for the Authority
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to authorize the issuance and sale of its tax increment revenue bond, with principal purchase price to
be paid by the Redeveloper in accordance with the terms of the Redevelopment Contract; (i) that all
conditions, acts and things required by law to exist or to be done precedent to the authorizing of the
Authority’s tax increment revenue bond as provided for in this Resolution do exist and have been
done as provided by law.
Section 2. A tax increment revenue bond in the aggregate principal amount of
$____________.00 is hereby ordered issued in accordance with Section 18-2125, R.R.S. Neb.
2012, by the Authority and shall be designated as its “Tax Increment Development Revenue Bond
(The Guarantee Group Redevelopment Project), Series 2015” (hereinafter referred to as the
“Bond”). The Bond shall be issued in the single denomination of $____________.00 (as the
aggregate principal amount and purchase price payable by the Redeveloper under the terms of the
Redevelopment Contract). The Bond shall be dated as of the date of its delivery. The Bond shall
bear interest on the amount outstanding from time to time from the date of its issuance and delivery
until maturity (or earlier redemption) at the rate of eight percent (8.00%) per annum. The principal
of the Bond shall become due on December 31, 2039 (or, if sooner, fourteen years after the last
effective date established for a Phase under the terms of the Redevelopment Contract), provided that
such principal amount shall be subject to mandatory redemption from “Available Funds” as
described in Section 5 below on June 1 and December 1 of each year, but not before December 1,
2015. All interest upon the Bond shall be payable semiannually on June 1 and December 1 of each
year, commencing June 1, 2015.
The Bond shall be issued in fully registered form. The Authority’s Treasurer (the City
Treasurer of the City of Grand Island) is hereby designated as paying agent and registrar for the
Bond (the “Agent”). The Agent shall serve in such capacities pursuant to the terms of this
Resolution. The interest due on each interest payment date prior to maturity shall be payable to the
registered owner of record as of the fifteenth day of the calendar month immediately preceding the
calendar month in which such interest payment date occurs (the “Record Date”), subject to the
provisions of Section 4 hereof. Payments of interest due on the Bond, except for payments due on
final maturity date, or other final payment, shall be made by the Agent by mailing or delivering a
check or draft in the amount then due for interest on the Bond to the registered owner of the Bond,
as of the Record Date for such interest payment date, to such owner’s registered addresses as shown
on the books of registration as required to be maintained in Section 3 hereof. Payments of principal
and interest due at final maturity or other final payment shall be made by the Agent to the registered
owner upon presentation and surrender of the Bond to the Agent at the Authority’s offices at City
Hall in the City of Grand Island, Nebraska. The Authority and the Agent may treat the registered
owner of the Bond as the absolute owner of the Bond for the purpose of making payments thereon
and for all other purposes and neither the Authority nor the Agent shall be affected by any notice or
knowledge to the contrary, whether the Bond or any installment of interest due thereon shall be
overdue or not. All payments on account of interest or principal made to the registered owner of the
Bond in accordance with the terms of this Resolution shall be valid and effectual and shall be a
discharge of the Authority and the Agent, in respect of the liability upon the Bond or claims for
interest to the extent of the sum or sums so paid.
Section 3. The Agent shall keep and maintain for the Authority books for the registration
and transfer of the Bond at the Authority’s offices at City Hall in Grand Island, Nebraska. The
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name and registered address of the registered owner of the Bond (including notation of any pledgee
as may be requested by the Redeveloper) shall at all times be recorded in such books. The Bond
may be transferred pursuant to its provisions at the Authority’s offices by surrender of such Bond
for notation of transfer, accompanied by a written instrument of transfer, in form satisfactory to the
Agent, duly executed by the registered owner in person or by such owner’s duly authorized agent,
and thereupon the Agent on behalf of the Authority will register such transfer upon its books and
make notation thereof on the Bond and deliver the Bond at its office to the transferee owner (or send
it by registered mail to the transferee owner thereof at such transferee owner’s expense). All
transfers of the Bond shall be upon the basis of a private placement and each proposed transferee
registered owner shall furnish the Agent with assurances in form satisfactory to the Agent that such
Bond is being purchased for investment purposes only, without view to redistribution and upon the
independent credit judgment and investigation of the proposed transferee. The Authority and the
Agent shall not be required to transfer the Bond during any period from any Record Date until its
immediately following interest payment date or to transfer the Bond when called for redemption, in
whole or in part, for a period of 15 days next preceding any date fixed for redemption or partial
redemption.
Section 4. In the event that payments of interest or for mandatory partial redemption due on
the Bond on any interest payment date are not timely made, such interest or redemption price shall
cease to be payable to the registered owner as of the Record Date for such interest payment date and
shall be payable to the registered owner of the Bond as of a special date of record for payment of
such defaulted interest or redemption price as shall be designated by the Agent whenever monies for
the purpose of paying such defaulted interest or redemption price become available.
Section 5. At any time, the Authority shall have the option of prepaying in whole or in part
principal of the Bond. Any such optional prepayment of principal shall be accompanied by an
amount equal to all accrued but unpaid interest on the principal amount being prepaid. Notice of
any optional redemption for the Bond shall be given at the direction of the Authority by the Agent
by mail not less than 15 days prior to the date fixed for redemption, first class, postage prepaid, sent
to the registered owner of the Bond at said owner’s registered address. Notice of call for
redemption may be waived in writing by any registered owner. In the event of prepayment in whole
the Bond shall be cancelled. The determination of the amount and timing of any optional
redemption of the Bond shall be in the absolute discretion of the Authority. Beginning December 1,
2015, the Bond shall also be subject to mandatory partial redemption, without notice, on each
interest payment date from all funds to be available in the Bond Fund (as hereinafter established and
defined), including all amounts, if any, from investment earnings for such fund, rounded down to
the nearest one hundred dollars, after payment of all accrued but unpaid interest on each interest
payment date (which funds are referred to in this Resolution as “Available Funds”). Available
Funds shall be applied to the prepayment of principal on each interest payment date and shall be
remitted to the registered owner of the Bond with interest payments. The Agent shall mark the
Agent’s records with respect to each mandatory partial principal prepayment made from Available
Funds and it shall not be necessary for the registered owner to present the Bond for notation of such
prepayment. The records of the Agent shall govern as to any determination of the principal amount
of the Bond outstanding at any time and the registered owner shall have the right to request
information in writing from the Agent at any time as to the principal amount outstanding upon the
Bond.
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Section 6. The Bond shall be in substantially the following form:
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UNITED STATES OF AMERICA
STATE OF NEBRASKA
COUNTY OF HALL
COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA
TAX INCREMENT DEVELOPMENT REVENUE BOND
(THE GUARANTEE GROUP REDEVELOPMENT PROJECT)
SERIES 2015
Principal Amount Interest Rate Per Annum Final Maturity Date
$___________.00 8.00%December 31, 2039*
KNOW ALL PERSONS BY THESE PRESENTS: That the Community
Redevelopment Authority of the City of Grand Island, Nebraska, hereby acknowledges itself to owe
and for value received promises to pay, but only from the sources herein designated, to the
registered owner designated on the reverse hereof, or registered assigns, the principal sum shown
above in lawful money of the United States of America with such principal sum to become due on
the maturity date set forth above, with interest on the unpaid balance from date of delivery hereof
until maturity or earlier redemption at the rate per annum set forth above. All such interest upon the
Bond shall be payable semiannually on June 1 and December 1 of each year, commencing June 1,
2015.
The payment of principal and interest due upon the final maturity is payable upon
presentation and surrender of this bond to the Treasurer of said Authority, as Paying Agent and
Registrar for said Authority, at the offices of the Community Redevelopment Authority of the City
of Grand Island at City Hall, in Grand Island, Nebraska. The payments of interest and of mandatory
redemptions of principal on each interest payment date (other than at final payment) will be paid
when due by a check or draft mailed or delivered by said Paying Agent and Registrar to the
registered owner of this bond, as shown on the books of record maintained by the Paying Agent and
Registrar, at the close of business on the fifteenth day of the calendar month immediately preceding
the calendar month in which the interest payment date occurs, to such owner’s address as shown on
such books and records. Any payment of interest or mandatory redemption of principal not timely
paid when due shall cease to be payable to the person entitled thereto as of the record date such
interest was payable, and shall be payable to the person who is the registered owner of this bond on
such special record date for payment of such defaulted interest or redemption price as shall be fixed
by the Paying Agent and Registrar whenever monies for such purpose become available.
* or, if sooner, fourteen years after the last effective date established for a Phase under the terms of the
Redevelopment Contract
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This bond is the single bond of its series of the total principal amount of
_____________Dollars ($__________.00) issued by the Authority for the purpose of paying the
costs of redevelopment of certain real estate located in the City of Grand Island, as designated in
that redevelopment plan recommended by the Authority and approved by the Mayor and Council of
the City of Grand Island, Nebraska, on June 25th, 2013 (the “Plan”), all in compliance with
Article 21 of Chapter 18, Reissue Revised Statutes of Nebraska, 2012, as amended, and has been
duly authorized by resolution passed and approved by the Chair and Members of the Community
Redevelopment Authority of the City of Grand Island (the “Resolution”).
The conditions for the issuance and purchase of this bond are set forth in the
Redevelopment Contract and the terms and conditions of the Redevelopment Contract are
incorporated herein by reference.
The Authority, however, reserves the right and option of prepaying principal of this
bond, in whole or in part, from any available sources, at any time, at the principal amount thereof
designated for redemption plus accrued interest to the date fixed for redemption of the principal
amount so designated for optional redemption. Notice of any such optional prepayment shall be
given by mail, sent to the registered owner of this bond at said registered owner’s address in the
manner provided in the Resolution. The principal of this bond shall be subject to mandatory
redemptions made in part on any interest payment date from “Available Funds” (as defined in the
Resolution) without any requirement for notice. Such optional and mandatory prepayments shall be
made upon such terms and conditions as are provided for in the Resolution.
This bond 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. 2012, as amended, as levied, collected and apportioned from year to year with respect
to certain real estate located within the “Project Area” (as defined in the Resolution). Pursuant to
the Resolution and Sections 18-2124 and 18-2150, R.R.S. Neb. 2012, said portion of taxes has been
pledged for the payment of this bond, both principal and interest as the same fall due or become
subject to mandatory redemption. This bond 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. This bond shall not constitute an obligation of the State
of Nebraska or of the City of Grand Island (except for such receipts as have been pledged
pursuant to said Sections 18-2124 and 18-2150 R.R.S. Neb. 2012) and neither the State of
Nebraska, the City of Grand Island nor the Community Redevelopment Authority of the City
of Grand Island 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 pledged as
described above in this paragraph). Neither the members of the Authority’s governing body nor
any person executing this bond shall be liable personally on this bond by reason of the issuance
hereof.
This bond is transferable by the registered owner or such owner’s attorney duly
authorized in writing at the office of the Paying Agent and Registrar upon surrender of this bond for
notation of transfer as provided on the reverse hereof and subject to the conditions provided for in
the Resolution. The Authority, the Paying Agent and Registrar and any other person may treat the
person whose name this bond is registered as the absolute owner hereof for the purposes of
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receiving payment due hereunder and for all purposes and shall not be affected by any notice to the
contrary, whether this bond be overdue or not. THIS BOND, UNDER CERTAIN TERMS SET
FORTH IN THE RESOLUTION AUTHORIZING ITS ISSUANCE, MAY ONLY BE
TRANSFERRED TO PERSONS OR ENTITIES DELIVERING AN INVESTMENT LETTER TO
THE PAYING AGENT AND REGISTRAR CONFORMING TO REQUIREMENTS SET
FORTH IN SAID RESOLUTION.
If the day for payment of the principal of or interest on this bond shall be a Saturday,
Sunday, legal holiday or a day on which banking institutions in Grand Island, Nebraska, are
authorized by law or executive order to close, then the date for such payment shall be the next
succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such banking
institutions are authorized to close, and payment on such date shall have the same force and effect as
if made on the nominal date of payment.
IT IS HEREBY CERTIFIED AND WARRANTED that all conditions, acts and
things required by law to exist or to be done precedent to and in the issuance of this bond, did exist,
did happen and were done and performed in regular and due form and time as required by law and
that the indebtedness of said Authority, including this bond, does not exceed any limitation imposed
by law.
IN WITNESS WHEREOF, the Chair and Members of the Community
Redevelopment Authority of the City of Grand Island have caused this bond to be executed on
behalf of said Authority by being signed by the Chair and Secretary, all as of the date of issue
shown above.
Delivered this ___day of ________, 2015.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF GRAND
ISLAND, NEBRASKA
ATTEST:By:
Chair
_________________________
Secretary
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PROVISION FOR REGISTRATION
The ownership of this Bond shall be registered as to both principal and interest on
the books and records of the Community Redevelopment Authority of the City of Grand Island,
Nebraska, kept by the Paying Agent and Registrar identified in the foregoing bond, who shall make
notation of such registration in the registration blank below, and the transfer of this Bond may
thereafter be registered only upon an assignment duly executed by the registered owner or such
owner’s attorney or legal representative, in such form as shall be satisfactory to said Paying Agent
and Registrar, such registration of transfer to be made on such books and endorsed hereon by said
Paying Agent and Registrar.
Date of Registration Name of Registered Owner Signature of Paying Agent
and Registrar
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Section 7. Pursuant to the provisions of Section 18-2147, R.R.S. Neb. 2012, and the terms of
the Redevelopment Contract, effective dates for each Phase of the Project are to be determined by
amendment to the Redevelopment Contract, and such effective date(s) are hereby confirmed (as
determined pursuant to and set forth in the Redevelopment Contract, as amended) as the effective
date(s) after which ad valorem taxes on real property located within each Phase of the Project Area
may be apportioned pursuant to said Section 18-2147. From and after said effective date(s) that
portion of the ad valorem taxes on all real estate located within each Phase of the Project Area
which is described in subdivision (1)(b) of Section 18-2147, R.R.S. Neb. 2012, as amended (the
“Project Area Tax Receipts”), shall be paid into a special fund of the Authority to be designated as
the “Community Redevelopment Authority—The Guarantee Group Redevelopment Project Fund”
(the “Bond Fund”) to be held by the Agent. The Authority hereby pledges for the payment of the
Bond both principal and interest as the same fall due, equally and ratably, all Project Area Tax
Receipts as so paid into the Bond Fund as a prior and first lien upon said receipts for the security
and payment of the Bond. Monies held in the Bond Fund shall be invested to the extent practicable
and investment earnings on such monies shall be applied in the same manner as all other funds held
in the Bond Fund. The Authority hereby agrees that so long as any principal of the Bond remains
outstanding it will not issue any additional bonds payable from the Project Area Tax Receipts
without the written consent of the registered owner (including any pledgee) of the Bond as then
outstanding. The Authority further reserves the right to provide for payment of principal and
interest on the Bond from the proceeds of a refunding bond or refunding bonds. Monies held in the
Bond Fund shall be invested to the extent practicable and investment earnings on such monies shall
be applied in the same manner as all other funds held in the Bond Fund. As effective date(s) are
determined pursuant to the terms of the Redevelopment Contract (and amendments), the Authority’s
Secretary is hereby authorized and directed to give notice to the County Assessor of the provision of
the Redevelopment Contract (and amendments) for dividing ad valorem taxes in accordance with
the requirements of subdivision (3) of Section 18-2147, R.R.S. 2012.
Section 8. The Bond shall be executed on behalf of the Authority by the Chair and Secretary
of the Authority. Upon execution the Bond shall be registered by the Agent in the name of the
Redeveloper or its designee as the initial registered owner and shall be delivered in consideration of
payment of the principal amount thereof to the Authority’s Treasurer. The Redeveloper may
request notation of a pledge interest in the Bond on the records of the Agent. The initial purchaser
(and any pledgee) shall be required to deliver an investment representation letter to the Agent. Such
letter shall be satisfactory in form to the officers of the Authority, or any one or more of them, as
advised by the Authority’s attorneys. From such purchase price, the Authority is to make a grant to
the Redeveloper in accordance with the terms of the Redevelopment Contract. The payment of the
purchase price may be offset against the grant provided in the Redevelopment Contract.
Section 9. If the date for payment of the interest or principal on the Bond shall be a
Saturday, Sunday, legal holiday or a day on which banking institutions in the City of Grand Island,
Nebraska, are authorized by law or executive order to close, then the date for such payment shall be
the next succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such
banking institutions are authorized to close, and payment on such day shall have the same force and
effect as if made on the nominal date of payment.
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Section 10. The City Secretary shall make and certify one or more copies of the transcript of
the proceedings of the Authority precedent to the issuance of the Bond one of which copies shall be
delivered to the City and held in its records pertaining to the Authority.
Section 11. The Chair and Secretary or any one of them are hereby authorized to take any
and all actions, and to execute any and all documents deemed by them necessary to effect the
transactions authorized by this Resolution.
Section 12. The authorization for the Bond provided for in this Resolution is based upon
expectations as to completion of construction, valuation and proposed tax rates suggested by the
Redeveloper. The Authority has given and hereby gives no assurances that such expectations will
in fact be fulfilled and the Bond is being issued with the understanding that the Redeveloper as the
initial purchaser of the Bond and any pledge of the Redeveloper accept and understand the risks
related thereto.
Section 13. The Redevelopment Contract Amendment between the Authority and the
Redeveloper in the form presented is hereby approved. The Chair (or Vice-Chair), is hereby
authorized to execute and deliver the Redevelopment Contract, in substantially the form presented
but with any such changes as such executing officer shall determine appropriate, on behalf of the
Authority.
Section 14. If any section, paragraph, clause or provision of this Resolution shall be held
invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other
provisions of this Resolution.
Section 15. This Resolution shall be in force and take effect from and after its adoption as
provided by law.
Passed and Approved this ________ day of March, 2015.
(SEAL)
Chair
ATTEST:
Secretary
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Exhibit A
A tract of land comprising a part of the Northwest Quarter (NW1/4) of Section Twenty Three
(23), Township Eleven (11) North, Range Ten (10) West of the 6th. P.M., Hall County, Nebraska,
more particularly described as follows:
Beginning at the northwest corner of said Northwest Quarter (NW1/4); thence running easterly
along the north line of said Northwest Quarter (NW1/4), on an Assumed Bearing of
S89*42’01”E, a distance of Three Hundred Eighty and Fifty Hundredths (380.50) feet, to the
ACTUAL point of beginning; thence continuing S89*42’01”E, along the north line of said
Northwest Quarter (NW1/4), a distance of One Thousand Four Hundred Eighty Eight and Eighty
Five Hundredths (1488.85) feet, to the northwest corner of Meyer’s Subdivision; thence running
S02*31’05”W, along the westerly line of Meyer’s Subdivision, a distance of Three Hundred
Ninety Four and Forty Six Hundredths (394.46) feet, to the southwest corner of Meyer’s
Subdivision; thence running N89*30’44”E, along the southerly line of Meyer’s Subdivision, a
distance of Sixty Two and Seventy Hundredths (62.70) feet; thence running N03*36’47”E, along
the southerly line of Meyer’s Subdivision, a distance of Fifteen (15.00) feet; thence running
N89*52’19”E, along the southerly line of Meyer’s Subdivision, a distance of Two Hundred
Eleven and Eighty Two Hundredths (211.82) feet, to the southeast corner of Meyer’s
Subdivision; thence running N00*22’01”W, along the easterly line of Meyer’s Subdivision, a
distance of Three Hundred Seventy Six and Seventy Seven Hundredths (376.77) feet, to the
northeast corner of Meyer’s Subdivision, and to a point on the north line of said Northwest
Quarter (NW1/4); thence running S89*42’01”E, along the north line of said Northwest Quarter
(NW1/4), a distance of Four Hundred Eighty One and Forty One Hundredths (481.41) feet, to a
point Thirty Five (35.00) feet west of the northeast corner of said Northwest Quarter (NW1/4);
thence running S00*37’23”W, a distance of Two Thousand Six Hundred Seventy Four and
Twenty Two Hundredths (2674.22) feet, to a point on the south line of said Northwest Quarter
(NW1/4), said point being Thirty Four and Eighty Six Hundredths (34.86) feet west of the
southeast corner of said Northwest Quarter (NW1/4); thence running N89*01’26”W, along the
south line of said Northwest Quarter (NW1/4), a distance of Two Thousand Five Hundred
Ninety Two and Sixty Seven Hundredths (2592.67) feet, to the southwest corner of said
Northwest Quarter (NW1/4); thence running N00*19’24”E, along the west line of said
Northwest Quarter (NW1/4), a distance of One Thousand Nine Hundred Eighty Six and Six
Hundredths (1986.06) feet, to the southwest corner of M & M Subdivision; thence running
S89*42’17”E, along the south line of M & M Subdivision, a distance of Three Hundred Eighty
Six and Fifty Two Hundredths (386.52) feet, to the southeast corner of M & M Subdivision;
thence running N00*12’08”W, along the east line of M & M Subdivision, a distance of Six
Hundred Fifty Seven and Fifty Hundredths (657.50) feet, to the ACTUAL point of beginning and
containing 150.56 acres more or less. WHICH INCLUDES all of Lots Eight (8) thru Ninety
Seven (97), Copper Creek Estates Subdivision and all of Lots One (1) thru Seven (7), Copper
Creek Estates Second Subdivision.
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Member ______________ seconded the motion. Upon roll call vote the following Members voted
“Aye”: ____________________________________________________________
____________________________________________. The following Members voted “Nay”:
________________________________. The Chair declared the resolution adopted.
*****
I, _____________, the undersigned Secretary for the Community Redevelopment
Authority of the City of Grand Island, Nebraska, hereby certify that the foregoing is a true and
correct copy of the proceedings had and done by the Chair and Members of the Authority on
March __, 2015; that all of the subjects included in the foregoing proceedings were contained in
the agenda for the meeting, kept continually current and readily available for public inspection at
the office of the Authority; that such subjects were contained in said agenda for at least twenty-four
hours prior to said meeting; that a current copy of the Nebraska Open Meetings Act was publicly
announced, available and accessible to members of the public, posted during such meeting in the
room in which such meeting was held; that at least one copy of all reproducible material discussed
at the meeting was available at the meeting for examination and copying by members of the public;
that said minutes from which the foregoing proceedings have been extracted were in written form
and available for public inspection within ten working days and prior to the next convened meeting
of said body; that all news media requesting notification concerning meetings of said body were
provided advance notification of the time and place of said meeting and the subjects to be
discussed at said meeting.
Secretary
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Community Redevelopment
Authority (CRA)
Wednesday, March 18, 2015
Regular Meeting
Item X1
Approval of Grant Program Application
Staff Contact: Chad Nabity
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Fire and Life Safety Grant Program Application
Project Redeveloper Information
I.Applicant Name: ____________________________________________________________
Address: ___________________________________________________________________
Telephone No.: _____________________________________________________________
Contact: ___________________________________________________________________
II.Legal Street Address of Project Site: __________________________________________
III.Present Ownership of Project Site: ____________________________________________
IV.Proposed Project: Describe in detail; attach plans and specifications:
Proposed Number of Upper Story 1 Bedroom Units ______
Proposed Number of Upper Story 2+ Bedroom Units ______
Other Info:
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
V.Building Details
A.Actual Purchase Price $ ______________
B.Assessed Value of Property $ ______________
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C.When Acquired ______________
D.Number of Floors ______________
E.Square Footage of Building ______________
F.Current Use of Building
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
VI.Construction Costs
A.Total Estimated Renovation or Building Costs $ ______________
B.Estimated Cost of Life Safety Improvements:
Fire Sprinklers $ ______________
Exiting $ ______________
Electric Upgrades $ ______________
Water Upgrades for Sprinklers $ ______________
C.Other Construction Costs:
First Floor Renovation $ ______________
Second Floor Renovation $ ______________
Third Floor Renovation $ ______________
Fourth Floor Renovation $ ______________
Basement Renovation $ ______________
Roof $ ______________
Heating and AC $ ______________
Façade Improvements/Maintenance $ ______________
Other Construction Costs
______________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
VII.Source of Financing:
Developer Equity:$ ______________
Commercial Bank Loan:$ ______________
Historic Tax Credits:$ ______________
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Tax Increment Financing:$ ______________
Low Income Tax Credits $ ______________
Other (Describe________________________________)$ ______________
VIII.Name & Address of Architect, Engineer and General Contractor:
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________
IX.Project Construction Schedule:
A.Construction Start Date: _________________________________________________
B.Construction Completion Date: ___________________________________________
Grant Notes:
The CRA may grant up to $20,000 per new upper story 2+bedroom unit and $15,000 per new upper
story 1 bedroom unit. The final amount will be determined upon approval of the grant and is at the
discretion of the CRA. Applications for this program may be submitted up to for the next fiscal year
(Beginning October 1) on or after July 1. Applications will be considered in the order received. Only
complete applications will be considered for approval. Applications must be submitted at least 30
days prior to the meeting during which they will be considered for approval.
Post Office Box 1968
Grand Island, Nebraska 68802-1968
Phone: 308 385-5240
Fax: 308 385-5423
Email: cnabity@grand-island.com
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