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02-14-2018 Community Redevelopment Authority Regular Meeting Packet Community Redevelopment Authority (CRA) Wednesday, February 14, 2018 Regular Meeting Packet Board Members: Tom Gdowski - Chairman Glen Murray – Vice Chairman Sue Pirnie Glenn Wilson Krae Dutoit 4:00 PM City Hall Grand Island Regular Meeting - 2/14/2018 Page 1 / 67 Call to Order Roll Call A - SUBMITTAL OF REQUESTS FOR FUTURE ITEMS Individuals who have appropriate items for City Council consideration should complete the Request for Future Agenda Items form located at the Information Booth. If the issue can be handled administratively without Council action, notification will be provided. If the item is scheduled for a meeting or study session, notification of the date will be given. B - RESERVE TIME TO SPEAK ON AGENDA ITEMS This is an opportunity for individuals wishing to provide input on any of tonight's agenda items to reserve time to speak. Please come forward, state your name and address, and the Agenda topic on which you will be speaking. DIRECTOR COMMUNICATION This is an opportunity for the Director to comment on current events, activities, and issues of interest to the commission. Grand Island Regular Meeting - 2/14/2018 Page 2 / 67 Community Redevelopment Authority (CRA) Wednesday, February 14, 2018 Regular Meeting Item A1 Agenda Staff Contact: Chad Nabity Grand Island Regular Meeting - 2/14/2018 Page 3 / 67 Grand Island Regular Meeting - 2/14/2018 Page 4 / 67 Grand Island Regular Meeting - 2/14/2018 Page 5 / 67 COMMUNITY REDEVELOPMENT AUTHORITY AGENDA MEMORANDUM 4 p.m. Wednesday, February 14, 2018 1.CALL TO ORDER. The meeting will be called to order by Chairman Tom Gdowski. 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. The minutes of the Community Redevelopment Authority meeting January 10, 2018, are submitted for approval. A MOTION is in order. 3.APPROVAL OF FINANCIAL REPORTS. Financial reports for the period of January 1 through January 31, 2018 are submitted for approval. A MOTION is in order. 4.APPROVAL OF BILLS. Payment of bills in the amount of $83,401.16 is submitted for approval. A MOTION is in order. 5.REVIEW OF COMMITTED PROJECTS AND CRA PROPERTIES. 6.REDEVELOPMENT PLAN AMENDMENT FOR 408 E 2ND STREET – WEINRICH DEVELOPMENTS INC Weinrich Developments Inc. is requesting $40,946 of tax-increment financing assistance for the residential development of a three unit apartment building at 408 E. 2nd Street. This property is currently owned by the CRA and Weinrich Development Inc. has submitted a redevelopment proposal an offer for the property for $15,000. The offer to purchase is contingent on the approval of Tax Increment Financing. A MOTION is in order for Resolution 264 to forward a Redevelopment Plan Amendment to the Hall County Regional Planning Commission; and a MOTION is in order for Resolution 265 of Intent to Enter into a Site Specific Redevelopment Contact and Approval of related actions 30-day notice to the Grand Island City Council for 408 E. 2nd Street. 7. PURCHASE/SELL REAL ESTATE. A proposal has been received regarding the former Ron’s Transmission property at 604-612 W. Third. Primus Dental is proposing to purchase the property for the purposes of building a dental clinic at this location for $1. They are not proposing to ask for Tax Increment Financing or other funding from the City or CRA to support this project. Building designs are included with the proposal. It is their intent to lease the building to a Grand Island Dentist and eventually sell the building to that dentist. Grand Island Regular Meeting - 2/14/2018 Page 6 / 67 8.DIRECTOR’S REPORT. This is an opportunity for the director to communicate on going actions and activities to the board and public. 12. ADJOURNMENT. Chad Nabity Director Grand Island Regular Meeting - 2/14/2018 Page 7 / 67 Community Redevelopment Authority (CRA) Wednesday, February 14, 2018 Regular Meeting Item B1 Minutes Staff Contact: Chad Nabity Grand Island Regular Meeting - 2/14/2018 Page 8 / 67 OFFICIAL PROCEEDINGS MINUTES OF COMMUNITY REDEVELOPMENT AUTHORITY MEETING OF January 10, 2018 Pursuant to due call and notice thereof, a Meeting of the Community Redevelopment Authority of the City of Grand Island, Nebraska was conducted on January 10, 2018 at City Hall, 100 E. First Street. Notice of the meeting was given in the January 5, 2018 Grand Island Independent. 1.CALL TO ORDER. Chairman Tom Gdowski called the meeting to order at 4:00 p.m. The following members were present: Gdowski, Krae Dutiot, Sue Pirnie, Glen Murray and Glenn Wilson. Also present were: Director Chad Nabity, Planning Administrative Assistant Krystal Eucker, Brian Schultz from the Grand Island Finance Department, Assistant Finance Director Billy Clingman, City Administrator Marlan Ferguson and Council President Vaughn Minton. Gdowski stated this was a public meeting subject to the open meeting laws of the State of Nebraska. He noted that the requirements for an open meeting were posted on the wall easily accessible to anyone who would like to read through them. 2.APPROVAL OF MINUTES. A motion for approval of the minutes for the December 13, 2017 meeting was made by Wilson and seconded by Dutiot. Upon roll call vote, all present voted aye. Motion carried 5-0. 3.APPROVAL OF FINANCIAL REPORTS. The financials from December 1 to December 31 were reviewed. A motion for approval of the financial reports was made by Pirnie and seconded by Dutiot. Upon roll call vote, all present voted aye. Motion carried 5-0. 4.APPROVAL OF BILLS. The bills were reviewed by Gdowski. A motion was made by Murray and seconded by Pirnie to approve the bills in the amount of $65,882.01. Upon roll call vote, all present voted aye. Motion carried 5-0. 5.REVIEW OF COMMITTED PROJECTS & CRA PROPERTY. Nabity provided an overview of the committed projects. Nabity said Auto America has completed their lighting and the project is complete; Fonner Court should also be done soon; waiting on the second phase of Othy’s Place; South Locust/Fonner Park BID’s will be done this spring; Peaceful Roots is finishing their apartments; a payment may be made to Urban Island/Kinkaider and there are commitments on the Hedde Building although nothing is out currently. The historic district has been established downtown. Nabity stated the façade budget for 2018 has been fully committed; of the $200,000 Life Safety budget, $125,000 Grand Island Regular Meeting - 2/14/2018 Page 9 / 67 has been committed; of the $150,000 Other Projects budget, $71,500 has been committed and there are no commitments on the Land line item. Nabity stated there are two pending land sales; 408 2nd Street and the Ron’s Transmission property. 6.REDEVELOPMENT CONTRACT – TAKE FLIGHT. Nabity said this contract is for TIF financing in the amount of $99,200 for Take Flight LLC regarding the building at 209 West 3rd Street in Grand Island. The building will be redeveloped with commercial space on the first floor and residential space on the second floor. Grand Island City Council approved the redevelopment plan at their January 9, 2018 regular meeting. It is the intent of Julie Morris and Take Flight LLC to fund the TIF eligible project with funds up front of $135,000 which will in turn be paid back through TIF. Murray inquired if rising interest rates will have an effect on the project and Nabity said the effects have not been seen although it is anticipated that future projects will slow down. Pirnie asked about the 2 bedroom on the second floor and Amos said the ceilings are tall enough on the mezzanine that a 3 room unit will fit on that level; there has been discussion regarding egress windows and stairwells. A motion was made by Pirnie and seconded by Wilson to approve the redevelopment contract and Resolution 263. Upon roll call vote all voted aye. Motion carried 5-0. 7.DIRECTOR’S REPORT. Nabity introduced the new Planning Administrative Assistant Krystal Eucker and high school student Brent Lucke that will be interning in the Planning Department. The Planning Technician position has been filled and that person will start on January 16, 2018. Nabity said legislature is in session and Urban Affairs is looking at amending one of the bills that was submitted last year regarding TIF. The proposed amendment would require the City to send a certified letter to the school district and the county to allow them the opportunity to appoint a non-voting member to the Authority. Also, specific requirements for hearings before the Planning Commission which would mean advertising would be the same for the Planning Commission meetings as it is for the City Council meetings; it is unclear if the map will need to be published. The March meeting may need to be moved to the 21st; the March Planning Commission meeting date will be changed due to the Nebraska Planning Conference. Pirnie stated she will not be at the February meeting. 8.ADJOURNMENT. Gdowski adjourned the meeting at 4:25 p.m. The next meeting is scheduled for 4 p.m., Wednesday, February, 2018. Respectfully submitted Chad Nabity Director Grand Island Regular Meeting - 2/14/2018 Page 10 / 67 Community Redevelopment Authority (CRA) Wednesday, February 14, 2018 Regular Meeting Item C1 Financial Reports Staff Contact: Chad Nabity Grand Island Regular Meeting - 2/14/2018 Page 11 / 67 MONTH ENDED 2017-2018 2018 REMAINING % OF BUDGET January-18 YEAR TO DATE BUDGET BALANCE USED CONSOLIDATED Beginning Cash 369,690 1,092,980 REVENUE: Property Taxes - CRA 56,027 90,910 472,191 381,281 19.25% Property Taxes - Lincoln Pool 19,645 32,393 198,050 165,657 16.36% Property Taxes -TIF's 287,069 322,084 1,850,874 1,591,148 17.40% Loan Income (Poplar Street Water Line)- - 10,500 10,500 0.00% Interest Income - CRA 8 60 300 240 19.89% Interest Income - TIF'S 2 7 - - #DIV/0! Land Sales - - 100,000 100,000 0.00% Other Revenue - CRA 514 787 130,000 129,213 0.61% Other Revenue - TIF's - 14,837 - - #DIV/0! TOTAL REVENUE 363,265 461,077 2,761,915 2,378,040 16.69% TOTAL RESOURCES 732,955 461,077 3,854,895 2,378,040 EXPENSES Auditing & Accounting - - 5,000 5,000 0.00% Legal Services - 195 3,000 2,805 6.50% Consulting Services - - 5,000 5,000 0.00% Contract Services 3,122 14,760 75,000 60,240 19.68% Printing & Binding - - 1,000 1,000 0.00% Other Professional Services - 5,146 16,000 10,854 32.16% General Liability Insurance - - 250 250 0.00% Postage - - 200 200 0.00% Life Safety - 175,000 200,000 25,000 87.50% Legal Notices 17 70 500 430 13.94% Travel & Training - - 1,000 1,000 0.00% Other Expenditures - - - - #DIV/0! Office Supplies - - 1,000 1,000 0.00% Supplies - - 300 300 0.00% Land - - 200,000 200,000 0.00% Bond Principal - Lincoln Pool - 175,000 175,000 - 100.00% Bond Interest - 10,606 20,863 10,257 50.84% Façade Improvement - - 350,000 350,000 0.00% Building Improvement - 220,216 554,732 334,516 39.70% Other Projects - - 150,000 150,000 0.00% Bond Principal-TIF's 62,743 104,113 1,882,874 1,835,980 5.53% Bond Interest-TIF's - 6,669 - - #DIV/0! Interest Expense - - - - #DIV/0! TOTAL EXPENSES 65,882 711,775 3,641,719 2,993,832 19.55% INCREASE(DECREASE) IN CASH 297,383 (250,698) (879,804) ENDING CASH 667,073 (250,698) 213,176 - CRA CASH 243,635 Lincoln Pool Tax Income Balance 95,820 TIF CASH 327,619 Total Cash 667,073 COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JANUARY 2018 Grand Island Regular Meeting - 2/14/2018 Page 12 / 67 MONTH ENDED 2017-2018 2018 REMAINING % OF BUDGET January-18 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JANUARY 2018 GENERAL OPERATIONS: Property Taxes - CRA 56,027 90,910 472,191 381,281 19.25% Property Taxes - Lincoln Pool 19,645 32,393 198,050 165,657 16.36% Interest Income 8 60 300 240 19.89% Loan Income (Poplar Street Water Line)- 10,500 10,500 0.00% Land Sales - 100,000 100,000 0.00% Other Revenue & Motor Vehicle Tax 514 787 130,000 129,213 0.61% TOTAL 76,194 124,149 911,041 786,892 13.63% GENTLE DENTAL Property Taxes - - - #DIV/0! Interest Income 0 1 - - #DIV/0! TOTAL 0 1 - - #DIV/0! PROCON TIF Property Taxes 8,053 - - #DIV/0! Interest Income 1 4 - - #DIV/0! TOTAL 1 8,056 - - #DIV/0! WALNUT HOUSING PROJECT Property Taxes 23,755 - - #DIV/0! Interest Income 1 3 - - #DIV/0! Other Revenue 14,837 - - TOTAL 1 38,595 - - #DIV/0! BRUNS PET GROOMING Property Taxes 6,820 - - #DIV/0! TOTAL - 6,820 - - #DIV/0! GIRARD VET CLINIC Property Taxes 5,073 - - #DIV/0! TOTAL - 5,073 - - #DIV/0! GEDDES ST APTS-PROCON Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! SOUTHEAST CROSSING Property Taxes 2,181 2,181 - - #DIV/0! TOTAL 2,181 2,181 - - #DIV/0! POPLAR STREET WATER Property Taxes 5,840 5,888 - - #DIV/0! TOTAL 5,840 5,888 - - #DIV/0! CASEY'S @ FIVE POINTS Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! SOUTH POINTE HOTEL PROJECT Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! Grand Island Regular Meeting - 2/14/2018 Page 13 / 67 MONTH ENDED 2017-2018 2018 REMAINING % OF BUDGET January-18 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JANUARY 2018 TODD ENCK PROJECT Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! JOHN SCHULTE CONSTRUCTION Property Taxes 3,385 - - #DIV/0! TOTAL - 3,385 - - #DIV/0! PHARMACY PROPERTIES INC Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! KEN-RAY LLC Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! TOKEN PROPERTIES RUBY Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! GORDMAN GRAND ISLAND Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! BAKER DEVELOPMENT INC Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! STRATFORD PLAZA INC Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! COPPER CREEK 2013 HOUSES Property Taxes 7,204 7,204 - - #DIV/0! TOTAL 7,204 7,204 - - #DIV/0! FUTURE TIF'S Property Taxes - 1,850,874 1,850,874 0.00% TOTAL - - 1,850,874 1,850,874 - CHIEF INDUSTRIES AURORA COOP Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! TOKEN PROPERTIES KIMBALL ST Property Taxes 1,250 - (1,250) #DIV/0! TOTAL - 1,250 - (1,250) #DIV/0! GI HABITAT OF HUMANITY Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! Grand Island Regular Meeting - 2/14/2018 Page 14 / 67 MONTH ENDED 2017-2018 2018 REMAINING % OF BUDGET January-18 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JANUARY 2018 AUTO ONE INC Property Taxes 5,689 - (5,689) #DIV/0! TOTAL - 5,689 - (5,689) #DIV/0! EIG GRAND ISLAND Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! TOKEN PROPERTIES CARY ST Property Taxes 3,995 - (3,995) #DIV/0! TOTAL - 3,995 - (3,995) #DIV/0! WENN HOUSING PROJECT Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! COPPER CREEK 2014 HOUSES Property Taxes 7,053 8,497 - (8,497) #DIV/0! TOTAL 7,053 8,497 - (8,497) #DIV/0! TC ENCK BUILDERS Property Taxes 198 - (198) #DIV/0! TOTAL - 198 - (198) #DIV/0! SUPER MARKET DEVELOPERS Property Taxes 60,668 60,668 - (60,668) #DIV/0! TOTAL 60,668 60,668 - (60,668) #DIV/0! MAINSTAY SUITES Property Taxes 30,624 - (30,624) #DIV/0! TOTAL - 30,624 - (30,624) #DIV/0! TOWER 217 Property Taxes - - - #DIV/0! TOTAL - - - - #DIV/0! COPPER CREEK 2015 HOUSES Property Taxes 11,644 12,094 - (12,094) #DIV/0! TOTAL 11,644 12,094 - (12,094) #DIV/0! NORTHWEST COMMONS Property Taxes 136,711 136,711 - (136,711) #DIV/0! TOTAL 136,711 136,711 - (136,711) #DIV/0! HABITAT - 8TH & SUPERIOR Property Taxes - - #DIV/0! TOTAL - - - - #DIV/0! KAUFMAN BUILDING Property Taxes - - #DIV/0! TOTAL - - - - #DIV/0! Grand Island Regular Meeting - 2/14/2018 Page 15 / 67 MONTH ENDED 2017-2018 2018 REMAINING % OF BUDGET January-18 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JANUARY 2018 TALON APARTMENTS Property Taxes 55,768 55,768 (55,768) #DIV/0! TOTAL 55,768 55,768 - (55,768) #DIV/0! TOTAL REVENUE 363,265 461,077 2,761,915 2,378,040 16.69% Grand Island Regular Meeting - 2/14/2018 Page 16 / 67 MONTH ENDED 2017-2018 2018 REMAINING % OF BUDGET January-18 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JANUARY 2018 EXPENSES - CRA GENERAL OPERATIONS: Auditing & Accounting - 5,000 5,000 0.00% Legal Services 195 3,000 2,805 6.50% Consulting Services - 5,000 5,000 0.00% Contract Services 3,122 14,760 75,000 60,240 19.68% Printing & Binding - 1,000 1,000 0.00% Other Professional Services 5,146 16,000 10,854 32.16% General Liability Insurance - 250 250 0.00% Postage - 200 200 0.00% Lifesafety Grant 175,000 200,000 25,000 87.50% Legal Notices 17 70 500 430 13.94% Travel & Training - 1,000 1,000 0.00% Office Supplies - 1,000 1,000 0.00% Supplies - 300 300 0.00% Land - 200,000 200,000 0.00% Bond Principal - Lincoln Pool 175,000 175,000 - 100.00% Bond Interest - Lincoln Pool 10,606 20,863 10,257 50.84% PROJECTS Façade Improvement - 350,000 350,000 0.00% Building Improvement 220,216 554,732 334,516 0.00% Other Projects - 150,000 150,000 0.00% TOTAL CRA EXPENSES 3,139 600,993 1,758,845 1,157,852 34.17% GENTLE DENTAL Bond Principal 571 1,753 - - #DIV/0! Bond Interest 41 - - #DIV/0! TOTAL GENTLE DENTAL 571 1,793 - - #DIV/0! PROCON TIF Bond Principal 8,641 - - #DIV/0! Bond Interest 939 - - #DIV/0! TOTAL PROCON TIF - 9,581 - - #DIV/0! WALNUT HOUSING PROJECT Bond Principal 31,547 - - #DIV/0! Bond Interest 5,689 - - #DIV/0! TOTAL - 37,236 - - #DIV/0! BRUNS PET GROOMING Bond Principal 6,820 6,820 - - #DIV/0! TOTAL 6,820 6,820 - - #DIV/0! GIRARD VET CLINIC Bond Principal 5,073 5,073 - - #DIV/0! TOTAL 5,073 5,073 - - #DIV/0! GEDDES ST APTS - PROCON Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! Grand Island Regular Meeting - 2/14/2018 Page 17 / 67 MONTH ENDED 2017-2018 2018 REMAINING % OF BUDGET January-18 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JANUARY 2018 SOUTHEAST CROSSINGS Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! POPLAR STREET WATER Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! CASEY'S @ FIVE POINTS Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! SOUTH POINTE HOTEL PROJECT Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! TODD ENCK PROJECT Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! JOHN SCHULTE CONSTRUCTION Bond Principal 3,385 3,385 - - #DIV/0! TOTAL 3,385 3,385 - - #DIV/0! PHARMACY PROPERTIES INC Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! KEN-RAY LLC Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! TOKEN PROPERTIES RUBY Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! GORDMAN GRAND ISLAND Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! BAKER DEVELOPMENT INC Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! STRATFORD PLAZA LLC Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! COPPER CREEK 2013 HOUSES Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! Grand Island Regular Meeting - 2/14/2018 Page 18 / 67 MONTH ENDED 2017-2018 2018 REMAINING % OF BUDGET January-18 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JANUARY 2018 CHIEF INDUSTRIES AURORA COOP Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! TOKEN PROPERTIES KIMBALL STREET Bond Principal 1,250 1,250 - (1,250) #DIV/0! TOTAL 1,250 1,250 - (1,250) #DIV/0! GI HABITAT FOR HUMANITY Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! AUTO ONE INC Bond Principal 5,689 5,689 - (5,689) #DIV/0! TOTAL 5,689 5,689 - (5,689) #DIV/0! EIG GRAND ISLAND Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! TOKEN PROPERTIES CARY STREET Bond Principal 3,995 3,995 - (3,995) #DIV/0! TOTAL 3,995 3,995 - (3,995) #DIV/0! WENN HOUSING PROJECT Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! COPPER CREEK 2014 HOUSES Bond Principal 5,337 5,337 - (5,337) #DIV/0! TOTAL 5,337 5,337 - (5,337) #DIV/0! TC ENCK BUILDERS Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! SUPER MARKET DEVELOPERS Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! MAINSTAY SUITES Bond Principal 30,624 30,624 - (30,624) #DIV/0! TOTAL 30,624 30,624 - (30,624) #DIV/0! TOWER 217 Bond Principal - - - #DIV/0! TOTAL - - - - #DIV/0! COPPER CREEK 2015 HOUSES Bond Principal - - - #DIV/0! TOTAL - - - #DIV/0! Grand Island Regular Meeting - 2/14/2018 Page 19 / 67 MONTH ENDED 2017-2018 2018 REMAINING % OF BUDGET January-18 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JANUARY 2018 NORTHWEST COMMONS Bond Principal - - - #DIV/0! TOTAL - - - #DIV/0! HABITAT - 8TH & SUPERIOR Bond Principal - - - #DIV/0! TOTAL - - - #DIV/0! KAUFMAN BUILDING Bond Principal - - - #DIV/0! TOTAL - - - #DIV/0! FUTURE TIF'S Bond Principal - - 1,882,874 1,882,874 0.00% TOTAL - - 1,882,874 1,882,874 0.00% TOTAL EXPENSES 65,882 711,775 3,641,719 2,993,832 19.55% Grand Island Regular Meeting - 2/14/2018 Page 20 / 67 02/08/2018 11:32 |CITY OF GRAND ISLAND |P 1 briansc |BALANCE SHEET FOR 2018 4 |glbalsht NET CHANGE ACCOUNT FUND: 900 COMMUNITY REDEVELOPMENT AUTHOR FOR PERIOD BALANCE__________________________________________________________________________________________________________ ASSETS 900 11110 OPERATING CASH 297,383.22 667,073.06 900 11120 COUNTY TREASURER CASH .00 130,439.66 900 11305 PROPERTY TAXES RECEIVABLE .00 133,504.00 900 14100 NOTES RECEIVABLE .00 311,247.93 900 14700 LAND .00 575,369.33_______________________________________ TOTAL ASSETS 297,383.22 1,817,633.98_______________________________________ LIABILITIES 900 22100 LONG TERM DEBT .00 -279,075.00 900 22400 OTHER LONG TERM DEBT .00 -1,105,000.00 900 22900 ACCRUED INTEREST PAYABLE .00 -5,880.73 900 25100 ACCOUNTS PAYABLE .00 -35,142.81 900 25315 DEFERRED REVENUE-PROPERY TAX .00 -127,464.00_______________________________________ TOTAL LIABILITIES .00 -1,552,562.54_______________________________________ FUND BALANCE 900 39110 INVESTMENT IN FIXED ASSETS .00 -575,369.33 900 39112 FUND BALANCE-BONDS .00 1,070,995.66 900 39120 UNRESTRICTED FUND BALANCE .00 -955,627.58 900 39500 REVENUE CONTROL -363,265.23 -516,845.23 900 39600 EXPENDITURE CONTROL 65,882.01 711,775.04_______________________________________ TOTAL FUND BALANCE -297,383.22 -265,071.44_______________________________________ TOTAL LIABILITIES + FUND BALANCE -297,383.22 -1,817,633.98======================================= ** END OF REPORT - Generated by Brian Schultz ** Grand Island Regular Meeting - 2/14/2018 Page 21 / 67 Community Redevelopment Authority (CRA) Wednesday, February 14, 2018 Regular Meeting Item D1 Bills Staff Contact: Chad Nabity Grand Island Regular Meeting - 2/14/2018 Page 22 / 67 02.14.18 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 for January $ 2,951.16 Auto America Façade Grant $ 80,000.00 Mayer, Burns & Koenig $ 450.00 Total:$ 83,401.16 Grand Island Regular Meeting - 2/14/2018 Page 23 / 67 Community Redevelopment Authority (CRA) Wednesday, February 14, 2018 Regular Meeting Item E1 Committed Projects and CRA Properties Staff Contact: Chad Nabity Grand Island Regular Meeting - 2/14/2018 Page 24 / 67 COMMITTED PROJECTS REMAINING GRANT AMOUNT 2018 FISCAL YR 2019 FISCAL YR 2020 FISCAL YR ESTIMATED COMP Fonner Court/Staab Mgt. 1512 S. Locust (10-18-17) $ 106,500.00 $ 106,500.00 Spring 2018 Hedde Building 201-205 W. 3rd (10-18- 17) $ 300,000.00 $ 100,000.00 $ 100,000.00 $ 100,000.00 Spring 2020 Mendez - Personal Auto (12-13-17) $ 10,000.00 $ 100,000.00 Summer 2018 Othy's Place - 724 W. 3rd - Lindell (10/12/16) $ 26,961.00 $ 26,961.00 2017 sign, 2018 façade $34,899.18 paid March 15, 2017 South Locust/Fonner Park BID (7/13/16) $ 30,000.00 $ 30,000.00 Spring 2018 Urban Island/Kinkaider 320-322 N. Pine (10-18-17) (façade) $ 168,677.00 $ 100,000.00 $ 68,677.00 Spring 2018 Urban Island/Kinkaider 320-322 N. Pine (10-18-17) other LS $ 15,000.00 $ 15,000.00 Summer 2018 Total Committed $ 747,138.00 $ 478,461.00 $ 168,677.00 $ 100,000.00 FIRE & LIFE SAFETY GRANT TOTAL AMOUNT 2018 FISCAL YR 2019 FISCAL YR 2020 FISCAL YR ESTIMATED COMP 201-203 W. 3rd St. Anson (8/24/16) $ 240,000.00 $ 240,000.00 2018 Peaceful Root - 112 W. 2nd St. (1/11/17) $ 50,000.00 $ 50,000.00 2018 - Q1 Urban Island/Kinkaider 320-322 N. Pine (10-18-17) $ 90,000.00 $ 90,000.00 Summer 2018 Take Flight 209 W. 3rd (11-8-17) $ 35,000.00 $ 35,000.00 Total Committed F&L Safety Grant $ 380,000.00 $ 140,000.00 $ 240,000.00 $ - BUDGET COMMITTED LEFT Life Safety Budgeted 2018 $ 200,000.00 $ 125,000.00 $ 75,000.00 Façade Budgeted 2018 $ 350,000.00 $ 350,000.00 $ - Other Projects 2018 Budgeted $ 150,000.00 $ 71,500.00 $ 78,500.00 Land - Budgeted 2018 $ 200,000.00 $ - $ 200,000.00 Land Sales Budgeted 2018 $ (100,000.00) $ - $ (100,000.00) subtotal $ 546,500.00 $ 253,500.00 Less committed ($618,461.00)($408,677.00) Balance remaining $ (71,961.00) $ (155,177.00) CRA PROPERTIES Address Purchase Price Purchase Date Demo Cost Status 408 E 2nd St $4,869 11/11/2005 $7,500 Under Contract 3235 S Locust $450,000 4/2/2010 $39,764 Surplus 604-612 W 3rd $80,000 6/10/2015 Contract Pending January 31, 2018 Grand Island Regular Meeting - 2/14/2018 Page 25 / 67 Community Redevelopment Authority (CRA) Wednesday, February 14, 2018 Regular Meeting Item I1 Redevelopment Plan Amendment for 408 E 2nd – Weinrich Developments Inc. Staff Contact: Chad Nabity Grand Island Regular Meeting - 2/14/2018 Page 26 / 67 Grand Island Regular Meeting - 2/14/2018 Page 27 / 67 Grand Island Regular Meeting - 2/14/2018 Page 28 / 67 Grand Island Regular Meeting - 2/14/2018 Page 29 / 67 Grand Island Regular Meeting - 2/14/2018 Page 30 / 67 Grand Island Regular Meeting - 2/14/2018 Page 31 / 67 Grand Island Regular Meeting - 2/14/2018 Page 32 / 67 Grand Island Regular Meeting - 2/14/2018 Page 33 / 67 Grand Island Regular Meeting - 2/14/2018 Page 34 / 67 Grand Island Regular Meeting - 2/14/2018 Page 35 / 67 Grand Island Regular Meeting - 2/14/2018 Page 36 / 67 Grand Island Regular Meeting - 2/14/2018 Page 37 / 67 Grand Island Regular Meeting - 2/14/2018 Page 38 / 67 Grand Island Regular Meeting - 2/14/2018 Page 39 / 67 Grand Island Regular Meeting - 2/14/2018 Page 40 / 67 Grand Island Regular Meeting - 2/14/2018 Page 41 / 67 Redevelopment Plan Amendment Grand Island CRA Area 1 February 2018 The Community Redevelopment Authority (CRA) of the City of Grand Island intends to amend the Redevelopment Plan for Area 1 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 1. Executive Summary: Project Description THE REDEVELOPMENT PROPERTY LOCATED AT 408 E 2nd STREET FOR RESIDENTIAL USES, INCLUDING ACQUISITION OF PROPERTY, SITE WORK AND CONSTRUCTION OF A NEW THREE-UNIT APARTMENT BUILDING AND ALL REQUIRED OFFSTREET PARKING. The use of Tax Increment Financing to aid in expenses associated with redevelopment of the property located at 408 E. 2nd Street from a vacant lot to a three unit apartment building. The use of Tax Increment Financing is an integral part of the development plan and necessary to make this project affordable. The project will result in developing a piece of property that has been vacant since 2005 into three new apartment units. A structural fire damaged the house that was on the property in 2004; the CRA acquired the property and removed the damaged structure in 2005. The addition of the residential units is consistent with B-3 Heavy Business District and the neighborhood. The additional units are needed to meet the goals of the 2014 Housing Study. This also adds units near Railside consistent with the plans to increase housing opportunities in the area. This project as proposed would not be possible without the use of TIF. Weinrich Developments Inc. has made an offer to purchase the property from the CRA with the plan to build 3 apartments. Their offer is contingent on the approval of TIF. The property is currently vacant. The developer is responsible for and has provided evidence that they can secure adequate debt-financing to cover the costs associated with this project. The Grand Island Community Redevelopment Authority (CRA) intends to pledge the ad valorem taxes generated for up to 15 years for a period beginning January 1, 2020 towards the allowable costs and associated financing for the renovation of this building. TAX INCREMENT FINANCING TO PAY FOR THE REHABILITATION OF THE PROPERTY WILL COME FROM THE FOLLOWING REAL PROPERTY: Property Description (the “Redevelopment Project Area”) 408 E 2nd Street in Grand Island Nebraska Legal Descriptions: Lot Six (6) in Block Seventy (70) Original Town in the City of Grand Island, Hall County, Nebraska Grand Island Regular Meeting - 2/14/2018 Page 42 / 67 Existing Land Use and Subject Property Grand Island Regular Meeting - 2/14/2018 Page 43 / 67 The tax increment will be captured for the tax years for which the payments become delinquent in years 2020 through 2033 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 the proposed apartment building as permitted in the B-3 Heavy Business Zoning District. Statutory Pledge of Taxes. In accordance with Section 18-2147 of the Act and the terms of the Resolution providing for the issuance of the TIF Note, the Authority hereby provides that any ad valorem tax on the Redevelopment Project Area for the benefit of any public body be divided for a period of up to 15 years after the effective date of this provision as set forth in the Redevelopment Contract, consistent with this Redevelopment Plan. Said taxes shall be divided as follows: 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 December 19, 2000.[§18-2109] Such Grand Island Regular Meeting - 2/14/2018 Page 44 / 67 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 rehabilitate the building for permitted uses on this property as defined by the current and effective zoning regulations. The Hall County Regional Planning Commission held a public hearing at their meeting on ________ and passed Resolution 2018-?? confirming that this project is consistent with the Comprehensive Plan for the City of Grand Island. 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 1 provides for real property acquisition and this plan amendment does not prohibit such acquisition. The developer is proposing to acquire the property from the authority. There is no proposed acquisition by the authority. b. Demolition and Removal of Structures: The project to be implemented does not involve the removal or demolition of any structures. c. Future Land Use Plan See the attached map from the 2004 Grand Island Comprehensive Plan. All of the area around the site in private ownership is planned for Downtown Commercial use which includes higher density housing. This property is in private ownership. [§18-2103(b) and §18-2111] Grand Island Regular Meeting - 2/14/2018 Page 45 / 67 City of Grand Island Future Land Use Map Grand Island Regular Meeting - 2/14/2018 Page 46 / 67 d. Changes to zoning, street layouts and grades or building codes or ordinances or other Planning changes. The area is zoned B-3 Heavy 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 to increase the number of dwelling units on the property from zero to four. The size of the building and lot coverage will increase, but remain in conformance with the applicable regulations regarding site coverage and intensity of use. [§18-2103(b) and §18-2111] f. Additional Public Facilities or Utilities Sewer and water are available to support this development. The developer will be required meet the minimum sewer and water line sizing requirements to serve the number of dwelling units and fixtures. Electric utilities are sufficient for the proposed use of 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] 4. The Act requires a Redevelopment Plan provide for relocation of individuals and families displaced as a result of plan implementation. This property has been owned by the Authority since 2005 an no structures have been on the property since that time. No relocation is contemplated or necessary. [§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] No members of the authority or staff of the CRA have any interest in this property. The property is owned by the Authority. 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. Grand Island Regular Meeting - 2/14/2018 Page 47 / 67 The developer has offered the Authority $15,000 for this property. The estimated costs for this project including acquisition are $216,178. Site improvements including: tree removal, utility improvements, sidewalks and other flat concrete of $18,346. Architectural and Engineering planning services of $2,000 and are included as a TIF eligible expense. Legal, Developer and Audit Fees including a reimbursement to the City and the CRA of $5,600 are included as TIF eligible expense. The total of eligible expenses for this project is $40,946. Thi 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 $40,946from the proceeds of the TIF. 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, 2019 through December 2033. 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. This will have the intended result of preventing recurring elements of unsafe buildings and blighting conditions. This will develop a vacant property with three brand new dwelling units in a manner consistent with the goals of the 2014 Housing Study for the City of Grand Island. Grand Island Regular Meeting - 2/14/2018 Page 48 / 67 8. Time Frame for Development Development of this project is anticipated to be completed between May 2018 and May of 2019. Excess valuation should be available for this project for up to 15 years beginning with the 2019 tax year. 9. Justification of Project This is a lot that has been vacant since 2005. The proposed construction with a three-unit apartment building will provide new quality housing in an existing neighborhood and remove a structure contributing to blight within the neighborhood. 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 Redevelopment Project, including: Project Sources and Uses. Public funds from tax increment financing in the amount of $40,946provided by the Grand Island Community Redevelopment Authority will be required to complete the project. This investment by the Authority will leverage $175,232 in private sector financing and $42,876 equity investment; a private investment of $5.32 for every TIF dollar invested. Grand Island Regular Meeting - 2/14/2018 Page 49 / 67 Use of Funds. Description TIF Funds Private Funds Total Site Acquisition $15,000 $$15,000 Site Improvements/Utilities $18,346 $18,346 New Construction Costs $175,232 $175,232 Legal and Plan $3,500 $4,400 Engineering/Arch $2,000 $2,000 City Fees/Reimbursements $2,100 $2,100 Financing Fees $4,100 $4,100 TOTALS $40,946 $179,108 $220,278 Tax Revenue. The property to be redeveloped has January 1, 2018, valuation of approximately $8,712. Based on the 2017 levy this would result in a real property tax of approximately $196. It is anticipated that the assessed value will increase by $292,000 upon full completion, as a result of the site redevelopment. This development will result in an estimated tax increase of over $6,560 annually. The tax increment gained from this Redevelopment Project Area would not be available for use as city general tax revenues, for a period of 15 years, or such shorter time as may be required to amortize the TIF bond, but would be used for eligible private redevelopment costs to enable this project to be realized. Estimated 2018 assessed value:$ 8,712 Estimated taxable value after completion $ 300,000 Increment value $ 291,288 Annual TIF generated (estimated)$ 6,561 TIF bond issue $ $40,946 (a) Tax shifts resulting from the approval of the use of Tax Increment Financing; The redevelopment project area currently has an estimated valuation of $8,712. The proposed redevelopment will create additional valuation of $291,288. 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. The Grand Island Public School system was notified of this application prior to consideration of this plan by the Grand Island CRA, Regional Planning Commission or Grand Island Regular Meeting - 2/14/2018 Page 50 / 67 City Council. Fire and police protection are available and should not be negatively 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 will provide additional housing options consistent with the 2014 Housing Study for the City Grand Island. (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 project will not have a negative impact on other employers in any manner different from any other expanding business within the Grand Island area. (e) Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the redevelopment project. This project is consistent with the goals of Grow Grand Island and the 2014 Housing Study. Time Frame for Development Development of this project is anticipated to be completed during between May of 2018 and May of 2019. The base tax year should be calculated on the value of the property as of January 1, 2018. Excess valuation should be available for this project for 15 years beginning in 2019 with taxes due in 2020. 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 $40,946 the projected amount of increment based upon the anticipated value of the project and current tax rate. The developer will spend at least $40,946,345 on eligible activities based on the estimates presented. Based on the projected increment the bonds on this project will be paid off in year 7 or 8 depending on final valuation. Grand Island Regular Meeting - 2/14/2018 Page 51 / 67 408 E 2nd Street-Weinrich Developments Inc. COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. 264 RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA, SUBMITTING A PROPOSED REDEVELOPMENT CONTRACT 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 14th day of February, 2018 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA. By___________________________ Chairperson ATTEST: __________________________ Secretary Grand Island Regular Meeting - 2/14/2018 Page 52 / 67 Weinrich Developments Inc. COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. 265 RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA, PROVIDING NOTICE OF INTENT TO ENTER INTO A REDEVELOPMENT CONTRACT 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, from Weinrich Developments Inc., (The "Developer") for redevelopment of 408 E. Second Street, 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 1; 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 14th day of February, 2018. COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA. By ___________________________ Chairperson ATTEST: ___________________ Secretary Grand Island Regular Meeting - 2/14/2018 Page 53 / 67 Community Redevelopment Authority (CRA) Wednesday, February 14, 2018 Regular Meeting Item J1 Primus - Redevelopment Proposal Staff Contact: Chad Nabity Grand Island Regular Meeting - 2/14/2018 Page 54 / 67 Grand Island Regular Meeting - 2/14/2018 Page 55 / 67 Grand Island Regular Meeting - 2/14/2018 Page 56 / 67 Grand Island Regular Meeting - 2/14/2018 Page 57 / 67 Grand Island Regular Meeting - 2/14/2018 Page 58 / 67 Grand Island Regular Meeting - 2/14/2018 Page 59 / 67 Grand Island Regular Meeting - 2/14/2018 Page 60 / 67 Grand Island Regular Meeting - 2/14/2018 Page 61 / 67 COMMUNITY REDEVELOPMENT AUTHORITY GRAND ISLAND, NEBRASKA RESOLUTION NO. 266 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA, PERTAINING TO THE SALE OF REAL ESTATE AND TO PROVIDE THE TERMS THEREOF. WHEREAS, the CRA has acquired a tract of land known as 604 and 612 W. Third Street, Grand Island, Nebraska, as a part of its activities in Redevelopment Area #1; and WHEREAS, the public has been invited to submit offers for the purchase of the tract; and WHEREAS, the most responsible offer submitted was that of Primus Companies, Inc.; and WHEREAS, The CRA intends to enter into a purchase agreement that is conditioned upon the buyer meeting standards to be included in the purchase agreement. NOW THEREFORE BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA that: 1. The offer of Primus Companies, Inc. to purchase the tract of real estate described as: Lot Seven (7) and Lot Eight (8), Block Sixty (60), Original Town, now City of Grand Island, Hall County, Nebraska for the amount of $1 and completion of conditions in the purchase agreement is hereby accepted. 2. The director is hereby authorized to cause an agreement to be prepared setting out the standard terms for sale and purchase of real estate and the chairperson and the director are hereby authorized to proceed with execution of all documents necessary for the sale and conveyance of the above described real estate. PASSED AND APPROVED this ____ day of ______________________, 2018. COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA Grand Island Regular Meeting - 2/14/2018 Page 62 / 67 By ______________________________________ Chair ATTEST: __________________________ Director Grand Island Regular Meeting - 2/14/2018 Page 63 / 67 Grand Island Regular Meeting - 2/14/2018 Page 64 / 67 Grand Island Regular Meeting - 2/14/2018 Page 65 / 67 Grand Island Regular Meeting - 2/14/2018 Page 66 / 67 Grand Island Regular Meeting - 2/14/2018 Page 67 / 67