10-09-2019 Community Redevelopment Authority Regular Meeting Packet
Community Redevelopment
Authority (CRA)
Wednesday, October 9, 2019
Regular Meeting Packet
Board Members:
Tom Gdowski - Chairman
Glen Murray – Vice Chairman
Sue Pirnie
Glenn Wilson
Krae Dutoit
4:00 PM
Grand Island Regular Meeting - 10/9/2019 Page 1 / 109
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 - 10/9/2019 Page 2 / 109
Community Redevelopment
Authority (CRA)
Wednesday, October 9, 2019
Regular Meeting
Item A1
Agenda
Staff Contact:
Grand Island Regular Meeting - 10/9/2019 Page 3 / 109
AGENDA AND NOTICE OF MEETING
Wednesday, October 2, 2019
6:00 p.m.
City Hall Council Chambers — Grand Island
1. Call to Order - 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 who would like to find out what those are is welcome to read through them.
The Planning Commission may vote to go into Closed Session on any Agenda Item as
allowed by State Law.
The Commission will discuss and may take action on any item listed on this agenda.
The order of items on the agenda may be reorganized by the Chair to facilitate the flow
of the meeting to better accommodate the public.
2. Minutes of the September 4, 2019.
3. Request Time to Speak.
4. Presentation of the 2019 Community Beautification Award(s)
5. Public Hearing Redevelopment Plan Grand Island Area 12 - Concerning a
redevelopment plan amendment for Phase 3 of Copper Creek in CRA Area 12 south of
Old Potash Highway and east of Engleman Road for the construction of streets, sewer,
water and storm sewer and 212-226 additional houses and Substandard Study and
Generalized Redevelopment Plan for the City of Grand Island including various areas of
the community as shown in the study and plan. (C-01-2020GI)
6. Public Hearing – Zoning Change: Concerning lot 5 of H. G. Clarks Addition (721 W 9th
Street), from R4-High Density Residential to B2- General Business Zone in Grand Island,
Hall County, Nebraska. This property is located south of 9th Street and east Eddy Street.
(C-02-2020GI)
7. Final Plat – GIPS South – Grand Island- A tract of land located south of Grand Island
Senior High School between Custer Avenue and Lafayette Avenue north of State Street.
The proposed plat will replat the property into 7 lots and one outlot.
Grand Island Regular Meeting - 10/9/2019 Page 4 / 109
8. Final Plat – Prairie Commons Fourth – Grand Island- A tract of land comprised of all of
Lot 2 Block 1 of Prairie Commons Third Subdivision in the City of Grand Island, Hall
County Nebraska. Located south of Husker Highway and west of Ewoldt Street.
9. Directors Report
a. Community Beautification
b. Election of Officers
10. Next Meeting November 6, 2019.
11. Adjourn.
PLEASE NOTE: This meeting is open to the public, and a current agenda is on file at the
office of the Regional Planning Commission, located on the second floor of City Hall in
Grand Island, Nebraska.
Grand Island Regular Meeting - 10/9/2019 Page 5 / 109
Community Redevelopment
Authority (CRA)
Wednesday, October 9, 2019
Regular Meeting
Item B1
Meeting Minutes 9-18-19
Staff Contact:
Grand Island Regular Meeting - 10/9/2019 Page 6 / 109
THE REGIONAL PLANNING COMMISSION OF HALL COUNTY, GRAND ISLAND,
WOOD RIVER AND THE VILLAGES OF ALDA, CAIRO, AND DONIPHAN,
NEBRASKA
Minutes
for
September 4, 2019
The meeting of the Regional Planning Commission was held Wednesday, September 4, 2019,
at City Hall – Grand Island, Nebraska. Notice of this meeting appeared in the "Grand Island
Independent" on August 28, 2019.
Present: Pat O’Neill Leslie Ruge Tony Randone
Hector Rubio Dean Kjar Darrell Nelson
Carla Maurer Jaye Monter Robin Hendrickson
Judd Allan Greg Robb Leonard Rainforth
Absent:
Other:
Staff: Chad Nabity, Norma Hernandez
Press:
1.Call to order.
Chairman O’Neill called the meeting to order at 6:00 p.m.
O’Neill stated that this was a public meeting subject to the open meetings laws of the
State of Nebraska. He noted that the requirements for an open meeting are posted on
the wall in the room and easily accessible to anyone who may be interested in reading
them.
O’Neill also noted the Planning Commission may vote to go into Closed Session on
any agenda item as allowed by State Law.
The Commission will discuss and may take action on any item listed on this agenda.
The order of items on the agenda may be reorganized by the Chair to facilitate the flow
Grand Island Regular Meeting - 10/9/2019 Page 7 / 109
of the meeting to better accommodate the public.
2. Minutes of the August 7, 2019 meeting.
A motion was made by Maurer and second by Randone to approve the minutes
of the August 7, 2019 meeting.
The motion carried with seven members in favor (O’Neill, Ruge, Maurer, Rubio,
Hendricksen, Kjar and Randone) and five members abstaining (Nelson, Allan, Robb,
Monter and Rainforth).
3.Request Time to Speak.
No requests were made.
4.Final Plat – Bosselville Fifth Subdivision – Grand Island – A tract of land consisting
of all of Outlot 1 block 2 of Bosselville Subdivision and part of the NE ¼ of the SW ¼
of the SE ¼ and part of the E ½ of the SE ¼ of 13-10-10 all in Hall County, Nebraska.
Located north of Wood River Road and west of U.S. Highway 281.
A motion was made by Robb and second by Hendrickson to approve final plat for
Bosselville Fifth Subdivision.
The motion carried with twelve members in favor (Nelson, Allan, O’Neill, Ruge,
Maurer, Robb, Monter, Rainforth, Rubio, Hendricksen, Randone and Kjar) no members
voting no.
5.Final Plat – Wanda’s Estate Subdivision – Grand Island – A tract of land comprised
property in the SE ¼ of the NE ¼ of 33-11-19 in Grand Island, Nebraska. Located west
of Locust Street and south of Lake Street, just south of the old Honda Shop.
A motion was made by Maurer and second by Hendrickson to approve the final plat for
Wanda’s Estate Subdivision.
The motion carried with eleven members in favor (Nelson, Allan, O’Neill, Ruge,
Maurer, Robb, Monter, Rainforth, Rubio, Kjar and Hendricksen) one member voting no
(Randone).
Grand Island Regular Meeting - 10/9/2019 Page 8 / 109
6.Director’s Report
Nabity discussed the Community Beautification Award and stated that it would be
announced at the October meeting. At this time we had 3 entries in Grand Island
(multiple entries were received for Credit Management) and a suggestion to award to
the Village of Cairo for their main street.
7.Next Meeting October 2, 2019.
8.Adjourn at 6:11 p.m.
___________________________________________
Leslie Ruge, Secretary
By Norma Hernandez
Grand Island Regular Meeting - 10/9/2019 Page 9 / 109
Community Redevelopment
Authority (CRA)
Wednesday, October 9, 2019
Regular Meeting
Item C1
Financials - September 2019
Staff Contact:
Grand Island Regular Meeting - 10/9/2019 Page 10 / 109
MONTH ENDED 2018-2019 2019 REMAINING % OF BUDGET
September-19 YEAR TO DATE BUDGET BALANCE USED
CONSOLIDATED
Beginning Cash 796,835 675,752
REVENUE:
Property Taxes - CRA 140,830 535,136 489,000 - 109.43%
Property Taxes - Lincoln Pool 49,683 161,539 197,000 35,461 82.00%
Property Taxes -TIF's 673,216 2,351,424 3,149,000 1,815,890 74.67%
Loan Income (Poplar Street Water Line) - - 14,000 14,000 0.00%
Interest Income - CRA 1,504 13,995 300 - 4664.90%
Interest Income - TIF'S 124 569 - -
Land Sales - 500 100,000 99,500 0.50%
Other Revenue - CRA 7,408 1,173,812 430,000 - 272.98%
Other Revenue - TIF's - 60,160 - -
TOTAL REVENUE 872,765 4,297,134 4,379,300 1,964,850 98.12%
TOTAL RESOURCES 1,669,600 4,297,134 5,055,052 1,964,850
EXPENSES
Auditing & Accounting - 3,000 3,000 - 100.00%
Legal Services - 1,050 3,000 1,950 35.00%
Consulting Services - - 5,000 5,000 0.00%
Contract Services 3,768 49,739 75,000 25,261 66.32%
Printing & Binding - - 1,000 1,000 0.00%
Other Professional Services - 11,120 16,000 4,880 69.50%
General Liability Insurance - - 250 250 0.00%
Postage 123 123 200 77 61.29%
Life Safety 95,000 145,000 200,000 55,000 72.50%
Legal Notices - 172 500 328 34.38%
Travel & Training - - 1,000 1,000 0.00%
Other Expenditures - - - -
Office Supplies - - 1,000 1,000 0.00%
Supplies - - 300 300 0.00%
Land - 140 - -
Bond Principal - Lincoln Pool - 180,000 180,000 - 100.00%
Bond Interest - 17,065 17,065 - 100.00%
Husker Harvest Days - 200,000 200,000 - 100.00%
Façade Improvement - - 200,000 200,000 0.00%
Building Improvement 50,280 488,957 926,000 437,043 52.80%
Other Projects - 25,000 25,000 0.00%
Bond Principal-TIF's 711,308 3,119,997.62 3,149,000 2,400,231 99.08%
Bond Interest-TIF's - 5,915 - -
Interest Expense - - - -
TOTAL EXPENSES 860,479 4,222,278 5,003,315 3,158,321 84.39%
INCREASE(DECREASE) IN CASH 12,286 74,856 (624,015)
ENDING CASH 809,122 74,856 51,737 -
CRA CASH 567,734
Lincoln Pool Tax Income Balance 178,668
TIF CASH 62,719
Total Cash 809,122
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF SEPTEMBER 2019
Grand Island Regular Meeting - 10/9/2019 Page 11 / 109
MONTH ENDED 2018-2019 2019 REMAINING % OF BUDGET
September-19 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF SEPTEMBER 2019
GENERAL OPERATIONS:
Property Taxes - CRA 140,830 535,136 489,000 - 109.43%
Property Taxes - Lincoln Pool 49,683 161,539 197,000 35,461 82.00%
Interest Income 1,504 13,995 300 - 4664.90%
Loan Income (Poplar Street Water Line) - 14,000 14,000 0.00%
Land Sales 500 100,000 99,500 0.50%
Other Revenue & Motor Vehicle Tax 7,408 1,173,812 430,000 - 272.98%
TOTAL 199,424 1,884,982 1,230,300 148,961 153.21%
WALNUT HOUSING PROJECT
Property Taxes 23,393 48,671 - -
Interest Income 124 569 - -
Other Revenue 60,160 - -
TOTAL 23,517 109,399 - -
GIRARD VET CLINIC
Property Taxes 5,228 16,147 - -
TOTAL 5,228 16,147 - -
GEDDES ST APTS-PROCON
Property Taxes 15,638 32,536 - -
TOTAL 15,638 32,536 - -
SOUTHEAST CROSSING
Property Taxes 1,394 14,529 - -
TOTAL 1,394 14,529 - -
POPLAR STREET WATER
Property Taxes 6,382 20,557 - -
TOTAL 6,382 20,557 - -
CASEY'S @ FIVE POINTS
Property Taxes 6,942 14,443 - -
TOTAL 6,942 14,443 - -
SOUTH POINTE HOTEL PROJECT
Property Taxes 41,344 86,018 - -
TOTAL 41,344 86,018 - -
TODD ENCK PROJECT
Property Taxes 3,087 9,628 - -
TOTAL 3,087 9,628 - -
JOHN SCHULTE CONSTRUCTION
Property Taxes 7,663 - -
TOTAL - 7,663 - -
PHARMACY PROPERTIES INC
Property Taxes 5,842 12,154 - -
TOTAL 5,842 12,154 - -
KEN-RAY LLC
Property Taxes 24,678 - -
TOTAL - 24,678 - -
Grand Island Regular Meeting - 10/9/2019 Page 12 / 109
MONTH ENDED 2018-2019 2019 REMAINING % OF BUDGET
September-19 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF SEPTEMBER 2019
TOKEN PROPERTIES RUBY
Property Taxes 1,436 4,453 - -
TOTAL 1,436 4,453 - -
GORDMAN GRAND ISLAND
Property Taxes 72,644 - -
TOTAL - 72,644 - -
BAKER DEVELOPMENT INC
Property Taxes 1,998 - -
TOTAL - 1,998 - -
STRATFORD PLAZA INC
Property Taxes 16,293 33,898 - -
TOTAL 16,293 33,898 - -
COPPER CREEK 2013 HOUSES
Property Taxes 29,702 75,287 - -
TOTAL 29,702 75,287 - -
FUTURE TIF'S
Property Taxes 81 3,149,000 3,148,919
TOTAL - 81 3,149,000 3,148,919
CHIEF INDUSTRIES AURORA COOP
Property Taxes 18,604 38,706 - (38,706)
TOTAL 18,604 38,706 - (38,706)
TOKEN PROPERTIES KIMBALL ST
Property Taxes 1,357 4,121 - (4,121)
TOTAL 1,357 4,121 - (4,121)
GI HABITAT OF HUMANITY
Property Taxes 2,146 4,465 - (4,465)
TOTAL 2,146 4,465 - (4,465)
AUTO ONE INC
Property Taxes 7,430 - (7,430)
TOTAL - 7,430 - (7,430)
EIG GRAND ISLAND
Property Taxes 35,266 73,374 - (73,374)
TOTAL 35,266 73,374 - (73,374)
TOKEN PROPERTIES CARY ST
Property Taxes 3,865 12,191 - (12,191)
TOTAL 3,865 12,191 - (12,191)
Grand Island Regular Meeting - 10/9/2019 Page 13 / 109
MONTH ENDED 2018-2019 2019 REMAINING % OF BUDGET
September-19 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF SEPTEMBER 2019
WENN HOUSING PROJECT
Property Taxes 2,245 6,825 - (6,825)
TOTAL 2,245 6,825 - (6,825)
COPPER CREEK 2014 HOUSES
Property Taxes 122,749 301,743 - (301,743)
TOTAL 122,749 301,743 - (301,743)
TC ENCK BUILDERS
Property Taxes 1,678 5,341 - (5,341)
TOTAL 1,678 5,341 - (5,341)
SUPER MARKET DEVELOPERS
Property Taxes 60,184 125,217 - (125,217)
TOTAL 60,184 125,217 - (125,217)
MAINSTAY SUITES
Property Taxes 31,561 65,664 - (65,664)
TOTAL 31,561 65,664 - (65,664)
TOWER 217
Property Taxes 27,308 - (27,308)
TOTAL - 27,308 - (27,308)
COPPER CREEK 2015 HOUSES
Property Taxes 110,538 290,920 - (290,920)
TOTAL 110,538 290,920 - (290,920)
NORTHWEST COMMONS
Property Taxes 190,502 - (190,502)
TOTAL - 190,502 - (190,502)
HABITAT - 8TH & SUPERIOR
Property Taxes 5,379 11,192 (11,192)
TOTAL 5,379 11,192 - (11,192)
KAUFMAN BUILDING
Property Taxes 6,339 13,185 (13,185)
TOTAL 6,339 13,185 - (13,185)
TALON APARTMENTS
Property Taxes 75,518 (75,518)
TOTAL - 75,518 - (75,518)
VICTORY PLACE
Property Taxes 18,900 79,327 (79,327)
TOTAL 18,900 79,327 - (79,327)
THINK SMART
Property Taxes 1,920 (1,920)
TOTAL - 1,920 - (1,920)
Grand Island Regular Meeting - 10/9/2019 Page 14 / 109
MONTH ENDED 2018-2019 2019 REMAINING % OF BUDGET
September-19 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF SEPTEMBER 2019
BOSSELMAN HQ
Property Taxes 92,530 (92,530)
TOTAL - 92,530 - (92,530)
TALON APARTMENTS 2017
Property Taxes 60,157 (60,157)
TOTAL - 60,157 - (60,157)
WEINRICH DEVELOPMENT
Property Taxes 694 1,443 (1,443)
TOTAL 694 1,443 - (1,443)
WING WILLIAMSONS
Property Taxes 1,492 (1,492)
TOTAL - 1,492 - (1,492)
HATCHERY HOLDINGS
Property Taxes 166,618 (166,618)
TOTAL - 166,618 - (166,618)
FEDERATION LABOR TEMPLE
Property Taxes 3,585 7,209 (7,209)
TOTAL 3,585 7,209 - (7,209)
MIDDLETON PROPERTIES II
Property Taxes 14,580 (14,580)
TOTAL - 14,580 - (14,580)
COPPER CREEK 2016 HOUSES
Property Taxes 37,814 85,474 (85,474)
TOTAL 37,814 85,474 - (85,474)
EAST PARK ON STUHR
Property Taxes 53,633 111,588 (111,588)
TOTAL 53,633 111,588 - (111,588)
TOTAL REVENUE 872,765 4,297,134 4,379,300 2,144,073 98.12%
- -
Grand Island Regular Meeting - 10/9/2019 Page 15 / 109
MONTH ENDED 2018-2019 2019 REMAINING % OF BUDGET
September-19 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF SEPTEMBER 2019
EXPENSES
CRA
GENERAL OPERATIONS:
Auditing & Accounting 3,000 3,000 - 100.00%
Legal Services 1,050 3,000 1,950 35.00%
Consulting Services - 5,000 5,000 0.00%
Contract Services 3,768 49,739 75,000 25,261 66.32%
Printing & Binding - 1,000 1,000 0.00%
Other Professional Services 11,120 16,000 4,880 69.50%
General Liability Insurance - 250 250 0.00%
Postage 123 123 200 77 61.29%
Lifesafety Grant 95,000 145,000 200,000 55,000 72.50%
Legal Notices 172 500 328 34.38%
Travel & Training - 1,000 1,000 0.00%
Office Supplies - 1,000 1,000 0.00%
Supplies - 300 300 0.00%
Land 140 - -
Bond Principal - Lincoln Pool 180,000 180,000 - 100.00%
Bond Interest - Lincoln Pool 17,065 17,065 - 100.00%
PROJECTS
Husker Harvest Days 200,000 200,000 - 100.00%
Façade Improvement - 200,000 200,000 0.00%
Building Improvement 50,280 488,957 926,000 437,043 0.00%
Other Projects - 25,000 25,000 0.00%
TOTAL CRA EXPENSES 149,170 1,096,365 1,854,315 758,090 59.13%
WALNUT HOUSING PROJECT
Bond Principal 68,557 - -
Bond Interest 5,915 - -
TOTAL - 74,472 - -
GIRARD VET CLINIC
Bond Principal 5,228 16,147 - -
TOTAL 5,228 16,147 - -
GEDDES ST APTS - PROCON
Bond Principal 15,638 32,536 - -
TOTAL 15,638 32,536 - -
SOUTHEAST CROSSINGS
Bond Principal 1,394 14,529 - -
TOTAL 1,394 14,529 - -
POPLAR STREET WATER
Bond Principal 7,336 20,557 - -
TOTAL 7,336 20,557 - -
CASEY'S @ FIVE POINTS
Bond Principal 6,942 14,443 - -
TOTAL 6,942 14,443 - -
Grand Island Regular Meeting - 10/9/2019 Page 16 / 109
MONTH ENDED 2018-2019 2019 REMAINING % OF BUDGET
September-19 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF SEPTEMBER 2019
SOUTH POINTE HOTEL PROJECT
Bond Principal 41,344 86,018 - -
TOTAL 41,344 86,018 - -
TODD ENCK PROJECT
Bond Principal 3,087 9,628 - -
TOTAL 3,087 9,628 - -
JOHN SCHULTE CONSTRUCTION
Bond Principal 7,663 - -
TOTAL - 7,663 - -
PHARMACY PROPERTIES INC
Bond Principal 5,842 12,154 - -
TOTAL 5,842 12,154 - -
KEN-RAY LLC
Bond Principal 24,678 - -
TOTAL - 24,678 - -
TOKEN PROPERTIES RUBY
Bond Principal 1,436 4,453 - -
TOTAL 1,436 4,453 - -
GORDMAN GRAND ISLAND
Bond Principal 34,915 72,644 - -
TOTAL 34,915 72,644 - -
BAKER DEVELOPMENT INC
Bond Principal 1,998 - -
TOTAL - 1,998 - -
STRATFORD PLAZA LLC
Bond Principal 16,293 33,898 - -
TOTAL 16,293 33,898 - -
COPPER CREEK 2013 HOUSES
Bond Principal 30,453 75,287 - -
TOTAL 30,453 75,287 - -
CHIEF INDUSTRIES AURORA COOP
Bond Principal 18,604 38,706 - -
TOTAL 18,604 38,706 - -
TOKEN PROPERTIES KIMBALL STREET
Bond Principal 1,357 4,121 - -
TOTAL 1,357 4,121 - -
GI HABITAT FOR HUMANITY
Bond Principal 2,146 4,465 - -
TOTAL 2,146 4,465 - -
Grand Island Regular Meeting - 10/9/2019 Page 17 / 109
MONTH ENDED 2018-2019 2019 REMAINING % OF BUDGET
September-19 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF SEPTEMBER 2019
AUTO ONE INC
Bond Principal 7,430 - -
TOTAL - 7,430 - -
EIG GRAND ISLAND
Bond Principal 35,266 73,374 - -
TOTAL 35,266 73,374 - -
TOKEN PROPERTIES CARY STREET
Bond Principal 3,865 12,191 - -
TOTAL 3,865 12,191 - -
WENN HOUSING PROJECT
Bond Principal 2,245 6,825 - -
TOTAL 2,245 6,825 - -
COPPER CREEK 2014 HOUSES
Bond Principal 126,903 301,743 - -
TOTAL 126,903 301,743 - -
TC ENCK BUILDERS
Bond Principal 1,678 5,341 - -
TOTAL 1,678 5,341 - -
SUPER MARKET DEVELOPERS
Bond Principal 60,184 125,217 - -
TOTAL 60,184 125,217 - -
MAINSTAY SUITES
Bond Principal 31,561 65,664 - -
TOTAL 31,561 65,664 - -
TOWER 217
Bond Principal 14,178 - -
TOTAL - 14,178 - -
COPPER CREEK 2015 HOUSES
Bond Principal 131,248 304,049 - -
TOTAL 131,248 304,049 -
NORTHWEST COMMONS
Bond Principal 190,502 - -
TOTAL - 190,502 -
HABITAT - 8TH & SUPERIOR
Bond Principal 5,379 11,192 - -
TOTAL 5,379 11,192 -
KAUFMAN BUILDING
Bond Principal 6,339 13,185 - -
TOTAL 6,339 13,185 -
Grand Island Regular Meeting - 10/9/2019 Page 18 / 109
MONTH ENDED 2018-2019 2019 REMAINING % OF BUDGET
September-19 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF SEPTEMBER 2019
TALON APARTMENTS
Bond Principal 75,518 - -
TOTAL - 75,518 -
VICTORY PLACE
Bond Principal 18,900 79,327 - -
TOTAL 18,900 79,327 -
FUTURE TIF'S
Bond Principal 748,769 3,149,000 2,400,231
TOTAL - 748,769 3,149,000 2,400,231
THINK SMART
Bond Principal 1,920 - -
TOTAL - 1,920 -
BOSSELMAN HQ
Bond Principal 92,530 - -
TOTAL - 92,530 -
TALON APARTMENTS 2017
Bond Principal 60,157 - -
TOTAL - 60,157 -
WEINRICH DEVELOPMENT
Bond Principal 694 1,443 - -
TOTAL 694 1,443 -
WING WILLIAMSONS
Bond Principal 1,492 - -
TOTAL - 1,492 -
HATCHERY HOLDINGS
Bond Principal 166,618 - -
TOTAL - 166,618 -
FEDERATION LABOR TEMPLE
Bond Principal 3,585 7,209 - -
TOTAL 3,585 7,209 -
MIDDLETON PROPERTIES II
Bond Principal 14,580 - -
TOTAL - 14,580 -
COPPER CREEK 2016 HOUSES
Bond Principal 37,814 85,474 - -
TOTAL 37,814 85,474 -
EAST PARK ON STUHR
Bond Principal 53,633 111,588 - -
TOTAL 53,633 111,588 -
TOTAL EXPENSES 860,479 4,222,278 5,003,315 3,158,321 84.39%
Grand Island Regular Meeting - 10/9/2019 Page 19 / 109
10/04/2019 11:38 |CITY OF GRAND ISLAND |P 1
briansc |BALANCE SHEET FOR 2019 12 |glbalsht
NET CHANGE ACCOUNT
FUND: 900 COMMUNITY REDEVELOPMENT AUTHOR FOR PERIOD BALANCE__________________________________________________________________________________________________________
ASSETS
900 11110 OPERATING CASH 12,286.41 809,121.98
900 11120 COUNTY TREASURER CASH .00 140,410.38
900 11305 PROPERTY TAXES RECEIVABLE .00 213,070.00
900 11500 INTEREST RECEIVABLE .00 808.64
900 14100 NOTES RECEIVABLE .00 125,290.09
900 14700 LAND .00 490,485.75_______________________________________
TOTAL ASSETS 12,286.41 1,779,186.84_______________________________________
LIABILITIES
900 22100 LONG TERM DEBT .00 -105,250.00
900 22400 OTHER LONG TERM DEBT .00 -930,000.00
900 22900 ACCRUED INTEREST PAYABLE .00 -5,344.79
900 25100 ACCOUNTS PAYABLE .00 -65,572.06
900 25315 DEFERRED REVENUE-PROPERY TAX .00 -206,904.00_______________________________________
TOTAL LIABILITIES .00 -1,313,070.85_______________________________________
FUND BALANCE
900 39107 BUDGETARY FUND BAL - UNRESERVD .00 645,381.00
900 39110 INVESTMENT IN FIXED ASSETS .00 -490,485.75
900 39112 FUND BALANCE-BONDS .00 909,959.91
900 39120 UNRESTRICTED FUND BALANCE .00 -810,734.37
900 39130 ESTIMATED REVENUES .00 2,892,117.00
900 39140 ESTIMATED EXPENSES .00 -3,537,498.00
900 39500 REVENUE CONTROL -872,764.97 -4,297,133.94
900 39600 EXPENDITURE CONTROL 860,478.56 4,222,278.16_______________________________________
TOTAL FUND BALANCE -12,286.41 -466,115.99_______________________________________
TOTAL LIABILITIES + FUND BALANCE -12,286.41 -1,779,186.84=======================================
** END OF REPORT - Generated by Brian Schultz **
Grand Island Regular Meeting - 10/9/2019 Page 20 / 109
Community Redevelopment
Authority (CRA)
Wednesday, October 9, 2019
Regular Meeting
Item D1
Bills - September 2019
Staff Contact:
Grand Island Regular Meeting - 10/9/2019 Page 21 / 109
Grand Island Regular Meeting - 10/9/2019 Page 22 / 109
Community Redevelopment
Authority (CRA)
Wednesday, October 9, 2019
Regular Meeting
Item E1
Committed Projects - September 2019
Staff Contact:
Grand Island Regular Meeting - 10/9/2019 Page 23 / 109
COMMITTED PROJECTS REMAINING
GRANT
AMOUNT
2019 FISCAL YR 2020 FISCAL YR 2021 FISCAL YR ESTIMATED
COMP
Bosselman-1607 S. Locust (11-14-18) $ 50,000.00 $ 50,000.00 Fall 2019
Hedde Building 201-205 W. 3rd (10-18-
17)
$ 300,000.00 $ 300,000.00 Spring 2020
Old City Hall -208 N. Pine St (12-12-18) $ 100,000.00 $ 100,000.00 Fall 2019
Total Committed $ 450,000.00 $ - $ 450,000.00 $ -
FIRE & LIFE SAFETY GRANT TOTAL
AMOUNT
2019 FISCAL YR 2020 FISCAL YR 2021 FISCAL YR ESTIMATED
COMP
201-203 W. 3rd St. Anson (8-24-16) $ 310,000.00 $ 310,000.00 Spring 2020
Peaceful Root 217 N Locust (9/18/19) $ 70,000.00 $ 70,000.00
Rawr Holdings 110 W 2nd (12/12/18) $ 35,000.00 $ 35,000.00 Winter 2019
Wing Properties 112 E 3rd (12/12/18) $ 20,000.00 $ 20,000.00 Winter 2019
Total Committed F&L Safety Grant $ 435,000.00 $ - $ 435,000.00 $ -
BUDGET COMMITTED LEFT
Life Safety Budgeted 2019 $ 200,000.00 $ 200,000.00 $ -
Façade Budgeted 2019 $ 200,000.00 $ - $ 200,000.00
Other Projects 2019 Budgeted $ 25,000.00 $ - $ 25,000.00
Land - Budgeted 2019 $ - $ - $ -
Land Sales Budgeted 2019 $ (100,000.00) $ - $ (100,000.00)
subtotal $ 200,000.00 $ 125,000.00
Less committed $0.00 ($885,000.00)
Balance remaining $ 200,000.00 $ (760,000.00)
BUDGET PAID LEFT
Building Improvements * $ 926,000.00 $ 488,957.00 $ 437,043.00
*Includes Life Safety, Façade, Other grants made in previous fiscal years
CRA PROPERTIES
Address Purchase Price Purchase Date Demo Cost Status
3235 S Locust (Desert Rose) $450,000 4/2/2010 $39,764 Surplus
September 30, 2019
Grand Island Regular Meeting - 10/9/2019 Page 24 / 109
Community Redevelopment
Authority (CRA)
Wednesday, October 9, 2019
Regular Meeting
Item I1
Redevelopment Plan Amendment - Copper Creek Phase 3 CRA
Area #12
Staff Contact:
Grand Island Regular Meeting - 10/9/2019 Page 25 / 109
Guarantee Group LLC Copper Creek Phase 3
COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA
RESOLUTION NO. 318
A RESOLUTION RECOMMENDING APPROVAL OF A REDEVELOPMENT PLAN OF
THE CITY OF GRAND ISLAND, NEBRASKA; RECOMMENDING APPROVAL OF A
REDEVELOPMENT PROJECT OF THE CITY OF GRAND ISLAND, NEBRASKA;
APPROVING A COST BENEFIT ANALYSIS FOR SUCH PROJECT; AND APPROVAL OF
RELATED ACTIONS
WHEREAS, the Mayor and Council of the City of Grand Island, Nebraska (the “City”), upon
the recommendation of the Planning Commission of the City of Grand Island, Nebraska (the “Planning
Commission”), and in compliance with all public notice requirements imposed by the Community
Development Law, Chapter 18, Article 21, Reissue Revised Statutes of Nebraska, as amended (the
“Act”), duly declared the redevelopment area legally described on Exhibit A attached hereto (the
“Redevelopment Area”) to be blighted and substandard and in need of redevelopment; and
WHEREAS, pursuant to and in furtherance of the Act, a Redevelopment Plan (the
“Redevelopment Plan”), has been prepared by Community Redevelopment Authority of Grand Island,
Nebraska, (the “Authority”) pursuant to an application by The Guarantee Group LLC (the
“Redeveloper”), in the form attached hereto as Exhibit B, for the purpose of redeveloping
Redevelopment Area legally described on Exhibit A, referred to herein as the Project Area (the “Project
Area”); and
WHEREAS, pursuant to the Redevelopment Plan, the Authority would agree to incur
indebtedness and make a grant for the purposes specified in the Redevelopment Plan (the “Project”), in
accordance with and as permitted by the Act; and
WHEREAS, the Authority has conducted a cost benefit analysis of the Project (the “Cost
Benefit Analysis”) pursuant to Section 18-2113 of the Act, a which is included in the Redevelopment
Plan attached hereto as Exhibit B; and
WHEREAS, the Authority has made certain findings and pursuant thereto has determined that it
is in the best interests of the Authority and the City to approve the Redevelopment Plan and approve the
Redevelopment Project and to approve the transactions contemplated thereby.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA AS FOLLOWS:
Section 1. The Authority has determined that the proposed land uses and building requirements
in the Redevelopment Plan for the Project Area are designed with the general purposes of accomplishing,
and in conformance with the general plan of the City, 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 in 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
provisions 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 communitive 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
Grand Island Regular Meeting - 10/9/2019 Page 26 / 109
Guarantee Group LLC Copper Creek Phase 3
unsanitary or unsafe dwelling accommodations, or conditions of blight.
Section 2. The Authority has conducted a Cost Benefit Analysis for the Project, included in the
Redevelopment Plan attached hereto as Exhibit B, in accordance with the Act, and has found and hereby
finds that the Project would not be economically feasible without the use of tax increment financing, the
Project would not occur in the Project Area without the use of tax increment financing and the costs and
benefits of the Project, including costs and benefits to other affected political subdivisions, the economy
of the community, and the demand for public and private services, have been analyzed and have been
found to be in the long term best interests of the community impacted by the Project.
Section 3. In compliance with section 18-2114 of the Act, the Authority finds and determines as
follows: (a) the Redevelopment Area constituting the Redevelopment Project will not be acquired by the
Authority and the Authority shall receive no proceeds from disposal to the Redeveloper; (b) the estimated
cost of project acquisition and the estimated cost of preparation for redevelopment including site work,
onsite utilities and related costs are described in detail in Exhibit B attached hereto; (c) the method of
acquisition of the real estate shall be by private contract by the Redeveloper and not by condemnation;
and (d) the method of financing the Redevelopment Project shall be by issuance of tax increment revenue
bond issued in the approximate amount of $9,200,626 which shall be granted to the Redeveloper and from
additional funds provided by the Redeveloper. No families will be displaced from the Redevelopment
Project Area as a result of the project.
Section 4. The Authority hereby recommends to the City approval of the Redevelopment Plan
and the Redevelopment Project described in the Redevelopment Plan.
Section 5. All prior resolutions of the Authority in conflict with the terms and provisions of this
resolution are hereby expressly repealed to the extent of such conflicts.
Section 6. This resolution shall be in full force and effect from and after its passage and
approval.
PASSED AND APPROVED this 9th day of October, 2019.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF GRAND
ISLAND NEBRASKA
ATTEST: By: ___________________________________
Chair
By: ___________________________________
Secretary
Grand Island Regular Meeting - 10/9/2019 Page 27 / 109
Guarantee Group LLC Copper Creek Phase 3
EXHIBIT A
LEGAL DESCRIPTION OF REDEVELOPMENT PROJECT AREA
A TRACT LOCATED IN PART OF THE NORTHWEST QUARTER OF SECTION 23, TOWNSHIP 11
NORTH, RANGE 23 WEST OF THE 6TH PM, IN THE CITY OF GRAND ISLAND, HALL COUNTY,
NEBRASKA AND MORE PARTICULARLY DESCRIBED AS:
BEGINNING AT A POINT 1,059.29' FEET SOUTH OF THE NORTHWEST CORNER OF
SECTION 23 TOWNSHIP 11 NORTH, RANGE 10 WEST, HALL COUNTY, NEBRASKA ALSO
BEING THE SOUTHWEST CORNER OF COPPER CREEK ESTATES EIGHTH SUBDIVS ION;
THENCE EASTERLY ALONG THE SOUTH LINE OF SAID COPPER CREEK ESTATES EIGHTH
SUBDIVISION TO THE SOUTHEAST CORNER OF LOT 17, COPPER CREEK ESTATES
EIGHTH SUBDIVISION; THENCE NORTH ALONG THE EASTERLY LINE OF SAID LOT 17 TO
THE NORTHEAST CORNER OF LOT 17, COPPER CREEK ESTATES SUBDIVISION, ALSO
BEING A POINT ON THE SOUTH LINE OF INDIAN GRASS ROAD AND THE SOUTH WEST
CORNER OF COPPER CREEK ESTATES SUBDIVISION; THENCE EAST ALONG THE SOUTH
LINE OF SAID INDIAN GRASS ROAD TO THE NORTHWEST CORNER OF LOT 1, COPPER
CREEK ESTATES SUBDIVISION; THENCE SOUTH ALONG THE WEST LINE OF SAID LOT 1,
TO THE SOUTHWEST CORNER OF LOT 1 COPPER CREEK SUBDIVISION; THENCE EAST
ALONG THE SOUTH LINE OF LOTS 1-7 OF SAID COPPER CREEK ESTATES SUBDIVISION
TO THE SOUTHEAST CORNER OF LOT 7 COPPER CREEK SUBDIVISION; THENCE SOUTH
PARALLEL AND 35' WESTERLY OF THE EAST LINE OF THE NORHTWEST QUARTER OF
SAID SECTION 23 TOWNSHIP 11 NORTH RANGE 10 WEST TO A POINT ON THE SOUTH
LINE OF SAID NORTHWEST QUARTER AND 35' FEET WESTERLY OF THE SOUTHEAST
CORNER OF SAID NORTHWEST QUARTER; THENCE WESTERLY TO THE SOUTHEAST
CORNER OF LOT 2, COPPER CREEK ESTATES NINTH SUBDIVISION; THENCE WESTERLY
ALONG THE SOUTH LINE OF LOTS 1 & 2, COPPER CREEK ESTATES NINTH SUBIDIVISION
AND THE SOUTH LINE OF SAID NORTHWEST QUARTER TO SOUTHWEST CORNER OF
SAID NORTHWEST QUARTER OF SECTION 23; THENCE NORTHERLY ALONG THE
WESTERLY LINE OF SAID NORTHWEST QUARTER TO THE PLACE OF BEGINNING. LESS
AND EXCEPT ALL OF COPPER CREEK NINTH SUBDIVISION.
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Guarantee Group LLC Copper Creek Phase 3
* * * * *
EXHIBIT B
FORM OF REDEVELOPMENT PLAN
Grand Island Regular Meeting - 10/9/2019 Page 29 / 109
Redevelopment Plan Amendment
Grand Island CRA Area #12
September 2019
The Community Redevelopment Authority (CRA) of the City of Grand Island
intends to approve a Redevelopment Plan for Area #12 within the city, pursuant to
the Nebraska Community Development Law (the “Act”) and provide for the
financing of a specific infrastructure related project in Area #12.
Executive Summary:
Project Description
THE ORIGINAL PLAN FOR THIS DEVELOPMENT CALLED FOR THE
COSTRUCTION OF UP TO 620 UNITS OF SINGLE FAMILY HOUSING WITH UP
TO 239 WITH THE FIRST PHASE TO BE DEVELOPED AT MARKET DEMAND
ESTIMATED AT 15 TO 30 UNITS PER YEAR. THE FINAL COUNT OF THE FIRST
PHASE WAS 208 INSTEAD OF 239 AS THE LOT SIZES WERE INCREASED
SLIGHTLY. THE SECOND PHASE OF THIS DEVELOPMENT ANTICIPATES THE
USE OF TAX INCREMENT FINANCING FOR THE NEXT 80 UNITS OF SINGLE
FAMILY HOUSING. THE PROPOSED THIRD PHASE OF THE PROJECT WILL BE
BETWEEN 212 AND 226 HOMES. THIS WILL FINISH THE PROJECT WITH A
MAXIMUM NUMBEROF 514 UNITS, 106 LESS THAN ORIGINALLY PLANNED.
IT WAS ANTICIPATED AT THE BEGINNING OF THIS PROJECT THAT THERE
WOULD BE ADDITIONAL PHASES THAT WOULD NEED APPROVAL. THE
DEVELOPER HAS INDICATED THAT
THE CONSTRUCTION OF 212-226 UNITS OF SINGLE FAMILY HOMES. THE
HOMES TO BE CONSTRUCTED WILL HAVE AN INTIAL SALE PRICE OF
BETWEEN $189,500 AND 4218,850 IN 2019 THAT MEET THESE MINIMUM
SPECIFICATIONS
1200-1,450 SQUARE FEET FINISHED FIRST FLOOR, FULL UNFINISHED
BASEMENT, KITCHEN APPLIANCES, CENTRAL HEATING AND AIR
CONDITIONING, LANDSCAPING AND SPRINKLED LAWN.
THE HOUSES WILL BE CONSTRUCTED WITHIN THE COPPER CREEK
SUBDIVISION LOCATED SOUTH OF OLD POTASH HIGHWAY AND EAST OF
ENGLEMAN ROAD. THE PROJECT WILL INCLUDE THE PUBLIC
IMPROVEMENTS NECESSARY TO SUPPORT THIS DEVELOPMENT
INCLUDING BUT NOT LIMITED TO INSTALLATION OF STREET,
STORMWATER FACILITIES, WATER AND SANITARY SEWER UITILITIES,
ENGINEERING, SURVENYING, LANDSCAPING AND OTHER IMPROVEMENTS
AS NECESSARY. THE CONSTRUCTION OF ADDITIONAL UNITS AND ANY AD
VALORUM REVENUE GENERATED BY THOSE ADDITIONAL UNITS SHALL BE
SUBJECT TO APPROVAL OF THE CITY AND SUBSEQUENT CONTRACTS
BETWEEN THE CRA AND THE DEVELOPER.
Grand Island Regular Meeting - 10/9/2019 Page 30 / 109
The developer intends to use Tax Increment Financing to aid in site development
including necessary site work, installation of streets, storm sewer, sanitary sewer, water,
other utilities and engineering, surveying and other consultant costs associated with and
necessary for the redevelopment of this property. The developer intends to build single
family homes ranging from 1300 to 1450 square feet on each lot. The 2019 sale price of
these homes will be range from $189,850 for homes built on 40’ wide lots in the R3-SL
zoning district to $218,850 for lots in the R2 zoning district. The developer expects to
build between 212 and 226 units in as many as fifteen phases of development. The
original approved preliminary plat for this project anticipated 620 homes. Some changes
have been made to the proposed development. Phase 1 was reduced from 239 homes
(plus the 5 house from the first attempt at developing this property) to 213 homes by
increasing the lot sizes. Phase two anticipates 80 additional lots, the water tower site has
reduced the number of lots in the southwest corner. The proposed plan to develop this
with 514 units of housing is largely consistent with current approved preliminary plat for
the Copper Creek Subdivision.
The developer intends to install the infrastructure for phase three of this project in as
many as fifteen intervals to create the 212 to 226 additional lots south of the existing
streets. The third phase is designed to serve the next 226 lots and finish out the
development. The tax increment from the new home construction will be used to make
necessary site improvements and utility extensions to support this development. This
project would not be possible in an affordable manner without the use of TIF.
The site is owned by Guarantee Group, LLC. All site work, demolition, streets and
utilities will be paid for by the developer. The developer is responsible for and will
provide evidence that they can secure adequate debt financing to cover the costs
associated with the acquisition, site work, engineering, surveying and utility and street
infrastructure. The Grand Island Community Redevelopment Authority (CRA) intends to
pledge the ad valorem taxes generated beginning January 1, 2021 towards the allowable
costs and associated financing for the acquisition, site work, streets and utility
infrastructure. The CRA also intends to continue pledging ad valorem taxes generated by
future phases of this development in future contracts for Tax Increment Financing during
the life of this project.
TAX INCREMENT FINANCING TO PAY FOR THE DEVELOPMENT OF THE
PROPERTY WITH STREETS, SANITARY SEWER, STORM SEWER, WATER
OTHER UTILITIES AND RELATED SITE WORK WILL COME FROM THE
FOLLOWING REAL PROPERTY:
Property Description (the “Redevelopment Project Area”)
This property is located south of Old Potash Highway and east of Engleman Road in
northwest Grand Island. The attached map identifies the subject property and the
surrounding land uses:
Grand Island Regular Meeting - 10/9/2019 Page 31 / 109
Legal Descriptions
A TRACT LOCATED IN PART OF THE NORTHWEST QUARTER OF SECTION 23, TOWNSHIP
11 NORTH, RANGE 23 WEST OF THE 6TH PM, IN THE CITY OF GRAND ISLAND, HALL
COUNTY, NEBRASKA AND MORE PARTICULARLY DESCRIBED AS:
BEGINNING AT A POINT 1,059.29' FEET SOUTH OF THE NORTHWEST CORNER OF
SECTION 23 TOWNSHIP 11 NORTH, RANGE 10 WEST, HALL COUNTY, NEBRASKA
ALSO BEING THE SOUTHWEST CORNER OF COPPER CREEK ESTATES EIGHTH
SUBDIVS ION; THENCE EASTERLY ALONG THE SOUTH LINE OF SAID COPPER
CREEK ESTATES EIGHTH SUBDIVISION TO THE SOUTHEAST CORNER OF LOT 17,
COPPER CREEK ESTATES EIGHTH SUBDIVISION; THENCE NORTH ALONG THE
EASTERLY LINE OF SAID LOT 17 TO THE NORTHEAST CORNER OF LOT 17,
COPPER CREEK ESTATES SUBDIVISION, ALSO BEING A POINT ON THE SOUTH
LINE OF INDIAN GRASS ROAD AND THE SOUTH WEST CORNER OF COPPER
CREEK ESTATES SUBDIVISION; THENCE EAST ALONG THE SOUTH LINE OF SAID
INDIAN GRASS ROAD TO THE NORTHWEST CORNER OF LOT 1, COPPER CREEK
ESTATES SUBDIVISION; THENCE SOUTH ALONG THE WEST LINE OF SAID LOT 1,
TO THE SOUTHWEST CORNER OF LOT 1 COPPER CREEK SUBDIVISION; THENCE
EAST ALONG THE SOUTH LINE OF LOTS 1-7 OF SAID COPPER CREEK ESTATES
SUBDIVISION TO THE SOUTHEAST CORNER OF LOT 7 COPPER CREEK
SUBDIVISION; THENCE SOUTH PARALLEL AND 35' WESTERLY OF THE EAST LINE
OF THE NORHTWEST QUARTER OF SAID SECTION 23 TOWNSHIP 11 NORTH
RANGE 10 WEST TO A POINT ON THE SOUTH LINE OF SAID NORTHWEST
QUARTER AND 35' FEET WESTERLY OF THE SOUTHEAST CORNER OF SAID
NORTHWEST QUARTER; THENCE WESTERLY TO THE SOUTHEAST CORNER OF
LOT 2, COPPER CREEK ESTATES NINTH SUBDIVISION; THENCE WESTERLY
ALONG THE SOUTH LINE OF LOTS 1 & 2, COPPER CREEK ESTATES NINTH
SUBIDIVISION AND THE SOUTH LINE OF SAID NORTHWEST QUARTER TO
SOUTHWEST CORNER OF SAID NORTHWEST QUARTER OF SECTION 23; THENCE
NORTHERLY ALONG THE WESTERLY LINE OF SAID NORTHWEST QUARTER TO
THE PLACE OF BEGINNING. LESS AND EXCEPT ALL OF COPPER CREEK NINTH
SUBDIVISION.
Grand Island Regular Meeting - 10/9/2019 Page 32 / 109
Existing Land Use
Grand Island Regular Meeting - 10/9/2019 Page 33 / 109
The tax increment will be captured for the tax years the payments for which become
delinquent beginning in years 2021 and ending upon expiration of the final contract for
construction of affordable housing.
The increase will come from the development single family homes on this property.
Increases are anticipated from the next 212-226 houses to be built. The anticipated
taxable valuation of this project at completion of the phase three, 212-226 homes is
$41,340,000. The actual final valuation will be subject to appreciation and inflationary
forces over the course of the development timeframe.
Statutory Pledge of Taxes.
Pursuant to Section 18-2147 of the Act, any ad valorem tax levied upon real property in
the Redevelopment Project Area shall be divided, for the period not to exceed 15 years
after the effective date of the provision, which effective date shall be January 1, 2020 and
the effective date of each subsequent contract and or contract amendment associated with
this redevelopment plan.
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.
Grand Island Regular Meeting - 10/9/2019 Page 34 / 109
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 May 14, 2013. [§18-2109] Such
declaration was made after a public hearing with full compliance with the public
notice requirements of §18-2115 of the Act.
2. Conformation to the General Plan for the Municipality as a whole. [§18-2103 (13)
(a) and §18-2110]
Grand Island adopted a Comprehensive Plan on July 13, 2004. This redevelopment plan
amendment and project are consistent with the Comprehensive Plan, in that no changes in
the Comprehensive Plan elements are intended. This plan merely provides funding for
the developer to install the required public infrastructure needed to develop the property
in a manner consistent with the comprehensive plan and previously approved
development plans.The Hall County Regional Planning Commission held a public
hearing at their meeting on October 2, 2019 and passed Resolution 2020-01 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:
This amended Redevelopment Plan for Area #12 does not provide for real property
acquisition. There is no proposed acquisition by the authority. The developer acquired
the property as an expense included in the first redevelopment plan after approval of the
first TIF contract.
b. Demolition and Removal of Structures:
The project to be implemented with this plan amendment does not call for the demolition
and removal of any existing structures.
c. Future Land Use Plan
See the attached map from the 2004 Grand Island Comprehensive Plan. The site is
planned for residential use consistent with R2 zoning district and the approved
preliminary and final plats for this site. [§18-2103(b) and §18-2111] The attached map
also is an accurate site plan of the area after redevelopment. [§18-2111(5)]
Grand Island Regular Meeting - 10/9/2019 Page 35 / 109
City of Grand Island Future Land Use Map
Grand Island Regular Meeting - 10/9/2019 Page 36 / 109
d. Changes to zoning, street layouts and grades or building codes or ordinances or
other Planning changes.
The area is zoned R2 Low Density Residential. It is anticipated that the developer may
request that portions of this property be rezoned to R3-SL Medium Density Small Lot
Residential Zone to accommodate houses with a 2019 price point of under $190,000.
This will depend on market conditions. Additional streets will be constructed in a manner
consistent with the approved preliminary and final plats for the property. 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. The prosed single family
residential uses are permitted in the current zoning district. [§18-2103(b) and §18-2111]
e. Site Coverage and Intensity of Use
The R2 zoning district allows for the development of 1 dwelling unit per 6000 square
foot of lot area. The platted and proposed lots are more than 6000 square feet in size but
less than the 12,000 square feet that would be required for a 2 family dwelling. The R3-
SL zoning district would permit one dwelling unit per 3000 square foot lot. [§18-2103(b)
and §18-2111]
f. Additional Public Facilities or Utilities
This site has full service to municipal utilities. No utilities would be impacted by the
development. Water and sewer will need to be extended throughout the site. Extension
of utilities is one of the planned uses for Tax Increment Financing.
Electric, gas, phone and cable utilities will be extended through the site as necessary to
serve the development through agreements between those providers and the developer.
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 is in private ownership. This is vacant property that has been used for
agricultural purposes. No individuals or families will be relocated as a result of this
project. Additional housing will be created by the project. [§18-2103.02]
5. No member of the Authority, nor any employee thereof holds any interest in any
property in this Redevelopment Project Area. [§18-2106]
Tom Gdowski a member of the CRA Board does not hold any interest in this property
but works for Equitable Bank in Grand Island and may be involved in the financing of
this project or houses sold within the project.
Grand Island Regular Meeting - 10/9/2019 Page 37 / 109
6. Section 18-2114 of the Act requires that the Authority consider:
a. Method and cost of acquisition and preparation for redevelopment and estimated
proceeds from disposal to redevelopers.
The developer owns the entire site. The developer is estimating the costs TIF eligible for
Phase 3 activities as shown below:
Cost for Tax Increment Financing Eligible Activities
Planning (Architecture and Engineering) 860,745
Land Acquired with Phase 1 $561,190
Legal/Developer/Audit Fees 51,900
City Fees 3,100
Subtotal 915,745
Grading and Infrastructure Phase 3
Sanitary Sewer 1,517,587.76
Water Main 1,636,454.27
Paving and Storm 3,163,352.73
Grading and Fill 1,967,486.13
Subtotal 8,284,881
Total Eligible Expenses 9,200,626
The estimated costs for the eligible activities of this project are $9,203,726. Site
improvements including: utility improvements and site grading and fill of $8,284,881
Architectural and Engineering planning services of $860,745 and are included as a TIF
eligible expense. Legal, Developer and Audit Fees including a reimbursement to the City
and the CRA of $55,000 are included as TIF eligible expense. The total of eligible
expenses for this project is $9,200,626.
No property will be transferred to redevelopers by the Authority. The developer
will provide and secure all necessary financing.
b. Statement of proposed method of financing the redevelopment project.
The developer will provide all necessary financing for the project. The Authority will
assist the project by granting an estimated sum of $9,200,626 from the proceeds of the
TIF Indebtedness issued by the Authority. This indebtedness will be repaid from the Tax
Increment Revenues generated from the project. TIF revenues shall be made available to
repay the original debt and associated interest after January 1, 2021 for a period that may
extend through 15 years from the date of the final contract for this project.
Grand Island Regular Meeting - 10/9/2019 Page 38 / 109
c. Statement of feasible method of relocating displaced families.
No families will be displaced as a result of this plan.
7. Section 18-2113 of the Act requires:
Prior to recommending a redevelopment plan to the governing body for approval, an
authority shall consider whether the proposed land uses and building requirements in the
redevelopment project area are designed with the general purpose of accomplishing, in
conformance with the general plan, a coordinated, adjusted, and harmonious development
of the city and its environs which will, in accordance with present and future needs,
promote health, safety, morals, order, convenience, prosperity, and the general welfare, as
well as efficiency and economy in the process of development, including, among other
things, adequate provision for traffic, vehicular parking, the promotion of safety from
fire, panic, and other dangers, adequate provision for light and air, the promotion of the
healthful and convenient distribution of population, the provision of adequate
transportation, water, sewerage, and other public utilities, schools, parks, recreational and
community facilities, and other public requirements, the promotion of sound design and
arrangement, the wise and efficient expenditure of public funds, and the prevention of the
recurrence of insanitary or unsafe dwelling accommodations or conditions of blight.
The Authority has considered these elements in proposing this Plan Amendment. This
amendment, in and of itself will promote consistency with the Comprehensive Plan, in
that it will allow for development consistent with the future land use plan for the City of
Grand Island and the previously approved development of this site. The development of
single family residential on this property is consistent with the property development
along the north side of Old Potash Highway. This will have the intended result of
preventing recurring elements of unsafe buildings and blighting conditions such as
incomplete infrastructure.
8. Time Frame for Development
Development of this project is anticipated to begin in the spring of 2020. Infrastructure
for this phase of the development, including the final 226 lots is expected to be complete
with the phasing of the development. The developer expects to complete between 15 and
30 affordable single family dwelling units each year until completion of the subdivision.
Expected completion of Phase two of the project will occur sometime between 2025 and
2035. Excess valuation should be available for this project beginning with the 2020 tax
year.
9. Justification of Project
The housing vacancy rate in Grand Island has been hovering between 2% and 3% since at
least 2000 Since the late 1980’s, every housing study done in Grand Island has indicated
a lack of housing and housing options in Grand Island. The market is providing for
houses in the $250,000 plus price range and almost 300 market rate apartments have been
Grand Island Regular Meeting - 10/9/2019 Page 39 / 109
built in the last 3 years and there are currently plans for upwards of 250 new additional
market rate apartments. Plans have been approved for 88 subsidized duplex units.
Providers of elderly housing supported by Low Income Housing Tax Credits all have
waiting lists and applications for new projects are submitted to NIFA every year.
As of today (September 6, 2019), there 107 housing units (single family) on the market
based on the Multiple Listing Service, at all price ranges ($69,900 to $2,300,000). Grand
Island has more than 13,300 single family housing units, so less than 0.8% of the total
units are currently available and on the market.
The projected price range of the houses to be built with this project puts them within the
reach of people earning a family income of $22 an hour and above. This price puts these
houses within reach of people working at JBS Swift, many of the retail stores in the
community, incoming teachers and many others that have trouble finding housing in
Grand Island. The cost to develop lots in Grand Island, even the smaller lots that are
proposed in this subdivision makes the development and sale of houses in this price range
prohibitive without some kind of public private partnership.
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
$9,200,626 provided by the Grand Island Community Redevelopment Authority will be
required to complete the project. This investment by the Authority will leverage
$49,802,443 in private sector equity investment plus interest on the financing; a private
investment of $5.41 for every TIF dollar invested.
Use of Funds.
Description TIF Funds Private Funds Total
Site Acquisition Acquired with Phase I value of 561,190
Site Improvements/Utilities $8,284,881 $8,284,881
New Construction Costs $47,008,000 $47,008,000
Legal and Plan $51,900 $51,900
Engineering/Arch $860,075 $860,075
City Fees/Reimbursements $3,100 $3,100
Financing Fees/Interest $2,794,443 $2,794,443
TOTALS $9,200,626 $49,802,443 $59,002,399
Tax Revenue. The property to be redeveloped has January 1, 2019, valuation of
approximately $316,500 for the approximately 60 acres of undeveloped land in phase 2.
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Based on the 2018 levy this would result in a real property tax of approximately $7100.
It is anticipated that the assessed value will increase by $41,000,000 upon full
completion, as a result of the site redevelopment. This development will result in an
estimated tax increase of over $924,000 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 2019 assessed value: $ 316,000
Estimated taxable value after completion $ 41,340,000
Increment value $ 41,024,000
Annual TIF generated (estimated) $ 916,000
TIF bond issue $ $9,200,626
(a) Tax shifts resulting from the approval of the use of Tax Increment Financing;
The proposed development of these houses will result in an estimated additional
$41,340,000 of taxable valuation based on an initial 2019 sale price of homes between
$189,850 and $218,850 including the value of the lot to bring total valuation to between
$225,000 and $255,000 per unit. No tax shifts are anticipated from the project. The
project creates additional valuation that will support taxing entities for life of those
homes after the completion of the TIF contracts.
(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 need to be extended through the site but have sufficient capacity to
support the development. The electric utility has sufficient capacity to support the
development. This development will have an impact on the Grand Island School
system as it will likely result in increased attendance at all grade levels. The average
number of persons per household in Grand Island for 2013 to 2017 according the
American Community Survey is 2.6. Two Hundred and Twenty-Six additional
household would house 588 people. According to the 2010 census 19.2% of the
population of Grand Island was between the ages of 5 and 18. If the averages hold it
would be expected that there would be an additional 113 school age children generated
by this development. These numbers are consistent with the 99 students that were
generated according to the information provided by the Grand Island Public School
system in a map dated October 1, 2018 as attached.
According to the National Center for Educational Statistics1 the 2016-17 enrollment
for GIPS was 9,905 students and the cost per student in 2015-16 was $13,104 of that
$5,936 is generated locally. The Grand Island Public School District was notified of this
request by letter and email on September 9, 2019.
1 https://nces.ed.gov/ccd/districtsearch/district_detail.asp?ID2=3100016
Grand Island Regular Meeting - 10/9/2019 Page 41 / 109
Fire and police protection are available. Additional houses and people throughout the
city may impact response times and will over time result in the need to add additional
staffing for emergency response teams.
(c) Impacts on employers and employees of firms locating or expanding within the
boundaries of the area of the redevelopment project;
The proposed development will provide jobs for persons employed by the contractors
that will be involved with the project. In 2015 the National Association of Home
Builders estimated the impacts of each single family home built in a community at 3.94
FTE’s 2.37 of which are direct impact employees. (NAHB Housing Policy Department,
20152). Using that number and an estimated construction schedule of 15 units per year,
the direct impact of this project is the equivalent of a manufacturing facility employee
base of 35.55 FTE’s. This project will also supply housing at a price point that is
attainable for those at the median income in Grand Island. The median income in Grand
Island for 2017 according to the U.S. Census is $51,6273.
(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 should not have any measurable negative impacts on other employers or
employees in the city.
(e) Impacts on the student populations of school districts within the city or
village;
This development will have an impact on the Grand Island School system as it
will likely result in increased attendance at all grade levels. The average number of
persons per household in Grand Island for 2013 to 2017 according the American
Community Survey is 2.6. Two Hundred and Twenty-Six additional household would
house 588 people. According to the 2010 census 19.2% of the population of Grand Island
was between the ages of 5 and 18. If the averages hold it would be expected that there
would be an additional 113 school age children generated by this development. These
numbers are consistent with the 99 students that were generated according to the
information provided by the Grand Island Public School system in a map dated October
1, 2018 as attached.
According to the National Center for Educational Statistics4 the 2016-17 enrollment
for GIPS was 9,905 students and the cost per student in 2015-16 was $13,104 of that
2 https://www.nahb.org/-/media/Sites/NAHB/economic-studies/1-
REPORT_local_20150318115955.ashx?la=en&hash=EC5B551CA8B53B1526B423BF22542B55AF2053
E5 3 https://censusreporter.org/profiles/16000US3119595-grand-island-ne/
4 https://nces.ed.gov/ccd/districtsearch/district_detail.asp?ID2=3100016
Grand Island Regular Meeting - 10/9/2019 Page 42 / 109
$5,936 is generated locally. The Grand Island Public School District was notified of this
request by letter and email on September 9, 2019.
(f) Any other impacts determined by the authority to be relevant to the
consideration of costs and benefits arising from the redevelopment project.
This will provide housing for residents of Grand Island in a much needed price range
that is not being provided by the housing market. The 2014 housing study identified a
need for over 1,700 new housing units including over 1000 owner occupied units (usually
single family) by the end of 2019. Between 2015 and July of 2019 a total of 455 permits
were issued for new single family homes in Grand Island. Even with the TIF for the first
two phases of the Copper Creek development almost 300 housing units (about 270 of the
455 permits) the total number of new owner occupied housing units built in Grand Island
is less than ½ of the projected need over the same time period. The market is not capable
of producing new housing at a price that is attainable by the average working family in
Grand Island without some form of assistance. The recently completed 2019 housing
study identified a need for 1,361 new and rehabilitated units by the end of 2024 including
740 owner occupied and 621 rental units.
The cost for the required infrastructure for these 212-226 lots is estimated at
$9,200,626 or between $43,399 and $40,710 plus the cost of the land. The estimated cost
of construction of these houses is $178,000 to $208,000. This project is not economically
feasible without the use of TIF and can positively impact persons at or below the median
income level within the City of Grand Island.
Time Frame for Development
Development of this project is anticipated to begin in Spring of 2020. Infrastructure for
this phase of the development, including completing streets and utilities for these 226 lots
is expected to be complete by 2028. The base tax year should be calculated beginning in
2020 and each subsequent contract should be set in the year during which it is anticipated
construction on the houses will begin. The developer expects to complete between 15 and
30 affordable single family dwelling units each year until completion of the subdivision.
Expected completion of this project will occur sometime between 2025 and 2030. Excess
valuation should be available for this project beginning with the 2021 tax year. Excess
valuation will be used to pay the TIF Indebtedness issued by the CRA per each contract
between the CRA. Contract periods shall not exceed 15 years. The amount of TIF
excess distributed shall not exceed the actual cost of the TIF eligible expenses incurred
for this project including streets, storm sewer, sanitary sewer, water, other necessary
utilities, engineering, architecture and surveying, legal fees and interest associated with
the TIF bonds.
Proposed Development Attached Subject to Final Platting and Approval
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BACKGROUND INFORMATION RELATIVE TO TAX
INCREMENT FINANCING REQUEST
Project Redeveloper Information
Business Name: The Guarantee Group LLC
Address: PO Box 5916, Grand Island, NE 68802-5916
Telephone No.: 308.379.1482
Fax No.: NA
Contact: Sean O’Connor
Brief Description of Applicant's Business:
The Guarantee Group LLC develops land to bring affordable workforce housing to
communities.
Present Ownership Proposed Project Site:
The Guarantee Group LLC
Proposed Project: Building square footage, size of property, description of buildings,
materials, etc. Please attach site plan, if available.
We propose to use Tax Increment Financing to develop land for 212 - 226 homes. The
homes will be approximately 1,200 sqft. – 1,450 sqft. and will have full unfinished
basements. These homes, built with quality products, will have two starting prices.
Homes built on 40’ wide lots using R3-SL zoning will start at $189,850. Homes built on
lots using R2 zoning will start at $218,850 and correspond with the current Copper
Creek housing project. The price points match the (61%-80%) and (81%-125%) of Area
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Median Income need noted in the current but not finalized Housing Study prepared by
Hanna:Keelan Associates, P.C dated July, 2019. This project will provide affordable
workforce housing and address the need of “795 housing units for both existing and
future local employees by 2024” per the 2019 Housing Study prepared by Hanna-Keelan
Associates P.C.
If Property is to be Subdivided, Show Division Planned:
See Exhibit A
VI. Estimated Project Costs:
Acquisition Costs:
A. Land *$ 561,190.00
*This cost was an eligible expense on a prior TIFF project and will not be eligible on this
project.
B. Building $0
Construction Costs:
A. Renovation or Building Costs: $0
B. On-Site Improvements: $8,284,881
Soft Costs:
A. Architectural & Engineering Fees: $860,745
B. Financing Fees: 9% Rate on Bond will cover Fees.
C. Legal/Developer/Audit Fees: $55,000
D. Contingency Reserves: $0
E. Other (Please Specify) $0
TOTAL $9,200,626
Total Estimated Market Value at Completion: $41,340,000
Source of Financing:
A. Developer Equity: $0
B. Commercial Bank Loan: $0
C. Tax Credits:
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1 N.I.F.A. $0
2 Historic Tax Credits $0
D. Industrial Revenue Bonds: $0
E. Tax Increment Assistance: $9,200,626
F. Other $0
Name, Address, Phone & Fax Numbers of Architect, Engineer and General Contractor:
Olsson, 201 E. 2nd St. Grand Island, NE 68801 – (308) 384-8750
Diamond Engineering Co., 1521 W. Anna St. Grand Island, NE 68801 – (308) 382-8362
Thriv’ Construction Inc., 1912 W. Anna St. Grand Island, NE 68803 – (308) 675-3600
Reynolds Construction Inc., 2204 2nd. Ave. Boelus, NE 68820 – (308) 750-3174
Estimated Real Estate Taxes on Project Site Upon Completion of Project:
(Please Show Calculations)
$41,340,000.00 ($195,000 X 212 Homes)
Project Construction Schedule:
Construction Start Date:
March, 2020
Construction Completion Date:
December, 2028
If Phased Project:
This project will most likely not be phased, the need for workforce housing is high.
XII. Please Attach Construction Pro Forma
See Exhibit B
XIII. Please Attach Annual Income & Expense Pro Forma
(With Appropriate Schedules)
See Exhibit C
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TAX INCREMENT FINANCING REOUEST INFORMATION
Describe Amount and Purpose for Which Tax Increment Financing is Requested:
A bond with the face value of $9,200,626 and rate of 9% is requested to assist in site
preparation for construction of new residential housing.
Statement Identifying Financial Gap and Necessity for use of Tax Increment Financing for
Proposed Project:
Tax increment financing is an integral and essential component to project completion,
which is contingent upon receipt of the expected tax increment financing assistance.
Grand Island is currently suffering from a shortage of available residential housing in a
price range consistent with the proposed homes to be constructed. Project feasibility is
dependent of TIFF funds that will enable The Guarantee Group LLC. To provide potential
homebuyers with housing options at an affordable cost falling within the 2019 Housing
Study parameters. Absent TIFF, the infrastructure improvement costs necessary to
develop the land would be cost prohibitive without charging substantially more for the
homes, creating an untenable cost burden to the buyers within the 61% - 125% Area
Median Income range.
Municipal and Corporate References (if applicable). Please identify all other Municipalities,
and other Corporations the Applicant has been involved with, or has completed developments
in, within the last five (5) years, providing contact person, telephone and fax numbers for
each:
Roger Heffelfinger, Exchange Bank 308.382.2900
Bruce Schreiner, Schroeder & Schreiner, PC 308.381.1355
Andy Baack, Leininger Smith Law Firm 308.382.0280
Sharon Hueftle, South Central Economic Development District (SCEDD) 308.455.4770
Chad Nabity, Grand Island Community Redevelopment Authority (CRA) 308.385.5240
IV. Please Attach Applicant's Corporate/Business Annual Financial Statements for the Last
Three Years.
N/A ?
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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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Community Redevelopment
Authority (CRA)
Wednesday, October 9, 2019
Regular Meeting
Item I2
Redevelopment Plan - Bosselman King's Crossing CRA Area #2
Staff Contact:
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Redevelopment Plan Amendment
Grand Island CRA Area 2
October 2019
The Community Redevelopment Authority (CRA) of the City of Grand Island
intends to amend the Redevelopment Plan for Area 2 within the city, pursuant to
the Nebraska Community Development Law (the “Act”) and provide for the
financing of a specific housing related project in Area 2.
Executive Summary:
Project Description
THE ACQUISITION OF PROPERTY AT 3436 S LOCUST STREET AND THE
SUBSEQUENT SITE WORK, UTILITY IMPROVEMENTS, ENGINEERING,
LANDSCAPING AND PARKING IMPROVEMENTS NECESSARY FOR
DEVELOPMENT OF THIS PROPERTY FOR A NEW LATEST GENERATION
PUMP AND PANTRY CONVENIENCE STORE.
The use of Tax Increment Financing (TIF) to aid in the acquisition of property, necessary
site work and installation of public utilities and utility connections and private street and
drainage improvements necessary to develop this site. The use of TIF makes it feasible to
complete the proposed project within the timeline presented. This project would not be
considered at this time and location without the use of TIF. Financing for the project is
contingent on TIF
The acquisition, site work and construction of all improvements will be paid for by the
developer. The developer is responsible for and has provided evidence that they can
secure adequate debt financing to cover the costs associated with the acquisition, site
work and remodeling. The Grand Island Community Redevelopment Authority (CRA)
intends to pledge the ad valorem taxes generated over the 15 year period beginning
January 1, 2021 towards the allowable costs and associated financing for the acquisition
and site work.
TAX INCREMENT FINANCING TO PAY FOR THE ACQUISTION OF THE
PROPERTY AND RELATED SITE WORK WILL COME FROM THE
FOLLOWING REAL PROPERTY:
Property Description (the “Redevelopment Project Area”)
This property is located between Locust Street on the east and Tri Street on the west and
between Lake Street on the south and U.S. Highway 34 (Husker Highway) on the north
in southern Grand Island, the attached map identifies the subject property and the
surrounding land uses:
•Legal Description Lot 2 of Kings Crossing Subdivision in the City of
Grand Island, Hall County Nebraska
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Existing Land Use
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This plan amendment provides for the issuance TIF Notes, the proceeds of which
will be granted to the Redeveloper. The tax increment will be captured for up to 15
tax years the payments for which become delinquent in years 2021 through 2035
inclusive or as otherwise dictated by the contract.
The real property ad valorem taxes on the current valuation will continue to be paid
to the normal taxing entities. The increase will come from the construction of new
commercial space on this property.
Statutory Pledge of Taxes.
In accordance with Section 18-2147 of the Act and the terms of the Resolution, the
Authority hereby provides that any ad valorem tax on any Lot or Lots located in the
Redevelopment Project Area identified from time to time by the Redeveloper (such Lot
or Lots being referred to herein as a "Phase") as identified in a written notice from the
Redeveloper to the Authority (each, a "Redevelopment Contract Amendment Notice") for
the benefit of any public body be divided for a period of fifteen years after the effective
date of this provision as set forth in the Redevelopment Contract Amendment Notice and
reflected in a Redevelopment Contract Amendment, 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.
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Redevelopment Plan Amendment Complies with the Act:
The Community Development Law requires that a Redevelopment Plan and Project
consider and comply with a number of requirements. This Plan Amendment meets the
statutory qualifications as set forth below.
1. The Redevelopment Project Area has been declared blighted and substandard by
action of the Grand Island City Council on September 13, 1999.[§18-2109] Such
declaration was made after a public hearing with full compliance with the public
notice requirements of §18-2115 of the Act.
2. Conformation to the General Plan for the Municipality as a whole. [§18-2103 (26)
(a) and §18-2110]
Grand Island adopted a Comprehensive Plan on July 13, 2004. This redevelopment plan
amendment and project are consistent with the Comprehensive Plan, in that no changes in
the Comprehensive Plan elements are intended. This plan merely provides funding for
the developer to acquire the necessary property and provide the necessary site work,
utilities and street improvements needed for the construction of a permitted use on this
property. The Hall County Regional Planning Commission held a public hearing at their
meeting on November 6, 2019 and passed Resolution 2020-02 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(26) (b)]
a. Land Acquisition:
The Redevelopment Plan for Area 2 provides for real property acquisition and this plan
amendment does not prohibit such acquisition. There is no proposed acquisition by the
authority. The applicant will be acquiring the property from the current owner. It is
further anticipated that the owner will sell a portions of this property to other entities for
further development..
b. Demolition and Removal of Structures:
The project to be implemented with this plan will not require demolition of any existing
structures. Structures on this site were demolished more than 10 years ago and the
property has been sitting undeveloped since that time.
c. Future Land Use Plan
See the attached map from the 2004 Grand Island Comprehensive Plan. The site is
planned for commercial development. [§18-2103(b) and §18-2111] The attached map
also is an accurate site plan of the area after redevelopment. [§18-2111(5)]
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City of Grand Island Future Land Use Map
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d. Changes to zoning, street layouts and grades or building codes or ordinances or
other Planning changes.
The area is zoned B2 General Business zone. No zoning changes are necessary. 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 the newest generation of Pump and Pantry convenience store
at this location. The proposed development will be limited to either the 65% coverage
allowed in the B2 zoning district. [§18-2103(b) and §18-2111]
f. Additional Public Facilities or Utilities
Sewer and water are available to support this development. Connections for water and
sewer will have to be extended to serve these lots.
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 amendment does not
provide for acquisition of any residences and therefore, no relocation is
contemplated. [§18-2103.02]
5. No member of the Authority, nor any employee thereof holds any interest in any
property in this Redevelopment Project Area. [§18-2106]
6. Section 18-2114 of the Act requires that the Authority consider:
a. Method and cost of acquisition and preparation for redevelopment and estimated
proceeds from disposal to redevelopers.
The developer is proposing to purchase this property for redevelopment for $1,009,285
provided that TIF is available for the project as defined. The cost of property acquisition
is being included as a TIF eligible expense. Costs for site preparation including, grading
and fill is estimated at $100,000. Utility extensions, storm water, sewer electrical and
water are estimated at $49,000, Building plans and engineering are expected to cost
$90,000. An additional $11,500 of expenses for legal work, fees and financial tracking of
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this project are also included as eligible expenses for a total maximum TIF request of
$1,259,785. It is estimated based on the proposed increased valuation to $1,770,262 will
result in $510,426 of increment generated over a 15 year period. This project should pay
off prior to the end of the 15 year bond period..
No property will be transferred to redevelopers by the Authority. The developer will
provide and secure all necessary financing.
b. Statement of proposed method of financing the redevelopment project.
The developer will provide all necessary financing for the project. The Authority will
assist the project by granting the sum of not less than $510,426 from the proceeds of the
TIF Indebtedness issued by the Authority. This indebtedness will be repaid from the Tax
Increment Revenues generated from the project. 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 according to the approved
contract.
c. Statement of feasible method of relocating displaced families.
No families will be displaced as a result of this plan.
7. Section 18-2113 of the Act requires:
Prior to recommending a redevelopment plan to the governing body for approval, an
authority shall consider whether the proposed land uses and building requirements in the
redevelopment project area are designed with the general purpose of accomplishing, in
conformance with the general plan, a coordinated, adjusted, and harmonious development
of the city and its environs which will, in accordance with present and future needs,
promote health, safety, morals, order, convenience, prosperity, and the general welfare, as
well as efficiency and economy in the process of development, including, among other
things, adequate provision for traffic, vehicular parking, the promotion of safety from
fire, panic, and other dangers, adequate provision for light and air, the promotion of the
healthful and convenient distribution of population, the provision of adequate
transportation, water, sewerage, and other public utilities, schools, parks, recreational and
community facilities, and other public requirements, the promotion of sound design and
arrangement, the wise and efficient expenditure of public funds, and the prevention of the
recurrence of insanitary or unsafe dwelling accommodations or conditions of blight.
The Authority has considered these elements in proposing this Plan Amendment. This
amendment, in and of itself will promote consistency with the Comprehensive Plan, in
that it will allow for the utilization of vacant property at this location. This lot is
surrounded located at a major intersection is south east Grand Island. The property has
been within a blighted area for more than 20 years and has been vacant for more than 10
years without development. This will have the intended result of preventing recurring
elements of unsafe buildings and blighting conditions.
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8. Time Frame for Development
Development of this project is anticipated to be completed between Fall of 2020 and
Summer of 2021. Excess valuation should be available for this project for 15 years
beginning with the 2021 tax year.
9. Justification of Project
This is infill development in an area with all city services available. It was anticipated by
many that this area of the community would flourish after the Locust Street interchange
from I-80 opened and Wal-Mart built at one corner of this intersection in 2004. Since
that that time there has been very little change in the area. Proposed projects like this one
and the housing project to the north and east area likely to spur the development that was
expected 12 years ago.
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
project, including:
Project Sources and Uses. A minimum of $510,426 in public funds from tax increment
financing provided by the Grand Island Community Redevelopment Authority will be
required to complete the project. This investment by the Authority will leverage
$3,310,657 in private sector financing and investment; a private investment of $6.49 for
every TIF dollar investment. It is estimated this will pay off in 15 years.
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Use of Funds. Source of Funds
Description TIF Funds Private
Funds
Total
Site Acquisition $506,184 $503,101 $1,009,285
Utilities $49,000 $49,000
Public Sidewalks $15,000 $15,000
Site preparation/Dirt Work $100,000 $100,000
Financing Fees $20,000 $20,000
Legal and Plan $8,500 $8,500
Architecture/Engineering/Permitting $90,000 $90,000
Building Costs $1,957,056 $1,957,056
Developer Fees $3,000 $3,000
Contingency $165,000 $165,000
Personal Property $400,000 $400,000
TOTALS $506,184 $3,310,657 $3,816,841
Tax Revenue. The property to be redeveloped is has a January 1, 2019, valuation of
approximately $259,560. Based on the 2019 levy this would result in a real property tax of
approximately $7,059. It is anticipated that the assessed value will increase by $1,510,702 upon
full completion, as a result of the site redevelopment. This development will result in an
estimated tax increase of over $33,746 annually resulting in approximately $506,184 of increment
over the 15 year period. The tax increment gained from this Redevelopment Project Area would
not be available for use as city general tax revenues, for a period of 15 years, or such shorter time
as may be required to amortize the TIF bond, but would be used for eligible private
redevelopment costs to enable this project to be realized.
Estimated 2019 assessed value: $ 259,560
Estimated value after completion $ 1,770,262
Increment value $ 1,510,702
Annual TIF generated (estimated) $ 33,746
TIF bond issue $ 506,184
(a) Tax shifts resulting from the approval of the use of Tax Increment Financing;
The redevelopment project area currently has an estimated valuation of $259,560.
The proposed extension improvements at this location will result in at least an additional
$1,510,702 of taxable valuation based on the Hall County Assessor’s office evaluation of
the project. 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. The project
will not add any tax burdens to taxing entities. Therefore no tax shifts will occur.
Grand Island Regular Meeting - 10/9/2019 Page 62 / 109
(b) Public infrastructure and community public service needs impacts and local tax
impacts arising from the approval of the redevelopment project;
No additional public service needs have been identified. Existing water and waste
water facilities will not be impacted by this development. The electric utility has
sufficient capacity to support the development. It is not anticipated that this will impact
schools. Fire and police protection are available and should not be impacted by this
development.
(c) Impacts on employers and employees of firms locating or expanding within the
boundaries of the area of the redevelopment project;
The proposed uses at this site would compete for entry level and part time positions along
with similar travel and entertainment type businesses located in and locating in the City.
(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 is unlikely to have an impact on other employers and employees within
the city.
(e)Impacts on the student population of school districts within the city or village;
and
This project is unlikely to create any direct increase in cost for schools in the area.
(f) Any other impacts determined by the authority to be relevant to the
consideration of costs and benefits arising from the redevelopment project.
This project will utilize a piece of property in the Grand Island City Limits that has been
vacant for at least more than 10 years. This corner was included in one of the original
blight studies for the City of Grand Island because of the development that was located
here and because it is a highly visible entrance corner. These facilities will complement
Fonner Park, the State Fair Grounds, Heartland Event Center, Island Oasis, and similar
civic tourist draws.
Time Frame for Development
Development of this project is anticipated to be completed during between Fall 2020 and
Summer of 2021. The base tax year should be calculated on the value of the property as
of January 1, 2020. Partial excess valuation should be available for this project for 15
years beginning with the 2020 tax year with the full valuation available for the 2021 tax
year. Excess valuation will be used to pay the TIF Indebtedness issued by the CRA per
the contract between the CRA and the developer for a period not to exceed 15 years.
Based on the purchase price of the property and estimates of the expenses of utilities,
Grand Island Regular Meeting - 10/9/2019 Page 63 / 109
streets and site preparation activities and associated engineering/design fees, the
developer will spend upwards of $1,260,000 on TIF eligible activities. The full amount
of TIF generated over a 15 year period would be $506,184.
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With TIF Without TIF
Gross Revenue 5,077,956 5,077,956
Gross Margin 977,809 977,809
Wages & Benefits 231,047 231,047
Utilities 50,780 50,780
Insurance 5,586 5,586
Repairs 25,390 25,390
Professional Fees 1,016 1,016
Franchise Fees 2,539 2,539
Computer Expenses 4,570 4,570
Advertising 12,695 12,695
Contracted Services 27,929 27,929
Supplies 15,234 15,234
Fees 82,771 82,771
RE Taxes 7,059 40,805
PP Taxes 7,779 7,779
Misc Exp 3,555 3,555
Administrative Expense 233,586 233,586
Dep Exp - Building (25 Years)95,702 95,702
Dep Exp - RE Improv (15 Years)1,000 1,000
Dep Exp - FF & E (7 Years)57,143 57,143
Interest Expense 100,744 100,744
966,123 999,869
Net Income 11,686 (22,060)
Adjustments :
Depreciation 153,845 153,845
Principal on Debt (70,221) (70,221)
Net Cash Disbursements 95,311 61,565
Bosselman Pump & Pantry
King's Crossing Property
First 12 Months of Operation
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Bosselman Pump and Pantry Kings Crossing
COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA
RESOLUTION NO. 319
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 9th day of October, 2019
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF
GRAND ISLAND, NEBRASKA.
By___________________________
Chairperson
ATTEST:
__________________________
Secretary
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Bosselman Pump and Pantry Kings Crossing
COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND,
NEBRASKA
RESOLUTION NO. 320
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 Bosselman Pump and Pantry Inc., (The "Developer") for
redevelopment of Lot 2 of King’s Crossing Subdivision, an area within the city limits of the
City of Grand Island, as set forth in Exhibit 1 attached hereto area; and
WHEREAS, this Community Redevelopment Authority of the City of Grand
Island, Nebraska ("Authority"), is proposing to use Tax Increment Financing on a project
within Redevelopment Area 2;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
Section 1. In compliance with section 18-2114 of the Act, the Authority hereby gives
the governing body of the City notice that it intends to enter into the Redevelopment Contract,
attached as Exhibit 1, with such changes as are deemed appropriate by the Authority, after
approval of the redevelopment plan amendment related to the redevelopment project
described in the Redevelopment Contract, and after the passage of 30 days from the date
hereof.
Section 2. The Secretary of the Authority is directed to file a copy of this resolution
with the City Clerk of the City of Grand Island, forthwith.
Passed and approved this 9th day of October, 2019.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF GRAND
ISLAND, NEBRASKA.
By ___________________________
Chairperson
ATTEST:
___________________
Secretary
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Community Redevelopment
Authority (CRA)
Wednesday, October 9, 2019
Regular Meeting
Item I3
Redevelopment Plan - Prairie Common's Phase 2 CRA Area #17
Staff Contact:
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Redevelopment Plan Amendment
Grand Island CRA Area 17
October 2019
The Community Redevelopment Authority (CRA) of the City of Grand Island
intends to amend the Redevelopment Plan for Area 17 within the city, pursuant to
the Nebraska Community Development Law (the “Act”) and provide for the
financing of a specific project in Area 17.
Executive Summary:
Project Description
PHASE 2 OF THE REDEVELOPMENT OF PROPERTY LOCATED SOUTH OF
HUSKER HIGHWAY AND WEST OF U.S. HIGHWAY 281 THE PROJECT SITE
CONSISTS OF 3 LOTS WITHING THE PRAIRIE COMMONS 3RD SUBDIVISION
IMMEDIATELY WEST OF THE NEW HOSPITAL.. THE PROJECT WILL CONSIST
OF SITE WORK AND GRADING TO PROMOTE AND ENHANCE DRAINAGE
ACROSS THE SITE, INTALLATION OF PUBLIC AND PRIVATE ROADS, SEWER,
WATER AND OTHER UTILITY INFRASTRUCTURE TO SUPPORT
DEVELOPMENT OF THE SITE. THIS PHASE OF THIS DEVELOPMENT WILL
CONSIST OF THE CONSTRUCTION 3 BUILDINGS FOR MULTIPLE USERS ON 3
LOTS. THE BUILDINGS ARE A COMBINATION OF 1 AND 2 STORY BUIDINGS
RANGING IN SIZE FROM 6400 SQUARE FEET TO 20,500 SQUARE FEET FOR
OFFICE USES.
The use of Tax Increment Financing to aid in necessary infrastructure and grading
improvements to redevelop the southwest corner of Husker Highway and U.S. Highway
281 currently platted as Prairie Commons Third Subdivision in the City of Grand Island.
The use of Tax Increment Financing is an integral part of the development plan and
necessary to make this project economically feasible. The first phase of this development
including the Hospital and Medical Office Building to the east of this site is currently
underway. It was anticipated when that project was approved that subsequent phases of
the remainder of the site would include housing, office space and retail development.
This second phase will extend the office development. The developer has indicated that
this development would not be considered nor financially feasible for at this location
without the use of TIF.
Prataria Ventures L.L.C., a wholly owned subsidiary of Chief Industries, Inc., owns the
subject property. Chief Industries was founded in 1954 and is headquartered in Grand
Island. The developer is responsible for and has provided evidence that they can secure
adequate debt financing to cover the costs associated with the site work and
redevelopment. The Grand Island Community Redevelopment Authority (CRA) intends
to pledge the ad valorem taxes generated over the 15 year period beginning January 1,
2021 towards the allowable costs.
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TAX INCREMENT FINANCING TO PAY FOR THE REHABILITATION OF THE
PROPERTY WILL COME FROM THE FOLLOWING REAL PROPERTY:
Property Description (the “Redevelopment Project Area”)
Legal Descriptions: Lot 1 of Block 1, and Lots 2 and 3 of Block 2 of Prairie Commons
Third Subdivision in the City of Grand Island, Hall County, Nebraska.
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Existing Land Use and Subject Property
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This plan amendment provides for the issuance TIF Notes, the proceeds of which
will be granted to the Redeveloper. The tax increment will be captured for up to 15
tax years the payments for which become delinquent in years 2021 through 2034
inclusive or as otherwise dictated by the contract.
The real property ad valorem taxes on the current valuation will continue to be paid
to the normal taxing entities. The incremental value for the first phase will be
created by the construction commercial/office buildings ranging in size from 6400
square feet to 20,500 square feet. This area is planned for commercial development
with the Grand Island Comprehensive Plan and is currently zoned RO Residential
Office, a variety of office and medical uses are permitted in this 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 fifteen 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:
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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 June 9, 2015.[§18-2109] Such
declaration was made after a public hearing with full compliance with the public
notice requirements of §18-2115 of the Act.
2. Conformation to the General Plan for the Municipality as a whole. [§18-2103 (13)
(a) and §18-2110]
Grand Island adopted a Comprehensive Plan on July 13, 2004. This redevelopment plan
amendment and project are consistent with the Comprehensive Plan, in that no changes in
the Comprehensive Plan elements are intended. This plan merely provides funding for
the developer to 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 November 6, 2019 and passed
Resolution 2020-03 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:
This Redevelopment Plan for Area 17 does not anticipate real property acquisition by the
developer. There is no proposed acquisition by the authority.
b. Demolition and Removal of Structures:
The project does not provide for the demolition or removal of any existing structures.
c. Future Land Use Plan
See the attached map from the 2004 Grand Island Comprehensive Plan. This property is
in private ownership and is planned for commercial uses [§18-2103(b) and §18-2111]. A
site plan of the area after the proposed redevelopment is also attached. [§18-2111(5)]
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City of Grand Island Future Land Use Map
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d. Changes to zoning, street layouts and grades or building codes or ordinances or other
Planning changes.
The property is currently platted as Prairie Commons Third Subdivision. The property
will be developed in substantial compliance with the existing plat. No changes in zoning
are anticipated for the expected uses.
No other planning changes contemplated. [§18-2103(b) and §18-2111]
e. Site Coverage and Intensity of Use
The developer is proposing to build on the site within the constraints allowed by the
current zoning districts. The RO zoning district would allow up to 75% coverage. [§18-
2103(b) and §18-2111]
f. Additional Public Facilities or Utilities
Sewer and water are available to support this development. Sufficient capacity exists
within these systems to support this development at completion. Sewer, water will be
extended throughout the site. The developer will be responsible for engineering and
installation of all required utilities. Said utilities are expected to become part of the city
infrastructure and will be accepted into the city systems after construction and inspection.
Electric infrastructure will be extended throughout the site according to typical
commercial installation requirements. Natural gas and communications infrastructure
will be installed according to the agreements formed with the private companies that
provide those services. The City of Grand Island will secure all necessary easements for
utility infrastructure with the platting and development processes. [§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. No individuals or businesses
will be relocated due to this development. [§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 has any ownership interest in this property at this time.
6. Section 18-2114 of the Act requires that the Authority consider:
a. Method and cost of acquisition and preparation for redevelopment and estimated
proceeds from disposal to redevelopers.
The developer is showing a purchase price of this property of 1,147,000. The cost of
property acquisition is not included as a TIF eligible expense but is included in the
sources and uses of funds and overall investment calculations. Costs for site preparation
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including, grading and fill is estimated at $211,500. Utility extensions, storm water,
sewer electrical and water are estimated at $536,000, Building plans and engineering are
expected to cost $595,000. The cost of public roads is $310,000 and private streets is
$222,600. An additional $30,000 of expenses for legal work, fees and financial tracking
of this project are also included as eligible expenses for a total maximum TIF request of
$1,905,100. It is estimated based on the proposed increased valuation to $8,199,624 will
result in $178,697 of increment generated annually. Based on a TIF Bond of $1,800,000
this project should pay off prior to the end of the 15 year period.
No property will be transferred to redevelopers by the Authority. The developer will
provide and secure all necessary financing.
No property will be transferred to redevelopers by the Authority. The developer will
provide and secure all necessary financing.
b. Statement of proposed method of financing the redevelopment project.
The developer will provide all necessary financing for the project. The Authority will
assist the project by granting the sum of $1,800,000 from the proceeds of the TIF
Indebtedness issued by the Authority. This indebtedness will be repaid from the Tax
Increment Revenues generated from the project. TIF revenues shall be made available to
repay the original debt and associated interest after January 1, 2021 through December
2034 or such term as identified within the approved contract with no portion to exceed a
term of 15 years. The developer will use the TIF Note to secure debt financing in an
amount not to exceed $1,800,000 to be paid to the note holder during the term of the
financing.
c. Statement of feasible method of relocating displaced families.
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.
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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 blighted and substandard
conditions within the area.
No families will be displaced as a result of this plan.
8. Time Frame for Development
Development of this project is anticipated to be completed between December of 2019
and December of 2020. Excess valuation should be available for this project for 15 years
beginning with the 2021 tax year. This is the second phase of development of this
property and it is anticipated that additional projects will be brought forward for separate
consideration on other lots within this and adjacent subdivisions.
9. Justification of Project
Extension of utilities, substantial site grading and installation of streets are necessary to
facilitate redevelopment of this site. The redevelopment of this property by Prataria
Ventures, LLC, will result in increased employment opportunities. This is development
is a continuation of efforts to extend development south along U.S. Highway 281 toward
U.S. Interstate 80. The Grand Island City Council has made in the past made it clear
through previous decisions that they support development toward the I-80/281
interchange.
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
project, including:
Project Sources and Uses. A maximum of $1,800,000 in public funds from tax
increment financing provided by the Grand Island Community Redevelopment Authority
will be required to complete the project. This investment by the Authority will leverage
$11,632,000 in private sector financing and investment; a private investment of $6.46 for
every TIF dollar investment. It is estimated this will pay off in less than 15 years.
Grand Island Regular Meeting - 10/9/2019 Page 90 / 109
Use of Funds. Source of Funds
Description TIF Funds Private Funds Total
Site Acquisition $1,147,000 $1,147,000
Utilities $536,000 $536,000
Public Streets $310,000 $310,000
Private Streets $117,500 $105,100 $222,600
Site preparation/Dirt Work $211,500 $211,500
Façade Enhancement $352,000 $352,000
Financing Fees $645,000 $645,000
Legal and Plan $30,000 $119,000 $149,000
Architecture/Engineering $595,000 $595,000
Building Costs $8,612,000 $8,612,000
Parking Lot $281,900 $281,900
Contingency $270,000 $270,000
Other $100,000 $100,000
TOTALS $1,800,000 $11,632,000 $13,432,000
Tax Revenue. The property to be redeveloped is has a January 1, 2019, valuation of
approximately $34,624. Based on the 2019 levy this would result in a real property tax of
approximately $773. It is anticipated that the assessed value will increase by $8,165,000 upon
full completion, as a result of the site redevelopment. This development will result in an
estimated tax increase of over $182,387 annually resulting in approximately $2,736,000 of
increment over the 15 year period. The tax increment gained from this Redevelopment Project
Area would not be available for use as city general tax revenues, for a period of 15 years, or such
shorter time as may be required to amortize the TIF bond, but would be used for eligible private
redevelopment costs to enable this project to be realized.
Estimated 2019 assessed value: $ 34,624
Estimated value after completion $ 8,199,624
Increment value $ 8,165,000
Annual TIF generated (estimated) $ 178,697
TIF bond issue $ 1,800,000
(a) Tax shifts resulting from the approval of the use of Tax Increment Financing;
The redevelopment project area currently has an estimated valuation of $34,624. The
proposed extension improvements at this location will result in at least an additional
$8,165,000 of taxable valuation based on the Hall County Assessor’s office evaluation of
the project. 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. The project
will not add any tax burdens to taxing entities. Therefore no tax shifts will occur.
Grand Island Regular Meeting - 10/9/2019 Page 91 / 109
(b) Public infrastructure and community public service needs impacts and local tax
impacts arising from the approval of the redevelopment project;
No additional public service needs have been identified. Existing water and waste
water facilities will not be impacted by this development. The electric utility has
sufficient capacity to support the development. It is not anticipated that this will impact
schools. Fire and police protection are available and should not be impacted by this
development.
(c) Impacts on employers and employees of firms locating or expanding within the
boundaries of the area of the redevelopment project;
The proposed uses at this site would provide for expansion of office jobs within the and
compete with similar located in and locating in the City.
(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 is unlikely to have an impact on other employers and employees within
the city.
(e)Impacts on the student population of school districts within the city or village;
and
This project is unlikely to create any direct increase in cost for schools in the area.
(f) Any other impacts determined by the authority to be relevant to the
consideration of costs and benefits arising from the redevelopment project.
This project will continue growth along the 281 corridor in the direction of I-80.
Time Frame for Development
Development of this project is anticipated to be completed between Winter of 2019 and
Winter of 2020. The base tax year should be calculated on the value of the property as of
January 1, 2020. Excess valuation should be available for this project for 15 years
beginning in 2022 with taxes due in 2021. Excess valuation will be used to pay the TIF
Indebtedness issued by the CRA per the contract between the CRA and the developer for
a period not to exceed 15 years or an amount not to exceed $1,800,000 the projected
amount of increment based upon the anticipated value of the project and current tax rate.
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Form Updated 7-25-2019cn Page | 1
BACKGROUND INFORMATION RELATIVE TO
TAX INCREMENT FINANCING REQUEST
Project Redeveloper Information
Business Name: Prataria Ventures, LLC
A wholly owned limited liability company of Chief Industries, Inc.
Address: 3942 W Old Highway 30 P.O. Box 2078
Grand Island, NE 68803 Grand Island, NE 68802
Telephone No.: 308-389-7200 Fax No.: 308-389-7352
Email: Chris.Wissing@chiefind.com
Contact: Chris Wissing
Direct: 308-389-7243
Brief Description of Applicant’s Business:
Prataria Ventures is the development business unit of Chief Industries. This
entity provides development services for projects. Prataria holds the real estate
holding for potential real estate and development investments, and is a premier
real estate developer in the Midwest providing innovative and progressive
developments through public and private partnerships. Our development
portfolio includes projects for public and private institutions as well as for our
own use. Our projects range from small properties to expansive developments
throughout diverse communities from small towns to metropolitan communities.
Chief Industries, Inc. is a diverse company headquartered in Grand Island.
Founded in 1954, Chief has been a community leader in Grand Island and
Central Nebraska and is a privately owned entity.
Grand Island Regular Meeting - 10/9/2019 Page 93 / 109
Form Updated 7-25-2019cn Page | 2
Legal Description/Address of Proposed Project
Lot 1, Block 1, Prairie Commons Third Subdivision
Lot 2, Block 2, Prairie Commons Third Subdivision
Lot 3, Block 2, Prairie Commons Third Subdivision
Community Redevelopment Area Number #17
Present Ownership Proposed Project Site:
Prataria Ventures, LLC
C/O Chief Industries, Inc.
P.O. Box 2078
Grand Island, NE 68802
Is purchase of the site contingent on Tax Increment Financing Approval?
No
Proposed Project: Building square footage, size of property, description of
buildings – materials, etc. Please attach site plan, if available.
Building square footage: Three (3) buildings total approx. 41,500 SF
Size of property: Phase 2, Approx. 5.00 acres
Description of buildings:
Prataria owns a 96 acre parcel of land that originally included a farm homestead,
farmland and pasture land. Prataria proposes to develop this parcel in multiple separate
phases. The first phase of the redevelopment has commenced pursuant to that
Redevelopment Contract between Prataria and the Community Redevelopment
Authority of the City of Grand Island dated September 26, 2017. This application sets
forth the proposed phase two of the redevelopment of the Prataria property. The
second phase will be on 5 acres that will include multiple office users. The private
improvements will be constructed on Lot 1, Block 1, and Lots 2 and 3, Block 2 of Prairie
Commons Third Subdivision. The private improvements will be constructed in three
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subphases, and Prataria desires to establish a separate effective date for each
lot/subphase, similar to the Phase One Redevelopment Contract.
Lot 2, Block 2, Prairie Commons Third Subdivision
The first office user will house their corporate headquarters in this location and is
comprised of a traditional steel framed building with two stories. The exterior will be a
mix of stone, metal panel, and storefront and will be approximately 14,600 square feet
and sit on 1.25 acres of land with a dedicated parking lot contained on the site. The
selected site enables future growth opportunities for this particular company.
Lot 3, Block 2, Prairie Commons Third Subdivision
The second and third users will be two business that will be housed in the same
building and share a common area. This building will be composed of metal panel,
stone, and storefront that is unique from the other building and will be approximately
20,500 square feet over two stories and sit on 1.65 acres of land with a dedicated
parking lot contained on the site. The selected site enables future growth
opportunities for these particular companies.
Lot 1, Block 1, Prairie Commons Third Subdivision
The fourth user will be approximately 6,400 square feet facility. The exterior materials
will consist of mostly brick and stone with some accent features. This property is about
2.10 acres in size.
Additional phases will be forthcoming. The remainder of the Prairie Commons Third
Subdivision is intended to be redeveloped as one or more additional phases of the
overall redevelopment of the area.
If Property is to be Subdivided, Show Division Planned:
The property has been subdivided as Prairie Commons Third Subdivision. See
conceptual plan submitted and Prairie Commons Third Subdivision final plat (Exhibit A).
VI. Estimated Project Costs:
The estimated project costs set forth below are for all three subphases described in this
TIF application.
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Acquisition Costs:
A. Land $ 1,147,000
B. Building $ 0
Construction Costs:
A. Renovation or Building Costs: $ 8,964,000
B. On-Site Improvements:
Sewer $ 378,000
Water $ 158,000
Electric $ 0
Gas $ 0
Public Streets/Sidewalks $ 310,000
Private Streets $ 504,500
Trails $ 0
Grading/Dirtwork/Fill $ 211,500
Demolition $ 0
Other $ 0
Total $ 11,673,000
Soft Costs:
A. Architectural & Engineering Fees: $ 595,000
B. Financing Fees: $ 645,000
C. Legal $ 149,000
D. Developer Fees: $ 0
E. Audit Fees $ 0
F. Contingency Reserves: $ 270,000
G. Other (Please Specify) Real Estate Taxes $ 100,000
During Construction
TOTAL $ 13,432,000
Total Estimated Market Value at Completion: $ 8,163,592
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Source for Estimated Market Value: Estimated Market Value is based on preliminary
estimates given by Kristi Wold, Hall County Assessor, using schematic drawings of
conceptual designs. The building values were added to the land values to arrive at the
estimated market value.
Source of Financing:
A. Developer Equity: $ 2,908,000
B. Commercial Bank Loan: $ 8,724,000
C. Tax Credits:
1. N.I.F.A. $ 0
2. Historic Tax Credits $ 0
3. New Market Tax Credits $ 0
4. Opportunity Zone $ 0
D. Industrial Revenue Bonds: $ 0
E. Tax Increment Assistance: $ 1,800,000
F. Enhanced Employment Area $ 0
G. Nebraska Housing Trust Fund $ 0
H. Other $ 0
Name, Address, Phone & Fax Numbers of Architect, Engineer and General Contractor:
Architect
Name: Chief Construction
Phone: 308-389-7222
Fax Number: 308-389-7393
Address: 3935 Westgate Road
Grand Island, NE 68803
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Engineer
Name: Olsson Associates
Phone: 308-384-8750
Fax Number: 308-384-8752
Address: 201 E. 2nd Street
Grand Island, NE 68801
General Contractor
Name: Chief Construction
Phone: 308-389-7222
Fax Number: 308-389-7393
Address: 3935 Westgate Road
Grand Island, NE 68803
Estimated Real Estate Taxes on Project Site Upon Completion of Project:
(Please Show Calculations)
Please See Exhibit B
Project Construction Schedule: The Construction shall be completed in phases,
similar to phase one of the overall redevelopment. The construction of the
private improvements shall be completed in three phases, with each lot identified
herein having a separate effective date.
PUBLIC IMPROVEMENTS:
Construction Start Date:
November 2019
Construction Completion Date:
Fall 2020
PRIVATE IMPROVEMENTS:
This will be a phased project with multiple individual users. The projects are planned
and the times and sequencing of each respective project will be dependent on market
conditions. Without an approved redevelopment agreement, construction of the project
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(including all the subphases) will not be feasible, and the timing will be determined and
redeveloper cannot proceed with finalizing any scheduling at this time.
If Phased Project:
_______________________ Year ______________________ % Complete
_______________________ Year ______________________ % Complete
XII. Please Attach Construction Pro Forma
Due to confidential nature of the projects, construction proforma available for
discussion.
XIII. Please Attach Annual Income & Expense Pro Forma
(With Appropriate Schedules)
Due to confidential nature of the projects, proforma available for discussion.
TAX INCREMENT FINANCING REQUEST INFORMATION
Describe Amount and Purpose for Which Tax Increment Financing is Requested:
$1,800,000 dollars of tax increment financing is being requested to assist in the site
preparation, grading, utilities, paving, landscaping, façade enhancements,
architectural, engineering, and legal fees, public parking enhancements, and other
necessary site preparation and development expenditures. This is a green field site
that will need complete site work done before it is ready for any construction to
commence. The TIF funds will enable project completion of phase 2, which will
result in an improvement to the economic condition of the land and become a tax
generating entity for the city of Grand Island. The opportunity to continue
development in south Grand Island down corridor 281 towards the interstate has
been a key objective for the city. This site will not only generate additional taxes for
the city, but it will provide ample employment opportunities and quality of life features.
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Statement Identifying Financial Gap and Necessity for use of Tax Increment
Financing for Proposed Project:
The proposed site work and construction costs will result in an overall improvement
to the area and allow for additional goods and services and employment
opportunities. Tax increment financing is an integral and essential component to
the project completion which is contingent upon receipt of the expected tax
increment assistance. Feasibility is dependent upon TIF funds that will enable the
creation of adequate economics to make the necessary site improvements, utility
extensions and new construction costs at a competitive rate in the area. Without
TIF, the cost of the public improvements is too high to make development of the
project site for any purpose feasible. Additionally, Prataria intends to include
substantial façade enhancements for the public benefit. The façade enhancements
are not required by and exceed local building codes. Because the façade
enhancements are not required by building codes, the costs of these enhancements
are not necessary for the Project and would not occur without the use of tax
increment financing. The aesthetic benefits serve to decrease the blighted and
substandard condition of an area and will benefit all the property in the
Redevelopment Area and the City in general. The beautification of a blighted and
substandard area is a useful tool to combat blight and substandard conditions and it
is further expected to raise the quality and value of other properties in the
Redevelopment Area.
Municipal and Corporate References (if applicable). Please identify all other
Municipalities, and other Corporations the Applicant has been involved with, or
has completed developments in, within the last five (5) years, providing contact
person, telephone and fax numbers for each:
Green Line Redevelopment
Current site of the Chief Construction Campus and Christensen Concrete.
Contact:
David Ostdiek
Chief Industries
Phone: 308-389-7246
David.Ostdiek@Chiefind.com
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Aurora Co-Op Redevelopment
Current site of Goodwill Industries Warehouse and Chief Fabrication.
Contact: Contact:
David Ostdiek Chad Nabity
Chief Industries, Inc. Grand Island Regional Planning Director
Phone 308-389-7246 Phone: 308-385-5444 Ext 210
David.Ostdiek@Chiefind.com ChadN@grand-island.com
Lincoln West Haymarket Phase 1 & Phase 2
Includes Canopy Lofts, The Railyard, The Hobson Place and the Hyatt hotel.
Contact: Contact:
David Ostdiek Hallie Salem
Chief Industries, Inc. Lincoln NE Urban Development
Department Phone 308-389-7246 Phone: 402-441-7864
David.Ostdiek@Chiefind.com hsalem@lincoln.ne.gov
Fountain Point Development
Includes Norfolk Medical Real Estate Medical Office Building / Surgical Center and
Heritage Assisted Living Facility
Contact: Contact: Contact:
David Ostdiek Andy Colvin Steven Rames
Chief Industries, Inc. Norfolk City Administrator Norfolk City Eng.
(308) 389-7246 (402) 844-2000 (402) 844-2035
David.Ostdiek@Chiefind.com acolvin@ci.norfolk.ne.us srames@ci.norfolk.ne.us
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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Total Investment:$13,431,650
Property Tax Basis:$34,624
Total Increment Created (Investment-Current Value):$13,397,026
Assess Tax Base 61%
Total Value:$8,165,000
Tax Rate 2.197896%
Number of Payments (Years)15
Increased Property Tax Revenue $178,697
Current Property Tax Revenue $761
Total Estimated Tax Bill $179,458
Requested TIF Assistance $1,800,000
Private Parking & Paving for Fire Lanes & Truck Access 222,600$
Grading / Dirtwork / Fill 211,500$
Utilities & Storm Drain 536,000$
Façade Enhancement -$
Architecture/Engineering 595,000$
Public Streets 310,000$
Legal 30,000$
Summary Total 1,905,100$
Project TIF Eligible Expenses
Exhibit B
Prataria Ventures, LLC
Tax Increment Financing Request
Estimated Real Estate on Project Site
Existing Assessed Value and Real Estate on Project Site
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PRATARIA VENTURES, LLC
P.O. Box 2078
Grand Island, NE 68802
Prataria Ventures, LLC submits this letter to demonstrate to the City of Grand
Island that the Project that is proposed within the Prairie Commons Subdivison
would not occur at the proposed location if the project was not eligible for the use of
tax increment financing.
The Redevelopment Plan for the project indicates that the incremental tax
revenue generated by the construction of the commercial buildings on the project
site shall be captured to pay for eligible costs as outlined in the Nebraska
Community Development Law. The eligible costs for the project include street and
utility improvements; site preparation and grading; and engineering and design fees.
In accordance with the requirements of the Nebraska Community
Development Law, the project would not be economically feasible, and would not
occur at the proposed location, without the assistance of the City of Grand Island
and the capture of the incremental tax revenue. Specifically, the costs to install the
necessary public street infrastructure and extend public utilities would make the
project, as designed, not economically feasible for the developer, but for the
assistance of tax increment financing to defray eligible costs. These upfront costs
are a barrier to redevelopment, because they would require the redeveloper to charge
land cost that would drive away the potential users, and the redeveloper is not
willing to undertake this project without the users lined up. It is too costly and too
big of an investment to undertake speculatively. Thus, the project as designed will
not be constructed without the use of tax increment financing. This project consist
of three potential users purchasing the properties and constructing buildings for
their own use. Since the buildings will not be used for investment purposed a rate
of return analysis is not warranted.
Please let us know if you have any further questions.
Sincerely,
Roger Bullington, P.E.
President/General Manager
Chief Construction
4844-1112-9256, v. 1
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Prairie Commons Phase 2 Prataria Ventures
COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA
RESOLUTION NO. 321
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 9th day of October, 2019
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF
GRAND ISLAND, NEBRASKA.
By___________________________
Chairperson
ATTEST:
__________________________
Secretary
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Prairie Commons Phase 2 Prataria Ventures
COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND,
NEBRASKA
RESOLUTION NO. 322
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 Prataria Ventures LLC, (The "Developer") for redevelopment
of Lot 1 of Block 1, and Lots 2 and 3 of Block 2 of Prairie Commons Third Subdivision in
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 17;
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 9th day of October, 2019.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF GRAND
ISLAND, NEBRASKA.
By ___________________________
Chairperson
ATTEST:
___________________
Secretary
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