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04-08-2020 Community Redevelopment Authority Regular Meeting Packet
Community Redevelopment Authority (CRA) Wednesday, April 8, 2020 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 - 4/8/2020 Page 1 / 84 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 - 4/8/2020 Page 2 / 84 Community Redevelopment Authority (CRA) Wednesday, April 8, 2020 Regular Meeting Item A1 Agenda 4/8/2020 Staff Contact: Grand Island Regular Meeting - 4/8/2020 Page 3 / 84 Grand Island Regular Meeting - 4/8/2020 Page 4 / 84 Grand Island Regular Meeting - 4/8/2020 Page 5 / 84 COMMUNITY REDEVELOPMENT AUTHORITY AGENDA MEMORANDUM 4 p.m. Wednesday, April 8, 2020 2.APPROVAL OF MINUTES. The minutes of the Community Redevelopment Authority meeting March 18, 2020 are submitted for approval. A MOTION is in order. 3.APPROVAL OF FINANCIAL REPORTS. Financial reports for the period of March 1 through March 31, 2020 are submitted for approval. A MOTION is in order. 4.APPROVAL OF BILLS. Payment of bills in the amount of $364,721.83 is submitted for approval. A MOTION is in order. 5.REVIEW OF COMMITTED PROJECTS AND CRA PROPERTIES. 6.REDEVELOPMENT PLAN AMENDMENT FOR CRA AREA # 1- 824 E. 9TH STREET PARAMOUNT DEVELOPMENT LLC Concerning an amendment to the redevelopment plan for CRA Area No. 1 to redevelop 824 E 9th Street, replacing a fire damaged single family home with a five unit townhome style apartment building. The plan requests $112,380 in tax increment financing. The CRA may approve the plan and forward it to the Grand Island City Council. A MOTION to approve Resolution 337 (forward to the City Council) is in order. (Discussion and Action)r 7.DIRECTOR’S REPORT. 8. ADJOURNMENT. Chad Nabity Director Grand Island Regular Meeting - 4/8/2020 Page 6 / 84 Community Redevelopment Authority (CRA) Wednesday, April 8, 2020 Regular Meeting Item B1 Meeting Minutes 3/18/2020 Staff Contact: Grand Island Regular Meeting - 4/8/2020 Page 7 / 84 OFFICIAL PROCEEDINGS MINUTES OF COMMUNITY REDEVELOPMENT AUTHORITY MEETING OF March 18, 2020 Pursuant to due call and notice thereof, a Meeting of the Community Redevelopment Authority of the City of Grand Island, Nebraska was conducted on March 18, 2020 at City Hall, 100 E. First Street. Notice of the meeting was given in the March 11, 2020 Grand Island Independent. 1. CALL TO ORDER. Chairman Gdowski called the meeting to order at 3:00 p.m. The following members were present: Tom Gdowski, Glen Murray, Glenn Wilson and Krae Dutoit. Also present were: Director Chad Nabity, Planning Administrative Assistant Norma Hernandez and Assistant Finance Director Brian Schultz. 2. APPROVAL OF MINUTES. A motion for approval of the Minutes for the March 2, 2020 meeting was made by Wilson and second by Dutoit. Upon roll call vote, all present voted aye. Motion carried. 4-0 3. APPROVAL OF FINANCIAL REPORTS. Brian Schultz reviewed the financial reports. A motion was made by Murray and second by Dutoit to approve the financials from February 1 – February 28, 2020. Upon roll call vote, all present voted aye. Motion carried 4-0 4. APPROVAL OF BILLS. Brian Schultz reviewed the bills. A motion was made by Dutoit and second by Murray to approve the bills in the amount of $3,874.31. Upon roll call vote, all present voted aye. Motion carried 4-0. 5. REVIEW OF COMMITTED PROJECTS & CRA PROPERTY. The committed projects and CRA properties were reviewed by Nabity. Nabity stated there were no changes in the last few. Same projects are still on. 6. Redevelopment Plan for CRA Area #16 Veterans Home Acquisition and Transfer. Nabity mentioned Regional Planning Commission met last week and signed a resolution recommending approval of it and as consistent with the comprehensive plan. CRA will now forward to city council for approval. The three-way contract is not done. Nabity explained the approval of this plan would allow CRA to enter into the contract to acquire the property to transfer it to White Lotus Group. It will not obligate the CRA to anything else or does not give any the developer or any other party the ability to use TIF on the project. Another redevelopment plan would need to be approved to use TIF for this project. Grand Island Regular Meeting - 4/8/2020 Page 8 / 84 a. Consideration of Resolution 333 – Forward a Redevelopment Plan Amendment to the Grand Island City Council – Veterans Home Acquisition A motion was made by Dutoit and second by Wilson to approve the Resolution 332. Upon roll call vote all, voted aye. Motion carried 4-0. 7. Redevelopment Plan Amendment for CRA Area #1 – 824 E. 9th Street – Paramount Development LLC. a. Consideration of Resolution 334 – Forward a Redevelopment Plan Amendment to the Hall County Regional Planning Commission for 824 E. 9th Street - Paramount Development LLC. b. Consideration of Resolution 335 – Resolution of Intent to enter into a Site Specific Redevelopment Contract and Approval of related actions 30-day notice to city council for 824 E. 9th Street in CRA Area #1 – Paramount Development LLC Nabity stated Paramount Development LLC purchased property at 824 E. 9th Street. They will be replacing a fire damaged single family home with a five- unit townhome style apartment building. Requesting $112,380 in TIF to help with acquisition of the property, demolition, site work and utility work. A motion was made by Wilson and second by Dutoit to approve the Resolution 334 and Resolution 335. Upon roll call vote all 3 voted aye (Murray, Dutoit, Wilson) and one vote abstaining (Gdowski). Motion carried 3-1. 8. Request to permit transfer of property and TIF proceeds from Weinrich Developments Inc. the original applicant to Paramount Development LLC. Nabity explained this property is 408 E. 2nd Street. The property is currently owned by Weinrich Developments Inc. They would like to transfer ownership to Paramount Development LLC. The Weinrichs are principals in Paramount Development LLC. Prior to making the transfer they need to notify the CRA. A motion was made by Wilson and second by Murray to approve transfer of property and TIF proceeds from Weinrich Development to Paramount Development LLC. 3 voted aye (Murray, Dutoit, Wilson) and one vote abstaining (Gdowski). Motion carried 3-1. 9. Redevelopment Contract Amendment for Prataria Phase 1. Nabity explained this is the hospital hotel and medical office building. The proposed contract amendment will update the contract to reflect the current state of the buildings on these lots. Nabity anticipates another amendment at some point on the hotel. A motion was made by Wilson and second by Dutoit to approve Redevelopment Contract Amendment for Prataria Phase 1. Upon roll call vote, all present voted aye. Motion carried 4-0 Grand Island Regular Meeting - 4/8/2020 Page 9 / 84 10. Redevelopment Contract for Prataria Phase 3 Tabitha Grand Island. a. Consideration of Resolution 336 – Approval of Contract and Bonds for Prataria Phase 3 Tabitha Grand Island Inc. Nabity stated the contract is for a request for $5,127,334 in tax increment financing. The request calls for redevelopment of the for west lot of the subdivision south of Husker Highway and west of Ewoldt Street for a 157 senior housing development. A motion was made by Dutoit and second by Murray to approve the Redevelopment Contract for Prataria Phase 3. Upon roll call vote, all present voted aye. Motion carried 4-0 11. Director’s Report a. NPZA Award to CRA 12. Adjournment Next meeting 4:00 PM April 8, 2020 Adjournment at 3:22 p.m. Respectfully Submitted, Norma Hernandez Administrative Assistant Grand Island Regular Meeting - 4/8/2020 Page 10 / 84 Community Redevelopment Authority (CRA) Wednesday, April 8, 2020 Regular Meeting Item C1 Review of Financials March 2020 Staff Contact: Grand Island Regular Meeting - 4/8/2020 Page 11 / 84 MONTH ENDED 2019-2020 2020 REMAINING % OF BUDGET March-20 YEAR TO DATE BUDGET BALANCE USED CONSOLIDATED Beginning Cash 560,302 622,763 REVENUE: Property Taxes - CRA - 55,523 529,646 474,123 10.48% Property Taxes - Lincoln Pool - 20,033 194,229 174,196 10.31% Property Taxes -TIF's - 67,926 2,500,000 2,477,651 2.72% Loan Income (Poplar Street Water Line) - - 13,000 13,000 0.00% Interest Income - CRA 1,399 10,428 10,000 - 104.28% Interest Income - TIF'S - 294 - - Land Sales - 37,884 200,000 162,116 18.94% Other Revenue - CRA 87 200,548 300,000 99,452 66.85% Other Revenue - TIF's - - - - TOTAL REVENUE 1,485 392,636 3,746,875 3,400,537 10.48% TOTAL RESOURCES 561,787 392,636 4,369,638 3,400,537 EXPENSES Auditing & Accounting - - 3,000 3,000 0.00% Legal Services - - 3,000 3,000 0.00% Consulting Services - - 5,000 5,000 0.00% Contract Services 8,653 24,898 75,000 50,102 33.20% Printing & Binding - - 1,000 1,000 0.00% Other Professional Services - 136 16,000 15,864 0.85% General Liability Insurance - - 250 250 0.00% Postage - - 200 200 0.00% Legal Notices 48 185 500 315 37.08% Travel & Training 760 760 4,000 3,240 19.00% Other Expenditures - - - - Office Supplies - - 1,000 1,000 0.00% Supplies - - 300 300 0.00% Land - - 100,000 100,000 Bond Principal - Lincoln Pool - 180,000 180,000 - 100.00% Bond Interest - 7,903 14,229 6,327 55.54% Husker Harvest Days - 200,000 200,000 - 100.00% Façade Improvement - - 220,000 220,000 0.00% Building Improvement - 150,000 715,000 565,000 20.98% Other Projects - 220,000 220,000 0.00% Bond Principal-TIF's 17,492 102,326.96 2,500,000 2,500,000 4.09% Bond Interest-TIF's - 715 - - Interest Expense - - - - TOTAL EXPENSES 26,953 666,923 4,258,479 3,694,597 15.66% INCREASE(DECREASE) IN CASH (25,468) (274,287) (511,604) ENDING CASH 534,835 (274,287) 111,159 - CRA CASH 511,817 Lincoln Pool Tax Income Balance 10,799 TIF CASH 12,219 Total Cash 534,835 COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF MARCH 2020 Grand Island Regular Meeting - 4/8/2020 Page 12 / 84 MONTH ENDED 2019-2020 2020 REMAINING % OF BUDGET March-20 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF MARCH 2020 GENERAL OPERATIONS: Property Taxes - CRA 55,523 529,646 474,123 10.48% Property Taxes - Lincoln Pool 20,033 194,229 174,196 10.31% Interest Income 1,399 10,428 10,000 - 104.28% Loan Income (Poplar Street Water Line) - 13,000 13,000 0.00% Land Sales 37,884 200,000 162,116 18.94% Other Revenue & Motor Vehicle Tax 87 200,548 300,000 99,452 66.85% TOTAL 1,485 324,416 1,246,875 922,887 26.02% WALNUT HOUSING PROJECT Property Taxes - - Interest Income 294 - Other Revenue - - - TOTAL - 294 - - GIRARD VET CLINIC Property Taxes - - TOTAL - - - - GEDDES ST APTS-PROCON Property Taxes - - TOTAL - - - - SOUTHEAST CROSSING Property Taxes 9,052 - TOTAL - 9,052 - - POPLAR STREET WATER Property Taxes 87 - TOTAL - 87 - - CASEY'S @ FIVE POINTS Property Taxes - - TOTAL - - - - SOUTH POINTE HOTEL PROJECT Property Taxes - - TOTAL - - - - TODD ENCK PROJECT Property Taxes - - TOTAL - - - - JOHN SCHULTE CONSTRUCTION Property Taxes 3,837 - TOTAL - 3,837 - - PHARMACY PROPERTIES INC Property Taxes - - TOTAL - - - - KEN-RAY LLC Property Taxes 22,838 - TOTAL - 22,838 - - Grand Island Regular Meeting - 4/8/2020 Page 13 / 84 MONTH ENDED 2019-2020 2020 REMAINING % OF BUDGET March-20 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF MARCH 2020 TOKEN PROPERTIES RUBY Property Taxes - - TOTAL - - - - GORDMAN GRAND ISLAND Property Taxes - - TOTAL - - - - BAKER DEVELOPMENT INC Property Taxes 1,849 - TOTAL - 1,849 - - STRATFORD PLAZA INC Property Taxes - - TOTAL - - - - COPPER CREEK 2013 HOUSES Property Taxes - - TOTAL - - - - FUTURE TIF'S Property Taxes - 2,500,000 2,500,000 TOTAL - - 2,500,000 2,500,000 CHIEF INDUSTRIES AURORA COOP Property Taxes - - TOTAL - - - - TOKEN PROPERTIES KIMBALL ST Property Taxes - - TOTAL - - - - GI HABITAT OF HUMANITY Property Taxes - - TOTAL - - - - AUTO ONE INC Property Taxes 6,876 (6,876) TOTAL - 6,876 - (6,876) EIG GRAND ISLAND Property Taxes - - TOTAL - - - - TOKEN PROPERTIES CARY ST Property Taxes - - TOTAL - - - - Grand Island Regular Meeting - 4/8/2020 Page 14 / 84 MONTH ENDED 2019-2020 2020 REMAINING % OF BUDGET March-20 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF MARCH 2020 WENN HOUSING PROJECT Property Taxes - - TOTAL - - - - COPPER CREEK 2014 HOUSES Property Taxes 8,341 (8,341) TOTAL - 8,341 - (8,341) TC ENCK BUILDERS Property Taxes - - TOTAL - - - - SUPER MARKET DEVELOPERS Property Taxes - - TOTAL - - - - MAINSTAY SUITES Property Taxes - - TOTAL - - - - TOWER 217 Property Taxes - - TOTAL - - - - COPPER CREEK 2015 HOUSES Property Taxes - - - TOTAL - - - - NORTHWEST COMMONS Property Taxes 7,132 - (7,132) TOTAL - 7,132 - (7,132) HABITAT - 8TH & SUPERIOR Property Taxes - - TOTAL - - - - KAUFMAN BUILDING Property Taxes - - TOTAL - - - - TALON APARTMENTS Property Taxes - - TOTAL - - - - VICTORY PLACE Property Taxes - - TOTAL - - - - THINK SMART Property Taxes 6,532 (6,532) TOTAL - 6,532 - (6,532) Grand Island Regular Meeting - 4/8/2020 Page 15 / 84 MONTH ENDED 2019-2020 2020 REMAINING % OF BUDGET March-20 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF MARCH 2020 BOSSELMAN HQ Property Taxes - - TOTAL - - - - TALON APARTMENTS 2017 Property Taxes - - TOTAL - - - - WEINRICH DEVELOPMENT Property Taxes - - TOTAL - - - - WING WILLIAMSONS Property Taxes 1,382 (1,382) TOTAL - 1,382 - (1,382) HATCHERY HOLDINGS Property Taxes - - TOTAL - - - - FEDERATION LABOR TEMPLE Property Taxes - - TOTAL - - - - MIDDLETON PROPERTIES II Property Taxes - - TOTAL - - - - COPPER CREEK 2016 HOUSES Property Taxes - - TOTAL - - - - EAST PARK ON STUHR Property Taxes - - TOTAL - - - - TOTAL REVENUE 1,485 392,636 3,746,875 3,400,537 10.48% - - - Grand Island Regular Meeting - 4/8/2020 Page 16 / 84 MONTH ENDED 2019-2020 2020 REMAINING % OF BUDGET March-20 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF MARCH 2020 EXPENSES CRA GENERAL OPERATIONS: Auditing & Accounting - 3,000 3,000 0.00% Legal Services - 3,000 3,000 0.00% Consulting Services - 5,000 5,000 0.00% Contract Services 8,653 24,898 75,000 50,102 33.20% Printing & Binding - 1,000 1,000 0.00% Other Professional Services 136 16,000 15,864 0.85% General Liability Insurance - 250 250 0.00% Postage - 200 200 0.00% Legal Notices 48 185 500 315 37.08% Travel & Training 760 760 4,000 3,240 19.00% Office Supplies - 1,000 1,000 0.00% Supplies - 300 300 0.00% Land - 100,000 100,000 Bond Principal - Lincoln Pool 180,000 180,000 - 100.00% Bond Interest - Lincoln Pool 7,903 14,229 6,327 55.54% PROJECTS Husker Harvest Days 200,000 200,000 - 100.00% Façade Improvement - 220,000 220,000 0.00% Building Improvement 150,000 715,000 565,000 0.00% Other Projects - 220,000 220,000 0.00% TOTAL CRA EXPENSES 9,461 563,882 1,758,479 1,194,597 32.07% WALNUT HOUSING PROJECT Bond Principal 34,401 - - Bond Interest 715 - - TOTAL - 35,116 - - GIRARD VET CLINIC Bond Principal - - - TOTAL - - - - GEDDES ST APTS - PROCON Bond Principal - - - TOTAL - - - - SOUTHEAST CROSSINGS Bond Principal 7,451 9,052 - - TOTAL 7,451 9,052 - - POPLAR STREET WATER Bond Principal 87 87 - - TOTAL 87 87 - - CASEY'S @ FIVE POINTS Bond Principal - - - TOTAL - - - - Grand Island Regular Meeting - 4/8/2020 Page 17 / 84 MONTH ENDED 2019-2020 2020 REMAINING % OF BUDGET March-20 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF MARCH 2020 SOUTH POINTE HOTEL PROJECT Bond Principal - - - TOTAL - - - - TODD ENCK PROJECT Bond Principal - - - TOTAL - - - - JOHN SCHULTE CONSTRUCTION Bond Principal 3,837 - - TOTAL - 3,837 - - PHARMACY PROPERTIES INC Bond Principal - - - TOTAL - - - - KEN-RAY LLC Bond Principal 22,838 - - TOTAL - 22,838 - - TOKEN PROPERTIES RUBY Bond Principal - - - TOTAL - - - - GORDMAN GRAND ISLAND Bond Principal - - - TOTAL - - - - BAKER DEVELOPMENT INC Bond Principal 1,849 - - TOTAL - 1,849 - - STRATFORD PLAZA LLC Bond Principal - - - TOTAL - - - - COPPER CREEK 2013 HOUSES Bond Principal - - - TOTAL - - - - CHIEF INDUSTRIES AURORA COOP Bond Principal - - - TOTAL - - - - TOKEN PROPERTIES KIMBALL STREET Bond Principal - - - TOTAL - - - - GI HABITAT FOR HUMANITY Bond Principal - - - TOTAL - - - - Grand Island Regular Meeting - 4/8/2020 Page 18 / 84 MONTH ENDED 2019-2020 2020 REMAINING % OF BUDGET March-20 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF MARCH 2020 AUTO ONE INC Bond Principal 6,876 - - TOTAL - 6,876 - - EIG GRAND ISLAND Bond Principal - - - TOTAL - - - - TOKEN PROPERTIES CARY STREET Bond Principal - - - TOTAL - - - - WENN HOUSING PROJECT Bond Principal - - - TOTAL - - - - COPPER CREEK 2014 HOUSES Bond Principal 3,423 8,341 - - TOTAL 3,423 8,341 - - TC ENCK BUILDERS Bond Principal - - - TOTAL - - - - SUPER MARKET DEVELOPERS Bond Principal - - - TOTAL - - - - MAINSTAY SUITES Bond Principal - - - TOTAL - - - - TOWER 217 Bond Principal - - - TOTAL - - - - COPPER CREEK 2015 HOUSES Bond Principal - - - TOTAL - - - NORTHWEST COMMONS Bond Principal 7,132 - - TOTAL - 7,132 - HABITAT - 8TH & SUPERIOR Bond Principal - - - TOTAL - - - KAUFMAN BUILDING Bond Principal - - - TOTAL - - - Grand Island Regular Meeting - 4/8/2020 Page 19 / 84 MONTH ENDED 2019-2020 2020 REMAINING % OF BUDGET March-20 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF MARCH 2020 TALON APARTMENTS Bond Principal - - - TOTAL - - - VICTORY PLACE Bond Principal - - - TOTAL - - - FUTURE TIF'S Bond Principal - 2,500,000 2,500,000 TOTAL - - 2,500,000 2,500,000 THINK SMART Bond Principal 6,532 6,532 - - TOTAL 6,532 6,532 - BOSSELMAN HQ Bond Principal - - - TOTAL - - - TALON APARTMENTS 2017 Bond Principal - - - TOTAL - - - WEINRICH DEVELOPMENT Bond Principal - - - TOTAL - - - WING WILLIAMSONS Bond Principal 1,382 - - TOTAL - 1,382 - HATCHERY HOLDINGS Bond Principal - - - TOTAL - - - FEDERATION LABOR TEMPLE Bond Principal - - - TOTAL - - - MIDDLETON PROPERTIES II Bond Principal - - - TOTAL - - - COPPER CREEK 2016 HOUSES Bond Principal - - - TOTAL - - - EAST PARK ON STUHR Bond Principal - - - TOTAL - - - TOTAL EXPENSES 26,953 666,923 4,258,479 3,694,597 15.66% Grand Island Regular Meeting - 4/8/2020 Page 20 / 84 Community Redevelopment Authority (CRA) Wednesday, April 8, 2020 Regular Meeting Item D1 Bills April 2020 Staff Contact: Grand Island Regular Meeting - 4/8/2020 Page 21 / 84 Grand Island Regular Meeting - 4/8/2020 Page 22 / 84 Grand Island Regular Meeting - 4/8/2020 Page 23 / 84 Grand Island Regular Meeting - 4/8/2020 Page 24 / 84 Community Redevelopment Authority (CRA) Wednesday, April 8, 2020 Regular Meeting Item E1 Review of Committed Projects and CRA Properties Staff Contact: Grand Island Regular Meeting - 4/8/2020 Page 25 / 84 COMMITTED PROJECTS REMAINING GRANT AMOUNT 2020 FISCAL YR 2021 FISCAL YR 2022 FISCAL YR ESTIMATED COMP Edwards Audio-618 W 3rd (11-13-19) $ 66,213.00 $ 66,213.00 2020 Hedde Building 201-205 W. 3rd (10-18- 17) $ 300,000.00 $ 300,000.00 Spring 2020 Sherwin Williams-502-508 W 3rd (11-13- 19) $ 100,000.00 $ 100,000.00 2020 Sierra Arends-121 W 3rd (11-13-19) $ 57,447.00 $ 57,447.00 2020 Total Committed $ 523,660.00 $ 523,660.00 $ - $ - 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 Total Committed F&L Safety Grant $ 415,000.00 $ 415,000.00 $ - $ - BUDGET COMMITTED LEFT Façade Budgeted 2020 $ 220,000.00 $ 223,660.00 $ (3,660.00) Other Projects Budgeted 2020 $ 220,000.00 $ - $ 220,000.00 Land - Budgeted 2020 $ 100,000.00 $ - $ 100,000.00 Land Sales Budgeted 2020 $ (200,000.00) $ - $ (200,000.00) subtotal $ 223,660.00 $ 116,340.00 Less committed ($938,660.00)$0.00 Balance remaining $ (715,000.00) $ 116,340.00 BUDGET PAID LEFT Building Improvements * $ 715,000.00 $ 150,000.00 $ 565,000.00 *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 March 31, 2020 Grand Island Regular Meeting - 4/8/2020 Page 26 / 84 Community Redevelopment Authority (CRA) Wednesday, April 8, 2020 Regular Meeting Item I1 Redevelopment Plan Amendment for CRA Area #1 - 824 e. 9TH Street Paramount Development LLC Staff Contact: Grand Island Regular Meeting - 4/8/2020 Page 27 / 84 Redevelopment Plan Amendment Grand Island CRA Area 1 March 2020 The Community Redevelopment Authority (CRA) of the City of Grand Island intends to amend the Redevelopment Plan for Area 1 with in the city, pursuant to the Nebraska Community Development Law (the “Act”) and provide for the financing of a specific infrastructure related project in Area 1. Executive Summary: Project Description THE REDEVELOPMENT PROPERTY LOCATED AT THE NORTHWEST CORNER OF THE INTERESECTION OF NINTH STREET AND BEAL STREET FOR THE CONSTRUCTION OF A FIVE UNIT TOWN HOMES STYLE APARTMENT BUILDING, INCLUDING ACQUISITION OF PROPERTY, SITE WORK, SEWER, SEWER WATER, STORM SEWER AND STREETS AND DEMOLITION OF AN EXISTING STRUCTURE. The use of Tax Increment Financing to aid in expenses associated with redevelopment of the property located at 824 E. 9th Street into a five unit apartment building. The property currently is occupied by a fire damaged single family home. The use of Tax Increment Financing is an integral part of the development plan and necessary to make this project affordable. This property is planned for low to medium density residential. This project as proposed would not be possible without the use of TIF. Paramount Development LLC acquire this property on January 20, 2020 for $43,980. They are proposing to build a five unit townhouse style 2 story apartment building on this site. The existing residential unit is currently vacant and was damaged in a fire and in need of demolition. The developer is responsible for and has provided evidence that they can secure adequate debt-financing to cover the costs associated with this project. The Grand Island Community Redevelopment Authority (CRA) intends to pledge the ad valorem taxes generated for up to 15 years for a period beginning January 1, 2022 towards the allowable costs and associated financing project. TAX INCREMENT FINANCING TO PAY FOR THE REHABILITATION OF THE PROPERTY WILL COME FROM THE FOLLOWING REAL PROPERTY: Property Description (the “Redevelopment Project Area”) Hall County Assessor Parcels 400077965. Legal Descriptions: All of Lots 4, 5 and 6 of Block 6 of Pleasant Hill Addition to the City of Grand Island, Hall County, Nebraska. Grand Island Regular Meeting - 4/8/2020 Page 28 / 84 Existing Land Use and Subject Property Grand Island Regular Meeting - 4/8/2020 Page 29 / 84 The tax increment will be captured for the tax years for which the payments become delinquent in years 2022 through 2036 inclusive. The real property ad valorem taxes on the current valuation will continue to be paid to the normal taxing entities. The increase will come from the development and construction of the apartment building on this property. Statutory Pledge of Taxes. In accordance with Section 18-2147 of the Act and the terms of the Resolution providing for the issuance of the TIF Note, the Authority hereby provides that any ad valorem tax on the Redevelopment Project Area for the benefit of any public body be divided for a period of up to 15 years after the effective date of this provision as set forth in the Redevelopment Contract, consistent with this Redevelopment Plan. Said taxes shall be divided as follows: a. That portion of the ad valorem tax which is produced by levy at the rate fixed each year by or for each public body upon the redevelopment project valuation shall be paid into the funds, of each such public body in the same proportion as all other taxes collected by or for the bodies; and b. That portion of the ad valorem tax on real property in the redevelopment project in excess of such amount, if any, shall be allocated to and, when collected, paid into a special fund of the Authority to pay the principal of; the interest on, and any premiums due in connection with the bonds, loans, notes, or advances on money to, or indebtedness incurred by, whether funded, refunded, assumed, or otherwise,such Authority for financing or refinancing, in whole or in part, a redevelopment project. When such bonds, loans, notes, advances of money, or indebtedness including interest and premium due have been paid, the Authority shall so notify the County Assessor and County Treasurer and all ad valorem taxes upon real property in such redevelopment project shall be paid into the funds of the respective public bodies. Pursuant to Section 18-2150 of the Act, the ad valorem tax so divided is hereby pledged to the repayment of loans or advances of money, or the incurring of any indebtedness, whether funded, refunded, assumed, or otherwise, by the CRA to finance or refinance, in whole or in part, the redevelopment project, including the payment of the principal of, premium, if any, and interest on such bonds, loans, notes, advances, or indebtedness. Redevelopment Plan Amendment Complies with the Act: The Community Development Law requires that a Redevelopment Plan and Project consider and comply with a number of requirements. This Plan Amendment meets the statutory qualifications as set forth below. 1. The Redevelopment Project Area has been declared blighted and substandard by action of the Grand Island City Council on December 19, 2000.[§18-2109] Such Grand Island Regular Meeting - 4/8/2020 Page 30 / 84 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 substantially consistent with the Comprehensive Plan.The future land use plan from the Grand Island Comprehensive Development Plan indicates that this property is intended for low to medium density residential. The Hall County Regional Planning Commission held a public hearing at their meeting on April 1, 2020 and passed Resolution 2020-06 confirming that this project will be consistent with the Comprehensive Plan for the City of Grand Island as amended. Future Land Use Plan See the attached map from the 2004 Grand Island Comprehensive Plan. This property is planned for low to medium density residential. This property is in private ownership. [§18-2103(b) and §18-2111] Changes to zoning, street layouts and grades or building codes or ordinances or other Planning changes. The area is zoned R-4 High Density Residential and the proposed use would be permitted in this district. 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] Site Coverage and Intensity of Use The developer is proposing to increase the number of dwelling units on the property from one to five. The size of the building and lot coverage will increase, but remain in conformance with the applicable regulations regarding site coverage and intensity of use for the proposed zoning district. [§18-2103(b) and §18-2111] Additional Public Facilities or Utilities Sewer and water are available to support this development. Electric utilities are sufficient for the proposed use of this building. 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] Grand Island Regular Meeting - 4/8/2020 Page 31 / 84 City of Grand Island Future Land Use Map Grand Island Regular Meeting - 4/8/2020 Page 32 / 84 4. The Act requires a Redevelopment Plan provide for relocation of individuals and families displaced as a result of plan implementation. The existing house on this property was vacant prior to consideration of this paln. No relocation is contemplated or necessary. [§18-2103.02] 5. No member of the Authority, nor any employee thereof holds any interest in any property in this Redevelopment Project Area. [§18-2106] No members of the authority or staff of the CRA have any interest in this property. 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 estimated costs for this project including acquisition are $506,849. Site acquisition cost $43,980. Site improvements including: tree removal, utility improvements, sidewalks and other flat concrete of $60,800. Architectural and Engineering planning services of $2,000 and are included as a TIF eligible expense. Legal, Developer and Audit Fees including a reimbursement to the City and the CRA of $5,600 are included as TIF eligible expense. The total of eligible expenses for this project is $112,380. 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 $112,380 from the proceeds of the TIF. This indebtedness will be repaid from the Tax Increment Revenues generated from the project. TIF revenues shall be made available to repay the original debt and associated interest after January 1, 2022 through December 2036. 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 Grand Island Regular Meeting - 4/8/2020 Page 33 / 84 healthful and convenient distribution of population, the provision of adequate transportation, water, sewerage, and other public utilities, schools, parks, recreational and community facilities, and other public requirements, the promotion of sound design and arrangement, the wise and efficient expenditure of public funds, and the prevention of the recurrence of insanitary or unsafe dwelling accommodations or conditions of blight. The Authority has considered these elements in proposing this Plan Amendment. This amendment, in and of itself will promote consistency with the Comprehensive Plan. This will have the intended result of preventing recurring elements of unsafe buildings and blighting conditions. This will develop a vacant and underutilize property with housing units in a manner consistent with the goals of the 2019 Housing Study for the City of Grand Island. 8. Time Frame for Development Development of this project is anticipated to be completed between June 2020 and January of 2021. Excess valuation should be available for this project for up to 15 years beginning with the 2021 tax year. 9. Justification of Project The proposed construction will provide new quality housing in an existing neighborhood and remove a structure contributing to blight within the neighborhood. This will also add housing units to the total supply in the city consistent with the recommendation of the 2019 Housing Study. 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 $112,380 provided by the Grand Island Community Redevelopment Authority will be required to complete the project. This investment by the Authority will leverage $424,469 in private sector financing and equity investment; a private investment of $3.90 for every TIF dollar invested. Grand Island Regular Meeting - 4/8/2020 Page 34 / 84 Use of Funds. Description TIF Funds Private Funds Total Site Acquisition 43,980$ $ 43,980 Building Costs $ 424,469 $ 424,469 Sewer $ 3,000 $ 3,000 Water $ 3,000 $ 3,000 Electric $ 6,300 $ 6,300 Trails/Sidewalks $ 21,150 $ 21,150 Site preparation/Dirt Work $ 12,350 $ 12,350 Demolition $ 15,000 $ 15,000 Architecture/Engineering $ 2,000 $ 2,000 Financing Fees $ 5,000 $ 5,000 Legal/TIF Contract $ 3,500 $ 3,500 other (Landscaping) $ 9,000 $ 9,000 Govt. Fees and Expenses $ 2,100 $ 2,100 TOTALS $ 112,380 $ 438,469 $ 550,849 Source of Funds Tax Revenue. The property to be redeveloped has January 1, 2020, valuation of approximately $57,511. Based on the 2019 levy this would result in a real property tax of approximately $1,285. It is anticipated that the assessed value will increase by $552,629 upon full completion, as a result of the site redevelopment. This development will result in an estimated tax increase of over $12,344 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 2020 assessed value: $ 57,511 Estimated taxable value after completion $ 610,140 Increment value $ 552,629 Annual TIF generated (estimated) $ 12,344 TIF bond issue $ 112,380 (a) Tax shifts resulting from the approval of the use of Tax Increment Financing; The redevelopment project area currently has an estimated valuation of $57,511. The proposed redevelopment will create additional valuation of $552,629. No tax shifts are anticipated from the project. The project creates additional valuation that will support taxing entities long after the project is paid off. (b) Public infrastructure and community public service needs impacts and local tax impacts arising from the approval of the redevelopment project; Grand Island Regular Meeting - 4/8/2020 Page 35 / 84 No additional public service needs have been identified. Existing water and waste water facilities will not be impacted by this development. The electric utility has sufficient capacity to support the development. It is not anticipated that this will impact schools. The Grand Island Public School system was notified of this application prior to consideration of this plan by the Grand Island CRA, Regional Planning Commission or City Council. Fire and police protection are available and should not be negatively impacted by this development though any additional development and population may impact time of service. (c) Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project; This will provide additional housing options for the residents of Grand Island including those looking for employees. Housing that is affordable for employees is on the major issues facing employers in Grand Island. (d) Impacts on other employers and employees within the city or village and the immediate area that are located outside of the boundaries of the area of the redevelopment project; and This project will not have a negative impact on other employers except potentially to provide housing options for employees. (e) Impacts on student populations of school districts within the City or Village: This development will have an impact on the Grand Island School system and will likely result in additional students at both the elementary and secondary school levels. The average number of persons per household in Grand Island for 2012 to 2016 according the American Community Survey is 2.65. Four additional households would house 11 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 2 school age children generated by this development. These 2 children will likely be spread over the full school age population from elementary to secondary school. According to the National Center for Educational Statistics1 the 2015- 16 enrollment for GIPS was 9,698 students and the cost per student in 2013-14 was $12,343 of that $5,546 is generated locally. The Grand Island Public School System was notified on March 10, 2020 that the CRA would be considering this application at their March 18, 2020 meeting. (f) Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the redevelopment project. 1 https://nces.ed.gov/ccd/districtsearch/district_detail.asp?ID2=3100016 Grand Island Regular Meeting - 4/8/2020 Page 36 / 84 This project is consistent the goals of the 2019 Housing Study for the City of Grand Island to create more than 1400 new dwelling units by 2024. The local housing market is not capable of producing the number of units needed at market rate given the costs of building and development. Time Frame for Development Development of this project is anticipated to be completed during between June of 2020 beginning with property clearance and utility installation and January of 2021. The base tax 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 2021 with taxes due in 2022. 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 $112,380. The developer will spend at least $112,380 on eligible activities based on the estimates presented. Grand Island Regular Meeting - 4/8/2020 Page 37 / 84 Form Updated 7-25-2019cn Page | 1 BACKGROUND INFORMATION RELATIVE TO TAX INCREMENT FINANCING REQUEST Project Redeveloper Information Business Name: ______________________________________________________________ Address: _______________________________________________________________ Telephone No.: __________________________ Fax No.: _______________ Email: _________________________________________________________ Contact: _______________________________________________________________ Application Submission Date: Brief Description of Applicant’s Business:__ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________ Legal Description/Address of Proposed Project Community Redevelopment Area Number ________ Grand Island Regular Meeting - 4/8/2020 Page 38 / 84 Form Updated 7-25-2019cn Page | 2 Present Ownership Proposed Project Site: ________________________________________________________________ _____________________________________ Is purchase of the site contingent on Tax Increment Financing Approval? Yes No Proposed Project: Building square footage, size of property, description of buildings – materials, etc. Please attach site plan, if available. ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________ If Property is to be Subdivided, Show Division Planned: VI. Estimated Project Costs: Acquisition Costs: A. Land $ ______________ B. Building $ ______________ Construction Costs: A. Renovation or Building Costs: $ ______________ B. On-Site Improvements: Sewer $ ______________ Water $ ______________ Electric $ ______________ Gas $ ______________ Public Streets/Sidewalks $ ______________ Grand Island Regular Meeting - 4/8/2020 Page 39 / 84 Form Updated 7-25-2019cn Page | 3 Private Streets $ ______________ Trails $ ______________ Grading/Dirtwork/Fill $ ______________ Demolition $ ______________ Other $ ______________ Total $ ______________ Soft Costs: A. Architectural & Engineering Fees: $ ______________ B. Financing Fees: $ ______________ C. Legal $ ______________ D. Developer Fees: $ ______________ E. Audit Fees $ ______________ F. Contingency Reserves: $ ______________ G. Other (Please Specify) $ ______________ TOTAL $ ______________ Total Estimated Market Value at Completion: $ Source for Estimated Market Value________________________________________ Source of Financing: A. Developer Equity: $ ______________ B. Commercial Bank Loan: $ ______________ C. Tax Credits: 1. N.I.F.A. $ ______________ 2. Historic Tax Credits $ ______________ 3. New Market Tax Credits $ ______________ 4. Opportunity Zone $ ______________ D. Industrial Revenue Bonds: $ ______________ E. Tax Increment Assistance: $ ______________ F. Enhanced Employment Area $ ______________ Grand Island Regular Meeting - 4/8/2020 Page 40 / 84 Form Updated 7-25-2019cn Page | 4 G. Nebraska Housing Trust Fund $ ______________ H. Other $ ______________ Name, Address, Phone & Fax Numbers of Architect, Engineer and General Contractor: _______________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ____________________________________________________________ Estimated Real Estate Taxes on Project Site Upon Completion of Project: (Please Show Calculations) ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ____________________________________________________________ Project Construction Schedule: Construction Start Date: _________________________________________________ Construction Completion Date: ___________________________________________ If Phased Project: _______________________ Year ______________________ % Complete _______________________ Year ______________________ % Complete _______________________ Year ______________________ % Complete _______________________ Year ______________________ % Complete _______________________ Year ______________________ % Complete _______________________ Year ______________________ % Complete Grand Island Regular Meeting - 4/8/2020 Page 41 / 84 Form Updated 7-25-2019cn Page | 5 XII. Please Attach Construction Pro Forma XIII. Please Attach Annual Income & Expense Pro Forma (With Appropriate Schedules) TAX INCREMENT FINANCING REQUEST INFORMATION Describe Amount and Purpose for Which Tax Increment Financing is Requested: ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ______________________________________________________________ Statement Identifying Financial Gap and Necessity for use of Tax Increment Financing for Proposed Project: ______________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________ Grand Island Regular Meeting - 4/8/2020 Page 42 / 84 Form Updated 7-25-2019cn Page | 6 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: ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ____________________________________ Post Office Box 1968 Grand Island, Nebraska 68802-1968 Phone: 308 385-5240 Fax: 308 385-5423 Email: cnabity@grand-island.com Grand Island Regular Meeting - 4/8/2020 Page 43 / 84 Grand Island Regular Meeting - 4/8/2020 Page 44 / 84 Hall County, NE Thu, 2/20/2020, 8:39 AM Deed: Contract: Map Area: Route: 1 - Grand Island NBHD 1 000-000-000 15 Tax Dist:CENTER CAAP 82/3NB GI Plat Page: Lister/Date: Entry Status: CID#:3313-17-0-00000-000-0010 Page 1WORKING Review/Date: WHAT IF - 5 PLEX TOWNHOMELegal: DBA: Checks/Tags: MLS:9000 Subdiv:NONE PDF+PIN:021+999999995 , Dist TIF Fund: School Base: Affiliated Code: Neighborhood: Greenbelt Acres: Greenbelt Loss: Status: Use: Zoning: Location: City Size: Lot Size: NONE 40-0082 [EMPTY] 01 - Improved 11 - Exempt 05 - Agricultural 03 - Rural 00 - N/A 07 - 10.01 acres - 20.0 acres No Land Dimensions Entered Building PermitsSales Values AssessedReason$ Amount $ AmountRecordingNUTCDateDateNumber TypeTag Land Dwlg $610,140 Impr Exempt Total $610,140 GarageAdditionPlumbingFinishRes. Structure Year Built EFA / EFYr Style AreaSF/TLA Condition Basement Heat No Bsmt Flr. AC Attic Ttl Rooms Above # Ttl Rooms Below # Foundation Exterior Walls Roof Interior Finish Flooring Bedrooms Above # Bedrooms Below # 0 0 0 0 Floor/Wall # Pipeless # Hand Fired (Y/N) Space Heat # 0 0 No 0 Full Bath Shower Stall Bath Toilet Room Lavatory Water Closet Sink Shower Stall/Tub Mtl St Sh Bath Water Only w/Sink Hot Tub Bidet Fbgls Service Sink Urinal Sauna W'Pool Bath w/Shower Plumbing (Incl. in Base) Plumbing (Addtn'l Fixts) Mtl Stall Shower No Bathroom Wet Bar Whirlpool Bathroom Whirlpool Tub No Hot Water Tank No Plumbing Sewer & Water Only 1 6 2 Addition Year Built EFA EFA Year Style Area (SF) Condition Bsmt (SF) NoBsmt Flr(SF) Heat AC Attic (SF)Qtrs AC (SF) Qtrs Over (SF) Qtrs Over Bsmt (SF) Condition EFF Year EFA Year Built Area (SF) W X L Style Garage Door Opnrs Stalls- Bsmt / Std 1 of 1 2020 1 2020 1 Sty Fr. 282 Normal Yes Yes 1 of 1 Att Fr. 0' X 0' 282 2020 1 2020 NML None Range Unit Oven - Single Oven - Double Dishwasher Microwave Trash Compactor Jennair Security System Built-In Vacuums Intercom System © 1995-2019 Vanguard Appraisals, Inc. (rev. 23.5.37.4024) Occ. Code Occ. Descr. 1 of 5 112 Townhouse 2020 1 2020 558 NML 0 Yes Yes BI Stereo(SpkrsOnly) FireplaceNon-base Heating 2 Story Frame Slab None Vinyl Comp-Shingle None None None Appliances 1,398 / Arch. Dsgn N/A / 840 /558GLA 1st/2nd Grand Island Regular Meeting - 4/8/2020 Page 45 / 84 PDF+PIN:021+999999995 Thu, 2/20/2020, 8:39 AM Page 2 112 Townhouse Description Units Year 1 of 5 Bldg / Addn 5582 Story Frame Adjustment for basement - Slab Base Heat Add Central Air 558 Porch: Concrete Stoop/Deck 210 SF#1 Plumbing 9 Garage:Att Frame 282 SF 2020 Adtn 1 Story Frame 282 SF 2020 Grand Island Regular Meeting - 4/8/2020 Page 46 / 84 PDF+PIN:021+999999995 Thu, 2/20/2020, 8:39 AM Page 3 GarageAdditionPlumbingFinishRes. Structure Year Built EFA / EFYr Style AreaSF/TLA Condition Basement Heat No Bsmt Flr. AC Attic Ttl Rooms Above # Ttl Rooms Below # Foundation Exterior Walls Roof Interior Finish Flooring Bedrooms Above # Bedrooms Below # 0 0 0 0 Floor/Wall # Pipeless # Hand Fired (Y/N) Space Heat # 0 0 No 0 Full Bath Shower Stall Bath Toilet Room Lavatory Water Closet Sink Shower Stall/Tub Mtl St Sh Bath Water Only w/Sink Hot Tub Bidet Fbgls Service Sink Urinal Sauna W'Pool Bath w/Shower Plumbing (Incl. in Base) Plumbing (Addtn'l Fixts) Mtl Stall Shower No Bathroom Wet Bar Whirlpool Bathroom Whirlpool Tub No Hot Water Tank No Plumbing Sewer & Water Only 1 6 2 Addition Year Built EFA EFA Year Style Area (SF) Condition Bsmt (SF) NoBsmt Flr(SF) Heat AC Attic (SF)Qtrs AC (SF) Qtrs Over (SF) Qtrs Over Bsmt (SF) Condition EFF Year EFA Year Built Area (SF) W X L Style Garage Door Opnrs Stalls- Bsmt / Std 1 of 1 2020 1 2020 1 Sty Fr. 282 Normal Yes Yes 1 of 1 Att Fr. 0' X 0' 282 2020 1 2020 NML None Range Unit Oven - Single Oven - Double Dishwasher Microwave Trash Compactor Jennair Security System Built-In Vacuums Intercom System © 1995-2019 Vanguard Appraisals, Inc. (rev. 23.5.37.4024) Occ. Code Occ. Descr. 2 of 5 112 Townhouse 2020 1 2020 558 NML 0 Yes Yes BI Stereo(SpkrsOnly) FireplaceNon-base Heating 2 Story Frame Slab None Vinyl Comp-Shingle None None None Appliances 1,398 / Arch. Dsgn N/A / 840 /558GLA 1st/2nd Grand Island Regular Meeting - 4/8/2020 Page 47 / 84 PDF+PIN:021+999999995 Thu, 2/20/2020, 8:39 AM Page 4 112 Townhouse Description Units Year 2 of 5 Bldg / Addn 5582 Story Frame Adjustment for basement - Slab Base Heat Add Central Air 558 Porch: Concrete Stoop/Deck 210 SF#1 Plumbing 9 Garage:Att Frame 282 SF 2020 Adtn 1 Story Frame 282 SF 2020 Grand Island Regular Meeting - 4/8/2020 Page 48 / 84 PDF+PIN:021+999999995 Thu, 2/20/2020, 8:39 AM Page 5 GarageAdditionPlumbingFinishRes. Structure Year Built EFA / EFYr Style AreaSF/TLA Condition Basement Heat No Bsmt Flr. AC Attic Ttl Rooms Above # Ttl Rooms Below # Foundation Exterior Walls Roof Interior Finish Flooring Bedrooms Above # Bedrooms Below # 0 0 0 0 Floor/Wall # Pipeless # Hand Fired (Y/N) Space Heat # 0 0 No 0 Full Bath Shower Stall Bath Toilet Room Lavatory Water Closet Sink Shower Stall/Tub Mtl St Sh Bath Water Only w/Sink Hot Tub Bidet Fbgls Service Sink Urinal Sauna W'Pool Bath w/Shower Plumbing (Incl. in Base) Plumbing (Addtn'l Fixts) Mtl Stall Shower No Bathroom Wet Bar Whirlpool Bathroom Whirlpool Tub No Hot Water Tank No Plumbing Sewer & Water Only 1 6 2 Addition Year Built EFA EFA Year Style Area (SF) Condition Bsmt (SF) NoBsmt Flr(SF) Heat AC Attic (SF)Qtrs AC (SF) Qtrs Over (SF) Qtrs Over Bsmt (SF) Condition EFF Year EFA Year Built Area (SF) W X L Style Garage Door Opnrs Stalls- Bsmt / Std 1 of 1 2020 1 2020 1 Sty Fr. 282 Normal Yes Yes 1 of 1 Att Fr. 0' X 0' 282 2020 1 2020 NML None Range Unit Oven - Single Oven - Double Dishwasher Microwave Trash Compactor Jennair Security System Built-In Vacuums Intercom System © 1995-2019 Vanguard Appraisals, Inc. (rev. 23.5.37.4024) Occ. Code Occ. Descr. 3 of 5 112 Townhouse 2020 1 2020 558 NML 0 Yes Yes BI Stereo(SpkrsOnly) FireplaceNon-base Heating 2 Story Frame Slab None Vinyl Comp-Shingle None None None Appliances 1,398 / Arch. Dsgn N/A / 840 /558GLA 1st/2nd Grand Island Regular Meeting - 4/8/2020 Page 49 / 84 PDF+PIN:021+999999995 Thu, 2/20/2020, 8:39 AM Page 6 112 Townhouse Description Units Year 3 of 5 Bldg / Addn 5582 Story Frame Adjustment for basement - Slab Base Heat Add Central Air 558 Porch: Concrete Stoop/Deck 210 SF#1 Plumbing 9 Garage:Att Frame 282 SF 2020 Adtn 1 Story Frame 282 SF 2020 Grand Island Regular Meeting - 4/8/2020 Page 50 / 84 PDF+PIN:021+999999995 Thu, 2/20/2020, 8:39 AM Page 7 GarageAdditionPlumbingFinishRes. Structure Year Built EFA / EFYr Style AreaSF/TLA Condition Basement Heat No Bsmt Flr. AC Attic Ttl Rooms Above # Ttl Rooms Below # Foundation Exterior Walls Roof Interior Finish Flooring Bedrooms Above # Bedrooms Below # 0 0 0 0 Floor/Wall # Pipeless # Hand Fired (Y/N) Space Heat # 0 0 No 0 Full Bath Shower Stall Bath Toilet Room Lavatory Water Closet Sink Shower Stall/Tub Mtl St Sh Bath Water Only w/Sink Hot Tub Bidet Fbgls Service Sink Urinal Sauna W'Pool Bath w/Shower Plumbing (Incl. in Base) Plumbing (Addtn'l Fixts) Mtl Stall Shower No Bathroom Wet Bar Whirlpool Bathroom Whirlpool Tub No Hot Water Tank No Plumbing Sewer & Water Only 1 6 2 Addition Year Built EFA EFA Year Style Area (SF) Condition Bsmt (SF) NoBsmt Flr(SF) Heat AC Attic (SF)Qtrs AC (SF) Qtrs Over (SF) Qtrs Over Bsmt (SF) Condition EFF Year EFA Year Built Area (SF) W X L Style Garage Door Opnrs Stalls- Bsmt / Std 1 of 1 2020 1 2020 1 Sty Fr. 282 Normal Yes Yes 1 of 1 Att Fr. 0' X 0' 282 2020 1 2020 NML None Range Unit Oven - Single Oven - Double Dishwasher Microwave Trash Compactor Jennair Security System Built-In Vacuums Intercom System © 1995-2019 Vanguard Appraisals, Inc. (rev. 23.5.37.4024) Occ. Code Occ. Descr. 4 of 5 112 Townhouse 2020 1 2020 558 NML 0 Yes Yes BI Stereo(SpkrsOnly) FireplaceNon-base Heating 2 Story Frame Slab None Vinyl Comp-Shingle None None None Appliances 1,398 / Arch. Dsgn N/A / 840 /558GLA 1st/2nd Grand Island Regular Meeting - 4/8/2020 Page 51 / 84 PDF+PIN:021+999999995 Thu, 2/20/2020, 8:39 AM Page 8 112 Townhouse Description Units Year 4 of 5 Bldg / Addn 5582 Story Frame Adjustment for basement - Slab Base Heat Add Central Air 558 Porch: Concrete Stoop/Deck 210 SF#1 Plumbing 9 Garage:Att Frame 282 SF 2020 Adtn 1 Story Frame 282 SF 2020 Grand Island Regular Meeting - 4/8/2020 Page 52 / 84 PDF+PIN:021+999999995 Thu, 2/20/2020, 8:39 AM Page 9 GarageAdditionPlumbingFinishRes. Structure Year Built EFA / EFYr Style AreaSF/TLA Condition Basement Heat No Bsmt Flr. AC Attic Ttl Rooms Above # Ttl Rooms Below # Foundation Exterior Walls Roof Interior Finish Flooring Bedrooms Above # Bedrooms Below # 0 0 0 0 Floor/Wall # Pipeless # Hand Fired (Y/N) Space Heat # 0 0 No 0 Full Bath Shower Stall Bath Toilet Room Lavatory Water Closet Sink Shower Stall/Tub Mtl St Sh Bath Water Only w/Sink Hot Tub Bidet Fbgls Service Sink Urinal Sauna W'Pool Bath w/Shower Plumbing (Incl. in Base) Plumbing (Addtn'l Fixts) Mtl Stall Shower No Bathroom Wet Bar Whirlpool Bathroom Whirlpool Tub No Hot Water Tank No Plumbing Sewer & Water Only 1 6 2 Addition Year Built EFA EFA Year Style Area (SF) Condition Bsmt (SF) NoBsmt Flr(SF) Heat AC Attic (SF)Qtrs AC (SF) Qtrs Over (SF) Qtrs Over Bsmt (SF) Condition EFF Year EFA Year Built Area (SF) W X L Style Garage Door Opnrs Stalls- Bsmt / Std 1 of 1 2020 1 2020 1 Sty Fr. 282 Normal Yes Yes 1 of 1 Att Fr. 0' X 0' 282 2020 1 2020 NML None Range Unit Oven - Single Oven - Double Dishwasher Microwave Trash Compactor Jennair Security System Built-In Vacuums Intercom System © 1995-2019 Vanguard Appraisals, Inc. (rev. 23.5.37.4024) Occ. Code Occ. Descr. 5 of 5 112 Townhouse 2020 1 2020 558 NML 0 Yes Yes BI Stereo(SpkrsOnly) FireplaceNon-base Heating 2 Story Frame Slab None Vinyl Comp-Shingle None None None Appliances 1,398 / Arch. Dsgn N/A / 840 /558GLA 1st/2nd Grand Island Regular Meeting - 4/8/2020 Page 53 / 84 PDF+PIN:021+999999995 Thu, 2/20/2020, 8:39 AM Page 10 112 Townhouse Description Units Year 5 of 5 Bldg / Addn 5582 Story Frame Adjustment for basement - Slab Base Heat Add Central Air 558 Porch: Concrete Stoop/Deck 210 SF#1 Plumbing 9 Garage:Att Frame 282 SF 2020 Adtn 1 Story Frame 282 SF 2020 Grand Island Regular Meeting - 4/8/2020 Page 54 / 84 PDF+PIN:021+999999995 Thu, 2/20/2020, 8:39 AM Page 11 Comment Land Dwlg Impr PP Total ValueValue TypePriorYear Location Class 2019 $0 $0 $0 $0BofERural Ex 2019 $0 $0 $0 $0BofERural Ex Sketch 1 of 1 Grand Island Regular Meeting - 4/8/2020 Page 55 / 84 PDF+PIN:021+999999995 Thu, 2/20/2020, 8:39 AM Page 12 This page intentionally left blank. Grand Island Regular Meeting - 4/8/2020 Page 56 / 84 Acquisition $43,979.86 Demolition $15,000.00 Concrete Footings $10,750.00 House pad $19,000.00 Front Porches $5,000.00 Patio pads 10 x 105 $5,000.00 Sidewalks 216 + 105 = 321 L.F plus ADA accessibility $4,400.00 Cut Dirt to Grade $3,350.00 Parking Areas $16,750.00 $64,250.00 HVAC Island Indoor Climate $29,000.00 Electrical Island Electrical $28,500.00 New service to building $5,500.00 2 Large property lights $800.00 Plumbing Plumbing bid $33,500.00 New sewer line to building $6,000.00 Drafting Fees $2,000.00 Employee Labor Site prep $1,500.00 Gary Weinrich Labor Site prep $1,500.00 Tree Removal Tree Removal and Stump Grinding $6,000.00 Landscaping UGS, Sod, Plants, Rocks, Mulch and Trees $9,000.00 Projected 5 Plex Cost 824 E. 9th St, Grand Island, NE Grand Island Regular Meeting - 4/8/2020 Page 57 / 84 EXTERIOR Front Door & Hardware $290.00 5 $1,450.00 Windows- Bedrooms $175.00 x 15 $2,625.00 Windows- Lvgrm & Kitch $190.00 x 10 $1,900.00 Patio Doors & Hrdware $290.00 x 5 $1,450.00 $7,425.00 Siding $6,850.00 Front Porch Gable $3,750.00 Framing Materials 1st Floor Framing $7,100.00 1St Floor Cap $12,500.00 Attic Framing $600.00 2nd Floor Framing $7,500.00 Roof Framing $12,500.00 2nd Story Floor Joists Joist Hangers $320.00 LVL Beam $493.00 Ridge Beam $304.00 $1,117.00 Sheet Rock Drywall, Install, and Finish Labor and Materials for $19,020.00 unfinished layers of dry- Drywall Install wall on 2 hr firewalls $2,241.33 Sub Floor 2nd story OSB 3/4" $1,510.00 Stairs Stringers $750.00 Steps $300.00 Nails $75.00 Vinyl Plank Flooring 72 sq ft x 5 = 360 sq ft $1.10/sq ft $396.00 Stair Nose $100 per unit x 5 $500.00 Stair Banisters $250.00 $2,271.00 Insulation Walls 1st & 2nd story R-15 $2,000.00 Ceiling R-19 13" deep $2,000.00 Insulation between units $600.00 $4,600.00 Grand Island Regular Meeting - 4/8/2020 Page 58 / 84 Trusses (Gabel) Common $6,468.00 End $322.00 Misc. $150.00 $6,940.00 Brick & Mortar Bottom 4 ft back building Brick $4,000.00 Gutters $1,750.00 Vinyl Fencing Back patio fence and patio dividers $275.00 Concrete and forms $200.00 Posts $200.00 $675.00 Interior Doors 10 per unit Price includes hardware 50 x $120.00 $6,000.00 Pocket Door frame 5 @ $65.00 $325.00 Pocket Door Slab 5 @ $65.00 $325.00 Roof Shingles $4,800.00 Labor $5,000.00 $9,800.00 Painting Paint and Primer $3,500.00 Labor $10,000.00 $13,500.00 Labor $116,500.00 windows, trim, countertops Kitchen 3 full time laborers - 7 month project Includes all framing, roofing, siding, soffit, facia, Install of cabinetry, interior and exterior doors, Grand Island Regular Meeting - 4/8/2020 Page 59 / 84 Cabinets White Shaker Style $3,400.00 Hardware $100.00 Appliances black 4 pc each kitchen $1,700.00 Countertops $500.00 Backsplash $250.00 Sink $250.00 Faucet $125.00 Garbage Disposal $100.00 Per Unit $6,425.00 X 5 All Units $32,125.00 2nd Floor Full Bath Tub/Shower Combo w/ plumber quote $0.00 Toilet w/ plumber quote $0.00 Vanity w/ Top and Sink $329.00 Tri-View Med Cabinet $100.00 Backsplash $25.00 Towel Bar Set $75.00 Lighting $150.00 Per Unit $679.00 X 5 All Units $3,395.00 1st Floor 1/2 Bath Toilet w/ plumber quote $0.00 Vanity $100.00 Cabinet $100.00 Backsplash $60.00 Lighting $100.00 Per Unit $360.00 X 5 All Units $1,800.00 Flooring Luxury Vinyl Plank 3000 sq ft x $1.10 $3,300.00 Plank Adhesive $300.00 2nd Floor Bdrm Carpets 402 sq ft x 5= 1206 sq ft $4,000.00 All Units $7,600.00 Total Build Cost $540,249.19 Grand Island Regular Meeting - 4/8/2020 Page 60 / 84 Grand Island Regular Meeting - 4/8/2020 Page 61 / 84 Grand Island Regular Meeting - 4/8/2020 Page 62 / 84 Grand Island Regular Meeting - 4/8/2020 Page 63 / 84 Grand Island Regular Meeting - 4/8/2020 Page 64 / 84 Grand Island Regular Meeting - 4/8/2020 Page 65 / 84 Grand Island Regular Meeting - 4/8/2020 Page 66 / 84 Net Operating Income Revenue Assumptions: Monthly rent Annual Rent Unit #1 3 bedroom 1.5 bath $1,050.00 $12,600.00 Unit #2 3 bedroom 1.5 bath $1,050.00 $12,600.00 Unit #3 3 bedroom 1.5 bath $1,050.00 $12,600.00 Unit #4 3 bedroom 1.5 bath $1,050.00 $12,600.00 Unit #5 3 bedroom 1.5 bath $1,050.00 $12,600.00 $5,250.00 $63,000.00 Annual Rent $63,000.00 $3,150.00 $59,850.00 824 E. 9th St 5 Plex Project Prepared Feb 12, 2020 by Sonja Weinrich 5% Vacancy Rate Gross Potential Income Gross Operating Income Grand Island Regular Meeting - 4/8/2020 Page 67 / 84 Project Costs Acquisition $44,000 8,400 Hard Construction Costs $496,269.33 Project Cost $540,269.33 $70.75 per building sq ft Cash Flow Project Cost $594,296.26 Loan amt Monthly Annual Loan amt Monthly Annual Monthly Payment $540k $3,715.00 $44,580.00 $428k $2,942.00 $35,304.00 Taxes $986.50 $11,838.00 $986.50 $11,838.00 Insurance $300.00 $3,600.00 $300.00 $3,600.00 Water/Sewer $125.00 $1,500.00 $125.00 $1,500.00 Trash $100.00 $1,200.00 $100.00 $1,200.00 Maintenance $250.00 $3,000.00 $250.00 $3,000.00 Snow Removal and Lawn Care $140.00 $1,680.00 $140.00 $1,680.00 $5,616.50 $67,398.00 $4,843.50 $58,122.00 Annual Cash Flow above debt service and operating expenses -$7,548.00 $1,728.00 New Building w/ fenced back patios With TIFWithout TIF add 10% contingency Grand Island Regular Meeting - 4/8/2020 Page 68 / 84 Acquisition $43,979.86 Demolition $15,000.00 Concrete Footings $10,750.00 House pad $19,000.00 Front Porches $5,000.00 Patio pads 10 x 105 $5,000.00 Sidewalks 216 + 105 = 321 L.F plus ADA accessibility $4,400.00 Cut Dirt to Grade $3,350.00 Parking Areas $16,750.00 $64,250.00 HVAC Island Indoor Climate $29,000.00 Electrical Island Electrical $28,500.00 New service to building $5,500.00 2 Large property lights $800.00 Plumbing Plumbing bid $33,500.00 New sewer line to building $6,000.00 Drafting Fees $2,000.00 Employee Labor Site prep $1,500.00 Gary Weinrich Labor Site prep $1,500.00 Tree Removal Tree Removal and Stump Grinding $6,000.00 Landscaping UGS, Sod, Plants, Rocks, Mulch and Trees $9,000.00 Projected 5 Plex Cost 824 E. 9th St, Grand Island, NE Grand Island Regular Meeting - 4/8/2020 Page 69 / 84 EXTERIOR Front Door & Hardware $290.00 5 $1,450.00 Windows- Bedrooms $175.00 x 15 $2,625.00 Windows- Lvgrm & Kitch $190.00 x 10 $1,900.00 Patio Doors & Hrdware $290.00 x 5 $1,450.00 $7,425.00 Siding $6,850.00 Front Porch Gable $3,750.00 Framing Materials 1st Floor Framing $7,100.00 1St Floor Cap $12,500.00 Attic Framing $600.00 2nd Floor Framing $7,500.00 Roof Framing $12,500.00 2nd Story Floor Joists Joist Hangers $320.00 LVL Beam $493.00 Ridge Beam $304.00 $1,117.00 Sheet Rock Drywall, Install, and Finish Labor and Materials for $19,020.00 unfinished layers of dry- Drywall Install wall on 2 hr firewalls $2,241.33 Sub Floor 2nd story OSB 3/4" $1,510.00 Stairs Stringers $750.00 Steps $300.00 Nails $75.00 Vinyl Plank Flooring 72 sq ft x 5 = 360 sq ft $1.10/sq ft $396.00 Stair Nose $100 per unit x 5 $500.00 Stair Banisters $250.00 $2,271.00 Insulation Walls 1st & 2nd story R-15 $2,000.00 Ceiling R-19 13" deep $2,000.00 Insulation between units $600.00 $4,600.00 Grand Island Regular Meeting - 4/8/2020 Page 70 / 84 Trusses (Gabel) Common $6,468.00 End $322.00 Misc. $150.00 $6,940.00 Brick & Mortar Bottom 4 ft back building Brick $4,000.00 Gutters $1,750.00 Vinyl Fencing Back patio fence and patio dividers $275.00 Concrete and forms $200.00 Posts $200.00 $675.00 Interior Doors 10 per unit Price includes hardware 50 x $120.00 $6,000.00 Pocket Door frame 5 @ $65.00 $325.00 Pocket Door Slab 5 @ $65.00 $325.00 Roof Shingles $4,800.00 Labor $5,000.00 $9,800.00 Painting Paint and Primer $3,500.00 Labor $10,000.00 $13,500.00 Labor $116,500.00 windows, trim, countertops Kitchen 3 full time laborers - 7 month project Includes all framing, roofing, siding, soffit, facia, Install of cabinetry, interior and exterior doors, Grand Island Regular Meeting - 4/8/2020 Page 71 / 84 Cabinets White Shaker Style $3,400.00 Hardware $100.00 Appliances black 4 pc each kitchen $1,700.00 Countertops $500.00 Backsplash $250.00 Sink $250.00 Faucet $125.00 Garbage Disposal $100.00 Per Unit $6,425.00 X 5 All Units $32,125.00 2nd Floor Full Bath Tub/Shower Combo w/ plumber quote $0.00 Toilet w/ plumber quote $0.00 Vanity w/ Top and Sink $329.00 Tri-View Med Cabinet $100.00 Backsplash $25.00 Towel Bar Set $75.00 Lighting $150.00 Per Unit $679.00 X 5 All Units $3,395.00 1st Floor 1/2 Bath Toilet w/ plumber quote $0.00 Vanity $100.00 Cabinet $100.00 Backsplash $60.00 Lighting $100.00 Per Unit $360.00 X 5 All Units $1,800.00 Flooring Luxury Vinyl Plank 3000 sq ft x $1.10 $3,300.00 Plank Adhesive $300.00 2nd Floor Bdrm Carpets 402 sq ft x 5= 1206 sq ft $4,000.00 All Units $7,600.00 Total Build Cost $540,249.19 Grand Island Regular Meeting - 4/8/2020 Page 72 / 84 Grand Island Regular Meeting - 4/8/2020 Page 73 / 84 Grand Island Regular Meeting - 4/8/2020 Page 74 / 84 Grand Island Regular Meeting - 4/8/2020 Page 75 / 84 Grand Island Regular Meeting - 4/8/2020 Page 76 / 84 Grand Island Regular Meeting - 4/8/2020 Page 77 / 84 Grand Island Regular Meeting - 4/8/2020 Page 78 / 84 Net Operating Income Revenue Assumptions: Monthly rent Annual Rent Unit #1 3 bedroom 1.5 bath $1,050.00 $12,600.00 Unit #2 3 bedroom 1.5 bath $1,050.00 $12,600.00 Unit #3 3 bedroom 1.5 bath $1,050.00 $12,600.00 Unit #4 3 bedroom 1.5 bath $1,050.00 $12,600.00 Unit #5 3 bedroom 1.5 bath $1,050.00 $12,600.00 $5,250.00 $63,000.00 Annual Rent $63,000.00 $3,150.00 $59,850.00 824 E. 9th St 5 Plex Project Prepared Feb 12, 2020 by Sonja Weinrich 5% Vacancy Rate Gross Potential Income Gross Operating Income Grand Island Regular Meeting - 4/8/2020 Page 79 / 84 Project Costs Acquisition $44,000 8,400 Hard Construction Costs $496,269.33 Project Cost $540,269.33 $70.75 per building sq ft Cash Flow Project Cost $594,296.26 Loan amt Monthly Annual Loan amt Monthly Annual Monthly Payment $540k $3,715.00 $44,580.00 $428k $2,942.00 $35,304.00 Taxes $986.50 $11,838.00 $986.50 $11,838.00 Insurance $300.00 $3,600.00 $300.00 $3,600.00 Water/Sewer $125.00 $1,500.00 $125.00 $1,500.00 Trash $100.00 $1,200.00 $100.00 $1,200.00 Maintenance $250.00 $3,000.00 $250.00 $3,000.00 Snow Removal and Lawn Care $140.00 $1,680.00 $140.00 $1,680.00 $5,616.50 $67,398.00 $4,843.50 $58,122.00 Annual Cash Flow above debt service and operating expenses -$7,548.00 $1,728.00 New Building w/ fenced back patios With TIFWithout TIF add 10% contingency Grand Island Regular Meeting - 4/8/2020 Page 80 / 84 824 E 9th Street Paramount Development LLC COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. 337 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 Paramount Development 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 unsanitary or unsafe dwelling accommodations, or conditions of blight. Grand Island Regular Meeting - 4/8/2020 Page 81 / 84 824 E 9th Street Paramount Development LLC 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 $112,380which 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 8th day of April, 2020. COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND NEBRASKA ATTEST: By: ___________________________________ Chair By: ___________________________________ Secretary Grand Island Regular Meeting - 4/8/2020 Page 82 / 84 Tabitha Grand Island Inc. Prairie Commons Phase 3 EXHIBIT A LEGAL DESCRIPTION OF REDEVELOPMENT PROJECT AREA Lot 1 of Prairie Commons Fourth Subdivision in the City of Grand Island, Hall County, Nebraska. Grand Island Regular Meeting - 4/8/2020 Page 83 / 84 Tabitha Grand Island Inc. Prairie Commons Phase 3 * * * * * EXHIBIT B FORM OF REDEVELOPMENT PLAN Grand Island Regular Meeting - 4/8/2020 Page 84 / 84