06-09-2021 Community Redevelopment Authority Regular Meeting Packet
Community Redevelopment
Authority (CRA)
Wednesday, June 9, 2021
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 - 6/9/2021 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 - 6/9/2021 Page 2 / 109
Community Redevelopment
Authority (CRA)
Wednesday, June 9, 2021
Regular Meeting
Item A1
Agenda
Staff Contact:
Grand Island Regular Meeting - 6/9/2021 Page 3 / 109
Grand Island Regular Meeting - 6/9/2021 Page 4 / 109
COMMUNITY REDEVELOPMENT AUTHORITY
AGENDA MEMORANDUM
4 p.m. Wednesday, June 9, 2021
2. APPROVAL OF MINUTES. The minutes of the Community Redevelopment
Authority meeting May 12, 2021 are submitted for approval. A MOTION is in order.
3. APPROVAL OF FINANCIAL REPORTS. Financial reports for the period of May 1
through May 31, 2021 are submitted for approval. A MOTION is in order.
4. APPROVAL OF BILLS. Payment of bills in the amount of $1,794.275.43 is
submitted for approval. It is possible that a new schedule of bill will be sent out prior
to the meeting. A MOTION is in order.
5. REVIEW OF COMMITTED PROJECTS AND CRA PROPERTIES.
6. REDEVELOPMENT CONTRACT AMENDMENT 1– BOSSELMAN REAL
ESTATE LLC.- 1607 S. LOCUST Concerning an amendment to the redevelopment
contract for CRA Area No. 2 for lot 1 of the Fonner Fourth Subdivision located south
of Fonner Park Road and east of Locust Street at 1607 S. Locust (Bosselman
Headquarters). The request calls for redevelopment and renovation of this property
for commercial purposes. This amended plan changes the phase 2 of the project, a
proposed hotel along Locust Street, to a quick serve restaurant. The request does not
change the amount of TIF granted toward the project but does change the amount
likely to be paid out. There are nine years left on this project. The proposed changes
are not minor in nature and scope so the plan needs to be amended to reflect the
proposed redevelopment. The Grand Island City Council approved the amended
Redevelopment Plan at their meeting on May 25, 2021. A MOTION to approve the
contract amendment is in order.
7. REDEVELOPMENT PLAN AMENDMENT – Ebc Obermiller LLC. (Miller Tire)-
722 N. EDDY STREET. Concerning an amendment to the redevelopment plan for
CRA Area No. 6 for lots 1, 2 and 3 Block 14 of the HG Clarks Addition located south
of 8th Street and west of Eddy Street at 722 N Eddy Street. The request calls for
redevelopment and renovation of this property for commercial purposes. The plan
requests $318,285 in tax increment financing along with associated interest on the
TIF bonds. The Grand Island City Council approved the amended Redevelopment
Plan at their meeting on May 25, 2021. A MOTION to approve Resolution 357 is in
order.
8. CONSIDERATION OF APPROVAL OF SALE OF KAUFMAN BUILBING
-- T & S Development L.L.C. (Tom and Sue Pirnie) was the original
redeveloper of this property and hold the TIF Bond and contract on the
property. EBMT Properties L.L.C. (Jim Pirnie) is buying the building from
Grand Island Regular Meeting - 6/9/2021 Page 5 / 109
them. Due to the contract provisions the CRA needs to consider approval of
this sale. The CRA cannot deny the sale without cause. There are no issues
with the transfer and all parties are aware of the TIF on the project. A
MOTION to approve the transfer is in order.
9. SELECTION OF NEW VICE-CHAIR Glen Murray served as Vice-Chair of
the CRA and conducted meetings in the absence of the Chair. Because of his
resignation it is necessary to select a new Vice-Chair.
10. DIRECTOR’S REPORT.
Initial Budget Discussion and Review of 2021 Budget
11. ADJOURNMENT
Chad Nabity
Director
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Community Redevelopment
Authority (CRA)
Wednesday, June 9, 2021
Regular Meeting
Item B1
Meeting Minutes
Staff Contact:
Grand Island Regular Meeting - 6/9/2021 Page 7 / 109
OFFICIAL PROCEEDINGS
MINUTES OF
COMMUNITY REDEVELOPMENT AUTHORITY
MEETING OF
May 12, 2021
Pursuant to due call and notice thereof, a Meeting of the Community Redevelopment Authority of
the City of Grand Island, Nebraska was conducted on May 12, 2021 at City Hall, 100 E. First
Street. Notice of the meeting was given in the May 5, 2021 Grand Island Independent.
1.CALL TO ORDER.
Chairman Gdowski called the meeting to order at 4:00 p.m. The following members were
present: Tom Gdowski, Glen Murray, Krae Dutoit and Jim Truell. Also present were:
Director Chad Nabity, Finance Director Patrick Brown and Assistant Finance Director
Brian Schultz and Councilman Vaugh Minton.
2.APPROVAL OF MINUTES.
A motion for approval of the Minutes for the April 14, 2021 was made by Truell and
seconded by Dutoit. Upon roll call vote, 4 voted aye. Motion carried 4-1
3.APPROVAL OF FINANCIAL REPORTS.
Brian Shultz reviewed the financial reports. A motion was made by Dutoit and seconded
by Murray to approve the financials from April 1– April 30, 2021. Upon roll call vote, all
present voted aye. Motion carried 5-0.
4.APPROVAL OF BILLS.
A motion was made by Murray and second by Truell to approve the bills for $5,808.16.
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 not many changes. Carnegie Library project was added.
GI Veterans Home – has not submitted any bills. Nabity emailed Delaney and she is still
on maternity leave.
Façade Projects –
South East Commons – work has started. Have not started the façade work.
Rise Properties - work has started
Carnegie Library -
Life Safety Grants –
Hedde Building – They will know in the next few months if this will move forward.
Peaceful Root – Letter received will not moving forward with the project.
Rawr Holdings – Potentially interested in reallocating funds.
Grand Island Regular Meeting - 6/9/2021 Page 8 / 109
6.Redevelopment Plan Amendment CRA Area 2 – Bosselman – 1607 S. Locust
a.Consideration of Resolution 352 – Forward a Redevelopment Plan
Amendment to the Grand Island City Council for 1607. S. Locust
Street, Lot One of Fonner Fourth Subdivision – Bosselman Real Estate
LLC.
Nabity stated this was forwarded to Planning Commission last month. The
property is located in front of the Bosselman Corporate offices. They are
proposing to change from the 100 room hotel to a quick serve restaurant. The
planning commission did recommend approval. The redevelopment plan
amendment is consistent with the comprehensive plan.
A motion was made by Truell and second by Murray to approve Resolution 352.
Upon roll call vote all, voted aye. Motion carried 4-0
7.Redevelopment Plan Amendment CRA Area 6 – Ebc Obermiller LLC
(Miller Tire) – 722 N. Eddy
a. Consideration of Resolution 353 – Forward a Redevelopment Plan
Amendment to the Grand Island City Council for 722 N. Eddy,
Lots 1, 2 and 3 Block 14 of H.G. Clarks Addition to the City of Grand
Island – Ebc Obermiller LLC.
Adam Miller explained the plan is to take down the majority of the existing
building and build a nine bay service shop. The new shop will include office
space and training room.
A motion was made by Dutoit and second by Murray to approve Resolution 353.
Upon roll call vote all, voted aye. Motion carried 4-0
8. Approval of Transfer of TIF Project and Property from Wald 12 Properties to
Azure Investment Group, LLC for 221-223 West 3rd Street (Greenburgers)
a.Consideration of Resolution 354 – Consideration of Resolution 354
Approval of amendments to the Redevelopment Contract and transfer
of the project from Wald 12 Properties to Azure Investment Group
LLC for use at 221-223 West 3rd Street.
Nabity stated they intend to continue the project insubstantially the same manner
proposed by Mr. Wald. Mr. Shada explained the building will include 5
apartments upstairs and part of the main floor will be Big Red Treats.
A motion was made by Murray and second by Truell to approve Resolution 354.
Upon roll call vote 3 voted aye and 1 abstained (Gdowski) . Motion carried 3-1.
9.Approval of Life Safety Funds Request for Azure Investment Group LLC for use
at 221-223 West 3rd Street.
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Azure Investment Group has submitted a request for Life Safety for 3 one bedroom
and 2 two bedroom apartments. They would be eligible for up to $85,000 of Life
Safety funds. Only $70,000 is currently available. At this time only $70,000 can be
funded.
A motion was made by Dutoit and second by Truell to approve the request for
$70,000 Life Safety Funds for Azure Investment Group LLC for use at 221-223
West 3rd Street. Upon roll call vote 3 voted aye and 1 abstained (Gdowski). Motion
carried 3-1.
10.Consideration of Approval of Resolution 355 amending the terms of Bonds
previously issued for The Orchard housing project in northeast Grand Island.
A motion was made by Truell and second by Dutoit to approve Resolution 355.
Upon roll call vote 3 voted aye and 1 abstained (Gdowski). Motion carried 3-1.
Director’s Report
11.Adjournment
Adjournment at P.M.
Next meeting 4:00 P.M. June 9, 2021
Respectfully Submitted,
Norma Hernandez
Administrative Assistant
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Community Redevelopment
Authority (CRA)
Wednesday, June 9, 2021
Regular Meeting
Item C1
CRA May 2021 Financials
Staff Contact:
Grand Island Regular Meeting - 6/9/2021 Page 11 / 109
MONTH ENDED 2020-2021 2021 REMAINING % OF BUDGET
May-21 YEAR TO DATE BUDGET BALANCE USED
CONSOLIDATED
Beginning Cash 867,385 677,632
REVENUE:
Property Taxes - CRA 179,640 325,290 504,203 178,913 64.52%
Property Taxes - Lincoln Pool 68,240 109,397 195,805 86,408 55.87%
Property Taxes -TIF's 1,473,087 2,679,870 4,858,000 2,588,222 55.16%
Loan Income (Poplar Street Water Line) - - 20,000 20,000 0.00%
Interest Income - CRA 169 2,178 10,000 7,822 21.78%
Interest Income - TIF'S - - - -
Land Sales - - - - #DIV/0!
Other Revenue - CRA 335 2,917 200,000 197,083 1.46%
Other Revenue - TIF's - - - -
TOTAL REVENUE 1,721,471 3,119,652 5,788,008 3,078,448 53.90%
TOTAL RESOURCES 2,588,856 3,119,652 6,465,640 3,078,448
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 5,808 37,430 75,000 37,570 49.91%
Printing & Binding - - 1,000 1,000 0.00%
Other Professional Services - 10,567 16,000 5,433 66.04%
General Liability Insurance - - 250 250 0.00%
Postage - - 200 200 0.00%
Legal Notices - 79 500 421 15.89%
Travel & Training - - 4,000 4,000 0.00%
Other Expenditures - - - -
Office Supplies - 184 1,000 816 18.40%
Supplies - - 300 300 0.00%
Land - - 30,000 30,000
Bond Principal - Lincoln Pool - 185,000 185,000 - 100.00%
Bond Interest - 6,328 10,805 4,478 58.56%
Fiscal Agent Fees/Bond Costs - 525 - -
Husker Harvest Days - 200,000 200,000 - 100.00%
Façade Improvement - - 200,000 200,000 0.00%
Building Improvement - 15,736 670,000 654,264 2.35%
Other Projects 3,000 200,000 197,000 1.50%
Bond Principal-TIF's - 893,218 4,857,800 3,964,582 18.39%
Bond Interest-TIF's - - - -
Interest Expense - - - -
TOTAL EXPENSES 5,808 1,352,067 6,462,855 5,111,313 20.92%
INCREASE(DECREASE) IN CASH 1,715,663 1,767,585 (674,847)
ENDING CASH 2,583,048 1,767,585 2,785 -
CRA CASH 706,646
Lincoln Pool Tax Income Balance 82,439
TIF CASH 1,793,963
Total Cash 2,583,048
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MAY 2021
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MONTH ENDED 2020-2021 2021 REMAINING % OF BUDGET
May-21 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MAY 2021
GENERAL OPERATIONS:
Property Taxes - CRA 179,640 325,290 504,203 178,913 64.52%
Property Taxes - Lincoln Pool 68,240 109,397 195,805 86,408 55.87%
Interest Income 169 2,178 10,000 7,822 21.78%
Loan Income (Poplar Street Water Line) - 20,000 20,000 0.00%
Land Sales - - - #DIV/0!
Other Revenue & Motor Vehicle Tax 335 2,917 200,000 197,083 1.46%
TOTAL 248,384 439,782 930,008 490,226 47.29%
WALNUT HOUSING PROJECT
Property Taxes - -
Interest Income - -
Other Revenue - - -
TOTAL - - - -
GIRARD VET CLINIC
Property Taxes 5,812 -
TOTAL - 5,812 - -
GEDDES ST APTS-PROCON
Property Taxes 16,041 17,622 -
TOTAL 16,041 17,622 - -
SOUTHEAST CROSSING
Property Taxes 2,490 8,872 -
TOTAL 2,490 8,872 - -
POPLAR STREET WATER
Property Taxes 8,055 10,606 -
TOTAL 8,055 10,606 - -
CASEY'S @ FIVE POINTS
Property Taxes 6,945 7,629 -
TOTAL 6,945 7,629 - -
SOUTH POINTE HOTEL PROJECT
Property Taxes 43,273 47,537 -
TOTAL 43,273 47,537 - -
TODD ENCK PROJECT
Property Taxes - -
TOTAL - - - -
JOHN SCHULTE CONSTRUCTION
Property Taxes 359 -
TOTAL - 359 - -
PHARMACY PROPERTIES INC
Property Taxes 6,709 7,370 -
TOTAL 6,709 7,370 - -
KEN-RAY LLC
Property Taxes - -
TOTAL - - - -
Grand Island Regular Meeting - 6/9/2021 Page 13 / 109
MONTH ENDED 2020-2021 2021 REMAINING % OF BUDGET
May-21 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MAY 2021
TOKEN PROPERTIES RUBY
Property Taxes 1,532 1,683 -
TOTAL 1,532 1,683 - -
GORDMAN GRAND ISLAND
Property Taxes 41,139 80,907 -
TOTAL 41,139 80,907 - -
BAKER DEVELOPMENT INC
Property Taxes 1,965 4,065 -
TOTAL 1,965 4,065 - -
STRATFORD PLAZA INC
Property Taxes 16,704 18,350 -
TOTAL 16,704 18,350 - -
COPPER CREEK 2013 HOUSES
Property Taxes 27,740 61,435 -
TOTAL 27,740 61,435 - -
FUTURE TIF'S
Property Taxes - 4,858,000 4,858,000
TOTAL - - 4,858,000 4,858,000
CHIEF INDUSTRIES AURORA COOP
Property Taxes 1,881 (1,881)
TOTAL - 1,881 - (1,881)
TOKEN PROPERTIES KIMBALL ST
Property Taxes 1,449 1,592 (1,592)
TOTAL 1,449 1,592 - (1,592)
GI HABITAT OF HUMANITY
Property Taxes 2,839 3,118 (3,118)
TOTAL 2,839 3,118 - (3,118)
AUTO ONE INC
Property Taxes 732 (732)
TOTAL - 732 - (732)
EIG GRAND ISLAND
Property Taxes 33,707 36,653 (36,653)
TOTAL 33,707 36,653 - (36,653)
TOKEN PROPERTIES CARY ST
Property Taxes 4,046 4,445 (4,445)
TOTAL 4,046 4,445 - (4,445)
Grand Island Regular Meeting - 6/9/2021 Page 14 / 109
MONTH ENDED 2020-2021 2021 REMAINING % OF BUDGET
May-21 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MAY 2021
WENN HOUSING PROJECT
Property Taxes 2,385 4,956 (4,956)
TOTAL 2,385 4,956 - (4,956)
COPPER CREEK 2014 HOUSES
Property Taxes 127,038 224,106 (224,106)
TOTAL 127,038 224,106 - (224,106)
TC ENCK BUILDERS
Property Taxes 1,783 1,959 (1,959)
TOTAL 1,783 1,959 - (1,959)
SUPER MARKET DEVELOPERS
Property Taxes 65,787 (65,787)
TOTAL - 65,787 - (65,787)
MAINSTAY SUITES
Property Taxes 33,476 36,775 (36,775)
TOTAL 33,476 36,775 - (36,775)
TOWER 217
Property Taxes 1,240 (1,240)
TOTAL - 1,240 - (1,240)
COPPER CREEK 2015 HOUSES
Property Taxes 103,453 165,804 - (165,804)
TOTAL 103,453 165,804 - (165,804)
NORTHWEST COMMONS
Property Taxes 7,055 212,556 - (212,556)
TOTAL 7,055 212,556 - (212,556)
HABITAT - 8TH & SUPERIOR
Property Taxes 5,736 6,301 (6,301)
TOTAL 5,736 6,301 - (6,301)
KAUFMAN BUILDING
Property Taxes 6,121 6,720 (6,720)
TOTAL 6,121 6,720 - (6,720)
TALON APARTMENTS
Property Taxes 100,154 (100,154)
TOTAL - 100,154 - (100,154)
VICTORY PLACE
Property Taxes 4,520 4,965 (4,965)
TOTAL 4,520 4,965 - (4,965)
THINK SMART
Property Taxes 6,744 (6,744)
TOTAL - 6,744 - (6,744)
Grand Island Regular Meeting - 6/9/2021 Page 15 / 109
MONTH ENDED 2020-2021 2021 REMAINING % OF BUDGET
May-21 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MAY 2021
BOSSELMAN HQ
Property Taxes 81,653 (81,653)
TOTAL - 81,653 - (81,653)
TALON APARTMENTS 2017
Property Taxes 112,989 (112,989)
TOTAL - 112,989 - (112,989)
WEINRICH DEVELOPMENT
Property Taxes 3,209 3,526 (3,526)
TOTAL 3,209 3,526 - (3,526)
WING WILLIAMSONS
Property Taxes 1,465 (1,465)
TOTAL - 1,465 - (1,465)
HATCHERY HOLDINGS
Property Taxes 80,833 88,798 (88,798)
TOTAL 80,833 88,798 - (88,798)
FEDERATION LABOR TEMPLE
Property Taxes 7,319 (7,319)
TOTAL - 7,319 - (7,319)
MIDDLETON PROPERTIES II
Property Taxes 7,204 7,914 (7,914)
TOTAL 7,204 7,914 - (7,914)
COPPER CREEK 2016 HOUSES
Property Taxes 69,652 115,116 (115,116)
TOTAL 69,652 115,116 - (115,116)
MENDEZ ENTERPRISES LLC PHASE 1
Property Taxes 59 306 (306)
TOTAL 59 306 - (306)
EAST PARK ON STUHR
Property Taxes 55,082 60,510 (60,510)
TOTAL 55,082 60,510 - (60,510)
TAKE FLIGHT INVESTMENTS
Property Taxes 5,957 (5,957)
TOTAL - 5,957 - (5,957)
PRATARIA VENTURES HOSPITAL
Property Taxes 724,958 969,258 (969,258)
TOTAL 724,958 969,258 - (969,258)
AMMUNITION PLANT
Property Taxes - -
TOTAL - - - -
URBAN ISLAND LLC
Property Taxes 1,776 1,949 (1,949)
TOTAL 1,776 1,949 - (1,949)
Grand Island Regular Meeting - 6/9/2021 Page 16 / 109
MONTH ENDED 2020-2021 2021 REMAINING % OF BUDGET
May-21 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MAY 2021
PEACEFUL ROOT
Property Taxes 5,240 (5,240)
TOTAL - 5,240 - (5,240)
TALON 2019 LOOKBACK
Property Taxes 2,942 (2,942)
TOTAL - 2,942 - (2,942)
COPPER CREEK PH2 2019 LOOKBACK
Property Taxes 3,441 3,837 (3,837)
TOTAL 3,441 3,837 - (3,837)
GRAND ISLAND HOTEL
Property Taxes 29,647 (29,647)
TOTAL - 29,647 - (29,647)
PARAMOUNT OLD SEARS
Property Taxes 652 716 (716)
TOTAL 652 716 - (716)
CENTRAL NE TRUCK WASH
Property Taxes 20,020 21,993 (21,993)
TOTAL 20,020 21,993 - (21,993)
TOTAL REVENUE 1,721,471 3,119,652 5,788,008 4,586,315 53.90%
- -
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MONTH ENDED 2020-2021 2021 REMAINING % OF BUDGET
May-21 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MAY 2021
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 5,808 37,430 75,000 37,570 49.91%
Printing & Binding - 1,000 1,000 0.00%
Other Professional Services 10,567 16,000 5,433 66.04%
General Liability Insurance - 250 250 0.00%
Postage - 200 200 0.00%
Legal Notices 79 500 421 15.89%
Travel & Training - 4,000 4,000 0.00%
Other Expenditures - - -
Office Supplies 184 1,000 816 18.40%
Supplies - 300 300 0.00%
Land - 30,000 30,000
Bond Principal - Lincoln Pool 185,000 185,000 - 100.00%
Bond Interest - Lincoln Pool 6,328 10,805 4,478 58.56%
Fiscal Agent Fees/Bond Costs 525 - - #DIV/0!
PROJECTS
Husker Harvest Days 200,000 200,000 - 100.00%
Façade Improvement - 200,000 200,000 0.00%
Building Improvement 18,736 670,000 651,264 0.00%
Other Projects - 200,000 200,000 0.00%
TOTAL CRA EXPENSES 5,808 458,849 1,605,055 1,146,731 28.59%
WALNUT HOUSING PROJECT
Bond Principal - - -
Bond Interest - - -
TOTAL - - - -
GIRARD VET CLINIC
Bond Principal 5,298 - -
TOTAL - 5,298 - -
GEDDES ST APTS - PROCON
Bond Principal - - -
TOTAL - - - -
SOUTHEAST CROSSINGS
Bond Principal 5,692 - -
TOTAL - 5,692 - -
POPLAR STREET WATER
Bond Principal 924 - -
TOTAL - 924 - -
CASEY'S @ FIVE POINTS
Bond Principal - - -
TOTAL - - - -
Grand Island Regular Meeting - 6/9/2021 Page 18 / 109
MONTH ENDED 2020-2021 2021 REMAINING % OF BUDGET
May-21 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MAY 2021
SOUTH POINTE HOTEL PROJECT
Bond Principal - - -
TOTAL - - - -
TODD ENCK PROJECT
Bond Principal - - -
TOTAL - - - -
JOHN SCHULTE CONSTRUCTION
Bond Principal - - -
TOTAL - - - -
PHARMACY PROPERTIES INC
Bond Principal - - -
TOTAL - - - -
KEN-RAY LLC
Bond Principal - - -
TOTAL - - - -
TOKEN PROPERTIES RUBY
Bond Principal - - -
TOTAL - - - -
GORDMAN GRAND ISLAND
Bond Principal 35,714 - -
TOTAL - 35,714 - -
BAKER DEVELOPMENT INC
Bond Principal 1,906 - -
TOTAL - 1,906 - -
STRATFORD PLAZA LLC
Bond Principal - - -
TOTAL - - - -
COPPER CREEK 2013 HOUSES
Bond Principal 15,499 - -
TOTAL - 15,499 - -
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 - 6/9/2021 Page 19 / 109
MONTH ENDED 2020-2021 2021 REMAINING % OF BUDGET
May-21 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MAY 2021
AUTO ONE INC
Bond Principal - - -
TOTAL - - - -
EIG GRAND ISLAND
Bond Principal - - -
TOTAL - - - -
TOKEN PROPERTIES CARY STREET
Bond Principal - - -
TOTAL - - - -
WENN HOUSING PROJECT
Bond Principal 2,336 - -
TOTAL - 2,336 - -
COPPER CREEK 2014 HOUSES
Bond Principal 52,683 - -
TOTAL - 52,683 - -
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 36,125 - -
TOTAL - 36,125 -
NORTHWEST COMMONS
Bond Principal 195,189 - -
TOTAL - 195,189 -
HABITAT - 8TH & SUPERIOR
Bond Principal - - -
TOTAL - - -
KAUFMAN BUILDING
Bond Principal - - -
TOTAL - - -
Grand Island Regular Meeting - 6/9/2021 Page 20 / 109
MONTH ENDED 2020-2021 2021 REMAINING % OF BUDGET
May-21 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MAY 2021
TALON APARTMENTS
Bond Principal 95,270 - -
TOTAL - 95,270 -
VICTORY PLACE
Bond Principal 2,798 - -
TOTAL - 2,798 -
FUTURE TIF'S
Bond Principal - 4,857,800 4,857,800
TOTAL - - 4,857,800 4,857,800
THINK SMART
Bond Principal 6,427 - -
TOTAL - 6,427 -
BOSSELMAN HQ
Bond Principal 79,735 - -
TOTAL - 79,735 -
TALON APARTMENTS 2017
Bond Principal 110,204 - -
TOTAL - 110,204 -
WEINRICH DEVELOPMENT
Bond Principal - - -
TOTAL - - -
WING WILLIAMSONS
Bond Principal - - -
TOTAL - - -
HATCHERY HOLDINGS
Bond Principal - - -
TOTAL - - -
FEDERATION LABOR TEMPLE
Bond Principal 3,519 - -
TOTAL - 3,519 -
MIDDLETON PROPERTIES II
Bond Principal - - -
TOTAL - - -
COPPER CREEK 2016 HOUSES
Bond Principal 24,639 - -
TOTAL - 24,639 -
EAST PARK ON STUHR
Bond Principal - - -
TOTAL - - -
TAKE FLIGHT INVESTMENTS
Bond Principal 5,683 - -
TOTAL - 5,683 -
Grand Island Regular Meeting - 6/9/2021 Page 21 / 109
MONTH ENDED 2020-2021 2021 REMAINING % OF BUDGET
May-21 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MAY 2021
PRATARIA VENTURES HOSPITAL
Bond Principal 208,579 - -
TOTAL - 208,579 -
AMMUNITION PLANT
Bond Principal - - -
TOTAL - - -
URBAN ISLAND LLC
Bond Principal - - -
TOTAL - - -
PEACEFUL ROOT
Bond Principal 5,000 - -
TOTAL - 5,000 -
TALON 2019 LOOKBACK
Bond Principal - - -
TOTAL - - -
COPPER CREEK PH2 2019 LOOKBACK
Bond Principal - - -
TOTAL - - -
GRAND ISLAND HOTEL
Bond Principal - - -
TOTAL - - -
PARAMOUNT OLD SEARS
Bond Principal - - -
TOTAL - - -
CENTRAL NE TRUCK WASH
Bond Principal - - -
TOTAL - - -
TOTAL EXPENSES 5,808 1,352,067 6,462,855 6,004,531 20.92%
Grand Island Regular Meeting - 6/9/2021 Page 22 / 109
Community Redevelopment
Authority (CRA)
Wednesday, June 9, 2021
Regular Meeting
Item D1
June 9, Schedule of Bills
Staff Contact:
Grand Island Regular Meeting - 6/9/2021 Page 23 / 109
Grand Island Regular Meeting - 6/9/2021 Page 24 / 109
Grand Island Regular Meeting - 6/9/2021 Page 25 / 109
Community Redevelopment
Authority (CRA)
Wednesday, June 9, 2021
Regular Meeting
Item E1
Review of Committed Projects and CRA Properties
Staff Contact:
Grand Island Regular Meeting - 6/9/2021 Page 26 / 109
COMMITTED PROJECTS REMAINING
GRANT
AMOUNT
2021 FISCAL YR 2022 FISCAL YR 2023 FISCAL YR ESTIMATED
COMP
1868 Foundation (3/10/21) $ 50,000.00 $ 50,000.00
Carnegie Library (4/14/21) $ 85,000.00 $ 85,000.00
GI Vets Home (Other Grants) $ 265,000.00 $ 265,000.00 Spring 2021
Southeast Commons 1201 S Locust
(12/9/20)
$ 100,000.00 $ 100,000.00 Summer 2021
Rise Properties 119 W 3rd (12/9/20) $ 59,477.00 $ 59,477.00 Summer 2021
Total Committed $ 559,477.00 $ 559,477.00 $ - $ -
FIRE & LIFE SAFETY GRANT TOTAL
AMOUNT
2021 FISCAL YR 2022 FISCAL YR 2023 FISCAL YR ESTIMATED
COMP
201-203 W. 3rd St. Anson (8-24-16) $ 310,000.00 $ 310,000.00 Spring 2022
Peaceful Root 217 N Locust (9/18/19) $ 70,000.00 $ 70,000.00 Fall 2021
Rawr Holdings 110 W 2nd (12/12/18) $ 35,000.00 $ 35,000.00 Winter 2022
Total Committed F&L Safety Grant $ 415,000.00 $ 415,000.00 $ - $ -
BUDGET 2021 2021 LEFT
Façade Budgeted 2021 $ 200,000.00 $ 199,977.00 $ 23.00
Other Projects Budgeted 2021 $ 200,000.00 $ 111,500.00 $ 88,500.00
Land - Budgeted 2021 $ 30,000.00 $ - $ 30,000.00
Land Sales Budgeted 2021 $ - $ - $ -
subtotal $ 311,477.00 $ 118,523.00
Balance $ 311,477.00 $ 118,523.00
BUDGET PAID LEFT
Building Improvements * $ 670,000.00 $ 15,736.05 $ 654,263.95
*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
May 31, 2021
Grand Island Regular Meeting - 6/9/2021 Page 27 / 109
Community Redevelopment
Authority (CRA)
Wednesday, June 9, 2021
Regular Meeting
Item I1
Redevelopment Contract Amendment CRA Area 2 - Bosselman -
1607 S. Locust
Staff Contact:
Grand Island Regular Meeting - 6/9/2021 Page 28 / 109
Bosselman Real Estate, LLC Amendment 1607 S. Locust 1 |P a g e
FIRST AMENDMENT TO REDEVELOPMENT CONTRACT
THIS FIRST AMENDMENT TO REDEVELOPMENT CONTRACT (the “Amended
Contract”) is entered into between the COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA, (“Authority”), and BOSSELMAN REAL
ESTATE, LLC, a Nebraska limited liability company and its successors and assigns
(“Redeveloper”).
RECITALS
A.The City has undertaken a program for the redevelopment of blighted and
substandard areas in the City of Grand Island, Nebraska. As part of that program the City has
prepared and approved the City of Grand Island Redevelopment Plan Amendment for the Grand
Island CRA Area 2 July 2015 (“Redevelopment Plan”), a copy of which is on file in the Office of
the City Clerk of the City (“City Clerk”). The Redevelopment Plan has been adopted in compliance
with the Nebraska Community Development Law codified at Neb. Rev. Stat §§18-2101 through
18-2154 (the “Act”).
B.The Redevelopment Plan calls for the Authority to support Redeveloper’s
acquisition and redevelopment efforts on real estate acquired by the Redeveloper which is legally
described on Exhibit “A” attached hereto and incorporated herein by this reference (“Redeveloper
Property”).
C.The Redevelopment Plan was approved by the City of Grand Island and the
Authority. Pursuant to the Redevelopment Plan the Authority and Redeveloper entered into a
Redevelopment Contract (the “Redevelopment Contract”) dated September 29, 2015.
D.The Redevelopment Plan contemplated three phases consisting of a corporate
office, a separate professional building and a motel. Due to a change in the economy the
Redeveloper has determined that the Project will not support a motel and sought an amendment
to the Redevelopment Plan. An Amended Redevelopment Plan, City of Grand Island
Redevelopment Plan Amendment for the Grand Island CRA Area 2 July 2015 Amended April
2021 (the “Amended Plan”), related to the Project was approved by the City of Grand Island a
copy of which is on file in the Office of the City Clerk
E.The Amended Plan provides that a quick serve restaurant replace the motel
referred to in the Redevelopment Contract.
F.Redeveloper and Authority desire to amend the Redevelopment Contract to
authorize the construction of the quick serve restaurant in place of the motel contemplated in the
Redevelopment Contract.
NOW, THEREFORE, in consideration of the above recitals which are hereby made part
of this Amended Contract and of the mutual covenants contained herein the parties do agree as
follows:
1.The Redevelopment Contract is hereby amended to provide that a quick serve
restaurant be constructed in place of a motel as part of the Redevelopment Project. The
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Bosselman Real Estate, LLC Amendment 1607 S. Locust 2 |P a g e
construction of the quick serve restaurant shall be in the location as set forth in the Amended
Redevelopment Plan and the Redeveloper’s amended application for tax increment financing.
2.The construction of the quick serve restaurant shall be done strictly in accordance
with the terms and provisions of the Redevelopment Contract. The redevelopment project costs
paid by the Redeveloper that are eligible for reimbursement under the Nebraska Community
Development Law shall be certified to the Authority and considered proceeds of the TIF Proceeds
under the TIF Note previously issued by the Authority related to the Project. Provided, however,
in all events, the principal advanced on the TIF Note shall not exceed $6,552,000.
3. The Redeveloper has not filed and does not intend to file an application with the
Department of Revenue to receive tax incentives under the Nebraska Advantage Act or the
ImagiNE Nebraska Act related to a project in the Redevelopment Project Area. In as much as no
such application has been filed, none has been approved. No application has been filed with the
Department of Revenue requesting a refund of any local option sales tax.
4.Redeveloper shall retain copies of all supporting documents that are associated with
the redevelopment plan or redevelopment project and that are received or generated by the
Redeveloper for three years following the end of the last fiscal year in which ad valorem taxes are
divided and provide such copies to the city as needed to comply with the city’s retention
requirements under section 18-2117.04 of the Nebraska Community Development Law.
5.The Redeveloper specifically acknowledges that the assessed valuation of the quick
serve restaurant will be significantly less than the motel contemplated in the Redevelopment Plan.
6.The terms and conditions of the Redevelopment Contract, except as amended
hereby are hereby affirmed.
Executed by Authority this ___ day of June, 2021.
COMMUNITY
REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND
ISLAND, NEBRASKA
____________________________
Chair or Vice Chair
ATTEST:
_________________________
Secretary
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Bosselman Real Estate, LLC Amendment 1607 S. Locust 3 |P a g e
STATE OF NEBRASKA )
) ss.
COUNTY OF HALL )
The foregoing instrument was acknowledged before me this ____day of _________,
2021, by _______________________ Chair (or Vice Chair) of the Community Redevelopment
Authority of the City of Grand Island, Nebraska.
_______________________________
Notary Public
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Bosselman Real Estate, LLC Amendment 1607 S. Locust 4 |P a g e
Executed by Redeveloper this _____ day of June, 2021.
BOSSELMAN REAL ESTATE, LLC, a
Nebraska limited liability company
By:_________________________________
Manager
STATE OF ______________)
) ss.
COUNTY OF ____________)
The foregoing instrument was acknowledged before me this ____ day of ___________,
2015, by ___________________, the Manager of Bosselman Real Estate, LLC, a Nebraska
limited liability company, on behalf of the limited liability company.
Notary Public
Grand Island Regular Meeting - 6/9/2021 Page 32 / 109
Bosselman Real Estate, LLC Amendment 1607 S. Locust 5 |P a g e
Exhibit A
Lot One of Fonner Fourth Subdivision to the City of Grand Island, Hall County, Nebraska.
Grand Island Regular Meeting - 6/9/2021 Page 33 / 109
CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
Redevelopment Plan Amendment
Grand Island CRA Area 2
July 2015 Amended April 2021
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 commercial project in Area 2.
Executive Summary:
Project Description
THE ACQUISITION OF PROPERTY AT 1607 SOUTH LOCUST STREET AND THE
SUBSEQUENT SITE WORK, RENOVATIONS, UTILITY IMPROVEMENTS,
ENGINEERING, LANDSCAPING AND PARKING IMPROVEMENTS NECESSARY
FOR REBUILDING CORPORATE OFFICE FOR BOSSELMAN COMPANIES
ALONG WITH A MOTEL QUICK SERVE RESTAURANT AND SEPARATE
PROFESSIONAL OFFICE SPACE AT THIS LOCATION.
The use of Tax Increment Financing (TIF) to aid in the acquisition of property,
rehabilitation of the existing building, necessary site work and installation of public
utilities and utility connections necessary to develop this site. The use of TIF makes it
feasible to complete the proposed project within the timeline presented. This project
developer has stated that the project will not be completed at this location without the use
of TIF.
The acquisition, rehabilitation, 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, 2017 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 east of Locust Street south of State Fair Boulevard and west of
Fonner Park in south central Grand Island, the attached map identifies the subject
property and the surrounding land uses:
Legal Description Lot 1 of Fonner Fourth Subdivision (It is anticipated
this property will be re-subdivided to accommodate phases 2 and 3 of this proposal.
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CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
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CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
The tax increment will be captured for the tax years the payments for which become
delinquent in years 2018 through 2031 inclusive.
The real property ad valorem taxes on the current valuation will continue to be paid
to the normal taxing entities. The increase will come from the construction of new
commercial space on this property.
Statutory Pledge of Taxes.
Pursuant to Section 18-2147 of the Act, any ad valorem tax levied upon real property in
the Redevelopment Project Area shall be divided, for the period not to exceed 15 years
after the effective date of the provision, which effective date shall be January 1, 2017.
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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CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
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 (13)
(a) and §18-2110]
Grand Island adopted a Comprehensive Plan on July 13, 2004. This redevelopment plan
amendment and project are consistent with the Comprehensive Plan, in that no changes in
the Comprehensive Plan elements are intended. This plan merely provides funding for
the developer to acquire the necessary property and provide the necessary site work for
the construction of a permitted use on this property.
3. The Redevelopment Plan must be sufficiently complete to address the following
items: [§18-2103(13) (b)]
a. Land Acquisition:
The Redevelopment Plan for Area 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.
b. Demolition and Removal of Structures:
The project to be implemented with this plan will not require demolition 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 commercial development within this arterial corridor allowing for maximum
exposure. Residential and hotel uses are also permitted in this area [§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 - 6/9/2021 Page 37 / 109
CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
City of Grand Island Future Land Use Map
Grand Island Regular Meeting - 6/9/2021 Page 38 / 109
CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
d. Changes to zoning, street layouts and grades or building codes or ordinances or
other Planning changes.
The area is zoned B2-AC General Business zone with an Arterial Commercial Overlay
District. No zoning changes are anticipated with this project. No changes are anticipated
in street layouts or grades. No changes are anticipated in building codes or ordinances.
Nor are any other planning changes contemplated. [§18-2103(b) and §18-2111]
e. Site Coverage and Intensity of Use
The developer is proposing to remodel the existing retail building for a combination of
retail uses, office uses and residential dormitories. In addition, there are future phases that
anticipate the development of a 100 room motel quick serve restaurant at the northwest
corner of the site and additional in-line professional office space along the southern
property line. [§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 the proposed future development.
No other utilities would be impacted by the development.
The developer will be responsible for replacing any sidewalks damaged during
construction of the project.
No other utilities would be impacted by the development. [§18-2103(b) and §18-2111]
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CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
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 purchased this property for redevelopment for $1,700,000
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, utility extensions,
building plans, and renovation of the existing building $6,591,600 and are included as
TIF eligible expenses for phase 1. Phase 2 eligible expenses include sitework/utility
extensions, architecture and legal fees of $315,000. Phase 3 eligible expenses include
architecture and legal fees of $120,000. The total amount of the TIF eligible expenses in
this request is over $8,700,000 It is estimated based on the proposed increased valuation
for Phase 1 of the project of $11,617,706 will result in $3,836,200 of increment generated
over a 15 year period. Phase 2 would generate an increase in value of $8,083,000
521,273,with $2,491,229 102,114 generated over a 14 9 year period. Phase 3 would
generate an increase of $787,000 with $225,230 17,325 generated over a 13 year period
annually for the remainder of the term after construction. A maximum total of
$6,552,000 4,094,242 of TIF would be available to cover $8,726,600 worth of TIF
eligible expenses. It is anticipated that the developer will spend almost $2,175,000 more
on eligible expenses than will be generated by the tax increment.
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
has assisted the project by granting the sum of $6,552,000 for the project 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 after January 1, 2018 through December
2032.
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CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
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 the existing building and development of additional
commercial facilities at this location. This lot is surrounded by similar commercial uses.
This will not increase traffic in the area. New commercial development will raise
property values and provide a stimulus to keep surrounding properties properly
maintained. This will have the intended result of preventing recurring elements of unsafe
buildings and blighting conditions.
8. Time Frame for Development
Development of Phase 1 of this project is anticipated to be completed between January of
2016 and December of 2016. Excess valuation should be available for this project for 15
years beginning with the 2017 tax year. It is anticipated that Phases 2 will be completed
before the end of 2021. Phase 3 will be completed within 5 years of the beginning of the
project when feasible depending on market conditions.
9. Justification of Project
The property is located at the entrance to the Fonner Park and the Nebraska State Fair
Grounds. These facilities are enjoyed and visited by hundreds of thousands of people
each year. This commercial property was vacated in May of 2015 and this is an excellent
chance to redevelop the property as the corporate headquarters for a Grand Island based
company that does business all over the United States. The proposed project will be
highly visible and complement the image of both the Community and the Bosselman
Grand Island Regular Meeting - 6/9/2021 Page 41 / 109
CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
Companies. The potential addition of a hotel at this location increases the synergy
between Fonner Park and the Bosselman Conference center and South Locust. This will
provide hotel rooms within close walking distance to these facilities. Market conditions
and the likelihood that a casino and hotel complex will be completed on the Fonner
Grounds greatly reduce the commercial viability of a hotel at this site. This project does
not propose to tear down or substantially alter any buildings with historic value.
10. Cost Benefit Analysis Section 18-2113 of the Act, further requires the Authority
conduct a cost benefit analysis of the plan amendment in the event that Tax Increment
Financing will be used. This analysis must address specific statutory issues.
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
Bosselman Skagway South Redevelopment Project, including:
Project Sources and Uses. Approximately $6,552,000 4,094,000 in public funds from
tax increment financing provided by the Grand Island Community Redevelopment
Authority will be required to complete the project. This project still has more than
$8,726,600 8,576,600 worth of TIF eligible expenses. The developer will be responsible
for funding the additional $2,174,600 4,482,600 as private investment. The total private
investment on this project is the total of the costs not eligible for TIF $11,215,000
3,175,000 plus the $2,174,600 4,482,600 of TIF eligible costs that will not be covered by
the Tax Increment for a total private investment of $13,389,600 7,657,600. This
$6,552,000 4,094,000 investment by the Authority and the people of Grand Island will
leverage $13,389,600 7,657,600 in private sector financing; a private investment of $2.04
1.87 for every TIF dollar investment.
Use of Funds.Phase 1
Description Eligible for TIF Funds Private Funds Total
Site Acquisition $1,700,000 $1,700,000
Utilities/On Site
Improvements
$500,000 $500,000
Legal Private $5,000 $5,000
Legal CRA Cost1 $35,000 $35,000
Fees1 $1,600 $1,600
Architecture $60,000 $60,000
Building
Rehabilitation Costs
$6,000,000 $6,000,000
Soft Costs $215,000 $215,000
Personal Property $750,000 $750,000
TOTALS $8,301,600 $965,000 $9,266,600
1 Not included on application but shown as an eligible expense to be paid by the developer.
Grand Island Regular Meeting - 6/9/2021 Page 42 / 109
CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
Use of Funds.Phase 2
Description Eligible for TIF Funds Private Funds Total
Site Acquisition $0 $0
Utilities/On Site
Improvements
$0
$110,000
$0
$110,000
Legal Private $5,000 $$5,000
Fees $$
Architecture $60,000
$35,000
$$60,000
$35,000
Building Costs $9,000,000
$1,070,000
$9,000,000
$1,070,000
Soft Costs $205,000
$110,000
$205,000
$110,000
Personal Property $$
TOTALS $65,000
$145,000
$9,215,000
$1,180,000
$9,280,000
$1,325,000
Use of Funds.Phase 3
Description Eligible for TIF Funds Private Funds Total
Site Acquisition 0 0
Utilities/On Site
Improvements
$100,000 $100,000
Legal Private $5,000 $5,000
Fees $0 $0
Architecture $15,000 $15,000
Building Costs $1,000,000 $1,000,000
Soft Costs $30,000 $30,000
Personal Property $$
TOTALS $120,000 $1,030,000 $1,150,000
Tax Revenue. The property to be redeveloped has a January 1, 2015, valuation of
approximately $2,290,814. Based on the 2014 levy this would result in a real property tax of
approximately $50,292. It is anticipated that the assessed value will increase by almost
$20,500,000 12,926,014 upon full completion, as a result of the site redevelopment. This
development will result in an estimated tax increase of over $451,000 284,418 annually resulting
in $6,552,000 4,094,242 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.
Grand Island Regular Meeting - 6/9/2021 Page 43 / 109
CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
Estimated 2014 assessed value: $ 2,290,814
Estimated 2020 assessed value $ 6,441,977
2020 TIF Base $ 2,652,701
2020 TIF Excess $ 3,789276
Estimated value after completion $ 22,778,988
$ 15,216,825
Increment value $ 20,488,175
$ 12,926,014
Annual TIF generated (estimated) $ 451,017
$ 284,418
TIF bond issue $ 6,552,000
Expected TIF Payout based on revised plan $ 4,094,242
(a) Tax shifts resulting from the approval of the use of Tax Increment Financing;
The redevelopment project area currently has an estimated 2020 base valuation of
$2,290,814 2,652,701. The proposed redevelopment and commercial construction at this
location will result in an additional $20,488,175 12,926,014 of taxable valuation based on
valuations of similar properties. 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.
(b) Public infrastructure and community public service needs impacts and local tax
impacts arising from the approval of the redevelopment project;
No additional public service needs have been identified. Existing water and waste
water facilities will not be impacted by this development. The electric utility has
sufficient capacity to support the development. It is not anticipated that this will impact
schools. Fire and police protection are available and should not be impacted by this
development.
(c) Impacts on employers and employees of firms locating or expanding within the
boundaries of the area of the redevelopment project;
This project will not negatively impact employers or employees in the area directly.
Bosselman Companies will be able to continue employing people within the City of
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
No impacts are anticipated outside of the city or immediate area to total employment
from this project other than the incremental increase due to the construction.
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CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
(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. This
project does not involve housing and is renovation of an existing commercial site.
(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 is at the
entrance to the Fonner Park and the Nebraska State Fair grounds. This property has been
was the home of Skagway South for more than 20 years and the Bosselman Corporate
Offices since 2016. Skagway closed in 2015 this past May leaving the building mostly
vacant. This project will change this entrance in to the fairgrounds in a positive way,
rehabilitate and reutilize the existing building and provide hotel rooms within walking
distance of the fairgrounds.
Time Frame for Development
Development of this project is anticipated to be completed during between October 2015
and December of 2018, depending on the market demand for the buildings in phases 2
and 3. Phases 2 will be completed by the end of 2021 and Phase 3 is dependent on
market demand. The date of TIF will be established with the approved contract but it is
anticipated that he base tax year should be calculated on the value of the property as of
January 1, 2016. Excess valuation should be available for this project for 15 years
beginning with the 2017 tax year. Excess valuation will be used to pay the TIF
Indebtedness issued by the CRA per the contract between the CRA and the developer for
a period not to exceed 15 years or an amount not to exceed $6,552,000 the projected
amount of the eligible expenses for this project. Based on the purchase price of the
property and estimates of the expenses of renovation activities and associated engineering
fees, the developer will spend more than $8,700,000 on TIF eligible activities. As part of
the 2021 amendment it is anticipated that eligible activities will still exceed $8,700,000
and that the total TIF generated will be $4,094,000 not $6,552,000. The eligible activities
from Phase 1 of this project exceed the total TIF that will be generated by completion of
all three phases of the project.
See Attached Site Plan
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CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
Site Plan As Originally Proposed
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CRA Area 2 Redevelopment Plan Amendment 1607 S. Locust April 2021
Proposed Phase 2 Development with 2021 Amendent
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Community Redevelopment
Authority (CRA)
Wednesday, June 9, 2021
Regular Meeting
Item I2
Redevelopment Contract CRA Area 6-Ebc Obermiller LLC
(Miller Tire) - 722 N. Eddy
Staff Contact:
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Ebc Obermiller LLC
REDEVELOPMENT CONTRACT
This Redevelopment Contract is made and entered into as of the _______day of
___________, 2021, by and between the Community Redevelopment Authority of the City of
Grand Island, Nebraska ("Authority"), and Ebc Obermiller, LLC, a Nebraska limited liability
company ("Redeveloper").
WITNESSETH:
WHEREAS, the City of Grand Island, Nebraska (the "City'), in furtherance of the purposes
and pursuant to the provisions of Section 12 of Article VIII of the Nebraska Constitution and
Sections 18-2101 through 18-2154, Reissue Revised Statutes of Nebraska, 2012, as amended
(collectively the "Act"), has designated an area within the City as blighted and substandard;
WHEREAS, the Authority has adopted, after approval by the Mayor and Council of the
City, that redevelopment plan amendment entitled "Redevelopment Plan Amendment
Grand Island CRA Area #6 October 2020" (the "Redevelopment Plan");
WHEREAS, Authority and Redeveloper desire to enter into this Redevelopment Contract
in order to implement the Redevelopment Plan and provide for the redevelopment of lots and lands
located in a blighted and substandard area;
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein set
forth, Authority and Redeveloper do hereby covenant, agree and bind themselves as follows:
ARTICLE I
DEFINITIONS AND INTERPRETATION
Section 1.01 Terms Defined in this Redevelopment Contract.
Unless the context otherwise requires, the following terms shall have the following
meanings for all purposes of this Redevelopment Contract, such definitions to be equally
applicable to both the singular and plural forms and masculine, feminine and neuter gender of any
of the terms defined:
"Act" means Section 12 of Article VIII of the Nebraska Constitution, Sections 18-2101
through 18-2154, Reissue Revised Statutes of Nebraska, 2012, as amended, and acts amendatory
thereof and supplemental thereto.
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"Authority" means the Community Redevelopment Authority of the City of Grand Island,
Nebraska.
"City" means the City of Grand Island, Nebraska.
"Governing Body" means the Mayor and City Council of the City.
"Holder(s)" means the registered owner or owners of Indebtedness issued by the Authority
from time to time outstanding.
"Indebtedness" means any notes, loans, and advances of money or other indebtedness,
including interest and premium, if any, thereon, incurred by the Authority pursuant to the
Resolution and Article III hereof to provide financing for a portion of the Project Costs and secured
in whole or in part by TIF Revenues. The Indebtedness as initially issued by the Authority shall
consist of the Authority's Tax Increment Development Revenue Note (Ebc Obermiller Project),
Series 2021, to be issued in an amount not to exceed $318,285 in substantially the form set forth on
Exhibit C and purchased by the Redeveloper as set forth in Section 3.04 of this Redevelopment
Contract.
"Liquidated Damages Amount' means the amounts to be repaid to Authority by
Redeveloper pursuant to Section 6.02 of this Redevelopment Contract.
"Project" means the improvements to the Redevelopment Project Area, as further described
in Exhibit B attached hereto and incorporated herein by reference and, as used herein, shall include
the Redevelopment Project Property and additions and improvements thereto.
"Project Cost Certification" means a statement prepared and signed by the Redeveloper
verifying the Redeveloper has become legally obligated for, or has paid the Project Costs identified
on Exhibit D.
"Project Costs" means only costs or expenses incurred by Redeveloper for the purposes set
forth in §l8-2103(28)(a) through (g), inclusive, including the providing for such costs by the
exercise of the powers set forth in §18-2107(4) of the Act, all as identified on Exhibit D. Project
Costs shall include, but not be limited to acquisition, demolition and rehabilitation expenditures,
site preparation costs, utility extensions and costs of the Authority for legal and plan preparation,
all as described in Section 3.04 of this Redevelopment Contract.
"Redeveloper" means Ebc Obermiller, LLC, a Nebraska limited liability company.
"Redevelopment Project Area" means that certain real property situated in the City of Grand
Island, Hall County, Nebraska which has been declared blighted and substandard by the City
pursuant to the Act, and which is more particularly described on Exhibit A attached hereto and
incorporated herein by this reference. All such legal descriptions are subject to change based upon
any re-platting requested by the Redeveloper and approved by the City.
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"Redevelopment Project Property" means all of the Redevelopment Project Area which is
the site for the improvements constituting the Project, as more particularly described on Exhibit A
attached hereto and incorporated herein by this reference.
"Redevelopment Contract" means this redevelopment contract between the Authority and
Redeveloper with respect to the Project.
"Redevelopment Plan" means the Redevelopment Plan Amendment (also defined in the
recitals hereto) for the Redevelopment Project Area related to the Project, as attached hereto as
Exhibit B, prepared by the Authority, approved by the City and adopted by the Authority pursuant
to the Act.
"Resolution" means the Resolution of the Authority authorizing the issuance of the
Indebtedness, as supplemented from time to time, and also approving this Redevelopment
Contract.
"TIF Revenues" means incremental ad valorem taxes generated on the Redevelopment
Project Property by the Project which are to be allocated to and paid to the Authority pursuant to
the Act.
Section 1.02 Construction and Interpretation.
The provisions of this Redevelopment Contract shall be construed and interpreted in
accordance with the following provisions:
(a) Whenever in this Redevelopment Contract it is provided that any person may
do or perform any act or thing the word “may" shall be deemed permissive and not
mandatory and it shall be construed that such person shall have the right, but shall not be
obligated, to do and perform any such act or thing.
(b) The phrase "at any time" shall be construed as meaning at any time or from
time to time.
(c) The word "including" shall be construed as meaning "including, but not
limited to."
(d) The words "will" and "shall" shall each be construed as mandatory.
(e) The words "herein," "hereof," "hereunder", "hereinafter" and words of similar
import shall refer to the Redevelopment Contract as a whole rather than to any particular
paragraph, section or subsection, unless the context specifically refers thereto.
(f) Forms of words in the singular, plural, masculine, feminine or neuter shall be
construed to include the other forms as the context may require.
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(g) The captions to the sections of this Redevelopment Contract are for
convenience only and shall not be deemed part of the text of the respective sections and
shall not vary by implication or otherwise any of the provisions hereof.
ARTICLE II
FINDINGS AND REPRESENTATIONS
Section 2.01 Findings of Authority.
The Authority makes the following findings:
(a) The Authority is a duly organized and validly existing community
Redevelopment Authority under the Act.
(b) The Redevelopment Plan has been duly approved by the City and adopted by
the Authority pursuant to Sections 18-2109 through 18-2117 of the Act.
(c) The Authority deems it to be in the public interest and in furtherance of the
purposes of the Act to accept the proposal submitted by Redeveloper as specified herein.
(d) The Redevelopment Project is expected to achieve the public purposes of the
Act by among other things, increasing employment, improving public infrastructure,
increasing the tax base, and lessening blighted and substandard conditions in the
Redevelopment Project Area and other purposes set forth in the Act.
(e) (1) The Redevelopment Plan is feasible and in conformity with the general
plan for the development of the City as a whole and the Redevelopment Plan is in
conformity with the legislative declarations and determinations set forth in the Act, and
(2) Based on representations made by the Redeveloper and information
provided to the Authority:
(i) the Project would not be economically feasible without the use of
tax-increment financing, and
(ii) the Project would not occur in the Redevelopment Project Area
without the use of tax-increment financing.
(iii) the Authority has documented that the Project would not be
economically feasible without the use of funds provided by §18-2147 of the
Act by determining that project funding from Redeveloper’s lender will not
be provided without such funds.
(f) The Authority has determined that 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 by the Authority and
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have been found to be in the long-term best interest of the community impacted by the
Project.
(g) The Authority has determined that the proposed land uses and building
requirements in the Redevelopment 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.
(h) The Authority has determined and documented that the location of the Project
is in a blighted and substandard area and and this Project is appropriate to prevent the spread
of blight and substandard conditions.
Section 2.02 Representations of Redeveloper.
The Redeveloper makes the following representations:
(a) The Redeveloper is a Nebraska limited liability company having the power to
enter into this Redevelopment Contract and perform all obligations contained herein and by
proper action has been duly authorized to execute and deliver this Redevelopment Contract.
Prior to the execution and delivery of this Redevelopment Contract, the Redeveloper has
delivered to the Authority a certificate of good standing, a certified copy of the
Redeveloper's operating agreement and a certified copy of the consent of members
authorizing the execution and delivery of this Redevelopment Contract.
(b) The execution and delivery of this Redevelopment Contract and the
consummation of the transactions herein contemplated will not conflict with or constitute a
breach of or default under any debenture, note or other evidence of indebtedness or any
contract, loan agreement or lease to which Redeveloper is a party or by which it is bound,
or result in the creation or imposition of any lien, charge or encumbrance of any nature
upon any of the property or assets of the Redeveloper contrary to the terms of any
instrument or agreement.
(c) There is no litigation pending or to the best of its knowledge threatened against
Redeveloper affecting its ability to carry out the acquisition, construction, equipping and
furnishing of the Project or the carrying into effect of this Redevelopment Contract or in
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any other matter materially affecting the ability to Redeveloper to perform its obligations
hereunder.
(d) The Project would not be economically feasible without the use of tax
increment financing.
(e) The Project would not occur in the Redevelopment Project Area without the
use of tax-increment financing.
(f) Redeveloper has not filed and does not intend to file an application with the
Department of Revenue to receive tax incentives under the Nebraska Advantage Act or the
ImagiNE Nebraska Act related to a project in the redevelopment project area. In as much
as no such application has been filed, none has been approved.
(g) No application has been filed with the Department of Revenue requesting a
refund of any local option sales tax.
ARTICLE III
OBLIGATIONS OF THE AUTHORITY
Section 3.01 Division 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 for the benefit of any public body be divided for a period of fifteen
years after the effective date (the “Effective Date”), as described in Section 18-2147 (1) of the Act,
which Effective Date shall be the January 1, 2022. Said taxes shall be divided as follows:
(a) That portion of the ad valorem tax on the real estate located in the
Redevelopment Project Area which is produced by levy at the rate fixed each year by or for
each public body upon the "redevelopment project valuation" (as defined in the Act) of the
Redevelopment Project Area 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 Area in excess of such amount (the "Incremental Ad Valorem Tax"), if any, shall
be allocated to, is pledged to, and, when collected, paid into a special fund of the Authority
(designated in the Resolution as the "Note Fund") to pay the principal of, the interest on,
and any premium due in connection with the Indebtedness. When such 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 Phase
shall be paid into the funds of the respective public bodies.
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Section 3.02 Issuance of Indebtedness
The Authority shall authorize the issuance of the Indebtedness in the form and stated
principal amount and bearing interest and being subject to such terms and conditions as are
specified in the Resolution and this Redevelopment Contract; provided, at all times the maximum
amount of the Indebtedness shall be limited to the lesser of (i) the stated face amount of the
Indebtedness, or (ii) the sum of all Project Costs incurred by the Redeveloper as set forth on Exhibit
D. No Indebtedness will be issued until Redeveloper has acquired fee title to the Redevelopment
Project Property and become obligated for construction of the additions and improvements
forming a part of the Project as described in the Plan.
Prior to September 1, 2021, the Authority shall issue one Tax Increment Development
Revenue Note, in one taxable series, in a maximum principal amount of $318,285, in substantially
the form shown on the attached Exhibit C (“TIF Note”), for net funds available to be purchased by
Redeveloper (“TIF Note Purchaser”), in a written form acceptable to Authority’s attorney, and
receive Note proceeds from the TIF Note Purchaser in said amount. At the option of the Authority,
the Authority shall make a grant to Redeveloper in such amount, and such grant shall offset TIF Note
Purchaser’s obligation to purchase the TIF Note. Subject to the terms of this Agreement and the
Resolution, the Authority’s Treasurer on behalf of the Authority shall have the authority to
determine the timing of issuing the Indebtedness and all the other necessary details of the
Indebtedness.
The Redeveloper agrees to purchase the Indebtedness at a price equal to the principal
amount thereof, in a private placement satisfactory to the Authority as to its terms and participants
(including any pledgee thereof). Neither the Authority nor the City shall have any obligation to
provide for the sale of the Indebtedness. It is the sole responsibility of the Redeveloper to effect
the sale of the Indebtedness by purchasing the Indebtedness in accordance with the terms of this
Redevelopment Contract and the Resolution. Redeveloper acknowledges that it is its
understanding and the Authority's understanding that interest on the Indebtedness will be
includable in gross income for federal income tax purposes and subject to Nebraska State income
taxation.
Section 3.03 Pledge of Revenues.
Under the terms of the Resolution, the Authority pledges 100% of the available annual TIF
Revenues derived from the Redevelopment Project Property as security for and to provide payment
of the Indebtedness as the same fall due (including payment of any mandatory redemption amounts
set for the Indebtedness in accordance with the terms of the Resolution).
Section 3.04 Purchase and Pledge of Indebtedness/Grant of Net Proceeds of Indebtedness.
The Redeveloper has agreed to purchase the Indebtedness from the Authority for a price
equal to the principal amount thereof, payable as provided in Section 3.02 and this Section 3.04.
The Redevelopment Plan provides for the Redeveloper to receive a grant under this
Redevelopment Contract. In accordance with the terms of the Redevelopment Plan the
Redeveloper is to receive a grant sufficient to pay the costs of site acquisition, demolition and
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rehabilitation expenditures, all improvements related to Project public infrastructure costs, site
preparation costs, utility extensions and costs of the Authority for legal and plan preparation
including those items described on Exhibit D (the "Project Costs"), in the aggregate maximum
amount not to exceed $318,285. Notwithstanding the foregoing, the aggregate amount of the
Indebtedness and the grant shall not exceed the amount of Project Costs as certified pursuant to
Section 4.02 of this Redevelopment Contract. Such grant shall be made to the Redeveloper upon
certification of Project Costs as set forth herein and in the Resolution, and payment purchase of
the Indebtedness as provided in Section 3.02, unless Redeveloper elects to offset the payment of
the purchase of the Indebtedness with the grant proceeds as provided herein and in the Resolution.
The Authority shall have no obligation to provide grant funds from any source other than as set
forth in the Resolution and this Redevelopment Contract.
Section 3.05 Creation of Funds.
In the Resolution, the Authority has provided for the creation of the following funds and
accounts which funds shall be held by the Authority separate and apart from all other funds and
moneys of the Authority and the City:
(a) a special trust fund called the “Ebc Obermiller Project Note Fund” (the “Note Fund”). All of
the TIF Revenues shall be deposited into the Note Fund. The TIF Revenues accumulated in the Note
Fund shall be used and applied on the Business Day prior to each Interest Payment Date (i) to make
any payments to the City or the Authority as may be required under the Redevelopment Contract and
(ii) to pay principal of or interest on the Note to the extent of any money then remaining the Note
Fund on such Interest Payment Date. Money in the Note Fund shall be used solely for the purposes
described herein and in the Resolution. All Revenues received through and including December 31,
2036 shall be used solely for the payments required herein and by the Resolution; and
(b) a special trust fund called the “Ebc Obermiller Project Fund” (the “Project Fund”) The
Authority shall disburse any money on deposit in the Project Fund from time to time to pay or as
reimbursement for payment made for the Project Costs in each case within 5 Business Days after
completion of the steps set forth herein and in the Resolution. If a sufficient amount to pay a properly
completed Disbursement Request (as defined in Section 4.02) is not in the Project Fund at the time of
the receipt by the Authority of such request, the Authority shall notify the owner of the Note and such
owner may deposit an amount sufficient to pay such request with the Authority for such payment. As
set forth in the Resolution, if the Redeveloper is the owner of the Note and the Redeveloper so elects,
the Authority shall make a grant to Redeveloper in the amount of an approved Disbursement Request;
in such event, the approved Disbursement Request amount shall offset funding of the Note.
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ARTICLE IV
OBLIGATIONS OF REDEVELOPER
Section 4.01 Construction of Project; Note; Insurance.
(a) Redeveloper will acquire the Project, demolish and rehabilitate structures on the site,
prepare the site for redevelopment, install all required utilities and improvements in the public
right-of-way in accordance with the plans and specifications provided to the Authority.
Redeveloper will coordinate with the City for the City’s design and construction required for the
installation of all public infrastructure improvements and right-of-way improvements. The
Redeveloper shall provide and pay for infrastructure installation.
Redeveloper shall pay for the costs of site acquisition, site preparation, demolition and
rehabilitation, utility extension, public infrastructure and costs of the Authority as set forth on
Exhibit D, from the grant provided in Section 3.04 hereof. Redeveloper shall be solely responsible
for obtaining all permits and approvals necessary to acquire, construct and equip the Project. Until
construction of the Project has been completed, Redeveloper shall make reports in such detail and
at such times as may be reasonably requested by the Authority as to the actual progress of
Redeveloper with respect to construction of the Project. Such reports shall include actual
expenditures incurred as described on Exhibit D.
(b) Any general contractor chosen by the Redeveloper shall be required to obtain and keep
in force at all times until completion of construction, policies of insurance including coverage for
contractors' general liability and completed operations. The City, the Authority and the
Redeveloper shall be named as additional insureds. Any contractor chosen by the Redeveloper or
the Redeveloper itself, as owner, shall be required to purchase and maintain property insurance
upon the Project to the full insurable value thereof. This insurance shall insure against the perils
of fire and extended coverage and shall include “All Risk" insurance for physical loss or damage.
The contractor with respect to any specific contract or the Redeveloper shall also carry insurance
on all stored materials. The contractor or the Redeveloper, as the case may be, shall furnish the
Authority and the City with a Certificate of Insurance evidencing policies as required above. Such
certificates shall state that the insurance companies shall give the Authority prior written notice in
the event of cancellation of or material change in any of any of the policies.
(c) Notwithstanding any provision herein to the contrary, in the event Redeveloper has not
acquired fee simple title to the Redevelopment Project Area on or before December 1, 2021, this
Redevelopment Contract shall be null and void and of no force or effect effective as of the date of
execution hereof, and neither party shall have any liability or obligation to the other party with
respect hereto.
Section 4.02 Cost Certification & Disbursement of Note Proceeds.
Proceeds of the Note may be advanced and disbursed in the manner set forth below:
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(a) There shall be submitted to the Authority a grant disbursement request (the
“Disbursement Request”), executed by the Director of the City’s Planning Department and an
authorized representative of the Redeveloper, (i) certifying that a portion of the Project has been
substantially completed and (ii) certifying the actual costs incurred by the Redeveloper in the
completion of such portion of the Project.
(b) If the costs requested for reimbursement under the Disbursement Request are
currently reimbursable under Exhibit D of this Redevelopment Contract and the Community
Redevelopment Law, the Authority shall evidence such allocation in writing and inform the owner of
the Note of any amounts allocated to the Note.
(c) Upon notification from the Authority as described in Section 4.02(b), deposits to the
accounts in the Project Fund may be made from time to time from funds received by the Authority
from the owner of the Note (if other than the Redeveloper) in the amounts necessary to pay amounts
requested in properly completed, signed and approved written Disbursement Requests as described
herein. Such amounts shall be proceeds of the Note and the Treasurer of the Authority shall inform
the Registrar (as defined in the Note Resolution) in writing of the date and amount of such deposits.
At the option of the Redeveloper, if the Redeveloper is the owner of the Note, the Authority shall
make a grant to Redeveloper in the amount of the approved Disbursement Request; in such event, the
approved Disbursement Request amount shall offset funding of the Note. The Registrar shall keep
and maintain a record of the amounts deposited into the Project Fund from Note proceeds pursuant to
the terms of this Resolution as “Principal Amount Advanced” and shall enter the aggregate principal
amount then Outstanding as the “Cumulative Outstanding Principal Amount” on its records
maintained for the Note. The aggregate amount deposited into the Project Fund from proceeds of the
Note shall not exceed $318,285.
(d) Redeveloper shall retain copies of all supporting documents that are associated with
the redevelopment plan or redevelopment project and that are received or generated by the
Redeveloper for three years following the end of the last fiscal year in which ad valorem taxes are
divided and provide such copies to the city as needed to comply with the city’s retention
requirements under section 18-2117.04 of the Act. For purposes of this subsection, supporting
document includes any cost-benefit analysis conducted pursuant to section 18-2113 of the Act and
any invoice, receipt, claim, or contract received or generated by the redeveloper that provides
support for receipts or payments associated with the division of taxes.
Section 4.03 No Discrimination.
Redeveloper agrees and covenants for itself its successors and assigns that it will not
discriminate against any person or group of persons on account of race, sex, color, religion,
national origin, ancestry, disability, marital status or receipt of public assistance in connection with
the Project. Redeveloper, for itself and its successors and assigns, agrees that during the
construction of the Project, Redeveloper will not discriminate against any employee or applicant
for employment because of race, religion, sex, color, national origin, ancestry, disability, marital
status or receipt of public assistance. Redeveloper will comply with all applicable federal, state
and local laws related to the Project.
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Section 4.04 Assignment or Conveyance.
This Redevelopment Contract shall not be assigned by the Redeveloper without the written
consent of the Authority. Such consent shall not be unreasonably withheld. Redeveloper agrees
that it shall not convey any Lot, Unit or any portion thereof or any structures thereon to any person
or entity that would be exempt from payment of real estate taxes, and that it will not make
application for any structure, or any portion thereof, to be taxed separately from the underlying
land of any Lot.
Section 4.50 Payment of Authority Costs.
Redeveloper shall pay to the Authority the following sums upon execution hereof:
a. $3,500 for legal expenses of Authority
b. $2,100 for City and Authority administrative accounting of incremental tax payments.
ARTICLE V
FINANCING REDEVELOPMENT PROJECT; ENCUMBRANCES
Section 5.01 Financing
Redeveloper shall pay all costs related to the redevelopment of the Redevelopment Project
Area and the Redevelopment Project Property which are in excess of the amounts paid from the
proceeds of the grant provided from the proceeds of the Indebtedness and granted to Redeveloper.
Redeveloper shall timely pay all costs, expenses, fees, charges and other amounts associated with
the Project.
ARTICLE VI
DEFAULT, REMEDIES; INDEMNIFICATION
Section 6.01 General Remedies of Authority and Redeveloper.
Subject to the further provisions of this Article VI, in the event of any failure to perform or
breach of this Redevelopment Contract or any of its terms or conditions, by any party hereto or
any successor to such party, such party, or successor, shall, upon written notice from the other,
proceed immediately to commence such actions as may be reasonably designed to cure or remedy
such failure to perform or breach which cure or remedy shall be accomplished within a reasonable
time by the diligent pursuit of corrective action. In case such action is not taken, or diligently
pursued, or the failure to perform or breach shall not be cured or remedied within a reasonable
time, this Redevelopment Contract shall be in default and the aggrieved party may institute such
proceedings as may be necessary or desirable to enforce its rights under this Redevelopment
Contract, including, but not limited to, proceedings to compel specific performance by the party
failing to perform or in breach of its obligations. The Redeveloper hereby acknowledges and agrees
that the Authority shall have completed its required performances and satisfied all of its obligations
under this Redevelopment Contract upon the issuance of the Indebtedness and the subsequent
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payment of grant amounts to the Redeveloper as set forth in Article III hereof and by complying
with the obligations of all Redevelopment Contract Amendments.
Section 6.02 Additional Remedies of Authority
In the event that (each such event an "event of default"):
(a) the Redeveloper, or its successor in interest, shall fail to commence the
construction of the improvements included in the Project Costs on or before July 1, 2021,
or shall abandon construction work related to the Project Costs, once commenced, for any
period of 180 days, excepting delays caused by inclement weather,
(b) the Redeveloper, shall fail to pay real estate taxes or assessments on the
Redevelopment Project Property owned by the Redeveloper or any part thereof when due;
and
(c) there is a violation of any other provision of this Redevelopment Contract, and
such failure or action by the Redeveloper has not been cured within 90 days following
written notice from Authority, then the Redeveloper shall be in default of this
Redevelopment Contract.
In the event of such failure to perform, breach or default occurs and is not cured in the
period herein provided, the parties agree that the damages caused to the Authority would be
difficult to determine with certainty and that a reasonable estimation of the amount of damages
that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.04 of this
Redevelopment Contract, less any reductions in the principal amount of the Indebtedness, plus
interest on such amounts as provided herein (the "Liquidated Damages Amount"). Upon the
occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper
to Authority within 30 days of demand from Authority given to the Redeveloper.
Interest shall accrue on the Liquidated Damages Amount at the rate of three percent (3%)
per annum and interest shall commence from the date that the Authority gives notice to the
Redeveloper demanding payment.
Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation
to pay real estate taxes or assessments with respect to the Redevelopment Project Property and the
Project.
Redeveloper, on or before contracting for work included within the Project Costs, shall
furnish to the Authority copies of labor and materials payment bonds and performance bonds for
each contract entered into by Redeveloper related to Project Costs as provided in Section 4.01.
Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary
of any such bond, as and to the extent commercially obtainable (as determined in the discretion of
the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient
surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly
make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor
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or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs)
with labor or materials performed or used in the prosecution of the work provided for in such
contract, and will indemnify and save harmless the Authority to the extent of any payments in
connection with the carrying out of such contracts which the Authority may be required to make
under the law.
Section 6.03 Remedies in the Event of Other Redeveloper Defaults.
In the event the Redeveloper fails to perform any other provisions of this Redevelopment
Contract (other than those specific provisions contained in Section 6.02), the Redeveloper shall be
in default. In such an instance, the Authority may seek to enforce the terms of this Redevelopment
Contract or exercise any other remedies that may be provided in this Redevelopment Contract or
by applicable law; provided, however, that any defaults covered by this Section shall not give rise
to a right or rescission on termination of this Redevelopment Contract, and shall not be covered
by the Liquidated Damages Amount.
Section 6.04 Forced Delay Beyond Party's Control.
For the purposes of any of the provisions of this Redevelopment Contract, neither the
Authority nor the Redeveloper, as the case may be, nor any successor in interest, shall be
considered in breach of or default in its obligations with respect to the conveyance or preparation
of the Redevelopment Area or any part thereof for redevelopment, or the beginning and completion
of construction of the Project, or progress in respect thereto, in the event of forced delay in the
performance of such obligations due to unforeseeable causes beyond its control and without its
fault or negligence, including, but not restricted to, acts of God, or of the public enemy, acts of the
Government, acts of the other party, fires, floods, epidemics, quarantine restrictions, strikes, freight
embargoes, and unusually severe weather or delays in subcontractors due to such causes; it being
the purpose and intent of this provision that in the event of the occurrence of any such forced delay,
the time or times for performance of the obligations of the Authority or of the Redeveloper with
respect to construction of the Project, as the case may be, shall be extended for the period of the
forced delay: Provided, that the party seeking the benefit of the provisions of this section shall,
within thirty (30) days after the beginning of any such forced delay, have first notified the other
party thereto in writing, and of the cause or causes thereof and requested an extension for the
period of the forced delay.
Section 6.05 Limitations of Liability; Indemnification.
Notwithstanding anything in this Article VI or this Redevelopment Contract to the contrary,
neither the City, the Authority, nor their respective elected officials, officers, directors, appointed
officials, employees, attorneys, agents or their governing bodies shall have any pecuniary
obligation or monetary liability under this Redevelopment Contract. The sole obligation of the
Authority under this Redevelopment Contract shall be the issuance of the Indebtedness and
granting of a portion of the proceeds thereof to Redeveloper, and full compliance with the terms
specifically set forth Article III hereof and payment of TIF Revenues pledged pursuant to the
Resolution. The Redeveloper releases the City and Authority from, agrees that neither the City nor
Authority shall be liable for, and agrees to indemnify and hold the City and Authority harmless
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from any liability for any loss or damage to property or any injury to or death of any person that
may be occasioned by any cause whatsoever pertaining to the Project.
The Redeveloper will indemnify and hold each of the City and Authority and their
respective elected officials, directors, officers, appointed officials, attorneys, agents, employees
and members of their governing bodies free and harmless from any loss, claim, damage, demand,
tax, penalty, liability, disbursement, expense, excluding litigation expenses, attorneys' fees and
expenses, or court costs arising out of any damage or injury, actual or claimed, of whatsoever kind
or character, to property (including loss of use thereof) or persons, occurring or allegedly occurring
in, on or about that portion of the Project owned by the Redeveloper, during the term of this
Redevelopment Contract or arising out of any action or inaction of Redeveloper, related to
activities of the Redeveloper or its agents during the construction of the public infrastructure or
public right of ways in the Project.
ARTICLE VII
MISCELLANEOUS
Section 7.01 Notice Recording.
This Redevelopment Contract or a notice memorandum of this Redevelopment Contract
may be recorded in the office of the Register of Deeds of Hall County, Nebraska.
Section 7.02 Governing Law.
This Redevelopment Contract shall be governed by the laws of the State of Nebraska,
including but not limited to the Act.
Section 7.03 Binding Effect: Amendment, Assignment.
This Redevelopment Contract shall be binding on the parties hereto and their respective
successors and assigns. The Redevelopment Contract shall not be amended except by a writing
signed by the party to be bound. The Redeveloper may assign its rights and obligations to a
controlled entity which shall be bound by all the terms hereof.
Section 7.04 Effective Date and Implementation of Redevelopment Contract.
This Agreement is in full force and effect from and after the date of execution hereof by
both the Redeveloper and the Authority.
Section 7.05 Notices to Parties.
Notices to Parties shall be mailed by U. S. Mail to the following addresses:
Redeveloper:
Ebc Obermiller LLC
2015 Stagecoach Road
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Grand Island, NE 68801
Authority and City:
Director
Grand Island Community Redevelopment Authority
Hall County Regional Planning Department
100 E 1st Street
P.O. Box 1968
Grand Island, NE 68802
IN WITNESS WHEREOF, City and Redeveloper have signed this Redevelopment Contract as of
the date and year first above written.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF
ATTEST: GRAND ISLAND, NEBRASKA
____________________________ By:________________________
Secretary Chairman
STATE OF NEBRASKA )
) SS
COUNTY OF HALL )
The foregoing instrument was acknowledged before me this ______ day
______________of 2021, by ________________ and ________________, Chairman and
Secretary, respectively, of the Community Redevelopment Authority of the City of Grand Island,
Nebraska, on behalf of the Authority.
____________________________
Notary Public
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Ebc Obermiller LLC
By:______________________
Manager
STATE OF NEBRASKA )
) SS
COUNTY OF HALL )
The foregoing instrument was acknowledged before me this ______ day of __________,2021, by
__________________________, Manager of Ebc Obermiller LLC, on behalf of the limited
liability company.
________________________
Notary Public
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EXHIBIT A
DESCRIPTION OF REDEVELOPMENT AREA
Legal Descriptions: Lots One, Two and Three, Block 14, H.G. Clarks Addition to the City of
Grand Island, Hall County, Nebraska.
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EXHIBIT B
REDEVELOPMENT PLAN
[Attach copy of Redevelopment Plan Amendment]
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EXHIBIT C
(FORM OF NOTE)
UNITED STATES OF AMERICA
STATE OF NEBRASKA
COUNTY OF HALL
COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA
TAX INCREMENT DEVELOPMENT REVENUE NOTE
(EBC OBERMILLER PROJECT), SERIES 2021
No. R-1 Up to $318,285
(subject to reduction as described herein)
Date of Date of Rate of
Original Issue Maturity Interest
December 31, 2037 0.0%
REGISTERED OWNER: Ebc Obermiller LLC
PRINCIPAL AMOUNT: SEE SCHEDULE 1 ATTACHED HERETO
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THE
NOTE SET FORTH ON THE FOLLOWING PAGES, WHICH FURTHER PROVISIONS
SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS
PLACE.
IN WITNESS WHEREOF, THE COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA has caused this Note to be
signed by the manual signature of the Chairman of the Authority, countersigned by the manual
signature of the Secretary of the Authority, and the City’s corporate seal imprinted hereon.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF GRAND
ISLAND, NEBRASKA
[S E A L] By: (manual signature)
Chairman
By: (manual signature)
Secretary
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The COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF
GRAND ISLAND, NEBRASKA (the “Authority”) acknowledges itself indebted to, and for
value received hereby promises to pay, but solely from certain specified tax revenues and other
funds hereinafter specified, to the Registered Owner named above, or registered assigns, on the
Date of Maturity stated above (or earlier as hereinafter referred to), the Principal Amount on
Schedule 1 attached hereto upon presentation and surrender hereof at the office of the registrar and
paying agent herefor, the Treasurer of the City of Grand Island, Nebraska (the “Registrar”), and
in like manner to pay interest on the Cumulative Outstanding Principal Amount reflected in
Schedule 1 at the Rate of Interest stated above, calculated on the basis of a 360-day year consisting
of twelve, 30-day months, from the Date of Original Issue stated above, or the most recent interest
payment date to which interest has been paid or duly provided for, as specified below, to maturity
or earlier redemption, payable semiannually on June 1 and December 1 of each year until payment
in full of such Principal Amount, beginning June 1, 2023, by check or draft mailed to the
Registered Owner hereof as shown on the Note registration books maintained by the Registrar on
the 15th day of the month preceding the month in which the applicable interest payment date
occurs, at such Owner’s address as it appears on such Note registration books. The principal of
this Note and the interest hereon are payable in any coin or currency which on the respective dates
of payment thereof is legal tender for the payment of debts due the United States of America.
This Note is issued by the Authority under the authority of and in full compliance with the
Constitution and statutes of the State of Nebraska, including particularly Article VIII, Section 12 of
the Nebraska Constitution, Sections 18-2101 to 18-2153, inclusive, Reissue Revised Statutes of
Nebraska, as amended, and under and pursuant to Resolution No. ________ duly passed and adopted
by the Authority on __________2021, as from time to time amended and supplemented (the
“Resolution”).
THE PRINCIPAL AMOUNT OF THIS NOTE IS SET FORTH IN SCHEDULE 1
ATTACHED HERETO. THE MAXIMUM PRINCIPAL AMOUNT OF THIS NOTE IS
$318,285.
This Note is a special limited obligation of the Authority payable as to principal and interest
solely from and is secured solely by the Revenue (as defined in the Resolution) and certain other
money, funds and securities pledged under the Resolution, all on the terms and conditions set forth
in the Resolution. The Revenue represents that portion of ad valorem taxes levied by public bodies
of the State of Nebraska, including the City, on real property in the Project Area (as defined in this
Resolution) which is in excess of that portion of such ad valorem taxes produced by the levy at the
rate fixed each year by or for each such public body upon the valuation of the Project Area as of a
certain date and as has been certified by the County Assessor of Hall County, Nebraska to the City
in accordance with law.
Reference is hereby made to the Resolution for the provisions, among others, with respect to
the collection and disposition of certain tax and other revenues, the special funds charged with and
pledged to the payment of the principal of and interest on this Note, the nature and extent of the
security thereby created, the terms and conditions under which this Note has been issued, the rights
and remedies of the Registered Owner of this Note, and the rights, duties, immunities and obligations
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of the City and the Authority. By the acceptance of this Note, the Registered Owner assents to all
of the provisions of the Resolution.
The principal of and interest hereon shall not be payable from the general funds of the City
nor the Authority nor shall this Note constitute a legal or equitable pledge, charge, lien, security
interest or encumbrance upon any of the property or upon any of the income, receipts, or money and
securities of the City or the Authority or of any other party other than those specifically pledged
under the Resolution. This Note is not a debt of the City or the Authority within the meaning of any
constitutional, statutory or charter limitation upon the creation of general obligation indebtedness of
the City or the Authority, and does not impose any general liability upon the City or the Authority
and neither the City nor the Authority shall be liable for the payment hereof out of any funds of the
City or the Authority other than the Revenues and other funds pledged under the Resolution, which
Revenues and other funds have been and hereby are pledged to the punctual payment of the principal
of and interest on this Note in accordance with the provisions of this Resolution.
The Registered Owner may from time to time enter the respective amounts advanced
pursuant to the terms of the Resolution under the column headed “Principal Amount Advanced” on
Schedule 1 hereto (the “Table”) and may enter the aggregate principal amount of this Note then
outstanding under the column headed “Cumulative Outstanding Principal Amount” on the Table.
On each date upon which a portion of the Cumulative Outstanding Principal Amount is paid to the
Registered Owner pursuant to the redemption provisions of the Resolution, the Registered Owner
may enter the principal amount paid on this Note under the column headed “Principal Amount
Redeemed” on the Table and may enter the then outstanding principal amount of this Note under the
column headed “Cumulative Outstanding Principal Amount” on the Table. Notwithstanding the
foregoing, the records maintained by the Trustee as to the principal amount issued and principal
amounts paid on this Note shall be the official records of the Cumulative Outstanding Principal
Amount of this Note for all purposes.
Reference is hereby made to the Resolution, a copy of which is on file in the office of the
City Clerk, and to all of the provisions of which each Owner of this Note by its acceptance hereof
hereby assents, for definitions of terms; the description of and the nature and extent of the security
for this Note; the Revenue and other money and securities pledged to the payment of the principal
of and interest on this Note; the nature and extent and manner of enforcement of the pledge; the
conditions upon which the Resolution may be amended or supplemented with or without the consent
of the Owner of this Note; the rights, duties and obligations of the Authority and the Registrar
thereunder; the terms and provisions upon which the liens, pledges, charges, trusts and covenants
made therein may be discharged at or prior to the maturity or redemption of this Note, and this Note
thereafter no longer be secured by the Resolution or be deemed to be outstanding thereunder, if
money or certain specified securities shall have been deposited with the Registrar sufficient and held
in trust solely for the payment hereof; and for the other terms and provisions thereof.
This Note is subject to redemption prior to maturity, at the option of the Authority, in whole
or in part at any time at a redemption price equal to 100% of the principal amount being redeemed,
plus accrued interest on such principal amount to the date fixed for redemption. Reference is hereby
made to the Resolution for a description of the redemption procedures and the notice requirements
pertaining thereto.
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In the event this Note is called for prior redemption, notice of such redemption shall be given
by first-class mail to the Registered Owner hereof at its address as shown on the registration books
maintained by the Registrar not less than 10 days prior to the date fixed for redemption, unless
waived by the Registered Owner hereof. If this Note, or any portion thereof, shall have been duly
called for redemption and notice of such redemption duly given as provided, then upon such
redemption date the portion of this Note so redeemed shall become due and payable and if money
for the payment of the portion of the Note so redeemed and the accrued interest thereon to the date
fixed for redemption shall be held for the purpose of such payment by the Registrar, interest shall
cease to accrue and become payable hereon from and after the redemption date.
This Note is transferable by the Registered Owner hereof in person or by its attorney or legal
representative duly authorized in writing at the principal office of the Registrar, but only in the
manner, subject to the limitations and upon payment of the charges provided in the Resolution, and
upon surrender and cancellation of this Note. Upon such transfer, a new Note of the same series and
maturity and for the same principal amount will be issued to the transferee in exchange therefor. The
Authority and the Registrar may deem and treat the Registered Owner hereof as the absolute owner
hereof for the purpose of receiving payment of or on account of principal of and interest due hereon
and for all other purposes.
This Note is being issued as a registered Note without coupons. This Note is subject to
exchange as provided in the Resolution.
It is hereby certified, recited and declared that all acts, conditions and things required to have
happened, to exist and to have been performed precedent to and in the issuance of this Note have
happened, do exist and have been performed in regular and due time, form and manner; that this
Note does not exceed any constitutional, statutory or charter limitation on indebtedness; and that
provision has been made for the payment of the principal of and interest on this Note as provided in
this Resolution.
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(FORM OF ASSIGNMENT)
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
___________________________________________________________________________
Print or Type Name, Address and Social Security Number
or other Taxpayer Identification Number of Transferee
the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
_______________ agent to transfer the within Note on the Note register kept by the Registrar for
the registration thereof, with full power of substitution in the premises.
Dated: _______________ ____________________________________
NOTICE: The signature to this Assignment
must correspond with the name of the
Registered Owner as it appears upon the face
of the within Note in every particular.
Signature Guaranteed By:
____________________________________
Name of Eligible Guarantor Institution as
defined by SEC Rule 17 Ad-15 (17 CFR
240.17 Ad-15)
By:________________________________
Title:_______________________________
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SCHEDULE 1
TABLE OF CUMULATIVE OUTSTANDING PRINCIPAL AMOUNT
COMMUNITY REDEVELOPMENT AUTHORITY OF
THE CITY OF GRAND ISLAND, NEBRASKA
EBC OBERMILLER PROJECT
TAX INCREMENT DEVELOPMENT REVENUE NOTE, SERIES 2021
Date
Principal
Amount
Advanced
Principal
Amount
Redeemed
Cumulative
Outstanding
Principal
Amount
Notation
Made
By
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Exhibit D
Project Costs
Redevelopment Project Costs
1.Site Acquisition $245,000
2.Grading 20,000
3.Demolition 40,000
4.Extend sewer water, elec & sidewalk 11,000
5.CRA cost and Legal (partial) 2,285
TOTAL $318,285
Total costs subject to grant not to exceed $318,285
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Redevelopment Plan Amendment
Grand Island CRA Area 6
October 2020
The Community Redevelopment Authority (CRA) of the City of Grand Island
intends to amend the Redevelopment Plan for Area 6 within the city, pursuant to
the Nebraska Community Development Law (the “Act”) and provide for the
financing of a specific commercial project in Area 6.
Executive Summary:
Project Description
THE ACQUISITION OF PROPERTY AT 722 N EDDY STREET AND THE
SUBSEQUENT SITE WORK, UTILITY IMPROVEMENTS, ENGINEERING,
LANDSCAPING, FAÇADE ENHANCMENTS, RECONSTRUCTION AND PARKING
IMPROVEMENTS NECESSARY FOR REDEVELOPMENT OF THIS PROPERTY.
The use of Tax Increment Financing (TIF) to aid in the acquisition of property, necessary
site work and rehabilitation 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, 2022 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 south of 8th Street and west of Eddy Street in south central Grand
Island, the attached map identifies the subject property and the surrounding land uses:
Legal Description:Lots One (1), Two (2) and Three (3) Block 14 H. G.
Clarks Addition, 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 2022 through 2036
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 October 9, 2007.[§18-2109] Such
declaration was made after a public hearing with full compliance with the public
notice requirements of §18-2115 of the Act.
2. Conformation to the General Plan for the Municipality as a whole. [§18-2103 (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 May 5, 2021 and passed Resolution 2021-05 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 6 provides for real property acquisition and this plan
amendment does not prohibit such acquisition. There is no proposed acquisition by the
authority. The applicant will be acquiring the property from the current owner for
$245,000.
b. Demolition and Removal of Structures:
The project to be implemented with this plan will require complete demolition 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 mixed use 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 & R4 High Density Residential Zone. A
zoning change is necessary for Three (3) Block 14 H. G. Clarks Addition and in process.
No changes are anticipated in street layouts or grades. No changes are anticipated in
building codes or ordinances. Nor are any other planning changes contemplated. [§18-
2103(b) and §18-2111]
e. Site Coverage and Intensity of Use
The developer is proposing to demolish the current structure and construct a car repair
shop with nine service bays.
f. Additional Public Facilities or Utilities
Sewer and water are available to support this development.
The developer will be responsible for replacing any sidewalks damaged during
construction of the project.
No other utilities would be impacted by the development. [§18-2103(b) and §18-2111]
4. The Act requires a Redevelopment Plan provide for relocation of individuals and
families displaced as a result of plan implementation. This 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 $245,000. The cost of property
acquisition is being included as a TIF eligible expense. Total costs for construction is
estimated at $1,209,500 and is not TIF eligible. The cost of grading, dirt work and fill is
$20,000. An additional $40,000 of expenses for demolition, along with on-site
improvements of $11,000. Including a $5,700 of expenses for legal work, fees and
financial tracking of this project are also included as eligible expenses. The total
estimated eligible expenses are 321,700$. The request for TIF assistance is $318,825. It is
estimated based on the proposed increased valuation to $1,218,278 that available TIF
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Ebc Obermiller LLC: 722 N Eddy Street P a g e | 7
would be $333,307 over the 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 proceeds of the from the$318,285
will be repaid from the Tax TIF Indebtedness issued by the Authority. This indebtedness
TIF revenues shall be made available to Increment Revenues generated from the project.
. est according to the approved contractrepay the original debt and associated inter
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 reconstruction and enhanced utilization of commercial space this
location. This will have the intended result of preventing recurring elements of unsafe
buildings and blighting conditions.
8. Time Frame for Development
Development of this project is anticipated to be completed October of 2021. Excess
valuation should be available for this project for 15 years beginning with the 2022 tax
year.
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Ebc Obermiller LLC: 722 N Eddy Street P a g e | 8
9. Justification of Project
This is infill development in an area with all city sewer and water available. The
developer owns other properties in the area and has almost 50 full time employees
working at those locations and is ready to expand in this area of the community.
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 s from tax increment in public fund$318,285
financing provided by the Grand Island Community Redevelopment Authority will be
Authority will leveragey thebrequired to complete the project. This investment
for 82.2nt of $; a private investmefinancing and investmentin private sector 896,915 $
It is estimated this will pay off in 15 years.every TIF dollar investment.
Use of Funds. Source of Funds
Description Eligible for TIF
Funds
Private Funds Total
Site Acquisition $245,000 $245,000
Grading/Dirtwork/Fill $20,000 $20,000
Demolition $40,000 $40,000
On-Site Improvements $11,000 $11,000
Soft Costs $10,000 $10,000
Legal CRA Cost $2,285 $3,415 $5,700
Building Construction
Costs
$883,500 $883,500
TOTALS $318,285 $896,915 $1,215,200
Tax Revenue. The property to be redeveloped is expected to have has a January 1, 2022,
valuation of approximately $1,218,278. Based on the 2021 levy this would result in a real
property tax of approximately $26,517. It is anticipated that the assessed value will increase by
$,1581,011 upon full completion, as a result of the site redevelopment. This development will
result in an estimated tax increase of over $22,220 annually resulting in approximately $333,307
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.
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Ebc Obermiller LLC: 722 N Eddy Street P a g e | 9
Estimated 2021 assessed value: $ 207,120
Estimated value after completion $ 1,218,278
Increment value $ 1,011,158
Annual TIF generated (estimated) $ 22,220
TIF bond issue $ 318,285
(a) Tax shifts resulting from the approval of the use of Tax Increment Financing;
The redevelopment project area has an estimated valuation of $207,120. The
proposed improvements at this location will result in at least an additional $1,011,158 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.
(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 skilled mechanics positions. The
developer already employs almost 50 people and most of those workers would work at
this facility.
(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. This
project does not involve housing and will demolish and reconstruct a facility for
commercial use at this site.
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Ebc Obermiller LLC: 722 N Eddy Street P a g e | 10
(f) Any other impacts determined by the authority to be relevant to the
consideration of costs and benefits arising from the redevelopment project.
The future land use of this area recommends mixed use commercial development in this
area of the community. Eddy Street is commercial corridor and in 2020 the city rezoned
the Eddy Street corridor between 9th Street and 17th to B2 General Business Zone. The
whole corridor from 4th Street to Five Points is zoned B2. North on Eddy at the Five
Points area, the city has developed a plan to construct a major round about to alleviate
traffic congestion allowing for a better flow of traffic through the area. Investment in this
property will continue to promote the Eddy Street corridor as a sustainable area for
commercial development as the city grows.
Time Frame for Development
Development of this project is anticipated to be completed October 2021. The base tax
year should be calculated on the value of the property as of January 1, 2021. Excess
valuation should be available for this project for 15 years beginning in the 2022 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. The full
amount of TIF generated over a 15 year period would be $333,307 and the developer has
.to cover just over $321,000 of eligible expenses318,285requested $
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Ebc Obermiller 722 N Eddy (Miller Tire) 1 |P a g e
COMMUNITY REDEVELOPMENT AUTHORITY OF
THE CITY OF GRAND ISLAND, NEBRASKA
RESOLUTION NO. 355
A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF A
COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND
ISLAND, NEBRASKA, TAX INCREMENT DEVELOPMENT REVENUE NOTE
OR OTHER OBLIGATION, IN A PRINCIPAL AMOUNT NOT TO EXCEED
$318,285 FOR THE PURPOSE OF (1) PAYING THE COSTS OF ACQUIRING,
DEMOLISHING, CONSTRUCTING, RECONSTRUCTING, IMPROVING,
EXTENDING, REHABILITATING, INSTALLING, EQUIPPING, FURNISHING
AND COMPLETING CERTAIN IMPROVEMENTS WITHIN THE AUTHORITY’S
EBC OBERMILLER, REDEVELOPMENT PROJECT AREA, SPECIFICALLY
INCLUDING SITE PURCHASE, PREPARATION, DEMOLITION,
REHABILITATION, UTILITY EXTENSION AND (2) PAYING THE COSTS OF
ISSUANCE THEREOF; PRESCRIBING THE FORM AND CERTAIN DETAILS OF
THE NOTE OR OTHER OBLIGATION; PLEDGING CERTAIN TAX REVENUE
AND OTHER REVENUE TO THE PAYMENT OF THE PRINCIPAL OF AND
INTEREST ON THE NOTE OR OTHER OBLIGATION AS THE SAME BECOME
DUE; LIMITING PAYMENT OF THE NOTE OR OTHER OBLIGATION TO
SUCH TAX REVENUES; CREATING AND ESTABLISHING FUNDS AND
ACCOUNTS; DELEGATING, AUTHORIZING AND DIRECTING THE FINANCE
DIRECTOR TO EXERCISE HIS OR HER INDEPENDENT DISCRETION AND
JUDGMENT IN DETERMINING AND FINALIZING CERTAIN TERMS AND
PROVISIONS OF THE NOTE OR OTHER OBLIGATION NOT SPECIFIED
HEREIN; APPROVING A REDEVELOPMENT CONTRACT AND
REDEVELOPMENT PLAN; TAKING OTHER ACTIONS AND MAKING OTHER
COVENANTS AND AGREEMENTS IN CONNECTION WITH THE FOREGOING;
AND RELATED MATTERS.
BE IT RESOLVED BY THE MEMBERS OF THE COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA:
ARTICLE I
FINDINGS AND DETERMINATIONS
Section 1.1. Findings and Determinations. The Members of the Community Redevelopment
Authority of the City of Grand Island, Nebraska (the “Authority”) hereby find and determine as follows:
(a) The City of Grand Island, Nebraska (the “City”), pursuant to the Plan Resolution (hereinafter
defined), approved the City of Grand Island Redevelopment Area #6 Plan Amendment October 2020 (the
“Redevelopment Plan”) under and pursuant to which the Authority shall undertake from time to time to
redevelop and rehabilitate the Redevelopment Area (hereinafter defined).
(b) Pursuant to the Redevelopment Plan, the Authority has previously obligated itself and/or will
hereafter obligate itself to provide a portion of the financing to acquire, construct, reconstruct, improve,
extend, rehabilitate, install, equip, furnish and complete, at the cost and expense of the Redeveloper, a
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portion of the improvements (as defined in the Redevelopment Contract hereinafter identified) in the
Redevelopment Area (the “Project Costs”), including, without limitation) the cost of acquiring, constructing,
reconstructing, improving, extending, rehabilitating, installing, and completing the acquisition of the Project
Site (as defined in the Redevelopment Contract), (collectively, the “Project”), as more fully described in the
Redevelopment Contract (hereinafter defined).
(c) The Authority is authorized by the Redevelopment Law (hereinafter defined) to issue tax
allocation notes for the purpose of paying the costs and expenses of the Project, the principal of which is
payable from certain tax revenues as set forth in the Redevelopment Law.
(d) In order to provide funds to pay a portion of the costs of the Project, it is necessary, desirable,
advisable, and in the best interest of the Authority for the Authority to issue a Tax Increment Development
Revenue Note or other obligation in a principal amount not to exceed $318,285 (the “Note”).
(e) All conditions, acts and things required to exist or to be done precedent to the issuance of
the Note do exist and have been done as required by law.
ARTICLE II
CERTAIN DEFINITIONS; COMPUTATIONS;
CERTIFICATES AND OPINIONS; ORDERS AND DIRECTIONS
Section 2.1. Definitions of Special Terms. Unless the context clearly indicates some other meaning
or may otherwise require, and in addition to those terms defined elsewhere herein, the terms defined in this
Section 2.1 shall, for all purposes of this Resolution, any Resolution or other instrument amendatory hereof
or supplemental hereto, instrument or document herein or therein mentioned, have the meanings specified
herein, with the following definitions to be equally applicable to both the singular and plural forms of any
terms defined herein:
“Authority” means the Community Redevelopment Authority of the City of Grand Island, Nebraska.
City” means the City of Grand Island, Nebraska.
“Project Costs” means the redevelopment project costs (as defined in the Redevelopment Contract)
in the Redevelopment Area, the costs of which are eligible to be paid from the proceeds of the Note.
“Assessor” means the Assessor of Hall County, Nebraska.
“Note” means the Ebc Obermiller, Redevelopment Project Tax Increment Development Revenue
Note of the Authority, in a principal amount not to exceed $318,285, issued pursuant to this Resolution, and
shall include any note, including refunding note, interim certificate, debenture, or other obligation issued
pursuant to the Redevelopment Law. At the option of the Owner of the Note, the titular designation of such
Note may be revised to state note, interim certificate, debenture, obligation, or such other designation as is
appropriate.
“Secretary” means the Secretary of the Authority.
“Cumulative Outstanding Principal Amount” means the aggregate principal amount of the Note
issued and Outstanding from time to time in accordance with the provisions of this Resolution, as reflected in
the records maintained by the Registrar as provided in this Resolution.
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“Date of Original Issue” means the date the Note is initially issued, which shall be the date of the
first allocation of principal on the Note as further described in Section 3.2.
“Debt Service” means, as of any particular date of computation, and with respect to any period, the
amount to be paid or set aside as of such date or such period for the payment of the principal on the Note.
“Escrow Obligations” means (a) Government Obligations, (b) certificates of deposit issued by a
bank or trust company which are (1) fully insured by the Federal Deposit Insurance Corporation or similar
corporation chartered by the United States or (2) secured by a pledge of any Government Obligations having
an aggregate market value, exclusive of accrued interest, equal at least to the principal amount of the
certificates so secured, which security is held in a custody account by a custodian satisfactory to the Registrar,
or (c) (1) evidences of a direct ownership in future interest or principal on Government Obligations, which
Government Obligations are held in a custody account by a custodian satisfactory to the Registrar pursuant to
the terms of a custody agreement in form and substance acceptable to the Registrar and (2) obligations issued
by any state of the United States or any political subdivision, public instrumentality or public authority of any
state, which obligations are fully secured by and payable solely from Government Obligations, which
Government Obligations are held pursuant to an agreement in form and substance acceptable to the Registrar
and, in any such case, maturing as to principal and interest in such amounts and at such times as will insure
the availability of sufficient money to make the payment secured thereby.
“Finance Director” means the Treasurer/Finance Director or Acting Treasurer/Finance Director, as
the case may be, of the City.
“Fiscal Year” means the twelve-month period established by the City or provided by law from time
to time as its fiscal year.
“Government Obligations” means direct obligations of, or obligations the principal of and interest
on which are unconditionally guaranteed by, the United States of America.
“Improvements” means the improvements to be constructed, reconstructed, acquired, improved,
extended, rehabilitated, installed, equipped, furnished and completed in the Project Area in accordance with
the Redevelopment Plan, including, but not limited to, the improvements constituting the Project (as defined
in the Redevelopment Contract).
“Payment Date” means June 1 and December 31 of each year any Note is outstanding, commencing
on the first Payment Date following the Date of Original Issue.
“Chairman” means the Chairman of the Authority.
“Outstanding” means when used with reference to any Note, as of a particular date, all Notes
theretofore authenticated and delivered under this Resolution except:
(a) Notes theretofore canceled by the Registrar or delivered to the Registrar for
cancellation;
(b) Notes which are deemed to have been paid in accordance with Section 10.1 hereof;
(c) Notes alleged to have been mutilated, destroyed, lost or stolen which have been
paid as provided in Section 3.9 hereof; and
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(d) Notes in exchange for or in lieu of which other Notes have been authenticated and
delivered pursuant to this Resolution.
“Owner” means the person(s) identified as the owner(s) of the Note from time to time, as indicated
on the books of registry maintained by the Registrar.
“Plan Resolution” means, Resolution No. ___________ of the City, together with any other
resolution providing for an amendment to the Redevelopment Plan.
“Project Area” means the area identified and referred to as the Project Site in the Redevelopment
Contract.
“Record Date” means, for each Payment Date, the 15th day immediately preceding such Payment
Date.
“Redeveloper” means the Redeveloper as defined in the Redevelopment Contract responsible for
constructing, reconstructing, acquiring, improving, extending, rehabilitating, installing, equipping, furnishing
and completing the Project.
“Redeveloper Note” means any Note that is owned by the Redeveloper according to the records of
the Registrar.
“Redevelopment Contract” means the City of Grand Island Redevelopment Contract Ebc
Obermiller, Redevelopment Project, dated the date of its execution, between the Authority, and Ebc
Obermiller, LLC, relating to the Project.
“Redevelopment Area” means the community redevelopment area described, defined or otherwise
identified or referred to in the Redevelopment Plan.
“Redevelopment Law” means Article VIII, Section 12 of the Constitution of the State and Chapter
18, Article 21, Reissue Revised Statutes of Nebraska, as amended.
“Redevelopment Plan” means the “City of Grand Island Redevelopment Plan Amendment for
Redevelopment Area #6 October 2020” passed, adopted and approved by the City pursuant to the Plan
Resolution, and shall include any amendment of such Redevelopment Plan heretofore or hereafter made by
the City pursuant to law.
“Refunding Notes” means the notes authorized to be issued pursuant to Article V.
“Registrar” means the Treasurer of the City of Grand Island, Nebraska, in its capacity as registrar
and paying agent for the Note.
“Resolution” means this Resolution as from time to time amended or supplemented.
“Revenue” means the Tax Revenue.
“Special Fund” means the fund by that name created in Section 7.1.
“State” means the State of Nebraska.
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“Tax Revenue” means, with respect to the Project Area, (a) those tax revenues referred to (1) in the
last sentence of the first paragraph of Article VIII, Section 12 of the Constitution of the State and (2) in Section
18-2147, Reissue Revised Statutes of Nebraska, as amended, and (b) all payments made in lieu thereof.
“Treasurer” means the Treasurer of Hall County, Nebraska.
Section 2.2. Definitions of General Terms. Unless the context clearly indicates otherwise or may
otherwise require, in this Resolution words importing persons include firms, partnerships, associations,
limited liability companies (public and private), public bodies and natural persons, and also include executors,
administrators, trustees, receivers or other representatives.
Unless the context clearly indicates otherwise or may otherwise require, in this Resolution the terms
“herein,” “hereunder,” “hereby,” “hereto,” “hereof” and any similar terms refer to this Resolution as a whole
and not to any particular section or subdivision thereof.
Unless the context clearly indicates otherwise or may otherwise require, in this Resolution: (a)
references to Articles, Sections and other subdivisions, whether by number or letter or otherwise, are to the
respective or corresponding Articles, Sections or subdivisions of this Resolution as such Articles, Sections, or
subdivisions may be amended or supplemented from time to time; and (b) the word “heretofore” means before
the time of passage of this Resolution, and the word “hereafter” means after the time of passage of this
Resolution.
Section 2.3. Computations. Unless the facts shall then be otherwise, all computations required for
the purposes of this Resolution shall be made on the assumption that the principal on the Note shall be paid
as and when the same become due.
Section 2.4. Certificates, Opinions and Reports. Except as otherwise specifically provided in this
Resolution, each certificate, opinion or report with respect to compliance with a condition or covenant
provided for in this Resolution shall include: (a) a statement that the person making such certificate, opinion
or report has read the pertinent provisions of this Resolution to which such covenant or condition relates; (b)
a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate, opinion or report are based; (c) a statement that, in the opinion of such
person, he has made such examination and investigation as is necessary to enable him to express an informed
opinion as to whether or not such covenant or condition has been complied with; (d) a statement as to whether
or not, in the opinion of such person, such condition or covenant has been complied with; and (e) an
identification of any certificates, opinions or reports or other sources or assumptions relied on in such
certificate, opinion or report.
Section 2.5. Evidence of Action by the Authority. Except as otherwise specifically provided in
this Resolution, any request, direction, command, order, notice, certificate or other instrument of, by or from
the City or the Authority shall be effective and binding upon the Authority, respectively, for the purposes of
this Resolution if signed by the Chairman, the Vice Chairman, the Secretary, the Treasurer, the Finance
Director, the Planning Director or by any other person or persons authorized to execute the same by statute,
or by a resolution of the City or the Authority, respectively.
ARTICLE III
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AUTHORIZATION AND ISSUANCE OF THE NOTE;
GENERAL TERMS AND PROVISIONS
Section 3.1. Authorization of Note. Pursuant to and in full compliance with the Redevelopment
Law and this Resolution, and for the purpose of providing funds to pay or reimburse (a) the cost of acquiring,
constructing, reconstructing, improving, extending, rehabilitating, installing, equipping, furnishing, and
completing the Project, and (b) the costs of issuing the Note, the Authority shall issue the Note in a principal
amount not to exceed $318,285. The Note shall be designated as “Community Redevelopment Authority of
the City of Grand Island, Nebraska, Ebc Obermiller, Redevelopment Project Tax Increment Development
Revenue Note,” shall have an appropriate series designation as determined by the Finance Director, shall
be dated the Date of Original Issue, shall mature, subject to right of prior redemption, not later than the
December 31, 2037, and shall bear interest at an annual rate of 0.00%. The Note shall be issued as a single
Note as further described in Section 3.2.
The Note is a special, limited obligation of the Authority payable solely from the Revenue and the
amounts on deposit in the funds and accounts established by this Resolution. The Note shall not in any event
be a debt of the Authority (except to the extent of the Revenue and other money pledged under this
Resolution), the State, nor any of its political subdivisions, and neither the Authority (except to the extent of
the Revenue and other money pledged under this Resolution), the City, the State nor any of its political
subdivisions is liable in respect thereof, nor in any event shall the principal of or interest on the Note be
payable from any source other than the Revenue and other money pledged under this Resolution. The Note
does not constitute a debt within the meaning of any constitutional, statutory, or charter limitation upon the
creation of general obligation indebtedness of the Authority and does not impose any general liability upon
the Authority. Neither any official of the Authority nor any person executing the Note shall be liable
personally on the Note by reason of its issuance. The validity of the Note is not and shall not be dependent
upon the completion of the Project or upon the performance of any obligation relative to the Project.
The Revenue and the amounts on deposit in the funds and accounts established by this Resolution are
hereby pledged and assigned for the payment of the Note, and shall be used for no other purpose than to pay
the principal of or interest on the Note, except as may be otherwise expressly authorized in this Resolution.
The Note shall not constitute a debt of the Authority or the City within the meaning of any constitutional,
statutory, or charter limitation upon the creation of general obligation indebtedness of the Authority, and
neither the Authority nor the City shall not be liable for the payment thereof out of any money of the Authority
or the City other than the Tax Revenue and the other funds referred to herein.
Nothing in this Resolution shall preclude the payment of the Note from (a) the proceeds of future
notes issued pursuant to law or (b) any other legally available funds. Nothing in this Resolution shall
prevent the City or the Authority from making advances of its own funds howsoever derived to any of the
uses and purposes mentioned in this Resolution.
Section 3.2. Details of Note; Authority of Finance Director.
(a) The Note shall be dated the Date of Original Issue and shall be issued to the purchaser
thereof, as the Owner, in installments. The Note shall be delivered on the earlier of allocation of the
maximum principal amount of the Note or upon the issuance of a certificate of occupancy of the building
constituting the Project. The Note shall be issued as a single Note.
(b) Proceeds of the Note may be advanced and disbursed in the manner set forth below:
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(1) There shall be submitted to the Finance Director a disbursement request in a form
acceptable to the Finance Director (the “Disbursement Request”), executed by the City’s Planning
Director and an authorized representative of the Redeveloper, (A) certifying that a portion of the
Project has been substantially completed and (B) certifying the actual costs incurred by the
Redeveloper in the completion of such portion of the Project.
(2) The Finance Director shall evidence such allocation in writing and inform the
Owner of the Note of any amounts allocated to the Note.
(3) Such amounts shall be deemed proceeds of the Note and the Finance Director shall
inform the Registrar in writing of the date and amount of such allocation. The Registrar shall keep
and maintain a record of the amounts allocated to the note pursuant to the terms of this Resolution as
“Principal Amount Advanced” and shall enter the aggregate principal amount then Outstanding as
the “Cumulative Outstanding Principal Amount” on the Note and its records maintained for the Note.
The aggregate amount endorsed as the Principal amount Advanced on the Note shall not exceed
$318,285.
The Authority shall have no obligation to pay any Disbursement Request unless such request has
been properly approved as described above, and proceeds of the Note have been deposited by the Owner of
the Note (if other than the Redeveloper) into the Project Fund.
The records maintained by the Registrar as to principal amount advanced and principal amounts paid
on the Note shall be the official records of the Cumulative Outstanding Principal Amount for all purposes.
(c) The Note shall be dated the Date of Original Issue, which shall be the initial date of a
allocation of the Note.
(d) As of the Date of Original Issue of the Note, there shall be delivered to the Registrar the
following:
(1) A signed investor’s letter in a form acceptable to the Finance Director and Note
Counsel; and
(2) Such additional certificates and other documents as the special counsel for the
Authority may require.
(e) The note shall bear interest, at the rate set forth in Section 3.1 hereof, on the Cumulative
Outstanding Principal Amount of the Note from the Date of Original Issue.
(f) The principal of the Note shall be payable in any coin or currency of the United States of
America from all funds held by the which on the respective dates of payment thereof is legal tender for the
payment of public and private debts. Payments on the Note due prior to maturity or earlier redemption and
payment of any principal upon redemption price to maturity shall be made by check mailed by the Registrar
on each Interest Payment Date to the Owners, at the Owners’ address as it appears on the books of registry
maintained by the Registrar on the Record Date. The principal of the Note due at maturity or upon earlier
redemption shall be payable upon presentation and surrender of the Note to the Registrar. When any portion
of the Note shall have been duly called for redemption and payment thereof duly made or provided for, interest
thereon shall cease on the principal amount of such Note so redeemed from and after the date of redemption
thereof.
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(g) The Note shall be executed by the manual signatures of the Chairman and Secretary of the
Authority. In case any officer whose signature shall appear on any Note shall cease to be such officer
before the delivery of such Note, such signature shall nevertheless be valid and sufficient for all purposes,
the same as if s/he had remained in office until such delivery, and the Note may be signed by such persons
as at the actual time of the execution of such Note shall be the proper officers to sign such Note although
at the date of such Note such persons may not have been such officers.
(i) The Finance Director is hereby authorized to hereafter, from time to time, specify, set,
designate, determine, establish and appoint, as the case may be, and in each case in accordance with and
subject to the provisions of this Resolution, (1) the Date of Original Issue, the principal amount of the Note in
accordance with Section 3.2(a), (2) the maturity date of the Note, which shall be not later than December 31,
2037, (3) the initial Payment Date and (4) any other term of the Note not otherwise specifically fixed by the
provisions of this Resolution.
(j) Any Note issued upon transfer or exchange of any other Note shall be dated as of the Date
of Original Issue.
(k) The Note shall be issued to such Owner as shall be mutually agreed between the Redeveloper
and the Finance Director for a price equal to 100% of the principal amount thereof. No Note shall be delivered
to any Owner unless the Authority shall have received from the Owner thereof such documents as may be
required by the Finance Director to demonstrate compliance with all applicable laws, including without
limitation compliance with Section 3.6 hereof. The Authority may impose such restrictions on the transfer of
any Note as may be required to ensure compliance with all requirements relating to any such transfer.
Section 3.3. Form of Note Generally. The Note shall be issued in registered form. The Note
shall be in substantially the form set forth in Article IX, with such appropriate variations, omissions and
insertions as are permitted or required by this Resolution and with such additional changes as the Finance
Director may deem necessary or appropriate. The Note may have endorsed thereon such legends or text as
may be necessary or appropriate to conform to any applicable rules and regulations of any governmental
authority or any usage or requirement of law with respect thereto.
Section 3.4. Appointment of Registrar. The Finance Director is hereby appointed the registrar
and paying agent for the Note. The Registrar shall specify its acceptance of the duties, obligations and
trusts imposed upon it by the provisions of this Resolution by a written instrument deposited with the
Authority prior to the Date of Original Issue of the initial Note. The Authority reserves the right to remove
the Registrar upon 30 days’ notice and upon the appointment of a successor Registrar, in which event the
predecessor Registrar shall deliver all cash and the Note in its possession to the successor Registrar and
shall deliver the note register to the successor Registrar. The Registrar shall have only such duties and
obligations as are expressly stated in this Resolution and no other duties or obligations shall be required of
the Registrar.
Section 3.5. Exchange of Note. Any Note, upon surrender thereof at the principal office of the
Registrar, together with an assignment duly executed by the Owner or its attorney or legal representative in
such form as shall be satisfactory to the Registrar, may, at the option of the Owner thereof, be exchanged for
another Note in a principal amount equal to the principal amount of the Note surrendered or exchanged, of
the same series and maturity and bearing interest at the same rate. The Authority shall make provision for the
exchange of the Note at the principal office of the Registrar.
Section 3.6. Negotiability, Registration and Transfer of Note. The Registrar shall keep books for
the registration and registration of transfer of the Note as provided in this Resolution. The transfer of the Note
may be registered only upon the books kept for the registration and registration of transfer of the Note upon
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(a) surrender thereof to the Registrar, together with an assignment duly executed by the Owner or its attorney
or legal representative in such form as shall be satisfactory to the Registrar and (b) evidence acceptable to the
Authority that the assignee is a bank or a qualified institutional buyer as defined in Rule 144A promulgated
by the Securities and Exchange Commission. Prior to any transfer and assignment, the Owner will obtain
and provide to the Authority, an investor’s letter in form and substance satisfactory to the Authority
evidencing compliance with the provisions of all federal and state securities laws, and will deposit with the
Authority an amount to cover all reasonable costs incurred by the Authority, including legal fees, of
accomplishing such transfer. A transfer of any Note may be prohibited by the Authority if (1) a default then
exists under the Redevelopment Contract, (2) the assessed valuation of the Redeveloper Property (as defined
in the Redevelopment Contract) is less than $1,000,000, or (3) a protest of the valuation of the Redeveloper
Property is ongoing. Upon any such registration of transfer the Authority shall execute and deliver in
exchange for such Note a new Note, registered in the name of the transferee, in a principal amount equal to
the principal amount of the Note surrendered or exchanged, of the same series and maturity and bearing
interest at the same rate.
In all cases in which any Note shall be exchanged or a transfer of a Note shall be registered hereunder,
the Authority shall execute at the earliest practicable time execute and deliver a Note in accordance with the
provisions of this Resolution. The Note surrendered in any such exchange or registration of transfer shall
forthwith be canceled by the Registrar. Neither the Authority nor the Registrar shall make a charge for the
first such exchange or registration of transfer of any Note by any Owner. The Authority or the Registrar, or
both, may make a charge for shipping, printing and out-of-pocket costs for every subsequent exchange or
registration of transfer of such Note sufficient to reimburse it or them for any and all costs required to be paid
with respect to such exchange or registration of transfer. Neither the Authority nor the Registrar shall be
required to make any such exchange or registration of transfer of any Note during the period between a Record
Date and the corresponding Interest Payment Date.
Section 3.7. Ownership of Note. As to any Note, the person in whose name the same shall be
registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on
account of the principal of or interest on such Note shall be made only to or upon the order of the Owner
thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the
liability upon such Note, including the interest thereon, to the extent of the sum or sums so paid.
Section 3.8. Disposition and Destruction of Note. The Note, upon surrender to the Registrar for
final payment, whether at maturity or upon earlier redemption, shall be canceled upon such payment by the
Registrar and, upon written request of the Finance Director, be destroyed.
Section 3.9. Mutilated, Lost, Stolen or Destroyed Note. If any Note becomes mutilated or is
lost, stolen or destroyed, the Authority shall execute and deliver a new Note of like date and tenor as the
Note mutilated, lost, stolen or destroyed; provided that, in the case of any mutilated Note, such mutilated
Note shall first be surrendered to the Authority. In the case of any lost, stolen or destroyed Note, there first
shall be furnished to the Authority evidence of such loss, theft or destruction satisfactory to the Authority,
together with indemnity to the Authority satisfactory to the Authority. If any such Note has matured, is
about to mature or has been called for redemption, instead of delivering a substitute Note, the Authority
may pay the same without surrender thereof. Upon the issuance of any substitute Note, the Authority may
require the payment of an amount by the Owner sufficient to reimburse the Authority for any tax or other
governmental charge that may be imposed in relation thereto and any other reasonable fees and expenses
incurred in connection therewith.
Section 3.10. Non-presentment of Note. If any Note is not presented for payment when the
principal thereof becomes due and payable as therein and herein provided, whether at the stated maturity
thereof or call for optional or mandatory redemption or otherwise, if funds sufficient to pay such Note have
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been made available to the Registrar all liability of the Authority to the Owner thereof for the payment of
such Note shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty
of the Registrar to hold such funds, without liability for interest thereon, for the benefit of the Owner of
such Note, who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on
their part under this Resolution or on, or with respect to, said Note. If any Note is not presented for payment
within five years following the date when such Note becomes due, the Registrar shall repay to the Authority
the funds theretofore held by it for payment of such Note, and such Note shall, subject to the defense of any
applicable statute of limitation, thereafter be an unsecured obligation of the Authority, and the Registered
Owner thereof shall be entitled to look only to the Authority for payment, and then only to the extent of the
amount so repaid to it by the Registrar, and the Authority shall not be liable for any interest thereon and
shall not be regarded as a trustee of such money.
ARTICLE IV
REDEMPTION OF NOTE
Section 4.1. Redemption of Note. The Note is subject to redemption at the option of the Authority
prior to the maturity thereof at any time as a whole or in part from time to time in such principal amount as
the Authority shall determine, at a redemption price equal to 100% of the principal amount then being
redeemed plus accrued interest thereon to the date fixed for redemption.
Section 4.2. Redemption Procedures. The Finance Director is hereby authorized, without further
action of the Council, to call all or any portion of the principal of the Note for payment and redemption prior
to maturity on such date as the Finance Director shall determine, and shall deposit sufficient funds in the Debt
Service Account from the Surplus Account to pay the principal being redeemed plus the accrued interest
thereon to the date fixed for redemption. The Finance Director may effect partial redemptions of any Note
without notice to the Owner and without presentation and surrender of such Note, but total redemption of any
Note may only be effected with notice to the Owner and upon presentation and surrender of such Note to the
Registrar. Notice of a total redemption of any Note shall be sent by the Registrar by first-class mail not less
than five days prior to the date fixed for redemption to the Owner’s address appearing on the books of registry
maintained by the Registrar and indicate (a) the title and designation of the Note, (b) the redemption date, and
(c) a recitation that the entire principal balance of such Note plus all accrued interest thereon is being called
for redemption on the applicable redemption date.
Section 4.3. Determination of Outstanding Principal Amount of Note. Notwithstanding the
amount indicated on the face of any Note, the principal amount of such Note actually Outstanding from time
to time shall be determined and maintained by the Registrar. The Registrar shall make a notation in the books
of registry maintained for each Note indicating the original principal advance of such Note as determined in
accordance with Section 3.2 and make such additional notations as are required to reflect any additional
principal advances or redemptions of such Note from time to time, including on the Table of Cumulative
Outstanding Principal Amount attached to each Note if it is presented to the Registrar for that purpose. Any
Owner may examine the books of registry maintained by the Registrar upon request, and the Registrar shall
grant such request as soon as reasonably practicable. Any failure of the Registrar to record a principal
advance or a redemption on the Table of Cumulative Outstanding Principal Amount shall not affect the
Cumulative Outstanding Principal Amount shown on the records of the Registrar.
ARTICLE V
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REFUNDING NOTES
Section 5.1. Refunding Notes. Refunding Notes may be issued at any time at the direction of the
Finance Director for the purpose of refunding (including by purchase) any Note or any portion thereof,
including amounts to pay principal to the date of maturity or redemption (or purchase) and the expenses of
issuing the Refunding Notes and of effecting such refunding; provided that the Debt Service on all notes to
be outstanding after the issuance of the Refunding Notes shall not be greater in any Fiscal Year than would
have been the Debt Service in such Fiscal Year were such refunding not to occur.
ARTICLE VI
EFFECTIVE DATE OF PROJECT;
PLEDGE OF REVENUE
Section 6.1. Effective Date of Project. For purposes of Section 18-2147, Reissue Revised Statutes
of Nebraska, as amended, the effective date of the Project shall be determined as set forth in the
Redevelopment Contract. The Planning Director is hereby directed to notify the Assessor of the effective date
of the Project on the form prescribed by the Property Tax Administrator.
Section 6.2. Collection of Revenue; Pledge of Revenue. As provided for in the Redevelopment
Plan, and pursuant to the provisions of the Redevelopment Law, for the period contemplated thereby, the Tax
Revenue collected in the Project Area shall be allocated to and, when collected, paid into the Special Fund
under the terms of this Resolution to pay the principal on the Note. When the Note has been paid in
accordance with this Resolution, the Redevelopment Plan and the Redevelopment Contract, the Tax Revenue
shall be applied as provided for in the Redevelopment Law.
The Revenue is hereby allocated and pledged in its entirety to the payment of the principal on the
Note and to the payment of the Project Costs (including the Project), until the principal on the Note has been
paid (or until money for that purpose has been irrevocably set aside), and the Revenue shall be applied solely
to the payment of the principal on the Note. Such allocation and pledge is and shall be for the sole and
exclusive benefit of the Owner and shall be irrevocable.
Section 6.3. Potential Insufficiency of Revenue. Neither the Authority nor the City makes any
representations, covenants, or warranties to the Owner that the Revenue will be sufficient to pay the principal
of or interest on the Note. Payment of the principal of and interest on the Note is limited solely and exclusively
to the Revenue pledged under the terms of this Resolution, and is not payable from any other source
whatsoever.
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ARTICLE VII
CREATION OF FUNDS AND ACCOUNTS;
PAYMENTS THEREFROM
Section 7.1. Creation of Funds and Account. There is hereby created and established by the
Authority the following funds and accounts which funds shall be held by the Finance Director of the City
separate and apart from all other funds and moneys of the Authority and the City under her control
a special trust fund called the “Ebc Obermiller, Redevelopment Project Tax Increment Special Fund” (the
“Special Fund”).
So long as the Note remains unpaid, the money in the foregoing fund and accounts shall be used for
no purpose other than those required or permitted by this Resolution, any Resolution supplemental to or
amendatory of this Resolution and the Redevelopment Law.
Section 7.2. Special Fund. All of the Revenue shall be deposited into the Special Fund. The
Revenue accumulated in the Special Fund shall be used and applied on the Business Day prior to each Payment
Date (a) to make any payments to the Authority as may be required under the Redevelopment Contract and
(b) to pay principal on the Note to the extent of any money then remaining the Special Fund on such Payment
Date. Money in the Special Fund shall be used solely for the purposes described in this Section 7.2. All
Revenues received through and including December 31, 2037 shall be used solely for the payments required
by this Section 7.2.
ARTICLE VIII
COVENANTS OF THE AUTHORITY
So long as the Note is outstanding and unpaid, the Authority will (through its proper officers, agents
or employees) faithfully perform and abide by all of the covenants, undertakings and provisions contained in
this Resolution or in the Note, including the following covenants and agreements for the benefit of the Owner
which are necessary, convenient and desirable to secure the Note and will tend to make them more marketable;
provided, however, that such covenants do not require either the City or the Authority to expend any money
other than the Revenue nor violate the provisions of State law with respect to tax revenue allocation.
Section 8.1. No Priority. The Authority covenants and agrees that it will not issue any obligations
the principal of or interest on which is payable from the Revenue which have, or purport to have, any lien
upon the Revenue prior or superior to or in parity with the lien of the Note; provided, however, that nothing
in this Resolution shall prevent the Authority from issuing and selling notes or other obligations which have,
or purport to have, any lien upon the Revenue which is junior to the Note and the Debt Service thereon, or
from issuing and selling notes or other obligations which are payable in whole or in part from sources other
than the Revenue.
Section 8.2. To Pay Principal of the Note. The Authority will duly and punctually pay or cause to
be paid solely from the Revenue the principal of the Note on the dates and at the places and in the manner
provided in the Note according to the true intent and meaning thereof and hereof, and will faithfully do and
perform and fully observe and keep any and all covenants, undertakings, stipulations and provisions contained
in the Note and in this Resolution.
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Section 8.4. Books of Account; Financial Statements. The Authority covenants and agrees that it
will at all times keep, or cause to be kept, proper and current books of account (separate from all other records
and accounts) in which complete and accurate entries shall be made of all transactions relating to the Project,
the Revenue and other funds relating to the Project.
Section 8.5. Eminent Domain Proceeds. The Authority covenants and agrees that should all or any
part of the Project be taken by eminent domain or other proceedings authorized by law for any public or other
use under which the property will be exempt from ad valorem taxation, the net proceeds realized by the
Authority therefrom shall constitute Project Revenue and shall be deposited into the Special Fund and used
for the purposes and in the manner described in Section 7.2.
Section 8.6. Protection of Security. The Authority is duly authorized under all applicable laws to
create and issue the Note and to adopt this Resolution and to pledge the Revenue in the manner and to the
extent provided in this Resolution. The Revenue so pledged is and will be free and clear of any pledge, lien,
charge, security interest or encumbrance thereon or with respect thereto prior to, or of equal rank with, the
pledge created by this Resolution, except as otherwise expressly provided herein, and all corporate action on
the part of the Authority to that end has been duly and validly taken. The Note is and will be a valid obligation
of the Authority in accordance with its terms and the terms of this Resolution. The Authority shall at all times,
to the extent permitted by law, defend, preserve and protect the pledge of and security interest granted with
respect to the Revenue pledged under this Resolution and all the rights of the Owner under this Resolution
against all claims and demands of all persons whomsoever.
ARTICLE IX
FORM OF NOTE
Section 9.1. Form of Note. The Note shall be in substantially the following form:
(FORM OF NOTE)
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS, AND THIS NOTE MAY NOT BE
TRANSFERRED UNLESS THE PROPOSED ASSIGNEE IS A BANK OR A QUALIFIED
INSTITUTIONAL BUYER AS DEFINED IN RULE 144A PROMULGATED BY THE SECURITIES
AND EXCHANGE COMMISSION AND THE OWNER HAS OBTAINED AND PROVIDED TO
THE AUTHORITY, PRIOR TO SUCH TRANSFER AND ASSIGNMENT, AN INVESTOR’S
LETTER IN FORM AND SUBSTANCE SATISFACTORY TO THE AUTHORITY EVIDENCING
THE COMPLIANCE WITH THE PROVISIONS OF ALL FEDERAL AND STATE SECURITIES
LAWS AND CONTAINING SUCH OTHER REPRESENTATIONS AS THE AUTHORITY MAY
REQUIRE.
THIS NOTE MAY BE TRANSFERRED ONLY IN THE MANNER AND ON THE TERMS AND
CONDITIONS AND SUBJECT TO THE RESTRICTIONS STATED IN SECTION 3.6 OF
RESOLUTION NO. ____________ OF THE COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA.
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UNITED STATES OF AMERICA
STATE OF NEBRASKA
COUNTY OF HALL
COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA
EBC OBERMILLER, REDEVELOPMENT PROJECT
TAX INCREMENT DEVELOPMENT REVENUE NOTE, SERIES 2021
No. R-1 Up to $318,285
(subject to reduction as described herein)
Date of Date of Rate of
Original Issue Maturity Interest
December 31, 2037 0.00%
REGISTERED OWNER: Ebc Obermiller, LLC
PRINCIPAL AMOUNT: SEE SCHEDULE 1 ATTACHED HERETO
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THE NOTE
SET FORTH ON THE FOLLOWING PAGES, WHICH FURTHER PROVISIONS SHALL FOR
ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.
IN WITNESS WHEREOF, THE COMMUNITY REDEVELOPMENT AUTHORITY OF
THE CITY OF GRAND ISLAND, NEBRASKA has caused this Note to be signed by the manual
signature of the Chairman of the Authority, countersigned by the manual signature of the Secretary of the
Authority.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF GRAND
ISLAND, NEBRASKA
[S E A L]
By: (manual signature)
Chairman
By: (manual signature)
Secretary
The COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND
ISLAND, NEBRASKA (the “Authority”) acknowledges itself indebted to, and for value received hereby
promises to pay, but solely from certain specified tax revenues to the Registered Owner named above, or
registered assigns, on the Date of Maturity stated above (or earlier as hereinafter referred to), the Principal
Amount on Schedule 1 attached hereto upon presentation and surrender hereof at the office of the registrar
and paying agent herefor, the Treasurer of the City of Grand Island, Nebraska (the “Registrar”), payable
semiannually on June 1 and December 31 of each year until payment in full of such Principal Amount,
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beginning June 1, 2023, by check or draft mailed to the Registered Owner hereof as shown on the note
registration books maintained by the Registrar on the 15th day of the month preceding the month in which
the applicable payment date occurs, at such Owner’s address as it appears on such note registration books.
The principal of this Note is payable in any coin or currency which on the respective dates of payment
thereof is legal tender for the payment of debts due the United States of America.
This Note is issued by the Authority under the authority of and in full compliance with the
Constitution and statutes of the State of Nebraska, including particularly Article VIII, Section 12 of the
Nebraska Constitution, Sections 18-2101 to 18-2153, inclusive, Reissue Revised Statutes of Nebraska, as
amended, and under and pursuant to Resolution No. ________ duly passed and adopted by the Authority on
______________, 2021, as from time to time amended and supplemented (the “Resolution”).
THE PRINCIPAL AMOUNT OF THIS NOTE IS SET FORTH IN SCHEDULE 1
ATTACHED HERETO. THE MAXIMUM PRINCIPAL AMOUNT OF THIS NOTE IS $318,285.
This Note has been issued by the Authority for the purpose of financing the costs of constructing,
reconstructing, improving, extending, rehabilitating, installing, equipping, furnishing and completing certain
improvements within the area identified and referred to as the City of Grand Island Redevelopment Plan
Amendment for Redevelopment Area #6 October 2020, (Ebc Obermiller, Project) which is more specifically
described in the Resolution, and to carry out the Authority’s corporate purposes and powers in connection
therewith.
Reference is hereby made to the Resolution for the provisions, among others, with respect to the
collection and disposition of certain tax and other revenues, the special funds charged with and pledged to the
payment of the principal of and interest on this Note, the nature and extent of the security thereby created, the
terms and conditions under which this Note has been issued, the rights and remedies of the Registered Owner
of this Note, and the rights, duties, immunities and obligations of the City and the Authority. By the
acceptance of this Note, the Registered Owner assents to all of the provisions of the Resolution.
This Note is a special limited obligation of the Authority payable as to principal solely from and is
secured solely by the Tax Revenue (as defined in the Resolution) pledged under the Resolution, all on the
terms and conditions set forth in the Resolution. The Tax Revenue represents that portion of ad valorem taxes
levied by public bodies of the State of Nebraska, including the City, on real property in the Project Area (as
defined in this Resolution) which is in excess of that portion of such ad valorem taxes produced by the levy
at the rate fixed each year by or for each such public body upon the valuation of the Project Area as of a certain
date and as has been certified by the County Assessor of Hall County, Nebraska to the City in accordance
with law.
The principal hereon shall not be payable from the general funds of the City nor the Authority nor
shall this Note constitute a legal or equitable pledge, charge, lien, security interest or encumbrance upon any
of the property or upon any of the income, receipts, or money and securities of the City or the Authority or of
any other party other than those specifically pledged under the Resolution. This Note is not a debt of the City
or the Authority within the meaning of any constitutional, statutory or charter limitation upon the creation of
general obligation indebtedness of the City or the Authority, and does not impose any general liability upon
the City or the Authority and neither the City nor the Authority shall be liable for the payment hereof out of
any funds of the City or the Authority other than the Tax Revenues and other funds pledged under the
Resolution, which Tax Revenues and other funds have been and hereby are pledged to the punctual payment
of the principal of and interest on this Note in accordance with the provisions of this Resolution.
The Registrar may from time to time enter the respective amounts advanced pursuant to the terms of
the Resolution under the column headed “Principal Amount Advanced” on Schedule 1 hereto (the “Table”)
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and may enter the aggregate principal amount of this Note then outstanding under the column headed
“Cumulative Outstanding Principal Amount” on the Table. On each date upon which a portion of the
Cumulative Outstanding Principal Amount is paid to the Registered Owner pursuant to the redemption
provisions of the Resolution, the Registered Owner may enter the principal amount paid on this Note under
the column headed “Principal Amount Redeemed” on the Table and may enter the then outstanding principal
amount of this Note under the column headed “Cumulative Outstanding Principal Amount” on the Table.
Notwithstanding the foregoing, the records maintained by the Registrar as to the principal amount issued and
principal amounts paid on this Note shall be the official records of the Cumulative Outstanding Principal
Amount of this Note for all purposes.
Reference is hereby made to the Resolution, a copy of which is on file in the office of the City Clerk,
and to all of the provisions of which each Owner of this Note by its acceptance hereof hereby assents, for
definitions of terms; the description of and the nature and extent of the security for this Note; the Tax Revenue
pledged to the payment of the principal on this Note; the nature and extent and manner of enforcement of the
pledge; the conditions upon which the Resolution may be amended or supplemented with or without the
consent of the Owner of this Note; the rights, duties and obligations of the Authority and the Registrar
thereunder; the terms and provisions upon which the liens, pledges, charges, trusts and covenants made therein
may be discharged at or prior to the maturity or redemption of this Note, and this Note thereafter no longer be
secured by the Resolution or be deemed to be outstanding thereunder, if money or certain specified securities
shall have been deposited with the Registrar sufficient and held in trust solely for the payment hereof; and for
the other terms and provisions thereof.
This Note is subject to redemption prior to maturity, at the option of the Authority, in whole or in part
at any time at a redemption price equal to 100% of the principal amount being redeemed, plus accrued interest
on such principal amount to the date fixed for redemption. Reference is hereby made to the Resolution for a
description of the redemption procedures and the notice requirements pertaining thereto.
In the event this Note is called for prior redemption, notice of such redemption shall be given by first-
class mail to the Registered Owner hereof at its address as shown on the registration books maintained by the
Registrar not less than 10 days prior to the date fixed for redemption, unless waived by the Registered Owner
hereof. If this Note, or any portion thereof, shall have been duly called for redemption and notice of such
redemption duly given as provided, then upon such redemption date the portion of this Note so redeemed shall
become due and payable and if money for the payment of the portion of the Note so redeemed shall be held
for the purpose of such payment by the Registrar.
This Note is transferable by the Registered Owner hereof in person or by its attorney or legal
representative duly authorized in writing at the principal office of the Registrar, but only in the manner, subject
to the limitations and upon payment of the charges provided in the Resolution, and upon surrender and
cancellation of this Note. Upon such transfer, a new Note of the same series and maturity and for the same
principal amount will be issued to the transferee in exchange therefor. The Authority and the Registrar may
deem and treat the Registered Owner hereof as the absolute owner hereof for the purpose of receiving payment
of or on account of principal of and interest due hereon and for all other purposes.
This note is being issued as a registered note without coupons. This note is subject to exchange as
provided in the Resolution.
It is hereby certified, recited and declared that all acts, conditions and things required to have
happened, to exist and to have been performed precedent to and in the issuance of this Note have happened,
do exist and have been performed in regular and due time, form and manner; that this Note does not exceed
any constitutional, statutory or charter limitation on indebtedness; and that provision has been made for the
payment of the principal of and interest on this Note as provided in this Resolution.
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[The remainder of this page intentionally left blank]
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(FORM OF ASSIGNMENT)
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
___________________________________________________________________________
Print or Type Name, Address and Social Security Number
or other Taxpayer Identification Number of Transferee
the within note and all rights thereunder, and hereby irrevocably constitutes and appoints _______________
agent to transfer the within Note on the note register kept by the Registrar for the registration thereof, with
full power of substitution in the premises.
Dated: _______________ _______________________________________
NOTICE: The signature to this Assignment must
correspond with the name of the Registered
Owner as it appears upon the face of the within
note in every particular.
Signature Guaranteed By:
_______________________________________
Name of Eligible Guarantor Institution as defined
by SEC Rule 17 Ad-15 (17 CFR 240.17 Ad-15)
By: ________________________________
Title: ________________________________
[The remainder of this page intentionally left blank]
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SCHEDULE 1
TABLE OF CUMULATIVE OUTSTANDING PRINCIPAL AMOUNT
COMMUNITY REDEVELOPMENT AUTHORITY OF
THE CITY OF GRAND ISLAND, NEBRASKA
EBC OBERMILLER, REDEVELOPMENT PROJECT
TAX INCREMENT DEVELOPMENT REVENUE NOTE, SERIES 2021
Date
Principal Amount
Advanced
Principal Amount
Redeemed
Cumulative
Outstanding
Principal
Amount
Notation
Made
By
ARTICLE X
DEFEASANCE; MONEY HELD FOR PAYMENT OF
DEFEASED NOTE
Section 10.1. Discharge of Liens and Pledges; Note No Longer Outstanding Hereunder. The
obligations of the Authority under this Resolution, including any Resolutions, resolutions or other proceedings
supplemental hereto, and the liens, pledges, charges, trusts, assignments, covenants and agreements of the
Authority herein or therein made or provided for, shall be fully discharged and satisfied as to the Note or any
portion thereof, and the Note or any portion thereof shall no longer be deemed to be outstanding hereunder
and thereunder,
(a) when the any Note or portion thereof shall have been canceled, or shall have been
surrendered for cancellation or is subject to cancellation, or shall have been purchased from money
in any of the funds held under this Resolution, or
(b) if the Note or portion thereof is not canceled or surrendered for cancellation or
subject to cancellation or so purchased, when payment of the principal of the Note or any portion
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thereof, plus interest on such principal to the due date thereof, either (1) shall have been made or
caused to be made in accordance with the terms thereof, or (2) shall have been provided by irrevocably
depositing with the Registrar for the Note, in trust and irrevocably set aside exclusively for such
payment, (A) money sufficient to make such payment or (B) Escrow Obligations maturing as to
principal in such amount and at such times as will insure the availability of sufficient money to make
such payment.
Provided that, with respect to any total redemption of any Note, notice of redemption shall have been
duly given or provision satisfactory to the Registrar shall have been made therefor, or waiver of such notice,
satisfactory in form, shall have been filed with the Registrar.
At such time as any Note or portion thereof shall no longer be outstanding hereunder, and, except for
the purposes of any such payment from such money or such Escrow Obligations, such Note or portion thereof
shall no longer be secured by or entitled to the benefits of this Resolution.
Any such money so deposited with the Registrar for any Note or portion thereof as provided in this
Section 10.1 may at the direction of the Finance Director also be invested and reinvested in Escrow
Obligations, maturing in the amounts and times as hereinbefore set forth. All income from all Escrow
Obligations in the hands of the Registrar which is not required for the payment of such Note or portion thereof
with respect to which such money shall have been so deposited, shall be paid to the Authority and deposited
in the Special Fund as and when realized and collected for use and application as is other money deposited in
that fund.
Anything in this Resolution to the contrary notwithstanding, if money or Escrow Obligations have
been deposited or set aside with the Registrar pursuant to this Section 10.1 for the payment of any Note and
such Note shall not have in fact been actually paid in full, no amendment to the provisions of this Section
10.1 shall be valid as to or binding upon the Owner thereof without the consent of such Owner.
Section 10.2. Certain Limitations After Due Date. If sufficient money or Escrow Obligations shall
have been deposited in accordance with the terms hereof with the Registrar in trust for the purpose of paying
the Notes or any portion thereof when the same becomes due, whether at maturity or upon earlier redemption,
all liability of the Authority for such payment shall forthwith cease, determine and be completely discharged,
and thereupon it shall be the duty of the Registrar to hold such money or Escrow Obligations, without liability
to the Owners, in trust for the benefit of the Owners, who thereafter shall be restricted exclusively to such
money or Escrow Obligations for any claim for such payment of whatsoever nature on his part.
Notwithstanding the provisions of the preceding paragraph of this Section 10.2, money or Escrow
Obligations held by the Registrar in trust for the payment and discharge of the principal of on any Note which
remain unclaimed for five years after the date on which such payment shall have become due and payable,
either because the Notes shall have reached their maturity date or because the entire principal balance of the
Notes shall have been called for redemption, if such money was held by the Registrar or such paying agent at
such date, or for five years after the date of deposit of such money, if deposited with the Registrar after the
date when such Note became due and payable, shall, at the written request of the Authority be repaid by the
Registrar to the Authority as the Authority’s property and free from the trust created by this Resolution, and
the Registrar shall thereupon be released and discharged with respect thereto, and the Owner thereof shall
look only to the Authority for the payment thereof.
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ARTICLE XI
AMENDING AND SUPPLEMENTING OF RESOLUTION
Section 11.1. Amending and Supplementing of Resolution Without Consent of Owner. The
Authority may at any time without the consent or concurrence of the Owner of the Note adopt a resolution
amendatory hereof or supplemental hereto if the provisions of such supplemental Resolution do not
materially adversely affect the rights of the Owner of the Note, for any one or more of the following
purposes:
(a) To make any changes or corrections in this Resolution as to which the Authority shall have
been advised by counsel that the same are verbal corrections or changes or are required for the purpose of
curing or correcting any ambiguity or defective or inconsistent provision or omission or mistake or manifest
error contained in this Resolution, or to insert in this Resolution such provisions clarifying matters or
questions arising under this Resolution as are necessary or desirable;
(b) To add additional covenants and agreements of the Authority for the purpose of further
securing payment of the Note;
(c) To surrender any right, power or privilege reserved to or conferred upon the Authority by
the terms of this Resolution;
(d) To confirm as further assurance any lien, pledge or charge, or the subjection to any lien,
pledge or charge, created or to be created by the provisions of this Resolution; and
(e) To grant to or confer upon the Owner of the Note any additional rights, remedies, powers,
authority or security that lawfully may be granted to or conferred upon them.
The Authority shall not adopt any supplemental Resolution authorized by the foregoing provisions
of this Section 11.1 unless in the opinion of counsel the adoption of such supplemental Resolution is
permitted by the foregoing provisions of this Section 11.1 and the provisions of such supplemental
Resolution do not materially and adversely affect the rights of the Owner of the Note.
Section 11.2. Amending and Supplementing of Resolution with Consent of Owner. With the
consent of the Owners of the Note, the Authority from time to time and at any time may adopt a resolution
amendatory hereof or supplemental hereto for the purpose of adding any provisions to, or changing in any
manner or eliminating any of the provisions of, this Resolution, or modifying or amending the rights and
obligations of the Authority under this Resolution, or modifying or amending in any manner the rights of
the Owner of the Note; provided, however, that, without the specific consent of the Owner of the Note, no
supplemental Resolution amending or supplementing the provisions hereof shall: (a) change the fixed
maturity date for the payment or the terms of the redemption thereof, or reduce the principal amount of the
Note or the rate of interest thereon or the Redemption Price payable upon the redemption or prepayment
thereof; (b) authorize the creation of any pledge of the Tax Revenues and other money and securities
pledged hereunder, prior, superior or equal to the pledge of and lien and charge thereon created herein for
the payment of the Note except to the extent provided in Articles III and V; or (c) deprive the Owner of
the Note in any material respect of the security afforded by this Resolution. Nothing in this paragraph
contained, however, shall be construed as making necessary the approval of the Owner\ of the Note of the
adoption of any supplemental Resolution authorized by the provisions of Section 11.1.
It shall not be necessary that the consents of the Owner of the Note approve the particular form of
wording of the proposed amendment or supplement or of the proposed supplemental Resolution effecting
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such amendment or supplement, but it shall be sufficient if such consents approve the substance of the
proposed amendment or supplement. After the Owner of the Note shall have filed its consent to the
amending or supplementing hereof pursuant to this Section, the Authority may adopt such supplemental
Resolution.
Section 11.3. Effectiveness of Supplemental Resolution. Upon the adoption (pursuant to this
Article XI and applicable law) by the Authority of any supplemental Resolution amending or
supplementing the provisions of this Resolution or upon such later date as may be specified in such
supplemental Resolution, (a) this Resolution and the Note shall be modified and amended in accordance
with such supplemental Resolution, (b) the respective rights, limitations of rights, obligations, duties and
immunities under this Resolution and the Owner of the Note shall thereafter be determined, exercised and
enforced under this Resolution subject in all respects to such modifications and amendments, and (c) all of
the terms and conditions of any such supplemental Resolution shall be a part of the terms and conditions of
the Note and of this Resolution for any and all purposes.
ARTICLE XII
MISCELLANEOUS
Section 12.1. General and Specific Authorizations; Ratification of Prior Actions. Without in
any way limiting the power, authority or discretion elsewhere herein granted or delegated, the Authority
hereby (a) authorizes and directs the Chairman, Finance Director, Secretary, Planning Director and all other
officers, officials, employees and agents of the City to carry out or cause to be carried out, and to perform
such obligations of the Authority and such other actions as they, or any of them, in consultation with Special
Counsel, the Owner and its counsel shall consider necessary, advisable, desirable or appropriate in connection
with this Resolution, including without limitation the execution and delivery of all related documents,
instruments, certifications and opinions, and (b) delegates, authorizes and directs the Finance Director the
right, power and authority to exercise his independent judgment and absolute discretion in (1) determining
and finalizing all terms and provisions to be carried by the Note not specifically set forth in this Resolution
and (2) the taking of all actions and the making of all arrangements necessary, proper, appropriate, advisable
or desirable in order to effectuate the issuance, sale and delivery of the Note. The execution and delivery by
the Finance Director or by any such other officers, officials, employees or agents of the City of any such
documents, instruments, certifications and opinions, or the doing by them of any act in connection with any
of the matters which are the subject of this Resolution, shall constitute conclusive evidence of both the
Authority’s and their approval of the terms, provisions and contents thereof and of all changes, modifications,
amendments, revisions and alterations made therein and shall conclusively establish their absolute,
unconditional and irrevocable authority with respect thereto from the Authority and the authorization,
approval and ratification by the Authority of the documents, instruments, certifications and opinions so
executed and the actions so taken.
All actions heretofore taken by the Finance Director and all other officers, officials, employees and
agents of the Authority, including without limitation the expenditure of funds and the selection, appointment
and employment of Special Counsel and financial advisors and agents, in connection with issuance and sale
of the Note, together with all other actions taken in connection with any of the matters which are the subject
hereof, be and the same is hereby in all respects authorized, adopted, specified, accepted, ratified, approved
and confirmed.
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Section 12.2. Proceedings Constitute Contract; Enforcement Thereof. The provisions of this
Resolution shall constitute a contract between the Authority and the Owner and the provisions thereof shall
be enforceable by the Owner by mandamus, accounting, mandatory injunction or any other suit, action or
proceeding at law or in equity that is presently or may hereafter be authorized under the laws of the State in
any court of competent jurisdiction. Such contract is made under and is to be construed in accordance with
the laws of the State.
After the issuance and delivery of any Note, this Resolution and any supplemental Resolution shall
not be repealable, but shall be subject to modification or amendment to the extent and in the manner provided
in this Resolution, but to no greater extent and in no other manner.
Section 12.3. Benefits of Resolution Limited to the Authority and the Owner. With the exception
of rights or benefits herein expressly conferred, nothing expressed or mentioned in or to be implied from this
Resolution or the Note is intended or should be construed to confer upon or give to any person other than the
Authority and the Owner of the Note any legal or equitable right, remedy or claim under or by reason of or in
respect to this Resolution or any covenant, condition, stipulation, promise, agreement or provision herein
contained. The Resolution and all of the covenants, conditions, stipulations, promises, agreements and
provisions hereof are intended to be and shall be for and inure to the sole and exclusive benefit of the City,
the Authority and the Owner from time to time of the Note as herein and therein provided.
Section 12.4. No Personal Liability. No officer or employee of the Authority shall be individually
or personally liable for the payment of the principal of or interest on the Note. Nothing herein contained shall,
however, relieve any such officer or employee from the performance of any duty provided or required by law.
Section 12.5. Effect of Saturdays, Sundays and Legal Holidays. Whenever this Resolution
requires any action to be taken on a Saturday, Sunday or legal holiday, such action shall be taken on the first
business day occurring thereafter. Whenever in this Resolution the time within which any action is required
to be taken or within which any right will lapse or expire shall terminate on a Saturday, Sunday or legal
holiday, such time shall continue to run until midnight on the next succeeding business day.
Section 12.6. Partial Invalidity. If any one or more of the covenants or agreements or portions
thereof provided in this Resolution on the part of the City, the Authority or the Registrar to be performed
should be determined by a court of competent jurisdiction to be contrary to law, then such covenant or
covenants, or such agreement or agreements, or such portions thereof, shall be deemed severable from the
remaining covenants and agreements or portions thereof provided in this Resolution and the invalidity thereof
shall in no way affect the validity of the other provisions of this Resolution or of the Note, but the Owner of
the Note shall retain all the rights and benefits accorded to them hereunder and under any applicable provisions
of law.
If any provisions of this Resolution shall be held or deemed to be or shall, in fact, be inoperative or
unenforceable or invalid as applied in any particular case in any jurisdiction or jurisdictions or in all
jurisdictions, or in all cases because it conflicts with any constitution or statute or rule of public policy, or for
any other reason, such circumstances shall not have the effect of rendering the provision in question
inoperative or unenforceable or invalid in any other case or circumstance, or of rendering any other provision
or provisions herein contained inoperative or unenforceable or invalid to any extent whatever.
Section 12.7. Law and Place of Enforcement of this Resolution. The Resolution shall be construed
and interpreted in accordance with the laws of the State. All suits and actions arising out of this Resolution
shall be instituted in a court of competent jurisdiction in the State except to the extent necessary for
enforcement, by any trustee or receiver appointed by or pursuant to the provisions of this Resolution, or
remedies under this Resolution.
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Section 12.8. Effect of Article and Section Headings and Table of Contents. The headings or
titles of the several Articles and Sections hereof, and any table of contents appended hereto or to copies hereof,
shall be solely for convenience of reference and shall not affect the meaning, construction, interpretation or
effect of this Resolution.
Section 12.9. Repeal of Inconsistent Resolution. Any Resolution of the City, or the Authority and
any part of any resolution, inconsistent with this Resolution is hereby repealed to the extent of such
inconsistency.
Section 12.10. Publication and Effectiveness of this Resolution. This Resolution shall take effect
and be in full force from and after its passage by the Community Redevelopment Authority of the City.
Section 12.11 Authority to Execute Redevelopment Contract and Approve Plan. The Chairman
and Secretary are authorized and directed to execute the Redevelopment Contract, in the form presented with
such changes as the Chairman, in his discretion deems proper. The Plan is approved and adopted.
PASSED AND ADOPTED: ______________________, 2021.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF GRAND
ISLAND, NEBRASKA
(SEAL) By:
Chairman
ATTEST:
By:
Secretary
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Community Redevelopment
Authority (CRA)
Wednesday, June 9, 2021
Regular Meeting
Item X1
Consideration of Approval of Sale of Kaufman Building from T&S
Development L.L.C. (Tom and Sue Pirnie) to EBMT Properties
L.L.C. (Jim Pirnie)
Staff Contact:
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