04-13-2022 Community Redevelopment Authority Regular Meeting Packet
Community Redevelopment
Authority (CRA)
Wednesday, April 13, 2022
Regular Meeting Packet
Board Members:
Tom Gdowski - Chairman
Jim Truell - Vice Chairman
Sue Pirnie
Bart Qualsett
Krae Dutoit
4:00 PM
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Call to Order
Roll Call
A - SUBMITTAL OF REQUESTS FOR FUTURE ITEMS
Individuals who have appropriate items for City Council consideration should complete the Request for
Future Agenda Items form located at the Information Booth. If the issue can be handled administratively
without Council action, notification will be provided. If the item is scheduled for a meeting or study
session, notification of the date will be given.
B - RESERVE TIME TO SPEAK ON AGENDA ITEMS
This is an opportunity for individuals wishing to provide input on any of tonight's agenda items to reserve
time to speak. Please come forward, state your name and address, and the Agenda topic on which you will
be speaking.
DIRECTOR COMMUNICATION
This is an opportunity for the Director to comment on current events, activities, and issues of interest to
the commission.
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Community Redevelopment
Authority (CRA)
Wednesday, April 13, 2022
Regular Meeting
Item A1
Agenda April 13, 2022
Staff Contact:
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COMMUNITY REDEVELOPMENT AUTHORITY
AGENDA MEMORANDUM
4 p.m. Wednesday, April 13, 2022
2. APPROVAL OF MINUTES. The minutes of the Community Redevelopment
Authority meeting March 16, 2022 are submitted for approval. A MOTION is in
order.
3. APPROVAL OF FINANCIAL REPORTS. Financial reports for March 1-31 are
included in the packet for review and approval.
4. APPROVAL OF BILLS. Payment of bills in the amount of $10,588.91
5. REVIEW OF COMMITTED PROJECTS AND CRA PROPERTIES.
6. REDEVELOPMENT CONTRACT AND BOND RESOLUTION FOR CRA AREA
#1 – NIKODYM THIRD SUBDIVISION –JNIK LLC
The Grand Island City Council approved a redevelopment plan for CRA Area No. 1
for redevelopment of the for redevelopment of the property located north of Bismark
Road and east of Cherry Street including 1010 Bismark Road. The request calls for
redevelopment of this property for the creation of 47 residential lots and renovating
the commercial space at 1010 E. Bismark Road. The plan requests $5,800,000 in tax
increment financing along with associated interest on the TIF bonds. The CRA may
approve the contract and bond resolution. A MOTION to approve Resolution 387 is
in order.
7. REDEVELOPMENT CONTRACT AND BOND RESOLUTION FOR CRA
AREA 1- 313 W. 2ND STREET- LEFT CLICK PROPERTIES
Concerning a redevelopment plan for CRA Area No. 1 for redevelopment of the
commercial property at 313 W 2nd Street. The request calls for redevelopment of this
property for renovation of commercial office space at this location. The plan requests
$71,629 in tax increment financing along with associated interest on the TIF bonds.
The CRA may approve the contract and bond resolution. A MOTION to approve
Resolution 388 is in order.
8. REDEVELOPMENT CONTRACT AND BOND RESOLUTION FOR CRA
AREA 36- HIGHLAND NORTH SUBDIVISION AT INDEPENDENCE
AVENUE AND NEBRASKA HIGHWAY 2-
Concerning a redevelopment plan for CRA Area No. 34 for development of mixed
use neighborhood at this location including 142 units of housing, a small
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neighborhood commercial node along with trails, parks and other amenities at this
location. The plan requests $14,590,251 in tax increment financing along with
associated interest on the TIF bonds. The CRA may approve the contract and bond
resolution. A MOTION to approve Resolution 389 is in order.
9. REDEVELOPMENT PLAN CRA AREA 36- PARAMOUNT
DEVELOPMENT NORTHWEST GATEWAY SUBDIVISION-
Concerning a redevelopment plan for CRA Area No. 36 for development of 3
duplexes (6 housing units) at 4157, 4161 and 4163 Montana Avenue in the
Northwest Gateway Subdivision. The plan requests $285,500 in tax increment
financing along with associated interest on the TIF bonds. The CRA may forward
the plan to the Regional Planning Commission for review and give 30-day notice
to the Grand Island City Council of a potential development contract. A MOTION
to approve Resolution 390 (forward to Regional Planning Commission) and
Resolution 391 (30-day intent notice to city council) is in order.
10. DIRECTOR’S REPORT.
a.Veteran’s Home Property and Veteran’s Legacy South
b.May 1 TIF Report
c.Other Projects
11. ADJOURNMENT
Chad Nabity
Director
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Community Redevelopment
Authority (CRA)
Wednesday, April 13, 2022
Regular Meeting
Item B1
March 9, 2022 Meeting Minutes
Staff Contact:
Grand Island Regular Meeting - 4/13/2022 Page 8 / 217
OFFICIAL PROCEEDINGS
MINUTES OF
COMMUNITY REDEVELOPMENT AUTHORITY
MEETING OF
March 16, 2022
Pursuant to due call and notice thereof, a Meeting of the Community Redevelopment Authority of
the City of Grand Island, Nebraska was conducted on March 16, 2022 at City Hall, 100 E. First
Street. Notice of the meeting was given in the March 9, 2022 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, Jim Truell, Bart Qualsett and Krae Dutoit. Also present were:
Council Member Mark Stelk, Director Chad Nabity, Planning Administrative Norma
Hernandez, City Administrator Jerry Janulewicz and Assistant Finance Director Brian
Schultz.
2.APPROVAL OF MINUTES.
A motion for approval of the Minutes for the February 9, 2022 meeting was made by
Qualsett and second Dutoit by. Upon roll call vote, all present voted aye.
Motion carried 4-0
3.APPROVAL OF FINANCIAL REPORTS.
Financial reports were reviewed by Brian Schultz. A motion for approval of financials for
February 2022 made by Dutoit and second by Qualsett. Upon roll call vote, all present
voted aye. Motion carried 4-0.
4.APPROVAL OF BILLS
A motion was made by Truell and second by Dutoit to approve the bills for
$273,764.85. Upon roll call vote, all present voted aye. Motion carried 4-0.
5.REVIEW OF COMMITED PROJECTS & CRA PROPERTY.
The committed projects and CRA projects were reviewed by Nabity.
Hedde Building – Amos Anson stated 3 out of the 17 apartments are now to the
sheet rock and paint phase. The next 7 are framed up
Rawr Holdings – Did reach out and did not hear back from them.
South Locust property – still available
6.Redevelopment Plan Amendment CRA Area #1 – 313 W 2nd Street – 118 W.
2nd Street – Left Click Properties.
a.Consideration of Resolution 385 – Forward a Redevelopment Plan
Amendment to the Grand Island City Council for 313 W. 2nd Street W
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1/3 of Lot 2 Block 81 Grand Island Original Town – Left Click
Properties
Nabity stated the redevelopment of this property for renovation of commercial
office space. The plan requests $71,629 in tax increment financing. They were
also granted a façade grant and are also working on that.
A motion was made by Qualsett and second by Dutoit to approve Resolution
385. Upon roll call vote, all present voted 3 –aye 1- abstain (Gdowski). Motion
carried 3-1.
7.Redevelopment Plan Amendment CRA Area 36 – Highland North
Subdivision at Independce Avenue and Nebraska Highway 2
a.Consideration of Resolution 386 – Forward a Redevelopment Plan
Amendment to the Grand Island City Council for Highland North
Subdivision Platted and Proposed, Independence Avenue and Nebraska
Highway 2 – A & H Holdings.
Nabity stated the plan requests $14,590,251 in tax increment financing along with
associated interest on the TIF bonds. The development consists of mixed use
neighborhood including 142 units of housing, a small neighborhood commercial
node along with trails and parks and other amenities. The planning commission
did recommend approval and did find the plan is consistent with comprehensive
plan.
A motion was made by Truell and second by Qualsett to approve Resolution 386.
Upon roll call vote, all present voted aye. Motion carried 4-0.
8.Other Projects Grand Request: Sculpture Walk – Grand Island Visitors
Bureau
Brad Mellema, the Executive Director of Grand Island Tourism stated Sculpture
Walk Railside is a new program that is being implemented by the Railside
Business Improvement District and is a part of a larger program called Sculpture
Walk Across Nebraska (SWAN). SWAN is a joint effort between Grand Island’s
Railside BID and the Norfolk Area Visitors Bureau. The sculptures will be
displayed year-round in various locations throughout the district, all within
walking distance, and will allow visitors to enjoy art, history, and culture.
Sculpture Walk Railside would like help in reaching their goal of $24,000 and are
requesting financial assistance from CRA in the amount of $10,000 for the
acquisition of stone bases and sign holders to be used to display the sculptures for
the sculpture walk program. Mr. Mellema stated the first year they plan on
displaying 10 sculptures and hope to grow each year.
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A motion was made by Dutoit and second by Truell to approve Grant Request:
Sculpture Walk Railside for $10,000. Upon roll call vote, all present voted aye.
Motion carried 4-0.
9. Director’s Report
Veteran’s Home Property
Super Saver at 5 Points TERC Decision
Other Projects
Veteran’s Home Property – Plat was approved. The city has entered into an
agreement to sell one of the five lots that was created. 12.8 acres to CHI for a
health clinic with some restrictions.
Super Saver-5 Points-TERC Decision – Still one outstanding decision from last
year. 2021 is not resolved yet.
Other Projects – Pending façade application from the Chamber will most likely
ask the CRA to fund this from other projects funds.
10. Adjournment
Next meeting Wednesday, April 13, 2022 at 4 p.m.
Respectfully Submitted,
Norma Hernandez
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Community Redevelopment
Authority (CRA)
Wednesday, April 13, 2022
Regular Meeting
Item C1
March 2022 Financials
Staff Contact:
Grand Island Regular Meeting - 4/13/2022 Page 12 / 217
MONTH ENDED 2021-2022 2022 REMAINING % OF BUDGET
March-22 YEAR TO DATE BUDGET BALANCE USED
CONSOLIDATED
Beginning Cash 578,062 548,785
REVENUE:
Property Taxes - CRA 13,078 117,652 524,191 406,539 22.44%
Property Taxes - Lincoln Pool 3,049 26,182 196,818 170,636 13.30%
Property Taxes -TIF's 20,713 1,098,964 5,400,000 4,813,058 20.35%
Loan Income (Poplar Street Water Line) 689 2,923 20,000 17,077 14.62%
Interest Income - CRA 103 833 10,000 9,167 8.33%
Interest Income - TIF'S - - - -
Land Sales - - - - #DIV/0!
Other Revenue - CRA - 834 200,000 199,166 0.42%
Other Revenue - TIF's - - - -
TOTAL REVENUE 37,633 1,247,388 6,351,009 5,615,643 19.64%
TOTAL RESOURCES 615,695 1,247,388 6,899,794 5,615,643
EXPENSES
Auditing & Accounting - - 3,000 3,000 0.00%
Legal Services - 60 3,000 2,940 2.00%
Consulting Services - - 5,000 5,000 0.00%
Contract Services 4,192 39,561 75,000 35,439 52.75%
Printing & Binding - - 1,000 1,000 0.00%
Other Professional Services - 10,392 16,000 5,608 64.95%
General Liability Insurance - - 250 250 0.00%
Postage - - 250 250 0.00%
Legal Notices 18 124 500 376 24.79%
Travel & Training - 35 4,000 3,965 0.88%
Other Expenditures - - - -
Office Supplies - - 1,000 1,000 0.00%
Supplies - - 300 300 0.00%
Land - - 30,000 30,000
Bond Principal - Lincoln Pool - 190,000 190,000 - 100.00%
Bond Interest - 4,478 6,818 2,340 65.68%
Fiscal Agent Fees/Bond Costs - 525 - -
Husker Harvest Days - 200,000 200,000 - 100.00%
Façade Improvement - - 250,000 250,000 0.00%
Building Improvement - 135,000 500,000 365,000 27.00%
Other Projects - - 200,000 200,000 0.00%
Bond Principal-TIF's 269,555 1,080,285 5,400,000 4,319,715 20.01%
Bond Interest-TIF's - - - -
Interest Expense - - - -
TOTAL EXPENSES 273,765 1,660,460 6,886,118 5,226,183 24.11%
INCREASE(DECREASE) IN CASH (236,132) (413,071) (535,109)
ENDING CASH 341,930 (413,071) 13,677 -
CRA CASH 342,302
Lincoln Pool Tax Income Balance (19,627)
TIF CASH 19,256
Total Cash 341,930
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MARCH 2022
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MONTH ENDED 2021-2022 2022 REMAINING % OF BUDGET
March-22 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MARCH 2022
GENERAL OPERATIONS:
Property Taxes - CRA 13,078 117,652 524,191 406,539 22.44%
Property Taxes - Lincoln Pool 3,049 26,182 196,818 170,636 13.30%
Interest Income 103 833 10,000 9,167 8.33%
Loan Income (Poplar Street Water Line) 689 2,923 20,000 17,077 14.62%
Land Sales - - - #DIV/0!
Other Revenue & Motor Vehicle Tax 834 200,000 199,166 0.42%
TOTAL 16,919 148,424 951,009 802,585 15.61%
GIRARD VET CLINIC
Property Taxes 11,300 -
TOTAL - 11,300 - -
GEDDES ST APTS-PROCON
Property Taxes 32,374 -
TOTAL - 32,374 - -
SOUTHEAST CROSSING
Property Taxes - -
TOTAL - - - -
POPLAR STREET WATER
Property Taxes 1,923 -
TOTAL - 1,923 - -
CASEY'S @ FIVE POINTS
Property Taxes 401 -
TOTAL - 401 - -
SOUTH POINTE HOTEL PROJECT
Property Taxes 2,244 -
TOTAL - 2,244 - -
TOKEN PROPERTIES RUBY
Property Taxes 81 -
TOTAL - 81 - -
GORDMAN GRAND ISLAND
Property Taxes 83,028 -
TOTAL - 83,028 - -
BAKER DEVELOPMENT INC
Property Taxes 102 -
TOTAL - 102 - -
STRATFORD PLAZA INC
Property Taxes 866 -
TOTAL - 866 - -
COPPER CREEK 2013 HOUSES
Property Taxes 502 11,778 -
TOTAL 502 11,778 - -
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MONTH ENDED 2021-2022 2022 REMAINING % OF BUDGET
March-22 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MARCH 2022
FUTURE TIF'S
Property Taxes - 5,400,000 5,400,000
TOTAL - - 5,400,000 5,400,000
CHIEF INDUSTRIES AURORA COOP
Property Taxes 990 (990)
TOTAL - 990 - (990)
TOKEN PROPERTIES KIMBALL ST
Property Taxes 80 (80)
TOTAL - 80 - (80)
GI HABITAT OF HUMANITY
Property Taxes 149 (149)
TOTAL - 149 - (149)
AUTO ONE INC
Property Taxes 14,994 (14,994)
TOTAL - 14,994 - (14,994)
EIG GRAND ISLAND
Property Taxes 1,680 (1,680)
TOTAL - 1,680 - (1,680)
TOKEN PROPERTIES CARY ST
Property Taxes 212 (212)
TOTAL - 212 - (212)
WENN HOUSING PROJECT
Property Taxes 140 (140)
TOTAL - 140 - (140)
COPPER CREEK 2014 HOUSES
Property Taxes 1,397 32,395 (32,395)
TOTAL 1,397 32,395 - (32,395)
TC ENCK BUILDERS
Property Taxes 93 (93)
TOTAL - 93 - (93)
SUPER MARKET DEVELOPERS
Property Taxes 14,343 14,343 (14,343)
TOTAL 14,343 14,343 - (14,343)
MAINSTAY SUITES
Property Taxes 1,736 (1,736)
TOTAL - 1,736 - (1,736)
TOWER 217
Property Taxes 25,683 (25,683)
TOTAL - 25,683 - (25,683)
COPPER CREEK 2015 HOUSES
Property Taxes 4,132 16,461 - (16,461)
TOTAL 4,132 16,461 - (16,461)
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MONTH ENDED 2021-2022 2022 REMAINING % OF BUDGET
March-22 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MARCH 2022
NORTHWEST COMMONS
Property Taxes 197,550 - (197,550)
TOTAL - 197,550 - (197,550)
HABITAT - 8TH & SUPERIOR
Property Taxes 313 (313)
TOTAL - 313 - (313)
KAUFMAN BUILDING
Property Taxes 315 (315)
TOTAL - 315 - (315)
TALON APARTMENTS
Property Taxes 94,693 (94,693)
TOTAL - 94,693 - (94,693)
VICTORY PLACE
Property Taxes 246 (246)
TOTAL - 246 - (246)
THINK SMART
Property Taxes 6,486 (6,486)
TOTAL - 6,486 - (6,486)
BOSSELMAN HQ
Property Taxes 75,356 (75,356)
TOTAL - 75,356 - (75,356)
TALON APARTMENTS 2017
Property Taxes 106,526 (106,526)
TOTAL - 106,526 - (106,526)
WEINRICH DEVELOPMENT
Property Taxes 166 (166)
TOTAL - 166 - (166)
WING WILLIAMSONS
Property Taxes 102 (102)
TOTAL - 102 - (102)
HATCHERY HOLDINGS
Property Taxes 4,191 (4,191)
TOTAL - 4,191 - (4,191)
FEDERATION LABOR TEMPLE
Property Taxes 178 (178)
TOTAL - 178 - (178)
MIDDLETON PROPERTIES II
Property Taxes 384 (384)
TOTAL - 384 - (384)
COPPER CREEK 2016 HOUSES
Property Taxes 8,618 (8,618)
TOTAL - 8,618 - (8,618)
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MONTH ENDED 2021-2022 2022 REMAINING % OF BUDGET
March-22 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MARCH 2022
EAST PARK ON STUHR
Property Taxes - -
TOTAL - - - -
MENDEZ ENTERPRISES LLC PHASE 1
Property Taxes 411 (411)
TOTAL - 411 - (411)
EAST PARK ON STUHR
Property Taxes 2,856 (2,856)
TOTAL - 2,856 - (2,856)
TAKE FLIGHT INVESTMENTS
Property Taxes 8,408 (8,408)
TOTAL - 8,408 - (8,408)
PRATARIA VENTURES HOSPITAL
Property Taxes 38,498 (38,498)
TOTAL - 38,498 - (38,498)
AMMUNITION PLANT
Property Taxes - -
TOTAL - - - -
URBAN ISLAND LLC
Property Taxes 175 (175)
TOTAL - 175 - (175)
PEACEFUL ROOT
Property Taxes 5,048 (5,048)
TOTAL - 5,048 - (5,048)
TALON 2019 LOOKBACK
Property Taxes 2,821 (2,821)
TOTAL - 2,821 - (2,821)
COPPER CREEK PH2 2019 LOOKBACK
Property Taxes 1,546 (1,546)
TOTAL - 1,546 - (1,546)
GRAND ISLAND HOTEL
Property Taxes 2,816 (2,816)
TOTAL - 2,816 - (2,816)
PARAMOUNT OLD SEARS
Property Taxes 197 (197)
TOTAL - 197 - (197)
CENTRAL NE TRUCK WASH
Property Taxes 40,404 (40,404)
TOTAL - 40,404 - (40,404)
PRATARIA VENTURES MEDICAL OFFICE
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MONTH ENDED 2021-2022 2022 REMAINING % OF BUDGET
March-22 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MARCH 2022
Property Taxes 212,972 (212,972)
TOTAL - 212,972 - (212,972)
TALON 2020 LOOKBACK PHASE 4
Property Taxes 30,198 (30,198)
TOTAL - 30,198 - (30,198)
STAROSTKA 5TH ST LOOKBACK PHASE 1
Property Taxes 336 (336)
TOTAL - 336 - (336)
COPPER CREEK PHASE 2 2020 LOOKBACK
Property Taxes 339 1,756 (1,756)
TOTAL 339 1,756 - (1,756)
COPPER CREEK PHASE 3 2020 LOOKBACK
Property Taxes 436 (436)
TOTAL - 436 - (436)
HEDDE BUILDING 201 W 3RD
Property Taxes 260 (260)
TOTAL - 260 - (260)
RAWR HOLDINGS LLC 110 W 2ND
Property Taxes 15 (15)
TOTAL - 15 - (15)
ORCHARD REDEVELOPMENT PROJECT
Property Taxes 650 (650)
TOTAL - 650 - (650)
AMUR REAL ESTATE OLD WELLS FARGO
Property Taxes 607 (607)
TOTAL - 607 - (607)
WALD 12 PROPERTIES LLC
Property Taxes 32 (32)
TOTAL - 32 - (32)
WING PROPERTIES 112 E 3RD ST
Property Taxes 4 (4)
TOTAL - 4 - (4)
WEINRICH DEVELOPMENT 408 E 2ND ST
Property Taxes 154 (154)
TOTAL - 154 - (154)
O'NEILL WOOD RESOURCES
Property Taxes 4 (4)
TOTAL - 4 - (4)
SOUTHEAST COMMONS - FONNERVIEW
Property Taxes 81 (81)
TOTAL - 81 - (81)
Grand Island Regular Meeting - 4/13/2022 Page 18 / 217
MONTH ENDED 2021-2022 2022 REMAINING % OF BUDGET
March-22 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MARCH 2022
PARAMOUNT 824 E 9TH ST
Property Taxes 13 (13)
TOTAL - 13 - (13)
J&L WESTWARD ENTERPRISES CAAP
Property Taxes 80 (80)
TOTAL - 80 - (80)
MILLER TIRE
Property Taxes 8 (8)
TOTAL - 8 - (8)
TOTAL REVENUE 37,633 1,247,388 6,351,009 5,247,717 19.64%
- - -
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MONTH ENDED 2021-2022 2022 REMAINING % OF BUDGET
March-22 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MARCH 2022
EXPENSES
CRA
GENERAL OPERATIONS:
Auditing & Accounting - 3,000 3,000 0.00%
Legal Services 60 3,000 2,940 2.00%
Consulting Services - 5,000 5,000 0.00%
Contract Services 4,192 39,561 75,000 35,439 52.75%
Printing & Binding - 1,000 1,000 0.00%
Other Professional Services 10,392 16,000 5,608 64.95%
General Liability Insurance - 250 250 0.00%
Postage - 250 250 0.00%
Legal Notices 18 124 500 376 24.79%
Travel & Training 35 4,000 3,965 0.88%
Other Expenditures - -
Office Supplies - 1,000 1,000 0.00%
Supplies - 300 300 0.00%
Land - 30,000 30,000 0.00%
Bond Principal - Lincoln Pool 190,000 190,000 - 100.00%
Bond Interest - Lincoln Pool 4,478 6,818 2,340 65.68%
Fiscal Agent Fees/Bond Costs 525 - #DIV/0!
PROJECTS
Husker Harvest Days 200,000 200,000 - 100.00%
Façade Improvement - 250,000 250,000 0.00%
Building Improvement 135,000 500,000 365,000 0.00%
Other Projects - 200,000 200,000 0.00%
TOTAL CRA EXPENSES 4,210 580,175 1,486,118 906,468 39.04%
GIRARD VET CLINIC
Bond Principal 11,300 - -
TOTAL - 11,300 - -
GEDDES ST APTS - PROCON
Bond Principal 832 32,374 - -
TOTAL 832 32,374 - -
SOUTHEAST CROSSINGS
Bond Principal - - -
TOTAL - - - -
POPLAR STREET WATER
Bond Principal 689 1,923 - -
TOTAL 689 1,923 - -
CASEY'S @ FIVE POINTS
Bond Principal 6,945 6,945 - -
TOTAL 6,945 6,945 - -
SOUTH POINTE HOTEL PROJECT
Bond Principal 2,244 2,244 - -
TOTAL 2,244 2,244 - -
Grand Island Regular Meeting - 4/13/2022 Page 20 / 217
MONTH ENDED 2021-2022 2022 REMAINING % OF BUDGET
March-22 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MARCH 2022
TOKEN PROPERTIES RUBY
Bond Principal 81 81 - -
TOTAL 81 81 - -
GORDMAN GRAND ISLAND
Bond Principal 2,133 83,028 - -
TOTAL 2,133 83,028 - -
BAKER DEVELOPMENT INC
Bond Principal 102 102 - -
TOTAL 102 102 - -
STRATFORD PLAZA LLC
Bond Principal 866 866 - -
TOTAL 866 866 - -
COPPER CREEK 2013 HOUSES
Bond Principal 2,831 11,276 - -
TOTAL 2,831 11,276 - -
CHIEF INDUSTRIES AURORA COOP
Bond Principal 990 990 - -
TOTAL 990 990 - -
TOKEN PROPERTIES KIMBALL STREET
Bond Principal 80 80 - -
TOTAL 80 80 - -
GI HABITAT FOR HUMANITY
Bond Principal 149 149 - -
TOTAL 149 149 - -
AUTO ONE INC
Bond Principal 14,994 14,994 - -
TOTAL 14,994 14,994 - -
EIG GRAND ISLAND
Bond Principal 1,680 1,680 - -
TOTAL 1,680 1,680 - -
TOKEN PROPERTIES CARY STREET
Bond Principal 212 212 - -
TOTAL 212 212 - -
WENN HOUSING PROJECT
Bond Principal 140 140 - -
TOTAL 140 140 - -
COPPER CREEK 2014 HOUSES
Bond Principal 17,245 30,998 - -
TOTAL 17,245 30,998 - -
TC ENCK BUILDERS
Bond Principal 93 93 - -
TOTAL 93 93 - -
Grand Island Regular Meeting - 4/13/2022 Page 21 / 217
MONTH ENDED 2021-2022 2022 REMAINING % OF BUDGET
March-22 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MARCH 2022
SUPER MARKET DEVELOPERS
Bond Principal - - -
TOTAL - - - -
MAINSTAY SUITES
Bond Principal 1,736 1,736 - -
TOTAL 1,736 1,736 - -
TOWER 217
Bond Principal 25,683 25,683 - -
TOTAL 25,683 25,683 - -
COPPER CREEK 2015 HOUSES
Bond Principal 7,363 12,328 - -
TOTAL 7,363 12,328 -
NORTHWEST COMMONS
Bond Principal 8,712 197,550 - -
TOTAL 8,712 197,550 -
HABITAT - 8TH & SUPERIOR
Bond Principal 313 313 - -
TOTAL 313 313 -
KAUFMAN BUILDING
Bond Principal 315 315 - -
TOTAL 315 315 -
TALON APARTMENTS
Bond Principal 2,534 94,693 - -
TOTAL 2,534 94,693 -
VICTORY PLACE
Bond Principal 246 246 - -
TOTAL 246 246 -
FUTURE TIF'S
Bond Principal - 5,400,000 5,400,000
TOTAL - - 5,400,000 5,400,000
THINK SMART
Bond Principal 167 6,486 - -
TOTAL 167 6,486 -
BOSSELMAN HQ
Bond Principal 75,356 75,356 - -
TOTAL 75,356 75,356 -
TALON APARTMENTS 2017
Bond Principal 2,926 109,347 - -
TOTAL 2,926 109,347 -
Grand Island Regular Meeting - 4/13/2022 Page 22 / 217
MONTH ENDED 2021-2022 2022 REMAINING % OF BUDGET
March-22 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MARCH 2022
WEINRICH DEVELOPMENT
Bond Principal 166 166 - -
TOTAL 166 166 -
WING WILLIAMSONS
Bond Principal 102 102 - -
TOTAL 102 102 -
HATCHERY HOLDINGS
Bond Principal 4,191 4,191 - -
TOTAL 4,191 4,191 -
FEDERATION LABOR TEMPLE
Bond Principal 178 178 - -
TOTAL 178 178 -
MIDDLETON PROPERTIES II
Bond Principal 384 384 - -
TOTAL 384 384 -
COPPER CREEK 2016 HOUSES
Bond Principal 4,672 8,618 - -
TOTAL 4,672 8,618 -
EAST PARK ON STUHR
Bond Principal 2,856 2,856 - -
TOTAL 2,856 2,856 -
TAKE FLIGHT INVESTMENTS
Bond Principal 143 8,408 - -
TOTAL 143 8,408 -
PRATARIA VENTURES HOSPITAL
Bond Principal 38,498 245,999 - -
TOTAL 38,498 245,999 -
AMMUNITION PLANT
Bond Principal - - -
TOTAL - - -
URBAN ISLAND LLC
Bond Principal 175 175 - -
TOTAL 175 175 -
PEACEFUL ROOT
Bond Principal 130 5,048 - -
TOTAL 130 5,048 -
TALON 2019 LOOKBACK
Bond Principal - - -
TOTAL - - -
COPPER CREEK PH2 2019 LOOKBACK
Bond Principal 685 1,546 - -
TOTAL 685 1,546 -
Grand Island Regular Meeting - 4/13/2022 Page 23 / 217
MONTH ENDED 2021-2022 2022 REMAINING % OF BUDGET
March-22 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MARCH 2022
GRAND ISLAND HOTEL
Bond Principal 2,816 2,816 - -
TOTAL 2,816 2,816 -
PARAMOUNT OLD SEARS
Bond Principal 197 197 - -
TOTAL 197 197 -
CENTRAL NE TRUCK WASH
Bond Principal 1,038 40,404 - -
TOTAL 1,038 40,404 -
PRATARIA VENTURES MEDICAL OFFICE
Bond Principal 5,471 5,471 - -
TOTAL 5,471 5,471 -
TALON 2020 LOOKBACK PHASE 4
Bond Principal 30,198 30,198 - -
TOTAL 30,198 30,198 -
STAROSTKA 5TH ST LOOKBACK PHASE 1
Bond Principal - - -
TOTAL - - -
COPPER CREEK PHASE 2 2020 LOOKBACK
Bond Principal - - -
TOTAL - - -
COPPER CREEK PHASE 3 2020 LOOKBACK
Bond Principal - - -
TOTAL - - -
HEDDE BUILDING 201 W 3RD
Bond Principal - - -
TOTAL - - -
RAWR HOLDINGS LLC 110 W 2ND ST
Bond Principal - - -
TOTAL - - -
ORCHARD REDEVELOPMENT PROJECT
Bond Principal - - -
TOTAL - - -
AMUR REAL ESTATE OLD WELLS FARGO
Bond Principal - - -
TOTAL - - -
WALD 12 PROPERTIES LLC OLD GREENB
Bond Principal - - -
TOTAL - - -
WING PROPERTIES 112 2 3RD ST
Bond Principal - - -
Grand Island Regular Meeting - 4/13/2022 Page 24 / 217
MONTH ENDED 2021-2022 2022 REMAINING % OF BUDGET
March-22 YEAR TO DATE BUDGET BALANCE USED
COMMUNITY REDEVELOPMENT AUTHORITY
FOR THE MONTH OF MARCH 2022
TOTAL - - -
WEINRICH DEVELOPMENT 408 E 2ND ST
Bond Principal - - -
TOTAL - - -
O'NEILL WOOD RESOURCES
Bond Principal - - -
TOTAL - - -
SOUTHEAST COMMONS - FONNERVIEW
Bond Principal - - -
TOTAL - - -
PARAMOUNT 824 E 9TH ST
Bond Principal - - -
TOTAL - - -
J&L WESTWARD ENTERPRISES CAAP
Bond Principal - - -
TOTAL - - -
MILLER TIRE
Bond Principal - - -
TOTAL - - -
TOTAL EXPENSES 273,765 1,660,460 6,886,118 6,306,468 24.11%
Grand Island Regular Meeting - 4/13/2022 Page 25 / 217
Community Redevelopment
Authority (CRA)
Wednesday, April 13, 2022
Regular Meeting
Item D1
CRA April 2022 Bills
Staff Contact:
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Grand Island Regular Meeting - 4/13/2022 Page 27 / 217
Community Redevelopment
Authority (CRA)
Wednesday, April 13, 2022
Regular Meeting
Item E1
CRA March 2022 Committed Projects
Staff Contact:
Grand Island Regular Meeting - 4/13/2022 Page 28 / 217
COMMITTED PROJECTS REMAINING
GRANT
AMOUNT
2022 FISCAL YR 2023 FISCAL YR 2024 FISCAL YR ESTIMATED
COMP
Danny Oberg - 321 E 4th St (10/25/21) $ 43,810.00 $ 43,810.00 Summer 2022
Brandon Flodman - 313 W 2nd St $ 59,783.00 $ 59,783.00 Summer 2022
Azure Investment - 223 W 3rd St (10/25/21) $ 88,000.00 $ 88,000.00 Summer 2022
Take Flight - 213 W 3rd St (10/25/21) $ 49,000.00 $ 49,000.00 Summer 2022
Dave Parmely - 208 N Locust St (10/13/21) $ 13,920.00 $ 13,920.00 Summer 2022
Hall County CVB - Statue Bases (03/09/22) $ 10,000.00 $ 10,000.00 Fall 2022
Total Committed $ 264,513.00 $ 264,513.00 $ - $ -
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) $ 260,000.00 $ 260,000.00 Fall 2022
Azure Investment Group (5-12-21) $ 70,000.00 $ 70,000.00 Spring 2022
Rawr Holdings 110 W 2nd (12/12/18) $ 35,000.00 $ 35,000.00 Fall 2022
Total Committed F&L Safety Grant $ 365,000.00 $ 365,000.00 $ - $ -
BUDGET 2022 2022 LEFT
Façade Budgeted 2022 $ 250,000.00 $ 250,000.00 $ -
Other Projects Budgeted 2022 $ 200,000.00 $ 14,513.00 $ 185,487.00
Land - Budgeted 2022 $ 30,000.00 $ - $ 30,000.00
Land Sales Budgeted 2022 $ - $ - $ -
subtotal $ 264,513.00 $ 215,487.00
Balance $ 264,513.00 $ 215,487.00
BUDGET PAID LEFT
Building Improvements * $ 500,000.00 $ 135,000.00 $ 365,000.00
*Includes Life Safety, Façade, Other grants made in previous fiscal years
CRA PROPERTIES
Address Purchase Price Purchase Date Demo Cost Status
3235 S Locust (Desert Rose) $450,000 4/2/2010 $39,764 Surplus
March 31, 2022
Grand Island Regular Meeting - 4/13/2022 Page 29 / 217
Community Redevelopment
Authority (CRA)
Wednesday, April 13, 2022
Regular Meeting
Item I1
Redevelopment Contract and Bond Resolution for Area 1 -
Nikodym Development - Super Bowl Site North or Bismark
Staff Contact:
Grand Island Regular Meeting - 4/13/2022 Page 30 / 217
JNIK LLC Nikodym CRA Area #1 Page 1
Redevelopment Contract
REDEVELOPMENT CONTRACT
This Redevelopment Contract is made and entered into as of the _______day of
___________, 2022, by and between the Community Redevelopment Authority of the City of
Grand Island, Nebraska ("Authority"), and JNIK, L.L.C., 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 18-2155, Reissue Revised Statutes of Nebraska,
2012, as amended (collectively the "Act"), has designated an area within the City as blighted and
substandard;
WHEREAS, the Mayor and Council of the City, after public hearing pursuant to the Act,
approved that redevelopment plan entitled " Redevelopment Plan Amendment Grand Island
CRA Area 1 January 2022" (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;
WHEREAS, the proposed redevelopment project provides for the rehabilitation and
repurposing of a commercial structure, the platting of a residential subdivision and the
installation of public infrastructure and the construction of single family residences in up to ten
(10) annual phases.
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
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Redevelopment Contract
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 18-2155, Reissue Revised Statutes of Nebraska, 2012, as amended, and acts amendatory
thereof and supplemental thereto.
"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 bonds, 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 Bond (JNIK
Project), Series 2022, (the “TIF Bond”) to be issued in an amount not to exceed $5,800,000 in
substantially the form set forth on Exhibit C and the various Redevelopment Contract Amendments,
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.
"Lot" or "Lots" shall mean the separately platted and subdivided lots within the
Redevelopment Project Area established pursuant to an approved and filed subdivision plat in
accordance with the ordinances and regulations of the City.
"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. The
Project shall include Project site acquisition costs and all improvements related to Project public
infrastructure costs, site preparation costs, all as described in Section 3.04 of this Redevelopment
Contract.
"Project Cost Certification" means a statement prepared and signed by the Redeveloper
verifying the Redeveloper has paid 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) 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.
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Redevelopment Contract
"Redeveloper" means JNIK, L.L.C., 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. The Redevelopment Project Area is also described on
Exhibit B. All such legal descriptions are subject to change based upon any re-platting requested
by the Redeveloper and approved by the City.
"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, as the same may be amended from time to time,
including, without limitation, by Redevelopment Contract Amendments executed from time to
time in connection with the separate Phases of the Project.
"Redevelopment Contract Amendment" shall mean an amendment to this Redevelopment
Contract, for the purpose of establishing the effective date for the division of ad valorem taxes
pursuant to section 18-2147 of the Act as to each Phase, as defined in Section 3.01 hereof, of lots
in the Redevelopment Project Area. The form of the Redevelopment Contract Amendment is
attached hereto as Exhibit F.
"Redevelopment Plan" means the Redevelopment Plan (also defined in the recitals
hereto) for the Redevelopment Project Area related to the Project, as attached hereto as
Exhibit B, prepared by the Redeveloper, 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
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JNIK LLC Nikodym CRA Area #1 Page 4
Redevelopment Contract
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.
(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 as
amended 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
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Redevelopment Contract
(2) Based upon investigation by the Authority and on representations made
by the Redeveloper and its Lender:
(i) the Project would not be economically feasible without the use of
tax-increment financing (funds provided pursuant to Section 18-2147 of the
Act), and
(ii) the Project would not occur in the Redevelopment Project Area
without the use of tax-increment financing.
(iii) the Authority has documented the financial infeasibility as a lack
of capital to undertake the Project as the Redeveloper is unable to obtain
financing required for the project from its lender without the assistance
provided under this Redevelopment Contract.
(f) The Authority has determined that the costs and benefits of the Project,
including costs and benefits to other affected political subdivisions (and documented the
same as part of the cost benefit analysis contained in the Redevelopment Plan), the
economy of the community, and the demand for public and private services have been
analyzed by the Authority and 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.
Section 2.02 Representations of Redeveloper.
The Redeveloper makes the following representations:
(a) The Redeveloper is a Nebraska limited liability company, authorized to do
business in the state of Nebraska, 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
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JNIK LLC Nikodym CRA Area #1 Page 6
Redevelopment Contract
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 by-laws,
organizational documents and a certified copy of the resolution or resolutions 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 bond, 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 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) The Redeveloper certifies that it has not and will not apply for (i) tax
incentives under the Nebraska Advantage Act or the ImagiNE Act for a project located or
to be located within the redevelopment project area; (ii) a refund of the city’s local option
sales tax revenue; and (iii) no application has been made or approved under the Nebraska
Advantage Act or the ImagiNE Act.
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 identified from time to time by the Redeveloper (such Lot or Lots
being referred to herein as a "Phase") as identified in a Redevelopment Contract Amendment
executed on behalf of the Redeveloper and delivered to the Authority in the form attached hereto
as Exhibit E (each, a "Redevelopment Contract Amendment") 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 of the
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Redevelopment Contract
year in which the division of taxes occurs which shall be the Division Date as described in
Exhibit E) of this provision as set forth in a Redevelopment Contract Amendment, consistent
with the Redevelopment Plan. Said taxes shall be divided as follows:
(a) That portion of the ad valorem tax on real property in each Phase 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 Lots within such Phase
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 each Phase 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 "Bond 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.
Provided a Redevelopment Contract Amendment in form attached hereto as Exhibit E and
signed by the Redeveloper, and a proposed form of “Notice to Divide Tax for Community
Redevelopment Project”, all prepared in accordance with this Redevelopment Contract and the
Act) is delivered to the Authority no later than July 1 of any year, the Authority shall: (a) execute
the Redevelopment Contract Amendment, and (b) file before August 1 of such year a "Notice to
Divide Tax for Community Redevelopment Project" for such Phase with the office of the Hall
County Treasurer and Hall County Assessor, without requirement of additional hearings or
public notice.
No Redevelopment Contract Amendment providing for the division of taxes pursuant to
this Redevelopment Contract and Section 18-2147 of the Act shall be made after July 31, 2033.
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, 2022, the Authority shall issue one Tax Increment Revenue Bond,
in one taxable series, in a maximum principal amount of 5,800,000, in substantially the form
shown on the attached Exhibit C (“TIF Bond”), for net funds available to be purchased by
Redeveloper (“TIF Bond Purchaser”), in a written form acceptable to the Authority’s attorney,
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Redevelopment Contract
and receive Bond proceeds from the TIF Bond Purchaser in said amount. At the option of the
Authority, it shall make a grant to Redeveloper in such amount, and such grant shall offset TIF
Bond Purchaser’s obligation to purchase the TIF Bond. 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.
In accordance with the terms of the Redevelopment Plan the Redeveloper is to receive one or
more grants to pay the costs for reimbursement of demolition and rehabilitation costs for the
commercial building on the Redevelopment Project Area, site preparation, public infrastructure
costs, engineering, planning and costs imposed by the Authority including those items as
described on Exhibit D (the "Project Costs"), in the aggregate maximum amount not to exceed
5,800,000. 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 grants shall be made to the Redeveloper upon certification of
Project Costs for 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.
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Redevelopment Contract
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 “JNIK Redevelopment Project Bond Fund” (the “Bond Fund”).
All of the TIF Revenues shall be deposited into the Bond Fund. The TIF Revenues accumulated in
the Bond 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 Bond to the extent of any money then
remaining the Bond Fund on such Interest Payment Date. Money in the Bond Fund shall be used
solely for the purposes described herein and in the Resolution. All Revenues received through and
including December 31, 2048 shall be used solely for the payments required herein and by the
Resolution; and
(b) a special trust fund called the “JNIK Redevelopment 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
Bond 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 Bond 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 Bond.
ARTICLE IV
OBLIGATIONS OF REDEVELOPER
Section 4.01 Construction of Project; Bond; Insurance.
(a) Redeveloper will prepare the Redevelopment Project Area for redevelopment.
Redeveloper will coordinate with the City for the City’s design and construction required for the
installation of all public infrastructure improvements, including a water system, a sanitary sewer
system, and a street system consisting of concrete paved streets and required storm sewers. The
Redeveloper shall provide and pay for infrastructure installation.Prior to commencement of
construction, Redeveloper shall provide City and Authority with a separate payment and
performance bond in an amount equal to the total of all bids for infrastructure. The payment and
performance bond shall be by a surety acceptable to City and Authority.
Redeveloper will also complete other public infrastructure improvements.
Redeveloper shall pay for the costs of the above public infrastructure from the grant(s)
provided in Section 3.04 hereof. Redeveloper shall be solely responsible for obtaining all permits
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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 for all phases of construction, including
infrastructure installation, residential construction and the commercial building rehabilitation,
policies of insurance including coverage for contractors' general liability and completed
operations and a penal bond or bonds as required by the Act or as is otherwise required by law.
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 undertaken substantial work on both the commercial building rehabilitation and
infrastructure installation for the residential subdivision on or before November 30, 2022, 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 Bond Proceeds.
Proceeds of the Indebtedness may be advanced and disbursed in the manner set forth below:
(a) There shall be submitted to the Authority a grant disbursement request (the
“Disbursement Request”), executed by the City’s Finance Director 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 Bond of any amounts allocated to the Bond.
(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
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from the owner of the Bond (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 Bond and the Treasurer of the Authority
shall inform the Registrar (as defined in the Bond 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 Bond, 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 Bond. The
Registrar shall keep and maintain a record of the amounts deposited into the Project Fund from
Bond 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 Bond. The aggregate amount deposited into the Project
Fund from proceeds of the Bond shall not exceed 5,800,000.
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.
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 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 4.05 Subdivision, Construction and Marketing Requirements.
The Redeveloper shall, prior to the receipt of any grant proceeds for any Infrastructure
Phase:
(a) subdivide the Redevelopment Project Area serviced by the infrastructure for the
subdivision. Such subdivision shall contain a minimum of 47 lots.
(b) The Redeveloper shall construct single family attached or detached residences on the
lots in each subdivision (described above) as provided in the Redevelopment Plan based on market
conditions.
(c) 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
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requirements under section 18-2117.04 of the Act. 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 4.06 Payment of Costs.
The Redeveloper shall pay to the Authority or its designee the following sums on the execution
hereof:
$3,000 for administrative and accounting costs.
$4,500 for legal fees.
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 payment of grant amounts to the Redeveloper as
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set forth in Article III hereof and by complying with the obligations of all Redevelopment
Contract Amendments.
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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 infrastructure improvements and rehabilitation of the commercial
building on the Redevelopment Project Areas on or before November 30, 2022, 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 seven percent (7%)
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. 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 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
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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, 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 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.
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The Redeveloper will indemnify and hold each of the City and Authority and their
respective elected officials, directors, officers, appointed officials, 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 7.04 Notices to Parties.
Notices to Parties shall be mailed by U. S. Mail to the following addresses:
Redeveloper:
JNIK, L.L.C.
655 South Cherry Street
Grand Island, NE 68801
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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, Authority 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 2022, 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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JNIK, L.L.C.
By:______________________
Manager
STATE OF NEBRASKA)
) SS
COUNTY OF HALL)
The foregoing instrument was acknowledged before me this ______ day of _____,2022, by
_______________________, Manager of JNIK, L.L.C., on behalf of the limited liability
company.
________________________
Notary Public
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EXHIBIT A
DESCRIPTION OF REDEVELOPMENT AREA
Lot three (3) Nikodym Subdivision to the City of Grand Island, Hall County, Nebraska, (to be
further subdivided).
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EXHIBIT B
REDEVELOPMENT PLAN
[Attach copy of Redevelopment Plan]
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EXHIBIT C
(FORM OF BOND)
UNITED STATES OF AMERICA
STATE OF NEBRASKA
COUNTY OF HALL
COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA
TAX INCREMENT DEVELOPMENT REVENUE BOND
(JNIK REDEVELOPMENT PROJECT), SERIES 2022
No. R-1 Up to 5,800,000
(subject to reduction as described herein)
Date of Date of Rate of
Original Issue Maturity Interest
December 31, 2048* 0.0%
REGISTERED OWNER: JNIK, L.L.C.
PRINCIPAL AMOUNT: SEE SCHEDULE 1 ATTACHED HERETO
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THE BOND
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 Bond to be signed by the manual
signature of the Chairman of the Authority, countersigned by the manual signature of the Clerk of the
City, 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)
Clerk
* or, if sooner, fifteen years after the last effective date established for a Phase under the terms of the
Redevelopment Contract
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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, 2024, by
check or draft mailed to the Registered Owner hereof as shown on the bond 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 bond registration books. The
principal of this Bond 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 Bond 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
_____________, 2022, as from time to time amended and supplemented (the “Resolution”).
THE PRINCIPAL AMOUNT OF THIS BOND IS SET FORTH IN SCHEDULE 1
ATTACHED HERETO. THE MAXIMUM PRINCIPAL AMOUNT OF THIS BOND IS 5,800,000.
This Bond 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 Bond, the nature and extent of the security thereby
created, the terms and conditions under which this Bond has been issued, the rights and remedies of the
Registered Owner of this Bond, and the rights, duties, immunities and obligations of the City and the
Authority. By the acceptance of this Bond, 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 Bond 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
Bond 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
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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 Bond 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 Bond 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 Bond under
the column headed “Principal Amount Redeemed” on the Table and may enter the then outstanding
principal amount of this Bond 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 Bond shall be the official records of the Cumulative Outstanding
Principal Amount of this Bond 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 Bond by its acceptance hereof hereby
assents, for definitions of terms; the description of and the nature and extent of the security for this Bond;
the Revenue and other money and securities pledged to the payment of the principal of and interest on this
Bond; 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 Bond; 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 Bond, and this Bond 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 Bond 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 Bond 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 Bond, 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 Bond so
redeemed shall become due and payable and if money for the payment of the portion of the Bond 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 Bond 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 Bond. Upon such transfer, a new Bond 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
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receiving payment of or on account of principal of and interest due hereon and for all other purposes.
This bond is being issued as a registered bond without coupons. This bond 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 Bond have happened,
do exist and have been performed in regular and due time, form and manner; that this Bond 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 Bond 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 bond and all rights thereunder, and hereby irrevocably constitutes and appoints
_______________ agent to transfer the within Bond on the bond 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
bond 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
JNIK REDEVELOPMENT PROJECT
TAX INCREMENT DEVELOPMENT REVENUE BOND, SERIES 2022
Date
Principal Amount
Advanced
Principal Amount
Redeemed
Cumulative
Outstanding
Principal
Amount
Notation
Made
By
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Redevelopment Contract
Exhibit D
Project Costs
Eligible Costs to be reimbursed from TIF NOte
Eligible Costs to be reimbursed from Tax Increment Revenue Note
1. Site Acquisition $ 320,000
2. Engineering $ 300,000
3. Sanitary sewer $ 360,000
4. Water mains $ 215,500
5. Site preparation $ 400,000
6. Street Paving/ Sidewalks $ 520,500
7. Demolition $ 500,000
8. CRA costs & legal $ 70,000
9. Redeveloper legal $3,114,000
Total $5,800,000
Costs may vary between categories. A shift of costs per category is contemplated and approved
not to exceed the total.
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Redevelopment Contract
EXHIBIT E
AMENDMENT TO REDEVELOPMENT CONTRACT
Amendment No. ____
This Amendment to Redevelopment Contract (this "Amendment") is made and entered
into as of the _______day of ___________, 20___, by and between the Community
Redevelopment Authority of the City of Grand Island, Nebraska ("Authority"), and JNIK,
L.L.C., a Nebraska limited liability company ("Redeveloper").
RECITALS
WHEREAS, Authority and Redeveloper entered into a Redevelopment Contract, dated as
of ______________, 2022 (the "Contract");
WHEREAS, the Contract intended to implement the redevelopment plan entitled
“Redevelopment Plan Amendment Grand Island CRA Area 1, January 2022, JNIK, L.L.C.,
Housing Project”, (the “Redevelopment Plan”) to provide for the redevelopment of lots and lands
located in a blighted and substandard area of the City of Grand Island, Nebraska (the “City”);
WHEREAS, in order to assist in the financing of the Redevelopment Project described in
the Redevelopment Plan, the Contract provides for periodic amendments thereto; and
WHEREAS, pursuant to Section 3.01 of the Contract the parties desire to amend the
Contract on the terms set forth herein and this Amendment shall constitute a "Redevelopment
Contract Amendment" as defined in the Contract.
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein
set forth, Authority and Redeveloper do hereby agree to amend the Contract as follows:
1. Definitions. All capitalized terms used in this Amendment and not otherwise
defined herein shall have the meanings ascribed to such terms in the Contract.
2. Amendment – New Phase. This Amendment incorporates a new Phase to the
Project entitled [Phase No. ____].
(a) Lots. This new Phase shall include all of Lots in the Redevelopment
Project Area for which a building permit has been issued by the City during the calendar
year prior to the Effective Date described in Section 2 (b) hereof, which lots are described
as follows:
[identification of such Lot(s) including the legal description of each]
(b) Effective Date. The effective date of the Amendment shall be January 1,
20___. [The effective date shall be the January 1st of the year following the issuance of a
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Redevelopment Contract
building permit for a residence to be constructed on a Lot described in Section 2 (a)
hereof.]
(c) Division Date. The Division Date (the “Division Date”) shall mean the
effective date for purposes of dividing taxes pursuant to Section 18-2147 of the Nebraska
Community Development Law. The Division Date for the applicable Phase shall be
January 1, 20___; and a proposed form of the "Notice to Divide Tax for Community
Redevelopment Project" applicable to such Phase is attached hereto as Exhibit A and
incorporated herein by this reference. [The Division Date shall be the January 1st of the
year following the issuance of a building permit for a residence to be constructed on a Lot
described in Section 2 (a) hereof.] For purposes of the Notice to Divide Tax for
Community Redevelopment Project, the calendar year in which the division of real
property tax becomes effective shall be the year of the Division Date.
(d) Base Value Year. The base value year for such Phase shall be 20___.
[The Base Value Year, shall mean the calendar year prior to the Division Date described
in Section 2 (c) hereof.] For purposes of the Notice to Divide Tax for Community
Redevelopment Project, the Base value Year shall be the year defined in this Section 2
(d).
3. Requirement to File Notice to Divide Tax for Community Redevelopment
Project. The Authority shall execute and file with the Hall County Assessor and Treasurer a
signed original of Exhibit A, attached hereto, being the Notice to Divide Tax for Community
Redevelopment Project, prior to August 1, 20__. [This date shall be the August 1 following the
Division Date described in Section 2 (c) hereof.]
4. Miscellaneous Provisions.
(a) Effectiveness. This Amendment shall become effective when and only
when counterparts of this Amendment have been duly executed by both Authority and
Redeveloper.
(b) Ratification of Contract. Except as amended by this Amendment, the
Contract shall remain in full force and effect and is hereby ratified and confirmed in all
respects. Each party acknowledges and agrees to all terms of the Contract, as the same
are amended by this Amendment, and makes and restates each representation and
warranty set forth therein as if made on the date of this Amendment.
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Redevelopment Contract
IN WITNESS WHEREOF, Authority and Redeveloper have signed this Amendment to
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
JNIK, LLC
By:______________________
Manager
STATE OF NEBRASKA )
) SS
COUNTY OF HALL )
The foregoing instrument was acknowledged before me this ______ day of
___________, 20___ 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
STATE OF NEBRASKA)
) SS
COUNTY OF HALL)
The foregoing instrument was acknowledged before me this _____ day of ___________,
20___, by __________________ of JNIK, L.L.C. on behalf of the limited liability company.
________________________
Notary Public
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Redevelopment Contract
EXHIBIT A
Notice to Divide Tax for Community Redevelopment Project
[TO BE ATTACHED]
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Redevelopment Contract
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Nikodym Third Subdivision Area 1 Redevelopment Plan Page 1
Redevelopment Plan Amendment
Grand Island CRA Area 1
January 2022
The Community Redevelopment Authority (CRA) of the City of Grand Island
intends to adopt a Redevelopment Plan Amendment for Area 1 within the city,
pursuant to the Nebraska Community Development Law (the “Act”) and provide
for the financing of a specific project in Area 1.
Executive Summary:
Project Description
THE REDEVELOPMENT OF PROPERTY LOCATED NORTH OF BISMARK ROAD
EAST OF CHERRY STREET INCLUDING 1010 E. BISMARK FOR
DEVELOPMENT OF 47 LOTS FOR DUPLEX AND SINGLE FAMILY DWELLINGS
INCLUDING NECESSARY INFRASTRUCTURE AND GRADING
IMPROVEMENTS. REMODEL OF EXISTING BUILDING (FORMER SUPER
BOWL). BRING TO CODE WITH FIRE SPRINKLERS, ELECTRICAL AND OTHER
NECESSARY UPGRADES INCLUDING INTERIOR AND KITCHEN UPGRADES,
CONFERENCE ROOMS AND A COFFEE SHOP/CAFÉ.
The use of Tax Increment Financing to aid in redevelopment expenses associated with
necessary and required infrastructure (sewer, water, storm drainage, paving, landscaping,
etc.), grading improvements and site preparation, and planning and legal costs to
redevelop the proposed Nikodym Third Subdivision in the City of Grand Island. The use
of Tax Increment Financing is an integral part of the development plan and necessary to
make this project happen. The project will result in the construction of 47 residential lots
intended for single family detached homes and duplex units in southeast Grand Island
along with improvements to and renovation of the Super Bowl building at 1010 E.
Bismark. It is expected that this project will be developed over the next 10 years.
JNIK, LLC has owned the property for 3 years. Development of the larger portion of this
property was restricted by Council until a plan for development was brought forward.
The residential portion of property is currently vacant and the commercial property is
being used for storage and as a private museum. The developer is responsible for and has
provided evidence that they can secure adequate debt financing to cover the costs
associated with the site work and development if TIF is available to assist with project
financing. The Grand Island Community Redevelopment Authority (CRA) intends to
pledge the ad valorem taxes generated over the 25 year period towards the allowable
costs and associated financing for the acquisition and site work with no portion of ad
valorem taxed divide for a period of more than 15 years.
TAX INCREMENT FINANCING TO PAY FOR THE REHABILITATION OF THE
PROPERTY WILL COME FROM THE FOLLOWING REAL PROPERTY:
Property Description (the “Redevelopment Project Area”)
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Legal Descriptions:
Lot 1 Nikodym Subdivision and Lot 1, Nikodym Second Subdivision, City of Grand Island, Hall
County, NE
Existing Land Use and Subject Property
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This plan amendment provides for the issuance TIF Notes, the proceeds of which
will be granted to the Redeveloper. The tax increment will be captured for up to 25
tax years the payments for which become delinquent in years 2023 through 2048
inclusive or as otherwise dictated by the contract with no property exceeding 15
years.
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 single
family and duplex units at this location along with improvements to the commercial
property at 1010 E. Bismark. The developer has submitted a request for approval
of to rezone the residential portion of this property to R3 Medium Density
Residential.
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 as 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 related to the Redevelopment Project Area, or the resolution providing for the
issuance of the TIF Note, consistent with this Redevelopment Plan Amendment. Said
taxes shall be divided as follows:
a. That portion of the ad valorem tax which is produced by levy at the rate
fixed each year by or for each public body upon the redevelopment project valuation shall
be paid into the funds, of each such public body in the same proportion as all other taxes
collected by or for the bodies; and
b. That portion of the ad valorem tax on real property in the
redevelopment project in excess of such amount, if any, shall be allocated to and, when
collected, paid into a special fund of the Authority to pay the principal of; the interest on,
and any premiums due in connection with the bonds, loans, notes, or advances on money
to, or indebtedness incurred by, whether funded, refunded, assumed, or otherwise,such
Authority for financing or refinancing, in whole or in part, a redevelopment project.
When such bonds, loans, notes, advances of money, or indebtedness including interest
and premium due have been paid, the Authority shall so notify the County Assessor and
County Treasurer and all ad valorem taxes upon real property in such redevelopment
project shall be paid into the funds of the respective public bodies.
Pursuant to Section 18-2150 of the Act, the ad valorem tax so divided is hereby pledged
to the repayment of loans or advances of money, or the incurring of any indebtedness,
whether funded, refunded, assumed, or otherwise, by the CRA to finance or refinance, in
whole or in part, the redevelopment project, including the payment of the principal of,
premium, if any, and interest on such bonds, loans, notes, advances, or indebtedness.
Redevelopment Plan Amendment Complies with the Act:
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The Community Development Law requires that a Redevelopment Plan and Project
consider and comply with a number of requirements. This Plan Amendment meets the
statutory qualifications as set forth below.
1. The Redevelopment Project Area has been declared blighted and substandard by
action of the Grand Island City Council on December 19, 2000.[§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 and project are consistent with the Comprehensive Plan as the development around
this area is largely residential and the recreational use previously on the property has
been discontinued. The Hall County Regional Planning Commission held a public
hearing at their meeting on February 2, 2022 and passed Resolution 2022-07
confirming that this project is consistent with the Comprehensive Plan for the City of
Grand Island. The Grand Island Public School District has submitted a formal request to
the Grand Island CRA to notify the District any time a TIF project involving a housing
subdivision and/or apartment complex is proposed within the District. The school
district was notified of this plan amendment at the time it was submitted to the CRA for
initial consideration.
3. The Redevelopment Plan must be sufficiently complete to address the following
items: [§18-2103(13) (b)]
a. Land Acquisition:
This property is currently owned by the proposed developer. There is no proposed
acquisition by the authority.
b. Demolition and Removal of Structures:
There are no significant structures on this property that need to be demolished or
removed. The 25x60 go-cart storage building will be moved and remodeled into a 5 car
garage. Demolition of the mini-golf and go cart track and trees removed.
c. Future Land Use Plan
See the attached map from the 2004 Grand Island Comprehensive Plan. The area
immediately to the north this property is planned for residential use and is occupied by
apartment buildings. The property to the south is planned and zoned for residential
development, commercial development, and recreational development, The Super Bowl
fun center was located there along with a single family home on a large lot with more
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typical single family development to the south and west of Bismark and Cherry. The
property to the east is zoned commercially and occupied by single family homes on large
City of Grand Island Future Land Use Map
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lots and a landscaping business fronting onto Stuhr road. This property is vacant and was
planned for recreational development when it was part of the Super Bowl complex
though hay has been harvested from it for several years. [§18-2103(b) and §18-2111]
The attached map also is an accurate site plan of the area after redevelopment. [§18-
2111(5)]
d. Changes to zoning, street layouts and grades or building codes or ordinances or
other Planning changes.
The area is zoned RD-Residential Development Zone. Apartment development at up to
42 dwelling units per acre is permitted within this zoning district. The developers are
seeking to change the zoning to allow medium density residential with up to 14 units per
acre. An application to rezone this property has been filed and will be considered by
Council prior to approval of this plan. The property will be replatted with new streets as
part of the development connecting Cherry Street and Bismark Road through the
subdivision. 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 build on the site within the constraints allowed by both the
current and the proposed zoning districts. The R3 Medium Density residential zone
allows for 1 dwelling unit for every 3000 square feet of lot space and up to 50% of the lot
area can be covered with buildings. [§18-2103(b) and §18-2111]
f. Additional Public Facilities or Utilities
Water and sanitary are available to support this development. The developer will be
responsible for extension of water and sanitary sewer necessary to serve this site.
Development and extension of this infrastructure is one of the primary challenges for this
site.
Electric utilities will be extended throughout the site to support the proposed
development.
No other city 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. The residential portions of
this property is currently vacant without any residences and the commercial portion
is owned and occupied by the developer that will be renovating the commercial
space no relocation is contemplated or necessary. [§18-2103.02]
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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.
Acquisition of the property is included as TIF eligible expense at a cost of $320,000.
Grading, storm water management, utility connections and extensions and similar site
improvements are estimated at $2,041,000. Renovation and upgrades to the Super Bowl
building and property $3,950,000. Planning related expenses for Architecture,
Engineering, Planning services of $300,000. Legal, Developer and Audit Fees including a
reimbursement to the City and the CRA of $70,000 are included as TIF eligible expense.
The total of eligible expenses for this project is $6,393,000.
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 except the financing
provided by the issuance of the TIF Indebtedness. The Authority will assist the project
by granting the sum of $5,800,000 from the proceeds of the TIF Indebtedness issued by
the Authority. This indebtedness will be repaid from the Tax Increment Revenues
generated from the project. TIF revenues shall be made available to repay the original
debt and associated interest according to the approved contract.
c. Statement of feasible method of relocating displaced families.
No families will be displaced as a result of this plan. The property is vacant.
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
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arrangement, the wise and efficient expenditure of public funds, and the prevention of the
recurrence of insanitary or unsafe dwelling accommodations or conditions of blight.
The Authority has considered these elements in proposing this Plan Amendment. This
amendment, in and of itself will promote consistency with the Comprehensive Plan. This
will have the intended result of preventing recurring elements of blighted conditions
including vacant and underutilized building sites.
8. Time Frame for Development
Development of this project is anticipated to be completed between April 2022 and
December of 2032. The developers anticipate creating all of the lots in a single phase
during the 2022 year and build out on those lots to occur within 4 to 10 years depending
on market conditions. Excess valuation should be available for this project for 15 years
on each phase of this project beginning with the 2023 tax year.
9. Justification of Project
This property was rezoned for residential use by Council in 2018 with a restriction that
other than the 1 single family home built between this project and the Super Bowl
building the property would need to come forward with a plan for development prior to
any additional structures being permitted. This plan accommodates residential
development and the extension of streets and utilities to support those residences and
provides a buffer between the more intense apartment uses to the north and the single
family uses on the south side of Bismark. The 2020 housing market study for the City of
Grand Island shows a need of an additional 1361 housing units between 2020 and the end
of 2024. These 47 to 88 units at this location would help meet that goal and spread the
housing developed around the city.
10. Cost Benefit Analysis Section 18-2113 of the Act, further requires the Authority
conduct a cost benefit analysis of the plan amendment in the event that Tax Increment
Financing will be used. This analysis must address specific statutory issues.
As authorized in the Nebraska Community Development Law, §18-2147, Neb. Rev. Stat.
(2012), the City of Grand Island has analyzed the costs and benefits of the proposed
Redevelopment Project, including:
Project Sources and Uses. Approximately $5,800,000 in public funds from tax
increment financing provided by the Grand Island Community Redevelopment Authority
will be required to complete the project. This investment by the Authority will leverage
$15,436,000 in private sector financing; a private investment of $2.66 for every TIF and
grant dollar investment.1 See the Attached Source and Uses of Funds Chart
1 This does not include any investment in personal property at this time.
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Use of Funds.
Description TIF Funds Private Funds Total
Site Acquisition 320,000$ $ 320,000
Building Costs $ 14,100,000 $ 14,100,000
Renovation 3,114,000$ $ 836,000
Demolition 500,000$
Sewer $ 360,000 $ 360,000
Water $ 215,500 $ 215,500
Electric $ -
Public Streets/Sidewalks $ 520,500 $ 520,500
Site preparation/Dirt Work $ 400,000 $ 400,000
Architecture/Engineering $ 300,000 $ 300,000
Legal/TIF Contract 70,000$ $ 70,000
Other Site Improvements -$ $ 500,000 $ 500,000
$ -
Total $ 5,800,000 $ 15,436,000 $ 21,236,000
Source of Funds
Tax Revenue. The property to be redeveloped is anticipated to have a January 1, 2021,
valuation of approximately $136,655. Based on the 2021 levy this would result in a real
property tax of approximately $2,963. It is anticipated that the assessed value will
increase by $16,963,345 upon full completion, as a result of the site redevelopment. This
development will result in an estimated tax increase of over $367,830 annually. The tax
increment gained from this Redevelopment Project Area would not be available for use
as city general tax revenues, for the period of the TIF contract or the time as may be
required to amortize the TIF bond, but would be used for eligible private redevelopment
costs to enable this project to be realized.
Estimated 2021 assessed value: $ 136,655
Estimated value after completion $ 17,100,000
Increment value $ 16,963,345
Annual TIF generated (estimated) $ 367,830
TIF bond issue (Not to exceed) $ 5,800,000
(a) Tax shifts resulting from the approval of the use of Tax Increment Financing;
The redevelopment project area currently has an estimated valuation of $136,655.
The proposed redevelopment will create additional valuation of $16,963,345. Taxes will
be shifted to support this project and the infrastructure and renovation that will result in
the additional long term valuation as well as new housing in this part of the community.
The project creates additional valuation that will support taxing entities long after the
project is paid off.
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(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 negatively impacted by this development. The electric utility
has sufficient capacity to support the development. This development, since it is housing,
may have an impact on Grand Island Public Schools. At this point, the Grand Island
public school system has taken a neutral stance on development not advocating for or
against housing projects proposing to use TIF. This property is in the Dodge Elementary
School area. Fire and police protection are available and should not be negatively
impacted by this development though all new residences and development do have an
incremental impact on fire and police.
(c) Impacts on employers and employees of firms locating or expanding within the
boundaries of the area of the redevelopment project;
This will have minimal impact on employers or employees within the redevelopment
project area. Although it will increase housing choices in southeast Grand Island and
may positively impact recruitment of employees for businesses located in this part of the
community.
(d) Impacts on other employers and employees within the city or village and the
immediate area that are located outside of the boundaries of the area of the
redevelopment project; and
This project will not have a negative impact on other within the Grand Island area.
(e) Impacts on student populations of school districts within the City or Village:
This development will have an impact on the Grand Island School system and
will likely result in additional students at both the elementary and secondary school
levels.
The average number of persons per household in Grand Island for 2015 to 2019
according the American Community Survey is 2.61 (new ACS data is not available and
isn’t expected until March of 2022). If 47 additional houses are built they would house
123 people. According to the 2010 census 19.2% of the population of Grand Island was
over 4 years old and under 18 years old. 2020 census numbers for this population cohort
are not yet available but 27.6% of the 2021 population is less than 18 years of age this is
the same percentage as the under 18 age cohort in 2010. If the averages hold it would be
expected that there would be an additional 24 school age children generated by this
development. As proposed in this development plan the maximum number of units
created could be as many as 88 which would result in 230 people with an average of 44
school age children. If this develops as proposed with at a rate of 10 units per year up to
4.4 children would be added to the district for up to 9 years. These children will likely be
spread over the full school age population from elementary to secondary school.
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According to the National Center for Educational Statistics2 the 2019-20 enrollment for
GIPS was 10,070 students and the cost per student in 2017-18 was $12,351 of that $4,653
is generated locally. The Grand Island Public School System was notified on January 5,
2022 that the CRA would be considering this application at their January 12, 2022
meeting.
(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 provide needed housing in the Grand Island market and spread the
housing to parts of the community other than northwest Grand Island.
Time Frame for Development
Development of this project is anticipated to be completed during between April of 2022
and December of 2032. The base tax year should be calculated on the value of the
property as of January 1, 2022 or the year that an amendment to the contract is filed to
claim additional improvements. Excess valuation should be available for this project for
15 years beginning in 2023 with taxes due in 2024 actual dates will be set based on the
approved contract. 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 on any portion of the project. Based on the estimates of the expenses detailed
above for creation of the 47 residential lots and rehabilitation of the Super Bowl property
the developer will spend more than $5,800,000 on TIF eligible expenses as part of this
development.
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JNIK, LLC Nikodym CRA Area #1 Page1
COMMUNITY REDEVELOPMENT AUTHORITY OF
THE CITY OF GRAND ISLAND, NEBRASKA
RESOLUTION NO. 387
A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF A
COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND
ISLAND, NEBRASKA, TAX INCREMENT DEVELOPMENT REVENUE NOTES
OR OTHER OBLIGATION, IN AN AGGREGATE PRINCIPAL AMOUNT NOT
TO EXCEED $5,800,000 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 JNIK, LLC REDEVELOPMENT PROJECT AREA,
SPECIFICALLY INCLUDING SITE PURCHASE, PREPARATION,
DEMOLITION, 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 #1 Plan Amendment January
2022 (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 site 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 an aggregate principal amount not to exceed $5,800,000
(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 JNIK, LLC Redevelopment Project Tax Increment Development Revenue
Note Series 2022 of the Authority, in an aggregate principal amount not to exceed $5,800,000, 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.
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“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.
“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 1 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;
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(c) Notes alleged to have been mutilated, destroyed, lost or stolen which have been
paid as provided in Section 3.9 hereof; and
(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 JNIK, LLC,
Redevelopment Project, dated the date of its execution, between the Authority, and The JNIK, LLC, a
Nebraska corporation, 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 #1 January 2022” 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 funds by that name created in Section 7.1.
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“State” means the State of Nebraska.
“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 of the Authority,
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.
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ARTICLE III
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 (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 one Note (the “Note”)
in an aggregate principal amount not to exceed $5,800,000. The Note shall be designated as “Community
Redevelopment Authority of the City of Grand Island, Nebraska, JNIK, LLC, Redevelopment Project Tax
Increment Development Revenue Note Series 2022,” 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, 2048, 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 with appropriate series designation.
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(b) Proceeds of the Note may be advanced and disbursed in the manner set forth below:
(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 in the aggregate exceed $5,800,000.
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 zero percent interest 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,
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interest thereon shall cease on the principal amount of such Note so redeemed from and after the date of
redemption thereof.
(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, 2048, (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.
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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 (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 $30,000,000, 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.
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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 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.
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ARTICLE V
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 from time to time pursuant to each Redevelopment Contract Amendment. 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 his or her control:
(a) a special trust fund called the ““JNIK, LLC Redevelopment Project Tax Increment Redevelopment
Project Note Fund” (the “Note Fund”). All of the Revenue shall be deposited into the Note Fund. The
Revenue accumulated in the Note Fund shall be used and applied on the Business Day prior to each Payment
Date (i) to make any payments to the City and Authority as may be required under the Redevelopment
Contract and (ii) to pay principal on the Note to the extent of any money then remaining the Note Fund on
such Payment Date. Money in the Note Fund shall be used solely for the purposes described in this Section
7.1 (a). All Revenues received through and including December 31, 2048, shall be used solely for the
payments required by this Section 7.1 (a); and
(b) a special trust fund called the “JNIK, LLC Redevelopment 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 in Section 3.2. If a sufficient amount to pay a properly completed Disbursement Request
is not in the Project Fund at the time of the receipt by the Agency of such request, the Agency shall notify the
owner of the Note and such owner may deposit an amount sufficient to pay such request with the Agency for
such payment. As set forth in Section 3.2, if the Redeveloper is the owner of the Note and the Redeveloper
so elects, the Agency 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.
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
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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.
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
JNIK, LLC, REDEVELOPMENT PROJECT
TAX INCREMENT DEVELOPMENT REVENUE NOTE, SERIES 2022
No. R-1 Up to an aggregate amount of $5,800,000
*(subject to reduction as described herein)
Date of Date of Rate of
Original Issue Maturity Interest
December 31, 2048 0.00%
REGISTERED OWNER: The JNIK, 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
* or, if sooner, fourteen years after the last effective date established for a Phase under the terms of the
Redevelopment Contract.
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
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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 1 of each year until payment in full of such
Principal Amount, beginning June 1, 2024, 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
______________, 2022, 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 $5,800,000.
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 #1 January 2022, (JNIK, LLC 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
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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”)
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.
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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
JNIK, LLC, REDEVELOPMENT PROJECT
TAX INCREMENT DEVELOPMENT REVENUE NOTE, SERIES 2022
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 be paid to the Nebraska State
Treasurer 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.
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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
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 of Nebraska. All suits and actions arising
out of this Resolution shall be instituted in a court of competent jurisdiction in the State of Nebraska except
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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.
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: ______________________, 2022.
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, April 13, 2022
Regular Meeting
Item I2
Approval of Redevelopment Contract CRA Area 1 - 313 W 2nd
Street - Left Click Properties
Staff Contact:
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Redevelopment Contract
REDEVELOPMENT CONTRACT
This Redevelopment Contract is made and entered into as of the _______day of
___________, 2022, by and between the Community Redevelopment Authority of the City of
Grand Island, Nebraska ("Authority"), and Left Click Properties, 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 18-2155, Reissue Revised Statutes of Nebraska, 2012, as amended
(collectively the "Act"), has designated an area within the City as blighted and substandard;
WHEREAS, the Mayor and Council of the City, after public hearing pursuant to the Act,
approved that redevelopment plan entitled " Redevelopment Plan Amendment Grand Island
CRA Area 1 February 2022" (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 18-2155, 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, 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 (Left Click Properties
Project), Series 2022, (the “TIF Note”) to be issued in an amount not to exceed $71,629 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.
"Lot" or "Lots" shall mean the separately platted and subdivided lots within the
Redevelopment Project Area established pursuant to an approved and filed subdivision plat in
accordance with the ordinances and regulations of the City.
"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. The Project shall
include Project site acquisition costs and architect and engineering costs, all as described in Section
3.04 of this Redevelopment Contract.
"Project Cost Certification" means a statement prepared and signed by the Redeveloper
verifying the Redeveloper has paid 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) 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.
"Redeveloper" means Left Click Properties, 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. The Redevelopment Project Area is also described on
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Exhibit B. All such legal descriptions are subject to change based upon any re-platting requested
by the Redeveloper and approved by the City.
"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, as the same may be amended from time to time.
"Redevelopment Plan" means the Redevelopment Plan (also defined in the recitals hereto)
for the Redevelopment Project Area related to the Project, as attached hereto as Exhibit B, prepared
by the Redeveloper, 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 as
amended 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 upon investigation by the Authority and on representations made by
the Redeveloper and its Lender:
(i) the Project would not be economically feasible without the use of
tax-increment financing (funds provided pursuant to Section 18-2147 of the
Act), and
(ii) the Project would not occur in the Redevelopment Project Area
without the use of tax-increment financing.
(iii) the Authority has documented the financial infeasibility as the
inability to finance the Project without the assistance provided under this
Redevelopment Contract.
(f) The Authority has determined that the costs and benefits of the Project,
including costs and benefits to other affected political subdivisions (and documented the
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same as part of the cost benefit analysis contained in the Redevelopment Plan), the economy
of the community, and the demand for public and private services have been analyzed by
the Authority and 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.
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 by-laws, organizational documents and a certified copy of the
resolution or resolutions 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
any other matter materially affecting the ability to Redeveloper to perform its obligations
hereunder.
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(d) The Project would not be economically feasible without the use of tax
increment financing. The Redeveloper is unable to obtain financing for the Project without
the benefit of tax increment financing.
(e) The Project would not occur in the Redevelopment Project Area without the
use of tax-increment financing.
(f) The Redeveloper certifies that it has not and will not apply for (i) tax
incentives under the Nebraska Advantage Act or the ImagiNE Act for a project located or
to be located within the redevelopment project area; (ii) a refund of the city’s local option
sales tax revenue; and (iii) no application has been made or approved under the Nebraska
Advantage Act or the ImagiNE Act.
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, 2023. Said taxes shall be divided as follows:
(a) That portion of the ad valorem tax on real property in each Phase 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 Lots 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 such real property 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.
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
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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 July 1, 2022, the Authority shall issue one Tax Increment Revenue Note, in one
taxable series, in a maximum principal amount of $71,629, 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 the Authority’s attorney, and receive Note
proceeds from the TIF Note Purchaser in said amount. At the option of the Redeveloper, 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. Redeveloper further understands that neither the Authority nor its counsel make any
representation regarding the taxability of the grant provided pursuant to this Redevelopment
Contract.
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.
In accordance with the terms of the Redevelopment Plan the Redeveloper is to receive one or more
grants to pay the costs for reimbursement of site acquisition, including easements, site preparation
costs, public infrastructure costs and utilities including those items as described on Exhibit D (the
"Project Costs"), in the aggregate maximum amount not to exceed $71,629. Notwithstanding the
foregoing, the aggregate amount of the Indebtedness and the grant shall not exceed the amount of
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Project Costs as certified pursuant to Section 4.02 of this Redevelopment Contract. Such grants
shall be made to the Redeveloper upon certification of Project Costs for 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 “Left Click Properties Redevelopment 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, 2038 shall be used solely for the payments required herein and by the
Resolution; and
(b) a special trust fund called the “Left Click Properties Redevelopment 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.
ARTICLE IV
OBLIGATIONS OF REDEVELOPER
Section 4.01 Construction of Project; Note; Insurance.
(a) Redeveloper will acquire the Project, prepare the site for redevelopment and rehabilitate
the building and public right of ways in accordance with the plans and specifications provided to
the Authority pursuant to redevelopment plan amendment.
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Redeveloper will also complete any required public infrastructure improvements for the
proposed project.
Redeveloper shall pay for the costs of described on Exhibit D from the grant(s) 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 for all phases of construction, policies of
insurance including coverage for contractors' general liability and completed operations and a
penal Note or Notes as required by the Act or as is otherwise required by law. 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 July 1, 2022, 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 Indebtedness may be advanced and disbursed in the manner set forth below:
(a) There shall be submitted to the Authority a grant disbursement request (the
“Disbursement Request”), executed by the City’s Finance Director and an authorized representative
of the Redeveloper, (i) certifying that a portion of the Project constituting and Infrastructure Phase
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.
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(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 $71,629.
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.
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 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 4.05 Record retention. 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. 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.
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Section 4.06 Payment of Costs.
The Redeveloper shall pay to the Authority or its designee the following sums on the execution
hereof:
$1,100 for application fee if not previously paid.
$1,000 for administrative and accounting costs.
$4,500 for legal fees.
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 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
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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 Project on or before September 1, 2022, 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 Seven percent (7.0%)
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 Notes and performance Notes for
each contract entered into by Redeveloper related to Project Costs. Each such Note shall show the
Authority and the City as well as the Redeveloper as beneficiary of any such Note, as and to the
extent commercially obtainable (as determined in the discretion of the Authority). In addition, the
Redeveloper shall provide a penal Note 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 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.
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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, attorneys,
appointed officials, employees, 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
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, attorneys, appointed officials, agents, employees
and members of their governing bodies free and harmless from any loss, claim, damage, demand,
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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 7.04 Notices to Parties.
Notices to Parties shall be mailed by U. S. Mail to the following addresses:
Redeveloper:
Left Click Properties, LLC
617 Stagecoach Road
Grand Island, NE 68801
Authority and City:
Director
Grand Island Community Redevelopment Authority
Hall County Regional Planning Department
100 E 1st Street
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P.O. Box 1968
Grand Island, NE 68802
IN WITNESS WHEREOF, Authority 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
_________2022, 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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LEFT CLICK PROPERTIES, LLC
By:______________________
Manager
STATE OF NEBRASKA)
) SS
COUNTY OF HALL)
The foregoing instrument was acknowledged before me this ______ day of ___________,2022,
by _______________________, Manager of Left Click Properties, LLC, on behalf of the limited
liability company.
________________________
Notary Public
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EXHIBIT A
DESCRIPTION OF REDEVELOPMENT AREA
Legal Descriptions: The West 1/3 of Lot Two (6) in Block Eighty One (81) in the Original
Town, now 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
(LEFT CLICK PROPERTIES REDEVELOPMENT PROJECT), SERIES 2022
No. R-1 Up to $71,629
(subject to reduction as described herein)
Date of Date of Rate of
Original Issue Maturity Interest
December 31, 2038 0.0%
REGISTERED OWNER: Left Click Properties, 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 Clerk of the City,
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)
Clerk
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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, 2024, 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
_____________, 2022, 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 $71,629.
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 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
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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.
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
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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
LEFT CLICK PROPERTIES REDEVELOPMENT PROJECT
TAX INCREMENT DEVELOPMENT REVENUE NOTE, SERIES 2022
Date
Principal Amount
Advanced
Principal Amount
Redeemed
Cumulative
Outstanding
Principal
Amount
Notation
Made
By
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Exhibit D
Project Costs
Eligible Costs to be reimbursed from TIF Funds
Site Acquisition: $70,000
Architecture & engineering 1,629
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Redevelopment Plan Amendment
Grand Island CRA Area 1
February 2022
The Community Redevelopment Authority (CRA) of the City of Grand Island
intends to amend the Redevelopment Plan for Area 1 with in the city, pursuant to
the Nebraska Community Development Law (the “Act”) and provide for the
financing of a specific infrastructure related project in Area 1.
Executive Summary:
Project Description
THE REDEVELOPMENT OF THE BUILDING LOCATED AT 313 W 2ND STREET
FOR COMMERCIAL USES, INCLUDING FIRE/LIFE SAFETY IMPROVEMENTS
AND BUILDING REHABILITATION AND REMODELING.
The use of Tax Increment Financing to aid in rehabilitation expenses associated with
redevelopment of the entire building located at 313 W. 2nd Street. The developer is
proposing to renovate commercial retail/office space at this location. This project
would not be feasible without the use of TIF.
LEFT CLICK PROPERTIES, LLC purchased the property for $70,000. The purchase
price is included as an eligible TIF activity. The developer is responsible for and has
provided evidence that they can secure adequate debt financing to cover the costs
associated with the remodeling and rehabilitation of this building.
The Grand Island Community Redevelopment Authority (CRA) intends to pledge the ad
valorem taxes generated over the 15 year period beginning January 1, 2023 towards the
allowable costs and associated financing for rehabilitation.
TAX INCREMENT FINANCING TO PAY FOR THE REHABILITATION OF THE
PROPERTY WILL COME FROM THE FOLLOWING REAL PROPERTY:
Property Description (the “Redevelopment Project Area”)
The property is located at 313 W. 2nd Street in Grand Island Nebraska, the attached
map identifies the subject property and the surrounding land uses.
Legal Descriptions: The West 1/3 of Lot two (2) in Block Eighty-One (81) in the
Original Town, now City of Grand Island, Hall County, Nebraska.
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Existing Land Use and Subject Property
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The tax increment will be captured for the tax years the payments for which become
delinquent in years 2023 through 2037 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 rehabilitation of this
portion of the building for commercial and residential uses as permitted in the B3
Heavy Business Zoning District.
Statutory Pledge of Taxes.
In accordance with Section 18-2147 of the Act and the terms of the Resolution
providing for the issuance of the TIF Note, the Authority hereby provides that any ad
valorem tax on the Redevelopment Project Area for the benefit of any public body be
divided for a period of fifteen years after the effective date of this provision as set forth in
the Redevelopment Contract, consistent with this Redevelopment Plan. Said taxes shall
be divided as follows:
a. That portion of the ad valorem tax which is produced by levy at the rate
fixed each year by or for each public body upon the redevelopment project valuation shall
be paid into the funds, of each such public body in the same proportion as all other taxes
collected by or for the bodies; and
b. That portion of the ad valorem tax on real property in the redevelopment
project in excess of such amount, if any, shall be allocated to and, when collected, paid into
a special fund of the Authority to pay the principal of; the interest on, and any premiums
due in connection with the bonds, loans, notes, or advances on money to, or indebtedness
incurred by, whether funded, refunded, assumed, or otherwise, such Authority for
financing or refinancing, in whole or in part, a redevelopment project. When such
bonds, loans, notes, advances of money, or indebtedness including interest and premium
due have been paid, the Authority shall so notify the County Assessor and County
Treasurer and all ad valorem taxes upon real property in such redevelopment project shall
be paid into the funds of the respective public bodies.
Pursuant to Section 18-2150 of the Act, the ad valorem tax so divided is hereby pledged
to the repayment of loans or advances of money, or the incurring of any indebtedness,
whether funded, refunded, assumed, or otherwise, by the CRA to finance or refinance, in
whole or in part, the redevelopment project, including the payment of the principal of,
premium, if any, and interest on such bonds, loans, notes, advances, or indebtedness.
Redevelopment Plan Amendment Complies with the Act:
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.
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1. The Redevelopment Project Area has been declared blighted and substandard by
action of the Grand Island City Council on December 19, 2000.[§18-2109] Such
declaration was made after a public hearing with full compliance with the public
notice requirements of §18-2115 of the Act.
2. Conformation to the General Plan for the Municipality as a whole. [§18-2103 (13)
(a) and §18-2110]
Grand Island adopted a Comprehensive Plan on July 13, 2004. This redevelopment plan
amendment and project are consistent with the Comprehensive Plan, in that no changes in
the Comprehensive Plan elements are intended. This plan merely provides funding for
the developer to rehabilitate the building for permitted uses on this property as defined by
the current and effective zoning regulations. The Hall County Regional Planning
Commission held a public hearing at their meeting on March 2, 2022 and passed
Resolution 2022-08 confirming that this project is consistent with the Comprehensive
Plan for the City of Grand Island.
3. The Redevelopment Plan must be sufficiently complete to address the following
items: [§18-2103(13) (b)]
a. Land Acquisition:
The Redevelopment Plan for Area 1 provides for real property acquisition and this plan
amendment does not prohibit such acquisition. The developer has acquired the property
and will be including acquisition as an eligible activity. There is no proposed acquisition
by the authority.
b. Demolition and Removal of Structures:
The project to be implemented with this plan does not provide for the demolition and
removal any structures on this property. Demotion of internal structures to accommodate
the redevelopment is anticipated and permitted.
c. Future Land Use Plan
See the attached map from the 2004 Grand Island Comprehensive Plan. All of the area
around the site in private ownership is planned for Downtown Commercial development;
this includes housing and commercial uses within the same structure. This property is in
private ownership. [§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 B3-Heavy Business zone. No zoning changes are anticipated with this
project. No changes are anticipated in street layouts or grades. No changes are
anticipated in building codes or ordinances. Nor are any other planning changes
contemplated. [§18-2103(b) and §18-2111]
e. Site Coverage and Intensity of Use
The developer is rehabilitating the existing building. The developer is not proposing to
increase the size of the building and current building meets the applicable regulations
regarding site coverage and intensity of use. [§18-2103(b) and §18-2111]
f. Additional Public Facilities or Utilities
Sewer and water are available to support this development.
Electric utilities are sufficient for the proposed use of this building.
No other utilities would be impacted by the development.
The developer will be responsible for replacing any sidewalks damaged during
construction of the project.
No other utilities would be impacted by the development. [§18-2103(b) and §18-2111]
4. The Act requires a Redevelopment Plan provide for relocation of individuals and
families displaced as a result of plan implementation. This property is vacant and
has not been used for any residential purposes. [§18-2103.02]
5. No member of the Authority, nor any employee thereof holds any interest in any
property in this Redevelopment Project Area. [§18-2106] No members of the
authority or staff of the CRA have any interest in this property.
6. Section 18-2114 of the Act requires that the Authority consider:
a. Method and cost of acquisition and preparation for redevelopment and estimated
proceeds from disposal to redevelopers.
The developer purchased the property for $70,000. The estimated costs of rehabilitation
of this property is $280,150. Other construction and soft costs are $36,464. Legal,
Developer and Audit Fees of $5,600 for reimbursement to the City and the CRA for costs
to prepare the contract and monitor the project over the course of the development are
included in the eligible expenses. The total of eligible expenses for this project exceeds
$392,214.
No property will be transferred to redevelopers by the Authority. The developer will
provide and secure all necessary financing.
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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 $71,629 from the proceeds of the TIF. This
indebtedness will be repaid from the Tax Increment Revenues generated from the project.
TIF revenues shall be made available to repay the original debt and associated interest
after January 1, 2023 through December 2038.
c. Statement of feasible method of relocating displaced families.
No families will be displaced as a result of this plan.
7. Section 18-2113 of the Act requires:
Prior to recommending a redevelopment plan to the governing body for approval, an
authority shall consider whether the proposed land uses and building requirements in the
redevelopment project area are designed with the general purpose of accomplishing, in
conformance with the general plan, a coordinated, adjusted, and harmonious development
of the city and its environs which will, in accordance with present and future needs,
promote health, safety, morals, order, convenience, prosperity, and the general welfare, as
well as efficiency and economy in the process of development, including, among other
things, adequate provision for traffic, vehicular parking, the promotion of safety from
fire, panic, and other dangers, adequate provision for light and air, the promotion of the
healthful and convenient distribution of population, the provision of adequate
transportation, water, sewerage, and other public utilities, schools, parks, recreational and
community facilities, and other public requirements, the promotion of sound design and
arrangement, the wise and efficient expenditure of public funds, and the prevention of the
recurrence of insanitary or unsafe dwelling accommodations or conditions of blight.
The Authority has considered these elements in proposing this Plan Amendment. This
amendment, in and of itself will promote consistency with the Comprehensive Plan. This
will have the intended result of preventing recurring elements of unsafe buildings and
blighting conditions. This will accomplish the goal of both the Railside Business
Improvement District and the Grand Island City Council of refurbishing street level
commercial space that has been underutilized for several years.
8. Time Frame for Development
Development of this project is anticipated to be completed by August 2022. Excess
valuation should be available for this project for 15 years beginning with the 2023 tax
year.
9. Justification of Project
This building in downtown Grand Island was built in 1920 and will be preserved with this
project. The primary use of the street level space is commercial and is consistent with the
long term development plans for Downtown.
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.
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As authorized in the Nebraska Community Development Law, §18-2147, Neb. Rev. Stat.
(2012), the City of Grand Island has analyzed the costs and benefits of the proposed
Redevelopment Project, including:
Project Sources and Uses. Approximately $71,629 in public funds from tax increment
financing provided by the Grand Island Community Redevelopment Authority will be
required to complete the project. This property has requested a Façade grant. This
investment by the Authority will leverage $ etivar; a pgnicnator fincse in private 202,255
1.94$nt of emtsinve for every TIF or grant dollar invested.
Use of Funds Source of Funds
Description TIF
Funds
Façade
Grant
Private Funds Total
Site Acquisition $70,000 $70,000
Renovation Costs $59,783 $220,367 $280,150
Contingency $14,008 $14,008
Architectural &
Engineering $1,629 $95 $1,724
Financing fees/ audit $8,232 $8,232
Legal/ TIF contract $12,500 $12,500
Total $71,629 $59,783 $255,202 $386,614
Tax Revenue. The property to be redeveloped is anticipated to have a January 1, 2023,
valuation of approximately $300,621. Based on the 2020 levy this would result in a real
property tax of approximately $4,775. It is anticipated that the assessed value will increase
by $216,895 upon full completion, as a result of the site redevelopment. This development
will result in an estimated tax increase of over $ 2,653 annually. The tax increment
gained from this Redevelopment Project Area would not be available for use as city
general tax revenues, for a period of 15 years, or such shorter time as may be required
to amortize the TIF bond, but would be used for eligible private redevelopment costs to
enable this project to be realized.
Estimated 2021 assessed value: $83,726
Estimated value after completion $300,621
Increment value $216,895
Annual TIF generated (estimated) $4,775
TIF bond issue $71,629
(a) Tax shifts resulting from the approval of the use of Tax Increment Financing;
The redevelopment project area currently has an estimated valuation of $83,726. The
proposed redevelopment will create additional valuation of $216,895. No tax shifts
are anticipated from the project outside of the use of TIF to support the
redevelopment. It is not anticipate that any additional tax burdens will be assumed by
public entities as a result of this project. The project creates additional valuation that
will support taxing entities long after the project is paid off.
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(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 in any significant way. Fire and police protection are available and should not be
negatively impacted by this development. The addition of life safety elements to this
building including fire sprinklers and a second exit actually reduce the chances of
negative impacts to the fire department.
(c) Impacts on employers and employees of firms locating or expanding within the
boundaries of the area of the redevelopment project;
This will provide additional commercial space options in the downtown area
consistent with the planned development in Downtown Grand Island.
(d) Impacts on other employers and employees within the city or village and the
immediate area that are located outside of the boundaries of the area of the
redevelopment project; and
This project will not have a negative impact on other employers in any manner
different from any other expanding business within the Grand Island area. This will
provide refurbish Downtown commercial space options for business owners who
wish to relocate to the Downtown area.
(e) Impacts on student populations of school districts within the City or Village:
This development will have a minimal impact on the Grand Island School
system as it will likely not result in any increased attendance. All of the units
to be developed are intended for commercial uses only.
(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 is consistent the goals of the Council, the Downtown BID, the CRA, and
Grow Grand Island to create additional upgraded commercial spaces within downtown
Grand Island.
Time Frame for Development
Development of this project is anticipated to be completed August 2022. The base tax
year should be calculated on the value of the property as of January 1, 2022. Excess
valuation should be available for this project for 15 years beginning in 2023 with taxes
due in 2024. 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 $71,629 the projected amount of increment based upon
the anticipated value of the project and current tax rate. Left Click Properties applied for
and received a façade improvement grant of $59,783.Based on the estimates of the
expenses of the rehabilitation the developer will spend at least $326,813 on TIF eligible
activities in excess of other grants given.
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Left Click Properties, LLC 313 W 2nd CRA Area #1 Page 1
COMMUNITY REDEVELOPMENT AUTHORITY OF
THE CITY OF GRAND ISLAND, NEBRASKA
RESOLUTION NO. ___________
A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF A
COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND
ISLAND, NEBRASKA, TAX INCREMENT DEVELOPMENT REVENUE NOTES
OR OTHER OBLIGATION, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $71,629 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 LEFT CLICK PROPERTIES, LLC REDEVELOPMENT
PROJECT AREA, SPECIFICALLY INCLUDING SITE PURCHASE,
PREPARATION, DEMOLITION, 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 #1 Plan Amendment February 2022 (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 site 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 an aggregate principal amount not to exceed $71,629 (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 Left Click Properties, LLC Redevelopment Project Tax Increment Development
Revenue Note Series 2022 of the Authority, in an aggregate principal amount not to exceed $71,629, 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 1 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 Left Click
Properties, LLC, Redevelopment Project, dated the date of its execution, between the Authority, and Left
Click Properties, LLC, a Nebraska corporation, 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 #1 February 2022” 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 of the Authority,
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.
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ARTICLE III
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 (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 one Note (the “Note”) in an aggregate
principal amount not to exceed $71,629. The Note shall be designated as “Community Redevelopment
Authority of the City of Grand Island, Nebraska, Left Click Properties, LLC, Redevelopment Project Tax
Increment Development Revenue Note Series 2022,” 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, 2038, 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 with appropriate series designation.
(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 in the
aggregate exceed $71,629.
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 zero percent interest 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,
2038, (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 the projected “Increment value” set forth in the Redevelopment
Plan 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.
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ARTICLE V
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.
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 his or her control:
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(a) a special trust fund called the ““Left Click Properties, LLC Redevelopment Project Tax Increment
Redevelopment Project Note Fund” (the “Note Fund”). All of the Revenue shall be deposited into the Note
Fund. The Revenue accumulated in the Note Fund shall be used and applied on the Business Day prior to each
Payment Date (i) to make any payments to the City and Authority as may be required under the Redevelopment
Contract and (ii) to pay principal on the Note to the extent of any money then remaining the Note Fund on
such Payment Date. Money in the Note Fund shall be used solely for the purposes described in this Section
7.1 (a). All Revenues received through and including December 31, 2038 shall be used solely for the payments
required by this Section 7.1 (a); and
(b) a special trust fund called the “Left Click Properties, LLC Redevelopment 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 in Section 3.2. If a sufficient amount to pay a properly completed Disbursement Request
is not in the Project Fund at the time of the receipt by the Agency of such request, the Agency shall notify the
owner of the Note and such owner may deposit an amount sufficient to pay such request with the Agency for
such payment. As set forth in Section 3.2, if the Redeveloper is the owner of the Note and the Redeveloper so
elects, the Agency 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.
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.
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.
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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.
UNITED STATES OF AMERICA
STATE OF NEBRASKA
COUNTY OF HALL
COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA
LEFT CLICK PROPERTIES, LLC, REDEVELOPMENT PROJECT
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TAX INCREMENT DEVELOPMENT REVENUE NOTE, SERIES 2022
No. R-1 Up to an aggregate amount of $71,629
(subject to reduction as described herein)
Date of Date of Rate of
Original Issue Maturity Interest
December 31, 2038 0.00%
REGISTERED OWNER: Left Click Properties, 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 1 of each year until payment in full of such Principal Amount,
beginning June 1, 2024, 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 18-2155, inclusive, Reissue Revised Statutes of Nebraska, as
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amended, and under and pursuant to Resolution No. ________ duly passed and adopted by the Authority on
______________, 2022, 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 $71,629.
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 #1 February 2022, (Left Click Properties, LLC 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”)
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.
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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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(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
LEFT CLICK PROPERTIES, LLC, REDEVELOPMENT PROJECT
TAX INCREMENT DEVELOPMENT REVENUE NOTE, SERIES 2022
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 be paid to the Nebraska State Treasurer 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 of Nebraska. All suits and actions arising out of this
Resolution shall be instituted in a court of competent jurisdiction in the State of Nebraska 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: ______________________, 2022.
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, April 13, 2022
Regular Meeting
Item I3
Redevelopment Plan CRA Area 36 - Highland North Subdivision
Staff Contact:
Grand Island Regular Meeting - 4/13/2022 Page 158 / 217
Redevelopment Plan Amendment
Grand Island CRA Area 36
April 2022
The Community Redevelopment Authority (CRA) of the City of Grand Island
intends to amend the Redevelopment Plan for Area 36 with in the city, pursuant to
the Nebraska Community Development Law (the “Act”) and provide for the
financing of a specific infrastructure related project in Area 36.
Executive Summary:
Project Description
THE REDEVELOPMENT OF LOTS 10, 11, AND 12 OF NORTHWEST GATEWAY
SUBDIVISION LOCATED SOUTH OF MONTANA AVENUE AND WEST OF
IDAHO AVENUE IN NORTHWEST GRAND ISLAND FOR A RESIDENTIAL
DEVELOPMENT 6 UNITS OF HOUSING IN 3 DUPLEXES.
The use of Tax Increment Financing to aid in redevelopment expenses associated with
building 3 duplexes (6 units of housing) including acquisition, fill and grading, sidewalks
and utility improvements. The use of Tax Increment Financing is an integral part of the
development plan and necessary to make this project affordable. The 2020 Housing
Study for the City of Grand Island identified a need of 1361 new rental and owner
occupied housing units by 2024.
Paramount Development will be acquiring this property from O’Neill Wood Resources
who acquired it in 2021. Changes in the cost of construction, availability of materials
have led to this application for assistance with the project. The developer is responsible
for and has provided evidence that they can secure adequate debt financing to cover the
costs associated with the construction of units. The Grand Island Community
Redevelopment Authority (CRA) intends to pledge the ad valorem taxes generated over
multiple 15 year periods beginning January 1, 2024 towards the allowable costs and
associated financing for the development of this property.
TAX INCREMENT FINANCING TO PAY FOR THE DEVELOPMENT OF THE
PROPERTY WILL COME FROM THE FOLLOWING REAL PROPERTY:
Property Description (the “Redevelopment Project Area”)
Legal Descriptions: Lots 10, 11 and 12 of Northwest Gateway Subdivision in the City
of Grand Island, Hall County, Nebraska.
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Existing Land Use and Subject Property
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The tax increment will be captured for the tax years the payments for which become
delinquent in years 2024 through 2039 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 development of the
property for residential and commercial uses as previously described.
Statutory Pledge of Taxes.
In accordance with Section 18-2147 of the Act and the terms of the Resolution
providing for the issuance of the TIF Note, the Authority hereby provides that any ad
valorem tax on the Redevelopment Project Area for the benefit of any public body be
divided for a period of fifteen years after the effective date of this provision as set forth in
the Redevelopment Contract or any amendment to the redevelopment contract, consistent
with this Redevelopment Plan. Said taxes shall be divided as follows:
a. That portion of the ad valorem tax which is produced by levy at the rate
fixed each year by or for each public body upon the redevelopment project valuation shall
be paid into the funds, of each such public body in the same proportion as all other taxes
collected by or for the bodies; and
b. That portion of the ad valorem tax on real property in the
redevelopment project in excess of such amount, if any, shall be allocated to and, when
collected, paid into a special fund of the Authority to pay the principal of; the interest on,
and any premiums due in connection with the bonds, loans, notes, or advances on money
to, or indebtedness incurred by, whether funded, refunded, assumed, or otherwise,such
Authority for financing or refinancing, in whole or in part, a redevelopment project.
When such bonds, loans, notes, advances of money, or indebtedness including interest
and premium due have been paid, the Authority shall so notify the County Assessor and
County Treasurer and all ad valorem taxes upon real property in such redevelopment
project shall be paid into the funds of the respective public bodies.
Pursuant to Section 18-2150 of the Act, the ad valorem tax so divided is hereby pledged
to the repayment of loans or advances of money, or the incurring of any indebtedness,
whether funded, refunded, assumed, or otherwise, by the CRA to finance or refinance, in
whole or in part, the redevelopment project, including the payment of the principal of,
premium, if any, and interest on such bonds, loans, notes, advances, or indebtedness.
Redevelopment Plan Amendment Complies with the Act:
The Community Development Law requires that a Redevelopment Plan and Project
consider and comply with a number of requirements. This Plan Amendment meets the
statutory qualifications as set forth below.
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1. The Redevelopment Project Area has been declared blighted and substandard by
action of the Grand Island City Council on January 25, 2022.[§18-2109] Such
declaration was made after a public hearing with full compliance with the public
notice requirements of §18-2115 of the Act.
2. Conformation to the General Plan for the Municipality as a whole. [§18-2103 (13)
(a) and §18-2110]
Grand Island adopted a Comprehensive Plan on July 13, 2004. This redevelopment plan
amendment and project are consistent with the Comprehensive Plan, in that no changes in
the Comprehensive Plan elements are intended. This plan merely provides funding for
the developer to rehabilitate the building for permitted uses on this property as defined by
the current and effective zoning regulations. The Hall County Regional Planning
Commission held a public hearing at their meeting on May 11, 2022 and passed
Resolution 2022-XX confirming that this project is consistent with the Comprehensive
Plan for the City of Grand Island. The Grand Island Public School District has submitted
a formal request to the Grand Island CRA to notify the District any time a TIF project
involving a housing subdivision and/or apartment complex is proposed within the
District. The school district was notified of this plan amendment prior to it being
submitted to the CRA for initial consideration.
3. The Redevelopment Plan must be sufficiently complete to address the following
items: [§18-2103(13) (b)]
a. Land Acquisition:
This Redevelopment Plan for Area 36 provides for real property acquisition and this plan
amendment does not prohibit such acquisition. There is no proposed acquisition by the
authority.
b. Demolition and Removal of Structures:
The project to be implemented with this plan does not provide for the demolition and
removal any structures on this property.
c. Future Land Use Plan
See the attached map from the 2004 Grand Island Comprehensive Plan. All of the area
around the site in private ownership is planned for mixed use commercial development
which includes residential, commercial and office uses. The property is zoned RO
residential office and residential or office uses would be permitted. This property is in
private ownership. [§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 RO Residential Office. The future land use map calls for mixed use
commercial development across this entire site. New public streets and utilities have
been extended throughout the site and the cost of the property included payments for
those improvements. TIF revenues will offset the cost of acquisition and sitework of
those improvements. No changes are anticipated in building codes or other ordinances.
No other planning changes contemplated. [§18-2103(b) and §18-2111]
e. Site Coverage and Intensity of Use
The RO zoning district allows does not have a minimum density does require a 600
square foot minimum lot size. Two off street parking spaces are required for each
dwelling unit constructed. [§18-2103(b) and §18-2111]
f. Additional Public Facilities or Utilities
Sanitary sewer and water are available to support this development.
Electric utilities are sufficient for the proposed use of this property. Electric lines,
transformers, and conduit will need to be extended throughout the property.
No other publicly owned utilities would be impacted by the development. §18-2103(b)
and §18-2111]
4. The Act requires a Redevelopment Plan provide for relocation of individuals and
families displaced as a result of plan implementation. This property is vacant and
has been vacant for more than 1 year; no relocation is contemplated or necessary.
[§18-2103.02]
5. No member of the Authority, nor any employee thereof holds any interest in any
property in this Redevelopment Project Area. [§18-2106] No members of the
authority or staff of the CRA have any interest in this property.
6. Section 18-2114 of the Act requires that the Authority consider:
a. Method and cost of acquisition and preparation for redevelopment and estimated
proceeds from disposal to redevelopers.
The purchase price of the property is $135,000 as an eligible expense. The estimated
costs of utilities including sewer, water and electric is $38,000. The cost of grading, site
prep and dirt work is $45,000. Sidewalks and drainage are estimated at $28,500. Other
costs including landscaping and financing fees are estimated at $33,000 Planning
activities including engineering, architecture, legal fees and government fees are
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estimated at $12,700. The total of the eligible expenses for this project is estimated by
the developer at over $1,220,000.
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 $263,200 from the proceeds of the TIF. This
indebtedness will be repaid from the Tax Increment Revenues generated from the project.
TIF revenues shall be made available to repay the original debt and associated interest
after January 1, 2024 through December 2039.
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. This amendment, in
and of itself will promote consistency with the Comprehensive Plan. This will have the
intended result of preventing recurring elements of unsafe buildings and blighting
conditions. This will accomplish the goal of increasing the number of residential units
within the City of Grand Island and encouraging infill development.
8. Time Frame for Development
Development of this project is anticipated to begin in the 2022 year. The duplexes should
be completed before the end of 2023. It is anticipated that the units in this development
will be fully built out in 2023 with the tax increment on those homes beginning with the
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2024 tax year. Based on the projected valuation of this project it is estimated that the TIF
Bonds will pay off in just under 8 years.
9. Justification of Project
The 2020 housing study for the City of Grand Island projected that by 2024 we would
need an additional 1361 new housing units. There should be 902 non-age restricted units
with 518 owner occupied and with 384 rental units. There should be 459 age restricted
unit 459 with 222 as 55+ owner occupied and with 237 as 55+ rental units. Between
January 1 of 2020 and December of 2021 the city issued permits for 430 new housing
units including both restricted and unrestricted units leaving a need for 931 additional
units by 2024. The current housing market, a combination of the cost of producing
housing and the prevailing wages, has not created a situation that gives the markets
sufficient incentive to build the number housing units required to meet community needs.
This lack of housing options impacts a variety of other areas within the community
including work force development, overcrowding, and maintenance of residential units.
This project will create new housing options for all citizens and potential citizens of
Grand Island and will likely result in the sale of existing homes around the city.
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.
(2019), the City of Grand Island has analyzed the costs and benefits of the proposed
Redevelopment Project, including:
Project Sources and Uses. Approximately $263,200 in public funds from tax increment
financing provided by the Grand Island Community Redevelopment Authority will be
required to complete the project. This investment by the Authority will leverage
$961,083 in private sector financing; a private investment of $3.65 for every TIF dollar
invested.
Use of Funds
Description TIF Funds Private Funds Total
Site Acquisition $135,000 $135,000
Building Costs $932,083 $932,083
Sewer $10,000 $10,000
Water $10,000 $10,000
Electric $18,000 $18,000
Public Streets/ sidewalks $28,500 $28,500
Site prep/ Dirt work $45,000 $45,000
Planning (Arch. & Eng.)$3,000 $3,000
Financing fees/ audit $0 $5,000 $5,000
Legal/ TIF contract $9,700 $9,700
Other $4,000 $24,000 $28,000
$0
Total $263,200 $961,083 $1,224,283
Source of funds
Grand Island Regular Meeting - 4/13/2022 Page 166 / 217
Tax Revenue. The property to be redeveloped is anticipated to have a January 1, 2022
valuation of approximately $22,014. Based on the 2021 levy this would result in a real
property tax of approximately $477. It is anticipated that the assessed value will increase
by $1,681,986 upon full completion, as a result of the site redevelopment. This
development will result in an estimated tax increase of over $36,472 annually. The tax
increment gained from this Redevelopment Project Area would not be available for use
as city general tax revenues, for the period of the bonds, but would be used for eligible
private redevelopment costs to enable this project to be realized.
Estimated 2022 assessed value: $ 22,014
Estimated value after completion $ 1,704,000
Increment value $ 1,681,986
Annual TIF generated (estimated) $ 36,472
TIF bond issue $ 285,500
(a) Tax shifts resulting from the approval of the use of Tax Increment Financing;
The redevelopment project area currently has an estimated valuation of $22,014. The
proposed redevelopment will create additional valuation of $1,704,000 over the course of
the next year. The project creates additional valuation that will support taxing entities
long after the project is paid off along with providing 6 additional housing units. The tax
shift from this project will be equal to the total of the bond principal of $263,200 if fully
funded and any associated interest on the bond to be assigned with contract approval.
(b) Public infrastructure and community public service needs impacts and local tax
impacts arising from the approval of the redevelopment project;
Existing water and waste water facilities will not be negatively impacted by this
development. The electric utility has sufficient capacity to support the development.
This is infill development with services connecting to existing line with capacity. This
development will result in a larger number of students in the Engleman Elementary
School service area. Fire and police protection are available and should not be negatively
impacted by this development though there will be some increased need for officers and
fire fighters as the City continues to grow whether from this project or others.
(c) Impacts on employers and employees of firms locating or expanding within the
boundaries of the area of the redevelopment project;
This will provide additional housing options for the residents of Grand Island.
(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
Grand Island Regular Meeting - 4/13/2022 Page 167 / 217
This project will not have a negative impact on other employers different from any
other expanding business within the Grand Island area. Grand Island does have tight
labor market and part of that is due to the availability and cost of housing. This
development may help alleviate some of those pressures.
(e) Impacts on student populations of school districts within the City or Village:
This development will have an impact on the Grand Island School system and
will likely result in additional students at the elementary and secondary school
levels.
The average number of persons per household in Grand Island for 2015 to 2019
according the American Community Survey is 2.61. Six additional households would
house 16 people. According to the 2010 census 19.2% of the population of Grand Island
was over 4 years old and under 18 years old. 2020 census number for this population
cohort are not yet available but 27.6% of the 2021 population is less than 18 years of age
this is the same percentage as the under 18 age cohort in 2010. If the averages hold it
would be expected that there would be an additional 3 school age children generated by
this development. According to the National Center for Educational Statistics1 the 2019-
20 enrollment for GIPS was 10,070 students and the cost per student in 2017-18 was
$12,351 of that $4,653 is generated locally.
The Grand Island Public School System was notified on April 6, 2022 that the CRA
would be considering this application at their April 13, 2022 meeting.
(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 is consistent the goals of the 2020 Housing Study for the City of Grand
Island to create more than 1361 new housing units. Between January of 2020 and
December of 2021 the City of Grand Island has issue permits for 430 housing units. The
local housing market is not capable of producing the number of units needed at market
rate given the costs of building and development.
Time Frame for Development
Development of this project is anticipated to be completed during between Fall of 2022
and the end of 2023. The base tax year should be calculated on the value of the property
as of January 1, 2023. Excess valuation should be available for this project beginning in
2024 with taxes due in 2025. 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 on each property or an amount not to exceed $263,200 the projected
amount of increment based upon the anticipated value of the project and current tax rate.
Based on the estimates of the expenses of the rehabilitation the developer will spend at
least $263,200 on TIF eligible activities.
1 https://nces.ed.gov/ccd/districtsearch/district_detail.asp?ID2=3100016
Grand Island Regular Meeting - 4/13/2022 Page 168 / 217
Form Updated 7-25-2019cn Page | 1
BACKGROUND INFORMATION RELATIVE TO
TAX INCREMENT FINANCING REQUEST
Project Redeveloper Information Business Name:
______________________________________________________________
Address:
_______________________________________________________________
Telephone No.: __________________________ Fax No.: _______________
Email: _________________________________________________________
Contact:
_______________________________________________________________
Application Submission Date:
Brief Description of Applicant’s Business:__
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________
Legal Description/Address of Proposed Project
Community Redevelopment Area Number ________
Grand Island Regular Meeting - 4/13/2022 Page 169 / 217
Form Updated 7-25-2019cn Page | 2
Present Ownership Proposed Project Site:
________________________________________________________________
_____________________________________
Is purchase of the site contingent on Tax Increment Financing Approval? Yes No
Proposed Project: Building square footage, size of property, description of buildings –
materials, etc. Please attach site plan, if available.
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________
If Property is to be Subdivided, Show Division Planned:
VI. Estimated Project Costs:
Acquisition Costs:
A. Land $ ______________
B. Building $ ______________
Construction Costs:
A. Renovation or Building Costs: $ ______________
B. On-Site Improvements:
Sewer $ ______________
Water $ ______________
Electric $ ______________
Gas $ ______________
Public Streets/Sidewalks $ ______________
Grand Island Regular Meeting - 4/13/2022 Page 170 / 217
Form Updated 7-25-2019cn Page | 3
Private Streets $ ______________
Trails $ ______________
Grading/Dirtwork/Fill $ ______________
Demolition $ ______________
Other $ ______________
Total $ ______________
Soft Costs:
A. Architectural & Engineering Fees: $ ______________
B. Financing Fees: $ ______________
C. Legal $ ______________
D. Developer Fees: $ ______________
E. Audit Fees $ ______________
F. Contingency Reserves: $ ______________
G. Other (Please Specify) $ ______________
TOTAL $ ______________
Total Estimated Market Value at Completion: $ Source for Estimated Market Value________________________________________
Source of Financing:
A. Developer Equity: $ ______________
B. Commercial Bank Loan: $ ______________
C. Tax Credits:
1. N.I.F.A. $ ______________
2. Historic Tax Credits $ ______________
3. New Market Tax Credits $ ______________
4. Opportunity Zone $ ______________
D. Industrial Revenue Bonds: $ ______________
E. Tax Increment Assistance: $ ______________
F. Enhanced Employment Area $ ______________
Grand Island Regular Meeting - 4/13/2022 Page 171 / 217
Form Updated 7-25-2019cn Page | 4
G. Nebraska Housing Trust Fund $ ______________
H. Other $ ______________
Name, Address, Phone & Fax Numbers of Architect, Engineer and General Contractor:
_______________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
____________________________________________________________
Estimated Real Estate Taxes on Project Site Upon Completion of Project:
(Please Show Calculations)
________________________________________________________________
________________________________________________________________
________________________________________________________________
____________________________________________________________
Project Construction Schedule:
Construction Start Date:
_________________________________________________
Construction Completion Date:
___________________________________________
If Phased Project:
_______________________ Year ______________________ % Complete
_______________________ Year ______________________ % Complete
_______________________ Year ______________________ % Complete
_______________________ Year ______________________ % Complete
_______________________ Year ______________________ % Complete
_______________________ Year ______________________ % Complete
Grand Island Regular Meeting - 4/13/2022 Page 172 / 217
Form Updated 7-25-2019cn Page | 5
XII. Please Attach Construction Pro Forma
XIII. Please Attach Annual Income & Expense Pro Forma
(With Appropriate Schedules)
TAX INCREMENT FINANCING REQUEST INFORMATION
Describe Amount and Purpose for Which Tax Increment Financing is Requested:
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
______________________________________________________________
Statement Identifying Financial Gap and Necessity for use of Tax Increment Financing
for Proposed Project: ______________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________
Grand Island Regular Meeting - 4/13/2022 Page 173 / 217
Form Updated 7-25-2019cn Page | 6
Municipal and Corporate References (if applicable). Please identify all other
Municipalities, and other Corporations the Applicant has been involved with, or has
completed developments in, within the last five (5) years, providing contact person,
telephone and fax numbers for each:
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
____________________________________
Post Office Box 1968
Grand Island, Nebraska 68802-1968
Phone: 308 385-5240
Fax: 308 385-5423
Email: cnabity@grand-island.com
Grand Island Regular Meeting - 4/13/2022 Page 174 / 217
4157, 4161 and 4163 Montana 3 Duplexes Project
Net Operating Income
Revenue Assumptions:
Monthly rent Annual Rent
Unit #1 $1,375.00 $16,500.00
3 bedroom 2 bath
Unit #2
3 bedroom 2 bath $1,375.00 $16,500.00
Unit #1 $1,375.00 $16,500.00
3 bedroom 2 bath
Unit #2 $1,375.00 $16,500.00
3 bedroom 2 bath
Unit #1 $1,375.00 $16,500.00
3 bedroom 2 bath
Unit #2 $1,375.00 $16,500.00
3 bedroom 2 bath
$8,250.00 $99,000.00
Annual Rent $99,000.00
$4,950.00
$94,050.00
Prepared Feb 22, 2022 by Sonja Weinrich
5% Vacancy Rate
Gross Potential Income
Gross Operating Income
4157 Montana
4161 Montana
4163 Montana
Grand Island Regular Meeting - 4/13/2022 Page 175 / 217
Project Costs
Acquisition $135,000 9,240
Hard Construction Costs $1,039,582.58
Project Cost $1,174,582.58 $139.83 per building sq ft
Cash Flow
Project Cost $1,292,040.84
Loan amt Monthly Annual Loan amt Monthly Annual
Monthly Payment $1.292 M $6,817.00 $81,804.00 $1.021 M $5,287.00 $63,444.00
Taxes $1,000.00 $12,000.00 $1,000.00 $12,000.00
Insurance $479.17 $5,750.00 $479.17 $5,750.00
Trash $90.00 $1,080.00 $90.00 $1,080.00
Maintenance $250.00 $3,000.00 $250.00 $3,000.00
Snow Removal and Lawn Care $400.00 $4,800.00 $400.00 $4,800.00
$9,036.17 $108,434.00 $7,506.17 $90,074.00
Annual Cash Flow above debt service and operating expenses $3,976.00-$14,384.00
New Building w/ garage & back patios
With TIFWithout TIF
add 10% contingency
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Acquisition $135,000.00
Earthwork $45,000.00
Concrete
$176,772.00
Sidewalks and drives $28,500.00
HVAC Island Indoor Climate $43,770.00
Electrical Island Electrical $40,500.00
New service to building $18,000.00
Plumbing
Plumbing bid $59,616.00
New sewer line to building Sewer Rooter $18,000.00
Drafting Fees
$3,000.00
Employee Labor
Site prep $4,000.00
Landscaping
UGS, Sod, Plants, Rocks, Mulch and Trees $24,000.00
Mead Lumber
Roof Framing & Trusses $104,481.09
Main Framing $49,586.22
Roofing Materials $16,335.90
Siding, Soffit & Fascia $17,835.27
Drwall & Insulation $28,902.99
Ext Doors & Windows $19,790.22
Int Doors & Hardware $18,037.65
Moulding $1,151.68
Cabinets $24,597.66
Subtotal $280,718.68
7.5% Tax $21,053.90
$301,772.58
Sheet Rock
Install, Mud and Finish JPR Drywall $30,000.00
Fiber Cement Siding
4 ft back building $5,000.00
Gutters Meister Gutter
Projected 3 Duplexes Cost
4157, 4161 and 4163 Montana Grand Island, NE
Footings, House pad, front and back patios, dirt work
Grand Island Regular Meeting - 4/13/2022 Page 181 / 217
$4,500.00
Vinyl Fencing $600.00
Concrete and forms $600.00
Posts $600.00 $1,800.00
Painting
Paint and Primer $3,450.00
Labor $25,500.00 $28,950.00
Labor
3 full time laborers - 8 month project
Includes all framing, roofing, siding, soffit, facia, $139,800.00
Install of cabinetry, interior and exterior doors,
windows, trim, countertops
Kitchen
Cabinets White Shaker Style On Mead Quote
Hardware $30.00
Appliances Blk 4 pc each kitchen $2,200.00
Countertops $350.00
Backsplash $275.00
Sink $200.00
Faucet $185.00
Garbage Disposal $125.00
Per Unit $3,365.00 X 6 $20,190.00
Lighting Fixtures
Int/Ext Lighting fixtures, Ceiling Fans $4,860.00
2 Full Baths Each Unit
Tub/Shower Combo $600.00
Master Shower $1,500.00
Toilet $410.00
Vanity w/ Top and Sink $600.00
Tri-View Med Cabinet $130.00
Backsplash $300.00
Towel Bar Set $70.00
Lighting $150.00
Faucet $300.00
Per Unit $4,060.00 X 6 $24,360.00
Flooring
Bdrm Carpets $6,500.00
VPL and adhesive $10,692.00
Back patio dividers
Grand Island Regular Meeting - 4/13/2022 Page 182 / 217
All Units $17,192.00
Garages
Insulated Door/ Openers $4,500.00
Total Build Cost $1,179,082.58
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Paramount Development Nortwest Gateway Area 36
COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA
RESOLUTION NO. 390
RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY
OF GRAND ISLAND, NEBRASKA, SUBMITTING A PROPOSED
REDEVELOPMENT CONTRACT TO THE HALL COUNTY REGIONAL PLANNING
COMMISSION FOR ITS RECOMMENDATION
WHEREAS, this Community Redevelopment Authority of the City of Grand
Island, Nebraska ("Authority"), pursuant to the Nebraska Community
Development Law (the "Act"), prepared a proposed redevelopment plan (the
"Plan") a copy of which is attached hereto as Exhibit 1, for redevelopment of an
area within the city limits of the City of Grand Island, Hall County, Nebraska; and
WHEREAS, the Authority is required by Section 18-2112 of the Act to submit
said to the planning board having jurisdiction of the area proposed for redevelopment
for review and recommendation as to its conformity with the general plan for the
development of the City of Grand Island, Hall County, Nebraska;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
The Authority submits to the Hall County Regional Planning Commission the
proposed Plan attached to this Resolution, for review and recommendation as to its
conformity with the general plan for the development of the City of Grand Island, Hall
County, Nebraska.
Passed and approved this 13th day of April, 2022
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF
GRAND ISLAND, NEBRASKA.
By___________________________
Chairperson
ATTEST:
__________________________
Secretary
Grand Island Regular Meeting - 4/13/2022 Page 185 / 217
A & H Holdings CRA Area #36 Highland North
COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND,
NEBRASKA
RESOLUTION NO. 391
RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA, PROVIDING NOTICE OF INTENT TO ENTER INTO A
REDEVELOPMENT CONTRACT AFTER THE PASSAGE OF 30 DAYS AND OTHER
MATTERS
WHEREAS, this Community Redevelopment Authority of the City of Grand Island, Nebraska ("Authority"), has received an Application for Tax Increment Financing under
the Nebraska Community Development Law (the “Act”) on a project within
Redevelopment Area 36, from Paramount Development LLC, (The "Developer") for
redevelopment of property platted as Lots 10, 11 and 12 of Northwest Gateway
Subdivison located east of Independence Avenue and south of Montana Avenue, an area within the city limits of the City of Grand Island, as set forth in Exhibit 1 attached hereto;
and
WHEREAS, this Community Redevelopment Authority of the City of Grand
Island, Nebraska ("Authority"), is proposing to use Tax Increment Financing on a project within Redevelopment Area 36;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
Section 1. In compliance with section 18-2114 of the Act, the Authority hereby gives
the governing body of the City notice that it intends to enter into the Redevelopment Contract,
attached as Exhibit 1, with such changes as are deemed appropriate by the Authority, after
approval of the redevelopment plan amendment related to the redevelopment project
described in the Redevelopment Contract, and after the passage of 30 days from the date
hereof.
Section 2. The Secretary of the Authority is directed to file a copy of this resolution
with the City Clerk of the City of Grand Island, forthwith.
Passed and approved this 13th day of April, 2022.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF GRAND
ISLAND, NEBRASKA.
By ___________________________
Chairperson
ATTEST:
___________________
Secretary
Grand Island Regular Meeting - 4/13/2022 Page 186 / 217
A & H Holdings CRA Area #36 Highland North
Exhibit 1
Draft Redevelopment Plan Forwarded to the Planning Commission
Grand Island Regular Meeting - 4/13/2022 Page 187 / 217
Community Redevelopment
Authority (CRA)
Wednesday, April 13, 2022
Regular Meeting
Item I4
Redevlopment Plan Amendment CRA Area 36 -Paramount
Northwest Gateway Subdivision
Staff Contact:
Grand Island Regular Meeting - 4/13/2022 Page 188 / 217
Redevelopment Plan Amendment
Grand Island CRA Area 36
April 2022
The Community Redevelopment Authority (CRA) of the City of Grand Island
intends to amend the Redevelopment Plan for Area 36 with in the city, pursuant to
the Nebraska Community Development Law (the “Act”) and provide for the
financing of a specific infrastructure related project in Area 36.
Executive Summary:
Project Description
THE REDEVELOPMENT OF LOTS 10, 11, AND 12 OF NORTHWEST GATEWAY
SUBDIVISION LOCATED SOUTH OF MONTANA AVENUE AND WEST OF
IDAHO AVENUE IN NORTHWEST GRAND ISLAND FOR A RESIDENTIAL
DEVELOPMENT 6 UNITS OF HOUSING IN 3 DUPLEXES.
The use of Tax Increment Financing to aid in redevelopment expenses associated with
building 3 duplexes (6 units of housing) including acquisition, fill and grading, sidewalks
and utility improvements. The use of Tax Increment Financing is an integral part of the
development plan and necessary to make this project affordable. The 2020 Housing
Study for the City of Grand Island identified a need of 1361 new rental and owner
occupied housing units by 2024.
Paramount Development will be acquiring this property from O’Neill Wood Resources
who acquired it in 2021. Changes in the cost of construction, availability of materials
have led to this application for assistance with the project. The developer is responsible
for and has provided evidence that they can secure adequate debt financing to cover the
costs associated with the construction of units. The Grand Island Community
Redevelopment Authority (CRA) intends to pledge the ad valorem taxes generated over
multiple 15 year periods beginning January 1, 2024 towards the allowable costs and
associated financing for the development of this property.
TAX INCREMENT FINANCING TO PAY FOR THE DEVELOPMENT OF THE
PROPERTY WILL COME FROM THE FOLLOWING REAL PROPERTY:
Property Description (the “Redevelopment Project Area”)
Legal Descriptions: Lots 10, 11 and 12 of Northwest Gateway Subdivision in the City
of Grand Island, Hall County, Nebraska.
Grand Island Regular Meeting - 4/13/2022 Page 189 / 217
Existing Land Use and Subject Property
Grand Island Regular Meeting - 4/13/2022 Page 190 / 217
The tax increment will be captured for the tax years the payments for which become
delinquent in years 2024 through 2039 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 development of the
property for residential and commercial uses as previously described.
Statutory Pledge of Taxes.
In accordance with Section 18-2147 of the Act and the terms of the Resolution
providing for the issuance of the TIF Note, the Authority hereby provides that any ad
valorem tax on the Redevelopment Project Area for the benefit of any public body be
divided for a period of fifteen years after the effective date of this provision as set forth in
the Redevelopment Contract or any amendment to the redevelopment contract, consistent
with this Redevelopment Plan. Said taxes shall be divided as follows:
a. That portion of the ad valorem tax which is produced by levy at the rate
fixed each year by or for each public body upon the redevelopment project valuation shall
be paid into the funds, of each such public body in the same proportion as all other taxes
collected by or for the bodies; and
b. That portion of the ad valorem tax on real property in the
redevelopment project in excess of such amount, if any, shall be allocated to and, when
collected, paid into a special fund of the Authority to pay the principal of; the interest on,
and any premiums due in connection with the bonds, loans, notes, or advances on money
to, or indebtedness incurred by, whether funded, refunded, assumed, or otherwise,such
Authority for financing or refinancing, in whole or in part, a redevelopment project.
When such bonds, loans, notes, advances of money, or indebtedness including interest
and premium due have been paid, the Authority shall so notify the County Assessor and
County Treasurer and all ad valorem taxes upon real property in such redevelopment
project shall be paid into the funds of the respective public bodies.
Pursuant to Section 18-2150 of the Act, the ad valorem tax so divided is hereby pledged
to the repayment of loans or advances of money, or the incurring of any indebtedness,
whether funded, refunded, assumed, or otherwise, by the CRA to finance or refinance, in
whole or in part, the redevelopment project, including the payment of the principal of,
premium, if any, and interest on such bonds, loans, notes, advances, or indebtedness.
Redevelopment Plan Amendment Complies with the Act:
The Community Development Law requires that a Redevelopment Plan and Project
consider and comply with a number of requirements. This Plan Amendment meets the
statutory qualifications as set forth below.
Grand Island Regular Meeting - 4/13/2022 Page 191 / 217
1. The Redevelopment Project Area has been declared blighted and substandard by
action of the Grand Island City Council on January 25, 2022.[§18-2109] Such
declaration was made after a public hearing with full compliance with the public
notice requirements of §18-2115 of the Act.
2. Conformation to the General Plan for the Municipality as a whole. [§18-2103 (13)
(a) and §18-2110]
Grand Island adopted a Comprehensive Plan on July 13, 2004. This redevelopment plan
amendment and project are consistent with the Comprehensive Plan, in that no changes in
the Comprehensive Plan elements are intended. This plan merely provides funding for
the developer to rehabilitate the building for permitted uses on this property as defined by
the current and effective zoning regulations. The Hall County Regional Planning
Commission held a public hearing at their meeting on May 11, 2022 and passed
Resolution 2022-XX confirming that this project is consistent with the Comprehensive
Plan for the City of Grand Island. The Grand Island Public School District has submitted
a formal request to the Grand Island CRA to notify the District any time a TIF project
involving a housing subdivision and/or apartment complex is proposed within the
District. The school district was notified of this plan amendment prior to it being
submitted to the CRA for initial consideration.
3. The Redevelopment Plan must be sufficiently complete to address the following
items: [§18-2103(13) (b)]
a. Land Acquisition:
This Redevelopment Plan for Area 36 provides for real property acquisition and this plan
amendment does not prohibit such acquisition. There is no proposed acquisition by the
authority.
b. Demolition and Removal of Structures:
The project to be implemented with this plan does not provide for the demolition and
removal any structures on this property.
c. Future Land Use Plan
See the attached map from the 2004 Grand Island Comprehensive Plan. All of the area
around the site in private ownership is planned for mixed use commercial development
which includes residential, commercial and office uses. The property is zoned RO
residential office and residential or office uses would be permitted. This property is in
private ownership. [§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 - 4/13/2022 Page 192 / 217
City of Grand Island Future Land Use Map
Grand Island Regular Meeting - 4/13/2022 Page 193 / 217
d. Changes to zoning, street layouts and grades or building codes or ordinances or
other Planning changes.
The area is zoned RO Residential Office. The future land use map calls for mixed use
commercial development across this entire site. New public streets and utilities have
been extended throughout the site and the cost of the property included payments for
those improvements. TIF revenues will offset the cost of acquisition and sitework of
those improvements. No changes are anticipated in building codes or other ordinances.
No other planning changes contemplated. [§18-2103(b) and §18-2111]
e. Site Coverage and Intensity of Use
The RO zoning district allows does not have a minimum density does require a 600
square foot minimum lot size. Two off street parking spaces are required for each
dwelling unit constructed. [§18-2103(b) and §18-2111]
f. Additional Public Facilities or Utilities
Sanitary sewer and water are available to support this development.
Electric utilities are sufficient for the proposed use of this property. Electric lines,
transformers, and conduit will need to be extended throughout the property.
No other publicly owned utilities would be impacted by the development. §18-2103(b)
and §18-2111]
4. The Act requires a Redevelopment Plan provide for relocation of individuals and
families displaced as a result of plan implementation. This property is vacant and
has been vacant for more than 1 year; no relocation is contemplated or necessary.
[§18-2103.02]
5. No member of the Authority, nor any employee thereof holds any interest in any
property in this Redevelopment Project Area. [§18-2106] No members of the
authority or staff of the CRA have any interest in this property.
6. Section 18-2114 of the Act requires that the Authority consider:
a. Method and cost of acquisition and preparation for redevelopment and estimated
proceeds from disposal to redevelopers.
The purchase price of the property is $135,000 as an eligible expense. The estimated
costs of utilities including sewer, water and electric is $38,000. The cost of grading, site
prep and dirt work is $45,000. Sidewalks and drainage are estimated at $28,500. Other
costs including landscaping and financing fees are estimated at $33,000 Planning
activities including engineering, architecture, legal fees and government fees are
Grand Island Regular Meeting - 4/13/2022 Page 194 / 217
estimated at $12,700. The total of the eligible expenses for this project is estimated by
the developer at over $1,220,000.
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 $263,200 from the proceeds of the TIF. This
indebtedness will be repaid from the Tax Increment Revenues generated from the project.
TIF revenues shall be made available to repay the original debt and associated interest
after January 1, 2024 through December 2039.
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. This amendment, in
and of itself will promote consistency with the Comprehensive Plan. This will have the
intended result of preventing recurring elements of unsafe buildings and blighting
conditions. This will accomplish the goal of increasing the number of residential units
within the City of Grand Island and encouraging infill development.
8. Time Frame for Development
Development of this project is anticipated to begin in the 2022 year. The duplexes should
be completed before the end of 2023. It is anticipated that the units in this development
will be fully built out in 2023 with the tax increment on those homes beginning with the
Grand Island Regular Meeting - 4/13/2022 Page 195 / 217
2024 tax year. Based on the projected valuation of this project it is estimated that the TIF
Bonds will pay off in just under 8 years.
9. Justification of Project
The 2020 housing study for the City of Grand Island projected that by 2024 we would
need an additional 1361 new housing units. There should be 902 non-age restricted units
with 518 owner occupied and with 384 rental units. There should be 459 age restricted
unit 459 with 222 as 55+ owner occupied and with 237 as 55+ rental units. Between
January 1 of 2020 and December of 2021 the city issued permits for 430 new housing
units including both restricted and unrestricted units leaving a need for 931 additional
units by 2024. The current housing market, a combination of the cost of producing
housing and the prevailing wages, has not created a situation that gives the markets
sufficient incentive to build the number housing units required to meet community needs.
This lack of housing options impacts a variety of other areas within the community
including work force development, overcrowding, and maintenance of residential units.
This project will create new housing options for all citizens and potential citizens of
Grand Island and will likely result in the sale of existing homes around the city.
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.
(2019), the City of Grand Island has analyzed the costs and benefits of the proposed
Redevelopment Project, including:
Project Sources and Uses. Approximately $263,200 in public funds from tax increment
financing provided by the Grand Island Community Redevelopment Authority will be
required to complete the project. This investment by the Authority will leverage
$961,083 in private sector financing; a private investment of $3.65 for every TIF dollar
invested.
Use of Funds
Description TIF Funds Private Funds Total
Site Acquisition $135,000 $135,000
Building Costs $932,083 $932,083
Sewer $10,000 $10,000
Water $10,000 $10,000
Electric $18,000 $18,000
Public Streets/ sidewalks $28,500 $28,500
Site prep/ Dirt work $45,000 $45,000
Planning (Arch. & Eng.)$3,000 $3,000
Financing fees/ audit $0 $5,000 $5,000
Legal/ TIF contract $9,700 $9,700
Other $4,000 $24,000 $28,000
$0
Total $263,200 $961,083 $1,224,283
Source of funds
Grand Island Regular Meeting - 4/13/2022 Page 196 / 217
Tax Revenue. The property to be redeveloped is anticipated to have a January 1, 2022
valuation of approximately $22,014. Based on the 2021 levy this would result in a real
property tax of approximately $477. It is anticipated that the assessed value will increase
by $1,681,986 upon full completion, as a result of the site redevelopment. This
development will result in an estimated tax increase of over $36,472 annually. The tax
increment gained from this Redevelopment Project Area would not be available for use
as city general tax revenues, for the period of the bonds, but would be used for eligible
private redevelopment costs to enable this project to be realized.
Estimated 2022 assessed value: $ 22,014
Estimated value after completion $ 1,704,000
Increment value $ 1,681,986
Annual TIF generated (estimated) $ 36,472
TIF bond issue $ 285,500
(a) Tax shifts resulting from the approval of the use of Tax Increment Financing;
The redevelopment project area currently has an estimated valuation of $22,014. The
proposed redevelopment will create additional valuation of $1,704,000 over the course of
the next year. The project creates additional valuation that will support taxing entities
long after the project is paid off along with providing 6 additional housing units. The tax
shift from this project will be equal to the total of the bond principal of $263,200 if fully
funded and any associated interest on the bond to be assigned with contract approval.
(b) Public infrastructure and community public service needs impacts and local tax
impacts arising from the approval of the redevelopment project;
Existing water and waste water facilities will not be negatively impacted by this
development. The electric utility has sufficient capacity to support the development.
This is infill development with services connecting to existing line with capacity. This
development will result in a larger number of students in the Engleman Elementary
School service area. Fire and police protection are available and should not be negatively
impacted by this development though there will be some increased need for officers and
fire fighters as the City continues to grow whether from this project or others.
(c) Impacts on employers and employees of firms locating or expanding within the
boundaries of the area of the redevelopment project;
This will provide additional housing options for the residents of Grand Island.
(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
Grand Island Regular Meeting - 4/13/2022 Page 197 / 217
This project will not have a negative impact on other employers different from any
other expanding business within the Grand Island area. Grand Island does have tight
labor market and part of that is due to the availability and cost of housing. This
development may help alleviate some of those pressures.
(e) Impacts on student populations of school districts within the City or Village:
This development will have an impact on the Grand Island School system and
will likely result in additional students at the elementary and secondary school
levels.
The average number of persons per household in Grand Island for 2015 to 2019
according the American Community Survey is 2.61. Six additional households would
house 16 people. According to the 2010 census 19.2% of the population of Grand Island
was over 4 years old and under 18 years old. 2020 census number for this population
cohort are not yet available but 27.6% of the 2021 population is less than 18 years of age
this is the same percentage as the under 18 age cohort in 2010. If the averages hold it
would be expected that there would be an additional 3 school age children generated by
this development. According to the National Center for Educational Statistics1 the 2019-
20 enrollment for GIPS was 10,070 students and the cost per student in 2017-18 was
$12,351 of that $4,653 is generated locally.
The Grand Island Public School System was notified on April 6, 2022 that the CRA
would be considering this application at their April 13, 2022 meeting.
(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 is consistent the goals of the 2020 Housing Study for the City of Grand
Island to create more than 1361 new housing units. Between January of 2020 and
December of 2021 the City of Grand Island has issue permits for 430 housing units. The
local housing market is not capable of producing the number of units needed at market
rate given the costs of building and development.
Time Frame for Development
Development of this project is anticipated to be completed during between Fall of 2022
and the end of 2023. The base tax year should be calculated on the value of the property
as of January 1, 2023. Excess valuation should be available for this project beginning in
2024 with taxes due in 2025. 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 on each property or an amount not to exceed $263,200 the projected
amount of increment based upon the anticipated value of the project and current tax rate.
Based on the estimates of the expenses of the rehabilitation the developer will spend at
least $263,200 on TIF eligible activities.
1 https://nces.ed.gov/ccd/districtsearch/district_detail.asp?ID2=3100016
Grand Island Regular Meeting - 4/13/2022 Page 198 / 217
Form Updated 7-25-2019cn Page | 1
BACKGROUND INFORMATION RELATIVE TO
TAX INCREMENT FINANCING REQUEST
Project Redeveloper Information Business Name:
______________________________________________________________
Address:
_______________________________________________________________
Telephone No.: __________________________ Fax No.: _______________
Email: _________________________________________________________
Contact:
_______________________________________________________________
Application Submission Date:
Brief Description of Applicant’s Business:__
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________
Legal Description/Address of Proposed Project
Community Redevelopment Area Number ________
Grand Island Regular Meeting - 4/13/2022 Page 199 / 217
Form Updated 7-25-2019cn Page | 2
Present Ownership Proposed Project Site:
________________________________________________________________
_____________________________________
Is purchase of the site contingent on Tax Increment Financing Approval? Yes No
Proposed Project: Building square footage, size of property, description of buildings –
materials, etc. Please attach site plan, if available.
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________
If Property is to be Subdivided, Show Division Planned:
VI. Estimated Project Costs:
Acquisition Costs:
A. Land $ ______________
B. Building $ ______________
Construction Costs:
A. Renovation or Building Costs: $ ______________
B. On-Site Improvements:
Sewer $ ______________
Water $ ______________
Electric $ ______________
Gas $ ______________
Public Streets/Sidewalks $ ______________
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Form Updated 7-25-2019cn Page | 3
Private Streets $ ______________
Trails $ ______________
Grading/Dirtwork/Fill $ ______________
Demolition $ ______________
Other $ ______________
Total $ ______________
Soft Costs:
A. Architectural & Engineering Fees: $ ______________
B. Financing Fees: $ ______________
C. Legal $ ______________
D. Developer Fees: $ ______________
E. Audit Fees $ ______________
F. Contingency Reserves: $ ______________
G. Other (Please Specify) $ ______________
TOTAL $ ______________
Total Estimated Market Value at Completion: $ Source for Estimated Market Value________________________________________
Source of Financing:
A. Developer Equity: $ ______________
B. Commercial Bank Loan: $ ______________
C. Tax Credits:
1. N.I.F.A. $ ______________
2. Historic Tax Credits $ ______________
3. New Market Tax Credits $ ______________
4. Opportunity Zone $ ______________
D. Industrial Revenue Bonds: $ ______________
E. Tax Increment Assistance: $ ______________
F. Enhanced Employment Area $ ______________
Grand Island Regular Meeting - 4/13/2022 Page 201 / 217
Form Updated 7-25-2019cn Page | 4
G. Nebraska Housing Trust Fund $ ______________
H. Other $ ______________
Name, Address, Phone & Fax Numbers of Architect, Engineer and General Contractor:
_______________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
____________________________________________________________
Estimated Real Estate Taxes on Project Site Upon Completion of Project:
(Please Show Calculations)
________________________________________________________________
________________________________________________________________
________________________________________________________________
____________________________________________________________
Project Construction Schedule:
Construction Start Date:
_________________________________________________
Construction Completion Date:
___________________________________________
If Phased Project:
_______________________ Year ______________________ % Complete
_______________________ Year ______________________ % Complete
_______________________ Year ______________________ % Complete
_______________________ Year ______________________ % Complete
_______________________ Year ______________________ % Complete
_______________________ Year ______________________ % Complete
Grand Island Regular Meeting - 4/13/2022 Page 202 / 217
Form Updated 7-25-2019cn Page | 5
XII. Please Attach Construction Pro Forma
XIII. Please Attach Annual Income & Expense Pro Forma
(With Appropriate Schedules)
TAX INCREMENT FINANCING REQUEST INFORMATION
Describe Amount and Purpose for Which Tax Increment Financing is Requested:
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
______________________________________________________________
Statement Identifying Financial Gap and Necessity for use of Tax Increment Financing
for Proposed Project: ______________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________
Grand Island Regular Meeting - 4/13/2022 Page 203 / 217
Form Updated 7-25-2019cn Page | 6
Municipal and Corporate References (if applicable). Please identify all other
Municipalities, and other Corporations the Applicant has been involved with, or has
completed developments in, within the last five (5) years, providing contact person,
telephone and fax numbers for each:
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
____________________________________
Post Office Box 1968
Grand Island, Nebraska 68802-1968
Phone: 308 385-5240
Fax: 308 385-5423
Email: cnabity@grand-island.com
Grand Island Regular Meeting - 4/13/2022 Page 204 / 217
4157, 4161 and 4163 Montana 3 Duplexes Project
Net Operating Income
Revenue Assumptions:
Monthly rent Annual Rent
Unit #1 $1,375.00 $16,500.00
3 bedroom 2 bath
Unit #2
3 bedroom 2 bath $1,375.00 $16,500.00
Unit #1 $1,375.00 $16,500.00
3 bedroom 2 bath
Unit #2 $1,375.00 $16,500.00
3 bedroom 2 bath
Unit #1 $1,375.00 $16,500.00
3 bedroom 2 bath
Unit #2 $1,375.00 $16,500.00
3 bedroom 2 bath
$8,250.00 $99,000.00
Annual Rent $99,000.00
$4,950.00
$94,050.00
Prepared Feb 22, 2022 by Sonja Weinrich
5% Vacancy Rate
Gross Potential Income
Gross Operating Income
4157 Montana
4161 Montana
4163 Montana
Grand Island Regular Meeting - 4/13/2022 Page 205 / 217
Project Costs
Acquisition $135,000 9,240
Hard Construction Costs $1,039,582.58
Project Cost $1,174,582.58 $139.83 per building sq ft
Cash Flow
Project Cost $1,292,040.84
Loan amt Monthly Annual Loan amt Monthly Annual
Monthly Payment $1.292 M $6,817.00 $81,804.00 $1.021 M $5,287.00 $63,444.00
Taxes $1,000.00 $12,000.00 $1,000.00 $12,000.00
Insurance $479.17 $5,750.00 $479.17 $5,750.00
Trash $90.00 $1,080.00 $90.00 $1,080.00
Maintenance $250.00 $3,000.00 $250.00 $3,000.00
Snow Removal and Lawn Care $400.00 $4,800.00 $400.00 $4,800.00
$9,036.17 $108,434.00 $7,506.17 $90,074.00
Annual Cash Flow above debt service and operating expenses $3,976.00-$14,384.00
New Building w/ garage & back patios
With TIFWithout TIF
add 10% contingency
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Acquisition $135,000.00
Earthwork $45,000.00
Concrete
$176,772.00
Sidewalks and drives $28,500.00
HVAC Island Indoor Climate $43,770.00
Electrical Island Electrical $40,500.00
New service to building $18,000.00
Plumbing
Plumbing bid $59,616.00
New sewer line to building Sewer Rooter $18,000.00
Drafting Fees
$3,000.00
Employee Labor
Site prep $4,000.00
Landscaping
UGS, Sod, Plants, Rocks, Mulch and Trees $24,000.00
Mead Lumber
Roof Framing & Trusses $104,481.09
Main Framing $49,586.22
Roofing Materials $16,335.90
Siding, Soffit & Fascia $17,835.27
Drwall & Insulation $28,902.99
Ext Doors & Windows $19,790.22
Int Doors & Hardware $18,037.65
Moulding $1,151.68
Cabinets $24,597.66
Subtotal $280,718.68
7.5% Tax $21,053.90
$301,772.58
Sheet Rock
Install, Mud and Finish JPR Drywall $30,000.00
Fiber Cement Siding
4 ft back building $5,000.00
Gutters Meister Gutter
Projected 3 Duplexes Cost
4157, 4161 and 4163 Montana Grand Island, NE
Footings, House pad, front and back patios, dirt work
Grand Island Regular Meeting - 4/13/2022 Page 211 / 217
$4,500.00
Vinyl Fencing $600.00
Concrete and forms $600.00
Posts $600.00 $1,800.00
Painting
Paint and Primer $3,450.00
Labor $25,500.00 $28,950.00
Labor
3 full time laborers - 8 month project
Includes all framing, roofing, siding, soffit, facia, $139,800.00
Install of cabinetry, interior and exterior doors,
windows, trim, countertops
Kitchen
Cabinets White Shaker Style On Mead Quote
Hardware $30.00
Appliances Blk 4 pc each kitchen $2,200.00
Countertops $350.00
Backsplash $275.00
Sink $200.00
Faucet $185.00
Garbage Disposal $125.00
Per Unit $3,365.00 X 6 $20,190.00
Lighting Fixtures
Int/Ext Lighting fixtures, Ceiling Fans $4,860.00
2 Full Baths Each Unit
Tub/Shower Combo $600.00
Master Shower $1,500.00
Toilet $410.00
Vanity w/ Top and Sink $600.00
Tri-View Med Cabinet $130.00
Backsplash $300.00
Towel Bar Set $70.00
Lighting $150.00
Faucet $300.00
Per Unit $4,060.00 X 6 $24,360.00
Flooring
Bdrm Carpets $6,500.00
VPL and adhesive $10,692.00
Back patio dividers
Grand Island Regular Meeting - 4/13/2022 Page 212 / 217
All Units $17,192.00
Garages
Insulated Door/ Openers $4,500.00
Total Build Cost $1,179,082.58
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Paramount Development Nortwest Gateway Area 36
COMMUNITY REDEVELOPMENT AUTHORITY
OF THE CITY OF GRAND ISLAND, NEBRASKA
RESOLUTION NO. 390
RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY
OF GRAND ISLAND, NEBRASKA, SUBMITTING A PROPOSED
REDEVELOPMENT CONTRACT TO THE HALL COUNTY REGIONAL PLANNING
COMMISSION FOR ITS RECOMMENDATION
WHEREAS, this Community Redevelopment Authority of the City of Grand
Island, Nebraska ("Authority"), pursuant to the Nebraska Community
Development Law (the "Act"), prepared a proposed redevelopment plan (the
"Plan") a copy of which is attached hereto as Exhibit 1, for redevelopment of an
area within the city limits of the City of Grand Island, Hall County, Nebraska; and
WHEREAS, the Authority is required by Section 18-2112 of the Act to submit
said to the planning board having jurisdiction of the area proposed for redevelopment
for review and recommendation as to its conformity with the general plan for the
development of the City of Grand Island, Hall County, Nebraska;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
The Authority submits to the Hall County Regional Planning Commission the
proposed Plan attached to this Resolution, for review and recommendation as to its
conformity with the general plan for the development of the City of Grand Island, Hall
County, Nebraska.
Passed and approved this 13th day of April, 2022
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF
GRAND ISLAND, NEBRASKA.
By___________________________
Chairperson
ATTEST:
__________________________
Secretary
Grand Island Regular Meeting - 4/13/2022 Page 215 / 217
A & H Holdings CRA Area #36 Highland North
COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND,
NEBRASKA
RESOLUTION NO. 391
RESOLUTION OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA, PROVIDING NOTICE OF INTENT TO ENTER INTO A
REDEVELOPMENT CONTRACT AFTER THE PASSAGE OF 30 DAYS AND OTHER
MATTERS
WHEREAS, this Community Redevelopment Authority of the City of Grand Island, Nebraska ("Authority"), has received an Application for Tax Increment Financing under
the Nebraska Community Development Law (the “Act”) on a project within
Redevelopment Area 36, from Paramount Development LLC, (The "Developer") for
redevelopment of property platted as Lots 10, 11 and 12 of Northwest Gateway
Subdivison located east of Independence Avenue and south of Montana Avenue, an area within the city limits of the City of Grand Island, as set forth in Exhibit 1 attached hereto;
and
WHEREAS, this Community Redevelopment Authority of the City of Grand
Island, Nebraska ("Authority"), is proposing to use Tax Increment Financing on a project within Redevelopment Area 36;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
Section 1. In compliance with section 18-2114 of the Act, the Authority hereby gives
the governing body of the City notice that it intends to enter into the Redevelopment Contract,
attached as Exhibit 1, with such changes as are deemed appropriate by the Authority, after
approval of the redevelopment plan amendment related to the redevelopment project
described in the Redevelopment Contract, and after the passage of 30 days from the date
hereof.
Section 2. The Secretary of the Authority is directed to file a copy of this resolution
with the City Clerk of the City of Grand Island, forthwith.
Passed and approved this 13th day of April, 2022.
COMMUNITY REDEVELOPMENT
AUTHORITY OF THE CITY OF GRAND
ISLAND, NEBRASKA.
By ___________________________
Chairperson
ATTEST:
___________________
Secretary
Grand Island Regular Meeting - 4/13/2022 Page 216 / 217
A & H Holdings CRA Area #36 Highland North
Exhibit 1
Draft Redevelopment Plan Forwarded to the Planning Commission
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