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07-12-2023 Community Redevelopment Authority Packet Regional Planning Commission Meeting Agenda City Hall 100 East First Street Regular Meeting of July 12, 2023 4:00 PM 1. CALL TO ORDER This is an open meeting of the Grand Island City Council. The City of Grand Island abides by the Open Meetings Act in conducting business. A copy of the Open Meetings Act is displayed in the back of this room as required by state law. The City Council may vote to go into Closed Session on any agenda item as allowed by state law. 2. ROLL CALL 3. MEETING MINUTES a. Consideration of Approval of the CRA minutes from the June 14, 2023 meeting 4. FINANCIAL REPORTS Review and Consideration of Approval of the financial statements for the previous month a. Financial Reports for a period between June 1 and June 30, 2023 5. BILLS Review and Consideration of bills submitted for approval since the last meeting a. Bills to be paid July 12, 2023 6. COMMITTED PROJECTS & CRA PROPERTIES A review of CRA committed projects including facade grants, life safety grants, other grants and CRA owned properties a. Committed Projects and CRA Properties 7. REDEVELOPMENT PROJECT These projects include Tax Increment Financing and other major projects under consideration by the CRA that ultimately take City Council approval in the form of a redevelopment plan or plan amendment. a. Redevelopment Plan Amendment CRA Area 2- Lots 3-8, Block 1, Lots 6-11, Block 2 and Lots 1-3, Block 3 of Knott Subdivision in Hall County, NE located south of Husker Highway and west of Locust Street in Grand Island – GARK Homes SHV 3V, LLC b. Redevelopment Plan Amendment Upper Story Residential Development for Railside and 4th Street Areas in CRA Area #1 c. Redevelopment Plan Amendment CRA Area 7- Lot 5 of Industrial Foundation Subdivision in the City of Grand Island, Nebraska (PID 400209149) located south of Schimmer Drive and west of Cobalt Drive in Grand Island – DK Enterprises, LLC. d. Redevelopment Plan Amendment CRA Area 1- Upper story residential development at the old Office Net located 315 N. Locust Street (part of Lots 3 and 4 of Block 55 Grand Island Original Town) in Grand Island – EBMT Properties, LLC 8. OTHER ITEMS Page 1 of 122 a. Consideration of Approval of Amendment 3 to the Interlocal Agreement between the CRA and City of Grand Island relative to providing funding for CRA Staff. b. Consideration of Approval of the 2023-24 Budget 9. DIRECTOR COMMUNICATION This is an opportunity for the Director to comment on current events, activities, and issues of interest to the commission. 10. NEXT MEETING DATE August 9, 2023 4:00 PM Page 2 of 122 OFFICIAL PROCEEDINGS MINUTES OF COMMUNITY REDEVELOPMENT AUTHORITY MEETING OF June 14, 2023 Pursuant to due call and notice thereof, a Meeting of the Community Redevelopment Authority of the City of Grand Island, Nebraska was conducted on June 14, 2023 at City Hall, 100 E. First Street. Notice of the meeting was given in the June 7, 2023 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, Sue Pirnie, Brian Mustion, Jim Truell and Chris Schwieger. Also present were: Planning Director Chad Nabity, Planning Administrative Assistant Norma Hernandez, Councilman Nickerson, Interim-City Administrator/City Attorney Laura McAloon, Finance Director Patrick Brown, Assistant Finance Director Brian Schultz 2. APPROVAL OF MINUTES. A motion for approval of the Minutes for the May 10, 2023 meeting was made by Mustion and second by Pirnie. Upon roll call vote, all present voted aye. Motion carried 5-0. 3. Review of Financials Financial reports were reviewed by Brian Schultz. A motion was made by Mustion and second by Pirnie to approve May 1- May 31, 2023 Financials. Upon roll call vote, all present voted aye. Motion carried 5-0. 4. Approval of Bills A motion was made by Mustion and second by Schwieger to approve the bills for $1,159,063.25. Upon roll call vote, all present voted aye. Motion carried 5-0. 5. Review of Committed Projects and CRA Properties The committed projects and CRA projects were reviewed by Nabity. Bartenbach Building is getting close may be complete next month. Hedde Building – 10 units – Elevator is in and once installed occupancy permit can be issued. Azur is running behind may be done fall of 2023. 106 N. Locust – Having contractor issues but still hoping to have it done by September. Office Net Building is coming along. South Locust Property is still available. Page 3 of 122 6. Redevelopment Contract and Bond Resoluton CRA Area 34 – Block A of Crane Valley Subdivision excluding Lots 1, 2 and Outlot A of Crane Valley 9th Subdivision located south of 13th Street and west of Diers Avenue in Grand Island – Concord Investments, LLC a. Consideration of Bond Resolution 435 – for property south of 13th Street and west of Diers Avenue. Nabity stated Concord Investments plans to build up to 84 units of apartments in multiple buildings on the site along with a clubhouse and garages and 2 commercial lots. The plan requests $2,967,963 in tax increment financing. A motion was made by Truell and second by Mustion approve Resolution 435. Upon roll call vote, all present voted aye. Motion carried 5-0. 7. Redevelopment Plan Amendment CRA Area 2 – Lots 3-8, Block 1, Lots 6- 11, Block 2 and Lots 1-3, Block 3 of Knott Subdivision in Hall County, NE located south of Husker Highway and west of Locust Street in Grand Island – GARK Homes SHV 3V, LLC a.Consideration of Resolution 436 – Forward a Redevelopment Plan Amendment to the Hall County Regional Planning Commission for property located south of Husker Highway and west Locust Street (Lots 3-8, Block 1, Lots 6-11, Block 2 and Lots 1-3, Block 3 of Knott Subdivision in Hall County, NE) in Grand Island – GARK Homes SHV 3V, LLC b. Consideration of Resolution of 437 – Resolution of Intent to enter into a Site Specific Redevelopment Contract and Approval of related actions 30-day notice to city council for property located south of Husker Highway and west of Locust Street (Lots 3-8, Block 1, Lots 6-11, Block 2 and Lots 1-3, Block 3 of Knott Subdivision in Hall County, NE) in Grand Island – GARK Homes SHV 3V, LLC Nabity stated the property is located south of Husker Highway and west of Locust Street. GARK Homes plans to build up to 86 units of apartments in multiple buildings on the site. The plan requests $2,375,828 in tax increment financing. A motion was made by Truell and second Mustion to approve Resolution 436. Upon roll call vote, all present voted aye. Motion carried 5-0. A motion was made by Truell and second by Mustion to approve Resolution 437. Upon roll call vote, all present voted aye. Motion carried 5-0. Page 4 of 122 8. Review of Upper Story Residential Development Plan for Railside and 4th Street Areas in CRA Area #1 Nabity stated the 2014 redevelopment plan was updated for Railside and 4th Street areas. Nabity explained the updated plan includes a larger area and also existing and new upper story residential with a limit of $100,000 per building with existing units. The funds will be allowed to be used for life safety improvements - fire sprinklers, exiting and electrical. The final plan will be brought back to the July CRA meeting with hope that it could be considered for approval by the City Council at the end of August. 9. Director’s Report a.Preliminary Budget Discussions Nabity went over the preliminary 2024 budget One change he is suggesting is to raise the percentage of the Director’s salary and benefits from 20% to 30% and to include 5% for the Planner 1 position. Five percent is 2 hours per week. Meeting adjourned at 5:06 p.m. Next Meeting July 12, 2023. Respectfully Submitted, Norma Hernandez Page 5 of 122 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET June-23 YEAR TO DATE BUDGET BALANCE USED CONSOLIDATED Beginning Cash 2,065,751 946,468 REVENUE: Property Taxes - CRA 78,014 388,810 548,263 159,453 70.92% Property Taxes - Lincoln Pool 20,610 115,837 197,340 81,503 58.70% Property Taxes -TIF's 1,234,296 4,125,595 7,100,000 2,974,405 58.11% Loan Income (Poplar Street Water Line) - - 20,000 20,000 0.00% Interest Income - CRA 3,121 11,162 10,000 - 111.62% Interest Income - TIF'S - - - - Land Sales - - - - #DIV/0! Other Revenue - CRA 38,021 277,348 200,000 - 138.67% Other Revenue - TIF's - 2,414,555 - - TOTAL REVENUE 1,374,062 7,333,307 8,075,603 3,235,361 90.81% TOTAL RESOURCES 3,439,813 7,333,307 9,022,071 3,235,361 EXPENSES Auditing & Accounting - - 3,000 3,000 0.00% Legal Services - - 3,000 3,000 0.00% Consulting Services - - 5,000 5,000 0.00% Contract Services 4,722 47,042 80,000 32,958 58.80% Printing & Binding - - 1,000 1,000 0.00% Other Professional Services - 10,689 16,000 5,311 66.81% General Liability Insurance - - 250 250 0.00% Postage - - 250 250 0.00% Legal Notices 15 241 500 259 48.12% Travel & Training - - 4,000 4,000 0.00% Other Expenditures - - - - Office Supplies - 35 1,000 965 3.50% Supplies - - 300 300 0.00% Land - 10,000 50,000 40,000 Bond Principal - Lincoln Pool - 195,000 190,000 (5,000) 102.63% Bond Interest - 2,340 7,340 5,000 31.88% Fiscal Agent Fees/Bond Costs - 525 - (525) Husker Harvest Days - 200,000 200,000 - 100.00% Façade Improvement - - 370,000 370,000 0.00% Building Improvement - 306,593 722,000 415,407 42.46% Other Projects - - 250,000 250,000 0.00% Bond Principal-TIF's 1,154,341 5,313,889 7,100,000 1,786,111 74.84% Bond Interest-TIF's - - - - Interest Expense - - - - TOTAL EXPENSES 1,159,078 6,086,354 9,003,640 2,917,286 67.60% INCREASE(DECREASE) IN CASH 214,984 1,246,953 (928,037) ENDING CASH 2,280,735 1,246,953 18,431 - CRA CASH 1,027,410 TIF CASH 1,253,325 Total Cash 2,280,735 COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JUNE 2023 Page 6 of 122 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET June-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JUNE 2023 GENERAL OPERATIONS: Property Taxes - CRA 78,014 388,810 548,263 159,453 70.92% Property Taxes - Lincoln Pool 20,610 115,837 197,340 81,503 58.70% Interest Income 3,121 11,162 10,000 - 111.62% Loan Income (Poplar Street Water Line) - 20,000 20,000 0.00% Land Sales - - - #DIV/0! Other Revenue & Motor Vehicle Tax 38,021 277,348 200,000 - 138.67% TOTAL 139,766 793,157 975,603 260,956 81.30% GIRARD VET CLINIC 90000013 Property Taxes - - TOTAL - - - - GEDDES ST APTS-PROCON 90000014 Property Taxes 31,247 (31,247) TOTAL - 31,247 - (31,247) SOUTHEAST CROSSING 90000015 Property Taxes - - TOTAL - - - - POPLAR STREET WATER 90000016 Property Taxes 1,041 14,478 (14,478) TOTAL 1,041 14,478 - (14,478) CASEY'S @ FIVE POINTS 90000017 Property Taxes 7,910 8,814 (8,814) TOTAL 7,910 8,814 - (8,814) OUTH POINTE HOTEL PROJECT 90000018 Property Taxes 2,224 46,386 (46,386) TOTAL 2,224 46,386 - (46,386) TOKEN PROPERTIES RUBY 90000024 Property Taxes 92 1,910 (1,910) TOTAL 92 1,910 - (1,910) GORDMAN GRAND ISLAND 90000025 Property Taxes 42,966 45,130 (45,130) TOTAL 42,966 45,130 - (45,130) BAKER DEVELOPMENT INC 90000026 Property Taxes 2,193 4,236 (4,236) TOTAL 2,193 4,236 - (4,236) STRATFORD PLAZA INC 90000027 Property Taxes 860 34,147 (34,147) TOTAL 860 34,147 - (34,147) Page 7 of 122 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET June-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JUNE 2023 COPPER CREEK 2013 HOUSES 90000028 Property Taxes 8,805 74,090 (74,090) TOTAL 8,805 74,090 - (74,090) FUTURE TIF'S Property Taxes - 7,100,000 7,100,000 Interest Income - - - - Other Revenue - 2,414,555 - - TOTAL - 2,414,555 7,100,000 7,100,000 CHIEF IND AURORA COOP 90000029 Property Taxes 19,472 20,452 (20,452) TOTAL 19,472 20,452 - (20,452) TOKEN PROP KIMBALL ST 90000030 Property Taxes 1,929 2,026 (2,026) TOTAL 1,929 2,026 - (2,026) GI HABITAT OF HUMANITY 90000031 Property Taxes 171 3,570 (3,570) TOTAL 171 3,570 - (3,570) AUTO ONE INC 90000032 Property Taxes 7,606 7,989 (7,989) TOTAL 7,606 7,989 - (7,989) EIG GRAND ISLAND 90000033 Property Taxes 40,901 49,408 (49,408) TOTAL 40,901 49,408 - (49,408) TOKEN PROPERTIES CARY ST 90000034 Property Taxes 4,464 4,689 (4,689) TOTAL 4,464 4,689 - (4,689) WENN HOUSING PROJECT 90000035 Property Taxes 147 3,069 (3,069) TOTAL 147 3,069 - (3,069) COPPER CREEK 2014 HOUSES 90000036 Property Taxes 29,296 243,184 (243,184) TOTAL 29,296 243,184 - (243,184) TC ENCK BUILDERS 90000037 Property Taxes 2,075 2,179 (2,179) TOTAL 2,075 2,179 - (2,179) SUPER MARKET DEVELOPERS 90000038 Property Taxes 2,825 96,510 (96,510) TOTAL 2,825 96,510 - (96,510) MAINSTAY SUITES 90000039 Property Taxes 1,723 35,933 (35,933) TOTAL 1,723 35,933 - (35,933) Page 8 of 122 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET June-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JUNE 2023 TOWER 217 90000040 Property Taxes 650 13,618 (13,618) TOTAL 650 13,618 - (13,618) COPPER CREEK 2015 HOUSES 90000041 Property Taxes 19,234 175,373 - (175,373) TOTAL 19,234 175,373 - (175,373) NORTHWEST COMMONS 90000042 Property Taxes 5,817 220,033 - (220,033) TOTAL 5,817 220,033 - (220,033) HABITAT - 8TH & SUPERIOR 90000043 Property Taxes 652 7,722 (7,722) TOTAL 652 7,722 - (7,722) KAUFMAN BUILDING 90000044 Property Taxes 313 6,556 (6,556) TOTAL 313 6,556 - (6,556) TALON APARTMENTS 90000045 Property Taxes 2,515 96,086 (96,086) TOTAL 2,515 96,086 - (96,086) VICTORY PLACE 90000046 Property Taxes 101 2,109 (2,109) TOTAL 101 2,109 - (2,109) THINK SMART 90000047 Property Taxes 165 6,564 (6,564) TOTAL 165 6,564 - (6,564) BOSSELMAN HQ 90000048 Property Taxes 2,023 122,239 (122,239) TOTAL 2,023 122,239 - (122,239) TALON APARTMENTS 2017 90000049 Property Taxes 2,827 108,017 (108,017) TOTAL 2,827 108,017 - (108,017) WEINRICH DEVELOPMENT 90000050 Property Taxes 166 3,462 (3,462) TOTAL 166 3,462 - (3,462) WING WILLIAMSONS 90000051 Property Taxes 103 205 (205) TOTAL 103 205 - (205) HATCHERY HOLDINGS 90000052 Property Taxes 4,153 86,616 (86,616) TOTAL 4,153 86,616 - (86,616) Page 9 of 122 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET June-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JUNE 2023 FEDERATION LABOR TEMPLE 90000053 Property Taxes 3,568 3,747 (3,747) TOTAL 3,568 3,747 - (3,747) MIDDLETON PROPERTIES II 90000054 Property Taxes 380 8,683 (8,683) TOTAL 380 8,683 - (8,683) COPPER CREEK 2016 HOUSES 90000055 Property Taxes 16,082 105,038 (105,038) TOTAL 16,082 105,038 - (105,038) MENDEZ ENT LLC PHASE 1 90000056 Property Taxes 696 2,758 (2,758) TOTAL 696 2,758 - (2,758) EAST PARK ON STUHR 90000057 Property Taxes 2,830 113,179 (113,179) TOTAL 2,830 113,179 - (113,179) TAKE FLIGHT INVESTMENTS 90000058 Property Taxes 142 284 (284) TOTAL 142 284 - (284) PRATARIA VENTURES HOSPITAL 90000059 Property Taxes 757,508 1,525,705 (1,525,705) TOTAL 757,508 1,525,705 - (1,525,705) AMMUNITION PLANT Property Taxes - - TOTAL - - - - URBAN ISLAND LLC 90000061 Property Taxes 176 3,681 (3,681) TOTAL 176 3,681 - (3,681) PEACEFUL ROOT 90000062 Property Taxes 130 2,726 (2,726) TOTAL 130 2,726 - (2,726) TALON 2019 LOOKBACK 90000063 Property Taxes 77 2,928 (2,928) TOTAL 77 2,928 - (2,928) COPPER CREEK PH2 2019 LB 90000064 Property Taxes 1,471 34,304 (34,304) TOTAL 1,471 34,304 - (34,304) GRAND ISLAND HOTEL 90000065 Property Taxes 2,830 59,012 (59,012) TOTAL 2,830 59,012 - (59,012) Page 10 of 122 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET June-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JUNE 2023 PARAMOUNT OLD SEARS 90000066 Property Taxes 196 4,109 (4,109) TOTAL 196 4,109 - (4,109) CENTRAL NE TRUCK WASH 90000067 Property Taxes 1,029 40,847 (40,847) TOTAL 1,029 40,847 - (40,847) PRATARIA VENTURES MED OFF 90000068 Property Taxes 5,427 113,175 (113,175) TOTAL 5,427 113,175 - (113,175) TALON 2020 LB PHASE 4 90000069 Property Taxes 802 30,648 (30,648) TOTAL 802 30,648 - (30,648) STAROSTKA 5TH ST LB PH 1 90000070 Property Taxes 342 7,137 (7,137) TOTAL 342 7,137 - (7,137) COPPER CREEK PH 2 2020 LB 90000071 Property Taxes 5,997 18,262 (18,262) TOTAL 5,997 18,262 - (18,262) COPPER CREEK PH 3 2020 LB 900000072 Property Taxes 2,691 20,526 (20,526) TOTAL 2,691 20,526 - (20,526) HEDDE BUILDING 201 W 3RD 90000073 Property Taxes 258 5,413 (5,413) TOTAL 258 5,413 - (5,413) RAWR HOLDINGS 110 W 2ND 90000074 Property Taxes 15 33,025 (33,025) TOTAL 15 33,025 - (33,025) ORCHARD REDEV PROJ 90000075 Property Taxes 698 14,564 (14,564) TOTAL 698 14,564 - (14,564) AMUR RE OLD WELLS FARGO 90000076 Property Taxes 602 12,618 (12,618) TOTAL 602 12,618 - (12,618) WALD 12 PROPERTIES LLC 90000077 Property Taxes 32 683 (683) TOTAL 32 683 - (683) WING PROPERTIES 112 E 3RD ST 90000078 Property Taxes 5 11 (11) TOTAL 5 11 - (11) Page 11 of 122 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET June-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JUNE 2023 WEINRICH DEV 408 E 2ND ST 90000079 Property Taxes 162 3,380 (3,380) TOTAL 162 3,380 - (3,380) O'NEILL WOOD RESOURCES Property Taxes - - TOTAL - - - - SE COMMONS - FONNERVIEW 90000081 Property Taxes 8,809 31,055 (31,055) TOTAL 8,809 31,055 - (31,055) PARAMOUNT 824 E 9TH ST 90000082 Property Taxes 350 7,290 (7,290) TOTAL 350 7,290 - (7,290) J&L WESTWARD ENT CAAP 90000083 Property Taxes 1,161 16,752 (16,752) TOTAL 1,161 16,752 - (16,752) MILLER TIRE 90000084 Property Taxes 5,655 5,940 (5,940) TOTAL 5,655 5,940 - (5,940) TALON 2021 LB PHASE 5 90000085 Property Taxes 1,340 51,204 (51,204) TOTAL 1,340 51,204 - (51,204) STAROSTKA 5TH ST 21 LB#2 90000086 Property Taxes 1,122 23,569 (23,569) TOTAL 1,122 23,569 - (23,569) PRATARIA PH 2 SUBPH 2 90000087 Property Taxes 262 5,471 (5,471) TOTAL 262 5,471 - (5,471) ORCHARD DEVELOPMENT 90000088 Property Taxes 1,339 9,591 (9,591) TOTAL 1,339 9,591 - (9,591) PARAMOUNT OLD SEARS 2 MAIN FL 90000089 Property Taxes 376 7,892 (7,892) TOTAL 376 7,892 - (7,892) BOSSELMAN KINGS CROSSING 90000090 Property Taxes 472 18,736 (18,736) TOTAL 472 18,736 - (18,736) TABITHA 3490 EWOLDT ST 90000091 Property Taxes 193,843 203,607 (203,607) TOTAL 193,843 203,607 - (203,607) TOTAL REVENUE 1,374,062 7,333,307 8,075,603 3,235,361 90.81% - - - - Page 12 of 122 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET June-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JUNE 2023 EXPENSES CRA GENERAL OPERATIONS: Auditing & Accounting - 3,000 3,000 0.00% Legal Services - 3,000 3,000 0.00% Consulting Services - 5,000 5,000 0.00% Contract Services 4,722 47,042 80,000 32,958 58.80% Printing & Binding - 1,000 1,000 0.00% Other Professional Services 10,689 16,000 5,311 66.81% General Liability Insurance - 250 250 0.00% Postage - 250 250 0.00% Legal Notices 15 241 500 259 48.12% Travel & Training - 4,000 4,000 0.00% Other Expenditures - - - #DIV/0! Office Supplies 35 1,000 965 3.50% Supplies - 300 300 0.00% Land 10,000 50,000 40,000 20.00% Bond Principal - Lincoln Pool 195,000 190,000 (5,000) 102.63% Bond Interest - Lincoln Pool 2,340 7,340 5,000 31.88% Fiscal Agent Fees/Bond Costs 525 (525) #DIV/0! PROJECTS Husker Harvest Days 200,000 200,000 - 100.00% Façade Improvement - 370,000 370,000 0.00% Building Improvement 306,593 722,000 415,407 0.00% Other Projects - 250,000 250,000 0.00% TOTAL CRA EXPENSES 4,737 772,465 1,903,640 1,131,175 40.58% GIRARD VET CLINIC 90000013 Bond Principal - - - TOTAL - - - - GEDDES ST APTS - PROCON 90000014 Bond Principal 32,078 - (32,078) TOTAL - 32,078 - (32,078) SOUTHEAST CROSSINGS 90000015 Bond Principal - - - TOTAL - - - - POPLAR STREET WATER 90000016 Bond Principal 10,241 13,943 - (13,943) TOTAL 10,241 13,943 - (13,943) CASEY'S @ FIVE POINTS 90000017 Bond Principal - - - TOTAL - - - - OUTH POINTE HOTEL PROJECT 90000018 Bond Principal 41,937 44,162 - (44,162) TOTAL 41,937 44,162 - (44,162) Page 13 of 122 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET June-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JUNE 2023 TOKEN PROPERTIES RUBY 90000024 Bond Principal 1,819 1,819 - (1,819) TOTAL 1,819 1,819 - (1,819) GORDMAN GRAND ISLAND 90000025 Bond Principal 2,164 - (2,164) TOTAL - 2,164 - (2,164) BAKER DEVELOPMENT INC 90000026 Bond Principal 1,932 - (1,932) TOTAL - 1,932 - (1,932) STRATFORD PLAZA LLC 90000027 Bond Principal 33,287 33,287 - (33,287) TOTAL 33,287 33,287 - (33,287) COPPER CREEK 2013 HOUSES 90000028 Bond Principal 38,041 65,285 - (65,285) TOTAL 38,041 65,285 - (65,285) CHIEF IND AURORA COOP 90000029 Bond Principal - - - TOTAL - - - - TOKEN PROP KIMBALL ST 90000030 Bond Principal - - - TOTAL - - - - GI HABITAT FOR HUMANITY 90000031 Bond Principal 3,398 3,398 - (3,398) TOTAL 3,398 3,398 - (3,398) AUTO ONE INC 90000032 Bond Principal - - - TOTAL - - - - EIG GRAND ISLAND 90000033 Bond Principal 8,507 - (8,507) TOTAL - 8,507 - (8,507) TOKEN PROP CARY STREET 90000034 Bond Principal - - - TOTAL - - - - WENN HOUSING PROJECT 90000035 Bond Principal 2,921 2,921 - (2,921) TOTAL 2,921 2,921 - (2,921) COPPER CREEK 2014 HOUSES 90000036 Bond Principal 203,542 255,790 - (255,790) TOTAL 203,542 255,790 - (255,790) TC ENCK BUILDERS 90000037 Bond Principal - - - TOTAL - - - - Page 14 of 122 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET June-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JUNE 2023 SUPER MARKET DEVELOPERS 90000038 Bond Principal 53,228 110,875 - (110,875) TOTAL 53,228 110,875 - (110,875) MAINSTAY SUITES 90000039 Bond Principal 32,486 34,210 - (34,210) TOTAL 32,486 34,210 - (34,210) TOWER 217 90000040 Bond Principal 13,624 13,624 - (13,624) TOTAL 13,624 13,624 - (13,624) COPPER CREEK 2015 HOUSES 90000041 Bond Principal 127,832 156,139 - (156,139) TOTAL 127,832 156,139 (156,139) NORTHWEST COMMONS 90000042 Bond Principal 10,957 214,216 - (214,216) TOTAL 10,957 214,216 (214,216) HABITAT - 8TH & SUPERIOR 90000043 Bond Principal 6,069 7,070 - (7,070) TOTAL 6,069 7,070 (7,070) KAUFMAN BUILDING Bond Principal 6,244 6,244 - (6,244) TOTAL 6,244 6,244 (6,244) TALON APARTMENTS 90000045 Bond Principal 93,572 - (93,572) TOTAL - 93,572 (93,572) VICTORY PLACE Bond Principal 2,008 2,008 - (2,008) TOTAL 2,008 2,008 (2,008) FUTURE TIF'S Bond Principal 2,407,519 7,100,000 4,692,481 Bond Interest - - - Auditing & Accounting - - - TOTAL - 2,407,519 7,100,000 4,692,481 THINK SMART 90000047 Bond Principal 6,400 - (6,400) TOTAL - 6,400 (6,400) BOSSELMAN HQ 90000048 Bond Principal 78,314 - (78,314) TOTAL - 78,314 (78,314) TALON APARTMENTS 2017 90000049 Bond Principal 105,190 - (105,190) TOTAL - 105,190 (105,190) Page 15 of 122 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET June-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JUNE 2023 WEINRICH DEVELOPMENT 90000050 Bond Principal 3,296 3,296 - (3,296) TOTAL 3,296 3,296 (3,296) WING WILLIAMSONS Bond Principal - - - TOTAL - - - HATCHERY HOLDINGS 90000052 Bond Principal 78,309 82,463 - (82,463) TOTAL 78,309 82,463 (82,463) FEDERATION LABOR TEMPLE Bond Principal - - - TOTAL - - - MIDDLETON PROPERTIES II 90000054 Bond Principal 8,303 8,303 - (8,303) TOTAL 8,303 8,303 (8,303) COPPER CREEK 2016 HOUSES 90000055 Bond Principal 84,018 88,955 - (88,955) TOTAL 84,018 88,955 (88,955) EAST PARK ON STUHR 90000057 Bond Principal 53,363 110,348 - (110,348) TOTAL 53,363 110,348 (110,348) TAKE FLIGHT INVESTMENTS Bond Principal - - - TOTAL - - - PRATARIA VENTURES HOSPITAL 90000059 Bond Principal 768,197 - (768,197) TOTAL - 768,197 (768,197) AMMUNITION PLANT Bond Principal - - - TOTAL - - - URBAN ISLAND LLC 90000061 Bond Principal 3,505 3,505 - (3,505) TOTAL 3,505 3,505 (3,505) PEACEFUL ROOT 90000062 Bond Principal 2,596 2,596 - (2,596) TOTAL 2,596 2,596 (2,596) TALON 2019 LOOKBACK 90000063 Bond Principal 2,850 - (2,850) TOTAL - 2,850 (2,850) COPPER CREEK PH2 2019 LB 90000064 Bond Principal 24,086 32,834 - (32,834) TOTAL 24,086 32,834 (32,834) Page 16 of 122 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET June-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JUNE 2023 GRAND ISLAND HOTEL 90000065 Bond Principal 53,353 56,183 - (56,183) TOTAL 53,353 56,183 (56,183) PARAMOUNT OLD SEARS 90000066 Bond Principal 3,913 3,913 - (3,913) TOTAL 3,913 3,913 (3,913) CENTRAL NE TRUCK WASH 90000067 Bond Principal 39,818 - (39,818) TOTAL - 39,818 (39,818) PRATARIA VENTURES MED OFF 90000068 Bond Principal 102,321 107,748 - (107,748) TOTAL 102,321 107,748 (107,748) TALON 2020 LB PHASE 4 90000069 Bond Principal 29,851 - (29,851) TOTAL - 29,851 (29,851) STAROSTKA 5TH ST LOOKBACK PHASE 1 Bond Principal 6,794 6,794 - (6,794) TOTAL 6,794 6,794 (6,794) COPPER CREEK PHASE 2 '20 LB 90000071 Bond Principal 32,428 44,693 - (44,693) TOTAL 32,428 44,693 (44,693) COPPER CREEK PH 3 2020 LB 90000072 Bond Principal 14,728 17,835 - (17,835) TOTAL 14,728 17,835 (17,835) HEDDE BUILDING 201 W 3RD 90000073 Bond Principal 5,155 5,155 - (5,155) TOTAL 5,155 5,155 (5,155) RAWR HOLDINGS LLC 110 W 2ND ST Bond Principal - - - TOTAL - - - ORCHARD REDEVELOPMENT PROJECT 75 Bond Principal 13,866 13,866 - (13,866) TOTAL 13,866 13,866 (13,866) AMUR RE OLD WELLS FARGO 90000076 Bond Principal 12,016 12,016 - (12,016) TOTAL 12,016 12,016 (12,016) WALD 12 PROPERTIES LLC OLD GREENB Bond Principal 1,334 - (1,334) TOTAL - 1,334 (1,334) Page 17 of 122 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET June-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JUNE 2023 WING PROPERTIES 112 2 3RD ST Bond Principal - - - TOTAL - - - WEINRICH DEV 408 E 2ND ST 90000079 Bond Principal 3,218 3,218 - (3,218) TOTAL 3,218 3,218 (3,218) O'NEILL WOOD RESOURCES Bond Principal - - - TOTAL - - - SE COMMONS - FONNERVIEW 90000081 Bond Principal 23,106 - (23,106) TOTAL - 23,106 (23,106) PARAMOUNT 824 E 9TH ST 90000082 Bond Principal 7,443 7,443 - (7,443) TOTAL 7,443 7,443 (7,443) J&L WESTWARD ENT CAAP 90000083 Bond Principal 13,499 15,591 - (15,591) TOTAL 13,499 15,591 (15,591) TALON 2021 LB PHASE 5 90000085 Bond Principal 49,864 - (49,864) TOTAL - 49,864 (49,864) STAROSTKA 5TH ST 21 LOOKBACK #2 86 Bond Principal 20,985 22,447 - (22,447) TOTAL 20,985 22,447 (22,447) PRATARIA PH 2 SUBPH 2 90000087 Bond Principal 5,209 5,209 (5,209) TOTAL 5,209 5,209 - (5,209) ORCHARD DEVELOPMENT 90000088 Bond Principal 6,789 8,252 (8,252) TOTAL 6,789 8,252 - (8,252) PARAMOUNT OLD SEARS 2 MAIN FL 90000089 Bond Principal 7,515 7,515 (7,515) TOTAL 7,515 7,515 - (7,515) BOSSELMAN KINGS CROSSING 90000090 Bond Principal 18,264 (18,264) TOTAL - 18,264 - (18,264) TABITHA 3490 EWOLDT ST 90000091 Bond Principal 9,764 (9,764) TOTAL - 9,764 - (9,764) TOTAL EXPENSES 1,159,078 6,086,354 9,003,640 2,917,286 67.60% Page 18 of 122 Page 19 of 122 Page 20 of 122 COMMITTED PROJECTS REMAINING GRANT AMOUNT 2023 FY 2024 FY 2025 FY and Beyond ESTIMATED COMP Husker Harvest Days (11/14/17) $ 1,000,000.00 $ - $ 200,000.00 $ 800,000.00 Oct-27 Conestoga Marketplace-CRA (12/27/22) $ 4,000,000.00 $ 200,000.00 $ 3,800,000.00 FY2042 Conestoga Marketplace-GGI (1/10/23) $ 500,000.00 $ - $ 500,000.00 $ - Dec-23 Conestoga Marketplace-City of GI $ 3,592,481.25 $ - $ - $ 3,592,481.25 FY2025 Chamber Exterior Remodel (8/10/2022) $ 290,000.00 $ 290,000.00 Summer 2023 118 W 2nd St (10/19/2022) $ 100,000.00 $ 100,000.00 Summer 2023 106 N Locust (10/19/2022) $ 100,000.00 $ 100,000.00 Summer 2023 313-315 N Locust (10/19/2022) $ 100,000.00 $ 100,000.00 Summer 2023 Total Committed $ 9,682,481.25 $ 590,000.00 $ 900,000.00 $ 8,192,481.25 FIRE & LIFE SAFETY GRANT TOTAL AMOUNT 2023 FISCAL YR 2024 FISCAL YR 2025 FISCAL YR ESTIMATED COMP 201-203 W. 3rd St. Anson (8-24-16) $ 260,000.00 $ 260,000.00 Fall 2023 Azure Investment Group (5-12-21) $ 70,000.00 $ 70,000.00 Fall 2023 118 W 2nd St Bartenbach Building (5-10- $ 35,000.00 $ 35,000.00 Fall 2023 Total Committed F&L Safety Grant $ 365,000.00 $ 365,000.00 $ - $ - BUDGET 2023 2023 LEFT Life Safety Budgeted 2023 $ 35,000.00 $ 35,000.00 $ - Façade Budgeted 2023 $ 370,000.00 $ 370,000.00 $ - Other Projects Budgeted 2023 $ 250,000.00 $ 155,000.00 $ 95,000.00 Land - Budgeted 2023 $ 50,000.00 $ - $ 50,000.00 Land Sales Budgeted 2023 $ - $ - $ - subtotal $ 560,000.00 $ 145,000.00 Balance $ 560,000.00 $ 145,000.00 BUDGET PAID LEFT Building Improvements * $ 722,000.00 $ 306,593.00 $ 415,407.00 *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 June 30, 2023 Page 21 of 122 Area 2 Knott GARK Homes SHV 3V, LLC Page 1 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. 438 A RESOLUTION RECOMMENDING APPROVAL OF A REDEVELOPMENT PLAN TO THE CITY OF GRAND ISLAND, NEBRASKA; RECOMMENDING APPROVAL OF A REDEVELOPMENT PROJECT TO THE CITY OF GRAND ISLAND, NEBRASKA; APPROVING A COST BENEFIT ANALYSIS FOR SUCH PROJECT; AND APPROVAL OF RELATED ACTIONS WHEREAS, the Mayor and Council of the City of Grand Island, Nebraska (the “City”), upon the recommendation of the Planning Commission of the City of Grand Island, Nebraska (the “Planning Commission”), and in compliance with all public notice requirements imposed by the Community Development Law, Chapter 18, Article 21, Reissue Revised Statutes of Nebraska, as amended (the “Act”), duly declared the redevelopment area legally described on Exhibit A attached hereto (the “Redevelopment Area”) to be blighted and substandard and in need of redevelopment; and WHEREAS, pursuant to and in furtherance of the Act, a Redevelopment Plan (the “Redevelopment Plan”), has been prepared by Community Redevelopment Authority of Grand Island, Nebraska, (the “Authority”) pursuant to an application by GARK Homes SHV 3V, LLC. (the “Redeveloper”), in the form attached hereto as Exhibit B, for the purpose of redeveloping Redevelopment Area legally described on Exhibit A, referred to herein as the Project Area (the “Project Area”); and WHEREAS, pursuant to the Redevelopment Plan, the Authority would agree to incur indebtedness and make a grant for the purposes specified in the Redevelopment Plan (the “Project”), in accordance with and as permitted by the Act; and WHEREAS, the Authority has conducted a cost benefit analysis of the Project (the “Cost Benefit Analysis”) pursuant to Section 18-2113 of the Act, a which is included in the Redevelopment Plan attached hereto as Exhibit B; and WHEREAS, the Authority has made certain findings and pursuant thereto has determined that it is in the best interests of the Authority and the City to approve the Redevelopment Plan and approve the Redevelopment Project and to approve the transactions contemplated thereby. NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA AS FOLLOWS: Section 1. The Authority has determined that the proposed land uses and building requirements in the Redevelopment Plan for the Project Area are designed with the general purposes of accomplishing, and in conformance with the general plan of the City, a coordinated, adjusted, and harmonious development of the City and its environs which will, in accordance with present and future needs, promote health, safety, morals, order, convenience, prosperity and the general welfare, as well as efficiency in economy in the process of development; including, among other things, adequate provision for traffic, vehicular parking, the promotion of safety from fire, panic, and other dangers, adequate provisions for light and air, the promotion of the healthful and convenient distribution of population, the provision of adequate transportation, water, sewerage, and other public utilities, schools, parks, recreational and communitive facilities, and other public requirements, the promotion of sound design and arrangement, the wise and efficient expenditure of public funds, and the prevention of the recurrence of unsanitary or unsafe dwelling accommodations, or conditions of blight. Page 22 of 122 Area 2 Knott GARK Homes SHV 3V, LLC Page 2 Section 2. The Authority has conducted a Cost Benefit Analysis for the Project, included in the Redevelopment Plan attached hereto as Exhibit B, in accordance with the Act, and has found and hereby finds that the Project would not be economically feasible without the use of tax increment financing, the Project would not occur in the Project Area without the use of tax increment financing and the costs and benefits of the Project, including costs and benefits to other affected political subdivisions, the economy of the community, and the demand for public and private services, have been analyzed and have been found to be in the long term best interests of the community impacted by the Project. Section 3. In compliance with section 18-2114 of the Act, the Authority finds and determines as follows: (a) the Redevelopment Area constituting the Redevelopment Project will not be acquired by the Authority and the Authority shall receive no proceeds from disposal to the Redeveloper; (b) the estimated cost of project acquisition and the estimated cost of acquisition of property, preparation for redevelopment including acquisition, site work, public utilities and streets, trails and sidewalks described in detail in Exhibit B attached hereto; (c) the method of acquisition of the real estate shall be by private contract by the Redeveloper and not by condemnation; and (d) the method of financing the Redevelopment Project shall be by issuance of tax increment revenue bond(s) issued in the approximate amount of $2,375,828 which shall be granted to the Redeveloper and from additional funds provided by the Redeveloper. No families will be displaced from the Redevelopment Project Area as a result of the project. Section 4. The Authority hereby recommends to the City approval of the Redevelopment Plan and the Redevelopment Project described in the Redevelopment Plan. Section 5. All prior resolutions of the Authority in conflict with the terms and provisions of this resolution are hereby expressly repealed to the extent of such conflicts. Section 6. This resolution shall be in full force and effect from and after its passage and approval. PASSED AND APPROVED this 12th day of July, 2023 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND NEBRASKA ATTEST: By: ___________________________________ Chair By: ___________________________________ Secretary Page 23 of 122 Area 2 Knott GARK Homes SHV 3V, LLC Page 3 EXHIBIT A LEGAL DESCRIPTION OF REDEVELOPMENT PROJECT AREA Legal Descriptions: Lots 3-8, Block 1, Lots 6-11, Block 2 and Lots 1-3, Block 3 of Knott Subdivision in Hall County, NE (PID 400054094, 400054108, 400054116, 400054124, 400054132, 400054140, 400054213, 400054221, 400054248, 400054256, 400054264, 400054272, 400054280, 400054299, 400054302) Page 24 of 122 Area 2 Knott GARK Homes SHV 3V, LLC Page 4 * * * * * EXHIBIT B FORM OF REDEVELOPMENT PLAN Page 25 of 122 Redevelopment Plan Amendment Grand Island CRA Area 2 May 2023 The Community Redevelopment Authority (CRA) of the City of Grand Island intends to amend the Redevelopment Plan for Area 2 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 2. Executive Summary: Project Description THE REDEVELOPMENT APPROXIMATELY 7.4 ACRES OF PROPERTY LOCATED SOUTH OF LAKE STREET AND WEST OF LOCUST STEET SOUTHEAST GRAND ISLAND FOR A MULTI-FAMILY RESIDENTIAL DEVELOPMENT WITH UP TO 85 UNITS OF HOUSING IN 15 BUILDINGS. The use of Tax Increment Financing to aid in redevelopment expenses associated with installing the necessary infrastructure (streets, sanitary sewer, water, and storm sewer) for the development the property for housing. The Knot Subdivision was approved by the City of Grand Island in January of 1965. Since that time and until recently the property was owned by Lyle and Arlene Knott and their family. Improvements including paving the streets, storm sewer and extending sewer and water throughout the property were not completed and most of the subdivision has remained undeveloped. The property was recently purchased by GARK Homes SHV 3V, LLC. 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. GARK Homes SHV 3V, LLC purchased this property from the Knott family with the intent to develop the property for residential purposes. The property is zoned R3 Medium Density Residential and would allow 1 dwelling unit per 3000 square feet of lot area. Most of these lots are between 16,000 and 23,000 square feet. This property has been vacant since it was platted. This project will also include paving Lake Street, Knott Avenue and Arlene Avenue, storm sewer connections to the existing storm sewer in Locust Street, as well as extending sewer and water as needed and to the end of Knott Avenue. 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, 2025 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”) Page 26 of 122 Legal Descriptions: Lots 3-8, Block 1, Lots 6-11, Block 2 and Lots 1-3, Block 3 of Knott Subdivision in Hall County, NE (PID 400054094, 400054108, 400054116, 400054124, 400054132, 400054140, 400054213, 400054221, 400054248, 400054256, 400054264, 400054272, 400054280, 400054299, 400054302) Existing Land Use and Subject Property Page 27 of 122 The tax increment will be captured for the tax years the payments for which become delinquent in years 2025 through 2045 inclusive. The TIF contract will be structured so it can be amended each year for up to six years to add the housing units to be completed during that year. No single property will be eligible for TIF for a period of more than 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 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. The plan anticipates that each phase of the development will constitute new effective date for the purposes of determining the period of fifteen years. 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: Page 28 of 122 The Community Development Law requires that a Redevelopment Plan and Project consider and comply with a number of requirements. This Plan Amendment meets the statutory qualifications as set forth below. 1. The Redevelopment Project Area has been declared blighted and substandard by action of the Grand Island City Council on September 13, 1999.[§18-2109] Such declaration was made after a public hearing with full compliance with the public notice requirements of §18-2115 of the Act. 2. Conformation to the General Plan for the Municipality as a whole. [§18-2103 (13) (a) and §18-2110] Grand Island adopted a Comprehensive Plan on July 13, 2004. This redevelopment plan amendment and project are consistent with the Comprehensive Plan, in that no changes in the Comprehensive Plan elements are intended. This plan merely provides funding for the developer to pay for necessary infrastructure include sewer, water, drainage and streets to prepare the property 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 July 05, 2023 and passed Resolution 2023-?? 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 2 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 highway commercial development which would include residential uses at a density of up to 42 units per acre. This property is in private ownership and is zoned for medium density residential uses. [§18-2103(b) Page 29 of 122 and §18-2111] The attached map also is an accurate site plan of the area after redevelopment. [§18-2111(5)] City of Grand Island Future Land Use Map Page 30 of 122 e. Site Coverage and Intensity of Use The R3 zoning district allows for one dwelling unit per 3000 square feet of lot space with a 6000 square foot minimum lot size. The development as proposed will have a residential density of less than 12 units per acre. [§18-2103(b) and §18-2111] f. Additional Public Facilities or Utilities Sanitary sewer and water are available to support this development. Both sanitary sewer and water will need to be extended throughout the site. TIF revenues will be used to offset the cost of these public utility improvements. 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. [§18-2103.02] This property is vacant and has no residential structures. 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 $200,000 as an eligible expense. Grading and site preparation is expected to cost $168,500. The estimated costs of utilities including sewer, water and electric is $691,515. Streets (public and private) and drainage are estimated at $990,813. Planning activities including engineering, architecture, legal fees and government fees are estimated at $325,000. The total of the eligible expenses for this project is estimated by the developer at $2,375,828. 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 $2,375,828 from the proceeds of the TIF. This indebtedness will be repaid from the Tax Increment Revenues generated from the project. Page 31 of 122 TIF revenues shall be made available to repay the original debt and associated interest after January 1, 2025 through December 2046. 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 2023 year. The build out of the subdivision is planned in three phases between 2024 and 2028. It is anticipated that the units in this development will be fully built out by 2030 with the tax increment on those homes extending to 2046. Excess valuation should be available for the first homes built with this project for 15 years beginning with the 2024 tax year. 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 2022 the city issued permits for 680 new housing units including both restricted and unrestricted units leaving a need for 673 additional Page 32 of 122 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 $2,375,828 in public funds from tax increment financing provided by the Grand Island Community Redevelopment Authority will be required to complete the project. This investment by the Authority will leverage $11,479,256 in private sector financing and investment; a private investment of $4.83 for every TIF dollar invested. Use of Funds Source of funds Description TIF Funds Private Funds Total Acquisition $200,000 $200,000 Building Costs $11,340,444 $11,340,444 Utilities $691,515 $691,515 Public Streets/Sidewalk $523,516 $523,516 Private Streets $85,796 $85,796 Storm Sewer $381,501 $381,501 Grading/Dirt work $168,500 $168,500 Planning (Arch. & Eng.)$300,000 $300,000 Financing fees/ audit $138,812 $138,812 Legal/ TIF contract $25,000 $25,000 Total $2,375,828 $11,479,256 $13,255,084 Tax Revenue. The property to be redeveloped is anticipated to have a January 1, 2024 valuation of approximately $200,000. Based on the 2022 levy this would result in a real property tax of approximately $4,232. It is anticipated that the assessed value will increase by $11,140,444 upon full completion, as a result of the site redevelopment. This development will result in an estimated tax increase of over $235,757 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. Page 33 of 122 Estimated 2024 assessed value: $ 200,000 Estimated value after completion $ 11,340,444 Increment value $ 11,140,444 Annual TIF generated (estimated) $ 235,757 TIF bond issue $ 2,375,828 (a) Tax shifts resulting from the approval of the use of Tax Increment Financing; The redevelopment project area currently has an estimated valuation of $200,000. The proposed redevelopment will create additional valuation of $11,140,444 over the course of the next six years. The project creates additional valuation that will support taxing entities long after the project is paid off along with providing up to 85 additional housing units. The tax shift from this project will be equal to the total of the bond principal of $2,375,828 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 for Grand Island Public Schools. 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. The National Homebuilders Association estimates that each unit of multifamily housing results in an FTE of 1.16 job. An average of 28 apartments would produce about 32.5 FTE’s per year for the next 3 years. (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 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. Page 34 of 122 (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 2017 to 2021 according the American Community Survey is 2.57. According current census numbers 20.2% of the population of Grand Island was between the ages of 5 and 18. If the averages hold it would be expected that 218 people would be housed at this location and there would be a maximum of 44 school age children generated by this development. If this develops at a rate of 28 units per year for 3 years approximately 15 children could be added to the school age population every year with this development. These 15 children will likely be spread over the full school age population from elementary to secondary school. According to the National Center for Educational Statistics1 the 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. This is likely to be mitigated based on the size and configuration of these units that will make them less attractive to families with children. The Grand Island Public School System was notified on May 12, 2023 that the CRA would be considering this application at their June 14, 2023 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 2022 the City of Grand Island has issue permits for 688 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 between summer of 2023 and the end of 2028. The base tax year should be calculated on the value of the property as of January 1, 2024 for the first phase with each phase based on the preceding year’s valuation of the property included in the amendment for that year. 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 a base amount of $2,375,828 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 $2,375,828 on TIF eligible activities. 1 https://nces.ed.gov/ccd/districtsearch/district_detail.asp?ID2=3100016 Page 35 of 122 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 ________ Page 36 of 122 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 $ ______________ Page 37 of 122 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 $ ______________ Page 38 of 122 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 Page 39 of 122 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: ______________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________ Page 40 of 122 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 Page 41 of 122 EB112233455664LAKE DEVELOPMENTSANITARY SEWERPUBLIC WORKS PLANKNOTT ARLENEPage 42 of 122 EB12123344556677LAKE DEVELOPMENTWATER MAINPUBLIC WORKS PLANKNOTT ARLENEPage 43 of 122 EBLAKE DEVELOPMENTBCDEDHILKMMNNOPABCEJGHIJKLOPQQRRSSTTUUVVWWXXYZZYAAAABBBBCCCCDDDDEEFFGGEEFFGGSTORM SEWER/PAVINGPUBLIC WORKS PLANA*******GFKNOTT ARLENEFPage 44 of 122 COPYRIGHT © 2018All rights reserved. All information contained herein isproperty of Erickson Sullivan Architects. No part ofthese drawings may be reproduced in any form or byany means without prior written permission ofErickson Sullivan Architects. Note: Original drawing format is 11" x 17".Any other sheet size will affect drawing scale. CONSULTANTS: DATE: KNOTT ARLENELAKE HOUSING PROJECT: 16023 PRELIMINARYDESIGN 03/24/23 SITE PLAN A100 Page 45 of 122 UP FIRSTSECOND GARAGE 2 BED 2 BATH (1051 SF) FIRSTSECOND GARAGE 1 BED 1 BATH (697 SF) LIVINGROOM KITCHEN BATHROOM BEDROOM OPEN TO BELOW PATIO PRIMARY BEDROOM KITCHEN LIVING W/D BEDROOM BATHROOM PATIO FIRST SECOND GARAGE 3 BED 2 BATH (1161 SF) PRIMARY BEDROOM KITCHEN LIVING BEDROOM PATIO BEDROOM TV BELOW R DINING TV DINING R R DINING TV PRIMARY BATHROOM PRMIARY BATHROOM BATHROOM W/D D.N. D.N.D.N. W/D W/D COPYRIGHT © 2018All rights reserved. All information contained herein isproperty of Erickson Sullivan Architects. No part ofthese drawings may be reproduced in any form or byany means without prior written permission ofErickson Sullivan Architects. Note: Original drawing format is 11" x 17".Any other sheet size will affect drawing scale. CONSULTANTS: DATE: KNOTT ARLENELAKE HOUSING PROJECT: 16023 PRELIMINARYDESIGN 04/5/23 FLOORPLANS A101 1" = 10'-0"1CONFIGURATION 1 Page 46 of 122 GARAGE KITCHEN LIVINGTV DINING R KITCHEN LIVINGTV DINING R KITCHEN LIVINGTV DINING R GARAGE GARAGE GARAGE KITCHEN LIVING R DINING TV GARAGE KITCHEN LIVING R DINING TV COPYRIGHT © 2018All rights reserved. All information contained herein isproperty of Erickson Sullivan Architects. No part ofthese drawings may be reproduced in any form or byany means without prior written permission ofErickson Sullivan Architects. Note: Original drawing format is 11" x 17".Any other sheet size will affect drawing scale. CONSULTANTS: DATE: KNOTT ARLENELAKE HOUSING PROJECT: 16023 PRELIMINARYDESIGN 4/4/23 TYPICAL 5 UNIT A102 1/8" = 1'-0"1Typical 5 Unit Page 47 of 122 COPYRIGHT © 2018All rights reserved. All information contained herein isproperty of Erickson Sullivan Architects. No part ofthese drawings may be reproduced in any form or byany means without prior written permission ofErickson Sullivan Architects. Note: Original drawing format is 11" x 17".Any other sheet size will affect drawing scale. CONSULTANTS: DATE: KNOTT ARLENELAKE HOUSING PROJECT: 16023 PRELIMINARYDESIGN 04/5/23 ELEVATIONS A103 1/8" = 1'-0"1Front Facade 1 1/8" = 1'-0"2Back Facade Page 48 of 122 COPYRIGHT © 2018All rights reserved. All information contained herein isproperty of Erickson Sullivan Architects. No part ofthese drawings may be reproduced in any form or byany means without prior written permission ofErickson Sullivan Architects. Note: Original drawing format is 11" x 17".Any other sheet size will affect drawing scale. CONSULTANTS: DATE: KNOTT ARLENELAKE HOUSING PROJECT: 16023 PRELIMINARYDESIGN 04/5/23 ELEVATIONS 2 A104 1/8" = 1'-0"1Side 1 1/8" = 1'-0"2Side 2 Page 49 of 122 COPYRIGHT © 2018All rights reserved. All information contained herein isproperty of Erickson Sullivan Architects. No part ofthese drawings may be reproduced in any form or byany means without prior written permission ofErickson Sullivan Architects. Note: Original drawing format is 11" x 17".Any other sheet size will affect drawing scale. CONSULTANTS: DATE: KNOTT ARLENELAKE HOUSING PROJECT: 16023 PRELIMINARYDESIGN 04/4/23 PERSPECTIVE A105 1Front Perspective Page 50 of 122 Redevelopment Plan Amendment Grand Island CRA Area 1 May 2023 The Community Redevelopment Authority (CRA) of the City of Grand Island intends to amend the Redevelopment Plan for Area 1 within the city, pursuant to the Nebraska Community Development Law (the “Act”) and provide for the creation of a grant program to further the development and redevelopment of upper story housing in buildings within the identified boundaries of this plan in Area 1. Executive Summary: Project Description THE CREATION OF GRANT PROGRAM TO FOSTER THE DEVELOPMENT OF UPPER STORY RESIDENTIAL UNITS IN AND NEAR THE DOWNTOWN CORE IT IS THE GOAL OF THE DOWNTOWN BUSINESS IMPROVEMENT DISTRICT, DOWNTOWN PROPERTY OWNERS, THE GRAND ISLAND CITY COUNCIL AND THE CRA TO DEVELOP OR REDEVELOP UPPER STORY 50 RESIDENTIAL UNITS WITHIN THIS AREA BY THE END OF 2028. Primary funding for this program will be provided through an appropriation from the City of Grand Island General Fund to be approved each year during the budget process and a set aside for grant purposes from the CRA General Budget. During the 2023-24 fiscal it is anticipated that each entity has will contribute $100,000. It is anticipated that this level of funding can continue through the 2027-28 fiscal year. The plan does not specifically authorize the use of Tax Increment Financing (“TIF”). It is anticipated that TIF will be part of some of these projects. A separate application and redevelopment plan will be required for all projects utilizing TIF. The acquisition, site work and construction of all improvements will be paid for by the developer. The developer is responsible for and has provided evidence that they can secure adequate debt financing to cover the costs associated with the acquisition, site work and remodeling. The CRA may grant funds as provided for in the CRA Annual Budget to developers of up to $20,000 per new two plus bedroom unit and $15,000 per new single bedroom unit developed on the an upper floor of a building. The CRA may grant funds as provided for fire sprinklers and water service upgrades necessary for sprinklers as provided for in the CRA Annual Budget to developers of up to $20,000 per existing two plus bedroom unit and $15,000 per existing single bedroom unit developed on the an upper floor of a building with a limit of $100,000 per building with existing units. These funds may only be granted for residential units within the project area. Grants made under this program are to be paid to the developer upon completion of the project and upon the developer showing evidence of such completion including certificates of occupancy, building inspection reports, approval of the fire marshal, paid invoices and evidence of actual costs. Page 51 of 122 UPPER STORY RESIDENTIAL LIFE SAFETY IMPROVEMENTS GRANTS AND TAX INCREMENT FINANCING SHALL BE LIMITED TO THE FOLLOWING GEOGRAPHIC AREA THOUGH UTILITY AND STREET EXTENSIONS AND NECSSARY UTILITY S COME FROM THE FOLLOWING REAL PROPERTY: Property Description (the “Redevelopment Project Area”) This property is bounded at the east side by Sycamore Street, the north side by South Front Street, the west side by Eddy Street and on the south side by Division Street, Locust Street and Court Street as shown on the attached maps identifying the area and the surrounding land uses. •Legal Descriptions Beginning at the center of the intersection of Court Street and Sycamore street proceeding along the centerline of Sycamore Street in a northerly direction ton the center of the intersection of Division Street and Sycamore Street and continuing along the centerline of Sycamore Street in a northwesterly direction to the center of the intersection of Sycamore Street and South Front Street; thence following the centerline of South Front Street in a southwesterly direction to the center of the intersection of Pine Street and South Front Street; thence northwesterly following the centerline of Pine Street to center of the intersection of Pine Street and 5th Street; thence southwesterly following the centerline of 5th Street to the center of the intersection of 5th Street and Eddy Street; thence following the centerline of Eddy Street in a southeasterly direction to the center of the intersection of Eddy Street and Division Street; thence following the centerline of Division Street in a northeasterly direction to the center of the intersection of Division Street and Locust Street; thence in following the centerline of Locust Street in a northerly direction to the center of the intersection of Locust Street and Court Street; thence following the centerline of Court Street in an easterly direction to the point of beginning. Page 52 of 122 Page 53 of 122 Redevelopment Plan Amendment Complies with the Act: The Community Development Law requires that a Redevelopment Plan and Project consider and comply with a number of requirements. This Plan Amendment meets the statutory qualifications as set forth below. 1. The Redevelopment Project Area has been declared blighted and substandard by action of the Grand Island City Council on December 19, 2000.[§18-2109] Such 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 developers to more fully utilize their property in manner consistent with the zoning regulations, intent of the comprehensive plan and building and fire codes. 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. 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 directly for the demolition of structures. Some internal demolition may be necessary for redevelopment but the primary purpose of this plan is to encourage redevelopment and reuse of existing buildings in downtown Grand Island. c. Future Land Use Plan See the attached map from the 2004 Grand Island Comprehensive Plan. The site is planned for downtown commercial development and public uses. [§18-2103(b) and §18- 2111] The attached map also is an accurate site plan of the area after redevelopment. [§18-2111(5)] Page 54 of 122 Page 55 of 122 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, B2 General Business Zone and M3 Mixed Use Manufacturing Zone. No zoning changes are anticipated with this project. The B3 and M3 Zoning Districts allow for residential uses with no restrictions on density. The B2 General Business Zone allows for residential uses at a density of 1 unit per 1000 square feet of property. No changes are anticipated in street layouts or grades. No changes are anticipated in building codes or ordinances. Nor are any other planning changes contemplated. [§18-2103(b) and §18-2111] e. Site Coverage and Intensity of Use The property is zoned B3, M3 and B2 and could accommodate a building of up to 100% of the property. [§18-2103(b) and §18-2111] f. Additional Public Facilities or Utilities Sewer and water are available to support this development. Water mains and fire service lines may need to be improved or added to support the proposed upper story development. No other utilities would be impacted by the development. The developer will be responsible for replacing any sidewalks damaged during construction of the project. No other utilities would be impacted by the development. [§18-2103(b) and §18-2111] Page 56 of 122 4. The Act requires a Redevelopment Plan provide for relocation of individuals and families displaced as a result of plan implementation. [§18-2103.02] Contracts for redevelopment that involve the use of Tax Increment Financing will have to address the need for relocation and appropriate compensation within a plan for that specific project and a request for TIF. 5. No member of the Authority, nor any employee thereof holds any interest in any property in this Redevelopment Project Area. [§18-2106] CRA Board Members including Sue Pirnie, and Tom Gdowski either own or work for entities that own property within this area. Prior to applying for any funds either through a grant or TIF on those properties proper disclosure and review will be made. 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. 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 funds from the Life Safety grant program as defined by the Authority and authorized with this plan amendment. c. Statement of feasible method of relocating displaced families. It is anticipated that 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 Page 57 of 122 community facilities, and other public requirements, the promotion of sound design and arrangement, the wise and efficient expenditure of public funds, and the prevention of the recurrence of insanitary or unsafe dwelling accommodations or conditions of blight. The Authority has considered these elements in proposing this Plan Amendment. This amendment, in and of itself will promote consistency with the Comprehensive Plan, in that it will allow for the utilization of and redevelopment of downtown properties in a way that encourages the mixed use development common to downtowns around the country. New residential development will raise property values and provide a stimulus to keep surrounding properties properly maintained and support additional commercial development within the Downtown. Redeveloping existing units and adding sprinklers will reduce the risk of fire throughout the area and protect live and property. This will have the intended result of preventing recurring elements of unsafe buildings and blighting conditions. 8. Time Frame for Development This redevelopment plan is to be approved for a 5 year period beginning with the 2023- 24 fiscal year and ending in the 2027-28 fiscal year. It is anticipated that this plan and the money appropriated to support the plan will result in the development of 50 new or renovated upper story residential units within the project area by 2031. 9. Justification of Project One of the keys to redeveloping any downtown area is to encourage enough 24 hour population in the area to support a wide variety of retail and personal services. Downtown Grand Island has struggled since major retailers moved to the suburban malls with encouraging appropriate development that fully utilizes the existing buildings. The addition of new and redeveloped residential units will provide beneficial uses for the upper stories of downtown buildings while at the same time increasing the number of people and population density of the neighborhood round the clock. This should lead to an increase in development and investment to support this core population and the entire community with specialized retail, dining and entertainment options. This is infill development in an area with all city services available. This project does not propose to tear down any buildings with historic value. Page 58 of 122 Upper Story Life Safety Grants Area 1 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. 439 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 12th day of July, 2023 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA. By___________________________ Chairperson ATTEST: __________________________ Secretary Page 59 of 122 Redevelopment Plan Amendment Grand Island CRA Area 7 July 2023 The Community Redevelopment Authority (CRA) of the City of Grand Island intends to amend the Redevelopment Plan for Area 7 within the city, pursuant to the Nebraska Community Development Law (the “Act”) and provide for the financing of a specific commercial project in Area 7. Executive Summary: Project Description THE REDEVELOPMENT OF LOT 5 OF INDUSTRIAL FOUNDATION SUBDIVISION, APPROXIMATELY 2.7 ACRES OF PROPERTY LOCATED SOUTH OF SCHIMMER DRIVE AND WEST OF COBALT DRIV IN GRAND ISLAND FOR A COMMERCIAL/WAREHOUSING PURPOSES. The use of Tax Increment Financing to aid in redevelopment expenses associated with acquisition, site work and planning for the development of a 12,000 square foot commercial warehouse building. The use of Tax Increment Financing is an integral part of the development plan and necessary to make this project affordable. DK Enterprises LLC has an option to purchase this property with the intent to develop it for the stated purpose. This project is in CRA Area 7. The developer is responsible for and has provided evidence that they can secure adequate debt financing to cover the costs associated with this project. The Grand Island Community Redevelopment Authority (CRA) intends to pledge the ad valorem taxes generated over multiple 15 year periods beginning January 1, 2025 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: Lot 5 of Industrial Foundation Subdivision in the City of Grand Island, Nebraska (PID 400209149) Page 60 of 122 Existing Land Use and Subject Property Page 61 of 122 The tax increment will be captured for the tax years the payments for which become delinquent in years 2025 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 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. 1. The Redevelopment Project Area has been declared blighted and substandard by action of the Grand Island City Council on August 28, 2007.[§18-2109] Such Page 62 of 122 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 redevelop the property 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 August 2, 2023 and passed Resolution 2023-?? confirming that this project is consistent with the Comprehensive Plan for the City of Grand Island. 3. The Redevelopment Plan must be sufficiently complete to address the following items: [§18-2103(13) (b)] a. Land Acquisition: This Redevelopment Plan for Area 7 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 commercial development. 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)] Page 63 of 122 City of Grand Island Future Land Use Map Page 64 of 122 d. Changes to zoning, street layouts and grades or building codes or ordinances or other Planning changes. The area is zoned M2 Heavy Manufacturing. The future land use map calls for industrial/manufacturing uses at this location. No new utilities are anticipated and needed to support this project. No changes or improvements to existing streets are anticipated. No changes are anticipated in building codes or other ordinances. No other planning changes contemplated. [§18-2103(b) and §18-2111] Current Zoning on the Site e. Site Coverage and Intensity of Use The M2 zoning district allows for a wide variety of manufacturing and commercial uses including warehousing like the one proposed. The minimum lot size in the M2 zone is 6000 square feet and the maximum ground coverage is 65%. [§18-2103(b) and §18- 2111] f. Additional Public Facilities or Utilities Sanitary sewer and water are available to support this development. TIF revenues will be used to offset the cost of these public utility improvements. Page 65 of 122 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 $264,000 as an eligible expense. The estimated costs of utilities extensions including electric, sewer and water is $20,000. Private streets and drives at $50,000. Sitework and grading are estimated at $30,000. Planning activities including engineering, architecture, legal fees and government fees are estimated at $54,000. The total of the eligible expenses for this project is estimated by the developer at $1,636,000. 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 $319,625 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, 2025 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: Page 66 of 122 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 providing for the development and new employment opportunities at the Platte Valley Industrial Park. 8. Time Frame for Development Development of this project is anticipated to begin in the 2023 calendar year. The commercial build out will occur before the end of 2024. Excess valuation should be available 15 years beginning with the 2025 tax year. 9. Justification of Project The Platte Valley Industrial Park has been identified as a premier location of transportation related industries including warehousing. The access to major highways including I-80 and 281 and the ability to access these sites from the highway system is a major asset. The industrial park also provides for the possibility of bringing freight and materials in by rail. 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 $319,625 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 Page 67 of 122 $1,317,000 in private sector financing and investment; a private investment of $4.12 for every TIF dollar invested. Use of Funds Source of funds Description TIF Funds Private Funds Total Acquisition $264,600 $264,600 Building Costs $1,200,000 $1,200,000 Utilities $20,000 $20,000 Private Streets $50,000 $50,000 Grading/Dirtwork $1,000 $29,000 $30,000 Planning (Arch. & Eng.)$42,000 $42,000 Other $18,000 $18,000 Legal/ TIF contract $12,000 $12,000 Total $319,600 $1,317,000 $1,636,600 Tax Revenue. The property to be redeveloped is anticipated to have a January 1, 2023 valuation of approximately $231,000. Based on the 2022 levy this would result in a real property tax of approximately $4,888. It is anticipated that the assessed value will increase by $1,036.086 upon full completion, as a result of the site redevelopment. This development will result in an estimated tax increase of over $21,926 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. Page 68 of 122 Estimated 2023 assessed value: $ 231,000 Estimated value after completion $ 1,267,086 Increment value $ 1,036,086 Annual TIF generated (estimated) $ 21,926 TIF bond issue $ 319,265 (a) Tax shifts resulting from the approval of the use of Tax Increment Financing; The redevelopment project area currently has an estimated valuation of $231,000. The proposed redevelopment will create additional valuation of $1,036,086. The project creates additional valuation that will support taxing entities long after the project is paid off. The tax shift from this project will be equal to the total of the bond principal of $319,265 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 not result additional students for Grand Island Public Schools. 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 development will have minimal impact to other firms in the area and would be compatible with the proposed uses for this site. (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 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. (e) Impacts on student populations of school districts within the City or Village: This development is not expected to have any direct impact on student populations as it does not involve residential uses. Page 69 of 122 (f) Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the redevelopment project. This would be one of the first buildings at Platte Valley Industrial Park east. The city of Grand Island and the Grand Island Area Economic Development Corporation began developing Platte Valley Industrial Park in the late 1970’s. Time Frame for Development Development of this project is anticipated to be completed by the end of 2024. The base tax year should be calculated on the value of the property as of January 1, 2024. Excess valuation should be available for this project beginning in 2025 with taxes due in 2026. 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 a base amount of $319,265 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 $418,600 on TIF eligible activities. Page 70 of 122 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 ________ Page 71 of 122 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 $ ______________ Page 72 of 122 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 $ ______________ Page 73 of 122 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 Page 74 of 122 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: ______________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________ Page 75 of 122 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 Page 76 of 122 PLAN DATE:©INFORMATION CONTAINED WITHIN THISDOCUMENT INCLUDING, BUT NOT LIMITED TO,DESIGN CONCEPTS, ARE PROPERTY OFSPOTANSKI CREATIVE BUILDING DESIGN &DRAFTING. REPRODUCTION OF THISINFORMATION IS PROHIBITED WITHOUTWRITTEN CONSENT OF SPOTANSKI CREATIVEBUILDING DESIGN & DRAFTING.DRAWN BY:CONTRACTOR: PERFECT BUILDING SOLUTIONS810 16TH ST.CENTRAL CITY, NE. 68826PLOT DATE:PROJECT DESCRIPTION: NEW BUILDING FOR4058 COBALT DR.GRAND ISLAND, NE.SHEET TITLE:SHEET:REVISION: DATE:SpotanskiCreative Building Design& Drafting, LLCSTACY J. SPOTANSKIS. SPOTANSKI 01-23-2023 IF THIS DRAWING IS NOT 24" X 36", THEN IT IS NOT TO SCALE PROFESSIONAL SEAL PRELIMINARY DRAWINGS NOT FOR CONSTRUCTION 01-23-2023 GENERAL NOTES 01-23-2023SITE PLAN C1.01 Page 77 of 122 PLAN DATE:©INFORMATION CONTAINED WITHIN THISDOCUMENT INCLUDING, BUT NOT LIMITED TO,DESIGN CONCEPTS, ARE PROPERTY OFSPOTANSKI CREATIVE BUILDING DESIGN &DRAFTING. REPRODUCTION OF THISINFORMATION IS PROHIBITED WITHOUTWRITTEN CONSENT OF SPOTANSKI CREATIVEBUILDING DESIGN & DRAFTING.DRAWN BY:CONTRACTOR: PERFECT BUILDING SOLUTIONS810 16TH ST.CENTRAL CITY, NE. 68826PLOT DATE:PROJECT DESCRIPTION: NEW BUILDING FOR4058 COBALT DR.GRAND ISLAND, NE.SHEET TITLE:SHEET:REVISION: DATE:SpotanskiCreative Building Design& Drafting, LLCSTACY J. SPOTANSKIS. SPOTANSKI 01-23-2023 IF THIS DRAWING IS NOT 24" X 36", THEN IT IS NOT TO SCALE PROFESSIONAL SEAL PRELIMINARY DRAWINGS NOT FOR CONSTRUCTION 01-23-2023 GENERAL NOTES 01-23-2023 FIRST FLOOR PLANA FIRST FLOOR PLANA1.01 Page 78 of 122 PLAN DATE:©INFORMATION CONTAINED WITHIN THISDOCUMENT INCLUDING, BUT NOT LIMITED TO,DESIGN CONCEPTS, ARE PROPERTY OFSPOTANSKI CREATIVE BUILDING DESIGN &DRAFTING. REPRODUCTION OF THISINFORMATION IS PROHIBITED WITHOUTWRITTEN CONSENT OF SPOTANSKI CREATIVEBUILDING DESIGN & DRAFTING.DRAWN BY:CONTRACTOR: PERFECT BUILDING SOLUTIONS810 16TH ST.CENTRAL CITY, NE. 68826PLOT DATE:PROJECT DESCRIPTION: NEW BUILDING FOR4058 COBALT DR.GRAND ISLAND, NE.SHEET TITLE:SHEET:REVISION: DATE:SpotanskiCreative Building Design& Drafting, LLCSTACY J. SPOTANSKIS. SPOTANSKI 01-23-2023 IF THIS DRAWING IS NOT 24" X 36", THEN IT IS NOT TO SCALE PROFESSIONAL SEAL PRELIMINARY DRAWINGS NOT FOR CONSTRUCTION 01-23-2023 GENERAL NOTES 01-23-2023EXTERIOR ELEVATIONSA2.01 NORTH EXTERIOR ELEVATION A WEST EXTERIOR ELEVATION C EAST EXTERIOR ELEVATION D SOUTH EXTERIOR ELEVATION B Page 79 of 122 D K Enterprises LLC Area 7 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. 440 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 12th day of July, 2023 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA. By___________________________ Chairperson ATTEST: __________________________ Secretary Page 80 of 122 D K Enterprises LLC Area 7 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. 441 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 7, from DK Enterprises LLC, (The "Developer") for redevelopment of property Industrial Foundation Subdivision in Grand Island, NE (4058 Cobalt), 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 7; 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, after approval of the redevelopment plan amendment related to the redevelopment project, 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 12th day of July, 2023. COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA. By ___________________________ Chairperson ATTEST: ___________________ Secretary Exhibit 1 Page 81 of 122 D K Enterprises LLC Area 7 Draft Redevelopment Plan Forwarded to the Planning Commission Page 82 of 122 Redevelopment Plan Amendment Grand Island CRA Area 1 June 2023 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 315 N. LOCUST STREET FOR RESIDENTIAL AND 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 second floor of the building located at 315 N. Locust Street. The developer is proposing to a mixed used project with commercial retail space on the first floor and upper story residential at this location. The commercial portion of this project is almost complete and TIF would be used to complete the upper story residential portion. This project would not be feasible without the use of TIF. EMBT Properties, LLC purchased the property for $250,000. 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, 2025 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 315 N. Locust Street in Grand Island Nebraska, the attached map identifies the subject property and the surrounding land uses. Legal Descriptions: The South half of the west half of lot 3 and the south half of lot 4 in Block Fifty-Five (55) in the Original Town, now City of Grand Island, Hall County, Nebraska. Page 83 of 122 Existing Land Use and Subject Property Page 84 of 122 The tax increment will be captured for the tax years the payments for which become delinquent in years 2025 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 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. Page 85 of 122 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 August 2, 2022 and passed Resolution 2023-?? 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)] Page 86 of 122 City of Grand Island Future Land Use Map Page 87 of 122 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 $250,000. The estimated costs of rehabilitation of this property is $1,607,931. Planning and architecture fees are $10,587, Legal, and Fees of $17,500 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 $1,886,018. No property will be transferred to redevelopers by the Authority. The developer will provide and secure all necessary financing. Page 88 of 122 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 $278,910 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, 2025 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 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 increasing the number of residential units available in the Downtown area that has been underutilized for several years. 8. Time Frame for Development Development of this project is anticipated to be completed by October 2024. Excess valuation should be available for this project for 15 years beginning with the 2025 tax year. 9. Justification of Project This building in downtown Grand Island was built in 1905 and will be preserved with this project. The mixed use of commercial space and residential units 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 Page 89 of 122 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 $278,910 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 $1,814,007 in private sector financing; a private investment of $6.50 for every TIF dollar invested. Use of Funds Source of funds Description TIF Funds Private Funds Total Acquisition $250,000 $250,000 Building Costs $1,000 $1,606,931 $1,607,931 Contingency $80,397 $80,397 Planning (Arch. & Eng.)$10,587 $10,587 Finacing Fees and Audit $126,679 Legal/ TIF contract $17,500 $17,500 Total $279,087 $1,814,007 $2,093,094 Tax Revenue. The property to be redeveloped is anticipated to have a January 1, 2024, valuation of approximately $214,241. Based on the 2022 levy this would result in a real property tax of approximately $4,534. It is anticipated that the assessed value will increase by $878,641 upon full completion, as a result of the site redevelopment. This development will result in an estimated tax increase of over $ 18,594 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 2022 assessed value: $214,241 Estimated value after completion $1,092882 Increment value $878,641 Annual TIF generated (estimated) $18,594 TIF bond issue $278,910 (a) Tax shifts resulting from the approval of the use of Tax Increment Financing; The redevelopment project area currently has an estimated valuation of $214,241. The proposed redevelopment will create additional valuation of $878,641. 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. Page 90 of 122 (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 residential 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 residential and commercial space options for residents and 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. The majority of the units to be developed with this project is a two bedroom unit and unlikely to be a family unit, especially for families with school age children. The average number of persons per household in Grand Island for 2015 to 2019 according the American Community Survey is 2.61. According to the 2010 census 19.2% of the population of Grand Island was between the ages of 5 and 18. 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 a maximum of three school age children generated by this development. (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 residential and commercial spaces within downtown Grand Island. Time Frame for Development Development of this project is anticipated to be completed October 2024. The base tax Page 91 of 122 year should be calculated on the value of the property as of January 1, 2024. Excess valuation should be available for this project for 15 years beginning in 2025 with taxes due in 2026. 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 $278,910 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 $1,886,018 on TIF eligible activities in excess of other grants given. Page 92 of 122 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 ________ Page 93 of 122 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 $ ______________ Page 94 of 122 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 $ ______________ Page 95 of 122 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 Page 96 of 122 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: ______________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________ Page 97 of 122 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 Page 98 of 122 Estimated Project Costs: Acquisition Costs: A. Land $0 B. Building $250,000 Construction Costs: A. Renovation or Building Costs:$1,607,931 B. On-Site Improvements: Sewer $0 Water $0 Electric $0 Gas $0 Public Streets/Sidewalks $0 Private Streets $0 Trails $0 Grading/Dirtwork/Fill $0 Demolition $0 Other: Parks/Public Space $0 Total $1,607,931 Soft Costs: A. Architectural & Engineering Fees:$10,587 B. Financing Fees: Construction $126,679 C. Legal $17,500 D. Developer Fees:$0 E. Audit Fees $0 F. Contingency Reserves:$80,397 G. Other: TIF fees/Misc fees $0 TOTAL $235,163 Total Estimated Market Value at Completion:$1,799,905 Source of Financing: A. Developer Equity:359,981$ B. Commercial Bank Loan:$1,633,113 E. Tax Increment Assistance:-$ H. Other: Façade grant 100,000$ Total 2,093,094$ Page 99 of 122 PROFORMA 313 N Locust With TIF EXPENSES USE OF FUNDS TOTAL Property Taxes $4,534 PURCHASE OF BUILDING $250,000 BID Taxes $2,869 CONSTRUCTION $1,607,931 Parking Taxes $837 CONTINGENCY 5%$80,397 Insurance $12,000 TENANT ALLOWANCE $0 Utilities $0 ARCHITECT/ENGINEER $10,587 Management $11,249 SOFT COSTS $144,179 Maintnance $6,749 TOTAL $2,093,094 Total $38,238 SOURCE OF FUNDS BANK 2220 $1,633,113 Debt Service Façade Grant 1431 $100,000 -1421 $0 Loan amount 1,633,113$ -1327 $0 Annual interest rate 7.000% -$0 Loan period in years 20 OWNER EQUITY (20% of appraised value)$359,981 TOTAL $2,093,094 Monthly payment 12,662$ Soft costs OPERATING PROFORMA ANNUAL RENTAL INCOME Annual Monthly TIF fee $7,500 0 Consultant TIF fee $5,000 s.f.$/s.f.Interest $126,679 Commercial 6617 $17 $112,489 $9,374 Misc $5,000 Apartments 6617 $17 $112,489 $9,374 $144,179 1431 Construction 4968 S.F.$/S.F. GROSS INCOME $224,978 6617 $243 $1,607,931 s Actual CAP 11.02% VACANCY $6,749 3.0%Cap Rate 10.0% DSCR 1.18 EXPENSES $38,238 17.0%NOI $179,990 $44,988 Appraisal $1,799,905 LTV 20%$359,981 NET OPERATING INCOME $179,990 Equity $166,792 DEBT SERVICE $151,938 Cash Injection $193,189 CASH FLOW $28,052 DSCR 1.18 Page 100 of 122 PROFORMA 313 N Locust Without TIF EXPENSES USE OF FUNDS TOTAL Property Taxes $18,594 PURCHASE OF BUILDING $250,000 BID Taxes $2,869 CONSTRUCTION $1,607,931 Parking Taxes $837 CONTINGENCY 7%$80,397 Insurance $12,000 TENANT ALLOWANCE $0 Utilities $0 ARCHITECT/ENGINEER $10,587 Management $11,249 SOFT COSTS $131,679 Maintnance $6,749 TOTAL $2,080,594 Total $52,298 SOURCE OF FUNDS BANK 2220 $1,648,734 Debt Service Façade Grant 1431 $100,000 -1421 $0 Loan amount $1,648,734 -1327 $0 Annual interest rate 7.000% -$0 Loan period in years 20 OWNER EQUITY (20% of appraised value)$331,861 TOTAL $2,080,594 Monthly payment 12,783$ Soft costs OPERATING PROFORMA ANNUAL RENTAL INCOME Annual Monthly TIF fee $0 0 Consultant TIF fee $0 s.f.$/s.f.Interest $126,679 Commercial 6617 $17 112,489$ $9,374 Misc $5,000 Apartments 6617 $17 112,489$ $131,679 1431 Construction 4968 S.F.$/S.F. GROSS INCOME $224,978 6617 $243 $1,607,931 s Actual CAP 10.06% VACANCY $6,749 3.0%Cap Rate 10.0% DSCR 1.08 EXPENSES $52,298 23.2%NOI $165,930 $59,048 Appraisal $1,659,303 LTV 20%$331,861 NET OPERATING INCOME $165,930 DEBT SERVICE $153,391 CASH FLOW $12,539 DSCR 1.08 Page 101 of 122 PLAN DATE:©INFORMATION CONTAINED WITHIN THISDOCUMENT INCLUDING, BUT NOT LIMITED TO,DESIGN CONCEPTS, ARE PROPERTY OFSPOTANSKI CREATIVE BUILDING DESIGN &DRAFTING. REPRODUCTION OF THISINFORMATION IS PROHIBITED WITHOUTWRITTEN CONSENT OF SPOTANSKI CREATIVEBUILDING DESIGN & DRAFTING.DRAWN BY:OWNER:EBMT PROPERIES, LLC4139 SANDALWOOD DR.GRAND ISLAND, NE. 68801PLOT DATE:PROJECT DESCRIPTION: RENOVATIONS FOR315 N. LOCUST ST.GRAND ISLAND, NE. 68801SHEET TITLE:SHEET:REVISION: DATE:SpotanskiCreative Building Design& Drafting, LLCSTACY J. SPOTANSKIS. SPOTANSKI 05-05-2023 05-05-2023 IF THIS DRAWING IS NOT 24" X 36", THEN IT IS NOT TO SCALE GENERAL NOTES BASEMENT FLOOR PLANA1.01 BASEMENT FLOOR PLAN Page 102 of 122 PLAN DATE:©INFORMATION CONTAINED WITHIN THISDOCUMENT INCLUDING, BUT NOT LIMITED TO,DESIGN CONCEPTS, ARE PROPERTY OFSPOTANSKI CREATIVE BUILDING DESIGN &DRAFTING. REPRODUCTION OF THISINFORMATION IS PROHIBITED WITHOUTWRITTEN CONSENT OF SPOTANSKI CREATIVEBUILDING DESIGN & DRAFTING.DRAWN BY:OWNER:EBMT PROPERIES, LLC4139 SANDALWOOD DR.GRAND ISLAND, NE. 68801PLOT DATE:PROJECT DESCRIPTION: RENOVATIONS FOR315 N. LOCUST ST.GRAND ISLAND, NE. 68801SHEET TITLE:SHEET:REVISION: DATE:SpotanskiCreative Building Design& Drafting, LLCSTACY J. SPOTANSKIS. SPOTANSKI 05-05-2023 05-05-2023 IF THIS DRAWING IS NOT 24" X 36", THEN IT IS NOT TO SCALE GENERAL NOTES FIRST FLOOR PLANA1.02 FIRST FLOOR PLAN Page 103 of 122 PLAN DATE:©INFORMATION CONTAINED WITHIN THISDOCUMENT INCLUDING, BUT NOT LIMITED TO,DESIGN CONCEPTS, ARE PROPERTY OFSPOTANSKI CREATIVE BUILDING DESIGN &DRAFTING. REPRODUCTION OF THISINFORMATION IS PROHIBITED WITHOUTWRITTEN CONSENT OF SPOTANSKI CREATIVEBUILDING DESIGN & DRAFTING.DRAWN BY:OWNER:EBMT PROPERIES, LLC4139 SANDALWOOD DR.GRAND ISLAND, NE. 68801PLOT DATE:PROJECT DESCRIPTION: RENOVATIONS FOR315 N. LOCUST ST.GRAND ISLAND, NE. 68801SHEET TITLE:SHEET:REVISION: DATE:SpotanskiCreative Building Design& Drafting, LLCSTACY J. SPOTANSKIS. SPOTANSKI 05-05-2023 05-05-2023 IF THIS DRAWING IS NOT 24" X 36", THEN IT IS NOT TO SCALE GENERAL NOTES SECOND FLOOR PLANA1.03 SECOND FLOOR PLAN Page 104 of 122 Page 105 of 122 Page 106 of 122 Office Net EBMT Properties LLC Area 1 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. 442 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 12th day of July, 2023 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA. By___________________________ Chairperson ATTEST: __________________________ Secretary Page 107 of 122 Office Net EBMT Properties LLC Area 1 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. 441 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 1, from EBMT Properties LLC, (The "Developer") for redevelopment of property in downtown Grand Island 315 N. Locust Street, 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 1; NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS: Section 1. In compliance with section 18-2114 of the Act, the Authority hereby gives the governing body of the City notice that it intends to enter into the Redevelopment Contract, after approval of the redevelopment plan amendment related to the redevelopment project, 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 12th day of July, 2023. COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA. By ___________________________ Chairperson ATTEST: ___________________ Secretary Exhibit 1 Page 108 of 122 Office Net EBMT Properties LLC Area 1 Draft Redevelopment Plan Forwarded to the Planning Commission Page 109 of 122 AMENDMENT 3 Grand Island Community Redevelopment Authority Interlocal Agreement July 12, 2023 The Original Agreement Dated June 28, 2005 and amended on September 26, 2007 and June 9, 2010 is amended as follows: Page 2 Paragraphs f. (1) and (2) shall read f. (1) The City agrees that the Director will spend, during the term of this Agreement, approximately thirty percent (30%) of his or her time, more or less, as Director of the Authority. The City further agrees that the Director may use the physical office provided to him or her by the City, together with equipment, supplies and services (such as telephone and utilities) provided in connection with his or her office for his or her services as Director of the Authority. Neither the City nor the Director shall be obligated to record or maintain records of the actual allocation of his or her time or of the equipment, supplies and services provided in connection therewith, as between the City and the Authority. (2) In consideration of the provision of the services of the Director, and the related provision of the use of his or her office and of equipment, supplies and services in connection therewith, the Authority shall reimburse to the City a sum equal to thirty percent (30%) of the Director’s total annual salary and benefits and twenty percent (20%) of the Planning secretary’s Administrative Assistant’s total annual salary and benefits, and five percent (05%) of the Planner 1’s total annual salary and benefits as determined by the City of Grand Island Salary Ordinance in effect on the date of this Agreement, and on the first day of October for each subsequent year. All reimbursements due under this provision are to be made in equal quarterly installments due on the last day of the quarter. IN WITNESS WHEREOF, the City and the Authority hereby execute this amendment by their duly authorized officers as of the date written below. Attest: CITY OF GRAND ISLAND, NEBRASKA, A Municipal Corporation, ________________________________ By:_______________________________ RaNae Edwards, City Clerk Roger G. Steele, Mayor Approved as to form by City Attorney _______ Approved by Resolution 2023-_______ STATE OF NEBRASKA ) ) SS. COUNTY OF HALL ) Page 110 of 122 The foregoing instrument was acknowledged before me this ____ day of ___________, 2023 by Roger G. Steele, Mayor on behalf of the City of Grand Island, Nebraska a municipal corporation. _______________________________ Notary Public Attest: COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA ________________________________ By:_______________________________ Chad Nabity, Director Thomas E. Gdowski, Chairperson STATE OF NEBRASKA ) ) SS. COUNTY OF HALL ) The foregoing instrument was acknowledged before me this ____ day of ___________, 2023 by Thomas E Gdowski, on behalf of the Community Redevelopment Authority of City of Grand Island, Nebraska. _______________________________ Notary Public Page 111 of 122 Page 112 of 122 Page 113 of 122 Page 114 of 122 Page 115 of 122 Page 116 of 122 Page 117 of 122 Page 118 of 122 Page 119 of 122 2023 2022-2023 2024 BUDGET YE Projected BUDGET CONSOLIDATED Beginning Cash 946,468 834,170 222,441 REVENUE: Property Taxes - CRA 548,263 548,328 568,038 Property Taxes - Lincoln Pool 197,340 197,340 0 Property Taxes - Conestoga Marketplace 200,000 Property Taxes -TIF's 7,100,000 7,100,000 7,100,000 Loan Income (Poplar Street Water Line) 20,000 16,000 20,000 Interest Income - CRA 10,000 10,000 10,000 Land Sales 0 Other Revenue - CRA 200,000 2,648,455 4,393,000 Other Revenue - TIF's TOTAL REVENUE 8,075,603 10,520,123 12,291,038 TOTAL RESOURCES 9,022,071 11,354,293 12,513,479 EXPENSES Auditing & Accounting 3,000 3,000 3,000 Legal Services 3,000 3,000 3,000 Consulting Services 5,000 0 5,000 Contract Services 80,000 70,000 100,000 Printing & Binding 1,000 300 1,000 Other Professional Services 16,000 11,000 16,000 General Liability Insurance 250 0 250 Postage 250 100 250 Legal Notices 500 400 500 Travel & Training 4,000 0 4,000 Other Expenditures 0 Office Supplies 1,000 500 1,000 Supplies 300 100 300 Land 50,000 0 30,000 Bond Principal - Lincoln Pool 190,000 190,000 Bond Interest- Lincoln Pool 7,340 7,340 Conestoga Marketplace Payment Year 1 of 20 Nov 2023 200,000 Husker Harvest Days Payment (Year 5 of 10 Nov 2023) 200,000 200,000 200,000 Life Safety Grants 200,000 Façade Improvement 370,000 370,000 300,000 Building Improvement 722,000 3,014,112 4,298,000 Other Projects 250,000 162,000 50,000 TIF Payments 7,100,000 7,100,000 7,100,000 TOTAL EXPENSES 9,003,640 11,131,852 12,512,300 INCREASE(DECREASE) IN CASH -928,037 -611,729 -221,262 ENDING CASH 18,431 222,441 1,179 Program Operating COMMUNITY REDEVELOPMENT AUTHORITY 2024 BUDGET Building Improvement includes all committed projects (Life/Safety, Façade, Other Projects, Mall Payments) that have not been paid. Other Revenue includes: 200k HHD (Food and Bev), 500k Grow GI, 3953k ARPA, 100k Life Safety City General Page 120 of 122 Expected Pass Through POPLAR STREET WATER 25,000$ CASEY'S @ FIVE POINTS 17,000$ SOUTHPOINTE DEVELOPMENT LLC (Hotel) 90,000$ TOKEN PROPERTIES RUBY 3,500$ GORDMAN GRAND ISLAND 100,000$ BAKER DEVELOPMENT INC 4,500$ STRATFORD PLAZA 40,000$ COPPER CREEK 2013 HOUSES 150,000$ CHIEF INDUSTRIES AURORA COOP 45,000$ GI HABITAT OF HUMANITY 8,000$ AUTO ONE INC 16,000$ EIG GRAND ISLAND 80,000$ TOKEN PROPERTIES CARY ST 9,500$ WENN HOUSING PROJECT 6,000$ COPPER CREEK 2014 575,000$ TC ENCK BUILDERS (Token Kimball) 3,500$ SUPER MARKET DEVELOPERS (SMG-AWG) 140,000$ TOWER 217 30,000$ COPPER CREEK 2015 HOUSES 330,000$ NORTHWEST COMMONS (GI Mall) 280,000$ TC ENCK BUILDERS (1616 S Eddy) 4,000$ HABITAT 8TH AND SUPERIOR 18,000$ KAUFMAN (T & S Development) 20,000$ TALON 2016 100,000$ VICTORY VILLAGE (Pridon LLC) 20,000$ THINK SMART 7,000$ BOSSELMAN (1607 S. LOCUST) 140,000$ TALON 2017 120,000$ WEINRICH DEVELOPMENT 7,000$ WING PROPERTIES INC 5,000$ HATCHERY HOLDINGS 190,000$ FEDERATION LABOR TEMPLE 9,000$ MIDDLETON PROPERTIES II 16,000$ COPPER CREEK 2016 HOUSES 220,000$ EAST PARK ON STUHR 130,000$ TAKE FLIGHT 10,000$ PRATARIA VENTURES HOSPITAL 1,700,000$ O'NEILL WOOD RESOURCES 5,000$ COPPER CREEK 2017 LOOKBACK 20,000$ COPPER CREEK PHASE 2 2017 HOUSES 20,000$ HEDDE BUILDING 25,000$ URBAN ISLAND 8,000$ PEACEFULL ROOT 7,000$ CENTRAL NEBRASKA TRUCK WASH 40,000$ COPPER CREEK PHASE 2 2018 HOUSES 100,000$ GRAND ISLAND HOTEL 128,000$ PARAMOUNT OLD SEARS 1 12,000$ ORCHARD 2019 LOOKBACK 50,000$ PARAMOUNT OLD SEARS 2 13,500$ WING PROPERTIES 112 E 3RD 7,000$ RAWR HOLDINGS 5,000$ AMUR REAL ESTATE 35,000$ AZURE INVESTMENTS 4,000$ TALON 2019 LOOKBACK 50,000$ COPPER CREEK PHASE 2 2019 HOUSES 50,000$ BOSSEMAN KINGS CROSSING 20,000$ PARAMOUNT DEVELOPMENT 824 E 9TH 15,000$ J & L ENTERPRISES (CAAP) 15,000$ SOUTHEAST COMMONS (FONNER VIEW) 30,000$ MILLER TIRE 10,000$ COPPER CREEK PHASE 2 2020 LOOKBACK 50,000$ COPPER CREEK PHASE 3 2020 LOOKBACK 50,000$ TALON 2020 LOOKBACK 80,000$ STAROSTKA CONTRACTING 5TH STREET 2020 LOOKBACK 25,000$ WEINRICH DEVELOPMENT 8,000$ COMMUNITY REDEVELOPMENT AUTHORITY 2023-24 BUDGET ESTIMATED TIF PAYMENTS Page 121 of 122 PRATARIA VENTURES MEDICAL OFFICE 50,000$ TALON 2021 LOOKBACK 60,000$ STAROSTKA CONTRACTING 5TH STREET 2021 LOOKBACK 40,000$ ORCHARD 2021 LOOKBACK 40,000$ PRATARIA VENTURES PHASE 2 BLDG 2 15,000$ PARAMOUNT MONTANA 17,000$ TABITHA 250,000$ LEGACY 34 2022 2022 LOOKBACK ORCHARD 2022 LOOKBACK COPPER CREEK 2022 LOOKBACK STAROSTKA CONTRACTING 5TH STREET 2022 LOOKBACK TRINITY HEIGHTS ARTISANS ALLEY (BARTENBACH) LEFT CLICK PROPERTIES Future TIF's (hold for budget authority) 1,000,000$ TOTAL REVENUE 7,023,500$ Page 122 of 122