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08-09-2023 Community Redevelopment Authority Packet
Regional Planning Commission Meeting Agenda Council Chambers City Hall 100 East First Street Regular Meeting of August 9, 2023 4:00 PM 1. CALL TO ORDER This is an open meeting of the Grand Island Community Redevelopment Authority. The Grand Island Community Redevelopment Authority 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 CRA 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 July 12, 2023 meeting 4. FINANCIAL REPORTS a. Financial Reports for a period between July 1 and July 31, 2023 5. BILLS a. Bills to be paid August 9, 2023 6. COMMITTED PROJECTS & CRA PROPERTIES a. Committed Projects and CRA Properties 7. REDEVELOPMENT PROJECT a. Redevelopment Plan Contract and Bond Resolution 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 Forward Plan to the Grand Island City Council 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. Forward Plan Amendment to the Grand Island City Council 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 Forward Plan Amendment to the Grand Island City Council Page 1 of 158 8. DIRECTOR COMMUNICATION This is an opportunity for the Director to comment on current events, activities, and issues of interest to the commission. 9. NEXT MEETING DATE September 13 or 20 Page 2 of 158 AGENDA MEMO To: Hall County Regional Planning Commission Agenda: Community Redevelopment Authority Date: August 9, 2023 Item #: 3.a. Subject: Consideration of Approval of the CRA minutes from the July 12, 2023 meeting Staff Contact: Chad Nabity BACKGROUND: RECOMMENDATION: SAMPLE MOTION: ATTACHMENTS: 1. Draft Minutes July 12, 2023 Page 3 of 158 OFFICIAL PROCEEDINGS MINUTES OF COMMUNITY REDEVELOPMENT AUTHORITY MEETING OF July 12, 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 July 13, 2023 at City Hall, 100 E. First Street. Notice of the meeting was given in the July 5, 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, City Administrator Laura McAloon, Assistant City Administrator Patrick Brown, Assistant Finance Director Brian Schultz 3. APPROVAL OF MINUTES. a. A motion for approval of the Minutes for the June 14, 2023 meeting was made by Mustion and second by Pirnie. Upon roll call vote, all present voted aye. Motion carried 5-0. 4. Review of Financials Financial reports were reviewed by Brian Schultz. A motion was made by Pirnie and second by Truell to approve June 1- June 30, 2023 financials. Upon roll call vote, all present voted aye. Motion carried 5-0. 5. Approval of Bills A motion was made by Mustion and second by Schwieger to approve the bills for $1,345,965.37. Upon roll call vote, all present voted aye. Motion carried 5-0. 6. Review of Committed Projects and CRA Properties The committed projects and CRA projects were reviewed by Nabity. Chamber Exterior – new window on the other side – may pay out on the Aug 9th meeting. Façade Projects – 313-315 N. Locust – Upper Story windows have been ordered. 106 N Locust – Have not started as of yet. Having contractor issues. Life Safety- Hedde Building – Will be ready next meeting. Bartenbach Building – Will be done after October 1, 2023 Azure - will be done after October 1, 2023. South Locust Property is still available. Page 4 of 158 7. Redevelopment Plan Amendment CRA Area 2 – Lots 3-8, Block - 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 Nabity stated Regional Planning Commission recommended approval last week. The use of Tax Increment Financing is to aide in redevelopment expenses associated with installing the necessary infrastructure (streets, sanitary sewer, water, and storm sewer) for the development of the property for housing. A motion was made by Truell and second Mustion to approve Resolution 438. Upon roll call vote, all present voted aye. Motion carried 5-0. b. Redevelopment Plan Amendment Upper Story Residential Development for Railside and 4th Street Areas in CRA Area #1 Nabity stated the Redevelopment Plan Amendment would authorize the CRA to do a Life Stafety Program similar to the one done between 2015-2020. Nabity explained the updated plan would include Railside and 4th Street areas and existing and new upper story residential with a limit of $100,000 per building with existing units. A motion was made by Pirnie and second by Truell to approve Resolution 439. Upon roll call vote, all present voted aye. Motion carried 5-0. 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. A motion was made by Truell and second by Mustion to approve Resolution 440 and Resolution 441. Upon roll call vote, all present voted aye. Motion carried 5-0. 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 Nabity stated the developer is proposing a mixed use project with commercial retail space on the first floor and upper story residential. EBMT Properties is requesting $278,910 in Tax Increment Financing. Page 5 of 158 A motion was made by Truell and second by Mustion to approve Resolution 442 and Resolution 443. Upon roll call vote, all present vote. 4 - aye, 1- abstain (Pirnie). 8. OTHER ITEMS 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. Nabity went over the suggested changes: Director’s time from 20% to 30% and adding 05% of the Planner 1’s total annual salary and benefits. Upon roll call vote, all present voted aye. Motion carried 5-0. A motion was made by and second to approve the proposed amended Interlocal Agreement. b. Consideration of Approval of the 2023-24 Budget A motion was made by Mustion and second by Truell to approve the 2023-2024 Budget. Upon roll call vote, all present voted aye. Motion carried 5-0. 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 Meeting adjourned at 4:47 p.m. Respectfully Submitted, Norma Hernandez Page 6 of 158 AGENDA MEMO To: Hall County Regional Planning Commission Agenda: Community Redevelopment Authority Date: August 9, 2023 Item #: 4.a. Subject: Financial Reports for a period between July 1 and July 31, 2023 Staff Contact: Chad Nabity BACKGROUND: RECOMMENDATION: SAMPLE MOTION: ATTACHMENTS: 1. CRA July 2023 Financials Page 7 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED CONSOLIDATED Beginning Cash 2,280,735 946,468 REVENUE: Property Taxes - CRA 9,611 398,421 548,263 149,842 72.67% Property Taxes - Lincoln Pool 1,803 117,640 197,340 79,700 59.61% Property Taxes -TIF's 61,970 4,187,565 7,100,000 2,912,435 58.98% Loan Income (Poplar Street Water Line) - - 20,000 20,000 0.00% Interest Income - CRA 4,606 15,767 10,000 - 157.67% Interest Income - TIF'S - - - - Land Sales - - - - #DIV/0! Other Revenue - CRA 2,758 280,105 200,000 - 140.05% Other Revenue - TIF's - 2,414,555 - - TOTAL REVENUE 80,748 7,414,055 8,075,603 3,161,976 91.81% TOTAL RESOURCES 2,361,483 7,414,055 9,022,071 3,161,976 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 16,145 63,187 80,000 16,813 78.98% 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 30 270 500 230 54.04% 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 100,000 406,593 722,000 315,407 56.31% Other Projects - - 250,000 250,000 0.00% Bond Principal-TIF's 1,229,791 6,543,680 7,100,000 556,320 92.16% Bond Interest-TIF's - - - - Interest Expense - - - - TOTAL EXPENSES 1,345,965 7,432,319 9,003,640 1,571,321 82.55% INCREASE(DECREASE) IN CASH (1,265,217) (18,264) (928,037) ENDING CASH 1,015,517 (18,264) 18,431 - CRA CASH 930,014 TIF CASH 85,504 Total Cash 1,015,517 COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 2023 Page 8 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 2023 GENERAL OPERATIONS: Property Taxes - CRA 9,611 398,421 548,263 149,842 72.67% Property Taxes - Lincoln Pool 1,803 117,640 197,340 79,700 59.61% Interest Income 4,606 15,767 10,000 - 157.67% Loan Income (Poplar Street Water Line) - 20,000 20,000 0.00% Land Sales - - - #DIV/0! Other Revenue & Motor Vehicle Tax 2,758 280,105 200,000 - 140.05% TOTAL 18,778 811,935 975,603 249,541 83.22% 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 111 14,589 (14,589) TOTAL 111 14,589 - (14,589) CASEY'S @ FIVE POINTS 90000017 Property Taxes 8,814 (8,814) TOTAL - 8,814 - (8,814) OUTH POINTE HOTEL PROJECT 90000018 Property Taxes 41,937 88,323 (88,323) TOTAL 41,937 88,323 - (88,323) TOKEN PROPERTIES RUBY 90000024 Property Taxes 1,910 (1,910) TOTAL - 1,910 - (1,910) GORDMAN GRAND ISLAND 90000025 Property Taxes 45,130 (45,130) TOTAL - 45,130 - (45,130) BAKER DEVELOPMENT INC 90000026 Property Taxes 4,236 (4,236) TOTAL - 4,236 - (4,236) STRATFORD PLAZA INC 90000027 Property Taxes 34,147 (34,147) TOTAL - 34,147 - (34,147) Page 9 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 2023 COPPER CREEK 2013 HOUSES 90000028 Property Taxes 1,511 75,601 (75,601) TOTAL 1,511 75,601 - (75,601) 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 20,452 (20,452) TOTAL - 20,452 - (20,452) TOKEN PROP KIMBALL ST 90000030 Property Taxes 2,026 (2,026) TOTAL - 2,026 - (2,026) GI HABITAT OF HUMANITY 90000031 Property Taxes 3,570 (3,570) TOTAL - 3,570 - (3,570) AUTO ONE INC 90000032 Property Taxes 7,989 (7,989) TOTAL - 7,989 - (7,989) EIG GRAND ISLAND 90000033 Property Taxes 6,138 55,546 (55,546) TOTAL 6,138 55,546 - (55,546) TOKEN PROPERTIES CARY ST 90000034 Property Taxes 4,689 (4,689) TOTAL - 4,689 - (4,689) WENN HOUSING PROJECT 90000035 Property Taxes 3,069 (3,069) TOTAL - 3,069 - (3,069) COPPER CREEK 2014 HOUSES 90000036 Property Taxes 4,629 247,813 (247,813) TOTAL 4,629 247,813 - (247,813) TC ENCK BUILDERS 90000037 Property Taxes 2,179 (2,179) TOTAL - 2,179 - (2,179) SUPER MARKET DEVELOPERS 90000038 Property Taxes 96,510 (96,510) TOTAL - 96,510 - (96,510) MAINSTAY SUITES 90000039 Property Taxes 35,933 (35,933) TOTAL - 35,933 - (35,933) Page 10 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 2023 TOWER 217 90000040 Property Taxes 13,618 (13,618) TOTAL - 13,618 - (13,618) COPPER CREEK 2015 HOUSES 90000041 Property Taxes 3,322 178,695 - (178,695) TOTAL 3,322 178,695 - (178,695) NORTHWEST COMMONS 90000042 Property Taxes 220,033 - (220,033) TOTAL - 220,033 - (220,033) HABITAT - 8TH & SUPERIOR 90000043 Property Taxes 349 8,071 (8,071) TOTAL 349 8,071 - (8,071) KAUFMAN BUILDING 90000044 Property Taxes 6,556 (6,556) TOTAL - 6,556 - (6,556) TALON APARTMENTS 90000045 Property Taxes 96,086 (96,086) TOTAL - 96,086 - (96,086) VICTORY PLACE 90000046 Property Taxes 2,109 (2,109) TOTAL - 2,109 - (2,109) THINK SMART 90000047 Property Taxes 6,564 (6,564) TOTAL - 6,564 - (6,564) BOSSELMAN HQ 90000048 Property Taxes 122,239 (122,239) TOTAL - 122,239 - (122,239) TALON APARTMENTS 2017 90000049 Property Taxes 108,017 (108,017) TOTAL - 108,017 - (108,017) WEINRICH DEVELOPMENT 90000050 Property Taxes 3,462 (3,462) TOTAL - 3,462 - (3,462) WING WILLIAMSONS 90000051 Property Taxes 205 (205) TOTAL - 205 - (205) HATCHERY HOLDINGS 90000052 Property Taxes 86,616 (86,616) TOTAL - 86,616 - (86,616) Page 11 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 2023 FEDERATION LABOR TEMPLE 90000053 Property Taxes 3,747 (3,747) TOTAL - 3,747 - (3,747) MIDDLETON PROPERTIES II 90000054 Property Taxes 8,683 (8,683) TOTAL - 8,683 - (8,683) COPPER CREEK 2016 HOUSES 90000055 Property Taxes 105,038 (105,038) TOTAL - 105,038 - (105,038) MENDEZ ENT LLC PHASE 1 90000056 Property Taxes 2,758 (2,758) TOTAL - 2,758 - (2,758) EAST PARK ON STUHR 90000057 Property Taxes 113,179 (113,179) TOTAL - 113,179 - (113,179) TAKE FLIGHT INVESTMENTS 90000058 Property Taxes 284 (284) TOTAL - 284 - (284) PRATARIA VENTURES HOSPITAL 90000059 Property Taxes 1,525,705 (1,525,705) TOTAL - 1,525,705 - (1,525,705) AMMUNITION PLANT Property Taxes - - TOTAL - - - - URBAN ISLAND LLC 90000061 Property Taxes 3,681 (3,681) TOTAL - 3,681 - (3,681) PEACEFUL ROOT 90000062 Property Taxes 2,726 (2,726) TOTAL - 2,726 - (2,726) TALON 2019 LOOKBACK 90000063 Property Taxes 2,928 (2,928) TOTAL - 2,928 - (2,928) COPPER CREEK PH2 2019 LB 90000064 Property Taxes 34,304 (34,304) TOTAL - 34,304 - (34,304) GRAND ISLAND HOTEL 90000065 Property Taxes 59,012 (59,012) TOTAL - 59,012 - (59,012) Page 12 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 2023 PARAMOUNT OLD SEARS 90000066 Property Taxes 4,109 (4,109) TOTAL - 4,109 - (4,109) CENTRAL NE TRUCK WASH 90000067 Property Taxes 40,847 (40,847) TOTAL - 40,847 - (40,847) PRATARIA VENTURES MED OFF 90000068 Property Taxes 113,175 (113,175) TOTAL - 113,175 - (113,175) TALON 2020 LB PHASE 4 90000069 Property Taxes 30,648 (30,648) TOTAL - 30,648 - (30,648) STAROSTKA 5TH ST LB PH 1 90000070 Property Taxes 7,137 (7,137) TOTAL - 7,137 - (7,137) COPPER CREEK PH 2 2020 LB 90000071 Property Taxes 1,003 19,265 (19,265) TOTAL 1,003 19,265 - (19,265) COPPER CREEK PH 3 2020 LB 900000072 Property Taxes 20,526 (20,526) TOTAL - 20,526 - (20,526) HEDDE BUILDING 201 W 3RD 90000073 Property Taxes 5,413 (5,413) TOTAL - 5,413 - (5,413) RAWR HOLDINGS 110 W 2ND 90000074 Property Taxes 33,025 (33,025) TOTAL - 33,025 - (33,025) ORCHARD REDEV PROJ 90000075 Property Taxes 2,060 16,624 (16,624) TOTAL 2,060 16,624 - (16,624) AMUR RE OLD WELLS FARGO 90000076 Property Taxes 12,618 (12,618) TOTAL - 12,618 - (12,618) WALD 12 PROPERTIES LLC 90000077 Property Taxes 683 (683) TOTAL - 683 - (683) WING PROPERTIES 112 E 3RD ST 90000078 Property Taxes 11 (11) TOTAL - 11 - (11) Page 13 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 2023 WEINRICH DEV 408 E 2ND ST 90000079 Property Taxes 3,380 (3,380) TOTAL - 3,380 - (3,380) O'NEILL WOOD RESOURCES Property Taxes - - TOTAL - - - - SE COMMONS - FONNERVIEW 90000081 Property Taxes 31,055 (31,055) TOTAL - 31,055 - (31,055) PARAMOUNT 824 E 9TH ST 90000082 Property Taxes 7,290 (7,290) TOTAL - 7,290 - (7,290) J&L WESTWARD ENT CAAP 90000083 Property Taxes 16,752 (16,752) TOTAL - 16,752 - (16,752) MILLER TIRE 90000084 Property Taxes 5,940 (5,940) TOTAL - 5,940 - (5,940) TALON 2021 LB PHASE 5 90000085 Property Taxes 51,204 (51,204) TOTAL - 51,204 - (51,204) STAROSTKA 5TH ST 21 LB#2 90000086 Property Taxes 23,569 (23,569) TOTAL - 23,569 - (23,569) PRATARIA PH 2 SUBPH 2 90000087 Property Taxes 5,471 (5,471) TOTAL - 5,471 - (5,471) ORCHARD DEVELOPMENT 90000088 Property Taxes 910 10,501 (10,501) TOTAL 910 10,501 - (10,501) PARAMOUNT OLD SEARS 2 MAIN FL 90000089 Property Taxes 7,892 (7,892) TOTAL - 7,892 - (7,892) BOSSELMAN KINGS CROSSING 90000090 Property Taxes 18,736 (18,736) TOTAL - 18,736 - (18,736) TABITHA 3490 EWOLDT ST 90000091 Property Taxes 203,607 (203,607) TOTAL - 203,607 - (203,607) TOTAL REVENUE 80,748 7,414,055 8,075,603 3,161,976 91.81% - - - - Page 14 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 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 16,145 63,187 80,000 16,813 78.98% 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 30 270 500 230 54.04% 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 100,000 406,593 722,000 315,407 0.00% Other Projects - 250,000 250,000 0.00% TOTAL CRA EXPENSES 116,174 888,639 1,903,640 1,015,001 46.68% 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 1,041 14,984 - (14,984) TOTAL 1,041 14,984 - (14,984) CASEY'S @ FIVE POINTS 90000017 Bond Principal 8,308 8,308 - (8,308) TOTAL 8,308 8,308 - (8,308) OUTH POINTE HOTEL PROJECT 90000018 Bond Principal 2,224 46,386 - (46,386) TOTAL 2,224 46,386 - (46,386) Page 15 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 2023 TOKEN PROPERTIES RUBY 90000024 Bond Principal 1,819 - (1,819) TOTAL - 1,819 - (1,819) GORDMAN GRAND ISLAND 90000025 Bond Principal 42,966 45,130 - (45,130) TOTAL 42,966 45,130 - (45,130) BAKER DEVELOPMENT INC 90000026 Bond Principal 2,304 4,236 - (4,236) TOTAL 2,304 4,236 - (4,236) STRATFORD PLAZA LLC 90000027 Bond Principal 33,287 - (33,287) TOTAL - 33,287 - (33,287) COPPER CREEK 2013 HOUSES 90000028 Bond Principal 8,805 74,090 - (74,090) TOTAL 8,805 74,090 - (74,090) CHIEF IND AURORA COOP 90000029 Bond Principal 20,452 20,452 - (20,452) TOTAL 20,452 20,452 - (20,452) TOKEN PROP KIMBALL ST 90000030 Bond Principal 2,026 2,026 - (2,026) TOTAL 2,026 2,026 - (2,026) GI HABITAT FOR HUMANITY 90000031 Bond Principal 3,398 - (3,398) TOTAL - 3,398 - (3,398) AUTO ONE INC 90000032 Bond Principal 8,374 8,374 - (8,374) TOTAL 8,374 8,374 - (8,374) EIG GRAND ISLAND 90000033 Bond Principal 40,901 49,408 - (49,408) TOTAL 40,901 49,408 - (49,408) TOKEN PROP CARY STREET 90000034 Bond Principal 4,689 4,689 - (4,689) TOTAL 4,689 4,689 - (4,689) WENN HOUSING PROJECT 90000035 Bond Principal 2,921 - (2,921) TOTAL - 2,921 - (2,921) COPPER CREEK 2014 HOUSES 90000036 Bond Principal 29,296 285,086 - (285,086) TOTAL 29,296 285,086 - (285,086) TC ENCK BUILDERS 90000037 Bond Principal 2,179 2,179 - (2,179) TOTAL 2,179 2,179 - (2,179) Page 16 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 2023 SUPER MARKET DEVELOPERS 90000038 Bond Principal 2,825 113,700 - (113,700) TOTAL 2,825 113,700 - (113,700) MAINSTAY SUITES 90000039 Bond Principal 1,723 35,933 - (35,933) TOTAL 1,723 35,933 - (35,933) TOWER 217 90000040 Bond Principal 13,624 - (13,624) TOTAL - 13,624 - (13,624) COPPER CREEK 2015 HOUSES 90000041 Bond Principal 19,234 175,373 - (175,373) TOTAL 19,234 175,373 (175,373) NORTHWEST COMMONS 90000042 Bond Principal 5,817 220,033 - (220,033) TOTAL 5,817 220,033 (220,033) HABITAT - 8TH & SUPERIOR 90000043 Bond Principal 7,070 - (7,070) TOTAL - 7,070 (7,070) KAUFMAN BUILDING Bond Principal 6,244 - (6,244) TOTAL - 6,244 (6,244) TALON APARTMENTS 90000045 Bond Principal 2,515 96,086 - (96,086) TOTAL 2,515 96,086 (96,086) VICTORY PLACE Bond Principal 2,008 - (2,008) TOTAL - 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 2,023 80,337 - (80,337) TOTAL 2,023 80,337 (80,337) TALON APARTMENTS 2017 90000049 Bond Principal 2,827 108,017 - (108,017) TOTAL 2,827 108,017 (108,017) Page 17 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 2023 WEINRICH DEVELOPMENT 90000050 Bond Principal 3,296 - (3,296) TOTAL - 3,296 (3,296) WING WILLIAMSONS Bond Principal - - - TOTAL - - - HATCHERY HOLDINGS 90000052 Bond Principal 4,153 86,616 - (86,616) TOTAL 4,153 86,616 (86,616) FEDERATION LABOR TEMPLE Bond Principal 3,747 3,747 - (3,747) TOTAL 3,747 3,747 (3,747) MIDDLETON PROPERTIES II 90000054 Bond Principal 8,303 - (8,303) TOTAL - 8,303 (8,303) COPPER CREEK 2016 HOUSES 90000055 Bond Principal 16,082 105,038 - (105,038) TOTAL 16,082 105,038 (105,038) EAST PARK ON STUHR 90000057 Bond Principal 2,830 113,179 - (113,179) TOTAL 2,830 113,179 (113,179) TAKE FLIGHT INVESTMENTS Bond Principal - - - TOTAL - - - PRATARIA VENTURES HOSPITAL 90000059 Bond Principal 757,508 1,525,705 - (1,525,705) TOTAL 757,508 1,525,705 (1,525,705) AMMUNITION PLANT Bond Principal - - - TOTAL - - - URBAN ISLAND LLC 90000061 Bond Principal 3,505 - (3,505) TOTAL - 3,505 (3,505) PEACEFUL ROOT 90000062 Bond Principal 2,596 - (2,596) TOTAL - 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 1,471 34,304 - (34,304) TOTAL 1,471 34,304 (34,304) Page 18 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 2023 GRAND ISLAND HOTEL 90000065 Bond Principal 2,830 59,012 - (59,012) TOTAL 2,830 59,012 (59,012) PARAMOUNT OLD SEARS 90000066 Bond Principal 3,913 - (3,913) TOTAL - 3,913 (3,913) CENTRAL NE TRUCK WASH 90000067 Bond Principal 1,029 40,847 - (40,847) TOTAL 1,029 40,847 (40,847) PRATARIA VENTURES MED OFF 90000068 Bond Principal 5,427 113,175 - (113,175) TOTAL 5,427 113,175 (113,175) TALON 2020 LB PHASE 4 90000069 Bond Principal 1,604 31,456 - (31,456) TOTAL 1,604 31,456 (31,456) STAROSTKA 5TH ST LOOKBACK PHASE 1 Bond Principal 6,794 - (6,794) TOTAL - 6,794 (6,794) COPPER CREEK PHASE 2 '20 LB 90000071 Bond Principal 5,997 50,690 - (50,690) TOTAL 5,997 50,690 (50,690) COPPER CREEK PH 3 2020 LB 90000072 Bond Principal 2,691 20,526 - (20,526) TOTAL 2,691 20,526 (20,526) HEDDE BUILDING 201 W 3RD 90000073 Bond Principal 5,155 - (5,155) TOTAL - 5,155 (5,155) RAWR HOLDINGS LLC 110 W 2ND ST Bond Principal - - - TOTAL - - - ORCHARD REDEVELOPMENT PROJECT 75 Bond Principal 13,866 - (13,866) TOTAL - 13,866 (13,866) AMUR RE OLD WELLS FARGO 90000076 Bond Principal 12,016 - (12,016) TOTAL - 12,016 (12,016) WALD 12 PROPERTIES LLC OLD GREENB Bond Principal 1,334 - (1,334) TOTAL - 1,334 (1,334) Page 19 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 2023 WING PROPERTIES 112 2 3RD ST Bond Principal - - - TOTAL - - - WEINRICH DEV 408 E 2ND ST 90000079 Bond Principal 3,218 - (3,218) TOTAL - 3,218 (3,218) O'NEILL WOOD RESOURCES Bond Principal - - - TOTAL - - - SE COMMONS - FONNERVIEW 90000081 Bond Principal 8,809 31,914 - (31,914) TOTAL 8,809 31,914 (31,914) PARAMOUNT 824 E 9TH ST 90000082 Bond Principal 7,443 - (7,443) TOTAL - 7,443 (7,443) J&L WESTWARD ENT CAAP 90000083 Bond Principal 1,161 16,752 - (16,752) TOTAL 1,161 16,752 (16,752) MILLER TIRE 900000084 Bond Principal 6,275 6,275 - (6,275) TOTAL 6,275 6,275 (6,275) TALON 2021 LB PHASE 5 90000085 Bond Principal 1,340 51,204 - (51,204) TOTAL 1,340 51,204 (51,204) STAROSTKA 5TH ST 21 LOOKBACK #2 86 Bond Principal 1,122 23,569 - (23,569) TOTAL 1,122 23,569 (23,569) PRATARIA PH 2 SUBPH 2 90000087 Bond Principal 5,209 (5,209) TOTAL - 5,209 - (5,209) ORCHARD DEVELOPMENT 90000088 Bond Principal 1,339 9,591 (9,591) TOTAL 1,339 9,591 - (9,591) PARAMOUNT OLD SEARS 2 MAIN FL 90000089 Bond Principal 7,515 (7,515) TOTAL - 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 193,843 203,607 (203,607) TOTAL 193,843 203,607 - (203,607) Page 20 of 158 MONTH ENDED 2022-2023 2023 REMAINING % OF BUDGET July-23 YEAR TO DATE BUDGET BALANCE USED COMMUNITY REDEVELOPMENT AUTHORITY FOR THE MONTH OF JULY 2023 TOTAL EXPENSES 1,345,965 7,432,319 9,003,640 1,571,321 82.55% Page 21 of 158 AGENDA MEMO To: Hall County Regional Planning Commission Agenda: Community Redevelopment Authority Date: August 9, 2023 Item #: 5.a. Subject: Bills to be paid August 9, 2023 Staff Contact: Chad Nabity BACKGROUND: Bills in the amount of $356,233.21 are submitted for approval. This does not include the bill for legal notices for the Grand Island Independent as it was not available at this time. If it arrives prior to Wednesday August 9 it will be added to the total. RECOMMENDATION: Move to approve as recommended. SAMPLE MOTION: Move to approve as recommended. ATTACHMENTS: 1. CRA August Bills Page 22 of 158 Page 23 of 158 AGENDA MEMO To: Hall County Regional Planning Commission Agenda: Community Redevelopment Authority Date: August 9, 2023 Item #: 6.a. Subject: Committed Projects and CRA Properties Staff Contact: Chad Nabity BACKGROUND: Committed Projects and CRA Properties for review RECOMMENDATION: SAMPLE MOTION: ATTACHMENTS: 1. CRA Jul 2023 Committed Page 24 of 158 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 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 $ 406,593.00 $ 315,407.00 *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 July 31, 2023 Page 25 of 158 Area 2 Knott GARK Homes Contract Page 1 REDEVELOPMENT CONTRACT This Redevelopment Contract is made and entered into as of the _______ day of ___________, 2023, by and between the Community Redevelopment Authority of the City of Grand Island, Nebraska ("Authority"), and Gark Homes SHV 3 V, LLC, a Nebraska limited liability company ("Redeveloper"). WITNESSETH: WHEREAS, the City of Grand Island, Nebraska (the "City'), in furtherance of the purposes and pursuant to the provisions of Section 12 of Article VIII of the Nebraska Constitution and Sections 18-2101 through 18-2156, Reissue Revised Statutes of Nebraska, 2012, as amended (collectively the "Act"), has designated an area within the City as blighted and substandard; WHEREAS, the Mayor and Council of the City, after public hearing pursuant to the Act, approved that redevelopment plan entitled " Redevelopment Plan Amendment Grand Island CRA Area 2, Amended May 2023" (the "Redevelopment Plan"); WHEREAS, Authority and Redeveloper desire to enter into this Redevelopment Contract in order to implement the Redevelopment Plan and provide for the redevelopment of lots and lands located in a blighted and substandard area; and WHEREAS, the proposed redevelopment project provides for the platting of a residential subdivision and installation of public infrastructure and the construction of up to 86 attached single family residences. It is anticipated that the development shall occur in up to five (5) annual phases. NOW, THEREFORE, in consideration of the mutual covenants and agreements herein set forth, Authority and Redeveloper do hereby covenant, agree and bind themselves as follows: ARTICLE I DEFINITIONS AND INTERPRETATION Section 1.01 Terms Defined in this Redevelopment Contract. Unless the context otherwise requires, the following terms shall have the following meanings for all purposes of this Redevelopment Contract, such definitions to be equally applicable to both the singular and plural forms and masculine, feminine and neuter gender of any of the terms defined: Page 26 of 158 Area 2 Knott GARK Homes Contract Page 2 "Act" means Section 12 of Article VIII of the Nebraska Constitution, Sections 18-2101 through 18-2156, Reissue Revised Statutes of Nebraska, 2012, as amended, and acts amendatory thereof and supplemental thereto. "Authority" means the Community Redevelopment Authority of the City of Grand Island, Nebraska. "City" means the City of Grand Island, Nebraska. "Governing Body" means the Mayor and City Council of the City. "Holder(s)" means the registered owner or owners of Indebtedness issued by the Authority from time to time outstanding. "Indebtedness" means any bonds, notes, loans, and advances of money or other indebtedness, including interest and premium, if any, thereon, incurred by the Authority pursuant to the Resolution and Article III hereof to provide financing for a portion of the Project Costs and secured in whole or in part by TIF Revenues. The Indebtedness as initially issued by the Authority shall consist of the Authority's Tax Increment Development Revenue Note (Gark Homes Project), Series 2023, (the “TIF Note”) to be issued in an amount not to exceed $2,375,828 in substantially the form set forth on Exhibit C and the various Redevelopment Contract Amendments, and purchased by the Redeveloper as set forth in Section 3.04 of this Redevelopment Contract. "Liquidated Damages Amount' means the amounts to be repaid to Authority by Redeveloper pursuant to Section 6.02 of this Redevelopment Contract. "Lot" or "Lots" shall mean the separately platted and subdivided lots within the Redevelopment Project Area established pursuant to an approved and filed subdivision plat in accordance with the ordinances and regulations of the City. "Project" means the improvements to the Redevelopment Project Area, as further described in Exhibit B attached hereto and incorporated herein by reference and, as used herein, shall include the Redevelopment Project Property and additions and improvements thereto. The Project shall include Project site acquisition costs and all improvements related to Project public infrastructure costs, site preparation costs, all as described in Section 3.04 of this Redevelopment Contract. "Project Cost Certification" means a statement prepared and signed by the Redeveloper verifying the Redeveloper has paid Project Costs identified on Exhibit D. "Project Costs" means only costs or expenses incurred by Redeveloper for the purposes set forth in §l8-2103(28) including the providing for such costs by the exercise of the powers set forth in §18-2107(4) of the Act, all as identified on Exhibit D. "Redeveloper" means Gark Homes SHV 3 V, LLC, a Nebraska limited liability company. Page 27 of 158 Area 2 Knott GARK Homes Contract Page 3 "Redevelopment Project Area" means that certain real property situated in the City of Grand Island, Hall County, Nebraska which has been declared blighted and substandard by the City pursuant to the Act, and which is more particularly described on Exhibit A attached hereto and incorporated herein by this reference. The Redevelopment Project Area is also described on Exhibit B. All such legal descriptions are subject to change based upon any re-platting requested by the Redeveloper and approved by the City. "Redevelopment Project Property" means all of the Redevelopment Project Area which is the site for the improvements constituting the Project, as more particularly described on Exhibit A attached hereto and incorporated herein by this reference. "Redevelopment Contract" means this redevelopment contract between the Authority and Redeveloper with respect to the Project, as the same may be amended from time to time, including, without limitation, by Redevelopment Contract Amendments executed from time to time in connection with the separate residential phases of the Project. "Redevelopment Contract Amendment" shall mean an amendment to this Redevelopment Contract, for the purpose of establishing the effective date for the division of ad valorem taxes pursuant to section 18-2147 of the Act as to each residential phase, as defined in Section 3.01 hereof, of lots in the Redevelopment Project Area. The form of the Redevelopment Contract Amendment is attached hereto as Exhibit F. "Redevelopment Plan" means the Redevelopment Plan (also defined in the recitals hereto) for the Redevelopment Project Area related to the Project, as attached hereto as Exhibit B, prepared by the Redeveloper, approved by the City and adopted by the Authority pursuant to the Act. "Resolution" means the Resolution of the Authority authorizing the issuance of the Indebtedness, as supplemented from time to time, and also approving this Redevelopment Contract. "TIF Revenues" means incremental ad valorem taxes generated on the Redevelopment Project Property by the Project which are to be allocated to and paid to the Authority pursuant to the Act. Section 1.02 Construction and Interpretation. The provisions of this Redevelopment Contract shall be construed and interpreted in accordance with the following provisions: (a) Whenever in this Redevelopment Contract it is provided that any person may do or perform any act or thing the word “may" shall be deemed permissive and not mandatory and it shall be construed that such person shall have the right, but shall not be obligated, to do and perform any such act or thing. (b) The phrase "at any time" shall be construed as meaning at any time or from time to time. Page 28 of 158 Area 2 Knott GARK Homes Contract Page 4 (c) The word "including" shall be construed as meaning "including, but not limited to." (d) The words "will" and "shall" shall each be construed as mandatory. (e) The words "herein," "hereof," "hereunder", "hereinafter" and words of similar import shall refer to the Redevelopment Contract as a whole rather than to any particular paragraph, section or subsection, unless the context specifically refers thereto. (f) Forms of words in the singular, plural, masculine, feminine or neuter shall be construed to include the other forms as the context may require. (g) The captions to the sections of this Redevelopment Contract are for convenience only and shall not be deemed part of the text of the respective sections and shall not vary by implication or otherwise any of the provisions hereof. ARTICLE II FINDINGS AND REPRESENTATIONS Section 2.01 Findings of Authority. The Authority makes the following findings: (a) The Authority is a duly organized and validly existing community Redevelopment Authority under the Act. (b) The Redevelopment Plan has been duly approved by the City and adopted as amended by the Authority pursuant to Sections 18-2109 through 18-2117 of the Act. (c) The Authority deems it to be in the public interest and in furtherance of the purposes of the Act to accept the proposal submitted by Redeveloper as specified herein. (d) The Redevelopment Project is expected to achieve the public purposes of the Act by among other things, increasing employment, improving public infrastructure, increasing the tax base, and lessening blighted and substandard conditions in the Redevelopment Project Area and other purposes set forth in the Act. (e) (1) The Redevelopment Plan is feasible and in conformity with the general plan for the development of the City as a whole and the Redevelopment Plan is in conformity with the legislative declarations and determinations set forth in the Act, and (2) Based upon investigation by the Authority and on representations made by the Redeveloper and its Lender: Page 29 of 158 Area 2 Knott GARK Homes Contract Page 5 (i) the Project would not be economically feasible without the use of tax-increment financing (funds provided pursuant to Section 18-2147 of the Act), and (ii) the Project would not occur in the Redevelopment Project Area without the use of tax-increment financing. (iii) the Authority has documented the financial infeasibility as a lack of capital to undertake the Project as the Redeveloper is unable to provide affordable housing at a restricted price point without the assistance provided under this Redevelopment Contract. (f) The Authority has determined that the costs and benefits of the Project, including costs and benefits to other affected political subdivisions (and documented the same as part of the cost benefit analysis contained in the Redevelopment Plan), the economy of the community, and the demand for public and private services have been analyzed by the Authority and have been found to be in the long-term best interest of the community impacted by the Project. (g) The Authority has determined that the proposed land uses and building requirements in the Redevelopment Area are designed with the general purpose of accomplishing, in conformance with the general plan, a coordinated, adjusted, and harmonious development of the City and its environs which will, in accordance with present and future needs, promote health, safety, morals, order, convenience, prosperity, and the general welfare, as well as efficiency and economy in the process of development: including, among other things, adequate provision for traffic, vehicular parking, the promotion of safety from fire, panic, and other dangers, adequate provision for light and air, the promotion of the healthful and convenient distribution of population, the provision of adequate transportation, water, sewerage and other public utilities, schools, parks, recreational and community facilities, and other public requirements, the promotion of sound design and arrangement, the wise and efficient expenditure of public funds, and the prevention of the recurrence of insanitary or unsafe dwelling accommodations, or conditions of blight. Section 2.02 Representations of Redeveloper. The Redeveloper makes the following representations: (a) The Redeveloper is a Nebraska limited liability company, authorized to do business in the state of Nebraska, having the power to enter into this Redevelopment Contract and perform all obligations contained herein and by proper action has been duly authorized to execute and deliver this Redevelopment Contract. Prior to the execution and delivery of this Redevelopment Contract, the Redeveloper has delivered to the Authority a certificate of good standing, a certified copy of the Redeveloper's organizational documents and a certified copy of the resolution or resolutions authorizing the execution and delivery of this Redevelopment Contract. Page 30 of 158 Area 2 Knott GARK Homes Contract Page 6 (b) The execution and delivery of this Redevelopment Contract and the consummation of the transactions herein contemplated will not conflict with or constitute a breach of or default under any bond, debenture, note or other evidence of indebtedness or any contract, loan agreement or lease to which Redeveloper is a party or by which it is bound, or result in the creation or imposition of any lien, charge or encumbrance of any nature upon any of the property or assets of the Redeveloper contrary to the terms of any instrument or agreement. (c) There is no litigation pending or to the best of its knowledge threatened against Redeveloper affecting its ability to carry out the acquisition, construction, equipping and furnishing of the Project or the carrying into effect of this Redevelopment Contract or in any other matter materially affecting the ability to Redeveloper to perform its obligations hereunder. (d) The Project would not be economically feasible without the use of tax increment financing. (e) The Project would not occur in the Redevelopment Project Area without the use of tax-increment financing. (f) The Redeveloper certifies that it has not and will not apply for (i) tax incentives under the Nebraska Advantage Act or the ImagiNE Act for a project located or to be located within the redevelopment project area; (ii) a refund of the city’s local option sales tax revenue; and (iii) no application has been made or approved under the Nebraska Advantage Act or the or the ImagiNE Act. ARTICLE III OBLIGATIONS OF THE AUTHORITY Section 3.01 Division of Taxes. In accordance with Section 18-2147 of the Act and the terms of the Resolution, the Authority hereby provides that any ad valorem tax on any Lot or Lots located in the Redevelopment Project Area identified from time to time by the Redeveloper (such Lot or Lots being referred to herein as a "Phase") as identified in a Redevelopment Contract Amendment executed on behalf of the Redeveloper and delivered to the Authority in the form attached hereto as Exhibit E (each, a "Redevelopment Contract Amendment") for the benefit of any public body be divided for a period of fifteen years after the effective date (the “Effective Date”), as described in Section 18-2147 (1) of the Act (which Effective date shall be the January 1 of the year in which the division of taxes occurs which shall be the Division Date as described in Exhibit E) of this provision as set forth in a Redevelopment Contract Amendment, consistent with the Redevelopment Plan. Said taxes shall be divided as follows: (a) That portion of the ad valorem tax on real property in each Phase which is produced by levy at the rate fixed each year by or for each public body upon the Page 31 of 158 Area 2 Knott GARK Homes Contract Page 7 "redevelopment project valuation" (as defined in the Act) of the Lots within such Phase shall be paid into the funds of each such public body in the same proportion as all other taxes collected by or for the bodies; and (b) That portion of the ad valorem tax on real property in each Phase in excess of such amount (the "Incremental Ad Valorem Tax"), if any, shall be allocated to, is pledged to, and, when collected, paid into a special fund of the Authority (designated in the Resolution as the "Note Fund") to pay the principal of, the interest on, and any premium due in connection with the Indebtedness. When such Indebtedness, including interest and premium due have been paid, the Authority shall so notify the County Assessor and County Treasurer and all ad valorem taxes upon real property in such Phase shall be paid into the funds of the respective public bodies. Provided a Redevelopment Contract Amendment in form attached hereto as Exhibit E and signed by the Redeveloper, and a proposed form of “Notice to Divide Tax for Community Redevelopment Project”, all prepared in accordance with this Redevelopment Contract and the Act) is delivered to the Authority no later than July 1 of any year, the Authority shall: (a) execute the Redevelopment Contract Amendment, and (b) file before August 1 of such year a "Notice to Divide Tax for Community Redevelopment Project" for such Phase with the office of the Hall County Treasurer and Hall County Assessor, without requirement of additional hearings or public notice. No Redevelopment Contract Amendment providing for the division of taxes pursuant to this Redevelopment Contract and Section 18-2147 of the Act shall be made after July 1, 2030. Section 3.02 Issuance of Indebtedness The Authority shall authorize the issuance of the Indebtedness in the form and stated principal amount and bearing interest and being subject to such terms and conditions as are specified in the Resolution and this Redevelopment Contract; provided, at all times the maximum amount of the Indebtedness shall be limited to the lesser of (i) the stated face amount of the Indebtedness, or (ii) the sum of all Project Costs incurred by the Redeveloper as set forth on Exhibit D. No Indebtedness will be issued until Redeveloper has acquired fee title to the Redevelopment Project Property and become obligated for construction of the additions and improvements forming a part of the Project as described in the Plan. Prior to December 1, 2023, the Authority shall issue one Tax Increment Revenue Note, in one taxable series, in a maximum principal amount of $2,375,828, in substantially the form shown on the attached Exhibit C (“TIF Note”), for net funds available to be purchased by Redeveloper (“TIF Note Purchaser”), in a written form acceptable to the Authority’s attorney, and receive Note proceeds from the TIF Note Purchaser in said amount. At the option of the Redeveloper, the Authority shall make a grant to Redeveloper in such amount, and such grant shall offset TIF Note Purchaser’s obligation to purchase the TIF Note. Subject to the terms of this Agreement and the Resolution, the Authority’s Treasurer on behalf of the Authority shall have the authority to determine the timing of issuing the Indebtedness and all the other necessary details of the Indebtedness. Page 32 of 158 Area 2 Knott GARK Homes Contract Page 8 The Redeveloper agrees to purchase the Indebtedness at a price equal to the principal amount thereof, in a private placement satisfactory to the Authority as to its terms and participants (including any pledgee thereof). Neither the Authority nor the City shall have any obligation to provide for the sale of the Indebtedness. It is the sole responsibility of the Redeveloper to effect the sale of the Indebtedness by purchasing the Indebtedness in accordance with the terms of this Redevelopment Contract and the Resolution. Redeveloper acknowledges that it is its understanding and the Authority's understanding that interest on the Indebtedness will be includable in gross income for federal income tax purposes and subject to Nebraska State income taxation. Section 3.03 Pledge of Revenues. Under the terms of the Resolution, the Authority pledges 100% of the available annual TIF Revenues derived from the Redevelopment Project Property as security for and to provide payment of the Indebtedness as the same fall due (including payment of any mandatory redemption amounts set for the Indebtedness in accordance with the terms of the Resolution). Section 3.04 Purchase and Pledge of Indebtedness/Grant of Net Proceeds of Indebtedness. The Redeveloper has agreed to purchase the Indebtedness from the Authority for a price equal to the principal amount thereof, payable as provided in Section 3.02 and this Section 3.04. In accordance with the terms of the Redevelopment Plan the Redeveloper is to receive one or more grants to pay the costs for reimbursement of site acquisition, including easements, site preparation costs, public infrastructure costs and utilities including those items as described on Exhibit D (the "Project Costs"), in the aggregate maximum amount not to exceed $2,375,828. Notwithstanding the foregoing, the aggregate amount of the Indebtedness and the grant shall not exceed the amount of Project Costs as certified pursuant to Section 4.02 of this Redevelopment Contract. Such grants shall be made to the Redeveloper upon certification of Project Costs for as set forth herein and in the Resolution, and payment purchase of the Indebtedness as provided in Section 3.02, unless Redeveloper elects to offset the payment of the purchase of the Indebtedness with the grant proceeds as provided herein and in the Resolution. The Authority shall have no obligation to provide grant funds from any source other than as set forth in the Resolution and this Redevelopment Contract. Section 3.05 Creation of Fund. In the Resolution, the Authority has provided for the creation of the “Gark Homes Redevelopment Project Note Fund” (the “Note Fund”). All of the TIF Revenues shall be deposited into the Note Fund. The TIF Revenues accumulated in the Note Fund shall be used and applied on the Business Day prior to each Interest Payment Date (i) to make any payments to the City or the Authority as may be required under the Redevelopment Contract and (ii) to pay principal of or interest on the Note to the extent of any money then remaining the Note Fund on such Interest Payment Date. Money in the Note Fund shall be used solely for the purposes described herein and in the Resolution. All Revenues received through and including December 31, 2046 shall be used solely for the payments required herein and by the Resolution; and Page 33 of 158 Area 2 Knott GARK Homes Contract Page 9 ARTICLE IV OBLIGATIONS OF REDEVELOPER Section 4.01 Construction of Project; Note; Insurance. Redeveloper shall: (a) Acquire the Project Site prior to December 1, 2023, if not currently owned by Redeveloper. (b) Subdivide the Project Site, if required by City ordinances, which subdivision may occur in phases. All public right-of-ways shall be dedicated to the City. (c) Prepare the site for redevelopment. Redeveloper will coordinate with the City for the City’s design and construction required for the installation of all public infrastructure improvements, including a water system, a sanitary sewer system, and a street system consisting of concrete paved streets and required storm sewers. The Redeveloper shall provide and pay for infrastructure installation. Prior to commencement of construction, Redeveloper shall provide City and Authority with a separate payment and performance bond, for each phase of the infrastructure installation, in an amount equal to the total of all bids for such infrastructure. The payment and performance bond shall be by a surety acceptable to City and Authority. (d) Coordinate with the City for the City’s design and construction required for the installation of Claude Road adjacent to the Project Site. Redeveloper shall install or provide for the installation of paving for 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. (e) Complete other public infrastructure improvements as shown on any approved subdivision plat. (f) Use the proceeds of the grant(s) provided in Section 3.04 hereof for payment of public infrastructure and other allowed expenditures set forth on Exhibit D. Redeveloper shall be solely responsible for obtaining all permits and approvals necessary to acquire, construct and equip the Project. Until construction of the Project has been completed, Redeveloper shall make reports in such detail and at such times as may be reasonably requested by the Authority as to the actual progress of Redeveloper with respect to construction of the Project. Such reports shall include actual expenditures incurred as described on Exhibit D. (g) Require its general contractor to obtain and keep in force at all times until completion of construction for all phases of construction, policies of insurance including coverage for contractors' general liability and completed operations and a penal bond or bonds as required by the Act or as is otherwise required by law. The City, the Authority and the Redeveloper shall be named as additional insureds. Any contractor chosen by the Page 34 of 158 Area 2 Knott GARK Homes Contract Page 10 Redeveloper or the Redeveloper itself, as owner, shall be required to purchase and maintain property insurance upon the Project to the full insurable value thereof. This insurance shall insure against the perils of fire and extended coverage and shall include 'All Risk" insurance for physical loss or damage. The contractor with respect to any specific contract or the Redeveloper shall also carry insurance on all stored materials. The contractor or the Redeveloper, as the case may be, shall furnish the Authority and the City with a Certificate of Insurance evidencing policies as required above. Such certificates shall state that the insurance companies shall give the Authority prior written notice in the event of cancellation of or material change in any of any of the policies. Section 4.01.1 Title to Redevelopment Area; Contract Null. Notwithstanding any provision herein to the contrary, in the event Redeveloper has not acquired fee simple title to the Redevelopment Project Area on or before November 30, 2023, this Redevelopment Contract shall be null and void and of no force or effect effective as of the date of execution hereof, and neither party shall have any liability or obligation to the other party with respect hereto. Section 4.02 Cost Certification & Disbursement of Note Proceeds. Proceeds of the Indebtedness may be advanced and disbursed in the manner set forth below: (a) There shall be submitted to the Authority a grant disbursement request (the “Disbursement Request”), executed by the City’s Finance Director and an authorized representative of the Redeveloper, (i) certifying that a portion of the Project constituting and Infrastructure Phase has been substantially completed and (ii) certifying the actual costs incurred by the Redeveloper in the completion of such portion of the Project. (b) If the costs requested for reimbursement under the Disbursement Request are currently reimbursable under Exhibit D of this Redevelopment Contract and the Community Redevelopment Law, the Authority shall evidence such allocation in writing and inform the owner of the Note of any amounts allocated to the Note. (c) Upon notification from the Authority as described in Section 4.02(b), deposits to the accounts in the Project Fund may be made from time to time from funds received by the Authority from the owner of the Note (if other than the Redeveloper) in the amounts necessary to pay amounts requested in properly completed, signed and approved written Disbursement Requests as described herein. Such amounts shall be proceeds of the Note and the Treasurer of the Authority shall inform the Registrar (as defined in the Note Resolution) in writing of the date and amount of such deposits. At the option of the Redeveloper, if the Redeveloper is the owner of the Note, the Authority shall make a grant to Redeveloper in the amount of the approved Disbursement Request; in such event, the approved Disbursement Request amount shall offset funding of the Note. The Registrar shall keep and maintain a record of the amounts deposited into the Project Fund from Note proceeds pursuant to the terms of this Resolution as “Principal Amount Advanced” and shall enter the aggregate principal amount then Outstanding as the “Cumulative Outstanding Principal Amount” on its Page 35 of 158 Area 2 Knott GARK Homes Contract Page 11 records maintained for the Note. The aggregate amount deposited into the Project Fund from proceeds of the Note shall not exceed $2,375,828. Section 4.03 No Discrimination. Redeveloper agrees and covenants for itself its successors and assigns that it will not discriminate against any person or group of persons on account of race, sex, color, religion, national origin, ancestry, disability, marital status or receipt of public assistance in connection with the Project. Redeveloper, for itself and its successors and assigns, agrees that during the construction of the Project, Redeveloper will not discriminate against any employee or applicant for employment because of race, religion, sex, color, national origin, ancestry, disability, marital status or receipt of public assistance. Redeveloper will comply with all applicable federal, state and local laws related to the Project. Section 4.04 Assignment or Conveyance. This Redevelopment Contract shall not be assigned by the Redeveloper without the written consent of the Authority. Such consent shall not be unreasonably withheld. Redeveloper agrees that it shall not convey any Lot or any portion thereof or any structures thereon to any person or entity that would be exempt from payment of real estate taxes, and that it will not make application for any structure, or any portion thereof, to be taxed separately from the underlying land of any Lot. Section 4.05 Subdivision, Construction and Record Retention. The Redeveloper shall: (a) Construct single family attached residence as provided in the Redevelopment Plan based on market conditions. (b) Retain copies of all supporting documents that are associated with the redevelopment plan or redevelopment project and that are received or generated by the redeveloper for three years following the end of the last fiscal year in which ad valorem taxes are divided and provide such copies to the city as needed to comply with the city’s retention requirements under section 18-2117.04 of the Act. Supporting document includes any cost-benefit analysis conducted pursuant to section 18-2113 of the Act and any invoice, receipt, claim, or contract received or generated by the redeveloper that provides support for receipts or payments associated with the division of taxes. Section 4.06 Payment of Costs. The Redeveloper shall pay to the Authority or its designee the following sums on the execution hereof: $3,000 for administrative and accounting costs. $5,500 for legal fees. Page 36 of 158 Area 2 Knott GARK Homes Contract Page 12 ARTICLE V FINANCING REDEVELOPMENT PROJECT; ENCUMBRANCES Section 5.01 Financing Redeveloper shall pay all costs related to the redevelopment of the Redevelopment Project Area and the Redevelopment Project Property which are in excess of the amounts paid from the proceeds of the grant provided from the proceeds of the Indebtedness and granted to Redeveloper. Redeveloper shall timely pay all costs, expenses, fees, charges and other amounts associated with the Project. ARTICLE VI DEFAULT, REMEDIES; INDEMNIFICATION Section 6.01 General Remedies of Authority and Redeveloper. Subject to the further provisions of this Article VI, in the event of any failure to perform or breach of this Redevelopment Contract or any of its terms or conditions, by any party hereto or any successor to such party, such party, or successor, shall, upon written notice from the other, proceed immediately to commence such actions as may be reasonably designed to cure or remedy such failure to perform or breach which cure or remedy shall be accomplished within a reasonable time by the diligent pursuit of corrective action. In case such action is not taken, or diligently pursued, or the failure to perform or breach shall not be cured or remedied within a reasonable time, this Redevelopment Contract shall be in default and the aggrieved party may institute such proceedings as may be necessary or desirable to enforce its rights under this Redevelopment Contract, including, but not limited to, proceedings to compel specific performance by the party failing to perform or in breach of its obligations. The Redeveloper hereby acknowledges and agrees that the Authority shall have completed its required performances and satisfied all of its obligations under this Redevelopment Contract upon the issuance of the Indebtedness and the subsequent payment of grant amounts to the Redeveloper as set forth in Article III hereof and by complying with the obligations of all Redevelopment Contract Amendments. Section 6.02 Additional Remedies of Authority In the event that (each such event an "event of default"): (a) The Redeveloper, or its successor in interest, shall fail to commence the construction of the infrastructure improvements included in the Project Costs on or before _________, 2023, fail to complete installation of paving and sewer and water mains by _______________, or shall abandon construction work related to the Project Costs, once commenced, for any period of 180 days, excepting delays caused by inclement weather; (b) The Redeveloper, shall fail to pay real estate taxes or assessments on the Redevelopment Project Property owned by the Redeveloper or any part thereof when due; and Page 37 of 158 Area 2 Knott GARK Homes Contract Page 13 (c) There is a violation of any other provision of this Redevelopment Contract, and such failure or action by the Redeveloper has not been cured within 45 days following written notice from Authority, then the Redeveloper shall be in default of this Redevelopment Contract. In the event of such failure to perform, breach or default occurs and is not cured in the period herein provided, the parties agree that the damages caused to the Authority would be difficult to determine with certainty and that a reasonable estimation of the amount of damages that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.04 of this Redevelopment Contract, less any reductions in the principal amount of the Indebtedness, plus interest on such amounts as provided herein (the "Liquidated Damages Amount"). Upon the occurrence of an event of default, the Liquidated Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from Authority given to the Redeveloper. Interest shall accrue on the Liquidated Damages Amount at the rate of nine percent (9.0%) per annum and interest shall commence from the date that the Authority gives notice to the Redeveloper demanding payment. Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to pay real estate taxes or assessments with respect to the Redevelopment Project Property and the Project. Redeveloper, on or before contracting for work included within the Project Costs, shall furnish to the Authority copies of labor and materials payment bonds and performance bonds for each contract entered into by Redeveloper related to Project Costs. Each such bond shall show the Authority and the City as well as the Redeveloper as beneficiary of any such bond, as and to the extent commercially obtainable (as determined in the discretion of the Authority). In addition, the Redeveloper shall provide a penal bond with good and sufficient surety to be approved by the Authority, conditioned that the Redeveloper shall at all times promptly make payments of all amounts lawfully due to all persons supplying or furnishing to any contractor or his or her subcontractors (for each contract entered into by Redeveloper related to Project Costs) with labor or materials performed or used in the prosecution of the work provided for in such contract, and will indemnify and save harmless the Authority to the extent of any payments in connection with the carrying out of such contracts which the Authority may be required to make under the law. Section 6.03 Remedies in the Event of Other Redeveloper Defaults. In the event the Redeveloper fails to perform any other provisions of this Redevelopment Contract (other than those specific provisions contained in Section 6.02), the Redeveloper shall be in default. In such an instance, the Authority may seek to enforce the terms of this Redevelopment Contract or exercise any other remedies that may be provided in this Redevelopment Contract or by applicable law; provided, however, that any defaults covered by this Section shall not give rise to a right or rescission on termination of this Redevelopment Contract, and shall not be covered by the Liquidated Damages Amount. Page 38 of 158 Area 2 Knott GARK Homes Contract Page 14 Section 6.04 Forced Delay Beyond Party's Control. For the purposes of any of the provisions of this Redevelopment Contract, neither the Authority nor the Redeveloper, as the case may be, nor any successor in interest, shall be considered in breach of or default in its obligations with respect to the conveyance or preparation of the Redevelopment Area or any part thereof for redevelopment, or the beginning and completion of construction of the Project, or progress in respect thereto, in the event of forced delay in the performance of such obligations due to unforeseeable causes beyond its control and without its fault or negligence, including, but not restricted to, acts of God, or of the public enemy, acts of the Government, acts of the other party, fires, floods, epidemics, quarantine restrictions, strikes, freight embargoes, and unusually severe weather or delays in subcontractors due to such causes; it being the purpose and intent of this provision that in the event of the occurrence of any such forced delay, the time or times for performance of the obligations of the Authority or of the Redeveloper with respect to construction of the Project, as the case may be, shall be extended for the period of the forced delay: Provided, that the party seeking the benefit of the provisions of this section shall, within thirty (30) days after the beginning of any such forced delay, have first notified the other party thereto in writing, and of the cause or causes thereof and requested an extension for the period of the forced delay. Section 6.05 Limitations of Liability; Indemnification. Notwithstanding anything in this Article VI or this Redevelopment Contract to the contrary, neither the City, the Authority, nor their respective elected officials, officers, directors, appointed officials, employees, agents or their governing bodies shall have any pecuniary obligation or monetary liability under this Redevelopment Contract. The sole obligation of the Authority under this Redevelopment Contract shall be the issuance of the Indebtedness and granting of a portion of the proceeds thereof to Redeveloper, and full compliance with the terms specifically set forth Article III hereof and payment of TIF Revenues pledged pursuant to the Resolution. The Redeveloper releases the City and Authority from, agrees that neither the City nor Authority shall be liable for, and agrees to indemnify and hold the City and Authority harmless from any liability for any loss or damage to property or any injury to or death of any person that may be occasioned by any cause whatsoever pertaining to the Project. The Redeveloper will indemnify and hold each of the City and Authority and their respective elected officials, directors, officers, appointed officials, agents, employees and members of their governing bodies free and harmless from any loss, claim, damage, demand, tax, penalty, liability, disbursement, expense, excluding litigation expenses, attorneys' fees and expenses, or court costs arising out of any damage or injury, actual or claimed, of whatsoever kind or character, to property (including loss of use thereof) or persons, occurring or allegedly occurring in, on or about that portion of the Project owned by the Redeveloper, during the term of this Redevelopment Contract or arising out of any action or inaction of Redeveloper, related to activities of the Redeveloper or its agents during the construction of the public infrastructure or public right of ways in the Project. Page 39 of 158 Area 2 Knott GARK Homes Contract Page 15 ARTICLE VII MISCELLANEOUS Section 7.01 Notice Recording This Redevelopment Contract or a notice memorandum of this Redevelopment Contract may be recorded in the office of the Register of Deeds of Hall County, Nebraska. Section 7.02 Governing Law. This Redevelopment Contract shall be governed by the laws of the State of Nebraska, including but not limited to the Act. Section 7.03 Binding Effect: Amendment, Assignment. This Redevelopment Contract shall be binding on the parties hereto and their respective successors and assigns. The Redevelopment Contract shall not be amended except by a writing signed by the party to be bound. The Redeveloper may assign its rights and obligations to a controlled entity which shall be bound by all the terms hereof. Section 7.04 Effective Date and Implementation of Redevelopment Contract. This Agreement is in full force and effect from and after the date of execution hereof by both the Redeveloper and the Authority. Section 7.04 Notices to Parties. Notices to Parties shall be mailed by U. S. Mail to the following addresses: Redeveloper: Gark Homes SHV 3 V, LLC 11330 South 176th Street Bennet, NE 68317 Authority and City: Director Grand Island Community Redevelopment Authority Hall County Regional Planning Department 100 E 1st Street P.O. Box 1968 Grand Island, NE 68802 Page 40 of 158 Area 2 Knott GARK Homes Contract Page 16 IN WITNESS WHEREOF, Authority and Redeveloper have signed this Redevelopment Contract as of the date and year first above written. COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF ATTEST: GRAND ISLAND, NEBRASKA ____________________________ By:________________________ Secretary Chairman STATE OF NEBRASKA ) ) SS COUNTY OF HALL ) The foregoing instrument was acknowledged before me this ______ day of _________2023, by ________________ and ________________, Chairman and Secretary, respectively, of the Community Redevelopment Authority of the City of Grand Island, Nebraska, on behalf of the Authority. ____________________________ Notary Public Page 41 of 158 Area 2 Knott GARK Homes Contract Page 17 GARK HOMES SHV 3 V, LLC By:______________________ Manager STATE OF NEBRASKA) ) SS COUNTY OF HALL) The foregoing instrument was acknowledged before me this ______ day of _____,2023, by _______________________, Manager of Gark Homes SHV 3 V, LLC, on behalf of the limited liability company. ________________________ Notary Public Page 42 of 158 Area 2 Knott GARK Homes Contract Page 18 EXHIBIT A DESCRIPTION OF REDEVELOPMENT AREA Legal Descriptions: Lots 3-8, Block 1, Lots 6-11, Block 2 and Lots 1-3, Block 3 of Knott Subdivision in the city of Grand Island, Hall County, Nebraska and identified as (PID 400054094, 400054108, 400054116, 400054124, 400054132, 400054140, 400054213, 400054221, 400054248, 400054256, 400054264, 400054272, 400054280, 400054299, 400054302) in the office of the Hall County, Nebraska, Assessor’s office. Page 43 of 158 Area 2 Knott GARK Homes Contract Page 19 EXHIBIT B REDEVELOPMENT PLAN [Attach copy of Redevelopment Plan] Page 44 of 158 Area 2 Knott GARK Homes Contract Page 20 EXHIBIT C (FORM OF NOTE) UNITED STATES OF AMERICA STATE OF NEBRASKA COUNTY OF HALL COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA TAX INCREMENT DEVELOPMENT REVENUE NOTE (GARK HOMES REDEVELOPMENT PROJECT), SERIES 2023 No. R-1 Up to $2,375,828 (subject to reduction as described herein) Date of Date of Rate of Original Issue Maturity Interest December 31, 2046* 7.0% REGISTERED OWNER: Gark Homes SHV 3 V, LLC PRINCIPAL AMOUNT: SEE SCHEDULE 1 ATTACHED HERETO REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THE NOTE SET FORTH ON THE FOLLOWING PAGES, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. IN WITNESS WHEREOF, THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA has caused this Note to be signed by the manual signature of the Chairman of the Authority, countersigned by the manual signature of the Clerk of the City, and the City’s corporate seal imprinted hereon. COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA [S E A L] By: (manual signature) Chairman By: (manual signature) Clerk * or, if sooner, fifteen years after the last effective date established for a Phase under the terms of the Redevelopment Contract Page 45 of 158 Area 2 Knott GARK Homes Contract Page 21 The COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA (the “Authority”) acknowledges itself indebted to, and for value received hereby promises to pay, but solely from certain specified tax revenues and other funds hereinafter specified, to the Registered Owner named above, or registered assigns, on the Date of Maturity stated above (or earlier as hereinafter referred to), the Principal Amount on Schedule 1 attached hereto upon presentation and surrender hereof at the office of the registrar and paying agent herefor, the Treasurer of the City of Grand Island, Nebraska (the “Registrar”), and in like manner to pay interest on the Cumulative Outstanding Principal Amount reflected in Schedule 1 at the Rate of Interest stated above, calculated on the basis of a 360-day year consisting of twelve, 30-day months, from the Date of Original Issue stated above, or the most recent interest payment date to which interest has been paid or duly provided for, as specified below, to maturity or earlier redemption, payable semiannually on June 1 and December 1 of each year until payment in full of such Principal Amount, beginning June 1, 2025, by check or draft mailed to the Registered Owner hereof as shown on the note registration books maintained by the Registrar on the 15th day of the month preceding the month in which the applicable interest payment date occurs, at such Owner’s address as it appears on such note registration books. The principal of this Note and the interest hereon are payable in any coin or currency which on the respective dates of payment thereof is legal tender for the payment of debts due the United States of America. This Note is issued by the Authority under the authority of and in full compliance with the Constitution and statutes of the State of Nebraska, including particularly Article VIII, Section 12 of the Nebraska Constitution, Sections 18-2101 to 18-2156, inclusive, Reissue Revised Statutes of Nebraska, as amended, and under and pursuant to Resolution No. ________ duly passed and adopted by the Authority on _____________, 2023, as from time to time amended and supplemented (the “Resolution”). THE PRINCIPAL AMOUNT OF THIS NOTE IS SET FORTH IN SCHEDULE 1 ATTACHED HERETO. THE MAXIMUM PRINCIPAL AMOUNT OF THIS NOTE IS $2,375,828. This Note is a special limited obligation of the Authority payable as to principal and interest solely from and is secured solely by the Revenue (as defined in the Resolution) and certain other money, funds and securities pledged under the Resolution, all on the terms and conditions set forth in the Resolution. The Revenue represents that portion of ad valorem taxes levied by public bodies of the State of Nebraska, including the City, on real property in the Project Area (as defined in this Resolution) which is in excess of that portion of such ad valorem taxes produced by the levy at the rate fixed each year by or for each such public body upon the valuation of the Project Area as of a certain date and as has been certified by the County Assessor of Hall County, Nebraska to the City in accordance with law. Reference is hereby made to the Resolution for the provisions, among others, with respect to the collection and disposition of certain tax and other revenues, the special funds charged with and pledged to the payment of the principal of and interest on this Note, the nature and extent of the security thereby created, the terms and conditions under which this Note has been issued, the rights and remedies of the Registered Owner of this Note, and the rights, duties, immunities and obligations of the City and the Authority. By the acceptance of this Note, the Registered Owner assents to all of the provisions of the Resolution. The principal of and interest hereon shall not be payable from the general funds of the City nor the Authority nor shall this Note constitute a legal or equitable pledge, charge, lien, security interest or encumbrance upon any of the property or upon any of the income, receipts, or money and securities of the City or the Authority or of any other party other than those specifically pledged under the Resolution. This Note is not a debt of the City or the Authority within the meaning of any constitutional, statutory or charter limitation upon the creation of general obligation indebtedness of the City or the Authority, and does not impose any general liability upon the City or the Authority and neither the City nor the Authority shall be liable for the payment hereof out of any funds of the City or the Authority other than the Revenues and other Page 46 of 158 Area 2 Knott GARK Homes Contract Page 22 funds pledged under the Resolution, which Revenues and other funds have been and hereby are pledged to the punctual payment of the principal of and interest on this Note in accordance with the provisions of this Resolution. The Registered Owner may from time to time enter the respective amounts advanced pursuant to the terms of the Resolution under the column headed “Principal Amount Advanced” on Schedule 1 hereto (the “Table”) and may enter the aggregate principal amount of this Note then outstanding under the column headed “Cumulative Outstanding Principal Amount” on the Table. On each date upon which a portion of the Cumulative Outstanding Principal Amount is paid to the Registered Owner pursuant to the redemption provisions of the Resolution, the Registered Owner may enter the principal amount paid on this Note under the column headed “Principal Amount Redeemed” on the Table and may enter the then outstanding principal amount of this Note under the column headed “Cumulative Outstanding Principal Amount” on the Table. Notwithstanding the foregoing, the records maintained by the Trustee as to the principal amount issued and principal amounts paid on this Note shall be the official records of the Cumulative Outstanding Principal Amount of this Note for all purposes. Reference is hereby made to the Resolution, a copy of which is on file in the office of the City Clerk, and to all of the provisions of which each Owner of this Note by its acceptance hereof hereby assents, for definitions of terms; the description of and the nature and extent of the security for this Note; the Revenue and other money and securities pledged to the payment of the principal of and interest on this Note; the nature and extent and manner of enforcement of the pledge; the conditions upon which the Resolution may be amended or supplemented with or without the consent of the Owner of this Note; the rights, duties and obligations of the Authority and the Registrar thereunder; the terms and provisions upon which the liens, pledges, charges, trusts and covenants made therein may be discharged at or prior to the maturity or redemption of this Note, and this Note thereafter no longer be secured by the Resolution or be deemed to be outstanding thereunder, if money or certain specified securities shall have been deposited with the Registrar sufficient and held in trust solely for the payment hereof; and for the other terms and provisions thereof. This Note is subject to redemption prior to maturity, at the option of the Authority, in whole or in part at any time at a redemption price equal to 100% of the principal amount being redeemed, plus accrued interest on such principal amount to the date fixed for redemption. Reference is hereby made to the Resolution for a description of the redemption procedures and the notice requirements pertaining thereto. In the event this Note is called for prior redemption, notice of such redemption shall be given by first- class mail to the Registered Owner hereof at its address as shown on the registration books maintained by the Registrar not less than 10 days prior to the date fixed for redemption, unless waived by the Registered Owner hereof. If this Note, or any portion thereof, shall have been duly called for redemption and notice of such redemption duly given as provided, then upon such redemption date the portion of this Note so redeemed shall become due and payable and if money for the payment of the portion of the Note so redeemed and the accrued interest thereon to the date fixed for redemption shall be held for the purpose of such payment by the Registrar, interest shall cease to accrue and become payable hereon from and after the redemption date. This Note is transferable by the Registered Owner hereof in person or by its attorney or legal representative duly authorized in writing at the principal office of the Registrar, but only in the manner, subject to the limitations and upon payment of the charges provided in the Resolution, and upon surrender and cancellation of this Note. Upon such transfer, a new Note of the same series and maturity and for the same principal amount will be issued to the transferee in exchange therefor. The Authority and the Registrar may deem and treat the Registered Owner hereof as the absolute owner hereof for the purpose of receiving payment of or on account of principal of and interest due hereon and for all other purposes. Page 47 of 158 Area 2 Knott GARK Homes Contract Page 23 This note is being issued as a registered note without coupons. This note is subject to exchange as provided in the Resolution. It is hereby certified, recited and declared that all acts, conditions and things required to have happened, to exist and to have been performed precedent to and in the issuance of this Note have happened, do exist and have been performed in regular and due time, form and manner; that this Note does not exceed any constitutional, statutory or charter limitation on indebtedness; and that provision has been made for the payment of the principal of and interest on this Note as provided in this Resolution. [The remainder of this page intentionally left blank] Page 48 of 158 Area 2 Knott GARK Homes Contract Page 24 (FORM OF ASSIGNMENT) ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ___________________________________________________________________________ Print or Type Name, Address and Social Security Number or other Taxpayer Identification Number of Transferee the within note and all rights thereunder, and hereby irrevocably constitutes and appoints _______________ agent to transfer the within Note on the note register kept by the Registrar for the registration thereof, with full power of substitution in the premises. Dated: _______________ ____________________________________ NOTICE: The signature to this Assignment must correspond with the name of the Registered Owner as it appears upon the face of the within note in every particular. Signature Guaranteed By: ____________________________________ Name of Eligible Guarantor Institution as defined by SEC Rule 17 Ad-15 (17 CFR 240.17 Ad-15) By:________________________________ Title:_______________________________ Page 49 of 158 Area 2 Knott GARK Homes Contract Page 25 [The remainder of this page intentionally left blank] SCHEDULE 1 TABLE OF CUMULATIVE OUTSTANDING PRINCIPAL AMOUNT COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA GARK HOMES REDEVELOPMENT PROJECT TAX INCREMENT DEVELOPMENT REVENUE NOTE, SERIES 2023 Date Principal Amount Advanced Principal Amount Redeemed Cumulative Outstanding Principal Amount Notation Made By Page 50 of 158 Area 2 Knott GARK Homes Contract Page 26 Exhibit D Project Costs Eligible Costs to be reimbursed from Tax Increment Revenue Note are funds shown below and designated as TIF Funds. 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 Costs may vary between categories. A shift of costs per category is contemplated and approved not to exceed the total. Page 51 of 158 Area 2 Knott GARK Homes Contract Page 27 EXHIBIT E AMENDMENT TO REDEVELOPMENT CONTRACT Amendment No. ____ This Amendment to Redevelopment Contract (this "Amendment") is made and entered into as of the _______ day of ___________, 20___, by and between the Community Redevelopment Authority of the City of Grand Island, Nebraska ("Authority"), and Gark Homes SHV 3 V, LLC, a Nebraska limited liability company ("Redeveloper"). RECITALS WHEREAS, Authority and Redeveloper entered into a Redevelopment Contract, dated as of ______________, 2023 (the "Contract"); WHEREAS, the Contract intended to implement the redevelopment plan entitled “Redevelopment Plan Amendment Grand Island CRA Area 2, May 2023, Gark Homes SHV 3 V, LLC, Housing Project”, (the “Redevelopment Plan”) to provide for the redevelopment of lots and lands located in a blighted and substandard area of the City of Grand Island, Nebraska (the “City”); WHEREAS, in order to assist in the financing of the Redevelopment Project described in the Redevelopment Plan, the Contract provides for periodic amendments thereto; and WHEREAS, pursuant to Section 3.01 of the Contract the parties desire to amend the Contract on the terms set forth herein and this Amendment shall constitute a "Redevelopment Contract Amendment" as defined in the Contract. NOW, THEREFORE, in consideration of the mutual covenants and agreements herein set forth, Authority and Redeveloper do hereby agree to amend the Contract as follows: 1. Definitions. All capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed to such terms in the Contract. 2. Amendment – New Phase. This Amendment incorporates a new Phase to the Project entitled [Phase No. ____]. (a) Lots. This new Phase shall include all of Lots in the Redevelopment Project Area for which a building permit has been issued by the City during the calendar year prior to the Effective Date described in Section 2 (b) hereof, which lots are described as follows: [identification of such Lot(s) including the legal description of each] (b) Effective Date. The effective date of the Amendment shall be January 1, 20___. [The effective date shall be the January 1st of the year following the issuance of a building permit for a residence to be constructed on a Lot described in Section 2 (a) hereof.] Page 52 of 158 Area 2 Knott GARK Homes Contract Page 28 (c) Division Date. The Division Date (the “Division Date”) shall mean the effective date for purposes of dividing taxes pursuant to Section 18-2147 of the Nebraska Community Development Law. The Division Date for the applicable Phase shall be January 1, 20___; and a proposed form of the "Notice to Divide Tax for Community Redevelopment Project" applicable to such Phase is attached hereto as Exhibit A and incorporated herein by this reference. [The Division Date shall be the January 1st of the year following the issuance of a building permit for a residence to be constructed on a Lot described in Section 2 (a) hereof.] For purposes of the Notice to Divide Tax for Community Redevelopment Project, the calendar year in which the division of real property tax becomes effective shall be the year of the Division Date. (d) Base Value Year. The base value year for such Phase shall be 20___. [The Base Value Year, shall mean the calendar year prior to the Division Date described in Section 2 (c) hereof.] For purposes of the Notice to Divide Tax for Community Redevelopment Project, the Base value Year shall be the year defined in this Section 2 (d). 3. Requirement to File Notice to Divide Tax for Community Redevelopment Project. The Authority shall execute and file with the Hall County Assessor and Treasurer a signed original of Exhibit A, attached hereto, being the Notice to Divide Tax for Community Redevelopment Project, prior to August 1, 20__. [This date shall be the August 1 following the Division Date described in Section 2 (c) hereof.] 4. Miscellaneous Provisions. (a) Effectiveness. This Amendment shall become effective when and only when counterparts of this Amendment have been duly executed by both Authority and Redeveloper. (b) Ratification of Contract. Except as amended by this Amendment, the Contract shall remain in full force and effect and is hereby ratified and confirmed in all respects. Each party acknowledges and agrees to all terms of the Contract, as the same are amended by this Amendment, and makes and restates each representation and warranty set forth therein as if made on the date of this Amendment. Page 53 of 158 Area 2 Knott GARK Homes Contract Page 29 IN WITNESS WHEREOF, Authority and Redeveloper have signed this Amendment to Redevelopment Contract as of the date and year first above written. COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF ATTEST: GRAND ISLAND, NEBRASKA ____________________________ By:________________________ Secretary Chairman GARK HOMES CONTRACTING, LLC By:______________________ Manager STATE OF NEBRASKA ) ) SS COUNTY OF HALL ) The foregoing instrument was acknowledged before me this ______ day of ___________, 20___ by ________________ and ________________, Chairman and Secretary, respectively, of the Community Redevelopment Authority of the City of Grand Island, Nebraska, on behalf of the Authority. ____________________________ Notary Public STATE OF NEBRASKA) ) SS COUNTY OF HALL ) The foregoing instrument was acknowledged before me this _____ day of ___________, 20___, by __________________ , Manager of Gark Homes SHV 3 V, LLC on behalf of the limited liability company. ________________________ Notary Public Page 54 of 158 Area 2 Knott GARK Homes Contract Page 30 EXHIBIT A Notice to Divide Tax for Community Redevelopment Project [TO BE ATTACHED] Page 55 of 158 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 86 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 56 of 158 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 57 of 158 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 58 of 158 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 2023-11 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 59 of 158 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 60 of 158 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 61 of 158 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 62 of 158 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 63 of 158 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 64 of 158 (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 65 of 158 Area 2 Knott GARK Homes Bond Resolution Page 1 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. ___________ A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF A COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA, TAX INCREMENT DEVELOPMENT REVENUE NOTES OR OTHER OBLIGATION, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $2,375,828 FOR THE PURPOSE OF (1) PAYING THE COSTS OF ACQUIRING, DEMOLISHING, CONSTRUCTING, RECONSTRUCTING, IMPROVING, EXTENDING, REHABILITATING, INSTALLING, EQUIPPING, FURNISHING AND COMPLETING CERTAIN IMPROVEMENTS WITHIN THE AUTHORITY’S GARK HOMES, REDEVELOPMENT PROJECT AREA, SPECIFICALLY INCLUDING SITE PURCHASE, PREPARATION, DEMOLITION, UTILITY EXTENSION AND (2) PAYING THE COSTS OF ISSUANCE THEREOF; PRESCRIBING THE FORM AND CERTAIN DETAILS OF THE NOTE OR OTHER OBLIGATION; PLEDGING CERTAIN TAX REVENUE AND OTHER REVENUE TO THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE NOTE OR OTHER OBLIGATION AS THE SAME BECOME DUE; LIMITING PAYMENT OF THE NOTE OR OTHER OBLIGATION TO SUCH TAX REVENUES; CREATING AND ESTABLISHING FUNDS AND ACCOUNTS; DELEGATING, AUTHORIZING AND DIRECTING THE FINANCE DIRECTOR TO EXERCISE HIS OR HER INDEPENDENT DISCRETION AND JUDGMENT IN DETERMINING AND FINALIZING CERTAIN TERMS AND PROVISIONS OF THE NOTE OR OTHER OBLIGATION NOT SPECIFIED HEREIN; APPROVING A REDEVELOPMENT CONTRACT AND REDEVELOPMENT PLAN; TAKING OTHER ACTIONS AND MAKING OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE FOREGOING; AND RELATED MATTERS. BE IT RESOLVED BY THE MEMBERS OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA: ARTICLE I FINDINGS AND DETERMINATIONS Section 1.1. Findings and Determinations. The Members of the Community Redevelopment Authority of the City of Grand Island, Nebraska (the “Authority”) hereby find and determine as follows: (a) The City of Grand Island, Nebraska (the “City”), pursuant to the Plan Resolution (hereinafter defined), approved the City of Grand Island Redevelopment Area #2 Plan Amendment May 2023 (the “Redevelopment Plan”) under and pursuant to which the Authority shall undertake from time to time to redevelop and rehabilitate the Redevelopment Area (hereinafter defined). (b) Pursuant to the Redevelopment Plan, the Authority has previously obligated itself and/or will hereafter obligate itself to provide a portion of the financing to acquire, construct, reconstruct, improve, extend, rehabilitate, install, equip, furnish and complete, at the cost and expense of the Redeveloper, a Page 66 of 158 Area 2 Knott GARK Homes Bond Resolution Page 2 portion of the improvements (as defined in the Redevelopment Contract hereinafter identified) in the Redevelopment Area (the “Project Costs”), including, without limitation site acquisition of the Project Site (as defined in the Redevelopment Contract), (collectively, the “Project”), as more fully described in the Redevelopment Contract (hereinafter defined). (c) The Authority is authorized by the Redevelopment Law (hereinafter defined) to issue tax allocation notes for the purpose of paying the costs and expenses of the Project, the principal of which is payable from certain tax revenues as set forth in the Redevelopment Law. (d) In order to provide funds to pay a portion of the costs of the Project, it is necessary, desirable, advisable, and in the best interest of the Authority for the Authority to issue a Tax Increment Development Revenue Note or other obligation in an aggregate principal amount not to exceed $2,375,828 (the “Note”). (e) All conditions, acts and things required to exist or to be done precedent to the issuance of the Note do exist and have been done as required by law. ARTICLE II CERTAIN DEFINITIONS; COMPUTATIONS; CERTIFICATES AND OPINIONS; ORDERS AND DIRECTIONS Section 2.1. Definitions of Special Terms. Unless the context clearly indicates some other meaning or may otherwise require, and in addition to those terms defined elsewhere herein, the terms defined in this Section 2.1 shall, for all purposes of this Resolution, any Resolution or other instrument amendatory hereof or supplemental hereto, instrument or document herein or therein mentioned, have the meanings specified herein, with the following definitions to be equally applicable to both the singular and plural forms of any terms defined herein: “Authority” means the Community Redevelopment Authority of the City of Grand Island, Nebraska. City” means the City of Grand Island, Nebraska. “Project Costs” means the redevelopment project costs (as defined in the Redevelopment Contract) in the Redevelopment Area, the costs of which are eligible to be paid from the proceeds of the Note. “Assessor” means the Assessor of Hall County, Nebraska. “Note” means the Gark Homes, Redevelopment Project Tax Increment Development Revenue Note Series 2023 of the Authority, in an aggregate principal amount not to exceed $2,375,828, issued pursuant to this Resolution and shall include any note, including refunding note, interim certificate, debenture, or other obligation issued pursuant to the Redevelopment Law. At the option of the Owner of the Note, the titular designation of such Note may be revised to state note, interim certificate, debenture, obligation, or such other designation as is appropriate. “Secretary” means the Secretary of the Authority. “Cumulative Outstanding Principal Amount” means the aggregate principal amount of the Note issued and Outstanding from time to time in accordance with the provisions of this Resolution, as reflected in the records maintained by the Registrar as provided in this Resolution. Page 67 of 158 Area 2 Knott GARK Homes Bond Resolution Page 3 “Date of Original Issue” means the date the Note is initially issued, which shall be the date of the first allocation of principal on the Note as further described in Section 3.2. “Debt Service” means, as of any particular date of computation, and with respect to any period, the amount to be paid or set aside as of such date or such period for the payment of the principal on the Note. “Escrow Obligations” means (a) Government Obligations, (b) certificates of deposit issued by a bank or trust company which are (1) fully insured by the Federal Deposit Insurance Corporation or similar corporation chartered by the United States or (2) secured by a pledge of any Government Obligations having an aggregate market value, exclusive of accrued interest, equal at least to the principal amount of the certificates so secured, which security is held in a custody account by a custodian satisfactory to the Registrar, or (c)(1) evidences of a direct ownership in future interest or principal on Government Obligations, which Government Obligations are held in a custody account by a custodian satisfactory to the Registrar pursuant to the terms of a custody agreement in form and substance acceptable to the Registrar and (2) obligations issued by any state of the United States or any political subdivision, public instrumentality or public authority of any state, which obligations are fully secured by and payable solely from Government Obligations, which Government Obligations are held pursuant to an agreement in form and substance acceptable to the Registrar and, in any such case, maturing as to principal and interest in such amounts and at such times as will insure the availability of sufficient money to make the payment secured thereby. “Finance Director” means the Treasurer/Finance Director or Acting Treasurer/Finance Director, as the case may be, of the City. “Fiscal Year” means the twelve-month period established by the City or provided by law from time to time as its fiscal year. “Government Obligations” means direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America. “Improvements” means the improvements to be constructed, reconstructed, acquired, improved, extended, rehabilitated, installed, equipped, furnished and completed in the Project Area in accordance with the Redevelopment Plan, including, but not limited to, the improvements constituting the Project (as defined in the Redevelopment Contract). “Payment Date” means June 1 and December 1 of each year any Note is outstanding, commencing on the first Payment Date following the Date of Original Issue. “Chairman” means the Chairman of the Authority. “Outstanding” means when used with reference to any Note, as of a particular date, all Notes theretofore authenticated and delivered under this Resolution except: (a) Notes theretofore canceled by the Registrar or delivered to the Registrar for cancellation; (b) Notes which are deemed to have been paid in accordance with Section 10.1 hereof; (c) Notes alleged to have been mutilated, destroyed, lost or stolen which have been paid as provided in Section 3.9 hereof; and Page 68 of 158 Area 2 Knott GARK Homes Bond Resolution Page 4 (d) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Resolution. “Owner” means the person(s) identified as the owner(s) of the Note from time to time, as indicated on the books of registry maintained by the Registrar. “Plan Resolution” means, Resolution No. ___________ of the City, together with any other resolution providing for an amendment to the Redevelopment Plan. “Project Area” means the area identified and referred to as the Project Site in the Redevelopment Contract. “Record Date” means, for each Payment Date, the 15th day immediately preceding such Payment Date. “Redeveloper” means the Redeveloper as defined in the Redevelopment Contract responsible for constructing, reconstructing, acquiring, improving, extending, rehabilitating, installing, equipping, furnishing and completing the Project. “Redeveloper Note” means any Note that is owned by the Redeveloper according to the records of the Registrar. “Redevelopment Contract” means the City of Grand Island Redevelopment Contract Gark Homes, Redevelopment Project, dated the date of its execution, between the Authority, and the Gark Homes, a Nebraska limited liability company, relating to the Project. “Redevelopment Area” means the community redevelopment area described, defined or otherwise identified or referred to in the Redevelopment Plan. “Redevelopment Law” means Article VIII, Section 12 of the Constitution of the State and Chapter 18, Article 21, Reissue Revised Statutes of Nebraska, as amended. “Redevelopment Plan” means the “City of Grand Island Redevelopment Plan Amendment for Redevelopment Area #2 May 2023” passed, adopted and approved by the City pursuant to the Plan Resolution, and shall include any amendment of such Redevelopment Plan heretofore or hereafter made by the City pursuant to law. “Refunding Notes” means the notes authorized to be issued pursuant to Article V. “Registrar” means the Treasurer of the City of Grand Island, Nebraska, in its capacity as registrar and paying agent for the Note. “Resolution” means this Resolution as from time to time amended or supplemented. “Revenue” means the Tax Revenue. “Special Fund” means the funds by that name created in Section 7.1. “State” means the State of Nebraska. Page 69 of 158 Area 2 Knott GARK Homes Bond Resolution Page 5 “Tax Revenue” means, with respect to the Project Area, (a) those tax revenues referred to (1) in the last sentence of the first paragraph of Article VIII, Section 12 of the Constitution of the State and (2) in Section 18-2147, Reissue Revised Statutes of Nebraska, as amended, and (b) all payments made in lieu thereof. “Treasurer” means the Treasurer of Hall County, Nebraska. Section 2.2. Definitions of General Terms. Unless the context clearly indicates otherwise or may otherwise require, in this Resolution words importing persons include firms, partnerships, associations, limited liability companies (public and private), public bodies and natural persons, and also include executors, administrators, trustees, receivers or other representatives. Unless the context clearly indicates otherwise or may otherwise require, in this Resolution the terms “herein,” “hereunder,” “hereby,” “hereto,” “hereof” and any similar terms refer to this Resolution as a whole and not to any particular section or subdivision thereof. Unless the context clearly indicates otherwise or may otherwise require, in this Resolution: (a) references to Articles, Sections and other subdivisions, whether by number or letter or otherwise, are to the respective or corresponding Articles, Sections or subdivisions of this Resolution as such Articles, Sections, or subdivisions may be amended or supplemented from time to time; and (b) the word “heretofore” means before the time of passage of this Resolution, and the word “hereafter” means after the time of passage of this Resolution. Section 2.3. Computations. Unless the facts shall then be otherwise, all computations required for the purposes of this Resolution shall be made on the assumption that the principal on the Note shall be paid as and when the same become due. Section 2.4. Certificates, Opinions and Reports. Except as otherwise specifically provided in this Resolution, each certificate, opinion or report with respect to compliance with a condition or covenant provided for in this Resolution shall include: (a) a statement that the person making such certificate, opinion or report has read the pertinent provisions of this Resolution to which such covenant or condition relates; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate, opinion or report are based; (c) a statement that, in the opinion of such person, he has made such examination and investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with; and (e) an identification of any certificates, opinions or reports or other sources or assumptions relied on in such certificate, opinion or report. Section 2.5. Evidence of Action by the Authority. Except as otherwise specifically provided in this Resolution, any request, direction, command, order, notice, certificate or other instrument of, by or from the City or the Authority shall be effective and binding upon the Authority, respectively, for the purposes of this Resolution if signed by the Chairman, the Vice Chairman, the Secretary, the Treasurer of the Authority, the Finance Director, the Planning Director or by any other person or persons authorized to execute the same by statute, or by a resolution of the City or the Authority, respectively. Page 70 of 158 Area 2 Knott GARK Homes Bond Resolution Page 6 ARTICLE III AUTHORIZATION AND ISSUANCE OF THE NOTE; GENERAL TERMS AND PROVISIONS Section 3.1. Authorization of Note. Pursuant to and in full compliance with the Redevelopment Law and this Resolution, and for the purpose of providing funds to pay (a) the cost of acquiring, constructing, reconstructing, improving, extending, rehabilitating, installing, equipping, furnishing, and completing the Project, and (b) the costs of issuing the Note, the Authority shall issue one Note (the “Note”) in an aggregate principal amount not to exceed $2,375,828. The Note shall be designated as “Community Redevelopment Authority of the City of Grand Island, Nebraska, Gark Homes, Redevelopment Project Tax Increment Development Revenue Note Series 2023,” shall have an appropriate series designation as determined by the Finance Director, shall be dated the Date of Original Issue, shall mature, subject to right of prior redemption, not later than the December 31, 2046, and shall bear interest at an annual rate of 7.00%. The Note shall be issued as a single Note as further described in Section 3.2. The Note is a special, limited obligation of the Authority payable solely from the Revenue and the amounts on deposit in the funds and accounts established by this Resolution. The Note shall not in any event be a debt of the Authority (except to the extent of the Revenue and other money pledged under this Resolution), the State, nor any of its political subdivisions, and neither the Authority (except to the extent of the Revenue and other money pledged under this Resolution), the City, the State nor any of its political subdivisions is liable in respect thereof, nor in any event shall the principal of or interest on the Note be payable from any source other than the Revenue and other money pledged under this Resolution. The Note does not constitute a debt within the meaning of any constitutional, statutory, or charter limitation upon the creation of general obligation indebtedness of the Authority and does not impose any general liability upon the Authority. Neither any official of the Authority nor any person executing the Note shall be liable personally on the Note by reason of its issuance. The validity of the Note is not and shall not be dependent upon the completion of the Project or upon the performance of any obligation relative to the Project. The Revenue and the amounts on deposit in the funds and accounts established by this Resolution are hereby pledged and assigned for the payment of the Note and shall be used for no other purpose than to pay the principal of or interest on the Note, except as may be otherwise expressly authorized in this Resolution. The Note shall not constitute a debt of the Authority or the City within the meaning of any constitutional, statutory, or charter limitation upon the creation of general obligation indebtedness of the Authority, and neither the Authority nor the City shall not be liable for the payment thereof out of any money of the Authority or the City other than the Tax Revenue and the other funds referred to herein. Nothing in this Resolution shall preclude the payment of the Note from (a) the proceeds of future notes issued pursuant to law or (b) any other legally available funds. Nothing in this Resolution shall prevent the City or the Authority from making advances of its own funds howsoever derived to any of the uses and purposes mentioned in this Resolution. Section 3.2. Details of Note; Authority of Finance Director. (a) The Note shall be dated the Date of Original Issue and shall be issued to the purchaser thereof, as the Owner, in installments. The Note shall be delivered on the earlier of allocation of the maximum principal amount of the Note or upon the issuance of a certificate of occupancy of the building constituting the Project. The Note shall be issued as a single Note with appropriate series designation. (b) Proceeds of the Note may be advanced and disbursed in the manner set forth below: Page 71 of 158 Area 2 Knott GARK Homes Bond Resolution Page 7 (1) There shall be submitted to the Finance Director a disbursement request in a form acceptable to the Finance Director (the “Disbursement Request”), executed by the City’s Planning Director and an authorized representative of the Redeveloper, (A) certifying that a portion of the Project has been substantially completed and (B) certifying the actual costs incurred by the Redeveloper in the completion of such portion of the Project. (2) The Finance Director shall evidence such allocation in writing and inform the Owner of the Note of any amounts allocated to the Note. (3) Such amounts shall be deemed proceeds of the Note and the Finance Director shall inform the Registrar in writing of the date and amount of such allocation. The Registrar shall keep and maintain a record of the amounts allocated to the note pursuant to the terms of this Resolution as “Principal Amount Advanced” and shall enter the aggregate principal amount then Outstanding as the “Cumulative Outstanding Principal Amount” on the Note and its records maintained for the Note. The aggregate amount endorsed as the Principal amount Advanced on the Note shall not in the aggregate exceed $2,375,828. The Authority shall have no obligation to pay any Disbursement Request unless such request has been properly approved as described above, and proceeds of the Note have been deposited by the Owner of the Note (if other than the Redeveloper) into the Project Fund. The records maintained by the Registrar as to principal amount advanced and principal amounts paid on the Note shall be the official records of the Cumulative Outstanding Principal Amount for all purposes. (c) The Note shall be dated the Date of Original Issue, which shall be the initial date of a allocation of the Note. (d) As of the Date of Original Issue of the Note, there shall be delivered to the Registrar the following: (1) A signed investor’s letter in a form acceptable to the Finance Director and Note Counsel; and (2) Such additional certificates and other documents as the special counsel for the Authority may require. (e) The note shall bear seven (7.00) percent interest on the Cumulative Outstanding Principal Amount of the Note from the Date of Original Issue. (f) The principal of the Note shall be payable in any coin or currency of the United States of America from all funds held by the which on the respective dates of payment thereof is legal tender for the payment of public and private debts. Payments on the Note due prior to maturity or earlier redemption and payment of any principal upon redemption price to maturity shall be made by check mailed by the Registrar on each Interest Payment Date to the Owners, at the Owners’ address as it appears on the books of registry maintained by the Registrar on the Record Date. The principal of the Note due at maturity or upon earlier redemption shall be payable upon presentation and surrender of the Note to the Registrar. When any portion of the Note shall have been duly called for redemption and payment thereof duly made or provided for, interest thereon shall cease on the principal amount of such Note so redeemed from and after the date of redemption thereof. Page 72 of 158 Area 2 Knott GARK Homes Bond Resolution Page 8 (g) The Note shall be executed by the manual signatures of the Chairman and Secretary of the Authority. In case any officer whose signature shall appear on any Note shall cease to be such officer before the delivery of such Note, such signature shall nevertheless be valid and sufficient for all purposes, the same as if s/he had remained in office until such delivery, and the Note may be signed by such persons as at the actual time of the execution of such Note shall be the proper officers to sign such Note although at the date of such Note such persons may not have been such officers. (i) The Finance Director is hereby authorized to hereafter, from time to time, specify, set, designate, determine, establish and appoint, as the case may be, and in each case in accordance with and subject to the provisions of this Resolution, (1) the Date of Original Issue, the principal amount of the Note in accordance with Section 3.2(a), (2) the maturity date of the Note, which shall be not later than December 31, 2046, (3) the initial Payment Date and (4) any other term of the Note not otherwise specifically fixed by the provisions of this Resolution. (j) Any Note issued upon transfer or exchange of any other Note shall be dated as of the Date of Original Issue. (k) The Note shall be issued to such Owner as shall be mutually agreed between the Redeveloper and the Finance Director for a price equal to 100% of the principal amount thereof. No Note shall be delivered to any Owner unless the Authority shall have received from the Owner thereof such documents as may be required by the Finance Director to demonstrate compliance with all applicable laws, including without limitation compliance with Section 3.6 hereof. The Authority may impose such restrictions on the transfer of any Note as may be required to ensure compliance with all requirements relating to any such transfer. Section 3.3. Form of Note Generally. The Note shall be issued in registered form. The Note shall be in substantially the form set forth in Article IX, with such appropriate variations, omissions and insertions as are permitted or required by this Resolution and with such additional changes as the Finance Director may deem necessary or appropriate. The Note may have endorsed thereon such legends or text as may be necessary or appropriate to conform to any applicable rules and regulations of any governmental authority or any usage or requirement of law with respect thereto. Section 3.4. Appointment of Registrar. The Finance Director is hereby appointed the registrar and paying agent for the Note. The Registrar shall specify its acceptance of the duties, obligations and trusts imposed upon it by the provisions of this Resolution by a written instrument deposited with the Authority prior to the Date of Original Issue of the initial Note. The Authority reserves the right to remove the Registrar upon 30 days’ notice and upon the appointment of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and the Note in its possession to the successor Registrar and shall deliver the note register to the successor Registrar. The Registrar shall have only such duties and obligations as are expressly stated in this Resolution and no other duties or obligations shall be required of the Registrar. Section 3.5. Exchange of Note. Any Note, upon surrender thereof at the principal office of the Registrar, together with an assignment duly executed by the Owner or its attorney or legal representative in such form as shall be satisfactory to the Registrar, may, at the option of the Owner thereof, be exchanged for another Note in a principal amount equal to the principal amount of the Note surrendered or exchanged, of the same series and maturity and bearing interest at the same rate. The Authority shall make provision for the exchange of the Note at the principal office of the Registrar. Section 3.6. Negotiability, Registration and Transfer of Note. The Registrar shall keep books for the registration and registration of transfer of the Note as provided in this Resolution. The transfer of the Note may be registered only upon the books kept for the registration and registration of transfer of the Note upon Page 73 of 158 Area 2 Knott GARK Homes Bond Resolution Page 9 (a) surrender thereof to the Registrar, together with an assignment duly executed by the Owner or its attorney or legal representative in such form as shall be satisfactory to the Registrar and (b) evidence acceptable to the Authority that the assignee is a bank or a qualified institutional buyer as defined in Rule 144A promulgated by the Securities and Exchange Commission. Prior to any transfer and assignment, the Owner will obtain and provide to the Authority, an investor’s letter in form and substance satisfactory to the Authority evidencing compliance with the provisions of all federal and state securities laws, and will deposit with the Authority an amount to cover all reasonable costs incurred by the Authority, including legal fees, of accomplishing such transfer. A transfer of any Note may be prohibited by the Authority if (1) a default then exists under the Redevelopment Contract, (2) the assessed valuation of the Redeveloper Property (as defined in the Redevelopment Contract) is less than the projected amount in the application filed by the Redeveloper with the authority or (3) a protest of the valuation of the Redeveloper Property is ongoing. Upon any such registration of transfer the Authority shall execute and deliver in exchange for such Note a new Note, registered in the name of the transferee, in a principal amount equal to the principal amount of the Note surrendered or exchanged, of the same series and maturity and bearing interest at the same rate. In all cases in which any Note shall be exchanged or a transfer of a Note shall be registered hereunder, the Authority shall execute at the earliest practicable time execute and deliver a Note in accordance with the provisions of this Resolution. The Note surrendered in any such exchange or registration of transfer shall forthwith be canceled by the Registrar. Neither the Authority nor the Registrar shall make a charge for the first such exchange or registration of transfer of any Note by any Owner. The Authority or the Registrar, or both, may make a charge for shipping, printing and out-of-pocket costs for every subsequent exchange or registration of transfer of such Note sufficient to reimburse it or them for any and all costs required to be paid with respect to such exchange or registration of transfer. Neither the Authority nor the Registrar shall be required to make any such exchange or registration of transfer of any Note during the period between a Record Date and the corresponding Interest Payment Date. Section 3.7. Ownership of Note. As to any Note, the person in whose name the same shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal of or interest on such Note shall be made only to or upon the order of the Owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Note, including the interest thereon, to the extent of the sum or sums so paid. Section 3.8. Disposition and Destruction of Note. The Note, upon surrender to the Registrar for final payment, whether at maturity or upon earlier redemption, shall be canceled upon such payment by the Registrar and, upon written request of the Finance Director, be destroyed. Section 3.9. Mutilated, Lost, Stolen or Destroyed Note. If any Note becomes mutilated or is lost, stolen or destroyed, the Authority shall execute and deliver a new Note of like date and tenor as the Note mutilated, lost, stolen or destroyed; provided that, in the case of any mutilated Note, such mutilated Note shall first be surrendered to the Authority. In the case of any lost, stolen or destroyed Note, there first shall be furnished to the Authority evidence of such loss, theft or destruction satisfactory to the Authority, together with indemnity to the Authority satisfactory to the Authority. If any such Note has matured, is about to mature or has been called for redemption, instead of delivering a substitute Note, the Authority may pay the same without surrender thereof. Upon the issuance of any substitute Note, the Authority may require the payment of an amount by the Owner sufficient to reimburse the Authority for any tax or other governmental charge that may be imposed in relation thereto and any other reasonable fees and expenses incurred in connection therewith. Section 3.10. Non-presentment of Note. If any Note is not presented for payment when the principal thereof becomes due and payable as therein and herein provided, whether at the stated maturity thereof or call for optional or mandatory redemption or otherwise, if funds sufficient to pay such Note have Page 74 of 158 Area 2 Knott GARK Homes Bond Resolution Page 10 been made available to the Registrar all liability of the Authority to the Owner thereof for the payment of such Note shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Registrar to hold such funds, without liability for interest thereon, for the benefit of the Owner of such Note, who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on their part under this Resolution or on, or with respect to, said Note. If any Note is not presented for payment within five years following the date when such Note becomes due, the Registrar shall repay to the Authority the funds theretofore held by it for payment of such Note, and such Note shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of the Authority, and the Registered Owner thereof shall be entitled to look only to the Authority for payment, and then only to the extent of the amount so repaid to it by the Registrar, and the Authority shall not be liable for any interest thereon and shall not be regarded as a trustee of such money. ARTICLE IV REDEMPTION OF NOTE Section 4.1. Redemption of Note. The Note is subject to redemption at the option of the Authority prior to the maturity thereof at any time as a whole or in part from time to time in such principal amount as the Authority shall determine, at a redemption price equal to 100% of the principal amount then being redeemed plus accrued interest thereon to the date fixed for redemption. Section 4.2. Redemption Procedures. The Finance Director is hereby authorized, without further action of the Council, to call all or any portion of the principal of the Note for payment and redemption prior to maturity on such date as the Finance Director shall determine, and shall deposit sufficient funds in the Debt Service Account from the Surplus Account to pay the principal being redeemed plus the accrued interest thereon to the date fixed for redemption. The Finance Director may effect partial redemptions of any Note without notice to the Owner and without presentation and surrender of such Note, but total redemption of any Note may only be effected with notice to the Owner and upon presentation and surrender of such Note to the Registrar. Notice of a total redemption of any Note shall be sent by the Registrar by first-class mail not less than five days prior to the date fixed for redemption to the Owner’s address appearing on the books of registry maintained by the Registrar and indicate (a) the title and designation of the Note, (b) the redemption date, and (c) a recitation that the entire principal balance of such Note plus all accrued interest thereon is being called for redemption on the applicable redemption date. Section 4.3. Determination of Outstanding Principal Amount of Note. Notwithstanding the amount indicated on the face of any Note, the principal amount of such Note actually Outstanding from time to time shall be determined and maintained by the Registrar. The Registrar shall make a notation in the books of registry maintained for each Note indicating the original principal advance of such Note as determined in accordance with Section 3.2 and make such additional notations as are required to reflect any additional principal advances or redemptions of such Note from time to time, including on the Table of Cumulative Outstanding Principal Amount attached to each Note if it is presented to the Registrar for that purpose. Any Owner may examine the books of registry maintained by the Registrar upon request, and the Registrar shall grant such request as soon as reasonably practicable. Any failure of the Registrar to record a principal advance or a redemption on the Table of Cumulative Outstanding Principal Amount shall not affect the Cumulative Outstanding Principal Amount shown on the records of the Registrar. Page 75 of 158 Area 2 Knott GARK Homes Bond Resolution Page 11 ARTICLE V REFUNDING NOTES Section 5.1. Refunding Notes. Refunding Notes may be issued at any time at the direction of the Finance Director for the purpose of refunding (including by purchase) any Note or any portion thereof, including amounts to pay principal to the date of maturity or redemption (or purchase) and the expenses of issuing the Refunding Notes and of effecting such refunding; provided that the Debt Service on all notes to be outstanding after the issuance of the Refunding Notes shall not be greater in any Fiscal Year than would have been the Debt Service in such Fiscal Year were such refunding not to occur. ARTICLE VI EFFECTIVE DATE OF PROJECT; PLEDGE OF REVENUE Section 6.1. Effective Date of Project. For purposes of Section 18-2147, Reissue Revised Statutes of Nebraska, as amended, the effective date of the Project shall be determined as set forth in the Redevelopment Contract and any Redevelopment Contract Amendment. The Planning Director is hereby directed to notify the Assessor of the effective date of the Project on the form prescribed by the Property Tax Administrator. Section 6.2. Collection of Revenue; Pledge of Revenue. As provided for in the Redevelopment Plan, and pursuant to the provisions of the Redevelopment Law, for the period contemplated thereby, the Tax Revenue collected in the Project Area shall be allocated to and, when collected, paid into the Special Fund under the terms of this Resolution to pay the principal on the Note. When the Note has been paid in accordance with this Resolution, the Redevelopment Plan and the Redevelopment Contract, the Tax Revenue shall be applied as provided for in the Redevelopment Law. The Revenue is hereby allocated and pledged in its entirety to the payment of the principal on the Note and to the payment of the Project Costs (including the Project), until the principal on the Note has been paid (or until money for that purpose has been irrevocably set aside), and the Revenue shall be applied solely to the payment of the principal on the Note. Such allocation and pledge is and shall be for the sole and exclusive benefit of the Owner and shall be irrevocable. Section 6.3. Potential Insufficiency of Revenue. Neither the Authority nor the City makes any representations, covenants, or warranties to the Owner that the Revenue will be sufficient to pay the principal of or interest on the Note. Payment of the principal of and interest on the Note is limited solely and exclusively to the Revenue pledged under the terms of this Resolution, and is not payable from any other source whatsoever. Page 76 of 158 Area 2 Knott GARK Homes Bond Resolution Page 12 ARTICLE VII CREATION OF FUNDS AND ACCOUNTS; PAYMENTS THEREFROM Section 7.1. Creation of Funds and Account. There is hereby created and established by the Authority the following funds and accounts which funds shall be held by the Finance Director of the City separate and apart from all other funds and moneys of the Authority and the City under his or her control: (a) a special trust fund called the “Gark Homes Redevelopment Project Tax Increment Redevelopment Project Note Fund” (the “Note Fund”). All of the Revenue shall be deposited into the Note Fund. The Revenue accumulated in the Note Fund shall be used and applied on the Business Day prior to each Payment Date (i) to make any payments to the City and Authority as may be required under the Redevelopment Contract and (ii) to pay principal on the Note to the extent of any money then remaining the Note Fund on such Payment Date. Money in the Note Fund shall be used solely for the purposes described in this Section 7.1 (a). All Revenues received through and including December 31, 2046, shall be used solely for the payments required by this Section 7.1 (a); and (b) a special trust fund called the “Gark Homes Redevelopment Project Fund” (the “Project Fund”) The Authority shall disburse any money on deposit in the Project Fund from time to time to pay or as reimbursement for payment made for the Project Costs in each case within 5 Business Days after completion of the steps set forth in Section 3.2. If a sufficient amount to pay a properly completed Disbursement Request is not in the Project Fund at the time of the receipt by the Authority of such request, the Authority shall notify the owner of the Note and such owner may deposit an amount sufficient to pay such request with the Authority for such payment. As set forth in Section 3.2, if the Redeveloper is the owner of the Note and the Authority so elects, the Authority shall make a grant to Redeveloper in the amount of an approved Disbursement Request; in such event, the approved Disbursement Request amount shall offset funding of the Note. ARTICLE VIII COVENANTS OF THE AUTHORITY So long as the Note is outstanding and unpaid, the Authority will (through its proper officers, agents or employees) faithfully perform and abide by all of the covenants, undertakings and provisions contained in this Resolution or in the Note, including the following covenants and agreements for the benefit of the Owner which are necessary, convenient and desirable to secure the Note and will tend to make them more marketable; provided, however, that such covenants do not require either the City or the Authority to expend any money other than the Revenue nor violate the provisions of State law with respect to tax revenue allocation. Section 8.1. No Priority. The Authority covenants and agrees that it will not issue any obligations the principal of or interest on which is payable from the Revenue which have, or purport to have, any lien upon the Revenue prior or superior to or in parity with the lien of the Note; provided, however, that nothing in this Resolution shall prevent the Authority from issuing and selling notes or other obligations which have, or purport to have, any lien upon the Revenue which is junior to the Note and the Debt Service thereon, or from issuing and selling notes or other obligations which are payable in whole or in part from sources other than the Revenue. Section 8.2. To Pay Principal of the Note. The Authority will duly and punctually pay or cause to be paid solely from the Revenue the principal of the Note on the dates and at the places and in the manner provided in the Note according to the true intent and meaning thereof and hereof, and will faithfully do and Page 77 of 158 Area 2 Knott GARK Homes Bond Resolution Page 13 perform and fully observe and keep any and all covenants, undertakings, stipulations and provisions contained in the Note and in this Resolution. Section 8.4. Books of Account; Financial Statements. The Authority covenants and agrees that it will at all times keep, or cause to be kept, proper and current books of account (separate from all other records and accounts) in which complete and accurate entries shall be made of all transactions relating to the Project, the Revenue and other funds relating to the Project. Section 8.5. Eminent Domain Proceeds. The Authority covenants and agrees that should all or any part of the Project be taken by eminent domain or other proceedings authorized by law for any public or other use under which the property will be exempt from ad valorem taxation, the net proceeds realized by the Authority therefrom shall constitute Project Revenue and shall be deposited into the Special Fund and used for the purposes and in the manner described in Section 7.2. Section 8.6. Protection of Security. The Authority is duly authorized under all applicable laws to create and issue the Note and to adopt this Resolution and to pledge the Revenue in the manner and to the extent provided in this Resolution. The Revenue so pledged is and will be free and clear of any pledge, lien, charge, security interest or encumbrance thereon or with respect thereto prior to, or of equal rank with, the pledge created by this Resolution, except as otherwise expressly provided herein, and all corporate action on the part of the Authority to that end has been duly and validly taken. The Note is and will be a valid obligation of the Authority in accordance with its terms and the terms of this Resolution. The Authority shall at all times, to the extent permitted by law, defend, preserve and protect the pledge of and security interest granted with respect to the Revenue pledged under this Resolution and all the rights of the Owner under this Resolution against all claims and demands of all persons whomsoever. ARTICLE IX FORM OF NOTE Section 9.1. Form of Note. The Note shall be in substantially the following form: THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND THIS NOTE MAY NOT BE TRANSFERRED UNLESS THE PROPOSED ASSIGNEE IS A BANK OR A QUALIFIED INSTITUTIONAL BUYER AS DEFINED IN RULE 144A PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION AND THE OWNER HAS OBTAINED AND PROVIDED TO THE AUTHORITY, PRIOR TO SUCH TRANSFER AND ASSIGNMENT, AN INVESTOR’S LETTER IN FORM AND SUBSTANCE SATISFACTORY TO THE AUTHORITY EVIDENCING THE COMPLIANCE WITH THE PROVISIONS OF ALL FEDERAL AND STATE SECURITIES LAWS AND CONTAINING SUCH OTHER REPRESENTATIONS AS THE AUTHORITY MAY REQUIRE. THIS NOTE MAY BE TRANSFERRED ONLY IN THE MANNER AND ON THE TERMS AND CONDITIONS AND SUBJECT TO THE RESTRICTIONS STATED IN SECTION 3.6 OF RESOLUTION NO. ____________ OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA. Page 78 of 158 Area 2 Knott GARK Homes Bond Resolution Page 14 UNITED STATES OF AMERICA STATE OF NEBRASKA COUNTY OF HALL COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA TAX INCREMENT DEVELOPMENT REVENUE NOTE (GARK HOMES REDEVELOPMENT PROJECT), SERIES 2023 No. R-1 Up to $2,375,828 (subject to reduction as described herein) Date of Date of Rate of Original Issue Maturity Interest December 31, 2046* 7.0% REGISTERED OWNER: Gark Homes SHV 3 V, LLC PRINCIPAL AMOUNT: SEE SCHEDULE 1 ATTACHED HERETO REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THE NOTE SET FORTH ON THE FOLLOWING PAGES, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. IN WITNESS WHEREOF, THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA has caused this Note to be signed by the manual signature of the Chairman of the Authority, countersigned by the manual signature of the Clerk of the City, and the City’s corporate seal imprinted hereon. COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA [S E A L] By: (manual signature) Chairman By: (manual signature) Clerk * or, if sooner, fifteen years after the last effective date established for a Phase under the terms of the Redevelopment Contract Page 79 of 158 Area 2 Knott GARK Homes Bond Resolution Page 15 The COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA (the “Authority”) acknowledges itself indebted to, and for value received hereby promises to pay, but solely from certain specified tax revenues and other funds hereinafter specified, to the Registered Owner named above, or registered assigns, on the Date of Maturity stated above (or earlier as hereinafter referred to), the Principal Amount on Schedule 1 attached hereto upon presentation and surrender hereof at the office of the registrar and paying agent herefor, the Treasurer of the City of Grand Island, Nebraska (the “Registrar”), and in like manner to pay interest on the Cumulative Outstanding Principal Amount reflected in Schedule 1 at the Rate of Interest stated above, calculated on the basis of a 360-day year consisting of twelve, 30-day months, from the Date of Original Issue stated above, or the most recent interest payment date to which interest has been paid or duly provided for, as specified below, to maturity or earlier redemption, payable semiannually on June 1 and December 1 of each year until payment in full of such Principal Amount, beginning June 1, 2025, by check or draft mailed to the Registered Owner hereof as shown on the note registration books maintained by the Registrar on the 15th day of the month preceding the month in which the applicable interest payment date occurs, at such Owner’s address as it appears on such note registration books. The principal of this Note and the interest hereon are payable in any coin or currency which on the respective dates of payment thereof is legal tender for the payment of debts due the United States of America. This Note is issued by the Authority under the authority of and in full compliance with the Constitution and statutes of the State of Nebraska, including particularly Article VIII, Section 12 of the Nebraska Constitution, Sections 18-2101 to 18-2153, inclusive, Reissue Revised Statutes of Nebraska, as amended, and under and pursuant to Resolution No. ________ duly passed and adopted by the Authority on _____________, 2023, as from time to time amended and supplemented (the “Resolution”). THE PRINCIPAL AMOUNT OF THIS NOTE IS SET FORTH IN SCHEDULE 1 ATTACHED HERETO. THE MAXIMUM PRINCIPAL AMOUNT OF THIS NOTE IS $2,375,828. This Note is a special limited obligation of the Authority payable as to principal and interest solely from and is secured solely by the Revenue (as defined in the Resolution) and certain other money, funds and securities pledged under the Resolution, all on the terms and conditions set forth in the Resolution. The Revenue represents that portion of ad valorem taxes levied by public bodies of the State of Nebraska, including the City, on real property in the Project Area (as defined in this Resolution) which is in excess of that portion of such ad valorem taxes produced by the levy at the rate fixed each year by or for each such public body upon the valuation of the Project Area as of a certain date and as has been certified by the County Assessor of Hall County, Nebraska to the City in accordance with law. Reference is hereby made to the Resolution for the provisions, among others, with respect to the collection and disposition of certain tax and other revenues, the special funds charged with and pledged to the payment of the principal of and interest on this Note, the nature and extent of the security thereby created, the terms and conditions under which this Note has been issued, the rights and remedies of the Registered Owner of this Note, and the rights, duties, immunities and obligations of the City and the Authority. By the acceptance of this Note, the Registered Owner assents to all of the provisions of the Resolution. The principal of and interest hereon shall not be payable from the general funds of the City nor the Authority nor shall this Note constitute a legal or equitable pledge, charge, lien, security interest or encumbrance upon any of the property or upon any of the income, receipts, or money and securities of the City or the Authority or of any other party other than those specifically pledged under the Resolution. This Note is not a debt of the City or the Authority within the meaning of any constitutional, statutory or charter limitation upon the creation of general obligation indebtedness of the City or the Authority, and does not impose any general liability upon the City or the Authority and neither the City nor the Authority shall be liable for the payment hereof out of any funds of the City or the Authority other than the Revenues and other Page 80 of 158 Area 2 Knott GARK Homes Bond Resolution Page 16 funds pledged under the Resolution, which Revenues and other funds have been and hereby are pledged to the punctual payment of the principal of and interest on this Note in accordance with the provisions of this Resolution. The Registered Owner may from time to time enter the respective amounts advanced pursuant to the terms of the Resolution under the column headed “Principal Amount Advanced” on Schedule 1 hereto (the “Table”) and may enter the aggregate principal amount of this Note then outstanding under the column headed “Cumulative Outstanding Principal Amount” on the Table. On each date upon which a portion of the Cumulative Outstanding Principal Amount is paid to the Registered Owner pursuant to the redemption provisions of the Resolution, the Registered Owner may enter the principal amount paid on this Note under the column headed “Principal Amount Redeemed” on the Table and may enter the then outstanding principal amount of this Note under the column headed “Cumulative Outstanding Principal Amount” on the Table. Notwithstanding the foregoing, the records maintained by the Trustee as to the principal amount issued and principal amounts paid on this Note shall be the official records of the Cumulative Outstanding Principal Amount of this Note for all purposes. Reference is hereby made to the Resolution, a copy of which is on file in the office of the City Clerk, and to all of the provisions of which each Owner of this Note by its acceptance hereof hereby assents, for definitions of terms; the description of and the nature and extent of the security for this Note; the Revenue and other money and securities pledged to the payment of the principal of and interest on this Note; the nature and extent and manner of enforcement of the pledge; the conditions upon which the Resolution may be amended or supplemented with or without the consent of the Owner of this Note; the rights, duties and obligations of the Authority and the Registrar thereunder; the terms and provisions upon which the liens, pledges, charges, trusts and covenants made therein may be discharged at or prior to the maturity or redemption of this Note, and this Note thereafter no longer be secured by the Resolution or be deemed to be outstanding thereunder, if money or certain specified securities shall have been deposited with the Registrar sufficient and held in trust solely for the payment hereof; and for the other terms and provisions thereof. This Note is subject to redemption prior to maturity, at the option of the Authority, in whole or in part at any time at a redemption price equal to 100% of the principal amount being redeemed, plus accrued interest on such principal amount to the date fixed for redemption. Reference is hereby made to the Resolution for a description of the redemption procedures and the notice requirements pertaining thereto. In the event this Note is called for prior redemption, notice of such redemption shall be given by first- class mail to the Registered Owner hereof at its address as shown on the registration books maintained by the Registrar not less than 10 days prior to the date fixed for redemption, unless waived by the Registered Owner hereof. If this Note, or any portion thereof, shall have been duly called for redemption and notice of such redemption duly given as provided, then upon such redemption date the portion of this Note so redeemed shall become due and payable and if money for the payment of the portion of the Note so redeemed and the accrued interest thereon to the date fixed for redemption shall be held for the purpose of such payment by the Registrar, interest shall cease to accrue and become payable hereon from and after the redemption date. This Note is transferable by the Registered Owner hereof in person or by its attorney or legal representative duly authorized in writing at the principal office of the Registrar, but only in the manner, subject to the limitations and upon payment of the charges provided in the Resolution, and upon surrender and cancellation of this Note. Upon such transfer, a new Note of the same series and maturity and for the same principal amount will be issued to the transferee in exchange therefor. The Authority and the Registrar may deem and treat the Registered Owner hereof as the absolute owner hereof for the purpose of receiving payment of or on account of principal of and interest due hereon and for all other purposes. Page 81 of 158 Area 2 Knott GARK Homes Bond Resolution Page 17 This note is being issued as a registered note without coupons. This note is subject to exchange as provided in the Resolution. It is hereby certified, recited and declared that all acts, conditions and things required to have happened, to exist and to have been performed precedent to and in the issuance of this Note have happened, do exist and have been performed in regular and due time, form and manner; that this Note does not exceed any constitutional, statutory or charter limitation on indebtedness; and that provision has been made for the payment of the principal of and interest on this Note as provided in this Resolution. [The remainder of this page intentionally left blank] Page 82 of 158 Area 2 Knott GARK Homes Bond Resolution Page 18 (FORM OF ASSIGNMENT) ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ___________________________________________________________________________ Print or Type Name, Address and Social Security Number or other Taxpayer Identification Number of Transferee the within note and all rights thereunder, and hereby irrevocably constitutes and appoints _______________ agent to transfer the within Note on the note register kept by the Registrar for the registration thereof, with full power of substitution in the premises. Dated: _______________ ____________________________________ NOTICE: The signature to this Assignment must correspond with the name of the Registered Owner as it appears upon the face of the within note in every particular. Signature Guaranteed By: ____________________________________ Name of Eligible Guarantor Institution as defined by SEC Rule 17 Ad-15 (17 CFR 240.17 Ad-15) By:________________________________ Title:_______________________________ Page 83 of 158 Area 2 Knott GARK Homes Bond Resolution Page 19 SCHEDULE 1 TABLE OF CUMULATIVE OUTSTANDING PRINCIPAL AMOUNT COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA GARK HOMES REDEVELOPMENT PROJECT TAX INCREMENT DEVELOPMENT REVENUE NOTE, SERIES 2023 Date Principal Amount Advanced Principal Amount Redeemed Cumulative Outstanding Principal Amount Notation Made By ARTICLE X DEFEASANCE; MONEY HELD FOR PAYMENT OF DEFEASED NOTE Section 10.1. Discharge of Liens and Pledges; Note No Longer Outstanding Hereunder. The obligations of the Authority under this Resolution, including any Resolutions, resolutions or other proceedings supplemental hereto, and the liens, pledges, charges, trusts, assignments, covenants and agreements of the Authority herein or therein made or provided for, shall be fully discharged and satisfied as to the Note or any portion thereof, and the Note or any portion thereof shall no longer be deemed to be outstanding hereunder and thereunder, (a) when the any Note or portion thereof shall have been canceled, or shall have been surrendered for cancellation or is subject to cancellation, or shall have been purchased from money in any of the funds held under this Resolution, or Page 84 of 158 Area 2 Knott GARK Homes Bond Resolution Page 20 (b) if the Note or portion thereof is not canceled or surrendered for cancellation or subject to cancellation or so purchased, when payment of the principal of the Note or any portion thereof, plus interest on such principal to the due date thereof, either (1) shall have been made or caused to be made in accordance with the terms thereof, or (2) shall have been provided by irrevocably depositing with the Registrar for the Note, in trust and irrevocably set aside exclusively for such payment, (A) money sufficient to make such payment or (B) Escrow Obligations maturing as to principal in such amount and at such times as will insure the availability of sufficient money to make such payment. Provided that, with respect to any total redemption of any Note, notice of redemption shall have been duly given or provision satisfactory to the Registrar shall have been made therefor, or waiver of such notice, satisfactory in form, shall have been filed with the Registrar. At such time as any Note or portion thereof shall no longer be outstanding hereunder, and, except for the purposes of any such payment from such money or such Escrow Obligations, such Note or portion thereof shall no longer be secured by or entitled to the benefits of this Resolution. Any such money so deposited with the Registrar for any Note or portion thereof as provided in this Section 10.1 may at the direction of the Finance Director also be invested and reinvested in Escrow Obligations, maturing in the amounts and times as hereinbefore set forth. All income from all Escrow Obligations in the hands of the Registrar which is not required for the payment of such Note or portion thereof with respect to which such money shall have been so deposited, shall be paid to the Authority and deposited in the Special Fund as and when realized and collected for use and application as is other money deposited in that fund. Anything in this Resolution to the contrary notwithstanding, if money or Escrow Obligations have been deposited or set aside with the Registrar pursuant to this Section 10.1 for the payment of any Note and such Note shall not have in fact been actually paid in full, no amendment to the provisions of this Section 10.1 shall be valid as to or binding upon the Owner thereof without the consent of such Owner. Section 10.2. Certain Limitations After Due Date. If sufficient money or Escrow Obligations shall have been deposited in accordance with the terms hereof with the Registrar in trust for the purpose of paying the Notes or any portion thereof when the same becomes due, whether at maturity or upon earlier redemption, all liability of the Authority for such payment shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Registrar to hold such money or Escrow Obligations, without liability to the Owners, in trust for the benefit of the Owners, who thereafter shall be restricted exclusively to such money or Escrow Obligations for any claim for such payment of whatsoever nature on his part. Notwithstanding the provisions of the preceding paragraph of this Section 10.2, money or Escrow Obligations held by the Registrar in trust for the payment and discharge of the principal of on any Note which remain unclaimed for five years after the date on which such payment shall have become due and payable, either because the Notes shall have reached their maturity date or because the entire principal balance of the Notes shall have been called for redemption, if such money was held by the Registrar or such paying agent at such date, or for five years after the date of deposit of such money, if deposited with the Registrar after the date when such Note became due and payable, shall be paid to the Nebraska State Treasurer and the Registrar shall thereupon be released and discharged with respect thereto, and the Owner thereof shall look only to the Authority for the payment thereof. Page 85 of 158 Area 2 Knott GARK Homes Bond Resolution Page 21 ARTICLE XI AMENDING AND SUPPLEMENTING OF RESOLUTION Section 11.1. Amending and Supplementing of Resolution Without Consent of Owner. The Authority may at any time without the consent or concurrence of the Owner of the Note adopt a resolution amendatory hereof or supplemental hereto if the provisions of such supplemental Resolution do not materially adversely affect the rights of the Owner of the Note, for any one or more of the following purposes: (a) To make any changes or corrections in this Resolution as to which the Authority shall have been advised by counsel that the same are verbal corrections or changes or are required for the purpose of curing or correcting any ambiguity or defective or inconsistent provision or omission or mistake or manifest error contained in this Resolution, or to insert in this Resolution such provisions clarifying matters or questions arising under this Resolution as are necessary or desirable; (b) To add additional covenants and agreements of the Authority for the purpose of further securing payment of the Note; (c) To surrender any right, power or privilege reserved to or conferred upon the Authority by the terms of this Resolution; (d) To confirm as further assurance any lien, pledge or charge, or the subjection to any lien, pledge or charge, created or to be created by the provisions of this Resolution; and (e) To grant to or confer upon the Owner of the Note any additional rights, remedies, powers, authority or security that lawfully may be granted to or conferred upon them. The Authority shall not adopt any supplemental Resolution authorized by the foregoing provisions of this Section 11.1 unless in the opinion of counsel the adoption of such supplemental Resolution is permitted by the foregoing provisions of this Section 11.1 and the provisions of such supplemental Resolution do not materially and adversely affect the rights of the Owner of the Note. Section 11.2. Amending and Supplementing of Resolution with Consent of Owner. With the consent of the Owners of the Note, the Authority from time to time and at any time may adopt a resolution amendatory hereof or supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Resolution, or modifying or amending the rights and obligations of the Authority under this Resolution, or modifying or amending in any manner the rights of the Owner of the Note; provided, however, that, without the specific consent of the Owner of the Note, no supplemental Resolution amending or supplementing the provisions hereof shall: (a) change the fixed maturity date for the payment or the terms of the redemption thereof, or reduce the principal amount of the Note or the rate of interest thereon or the Redemption Price payable upon the redemption or prepayment thereof; (b) authorize the creation of any pledge of the Tax Revenues and other money and securities pledged hereunder, prior, superior or equal to the pledge of and lien and charge thereon created herein for the payment of the Note except to the extent provided in Articles III and V; or (c) deprive the Owner of the Note in any material respect of the security afforded by this Resolution. Nothing in this paragraph contained, however, shall be construed as making necessary the approval of the Owner\ of the Note of the adoption of any supplemental Resolution authorized by the provisions of Section 11.1. It shall not be necessary that the consents of the Owner of the Note approve the particular form of wording of the proposed amendment or supplement or of the proposed supplemental Resolution effecting Page 86 of 158 Area 2 Knott GARK Homes Bond Resolution Page 22 such amendment or supplement, but it shall be sufficient if such consents approve the substance of the proposed amendment or supplement. After the Owner of the Note shall have filed its consent to the amending or supplementing hereof pursuant to this Section, the Authority may adopt such supplemental Resolution. Section 11.3. Effectiveness of Supplemental Resolution. Upon the adoption (pursuant to this Article XI and applicable law) by the Authority of any supplemental Resolution amending or supplementing the provisions of this Resolution or upon such later date as may be specified in such supplemental Resolution, (a) this Resolution and the Note shall be modified and amended in accordance with such supplemental Resolution, (b) the respective rights, limitations of rights, obligations, duties and immunities under this Resolution and the Owner of the Note shall thereafter be determined, exercised and enforced under this Resolution subject in all respects to such modifications and amendments, and (c) all of the terms and conditions of any such supplemental Resolution shall be a part of the terms and conditions of the Note and of this Resolution for any and all purposes. ARTICLE XII MISCELLANEOUS Section 12.1. General and Specific Authorizations; Ratification of Prior Actions. Without in any way limiting the power, authority or discretion elsewhere herein granted or delegated, the Authority hereby (a) authorizes and directs the Chairman, Finance Director, Secretary, Planning Director and all other officers, officials, employees and agents of the City to carry out or cause to be carried out, and to perform such obligations of the Authority and such other actions as they, or any of them, in consultation with Special Counsel, the Owner and its counsel shall consider necessary, advisable, desirable or appropriate in connection with this Resolution, including without limitation the execution and delivery of all related documents, instruments, certifications and opinions, and (b) delegates, authorizes and directs the Finance Director the right, power and authority to exercise his independent judgment and absolute discretion in (1) determining and finalizing all terms and provisions to be carried by the Note not specifically set forth in this Resolution and (2) the taking of all actions and the making of all arrangements necessary, proper, appropriate, advisable or desirable in order to effectuate the issuance, sale and delivery of the Note. The execution and delivery by the Finance Director or by any such other officers, officials, employees or agents of the City of any such documents, instruments, certifications and opinions, or the doing by them of any act in connection with any of the matters which are the subject of this Resolution, shall constitute conclusive evidence of both the Authority’s and their approval of the terms, provisions and contents thereof and of all changes, modifications, amendments, revisions and alterations made therein and shall conclusively establish their absolute, unconditional and irrevocable authority with respect thereto from the Authority and the authorization, approval and ratification by the Authority of the documents, instruments, certifications and opinions so executed and the actions so taken. All actions heretofore taken by the Finance Director and all other officers, officials, employees and agents of the Authority, including without limitation the expenditure of funds and the selection, appointment and employment of Special Counsel and financial advisors and agents, in connection with issuance and sale of the Note, together with all other actions taken in connection with any of the matters which are the subject hereof, be and the same is hereby in all respects authorized, adopted, specified, accepted, ratified, approved and confirmed. Page 87 of 158 Area 2 Knott GARK Homes Bond Resolution Page 23 Section 12.2. Proceedings Constitute Contract; Enforcement Thereof. The provisions of this Resolution shall constitute a contract between the Authority and the Owner and the provisions thereof shall be enforceable by the Owner by mandamus, accounting, mandatory injunction or any other suit, action or proceeding at law or in equity that is presently or may hereafter be authorized under the laws of the State in any court of competent jurisdiction. Such contract is made under and is to be construed in accordance with the laws of the State. After the issuance and delivery of any Note, this Resolution and any supplemental Resolution shall not be repealable, but shall be subject to modification or amendment to the extent and in the manner provided in this Resolution, but to no greater extent and in no other manner. Section 12.3. Benefits of Resolution Limited to the Authority and the Owner. With the exception of rights or benefits herein expressly conferred, nothing expressed or mentioned in or to be implied from this Resolution or the Note is intended or should be construed to confer upon or give to any person other than the Authority and the Owner of the Note any legal or equitable right, remedy or claim under or by reason of or in respect to this Resolution or any covenant, condition, stipulation, promise, agreement or provision herein contained. The Resolution and all of the covenants, conditions, stipulations, promises, agreements and provisions hereof are intended to be and shall be for and inure to the sole and exclusive benefit of the City, the Authority and the Owner from time to time of the Note as herein and therein provided. Section 12.4. No Personal Liability. No officer or employee of the Authority shall be individually or personally liable for the payment of the principal of or interest on the Note. Nothing herein contained shall, however, relieve any such officer or employee from the performance of any duty provided or required by law. Section 12.5. Effect of Saturdays, Sundays and Legal Holidays. Whenever this Resolution requires any action to be taken on a Saturday, Sunday or legal holiday, such action shall be taken on the first business day occurring thereafter. Whenever in this Resolution the time within which any action is required to be taken or within which any right will lapse or expire shall terminate on a Saturday, Sunday or legal holiday, such time shall continue to run until midnight on the next succeeding business day. Section 12.6. Partial Invalidity. If any one or more of the covenants or agreements or portions thereof provided in this Resolution on the part of the City, the Authority or the Registrar to be performed should be determined by a court of competent jurisdiction to be contrary to law, then such covenant or covenants, or such agreement or agreements, or such portions thereof, shall be deemed severable from the remaining covenants and agreements or portions thereof provided in this Resolution and the invalidity thereof shall in no way affect the validity of the other provisions of this Resolution or of the Note, but the Owner of the Note shall retain all the rights and benefits accorded to them hereunder and under any applicable provisions of law. If any provisions of this Resolution shall be held or deemed to be or shall, in fact, be inoperative or unenforceable or invalid as applied in any particular case in any jurisdiction or jurisdictions or in all jurisdictions, or in all cases because it conflicts with any constitution or statute or rule of public policy, or for any other reason, such circumstances shall not have the effect of rendering the provision in question inoperative or unenforceable or invalid in any other case or circumstance, or of rendering any other provision or provisions herein contained inoperative or unenforceable or invalid to any extent whatever. Section 12.7. Law and Place of Enforcement of this Resolution. The Resolution shall be construed and interpreted in accordance with the laws of the State of Nebraska. All suits and actions arising out of this Resolution shall be instituted in a court of competent jurisdiction in the State of Nebraska except to the extent necessary for enforcement, by any trustee or receiver appointed by or pursuant to the provisions of this Resolution, or remedies under this Resolution. Page 88 of 158 Area 2 Knott GARK Homes Bond Resolution Page 24 Section 12.8. Effect of Article and Section Headings and Table of Contents. The headings or titles of the several Articles and Sections hereof, and any table of contents appended hereto or to copies hereof, shall be solely for convenience of reference and shall not affect the meaning, construction, interpretation or effect of this Resolution. Section 12.9. Repeal of Inconsistent Resolution. Any Resolution of the City, or the Authority and any part of any resolution, inconsistent with this Resolution is hereby repealed to the extent of such inconsistency. Section 12.10. Publication and Effectiveness of this Resolution. This Resolution shall take effect and be in full force from and after its passage by the Community Redevelopment Authority of the City. Section 12.11 Authority to Execute Redevelopment Contract and Approve Plan. The Chairman and Secretary are authorized and directed to execute the Redevelopment Contract, in the form presented with such changes as the Chairman, in his discretion deems proper. The Plan is approved and adopted. PASSED AND ADOPTED: ______________________, 2023. COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA (SEAL) By: Chairman ATTEST: By: Secretary Page 89 of 158 RESOLUTION 2023-177 WHEREAS, the City of Grand Island, Nebraska, a municipal corporation and city of the first class, has determined it be desirable to undertake and carry out urban redevelopment projects in areas of the City which are determined to be substandard and blighted and in need of redevelopment; and WHEREAS, the Nebraska Community Development Law, Chapter 18, Article 21, Nebraska Reissue Revised Statutes of 2007, as amended (the "Act"), prescribes the requirements and procedures for the planning and implementation of redevelopment projects; and WHEREAS, the City has previously declared Redevelopment Area No. 2 of the City to be substandard and blighted and in need of redevelopment pursuant to the Act; and WHEREAS, the Community Redevelopment Authority ofthe City of Grand Island, Nebraska the "Authority"), has prepared an Amended Redevelopment Plan pursuant to Section 18-2111 ofthe Act, and recommended the Amended Redevelopment Plan to the Planning Commission of the City; and WHEREAS, the Planning Commission of the City reviewed the Amended Redevelopment Plan pursuant to the Act and submitted its recommendations, to the City, pursuant to Section 18- 2114 of the Act; and WHEREAS, following consideration of the recommendations of the Authority to the Planning Commission, the recommendations ofthe Planning Commission to the City, and following the public hearing with respect to the Amended Redevelopment Plan, the City approved the Plan; and WHEREAS, there has been presented to the City by the Authority for approval a specific Redevelopment Project within the Amended Redevelopment Plan and as authorized in the Amended Redevelopment Plan, such project to be as follows: to redevelop property for residential purposes including necessary costs for acquisition, streets, site work/grading, utilities and trails along with eligible planning expenses and fees associated with the redevelopment project and that such project would not be economically feasible without such aid as is proposed within the Amended Redevelopment Plan. All redevelopment activities will occur in Grand Island, Hall County, Nebraska; and WHEREAS, the City published notices of a public hearing and mailed notices as required pursuant to Section 18-2115 ofthe Act and has, on the date of the Resolution held a public hearing on the proposal to amend the Redevelopment Plan to include the Redevelopment Project described above. NOW, THEREFORE, be it resolved by the City Council of the City of Grand Island, Nebraska: Page 90 of 158 1. The Amended Redevelopment Plan of the City approved for Redevelopment Area No. 2 in the city of Grand Island, Hall County, Nebraska, including the Redevelopment Project described above, is hereby determined to be feasible and in conformity with the general plan for the development of the City of Grand Island as a whole and the Redevelopment Plan, including the Redevelopment Project identified above, is in conformity with the legislative declarations and determinations set forth in the Act; and it is hereby found and determined that (a) the redevelopment proj ect in the plan would not be economically feasible without the use of tax-increment financing, (b) the redevelopment project would not occur in the community redevelopment area without the use oftax-increment financing, and (c) the costs and benefits of the redevelopment project, including costs and benefits to other affected political subdivisions, the economy ofthe community, and the demand for public and private services have been analyzed by the City and have been found to be in the long-term best interest ofthe community impacted by the redevelopment project. The City acknowledges receipt of notice of intent to enter into the Redevelopment Contract in accordance with Section 18-2119 ofthe Act and of the recommendations of the Authority and the Planning Commission. 2. Approval ofthe Amended Redevelopment Plan is hereby ratified and reaffirmed, as amended by this Resolution, and the Authority is hereby directed to implement the Amended Redevelopment Plan in accordance with the Act. 3. Pursuant to Section 18-2147 of the Act, ad valorem taxes levied upon real property in the Redevelopment Project included or authorized in the Plan which is described above shall be divided, for a period not to exceed 15 years after the effective date of this provision, which effective date shall set by the Community Redevelopment Authority in the redevelopment contract as follows: a. That proportion 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 (as defined in the Act) 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 proportion ofthe ad valorem tax on real property in the Redevelopment Project in excess of such amount, if any, shall be allocated to, is pledged 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 of money to, or indebtedness incurred by, whether funded, refunded, assumed, or otherwise, such Authority for financing or reiinancing, in whole or in part, such Redevelopment Project. When such bonds, loans, notes, advances of money, or indebtedness, including interest and premium due have been paid, the Authority sha11 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. Page 91 of 158 c. The CRA is authorized and directed to execute and file with the Treasurer and Assessor of Hall County, Nebraska, an Allocation Agreement and Notice of Pledge of Taxes with respect to each Redevelopment Project. 4. The City hereby finds and determines that the proposed land uses and building requirements in the Redevelopment Area are designed with the general purposes of accomplishing, in accordance with the general plan for development 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 and economy in the process ofdevelopment; including, among other things, adequate provision for traffic, vehicular parking, the promotion ofsafety from fire, panic, and other dangers, adequate provision for light and air, the promotion of a healthful and convenient distribution of population, the provision of adequate transportation, water, sewerage, and other public utilities, schools, parks, recreation 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 unsanitary or unsafe dwelling accommodations, or conditions of blight. Adopted by the City Council of the City of Grand Island, Nebraska, July 25, 2023 y U R er G. Steele, Mayor Attest: aNae Edwards, City C erk Page 92 of 158 Area 1 Life/Safety Grant 2023 Page 1 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. 445 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”) in the form attached hereto as Exhibit B, for the purpose of redeveloping and the core business areas of the community with new and renovated upper story residential units within the 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 make grants 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 Page 93 of 158 Area 1 Life/Safety Grant 2023 Page 2 accommodations, or conditions of blight. Section 2. The Authority hereby recommends to the City approval of the Redevelopment Plan and the Redevelopment Project described in the Redevelopment Plan. Section 3. 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 4. This resolution shall be in full force and effect from and after its passage and approval. PASSED AND APPROVED this 9th day of August, 2023 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND NEBRASKA ATTEST: By: ___________________________________ Chair By: ___________________________________ Secretary Page 94 of 158 Area 1 Life/Safety Grant 2023 Page 3 EXHIBIT A LEGAL DESCRIPTION OF REDEVELOPMENT PROJECT AREA •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 to 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 95 of 158 Area 1 Life/Safety Grant 2023 Page 4 * * * * * EXHIBIT B FORM OF REDEVELOPMENT PLAN Page 96 of 158 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 97 of 158 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 98 of 158 Page 99 of 158 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. The Hall County Regional Planning Commission held a public hearing at their meeting on August 2, 2023 and passed Resolution 2023-12 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. 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 100 of 158 Page 101 of 158 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] 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. Page 102 of 158 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 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. Page 103 of 158 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 104 of 158 Page 105 of 158 Area 7 Venator Ventures LLC Page 1 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. 446 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 Venator Ventures 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 106 of 158 Area 7 Venator Ventures 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, private street and drives, and utilities 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 $319,265which shall be granted to the Redeveloper and from additional funds provided by the Redeveloper. No families will be displaced from the Redevelopment Project Area as a result of the project. Section 4. The Authority hereby recommends to the City approval of the Redevelopment Plan and the Redevelopment Project described in the Redevelopment Plan. Section 5. All prior resolutions of the Authority in conflict with the terms and provisions of this resolution are hereby expressly repealed to the extent of such conflicts. Section 6. This resolution shall be in full force and effect from and after its passage and approval. PASSED AND APPROVED this 9th day of August, 2023 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND NEBRASKA ATTEST: By: ___________________________________ Chair By: ___________________________________ Secretary Page 107 of 158 Area 7 Venator Ventures LLC Page 3 EXHIBIT A LEGAL DESCRIPTION OF REDEVELOPMENT PROJECT AREA Legal Descriptions: Lot 5 of Industrial Foundation Subdivision in the City of Grand Island, Nebraska (PID 400209149) Page 108 of 158 Area 7 Venator Ventures LLC Page 4 * * * * * EXHIBIT B FORM OF REDEVELOPMENT PLAN Page 109 of 158 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. Venator Ventures 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 110 of 158 Existing Land Use and Subject Property Page 111 of 158 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 112 of 158 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 2023-13 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 113 of 158 City of Grand Island Future Land Use Map Page 114 of 158 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 115 of 158 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 $268,814 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 $472,000. 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 116 of 158 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 117 of 158 $975,549 in private sector financing and investment; a private investment of $3.05 for every TIF dollar invested. Use of Funds Source of funds Description TIF Funds Private Funds Total Acquisition $268,814 $268,814 Building Costs $851,000 $851,000 Utilities $20,000 $20,000 Private Streets $50,000 $50,000 Grading/Dirtwork $30,000 $30,000 Planning (Arch. & Eng.)$38,451 $3,549 $42,000 Other $18,000 $18,000 Legal/ TIF contract $12,000 $12,000 Total $319,265 $972,549 $1,291,814 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 118 of 158 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 119 of 158 (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 $472,000 on TIF eligible activities. Page 120 of 158 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 121 of 158 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 122 of 158 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 123 of 158 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 124 of 158 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 125 of 158 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 126 of 158 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 127 of 158 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 128 of 158 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 129 of 158 Page 130 of 158 Area 1 EBMT Properties LLC Office Net Page 1 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. 447 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 EBMP Properties, 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 131 of 158 Area 1 EBMT Properties LLC Office Net 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 and preparation for redevelopment including acquisition, interior demolition and renovation 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 $278,910 which shall be granted to the Redeveloper and from additional funds provided by the Redeveloper. No families will be displaced from the Redevelopment Project Area as a result of the project. Section 4. The Authority hereby recommends to the City approval of the Redevelopment Plan and the Redevelopment Project described in the Redevelopment Plan. Section 5. All prior resolutions of the Authority in conflict with the terms and provisions of this resolution are hereby expressly repealed to the extent of such conflicts. Section 6. This resolution shall be in full force and effect from and after its passage and approval. PASSED AND APPROVED this 9th day of August, 2023 COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND NEBRASKA ATTEST: By: ___________________________________ Chair By: ___________________________________ Secretary Page 132 of 158 Area 1 EBMT Properties LLC Office Net Page 3 EXHIBIT A LEGAL DESCRIPTION OF REDEVELOPMENT PROJECT AREA 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 133 of 158 Area 1 EBMT Properties LLC Office Net Page 4 * * * * * EXHIBIT B FORM OF REDEVELOPMENT PLAN Page 134 of 158 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 135 of 158 Existing Land Use and Subject Property Page 136 of 158 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 137 of 158 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 2023-14 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 138 of 158 City of Grand Island Future Land Use Map Page 139 of 158 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 140 of 158 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 141 of 158 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 142 of 158 (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 143 of 158 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 144 of 158 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 145 of 158 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 146 of 158 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 147 of 158 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 148 of 158 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 149 of 158 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 150 of 158 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 151 of 158 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 152 of 158 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 153 of 158 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 154 of 158 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 155 of 158 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 156 of 158 Page 157 of 158 Page 158 of 158