12/09/2025 Resolutions 2025-420 RESOLUTION 2025 -420
WHEREAS, Woodsonia Hwy 281, LLC submitted an application for Good Life
District Economic Development (GLD) funds on August 15, 2025; and
WHEREAS, the GLD application has been reviewed by staff and was presented to
the Grand Island City Council on November 12, 2025; and
WHEREAS, the Grand Island City Council provided feedback to Woodsonia
regarding their application ; and,
WHEREAS, Woodsonia Hwy 281, LLC has submitted an amendment to that
application to address the feedback of the Grand Island City Council.
NOW,THEREFORE,BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND,NEBRASKA,that the attached exhibit A is hereby incorporated
into the Good Life District Application submitted by Woodsonia Hwy 281 LLC and is intended to
supersede any portion of the initial application that may be in conflict with information in the
attached exhibit.
Adopted by the City Council of the City of Grand Island, Nebraska, December 9, 2025.
hi_><,9.>" e—e—
Rogei.Steele, Mayor
Attest:
1 Granere, City Clerk
Exhibit A
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PROPOSED TERMS
1. Project Components and Phases:
a. Phase 1
i. Mass Site Grading/Infrastructure in general accordance with the Site Plan shown
on Exhibit A.
1. Woodsonia will oversee design / construction and complete all work in
accordance with Grand Island Public Work Standards
ii. Eagle Scout Lake Expansion, including:
1. Key Components:
A. At least 2-miles of walking trail expansions,connected to existing
City trail infrastructure.
B. Amphitheater
C. A public fishing pier
D. Pedestrian bridge
E. New landscaping and existing site clean-up.
2. Woodsonia will oversee design/construction and deliver the Eagle Scout
Lake Expansion Key Components in"turn-key" condition
iii. The Veteran's Village Sports Complex:
1. Key Indoor components(Approximately 95,000 SF):
A. 16 volleyball courts/8 basketball courts
B. Concessions/meeting rooms/seating/bathroom facilities
C. Parking facilities
2. Key Outdoor components:
A. Artificial turf multi-sport fields, including full size baseball,
softball, soccer, football, lacrosse, and field training facilities.
B. Relocation of existing outdoor natural grass soccer fields
C. Parking facilities.
D. Bathroom and concession facilities.
3. Woodsonia will oversee design / construction and deliver the Sports-
Complex in "turn-key" condition in general accordance with the layout
shown on Exhibit B with the Key Indoor / Outdoor Components
completed.
4. Woodsonia and the City will jointly issue an RFP for the professional
management of the Veteran's Village Sports Complex
iv. Aquatics Center(Approximately 30,000 SF):
1. Key Indoor components
A. 10 Lane/25-yard competitive pool
B. Diving well to accommodate two diving boards
C. Concessions/meeting rooms/entry area/bathroom/locker room
facilities
D. Seating Capacity for minimum 400 attendees
E. "Warm water" therapy pool with zero entry in accordance with
design on Exhibit C
F. 1 jacuzzi
G. 1 "party room"
H. All required mechanical equipment etc.
2. Woodsonia will oversee design / construction and deliver the Aquatics
Center in "turn-key" condition in general accordance with the layout
shown on Exhibit C with the Key Components completed.
v. 250 multi-family units, 20 single family units, 1 restaurant, 1 hotel, 1 event venue
space
b. Phase 2(2030—2035)
i. $20,000,000 mixed-use
ii. 20 single family units(minimum)
iii. 250 multi-family units(minimum)
c. Phase 3 (2036—2055)
i. $40,000,000 mixed-use
ii. 180 single-family units
iii. 1,000 multi-family units
2. Project Financing
a. Good Life Bond Issuance Phase lA
i. The City will explore issuance of Good Life Bonds backed by the Existing Sales
Tax Generating Users, subject to the State's Maximum Amount of$5,000,000.00
(Anticipated March 1, 2025)
ii. Anticipated Phase 1 A Net-To-Project Bond Proceeds+Cash on hand: $77,557,462
iii. Prioritization of Bond Proceeds:
1. Public Infrastructure/ Site Work/Eagle Scout Lake Expansion
2. Third Party Soft Costs
3. Sports Complex Turn-Key Construction
4. Aquatics Center Turn-Key Construction
5. Prior to the release of Goodlife Proceeds for Mixed Use / Housing,
Woodsonia will provide the City, (a) 100% designed and permitted
Construction Plans for the Sports Complex and Aquatics Center and(b)a
Gross Maximum Price contract from a reputable contractor for the Sports
Complex and Aquatics Center with pricing at or below the Phase lA Net-
To-Project Bond Proceeds.
b. Good Life Bonds Issuance Phase 1 B
i. The City will explore issuance of Good Life Bonds backed by New Good Life
District Sales Tax Generators (predominantly Conestoga Marketplace) on June 1,
2027
ii. Anticipated Net-To-Project Bond Proceeds+Cash on hand: $27,651,246
iii. Phase 1B Bond Proceeds will be spent on:
1. Cost Overruns for the Sports Complex/Aquatics Center(if applicable)
2. Mixed-Use/Housing/Soft Costs
3. The Developer will at all times be at or below 20%of Good Life Proceeds
Allocated non-revenue producing costs.
c. Developer Promissory Note.
i. The City will explore issuance of a promissory note to Developer in an amount
equal to the difference between $140,000,000 and the Phase lA&Phase lB Net-
To-Project Bond Proceeds (the "Developer Promissory Note"). The City
Promissory Note will be secured solely by the Good Life District Revenues
received by the City each year in excess of the required annual debt service
payment on the Good Life District Bonds (defined above) or future refinance
proceeds of Phase lA and Phase 1B Bonds. Based on the Anticipated Net-To-
Project Bond Proceeds in Phase lA& Phase 1B, the Developer Promissory Note
would be $34,791,292.00 and would incur an interest rate of 7.00% on the
outstanding balance.
1. Promissory Note Proceeds will be spent on Phase 2/Phase 3 Mixed Use/
Housing/Soft Costs/Infrastructure at Woodsonia's discretion
2. The Developer will at all times be at or below 20%of Good Life Proceeds
Allocated non-revenue producing costs.
3. In the event the "excess revenues" from Phase 1B bonds or future
refinance proceeds of Phase lA or Phase 1B are insufficient to repay the
outstanding balance of the Developer Promissory Note, there will be no
obligation of the City to fund any shortfall at the end of the term of the
Developer Promissory Note.
d. Tax Increment Financing- $52,126,189
i. 15 Year TIF with individual Project Areas
3. City Reserve/Maintenance Occupation Tax
a. City Occupation Tax The City will explore levying a 200 basis point occupation tax (the
"City Occupation Tax") on all sales occurring within the boundaries of the future
Veteran's Village Project Area to be placed in a reserve fund with the City and used at the
City's discretion for future maintenance and reserve expenses relating to the Sports
Complex and Aquatic Center.A forecast of Occupation Tax Revenues is shown on Exhibit
D.
4. Land Conveyance/Land Lease
a. Single land conveyance of Sale Area shown on Exhibit F March 1, 2026 for$1.00
b. City will retain ownership of the land encompassing current and expanded Eagle Scout
Lake, existing Veteran's Village Sports Complex, expanded Veteran's Village Sports
Complex (indoor and outdoor components) and Aquatics center land with Woodsonia
developing the respective areas pursuant to a temporary ground lease structure which upon
completion of the improvements, the ground lease will terminate and the land will revert
back to City ownership.
5. Clawbacks/Conditions
a. Subject to the Minimum Bond Proceeds of$77,557,462 Phase 1B and$27,651,246 in
Phase 1A, if Woodsonia fails to deliver the Phase 1 Infrastructure, Sports Complex, Eagle
Scout Lake Expansion,Amphitheater, 250 multi-family units, 20 single-family units,
hotel,restaurant and one additional commercial/mixed-use user within 60 months of
closing,Woodsonia will convey any areas of the Sale Area which have not commenced
construction back to the City for$1.00.
b. Subject to the Minimum Bond Proceeds of $77,557,462 Phase 1B and $27,651,246 in
Phase 1A, if Woodsonia does not complete at least one additional commercial/mixed-use
user (beyond Phase 1) and an additional 250 multi-family and 20 single family units by
2035,Woodsonia will forfeit all remaining GLD funds allocated for Phases 2 and 3,convey
any remaining undeveloped land back to the City and terminate any un-activated TIF
project areas.
c. In no event will Woodsonia deliver more than 100 multi-family units and 20 single-family
homes on a cumulative annual basis. By Example, Year 1 =maximum 100 single-family
units. Year 2=maximum 200 single-family units(assuming 0 delivered in year 1).
6. Next Stage Documents:
Goal for Next Stage Documents. Woodsonia looks forward to working with the City to
expeditiously prepare final draft documents to present to the Council that are necessary to
memorialize the terms contemplated herein, which may include, without limitation, transfer
documents, property sale, leases, development agreement, operating agreements, documents to
authorize issuance of bonds and other agreements (collectively the "Next Stage Documents").
Woodsonia proposes a target for completion of Next Stage Documents drafts by January 23,2026,
with a target for completion of draft documents related to issuance of Good Life District Bonds of
February 22, 2026.
EXHIBIT A
SITE PLAN
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EXHIBIT B
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I EXHIBIT C
VETERAN'S VILLAGE AQUATICS CENTER
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EXHIBIT D
OCCUPATION TAX PROJECTIONS
VETERAN'S VILLAGE EEA
SALES-GROWTH.
User(s) YEAR Annual Sales Annual EEA Revenues DISCOUNT AND OTHER
1 Hotel,1 Restaurant,1 Event Center,Sports Complex 2028 $10,000,000 $200,000 EEA 2.00%
2029 $10,150,000 $203,000 Growth Rate 1.50%
1 New Sales Tax Generator 2030 $11,302,250 $226,045
2031 $11,471,784 $229,436
2032 $11,643,861 $232,877
1 New Sales Tax Generator 2033 $12,818,518 $256,370
2034 $13,010,796 $260,216
2035 $13,205,958 $264,119
1 New Sales Tax Generator 2036 $14,404,048 $288,081
2037 $14,620,108 $292,402
2038 $14,839,410 $296,788
1 New Sales Tax Generator 2039 $16,062,001 $321,240
2040 $16,302,931 $326,059
2041 $16,547,475 $330,949
1 New Sales Tax Generator 2042 $17,795,687 $355,914
2043 $18,062,622 $361,252
2044 $18,333,562 $366,671
1 New Sales Tax Generator 2045 $19,608,565 $392,171
2046 $19,902,694 $398,054
2047 $20,201,234 $404,025
1 New Sales Tax Generator 2048 $21,504,253 $430,085
2049 $21,826,816 $436,536
2050 $22,154,219 $443,084
1 New Sales Tax Generator 2051 $23,486,532 $469,731
2052 $23,838,830 $476,777
2053 $24,196,412 $483,928
1 New Sales Tax Generator 2054 $25,559,358 $511,187
2055 $25,942,749 $518,855
$488,792,672 $9,775,853
EXHIBIT E
LAND LEASE/LAND CONVEYANCE AREA
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