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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 I I - 2 - 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. 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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 t _ (••�f �'y 1 r ,3:d:-r -«'.'�'�.,'- •we .ate ... ] [ J 1 p11-r!f " ? `'b.l I r y r 11 /u j _'�— " — - - ran, - I '�YW�I.. 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