CITY OF OMAHA · The use of TIF for the project will not result in a loss of pre -existing tax...

RESOLUTION NO.__________

CITY OF OMAHA LEGISLATIVE CHAMBER

Omaha, Nebraska

RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:

WHEREAS, the primary objectives of the City of Omaha's Master Plan and Community Development Program are to encourage additional private investment and infill development within inner-city neighborhoods; and to eliminate conditions which are detrimental to public health, safety and welfare, by developing vacant or underutilized property within these neighborhoods; and,

WHEREAS, the approximately 1.34 acre redevelopment project site located at 119 North 72nd Street, legally described in Exhibit “A”, which is attached hereto and incorporated herein by this reference, is within a designated community redevelopment area, as the area meets the definition of blight and substandard per the Community Development Law and is in need of redevelopment; and,

WHEREAS, Section 18-2108 of the Nebraska Revised Statutes requires the City

of Omaha to adopt a redevelopment plan before taking an active part in a redevelopment project; including the division of ad valorem taxes for a period not to exceed fifteen years under Sections 18-2147 through 18-2150, Revised Statutes of Nebraska; and, WHEREAS, the Furniture Row Tax Increment Financing (TIF) Redevelopment Project Plan (“Plan”) for the redevelopment project site proposes renovation of a one-story retail building for reuse as an indoor parking structure with 135 stalls, and new construction of 158 market-rate apartment units to be integrated into and partially on top of the existing building, to include about 3,000 square feet of office use, as described in Exhibit "B", attached hereto and herein incorporated by reference, with the use of TIF as authorized by Section 18-2147 of the Nebraska Revised Statues; and, WHEREAS, the Plan conforms to the City of Omaha’s Master Plan and the legislative declarations and determinations of the Community Development Law, as the redevelopment project would not be economically feasible and would not occur at the redevelopment project site without the use of TIF; and WHEREAS, the costs and benefits of the redevelopment project, including their impact on other political subdivisions, have been analyzed and found to be in the long-term best interest of the community and the local economy, and the redevelopment project will satisfy an identified demand for the public and private services it will provide; and, WHEREAS, the Plan for the redevelopment project site was approved by the TIF Committee and subsequently by the City of Omaha Planning Board at the August 7, 2019 meeting; and,

City Clerk Office Use Only: Publication Date (if applicable): _____________ Agenda Date: ___________________________ Department: ____________________________ Submitter: ______________________________

EXHIBIT "A"

Legal Description, Alta Survey, Topographical Survey, etc. – see following page(s)

14710 W. DODGE RD, STE. 100OMAHA, NE 68154402.496.2498LampRynearson.com

EXHIBIT B

FURNITURE ROW TIF REDEVELOPMENT PROJECT PLAN

119 NORTH 72ND STREET

AUGUST 2019

Jean Stothert, Mayor City of Omaha David K. Fanslau, Director Planning Department Omaha/Douglas Civic Center

1819 Farnam Street, Ste. 1111 Omaha, Nebraska 68183

OMAHAPLANNING

DS

City of Omaha Planning Department Planning Board Memo

To: Chairman and Members of the Planning Board

From: David K. Fanslau Planning Director

Date: July 31, 2019

Subject: FURNITURE ROW TIF REDEVELOPMENT PROJECT PLAN 119 North 72nd Street Case #C3-19-139

Project Description

Background: The project site, located on the east side of 72nd Street across from the Target store and the Crossroads Mall, is occupied by a one story commercial building constructed in 1961.

Existing Land Use and Conditions of the Redevelopment Site: The site is presently occupied by an aging one story commercial building that has been vacant for several years. The site has very little landscaping and paved parking area needs improvement. Vehicular access is via a curb cut providing a direct connection to 72nd street. The curb cut is within a few feet of the curb cut into Capitol Court – a private parcel that serves as a private access road for a few properties in the immediate vicinity.

Proposed Use and Project Details: The existing building and its basement will be renovated and reused as a two level indooor parking structure with 122 stalls. Five (5) surface parking stalls will also be developed, providing a total of 127 onsite parking stalls A new five story apartment building will be constructed on the site, integrated into and partially on top of the existing building. There will be a total of 158 market rate apartment units. These will consist of 128 studio/efficiency units and 30 one bedroom units.

The access point onto North 72nd Street will be removed, improving safety on the heavily traveled roadway, and the Capitol Court access will be reconstructed and improved. The site will have additional greenspace added and overhead utility lines will be placed underground.

The project is on a parcel with ACI zoning. The building design drawings and description of materials have been submitted to City Planning for design review. The proposal is considered consistent with the ACI standards, and the project design is viewed favorably.

The Developer is J Development Company LLC, Julie Stavneak and Jim Royer, managers.

The applicant anticipates construction beginning in November 2019, with project completion by approximately July, 2021.

Case Number: C3-19-039 Page 2 DS

New Construction: Yes, with some building rehabilitation included Acres: Approximately 1.3 # of Buildings: 1 Building Height(s): 5 stories

Parking Plan for Proposed Project: Sufficient on-site parking is included in the plan, with a total of 127 stalls, which is comprised of 122 stalls in the two level parking structure and an additional 5 parallel parking stalls to be developed on the adjacent Capitol Court.

Analysis The project site is located within a Community Redevelopment Area, meets the requirements of Nebraska Community Development Law and qualifies for the submission of an application for the utilization of Tax Increment Financing to cover costs associated with project development as submitted for approval through the Tax Increment Financing process. The project is/or will be in compliance with the Master Plan, appropriate Ordinances and development regulations of the City.

This infill redevelopment project serves to expand housing choices in the central Omaha, utilizing a long vacant building to provide compact, dense residential infill development very near the Dodge Street public transit corridor. Ultimately, this project plan will enhance the tax base for various taxing jurisdictions within Omaha and the state. The project would not be feasible without the assistance of the TIF Program.

The project is in compliance with the City’s Master Plan. The project furthers goals outlined in the Concept Element of the Master Plan, including providing “good quality housing” options in a “mix of patterns, types, and styles” (p. 19) and creating “a series of high-density, mixed-use areas throughout the city” (p. 18). The proposed project also supports the visions of the Urban Design and Transportation Elements of the Master Plan, which specifically call for more dense, walkable mixed use development in the vicinity of 72nd and Dodge (Urban Design Element p. 30; Transportation Element p. 54). In addition, the project would align with the draft Transit-Oriented Development goals recommended as amendments to the Urban Design, Transportation, and Land Use Elements of the Master Plan. These goals, which were recommended for approval by Planning Board in July 2019, support development that facilitates walkability, transit use, and pedestrian activity and safety in proximity to new bus rapid transit stations along Dodge Street.

No Building Permit will be issued based on a site plan that does not comply with the provisions of the Zoning Ordinance.

RECOMMENDATION: Approval.

ATTACHMENTS: General Vicinity Map Project Plan

1,102.106,613Furniture Row TIF Project Plan

551

6,6131 :

1 =

Douglas County GIS

1819 Farnam St

Suite 402

Omaha NE, 68183

This map is a user-generated, static output. It is for

reference only. Data on this map may not be

accurate, current, or otherwise reliable. It is for

informational purposes only, and may not be suitable

for legal, engineering, or surveying purposes.1,102

1"1/2"

551

0

0 276

2"

feet

INTER-OFFICE COMMUNICATION

Date: July 11, 2019

To: TIF Committee: David Fanslau, Stephen Curtiss, AL Herink, Paul Kratz, Robert Stubbe, Bridget Hadley, Todd Pfitzer, Troy Anderson

From: Don Seten - City Planning

Applicant: City of Omaha Planning Department

Project Name: Furniture Row TIF Redevelopment Project Plan

Location: 119 North 72nd Street

Request: The TIF request is for up to $2,861,000 at an interest rate of 5.25%, inclusive of capitalized interest. Using the levy rate of 2.23667% and other assumptions of the TIF calculation spreadsheets, the TIF request is supported using estimated cost and estimated market approaches.

TIF Fee Schedule: $500 application fee paid; the processing fee of $3,000 will be collected; $31,110 in administrative fees will be collected. Total fees will be $34,610.

TIF Justification: The project site is located within a Community Redevelopment Area, meets the requirements of Nebraska Community Development Law and qualifies for the submission of an application for the utilization of Tax Increment Financing to cover costs associated with project development as submitted for approval through the Tax Increment Financing process. The project is/or will be in compliance with the Master Plan, appropriate Ordinances and development regulations of the City.

This infill redevelopment project serves to expand housing choices in the central Omaha, utilizing a long vacant building to provide compact, dense residential infill development very near the Dodge Street public transit corridor. Ultimately, this project plan will enhance the tax base for various taxing jurisdictions within Omaha and the state. The project would not be feasible without the assistance of the TIF Program.

ROI Statement: The City of Omaha considers a project's ROI as part of the TIF review, but has not established a specific, numeric ROI threshold. The large number of variables involved in TIF projects would make any such threshold arbitrary, and potentially inequitable. The project variables include the project type, the geographic location, the project's market demand and competition, as well as the financial strength and positioning, and the experience of the project developer.

The ROI of a redevelopment project is based on the risk/reward that the applicant is willing to accept to fulfill redevelopment goals of the City of Omaha. The risk/reward of TIF projects vary by many of the variables previously mentioned. As a result, the ROI an applicant projects will vary across projects. . The ROIs stated in the application are as follows:

ROI With TIF 10.1% ROI Without TIF 3.7%

The project is in compliance with the City’s Master Plan. The project furthers goals outlined in the Concept Element of the Master Plan, including providing “good quality housing” options in a “mix of patterns,

types, and styles” (p. 19) and creating “a series of high-density, mixed-use areas throughout the city” (p. 18). The proposed project also supports the visions of the Urban Design and Transportation Elements of the Master Plan, which specifically call for more dense, walkable mixed use development in the vicinity of 72nd and Dodge (Urban Design Element p. 30; Transportation Element p. 54). In addition, the project would align with the draft Transit-Oriented Development goals recommended as amendments to the Urban Design, Transportation, and Land Use Elements of the Master Plan. These goals, which were recommended for approval by Planning Board in July 2019, support development that facilitates walkability, transit use, and pedestrian activity and safety in proximity to new bus rapid transit stations along Dodge Street.

TIF eligible costs are site acquisition, site preparation work, the portion of hard construction costs attributable to rehabilitation of the existing building, architectural and engineering costs, and public improvements. TIF eligible costs total approximately $4,502,487. The total estimated project costs are $17,760,000.

TIF Eligible Expenses Amount Site Acquisition $ 2,100,000 Site Preparation, Demolition and Grading $ 174,277 Rehabilitation of Existing Structure; Hard Costs $ 1,315,600 Public Improvements (Landscaping, Capitol Court, Undergrounding Utilities) $ 258,000 Architecture & Engineering $ 620,000 Subtotal $ 4,456,877 TIF Fees $ 34,610 Total TIF Eligible Expenses $ 4,502,487

The TIF is 16.1 percent of the total project costs.

Recommendation: Approval.

Project Description

The project site is occupied by a one story retail building that has been vacant for several years. The building will be renovated and reused as an indoor parking structure with 122 stalls. A new five story apartment building will be constructed on the site, integrated into and partially on top of the existing building. There will be a total of 158 market rate apartment units. These will consist of 128 studio/efficiency units and 30 one bedroom units.

One access point on to North 72nd Street will be removed, improving safety on the heavily used North 72nd Street. The Capitol Court access will be reconstructed and improved. The site will have additional greenspace added, overhead utility lines will be placed underground, and five additional surface parking stalls will be added along Capitol Court.

The project is on a parcel with ACI zoning. The building design drawings and description of materials have been submitted to City Planning for design review. The proposal is considered consistent with the ACI standards, and the project design is viewed favorably.

The Developer is Jay Development Company, LLC.

The applicant anticipates construction beginning in November 2019, with project completion by approximately July, 2021.

Project Finance Summary - Sources & Uses

Sources of Funds Amount Owner Equity $ 1,776,000 Construction Loan / Bank Financing $ 13,123,000 Tax Increment Financing $ 2,861,000 Total Sources of Funds $ 17,760,000

Uses of Funds Amount Acquisition $ 2,100,000 Construction Hard Costs $ 11,960,000 Construction Soft Costs $ 273,000 Architecture and Engineering $ 620,000 Capital/Equipment Costs $ 175,000 Developer Fees $ 1,000,000 Financing Fees $ 894,000 Project Contingency $ 738,000 Total Uses of Funds $ 17,760,000

Final Valuation Discussion The applicant estimates a probable final valuation of $16,511,000 upon project completion. The estimate is based on an analysis considering both comparable apartment properties, and the income approach, using an estimated Net Operating Income (NOI) and a capitalization rate of 6.6 percent.

Land Use and Zoning The site has one older, existing vacant one story commercial structure with basement, which will be rehabilitated as a two level parking structure. The project site is presently zoned GC-ACI-2(65) General Commercial. An application to rezone the property to PUR is scheduled for the August 7, 2019 Planning Board hearing.

Utilities and Public Improvements Standard utilities (electrical, water, sewer) exist at the site. Public improvements burying of existing overhead utility lines, elimination of a private curb cut access on to 72nd Street, landscaping, sidewalks, five (5) new surface parking stalls located along Capitol Court and improvements to the Capitol Court privateaccess drive.

Transportation The property is in a location well served by public transit, and is in close proximity to a proposed Omaha Rapid Bus Transit (ORBT) station, presently being developed.

Historical Status

Not applicable.

Evaluation Criteria: Mandatory Criteria – from the TIF application

1. The project must be located within a blighted area or an area eligible for a designationof blight as required and set forth by Nebraska statute.

The project is currently located within a Community Redevelopment Area.

2. The project must further the objections of the City’s Master Plan.

The Furniture Row Redevelopment furthers the objectives of the City’s Master Plan in thefollowing ways: Increasing densification of the urban core – The Furniture RowRedevelopment will be an extremely dense development with approximately 118 units peracre. Revitalization of older neighborhood communities – The Furniture Row will bring newhousing options to a blighted and neglected part of Omaha. As developers have focused onnearby Aksarben Village, downtown Omaha, midtown Omaha, and far West Omaha, the 72nd& Dodge “core” has been overlooked and forgotten. Furthermore, the area has suffered fromthe stigma of the dying Crossroads Mall property for well over a decade.Implementation of Urban Design elements – The development team will work with CityPlanning to design an attractive and appealing project that incorporates Urban Designelements.

Job creation – The project will generate approximately 200 construction jobs, 2 full-timemanagement jobs, and 1 part-time management job. Business growth – J DevelopmentCompany is a locally-owned business that is seeking to grow its operations with projects suchas the Furniture Row Redevelopment in the City of Omaha. Additionally, the developmentteam consists of several other locally-owned and growing firms that will benefit from theFurniture Row Redevelopment, including dozens of locally-owned subcontractors in thevarious building trades.

3. The use of TIF for the project will not result in a loss of pre-existing tax revenues to theCity and other taxing jurisdictions.

No loss of pre-existing tax revenues are anticipated.

4. The developer is able to demonstrate that the project would not be economically feasiblewithout the use of Tax Increment Financing. In addition, if the project has sitealternatives, the proposal must demonstrate that it would not occur in the areawithout TIF. Return on investment assists in determining the economic feasibility ofthe project.

The Furniture Row Redevelopment would not be economically feasible without TIF. JDevelopment company would be required to raise $4,846,000 of investment capital withoutTIF. This would be an impossible feat given that the projected returns to investors would beonly 3.7%. Utilizing TIF reduces the amount of investment capital required and improves proforma returns to investors to just over 10%. Furthermore, J Development Company does notknow of any alternative sites for this project Redevelopment opportunities in this area areextremely rare and difficult to secure. Finally, this project presents several challenges due tothe reuse and conversion of the existing building, the site urban site, and the integration ofnew construction into and above the existing structure. All of these challenges, and more, addto project costs and stress the economic feasibility of the deal.

.Cost-Benefit Analysis – from the TIF application

1. Tax Shifts resulting from the approval of the use of funds pursuant tosection 18-2147 (of the Community Development Law):

No tax shifts are anticipated as a result of this project.

2. Public infrastructure and community public service needs impacts and localtax impacts arising from projects receiving incentives:

This project will not create any community public service needs and TIF will be used towards the costs of necessary public improvements.

3. Impacts on employers and employees of firms locating or expanding withinthe boundaries of the area of redevelopment project:

As discussed, the Furniture Row Redevelopment will target students and young professionals. As local institutions such as UNO, Children’s Hospital & Medical Center, Creighton University Medical Center Bergan Mercy, and UNMC continue to grow, invest in our community, and attract new employees to the area, it will be critical that high-quality housing options keep up to meet this demand to support these local institutions.

4. Impacts on employers and employees within the city and the immediate areathat is located outside of the boundaries of the area of the redevelopment project:

As discussed, the Furniture Row Redevelopment is conveniently located along the new ORBT public transit system, thereby providing tenants with easy access to all parts of Omaha. Therefore, tenants will be able to live at 72nd & Dodge and easily commute to work downtown, or even further west than previously before.

5. Impacts on student populations and school districts within the project area:

J Development Company anticipates that the Furniture Row Redevelopment will be most attractive to a younger, single, and student demographic. Although families will always be welcome at the community, the smaller studio/efficiency and 1-bedroom apartments may not be as suitable for family living. Therefore, a very limited impact or addition to student populations of school districts is anticipated.

6. Any other impacts determined by the authority to be relevant to theconsideration of costs and benefits arising from the development project:

None Anticipated.

ATTACHMENTS: TIF Calculation Spreadsheet TIF Application

Applicant: Furniture Row PRO FORMA

Debt Service Payments

Total Less Pre- TIF Treasurer's Revenues -------------------- -------------------- --------------------Taxable Development Taxable Tax Tax 1% Collection Available Interest at Loan Capitalized Interest at

DATE Valuation Base Valuation Levy Revenues Fee For TIF Loan Principal 6.60% Total Balance Interest 6.60%------ -------- -------- -------- ---- -------- -------- -------- -------- -------- -------- -------- -------- --------

0 $2,512,9550.5 -$ 0 -$ 2.23667 -$ -$ -$ $0 $0 $0 $2,595,883 82928 82928

1 -$ 0 -$ 2.23667 -$ -$ -$ $0 $0 $0 $2,681,547 85664 856641.5 -$ 0 -$ 2.23667 -$ -$ -$ $0 $0 $0 $2,770,038 88491 88491

2 -$ 0 -$ 2.23667 -$ -$ -$ $0 $0 $0 $2,861,449 91411 914112.5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $71,213 $94,428 $165,641 $2,790,236 0 94428

3 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $73,563 $92,078 $165,641 $2,716,673 0 920783.5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $75,991 $89,650 $165,641 $2,640,682 0 89650

4 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $78,498 $87,143 $165,641 $2,562,184 0 871434.5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $81,089 $84,552 $165,641 $2,481,095 0 84552

5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $83,765 $81,876 $165,641 $2,397,330 0 818765.5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $86,529 $79,112 $165,641 $2,310,801 0 79112

6 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $89,385 $76,256 $165,641 $2,221,416 0 762566.5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $92,334 $73,307 $165,641 $2,129,082 0 73307

7 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $95,381 $70,260 $165,641 $2,033,701 0 702607.5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $98,529 $67,112 $165,641 $1,935,172 0 67112

8 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $101,780 $63,861 $165,641 $1,833,392 0 638618.5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $105,139 $60,502 $165,641 $1,728,253 0 60502

9 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $108,609 $57,032 $165,641 $1,619,644 0 570329.5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $112,193 $53,448 $165,641 $1,507,451 0 5344810 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $115,895 $49,746 $165,641 $1,391,556 0 49746

10.5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $119,720 $45,921 $165,641 $1,271,836 0 4592111 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $123,670 $41,971 $165,641 $1,148,166 0 41971

11.5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $127,752 $37,889 $165,641 $1,020,414 0 3788912 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $131,967 $33,674 $165,641 $888,447 0 33674

12.5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $136,322 $29,319 $165,641 $752,125 0 2931913 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $140,821 $24,820 $165,641 $611,304 0 24820

13.5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $145,468 $20,173 $165,641 $465,836 0 2017314 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $150,268 $15,373 $165,641 $315,568 0 15373

14.5 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $155,227 $10,414 $165,641 $160,341 0 1041415 14,961,000$ 0 14,961,000$ 2.23667 167,314$ 1,673$ 165,641$ $160,350 $5,291 $165,641 $0 0 5291

======== ======== ======== --------- --------- --------- --------- --------- --------- =========== ---------$4,350,164 $43,498 $4,306,666 $2,861,458 $1,445,208 $4,306,666 $348,494

=========== =========== =========== =========== =========== =========== ===========( F9 = calculate )

NOTE: This information is provided to assist in analyzing the Original Loan Amount $2,512,955specific request to the TIF committee. This information is subject Capitalized Interest $348,494 ASSUMPTIONS:to change based on actual tax assessments. This schedule assumes Loan Balance Remaining $0 1. Loan Amount: $2,512,955

a $14,961,000 increase in real estate valuation and a 1.0 debt coverage ----------- 2. Interest Rate: 6.60%

ratio. The actual TIF amount available to fund site specific project cost $2,861,449 MAX POTENTIAL 3. Est. Project Hard Costs: $15,163,000 * will change based on the cost of public improvements. =========== 4. Increment Base: $14,961,000 **

Estimated Annual Incremental Tax Payment 334,628$ * Applicant estimates final value of $16,511,000

TIF Percentge 16.86%

** Using 2017 Base Valuation of $1,550,000

TIF request is $2,861,000 Potential incremental valuation would be

approximately $14,961,000

CITY OF OMAHA

TAX INCREMENT FINANCING (TIF)

APPLICATION

City of Omaha Planning Department | 1819 Farnam Street, Suite 1100 | Omaha NE 68183-1100 | 402-444-

5150 Planninghcd.cityofomaha.org/economicdevelopment/tif

1 | P a g e planninghcd.cityofomaha.org/tif

TIF Application Checklist

Part 1 of the TIF Application ............................................ Non-Confidential Section

ü Project Summary Page ü Project Development Team Page

ü Project Narrative Sections:

A. Existing Land Use and Conditions B. Proposed Use and Project Details C. Parking Plan D. Market Demand E. Residential Information F. Employment Information G. Zoning Changes H. Public Improvements; Also any traffic concerns

I. Historical Status, if applicable

ü Development Financing Plan – (Attach bank commitment letters in Part II of the TIF application) ü Estimation and Justification of Final Valuation

ü Construction Budget, with itemized Public Improvements Costs

ü Development Schedule or Timeline

ü Three-Year Pro Forma – profit/loss and cash flow statements

ü Statement of Need - ROI analysis With and Without TIF ü Evaluation Criteria: Mandatory Criteria (See and use the Program Criteria of the TIF

Guidelines)

ü Cost – Benefit Analysis (See and use Appendix Five of the TIF Guidelines)

ü Site Plan(s) and Elevations

ü Alta Survey and Legal Description

ü Historic Designation Documentation, if applicable

ü Any Other Supplemental Documentation


Part 2 of the TIF Application ............................................ Confidential Section

ü Preliminary Commitment Letter(s), particularly for Construction and TIF Financing ü Documentation of Ownership or Site Control – Examples: copy of Purchase Contract, copy of Warranty

Deed, or copy of Douglas County Property Records from website

ü Organization Documentation – For Corporation, LLC, Sole Proprietorship or Partnership ü Audited Financial Statement of the Corporation, Partnership, or LLC for the most recent full calendar

year; Or compilation or accountant prepared financial statements ü Reports and Studies, if applicable, only one hard-copy set of the final complete report(s) and/or study(s)

needs to be provided A. Appraisal, after rehab

B. Market Study

C. Feasibility Study

D. Environmental Study

E. Traffic Study

Note: The executive summary page(s) may be included with the TIF Redevelopment Project Plan that is shared with the public.


Project Summary

Project Name: Furniture Row Redevelopment

Project Legal Description: (If too long, attach description with Site Plan) FURNITURE ROW 78 LOT 1 BLOCK 0 LOT 1

Project Address: 119 North 72nd Street

Property Owner/Applicant Name: J Development Company, LLC or an affiliated entity

Owner Address: 2430 S 73rd Street; Suite 200 Omaha, NE 68124

Estimated Total Project Cost: $19,120,550

TIF Request: $2,861,000

New Construction: Yes (yes or no) Proposed Project Size:

Gross Sq. Ft. (Building(s)) 154,795

Rehabilitation: Yes (yes or no) Net Sq. Ft. (Building(s)) 87,624

# of Acres 1.33

Lot/Parcel Size 58,861 Sq. Ft.

LIHTC Project No (yes or no)

Market-Rate Project Yes (yes or no)

Historic Tax Credit Project No (yes or no)

Current Use: Vacant building

Proposed Use: 158 market-rate apartments featuring 135 studio units and 23 1-bedroom units. Project will also include the renovation and reuse of the existing building, to be converted into a two-story indoor parking garage.

Current Zoning: GC-ACI-2(65)

Proposed Zoning: GC-ACI-2(65)-PUR

Current Annual Real Estate Taxes ( 2019 tax year): $ 36,836.84

Current Assessed Tax Valuation (2019 tax year): Land:

Improvements: $ 1,162,700 $ 387,300

Total: $ 1,550,000 Are Real Estate Taxes Current? Yes (yes or no)

Requested Base Year: 2020 (must be consecutive years)

Requested Division Year: 2021 (must be consecutive years)

Does the applicant entity or do the members comprising the applicant entity have any delinquent

taxes due and owing? No(yes or no), if yes explain: (attach a separate sheet)


Project Development Team Page

(Include Contact Name, Address, Number, and Email Address)

The Applicant/Owner (Also include applicant representative information, if applicable): Briefly

describe background

See developer background information, below

Applicant/Owner Representative Contact, if applicable: Briefly describe background

See developer background information, below

The Developer: Briefly describe background

J Development Company (J-Dev) has been active in the Omaha real estate market for over 15

years. J-Dev has completed 20 projects in the Omaha/Council Bluffs area totaling more than

$150,000,000 of new investment into the community. Most recently, J-Dev partnered with the

City of Omaha to utilize Tax Increment Financing for the Centerline Apartments located at

72nd & Center Streets. This 162-unit upscale urban housing community represents a

$23,000,000 investment into the Omaha market and has provided much-needed new housing

options to Omaha residents who desire to live in the convenient Aksarben neighborhood.

Architecture Firm(s): Briefly describe background

Established in Omaha, NE, Holland Basham Architects opened its doors in 1989. With two

Principals and one administrative assistant, the firm quickly launched its brand and built a

legacy on which they stand today. Located in the renovated Beth El Synagogue in the heart of

Midtown Omaha, HBA is now a team of nearly 40 forward-thinking and customer-focused

professionals.

Engineering Firm(s): Briefly describe background

Civil Engineering – Lamp Rynearson

The history of Lamp Rynearson is filled with ambitious individuals who are courageous, hard

working, and do what it takes to provide their clients the services they need. It all began in the

1940s, when Don Lamp and Bill Rynearson started their business in Omaha, making plot plans

for mortgage bankers.

While they have grown and expanded over the last 60 years to over 160 professionals in four

office locations across three states – Nebraska, Colorado, and Missouri – Lamp Rynearson has

maintained a fearless attitude of working hard to do the right thing for their clients and

communities.

Structural Engineering – Thompson, Dreessen & Dorner

Thompson, Dreessen & Dorner, Inc. or TD2, has established itself as a highly respected and

mature Structural Engineering, Civil Engineering, Geotechnical Engineering, Environmental

Engineering and Land Surveying firm, focusing on the quality of the work and the quickness

in which it is done.


Mechanical, Electrical, Plumbing Engineering – Morrissey Engineering

Based in Omaha, Morrissey Engineering specializes in delivering high performance solutions

that achieve optimal energy efficiency for its clients’ mechanical, electrical and technology

needs. Morrissey’s experienced staff is committed to creating designs that achieve a balance

between aesthetics and functionality to create the best environments for people to live and

work.

Morrissey’s diverse team of engineers, designers and other specialists have comprehensive

design experience in commercial and industrial buildings with special expertise in office

buildings and technology-intensive building projects.

Morrissey’s portfolio includes new, remodel and renovation/upgrades for educational,

religious, healthcare, data centers and various multi-family housing projects located primarily

in Nebraska and the Midwest.

Construction Company: Briefly describe background

Lund-Ross Constructors was founded in Omaha in 1987 by Larry Lundquist. Now in its 31st

year as a general contractor, Lund-Ross constructs projects across the Midwest in the multi-

family, educational, religious, not-for-profit and public sectors. Best known for the renovation

of many of the most iconic buildings in the area, Lund-Ross is also recognized as a construction

partner with not-for-profit organizations including Girls Inc, Open Door Mission, One World

Health, Women's Center for Advancement and many others.

Currently, Lund-Ross employs a full-time staff of more than 50 people consisting of

experienced project managers and LEED Accredited Professionals, superintendents, field

engineers, field craftsmen, and administrative professionals.

Lund-Ross’ projects have earned more than 25 Excellence in Construction Awards from

Associated Builders and Contractors (ABC) in the past 10 years, including national accolades

for the The Brandeis, the Hughes-Iron Building, and The Omaha Building. ABC honored the

Burlington Station (KETV) and the Mercer Building (M's Pub) with their project of the year

the past two years. Lund-Ross was awarded Accredited Quality Contractor (AQC) status by

ABC in 2009 and every year since.

Legal Consulting Firm(s)

Woods & Aitken LLP

Other Development Team Members:

Enter Text


I) Narrative

A. Project Land Use Plan

A detailed project description should include the type of project – commercial development, mixed-use development, housing development, business expansion, etc., any vacancy history of the property, any code enforcement history, demographic of target market(s) for housing development, summary of employment element, a brief history of the business.

Existing Land Use and Conditions of the Redevelopment Site The building is currently

vacant, and has been for several years. The site is prominently situated at the intersection of

72nd & Dodge Streets, one of the busiest intersections in the City of Omaha. According to the

Omaha Public Works Department’s 2018 traffic count report, over 81,000 vehicles pass by the

empty Furniture Row building each day. Despite its premier location, the building has been

subject to vandalism and neglect, and continues to be a severe eyesore and blight on the City of

Omaha.

Proposed Use and Project Details, include number of buildings and height(s) The development

team will renovate and reuse the existing building by converting it into a two-story indoor

parking structure providing approximately 135 climate-controlled parking stalls.

Improvements to the site will also be made, including the addition of green space and retaining

walls. The main feature of the redevelopment effort will be a newly constructed five-story

market-rate mixed-use office and housing structure, which will be integrated into and built

above the existing building. The new building will feature 135 studio/efficiency apartments, 23

1-bedroom apartments, a lobby, and amenity spaces. Furthermore, approximately 3,000 SF of

leasable office space will be located on the ground floor of the building overlooking 72nd

Street.

J Development Company provides its own in-house property management services. The

company anticipates hiring one full-time property manager, one part-time leasing specialist,

and one full-time maintenance technician for the ongoing operations of this project once

complete.

Parking Plan for Proposed Project The project will provide approximately 135 indoor

parking stalls by renovating, reusing, and converting the existing building into a two-story

parking structure. Tenants will access the first level of parking via the southern elevation of

the building, by turning off of Capitol Court. A ramp on the east side of the property will

provide access to the basement level of parking. Additional parking stalls will be provided as

part of improvements that will be made to Capitol Court and along the southern property line

of the site.

Market Demand for Proposed Project J Development Company has seen tremendous

demand for studio/efficiency apartments during the lease-up of the Centerline Apartments.

Studios and efficiencies have been the first units to lease primarily because they are offered at

a much more affordable price point. As generational changes continue to influence the

apartment market, J Development Company believes that tenants will sacrifice unit size in

exchange for location, convenience, quality, and overall price. The Furniture Row

redevelopment will be targeted primarily to Omaha’s young working professionals and

undergraduate and graduate students at UNO, College of Saint Mary, Methodist College,

Creighton University Medical Center at Bergan Mercy, and UNMC. J Development Company

also anticipates that the $450 million expansion currently underway at Children’s Hospital &

Medical Center will create many new jobs in the coming years and an enormous need for new,


quality housing in the immediate vicinity that currently does not exist.

Furthermore, the Furniture Row redevelopment site is located within a very short walk to a

proposed Omaha Rapid Bus Transit (ORBT) station located at 72nd & Dodge. Creating

housing density along this new public transit route will be critical to its ongoing success, and

the ORBT will in turn be an invaluable amenity to this new housing community.

B. Zoning Plan – Current and Proposed; include any city staff concerns and comments The current zoning is GC-ACI-2(65). The development team has had several meetings with City

of Omaha Planning and Public Works staff to discuss the redevelopment effort and the zoning and site issues that will need to be addressed. The City has been very supported of this project and has indicated that the proposed use is in line with the City’s future planning and development goals. The development team submitted a site plan review to the City on May 22, 2019, which is currently under review. In this submission, the development team proposed adding a Planned Unit Redevelopment (PUR) overlay to the existing zoning classification. The development team remains open to feedback and guidance from City staff site and zoning issues and will continue to work in good faith to address outstanding concerns, if any.

C. Public Improvements Plan, also talk about any traffic concerns, if any; include any city staff concerns and comments The redevelopment of the site will include the elimination of the existing curb cut from 72nd Street

that provides direct access to the property. Instead, tenants will access the site by turning east off of 72nd Street onto Capitol Court, and then turning north onto the property. Eliminating the existing curb cut onto the property, which is located directly north of and adjacent to the Capitol Court curb cut, “cleans up” the traffic access along that portion of 72nd Street and creates a safer situation for drivers. A traffic study has not been required by Omaha Public Works Department. Public improvements to the property include, but are not limited to: Landscaping at the southwest corner of the property, near the main lobby entrance Improvements to the southern property line including new sidewalks and new on-street parking Improvements to Capitol Court

D. Historical Status: indicate whether or not the building(s) has been designated as a local

landmark and if the building(s) are on the National Register of Historic Places No historical status applicable.


Residential Use Information Table, if applicable (sample table below)

Check here if this table is not applicable

Unit Mix Square Footage Monthly Rents

Single-

Family

Rental #

1 bedroom Enter Number Enter Number

#


#


Owner-occupied #


#


#


Multi-

Family

Rental #


#


#


Owner-occupied #


(Condos,

Rowhomes, etc.)

#


#


Total Units #

Enter Number Enter Number


Non-Residential Use Information Table, if applicable (sample table below) Check here if this table is not applicable

Commercial Uses

Gross SF Rental SF # of Floors # of Rooms # of Bays

Office

Office Space #1 3,000 3,000 1 1 1

Enter Text Enter Number Enter Number Enter Number Enter Number Enter Number

Retail



Warehouse



If other, indicate here: example hotel, flex space, distribution center, etc.



Comments: Enter Text

Enter Text

Enter Text

Employment Information Table, if applicable

Job Creation/Retention Figures Job Creation/Retention Types

Permanent Jobs (FTEs) 2

Management 1

Part-Time Jobs 1

Technical 1

TOTALS 3

Sales/Marketing 1

Clerical/Administration

0

Total Jobs CREATED 3

Production 0

Total Jobs RETAINED 0

Clerk/Service 0

TOTALS 3

General Labor 0

TOTALS

3

Anticipated Annual Payroll or Average Annual Wage for Full & Part-Time Jobs $100,000

Estimated number of construction jobs created as a result of this project 200

Anticipated Payroll for Construction Jobs $4,800,000


II) Development Financing Plan:

A. Sources & Uses/Total Project Costs (example table below)

Sources of Funds (complete where applicable) Owner Equity Enter Text

$1,912,055

Other Financing – indicate source, i.e. bank, type of public or other funding Private local bank construction financing

$14,347,495

Other Financing – indicate source, i.e. bank, type of public or other funding Enter Text

$0

TIF Financing – indicate source TIF loan provided by private local bank $2,861,000

Total Sources of Funds $19,120,550

Uses of Funds (complete where applicable) Land Acquisition $0

Building Acquisition $2,100,000

Construction Hard Costs or Rehabilitation Costs $13,151,000

Site work Construction Costs INCLUDED ABOVE $0

Construction Soft Costs (Excluding Architectural & Engineering Fees) Enter Text

$273,000

Architectural & Engineering Fees $620,000 Capital/Equipment Costs, if applicable $175,000

Tenant Improvements/Build-outs, if applicable $105,000

Developer Fees $1,150,000

Financing Fees $744,000

Other (describe): Project Contingency $802,550

Total Uses of Funds and Total Project Costs $19,120,550

B. Is there or will there be an application requesting Property Assessment Clean Energy

(PACE) financing for this project? No Yes or No

C. Final Estimated Valuation and Justification - Add brief discussion regarding what the most probable final valuation will be and the methodology used to establish the final valuation.

J Development Company estimates the most probable final valuation to be $16,511,000 based on an average value of $104,500 per unit, which is comparable to other properties in the market. Furthermore, a valuation of $16,511,000 would equate to an approximate capitalization rate of 7.0%, a reasonable estimate for the Omaha market historical average.


III) Construction Budget, Itemized Public Improvement Costs and Project Timeline; insert here or attach in front of Site Plan § Provide Itemized Construction Budget here

Please see attachments § Itemize the Public Improvement Costs in this section

Please see attachments § Provide Project Timeline in this section

Please see attachments

IV) Three-Year Pro-Formas - profit/loss and cash flow statements; insert here or attach in front of Site Plan

Please see attachments

V) Statement of Need and ROI Analysis (with and without TIF) – In the Statement of Need section, talk about the challenging conditions of the redevelopment site which require the assistance of TIF. The ROI Analysis is “with” and “without TIF”.

Please see attached spreadsheet detailing ROI analysis with and without TIF. Without TIF, J Development Company would not be able to attract investment capital to the project as the proposed ROI would be an unacceptable 4.1%. Therefore, the project would not move forward. Utilizing TIF increases ROI to just over 10%, an acceptable and attractive return for investors. Furthermore, this project presents several challenges due to the reuse and conversion of the existing building, the site urban site, and the intergration of new construction into and above the existing structure. All of these challenges, and more, add to project costs and stress the economic feasibility of the deal.

VI) Evaluation Criteria: Mandatory Criteria - A project must meet each of the following criteria; briefly discuss how this project meets each criteria. Include each statement with your response.

1. The project must be located within a community redevelopment area or an area eligible for a

designation of community redevelopment area as required and set forth by State Statute. The project must be located within a community redevelopment area prior to the preparation of a Redevelopment Plan, refer to Attachment 1 – Community Redevelopment Area map. Requirements for community redevelopment areas are found in Appendix One and Two. The project is currently located within a Community Redevelopment Area.

2. The use of TIF for the project will not result in a loss of pre-existing tax revenues to the City and other taxing jurisdictions. No loss of pre-existing tax revenues are anticipated.

3. The developer is able to demonstrate that the project would not be economically feasible

without the use of TIF. In addition, when the project has site alternatives, the proposal must demonstrate that it would not occur in the area without TIF. Return on investment assists in determining the economic feasibility of the project. The Furniture Row Redevelopment would not be economically feasible without TIF. J Development company would be required to raise $4,773,055 of investment capital without TIF. This would be an impossible feat given that the projected returns to investors would be only 4.1%. Utilizing TIF reduces the amount of investment capital required and improves pro forma returns to investors to just over 10%. Furthermore, J Development Company does not know of any alternative sites for this project.


Redevelopment opportunities in this area are extremely rare and difficult to secure. Finally, this project presents several challenges due to the reuse and conversion of the existing building, the site urban site, and the intergration of new construction into and above the existing structure. All of these challenges, and more, add to project costs and stress the economic feasibility of the deal.

4. The project must further the objectives of the City’s Master Plan. This may include job creation, application/implementation of Urban Design elements of the project and related/adjacent public areas, preservation of historic sites and structures, revitalization of older neighborhood communities, business start-ups, business growth and expansion, and the densification of the urban core. The Furniture Row Redevelopment furthers the objectives of the City’s Master Plan in the following ways: Increasing densification of the urban core – The Furniture Row Redevelopment will be an extremely dense development with approximately 118 units per acre. Revitalization of older neighborhood communities – The Furniture Row will bring new housing options, jobs, and office space to a blighted and neglected part of Omaha. As developers have focused on nearby Aksarben Village, downtown Omaha, midtown Omaha, and far West Omaha, the 72nd & Dodge “core” has been overlooked and forgotten. Furthermore, the area has suffered from the stigma of the dying Crossroads Mall property for well over a decade. Implementation of Urban Design elements – The development team will work with City Planning to design a attractive and appealing project that incorporates Urban Design elements. Job creation – The project will generate approximately 200 construction jobs, 2 full-time management jobs, and 1 part-time management job. Business growth – J Development Company is a locally-owned business that is seeking to grow its operations with projects such as the Furniture Row Redevelopment in the City of Omaha. Additionally, the development team consists of several other locally-owned and growing firms that will benefit from the Furniture Row Redevelopment, including dozens of locally-owned subcontractors in the various buildind trades.


VII) Cost-Benefit Analysis – Respond to each statement; include any quantitative analysis (Community Development Law §18-2113 (2))

1. Tax shifts resulting from the division of taxes as provided in section 18-2147; No tax shifts are anticipated as a result of this project.

2. Public infrastructure and community public service needs impacts and local tax impacts arising from the approval of the redevelopment project; This project will not create any community public service needs and TIF will be used towards the costs of necessary public improvements.

3. Impacts on employers and employees of firms locating or expanding within the boundaries of the area of the redevelopment project; As discussed, the Furniture Row Redevelopment will target students and young professionals.

As local institutions such as UNO, Children’s Hospital & Medical Center, Creighton University Medical Center Bergan Mercy, and UNMC continue to grow, invest in our community, and attract new employees to the area, it will be critical that high-quality housing options keep up to meet this demand to support these local institutions.

4. 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; As discussed, the Furniture Row Redevelopment is conveniently located along the new ORBT public transit system, thereby providing tenants with easy access to all parts of Omaha. Therefore, tenants will be able to live at 72nd & Dodge and easily commute to work downtown, or even further west than previously before.

5. Impacts on the student populations of school districts within the city or village; and J Development Company anticipates that the Furniture Row Redevelopment will be most attractive to a younger, single, and student demographic. Although families will always be welcome at the community, the smaller studio/efficiency and 1-bedroom apartments may not be as suitable for family living. Therefore, a very limited impact or addition to student populations of school districts is anticipated.

6. Any other impacts determined by the authority to be relevant to the consideration of costs and benefits arising from the redevelopment project Enter Text


Applicant – Property Owner Signature(s)

To the best of my knowledge, the statements made above are complete, true and accurate. I hereby certify that I am authorized to submit this application and affix my signature below. I recognize that submission of this application does not guarantee approval for funding.

Printed Name of Owner

Owner’s Signature Date

Printed Name of Applicant

Applicant’s Signature Date (if not the property owner, the applicant certificates with this

signature to be the authorized agent of the property owner.)

3-Year Operating Pro FormaOperating Pro FormaIncome: Year 1 Year 2 Year 3Gross Potential Rent 1,713,600 1,739,304 1,765,394Garage Parking Rent 123,300 126,383 129,542Utility Reimbursement Income 37,920 38,868 39,840Other Income (Pet Fees, Late Fees, App Fees, Etc.) 47,400 48,585 49,800Vacancy (82,830) (84,901) (87,023)Effective Gross Income 1,839,390 1,868,239 1,897,552

Operating Expenses:Real Estate Taxes (Base) 25,000 25,000 25,000Real Estate Taxes (Increment) 306,853 314,524 322,387Insurance 31,000 31,775 32,569Maintenance, Contracted Services, & Turnover 77,500 79,438 81,423Salary, Benefits, & Personnel 108,500 111,213 113,993Administrative & Marketing 15,500 15,888 16,285Utilities 38,750 39,719 40,712Management Fees 62,635 64,201 65,806Replacement Reserve 23,250 23,831 24,427Total Operating Expenses 688,988 705,588 722,603

Net Operating Income 1,150,402 1,162,651 1,174,949

Debt Service 956,000 956,000 956,000DSCR 1.20 1.22 1.23Cash Flow Available for Distribution 194,402 206,651 218,949

ROI Analysis With TIF Without TIF

Capital Stack

Owner Equity/Investment 1,912,055 4,773,055

Bank Construction Financing 14,347,495 14,347,495

TIF 2,861,000 0

Total Capital 19,120,550 19,120,550

Effective Gross Income 1,839,390 1,839,390

Less: Operating Expenses 688,988 688,988

Less: Debt Service 956,000 956,000

Cash Flow Available to Owners 194,402 194,402

Return on Owner Investment (ROI) 10.2% 4.1%

Public Improvements ItemizationLandscaping 5,000Site improvements (sidewalks, parking, etc.) 16,000Improvements to Capitol Court 42,000Total Public Improvements 63,000

TIF-Eligible CostsTotal Public Improvements 63,000Acquisition Costs 2,100,000Site Preparation, Demolition, Grading, Surcharging, Special Foundations, Utility Hookups & Extensions

405,000

Rehabilitation, Major Renovations, and Retrofitting of Existing Structures 1,794,000Architectural & Engineering Fees 620,000Environmental Services & Studies 5,000Traffic Studies, Market Studies, and Appraisals 18,000Total TIF-Eligible Costs 5,005,000

Residential Use Information TableType SF # Units Rent/Mo.Studio 403 40 795Studio 426 8 795Studio 464 16 845Studio 477 12 845Studio 544 8 895Studio 508 40 895Studio 467 11 9451-Bedroom 524 4 9951-Bedroom 883 3 1,1001-Bedroom 540 8 9951-Bedroom 583 4 9951-Bedroom 589 4 995

Project TimelineTIF Application Submission Jun 10, 2019PUR Application Submission Jul 08, 2019TIF Committee Approval Jul 17, 2019TIF & PUR Planning Board Approval Aug 07, 2019Construction Start Date Apr 1, 2020Construction Completion Date Sep 30, 2021


Attachments to the Application: (following the Cost Benefit Analysis section)

I) Part 1 of the TIF Application ............................................ Non-Confidential Section

A. Site Plans & Elevations

B. Alta Survey and legal description (site specific)

C. Historic Designation Documentation, if applicable

D. Urban Design Review and Documentation Materials for TIF projects (See Attachment 2, submitdirectly to Jed Moulton, Urban Design Planning Manager)

E. Other Documentation, if applicable

*********************************************************************

II) Part 2 of the TIF Application ............................................ Confidential Section

A. Preliminary Commitment Letter(s), particularly for Construction and TIF Financing

B. Documentation of Ownership or Site Control

C. Organization Documentation

1. Corporation, LLC, Sole Proprietorship or Partnership papers

2. Current Certificate of Good Standing

3. Documentation stating authorized signors

D. An audited financial statement of the corporation, partnership, or individual for the most recent

full calendar year, or compilation or accountant prepared financial statements

E. Full Reports and Studies, if applicable

1. Appraisal, as-is and/or after rehab

2. Market Study

3. Feasibility Study

4. Environmental Study

5. Traffic Study

Note: The executive summary page(s) of the reports and studies may be made public on our TIF file

and included with the TIF Redevelopment Project Plan that is shared with the public.

Know what's below.before you dig.Call

R


N 7

2N

D S

T

CAPITOL CT

STR

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CEN

TERLIN

E

65'-0"

OV

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D P

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BU

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FO

OTP

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GARAGE

ENTRY

50 STALLS

FA

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BLD

G

17

9

SETBACK

30'-0"

1063 1064 1065 1066 1067 1068 1069 1070 1071 1072 1073 1074 1075

3

4

9'-9" 7'-0"

8FFE 1068'

APARTMENT

LOBBY

10

TENANT

SPACE

2,804 GSF

EL 1074'

EL 1060'

TRASH

WA

TER

EA

SEM

EN

T

10

'-0

"

STAIR

EXG STAIR

270'-0" 25'-0"

8'-

0"

11

6'-

0"

16

'-0

"

13 SURFACE STALLS

48'-2"

EL 1064'

EL 1068'

FFE 1073'

1068

1073

1068

28

'-0

"

7'-

0"

14

'-9

"1

3'-

8"

DOG RUN

BUILDING

LOBBY

10

'-4

"1

11

'-2

"

75'-4" 184'-0" 35'-8"

9'-

6"

16

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"

1068

T

C C C C

16'-0" 17'-9"

E

PARKING STATISTICS

158 RESIDENTIAL UNITSPARKING REQUIREMENTS

1.0 STALL PER STUDIO UNIT = 135 STALLS1.5 STALLS PER 1-BEDROOM UNIT = 35 STALLSCOMMERICAL OFFICE 1/300 SF = 9 STALLS

SUBTOTAL = 179 STALLS REQUIRED5% BIKE STORAGE CREDIT = 8 STALLS5% BUS STOP BONUS = 8 STALLSTOTAL PARKING REDUCTION = 16 STALLS

163 STALLS REQUIRED | 129 STALLS PROVIDED

116 GARAGE STALLS 59 COMPACT STALLS (52 ALLOWED)

13 SURFACE STALLS PARKING RATIO PER UNIT = .82

FILE LOCATION: PLOTTED: 3/6/2020 3:30:07 PMC:\Users\JBussert\Documents\Revit\19006_Furniture Row_SD_Arch_Central_R19_JBussert.rvt

J DEVELOPMENT - 119 N 72ND ST.Issue Date:03/04/2020Project Number: 19006 LEVEL 1 - SITE PLAN

0' 5' 10' 20'15'

D01.2

1 LEVEL 1 - SITE PLAN

67 STALLS

STR

EET

CEN

TERLIN

E

16

13

15

3

65'-0"

OV

ERH

EA

D P

OW

ER

SETBACK

30'-0"

270'-0"

1063 1064 1065 1066 1067 1068 1069 1070 1071 1072 1073 1074 1075

11

6'-

0"

N 7

2N

D S

T

CAPITOL CT

7

FFE 1057'

EL 1074'

MECH/ELEC

STORM

13

16'-0"

EL 1060'

EXG STAIR

GARAGE

ENTRY

E

16

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"

16

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"

16'-0"

C C C C C C C C C C C C C C

C C C C C C C C C C

C CC CC CC CCC C

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13 SURFACE STALLS

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J DEVELOPMENT - 119 N 72ND ST.Issue Date:03/04/2020Project Number: 19006 LEVEL 0 - GARAGE

0' 5' 10' 20'15'

D01.1

1 LEVEL 0 - GARAGE

BUILDING STATISTICS

LEVEL 0: 32,415 SF GARAGELEVEL 1: 34,828 SF GARAGE

4 UNITSLEVEL 2: 22,124 SF 39 UNITSLEVEL 3: 22,124 SF 39 UNITSLEVEL 4: 22,124 SF 39 UNITSLEVEL 5: 22,124 SF 37 UNITSTOTAL RSF: 76,520 RSFTOTAL GSF: 155,740 GSF

UNIT STATISTICS

UNIT TYPES: UNIT SF TOTALSTUDIO EFFICIENT (A) 403 SF 40STUDIO STANDARD (A) 426 SF 8STUDIO STANDARD (B) 464 SF 16STUDIO STANDARD (C) 477 SF 12STUDIO STANDARD (D) 544 SF 8STUDIO DELUXE (A) 508 SF 40STUDIO DELUXE (B) 467 SF 111-BR (A) 524 SF 41-BR (B) 977 SF 31-BR (C) 540 SF 81-BR (D) 583 SF 41-BR (E) 589 SF 4

STUDIO UNITS: 135 (85%)1-BEDROOM UNITS: 23 (15%)TOTAL: 158

W/DW/D W D

ELEC

LAUNDRY

TRASH /RECYCLE

11

1'-

2"

65'-0"

148'-0"

50'-8"

12

0'-

6"

59

'-9

"

14'-0" 120'-0" 14'-0"

42'-7" 190'-6" 35'-8"

FILE LOCATION: PLOTTED: 2/26/2020 10:27:30 AMC:\Users\JBussert\Documents\Revit\19006_Furniture Row_SD_Arch_Central_R19_JBussert.rvt

J DEVELOPMENT - 119 N 72ND ST.Issue Date:02/25/2020Project Number: 19006 LEVELS 2-5

0' 5' 10' 20'15'

D01.3

2 LEVEL 2-5 Units


J DEVELOPMENT - 119 N 72ND ST.

Date: 02/25/2020

Project Number: 19006 MATERIAL BOARD

FCS-1FIBER CEMENT LAP SIDINGMFR: JAMES HARDIE OR SIMILARCOLOR: DEEP OCEAN

MP-1METAL PANELMFR: BERRIDGE HS-12COLOR: ROYAL BLUE

WS-1CEDAR SIDINGMFR: TBDCOLOR: CLEAR FINISH

AMU-1ARCHITECTURAL MASONRY UNITSMFR: TRENDSTONE PLUSCOLOR: %50/50 MW WHITE/LIMESTONE, VARIED SIZES (INSTALL REFERENCE LOWER RIGHT)

FCS-2FIBER CEMENT LAP SIDINGMFR: JAMES HARDIE OR SIMILARCOLOR: ARCTIC WHITE

BR-1WAREHOUSE BRICK, PAINTEDMFR: GENERAL SHALE OR SIMILARCOLOR: WHITE

MP-2METAL PANELMFR: BERRIDGE THIN-LINECOLOR: ZINC GREY


J DEVELOPMENT - 119 N 72ND ST.Issue Date:02/25/2020Project Number: 19006 ELEVATIONS

0' 2' 4' 8' 16'

D03.1

1 SOUTH ELEVATION

0' 2' 4' 8' 16'

D03.1

2 EAST ELEVATION

MP-2AMU-1FCS-1FCS-2

FCS-1 FCS-2

5TH FLOOR CLUBHOUSE AND ROOF DECK

MP-1 WS-1 BR-1 BR-1FCS-2 FCS-2 FCS-2 FCS-2 FCS-2FCS-1 FCS-1 FCS-1 FCS-1 FCS-1 WS-1

MP-1 FCS-1 FCS-1FCS-2

NEW STOREFRONT

NEW STOREFRONT

FCS-1

BR-1


J DEVELOPMENT - 119 N 72ND ST.Issue Date:02/25/2020Project Number: 19006 ELEVATIONS

0' 2' 4' 8' 16'

D03.2

1 NORTH ELEVATION

0' 2' 4' 8' 16'

D03.2

2 WEST ELEVATION

EXISTING WALL TO BE PAINTED

WS-1FCS-1FCS-1

EXISTING WALL TO BE PAINTED

MP-2

MP-1

MP-1WS-1

5TH FLOOR CLUBHOUSE AND

ROOF DECK

FCS-2 FCS-1 FCS-1

FCS-2 AMU-1

FCS-2

FCS-2FCS-2

EXISTING WINDOWS REPLACED

WITH NEW STOREFRONT

NEW STOREFRONT

NEW STOREFRONT

FCS-1

MP-1

FCS-2

WS-1


J DEVELOPMENT - 119 N 72ND ST.Issue Date:02/25/2020Project Number: 19006 PERSPECTIVE

72ND STREET - SOUTHWEST PERSPECTIVE


J DEVELOPMENT - 119 N 72ND ST.Issue Date:02/25/2020Project Number: 19006 PERSPECTIVE

72ND STREET - NORTHWEST PERSPECTIVE

8'-0"

14

'-0

"

2'-

0"

12'-0"

10'-0"

8'-

0"


J DEVELOPMENT - 119 N 72ND ST.Issue Date:02/25/20Project Number: 19006 SIGN EXHIBIT

0' 2' 4' 8' 16'

D1.11

1 SOUTH ELEVATION - Sign Exhibit

0' 2' 4' 8' 16'

D1.11

2 WEST ELEVATION - Sign Exhibit

SIGN ACHANNEL LETTERS FIXED TO WALL = 56 SF MAX

SIGN BCABINET SIGN FIXED TO WALL = 24 SF MAX

SIGN CCHANNEL LETTERS FIXED TO WALL = 40 SF MAX

TOTAL BUILDING SIGNAGE ALLOWANCE = 120 SF MAX

WAIVER REQUESTS:1.) INCREASE IN OVERALL SIGN ALLOWANCE FROM 40 SF TO 120 SF2.) INCREASE IN MAXIMUM AREA ALLOWED FOR WALL SIGN

*FINAL SIGN DESIGN AND LOCATIONS WILL CONFORM WITH DESIGN GUIDELINES AS FOUND IN THE ZONING CODE

SIGN B

SIGN A

PAINTED MURAL

SIGN C

PAINTED MURAL

Know what's below.before you dig.Call

R


CITY OF OMAHA · The use of TIF for the project will not result in a loss of pre -existing tax...

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Transcript of CITY OF OMAHA · The use of TIF for the project will not result in a loss of pre -existing tax...