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City of Omaha Mike Fahey, Mayor
Honorable President
,., $ .,. J<'"1· r:::i (IP or1 2 ~. f, i ,J· ,_, . ;!;'") . . .J • •••
::'"· ,,.,
November 4, 2008
and Members of the City Council,
Planning Department
Omaha/Douglas Civic Center 1819 Farnam Street, Suite 1003
Omaha, Nebraska 68183 ( 402) 444-5150
Telefax (402) 546-0714
Steven N. Jensen, AICP Director
The attached Resolution recommends the approval of the Quad Tech, LLC Tax Increment Financing Redevelopment Project Plan for the development of a 315,000 sq. ft. building and the 10.3-acre BlueCross Centre Headquarters Building site at the Aksarben Village project study area, 1919 Aksarben Drive at the intersection of Frances Street and Aksarben Drive identified as Lot 3 of Zone 7 and Lot 2 of Zone 8 at Aksarben Village.
The Quad Tech, LLC Redevelopment Plan approved by the Planning Board on September 3, 2008 proposed that the City participate in the development of the project for the 315,000 gross square feet new corporate office building by providing $12,000,200.00 in Tax Increment Financing, which will be used to offset the cost of site acquisition, demolition, preparation, development, public improvements and other TIF eligible expenses. The total project cost is estimated to be $99,410,945.00 with adjusted TIF eligible expenses of $13,760,000.00.
Your favorable consideration of this Resolution will be appreciated.
Respectfully submitted, Referred to City Council for Consideration:
Approved:
ld. 27·03 Date ~ Ma)!Of'SOmce
Carol A. Ebdon Finance Director
Date t%.L,,~ r Robert G. Stubbey
Public Works Director
Notice of Publication and Public Hearing: November 6 & November 13th, 2008
Public Hearing: November 25, 2008
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Date
/(? /2g/,,;? , Date
EXHIBIT "A"
QUAD TECH, LLC
Tax Increment Financing
Redevelopment Project Plan
BLUE CROSS CENTRE
HEADQUATERS BUILDING @
1919 AKSARBEN DRIVE
OCTOBER 2008
PLANNING • OMAHA
Steven N.Jensen, AICP LA Director Planning Department Omaha/Douglas Civic Center
1819 Farnam Street Omaha, Nebraska 68183
\,-,-•,-
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FUTURE D <--PARl<INC IACONAL ~ , AK ALONG (, SARl!EN DRl'IE •,- \' UN0£R SEPARATE \ "., ~-, PROJECT \ '. ',-\ .''
LEDADAIY 8600 lnd1¥1 HMh Drive O!nah.t.,NE68114·40l9USA lel40?·l91-8111 h><..02-)91-6564
PLANNING ARCHIHCTURE fNGINURJtH,; INTUlORS
oil CD Kiewit
Building Group
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FUTURE PARALLEL PARKING ALONG FRANCES STREET UNDER SEPARATE PROJECT
PROI OSED P:ztKING CAfAGE
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I' I JOB NO. 002-10064-000
·-0-Tetrad Development !H} BlueCrossBlueSbield V of Nebraska BlueCross Centre
DATE:
TITLE:
11 AUGUST 2008
SITE LAYOUT "'''""" ·-~. . .. ~ ........... ~ .................. ,J~-~~·-·
DRAWING: Xl .05
INTER-OFFICE COMMUNICATION Date: August 18, 2008
To: Planning Board Steven N. Jensen AICP LA Director, Planning Department.
From: Ken Johnson
Developer: Quad Tech, LLC Mgr Tetrad Corporation 11422 Miracle Hills Drive, Suite 400 Omaha, NE 68154-4420
Project:
Omaha Nebraska, 68105
BlueCross Centre at Aksarben Village Tax Increment Financing Redevelopment Project Plan Area 1919 Aksarben Drive, Omaha NE.
The proposed project provides for the acquisition, rehabilitation, and redevelopment of a 10.3 acre site identified as Lot 3 of Zone 7 and lot 2 of Zone 8 at Aksarben village for the development of a 315,000 gross square feet new corporate office building, for the "BlueCross Centre" located at 1919 Aksarben Drive that forms a signature pedestrian space at the intersection of Frances Street and Aksarben Drive. The new corporate office building will be supported by a 1200 stall parking structure plus approximately 240 surface parking stalls. The parking garage will be designsd and regulated to accommodate future parking for Zone 8 and Zone 5 in Aksarben Village.
The new office building is being developed to contain corporate office space to accommodate 1200 employees to include approximately 150 new jobs. The building will contain Food Service and physical fitness amenities for employees are also planned within the building structure. Appropriate landscaping and features will be introduced to enhance the total development and design of the project and area ...
The preliminary project design and site layout have been reviewed and found to be in compliance with or exceed design standards.
Request: The approval ofTIF of $12,000,200.00 @7.5% Total project cost approximately $99,410,945.00. The project cost and future valuation of approximately $87,409,251.00 support the TIF requested based on a 2% Tax Levy in compliance with TIF guidelines.
TIF Fee Schedule: $500.00 application & $3,000.00 processing fees paid; administrative fee $42,500.00 to be billed. Total fees $46,000.00.
Recommendation: Approval; The project site and area meet the requirements of Nebraska Community Development Law and qualify for the submission of an application for the utilization of Tax Increment Financing to cover cost associated with project development as submitted for approval through the Tax Increment Financing process. The project is in compliance with the Master Plan, appropriate Ordinances and development regulations of the City. The proposal is in compliance with the planned expansion of the mixed use Urban Community designed for Aksarben Village.
· M. TIF District Boundary
Rece!Yed • DfANE L BAnlATO ...... ~Ct.ufi,t€
11art AKSARBEN VILLAGE REPLAT 5 Lot 1, 2 & 3 Being a replatting of Lots 11 & 12 Aksarben Village a Subdivision, As Surveyed, Platted and Recorded in Douglas County, Nebraska.
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AKSARBEN BUSINESS & EDUCATION CAMPUS REPl.AT 6
N89'55'!~.crE ~ I U. - - --------- ---------------- --- ---- ________ 3Q.t.0D: ____________ ------------------ ------------ - ~I 48'
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~g AKSARBEN v LLAGE I :~§ : t' REPLl-\T 5 I 1 I I
114,114 SQ n ~ ...
i~~ I 3
351,878 SQ FT i 2
95,832 SQ FT To-
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PERMANENT EASEMENT FOR INGRESS ANO EGRESS
IN FAVOR OF LOT 1
8.00' PER IN
llTY EASEMENT . if20070185l7
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AKSARBEN VIUJ..GE REPLAT 1
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COUNJY TREASURER'S CERTIFICATION
! Thia is to certify that J find no regular or special toxes due or delinquent ogolnst the properly os de::icribed in the surveyor's certificate ond os shown by the rocords of this office. ~~-;rn~~
®""¢'_.,-.... : .. ~r-"' --;-----....... ~ C" J. _ , _ '"' ,<,.,,,,,"; .... ~,\
SURVEYORS CEITTJFICATE I HEREBY CERTIFY THAT I hove mode a boundary suivey of the subdivision herein ond that pormanent monumenl1 oe shown hereon hove been ploced al oll corners ond angle potnls on all tots ond the boundary of the plot to be known os AKSAR&N VIUAGE REPlAT 5, (Lots 1, 2 ond J) being o n1plattln9 of Lots 11 &: 12 AKSARBEN VU.AGE, o subdlvieion, os surveyed, plotted and recorded in Oouglos County, Nebroako.
~ ~''"'""''~ (....... ) . ? - A;~;~ ... ~.~.~~ !'~ Land Surveyor S (; / & ·•· ... ~_,~ Dote· rl-"Z-l-l>lJ ;::t( Wl~~TE. \~'i
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OWNER'S & MORTGAGEE CERTIFICATION
KNOW AU. PERSONS BY THESE PRESENTS: That the undersigned ore OWNERS ond MORTGAGEES of the property as describod in the surveyor's certificote ond embraced within tl'tis plot, and hove caused so)d lond to be subdivkled into lots os shown on this plot.
. o Nebraska Nonprofit Corporation, OWNER
Representative
WoiUCorp. U.C, t.lORTGAGEE
ACKNOWLEDGEMENTS OF NOTARIES Slate of Nebraska )
.oovNT'Y o~ /:k>u<,L'-' )SS ~ On lhi~ day of , 2008, before me, a notary public, duly quoliflOd and comm=9i0Mdifl and for 11oid county ood state • personally appeared Kenneth E. Stinson, who is personally known to me to be the idenUcol person whose name is olfhrt1d lo the fOf"egoing instrument na Authorized RepHnntotive of AK-SAR-BEN future Trust, and he oeknowledged the signing of thfl some to be his voluntary oct and deed 011 such officer
"~~·~~o,iona ............ ,. ... .,.,. N~ _..CL,. CHERYLR. GARDNER
- MyCOMm.[lp.Mwdl3,2009
Slate of Nebra~ko ) C..~VNTf 4F /Jt;t,J~ )SS
On this~M.&.n_ doy of ;/ff..1L , 2008, before me. o notary public, ?uly quolified o~d ~mJssioned . in ond to~. S?id cou~ly ond. st.ote ..
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I. Public Improvements
Public improvements are estimated at $2.5 million as described in the attached Exhibit "C" for Zone 7, the location of the BlueCross Centre project.
EXHIBIT C
TIF FINANCIAL PLAN
Phase 1A Phase 1B Phase 2 Phase 3 Phase 4
Starting Date Sep-06 Mar-07 May-09 May-11 If Necessary
Beginning Cash 0 0 0 11,614 702,989
TIF Sources FDR 7,200,000 0 0 0 0 Zone 2A 3,500,000 Zone 28 920,000 Zone 3 3,356,000 180,000 Zone4 Zone 5 820,000 765,000 1,070,000 Zone6 1,720,000 2,280,000 Zone 7- STC 2,500,000 Zone 8 1,215,000 Zone 9 690,000 Zone 10 1,370,000
Total TIF Sources 7,200,000 8,596,000 4,035,000 7,755,000 0
Sewer Separation Funds 1,500,000
Total Sources and Funds 8,700,000 8,596,000 4,035,000 7,766,614 0
Uses Row Grading 947,200 72,600 112,300 Utility Relocation 1,052,000 Storm Sewers 1,480,800 164,200 Sanity Sewers 492,300 23,400 Zone 4 Development 1,000,000 3,439,615 Sewer Separation 1,500,000 Project Coordination 258,890 248,795 30,216 75,124 23,172 Project Contingency 323,615 310,995 37,770 93,905 23,172 Water Mains 331,800 84,500 28,200 Interior Streets 3,332,700 755,400 1,533,400 467,000 Center Streets 2,555,400 Retained by Developers 1,000,000 1,250,000 AFT Recovery 1,645,195 816,310 3,200,000 338,495
Total Uses 8,700,000 8,596,000 4,023,386 7,075,239 653,844
Ending Cash 0 0 11,614 702,989 49,145
Phase 4, if necessary, would be the build out of Shirley St. and would occur if STC did not exercise its option.
4844-1852-2369.6
-~f-Tetrad Development ORPOf\,\T ()'.';
Mr. Ken Johnson Economic Development Manager 1819 Farnam Street Omaha NE 68183
August 11, 2008 Re: BlueCross Centre
Dear Mr. Johnson,
On behalfofQuadTech, LLC, (Manager: Tetrad Corporation, W. David Scott, President) we appreciate the opportunity to submit the following Application for Tax Increment Financing for the new BlueCross Centre; a significant project designed for 100% occupancy by BlueCross BlueShield late in 2010 or early 2011.
The BlueCross Centre is an element of the recently approved Aksarben Village project, an urban mixed-use community designed to complement and expand commercial, office and residential development around the University of Nebraska at Omaha campus. The BlueCross Centre is specifically located on Lot 3 of Zone 7 and Lot 2 of Zone 8, which was formerly occupied by a deteriorated pari-mutuel horse race track complex. The 10.3 acre BlueCross Centre site will provide the stimulus for additional private and public sector investment along the Aksarben Drive corridor, in addition to the overall long term success for planned usage within the Aksarben Village.
The BlueCross Centre will consist of approximately 315,000 gross square feet for a new corporate office building sited to form a signature pedestrian space at the intersection of Frances Street and Aksarben Drive. The architecturally significant structure will contain corporate office space for approximately 1,200 employees to include approximately 150 new jobs. Food service and physical fitness amenities for employees are also planned within the building structure. Internal pedestrian connections will connect sidewalk areas to adjacent parking amenities and also to the surrounding Aksarben Village development.
The new corporate office building will be supported by a structured parking garage with approximately 1200 stalls, plus approximately 240 surface stalls. The garage will also be regulated to provide parking for Zone 8 and Zone 5 in the Aksarben Village.
This application requests the approval of $12,000,200 in Tax Increment Financing to support the development of the BlueCross Centre, a $100 million project that will create, at a minimum, a $87 ,409 ,251 million incremental increase in assessed property value. As represented within the application, the BlueCross Centre project meets the mandatory and discretionary criteria set forth within the Tax Increment Financing Guidelines issued by the City of Omaha.
Perhaps of most significance, the BlueCross Centre project cannot proceed without Tax Increment Financing assistance.
Respectfully submi d,,
President, Tetrad Development Corporation 402-997-7512 [email protected]
Application for Tax Increment Financing
BlueCross Centre At Aksarben Village 1919 Aksarben Drive Omaha, Nebraska
Submitted by: QuadTech L.L.C. Managing Member: Tetrad Corporation W. David Scott, President 11422 Miracle Hills Drive, Suite 400 Omaha, NE 68154-4420
August 11, 2008
Application for Tax Increment Financing BlueCross Centre at Aksarben Village
The BlueCross Centre is an element of the recently approved Aksarben Village project, an urban mixed-use community designed to complement and expand commercial, office and residential development around the University of Nebraska at Omaha campus. The BlueCross Centre project, located on Lot 3 of Zone 7 and Lot 2 of Zone 8, will result in the creation of approximately 315,000 gross square feet of office space within an architecturally significant structure designed by the firm of Leo A. Daly Company. In addition, an approximate 1200 stall parking garage will be constructed along with approximately 240 surface stalls that will provide parking amenities for both employees and with considerations for public parking after normal working hours for visitors to the Aksarben Village shops, restaurants and entertainment venues. The project's developer is QuadTech L.L.C., Manager: Tetrad Corporation, W. David Scott, President.
Formerly occupied by a deteriorated pari-mutuel horse race track complex, the 10.3 acre BlueCross Centre site will provide the stimulus for additional private and public sector investment along the Aksarben Drive corridor. When completed late in 2010, the $100 million project will contribute to the overall long term success of the Aksarben Village project.
The BlueCross Centre project consists of a 10-story glass and pre-cast office building of approximately 315,000 gross square feet and a three level, 1200 stall parking garage. The office building will be sited to form a signature pedestrian space at the intersection of Frances Street and Aksarben Drive. The architecturally significant structure will contain corporate office space for 1,200 employees along with food service and physical fitness amenities for employees. Internal pedestrian connections will connect sidewalk areas to adjacent parking amenities and also to the surrounding Aksarben Village development.
This application requests the approval of $12,000,200 in Tax Increment Financing to support the development of the BlueCross Centre, a $100 million project that will create, at a minimum, a $87,409,251 million incremental increase in assessed property value.
B. Financing Plan
PROJECT SCOPE Building Area (Gross) 315,000 GSF
No. of Stories 10.0
Garage Parking 1,200 Stalls
No. of Levels 3.0
Surface Parking 240 Stalls
Land (SF) 447,901 10.28 acres
PROJECT BUDGET Estimated Tax
Quantity Unit Price Unit Total Valuation T.l.F. Eligibility
Land:
Purchase Price - Lot 3 352,069 $ 7.81 SF $ 2,750,378 $ 2,750,378 $ 2,750,378
Purchase Price - Lot 2 95,832 $ - SF $ - $ - $ -1 Off-site Public Improvements 1 $2,500,000 LS $ 2,500,000 $ - $ 2,500,000
Total Land $ 5,250,378 $ 2,750,378 $ 5,250,378
Construction: Site Preparation 447,901 $ 4.47 Land SF $ 2,004,031 $ 2,004,031 $ 2,004,031
Utility Infrastructure 447,901 $ 1.36 Land SF $ 610,401 $ 610,401 $ 610,401
Landscaping 447,901 $ 0.65 Land SF $ 292,780 $ 292,780 $ 292,780
Interior Pedestrian Network 447,901 $ 1.43 Land SF $ 638,544 $ 638,544 $ 638,544
Parking Garage 1,200 $ 13,681 Stalls $ 16,416,665 $ 16,416,665
Special Foundations 395,280 $ 7.09 GSF $ 2,800,934
Surface Parking 240 $ 2,874 Stalls $ 689,697 $ 689,697
Building Shell & Core 315,000 $ 171.09 GSF $ 53,894,071 $ 53,894,071
Special Foundations 315,000 $ 3.77 GSF $ 1,186,309
$ 74,546,189 $ 74,546,189 $ 7,532,999
Consultants:
Design 4.70% Constr $ 3,500,000 $ 3,500,000 $ 353,680
Soils I Survey 1 $ 75,000 LS $ 75,000 $ 75,000 $ 75,000
Spcl. Inspections (code) 1 $ 100,000 LS $ 100,000 $ 100,000 $ 100,000
Other Consultants 1 $ 50,000 LS $ 50,000 $ 50,000 $ 50,000
T.l.F. Application Fees 1 $ 46,000 LS $ 46,000 $ 46,000 $ 46,000
Legal I Acctg I Misc. 1 $ 300,000 LS $ _300,000 $ -Financing and Other 1 $ 7,000,000 LS $ 7,000,000 $ -Project Management 5.00% Total $ 4,543,378 $ 4,543,378 $ 407,884
$ 15,614,378 $ 8,314,378 $ 1,032,564
Subtotal $ 95,410,945 $ 85,610,945 $ 13,815,941
Project Contingenc~: 4.2% $ 4,000,000 $ 3,589,146 $ 579,218
Total Project Cost 99,410,945 $ 89,200,091 $ 14,395,159
1 $2.5MM "OFF SITE" T.l.F. Contribution
Project Budget_T.l.F. Application 08.11.08
BlueCross Centre Sources and Uses Omaha, Nebraska August 2007
SOURCES: Tax Increment Financing Land Equity and Off-site Public Improvements, already funded Financing from Financial Institution Additional Cash Equity
Total Sources
USES: Land Acquisition
Purchase Lot 3 Purchase Lot 2 Off-site Public Improvements Payment
Construction Site Preparation Utility Infrastructure Landscaping Interior Pedestrian Network Parking Garage, with Special Foundations Surface Parking Building Shell & Core, with Special Foundations
Consultants Design Soils/Survey Special Inspections Other Consultants T.l.F. Application Fees Legal, Accounting, Misc. Financing and Other Project Management
Project Contingency
Total Uses
$ 12,000,200 5,250,378
75,000,000 7,160,367
$ 99,410,945
$ 2,750,378
2,500,000 $ 5,250,378
$ 2,004,031 610,401 292,780 638,544
16,416,665 689,697
53,894,071 $ 74,546,189
$ 3,500,000 75,000
100,000 50,000 46,000
300,000 7,000,000 4,543,378
$ 15,614,378
$ 4,000,000
$ 99,410,945
BlueCross Centre TIF Operating Summary Omaha, Nebraska August 11, 2008
With Without TIF TIF
Project Costs $ 99,410,945 $ 99,410,945
Loan-to-Value Ratio 75% 75%
Financing from Financial Institution $ 75,000,000 $ 75,000,000
TIF Qualified Financing $ 12,000,200 $
Equity Required (land plus additional cash) $ 12,410,745 $ 24,410,945
Debt Coverage Ratio, 1st Mortgage 1.2 1.2 Financing Interest Rate, 1st Mortgage 7% 7%
Total Financing and Equity $ 99,410,945 $ 99,410,945
Net Operating Income $ 7,040,860 $ 7,040,860
Debt Service, 1st Mortgage Annuc;il P&I $ 5,987,723 $ 5,987,723
Cash Flow after Debt Service $ 1,053,137 $ 1,053,137
Cash on Cash Return on Equity 8.49%1 4.31%1
Applicant: TIF Projection EXAMPLE: $87,409,251 construction 100% valuation $12,000,200 TIF supported 7.50% interest 1.05 coverage ratio
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 7.50% Total Balance Interest 7.50%
-------- -------- -------- -------- -------- --------0 $12,000,200
0.5 0 0 0 2.05403 0 0 0 $0 $0 $0 $12,450,208 450008 450008
1 0 0 0 2.05403 0 0 0 $0 $0 $0 $12,917,091 466883 466883
1.5 0 0 0 2.05403 0 0 0 $0 $0 $0 $13,401,482 484391 484391
2 0 0 0 2.05403 0 0 0 $0 $0 $0 $13,904,038 502556 502556
2.5 83246905.7 0 83246905.71 2.05403 854958 8550 846408 $325,007 $521,401 $846,408 $13,579,031 0 521401
3 83246905.7 0 83246905.71 2.05403 854958 8550 846408 $337,194 $509,214 $846,408 $13,241,837 0 509214
3.5 83246905.7 0 83246905. 71 2.05403 854958 8550 846408 $349,839 $496,569 $846,408 $12,891,998 0 496569
4 83246905.7 0 83246905. 71 2.05403 854958 8550 846408 $362,958 $483,450 $846,408 $12,529,040 0 483450
4.5 83246905.7 0 83246905. 71 2.05403 854958 8550 846408 $376,569 $469,839 $846,408 $12,152,471 0 469839
5 83246905.7 0 83246905. 71 2.05403 854958 8550 846408 $390,690 $455,718 $846,408 $11,761,781 0 455718
5.5 83246905.7 0 83246905.71 2.05403 854958 8550 846408 $405,341 $441,067 $846,408 $11,356,440 0 441067
6 83246905.7 0 83246905. 71 2.05403 854958 8550 846408 $420,541 $425,867 $846,408 $10,935,899 0 425867
6.5 83246905.7 0 832 46905. 71 2.05403 854958 8550 846408 $436,312 $410,096 $846,408 $10,499,587 0 410096
7 83246905.7 0 83246905.71 2.05403 854958 8550 846408 $452,673 $393,735 $846,408 $10,046,914 0 393735
7.5 83246905.7 0 83246905.71 2.05403 854958 8550 846408 $469,649 $376,759 $846,408 $9,577,265 0 376759
8 83246905.7 0 83246905. 71 2.05403 854958 8550 846408 $487,261 $359,147 $846,408 $9,090,004 0 359147
8.5 83246905.7 0 832 46905. 71 2.05403 854958 8550 846408 $505,533 $340,875 $846,408 $8,584,471 0 340875
9 83246905.7 0 83246905.71 2.05403 854958 8550 846408 $524,490 $321,918 $846,408 $8,059,981 0 321918
9.5 83246905.7 0 83246905. 71 2.05403 854958 8550 846408 $544,159 $302,249 $846,408 $7,515,822 0 302249
10 83246905.7 0 83246905.71 2.05403 854958 8550 846408 $564,565 $281,843 $846,408 $6,951,257 0 281843
10.5 83246905.7 0 83246905. 71 2.05403 854958 8550 846408 $585,736 $260,672 $846,408 $6,365,521 0 260672
11 83246905.7 0 83246905.71 2.05403 854958 8550 846408 $607,701 $238,707 $846,408 $5,757,820 0 238707
11.5 83246905.7 0 83246905.71 2.05403 854958 8550 846408 $630,490 $215,918 $846,408 $5,127,330 0 215918
12 83246905.7 0 83246905.71 2.05403 854958 8550 846408 $654,133 $192,275 $846,408 $4,473,197 0 192275
12.5 83246905.7 0 83246905.71 2.05403 854958 8550 846408 $678,663 $167,745 $846,408 $3,794,534 0 167745
13 83246905.7 0 83246905.71 2.05403 854958 8550 846408 $704, 113 $142,295 $846,408 $3,090,421 0 142295
13.5 83246905.7 0 83246905.71 2.05403 854958 8550 846408 $730,517 $115,891 $846,408 $2,359,904 0 115891
14 83246905.7 0 83246905. 71 2.05403 854958 8550 846408 $757,912 $88,496 $846,408 $1,601,992 0 88496
14.5 83246905.7 0 83246905. 71 2.05403 854958 8550 846408 $786,333 $60,075 $846,408 $815,659 0 60075
15 83246905.7 0 83246905. 71 2.05403 854958 8550 846408 $815,821 $30,587 $846,408 $0 0 30587
======== 2.05403 --------- --------- --------- --------- --------- --------- =========== $22,228,908 $222,300 $22,006,608 $13,904,200 $8,102,408 $22,006,608 $1,903,838
=========== =========== =========== =========== =========== =========== ===========
NOTE: This information is provided to assist in analyzing the Original Loan Amount $12,000,200 ASSUMPTIONS:
specific request to the TIF committee. This information is subject Capitalized Interest $1,903,838 1. Assumes Pre-Development Base of $1, 790 ,840
to change based on actual tax assessments. This schedule assumes Loan Balance Remaining $0 2. Loan Amount: $12,000,200
a 100% real estate valuation and a 1.05 debt coverage ratio. This ----------- 3. Interest Rate: 7.50%
schedule is for illustration purposes only. The results contained Annual tax revenues: $13,904,038 4. Project Hard Costs: $87,409,251
herein are not guaranteed and include information from others which $1,709,916 =========== 5. Increment Base: $83,246,906
has not been verified for accuracy. Actual results may vary. The TIF and financing programs referenced herein have specific requirements. Availability or receipt of TIF is contingent on numerous factors including decisions of governmental agencies and financial institutions. No likelihood of financial feasibility or success is expressed or implied.
C. Commitment for Financing
G) First National Bank
August 8, 2008
Mr. W. David Scott QuadTech, LLC c/o Tetrad Corporation 11422 Miracle Hills Drive, Suite 400 Omaha, NE 68154
1620 Dodge Street Omaha NE 68197 402.341.0500
Re: Financing of Public Improvements - 1919 Aksarben Drive
Dear Mr. Scott:
First National Bank would favorably consider providing financing for the proposed office facilities and associated public improvements for BlueCross BlueShield of Nebraska at 1919 Aksarben Drive, Omaha, Nebraska. The financing package would include the Tax Increment Financing ("TIF") with an amount to be determined.
Please do not hesitate to give me a call if you have any further questions, or require additional information. We look forward to working with you on this transaction.
Sincerely,
FIRST NATIONAL BANK
Scott W. Damrow Vice President, Commercial Real Estate
D. Proforma Included in Exhibit B
E. Statement
Statement and demonstration that the project would not proceed without the use ofTIF:
As evidenced in Exhibit B, the projected return without TIF is 4.31 % and therefore the project would not proceed without Tax Increment Financing assistance.
F. Evaluation Criteria
The project meets the mandatory criteria set forth in the Tax Increment Financing Guidelines issued by the City of Omaha.
Mandatory Criteria:
1. The project must be located within a blighted area or an area eligible for a designation of blight as required and set forth by State Statute.
The BlueCross Centre project is located in a designated Blighted and Substandard Area of the City of Omaha.
2. The project must further the objectives of the City's Comprehensive Plan.
The BlueCross Centre project results in the redevelopment of 10.3 acres within the Aksarben Village project, a new urbanist mixed use community. The project will create approximately 315,000 gross square feet of corporate office space occupied by 1,200 employees and a structured garage containing approximately 1200 parking stalls. It will further reinforce the overall success of the Aksarben Future Trust sponsored project and will extend much needed public improvements to areas located north of_ Center Street.
3. The use ofTIF for the project will not result in a loss of pre-existing tax revenues to the City and other taxing jurisdictions.
The Tax Increment Financing request proposes to utilize only the increase in property taxes resulting from the improvements proposed by the developer. Existing tax revenues will continue to accrue to the benefit of the City of Omaha and other taxing jurisdictions.
4. The developer is able to demonstrate that the project would not be economically feasible without the use of Tax Increment Financing. In addition, if the project has site alternatives, the proposal must demonstrate that it would not occur in the area without TIF.
As demonstrated by Exhibit B, the BlueCross Centre project is not economically feasible without the use of Tax Increment Financing. Since the project is an element of the Aksarben Village development, there are no site alternatives for the project.
5. The project will eliminate an actual or potential hazard to the public. Hazards may include condemned or unsafe buildings, sites or structures.
The currently vacant 10.3 acre site was previously occupied by the Aksarben pari-mutuel race track complex. Due to the existence of conditions that were hazards to the public, the buildings have been demolished.
As detailed below, the BlueCross Centre project meets six of the discretionary criteria as set forth in the City of Omaha's Tax Increment Financing Guidelines and qualifies for a 15-year amortization period.
Discretionary Criteria:
The BlueCross Centre project will generate approximately 1200 jobs of which approximately 150 will be new.
2. The BlueCross Centre project is located within an area that has been designated as blighted and substandard
3. TIF proceeds will be used for the construction of all public improvements required by the City of Omaha's Planning and Public Works Departments as originally planned in the Development Agreement for Aksarben Village.
4. The BlueCross Centre project area displays conditions of blight and constitutes an economic and social liability detrimental to the successful development of the Aksarben Village project.
7. Upon completion of the proposed improvements, the BlueCross Centre project will be occupied by a business that will expand its operations by approximately 150 new technology related jobs within the City of Omaha.
8. The redevelopment site has displayed a recent pattern of declining real property assessments.
G. Preliminary Site Plan, Building Plans and Elevations
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Open Sp;;u..-e/Civic, 4.2 Acre:.• Urfi.lnOpen~w ' J•A:l-'l\'tl'Krta!M.il • 'lr..t1l<1'W'lntcd~mi • l'l.wu ~<Id lmd:i•.-a1Kd .«<".i<
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iiirliii AKSARBEN VILLAGE REPLAT 5 C:\IUOu.f6"'Zllr
Lot 1, 2 & 3 Being o replattu1g of Lots 11 & 12 Aksarben Village o Subdivisiori, As Surveyed, Platted and Recorded in Douglas County, Nebrnskn.
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AKSARl:ll:N l:lUSINESS & EDUCATION CAMPUS RcPLAI 6
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COUNTY IRfASURER'S CERTJflCADON
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PLAT NOTES 1 ML DISfANCES ME SltOWH TO f)(CIMAL FEET 2. N..L DISTmcE:S Sl-!OWN N..OHG CURVC:S !IRE l\RC OISTA.~SNOTCHCIROl)ISJ~C£$.
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CORNERS SCT (5/1:1" REl!M wm1 1 114·_
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SURVEYORS CERTIFJCATE I HEREB"l'ct:RTfYTI1Al ltlave rnadeo bol.ndaf)'aney Gt t11e ~on h11'11Jnond thot parmottenl monumonta oc dlown herl!Ofl hawl b<i ... pklr:.cl 11t all <:Of1lttl"ll ood nogle points O'l ~M klb uM the boundory 114 1110 plat to be kno"n C1S HtSN!BEH VIU..l\6( tlEP\JllT D. (Lol5 1, 2 olld J) beinog o replolti<IO t>t' lot• 11 ilk 12 AICSARO£N W.1..AGC, a wbdMlll::<"I, O!I 1111'V4')'td. ploUIKI ond rKOl'dtd in OollQl<ll: COUll\y, Nebr<M<a .
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OWNER'S & MORWAGEE CERIJFICAT!ON
KHOW ALL F'EllSONS UY DES£ l'ffCSf)tJS: Tllal tne ~ - o~.-s andlilORfGl.GEESoflhef'l"OPJf1-ymdolf<>rib<rdinlhll•unoyof'•<:<1rliroc:.u1e ond f!mb!--d ""tltitl thioo plal, ond - '""- coaid kmd lo bu •ul>dt.i<)utl lnlolota111G110..nonlbisptot.
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ACKNOWLEDGEMENTS Of NOTARIES :;tot.: ot Ncbfwka J
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On u.;._~ tJuy of , 2008, behw• me. 11 nOl.111"/ publi<:,dulyqualir...<J,it>d"""'~Podf«soldaountyandsl:oh, pwsonalf appeoNCI ~ I:. Stir.on. •ho I• SM•Hnotl)' lcMwfl to me to be lhc ldcntlocll f'lll"lllllt who .. noine b otf.-1 tel Ille f0t~9 "''"'-'icnl 11\1 ""lbori;rodR11p1nentoliweMAK-S1111:-a.llr..iu ... Trust,andh11...--'->..i..dgad 1ua~althesometabe"'-YOklnla!')'oclm1ddeedu1111d>alllcor
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on ltli~ 11oy Jtm....______, 200!!, befon1 me. a nol<lry f>ublic, duly quoi;t;..s - comnll........,sd in 111\d rllf ~ """"IY "''d slolo, pc1_....ly~JohnSchUfllo,wtlllie11111..........,,kr><l.,1i<>""'lobull<11 ldentlcol person 1ri>ON ,_,.,. ;. aff"..-Ad to th• loregolnlj in.trument -hec..u.i. ll"IOll Prl:lidcnt ond Clliol f1m1ncial Ofl....,. ol WlllltCorp, U.C, and Ila acknowlc490d VIO ~iny ol Iha ,... ..... 10.,. 1\1111'111..nlQI)' ocl and dad Q1I
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APPROVAL Of CITY £NGINE£R Of OMAHA I HlRE8Y CEKl"lf-Y IHM OCleqlllltc ~ion:! ho<~ bc«o mode tot th<: e11mpf"- -.tit> 0.Upl...- 5.1-a tN Illa Om<lhQ Municipal Codo;
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'I "'1!.. 1 J PLANNING A•CH!TfCfUAf lNCINURING INTfltlOltS
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Building Group -lfretrad Development ., BlueCross BlueShield
of Nebraska BlueCross Centre JOB NO.
DATE;
TITLE:
DRAWING:
N /s·· t) 002-10084-000
11 AUGUST 2008
REPLAT 5
Xl.02
DRAWING 1~0 I IO SCALE
L. Legal Description
Lots 2 and 3, Aksarben Village Replat 5, a subdivision as surveyed, platted and recorded in Douglas County, Nebraska
ReceMd-OIANEL BATTIATO '"';,;,~~
lLL I AKSARBEN VILLAGE REPLAT 5
£.vvov46ZZD Lot 1, 2 & 3 Being a replatting of Lots 11 & 12 Aksarben Village a Subdivision, As Surveyed, Platted and Recorded in Douglas County, Nebraska.
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COUNJY TREASURER'S CERTIFICATION
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351,878 SQ FT
Thia is to certify that I find no regular or special loxes due OI" delinquent against the property as described in the surveyor's certificotlt ond as shown by the records of this office.
T;:>S[ffe-County TrOlleurtll"
PLANNING DIRECTOR'S APPROVAL Approved oa o subdivisiOfl of AKSARBEN \llUAGE REPl.AT 5, ill compliance with Section 5J-10{J), Omaha Municipal Code, with plot requirements wai~ed par
S·~:.:h•rt" of \ho Cil' ~
(> Plonnlng Director Dote
PLAT NOTES
~ ~~'" I 95,832 SQ FT ~ i ~i I
s.oo' 1u1Y EASEMENT f I PER INS . f2007018517-
1
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I J ;lim I "" PF.RMANENT fA<if.MENT ::u b ~I
FOO INGRESS AND EGRESS z q_ + IN fAVOR Of LOT 1 ~~ I I
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'"' 5& (j..)' 362.43' ·'J_t: <lb i' R,.~18' ,._,i;'1> ~ * ~
2 .$"1 ~·ti AKSARBEN VILLAGE REP LAT 1 :; "' -1 ., ..
! 100 50 100 200
ruillill ------ PROPERT'l' LINE
CORNERS SET (5/f!' REBAR WITH 1 1/4·. YELLOW PLASTIC CPP STAMPED LS-566)
All CORNERS FOUl\D ARE (5/a- REBAR WITli 1 1/4~ YELLOW PLASTIC Clf> STAMPED LS-J79, UNLESS t+lTED)
SURVEYORS CERitFICATE I HEREBY CERTIFY THAT I have mode a boundory survey of the subdivision heroin ond that pennonent monuments as shown horcon hove been pklcod ot oil corners and ongle points Ofl oil lots ond tho boundary of the ptot lo be known os AICSAABEN V"-.LAGE REPLAT 5, (lots 1, 2 ond 3) being o replotting of lob 11 4t 12 .AJ<SARBEN VILLAGE, o IK.lbdivislon, as surveyed, plotted ond recorded In Douglas County, Nebrosko.
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OWNER'S & MORTGAGEE CERTIFJCATION
KNOW All PERSONS Bl' THESE PRESEl'ITS: Thot the undersigned IJfll OWNERS ond WORTGAGEES of Ule property os described in the surveyor's certificate and embraced within this plat, and h'we co ... sed soid lond to be avbdivided inlo lots os shown on this plot.
,o Nebraska Nonprofit Corporation, OWNER
Represonlotive
WoitlCorp. LLC. t.tORT~EE
ACKNOWLEDGEMENTS OF NOTARIES
State of Nebraska ) <.~vNT'f o• i>oLJ6Llo.S )SS ~
On thl~ day of , 2008, before me, o nt1tary public, duly quo-lified ond comm-&lOfledifi ond lor soid count:t ond stole, peraonolly appeared Kenneth E. Stinson, who is peraooolly known to me to be the identical per.ion whose name Is affixed to th111 fOf'egoing inatrumeot os Authof"ized Representotiva of AK-SAR-BEN Full.ll'"o Tru9l, ond he acknowledged ttle aigning of the some lo be his voluntary oct ond deed os auch officer ond ~ho voluntary oct and {Jed of eoid corporotion.
~/;;.~ l..!..~"""'' ... -1 ~ CHERYLR.GAAONER MtCci!nl!l.Elp.llMell3,2009
Stole of Nebraska ) ~twNrf "F ./)()V~ )SS
On thi~ day nf ;/fl!...u , 2008, betore me. o notary public, duly qualified and comml&9ioned in and fOf' aaid counly and state, personally appeared John Schuale, who is personalty known to me to be the identical person whose name is affixed to the foregoing inatrument os Executive Vice President ond Chief Flnonciol Officer of WoiltCorp. U.C, and he acknowledged the signing of the soma to be his voluntary oct and Geed as such officer and the voluntory ocl and deed of soid corporation.
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GAACE M, WULfF Mrc-A.EIP.~U..2G09
APPRoVAL OF CIJY ENGINEER OF OMAHA I HEREBY CERTIFY THAT adequate provisions hove been mode for the compliance with Chapter 53-8 ol the Omaha Munlcipol Code.
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APRIL 2 t. 2008
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1. ALL DISTANCES ARE SHOWN TO DECIMAL FEET. 2. All OIST.a.NCES SHOWN ALONG CURVES ARE ARC DISTANCES NOT CHORD DISTANCES. J. AU. ANGLES ARE 90' UNLESS OTHERWISE NOTED.
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Chairperson Board of Commissioners Douglas County LC2 Civic Center 1819 Farnam Street Omaha, NE 68183-0001
Chairperson Omaha Public Schools 3215 Cuming Street Omaha, NE 68131
Chairperson Board of Governors Metropolitan Community College 3000 Fort Street Omaha, NE 68111
Chairperson Board of Directors Papio Natural Resources District 8901 South 1541
h Street Omaha, NE 68138
President Educational Services Unit 1 3215 Cuming Street Omaha, NE 68131
Chairperson Metropolitan Utilities District 1723 Harney Street Omaha, NE 68102
Chairperson Metro Area Transit Authority 2222 Cuming Street Omaha, NE 68102
Chairperson Omaha/Douglas Public Building Commission tv\AILING LIST RECEIVED ___ ..,..-_ _..,. __ _
RECEIVED BY -1:.~~67 .~~A-l,,\i\\UNG M!--.Dt t?7U-Vc-?f...o
f)/\TE MA!Lf:D __ __:./~/_-_!;;..~---=-o...::K"':__ ___ _
"NOTICE TO TAXING AUTHORITY"
NOTICE OF PUBLIC HEARING ON THE QUAD TECH, LLC TAX INCREMENT FINANCING REDEVELOPMENT PROJECT PLAN
Notice is hereby given that the Omaha City Council has set Tuesday, November 25, 2008 at 2:00 p.m. as the date of Public Hearing on the Quad Tech, LLC Tax Increment Financing Redevelopment Project Plan.
The Quad Tech, LLC Tax Increment Financing Redevelopment Project Plan is located at 1919 Aksarben Drive, at the intersection of Frances Street and Aksarben Drive. The Redevelopment Plan is located within an area declared blighted and substandard and in need of redevelopment by the Omaha Planning Board and City Council.
The proposed 10.3-acre Quad Tech, LLC Tax Increment Financing Redevelopment Project Plan site will be used for the development of a 315,000 gross square feet corporate office building, "Blue Cross Centre at Aksarben Village", parking structure and other related facilities.
A copy of said plan is available for public inspection in the City Clerk's Office.
Public Hearing will be held before the City Council of the City of Omaha, in the Legislative Chambers, Omaha/Douglas Civic Center, 1819 Farnam Street, Omaha, Nebraska.
Buster Brown City Clerk
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Tetrad Development -~ iffi""c: BlueCrossBlueShield
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BlueCross Centre JOB NO.
DATE:
TITLE:
11 AUGUST 2008
SITE LAYOUT
DRAWING: Xl.05
C-25A 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 the conditions which are detrimental to the public health, safety and welfare by developing vacant, underutilized property within these neighborhoods; and,
WHEREAS, State Statute 18-2109 requires that before any redevelopment plan be prepared, the City Council must declare the proposed redevelopment area to be "substandard and blighted" and in need ofredevelopment; and,
WHEREAS, the proposed 10.3-acre Quad Tech, LLC site for the development of a 315,000 gross square feet new corporate office building, "BlueCross Centre" located at 1919 Aksarben Drive at the intersection of Frances Street and Aksarben Drive, identified as Lot 3 of Zone 7 and lot 2 of Zone 8 at Aksarben Village meets the conditions of both a substandard and blighted area as defined by State Statute 18-2103 (see Attachment 1 for complete legal description); and,
WHEREAS, the City of Omaha Planning Board and City Council have previously declared that the proposed Quad Tech, LLC Tax Increment Financing Redevelopment Project Plan site, BlueCross Centre at Aksarben Village located at 1919 Aksarben Drive at the intersection of Frances Street and Aksarben Drive identified as Lot 3 of Zone 7 and Lot 2 of Zone 8 at Aksarben Village, meet the conditions ofboth a substandard and blighted area as defined by State Statute 18-2103; and
WHEREAS, the Quad Tech, LLC Inc. Tax Increment Financing Redevelopment Project Plan for the 10.3-acre project study area "BlueCross Centre at Aksarben Village" is to facilitate the rehabilitation of the site to develop a 315,000 gross square feet new corporate office building, parking structure and other related facilities located at 1919 Aksarben Drive utilizing TIF to offset site acquisition, development, other project cost and to modify and construct public improvements as required in the abutting rights-of-ways as indicated here in "Exhibit A" and attached hereto and made a part hereof; and,
WHEREAS, an Industrial Development Bond issue may be used in this blighted and substandard area to assist with project financing; and,
By ........................................................................................ . Councilmember
Adopted ......................................................................... .
City Clerk
Approved .............................................................. . Mayor
C-25A CITY OF OMAHA
.. LEGISLATIVE CHAMBER
Omaha, Nebraska
PAGE2
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 under Sections 18-2147 through 18-2150, Revised Statutes of Nebraska; and,
WHEREAS, the Quad Tech, LLC Tax Increment Financing Redevelopment Project Plan, for the BlueCross Centre at Aksarben Village site located at 1919 Aksarben Drive at the intersection of Frances Street and Aksarben Drive identified as Lot 3 of Zone 7 and Lot 2 of Zone 8 at Aksarben Village was approved by the City of Omaha Planning Board on September 3, 2008.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
THAT, the attached Quad Tech, LLC Inc Tax Increment Financing Redevelopment Project Plan, for the 10.3-acre BlueCross Centre at Aksarben Village project study area prepared by the Omaha City Planning Department containing a provision for the division of ad valorem taxes under Sections 18-2147 through 18-2150 Revised Statutes ofNebraska, meets the conditions of both a substandard and blighted area as defined by State Statute 18-2103 is hereby approved as the Redevelopment Plan for the Quad Tech, LLC Inc. Tax Increment Financing Redevelopment Project Plan Area for the BlueCross Centre at Aksarben Village located at 1919 Aksarben Drive at the intersection of Frances Street and Aksarben Drive identified as Lot 3 of Zone 7 and Lot 2 of Zone 8 at Aksarben Village.
APPROVED A~~
~~L ~~LF ~r CITY ATTORNEY
PLNLSFl 174-res
By~q~~ Councilmember
.DEC 9 - 2008 7 -o Adopted ...... 7·························~~········
..... ~zi/ .... ~···· \.. _ . ); City Clerk~ /, . ~ ~ /-y///'PJ'
Approved ...................... ·····~····M~y~;·
v,
NO . ........ /<f.(t .. Res~lution by .................... ,. ..... ,. ................... .
Res. that the attached Quad Tech, LLC Inc Tax Increment Financing Redevelopment Project Plan, for the 10.3-acre BlueCross Centre at Aksarben Village project study area prepared by the Omaha City Planning Department containing a provision for the division of ad valorem taxes under Sections 18-2147 through 18-2150 Revised Statutes of Nebraska, meets the conditions of both a substandard and blighted area as defined by State Statute 18-2103 is hereby approved as the Redevelopment Plan for the Quad Tech, LLC Inc. Tax Increment Financing Redevelopment Project Plan Area for the BlueCross Centre at Aksarben Village located at 1919 Aksarben Drive at the intersection of Frances Street and Aksarben Drive identified as Lot 3 of Zone 7 and Lot 2 of Zone 8 at Aksarben Village.
PLNLSFI 174-backing
/
Presented to Cit\ Councd
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