Time Frame for Development. Development of this project is anticipated to be completed between February 2019 and December of 2019. Excess valuation should be available for this project for 15 years beginning with the 2020 tax year.
Time Frame for Development. Development of this project is anticipated to be completed between September of 2016 and December of 2018. The base tax year should be calculated on the value of the property as of January 1, 2017. Excess valuation should be available for this project for 15 years beginning in 2017 with taxes due in 2018. Excess valuation will be used to pay the TIF Indebtedness issued by the CRA per the contract between the CRA and the developer for a period not to exceed 15 years or an amount not to exceed $28,708,000 the projected amount of increment based upon the anticipated value of the project and current tax rate. The total TIF for the project as proposed would be $18,985,000. A total of $9,723,000 less than originally approved. COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA RESOLUTION NO. A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF A COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA, TAX INCREMENT DEVELOPMENT REVENUE NOTES OR OTHER OBLIGATION, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $4,885,000 FOR THE PURPOSE OF (1) PAYING THE COSTS OF ACQUIRING, DEMOLISHING, CONSTRUCTING, RECONSTRUCTING, IMPROVING, EXTENDING, REHABILITATING, INSTALLING, EQUIPPING, FURNISHING AND COMPLETING CERTAIN IMPROVEMENTS WITHIN THE AUTHORITY’S PRATARIA VENTURES, LLC, MEDICAL OFFICE BUILDING #2 REDEVELOPMENT PROJECT AREA, SPECIFICALLY INCLUDING SITE PURCHASE, PREPARATION, DEMOLITION, UTILITY EXTENSION AND (2) PAYING THE COSTS OF ISSUANCE THEREOF; PRESCRIBING THE FORM AND CERTAIN DETAILS OF THE NOTE OR OTHER OBLIGATION; PLEDGING CERTAIN TAX REVENUE AND OTHER REVENUE TO THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE NOTE OR OTHER OBLIGATION AS THE SAME BECOME DUE; LIMITING PAYMENT OF THE NOTE OR OTHER OBLIGATION TO SUCH TAX REVENUES; CREATING AND ESTABLISHING FUNDS AND ACCOUNTS; DELEGATING, AUTHORIZING AND DIRECTING THE FINANCE DIRECTOR TO EXERCISE HIS OR HER INDEPENDENT DISCRETION AND JUDGMENT IN DETERMINING AND FINALIZING CERTAIN TERMS AND PROVISIONS OF THE NOTE OR OTHER OBLIGATION NOT SPECIFIED HEREIN; APPROVING AN AMENDED REDEVELOPMENT CONTRACT AND REDEVELOPMENT PLAN; TAKING OTHER ACTIONS AND MAKING OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE FOREGOING; AND RELATED MATTERS. BE IT RESOLVED BY THE MEMBERS OF THE COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY OF GRAND ISLAND, NEBRASKA:
Time Frame for Development. Development of this project is anticipated to begin in the 2023 year. The build out of the subdivision is planned in five phases between 2024 and 2033. It is anticipated that the units in this development will be fully built out by 2033 with the tax increment on those homes extending to 2048. Excess valuation should be available for the first homes built with this project for 15 years beginning with either the 2024 or 2025 tax year, depending on the timing of the first phase.
Time Frame for Development. Development of this project is anticipated to be completed during the 2010 and 2011 calendar years. The base tax year should be calculated on the value of the property as of January 1, 2010. Excess valuation should be available for this project for 15 years beginning with the 2011 tax year.
Time Frame for Development. Development of this project is anticipated to begin in the 2022 year. The duplexes should be completed before the end of 2023. It is anticipated that the units in this development will be fully built out in 2023 with the tax increment on those homes beginning with the 2024 tax year. Based on the projected valuation of this project it is estimated that the TIF Bonds will pay off in just under 8 years.
Time Frame for Development. Development of this project is anticipated to be completed between April 2022 and December of 2032. The developers anticipate creating all of the lots in a single phase during the 2022 year and build out on those lots to occur within 4 to 10 years depending on market conditions. Excess valuation should be available for this project for 15 years on each phase of this project beginning with the 2023 tax year.
Time Frame for Development. Development of this project is anticipated to be completed between September of 2016 and December of 2018. Excess valuation should be available for this project for 15 years beginning with the 2017 tax year. The MOB 2.0 anticipated with the amendment would be constructed in 2023 and open in and fully taxable in 2024. Additional projects may be brought forward for separate consideration on parcels located outside of this initial phase.
Time Frame for Development. Development of this project is anticipated to be completed during between August of 2017 and December 31 of 2018. The base tax year should be calculated on the value of the property as of January 1, 2017. Excess valuation should be available for this project for 15 years beginning in 2018 with taxes due in 2019. Excess valuation will be used to pay the TIF Indebtedness issued by the CRA per the contract between the CRA and the developer for a period not to exceed 15 years or an amount not to exceed $52,768 the projected amount of increment based upon the anticipated value of the project and current tax rate. Based on the estimates of the expenses of the rehabilitation the developer will spend at least $52,678 on TIF eligible activities in excess of other grants given. Based on the projected increment the bonds on this project will be paid off in year 9 or 10 depending on final valuation.
Time Frame for Development. Development of phase one of this project (including construction of the Sky Zone and educational facility) is anticipated to be completed between November of 2017 and December of 2018. Phase two of the project will begin in 2018 and be completed by the end of 2019. Excess valuation should be available for this project for 15 years beginning with the 2019 and 2020 tax years.
Time Frame for Development. Development of this project is anticipated to begin in the 2022 year. The Legacy 34 2022 phase will likely be built over a five year period between 2022 and 2026 based on market demand. Excess valuation should be available for the Legacy 34 2022 project for 15 years beginning with the 2023 tax year. Additional phases of development are anticipated for the remainder of the project beginning near the completion of the Legacy 34 2022 phase. It is anticipated that the developers will be including TIF in the capital stack of future phases but each future phase will be evaluated with a site specific redevelopment plan prior to contract approval.
