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Amended & Restated Site Specific Redevelopment Plan Grand Island CRA Area 9 September 2014 Executive Summary: Project Description 201407626 The Community Redevelopment Authority (CRA) of the City of Grand Island intends to amend the Redevelopment Plan for Area 9 with in the city, pursuant to the Nebraska Community Development Law (the "Act ") and provide for the financing of a specific infrastructure related project in Area 9. THE RENOVATION AND REDEVELOPMENT OF THE GRAND ISLAND MALL AT 2228 N WEBB ROAD LOT 10 OF GRAND ISLAND MALL EIGHTH SUBDIVSION AND LOT 2 OF GRAND ISLAND MALL FIFTHTEEN SUBDIVISION. THE SUBSEQUENT SITE WORK, UTILITY, ENGINEERING, LANDSCAPING AND PARKING IMPROVEMENTS NECESSARY FOR REDEVELOPMENT AND RENOVATION AT THIS LOCATION. The developer intends to use Tax Increment Financing to aid in renovation and conversion of 128,000 square feet of leasable `open air' tenant space and the development of out parcels on the existing mall property. The developer intends to connect a drive between the east and west sides of the mall by opening a vehicle and pedestrian plaza through the center of the mall creating additional tenant spaces with exterior entrances. The developer is trying to attract national retailers as an anchor to the shopping center. This project would not be possible in an affordable manner without the use of TIF. The site is owned by the developer. All site work, demolition and utilities will be paid for by the developer. The developer is responsible for and has provided evidence that they can secure adequate debt financing to cover the costs associated with the acquisition, site work and remodeling. The Grand Island Community Redevelopment Authority ( "CRA" or "Authority ") intends to pledge the ad valorem taxes generated over the 15 year period beginning January 1, 2016 towards the allowable costs and associated financing for the remodeling and site work. In addition, the CRA intends to designate a portion of Area 9 an enhanced employment area as eligible for the imposition of an occupation tax pursuant to the Act. I. TAX INCREMENT FINANCING TO PAY FOR THE ACQUISTION OF THE PROPERTY AND RELATED SITE WORK WILL COME FROM THE FOLLOWING REAL PROPERTY: Property Description (the "Redevelopment Project Area ")