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201407626
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12/11/2014 12:27:15 PM
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12/3/2014 2:54:11 PM
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201407626
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2 01407626 <br />schools. Fire and police protection are available and should not be impacted by this <br />development. <br />(c) Impacts on employers and employees of firms locating or expanding within the <br />boundaries of the area of the redevelopment project; <br />This project will protect and enhance the existing employment within the Project <br />Area by redeveloping prime commercial space at this location. Most of the retail space at <br />this location is vacant. It could result in a new national retailers locating in Grand Island. <br />The new retail facilities will employ managerial and sales staff at these locations. New <br />businesses would result in a net increase in employment. At project stabilization <br />employment is expected to increase by 368 employees including a mixture of part time, <br />full time and managerial positions. Temporary construction employment will increase <br />during the construction. The construction period is expected to be 18 to 36 months. <br />The proposed facility will provide jobs for persons employed by the contractors that <br />will be involved with the project. <br />(d) Impacts on other employers and employees within the city or village and the <br />immediate area that are located outside of the boundaries of the area of the <br />redevelopment project; and <br />This may create additional demand for retail service employees in the Grand Island area <br />and could impact other retailers. The proposed retailers represent businesses not located <br />in Grand Island but they will potentially create competition for businesses located here. <br />The latest available labor statistics show that the Grand Island labor pool is 27,961 with a <br />3.3% unemployment rate <br />(e) Any other impacts determined by the authority to be relevant to the <br />consideration of costs and benefits arising from the redevelopment project. <br />Personal property in the project is subject to current property tax rates and would <br />generate additional property tax for all entities in the first year. Annual city sales taxes at <br />this location at project stabilization are expected to approach $25,000,000. Based on the <br />current city sales tax rate of 1.5% this would be projected at $375,000. <br />Time Frame for Development <br />Development of this project is anticipated to be completed during between October 2014 <br />and June of 2016 with out - parcels to be developed as the market demands. The base tax <br />year should be calculated on the value of the property as of January 1, 2015. The tax <br />increment on excess valuation should be available for this project for 15 years beginning <br />in 2016. Excess valuation will be used to pay the TIF Indebtedness issued by the CRA <br />per the contract between the CRA and the developer for a period not to exceed 15 years <br />2 https: / /neworks.nebraska.gov Labor Force, Employment and Unemployment for Grand Island City in <br />May 2014 <br />
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