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201904285
<br />MEMORANDUM OF REDEVELOPMENT CONTRACT
<br />This Memorandum of Redevelopment Contract ("Memorandum") is made this 17th day
<br />of July, 2019 by and between the Community Redevelopment Authority of the City of Grand
<br />Island, Nebraska ("Authority") and The Orchard, LLC, a Nebraska limited liability company
<br />("Redeveloper").
<br />1. Redevelopment Contract. Authority and Redeveloper have entered into that
<br />certain Redevelopment Contract dated June 12, 2019, describing the public improvements and
<br />private improvements being made to real property owned by Redeveloper and legally described
<br />as:
<br />2.
<br />LOT 1, LINCOLN HEIGHTS SUBDIVISION, PART OF LOT 8, NORWOOD SUBDIVISION, PART OF LOTS
<br />2, 3, 4, AND 5, NORWOOD SUBDIVISION, PART OF THE EAST HALF OF THE NORTHWEST QUARTER
<br />LYING WESTERLY FROM THE UNION PACIFIC RAILROAD RIGHT-OF-WAY. ALL LOCATED IN THE
<br />NORTHWEST QUARTER OF SECTION 10, TOWNSHIP 11 NORTH, RANGE 9 WEST, OF THE 6TH
<br />PRINCIPAL MERIDIAN, CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA AND BEING MORE
<br />PARTICULARY DESCRIBED AS FOLLOWS: REFERRING TO THE CENTER OF SAID SECTION 10, A 3"
<br />IRON PIPE FOUND FOR CORNER; THENCE WESTERLY ON AN ASSUMED BEARING OF SOUTH
<br />89°40'03" WEST, ON THE SOUTH LINE OF THE NORTHWEST QUARTER OF SECTION 10, 795.96 FEET,
<br />TO THE SOUTHEAST CORNER OF LOT 1, LINCOLN HEIGHTS SUBDIVISION, ALSO BEING THE TRUE
<br />POINT OF BEGINNING; THENCE FOLLOWING THE SOUTHERLY LINE OF LINCOLN HEIGHTS
<br />SUBDIVISION ON THE FOLLOWING BEARINGS AND DISTANCES: SOUTH 89°40'03" WEST, 403.60
<br />FEET; THENCE NORTH 28°59'12" WEST, 45.21 FEET; THENCE SOUTH
<br />89°40'51" WEST, 136.00 FEET, TO THE SOUTHWEST CORNER OF LOT 1, LINCOLN HEIGHTS
<br />SUBDIVISION; THENCE FOLLOWING THE WESTERLY LINE OF LINCOLN HEIGHTS SUBDIVISION ON
<br />THE FOLLOWING BEARINGS AND DISTANCES: NORTH 00°48'38" WEST, 619.72 FEET; THENCE NORTH
<br />89°40'21" EAST, 48.29 FEET; THENCE NORTH 00°37'11" WEST, 59.97 FEET; THENCE SOUTH 89°42'12"
<br />WEST, 35.00 FEET; THENCE NORTHERLY NORTH 00°34'59" WEST, 574.66 FEET; THENCE NORTH
<br />89°40'45" EAST, 35.04 FEET; THENCE NORTH 00°37'01" WEST, 199.80 FEET; THENCE SOUTH 89°40'32"
<br />WEST, 75.00 FEET; THENCE NORTH 00°35'50" WEST, 575.26 FEET; THENCE NORTH 89°39'52" EAST,
<br />479.05 FEET, TO A POINT OF INTERSECTION ON THE WESTERLY RIGHT-OF-WAY LINE OF THE
<br />UNION PACIFIC RAILROAD; THENCE SOUTH 03°39'59" EAST, ON THE WESTERLY RIGHT-OF-WAY
<br />LINE OF THE UNION PACIFIC RAILROAD, 2072.64 FEET, TO THE TRUE POINT OF BEGINNING.
<br />CONTAINING A TOTAL CALCULATED AREA OF 1,039,394 SQUARE FEET, OR 23.861 ACRES, MORE OR
<br />LESS.
<br />To be platted as:
<br />• Lots 1-9, Block 1;
<br />• Lots 1-20, Block 2;
<br />• Lots 1-8, Block 3;
<br />• Lots 1-28. Block 4; and
<br />• Outlots "A" and "B",
<br />Orchard Subdivision, Grand Island, Hall County, Nebraska
<br />3. Tax Increment Financing. The Redevelopment Contract provides for the
<br />capture of the Tax Increment, as defined therein, by the Authority of the private improvements to
<br />be made by the Redeveloper for a period not to exceed fifteen (15) years after the Effective Date
<br />
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