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Council approves $4.38 million reimbursement to developer for 8th & Douglas site preparation
Summary
The council approved a $4,382,307 reimbursement to New Style Development for site-preparation work at the city-owned 8th and Douglas parcel; City Law Department staff said the expenditure will be covered with redevelopment bond proceeds and could affect future acquisition pricing and TIF eligibility.
The Omaha City Council approved a resolution on June 8 to reimburse New Style Development Corporation $4,382,307 for work the company completed to prepare a city-owned parcel at 8th and Douglas for redevelopment.
Jennifer Taylor of the City Law Department told council members that the city adopted a redevelopment plan for the parcel and that extensive site work — utilities, sewer and other infrastructure — was completed by New Style, putting the property into a 'shovel-ready' condition. Taylor said the city will use redevelopment bond proceeds to reimburse eligible costs and noted that the work increases the site's value and could change acquisition costs if the city later conveys the land.
Council members asked whether previously TIF-eligible infrastructure costs have effectively been prepaid and how the city will recoup costs. Taylor said the submitted costs were reviewed and expended by New Style and that the city will account for recoupment in any future sale or conveyance.
A motion to approve the reimbursement passed by roll call 7–0.
The council discussion noted the prior redevelopment plan and that, while larger redevelopment that had been contemplated (including a children's museum) is on hold, the site improvements now benefit the city's asset value. The transcript records the reimbursement amount and the funding source (redevelopment bond proceeds) but does not include the full contract text or repayment schedule on the meeting floor.
