20220103170302682WASHINGTON COUNTY, STATE OF NEBRASKA
FILED
Instrument Number 2022-00027
2022 Jan -03 PM 02:34
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PGAI&NOF
IST D + DS
Carolyn Stodola
WASHINGTON COUNTY
REGISTER OF DEEDS
BLAIR, NE
Recorded
General
Numerical
Photostat
Proofed
Scanned
MEMORANDUM OF REDEVELOPMENT CONTRACT
This Memorandum of Redevelopment Contract ("Memorandum") is made this 23'd day
of December, 2021, by and between the Community Development Agency of the City of Blair,
Nebraska ("Agency") and KS Commercial LLC, an Arkansas limited liability company
("Redeveloper").
1. Redevelopment Contract. Agency and Redeveloper have entered into that
certain Redevelopment Contract dated as of December 23, 2021 ("Redevelopment Contract"),
describing the improvements being made by the Redeveloper on the real property legally
described as:
LOT 2, GRANT STREET INDUSTRIAL PARK, LOCATED IN SECTION 7, TOWNSHIP 18 NORTH,
RANGE 12 EAST OF THE 6TH P.M,, CITY OF BLAIR, WASHINGTON COUNTY, NEBRASKA.
(the "Phase Two Area")
2. Tax Increment Financing. The Redevelopment Contract provides for the
capture of the tax -increment financing ("TIF") revenues by the Agency of the improvements
made by the Redeveloper for a period not to exceed fifteen (15) years after the effective date (as
defined in the Nebraska Community Development Law) of Phase Two. The TIF revenues so
captured by the Agency shall be used to reimburse Redeveloper for construction of certain TIF -
eligible improvements described in the Redevelopment Contract via debt service payments on a
TIF Bond issued by the Agency.
Minimum Lot Valuation. The Redevelopment Contract establishes a minimum
taxable real property valuation of $1,500,000 for the Phase Two Area (the "Minimum
Valuation"). The Redevelopment Contract further provides that Redeveloper, and its successors
and assigns shall not: (a) protest the real property valuation of the Phase Two Area to a sum less
than the Minimum Valuation; or (b) convey the Phase Two Area, or portion thereof, or any
structures or units thereon to any entity which would be exempt from the payment of real estate
taxes or cause the nonpayment of such real estate taxes.
Page Count 4 2022-00027
4. Remaining Terms. The rest and remaining terms of the Redevelopment Contract
are hereby incorporated into this Memorandum as if they were set forth in full. All capitalized
terms in this Memorandum that are not otherwise defined herein shall have the same meaning as
set forth in the Redevelopment Contract. A full and correct copy of the Redevelopment Contract
may be inspected at the Agency offices in Blair, Nebraska,
5. Termination of Memorandum. Unless terminated sooner in accordance with
the terms of the Redevelopment Contract, this Memorandum shall be deemed to automatically
terminate and be released from the above-described real property upon the payoff or maturity of
the Bond.
(Signatures on following page)
2022-00027
COMMUNITY DEVELOPMENT AGENCY
OF THE CITY OF BLAIR, NEBRASKA
By:
Chairperson (Mayon)
ATTEST:
Secretary (City Cleric)
STATE OF NEBRASKA )
) ss.
COUNTY OF WASHINGTON )
The foregoing instrument was acknowledged before me this P-1 day of becein bet,
20 2-1 , by �gjv`-J HA,'I.se/1 and l5s� ��._ �yhc=/zF , the Chairperson (Mayor) and Secretary
(City Cleric), respectively, of the Community Development Agency of the City of Blair, Nebraska,
on behalf of said agency.
LGENEML NOTARY State of Nebraska
SARAH R. BACKMAN
My Comm. Exp. April 10, 2025
(SEAL)
Notary Public
2022-00027
KS COMMERCIAL LLC, an Arkansas limited
liability company
By: rrc9¢r—
Name: ca Fi P" L I~' a ,L/
Title: 0 W z''V10-1 r
STATE OF 0 )
) ss.
COUNTY OF OC4y-n )
The foregoing instrument was acknowledged before me this U day of
, , 20 A I , by S 6,&A x4 L 4, v the ', 1"41 et/` of KS
Commercial LLC, an Arkansas limited liability company, on behalf of the company.
{S E A L)
Notary Public
JORDAN H SMITH
Notary Public - Arkansas
Benton County
Commission # 12712853
i My Commission Expires Dec 20, 2o3o
2022-00027