Creighton University: Creighton Connect

ID

160

OrgName

Creighton University

PhysicalAddress

2500 California Plaza Omaha, NE 68178

MailingAddress

Website

www.creighton.edu

SocialMediaAccounts

Instagram - @creighton1878; Facebook - Creighton University; LinkedIn - Creighton University; Twitter - @Creighton; TikTok - @Creighton1878

Name

Jan Madsen

Title

Executive Vice President

EmailAddress

janmadsen@creighton.edu

Phone

+1 (402) 280-4967

Team

Yes

TeamExplanation

University (Project) Representative: Jan Madsen, Executive Vice President, Creighton University - Since 2018 Madsen, CPA, has served as Executive Vice President for Creighton University with responsibilities including continuous improvement, facilities, finance, human resources, information technology, internal audit, public safety and university communications and marketing. Previously, from 2010 – 2014, Ms. Madsen served as Creighton's Vice President for Finance, managing the university's budget. Prior to assuming the executive vice president role, Madsen served as Chief Financial Officer and Treasurer for West Corporation with responsibility for leading more than 400 employees in 28 countries and managing global financial operations including treasury, accounting, planning, and forecasting, external and internal reporting, tax, and internal audit. Prior to this, Ms. Madsen held various finance and operating roles at First Data Corporation and was a manager at an international public accounting firm. Ms. Madsen received her B.S.B.A. in accounting from the University of Nebraska-Lincoln. Project Manager: Field Day Development is a local, woman, veteran, and LGBTQ-owned real estate development consulting business, located in downtown Omaha. Owner Andrea Kathol has more than 17 years of experience in real estate development and finance. FDD specializes in financial modeling, permanent loan and tax increment financing, tax credits, city entitlements and project and construction management. The organization has been responsible for high-dollar, transformational projects in Omaha, Council Bluffs and communities throughout Nebraska and Iowa. They have managed over $500 million in construction projects to date, with an additional $100 million currently under construction. FDD is well-known for their knowledge of historic building rehabilitation, urban development and environmentally contaminated sites. Fund Development Consultant: Fox Creek Fundraising is a local, woman-owned, grant writing and fund development consulting business. Owner, Lisa Fox has worked in the nonprofit sector for 23 years and has operated Fox Creek since 2014, securing $20M+ annually for clients including operating, program and more than $300M in capital project funding, while providing more than 5,000 hours each year in fund development and organizational consulting. Fox Creek has a team of seven professionals who offer a wide array of services designed to meet the growing needs of nonprofits, including the procurement of private and public sector funds. Ms. Fox has an M.P.A. from the University of Nebraska-Omaha. Architect: Holland Basham Architects has a rich history of community engagement working with entities such as Nelson Mandela, Omaha Food Bank, Lutheran Family Services, Ronald McDonald House, and Kids Can! Community Center through volunteerism and project-based initiatives. Their portfolio highlights experience with new construction, renovation, and historic preservation for a variety of housing types to include multi-family apartment buildings, university residence life, assisted and senior living, and low-income housing. Financial Hope Collaborative The Financial Hope Collaborative was started when United Way of the Midlands created the Financial Stability Partnership in 2006. The Financial Success Program began in 2009 and has an 86% retention rate—one of the highest retention rates in the country for a financial education program. The program’s curriculum helps LMI families address immediate financial issues and develop decision making skills in areas such as tracking expenses, saving for emergencies, and repairing credit reports. Other Partners: Creighton will identify additional partners and will promote to, and prioritize, locally owned small emerging businesses and those owned by persons of color, veterans, LBGTQ and other diverse demographics, with emphasis in North Omaha.

OrganizationalChart

Jan Madsen, Executive Vice President, with Creighton University is overseeing this project. There are four divisions of the project which includes construction, facilities, financials and programming. The included organizational chart reflects the businesses and/or individuals connected to each of these divisions. Upon completion of a bid and request for proposals process, the roles of General Contractor, Licensed Childcare Agency and Leasing Company will be determined at a later date.

OtherCompletedProjects

Creighton University has a long history of providing affordable housing for students. Creighton operates 8 residence halls and apartment buildings, housing over 2200 students on campus. In addition, Creighton currently partners with a local community childcare organization to operate a 6000-sf child development center that serves over 40 infants and preschool age children on campus. Creighton has extensive experience with major construction and renovation projects, including a new school of dentistry and community dental clinic facility (200,000 sf; $84 million; opened 2018), a new health sciences campus in Phoenix, Arizona (195,000 sf; $100 million; opened in 2021), and a $6 million renovation of the Criss Health Sciences building completed in the summer of 2022. In addition, currently under construction are a 400-bed residence hall ($37 million) and the CL Werner Center for Health Sciences Building ($84 million), with both projects on schedule to open in the fall of 2023.

ProposalTitle

Creighton Connect

TotalBudget

110850000.0

LB1024GrantFundingRequest

47850000.0

ProposalType

Combination of capital project and service/program

BriefProposalSummary

Creighton Connect is one of four proposals being submitted by Creighton University. The four innovative and thoughtful projects collectively have the potential to be transformative, lead generational change, and have long-lasting economic growth. Creighton University is seeking to develop Creighton Connect, an affordable, workforce housing project to include mixed income apartments and a child development center, to support both current local residents and attract new residents to the area. The project goal is to provide affordable and workforce housing in a location that is accessible to transportation, education, and jobs while offering an on-site extended hour childcare center. The project is in a North Omaha Qualified Census Tract and is the current site of two Creighton educational buildings which are scheduled to close in summer 2023 when programs relocate to alternate campus facilities. There is a unique opportunity to redevelop the property to create transformational change in the neighborhood in North Omaha. The vision to blend affordable housing, workforce development and early childhood education/childcare will result in community and resident stability. The housing units would serve an area with critical need with accessibility to various modes of transportation. The project will provide the only extended childcare within a 10-mile radius, offering availability (6:00 a.m. to 12:00 a.m.) for families working non-traditional workday hours with capacity to care for 100 children concurrently that increases the number of families/children served given the extended hours of operation. Creighton proposes two supporting programs for the project – financial education and rent subsidies. Rent subsidy funding for income qualified tenants who commit to working as teachers and childcare workers in the North Omaha QCT is being requested. Funding for qualified tenants’ participation in the Financial Success Program through the Financial Hope Collaborative is also being requested. Preliminary construction estimates contemplate demolition and a rebuild of the current site. Financial projections will be available in thirty days as we continue to assess cost and housing unit estimates, seeking to achieve the most cost-effective approach to repurpose the site. Assuming approved funding support by June 2023, the affordable housing development is expected to open in November 2025.

Timeline

The anticipated milestones are as follows:  Complete Feasibility Study - by 11/15/22  Update Economic Impact Study - by 11/30/22  Creighton Board of Trustees (BoT) approval contingent on funding – request by 11/30/22  Apply for Additional Grants (CDGB, HOME) and TIF – 1/1/23 - 6/30/23  Request BoT approval to proceed – after public funding sources are secured  Schematic Design – 6/2/23 - 8/25/23 (12 weeks)  Design Development – 8/26/23 - 11/18/23 (12 weeks)  Construction Documents – 11/19/23 - 3/23/24 (16 weeks)  Construction Permitting – 3/13/24 - 5/7/24 (8 weeks)  Building Construction – 5/15/24 - 11/11/25 (18 months)

PercentageCompletedByJuly2025

0.75

FundingGoals

Fundamental Change (i.e., a proposal that will continue to elevate North or South Omaha's presence and perception within the region, significantly improving the lives of area residents through physical development) Long-Lasting Economic Growth (i.e., a proposal that will foster gainful employment opportunities and financial investment in the area, leading to the creation of generational wealth and widespread economic vitality in North and South Omaha) Transformational (i.e., a proposal that will help energize, recharge, or spur significant and favorable advancements in North or South Omaha's function or appearance)

Community Needs

Multimodal Transportation (i.e., enable connectivity through driving, biking, taking transit, walking, and rolling) Quality of Life (i.e., create or enhance natural spaces, mixed uses, parks, safety, etc.) Sustainable Community (i.e., create or enhance housing, services, education, civic uses, recreation, etc.)

OtherExplanation

ProposalDescriptionAndNeedsAlignment

In line with the funding goals to foster desirable transformation, fundamental change, and long-lasting economic growth in the communities of North and South Omaha, this project directly fulfills the three overarching goals and honors the intentionality of funding priorities. Sustainable Community - This project will create an estimated 360 new housing units, specifically designed for mixed income level tenants, with ability to accept rental subsidies. Additionally, the project will create jobs during and after construction using local contractors, and once complete, property management services and child development center positions. Finally, through this project model, careful consideration of cultural design will be implemented to align with North Omaha values and identified points in the Visioning Workshop Summary. The operations of the property will be unique in that Creighton University, a non-profit organization founded over 144 years ago, will own and operate the property. As a Jesuit, Catholic institution, Creighton has always focused on community engagement work with a goal of creating better communities and a better world. By integrating affordable housing with access to financial education and an on-premise child development center with expanded hours, Creighton expects to further contribute to bettering the Omaha community, and specifically the North Omaha QCT. Parking will be a mix of surface and secure garage parking creating safe access and added security for vehicles and tenants which may include individuals and families with small children navigating access after dark. Finally, the project is located across the street from educational programs and community service programs including those offered by the Financial Hope Collaborative, Creighton’s College of Continuing and Professional Education and Creighton’s proposed Innovation and Entrepreneurship Service Center which will provide new individual entrepreneurs, small businesses, nonprofit organizations, and community organizations with opportunities to learn and develop a broader understanding of fundamental business and technology practices, more advanced financial technology, as well as provide transactional (non-litigation) experience. Multimodal Transportation - The Creighton Connect project is near mass transit, and will have well-lit access points, as well as security. The connectivity through driving, biking, walking or transit to downtown areas is easily accessible through high traffic areas that are patrolled and well-lit. Existing pathways traverse the property, providing walkability and biking options to residents. The project will include various improvements to walkways surrounding the construction area with intentions to address deficiencies that connect the project to other modes of transportation. The project is strengthened with proximity to bus stops; the proposed site addresses are located between North 28th and North 30th Streets, and between Burt Street and California Street with 5 bus stops within 2 blocks. The North Freeway/Creighton pedestrian bridge is located one block south of proposed addresses. The pedestrian bridge facilitates a greater connection and improves accessibility between the campus and the neighborhoods on the other side of the busy freeway, a longstanding concern for Creighton University. Quality of Life - In addition to providing safe housing, safe childcare, safe working conditions, and safe property, this project will also enhance the existing space through mixed uses (residential and child development center) and the development of green spaces around the buildings. Two playground spaces are planned; one dedicated to the child development center with controlled access to meet modern child development facility requirements and a second to provide recreational amenities for tenants and surrounding neighborhood children.

VisioningWorkshopFindingsAlignment

Innovation happens at the cross-section of diverse perspectives, and diversity in geographic location and individuality is a necessity. This project addresses many of the needs and opportunities identified in the visioning workshops including housing, safety, walkability, and broadband access, while capitalizing on the identified strengths of the area with the powerful sense of community and strong cultural fabric. This project utilizes identified strengths and opportunities of North Omaha to create a project that goes beyond a simple build. The new development brings energy along the 30th Street,a focus development area in the overall North Omaha region. Repurposing the property at 28th and Burt Streets ensures the space remains activated in the neighborhood, providing much needed housing density creating an estimated 360 residential units. With proximity to downtown, airport, riverfront, and public transportation, living in this mixed-use housing will be a prime location for students, young families, and those living with restricted means. For non-car households, the walkability and proximity to amenities provided fosters independence for families. Leveraging resources within the community to execute a strong project plan, project partners are bringing together public and private partnerships in a multi-pronged approach to economic impact. creating community investment, momentum, and support. Partnerships between Creighton University, the Childcare Provider, Personal Finance Programs, Entrepreneurial Center, and on campus programs that are available to the public, a unique blend of resources is directly accessible for clients. With the initial support for the child development center, the project is acting in a small way as a small business development incubator, assisting a new or expanded childcare business. With wraparound resident financial services including tenant subsidized support for employer partners and providing funds to complete personal finance education the project works to impact generational poverty issues and provide models that may not otherwise impact the lives of residents. The project and amenities address community member desires highlighted in the visioning workshop, changing the perception that private funding rarely takes community ownership and input into account. North Omaha has a vibrant artist community with talented people, and destination cultural centers. The arts district on 24th and Lake is a strength to the neighborhood. Leveraging that strength, the artwork and décor displayed in the buildings’ public spaces will be works by local artists from North Omaha. Components of the project directly address the identified gaps and weaknesses identified in the visioning workshop including overall housing challenges and adding mixed-use housing to increase housing density, and retention of young population. As part of the design process, the project will incorporate universal design standards, including the inclusion of accessible units. This project also addresses parent challenges with accessing affordable childcare due to nontraditional work schedules by including extended hours and the subsidies for the childcare workers’ rental costs, which were further reinforced in the visioning sessions affecting the North Omaha area. With access to quality care for young children, young professionals will stay in the area to live and work.

PrioritiesAlignment

The proposal aligns with LB1024’s strategic priorities in multiple areas. The location is in the North Omaha qualified census tract, north of Dodge Street and East of 72nd Street, and provides affordable housing. Additionally, the project meets the identified needs of the visioning workshop and enhances workforce stability, permanency, quality of life and accessibility. Through the Financial Success Program, Creighton will provide financial literacy to improve economic and health outcomes for individuals residing in a qualified census tract.

EconomicImpact

See attached preliminary economic impact study.

EconomicImpactPermanentJobsCreated

Preliminary estimate of 63

EconomicImpactTemporaryJobsCreated

Preliminary estimate of 216

EconomicImpactWageLevels

Preliminary estimate of $48,428 (in 2022 dollars).

EconomicImpactAlignProposedJobs

The project will provide an immediate opportunity for businesses and contractors in the Qualified Census Tract including trades businesses, sign companies, furniture stores, grounds contractors, and other specialized crafts. As part of the contract, the selected general contractor will be asked to commit to award sub-contracts to those businesses located in Omaha, with a preference to businesses located in the Qualified Census Tract. Additionally, business opportunities will be created for a contracted leasing and property manager and a new child development center. The project will focus on recruiting businesses that are based in North Omaha, while offering wrap-around start-up support to the childcare provider for business operations and to increase capacity. A draft economic impact study has been prepared using preliminary estimates of construction costs, children served in the child development center, and number of housing units. Based on the estimates, the project will generate 216 jobs for the construction and management of the apartments and 63 jobs for the child development center, totaling 279 jobs.

CommunityBenefit

Leaders speak about having a “culture of innovation” which can be applied to tackling large scale challenges and projects. “Community cannot be engineered. It is a natural by-product of healthy, loving relationships which then foster associations of friendship movements.,” Dave Andrews, author, and community sector leader. Traditional commercial development can seem at odds with this mindset; however, the concept can be used as a philosophy for innovative development projects. Innovative infrastructure projects can be a community builder when the voices of the area are implemented into every stage of the project. North and South Omaha are diverse, entrepreneurial, and proud communities. By creating a sense of “home” Creighton Connect will create a sense of belonging, cultivate relationships through community partnerships, and help to stabilize the neighborhood through additional high-quality housing. Mixed income housing has both anticipated and realized benefits, with a goal of alleviating the harms of concentrated poverty and achieving urban revitalization. Evidence supports that neighborhoods and housing quality improves with mixed income units. Additionally, mixed income communities offer low-income households an improved sense of safety and security. Structured programming such as the financial literacy program, child development center, and accessibility to community resources further promotes permanency and livability. Improvements in the local neighborhood will continue to bring people together, creating both a strengthened and renewed sense of community. Friendships are made on local playgrounds, parents can set up play dates at safe, easily accessible locations which can create networks of support. The top ways to get to know your neighbors fostering a sense of community, are getting outside, going to local playgrounds, or taking walks around the neighborhood. This project creates natural avenues for residents to get to know each other and develop relationships that will continue to improve the local neighborhood. The project includes the three S’s of creating community connections – Space, Structure, Seeds. Economically, the parcel of space that was previously for educational purposes which does not traditionally spur neighborhood growth in terms of space utilization, will be transformed into housing with investments in new and repurposed infrastructure, creation of jobs, and an added industry with the infusion of much needed childcare in the area. The new residential area will create a new pocket of activity, reactivating this corner of the neighborhood and acting as a connecting development, creating linkages to future areas of development to the North and areas to other developed areas to the South including the Atlas Apartments. The project invests in North Omaha, keeping the connection to downtown strong, developing without displacing businesses or residents, and creating new jobs both during and after the project completion. Additionally, the project addresses the North Omaha threat of the lack of multifamily housing options and although the project provides rental opportunities, not home ownership, it offers a wrap-around approach to retain residents through mixed income housing options, accessibility, and on-site childcare options.

CommunityBenefitSustainability

This project contributes to community sustainability by building a safe a healthy place to raise children, access to decent affordable housing, a sense of community and the ability to have a say in decisions that affect their lives. Using local contractors and the addition of two business opportunities (leasing/property management and child development center), as well as rental subsidies for qualified individuals, will create a positive economic impact on the area. On-site programming including financial literacy programming and extended childcare hours will increase quality of life and livability, as well the convenient access to Omaha Public Schools, local stores and employers, and downtown Omaha. In a statistical brief published by Childrens HealthWatch, introduced the Subsidized Housing Availability Index and how it is used to understand the relationship between inadequate subsidies and the negative consequences of housing insecurity. A stable, decent, affordable home is an essential foundation for families to thrive. However, this foundation becomes increasingly unsteady when families’ housing becomes unaffordable — defined as paying more than 30 percent of monthly household income for rent or mortgage plus utilities. Addressing households that are overcrowded and households with multiple moves based on accessibility, providing access to quality housing through mixed use properties has a ripple effect on neighborhoods. Projects such as the Neighborhoods in Bloom, in Richmond, Virginia revealed that highly focused public and nonprofit community investments resulted in significantly higher property values in these neighborhoods. Even blocks in the target area that had no investment experienced substantial increases in value suggesting a spillover effect in the entire target area. Redevelopment and physical improvements spur additional changes. As the gap between development costs and market values shrinks, private investments return to formerly isolated neighborhoods. That is the ripple effect. New and diverse families move in. Existing residents recommit themselves. There is a growing sense of possibility and hope – a shared vision, encompassing downtown development and community revitalization, and cities now offer a better quality of life to more of its citizens. (Ripple Effect, Neighborhoods in Bloom)

BestPracticesInnovation

See attached

OutcomeMeasurement

Affordability – By 7/31/2026, the Creighton Connect project will create a mixed income housing development for the North Omaha community with at least 50% of the new housing units serving residents earning 65% to 80% of AMI. This outcome will be measured by Creighton University through construction completion, secured certificate of occupancy, and published rental rates. Accessibility – By 7/31/2026, Creighton Connect will improve accessibility for residents through proximity to public transportation, promotion of mixed income housing options, and extended hours childcare options. This will be measured by resident surveys and child development center enrollment numbers. Workforce Development – By 7/31/2026, Creighton Connect will house a child development center which will create new jobs for residents of the building and the larger community. Additionally, the structure of the project will promote workforce stability through affordable and accessible housing options and location. This will be measured by the number of new jobs created and resident surveys. Economic Impact – Based on the preliminary economic study of the project (see attached for a complete draft of the study), the exponential economic impact of the project can be extrapolated based on the project scope including number of units and overall operations of the child development center. These estimates will fluctuate based on the final completed project, however the impact on the area will be felt well beyond the static project budget. 1. The economic impact for the construction of the facilities from July 1, 2023, to June 30, 2025, are estimated to be $188.1 million in total impacts, $41.4 million in wages & salaries, and $7.8 million in self-employment income with $5.6 million generated in state and local taxes. Jobs supported will be approximately 718 annually. 2. The economic impact for operations for the first five years of operations, July 1, 2025, to June 30, 2028, are estimated to be $300.8 million in total impacts, $140.7 million in wages & salaries, and $12.2 million in self-employment income with $10.3 million generated in state and local taxes. Jobs supported will be approximately 632 annually. Impact detail by project classification Economic Impact of Constructions, July 1, 2023, to June 30, 2025. (dollars dominated in 2022 dollars) 1. Total economic impact: a. Sales/revenue projected to be $188,058,733. b. Industry experiencing greatest impact-construction at $106,200,000. 2. Impact on wages & salaries: a. Wages & salaries for the period are projected to be $58,329,370. b. Industry experiencing greatest wage & salaries impact-construction at $29,746,121 3. Impact on self-employment income: a. Self-employment addition for the period projected to be $7,771,723. Industry experiencing greatest self-employment income impact-truck transportation at $506,024. 4. Impact on jobs (employment): a. The increase in annual jobs is expected to be 1,435.6. b. Industry experiencing greatest employment impact-construction at 704.1 jobs. 5. Impact on state and local tax collections. a. Construction activity is expected to increase state and local tax collections by $5,622,715. b. Additions for the period are projected to be property taxes of $1,722,443; sales taxes of $1,645,522; individual income taxes of $1,226,129; corporate taxes of $199,972; other taxes and fees of $779,650. Education - By 7/31/2026, 100 low to moderate income residents will be enrolled in or will have completed the Financial Success Program through Creighton University. By 2027, 100 children will be enrolled in the child development center. This will be measured through enrollment numbers and completion data.

OutcomeMeasurementHow

OutcomeMeasurementCoinvestment

Partnerships

Yes

PartnershipsOrgs

The project will rely on existing partnerships with Creighton University, while building new relationships with those having expertise in target areas. Residents of the property will have access to established Creighton partnerships with CHI Health, Creighton Dental Clinic, Creighton Legal Clinic, the Financial Hope Collaborative, the Center for Promoting Health and Health Equity, and the proposed Innovation and Entrepreneurship Service Center. New partnerships will emerge as the project moves forward to include relationships with a qualified licensed childcare agency with a goal to recruit a provider from North Omaha. To ensure the success and capacity of the center, outside expertise and support from childcare professional organizations will be provided to build the capacity of the child development center. Additionally, agencies providing enrichment activities to children, on-campus opportunities for high school students to explore the opportunities and of Creighton, and access to workforce development resources.

PartnershipsMOU

Creighton University has arrangements with existing partners and programs. At this time, there are no external MOUs in place, however discussions have begun about how to effectively implement on-site resources following occupancy.

Displacement

No

DisplacementExplanation

PhysicalLocation

The Creighton Connect project would encompass the site of two existing budlings located on a parcel of land between 28th Street to the East and 30th Street to the West, Burt Street to the north and California intersecting the property to the south. Specific addresses include the current Bio-Information Center at 2770 Webster Plaza, Omaha, NE 68131, and the Boyne Building, at 2802 Webster Plaza, Omaha, NE 68131. The North Freeway separates the property location from the Creighton campus. The Cuming Street corridor and Highland Dairy are one block north of the proposal location. Public transit stops run along 30th Street, California, and Cuming Streets with the 30th & Webster Plz SE bus stop just to the southwest of the property boundary.

QualifiedCensusTract

Within one or more QCTs

AdditionalLocationDocuments

See attached

PropertyZoning

Yes

ConnectedToUtilities

ConnectedToUtilitiesConnected

Yes

ConnectedToUtilitiesUpgradesNeeded

Yes

DesignEstimatingBidding

No

DesignEstimatingBiddingPackageDeveloped

No

DesignEstimatingBiddingCostsDetermined

Creighton and Field Day Development worked with a well-established general contractor to determine cost estimates based on project layout and historical data. If funded, the project will be released for a bidding process to all sub-contractors.

GeneralContractor

No

GeneralContractorPublicCompetitiveBid

GeneralContractorPublicCompetitiveBidWhyNot

RequestRationale

Capital funding for a child development center is being requested due to lack of available childcare in the QCT, with limited or no availability for extended care. The center is projected to be 14,000 sf, following all licensing requirements. The preliminary construction cost was determined through a cost estimate which included Creighton University, Field Day Development and a licensed general contractor. Capital for housing units was determined based on the funding gap in a preliminary financial model, and closely aligns with the assumption that 50% of the housing units would meet Department of Housing and Urban Development (HUD) guidelines for rents. The preliminary estimated construction cost was developed through a collaboration between Creighton University, Field Day Development, a licensed architect, and a licensed general contractor. Program costs were determined by the per person cost of the financial services program, based on historical data, the number of residents and location of services. Program costs for subsidies were determined by the percentage of HUD units, the average wage of childcare workers, and number of anticipated staff working in the center and living in the building.

GrantFundsUsage

Program: $550,000 - Expansion of program operations of the Financial Hope Collaborative. Funds will provide 100 low-income residents with access to their financial success program to be operated from the facility across the street. $100,000 - Rent subsidies through July 2026 for residents working in the child development center. $200,000 – Grant to fund consulting and other start-up costs for the Licensed Childcare Center Operator Capital: $10,700,000 – Construction costs for child development center $36,300,000 – Construction costs for affordable housing units

ProposalFinancialSustainability

No

ProposalFinancialSustainabilityOperations

The affordable housing construction project is dependent on other funding sources. Once constructed, the affordable housing units will not be dependent on future funding requests. However, the ability to provide ongoing subsidies for teachers and childcare staff working in the QCT will be dependent on future funding sources. It is possible that the child development center operation may be dependent on ongoing funding support. Creighton will own property and facilities. The fiscal operations of the housing units will be managed by Creighton, alongside the leasing and property management partner. The complete financial model is expected to be completed by mid-November. The child development center will be a stand-alone entity; however, with approval of the childcare program start up grant request, support will be provided in the areas of financial oversight, best practices, marketing and other business-related activities by Creighton and other childhood provider experts in the community.

FundingSources

At this time, the preliminary financials assume that $15 million of combined TIF and additional grants (CDGB and HOME) will be required to support the proposal. Creighton can begin the process of applying for the other funding sources upon completion of the feasibility study and Board approval. Yes, based on the preliminary estimates, the proposal will require all funds to continue.

FundingSourcesPendingDecisions

FundingSourcesCannotContinue

Scalability

Possibly

ScalabilityComponents

The housing development could possibly be scaled back into fewer units and fewer affordable units. Details are unknown at this time.

FinancialCommitment

Creighton’s financial commitment to the proposal will include the site for the development, approximately 174,000 square feet of land, and equity and debt financing estimated at $48 million. In addition, Creighton will provide free space for the expansion of the Financial Hope Collaborative and will work to support tenants by connecting them to other Creighton community service programs and Creighton community partners referenced earlier in this proposal.

ARPAComplianceAcknowledgment

1.0

ARPAReportingMonitoringProcessAck

1.0

LB1024FundingSourcesAck

1.0

PublicInformation

1.0

FileUploads

Additional Location Documents (see application for list) Organizational Chart Proposal Budget/Sources and Uses Request Rationale Documentation