Good Life District Boundary Map, (City of Grand Island, Courtesy)
GRAND ISLAND – A request for $60.6 million in Tax Increment Financing for development of part of the Good Life District is being made by Woodsonia Real Estate of Elkhorn.
The Regional Planning Commission approved the request at its Feb. 27 meeting. The proposal now goes to the City Council for approval.
In a Feb. 29 memo to the Regional Planning Commission, Regional Planning Director Chad Nabity wrote that “in June 2024 Woodsonia received approval for a Good Life Transformational District that includes the former Veterans Home property owned by the City of Grand Island between Webb Road and Broadwell Avenue south of U.S. Highway 281/Airport Road.”
The developers are anticipating the development will create an additional $286.7 million of taxable value.
The TIF money could be used for acquisition; site work/grading/ construction of streets and storm sewer; installation of utilities including water, sanitary sewer and electrical.
Nabity wrote that Woodsonia will expand the Veteran’s Sports Complex with the following components: indoor (sports agility/training area, 4-8 pickleball courts, 12-16 volleyball courts, 6-8 basketball courts, concessions/meeting rooms, and parking field). Outdoor components are artificial turf muti-sport fields including full-sized baseball, softball, soccer, football, lacrosse and field training. Natural grass fields will be added for soccer, football, and lacrosse.
The development team for the Veteran’s Sports Complex will include Woodsonia Real Estate, Chief Industries, Holland Basham Architects, Morrissey Engineering, Olsson Engineering, and Pinnacle Sport Group, Nabity wrote.
Prior to construction, Woodsonia and the city will select a future manager/operator of the Veteran’s Sports Complex.
The housing component in the area includes approximately 1,400 multi-family units and approximately 290 single-family homes. There will be a mix of townhouses, duplexes, and four-plexes.
A mixed-use area of 35 acres will be developed including retail, hospitality, commercial, entertainment, and civic uses.
Nabity wrote that Eagle Scout Lake will be expanded and improved. It will be expanded by approximately 20 acres and dredged to approximately 15-foot depths “to ensure high water quality.” New features include more than two miles of new walking trails, a public fishing pier, pedestrian bridges, and new landscaping and existing site cleanup .
Included in the proposal is an 11-acre public school site. Woodsonia would convey the site to Grand Island Public Schools for $1. If the school district did not construct an elementary school within 10 years, Grand Island Public Schools would reconvey the land back to Woodsonia “for no additional consideration, unless the parties agree otherwise.”
“It is expected that this project will be completely built out between 2026 and 2045. TIF bonds could be in place from 2026 until 2025 with no tax increment debt exceeding a period of 15 years,” Nabity wrote.
There is a document titled “Redevelopment Plan, Grand Island CRA Area 16R, Veteran’s Village.” In it, it lists estimated total project cost of $608.4 million, which include private investment and debt ($402.8 million), TIF bonds ($60.6 million), and Good Life District Bonds ($145 million).
In July 2023, Sports Facilities Advisory was retained by Woodsonia Development to produce a five-year financial feasibility study for development of an indoor and outdoor sports and recreation complex in Grand Island.
The indoor building will require approximately 2.3 acres of land and occupy approximately 111,000 square feet. The entire site will require 1,235 parking spaces and 56.7 acres of developable land, the study said. The complex is projected to cost between $54.5 million and $65.9 million. The project is projected to generate approximately $2 million of revenue in Year 1 and $3.3 million of revenue by Year 5.
The sports complex is estimated to require 10 full-time employees and 38 FTE employees.by Year 5. Staff salaries by Year 5 would be $1.2 million.
Grand Island’s City Council plans a closed session March 4 to discuss the Good Life Program and development at Veteran’s Village. The meeting was originally scheduled to be a public meeting, but a news release was sent Feb. 28 saying that the meeting would be a closed session.
“The Grand Island City Council will discuss contract and real estate negotiations as well as strategic assessments, including expert financial and legal advice related to the City’s Good Life District Economic Development Program and development at Veteran’s Village.” the news release said.
The news release said the closed session would occur “for protection of the public interest.”
