2023-11-15T12:57:13-06:00 2022-12-31 470574775 FRANKEL ZACHARIA LLC 11404 WEST DODGE RD SUITE 700 OMAHA NE 681542576 990 2022-01-01 273842950 SEVENTY-FIVE NORTH REVITALIZATION CORPORATION SEVE 4025022770 2112 NORTH 30TH STREET 200 OMAHA NE 68111 JIMMI WATTS INTERIM CEO 4025022770 2023-11-15 1 JIMMI WATTS 999009999 0 MICHAEL N ABRAMSON P00536018 4024969100 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z JIMMI WATTS 2112 NORTH 30TH STREET 200 OMAHA NE 68111 5198909 0 X WWW.SEVENTYFIVENORTH.ORG X 2010 NE TO FACILITATE A HEALTHY, SUSTAINABLE, MIXED-INCOME COMMUNITY IN THE HIGHLANDER NEIGHBORHOOD IN NORTH OMAHA. WE WORK TO BREAK THE CYCLE OF POVERTY AND COMMUNITY DETERIORATION BY PARTNERING TO CREATE HIGH-QUALITY HOUSING, THRIVING SCHOOLS, RECREATIONAL FACILITIES AND OTHER NEIGHBORHOOD ENRICHMENT AMENITIES. 8 8 9 100 112040 0 22093228 3440201 522240 554585 351785 1123241 20171 62238 22987424 5180265 0 0 0 0 519582 608952 0 0 108813 2746155 7369749 3265737 7978701 19721687 -2798436 52503963 50146343 4506617 5627438 47997346 44518905 THE MISSION OF THE SEVENTY-FIVE NORTH REVITALIZATION CORPORATION IS TO FACILITATE A HEALTHY, SUSTAINABLE, MIXED-INCOME COMMUNITY IN THE HIGHLANDER NEIGHBORHOOD IN NORTH OMAHA. 0 0 5421424 135532 HOUSING - ACQUISITION AND STRATEGIC PLANNING FOR PROPERTIES IN NORTH OMAHA IN ORDER TO REVITALIZE THE AREA THROUGH REPURPOSING OF VACANT, ABANDONED, CONDEMNED, AND UNCLAIMED STRUCTURES AND KEY PARCELS OF LAND THROUGHOUT THE NORTHEAST SECTION OF THE CITY. THE DEVELOPMENT PROJECT IS LOCATED IN THE HIGHLANDER NEIGHBORHOOD. 532110 119096 EDUCATION - SUPPORT AND BUILD THRIVING SCHOOLS IN THE HIGHLANDER NEIGHBORHOOD AREA, INCLUDING HOWARD KENNEDY ELEMENTARY SCHOOL. 1558197 253079 COMMUNITY - SUPPORT AND ENRICH THE RESIDENTS OF THE HIGHLANDER NEIGHBORHOOD AND SURROUNDING AREA BY OFFERING PROGRAMS TO ADVANCE SKILLS AND OTHER AMENITIES. 7511731 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 0 1 16 0 1 9 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 1 0 1 1 X THE ORGANIZATION 4025022770 2112 NORTH 30TH STREET 200 OMAHA NE 68111 DANA WASHINGTON CHAIRMAN/PRESIDENT 10.00 X X 0 0 0 MEREDITH DILLON BOARD MEMBER 1.00 X 0 0 0 ADAM STEFFEN BOARD MEMBER 1.00 X 0 0 0 DANA BRADFORD BOARD MEMBER 1.00 X 0 0 0 KENNY ROCKER BOARD MEMBER UNTIL MARCH 2022 1.00 X 0 0 0 BRADLEY EKWEREKWU BOARD MEMBER 1.00 X 0 0 0 DAVID ARNOLD BOARD MEMBER 1.00 X 0 0 0 STEVEN JENSEN BOARD MEMBER 1.00 X 0 0 0 ERIN BOCK BOARD MEMBER 1.00 X 0 0 0 CYDNEY FRANKLIN PRESIDENT/CEO 40.00 5.00 X 183645 0 16169 183645 0 16169 1 0 1 0 0 1079946 2360255 47457 3440201 ACCELERATOR- COMMUNITY 531120 253079 253079 ACCELERATOR- EDUCATION 531120 119096 119096 EVENT HALL REVENUE 531120 112040 112040 DEVELOPMENT FEES 236000 70370 70370 554585 1123241 1123241 15720 18644 -2924 -2924 -2924 MISCELLANEOUS 900099 65162 65162 65162 5180265 507707 112040 1120317 199814 112763 20232 66819 312816 260361 38579 13876 5717 4158 660 899 55029 40006 6368 8655 35576 26078 4516 4982 2508 2508 101332 101332 301972 258662 43256 54 63954 52649 396 10909 68135 30500 35016 2619 1029922 985789 44133 12406 2583 9823 11250 11250 5090765 5090765 85624 76713 8911 30823 9804 21019 REPAIRS AND MAINTENANCE 248455 240528 7927 PROGRAM SUPPLIES 204572 204572 SECURITY 92818 91828 990 OTHER 25213 10214 14999 7978701 7511731 358157 108813 8582522 693759 3937905 11338431 6834636 1300000 28269667 30151278 1800392 513792 1479219 1286600 -513637 -491031 3913651 5867306 52503963 50146343 1193143 1873026 12537 0 389567 349567 2911370 3404845 4506617 5627438 X 30182803 32177000 17814543 12341905 47997346 44518905 52503963 50146343 X -2798436 -680005 X 0 1 X 0 1 1 X 3810245 3323097 4452043 22093228 3440201 37118814 3810245 3323097 4452043 22093228 3440201 37118814 25395503 11723311 615469 770085 728330 820294 1123241 4057419 41176233 2939713 0.28470 0.22360 X PER REGULATION 1.170A-9(F)(3), THE ORGANIZATION QUALIFIES AS A PUBLICLY SUPPORTED ORGANIZATION UNDER THE FACTS AND CIRCUMSTANCES TEST. PER REG. 1.170A-9(F)(3)(I), THE ORGANIZATION HAS RECEIVED 28.47% OF ITS TOTAL SUPPORT FROM THE PUBLIC CALCULATED ON SCHEDULE A, PART II. THIS EXCEEDS THE MINIMUM 10% REQUIREMENT.PER REG. 1.170A-9(F)(3)(II), THE ORGANIZATION OPERATES TO ATTRACT NEW AND ADDITIONAL PUBLIC AND GOVERNMENTAL SUPPORT ON A CONTINUOUS BASIS. INITIAL CONTRIBUTIONS TO THE ORGANIZATION HAVE SUPPORTED OPERATIONS AND PROVIDED SEED MONEY TO BUILD UPON THE RESEARCH DONE TO UNDERSTAND THE STRENGTHS, WEAKNESSES AND OPPORTUNITIES THAT EXIST IN THE OMAHA, NE NORTH SIDE SO THAT REVITALIZATION PLANS COULD BE DRAWN UP, PARTNERSHIPS WITHIN THE COMMUNITY COULD BE DEVELOPED AND A STRONG PLAN OF REDEVELOPMENT COULD BEGIN. WHILE THE SOLICITATION OF FUNDS INVOLVES THE GENERAL COMMUNITY, THE SIGNIFICANT DOLLAR AMOUNTS REQUIRED TO CONSTRUCT THE PROJECT HAVE CONCENTRATED DONORS TO PRIVATE FOUNDATIONS WITH SUBSTANTIAL SOURCES OF FUNDS TO GIVE AND A MISSION DEDICATED TO MAKING A STRATEGIC IMPACT ON THE OMAHA, NE COMMUNITY. AS THE REVITALIZATION EFFORTS HAVE CONTINUED, ADDITIONAL COMMUNITY-MINDED INDIVIDUALS AND BUSINESSES HAVE BEEN MAKING DONATIONS. IN ADDITION, AFTER SUBSTANTIAL COMPLETION OF THE MAJOR CONSTRUCTION PROJECT IN EARLY 2018, PUBLIC SUPPORT FOR THE ORGANIZATION INCREASED THROUGH ADDITIONAL PROGRAM SERVICE REVENUE. FEDERAL GRANT REIMBURSEMENTS STARTED IN 2022 AS WELL.FINALLY, SEVERAL FACTORS AS LISTED IN REG. 1.170A-9(F)(3)(III), HAVE BEEN MET: PERCENTAGE OF PUBLIC SUPPORT- THE PUBLIC SUPPORT PERCENTAGE IS 28.47% AS OPPOSED TO THE 10% MINIMUM.SOURCES OF SUPPORT- SUPPORT HAS NOT COME FROM A SINGLE INDIVIDUAL OR FAMILY, BUT RATHER MULTIPLE FOUNDATIONS THROUGHOUT THE AREA INCLUDING THE COMMUNITY FOUNDATION, ALL OF WHOM INCLUDE AS PART OF THEIR MISSION TO MAKE AN IMPACT ON THEIR COMMUNITY. REPRESENTATIVE GOVERNING BODY- THE GOVERNING BODY INCLUDES INDIVIDUALS INVOLVED WITH CITY PLANNING, ORGANIZATIONS THAT OPERATE NEAR THE REVITALIZATION AREA, AND THE OMAHA COMMUNITY AT LARGE. THE GOAL OF THESE INDIVIDUALS, LIKE THE ORGANIZATION ITSELF, IS TO BREAK THE CYCLE OF POVERTY AND COMMUNITY DETERIORATION IN THE HIGHLANDER NEIGHBORHOOD IN OMAHA, NE. AVAILABILITY OF PUBLIC FACILITIES/SERVICES; PUBLIC PARTICIPATION IN PROGRAMS OR POLICIES- AS PART OF THE REVITALIZATION, THE CONSTRUCTION OF A COMMUNITY BUILDING DIRECTLY FOR THE BENEFIT OF THE GENERAL PUBLIC ON A CONTINUING BASIS WAS COMPLETED IN EARLY 2018. THIS BUILDING INCLUDES OFFICE SPACE RENTED BY EDUCATION AND LOCAL ORGANIZATIONS AS WELL AS A COFFEE SHOP AND A DINING HALL. THE VENUE IS AN EVENT HALL AVAILABLE TO THE PUBLIC FOR MEETINGS, WEDDINGS, RECEPTIONS, AND OTHER EVENTS. THE DINING ROOM OFFERS A PLACE TO GATHER FOR SMALLER GROUPS AND A LESS FORMAL SETTING. THE CONNECT TECHNOLOGY LAB IS USED IN PROGRAMMING AND IS ALSO AVAILABLE TO RENT FOR THE PUBLIC AND ALSO FOR A COMPUTER CODING CAMP EACH SUMMER. THE GREENSPACE OF THE DEVELOPMENT IS USED FOR HEALTH AND WELLNESS ACTIVITIES, FAMILY EVENTS SUCH AS THE HIGHLANDER COMMUNITY DAY, MUSIC, OUTDOOR MOVIES, AND OTHER ACTIVITIES. IN ADDITION, OTHER ACTIVITIES SUCH AS ACT PREPARATION FOR AREA STUDENTS ARE OFFERED ALONG WITH BUILDING A PARTNERSHIP WITH THE NEIGHBORHOOD SCHOOL, KENNEDY ELEMENTARY. THE GREENHOUSE SPACE IS CURRENTLY BEING COMPLETED. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 196875 196875 265954 257254 8700 1010720 118355 892365 326843 138183 188660 1286600 REIMBURSABLE COSTS 323532 DEVELOPMENT FEE RECEIVABLE 368683 OTHER 119475 RELATED PARTY RECEIVABLE 1305366 PROPERTY AND LAND HELD FOR REVITALIZATION 300699 ACCRUED INTEREST RECEIVABLE 1774213 CONSTRUCTION IN PROGRESS 1675338 5867306 DEFERRED LEASE LIABILITY 2755235 REFUNDABLE ADVANCE 649610 3404845 X PART X, LINE 2: THE FOOTNOTE RELATED TO UNCERTAIN TAX POSITIONS PRESENTED IN THE CONSOLIDATED FINANCIAL STATEMENTS WHICH INCLUDE THIS ORGANIZATION READS AS FOLLOWS: SEVENTY-FIVE NORTH REVITALIZATION CORPORATION (THE CORPORATION) IS GENERALLY EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE U.S. INTERNAL REVENUE CODE. ACCORDINGLY, NO INCOME TAXES ARE INCLUDED IN THESE FINANCIAL STATEMENTS. ACCOUNTING STANDARDS REQUIRE DISCLOSURE AND RECOGNITION IN FINANCIAL STATEMENTS OF POSITIONS TAKEN IN A TAX RETURN ABOUT THE TREATMENT OF TRANSACTIONS AND EVENTS THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY TAX AUTHORITIES. TAX POSITIONS RELATIVE TO A NOT-FOR-PROFIT ORGANIZATION INCLUDE ACTIVITIES THAT MAY ENDANGER ITS EXEMPT PURPOSE AND STATUS AS AN EXEMPT ORGANIZATION. THE CORPORATION BELIEVES IT COMPLIES WITH ALL RELEVANT TAX LAWS AND REGULATIONS AND HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS; ACCORDINGLY, NO LIABILITY IS RECORDED FOR UNCERTAIN TAX POSITIONS. X X 0 0 0 0 0 0 0 0 0 CYDNEY FRANKLIN PRESIDENT/CEO 183645 0 0 0 0 0 8264 0 7905 0 199814 0 0 0 X 1 47457 MARKET VALUE 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B A DRAFT OF THE FORM 990 IS REVIEWED BY THE PRESIDENT/CEO AND CHAIRMAN OF THE BOARD FOR ACCURACY. IF ANY CHANGES ARE ADVISED, THESE ARE MADE AND THE RETURN IS THEN FILED AFTER FINAL APPROVAL. IN THE CURRENT YEAR, THE REVIEW WAS COMPLETED BY THE INTERIM PRESIDENT/CEO. FORM 990, PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE BOARD ARE SUBJECT TO A DUTY TO DISCLOSE ALL ACTUAL OR POSSIBLE CONFLICT OF INTERESTS TO THE BOARD AT ALL TIMES. THE DIRECTOR WILL RECUSE HIMSELF OR HERSELF FROM INVOLVEMENT IN ANY DECISION OR DISCUSSION IN WHICH HE OR SHE HAS OR MAY HAVE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A ANNUALLY, THE CHAIRMAN OF THE BOARD MAKES A RECOMMENDATION TO THE BOARD OF DIRECTORS FOR THE COMPENSATION OF THE PRESIDENT/CEO. THE SALARY IS BASED ON MATTERS OF PERFORMANCE AND COMPARABILITY DATA FROM THE SURROUNDING AREA WHICH IS PRESENTED TO THE BOARD OF DIRECTORS. BOARD APPROVAL IS REQUIRED FOR THE DETERMINATION OF THE PRESIDENT/CEO'S COMPENSATION. NO OTHER OFFICERS OR KEY EMPLOYEES ARE COMPENSATED BY THE ORGANIZATION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: TAX BASIS ADJUSTMENT FOR INVESTMENT IN HIGHLANDER PHASE 1 MARKET, LLC -197,701. IMPAIRMENT LOSS -482,304. ADDITIONAL INFORMATION AS REQUIRED ATTACHMENTS: UNDER THE TERMS OF THE OPERATING AGREEMENT FOR HPIV, LLC, ONE OF ITS MEMBERS, 75NHP4, LLC, MUST MAKE AN ELECTION UNDER IRC SECTION 168(H)(6)(F)(II). A RELATED ENTITY, SEVENTY-FIVE NORTH REVITALIZATION CORPORATION, SHALL ATTACH A COPY OF THE FOLLOWING TAX ELECTION MADE BY 75NHP4, LLC TO ITS FORM 990 TAX RETURN. THE ELECTION IS AS FOLLOWS: 75NHP4, LLC 2112 NORTH 30TH STREET, SUITE 200 OMAHA, NE 68111 EIN: 88-0561701 ELECTION NOT TO BE TREATED AS EXEMPT ENTITY UNDER IRC SECTION 168(H)(6)(F)(II) THE TAXPAYER HEREBY ELECTS TO HAVE ANY GAIN RECOGNIZED BY ITS TAX-EXEMPT PARENT ON ANY DISPOSITION OF AN INTEREST IN THE TAXPAYER (AND TO TREAT ANY DIVIDENDS OR INTEREST RECEIVED OR ACCRUED FROM THE TAXPAYER) AS UNRELATED BUSINESS TAXABLE INCOME UNDER CODE SECTION 511 IN ORDER FOR THE TAXPAYER TO NOT BE TREATED AS A TAX-EXEMPT ENTITY (OR A SUCCESSOR TO A TAX-EXEMPT ENTITY) UNDER IRC SECTION 168(H)(6)(F)(II). THIS ELECTION IS EFFECTIVE ON OCTOBER 28, 2021. THIS ELECTION IS IRREVOCABLE. UNDER THE TERMS OF THE OPERATING AGREEMENT FOR KENNEDY EAST LIHTC, LLC, ONE OF ITS MEMBERS, 75NKSE, LLC, MUST MAKE AN ELECTION UNDER IRC SECTION 168(H)(6)(F)(II). A RELATED ENTITY, SEVENTY-FIVE NORTH REVITALIZATION CORPORATION, SHALL ATTACH A COPY OF THE FOLLOWING TAX ELECTION MADE BY 75NKSE, LLC TO ITS FORM 990 TAX RETURN. THE ELECTION IS AS FOLLOWS: 75NKSE, LLC 2112 NORTH 30TH STREET, SUITE 200 OMAHA, NE 68111 EIN: 92-1155838 TAX YEAR ENDED DECEMBER 31, 2022 ELECTION UNDER IRC SECTION 168(H)(6)(F)(II) BY A TAX-EXEMPT CONTROLLED ENTITY THE TAXPAYER, 75NKSE, LLC, HEREBY ELECTS UNDER 168(H)(6(F)(II) SO IT WILL NOT BE TREATED AS A TAX-EXEMPT ENTITY FOR PURPOSES OF 168(H)(6)(F)(I), AND ACKNOWLEDGES THAT ANY GAIN RECOGNIZED ON THE DISPOSITION OF AN INTEREST IN 75NKSE, LLC, AND ANY DIVIDEND OR INTEREST RECEIVED OR ACCRUED BY A TAX-EXEMPT ENTITY FROM 75NKSE, LLC, WILL BE TREATED AS UNRELATED BUSINESS TAXABLE INCOME FOR PURPOSES OF SECTION 511. THIS ELECTION IS IRREVOCABLE. 3200 NORTH 30TH LLC 2112 NORTH 30TH STREET SUITE 200 OMAHA NE 68111 PROPERTY TITLE HOLDER NE 0 76600 SEVENTY-FIVE NORTH REVITALIZATION CORPORATION HIGHLANDER PHASE I QALICB INC 2112 NORTH 30TH STREET SUITE 200 OMAHA NE 68111 474677824 TITLE HOLDING CORPORATION NE 501(C)(2) N/A SEVENTY-FIVE NORTH REVITALIZATION CORPORATION 1 HIGHLANDER DEVELOPMENT CO 2112 NORTH 30TH STREET SUITE 200 OMAHA NE 68111 854310393 FINANCE, DEVELOP AND OPERATE LOW INCOME HOUSING DEVELOPMENTS NE 501(C)(3) 170(B)(1)(A)(VI) SEVENTY-FIVE NORTH REVITALIZATION CORPORATION 1 75NHP1 LLC 2112 NORTH 30TH STREET SUITE 200 OMAHA NE 68111 352563983 MANAGEMENT OF PROGRAM HOUSING NE SEVENTY-FIVE NORTH REVITALIZATION CORPORATION C -43 -208 1.00000 1 75NHP4 LLC 2112 NORTH 30TH STREET SUITE 200 OMAHA NE 68111 880561701 MANAGEMENT OF PROGRAM HOUSING NE SEVENTY-FIVE NORTH REVITALIZATION CORPORATION C 80 1.00000 1 75NKSE LLC 2112 NORTH 30TH STREET SUITE 200 OMAHA NE 68111 921155838 MANAGEMENT OF PROGRAM HOUSING NE SEVENTY-FIVE NORTH REVITALIZATION CORPORATION C 20 1.00000 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 HIGHLANDER PHASE I QALICB INC K 737820 COST HIGHLANDER PHASE I QALICB INC R 237800 COST