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U.S. Bancorp Community Development Corporation Finances Todd Heistand's $25 million Model T Development with Historic and New Market Tax Credits; TipTop Lofts and InPlay Entertainment to Open June 15

OMAHA, Neb.--(BUSINESS WIRE)--June 14, 2005--Todd Heistand's $25 million residential and commercial development in the former Ford Model T Factory at 1524 Cuming Street in Northeast Omaha opens with a ribbon cutting on June 15 at 9:00 a.m. At the ceremony will be local dignitaries including Omaha Mayor Fahey.

U.S. Bancorp Community Development Corporation (USB CDC) was able to secure a complex yet innovative $19.8 million financing package for Heistand's redevelopment of the historic building that includes the construction of an adjacent parking structure and 55,000 square feet of new commercial space. Construction and mini-perm debt and a Tax Incremental Financing (TIF) loan from the City of Omaha were combined with Historic Tax Credit equity and leveraged through the New Markets Tax Credit (NMTC) program to generate additional funds needed to complete the project. USB CDC partnered with ESIC and NDC, both New Markets Allocatees, to bring the maximum tax credit benefits to Model T.

The 1916 brick building has been converted into 96 loft-style apartments with 150 stalls of underground parking. Also included is commercial space being leased by InPlay productions for an upscale entertainment center that includes virtual reality games, sports bar, private game rooms, a 75-foot rock climbing wall, 3/4 scale NASCAR racing game and black-light bowling.

Located near the southern edge of Creighton University's athletic fields and law school, the development's TipTop Apartments is named after Tip Top Products, the second-longest resident of the building which produced bobby pins and pink hair curlers. The one and two-bedroom, loft-style apartments, averaging 1,150 square feet and ranging in rent from $900 to $1,300 per month, are being marketed to young professionals and Creighton's junior, senior and graduate students, who are not required to live on campus. The building boasts funky, urban-style features like sliding partitions to change living space, blackboard doors for leaving messages, a roof-top deck with a movie projector and sunning area, resident lounge, gym and guest suite for parents or out-of-town friends. About a third of the lofts have already been reserved.

Walker Gaffney, U.S. Bancorp Community Development Corporation said, "This exciting development has been a catalyst to the blighted stretch of downtown between the new Qwest Center and Creighton University. It will expand Creighton's south campus area and revitalize the riverfront along the downtown northeast corridor. It will not only be a great entertainment venue for students, but will likely draw from those coming to or from an event at the Qwest, new convention center or Old Market."

The property is being developed and managed by Todd Heistand, who has gained extensive experience renovating historic properties in the Omaha area into multi-family apartments, commercial spaces and the construction of new homes. He first got the idea to remodel the Model T factory 6 years ago, and began last August gutting and replacing the 10x20 foot factory windows with costly reproductions, making them more thermally efficient and easier to open.

"It's been a gratifying experience," said Heistand. "The future of this area looks bright with several more projects, including a grocery store, now planned for the area. U.S. Bank Community Development Corporation brought suggestions to the table that made the numbers work."

Todd Heistand and his sister Tammy Barrett formed Nustyle Development in 1988 and have completed more than $200 million in projects, with 38 buildings on the National Register of Historic Buildings.

U.S. Bancorp's Community Development Corporation, with assets of nearly $1.4 billion, is one of the largest new market tax credit investors in the country. It also makes equity investments in low-income housing and historic tax credits in exchange for tax benefits and CRA investment credits usable by U.S. Bank. Both are subsidiaries of U.S. Bancorp (NYSE: USB), with assets of $198 billion, it is the 6th largest financial services holding company in the United States. The company operates 2,377 banking offices and 4,654 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.

NOTE: Rendering, photos available

CONTACT: U.S. Bancorp
Lisa Clark, 608-877-7517
lisa.clark2@usbank.com

SOURCE: U.S. Bancorp

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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