arrowood senior

8/6/2019 Arrowood Senior

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Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans

roject Description

oject Name: Arrowood Senior

ddress: Arrowood Road and Nations Ford Road

ty: Charlotte County: Mecklenburg Zip:

ensus Tract: 58.06 Block Group: 1

project in Qualified Census Tract or Difficult to Develop Area? No

e you requesting the basis boost under section II(E)(4) of the QAP? Yes

olitical Jurisdiction: City of Charlotte

risdiction CEO Name:First:Curt Last:Walton

Title: City Manager

risdiction Address: 600 E. 4th St.

risdiction City: Charlotte Zip:

risdiction Phone:

te Latitude:

te Longitude:

oject Type: New Construction

Is this project a previously awarded tax creditdevelopment?

w Construction/Adaptive Reuse:his project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No

If yes, list names of previous phase(s):

ehab:

umber of residents holding Section 8uchers:

l the project meet Energy Star standards as defined in Appendix B? Yes

es a community revitalization plan exist? No

ll the project use steel and concrete construction and have at least 4 stories? No

ttps://www.nchfa.org/Rental/RTCApp/(S(jd3rdt452...7C4BFD7BB5&SNID=031BBB6A296B4A3A9C8653FC8BA07E9B (1 of 21)4/8/2009 1:50:28 PM

28217

28202

(704)336-2244

35.141248

-80.89096


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ll the project include a Community Service Facility under IRS Revenue Ruling 2003-77?o

If yes, please describe:

rget Population:Elderly (55)

ll the project be receiving project based federal rental assistance? No

If yes, provide the subsidy source: and number of units:



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pplicant Information

icate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applica

st become part of the ownership entity. The applicant will execute the signature page for this application.

pplicant Name: VSL Construction, Inc.

ddress: 30100 Telegraph Rd., Suite 316

ty: Bingham Farms State: MI Zip:

ontact: First: Doug Last:Stratton Title:President

elephone:

t Phone:

ax:

mail Address:

OTE: Email Address above will be used for communication between NCHFA and Applicant.


48025

(248)723-9750

(248)761-6834

(248)723-9751

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

If buildable acreage is less than total acreage, please explain:

ntify utilities and services currently available (and with adequate capacity) for this site:

Storm Sewer Water Sanitary Sewer Electric

he demolition of any buildings required or planned? No

If yes, please describe:

e existing buildings on the site currently occupied? No

If yes:(a) Briefly describe the situation:

(b) Will tenant displacement be temporary?(c) Will tenant displacement be permanent?

he site directly accessed by an existing, paved, publicly maintained road? Yes

If no, please explain:

any portion of the site located inside the 100 year floodplain? No

If yes:(a) Describe placement of project buildings in relation to this area:


7.64 7.64


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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:



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te Control

es the owner have fee simple ownership of the property (site/buildings)?No

If yes provide:

Purchase Date: Purchase Price:

If no:

(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contractpurchase of the property and the seller of the property?NoIf yes, specify the relationship:

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:


6/30/2009

534,800


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oning

esent zoning classification of the site:R-17MF

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No

If yes, have the hearings been completed and permits been obtained?

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: Arrowood Senior Charlotte, LLC

dress: 30100 Telegraph Rd., Suite 316

y: Bingham Farms State:MI Zip:

deral Tax ID Number of Ownership Entity: (If assigned)

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Liability Company

ntity Status: To Be Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

the applicant requesting that the Agency treat the application as CHDO sponsored? No

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.

Org: VSL Construction, Inc.

rst Name: Doug Last Name: Stratton Function: Managing Member

ddress: 30100 Telegraph Rd., Suite 316

ty: Bingham Farms State: MI Zip: 48025

hone: Fax:

Mail: Nonprofit: No

Org: GBL Holding Company, Inc.

rst Name: Grant Last Name: Lorimer Function: Member

ddress: 30100 Telegraph Rd., Suite 316ty: Bingham Farms State: MI Zip: 48025

hone: Fax:

Mail: Nonprofit: No

Org: The Forest Group, LLC

rst Name: Tom Last Name: Kostosky Function: Member

ddress: 2277 Science Parkway, Suite 6

ty: Okemos State: MI Zip: 48864

hone: Fax:

Mail: Nonprofit: No


48025

(248)723-9750 (248)723-9751

[email protected]

(248)723-9750 (248)723-9751

[email protected]

(517)999-3300 (517)999-3301

[email protected]


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nit Mix

e Median Income for Mecklenburg county is $66,500.

w Income Units

Type # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

Gdn Apt 1

Gdn Apt 1

Gdn Apt 2

Gdn Apt 2

Utilities included in rents: Water/Sewer Electric Gas Other Rubbish Removal

mployee Units (will add to Low Income Unit total)

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities included in rents: Water/Sewer Electric Gas Other

rket Rate Units

ype # BRs Net Sq.Ft.Total

# Units#Units

MonthlyRent

UtilityAllowance

MandatoryServ. Fees

**TotalHousing Exp.

tilities included in rents: Water/Sewer Electric Gas Other

atistics

AllUnits

Units

Gross MonthlyRental Income

Low Income.......

Market Rate.......

Totals...............

oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

Community space within residential bulding(s) - Sq. Ft. (Floor Area):


750 15 3 293 29 0 322

750 25 2 616 29 0 645

850 10 3 351 37 0 388

850 50 2 748 37 0 785

100 10 60705

100 10 60705

1 4

8,500


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Elevators - Number of Elevators:

quare Footage Information

oss Floor Square Footage:

otal Net Sq. Ft. (All Heated Areas):

icate below any additional targeting for special populations proposed for this project:

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal state codes.)

Number of Units:

Number of Units Required:

Persons with disabilities or homeless populations.

Number of Units:

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low

income units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(jd3rdt45...C4BFD7BB5&SNID=031BBB6A296B4A3A9C8653FC8BA07E9B (10 of 21)4/8/2009 1:50:28 PM

1

125,234

122,563

10

10

0
http://www.nchfa.com/Rental/Mincomelimits.aspxhttp://www.nchfa.com/Rental/Mincomelimits.aspx


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argeting

ecify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] ate another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.

BRs Units %

targeted at percent of median income affordable to/occupied by




tal Low Income Units:

te: This number should match the total number of low income units in the Unit Mix section.


15 30

25 60

10 30

50 60

100


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

stimated pricing on sale of Federal Tax Credits: $0.

emarks concerning project funding sources:ease be sure to include the name of the funding source(s))


3,500,000 6.00 40 40 231,090

1,001,566 0 30 30 0

6,534,855

359,840

11,396,261

72


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HA 1st Mortgage-St. James Capitalederal LIHTC-Alliant Capital



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29 Title and Recording

SUBTOTAL (lines 14 through 29)

30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41 Additional Contigency (greater of $500/unit or $30,000)

42

43

44 Rent-up Expense

45

46


47 Rent up Reserve

48 Operating Reserve

49

50

51 DEVELOPMENT COST (lines 1-49)

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit

56 TOTAL ELIGIBLE BASIS

57 Applicable Fraction (percentage of LI Units)


10,000

708,719

30,000 30,000

2,300

60,514

7,500 7,500

10,000

0

70,000

180,314

31,000 31,000

0 0

800,000 800,000

Other Basis Expense (s 0

Other Basis Expense (s 0

0

Other Non-basis Expen 0

Other Non-basis Expen 0

831,000

39,000

377,944

Other Reserve (specify)

Other Reserve (specify)

10,861,461 0 10,086,661

0

10,086,661 0 10,086,661

100.00% 100% 100%


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58 Basis Before Boost

59 Basis Boost of up to 130%

60 TOTAL QUALIFIED BASIS

61 Tax Credit Rate

62 Federal Tax Credits (maximum $1,300,000)

63 Federal Tax Credits Requested (if less than line 62)

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

Project Development Cost per unit59,000


10,086,661 0 10,086,661

100.00% 100.00%

10,086,661 0 10,086,661

3.50 9.00

907,799 0 907,799

0

534,800

11,396,261

907,799


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arket Study Information

ease provide a detailed description of the proposed project:

nit amenities will include:ll kitchen, including frost-free refrigerator, oven/range, and dishwasher;

entral heat and air conditioning/heat pump;oat closet;alk-in closet;

ni-blinds;ommunity space for recreation;n-site professional management;-hour emergency maintenance service;

mergency pull-cord systemusiness Center with internet access;utdoor features, including:atio with picnic area;arden;azebo;alking trails

ater, Sewer, and Rubbish Removal is included in rent. Tenant pays all other utilities.

nstruction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:

e Amenities:

e site is located on the south side of Arrowood Road, near the intersection of Arrowood and Nationsord. Arrowood Road is a well-traveled street that will give the development excellent visibility. Shopping iscated nearby the site, both at Arrowood and Nations Ford (CVS Pharmacy) and at Arrowood and Southoulevard. South Oak Center contains retail, restaurants and services such as barber shops. A Food Lionocery store is located less than a half mile from the site at 201 E. Arrowood Rd. The site is surrounded byultiple family residential, residential condominiums, and commercial property.

e site is on an existing bus line and transportation is readily available for residents of Arrowood Senior. As stop is located in front of the site. The site is within walking distance to the new light rail transit center at



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rowood and South Boulevard.

site Activities:

nsite activities will occur within the Arrowood Senior building. Leasing activities and tax credit certificationl occur within the management office during business hours.

ommunity activities such as potluck dinners or holiday parties will be an opportunity for residents tocialize with each other, and will take place in the community room. The community room will feature a

arming kitchen to add to the ease of holding resident events in the building. A library and craft room willso give residents opportunity for indoor recreation.

dditionally, there will be a business center area that will provide internet access and access to a computernter for use by the residents of Arrowood Senior.

Patio and garden area will be available for outdoor recreation. The site plan will also incorporate walkingails into greenspace as an added amenity for active seniors.

community laundry room will be available on each floor.

ndscaping Plans:

e site is approximately 7.84 acres in size and contains areas of mature trees as well as clear areas. Thee plan will take advantatge of the existing trees by incorporating them into the greenspace requirements.e site will be landscaped using native plants and the landscaping plan will employ water conservation

chniques.

erior Apartment Amenities:

e spacious apartment units will have an open floor plan and will contain amenities such as:all-to-wall carpeting in living and bedrooms;nyl flooring in entry, kitchen and bathroom areas;ll kitchen, including frost-free refrigerator, oven/range, garbage disposal and dishwasher;

entral heat and air conditioning/heat pump;oat closetalk-in Closet;ni-blinds

you plan to submit additional market data (market study, etc.) that you want considered? No

If yes, please make sure to include the additional information in your pre-application packet.



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pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

he neighborhood contains a mix of uses, with rental developments, single family houses, townhouse

ondominiums and commercial uses surrounding the site. Buildings in the area are in good condition andave been constructed fairly recently. Kings Creek condominium development is located directly east of thete. An affordable housing development, South Oaks, owned by the Charlotte Mecklenburg Housingartnership is located to the east of the site off of Arrowood. Directly abutting the site to the south is aellular tower easement. West of the site is vacant commercial land that is for sale, and further to the west,hipping is conveniently located at Arrowood and Nations Ford.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution

cilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. Land use in the area immediately adjacent to the site includessidential uses, both apartments and ownership options. Commercial development is concentrated at theersection of Arrowood and Nations Ford. South Boulevard, approximately 1/4 mile from the site, is a majormmercial corridor and is easily accessed from the site. Vacant commercial land is located immediately toe west of the site and it is expected that a high quality neighborhood service business will locate at the sitethe future.

TE SUITABILITY

dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. The site has several hundred feet of frontage along Arrowood Road. The

oject identification sign will be of brick and wood with attractive landscaping and low level lighting and will visible from the road. The main project entry is proposed from Arrowood Road, with possible secondarymergency access to Nations Ford Road when the property to the west is site planned. Existing publicdewalk and pedestrian crossings currently exist at the site. A CATS bus stop is located directly in front ofe site. The new light rail station at Arrowood and South Boulevard is approximately 1/4 of a mile from thee and is accessible by sidewalk.

egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, largeulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

one known.



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milarity of scale and aesthetics/architecture between project and surroundings.

rrowood Senior will be composed of a 4-story building with a variety of siding and shingles, and variety ofoofline. This will be visually complementary to the existing development near the site.

land area, this will be one of the smaller developments in the surrounding neighborhood and is a true infillte. The project will be designed and built within the framework of existing neighborhood and infrastructure.

r each applicable neighborhood feature, enter distance from project in miles.

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

Schools Public Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:


2 3.1

5.3

.3.1

.93.7

6 0

1.3

4.3


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reliminary App Checklist

e following enclosures must be submitted along with your signed preliminary application. Some enclosures are required only undetain conditions. Please check each applicable item to indicate that you understand the enclosure requirements and will enclose threct supporting documentation with your application.

Fee PaymentCheck in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

Tab A - Preliminary ApplicationPrinted, signed copy of preliminary application generated from online system.

B - Map/Driving InstructionsA local map clearly identifying the location of the Site and detailed directions to the Site. Current City or County maps are prefe

internet maps and directions are not acceptable. Applicant must also provide a map identifying the amenities listed in section(A)(1)(b)(ii) of the QAP and their proximity to the site.

Applicant must provide a sign and boundary markers to clearly identify the road frontage of the site. The sign identifying the sitshould read SITE with a minimum size of 11x17.

C - Community Revitalization Plan

Applicant should provide a map identifying the subject site within the Plan area (if applicable).D - Evidence of Site ControlProvide valid option/contract or warranty deed and plot plan.

E - Site Plans/Scope of WorkPreliminary site plan, floor plans and elevations for all projects, interior and exterior photographs and detailed scope of work foAdaptive Reuse and Rehab projects. Site and floor plans should be no larger than 11x17 and must be produced by a licensedarchitect or engineer.

F - Information Package for Market AnalystsThis section must include copies of items required in Tabs A, B, E and G (site and floor plans should be no larger than 11x17) can include any additional market information such as preliminary market studies the applicant would like to provide to theAnalysts.

G - Rent Roll (Rehabs only)

Provide the current rent roll for the property and indicate which units (if any) are receiving rental assistance.H - Documentation for Basis BoostApplicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

arrowood senior

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