glenwood hills app

8/6/2019 Glenwood Hills App

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

roject Description

oject Name: Glenwood Hills

dress: 1300 Burkemont Avenue

ty: Morganton County: Burke Zip:

ensus Tract: 0203.02 Block Group: 1019

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

olitical Jurisdiction: City of Morganton

risdiction CEO Name:First:Mel Last:Cohen

Title: Mayor

risdiction Address: 305 East Union Street A100

risdiction City: Morganton Zip:

risdiction Phone:

e Latitude:

e Longitude:

oject Type: New Construction

this project a previously awarded tax credit development? No

If yes, what is the project number: Is this a request for supplementalcredits?

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

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

ttps://www.nchfa.org/Rental/RTCApp/(S(3cx52jr1y...4618C17232&SNID=CAD090353B8347279FF2D05E2EC5D3C5 (1 of 29)9/15/2008 3:17:51 PM

28655

28655

(828)438-5228

35.7244

-81.6929


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If yes, please describe:

rget Population:Family

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

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

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 andstate codes.)

Number of Units:

Persons with disabilities or homeless populations: 10% of the total units.

Number of Units:

Remarks: 10% of units will be targeted to persons with disabilities.


3

6


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te Description

al Site Acreage: Total Buildable Acreage:

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

The buildable acreage is less than the site acreage due to standard set-back and buffer requirements.

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:


4.96 3.8


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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/contract fopurchase 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:


10/31/2008

555,000


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oning

esent zoning classification of the site:General Business

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 for obta

them:

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation office re

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: Glenwood Hills, LP

dress: 8037 Corporate Center Drive, Ste 100

y: Charlotte State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

tity Type: Limited Partnership

tity Status: Already 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.ck [Add] to add additional partners, members, and principals.

Org: Greenway Development Company, LLC

st Name: Bradley Last Name: Parker Function: Principalddress: 140 East Main Street, Suite 410

ty: Rock Hill State: SC Zip: 29730

one: Fax:

Mail: Nonprofit: No

Org: Greenway Development Company, LLC

st Name: Ingram Last Name: Walters Function: Principal

ddress: 140 East Main Street

ty: Rock Hill State: SC Zip: 29730

one: Fax:

Mail: Nonprofit: No


28226

(803)366-1200 (803)366-1270

[email protected]

(803)366-1200 (803)366-1270

[email protected]


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

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

Elevators - Number of Elevators:

uare Footage Information

oss Floor Square Footage:

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

tes

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

units are within established thresholds.


1,488

73,597

60,250
http://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htmhttp://www.nchfa.com/lib/html/rental/Median%20Income%20Charts/income_limits.htm


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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] to cother 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.


3 60

4 50

5 40

17 60

9 50

10 40

10 60

2 50

60


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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:CDBG

Other Loan 2 - Specify:

HOME

Other Loan 3 - 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 debt serbelow.

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

timated 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))

l utility tap fees, permit fees and impact fees are charged by the City of Morganton. Preceeding


1,080,000 6.15 30 35 75,207

250,000 2.00 20 20 15,177

250,000 2.00 20 20 15,177

940,726 0 30 30 0

4,283,595

100

6,804,421

845


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s page is a letter from the City of Morganton waiving impact fees and lending additional supportot required by QAP) by providing a 50% reduction in building, mechanical, electrical and plumbinges (the letter is also included behind TAB "O"). Our CDBG grant (TAB "O", however, is throughurke County which does not provide utilities and therefore does not charge water/sewer impactd tap fees. The City of Morganton is charging the project a water/sewer tap fee of $75.00 per

eter per building (4 * 75 = $300).

OME funds are from the local consortium of counties (includes Burke County) known as theestern Piedmont Council of Governments. The commitment letter is behind TAB "O".



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60 Tax Credit Rate

61 Federal Tax Credits at Estimated Rate

62 Federal Tax Credits at 9.00% or 3.75% (maximum $1,000,000)

63 Federal Tax Credits Requested

64 Land Cost

65 TOTAL REPLACEMENT COST

FEDERAL TAX CREDITS IF AWARDED

Comments:

The $81,697 per unit in replacement costs is due to our election to utilize Energy Star in the project.

Total Replacement Cost per unit:81,697


3.40 8.50

506,985 0 506,985

536,808 0 536,808

0

555,000

6,804,421

536,808


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arket Study Information

ase provide a detailed description of the proposed project:

enwood Hills will be a 60 unit family development located in Lenoir, NC. The development will have 12, 1droom/1 bath units (812 nsf), 36, 2 bedroom/ 2 bath units (1107 nsf) and 12, 3 bedroom/ 2 bath units289 nsf). There will be 3 residential buildings on the site. All buildings will be 3 stories. Two buildings willve 24 units, and the other building will have 12 units. The clubhouse community center will be designedecially for families and will feature a computer center and 24 hour fitness center via key card access.

e site is ideal for families as it is around a 0.5 mile to a mile from everyday services. The Wal-Mart,we's, and grocery store is a quarter of a mile away. This site is also close proximity to local employment.

wenty-five percent(15 units) will be targeted to households at 40% of area median income and the rest ofe units (45) will be targeted at 60% and below the AMI. All the proposed rents are well below theaximum allowable rent levels. Additionaly, 10 % of the units will be targeted to persons with withsabilities.

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 will have a clubhouse with a community room, kitchen, 24 hour fitness center, 24 hour businessnter, and high speed internet access. On-site amentities will include, but will not be limited to, playground,lot, and covered picnic area with table/grills.

site Activities:

e commuinty manger will be expected to play an active role to ensure that a variety of social activitiesd supportive services are offered on site. Additionally, the manager will work to link residents in need with

her commuinty service providers.



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ndscaping Plans:

ndscaping will be extensively utilized to beautify the developmet's green areas to blend the developmento the existing neighborhood. Parking lots and drives will be lined with shade trees and the plant materialsl compliment the natural fauna. To the extent possible, a tree lined buffer will remain around therimeter of the site and an open space buffer will be around the site.

erior Apartment Amenities:

units will have built-in computer desks, range, hood, washer and dryer hook-ups, mini blinds,shwasher, pantry, disposal, high speed internet access, ceiling fans, refrigerator with ice-maker, largealk-in closets and plenty of interior and exterior storage. Each unit will have vinyl and carpet flooring.ating and cooling will be provided by a heat pump and central air conditioning.

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.

his site is located 1/2 mile from Interstate 40 on Burkemont Avenue. There is a mix of commercial and

sidential around the site. On Burkemont Avenue there is a shopping center, restaurants, Wal-Mart, Lowe'snd the community college is only 0.7 miles away. You can walk to all of these locations. The economicealth of the area is in great shape. Morganton economy is in great shape because of all the statemployment opportunities. There is no affordable housing in the area.

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, distributioncilities, 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. To the north of this site zoning is primarily general business havingayton Homes office, Lowe's, and restaurants. To the east and across the street there is a church and othermmercial. To the south and west is single-family residential. There is a good mixture of single-family andmmercial.

TE SUITABILITY

equate 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 signin relation to traffic corridors. According to local officials, Burkemont Avenue has adequate capacity to

ndle traffic from the proposed development. Burkemonte Avenue is 35 miles an hour and has a turningne.

egree of on-site negative features and physical barriers that will impede project construction or adversely

ect 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).

here are no negative features that would impede the development or ongoing use of the project.

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

he proposed stucture design will make a postive contribution and be very compatible with the surroundingeighborhood.

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



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evelopment Team

ovide contact information for development team members below:

nagement Agent

ompany: Royal American Management

dress: 1002 West 23rd Street , Suite 400

ty: Panama City State: FL Zip:

one Email:

ontact Name: First: Frank Last: Johnston

chitect

ompany: Miller/Player & Associates

dress: 1010 E. North Street, Suite A

ty: Greenville State: SC Zip:

one Email:

ontact Name: First: Buddy Last: Player

orney

ompany: The Brockmann Law Firm, P.C.

ddress: 8037 Corporate Center Drive, Suite 100

ty: Charlotte State: NC Zip:

one Email:

ontact Name: First: Todd Last: Brockmann

estor

ompany: Regions Financial Corporation

dress: 1900 5th Avenue North, 15th Floor

ty: Birmingham State: NC Zip:

one Email:

ontact Name: First: Dale Last: Taylor

nsultant/Application Preparer (if different from developer)

ompany:

dress:

ty: State: Zip:

one Email:

ontact Name: First: Last:


32405

(850)769-8981 [email protected]

29601


28226

(704)541-5779 tbrockmann@brockmannlawfirm.

35203



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neral Contractor Identity of Interest?

ompany: Caliber Builders, LLC

dress: 3924 Browning Place

ty: Raleigh State: NC Zip:

one Email:

ontact Name: First: Greg Last: Rhodes


27609



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rojected Operating Costs

Project Operations (Year One)

Administrative Expenses

Advertising

Office Salaries

Office Supplies

Office or Model Apartment Rent

Management Fee

Manager or Superintendent Salaries

Manager or Superintendent Rent Free Unit

Legal Expenses (Project)

Auditing Expenses (Project)

Bookkeeping Fees/Accounting Services

Telephone and Answering Service

Bad Debts

Other Administrative Expenses (specify):

SUBTOTAL

Utilities Expense

Fuel Oil

Electricity (Light and Misc. Power)

Water

Gas

Sewer

SUBTOTAL

Operating and Maintenance Expenses

Janitor and Cleaning Payroll

Janitor and Cleaning Supplies

Janitor and Cleaning Contract

Exterminating Payroll/Contract

Exterminating Supplies

Garbage and Trash Removal

Security Payroll/Contract

Grounds Payroll


4,200

0

3,300

0

25,200

54,120

0

900

3,500

0

6,200

0

3,600

101,020

0

8,400

600

0

800

9,800

0

600

1,440

2,880

150

8,100

0

0


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Grounds Supplies

Grounds Contract

Repairs Payroll

Repairs Material

Repairs Contract

Elevator Maintenance/Contract

Heating/Cooling Repairs and Maintenance

Swimming Pool Maintenance/Contract

Snow Removal

Decorating Payroll/Contract

Decorating Supplies

Other (specify):

Miscellaneous Operating & Maintenance Expenses

SUBTOTAL

Taxes and Insurance

Real Estate Taxes

Payroll Taxes (FICA)

Miscellaneous Taxes, Licenses and Permits

Property and Liability Insurance (Hazard)

Fidelity Bond Insurance

Workmen's Compensation

Health Insurance and Other Employee Benefits

Other Insurance:

SUBTOTAL

Supportive Service Expenses

Service Coordinator

Service Supplies

Tenant Association Funds

Other Expenses (specify):

SUBTOTAL

Reserves

Replacement Reserves

SUBTOTAL


300

12,000

0

5,280

0

0

600

0

0

0

800

0

0

32,150

30,600

5,000

150

14,400

250

0

5,544

0

55,944

2,800

0

0

2,800

15,000

15,000


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TOTAL OPERATING EXPENSES

ADJUSTED TOTAL OPERATING EXPENSES(Does not include taxes, reserves and resident support services) *

TOTAL UNITS(from total units in the Unit Mix section)

PER UNIT PER YEAR


216,714

168,314

60

2,805


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ull Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners (signed copies)

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Owner and Management Experience & Management Questionnaire (Appendix C)

F Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

G Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

H Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

I Documentation from utility company or local PHA to support estimated utility costs

J Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

K Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24inches)

L Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

M Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

N Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwell ings to be rehabbed or demolished.

O Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderreserve balances, 3) letter from lender that outlines assumption requirements.

P Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

Q Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

R Inducement Resolution (Tax-Exempt Bond Financed Projects only)

glenwood hills app

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