grants creek crossing apartments

8/6/2019 Grants Creek Crossing Apartments

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

roject Description

oject Name: Grants Creek Crossing Apartments

ddress: 1229 Statesville Boulevard

ty: Salisbury County: Rowan Zip:

ensus Tract: 513.03 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: The City of Salisbury

risdiction CEO Name:First:Donald Last:Bringle

Title: Mayor

risdiction Address: 130 West Innes Street

risdiction City: Salisbury 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(44s2yjrjxg...DBE43E877B4&SNID=2470BE7F66C14E1B9628F57A5FD951A5 (1 of 21)4/8/2009 2:49:07 PM

28144

28144

(704)216-8100

35.412535

-80.295150


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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: Crosland, LLC

ddress: 227 West Trade Street, Suite 800

ty: Charlotte State: NC Zip:

ontact: First: Dionne Last:Nelson Title:Vice President

elephone:

t Phone:

ax:

mail Address:

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


28202

(704)561-5235

(704)561-5251

(704)525-3562

[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? Yes

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


5.97 5.97


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There is a floodplain around the small creek that runs across the back corner of the site. All buildings andamenities have been placed outside the floodplian. The area will serve as open green space.

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

N/A



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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:


06/30/2010

1,450,000


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oning

esent zoning classification of the site:RMX

multifamily use permitted?Yes

e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?Yes

If yes, have the hearings been completed and permits been obtained?No

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

There is a conditional use limitation on the site that must be released. We understand that the request mustgo before the zoning board and that the approval process is approximately 30 days. We anticipate successin this process.

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: Grants Creek Crossing, LLC

ddress: c/o Crosland, LLC, 227 West Trade Street, Suite 800

y: Charlotte State:NC 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: Crosland, LLC through Crosland Grants Creek Crossing, LLC

rst Name: Dionne Last Name: Nelson Function: Managing Member

ddress: 227 West Trade Street, Suite 800

ty: Charlotte State: NC Zip: 28202

hone: Fax:

Mail: Nonprofit: No


28202

(704)561-5235 (704)525-3562

[email protected]


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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):

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:

tesPlease 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(44s2yjrjx...BE43E877B4&SNID=2470BE7F66C14E1B9628F57A5FD951A5 (10 of 21)4/8/2009 2:49:07 PM

7 3

1,500

134,210

115,268

6

12

11
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.


11 30

4 40

11 40

45 60

33 60

104


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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:Market Rate Loan

Other Loan 2 - Specify:

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 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))


1,200,000 2.00 20 20 72,847

1,517,005 7.00 30 30 121,112

1,354,184 0 30 30 0

8,531,362

12,602,551

70


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he project is requesting RPP loan funds. We will fill the remaing gap with market rate debt if noditonal subsidized source of funds is available.



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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 unit59,922


10,416,800 0 10,416,800

100.00% 130.00%

13,541,840 0 13,541,840

3.50 9.00

1,218,766 0 1,218,766

0

1,450,000

12,602,551

1,218,766


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arket Study Information

ease provide a detailed description of the proposed project:

ants Creek Crossing will consist of 104 multi-family units in a community for households with incomesnging from 30% to 60% of area median income. The units will be two and three bedroom garden flats andve been well designed to for comfortable living and long-term durability. The complex will provide a sensecommunity with many site amenities and a resident clubhouse with management offices and communityace available for the enjoyment and support of its residents. The plans follow the Crosland standard of

oducing affordable communities to comparable product standards as market rate apartments so as to besually indistinguishable from them.

e believe that such affordable units will be in high demand. The community is located in Salisbury neare center of the town. Many amenities are nearby. Employment options include the medical and otherices on Statesville Blvd, Food Lion headquarters, mall stores and other retail shops, and government/

wn positions. The retail options are broad including nearby grocery, pharmacy, and retail stores. Publicansportation is available on this major thoroughfare just a few blocks from the site and would likely besy to extend to the site.

fordable units of this quality and in this location will be in high demand.

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:

The project is designed with significant use of brick for the long term durability of the buildings. Also, theproject will be built to Energy Star standards by Crosland Contracting, which has strict quality controlstandards

ve you built other tax credit developments that use the same building design as this project?Yes

If yes, please provide name and address:

The designs used for Grants Creek Crossing have been adapted from another Crosland developmentdesigned by the same architect. Similar garden style apartments are found at Dobbins Hill II (1749-1BDobbins Drive, Chapel Hill, NC). Grants Creek Crossings designs have been enhanced to distinguish fromDobbins Hill II by changing some of the architectural design elements, the siding material, color and design,and increasing the use of masonry product.

e Amenities:

te amenities include: playground, resident computer center, covered picnic area, three outdoor sittingeas, gazebo, covered patio with seating, coin-operated laundry and resident use multi-purpose room.

site Activities:

nsite activities at Grants Creek Crossing will be coordinated by residents and the property management



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aff of the community and may be supported by various community organizations. Activities will be held ine clubhouses general assembly space or computer center, outdoor picnic area, playground or othermmunity green space.

ndscaping Plans:

e landscaping budget for Grants Creek Crossing is substantially above what is required. Plans include anmphasis on planting trees and/or protecting existing trees so that the community will benefit from

bstantial shade over the coming years. Landscaping plans also focus on highlighting key areas of the sitech as the entrance and common green spaces. Landscaping plans exceed all landscaping requirementsdesignated by the NCHFA.

erior Apartment Amenities:

erior apartment amenities will include comfortably sized rooms, fully equipped kitchens including ashwasher, range, hood, disposal, refrigerators and pantry, washer and dryer connections, ceiling fans,ni-blinds, overhead lights, cable television connections, patios and/or front porches, and adequate closetsd storage in each unit.

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.

alisbury is a city located between Charlotte and the Triad region of NC. Its history back to the Civil War era

evident locally. It has progressively moved forward as it has grown. The towns 2020 vision plan focusesn smart growth, connectedness and accessibility as key elements.

alisbury is a regional rail stop along travel to mid-Atlantic cities, Birmingham and New Orleans. Themtrak station is located just 2.75 miles from the Grants Creek Crossing site. Major employers in Salisburyclude the US headquarters of Food Lion, the US subsidiary of Delhaize, and many smaller businessescluding services, textile mills and other manufacturing businesses.

ur site is very near the center of Salisbury so it takes advantage of the culture of the town and its manyearby amenities. Statesville Blvd. is a major thoroughfare that services commercial, retail and residentialaffic. Public transportation is available in the immediate vicinity of the site and this would ease residentccess to a number of key destinations. The major mall for the area is Salisbury Mall and is located lessan one mile from the site. Hospitals are also very near the site, including Rowan Regional Medical Center

hich is 1.7 from the site and the Hefner VA Medical Center which is 1 mile from the site. Education optionsre nearby including public schools for children and colleges like Catawba College and Livingstone College,oth of which are about 2 miles from the site.

he immediate surroundings to the site are varied including office parks, churches and single familyesidential. The Grants Creek Crossing community will fit well with surrounding uses and benefit from manyptions and opportunities provided within the town.

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. The present land use pattern nearby is mixedoffices, residential,d a church, all immediate neighbors to the site. The area is well developed part of the town, and the sitennects well to the surrounding community and all the amenities that the neighborhood offers.

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 is located on a major thoroughfare that has been designed tocommodate density and traffic generated by both residential and commercial activity. As such, Grantseek Crossing will not unduly burden this thoroughfare. The site is connected to the required public facilitiesd there is immediate access to public transportation. The communitys buildings and site signage will be

sible from Statesville Blvd. We expect this visibility to help drive demand for the project.



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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).

here are no on-site negative features that will impede construction. The site has area in the back of thete that has been designated in the floodplain. It surrounds a small creek the crosses the back corner of thete. No buildings or amenities will be constructed in this area so it will not impede construction. The areaill serve as additional open green space for the community.

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

he continuity between Grants Creek Crossing and the surrounding community has been considered in theevelopment of architecture and site plan. As such, the project design will be complementary to surroundingesidential and business facilities. Additionally, the Grants Creek Crossings buildings do not exceed threeories, creating modestly scaled multi-family buildings that blend with the surrounding uses.

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

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

ur site is very near the center of Salisbury so it takes advantage of the culture of the town and its manyarby amenities. Statesville Blvd. is a major thoroughfare that services commercial, retail and residential

affic. Public transportation is available in the immediate vicinity of the site and this would ease residentcess to a number of key destinations. We believe that public transportation access could be extended

ectly to the site when occupied by 104 households. The major mall for the area is Salisbury Mall and iscated less than one mile from the site. Hospitals are also very near the site, including Rowan Regionaledical Center which is 1.7 miles from the site and the Hefner VA Medical Center which is 1 mile from thee. Education options are nearby including public schools for children and colleges like Catawba Colleged Livingstone College, both of which are about 2 miles from the site.

e immediate surroundings to the site are varied including office parks, churches and single familysidential. The Grants Creek Crossing community will fit well with surrounding uses and benefit from manytions and opportunities provided within the town.


9 1.5

8 .9

.5.8

.71.6

.5.3

8 2.6

8 2.4


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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)

grants creek crossing apartments

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