Reserve at Big Tree

8/6/2019 Reserve at Big Tree

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

roject Description

oject Name: Reserve at Big Tree

ddress: 911 Pilgrims Church Rd

ty: Greensboro County: Guilford Zip:

ensus Tract: 160.04 Block Group: 5019

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 Greensboro

risdiction CEO Name:First:Yvonne Last:Johnson

Title: Mayor

risdiction Address: PO Box 3136

risdiction City: Greensboro 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(2zv1ur55n...6D79200BE2&SNID=81780F939EA544F39622F502E3D43AD0 (1 of 22)4/8/2009 2:04:25 PM

27409

27402

(336)373-2396

36.3644

-79.53330


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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:Family

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: Reserve at Big Tree, L.P.

ddress: 3328 Peachtree Rd NE, Suite 300

ty: Atlanta State: GA Zip:

ontact: First: Darien Last:Lee Title:Member

elephone:

t Phone:

ax:

mail Address:

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


30326

(404)574-5897

(404)353-4316

(404)393-9088

[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? Yes

If yes, please describe:

There are four (4) small single family homes located on the property that will be demolished and removed.

e existing buildings on the site currently occupied? Yes

If yes:(a) Briefly describe the situation:

Four (4) houses sit on current site. Three houses have renters, one is vacant. Seller to remove all renters

prior to land closing. Applicant will not be responsible for relocating renters.

(b) Will tenant displacement be temporary? No(c) Will tenant displacement be permanent? No

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:


4.5 4.5


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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:


3/31/2010

656,000


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oning

esent zoning classification of the site:RS-12

multifamily use permitted?No

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:

Initial meeting was held with planning and zoning officials on 1/6/09 and favorable comments were receivedregarding the desired zoning clasification needed to develop the property. Rezoning application for RM-12zoning is due January 30th, 2009, the Zoning Commission Public Hearing will be held March 9, 2009, theappeal deadline is March 19, 2009 and if appealed the city council meeting for approval will be held April21, 2009.

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: Reserve at Big Tree, L.P.

dress: 3328 Peachtree Rd NE, Suite 300

y: Atlanta State:GA Zip:

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

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Partnership

ntity 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.ick [Add] to add additional partners, members, and principals.

Org: Prestwick GP Partners, LLC

rst Name: Kenneth Last Name: Blankenship Function: Managing General Partner


ty: Atlanta State: GA Zip: 30326

hone: Fax:

Mail: Nonprofit: No


rst Name: Darien Last Name: Lee Function: Principal

ddress: 3328 Peachtree Rd NE, Suite 300ty: Atlanta State: GA Zip: 30326

hone: Fax:

Mail: Nonprofit: No


rst Name: Wiley Last Name: Tucker Function: Principal



hone: Fax:

Mail: Nonprofit: No


rst Name: Ward Last Name: Wight Function: Principal




30326

(404)574-5922 (404)393-9088

ken.blankenship@prestwickdevelop

(404)574-5897 (404)393-9088

[email protected]

(404)574-5893 (404)393-9088

jody.tucker@prestwickdevelopment.


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hone: Fax:

Mail: Nonprofit: No


(404)574-5896 (404)393-9088

ward.wight@prestwickdevelopment.


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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:

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.


78,795

64,248

6

6

6
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.


8 30

7 30

6 50

9 50

10 60

20 60

60


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ank Loan - Permanent Mortgage and Syndication (providers to be determined at Full Application)



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evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only)

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements

4 Rehabilitation

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6)

8 Contractor Overhead (max 2% lines 2-7)

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%)

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)

12 Architect's Fee - Inspection

13 Engineering Costs

SUBTOTAL (lines 1 through 13)

14 Construction Insurance (prorate)

15 Construction Loan Orig. Fee (prorate)

16 Construction Loan Interest (prorate)

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees

20 Survey

21 Property Appraisal

22 Environmental Report

23 Market Study

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement


340,000 340,000

3,599,940 3,599,940

100,000 100,000

236,396 236,396

85,000 85,000

308,994 308,994

230,000 230,000

98,007 98,007

49,003 49,003

5,047,340

30,000 30,000

22,800 22,800

333,106 253,106

10,000 10,000

59,100 59,100

20,000 20,000

5,000 5,000

5,000 5,000

6,450 6,450

22,800


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29 Title and Recording


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)


30,000

544,256

30,000 30,000

70,000 40,000

2,300

50,845

20,000 20,000

42,000

215,145

75,000 75,000

630,000 630,000

30,000 30,000

Other Basis Expense (s 4,500 4,500

Other Basis Expense (s 20,000 20,000

Other Non-basis Expen

Other Non-basis Expen

759,500

18,000

178,956

Other Reserve (specify)

Other Reserve (specify)

6,763,197 0 6,308,296

0

6,308,296 0 6,308,296

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 unit59,999


6,308,296 0 6,308,296

100.00% 130.00%

8,200,785 0 8,200,785

3.50 9.00

738,071 0 738,071

0

656,000

7,419,197

738,071


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arket Study Information

ease provide a detailed description of the proposed project:

eserve at Big Tree will be a 60-unit garden style apartment complex located at 911 Pilgrims Church Rd.e property will consist of 24 2BR/2B units and 36 3BR/2B units, 100% affordable. A playground, gazebo,

cnic shelter and fully equipped clubhouse with computer room, exercise room and laundry will also becluded. Site is currently raw land and four (4) small single family homes consisting of 4.5 acres. Theoposed apartment complex will have good visibility from W Wendover Avenue and Big Tree Way near the

airfield Inn Hotel.

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 offer a fully equipped clubhouse with a leasing office, bathroom(s), storage, community room,chen/breakroom, computer room, Fitness Center and laundry facilities. A Playground and picnic shelterl be located off the clubhouse for tenant recreation with a seating area. A gazebo will also be provided.

site Activities:

e project will offer a full supportive service plan to be determined at Final Application date. Children ofnants can also recreationally enjoy the playground and outdoor seating areas.



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ndscaping Plans:

egration of exisiting vegitation with new plantings. Sitework and landscaping will be in compliance withC Appendix B and the city of Greensboro ordinances. Plant material will be native to climate and area andees and shrubs will be of adequate size.

erior Apartment Amenities:

shwasher, disposal, refrigerator, range, fire suppression device under range hood, window coverings onwindows, water conservation devices, washer and dryer hook-ups in each unit. Other amenities to bensistent with Appendix B.

you plan to submit additional market data (market study, etc.) that you want considered? Yes

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



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

he exisiting hotel to the south and the town homes, condos and garden style apartments to the west andorth are comparable in size and height to our design.

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:

uby Tuesday 0.3 miles, Moe's 0.3 miles, Bob Evans 0.3 miles, TGI Firdays 0.7 miles, Police Dept. 1.4les, Fire Dept. 0.1 miles, Emergency Services 0.1 miles, Wal-Mart Super Center 0.8 miles


.6 0.2

.25 4.3

.50.5

.11.0

.5 0.5

.3 0.4

.3 2.0


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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)

Documents

Reserve at Big Tree