Westridge Village

8/6/2019 Westridge Village

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

roject Description

oject Name: Westridge Village

ddress: 100 Donner Drive

ty: Salisbury County: Rowan Zip:

ensus Tract: 0513.03 Block Group: 4015

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 Salisbury

risdiction CEO Name:First:Susan W. Last:Klutz

Title: Mayor

risdiction Address: PO Box 479

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? Yes

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

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(2veumr55...4235D77C0&SNID=29042C75B54A40999E23A0E6AF25E8BF (1 of 21)4/14/2009 12:53:04 PM

28147

28145

(704)638-5270

35.6882

-80.5132



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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: Wynnefield Properties, Inc.

ddress: PO Box 395

ty: Jamestown State: NC Zip:

ontact: First: Patty Last:Reeder Title:Asst. VP

elephone:

t Phone:

ax:

mail Address:

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


27282

(336)454-6134

(336)906-1856

(336)454-6190

[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:


10 10



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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:


8/31/2000

700,000



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oning

esent zoning classification of the site:B-7

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:

We will apply for a conditional district zoning to allow for a expedited plan approval process which will takeno longer than 60 days.

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: Westridge Village LLC

dress: PO Box 395

y: Jamestown 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: Westridge Village Manager LLC

rst Name: Craig Last Name: Stone Function: Managing Member

ddress: PO Box 395

ty: Jamestown State: NC Zip: 27282

hone: Fax:

Mail: Nonprofit: No

Org: Westridge Village Manager LLC

rst Name: Norwood Last Name: Stone Function: Member

ddress: PO Box 395ty: Jamestown State: NC Zip: 27282

hone: Fax:

Mail: Nonprofit: No


27282

(336)454-6190 (336)454-6134

[email protected]

(336)454-6134 (336)454-6190

[email protected]





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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.


54,429

49,036

6

6

6

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

http://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.


10 40

10 50

16 60

2 40

2 50

8 60

48



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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))


211,351 7.50 30 30 17,734

630,000 2.00 20 20

1,021,160 0 30 30 0

4,181,231

6,043,742

70



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he RPP will have a balloon payment of approximately 172,318 at the end of 20 years.

ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

PP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


37960 37509 37000 36429 35795 35095 34325 33482 32564 31566

30484 29317 28059 26706 25255 23702 22041 20269 18380 16639



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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


750,000 750,000

2,504,250 2,504,250

150,000 150,000

204,255 204,255

72,170 72,170

216,510 216,510

116,916 116,916

108,423 108,423

12,000 12,000

35,000 35,000

4,169,524

10,000 10,000

19,924 19,924

139,464 133,551

5,000 5,000

100,000 100,000

12,500 12,500

8,000 8,000

5,500 5,500

4,300 4,300

4,227



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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)


5,000

313,915

20,000 20,000

25,000 25,000

2,300

41,153

8,500 8,500

2,500

1,000

31,200

131,653

50,000 50,000

504,000 504,000

30,000 30,000

Other Basis Expense (s

Other Basis Expense (s

10,000

Other Non-basis Expen

Other Non-basis Expen

594,000

22,800

111,850

Other Reserve (specify)

Other Reserve (specify)

5,343,742 0 5,105,799

0

5,105,799 0 5,105,799

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 unit 52,172


5,105,799 0 5,105,799

100.00% 130.00%

6,637,539 0 6,637,539

3.50 9.00

597,379 0 597,379

597,379 597,379

700,000

6,043,742

597,379



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arket Study Information

ease provide a detailed description of the proposed project:

estridge Village is a proposed 48 unit family community to be located in Salisbury. The property is locatedside the 2006 tax award property “Westridge Place”. The proposed community will target families with

comes between 40% and 60% of the median income limits. The community will consist of six two-storyilding which will include 36 two bedroom units and 12 three bedroom units. Each apartment will include achen with range, hood, dishwasher, refrigerator (frost free), W/D hookups, mini blinds, pantry, walk-in

osets, central air, heat pump and storage; floor will be carpet and VCT.

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:

Our design incorporates the use of maintenance free materials with an eye towards a dynamic curb appeal.Our plan expands on an architectural approach that uses broken roof lines and various elevation materialsto give a market rate appearance.

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

If yes, please provide name and address:

Sutton Place2303 Sutton Place NW-Bldg #700Wilson, NC

Wyndsor Park600 Wyndsor Park CircleNew Bern, NC

Westridge Place100 Donner DriveSalisbury, NC

Henson Place710 Henson StreetAlbemarle, NC 28001

e Amenities:

e following site amenities will be available to the residents at Henson Place: garden plots, tot lot, bikeck, flag pole, walking trails, large patio with seating area, playground, picnic areas with tables and grills,zebo and sitting areas.

site Activities:

dditional community activities, such as holiday parties, National Night Out annual cookout anducational /informative meetings will be scheduled in the community room. All community space activities




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l be coordinated through our community building.

ndscaping Plans:

e property will provide trees and other landscape features where possible at select areas. The propertyl be well landscaped with plant beds provided at various locations throughout the site. A detailed plan ising prepared for final tax credit submission.

erior Apartment Amenities:

ach apartment unit will be furnished with the following amenities: Range, hood, dishwasher, disposal,frigerator (frost free) storage interior/exterior, W/D hookups, heating/cooling systems, mini-blinds andalk-in closets. The floor covering will consist of carpet and VCT.

ree of the handicap units will have ceramic tile roll-in showers.

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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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 proposed Westridge Village site is located adjacaent to the Salisbury Mall and the newly construction

Westridge Place Apartments. The Mall continues to grow in a positive trend as Highway 70 expands andew commerical out parcels have been built. Access to the surrounding community and the new businessrowth are fueling a local submarket which will continue to strengthen and develop a stable base ofotential residents. The surrounding community buildings are well maintained with a mix of residential andommerical use.

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. The surrounding land use is suitable to the subject property with ax of commercial and residential use which further compliments the site. The surrounding land use patternin balance and looks to continue to grow positively. There are no negative large scale developments inose proximity

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. Our site will have accessed by way of a private drive off of Statesville Blvd.is is a signalized intersection that will provide controlled access into and out of the site.

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 and physical barriers that will delay project construction or adversely affectture tenants.

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

he use of two story buildings along with a creative spacious site layout gives a natural fit to the proposedurrounding area. Our use of materials in construction of the facade will incorporate materials consistentith the surrounding market. We will use a mix of brick and vinyl.

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




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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:


8 .5

3.

.5.6

5.2

..1

6 3.5

6 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 Payment Check in the amount of $5,450.00 made payable to North Carolina Housing Finance Agency.

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

B - Map/Driving Instructions A 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 Control Provide valid option/contract or warranty deed and plot plan.

E - Site Plans/Scope of Work Preliminary 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 Analysts This 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 Boost Applicant should provide an appraisal and/or standard geological survey to support a request for the basis boost (if applicable)

Documents

Westridge Village