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Is project in Qualified Census Tract & Difficult to Develop area? Yes Does a community revitalization plan exist? No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: City of Washington Last: Rumley Title: Mayor PO Box 1988 Washington (252)975-9300 Zip: 27889
35.55254 -77.03788
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving project based federal rental assistance? No If yes, provide the subsidy source: and number of units:
Target Population: Elderly (55) Indicate 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 and state codes.) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks:
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Pendergrant Development, LLC PO Box 18863 Raleigh First: Marilyn (919)755-0558 State: NC Zip: 27619 Last: Hernandez Title: Development Coordinator
Alt Phone:
(919)861-6028
Fax:
(919)861-6068
Email Address:
mhernandez@thepencos.com
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Site Description
Total Site Acreage: 4.0 Total Buildable Acreage: 4.0 If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Are 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? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is 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:
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild 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 for purchase of the property and the seller of the property? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 10/31/2004 (D) Enter Purchase Price: 320,000
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Zoning
Present zoning classification of the site: R-MF Is mutifamily use permitted? Yes Are 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 obtaining them:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
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Ownership Entity
Owner Name: Bayleaf Plantation, LLC Address: City: PO Box 18863 Raleigh State: NC Zip: 27619 (If assigned) 56-2195925 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
First Name: Frankie Address: City: Phone: EMail: PO Box 18863 Raleigh (919)755-0558
State: NC
Zip: 27619
fpendergraph@thepencos.com
Org:
5101 Unicon Drive, Suite A Wake Forest (919)556-9073 cgrant@grant-inc.com State: NC Zip: 27857
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Unit Mix
The Median Income for Beaufort county is $45,200. Low Income Units Type Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 771 1031 Total # Units 28 8 # Units 3 1 Monthly Rent 345 390 Electric Utility Allowance 65 88 Gas Other Mandatory Serv. Fees **Total Housing Exp. 410 478
Water/Sewer
Employee Units (will add to Low Income Unit total) Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Electric Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 36 4 12780 36 Gross Monthly Rental Income 12780
Units 4
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 2,671 Elevators - Number of Elevators: 1 Square Footage Information Gross Floor Square Footage: 43,863
Notes ** 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.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 1 2 14 4 14 4
% percent of median income. percent of median income. percent of median income. percent of median income.
36
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD 515 Loan RD 538 Loan - Specify: AHP Loan Other Loan 1 - Specify: 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**
Amount
1,018,831
30
30
2,068,258
12,116 207
3,099,412
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 77 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s)) Equity pricing is lower than normal due to no debt, investor is not able to generate higher equity due to no mortgage interest deduction.
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Engineering 10,000 18,900 80,140 25,000 324,000 13,500 25,000 324,000 8,500 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Accounting Fees Other Basis Expense (specify) 20,400 Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 382,900 21,600 10,339 164,313 25,000 6,500 19,740 20,000 6,500 19,740 9,000 6,500 9,000 4,000 9,000 6,500 9,000 4,000 99,036 34,993 139,971 57,738 45,000 9,335 2,069,673 3,200 21,104 91,220 5,450 4,500 3,200 21,104 91,220 5,450 4,500 99,036 34,993 139,971 57,738 45,000 9,335 1,365,600 1,365,600 318,000 303,000 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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60,786
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Applicable Fraction (percentage of LI Units) 55 Basis Before Boost 56 Boost for QCT/DDA (if applicable, enter 130%) 57 TOTAL QUALIFIED BASIS 58 Tax Credit Rate 59 Federal Tax Credits at Estimated Rate 60 Federal Tax Credits at 8.5% or 3.75% 61 Federal Tax Credits Requested 62 Land Cost 63 TOTAL REPLACEMENT COST Comments:
2,779,412
2,612,387
0 2,612,387 100.00% 2,612,387 3,396,103 268,631 288,668 0 320,000 3,099,412 0 100% 0 130.00% 0 7.91% 0 0 2,612,387 100% 2,612,387 130.00% 3,396,103 7.91% 268,631 288,668
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Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Loris Gardens, Loris, SC
Site Amenities (check all that apply): Community Bldg - Sq Ft: Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Screened Porch Exercise Rm Picnic Area Security Gate Community Room - Sq Ft: 2,671 Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos
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Playground Shuffleboard
Onsite Activities: A media, music and game room are also included in our development.
Landscaping Plans: The development will be irrigated, have sodded lawns and will be extensively landscaped. All trees will be a minimum of 2" calibar and shrubs 3 gallons containers. We have included hardscape items such as horseshoe pit, shuffleboard, gazebo and walking trails for resident use. The entrance sign will be lighted and heavily landscaped. Dumpster screen will be white vinyl fencing with landscape bed surrounding enclosure. A nicely landscaped back patio area with benches and gazebo will add additional outdoor seating and recreation for the residents.
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other VCT Storage interior/exterior
Heating/Cooling:
Do 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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Degree of on-site negative features and physical barriers that will impede project construction or
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adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. For adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition. There are no on-site negative features or physical barriers that would impede project construction or adversely affect future tenants. The site is relatively flat and rolls gently towards the southeast. The site is at one of the highest elevations in the City of Washington.
Similarity of scale and aesthetics/architecture between project and surroundings. The neighborhood contains many multiple story buildings including multifamily housing developments, medical offices and the hospital. The Bayleaf Plantation property will be similar in scale to Clifton Park (soon to be under construction) and the other non-competing multifamily properties in the area. Additionally, because the neighborhood is a mixed use area, the proposed project will fit in nicely.
For each applicable neighborhood feature, enter distance from project in miles. .5 1 .5 1 1 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 1.5 .2 .2 .2 .2 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop .5 .5 .5 .5 .5 1.5 1 7 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools .5 1 1 1 1.2 1.5
Other facilities or services: The site is strategically located with conveniences to all major shopping, recreation, medical care, employment and services. The newly added downtown boardwalks to the historic district will be a beautiful walking and recreational service to the residents of our community.
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Development Team
Provide contact information for development team members below: Management Agent Company: Pendergraph Management, LLC Address: City: Phone PO Box 19691 Raleigh (919)755-0558 State: NC Zip: 27619 Email: fpendergraph@thepencos.com Last: Pendergraph
Planworx Architecture, PA 5711 Six Forks Road, Suite 100 Raleigh (919)846-8100 State: NC Zip: 27609 Email: mmills@planworx.com Last: Mills
Parker Poe Adams & Bernstein, LLP PO Box 389 Raleigh (919)828-0564 State: NC Zip: 27602 Email: jeffbandini@parkerpoe.com Last: Bandini
Raymond James 880 Carillon Parkway St. Petersburg (800)438-8088 State: FL Zip: 33716 Email: cdescalzi@rjtcf.rjf.com Last: Descalzi
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: To be determined Address: City: Phone TBD TBD (999)999-9999 State: NC Zip: 99999 Email: Last:
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Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 37 1,578 6 640
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? Yes Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ Yes No No Yes No
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1,500 9,000 750 0 12,835 0 0 500 3,600 0 900 0 0 29,085 0 3,600 6,900 0 6,900 17,400 0 0 0 864 0 3,888 0 9,500 0 0 8,000 1,000 1,000 4,500 1,000 0 0 4,000 0 0 0 33,752 23,038 1,530 0
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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 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
4,750 65 551 0
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121,571 23,988
23,988
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION BLOCK PERIMETER, GRAVEL BASE, CONCRETE SLAB Make: SIMONTON/EQUAL Type/Construction: VINYL CLAD Exterior Doors Siding Type: METAL SIX PANEL Type: VINYL Warranty: LIMITED LIFETIME Exterior Trim Shingles WOOD Type: FIBERGALSS Warranty: 25+YEARS ANTIFUNGAL Sprinkler System Cabinets Heat Pump N/A MERIALLAT/HORIZON/EQUAL/SOLID WOOD STYLES AND FRONTS SEER: 11 Model: CPKJ24 Air Conditioner SEER: N/A Model: Other Heat Systems SEER: N/A Model: Make: Make: Make: GOODMAN/EQUAL Weight: 226-231 Frames: WOOD Grade/Thickness: .044MIL Model: PROFINISH
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings LABOR 22,000 28,500 13,000 3,780 12,000 18,000 5,000 58,000 0 5,000 0 0 12,300 0 26,500 6,000 12,000 28,000 0 10,000 7,600 24,500 0 31,600 31,176 32,000 16,785 0 305 15,450 7,200 0 5,000 0 0 0 0 0 MATERIAL 10,000 18,000 21,000 2,520 26,000 45,000 10,000 107,598 78,000 0 21,500 29,000 21,600 0 46,500 6,000 25,000 49,000 38,000 13,000 28,480 8,600 0 32,000 31,750 32,000 39,165 0 2,751 36,050 10,800 27,750 9,000 0 0 0 0 0 TOTAL 32,000 46,500 34,000 6,300 38,000 63,000 15,000 165,598 78,000 5,000 21,500 29,000 33,900 0 73,000 12,000 37,000 77,000 38,000 23,000 36,080 33,100 0 63,600 62,926 64,000 55,950 0 3,056 51,500 18,000 27,750 14,000 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks:
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Office Supplies Security/Watchman Project Signage Tools and Equipment Gas, Oil, and Maintenance Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: TOTAL 30,200 2,000 2,000 0 9,000 3,340 3,350 4,000 21,060 0 1,850 6,330 456 1,600 9,350 4,500 0 0 99,036
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpster Pads/Fencing Fencing/Gates Landscaping/Topsoil Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: Other: $15,000 in off-site improvements. This amount is deduced from the eligible basis amount on the Development Costs page. Included Engineering costs of $33,000 from line 32 of original application to Other. TOTAL 18,000 26,800 0 23,500 3,400 0 0 6,500 22,000 52,400 28,000 19,000 6,500 3,500 7,500 0 38,000 2,900 12,000 48,000 318,000
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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J Local Government Letter Confirming Zoning (original on letterhead, no fax or photocopies) K Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only) L Site plan, floor plans and elevations M Hazard and structural inspection and termite reports (Renovation projects only) N Anticipated budget demonstrating how the project would meet the 10% test by November 14th. O Evidence of Architect's Errors and Omissions insurance (or equivalent). P Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. Q Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. R Targeting Plan and supporting documentation (Required for all projects) S Local Housing Authority Agreement (Reference Model in Appendix I) T Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) U Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. V Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. W Inducement Resolution (Tax-Exempt Bond Financed Projects only) X Documentation to support estimated utility costs.
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