kirkwood gardens

8/6/2019 Kirkwood Gardens

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

roject Description

oject Name: Kirkwood Gardens

ddress: Old Raleigh Road

ty: Thomasville County: Davidson Zip:

ensus Tract: 611 Block Group: 2000

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 Thomasville

risdiction CEO Name:First:Kelly Last:Craver

Title: City Manager

risdiction Address: 10 Salem Street

risdiction City: Thomasville 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(dgzjp1b4s...DEF5038197&SNID=65CF2512FB874560A16B8DAF9F04F6CD (1 of 21)4/14/2009 1:59:05 PM

27360

27361

(336)475-4222

35.86694

-80.05739


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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:Elderly (55)

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: Weaver-Kirkland Housing, LLC

ddress: P.O. Box 26030

ty: Greensboro State: NC Zip:

ontact: First: Mark Last:Morgan Title:VP

elephone:

t Phone:

ax:

mail Address:

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


27420-6030

(336)378-7900

(336)686-7767

(336)378-6571

[email protected]


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te Description

tal Site Acreage: Total Buildable Acreage:

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

Small stream located along the extreme southern boundary of the site. Our development will not impact thearea along the steam

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:


4.7 4.4


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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:


08/31/2009

250,000


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oning

esent zoning classification of the site:R-6 High Density Residential District

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:

Current zoning requires two parking spaces per unit. We will be requesting a variance to .75 spaces per unitand we will be asking for a variance for a total length of one building being over 250 ft. This is a Planningand Zoning Board approval meeting that is scheduled for March 2009. We should have approvals at thattime.

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: Kirkwood Gardens WK Limited Partnership

dress: P.O. Box 26030

y: Greensboro State:NC 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: 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: Kirkwood Gardens WK GP, LLC

rst Name: Mark Last Name: Morgan Function: Managing General Partner

ddress: P.O. Box 26030

ty: Greensboro State: NC Zip: 27420-6030

hone: Fax:

Mail: Nonprofit: No

Org: Weaver-Kirkland Housing, LLC

rst Name: Mark Last Name: Morgan Function: Principal

ddress: P.O. Box 26030ty: Greensboro State: NC Zip: 27420-6030

hone: Fax:

Mail: Nonprofit: No


27420-6030

(336)378-7900 (336)378-6571

[email protected]

(336)378-7900 (336)378-6571

[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.


5,053

1

73,510

69,116

4

8

7
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

targeted at percent of median income affordable to


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.


9 40

8 50

18 60

7 40

8 50

14 60

64


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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:CICCAR

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))


446,945 7.00 30 30 35,682

1,369,481 0 30 30 0

5,607,461

100

7,423,987

70


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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


1,020,100 1,020,100

3,839,936 3,839,936

291,602 291,602

103,033 103,033

309,098 309,098

278,188 278,188

48,000 48,000

12,000 12,000

30,000 30,000

5,931,957

16,500 16,500

110,000 99,000

1,000 1,000

20,000 20,000

12,000 12,000

3,500 3,500

4,348 4,348

4,300 4,300

9,439


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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

186,087

17,500 17,500

27,600

2,300

55,190

12,000 12,000

3,500

15,500

44,800

178,390

16,000 16,000

672,000 672,000

32,000 32,000

Other Basis Expense - 4,300 4,300

Other Basis Expense - 1,000 1,000

19,200

Other Non-basis Expen

Other Non-basis Expen

744,500

19,200

113,853

Other Reserve (specify)

Other Reserve (specify)

7,173,987 0 6,847,405

0

6,847,405 0 6,847,405

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


6,847,405 0 6,847,405

100.00% 130.00%

8,901,627 0 8,901,627

3.50 9.00

801,146 0 801,146

0

250,000

7,423,987

801,146


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arket Study Information

ease provide a detailed description of the proposed project:

RKWOOD GARDENS - The proposed site is located approximately .9 miles from the heart ofomasville's commercial and retail district located along Hwy 109. The development will consist of 64 units

r Seniors, aged 55+, and will be located within one all-inclusive two-story building with elevator. There will 35 one-bedroom/one bath units and 29 two bedroom/one bath units. This will include 8 handicapped/

obility impaired units, two of which will be sensory units. The rent structure has been made affordable,

th units targeted at 40%, 50%, and 60% of AMI. In addition, 7 units will be targeted to Disabled and/oromeless individuals under NCHFA's Key Program.e development will meet Energy Star Certification Criteria with Energy Star appliances and low flowtures helping to reduce the utilities for the tenants. The surrounding area is mostly a mixture of single andulti-family housing with easy access to regional employers, retail centers and services. All of the tenants'eryday services are within 1 mile of the site.

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:Energy Star appliances throughout/Low flow fixtures.Curb and gutter throughout with turndowns at sidewalks.Internal pedestrian system linking the structures and parking.Security lighting throughout all parking areas.Exterior brick, vinyl and accent shake siding.Gutter and downspout system.Courtyard with seating overlooking stream and wooded parcel.

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

If yes, please provide name and address:

Creekside Crossing - 450 West Street, Spindale, NC 28160

e Amenities:

entral covered drive-thru and drop-off area.ourtyard with seating.rap-around porch at covered drive-thru.

emium views of stream and adjacent woods and landscaped courtyard.cnic Shelteratio off of Community Roomonference Room/Libraryecond Floor separate TV Roomxercise Room with New Equipmentecond Floor Sunroom

site Activities:

entrally located within the residential building, the community room, will house kitchen facilities, craft aread a multi-purpose room. This area will be the center for "social" activities and residential gatherings suchhost speakers from community agencies, medical screenings and regular residents' meetings. Outdoor

creational opportunities will also be made available to the residents by provision of a large screened-in



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rch, a central courtyard, picnic areas with park benches and barbeque grill and outdoor sitting areas.

ndscaping Plans:

e site will be generously and attractively landscaped with street trees along the roadway, scattered shaded ornamental trees, low maintenance foundation plantings adjacent to the building and lawn areas, andrimeter plantings will be located in and around the building. A retaining wall will separate the site from theoposed family site to the east. The border will have optimal landscaping to enhance privacy.

erior Apartment Amenities:

ange with hood, dishwasher, frost-free refrigerator, spacious walk-in closets, covered patio or deck, mininds, ceiling fans with light fixtures, carpet in the living room and bedrooms, vinyl flooring in kitchen/diningea and at front entrance, central heat/air pump. The unit will feature open plans with spacious rooms.ere will be ample windows for bright spaces and easy access kitchen with good workspace. Each unit willntain a washer-dryer area with hook-ups and large closets. The universal accessibility design ensuresnants the ability to "age in place".

nits will meet Energy Star certifications criteria.

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.

irkwood Gardens - The proposed site is located .9 miles southeast of major retail corridior for Thomasville

nd surrounding Davidson county. The site is located in an area that is quickly transitioning to a residential/etail corridor. An undeveloped tract is located north of the site across Old Raleigh Road, the owner hasture plans for a strip retail center (see area site plan). Three multifamily developments are located to the

outheast along Old Raleigh Road.new Super Walmart Shopping Center is located approximately 9/10 of a mile to the south. Major

menities are located within one mile of the site location.his area is ideal for a live and work neighborhood with everyday amenities, and easy road access to majormployers throughout the region.here is no senior affordable housing in this market at this time.

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. This site was rezoned as High Density Residential (R-6) in May 2007the City of Thomasville and is located within an area quickly becoming residential and retail. Plans exist

r a retail strip center across Old Raleigh Road and the property to the north at the corner of Old Raleighoad and Cloninger Road has been sold to a local Day Care Center, with plans to begin construction in09. There is a new patio home development located to the east of the site.A commercial flex officevelopment exists to the east of the site. No excessive noise or odors were observed during our multiplee visits.

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. Interstate 85 and HWY 62(Cloninger Road) is a regional commuter corridor

r Davidson County and points beyond into High Point and Trinity's employment and service districts. Theeed limit is 45MPH along this section of Old Raleigh Road. Access and visibility from our proposedtrance is excellent and exceeds DOT current visibility requirements. A double-sided project sign will be

cated along Old Raleigh Road. Old Raleigh Road is mostly commuter traffic from 6:00am to 9:00am andom 4:00pm to 7:00pm. Piedmont Authority for Regional Transportation (PART) has a regional stopproximately 1 mile from the site at the Southgate Plaza Shopping Center that services the entire Triadea. Davidson County has local van services and the elderly ride for free to most locations. We will workth Davidson County to include our development as part of their daily routes. Sewer and water are bothailable to 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).

he only "year round stream" on the site is in the extreme southern corner of the property. This area willemain undeveloped as shown on the site plan. The trees along the stream bed will be maintained and willdd to the neighborhood character of the design. No on-site barriers exist that will impede theonstructability of the project or adversely affect it's completion.



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

he proposed development will be very compatiable with the existing neighborhood and trend of growth ine area. New patio homes adjacent to the site to the east and the proposed retail and day care to the north

nd east is in character with our proposed development.

ultiple market rate multi-family developments already exist south of the site on Old Raleigh Road.

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:

almart Supercenter - 1.1 miles from site.


.9 2.4

.9 3.9

.10.8

.10.7

.1 0.9

.0 1.3

.2 2.2


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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)

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