The Project TeamThe Project Team• CFY Development is unique in combiningCFY Development is unique in combining

Visionary DeveloperVisionary Developer ConstructorConstructor

Long Term OwnerLong Term Owner Property ManagerProperty Manager Cyrus Youssefi PresidentCyrus Youssefi President

John Cicerone General PartnerJohn Cicerone General PartnerOver 20 years experience in fifteen cities Over 20 years experience in fifteen cities 25 projects with over 2,352 dwelling units25 projects with over 2,352 dwelling units

CFY is a Single Point of ResponsibilityCFY is a Single Point of Responsibility

The Project TeamThe Project Team• Applied Architecture - Michael F. Malinowski AIA Applied Architecture - Michael F. Malinowski AIA

award winning designer and community leader – former chair of the City award winning designer and community leader – former chair of the City of Sacramento Development Oversight Commission and President of the of Sacramento Development Oversight Commission and President of the American Institute of Architects Central ValleyAmerican Institute of Architects Central Valley

• Finance and Legal: Patrick Sablehaus Attorney Finance and Legal: Patrick Sablehaus Attorney one of the state’s foremost experts on affordable housing; founder of the one of the state’s foremost experts on affordable housing; founder of the California Council on Affordable HousingCalifornia Council on Affordable Housing

• Other team members include experts in engineering, Other team members include experts in engineering, marketing, construction management, and landscape marketing, construction management, and landscape

Our team and our unique approach Our team and our unique approach

insures long term project successinsures long term project success

We Create Special Places

CFY Housing Projects are underway in Tracy, Wasco, Mojave, Elk Grove, Colusa, West

Sacramento and Sacramento; and recently completed in Bakersfield. Stockton, Sacramento and Arvin.

Awards and RecognitionAwards and RecognitionExamples of recognition CFY Development, Inc. has recently received for it’s projects:

• California Preservation Foundation Historic Preservation Award, Hotel Stockton

• J. Timothy Anderson Award for Excellence in Historical Rehabilitation

• Resolution of Recognition from California State Assembly • Award of Excellence from City of Stockton – for 4 projects• Building Project of the Year 2004 – American Society of Civil

Engineers• Resolution of Recognition – Sacramento County Board of

Supervisors• 2004 Home Award – National Association of Local Housing Finance

Agencies• Certificate of Recognition – State of California Senate & Assembly• Award of Excellence – Cultural Heritage Board City of Stockton• Award of Merit from HUD• Gold Nugget Award – Pacific Coast Builders

Who We ServeWho We Serve• We are Affordable Housing specialists

• Our tenants will be active Seniors 55 or older who will love living downtown where they can walk to shops and parks.

• This project will include 80 affordable rental units and one unit for an on-site manager. The senior population of Galt experienced a 47% increase between 1990 and 2000.

Good design starts with the place. Good design starts with the place. What is the character and sense of What is the character and sense of Place - the ‘heart’ of Galt? Place - the ‘heart’ of Galt?

Most residents believe the Most residents believe the ‘heart’ of Galt is the ‘heart’ of Galt is the intersection of Lincoln and C . intersection of Lincoln and C . I believe this is more a space I believe this is more a space we pass through than a we pass through than a distinctive ‘place’ with distinctive ‘place’ with character and heartcharacter and heart

Lincoln at C StreetLincoln at C Street

There is a wealth of potential at the Historic center - the real ‘heart of Galt’ 4th between B and D

The Two The Two ‘centers’‘centers’

Downtown Galt is an ideal location for a public/private partnership for a mixed use project including Senior Affordable Housing and retail/restaurant/commercial

uses.

Site Selection• The Guthmiller site is an ideal candidate for redevelopment

and revitalization

The The ProjectProject Site Site

Historic Character is part of Historic Character is part of the Heart of downtown Galtthe Heart of downtown Galt

Buildings of Buildings of great character great character were built in were built in

Downtown GaltDowntown Galt

•Restore the DowntownRestore the Downtown

•High Quality Design that High Quality Design that respects the image and respects the image and character of Downtowncharacter of Downtown

•Foster a Unique Foster a Unique sense of PLACEsense of PLACE

From the August From the August 2007 General 2007 General

Plan workshop:Plan workshop:

Galt Place isGalt Place isa great example ofa great example ofSmart GrowthSmart Growth

• Mixed UseMixed Use• Infill and UrbanInfill and Urban• Encourages transportation Encourages transportation

choice - car, bus, walk, choice - car, bus, walk, bicyclebicycle

• High in Resource High in Resource Efficiency: low energy Efficiency: low energy and land use, support and land use, support existing infrastructureexisting infrastructure

• Quality Design that Quality Design that creates a sense of placecreates a sense of place

Design NumbersDesign Numbers

• Over 13,000 +/- sq feet of ground level retail, restaurant, commercial and lobby / residential multipurpose spaces

• 64 - 1 bedroom apartments of 550 sq ft +/-• 17 - 2 bedroom apartments of 790 sq ft +/-• 81 total apartments (includes one on-site

manager unit).• Rents from approximately $329 to $849 per

month • 70 parking spaces on site - consistent with city

standards for this type of development.

FinancingFinancing• C.F.Y. Development intends to finance the $21 million project

with a combination of partnership equity-tax credits, conventional mortgage, deferred profit and a loan from the City of Galt Redevelopment Agency of 2.5 million dollars.

• The City of Galt will receive approximately $2.5million in impact fees from the project

• This City investment will accomplish many key public objectives in meeting housing needs and downtown redevelopment and business revitalization while being consistent with long established policies and policies.

Financing Compared to Other CitiesFinancing Compared to Other Cities• Making affordable housing a reality requires a partnership• The loan amount per unit for Galt Place is low compared

to the subsidy other cities have provided CFY

  Galt Tracy Sacramento Elk Grove Stockton

 

Galt Place Tracy Place Globe Mills

Waterman Square

Hotel Stockton

Loan per Unit $31,250 $88,000 $108,200 $89,000 $61,900

Number of Units 81 50 147 84 156

Total Loan $2,500,000 $ 4,400,000 $15,905,400 $7,476,000 $9,656,400

Design InformationDesign Information

• The Design character is inspired by classic and historic downtown styles.

• The Streetscape will present the appearance of multiple smaller buildings typical of historic downtowns in communities like Galt.

• The sidewalk will have retail uses with Storefront glass for a great pedestrian experience and ‘eyes on the street’ for enhanced security.

ScheduleScheduleCity Entitlements and Approvals Feb 2008

Construction Documents, Permit Processing, and Loan Origination

through September 2008

Begin Construction September 2008

Initial Occupancy April 2010

100% Occupied August 2010

What Do We Bring to Galt?What Do We Bring to Galt?• We bring an experienced and We bring an experienced and proven teamproven team, a flawless , a flawless

track recordtrack record, and a unique way of doing business – a , and a unique way of doing business – a single point of responsibilitysingle point of responsibility for development, for development, construction, and managementconstruction, and management

• We bring partnership equity - We bring partnership equity - tax creditstax credits that leverage a that leverage a local loan by a factor of nearly ten – and much greater local loan by a factor of nearly ten – and much greater impact.impact.

• We create safe, We create safe, affordable housing for affordable housing for activeactive seniors seniors who will be who will be customerscustomers adding life for Downtown adding life for Downtown BusinessesBusinesses

• We will We will redevelopredevelop a large Downtown parcel that is a large Downtown parcel that is underused and blighted and underused and blighted and implement key parts of the council’s implement key parts of the council’s 1995 Downtown Revitalization Plan vision as well as key goals of the 1995 Downtown Revitalization Plan vision as well as key goals of the new general plannew general plan

• We will help We will help create a sense of placecreate a sense of place in the downtown core in the downtown core – bringing back the ‘heart of Galt’ to the historic – bringing back the ‘heart of Galt’ to the historic downtown center. downtown center.

The Heart of Downtown GaltThe Heart of Downtown Galt

TSD EngineeringTSD Engineering

Continue the 4Continue the 4thth street Promenade street Promenade

Utility Infrastructure is in placeUtility Infrastructure is in place

Ground Level PlanGround Level Plan

Ground Level PlanGround Level Plan

A Downtown Pedestrian StreetscapeA Downtown Pedestrian Streetscape

Second Level PlanSecond Level Plan

Third Level PlanThird Level Plan

The Heart of Downtown GaltThe Heart of Downtown Galt