Forrest Park Crossing

8/6/2019 Forrest Park Crossing

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

roject Description

oject Name: Forest Park Crossing

ddress: S. Little Texas Rd

ty: Kannapolis County: Cabarrus Zip:

ensus Tract: 407 Block Group: 4

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 Kannapolis

risdiction CEO Name:First:Robert Last:Misenheimer

Title: Mayor

risdiction Address: 408 Walker St, PO Box 1199

risdiction City: Kannapolis 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(4bwme5uvt...38461D4CB3&SNID=5BACEF7F54CD4662B74B685027D2D547 (1 of 21)4/8/2009 3:46:15 PM

28083

28082

(704)920-4300

35.4796

-80.603



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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: Douglas NC, LLC

ddress: 709 N. Main St., PO Box 160

ty: Aynor State: SC Zip:

ontact: First: David Last:Douglas Title:Managing Member

elephone:

t Phone:

ax:

mail Address:

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


29511

(919)662-0122

(919)741-9328

(919)662-0124

[email protected]



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te Description

tal Site Acreage: Total Buildable Acreage:

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

3.76 acres are not buildable due to wetlands and buffers. The site has been well planned and we haveworked closely with engineers and city staff to develop it without impacting the wetlands.

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:


11.16 7.4



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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?YesIf yes, specify the relationship:

same principal-David Douglas

(c) Enter the current expiration date of the option/contract to purchase:

(D) Enter Purchase Price:


3/15/2011

418,425



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oning

esent zoning classification of the site:RC Residential Compact District (15 units/acre)

multifamily use permitted?Yes

e 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 forobtaining them:

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: Forrest Park Crossing, LLC

dress: 709 N. Main St., PO Box 160

y: Aynor State:SC 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: Douglas NC, LLC

rst Name: David Last Name: Douglas Function: Managing Member

ddress: 709 N. Main St., PO Box 160

ty: Anynor State: SC Zip: 29511

hone: Fax:

Mail: Nonprofit: No


29511

(843)358-1052 (843)358-1069

[email protected]



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AllUnits

Units

Gross MonthlyRental Income

Low Income.......

Market Rate.......

Totals...............

oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

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.

ttps://www.nchfa.org/Rental/RTCApp/(S(4bwme5uv...8461D4CB3&SNID=5BACEF7F54CD4662B74B685027D2D547 (10 of 21)4/8/2009 3:46:15 PM

56 6 29800

56 6 29800

4 2

1,766

68,608

57,120

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.


5 30

3 60

7 30

5 50

12 60

2 30

9 50

13 60

56



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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))


952,556 8.00 20 30 83,874

611,211 2.00 20 30

648,754 0 30 30 0

5,312,764

7,525,285

70



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ank Loan-To be determined

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


12260 12218 12116 11952 11722 11423 11051 10604 10078 9468

8772 7984 7102 6121 5036 3842 2536 1112 0 0



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29 Title and Recording

SUBTOTAL (lines 14 through 29)

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

658,648

15,000

40,000

2,300

36,200

15,000 15,000

5,000

1,000

39,200

153,700

40,000 40,000

588,000 588,000

30,000 30,000

Other Basis Expense (s 17,000 17,000

Other Basis Expense (s

15,000

Other Non-basis Expen 11,000

Other Non-basis Expen

701,000

22,400

259,987

Other Reserve (specify)

Other Reserve (specify)

7,106,860 0 6,517,747

0

6,517,747 0 6,517,747

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:

Line #19 includes water/sewer connection and tap fees, estimated building permit fees, and impact feesincluding a Cabarrus County fee for school capacity reservation of $4,000/unit

Project Development Cost per unit 59,900


6,517,747 0 6,517,747

130.00% 130.00%

8,473,071 0 8,473,071

3.50 9.00

762,576 0 762,576

0

418,425

7,525,285

762,576



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arket Study Information

ease provide a detailed description of the proposed project:

e are proposing to build a 56-unit family apartment community. According to market studies focusing one surrounding areas, there is a great need for high quality, affordable rental housing. With the constructionthe North Carolina Research Park (Biotech Campus) and the ever growing market of the greater

harlotte area, market trends continue to point in the direction of large scale growth for which affordableusing will be an integral part. The majority of universities in North Carolina have recently opened satellite

mpuses near the new BioTech Campus. The site is also located in close proximity to shopping, retail,mmercial and medical services and next door to the Forest Park Elementary School. Additionally, theres been much new conventional residential construction and development along S. Little Texas Rd. Thee is very close to shopping and many recreational amenities in the Kannapolis and Concord area.

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:

undry, online computer stations, community room, picnic and grill areas, playground and tot lot, outdoorting areas (minimum of 3 areas) and a gazebo.

site Activities:

e will work closely with local human service agencies to provide educational, social and healtheservation programs for the families living at this development. We plan to invite local service providersd case managers to come on site and provide educational workshops for our residents. Residents willve access to the internet and computers in our computer center. Management will supply refreshments

r these functions and coordinate services with the residents.Also, since the same owners own The VillasForest Park senior community adjacent to this site, we plan to promote intergenerational activitiestween the seniors at that complex and children at this complex and may start a Foster Grandparentsogram or Buddy Program.




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ndscaping Plans:

ur landscaping plan will be creative as we hope to incorporate many different kinds of evergreens andciduous species trees and shrubbery around the buildings. Specific flowering type trees will also belized to accent color, beauty, and texture, as will colorful perennials and accent flower beds. We will alsolize, to the best of our ability, drought resistant plantings in order to minimize the use of water. We will

an our landscaping in order to accenuate the master plan with the senior community and to incorporatee natural wetlands features. The site will be beautiful.

erior Apartment Amenities:

anges, range hoods, dishwashers, refrigerators (frost-free), Energy Star applicances, interior storageeas, mini-blinds, pantry, ceiling fans, walk in closets, carpet and washers and dryers hook-ups.

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.

We are proposing to build a 56-unit family development in the town of Kannapolis. We are currently

eveloping a 64-unit senior apartment community on the site adjacent to ours called The Villas at Forestark. We have been working closely with the City in our site plan development. We are excited about theabarrus County market as it is one of the fastest growing markets in North Carolina. Kannapolis has

mited upscale rental options and we are hopeful that this development will meet the growing needs of therea. On S. Little Texas Road alone, there are three new market rate single family subdivisions and a newementary school in close proximity. The new Biotech Campus is close by and all of the major universitiesre opening satellite campuses close by.

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 pattern is residential in character with a mixsingle family as well as multi-family close by. The site is not isolated as it is located close to many servicesd other amenities. There are no negative effects of industrial or incompatible uses close to the site as it is

cated in a largely residential area. The topography presents a challenge but can be overcome as exhibitedour development, The Villas at Forest Park, on the adjacent site.

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. There are adequate traffic controls and there is no burden on the public

cilities for this project. Public transit is available in Kannapolis and bus stop is located within very close

oximity to the site.egree of on-site negative features and physical barriers that will impede project construction or adverselyect 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 on the site that will impede the construction or adversely affect the futurenants.

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

he proposed community will be designed to blend in aesthetically with the surrounding neighborhood andctually enhance the existing community. We will be sure to work very closely with the City of Kannapolis toesign our project and develop our site plan in order to meet the City's development criteria. With theonstruction of the senior development on the adjoining parcel, the new family development will furthercrease the vitality of the surrounding neighborhood and its positive characteristics.

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

chool

Basic Health Care

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

though the hospital is located 1.2 miles from our site, there are urgent care centers located within a milethe site.

ee map located in the Map/Directions section of the Application to show proximity to services/amenities.


25 .5

25 1.2

.5

.8

.5

5 .5

5 .1



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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)

Forrest Park Crossing

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Transcript of Forrest Park Crossing