Rankin School Place II

8/6/2019 Rankin School Place II

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Is project in Qualified Census Tract or Difficult to Develop Area?

New Construction/Adaptive Reuse: Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project?

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

Will the project meet Energy Star standards as defined in Appendix B?

Does a community revitalization plan exist?

Target Population: Elderly (55)

Will the project be receiving project based federal rental assistance?

If yes, provide the subsidy source:If yes, provide the subsidy source: and number of units:and number of units:

Indicate below any additional targeting for special populations proposed for this project:

Print Preview - Full Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans

Project Description

Project Name: Rankin School Place II

Address: 3216 Summit Avenue

City: Greensboro County: Guilford Zip: 27405

Census Tract: 127.04 Block Group: 1004

No

Political Jurisdiction: City of Greensboro

Jurisdiction CEO Name: First: Last:Keith Holliday Title: MayorJurisdiction Address: 300 W. Washington Street

Jurisdiction City: Greensboro Zip: 27401

Jurisdiction Phone: (336)373-2396

Site Latitude: 36.117459

Site Longitude: -79.76325

Project Type: New Construction

Yes

Rankin School Place

Rehab:

Is this project a previously awarded tax credit development?

If yes, what year were credits awarded?:

Number of residents holding Section 8 vouchers:

Yes

No

Will the project use steel and concrete construction and have at least 4 stories? No

Will the project include a Community Service Facility under IRS Revenue Ruling 2003-77? NoIf yes, please describe:

No

Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to the units required by other federal andstate codes.)



Number of Units: 3

Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units.

Number of Units: 6

Remarks:



Indicate below an individual or a validly existing entity (a corporation, nonprofit, limited partnership or LLC) as the official applicant. UnderQAP Section III(C)(5) only this individual or entity will be able to make decisions with regard to this application. If awarded the applicantmust become part of the ownership entity. The applicant will execute the signature page for this application.

Applicant Information

Applicant Name: Beacon Management Corporation

Address: 408 Battleground Avenue

City: State: NC Zip:Greensboro 27401

Contact: First: Last: Title:George Carr President

Telephone: (336)282-6000

Alt Phone: (336)337-5001

Fax: (336)545-9004

Email Address: [email protected]

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



Total Site Acreage: Total Buildable Acreage:

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

Is the demolition of any buildings required or planned?If yes, please describe:

Are existing buildings on the site currently occupied?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?If no, please explain:

Is any portion of the site located inside the 100 year floodplain?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:

Site Description

3.82 3.82

Yes

Property has storage sheds and garages which will be torn down. We anticipate perserving andrenovating the home and intend to convert it into an office, laundry and community facility.

Yes

House has a month to month tenant.

NoYes

Yes

No



Does the owner have fee simple ownership of the property (site/buildings)?

If yes provide:Purchase Date: Purchase Price:

If no:

Site Control

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/contract for

purchase of the property and the seller of the property?If yes, specify the relationship:

No

(c) Enter the current expiration date of the option/contract to purchase: 12/31/2007

(D) Enter Purchase Price: 308,000



Present zoning classification of the site:

Is multifamily use permitted?

Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?

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 obtainingthem:

Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation officereview?

If yes, describe below:

Are there any existing conditions of environmental significance located on the project site?If yes, describe below:

Zoning

RM-12

Yes

No

No

No



Ownership Entity

Owner Name: Rankin Associates II Limited PartnershipAddress: 408 Battleground Avenue

City: State: NC Zip:Greensboro 27401

Federal Tax ID Number of Ownership Entity: (If assigned)

Note: Do not submit social security numbers for individuals.Entity Type: Limited PartnershipEntity Status: To Be FormedIs the applicant requesting that the Agency treat the application as Non-Profit sponsored? NoIs the applicant requesting that the Agency treat the application as CHDO sponsored? NoList all general partners, members,and principals. Specify nonprofit corporate general partners ormembers. Click [Add] to add additional partners, members, and principals.

Org: Beacon Management Corporation

First Name: George Last Name: Carr Function: Managing General Partner

Address: 408 Battleground AvenueCity: Greensboro State: NC Zip: 27401

Phone: (336)282-6000 Fax: (336)545-9004

EMail: [email protected] Nonprofit: No

Org: Carr-Smith, LLC

First Name: George Last Name: Carr Function: General Partner

Address: 408 Battleground Avenue

City: Greensboro State: NC Zip: 27401

Phone: (336)282-6000 Fax: (336)545-9004

EMail: [email protected] Nonprofit: No



income units are within established thresholds.



Estimated pricing on sale of Federal Tax Credits: $0.

Remarks concerning project funding sources:(Please be sure to include the name of the funding source(s))

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

Funding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan 668,200 8.00 18 25 61,887

RPP Loan

Local Gov. Loan - Specify:City of Greensboro 635,000 0.50 30 30

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan) 410,168 0 30 30 0

State Tax Credit(Direct Refund)

Equity: Federal LIHTC 2,896,911 Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment 9,501 Other - Specify:

Total Sources** 4,619,780

* "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.

88

CAHEC OR RICHMAN GROUP FOR TAX CREDIT PROCEEDS.CAROLINA BANK OR ALTERNATE FOR THE BANK LOAN.CITY OF GREENSBORO FOR LOCAL GOVERNMENT LOAN



Local Gov. Loan - City of Greensboro

Year:Amt:

15000

25000

35000

45000

55000

65000

75000

85000

95000

105000

Year:Amt:

115000

125000

135000

145000

155000

165000

175000

185000

195000

205000



Development Costs

Item Cost Element TOTAL COST Eligible Basis30% PV 70% PV

1 Purchase of Building(s) (Rehab / Adaptive Reuse only)2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements 330,000 330,0004 Rehabilitation5 Construction of New Building(s) 2,111,474 2,111,4746 Accessory Building(s) 220,000 220,0007 General Requirements 159,688 159,6888 Contractor Overhead 56,422 56,4229 Contractor Profit 169,269 169,269

10 Construction Contingency 91,405 91,40511 Architect's Fee - Design (11 + 12 = max 3% lines 2-10) 62,765 62,76512 Architect's Fee - Inspection 31,382 31,38213 Engineering Costs

SUBTOTAL (lines 1 through 13) 3,232,405

14 Construction Insurance (prorate) 22,000 22,00015 Construction Loan Orig. Fee (prorate) 44,000 44,00016 Construction Loan Interest (prorate) 132,000 132,00017 Construction Loan Credit Enhancement (prorate) 44,000 44,00018 Construction Period Taxes (prorate) 11,550 11,55019 Water, Sewer and Impact Fees20 Survey 7,150 7,15021 Property Appraisal 6,600 6,60022 Environmental Report 3,850 3,85023 Market Study 5,500 5,50024 Bond Costs25 Bond Issuance Costs

26 Placement Fee27 Permanent Loan Origination Fee28 Permanent Loan Credit Enhancement29 Title and Recording 7,700

SUBTOTAL (lines 14 through 29) 284,35030 Real Estate Attorney 24,200 24,20031 Other Attorney's Fees 19,800 19,80032 Tax Credit Application Fees (Preliminary and Full) 2,20033 Tax Credit Allocation Fee (0.58% of line 59, minimum $7,500) 22,00034 Cost Certification / Accounting Fees 6,600 6,60035 Tax Opinion36 Organizational (Partnership) 5,500

37 Tax Credit Monitoring Fee 24,200SUBTOTAL (lines 30 through 37) 104,500

38 Furnishings and Equipment 74,195 74,19539 Relocation Expense 5,830 5,83040 Developer's Fee 462,000 462,000

41 Other Basis Expense (specify)

42 Other Basis Expense (specify)

43 Rent-up Expense 16,500

44 Other Non-basis Expense (specify)

45 Other Non-basis Expense (specify)



Please provide a detailed description of the proposed project:

Construction (check all that apply):

Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches

Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding

Other:

Have you built other tax credit developments that use the same building design as this project?If yes, please provide name and address:

Site Amenities:

Onsite Activities:

Landscaping Plans:

Interior Apartment Amenities:

Market Study Information

Rankin School Place II will offer 44 (composed of 34 one-bedroom and 10 two-bedroom) singlestory residential units developed in 10 traditionally styled townhouse buildings featuring craftsmanarchitecture. Individual apartments will offer brick and vinyl exteriors and each unit be provided withrange, refrigerator, dishwasher, heating and air conditioning equipment and laundry hook-ups. Abeautiful 1883 square foot office, laundry and community building will also be constructed byrehabilitating the property's existing single family home.

No

The property will have a community building with on-site office and laundry facilities, walking paths,picnic area, TV/reading room, computer center, storage units.

A variety of resident service programs will be conducted by our staff. A multi-purpose communityroom will be able to provide many of the amenities above.

Extensive landscaping will be done.



Do you plan to submit additional market data (market study, etc.) that you want considered?

If yes, please make sure to include the additional information in your pre-application packet.

All apartment interiors will include range, hood, dishwasher, refrigerator, exterior storage, W/Dhookups, mini-blinds, ceiling fans, carpeting, vinyl flooring and heat pump.

No



Briefly describe your site in each of the following categories:

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

Applicant's Site Evaluation

NEIGHBORHOOD CHARACTERISTICS

Trend and direction of real estate development and area economic health. Physical condition ofbuildings and improvements. Concentration of affordable housing.The approximate 3.82 acre tract is located in a predominantly residential neighborhood in northeastGreensboro. The parcel is partially wooded without significant slopes.

SURROUNDING LAND USES AND AMENITIES

Suitability of surrounding development. Land use pattern is residential in character (single andmultifamily housing) with a balance of other uses (particularly retail and amenities). Effect ofindustrial, large-scale institutional or other incompatible uses, including but not limited to: wastewatertreatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distributionfacilities, frequently used railroad tracks, power transmission lines and towers, factories or similar

operations, sources of excessive noise, and sites with environmental concerns (such as odors orpollution). Amount and character of vacant, undeveloped land.The site is located approximately 4/10 of a mile north of Cone Boulevard which serves as a majoreast-west corridor across the city. The property is situated in very close proximity to RankinElementary School. Areas north, east and west are heavily residential with a variety of commercialactivity lying to the south along Summit Avenue.

SITE SUITABILITY

Adequate traffic controls (stop lights, speed limits, turn lanes, etc.). Burden on public facilities(particularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location ofproject sign(s) in relation to traffic corridors.The property is extremely well located with no known adverse conditions. Most commercial activityis easily accessible via sidewalks or automobile. Property ingress and egress are not expected to bedifficult.

Degree of on-site negative features and physical barriers that will impede project construction or

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 (foradaptive re-use projects- suitability for residential use and difficulties posed by the building(s), suchas limited parking, environmental problems or the need for excessive demolition).The surrounding land uses include single-family housing, multi-family housing, an elementaryschool, church and commercial shopping center.

Similarity of scale and aesthetics/architecture between project and surroundings.Rankin School Place II is being developed with handsome craftsman style architecture which stillcan be found throughout the neighborhood. Ten single-story buildings are to be included on theproperty which will provide an appropriate scale to the surrounding area.

Grocery Store.7 Community/Senior Center1.0

Mall/Strip Center.3 Hospital2.3

Outdoor Athletic Fields.1 Pharmacy.3



Other facilities or services:

Day Care/After School.05 Basic Health Care2.0

Schools.1 Medical Offices2.0

Public Transportation Stop.2 Bank/Credit Union.5

Convenience Store.3 Restaurants.5

Basketball/Tennis Courts5.0 Professional Services.4

Public Parks.5 Movie Theater5.0Gas Station.15 Video Rental.5

Library2.5 Public Safety (Fire/Police).75

Fitness/Nature Trails.25 Post Office2.5

Public Swimming Pools1.0

0.4 = Laundromat; beauty & barber shop; auto repair shop; storage facility.7.0 = public golf course3.0 = seven parks offering walking trails, picnic shelters and areas, barbecue grills, a pond/lake,tennis courts and ball fields.>5.0 = cultural, entertainment, and academic activities are provided by four localcolleges/universities.>6.0 = movie theater, bowling alley, multiple fitness centers and numerous restaurants



Project Operations (Year One)

Projected Operating Costs

Administrative ExpensesAdvertising 2,500Office Salaries 1,000Office Supplies 10,000Office or Model Apartment RentManagement Fee 25,797Manager or Superintendent Salaries 15,000Manager or Superintendent Rent Free UnitLegal Expenses (Project) 1,500Auditing Expenses (Project) 4,500Bookkeeping Fees/Accounting Services 2,640Telephone and Answering ServiceBad DebtsOther Administrative Expenses (specify):

1,500

SUBTOTAL 64,437Utilities ExpenseFuel OilElectricity (Light and Misc. Power) 6,000Water 6,000GasSewer 4,000SUBTOTAL 16,000Operating and Maintenance ExpensesJanitor and Cleaning Payroll 9,000Janitor and Cleaning Supplies 2,000Janitor and Cleaning Contract 8,363Exterminating Payroll/Contract

Exterminating SuppliesGarbage and Trash Removal 1,500Security Payroll/ContractGrounds PayrollGrounds SuppliesGrounds ContractRepairs PayrollRepairs MaterialRepairs ContractElevator Maintenance/ContractHeating/Cooling Repairs and Maintenance 500Swimming Pool Maintenance/Contract

Snow Removal 1,000Decorating Payroll/ContractDecorating SuppliesOther (specify):

Miscellaneous Operating & Maintenance ExpensesSUBTOTAL 22,363Taxes and InsuranceReal Estate Taxes 22,000Payroll Taxes (FICA)



Miscellaneous Taxes, Licenses and PermitsProperty and Liability Insurance (Hazard) 16,000Fidelity Bond Insurance 100Workmen's Compensation 1,000Health Insurance and Other Employee Benefits 5,000Other Insurance:

SUBTOTAL 44,100Supportive Service ExpensesService Coordinator 7,500Service SuppliesTenant Association FundsOther Expenses (specify):

SUBTOTAL 7,500ReservesReplacement Reserves 11,000SUBTOTAL 11,000

TOTAL OPERATING EXPENSES 165,400

ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * 124,900TOTAL UNITS(from total units in the Unit Mix section) 44

PER UNIT PER YEAR 2,838



MINIMUM REQUIRED SET ASIDES (No Points Awarded):

Minimum Set-Asides

Select one of the following two options:

20% of the units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 50% of median income)

40% of the units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: NoTax Credit Eligible Units in the the project can exceed 60% of median income)

If requesting RPP funds:

40% of the units are occupied by households with incomes at or below 50% of median income.

State Tax Credit and QAP Targeting Points:

High Income county:

At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%)of county median income.

At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or belowthirty percent (30%) of county median income.

At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) ofcounty median income.

At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fortypercent (40%) 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 targeting points (select one):

At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fiftypercent (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.



PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted.

Full Application Checklist

A Nonprofit Organization Documentation or For-profit Corporation Documentation

B Current Financial Statements/Principals and Owners (signed copies)

C Ownership Entity Agreement, Development Agreement or any other agreements governing development services

D Management Agent Agreement

E Owner and Management Experience & Management Questionnaire (Appendix C)

F Letters from State Housing Agencies or designated monitoring agent verifying out of state experience

G Completed IRS Form 8821 (Appendix I)

H Local Government Letter or Letter from Certified Engineer or Land Surveyor Confirming Floodplain Designation with Mapshowing all flood zones (original on letterhead, no fax or photocopies)

I Local Government Letter Confirming Zoning including any pending notices or hearings (original on letterhead, no fax orphotocopies)

J Letters from Local Utility Providers regarding availability and capacity (original on letterhead, no fax or photocopies)

K Documentation from utility company or local PHA to support estimated utility costs

L Appraisal (required for land costs greater than $15,000 and for all Adaptive Re-use and Rehab projects)

M Site plan, floor plans and elevations for all projects. Scope of work for Adaptive Re-use and Rehab projects. (Full Size, 24 x36 inches)

N Hazard and structural inspection and termite reports (Adaptive Re-use and Rehab projects only)

O Copy of certificate of occupancy or proof of placed-in-service date (Rehabs Only)

P Proposed Relocation Plan including relocation budget and copies of notices. Required for all Rehabs and any projectsinvolving existing occupants of any dwellings to be rehabbed or demolished.

Q Evidence of Permanent Loan Commitment and other sources of funds ( i.e. Equity letter, AHP, RD and local governmentfunds). For Rehabs with existing loans provide 1) copies of loan documents, 2) current loan balances from existing lenderswith reserve balances, 3) letter from lender that outlines assumption requirements.

R Local Housing Authority Agreement and Project Based Rental Assistance Letter, if applicable (Sample letters provided inAppendix I). For projects with existing PBRA contracts, provide a copy of the current contract and bank statement or otherdocumentation verifying reserve balances and annual reserve contribution requirements.

S Statement regarding terms of Deferred Developer Fee. If a nonprofit is involved, a resolution from their board approvingdeferral of fee is required.

T Inducement Resolution (Tax-Exempt Bond Financed Projects only)

Rankin School Place II

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