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Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans
roject Description
oject Name: White Oak Village
ddress: 2501 Summit Avenue
ty: Greensboro County: Guilford Zip:
ensus Tract: 102 Block Group: 2
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 Greensboro
risdiction CEO Name:First:Yvonne Last:Johnson
Title: Mayor
risdiction Address: 300 W. Washington Street
risdiction City: Greensboro 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
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27405
27401
(336)373-2396
36.107095
-79.764632
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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: Beacon Management Corporation
ddress: 408 Battleground Avenue
ty: Greensboro State: NC Zip:
ontact: First: George Last:Carr Title:President
elephone:
t Phone:
ax:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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27401
(336)282-6000
(336)337-5001
(336)545-9004
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te Description
tal Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
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:
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6.822 6.822
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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)?Yes
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?
(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?If yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
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11/21/2008 600,000
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oning
esent zoning classification of the site:CD-RM-12
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?Yes
If yes, describe below:
Please see Exhibit H Phase I Environmental Report and Trigon Geological Report. This parcel previoushoused 22 single family dwellings and because of that it will be necessary to remove existing water linesand a substantial amount of bad soil which resulted from old foundations and debris.
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wnership Entity
wner Name: White Oak Village Limited Partnership
dress: 408 Battleground Avenue
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: Beacon Management Corporation
rst Name: George Last Name: Carr Function: Managing General Partner
ddress: 408 Battleground Avenue
ty: Greensboro State: NC Zip: 27401
hone: Fax:
Mail: Nonprofit: No
Org: Carr-Theismann, LLC
rst Name: George Last Name: Carr Function: General Partner
ddress: 408 Battleground Avenuety: Greensboro State: NC Zip: 27401
hone: Fax:
Mail: Nonprofit: No
Org: Carr-Smith, LLC
rst Name: George Last Name: Carr Function: General Partner
ddress: 408 Battleground Avenue
ty: Greensboro State: NC Zip: 27401
hone: Fax:
Mail: Nonprofit: No
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27401
(336)282-6000 (336)545-9004
(336)282-6000 (336)545-9004
(336)282-6000 (336)545-9004
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nit Mix
e Median Income for Guilford county is $58,500.
w Income Units
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Gdn Apt 1
Gdn Apt 1
Gdn Apt 2
Gdn Apt 2
Utilities included in rents: Water/Sewer Electric Gas Other
mployee Units (will add to Low Income Unit total)
ype # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
tilities included in rents: Water/Sewer Electric Gas Other
rket Rate Units
ype # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
tilities included in rents: Water/Sewer Electric Gas Other
atistics
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):
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897 18 2 368 55 0 423
897 18 2 579 55 0 634
1070 18 2 438 70 0 508
1070 18 2 690 70 0 760
72 8 37350
72 8 37350
3 3
2,863
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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.
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85,079
73,675
8
8
0
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/occupied by
targeted at percent of median income affordable to/occupied by
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.
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18 40
18 60
18 40
18 60
72
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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:City of Greensboro
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**
"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))
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1,000,000 7.00 25 25 84,814
897,587 2.00 20 20
700,587 0.05 30 30
887,652 0 30 30 0
5,655,081
46,473
9,187,380
71
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ty of GreensboroPPCHFA STC Loananch Banking & Trust, Carolina Bank, Richmac, or CICCAR
yndicator will be Richman Group or equivalent
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
ocal Gov. Loan - City of Greensboro
ear:mt:
1 2 3 4 5 6 7 8 9 10
ear:mt:
11 12 13 14 15 16 17 18 19 20
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29115 29133 29079 28949 28740 25948 25568 25098 24531 23864
38100 37219 36222 35106 33864 32491 30981 29329 27527 25570
7500 7500 7500 7500 7500 10000 10000 10000 10000 10000
10000 10000 10000 10000 10000 10000 10000 10000 10000 10000
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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
SUBTOTAL (lines 30 through 37)
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
SUBTOTAL (lines 38 through 45)
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)
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14,000
519,500
45,000 30,000
30,000 30,000
2,300
55,000
10,000 10,000
0
6,000
50,400
198,700
80,000 80,000
0 0
756,000 756,000
Other Basis Expense (s 0 0
Other Basis Expense (s 0 0
25,000
Other Non-basis Expen 10,000
Other Non-basis Expen 0
871,000
25,000
197,664
Other Reserve (specify) 0
Other Reserve (specify) 0
8,587,380 0 7,776,837
0
7,776,837 0 7,776,837
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 unit56,827
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7,776,837 0 7,776,837
100.00% 114.00%
8,865,594 0 8,865,594
3.50 9.00
797,903 0 797,903
0
600,000
9,187,380
797,903
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arket Study Information
ease provide a detailed description of the proposed project:
hite Oak Village will be a very attractive and well located property in northeast Greensboro, NC. The newmmunity will be comprised of one and two bedroom dwelling units in three separate buildings with ammunity center in the middle of the development that will house the onsite manager's office, laundry,sident computer area and an educational/recreational/activity center. Each residence has been carefullyzed and planned to securely and comfortably meet the needs of small family households. The buildings
e designed in an eye-catching Georgian style architecture. Beyond the facilities architectural promise,nstruction will be of high quality and undertaken utilizing materials, techniques and equipment to achieve extremely high degree of energy efficiency for residents. White Oak Village's design and construction will
eet the Department of Energy's Energy Star Program and will seek LEED certification status as well.hite Oak Village will be situated at an ideal, well-suited 6.822 acre tract at 2501 Summit Avenue and willrget smaller family populations having admission incomes below 60% of the area median income withore than fifty percent of the property's dwellings actually having rent levels that are able to serveuseholds with incomes below 40% of the area median income. To assure the broadest range of mixed
comes, private and public rental subsidies will be accepted and encouraged. At least ten of the property'sits will be held available for up to six months to help assure some families under 30% of the median
come can be admitted.
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:
te amenities at White Oak Village will include educational/recreational/activity areas within the Communityenter located in the middle of the development. The property is extremely well located and enjoys easycess to a wide range of activities, including: public transportation at the site, 1/2 mile to recreationalnters, places of worship, grocery and convenience stores, day care center, schools and restaurants.hite Oak Village is less than one mile from; doctors and dentists' offices, parks, a major shopping plaza,nks, gas stations, police and fire stations, a high school and an elementary school.
site Activities:
nsite activities will include social gatherings will such as: Ice cream social, Holiday gatherings (Mothers
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ay, Thanksgiving, Christmas, etc.), cookouts, community yard sale.ere will also be tutoring programs (individualized and/or small group)offered by students from localiversities. Located at the educationa/recreational center along with tutoring programs will be a literacynter with a collection of books and other periodicals. A computer center comprised of several terminalsat can be accessed for educational or entertainment purposes. It is also the intention to make this entireucational and recreation center WiFi enabled in order to provide service even if all the computer terminalse in use. This will be achieved by possibly having a few additional laptop computers in a secure areahich can be checked out for use.s cited above, tutorial programs consisting of interns from the surrounding institutions of higher learningending their time with White Oak Village residents for an number of activities, including: Homework
elpers, certain continuing educational programs where it would be possible for one of the tenants tohieve an actual certificate in certain courses, such as:
omputer trainingarly intervention classes for young parentsocational or mechanical classesWorkshops can be designed for a specific type of area of interest like cooking or art workshops.Community Awareness Programs sponsored by the local law enforcement agenciesFire awareness and prevention classes provided by the local fire departments
e proposed services referenced prior provide a mere glimpse at the potential impact the educational andcreational center would not only have on White Oak Village but the surrounding community. This centerd development at large could precipitate off-site programs as well that would be an extension of thosesite services mentioned previously. In proposing these services and programs, it is also the intention of
eacon Management Corporation to develop programs where it would be advantageous for our residents to and earn certain degrees whether high school equivalency or college credits. According to the
eensboro Transit Authority, Route 15 Bus Line will be picking directly across the street from the proposedhite Oak Village site of 16th and Summit streets. With the proximity of Routes 15 and 6 to White Oaklage it will allow our residents access to other modes of transportation as well such as HEAT which willng them to the area institutions of higher learning or SCAT to help eligible riders who have a disability
at prevents them from riding the fixed route bus. The proposed White Oak Village and educational/creational center would achieve several facets of the City of Greensboros 5-Year Strategic Plan Housingctivities, including, but not limited to, the development and management of decent and affordable housingr lower-income households.
ndscaping Plans:
xtensive landscaping will be undertaken to include, trees, bushes, shrubs with a good stand of grassvering the property.
erior Apartment Amenities:
hite Oak Village will be developed for low income and affordable residential households where certainsabilities might be present. The property will feature one and two bedroom apartments which will includepe A fully accessible units with required parking and public areas meeting handicap accessiblegulations to provide easy entry for all disable residents. Other units will be Type B units which will meete following features: Maximum 1/2" threshold at all doors, clear floor space with 18" on pull side of doors,nimum 3/0 all doors(except reach in closets), remote switch for range hood in accessible location,
shwasher must be located beside sink, Workspace must be availabe beside range. Individual apartmentsl each be equipped with range, refrigerator, dishwasher, hearting/air conditioning, laundry machine hook-s and protected porches or balconies.
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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Mall/Strip Center Hospital
Outdoor Athletic
eldsPharmacy
Day Care/After
choolBasic Health Care
SchoolsPublic Transportation
Stop
Convenience Store Public Parks
Gas Station Library
her facilities or services:
ank - .4aces of Worship - .5ental Office - .3estuarants - .5orage Facilities - .2
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5 1.6
2.4
3.1
3.01
3 .2
4 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 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)