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CRA-R-11-0034 07-28-2011 Backup
Carver Apartments & Shoppes 801 Northwest 3rd Avenue, Miami Florida 33136 oc m-0 o CRA Schedule of Values WORK PACKAGE APT RETAIL TOTAL PROJECT STAFF $0.00 $37,865.00 $37,865.00 GENERAL REQUIREMENTS $30,312.00 $15,156.00 $45,468.00 DEMOLITION & EARTHWORK $7,431.00 $27,320.00 $34,751.00 LANDSCAPING $3,680.00 $3,680.00 $7,360.00 MISCELLANEOUS - SITE UTILITIES $0.00 $12,623.00 $12,623.00 SHELL CONSTRUCTION $0.00 $3,475.00 $3,475.00 MASONRY $0.00 $5,950.00 $5,950.00 STRUCTURAL STEEL $0.00 $12,965.00 $12,965.00 MISCELLANEOUS METALS, WROUGHT IRON FENCING $0.00 $12,280.00 $12,280.00 ROUGH CARPENTRY - DECORATIVE COLUMNS $0.00 $2,250.00 $2,250.00 FINISH CARPENTRY - CABINETS $0.00 $0.00 $0.00 CAULKING, WATERPROOFING & SPRAY FIREPROOFING $0.00 $3,000.00 $3,000.00 INSULATION $0.00 $2,000.00 $2,000.00 ROOFING $33,417.00 $16,709.00 $50,126.00 DOORS, FRAMES & HARDWARE $0.00 $4,900.00 $4,900.00 ALUMINUM, GLASS & GLAZING $25,000.00 $25,000.00 $50,000.00 LATH & STUCCO $27,000.00 $13,000.00 $40,000.00 FRAMING & DRYWALL $0.00 $15,000.00 $15,000.00 CERAMIC & PORCELAIN TILE $0.00 $3,000.00 $3,000.00 PAINTING $0.00 $5,688.00 $5,688.00 BUILDING SPECIALTIES - AWNINGS,SHUTTERS, SIGNS $2,800.00 $14,200.00 $17,000.00 BUILDING SIGNS $4,750.00 $2,375.00 $7,125.00 TOILET ACCESSORIES & MIRRORS $0.00 $1,000.00 $1,000.00 EQUIPMENT - APPLIANCES $10,000.00 $0.00 $10,000.00 FURNISHINGS - BLINDS $0.00 $0.00 $0.00 PRECAST CONCRETE $0.00 $0.00 $0.00 ASPHALT PAVING & BASE $0.00 $0.00 $0.00 PLUMBING $66,800.00 $6,200.00 $73,000.00 HVAC $22,800.00 $42,000.00 $64,800.00 ELECTRICAL $45,950.00 $30,250.00 $76,200.00 LABOR BURDEN & SALES TAX $0.00 $357.00 $357.00 PROJECT MANAGEMENT $31,920.50 $31,920.50 $63,841.00 TOTAL COSTS $311,860.50 $350,163.50 $662,024.00 RECEIVED JUL 18 2011 COST ALLOCATION REPORT: REHABILITATION PRIVATELY' OWNED" COMItil#0114.-. APPLICANT /AGENCY NAME: MVltZion Developments, Inc. Project Name: The Carver Apartments &:Sh. miles• Sources ©ate; Niau31, 2011 Southeast,f. PLP - Florida Mt Zion Overtown CRA tarn: ProjectCost Housing Finance Developments. Grant HOME Total Funding Funding Gap ACQUISMON Residential Retail/ Comrnercial TOTAL AGQUfSIripN COSE HARD COSTS Construction Cost Project Management Administration Fee TOTAL HARD COST SOFT COTS Architect Design,Civil Engineering Marketing Analysis . ._ Permit Fees Legal Fees Environmental/Soils Appraisal insurance Liability RE Taxes Financing Commitment Fee Title Insurance (,incldlegal srvcs), Surveying construction Accounting Consulting Services Accounting Services WOO.Report Administrative Experises$tiiclds City Miami Adm'irt ) Soft cost Contingency TOTAL SOFTCOST TOTAL:PROJECTCOST $260000; $139 00 : $399,000;.. $1,008,208 $63,841 $201,375. $1,273 424._ $62,005 $4,429 $17,716 $8,626. $4,029 $5,3.15 $5,328 . $5,994, $4;.085 • $4;662,. $2,664 $o 8,858 $889; $3,330. $20,315 $9,734 $147a979 $1s4,er $260,000 $40,923: $z,923; $2,0$9 $3,508: $3,516..,... $5 846::.: <. $s . $2,198:... $3,508: $100,966. . 20% so $6,023 $2,953 $1,370 $1,807 $1,812. $2,038 $1,389 $1,585 $906, $o: $3,012 $�0:2 $3132- .1$i 807 $3,33 . $57:013 11,013 10% $0 $0 $598,183 $63,841 $0 $662,024 so $0 $0 $0 $0 $0 $0 so $0 $0 $0 so $0 $0 so $0 $0 $0 $662,024 36% 4 $260,000 $139,000 $399 900 $410,025 $1,008,208 $0 $201,375 $63,841 $201,.375 $14 $4,429 $0. $17,716 $0 .. $8,626 $0 $0 $4,029 $5,315 $0 $5,328 0 34% $5,994 $4085 $4,662 $2,664 $o $8,858 $889 $3,330 $20,315 $9,734 $167,980 $1,840;403 100% $0. $0. $Q= $0 $0 $o . $0 .. $0 S0 So $o $o So .50 . $9: $0 $9 $© $0. • .$0 $0 $0:. e.frances a.i.a. p.a. architects & planners 1385 =al way. sub 204. minrri113.93116 (9C6) 864-1070 CONCEPTUAL SCHEME 2 project name: 151/1(4,W) CA9M1/1,6~4 (Ma (9QAVIA ea PROPOSED EXTERIOR RENOVATION, NW 3RD AVENUE AND NW 8TH STREET, MIAMI, FLORIDA c m0 Mt Zi 0_41—C) I Developments INCORPORATED 4r o n D.velopmnts INCORPOR A TED June 20, 2011 Chelsa Arscott Southeast Overtown/Parkwest CRA - City of Miami 49 NW 5th Street, Suite 100 Miami, Florida 33128 RE: Carver Apartments & Shoppes — Estimated Project Timeline Dear Chelsa, As requested, the following is an estimated timeline for the Carver apartments & Shoppes Project. The Project Timeline consists of two components: Administration and Construction. Construction: As indicated within the attached construction schedule, the contractor estimates completion within 170 days. Administration: We will need to present the revised budget to City of Miami - Department of Community Development for Housing and Commercial Loan approval 45 days. With an anticipated grant approval date of June 271, and an early commitment from Miami Department of Community Development staff to recommend the revised budget for approval, a proposed construction start date could occur mid July. A total 215 day timeline indicated a project completion date of late February of 2012. Please call me directly with any additional questions you may have at 954-829-7788. Sincerely, Please call me with any additional questions you may have. I can be reached on my mobile at 954-829- 7788. Sincerely (.,------0F itterson siden /CEO Cc: w/out attachments Mt Zion Developments - Board of Directors 301 NW Ninth Street, Miami, FL 33136 I T 305.454.2679 F 305.679.3733 I mtzdevelopment.org .,E:cdnn-m RE Ell Eae.); Sort,. 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CbeenutboatmiMo-_. -- 1512159/11 i2129rii _ 07/OFili1 07112fl1—` lila 1• Fl i S:h TT 00ZNti. Swldate 07/05/11820AM Finishdata 12/29/1143OPM - Data dab 07/0911 S90AM Run den 0428112.130PM enumber to O Pdtrnoete Sysleinr. Sin D. STEPHENSON CONSTRUCTION INC. Cancer Apertmettts Sl Shoppes IMINI Fatly be/ ▪ P,Otue M ▪ 1a15tal ear —Summery bar P!igesspoint • Cd9ta1 part • SummrypoS Smttntlleebnewht ♦ Rieh miseeoua teen Ow nc m0 >z OO Z June 22, 2011 Chelsa Arscott Southeast Overtown/Parkwest CRA - City of Miami 49 NW 5th Street, Suite 100 Miami, Florida 33128 RE: Carver Apartments & Shoppes — Local Jobs Created Dear Chelsa, Upon completion of the Carver Apartments & Shoppes project, we anticipate a total of (4) four jobs created within Mt Zion Developments, Inc. - two full-time jobs, 1 Administrator and 1 Facilities Management, and 1 part-time administrator and 1 part-time maintenance. Retailers have indicated approximately 24 full and part-time local jobs to be created within the Carver retail spaces; i.e., spaces #1 thru #3 create 4 jobs each (12), and the larger space #4 creates (12) jobs as a quick service restaurant business. All combined, we anticipate that this project will provide a total of 28 permanent local jobs within SEOPW. The CRA brick & mortar (shell finish) jobs investment for this project totals $499,000. Over a five year term, via restrictive covenant, this investment' equates to $3,564 per job. The Carver project will further enhance the business corridor revitalization effort currently underway by promoting business traffic along the 3rd Avenue; providing an attractive gateway presence into one of Miami's historic neighborhoods, and help to change the face of an overlooked historic business district Please call me with any additional questions you may have. I can be reached directly at 954-829-7788. Sincerely, nga rson President/ EO Cc: w/out attachments Mt Zion Developments - Board of Directors SEOPW/CRA 5-year jobs investment for retail (shell finish condition) $499,000/28 jobs/5-years = $3,564 301 NW Ninth Street, Miami, FL 33136 I T 305.454.2679 F 305.679.3733 I mtzdevelopment.org SUPPORTING. DOCUMENTATION June 1., 2011 Mr. Don D, :Patterson President/CEO Mt, .Zion .Development, Inc. 301 NW 9ih Street Miami, FL 33136 Re: 'Letter of Intent - Carver Shoppes, Miami, FL Dear .Don, Thank you .for a Wonderful tour of Miami Overtown. Clearly, 'there's something special about. your co.mm:unity and the redevelopment efforts underway This letter in intended to serve •as notice that -Kahala Corporation seeks to be a of that effort.. As one .of the fastest growing franchising companies in North America, Kahala is a dedicated:to the franchising., development- and marketing of .quick -service. restaurants. Kahala franchisees . operate nearly 4,.000 locations worldwide tthat;generate:more than $1.2 billion in systemwide sales. We have reviewed the information provided highlighting the Carver Shoppes>project Iocated.:at '801 NW'3rd Avenue, Miami Florida 33136. We request that'Mt Zion Developments acknowledge this .correspondence as our formal Letter of Intent to occupy the 1:,500..square foot retail space at the Location referred to as the "south end unit" for America's Tacos Restaurant: We are also, excited about Mt .Zion Developments intent to 'open other co -branded franchises within theOvertown .community,. and further.committed to supporting those .ventures consistent with our franchise development throughoutthe South Florida region As mentioned in .our earlier .correspondence, .we are scheduled `favour next round .of'site'visits in Miami during the•week of June 20th. We plan to dedicate Thursday and Friday of that .week further evaluating the Southeast Overtown Park West CRA sites .you've identified. I would .appreciate it if you could coordinate the appropriate meetings to determine the .support by .Local officials and the community. ;Regard. Ernesto Salazar Sr. Director of Strategic Development 9311 E. Via de Ventura,. Scottsdale, AZ 852584,Tel:480.362-4800 • Fax: 480.362-4812• www_kahalacorp.com \a•rldld May 25, 2011 Mr. Don D. Patterson President/CEO Mt. Zion Development .Inc. 301 NW 9th St. Miami, FL 33136 SUPPORTING DOCUMENTATION Dear Don, Once again, on behalf of Kahala .I'd like to thank you, Annie Lord - South Florida Community Development Corp. and Benji Power - South Florida Neighborhood Housing Services for taking time out of your busy schedules to meet with us at Kahala International Headquarters in Scottsdale. As one of the fastest growing franchising companies in North America, Kahala is a dedicated to the franchising, development and marketing of quick -service restaurants. Kahala franchisees operate nearly 4,0.00 locations worldwide that generate more than $1.2 billion in :system- wide sales. Your PowerPoint presentations and on -the -ground analysis of the Overtown and Brownsville neighborhoods were incredibly insightful, and as a result we now are equipped with a greater knowledge of the Miami market. As ..highlighted by our .relationship with Chicanos Por La Causa, our AZ CDC partner, Overtown _and Brownsville locations (and similar So. 'Florida *neighborhoods) offer a unique opportunity for effective for -profit and nonprofit partnerships to revitalize communities while creating jobs at the :same time. Kahala's staff has made great progress with your team in the planning efforts for the Carver Shoppes project located at 801 NW 3rd Avenue in Miami, and we are on track with the designated timeline. We are also excited about Mt Zion Developments intent to open other co -branded franchises in the Overtown community. We are further committed to supporting those ventures consistent with our franchise development throughout the South Florida region. SUPPORTING DOCUMENTATION As a reminder, we are scheduled for our next round of site visits - in Miami during the week of June 20th. We plan to dedicate Thursday and Friday of that week further evaluating the Southeast Overtown Park West CRA sites you've identified. I would appreciate it if you could coordinate the appropriate meetings to determine the support by local officials and the community. Regar Ernesto Salazar Sr. Director of Strategic eevelopment PIZZA ...OS; :GRILL „ www.ulskib,com October26, 2010 Mt Zion Developments,'Inc, My. Don D. Patterson, President/CEQ 301 NW 911) :Street Mia,m1, FL 3313:6 RE; 'Carver Apartments and Shoppes Dear Don: 1Piit TO VP" 04;1: 0,:fr, ,‘,,t41,1, I, tor 0, '" • 1.1V111', giN"V q#1441tiqgWIF ICA %Plti 41:4441V V(1.0 .04 ' 1.1444j71,1109tr SUPPORTING DOCUMENTATION havereViewed the packatforthe :Cunt ShopPes prOjeet, and :I personally perform& a site visit oflhe building located .at '891 NW 3 Avenue, MiaznL FL The *do] speoe'hr buitcl ouL pfroite improvements for parking, .g194g with site lOgati:PP: assets (trAffle .01414 :demographies, etc.) makes the property ideal ;fora lifiami.:Subs restaurant, .That being. said, we are interestedinexploring next steps:.an& finalitingiour agreement Thank you for theintrodnotinn MV,Zion;Developments,inc tbe,:iCity of Miami CEA, and the 'work being done to improve job qpportunities in undeAtinveated communities. We estimate the staffing requirements sfor a 1,500 s.f. art The 31'd :Avenue. location between 1:5-20 persons. In,conclusion, I am enclosing our .franchise padkage for:the Miami:SW:is we discussed. Please review and .contact me regarding questions you will have. 11 would be imply to ;answer your questions,lolione„ .or re01 :lite to contact my office for a foIlow:vp ateeting, Sincerely, Lawrence:Austin LA: Id Enclosure • . . . • ... . • • • . "Subp CorporatIonWortd Headquartmrs I 600 l'401 31A Aventle I Fort 1„aucierelale,f1, 33309 1 .1)11:95a,97";1•41000 I Tit›..;.4.97:-.3.,7.6 I 6 N‘st • !. ' "'" , • '; " 14 ; r .1 11 ir ,r. •4,q, t 1' , • . „. , . . . "1,,11`,11,1‘4V%•:;-6.1'. i ;.' • ' . . Ltllr,1„1.,/ gUrtStffindm DOCUMENTATION October 4, 2010 Dear Don, PostNet has completed our site evaluation for 801 NW 3rd Avenue. 1 am pleased to report this site is approved and will be added to our site inventory file. We will show this site along with other approved sites in the. Miami area to any franchisee looking for a location in this market. Please feel free to contact me if you have any questions or need any additional information. Best regards, n.Tragesser Director of Operations PostNet World Headquarters SUPPORTING DOCUMENTATION Don D. Patterson Executive Director Mt Zion Developments, Inc. 301.NW 9th Street Miami, FL 33136 RE: Retail Space within The Carver Apartments & Shoppes Project Dear Don, As principal of the Rumcake Factory, I am pleased to submit herewith our response to your Request for Proposals. Since being invited to consider leasing retail space as a Carvers Shoppe, we have grown to realize this to be an exciting opportunity. We have discuss within the management team how best to produce not only a strong retail business involved in community -based job creation, but what we believe together we have an opportunity to truly energize the neighborhood, strengthen the Overtown community, and as a model enterprise provide long-term benefits for the entire Miami County. As you know, we are a specialty business based in the Miami Dade seeking the opportunity to establish ourselves as a storefront business in a good location. We see the Carver Apartments & Shoppes location to be the ideal location to further expand the Rum Cake Factory as a community -based business on the move toward success. In the weeks ahead, we look forward to hearing comments from the County's review of our partnership and responding to the community about our proposal which is clearly a 'work in progress' and which can only be improved by input from those stakeholders who care the most about the area in question. Thanks for the opportunity of participating. Elena and Larry Robinson The Rum Cake Factory !v l 6625 Miami Lakes Dr. #'I 18 Miami Lakes, Fl 33014 (786) 525 7071 Don D. Patterson gym: Don D. Patterson [dpatterson@mtzdevelopment. int: Thursday, February 11, 2010 9:19 AM To: 'kelbernie@comcast.net' Cc; 'Lisa M. Hoffmeyer' Subject: RE: Carver Apartments & Shoppes Thanks Bernie, l left a message for Walter regarding the building's floor and wall inspections for next week. We'll keep you posted. Regards, Don D. Patterson President/CEO Mt Zion Developments t ru c o r w a R 41 ED 301 NW 9th Street I Miami, FL 33136 P 305.454.2679 I F 305.675.9266 I M 954.829.7788 Please consider the environment before printing this email From: kelbernie@comcast.net Emallto:kelbernie@comcast.net] Sent: Thursday, February 11, 2010 9:04 AM Patterson, Don abject: Carver Apartments &.Shoppes Don, As agreed, I have reviewed ACME'S Construction, D Stephenson, and Dozier & Dozier Construction companies bid submissions for the rehab of the Carver Apartments s and Dozierpp to review Project,their additionally have met with two of the apparent lowest bidders, D. Stephenson and D oe the sir respective our meetings construction bids & project scopes of work. This correspondence is to inform you and final review of proposed construction cost for each. Please know bids for the individwwl contracting companies, based on 100% completion of construction drawing, are as follows: D Stephenson Construction 318 ,3 l 8 $9 Subtotal Direct Costs & Fees $921 Total w/bond & GL insurance $94 ,42 9 Subtotal Cont & Builders Risk 80 Total $1,008,209 Dozier & Dozier Construction 09 ,7 $9 Subtotal Direct Costs & Fees $9209 7 Total w/bond & GL insurance $$77,920 0 Subtotal Cont & Builders Risk Total 1.047..127 RECEIV ED APR 3 01010 Subtotal Direct Costs & Fees Total w/bond & GL insurance Subtotal Cont & Builders Risk Total $1,136,444 $1,175,083 $62,504 $1,237,587 Based upon my meetings with the two apparent lowest bidders, I believe that both of the contractors have the capacity to perform the project, however, I believe that D. Stephenson Construction had a better knowledge of the project's scope of work, project schedule and to costs.ssociated Stating construction services formihmeend D. Carver Stephenson Construction to be selected as the contractorp Apartments and Shoppes Project. If you have any questions or need further information, please do not hesitate to contact me. Thanks, Bernie Milhausen 2 RECEIVED APR 30 2010 Arscott, Chelsa From: Bosano, Monica Sent: Friday, August 20, 2010 5:25 PM To: Duran, Alfredo; Arscott, Chelsa Subject: RE: August 20, 2010 Housing and Commercial Loan Committee (HCLC) Meeting - Caver Shoppes and Apartments Attachments: MTZ Carver, LLC_Carver Apartment project.pdf As per your request, attached please find the Carver Apartment project memo approval by the HCLC members today. If you have any questions, please let me know. Thank you, Monica Bosano City OF Miami Department of Community Development 305-416-1976 From: Duran, Alfredo Sent: Friday, August 20, 2010 3:38 PM To: Arscott, Chelsa Cc: Bosano, Monica Subject: RE: August 20, 2010 Housing and Commercial Loan Committee (HCLC) Meeting - Caver Shoppes and Apartments I can certainly do that, however, the project will not need to be presented to HCLC, as their approval is final. Monica. Please provide Chelsa with a copy of the Carver Shoppes approval, Thanks Alfredo J. Duran, Deputy Director Department of Community Development Tel: 305-416-1999 Fax: 305-400-5317 From: Arscott, Chelsa Sent: Friday, August 20, 2010 3:33 PM To: Duran, Alfredo Cc: Mensah, George Subject: August 20, 2010 Housing and Commercial Loan Committee (HCLC) Meeting - Caver Shoppes and Apartments Alfredo: Can you provide me with a copy of the HCLC's recommendation and proposed loan commitment for the Carver Shoppes and Apartments project? Also, can you let me know when the project will be presented before the City Commission for approval? Thank you, 1 Chelsa Arscott 1 City of Miami Community Redevelopment Agency Program Administrator 49 Northwest Fifth Street, Suite 100 I Miami, FL 33128 Phone (305) 679.6811 I Fax (305) 400.5395 carscott@miamigov.com www.miamigov.com/cra/ Southeast Overtown I Park West I Omni I Midtown 2 Date: 0'8/207201,01: 1-1C-LC ITEM SUMMARY -FORM FILE ID: Requesting Departrtietit! Community Development HCLC Meeting bate: 08/20/2010 District Impacted: 5 $ubjeCt!,1911t CaivertLC: The Carver NpartifientstirShOpties Purpose of'ltem: Discussion/recommehdatibn pertaihihg'to the alibbaticin in the e;rfOnt:of $626,400 in HOME CHDO funding for rehabilitation; of.feh unit mixed Ose otojddt Background Information: PLEASE;SEE ATTACHED. .COMenunitiADevelopiiieelndifet'llifbact Is this item relatedktO revenue? Is this item an expenditure'? Its°, please identify funding'sourCe below. Source: HOME 111 CDEGID SHIP El HOPWA El Affordable Housihglrust El Dept. Director Office of the City Attorney Chief Operations City Manager Amount: Year: IDISi# (if applicable): Final.Approvals. fsidkANbbAtEl Date Date• Date .S7/27/?is Date'. Revised 6/20/2007 Page I 'Of1 SUPPORTING DOCUMENTATION INTER -OFFICE MEMORANDUM CITY OF MIAMI, FLORIDA JRTING olIENTATION TO ; FROM : Members oftlieHousing and August 20, 2010 CornmerCiarLOan Committee DATE.: FILE : MTZ'Carver, LLC The Carver Apartments & Shoppes onimithityDeVelopment SUBJECT: REFERENCES: ENbLOSUFiES: BORROWER MTZ Carver LLC ("MTZ"), isa. Florida Limited .Liability Corporation and managed by MT Zion Developments, Inc: ("MZDI") . MZDI is.,aFloridallon Profit and a Community Housing Development Organization (THDO")!designated.corPoration. MZDI has been at the forefront in providing housing and economic opportunities primarily in Miami's historic Overtown community: MZDI in partnership With, Gatehouse completed 545 affordable housing units ciVer:thelast few years, With another units underway. MZDI specializes in providing quality resources .in :real estatedevelopment primarily in the lower -income communities.Of South Florida. PROJECT. On October 15, 2009, MIZ.lioqiiired the property located at8..01 .NW..3rd Ave. The financing of the property was broken into two part S: Florida Housing Finance Corporation financed thelacqpisitibmand rehabilitation ofAln,fen.(10) units, ($260,000 acquisition and $1.00,966'rehahilifation) and Overtown R.bna:i's•garcce Properties, LLC financed the acquisition•cost,of retail portion ($13.9,000). The Carver Apartmerits'& Shoppes,("the Carver") is'a three slog building built in 1925, located at .80.1 NW 3"1,AVe in the Historic, Overtown Folk life DiStrict. The building consists of ten (0) units, two.P.oriebedroom/one bathrooms, 576 sq. ft. Units, and eight (8) two bedrpoinZone bathroom 648 sq. ft. Units. Additionally, the project includes approximately 35900, sq;,,ff of ground retail. The building is going to be completely rehabilitated ,and Modernized to become affordable , renf41s and include concepts for Green/Energy efficiencies throughout; The .exteriorWill be, given a completed redesign withliigh-quality facade treatments. All units will be retited'AWthose;of 80% Area Median Income:, or below, which tincludes those families at 60% AMI; All of the ten (10) units will be HOME assisted units. Currently, the building is vacant and at present is inhabitable due ftha leaky roof; mold t.ia _Water ccidriagel, The property'Hm4 use,eicistedas retail spaceTfor.groiffid floor and liousingresidences on the second and third floors. The Carver Apartments & Shoppes Page 2 August 20, 2010 BORROWER'S REQUEST On April 30, 201'0, the, d'ey.e.lOper, rP.PPPie4 ;$06,4.00 in HOME Investment Partnership. ("HOME") funds under the.,C:ity',s:ww CHDO se aside, torehabilitate the existing ten (10) unit project, • for the, *benefit. of 'preserving 'affordable housing in Miami's Overtown community. DEPARTMENTALRECOMMESInkTION The Department of Community De,yelopyrient, reviewed:11'K .funding request and has determined that 'it is a viable project, therefore recommending $626,400 in HOME funding towards. hard. :and iseift:,coSt§_tfcif the rehabilitation . of 'the ten (10) units at the Carver Aparttnelitslirojeet The HOME CHDQprOgrain fedShall be contingent Upon; 1. Developer to ,prOV.gie a project :cot .evaluation analysis performed by .a licensed engineering firm thai)supportS-tbe-total projec:ted<constructionoost of the.project, 2. City's receipt •of firm !commitment to !fund .conStructionlpermanent financing grant in the, amount of no less. than ;$750,000 ,frorti, the Southeast Overtown Community Reinv-e-Sthiebt Agency Sid terms and conditions to be acceptable to the City of 'Miami. Said LoanE6J haI1. elbse on- or' before theclosing of the City's HOME'loari. 3. Developer to Provide evidence of pre -leases forfthe3..,900 square feet of proposed retail.. arewat arate of;no less tban .$21' (3ter squarefeet.: 4. Evidence that the. funding .pro.vickd 1y Florida Housing,Finance Corporation and Overtown Renaissance Properties;. .LLC is iri ,gOod !Standing and is available. for the.corripietiotiof the,prOject 5. .Develtiper. tb did''id&iceOf-caSh, 'eqUity in the amount of no less than $52,006. 6. The. City's HOME CHDO' funding leyelsonay. be adjusted *in accordance with the finandi needs -of the project upon*, City's :receipt. and review of the above reqUirernents. Any 4'mm Jestilting from -the review of the• above shall be re- submitted'-tb the HCLC: :The fci'llowinglban terms and conditiOtAshallapply;.• • L Vse,ofFyncl*: HOME funds will be used for construction hard and soft cbStS. 2. Cii.jP:UatattlifitY,, i1,01projeet unit§ •Shdllb assisted With,HOM.8 funds 3. kidttitiuM.Ite.K4eyieRi :rents charged on City -assisted units aresubject•to 24 CFR ITwenty .percent. (20V9) of the HOME assisted units will 'be' subject to Low HOME' Rerits.'(up to',:60 percent area of income) and eighty percent ,(80%) of the *HOME assisted units will. be subject to "High HOME Rents (up to 80 percentweaymedian income) 4. Affordability Perlioek artiaffbitability period of 15 yearS, will -apply commencing .froni the .datetthe City approves the elOseOnt Of the;prOject. 5 Loan Repayment & Interest Rale. .Deferred payment 30 year 4cgristruOtiOnipermgiepf loan. If the not successfully. completed or if the project does not receive A Certificate of Occupancy ':within twenty (24) •months from the effectivedate of the Loan Agreernent,a six (6%), percent 'Or 'anntim simple intereStiaceitied. on ontstanding. Wait will become due: and payable in full, The Carver Apartments & Shoppes Page 3 August 20; 2010 simple interest accrued .on outstartding;loan will become due..and payable in fulL However, if the Borrower meets all of its obligations: underthe Loan Documents, then at the maturity of the loan the .qity :shall. forgive all: remaining indebtedness and other sums due on the Loan and release all docttirientsgiven as collateral securitylor no additional,consideratiOn, 6: City Incurred Costs':' Borrower understands: .and agrees. that $15;00, of the HOME funds was .aWar-ifed to. the :project for, 'and maybe used by the City to cover, costs incurred bytfieieity.04 behalf of the projectSuch coStitpuy include, but are not hmited toletiVirOinnental,adVgrtiging costs arid fees. 7. RetainageN: Five percent ,(5%) of each draw request will be retained by the City, until the City has received 'confirmation that -the ..project has been issued a Certificate of Occupancy, and •at th BotrOWer3rS sole cost, -a Final Cost Certification prePared:baliiridepehdent certified publioNaccountant, both in form and substance aedeptableAdthe City. 8. .ComMitinent,Pet: there will be no commitment fee 9. Environmental Clearance : construction: on the project shall not commence until the Borrower 'is .notified': in writing that 'the :project ha§ been environmentally cleared' as required 'by, KM. FundS4Will 'net be disbursed until the Removal of Grant ConditiOn is'received by the City 10. Eligible Project:Colts.!, eligible prdject costswill be 'effective from the date of environmental elearatiot. 11. Reporting.Cornfiliarce; Borrower is subject compliance reporting requirements related to previously funded. City ..projectvWhich are-undet.cOnstruction or in the .affordability periqd, u,cluding applicable Office of Management and Budget ("OMB") Circular(s) repcittirig ditd.eutteitto insurance certificates, 12, Development 'BerichifidiOgebpd 'of Work: the project ,shall: (a) commence. construction within Six :(6) Months; from the Effective Date' of the contract, (b) obtain all certificates of occupancy required fOr-the project within twenty- four (24) Monthsfrom the Effective Date; asidt(c) have all•project units rented within. twelve (1:2) hippthuftcyjtieks§uance,of-ptojdt=cettifiebteW of occupancy, but in no event ',laterthan thirty six (36)mOntliS from the Effective Date. At the end of the Affordability Period and upon compliance with all rqcwirpments stated in the Loan Documents, at the. Maturity of the City loan; Ihe City will forgive all principal and interest on the City loan and release its collaterally assigned security interest. 13 Reimbursement of Eithdk, the: City will not reimburse any funds for land acquiSitiort. Hard costs will be reimbursed with the ,subm5.ion of a completed AIA,fortrilatid.a'partiatrelease of lienfor thei previous draw down The final reimbursement request must include the final release dfhens:And also. a certification by the' general contractor 'and:.,each,stibcontractorthat there, has been no kick -back accordingitb'Htfl/fOriti that Will. be provided by the City. 14. Insurance Requirements Borrower shall gb:tpinand fUrtii41evidence of insurance ceVetagera-S'the •Cityrnayrequire in:connection wigithe..Project. 115. Aftiinativ6 Marketing Plan: Borrower .shall, provide an Affirmative Marketing Plan tiing'HOl:rs approved form and report to the City...ant-4611y on all actions 'taken to -comply .v.'siitly said plan: The ":Effective Date" is the date ommiliich the;cohtfact has beep. ighed'.bytlie dity,Managerand attested to by ihe City:Clerk. 51(..§10: No..0 NIA NOE1 NIA 17] 11[ No 0 Na. D •yesLli No. N/A LI The.:Caryer.Apartments•& Shopper Page 4 .August 20, 2010 Pr'oject.,Sgnage: Borrower shall furnishsignage. identifyinwthe Project and shall acknowledge ; the; contribution of the City by incorporating the seal of the City and the names .of the City connnis$ibriefs, and .officials in all documents, literature, .paniphlefsiadyertipernent; and igtiqge, permanent or otherWise. All such .acknowledgmentsIshagbelharfOrin.adedptableW tWCity. 17. Project Default iRthd, City cidtatiinb§ thartlieprojetiin. default,. the following conditions wilLapki,. • • The highest (interest yrate available under the law will ,be applicable. for the funds di sburSed: ffiiiiraAte.,:didiShurseMent. • The. Restrictive l ChVeriant will remain 'as a:'Iestficiiiin on the 'Project property through° tifthe, 'Ado-it:CI ability Period; „and • The borrower, .biOject der1;/.elbfer;: managing partner(), of the' borrower .and/or other inciMatial*.:prindipals andY.or other entities as determined by :the City will be debated from reCeNing.anyCiyfgnclibg'forIperiod,of five .(5) years. Transfdrrinall'OMEVroaramAtunifsttoNTZtarver: LAX Source .. Sources of' . Reallocation. ' AnOinitl; . •gOcifnipptigpi) ReillatribtitiOn!fo":; • Actfriiy Name , YbescriPtion Amount, HOME Allocation • . .$626,408: •HOME'. • ' "116 catieli* ShatiligAVartra000' . ' WelialSilitatgin 'Rental $626;408 HOUSING AND COMNIgketAL;LOAN,COMNITTIEE DECISION: Aptirgyeci,w Recomper!..dedIyiSiaff To Include AdditinnliliCii*litioporftestrictiony 1?iptpproved• To Inclutle,YliilkirAcijO..9. . SpeCt any furtheeictiiin,Ailiditkirifs:0-trifCstagfioina; C146"./2!e61, Pte. 110440; /k. 6-00.9i2,CP CrsZpif., ;HO.V.S0 LOAN COMMITTEE' ,St!itTip,riaie AUG 2 0 2010 •APPROVED Mt. Zion Developments Inc. ("Mt. Zion") Project Analysis: The QatyerApartments & Shqppes MarketRiik The Catydf,Apaotpqr4,4,5hioppps)(the."carverr)::.projectlA a rehabilitation of an existing mixed use '10;. unit; multifamily buildingticihkeliO1004th income of bOW, Or more .of• the area median income for MiamiDade "County located at '801: NW 3'd Ave Ifi the Historic Overtown Folk life District (Census Tract .#30,01 with, a, Low And Moderate Income 'percentage of 91.29%). Accordingto the demographic andlysisncOndueted,'by;ReaW,st Appraisal proposed ' for a similar project, theprimary market afea;fefleotOignificarit;d0and;fcipaffordable;liousing units. BorrowerRik MTZ Carver, LLC ("MTZ") is 'a ElOridali0e4 !iabiI4 company. MTZ focuses on acquiring properties that fall within HUD designated Target Areas,, •Locally Designated Target Areas, or Undetserve4 Census kap* Project Risk - 'The properties are in. cidge 'proximity to.a.Wide array of .services; inoluding'..public transportation, grocery steres,schools;.andsetall'.. • Acquisition/ReloCatiohltisk, Since the properties'.atel.adant,•t4c:botovqr, is; in cornOliance,With,the :Uniform Relocation Act 24CFR 92.353(p)(3)itrconneCtion ;via .thi§!priijOct: Portfolio Wilt The MTZ project addresses objeCtiyeswithin. the City of 'Miami's 'Consolidated Plan. The proposed development is-'fbilt4:igild *Vey 19W-iriCoine' households, which is 'consistent with the borrower's affordable hom,shgporifolio. TheHOrne.lniteStmeti(PartnerShips::("HOME„") Program funding will .he used. for' hard costs (HOME Regulations . 24. CFR,;92:206(a))'. The project will yield 10 unitsio will;beCityAs§iSted unitS, 'Thepi-ojeCt,bas;a3() year Affordability Period. The City'.S total:avefag-Cihyepthientmey unit in HOME fundstis $62s576.1 0. Devetoptneni.:Budg0.: Acquisition 9st,;(1esiclential) Acquisition.CciSt(C6inineitial) Soft Cost flard.Cost . Total .1):ev619.prqp0Cog: Sed:attaehed the 11.U.4get-,cpst-,Alloc49n t60100k0' $13 WO 00 167p79100 $066;761.0 Project Information: Building' Size: Residential: 6,3.36 sq. ft Commercial 3;890' sq. ft. Total: 10;226 sq..ft. Numberof Building'Structure '1 Stories: .2 Stories of Residential Units with.the retail as.ground floor, Amenities: The ground floor retailers will.cause the site to be land -marked as.;"the Downtown Qvertown meeting spot•for-both visitors and local commerce!" 'Certain retail businesses are being souglil'to encourage •and,maintain an -environment that is conducive to meeting for business or just.to catch up with!cgood friends.. The unit amenities include' refrigerator, •range, dishwasher, •central A/C. Collateral Subordination: First Mortgage-FHFC-$360,966 Second Mortgage City 'Of t iarni-$626;400 Third Mortgage—•Ov.ertown Renaissance:Pa tners,LLC-$139,000 Forth Mortgage—CRA .Grant.$750;000 2 c|Ty/ @ON.C|TY Units Be °mns, -��thm' Max. Rent Limiii Average Rents Annual AvemmQm Rental |mcmmnm k'h' O O O e ^�—�K8E Low -HOME ^� 1 1 8�O $15.840.00 _ _ $38.252.00 High -HOME �� � 1 1OO7 Low -HOME �� -2 1 �781 �47'4GD.00 - - � TOTAL 10 $90"� ��0V° -' -'- lProject ^ : | ] Square Fee per Unit One8edroom/One'Bath TwoBedmom0ma:Bmth -ji b9idy ' Scfulijee Feet 648 Numb er �f Uhits 2 8 Mq,?drnurir111991F Subsidy Limit per Unit (2010) :it Units' Type of BeditibIns Total Fundb 0 . .. inkiested.per unit: 'Maximum HOME Subsidy • Limit per Unit. (2010) $57,488 ? ' 1 •$5744881 $114,976;00 $89,332 8 2 :$0929 • $511,432.00 , . Total: .le $626,408.0Ci City of Miami Funding: HOME: $626,4:08109 APPLICANT/ AGENCY NAME: Mt 2ian'Developments:-Jnc. • cUST ALikatio Y REPORT: PRJHAfELY-OWNED COMM RdAL ,Project Name: The:Carver-Apartments $e S�iopoes Date:Auaubt.2, 2010 - - . - - • , -- - - • • ". - _ project Cost. .... . ' PLP Floiiija Housing Finance. Mt Zion .-DevelopmeniS , least Aver own GRA Giant, Ol1l Rf i14 HOME i . . Total:Fuiidieg ,_ _ :_.. _. .. FGndilg G?p:• . .. •. . Attll11S17J0N • ResidQntial .. _ • Reta[i/Commei�Jal :: , - _ ... _$139;OOQ: . SO _ :: $139 000 :� _$� . TOTAL ltCQl11S1[EONCOS7 ...._$399;000• FIAT cosT5 Gan*uctmri Gast-. [tgvela}ier`.' ITIMIstraFion.,;. TOTAL HARD tQST,. _ _. SOFT'Cb5r5 • . 1 • .$1;0907134`.., _ •.. $0._.•. , .:.$270,701.; . ..$0.. "$d.... $614;64$ `$0 „$750;000 AichitectDesigi,-Civiltrigineerfng ....'$A6,923...: _ $-21,0l382` $0 Marlteting`Analjrsis — • _ _' _ $4;429< . _ .52,923; .$1,506' ;$0 • . .,• .. y .'.$17,716 r'$11;693r $6,023. $0 Legal:Fees - $$;626 , . $5;693' $21933' -.$0 Eitvi�anmenf IJSoJIs .. _. _ . 54Q29' , - -. c$2,659 1$1,370' _ $4 Appraisal; _ : •-$5i3151. •.v '$3;508...., . `$1807'.:' $0 irisutance Uatilliijc:: :$5,328 �$3,516J_; ... $1;812` $0 RE7axes:.. __ .••_ -$ ;994, $3;956 ...,.:: ;$2;03$' _ rss- .$0 Financingg Corrlitiiri-16;:wfee-$4,1585?„ ' w$2;696:— ;:$1;389. • - $0 ?itle isuranc to Id.l_egal s v sl' :_ - $!;:65 _ s$3;o1.%'_,"` ' - :$1,ses 0 Etirvejrydg,, ._ - - • • s2:$54•.. .: _ , _ $1;758 $906 _ _. 50 tanstriictiori Rci pun irig : _ _ $0 $4: _ '$0 .$Q -$6114415 . --$1A1,4I4 .$0 . ..._'$260.900 :. _ $0• '$0 .. $139;000 . ..... . $476;064 ,,...$1,09Q:713 $0 5135,351 ;: -,. 7d;7..Q1 : - - $0' 46. .$0 _, . . $62;005 . ISO $0. ._ _ •?$4;429..... -- - °$0 -$0 Si7;76 > - . -- • 2 $0 .50 _ ;$8;626 .. _: _ :$0" .$0 • _ • 1S4;029 ._ .. .. . SO $0 •$51328 :..._... , - $0 '$0 ` $5;994 .$0 $0 . .. $4;085 ._ ......._...$0 $0 . : $4;662 't ..50 $0 ..50 = 50 .$0 $3,330 . - $0 $15;000 .H ,: .$20;315 50 $o :$9i734.. • _.... -$d .$15;000: _-:..$167;980 .,.. - _ fpii$y[tliig Services° _ - • Ac buntIhg Svcs :.. , , . : • WDb`iteport... - e fldmioistr tive'Expeiis s:(i cJJs ity.MairjiMm[n.j..._ St4t'cost eonfliigenyy:; ... a TDAL.SQFTiGOST: -. _ ._ . .... _.... —..... SOTAL PROJET ?8889: . _.. .. ;75587. , i$3,3$0.. ..$20;315. :$3;5114. $167.979; , ....• ...874OObEr._. $302 •$0 .'$1;]32:. • $0 ..$3;310; ' . :-• .. -.:.S4 • • .$36iI$66 - ..... $191,0.43.. 19N. 30% 39% 4626 415 _ $1;928;393 .. _ .• • -$9. 32% .100% WORK PACKAGE APT RETAIL PARKING SUBTOTAL TOTAL PROJECT STAFF $75,735.00 $37,865.00 ' $0.00 $113,600.00 $113,600.00 GENERAL:REQUIREMENTS $30,312:00 $15,156.00 :$2,500.00 $47968.00 $47,968:00 DEMOLITION $7,500.00 $27320:00 • $2,940.00 $37,760.00 $37,760.00 LANDSCAPING $3,680.00 $3680.00 $1,000.00 $8,360.00 $8;360:00 MISCELLANEOUS - SITE UTILITIES $12623.00 $12,623.00 $9,000.00 $34,246.00 -$34,246.00 SHELL CONSTRUCTION $0.00 $3,475.00 $0:00 $3,475.00 $3,475.00 MASONRY $0:00 $5,950:00 $7,000.00 $12;950.00 $12;950.00 STRUCTURAL STEEL $30,685.00 $12,965.00 ._ $0.00 $43650.00 .$43;650:00 MISCELJANEOUS:METALS,AROUGHT:IRON .FENCING $0.00 $12,280 i00 $16600.00 $28880.00 .$28;880:00 RO UGH ;CARPENTRY:17:D ECORATIVEGO LUM NS: _ $2;250:00 $2;250:00 . $0.00 -$4;500.00 $4,500100 FINISHICARPEN1RY-, CABINETS ' .- ' ' - • - ' - - $17:52000 $0.00 $0-00 _ .$17520.00 ;$17:520:00 ' CAULKING, WATERPROOFING'S. SPFRAY:FIREPROOFI NG i$7,00000 _ ..:$3, 000:00 $0.00 ' $10,000:40 $10,000.00 INSULATION— ' - - ' I - - - - 3$7;000_00 $2,000:00 $0.00 :$9;000.00 ' . :$9:000:00 ROOFING'. ' .. $33;41700 $16;709.00 $0.00 $50126:00 $50:126.00 . DOORS, E'IRAM ES , & HARDWARE - . $10100.00 . :$4;900.00 $0:00 . $15000100 $15;000:00 ALUMINUM, LASS&GLAZING . $25;000:00 $25000:00 $0.00 $50;000.00 $50;000 00 .G LATH:&STUCCO $27;000:00 $13,00000 . $875:00 $40,875.00 . $40:875:00 FRAMING' & DRYWALL .... - * $35,00000 $15000.00 ' $0:00 $50000.00 $50;000:00 CERAMIC& PORCELAIN TILE . $23,000:00 ' $3,000:00 $000 $26;000:00 $26,000.00 PAINTING .. .... ! $14,280:00 ;$5,688:00 $525100 $20493:00 $20493.00 _ - BUILDING:SPECIALTIES , AWN INGS;$ NUTTERS, 'SIGNS . . T$2,800.00 - $14200:00 :$4,600:00 $21,60Oi 00 $21;600.00 BUILDINGSIGNS, . .. .,... _i;$4,750:00 1$2,375:00 $0100 . '$7;125:00 $7i12500 TOILET ACCESSORIES&MIRRORS' $4;9871/0 .$1 1:100:00 $0:00 :- $5,987.00 '$5287:00 EQUIPMENT-.AEPLIANCES: $10,000X10 r . $0:00: ' M00 $10;000.00 $10:000.00 . FURNISHINGS -BLINDS $1',5141130 $0.00: . $0.00 .$1 514100 - .$1,514100 PRECAST CONCRETE $0:00 _. $000. . $875:00 ' $875:00 .$875:00 ASPHALT PAVING &:BASE .$0.00 .$000. $24,990100 $24:990:00 $2090.00 PLUMBING 1 - . $66800:00 . $6.200:00 .. .$0:00 . $73,000:00 $73000.00 _... .,.. _ . HVAC' $22:800:00 - $44000:00 10100 ' $64800100 $64;80000 , $7620000 . ELECTRICAL . _ .$45,950:00 . $30,250:00 $0.00... $76 2[10:00 . LABOR BURDEN &SALES :TAX . . . $715.00 $35700 ,$0:00 . $1!072:00 $107200 . SUB TOTALS #1 .$522,4180 1318243100 $70,905.00 '- $911,566M $911566.00 _ FEE .: 87;250.65 SUB TOTALS-IR • ' : 998;816:55 - CONCUR RENCY &I'MPACT FEES PROJECT CONTINGENCY 3.00% PERM ETTING & C.O. FEES -ALLOWANCE 2.50% THRESHOLD & SPECIAL INS PEtTiONS PERFORMANCE & PAYMENT:BOND 1.30% SUBCONTRACTOR BONDS BUILDERS RISK PREMIUMS & DEDUCTABLES 1.50% GENERAL -LIABILITY 1NSURANCE -1 .30% PROJECTED .BUYOUT . 27,720:53 22,789:53 1.1 ,394.57. 16,359.12 13,632.60 - - „ TOTAL ESTIMATED.CQNSTRUCTION COST • 1,09990 PROJECT UNIT COSTS Total Hard $911,566 Total Soft $179,147 $1,090,713 Project Hard Cost Housing $522,418 Retail $318,243 Project ScAt Cost Housing $102,659 Re* $62,543 ;Ho 4.ieiEt.Units •10 Per tin it Cost Hard $52,242 Soft $10:267 Total $62,509 FIRST YEAR STABILIZED CASH FLOW PROFORMA STATEMENT Pre -start up lst Qtr 3rd Qtr 4th Qtr TOTAL REVENUE RENT INCOME Apartment Rent •Less_:Vacancy•(7%) Commercial'Rents Less: Vacancy (5%) NET RENT Restaurant/Banquet GROSS PROFIT OPERATING EXPENSES Maint8,.Repair. Accounting.& --legal Insurance; Utilities Property:iaxes Advertising Management Fee. Other . TOTAL:EXPENSES NET OPERATING INCOME Less;Debt Service PRE TAX CASH FLOW *6% i, 30-year term, 1.25 OCR $360,966 Program for Permanent. Financing_ i 0.06 term 25 first yearnoi $70,428 dcr 1.25 debt.srvc $56,342 Supportable. debt $728,728 $22,686.00 ($1,588:02) $9,725.00 ($48625) $30,336:73 $1,000:00 $31,336:73 $2;750.00 $255:14 $;poo og $2;654:27 $2250.00 $1,000.00 $2820.31 :$0:00 $13;729:72 $17;607:01 $14;085:61 $3;521:40 PV 2nd Qtr $22,686:00 ($i,588_02) $9,725100 `($486.25) $30;336.73 $1,000.00 $31,336.73 $2;750.00 $255.14 $i:000_Qo $2;654:27 2;250A0 $.1,o00.00 $2820:31 $22;686.00 {$1,588.02) $9,725.00 !($486.25) $30;36-73 $1,000.00 $31,336:73 $2,750.00 $255:14 $2000.00 $2,654:27 $2,250; 00 $1;oo0_0o. ,$2;820.31 $0.00 '$22,686.00 $90,744 .($1588.02) ($6 52) $9;725.00 $38,900 ($486:25). ($1;945). $30;336:73 $121,347 $1,000.00 $4,000 $31,336.73 .$125,347- $2,750.00 $11,000 $25514 $1,021 $2000.00 $8;000 $2654.27 $10,617 $2;250.00 $9;000 • :$1000.00 $4,000 $2;820.31 $11,281 $o:0O' -$0 $13,729172 $13;729:72 $13;729 72:.:$54;919 •$17;607.01 ,$17;607101 $17;607;01-$70,428 $14;085.61 $14;085.61 $14,085.61 :$56;342 $3,521.40 $3;521:40 13;521.40-'.$14;086j Cuthulathre Cash'Flow'&`Reserve :$39,0. The Carver Apartments and Shoppes Opening Cash Balance.Reserve Low Apt Rentals*` 2 BR 5 $723 1 BR 2 '$592 High Apt Rentals*** 2 BR 3 1 BR 0 $25;000.00 Monthly Annual $3,615 $43,380 $1;184 $14,208 Monthly $921 $2,763 $0 $0 $7;562 Product s.f. total 2 BR 648 5,184 1 BR 576 1;152 Retaii LS: 3,890: Total s:f. 10;226 Annual $33,156 $0 $90,744 Per Qtr $22,686 CommerialfRetaii.Rents. Total s-f_ 3890 Net Cost/s.f. $10. Total Annual retail Rents .$38;900 Per;Qtf $9;725 Gross Retail Rerits;Regmt $24:12 Also Note: **Molds utility allowance, and ***120%.allows up to 51,629 for..2bF (FHFC 6282010 Posted HUD Rents Rent Limits) Tuscan Apts LIHTC (.36 mi.): 1 br $620 and 2br $741 and has a wa1t1iig list;:as of2/132009 Miami River Apts LIHTC (28 mi.): 1br $617 and 2br $741 and has`a waiting list, as of 2/13/2009 Diff Debt projected $360,966 $367,761.6 8/2/2010 5-YEAR PROJECTION OF STABILIZED CASH FLOW The Carver Apartments and Shoppes -MOSIMMINDIKWJFAMMI REVENUE • RENTIN COME. ApartmenRent 9`6/44 $9589 $94,41 t.0 .$96.;298 $98,224 Lass::VAc:ancii (7%) ($.8:382) ($8;479) (*60(5) (s5,74.1) (s8.f:838) Corti0efoja!JRenth $38; 900 09,678 • s40*2. .$41; 281 :.$42.•a107 Less: -Vacancy: (5%) (S1,945) . ,, .. .($i ,.pe.4) • -($24024) ($4064) :42109 NE113,ENT $I 21,47 '$1 4774 $1*-248. 428;774 $131,350 ResWuranttBanquet $4;000 lkoao 110 81, $4:245 $4.;330 GROSS PRIpE1:17 :$125347 1127 i!3q4. ;130;411 $1.33;019 $135;680 oy_i_q WING EXPENSES ;NiaintA:iiepair $11,000.00 -$.1-1',330 :$.1;*6.10 $12,02c1 :.$;1. ?.381. .Accopitin0-8i Icgpt $1,94-56 $1.1051 'ST:083- $1,115 $1,149 • Fisvrancp, .$8',006:00 ,S8i40 '.18;487 8,742 $02.04 Utilities $.1C0.17:08 $.1996 .s11;264. s11;602 $14,950 13ropertyltaxes: $030000 .$9270 '9.-148- ;MO $".1 el3.0 -A4vei-ii4iiii§ $4,90119° • $4;1P $4"j44 $4,371 4;802 .Menagernentfee. $11 ,28.1j $;;1-186-. $.11988, .$12,327. ',$.1--.69.7 Other . ?$0i00 $O- $O- • $0 . $0 TT -AL: Expgkisg . . $64;9181.86 $56;566 .$58;263'.. .$90;011 1$611812 NET OPERAI1NG.IN9OME $70:428106 $71;;287' V2148' i$73,008 .$73.!868 Less- TD bt8ervice* ,$66-T341145 $6:342- $567,342. 1$56;.342 :$56342 : PRETAi CASH: FLOW'. $14;085I61 . $14,945 ;15;805, ..$16;665 - $17;525 • S39,986 $54;031: s6e;636.- - .$86;501 $104`,825" 8/212010' tievatoprovitit- ernr OF'DOAND;DEPNINTMENT orporfirnumn DEVELOPMENT 'LOAN APPLICATION GENEKALBUS1NESS:INFORNIATIGN...:•!.....:;, .... ,.,......,';',...: : . . . . „ .. 13 cisidesi NiiiiieT MTVCitiiii,1112,C' , ' ift450/1:0 Address ,301•NIA/19TheSt.... _.... " . .. . .. _ . . . TAWINiYeROM27.'•0702.241 _ • Nature.of Business'. Dwner/DoVeloper/Managerof, Affordable Housing . . . City:Miami -State:TL " 13 usinesi Year End.Datet;6/30 , . ..,. Business Plicine'#:105454-2679' :0 :Buginess;Fax #: 305305767.5,9266 . . ' lEfniallbW1P009 E'i.Mall: infognitzdevel opment,org Number of EMPloyees: 1 Logs! Status: 11/ Coithration...(01.CorP;) 1 leorrofitiori,(SnbChaPter S. .on.Partnership: . 0 :So16:Prciiiiiefiirilihi,. I El Piofiisional:Ctialf nil Non-Pinfit , . '51._ Etcv:.;iiiiitedliatiiiity,:citio in ,otheffltipitifit, . . . DI iStafecif Ineoriioratidn:. .. ., E 71fLoaniSita' ForF,Prcifit: la:there a Non -Profit Partner .... .. 1 let lif.R; ' • .. . !Pirit*VOlitig . . . . .. . . . . TYPE /LOAN PURPOSE • tr,-4 • Loan 'AmOunt: $625,761. OME :Loan. Amount FFrom$' To$ :Useof.Pubds Hard it Soft.COat . .0ther Purpose ofRequest Fundefof'rebabilitatiOrriof:10,itinit rental:prOjectfor, lbw .itico.mn, houleholdk 13..1Z.Q.TECT 1141;PRMATIQN. Addids§. 'Iothtedit 801 INTW Aile;Mihii El 33:136 Cofei Ilfiite, 10. 110 District if 5 Total Number of Unita: 10 Homeo'wneishi Rental' Rent Rim e$6601.61.1.007 . Projected Sales price .NIA • Percentageff Low MedoratOnCoire10:04§10 01ZGANFLA1'101\lAIi:EXPERICE • The President ofliffZiOn Developments provides the! organizatibri i..-vitInexpetience in:planning and,ongineering ..2,050units ofnew housing foi construction, ', 41te;invroyetponts,,pdlialt and analyze. bids, prepare and :.awardicontraCts,•schedule and.direct Subcontra6tOta,•sifetiare,,prdlfiniiiiiiyandlanal: budgets, manage construction perrnitting:and.enahee&g,approwitprocess. He was also iiSiidnaibrefoizanalYzing proforma, appraisals, PrOposalSifor epst.,;:benefit;,Sit:CeyOugtions'at4feasjblI4;,pysspe•planning; developnient,iinPlanietitation, and modifidatfonS-pertnining-to',Operifitiobi;iiiid AOildiatb*Odtrtiction related,repOrts:for 4-004ilus.:hofels in 39. Af'lif;10.ATION:::INFORMATIOT .Afe.iiliSiltilicerentrentlji;bast'dife;bythebiiSs'or any principal?. "debt'ticitshovio• above? ,DOW.t#0,t.i..ti4likcsi'"Cliticy.l..Or'illy'Of-itiviltiiipals'liave;or have:had a'.1nan.withi'gitrof Page .1 of 2 Community Doveloprnbnt CIIITIFMIAMEDEPUTIVIENTOFCOMMUNINDEVELOPFIENT REQUIRED'DOCLJNIUNWION';, ,';':.:,::'''." '' : ,'::::•:!-:'i.:.:":.':',',::-.. :-.:'-..-:.',..:. ';. '....,..i.;'::::•;::...!, :"'..-":'::...:i..''',--,:.'..;:i''';'!'i':'''''...-',. th'e folliiWiiii.irifortifiititiaWitli AiifilidatidnIf ifailiaitble":! ..... .. • • • - , Please'pr6yii16, • • :Dusiness "hoc returns/returns/ bIliiffessf.fintiiibifiritatanieriteffletie.Prelirous lyeats - IL . .. .. . b.. 'Appraisal . . ...... 1 'Mini,/ Schematic drawings; . c. d.a SourOs:and'USO.of giiritik(CtiitAlluaggiip), _ _ _ . - . .. ... . .- Ei: AccdtiiitvgefeOlvab16*S.0.-1tecquePi*.I...Agillt? e. t 0. *.tiqle•at' ineciririatie4,:Pe..liiPi*iiii,4.14:-Olii0f,.§.1..Pii§:i:40i18,Ag00.10t. . gieope of Work with:Tithe linc,fsir.CopRietion of.caOh' step ' ,g. .... . . 11- 1E1 Prorgqcotiroi.of PitP(Pka-cliOEP.1.c"PO.00.c.O. Proof OrProJec*yP cFfig,OFP.,finn,POEPTIttlienti,44!Pf IPI.prs00; . . . j. E.Copy of Title Insurance of-ProPert1)-, '• • • ' ' • — . • — : IC1,etter-fron EN ' . - Madison View Apartmenti(affordatileTentalwiiiIIHIC),, . 41L4**: •• , . -CURRENT S FATUS .OF MUNICIPAL RE,QUIRENIENTS (PERMITS) Alli"Sviate0:0510:Aff,6131feilbisgr fei$ebbligic r z limastia:s 4-2.4.41 EA/5 20-tinits You, Certify tliatthis applicatitaandaltoilieritiforritationTumiilied.iieW•iitliii1;t tin; and compete. By Aut4tiiidiSriature• 'Date Pflitt:Rut I ame Page2.of 2 By ikatiorizet! signature pate !Pricg•Pul.l‘laine AL40.1.7:01.s.10a14.re: Date !PI:intsFult Mime