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Home My WebLink AboutR-78-0374RESOLUTION NO. 78=,374 A RESOLUTION APPROVING THE FINANCIAL PLANS FOR 400 SECTION 8 HOUSING UNITS FOR HOUSEHOLDS OF LOUT AND MODERATE INCOME LOCATED IN WYNWOOD, TOWNPARK, CULMER, MEDICAL CENTER, LITTLE HAVANA AND COCONUT GROVE; SUBJECT TO THE CITY OF MIAMI HAVING INPUT AND PARTICIPATION AS TO USE OF FUNDS, DESIGNATION OF TRUSTEE, ETC.; SUCH APPROVAL IS CONSISTENT AND IN ACCORDANCE WITH THE AGREEMENT FOR FINANCING HOUSING IN THE CITY OF MIAMI BY AND BETWEEN DADE COUNTY AND THE CITY OF MIAMI DATED JULY 19, 1976. WHEREAS, there is a shortage of adequate housing units for households of low and moderate income; and WHEREAS, the City of Miami passed a $25,000,000 Housing Bond Issue to alleviate this crucial need; and WHEREAS, the U.S. Department of Housing and Urban Development has allocated subsidies for 400 Section 8 new construction dwelling units for households of low and moderate income; and WHEREAS, Dade County has prepared Financial Plans for said units in accordance with the Agreement for Financing Housing in the City of Miami by and between Dade County and the City of Miami, dated July 19, 1976; and WHEREAS, such Financial Plans require approval by the Commission of the City of Miami to proceed with the development of said housing units; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA; Section 1. The Financial Plans, copies of which are made a part of this resolution, for the 400 Section 8 housing units located in Wynwood, Townpark, Culmer, Medical Center, Little Havana and Coconut Grove; are hereby approved subject to the City of Miami having input and artic on "GOCUMERT�-A LA as to use of funds, designation of trustee, etc. ITEM Na:-.--?) ---- Section 2. The City Manager is hereby authorized to coordinate with Dade County in the development of said housing units in accordance with the guidelines established in the Agreement for financing Housing in the City of Miami by and between Dade County and the City of Miami dated July 19, 1976. Page 1 of 2 pages CITY COMMISSION MEETING OF MAY 3 1197$ mono, ho.. T� 7 PASSED AND ADOPTED THIS 31 _ day of May ATTEST: 1978, Maurice A. 1erre MAURICE A. FERBE MAYOR cf-'%-l? (3.1457,<1,) CITY CLERK PREPARED AND APPROVED BY: ASSISTANT CITY ATTORNEY To: rIro%4, CITY OF MIAMI. FLORIDA IN?ER•OPItE MEMORANDUM 'Richard t, • Fosmoen Assistant City Manager /°w"4"' Dena Spillman, Director Community Development BATE: r3 L l Fl 1 E:,: 1 r>Et'Ett E NCES: NcLosue?CG: May 22, 1918 FILE: Financial Plans for 400 Section 8, Housing Units City Commission Agenda May 31, 1978 In accordance with Section 10 of the Agreement for Financing Housing in the City of Miami between the City and the County dated July 19, 1976 the Board of County Commissioners has approved the Financial Plans for 400 Section 8 Housing units located within the City. These Financial Plans were reviewed by the City Staff prior to the County approval. For appropriate action by the City Commission, I am forwarding the Resolution authorizing the approval of the Financial Plans relating to the following housing projects located in the City of Miami: Indenture II Indenture III Indenture IV $3,730,000 $4,380,000 - $3,190,000 - Projects Date 8-13 75 family units in the Culmer CD Area and Dade 8-3, 65 units for the elderly in Coconut Grove Projects Dade 8-12 45 family units in Townpark and Dade 8-10, 100 units for the handicapped near Jackson Hospital Projects Dade 8-1 40 units in the Wynwood CD Area and Dade 8-11, 75 units for the elderly in Little Havana It is requested that the City Commission approve the attached resolution approving the Financial Plans for the above -mentioned 400 housing units. DS:mb Enc. -L. • 7 8 - 374 MEW MOW MEEK EMIR MOW mmmm wimmw n Wilb w Mgt INDENTURE a FINANCIAL PLAN FOR SECTION 8 HOUSING PROJECTS CITY OF MIAMI bAbE 8.3 ANb DADE 8Y13 In accordance with Section 9 of the Agreement for Financing Housing in the City of Miami by and between Dade County and the City of Miami, dated July 19, 1976, the following data constitutes the Financial Plan for the development of 2housing project(s) consisting of 140. , units. a) As illustrated in Exhibit "A=l" "A-2" the annual total project income for the project(s) totals $So1,341. , which is more than necessary to meet both projected operating expenses of $193,316. $307,725, and debt service of The slight projected surplus of $300. would be deposited into the Redemption Account, in accordance with Section 503 of the Trust Indenture. Included in the bond issue will be a debt service reserve account equal to one year of debt service. b). It is the intention to request proposals for the design and construction of the project(s). Bid proposal documents, containing minimum physical requirements, have been prepared for each of the 2 projects, and have been approved by the City of Miami, and by the U. S. HUD on March 13, 1978 , These minimum requirements define the building type, unit size and distribution, equipment schedule, utility combinations and other similar improvements. • the estimated aggregate amount of bonds to be issued hi connection with the projects) will be ,7s0,000 this figure is based do the projected total development costs, which are illustrated in Exhibits "A"L" 6 "A=2" d) The U. S. Department of Housing and Urban Development had approved these project(s) and assistance under Section 8 of the Housing and Community Development Act of 1974 (42 U.S.C. 1437). e) Assistance in the amount of $307,725.is needed to support the financing of the housing project(s). This assistance is equal to one year of debt service and must be made available to the County prior to the sale and delivery of the County bonds. f) The total estimated Operating Expenses for the project(s) is $193,316 • per year. This is based on experience in the operation of similar projects. Exhibits "A-1" and "A-2" illustrate the projected income, operating expenses, and the net amount available for debt service for each of the 2 proposed project(s). g) The estimated annual amount required for the payment of debt Service on the Revenue Bonds is $307,725. The County expects to issue 30 year revenue bonds at an interest rate. not to exceed 7. During the first two years, interest only will be paid. The bonds will amortized over the remaining 28 years. 2 v. MEM jai 11 Int NEMEC 1 i ) As shown on Exh i b i is "As l" € "At2" the County expects to pay `;l_;1 Itl L000. for the acquisition of the ._,.,._.,2 housing project(s). The maximum filet interest cost anticipated to be incurred by the County oh the County obligation is no j) The Project Contract for the housing projects), consistent with this Financial Plan, will be prepared and submitted for approval and execution for and on behalf of the City and the County, . k) Each year the County shall make a payment in lieu of taxes (herein called PILOT) from the excess net revenues of the Housing Project, if any, in an amount equal to eight percent ( 8 %) of the annual rent collected at Dade 8-3 , including the Federal Housing Assistance Payments, and in an amount equal to five percent (5 %) of the annual rent collected at Dade 8- 13 , including the Federal Housing Assistance Payments, but not, in any event, exceeding such excess net revenues for the particular year. If the excess net revenues shall be sufficient to permit a PILOT at the full rates described herein -above, each taxing jurisdiction shall receive a portion of the PILOT in the ratio that its tax rate bears to the total tax rate of all taxing jurisdictions levying taxes in the City of Miami; if the excess net revenues shall be insufficient to permit a PILOT at the full rate, the City shall receive as much as its full PILOT, as the excess net revenue will permit, and the remaining excess net revenue, if any, shall be prorated among the remaining taxing jurisdictions in the manner described herein -above. mon MEM •1110. Nommlic, Man=re, excess het reventie than meah the gro§t tdvehud Of the Musing Project lest the sum Of the Operating expense 65r the Housing PrOjdett the payment of debt tvice oh the County ObligetiOns, and Ttuatee feet. 4 • 1 46 FINANCIAL PLAN .inr, 1r"1-1" ExH181t u4 , Culmer Family I ...-_, 75 Units i 1.11 1. le.,ioti-ci I 1 Rental Income I1 I . 1 1 I 4o. 3R/3 I 1 I 1 ! 1 ....: • 08R/3 I I 1 i i I 1 • , 13A/3 1I 1 ' /-' ' ! i 56 2?.R/9 I • ' 1 3 , o! , 1 20113 2 rj . r--- I 1 ..._ 1.1 Sid 1 ' 43630 1 9 48R/23 'I ' ILO 51 I ! 44 17 21 ; 1 : : 75 ;I 1 1: 296 1 7 7. I I L.,SSaLanca L1 oss 1 I 71, I i• 5 923 1.1 -1- 1 , : : I I Total oro:ect Income I ! 11 ?.? 0 '2 4 .. 1 11_ I I ' I I ' :i. t_Less: Oceratinc Exoenses 1 1 1 I t1 Acminis:r3tion '1 I 14140.! 1 'I I 1 Tenant Services 1 1 I 14 501 i: 1 I 1 .: Suoollec Utilities I I 131 501 . :Aaintenance : I 30 14.: ; leceral ' I 13! 001 A I I ...-., : — _ _ .........Rene•Aa I /Rep I acement_ __ __12 Cd _ zitnm 1 5% of 7P1 ', '1 16 13 i I ! ' 1! 1 I _ . I [ L 111 A• mount_forCeOt Service /yp__ .1 15 0 6 5 Total 3eveiocrent Cost 213 0 0 0 ' ($ 3 O)SO 0./U) _L__ _ • ! I ' 1 I . . _ _ I :os: I 1 litovisition of '--'•'c 1 r 103,50b000qct 2597 5../ U11 : I ' • ! o AK tz, ;4121 3eot Service Reserve '-teres: !onCounsel Financial Acvisor _ ltner Issv3nce Costs Zzr.str.o.-.1on -• 4'6 2 '. 1 • I 'f- 4 D _II 2 1374'3 23:33-- 1. 1 I :1 I 11 I •! • TCC3i :zsz. , 31 : • . ! 1 1 3ri,.;a1 . ! ! ! 1 : I S '3 2 3'524 .0141MMOSMWMW =MEM MEMME mm El= mmmmF-- waim INDENTURE $ • FINANCIAL PLAN FOR SECTION 8 HOUSING PROJECTS CITY OF MIAMI DADE 8' 1 d AND DADt 8=12 in accordance with Section 9 of the Agreement for Fthancing Housing in the City of Miami by and between Dade County and the City Of. Miami, dated July 19, 1976, the following data Constitutes the Financial plan for the •development of housing projects) consisting of 145 units. a) As illustrated in Exhibit "A-1"&"A=2" the annual total project income for the project(s) totals $536,609. , which is more than necessary to meet both projected operating expenses of $175,062. and debt service of $361,350. The slight projected surplus of $197. would be deposited into the Redemption Account, in accordance with Section 503 of the Trust Indenture. Included in the bond issue will be a debt service reserve account equal to one year of debt service. b) It is the intention to request proposals for the design and construction of the project(s). Bid proposal documents, containing minimum physical requirements, have been prepared for each of the 2 projects, and have been approved by the City of Miami, and by the U. S. HUD on both 11/28/77 and 3/17/78 These minimum requirements define the building type, unit size and distribution, equipment schedule, utility combinations and other similar improvements. 1 MMMW MMEW MMMM MMMW MaMird Ardp The estimated aggregate amount of bonds to be issued in Connection with the projects) will be �+s��►. This figure is based on the projected total development costs, which are illustrated in Exhibits "A .1' ` t 'A...?" The U. S. Department of Housing and Urban Development had approved these project(s) and assistance under Section 8 of the Housing and Community Development Act of 1974 (42 U.S.C. 1437). e) Assistance in the amount of$361$350• is needed to support the financing of the housing project(s). This assistance is equal to one year of debt service and must be made available to the County prior to the sale and delivery of the County bonds. f) The total estimated Operating Expenses for the project(s) is$175,062. per year. This is based on experience in the operation of similar projects. Exhibits "A -I" and "A-2" illustrate the projected income, operating expenses, and the net amount available for debt service for each of the 2 proposed project(s).. g) The estimated annual amount required for the payment of debt Service on the Revenue Bonds is $3b1,350. h) The County expects to issue 30 year revenue bonds at an interest rate not to exceed 7?_:. During the first two years, interest only :vi I l e paid. The bonds will amortized over the remaining 28 years. - 2 - a J) As shown on Exhibits "A=1" l ''A=2" the County expects to pay 695,ri0b. far the acquisition of the 2 housing project(s). The maximum net interest cost anticipated to be incurred by the County on the County obligation /b+ The Project Contract for the housing project(s), consistent with this Financial Plan, will be prepared and submitted for approval and execution for and on behalf of the City and the County, Each year the County shall make a payment in lieu of taxes (herein called PILOT) from the excess net revenues of the Housing Project, if any, in an amount equal to zero percent (_ 0 %) of the annual rent collected at Dade 8-10 ; including the Federal Housing Assistance Payments, and in an amount equal to five percent (5 %) of the annual rent collected at Dade 8-12 including the Federal Housing Assistance Payments, but not, in any event, exceeding such excess net revenues for the particular year. If the excess net revenues shall be sufficient to permit a PILOT at the full rates described herein -above, each taxing jurisdiction shall receive a portion of the PILOT in the ratio that its tax rate bears to the total tax rate of all taxing jurisdictions levying taxes in the City of Miami; if the excess net revenues shall be insufficient to permit a PILOT at the full rate; the City shall receive as much as its full PILOT, as the excess net revenue will permit, and the remaining excess net revenue, if any, shall be prorated among the remaining taxing jurisdictions in the manner described herein -above. txtett net revenue shall Mean the orott revenue of the Housing Projedt lets the turn of the Operating Expense for the Housing Project) the payment of debt service On the County Obligations') and Trustee feet. In the event that this bond issue is reduced as a result of a lower acquisition price for Dade 8-10 , any savings in debt serve would be used to establish a PILOT payment in the amount of the savings, but not to exceed five per cent (5%) of the annual rent collected. 4 EXHIBIT "A - 1" OV FINANCIAL ?LAN ' JackSon Memorial Handicapped ' 1 100 I 8410 FL. 29-8023-005 1 Rental Income I I lco. 9R/3 .-- 1 , OBR/9 ---I ! 2 I I 76 1BR/3 L. 21:3161 0 10 5,5 60! 1 L i : 24 29R/9 ,30.01. 137 01 1 3FIRP,,q ; i 1 ; 48R/29 , , i 1 I 1 100 ,1 i 3. *0 1 601 1 . ' *.s s :___J.acanou_l.P.1.5 7 C 31 I ' .4 • _____2Lt_4 1 i 1 , - - Total Proiect Income 1 1 • 1 1 1 • 11 ' - . Lass: Operat int: 'Expenses ' P'JM 1 1 •! I i Administration , 13 i 661 1 : I Tenant Services . 41801 1 .1 I •1 • Supp I led Utilities I 7 031 'I . ...1/lo-•, ' 1 . lenera i —1.—...__,...... , 1I 1 9166, .. Renewa I /Rep 1 acerfent ._ ---- - - - - -- • . .1 12 ' 00:1_ I -6. I _____-- - —1 ; _ /- L.__ 1 .1.1i . 260 . .. 4 .1 . _..,.....: ' .-- I. Q..1..D.54_-i--- - I 3 . 1 4--; ; ; 1 Amount for Dent Service PeR ._. i • —. ! 1— i S .. _ 25_I 297 _I • ._ _ _ _____ ._ ; 1 ' . Total OevelOPMent Cst :eve 1 n 3t a'S'IeCt. 1 1e6t Service ;eserve net r.:nte: 1._3crto Cpunse I ia I Acv sor lt`ler Issuance Cps ts . • • Sucervi s 1 r , !3 '0 45 000 (5 3 0145 0/U)' , . 1 • 2158 0 coo, 1S1 20 0 0/0 . 1 - 1 1 I '' I I ; 5 3 287 _ i 1 i i 1 • I 2 130 ir. 1 --. 600 9-: i L. _ . _L -7; 0°-;—:r. I. 1 ., .1 4 41 000 I I- ! 2 1 400 .. I zoaoo . 1 5 .., 741 ::31 S'1;:Ze • r :,rn.:a I :ort trap':• 1 1 • 1 -- '1 1 I ; 1 I I • I • 71 I • I 1 1 I - 13111 60 I OU.:444. rk irIv 45 Unita =L. n'3021-.:07 :14fait ,•# : . Rental Inc,:Ote '1 1 :. .I No.3R/3 I 1 u__ I I I_ 1 1 1 1 I 1 1BR/3 11 1 i I I. I II I 1 00; I I 1----; i.. 45 73R/9 al 31 °I 1 Si : 1Ra..1^1 11 1; I 1 i It 1 48R/23 1 1 ! I 1 ' . .1 1 1 I I /1 ) 1essL__IaCari.C:42-Lls I ' 1! 't; 1 i 31314 11 I I I I ; ! I . .1 . Total Pro!ect ire...-, i I I S. 11 5 4106 2 I i •,, 1 ! L___ 1 1 ; r. RUM Oceratint Excenses 1 i Administration 1 1 61 10; 1 11 I , 1: Tenant Services 141 501 1 1 1 I 1 • Sucol1 1I LI ,-,11il 1 ; 1 I , - :4aintenance 1 • -__ . I 3! C01 1---- :enera I , L 1 1 __• —... . _ . Renewal/Reolac.:rent _ . _ _ 1 2: °GI _I il poLT-,- , :.... ,f 7,1 1 ' 1 5 !SI I -ir i 1 . , ; 53 83 : ! 1 .L____ ! 1 1 I , • 1 JAI .4..-.. ...-.... I...... !'or Oect Service 1 ! _.. 4..... _ . 1 I . $ .'i I . 0 110 2E0 • . . . _ ,_. _ : t : 1 .1 . 4 Total :eveiocrent Cost 4 1 Acovion DA-oiect 4Il 3 35130 3 66 /11/ I I I 441 I 1 I I I i I I 5'30 :I(S 21+ 7 76 /11 1!-- r-r er 1 113 a:Svico Reserve 1 1 I '1 I I 1 1 4 i I -i : q I- r 111! -- le: ;--.:oo Intaros: 1 . ' 23134 3 .._ , i B; • t ! 5!3 40 id en: C:::.nsel . • ! • -;.. .... ! 2i670 1 1 1 Finarcial_ Apviscr I 1 1 ! —. OtSer Issuance Cos:s .____ _ II 1 .. . -t1 i 1 1 . 4-670 --1-1 - r---- S.zervision Totoi :ost I- r. 111 1111—= FINANCIAL PLAN FOR SECTION 8 HOUSING PROJECTS CITY OF MIAMI DADE 8-1 AND DADE 811 In accordance with Section 9 of the Agreement for Financing Housing in the City of Miami by and between Dade County and the City of Miami, dated July 19, 19780 the following data constitutes the Financial Plan for the development of' 2 housing project(s) consisting of 115 units. a) As illustrated in Exhibit "A-1" b "A-2" the annual total project income for the project(s) totals $405,040. which is more than necessary to meet both projected operating expenses of S141,563. and debt service of S253,175._ . The slight projected surplus of $302. would be deposited Into the Redemption Account, in accordance with Section 503 of the Trust Indenture. Included in the bond issue will be a debt service reserve account equal to one year of debt service. b) It is the intention to request proposals for the design and construction of the project(s)'. Bid proposal documents, containing minimum physical requirements, have been prepared for each of the 2 projects, and have been approved by the City of Miami, and by the U. S. HUD on both March 10 and March 13, 1978 . These minimum requirements define the building type, unit size and distribution, equipment schedule, utility combinations and other similar improvements. klra IPMg MEM 111 The estimated aggregate amount of bonds to be issued in cohnectibn with the project(s) will be 53,190,0((, , This figure is based oh the projected total development casts, which are illustrated In Exhibits "__A l ' _6; "AY 2`'� The U, S. Department of dousing and Urban Development had approved these project(s) and assistance under Section 8 of the Housing and Community Development Act of 1574 (42 U.S.C. 1437). e) Assistance in the amount of $263►175•is needed to support the financing of the housing project(s). This assistance is equal to one year of debt service and must be made available to the County prior to the sale and delivery of the County bonds. f) The total estimated Operating Expenses for the project(s) is S141,563. per year. This is based on experience in the operation of similar projects. Exhibits "A-1" and "A-2" illustrate the projected incoire, operating expenses, and the net amount available for debt g) service for each of the 2 proposed project(s). The estimated annual amount required for the payment of debt Service on the Revenue Fonds is $263,175. h) The County expects to issue 30 year revenue bonds at an interest rate not to exceed -;. During the first t..o ':.gars, interest only be ^3i_'. The will �.erti;ed o , r- :`a re-ei.ii-,1 23 years. IOW j) As Shown on hxh l b i is "Aa l" i,.!'Aa 2'' the County expects to pay $2,685j 00C for the ac+uisition of the 2housing projects). The maximum net interest cost anticipated to be incurred by the County On the County obligation is 7t. The Project Contract for the 2 housing project(s), consistent with this Financial Plan, will be prepared and submitted for aoproval and execution for and on behalf of the City and the County. Each year the County shall make a payment in lieu of taxes (herein called PILOT) from the excess net revenues of the Housing Project, if any, in an amount equal to five percent ( 5 %) of the annual rent collected at Dade 8-1 , including the Federal Housing Assistance Payments, and in an amount equal to 21 percent (21/2 °) of the annual rent collected at Dade 8-11 , including the Federal Housing Assistance Payments, but not, in any event, exceeding such excess net revenues for the particular year. If the excess net revenues shall be sufficient to permit a PILOT at the full rates described herein -above, each taxing jurisdiction shall receive a portion of the PILOT in the ratio that its tax rate bears to the total tax rate of all taxing jurisdictions levying taxes.in the City of Miami; if the excess net revenues shall be insufficient to permit a PILOT at the full rate, the City shall receive as much as its full PILOT,!as the excess net revenue will permit, and the remaining excess net revenue, if any, shall be prorated among the remaining taxing jurisdictions in the manner described herein -above. 3 Exeets net revenue shall mean the gross revenue of the Housing Project less the sum of the Operating expense for the Housing Project, the payment of debt service 611 the County Obligations, and Trustee fees. Im the event that this bond issue is reduced as a result of a lower acquisition price for Dade 8.'11 any savings in debt service would be used to establish 6 PILOT payment in the amount of the savings, but not to exceed five per cent (5%) of the annual rent collected. - 4 - •f,1 . Iw 1,644 r:atir t ar-rer. EXHI3IT "A - I" FINANCIAL P'..;N ._ .1-.,.. ;_ , _„ ivrtdwood Fami I •t I 1 40 Units 1 3.1 FC, 29-3023-•704 I 1 .:' Rental Income 1 1 1 t 1 1! 1.� 1 i No. 3R/9 1 1• 1 1 i 1 I 1 „,1. I CSR/9 'I 1' I 11 t I i !! 13R/3 + 1 1 I I I ' 29 23R/9. _ 1 3.1 d ' 1 S 10 71 9 oi 1 1 1 I .;.' 6 3ssilk 15.51 'I 1 . 2 5r 661 Il 1 I I 5 48R/29 401 j 1 2 45 4-CI 1 1 i 40 1 I 1Is all a9 1 1 1 6ess :— Lana 2� ; I i 3Iaacancv 1 5 4 1' 1 I ._ 1 1 5.1550221 1 1 • Total Prole::: income 1 I I ' 1 1 1 1 11 I I .. Less: :Oeratina £.wenses 11 1 P'JM 1 1 I 1 1 1 ' Acnintst-ation 11 1 1 5109' 1 i 1 1 1 . ., Tenant Services i 1' 1 3i35: I 1 I 1 i 1 ► i i ;; Succiie. Utilities i 1 1.1io6 1 i 1 1 raintenance 1 I ( 2 7'103 1 L 1 1 , •:enerai ; I 1 1 0411 I I ! 1 — _ - --—''eneNai/eoiac=Dent L. I 1 2C0 _I _ 3iI'Si t cti of Tot t I 11_ I5. 1 - _ .i 1 --- I' .I Amount nor De:t Service 617 11 ) Total 7'veiocr..ent Cost I 1r_-4;sition ;f 0-o;-c_ 1 :eot Service=eser.e •• `I1!: '•1In:e: I -.crest lo-d Col.nse 1 —_ Financial Advi for 0tner Issuance Costs 3:11 3 1 0000 1, e$ 3 2,,'; - 1 1 • !II IJI i i'S27'7= • s2 40 26 20 1 20 :e',a'_: 13 1 C, i .v.mm. _ ,.a ,u �. EfHtgl7 2'' gIMANCIAL PLAN ;+11 '173 Little Havana Eideriy I 75 Units , 3-11 2" via I 41 FL. 29-i023-006 in— in i — . — 4 n t i I Inc.tme ' I I ...,..,.. _ 4o. na I L. ! 1____ I 1 . 40 lEIRn I 1,2,5.#91 1"2.11.2.C1 I i 1 ' il 35 Inn I 1'30 ei 1 2 50 301 !nil I . I i 10..APII i . 1 I 4eR/13 11 I . . 1 I •• r. ' 1 i ' . 'S 55 i ZI 1 ... 1.*S.51—_JAcapry Lm%g. 1 1 2 1: 5 to 21 1 1 •.: ; 1 1 1 ' i 1 ' tl Prsiect ccr.e . i 1 S:2.531.31 .e1 I ! •11 .. i I • 1 *, 1 I i Pilm _ Less: Ccerati'l ix:ensts “ I Acrninistrsticn [ I I 5100' . ' , I I I . i Tenant Services I I 4.4C0) ' I I I • ! 1 1 5' 00 •4 , I Sur..01;to ut;tts 3. !,aintenance I 7.2:50'I • I ; I ! :i • lenerai I I 1 CI 00. • , 1 .I, ... . ,.. :.ett,..al/Reolacer.en:_ 1 I 12* CC. 11.: !IF TP1 ) • • t "A 11! I . I • '6. 1 # levunt 'zr Servica f • t I SI1 3 5 3C1 417 i ! • 1 I #1 1 - .1_._ Total_ 3evelov-ent Cs: 1F 2-,1,ect t1 .01 32 .1!0 i 5:c6 7PJ) r---1 . • _ S.11 57 5:3 , 132 Service 2eservt i 1 1 7..incet . 3.1:nd :::,:unsei Financial Aavisor Othtr Iss:Ance !s-iis:: .-e-: 41 I • t_ 1 5 511 10' 1 • 3 2'5 30 75 23 1 317 GO 1 .317 60.1 3 •