Broad River Terrace

8/6/2019 Broad River Terrace

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

roject Description

oject Name: Broad River Terrace

ddress: Old Hendersonville Hwy

ty: Brevard County: Transylvania Zip:

ensus Tract: 9602 Block Group: 00

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

e you requesting the basis boost under section II(E)(4) of the QAP?

olitical Jurisdiction: Transylvania County

risdiction CEO Name:First:Jimmy Last:Harris

Title: Mayor

risdiction Address: 95 West Main Street

risdiction City: Brevard 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? Yes

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

ttps://www.nchfa.org/Rental/RTCApp/(S(bd1zwrrk2...CA60FD1F24&SNID=AA333C6B35904041A8400B5C45BD05F5 (1 of 21)4/14/2009 1:08:12 PM

28712

28712

(828)883-3880

35.246855

-82.715346


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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: Fitch Development Group, Inc.

ddress: 1314 Kenilworth Ave #218

ty: Charlotte State: NC Zip:

ontact: First: Hollis Last:Fitch Title:President

elephone:

t Phone:

ax:

mail Address:

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


28203

(704)632-0407

(704)315-8933

(704)631-4664

[email protected]


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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? Yes

If yes, please describe:

There is an old barn on the site that will have to be removed.

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:


7.9 7.9


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(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:



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te Control

es the owner have fee simple ownership of the property (site/buildings)?No

If yes provide:

Purchase Date: Purchase Price:

If no:

(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes

(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contractpurchase of the property and the seller of the property?NoIf yes, specify the relationship:

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

(D) Enter Purchase Price:


10/31/2009

725,000


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oning

esent zoning classification of the site:GR6

multifamily use permitted?No

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

If yes, have the hearings been completed and permits been obtained?No

If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:

Since the property is currently in the county, application for annexation will be filed with the planningdepartment on Feb. 13th and the cycle of review and approval for annexation with multifamily developmentin a PUD should be completed by May 18th, 2009.

e there any existing conditions of historical significance located on the project site that will require State Historic Preservation officeiew?No

If yes, describe below:

e there any existing conditions of environmental significance located on the project site?No

If yes, describe below:



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wnership Entity

wner Name: Broad River Terrace, LLC

dress: 1314 Kenilworth Ave #218

y: Charlotte State:NC Zip:

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

ote: Do not submit social security numbers for individuals.

ntity Type: Limited Liability Company

ntity Status: To Be Formed

the applicant requesting that the Agency treat the application as Non-Profit sponsored? No

the applicant requesting that the Agency treat the application as CHDO sponsored? No

st all general partners, members,and principals. Specify nonprofit corporate general partners or members.ick [Add] to add additional partners, members, and principals.

Org: Fitch Development Group, Inc.

rst Name: Hollis Last Name: Fitch Function: Managing Member

ddress: 1314 Kenilworth Ave #218

ty: Charlotte State: NC Zip: 28203

hone: Fax:

Mail: Nonprofit: No

Org: The Flatiron Group, Inc

rst Name: Hollis Last Name: Fitch Function: Member

ddress: 1314 Kenilworth Ave #218ty: Charlotte State: NC Zip: 28203

hone: Fax:

Mail: Nonprofit: No


28203

(704)632-0407 (704)631-4664

[email protected]

(704)632-0407 (704)631-4664

[email protected]


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Community space within residential bulding(s) - Sq. Ft. (Floor Area):

Elevators - Number of Elevators:

quare Footage Information

oss Floor Square Footage:

otal Net Sq. Ft. (All Heated Areas):

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

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

Number of Units:

Number of Units Required:

Persons with disabilities or homeless populations.

Number of Units:

tes

Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low

income units are within established thresholds.

ttps://www.nchfa.org/Rental/RTCApp/(S(bd1zwrrk...A60FD1F24&SNID=AA333C6B35904041A8400B5C45BD05F5 (10 of 21)4/14/2009 1:08:12 PM

71,886

70,894

8

8

8
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






tal Low Income Units:

te: This number should match the total number of low income units in the Unit Mix section.


4 50

4 60

18 50

18 60

9 50

9 60

62


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unding Sources

Source AmountNon-

Amortizing*Rate(%)

Term(Years)

Amort.Period(Years)

AnnualDebt

Service

Bank Loan

RPP Loan

Local Gov. Loan - Specify:

RD 515 Loan

RD 538 Loan - Specify:

AHP Loan

Other Loan 1 - Specify:



Tax Exempt Bonds

State Tax Credit(Loan)

State Tax Credit(Direct Refund)

Equity: Federal LIHTC

Non-Repayable Grant

Equity: Historic Tax Credits

Deferred Developer Fees

Owner Investment

Other - Specify:

Total Sources**

"Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debtservice below.

Total Sources must equal total replacement cost in Project Development Cost (PDC) section.

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

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


2,611,950 0 30 30 0

5,484,546

23,794

8,120,290

70


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evelopment Costs

Item Cost Element TOTAL COSTEligible Basis

30% PV 70% PV

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

2 Demolition (Rehab / Adaptive Reuse only)

3 On-site Improvements

4 Rehabilitation

5 Construction of New Building(s)

6 Accessory Building(s)

7 General Requirements (max 6% lines 2-6)

8 Contractor Overhead (max 2% lines 2-7)

9 Contractor Profit (max 8% lines 2-7; 6% if Identity of Interest)

10 Construction Contingency (max 5% lines 2-9, Rehabs 10%)

11 Architect's Fee - Design (11 + 12 = max 3% lines 2-10)

12 Architect's Fee - Inspection

13 Engineering Costs

SUBTOTAL (lines 1 through 13)

14 Construction Insurance (prorate)

15 Construction Loan Orig. Fee (prorate)

16 Construction Loan Interest (prorate)

17 Construction Loan Credit Enhancement (prorate)

18 Construction Period Taxes (prorate)

19 Water, Sewer and Impact Fees

20 Survey

21 Property Appraisal

22 Environmental Report

23 Market Study

24 Bond Costs

25 Bond Issuance Costs

26 Placement Fee

27 Permanent Loan Origination Fee

28 Permanent Loan Credit Enhancement


744,000 744,000

3,700,000 3,700,000

267,400 267,400

94,000 94,000

375,000 375,000

255,000 255,000

124,000 124,000

31,000 31,000

31,000 31,000

5,621,400

56,000 56,000

476,000 476,000

0 0

7,500 7,500

86,800 86,800

9,200 9,200

6,500 6,500

3,000 3,000

4,300 4,300


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29 Title and Recording


30 Real Estate Attorney

31 Other Attorney's Fees

32 Tax Credit Application Fees (Preliminary and Full)

33 Tax Credit Allocation Fee (0.62% of line 60, minimum $7,500)

34 Cost Certification / Accounting Fees

35 Tax Opinion

36 Organizational (Partnership)

37 Tax Credit Monitoring Fee


38 Furnishings and Equipment

39 Relocation Expense

40 Developer's Fee

41 Additional Contigency (greater of $500/unit or $30,000)

42

43

44 Rent-up Expense

45

46


47 Rent up Reserve

48 Operating Reserve

49

50

51 DEVELOPMENT COST (lines 1-49)

52 Less Federally Funded Grant

53 Less Disproportionate Standard

54 Less Nonqualified Nonrecourse Financing

55 Less Historic Tax Credit

56 TOTAL ELIGIBLE BASIS

57 Applicable Fraction (percentage of LI Units)


22,000

671,300

30,000 30,000

5,000 5,000

2,300

56,140

8,500 8,500

5,000

5,000

43,400

155,340

75,000

651,000 651,000

30,000

Other Basis Expense (s

Other Basis Expense (s

Other Non-basis Expen 36,250

Other Non-basis Expen

792,250

36,000

119,000

Other Reserve (specify)

Other Reserve (specify)

7,395,290 0 6,965,200

0

6,965,200 0 6,965,200

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 unit59,677


6,965,200 0 6,965,200

125.00% 125.00%

8,706,500 0 8,706,500

3.50 9.00

783,585 0 783,585

0

725,000

8,120,290

783,585


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arket Study Information

ease provide a detailed description of the proposed project:

oad River Terrace is a proposed sixty-two unit garden style apartment complex to be located in Brevard,C. The property will feature green building techniques and the individual units will be energy star certified.uring the design phase of the project we have worked extensively with the Brevard planning departmentd our architect to ensure that this project will feature superior ammenities for the future tenants.

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?Yes

If yes, please provide name and address:

We have not built this design in the state of North Carolina, but we do have experience using this design ontwo other projects. One in Greenville, SC and another in McMinnville, TN.

e Amenities:

e development will have the following site amenities: designated playground; resident computer center;vered picnic area; outdoor siting and gathering areas w/ benches; covered patio w/ seating; gazebo; and

alking trails. In the club house will be laundry facilities featuring three washing machines and dryers.

site Activities:

e onsite activities will be coordinated by the apartment manager working with the tenant associations incordance with the tenant service plan. Activities available on a continous basis will be the tot lot for smallildren, greenspace/athletic fields for teenagers and adults. A picnic area and patios will help encouragetdoor activities. The onsite nature trail will also provide an onsite walking loop protected from road traffic.



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ndscaping Plans:

e landscaping plan will be in accordance with Appendix B. The site has some native old growth treeshich will be preserved whenever possible. The landscaping budget will exceed $18,600 or $300 per unit.

erior Apartment Amenities:

e individual units will have ceiling fans in every bedroom as well as the living room. Each apartment willve individual washer and dryer connections. All major appliances in the apartments will be energy started. Each apartment will be wired for high speed internet connections in the main living area.

you plan to submit additional market data (market study, etc.) that you want considered? No

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



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pplicant's Site Evaluation

efly describe your site in each of the following categories:

EIGHBORHOOD CHARACTERISTICS

end and direction of real estate development and area economic health. Physical condition of buildings andprovements in the immediate vicinity. Concentration of affordable housing.

he proposed site is located on Old Hendersonville Highway and is currently in Transylvania County and is

ontiguous to the Brevard City limits on the rear of the property. Bedford Place a subdivision at the rear ofe property appears to be less than ten years old. This subdivision is primarily first time home owners, is ine city limits, and has sewer and water that would tie into a proposed lift station built on this property by theity that will also serve our development by gravity flow. The other two sides of the property have modestomes, but they are not in a planned subdivision. The general trend for this area is residential with easyccess to major retail and employment centers.

URROUNDING LAND USES AND AMENITIES

nd use pattern is residential in character (single and multifamily housing). Extent that the location isolated. Effect of industrial, large-scale institutional or other incompatible uses, including but not limited to:astewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution

cilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations,urces of excessive noise, and sites with environmental concerns (such as odors or pollution). Amount andaracter of vacant, undeveloped land. This site is contigueous to the Brevard City limits and the building will on the crest of a hill and will have a view of a green valley that borders the Broad River. The property will annexed into the City.

TE SUITABILITY

dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. The site is on Old Hendersonville Highway that is not a major artery in thety of Brevard. However it has easy access to the major roads and shopping.

egree of on-site negative features and physical barriers that will impede project construction or adverselyect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large

ulders, ravines, year-round streams, wetlands, and other similar features (for adaptive re-use projects-itability for residential use and difficulties posed by the building(s), such as limited parking, environmentaloblems or the need for excessive demolition).

his property is located in a mountainous region of the state, so there are some difficulties withonstruction. Because of the topography of the site, we are concentrating the units on a bluff that overlooksolling hills and a section of the Broad River. There is significant topography to the site. The entrance will becated where an old barn now sits on Old Hendersonville Highway, a road will lead up to the crest of theuff where the buildings will be located. The bluff is has a gentle grade that will allow us to cut the site forads and roads on the higher topos and use the soil for fill on the lower topo elevations. The site should bebalance site from a cut and fill standpoint. The soil appears to be a sand clay. There is a road bed thatas been cut to the right of the site and the cut exposed some earth that appeared to be red clay. I did notee any rock out croppings on the site or the subdivision next door. The site will definitely have to have soilorings for rock to layout pads and roads on the crest of the Bluff. At the top of the bluff is a small storage

hed. To the right of the shed is 5 family graves. The Dobbins family has owned this property for 143 yearsnd they had already made arangements to move to a cementary in the City. They have already obtainede permits to move the graves and have a quote from a local funeral home for the relocation. Removinge graves is a special stipulation in the option agreement, therefore they should present no problem.edford Places storm water runs off into a ravine at the northwest corner of this property. There is a liftation at the beginning of this ravine however the stormwater runoff was poorly designed and often knocksut the power to the lift station. The City has been trying to get an easement from the current propertywners to relocate the lift station farther down the ravine. We will give the City the easement and the cityill build the lift station at the City's expense. Since this will be considerly below our building pads we willave sewer access by gravity flow. We will also most likely build the retention pond in the ravine and directe stomwater to the rear northwest corner of the site.



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

he apartments will be two story garden apartments with brick and high quality vinyl siding. These shouldend quite well with Bedford Place the subdivision next door. We will plant a green buffer between thepartments and the subdivision probably white pine or leyland cyprus.

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

Grocery Store Community/Senior Center

Mall/Strip Center Hospital

Outdoor Athletic

eldsPharmacy

Day Care/After

choolBasic Health Care

Schools Public Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

iving Range and Skate Park across the street from the main entrance. Ashville Citizens Bank 1.4 milesom the site.


7 .3

9 1.9

.5.6

.2.5

.4

7 1.5

7 1.5


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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)

Documents

Broad River Terrace