HomeMy WebLinkAbout1999 06 28 Regular Item G
COMMISSION AGENDA
ITEM G
Consent
Informational
Pu blie Hearing
Regular X
June 28. 1999
Meeting
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M~(h.
Authorization
REQUEST: The Community Development Department - requests the commission review and
approve the attached Resolution # 883 making certain findings of public purpose
and compliance with local plans relating to affordable housing initiatives and the
Agreement Relating to Creation of Affordable Housing with Wyman Fields
Foundation for the rehabilitation and condominium conversion of 52 apartment
units located on Rhoden Lane and 32 units located on Kristi Ann Lane. Chief
Executive Officer Candice Birle will make a presentation to update the
Commission on the current status of the program.
PURPOSE: Request the Commission review and approve the attached Resolution #883
making certain findings of public purpose and compliance with local plans
relating to affordable housing initiatives and the Agreement Relating to Creation
of Affordable Housing with Attachments with Wyman Fields Foundation for the
rehabilitation and condominium conversion of apartments located on Rhoden
Lane and Kristi Ann Lane and consider the CEO's presentation to update the
Commission on the status of the program and authorize the City Manager to
execute the Agreement.
APPLICABLE LAW AND PUBLIC POLICY:
The provisions of 420.9072(l)(a) F.S. which states in part: "In addition to the legislative findings
set forth in 420.6015 F.S., the Legislature finds that affordable housing is most effectively
provided by combining available public and private resources to conserve and improve existing
CDD/June 25, 1999/4:04 PM
JUNE 28, 1999
REGULAR AGENDA ITEM G
Page 2
housing and provide new housing for very-low income persons, low-income persons, and
moderate income persons. The Legislature Intends to encourage partnerships in order to secure
the benefits of cooperation by the public and private sectors and to reduce the cost of housing for
the target group by effectively combining all available resources and cost-saving measures. The
Legislature further intends that local governments achieve this combination of resources by
encouraging active partnerships between government, lenders, developers, and community
groups to produce affordable housing and pride related services."
CONSIDERATIONS:
· The city has identified a need for revitalizing certain targeted areas within the
City limits. The acquisition, rehabilitation, and conversation of apartments to
condominiums will upgrade the appearance and value of the neighborhood and
also provide housing for low income buyers.
· The total number of units to be rehabilitated is 158.
· The public-private partnership formed includes the City, America's Housing
Development Corp., Wyman Fields Foundation, Fannie Mae Foundation,
NationsBank, and the Seminole County S.H.I.P. Program.
· America's Housing Development Corp. and Wyman Fields Foundation have
extensive experience in these matters. A proposal to the City for rehabilitating
the apartment complex in and around Lori Ann Lane was approved February 22,
1999.
· Partnership roles are as follows:
. America's Housing Development Corp.
Act as Project Coordinator
Work with the Foundation in the creation of initial and final work plans to
include predevelopment activities, acquisition of the properties,
rehabilitation/conversion of rental units, marketing and sales plan.
Work closely with City staff to produce the following:
CDD/JWle 25,1999/4:04 PM
JUNE 28, 1999
REGULAR AGENDA ITEM G
Page 3
Condo Conversion approvals and permits
FHA & VA project approvals
Structuring and legal incorporation of Condo Association
Provide Marketing, Sales, Mortgage qualification and Loan closings.
*
Wyman Fields Foundation
Act as Project Developer
Contract with necessary professionals to perform pre-development
activities, i.e. Architect, Engineer, Landscape Architect, etc.
Work with AHDC in the creation of initial and final work plans to include
predevelopment activities, acquisition of the properties,
rehabilitation/conversion of rental units, marketing and sales plan.
Provide the financing and/or funds for the purchase of the existing
apartment buildings, potentially 158 units. Ownership of the apartment
buildings/property.
Continued ownership of the converted units through condominium
documents via individual home ownership of the units, and corporate (non
profit) ownership of the buildings/property.
Grant writing of subsidy applications.
Administration of funds and long term compliance of grant rules and
requirements as it pertains to affordability.
Provide relocation services as needed.
Construction Management from Permitting through to Certificate of
Occupancy to include:
Contract with general contractor, sub-contractors and trades to
perform rehabilitative construction work activities of the units.
Provide housing counseling services pre-post and ongoing follow up over
the affordability period.
CDD/June 25, 1999/4:04 PM
JUNE 28, 1999
REGULAR AGENDA ITEM G
Page 4
Provide ongoing Management of the Condo/Home Owners Association.
. Fannie Mae Foundation
To provide $2,100,000.00 (B.M.R.) Below Market Rate Acquisition
Loan
. Seminole County's S.H.LP. Program
Closing costs and down payment assistance.
. NationsBank
End-Loan Financing
. City of Winter Springs
Provide an estimated $869,07110w interest loan (subject to negotiation) to
developer for administration, design and rehabilitation cost for conversion
of approximately 52 units in approximately 13 buildings situated in the
City of Winter Springs target area. These funds will be recovered by the
City upon closing of the units over a two year period.
FUNDING:
Funding of the $ 869,071 is proposed in the Bond issue recommended to the Commission to be
issued this year. The City of Winter Springs will provide to Wyman Fields the availability and
accessibility to loan proceeds in the amount of$869,071.00 for those activities outlined above,
and agree to provide 10% of the loan proceeds to Wyman Fields as project delivery fees
($87,000) in the implementation of all provisions outlined in this agreement. Project delivery
fees and services to include but not be limited to; assisting home owners, contractors and other
entities, participating or seeking to participate in this project
SCHEDULE:
February 1999:
July 1999:
December 1999:
September 2000:
July 2001:
Approve Contracts
Complete Acquisitions of Units
Complete Design and Construction Documents
Complete Rehabilitation of Units
Complete Sale of Units
CDD/June 25, 1999/4:04 PM
JUNE 28, 1999
REGULAR AGENDA ITEM G
Page 5
STAFF RECOMMENDATION:
Staff recommends the Commission approve Resolution #883 making certain findings of public
purpose and compliance with local plans relating to affordable housing initiatives and authorize
the Mayor to sign the Wyman Fields Foundation Agreement Relating to Creation of Affordable
Housing.
ATTACHMENTS:
. Agreement Related to Creation of Mfordable Housing
Attachment A
Attachment B
· Development Budget - Phase 1 (52 units)
. Resolution #883
COMMISSION ACTION:
CDD/June 25, 1999 /4:04 PM
AGREEMENT RELATED TO CREATION
OF AFFORDABLE HOUSING
AGREEMENT RELATING TO
CREATION OF AFFORDABLE HOUSING
THIS AGREEMENT dated this 28th day of June. 1999 is by and between the City of
Winter Springs, Florida, a municipal corporation, hereinafter called "City" and the
Wyman Fields Foundation hereafter called ""Wyman Fields" and is based on the
following premises:
WHEREAS, the City and Wyman Fields have identified up to 158 units as potentially
needing the acquisition rehabilitation and resale efforts contemplated in this agreement;
and
WHEREAS, the City and Wyman Fields entered into an agreement that contemplated two
(2) major categories of service, namely (1) the Due Diligence Phase wherein certain
architectural, environmental, site, general contractor assessment, and economic feasibility
studies were undertaken; and (2) the implementation of the project, if the Due Diligence
fmdings support moving forward; and
WHEREAS, Phase 1, Due Diligence has been completed and determined the, project
feasible;
THEREFORE, it is the purpose of this agreement to specifically provide for the Phase
Two acquisition, rehabilitation, and resale of the housing unit's phase.
THE FOLLOWING PROJECT IMPLEMENTATION SERVICES WILL BE
PROVIDED BY WYMAN FIELDS FOUNDATION:
ACQUISITION:
I. Acquisition of 52 units, and common areas; 20 Wlits located on Rhoden Lane, and 32
units located on Kristi Ann Lane, Winter Springs.
2. Generation of a first lenders mortgage for the ownership of the said buildings and
units held by the Foundation until which time as the units will be sold through
condominium documentation to homeowners.
3. Ownership and maintenance of common areas and any common buildings for a
period of at least twenty years, through the FOWldation and a legally formed
Homeowners Association.
REHABILITATION:
4. Inspect eligible housing units to determine deficiencies and prepare work
specifications and architectural plans for permitting purposes, code compliance issues,
and City of Winter Springs Land Development Regulations.
5. Request and accept bids from eligible contractors to complete the work according to
work specifications, and architectural plans. Require that all contractors and
subcontractors carry workmen compensation insurance in accordance with State law
Page 1 of 4
and public liability insurance in the minimum amoWlt of $500,000.00 per occurrence.
6. Execute construction contracts with contractors.
7. Under Seminole COWlty'S assistance and direction, provide for the relocation of
eligible tenants during rehabilitation, utilizing funds other than City fUnds.
8. Inspect, and monitor progress and assure the completion of specified work as it
relates to the rehabilitation of the exterior and interior of 52 units.
9. Inspect, and monitor progress and assure the completion of specified work including
but not limited to common areas, parking lots, street scape, landscaping, irrigation,
lighting, and signage of each complex.
SALE OF UNITS:
10. Request, aggressively advertise, receive and process applications from potential home
owners for the purchase of 52 units described in Section 1 herein, assuring
non-discrimination on the basis of race, origin, nationality and gender.
MISCELLANEOUS PROVISIONS:
11. Prepare and submit to the City by the 15th of each month, monthly status reports.
12. Upon completion, submit to the City, Certification from the project architect that the
project is 100% complete in accordance with the approved plans and specifications
and is in compliance with all local zoning and building codes.
13. Upon completion, submit to the City, Certification that all Wlits have Certificates of
Occupancy.
14. Maintain and make available appropriate records, project files and fmancial records in
accordance with City's requirements. Said records to be maintainedfor seven years
from date of executed agreement.
15. Indemnify and hold City hannless from any and all claims whether in tort or contact,
be solely responsible for the obligations it incurs with private contractors, shall carry
public liability insurance naming the City as additional insured for claims arising
Wlder this agreement in the minimum aggregate amount of $1,000,000.00. per
occurrence.
16. Carry workers compensation insurance on its employees in the minimum amount
required by State law. No employees of Wyman Fields shall be considered an
employer of City.
17. Provide Construction Bond for the amount of the construction contracts with a surety
authorized to do business in the State of Florida acceptable to the City of Winter
Springs.
Page 2 of 4
CITY FINANCIAL PARTICIPATION:
The City of Winter Springs will provide to Wyman Fields the availability and
accessibility to loan proceeds in the amount of $869,071 for those activities outlined
above, and agree to provide 10% of the loan proceeds to Wyman Fields as project
delivery fees, rounded to the nearest one dollar ($87,000) in the implementation of all
provisions outlined in this agreement, Project delivery fees and services to include but not
be limited to; assisting home owners, contractors and other entities, participating or
seeking to Participate in this project.
Loan Provisions:
BORROWER (S): The Wyman Fields Foundation is a 501 (c) (3) non profit
organization incorporated in the State of Florida in good standing at the time of
closing of the loan.
KEY PRINCIPALS: The President and Secretary of the Board of Directors (Key
Principals) of the borrowing entity will be required to sign the loan documents.
MAXIMUM LOAN AMOUNT: $782,07 1. This amount is based upon pro
forma estimates of work activities as provided by the Borrower, less the project
delivery fees. City generally intends that such funds are allocated to the overall
project on a per unit basis.
INTEREST RATE: Estimated to be Zero percent as of the date of this Agreement
based upon the BOND rate as of the date hereof.
LOAN TERM: Twenty-four (24) months interest-only construction period (which
may be extended for one six (6) month period at the City's option), followed by
the repayment of any outstanding principal amount not to exceed $782,071.
MORTGAGE: City reserves the tight to place a second mortgage on each unit
acquired, rehabbed or sold, prior to the sale of said unit to an eligible homeowner.
TERM/DELIVERABLEIPA YMENTS TO WYMAN FIELDS:
1. Project Delivery fees will be due and payable as follows;
./ 80% within seven (7) days of execution of this agreement.
./ 10% within seven (7) days of Certificate of Occupancy on twenty units
(Rhoden Lane)
./ % within seven (7) days of Certificate of Occupancy on thirty two units
(KristiAnn Lane)
2. Loan proceeds averaging $18,000 per unit/20 units (including an agreed upon
pro-rata share of common area costs allocated per unit) on Rhoden Lane, in
an amount not to exceed $360,000 based upon actual cost, shall be due and
payable within seven (7) days of an approv.ed draw request as outlined in
Attachment "A".
Page 3 of 4
3. Loan proceeds averaging $18,000 per unit/32 units (including an agreed
upon pro-rata share of common area costs allocated per unit) on KristiAnn
Lane, in an amount not to exceed $576,000 based upon actual cost, shall be
due and payable within seven (7) days of an approved draw request as
outlined in Attachment "A".
4. Not withstanding the provisions of the preceding paragraphs 2 and 3, the total
amount due from City at any given time under this agreement shall not
exceed $782,071.00 per Attachment "B", Repayment ofloan proceeds to the
City of Winter Springs will be subject to the approved repayment schedule
outlined in Attachment "B".
5. All tasks shall be completed on or before January 1, 2001.
6. The City shall not be liable to any third party for any fees or costs incurred
under this agreement.
7. Funds payable hereunder from the City of Winter Springs may be withheld
for failure by Wyman Fields to comply with the provisions of this agreement.
WYMAN FIELDS shall, in fulfillment of this Agreement, comply with HUD
regulations regarding lead-based paint, the site-specific environmental clearances and the
rules mandated by Section 104 (d) of the Housing and Community Development Act of
1974, set forth in 24 CPR Part 570.496 (a) and 24 CFR Part 570,606, as amended.
IN WITNESS WHEREOF the parties have set their hands and seals on the date
first written above to this three page Agreement.
~.M~r/fIELDS F~DATION, INC.
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/~/_/jlJ~ / =-- .J/ }/L(j?. --"\
-Anthony,/I1errone, President, Board of Directors
~
Date )'^ >\.c.. ,k) I 'i<'; '1
Date -:r:, '^-<<- ~D. , 'i 9 Y
ArrEST:
I .X~_. (~J t;J l_ 1,,--
Interim City Clerk:
Andrea Lorenzo-Luaces
Date June 28, 1999
Date Junp 28, 1999
Page 4 of 4
, .
Attachment "A"
Wyman Fields - City of Winter Springs Agreement
~Draw requests will be based upon the approved plans prepared by the
architect/engineer as appropriate to work.
~ The architect/engineer shall sign off on draw requests.
~ Draw requests shall be for actual costs incurred for rehabilitation set forth
in this Attachment "A" including the cost of common area improvements
approved in advance by the City, allocated on a per unit basis.
~ City shall pay against draw requests submitted by Wyman Fields
supported by:
a) sign off on each request by the Wyman Fields project director, the
contractor certifying completion of the work or installation of the
building components for which draw request is sought; and, the
architect/engineer as appropriate; and
b) delivery of any warranties, bills of sale, releases of lien for any
applicable building components or construction; and
c) a contractor's affidavit in accordance with Chapter 713, Florida
Statutes, and other applicable law, certifying that all labor, material or
other construction contractor's have been released or a construction
bond for the amount of any such draw; and
d) Review of work by a City representative designated by the City
Manager, and initially to be the City Building Official.
e) City may reject a draw request in writing, to require any of the
foregoing or for additional information relating to compliance of work
with approved plans, contracts or relevant building codes or
development standards.
Attachlnent A
CONSTRUCTION INSPECTION/DRA W REQUEST
UNITS:
For work completed through
Draw#:
Value 1 2 3 4
1. Permit ISSUED 20%
2. All exterior frame walls in place and exterior block walls/linte1 30%
Trusses set, roof decked and dried in
Windows installed
Finish roof on
Walks/driveways
Landscaping/sod complete
'.
3. Exterior treatments - siding/stuccolbrick 10%
I Exterior paint complete including trim
I
Final clean/miscellaneous
4. Interior partitions 40%
Rough wiring in
HeatlAC ducts in place
Plumbing rough-in and tubs set
Tub and shower wall tile complete
I Doors/interior trim
, Cabinets Installed
I Heating/Ale trim complete, interior unit set
Plumbing fixtures and hardware
Electrical finish/Light fixtures
W allpaperlMirrors/ Appliances
Floor coverings
I 100
I Total billed to date:
------
Attachment B
Loan Proceeds, Payment, Repayment Schedule
Total City Bond Loan Proceeds $869,071 ,
,
Payable to Wyman Fields (project delivery fees) (June, 1999) ($69,600)
Loan proceeds available $799,471
Payable to Wyman Fields (construction draws) (July, 1999) ($360,000)
Loan proceeds available $439,471
Repayment ofloan to City (January, 2000) $180,000
Loan proceeds available $619,471
Payable to Wyman Fields (construction draws) ($576,000)
(January through June 2000)
Loan proceeds available $43,471
Payable to Wyman Fields (project delivery fees)(February, 2000) ($8,700)
Loan proceeds available $34,771
Repayment of loan to City (March, 2000) $180,000
Loan proceeds available $214,771
Repayment ofloan to City (June, 2000) $180,000
Loan proceeds available $394,771
Payable to Wyman Fields (project delivery fees) (June, 2000) ($8,700)
Loan proceeds available $386,071
Repayment of loan to City (August, 2000) $180,000
Loan proceeds available $566,071
Repayment of loan to City (October, 2000) $216,000
Loan proceed') available (Project complete) $782,071
DEVELOPMENT BUDGET
PHASE 1
(52 UNITS)
DEVELOPMENT BUDGET-Phase I (52 units)
WINTER SPRINGS--
USES/CONSTRUCTION
Interior and Structural Rehabilitation
Site Development (roads, parking lots, sidewalks,lightin
Landscaping/Security
General Requirements (4%)
Building Contractor's Profit /Overhead(8%)
Sub Total Rehabiliation costs
Acquisition/purchase
Architect, Engineering, Survey
Accounting Fees, Legal,
Builder's Risk/Liability Insurance and Misc fees
Sub Total Develo ment Costs
Closing Costs (Broker) (3%)
Closing CostslTitle Ins. /Loan Interest
Marketi ng/ Advertisi ng
Sub Total Sales and Financial Costs
SUB TOTAL COSTS
Developer overhead and fees
County CDBG
Down Payment (SHIP/Bond) Assistance
Federal Home Loan Bank Grant
Buyer Sale Price
As of June 2, 1999
TOTAL
$768,352
$78,000
$20,800
$34,686
$72,147
$973,985
$2,173,600
$18,200
$15,600
$13,000
$2,220,400
$107,900
$78,000
$27,300
$213,200
$3,407,585
$260,000
$371,176
$414,000
$503,4 76
$2,378,933
'~~~'de~:: :. '; .
952
$14,776
$1,500
$400
$667
$1,387
$18,730
$41,800
$350
$300
$250
$42,700
$2,075
$1,500
$525
$4,100
$65,530
$5,000
$7,138
$7,000
$10,163
$46,229
952
$14,776
$1,500
$400
$667
$1,387
$18,730
$41,800
$350
$300
$250
$42,700
$2,075
$1,500
$525
$4,100
$65,530
$5,000
$7,138
$12,000
$7,663
$43,729
DEVELOPMENT BUDGET-Phase I (52 units)
WINTER SPRINGS-- ,TOTAL
USES/CONSTRUCTION 952 952 952 952 952 952 952 952
Interior and Structural Rehabilitation $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $768,352
Site Development (roads, parking lots, sidewalks,lightin $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $78,000
Landscaping/Security $400 $400 $400 $400 $400 $400 $400 $400 $20,800
General Requirements (4%) $667 $667 $667 $667 $667 $667 $667 $667 $34,686
Building Contractor's Profit /Overhead(8%) $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $72,147
Sub Total Rehabiliation costs $18,730 $18,730 $18,730 $18,730 $18,730 $18,730 $18,730 $18,730 $973,985
Acquisition/purchase $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $2,173,600
Architect, Engineering, Survey $350 $350 $350 $350 $350 $350 $350 $350 $18,200
Accounting Fees, Legal, $300 $300 $300 $300 $300 $300 $300 $300 $15,600
Builder's Risk/liability Insurance and Misc fees $250 $250 $250 $250 $250 $250 $250 $250 $13,000
Sub Total Develo ment Costs $42,700 $42,700 $42,700 $42,700 $42,700 $42,700 $42,700 $42,700 $2,220,400
Closing Costs (Broker) (3%) $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 107,90
Closing CostsITitle Ins. /Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $78,000
Marketing/Advertising $525 $525 $525 $525 $525 $525 $525 $525 $27,300
Sub Total Sales and Financial Costs $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $213,200
SUB TOTAL COSTS $65,530 $65,530 $65,530 $65,530 $65,530 $65,530 $65,530 $65,530 $3,407,585
Developer overhead and fees $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $260,000
County CDBG $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $371,176
Down Payment (SHIP/Bond) Assistance $7,000 $7,000 $7,000 $12,000 $12,000 $12,000 $12,000 $12,000 $414,000
Federal Home Loan Bank Grant $10,163 $10,163 $10,163 $7,663 $7,663 $7,663 $7,663 $7,663 $503,476
Buyer Sale Price $46,229 $46,229 $46,229 $43,729 $43,729 $43,729 $43,729 $43,729 $2,378,933
As of June 2, 1999
DEVELOPMENT BUDGET-Phase I (52 units) ;;;1~1~;~j{~~~'~::;.:~iLie~ ..
WINTER SPRINGS--
USES/CONSTRUCTION 952 952 952 952 952 952 952 952 952
Interior and Structural Rehabilitation $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776
Site Development (roads, parking lots, sidewalks,lightin $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Landscaping/Security 5400 $400 $400 $400 $400 $400 $400 $400 5400
General Requirements (4%) S667 $667 $667 $667 $667 $667 $667 $667 S667
Building Contractor's Profit /Overhead(8%) $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1.387
Sub Total Rehabiliation costs $18,730 $18,730 $18,730 $18,730 $18.730 $18,730 $18,730 $18,730 $18,730
Acquisitionfpurchase $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800
Architect, Engineering, Survey 5350 $350 $350 $350 $350 $350 $350 $350 5350
Accounting Fees, Legal, 5300 $300 $300 $300 $300 $300 $300 $300 S300
Builder's Risk/Liability Insurance and Misc fees 5250 $250 $250 $250 $250 $250 $250 $250 S250
Sub Total Develo men! Costs $42,700 $42,700 $42,700 $42,700 $42,700 $42.700 $42,700 $42,700 $42,700
Closing Costs (Broker) ( %) $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075
Closing CostsfTille Ins. /Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
M arketi ngf Ad ve rtisi ng 5525 $525 $525 $525 $525 $525 $525 S525 S525
Sub Total Sales and Financial Costs $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100
SUB TOTAL COSTS $65,530 $65,530 $65,530 $65,530 $65,530 $65,530 $65,530 $65,530 $65,530
Developer overhead and fees $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
County CDBG $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7.138
Down Payment (SHIP/Bond) Assistance $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000
Federal Home Loan Bank Grant $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163
Buyer Sale Price $46,229 $46,229 $46,229 $46,229 $46,229 $46,229 $46,229 $46,229 $46,229
As of June 2, 1999
DEVELOPMENT BUDGET-Phase I (52 units) "~:'~'i~~;~J~*~~~~~~'(;;~:ti~j~;0::".'.' "
WINTER SPRINGS--
USES/CONSTRUCTION 952 952 952 952 952 952 952 952 952 952 952
Interior and Structural Rehabilitation $14,776 $14,776 $14,776 $14,776 $14,77S $14,77S $14,776 $14,77S $14,77S $14,776 $14,776
Site Development (roads, parking lots, sidewalks,lightin $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Landscaping/Security $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 S400
General Requirements (4%) $667 $667 $667 $S67 $667 $667 $667 $667 $667 $667 S667
Building Contractor's Profit /Overhead(8%) $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387
Sub Total Rehabiliation costs $18,730 $18,730 $18,730 $18,730 $18,730 $18,730 $18,730 $18,730 $18,730 $18,730 $18,730
Acquisition/purchase $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800 $41,800
Architect, Engineering, Survey $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 S350
Accounting Fees, Legal, $300 5300 $300 $300 $300 $300 $300 $300 $300 $300 5300
Builder's Risk/Liability Insurance and Misc fees $250 5250 $250 $250 $250 $250 $250 $250 $250 $250 S250
Sub Total Develo ment Costs $42,700 $42,700 $42,700 $42,700 $42,700 $42,700 $42,700 $42,700 $42,700 $42,700 $42,700
Closing Costs (Broker) (3%) $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075
Closing CostsfTitle Ins, /Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
M a rketi ng/ Adve rtising $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 S525
Sub Total Sales and Financial Costs $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100
SUB TOTAL COSTS $65,530 $65,530 $65,530 $65,530 $S5,530 $65,530 $65,530 $65,530 $65,530 $65,530 $65,530
Developer overhead and fees $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
County CDBG $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 S7,138
Down Payment (SHIP/Bond) Assistance $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 S7,OOO
Federal Home Loan Bank Grant $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163
Buyer Sale Price $46,229 $46,229 $46,229 $46,229 $46,229 $4S,229 $46,229 $46,229 $4S,229 54S,229 $46,229
As of June 2, 1999
DEVELOPMENT BUDGET-Phase I (52 units)
WINTER SPRINGS--
R12 , R1.3: R14
Rhoden'" Rtioden ' , Rhoden
R15, R16
Rhoden ',.., RhOden
R17 ,
Rhoden'
R16 ,R19 ,
'Rhoden 'Rhoden
R20
, Rhoden
, ~k~iJ1B:~~~i~t>'
, , ....
I USES/CONSTRUCTION 952 952 952 952 952 952 952 952 952 952 952
Interior and Structural Rehabilitation 514,n6 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776
Site Development (roads, parking lots, sidewalks,lightin $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 51,500 $1,500 $1,500
Landscaping/Security $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400
General Requirements (4%) $667 $667 $667 $667 $667 $667 $667 $667 $667 $667 5667
Building Contractor's Profit /Overhead(8%) $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387
Sub Total Rehabiliation costs $18,730 $16,730 $18,730 $16,730 $16,730 $16,730 $18,730 $18,730 $18,730 $18,730 $18,730
Acquisition/purchase $41,800 $41,600 $41,600 $41,600 $41,600 $41,600 $41,600 $41,600 $41,600 $41,600 $41,800
Architect, Engineering, Survey $350 $350 $350 $350 $350 $350 $350 $350 $350 $350 5350
Accounting Fees, Legal, $300 5300 $300 $300 $300 $300 $300 $300 $300 $300 5300
Builder's Risk/Liability Insurance and Mise fees $250 5250 $250 $250 $250 $250 $250 $250 $250 $250 S250
Sub Total Development Costs $42,700 $42,700 $42,700 $42,700 $42,700 $42,700 $42,700 $42,700 $42,700 $42,700 $42.700
Closing Costs (Broker) (3%) $2,075 52,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075
Closing CostsfTitle Ins, /Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Marketing/Advertising $525 $525 $525 $525 $525 $525 $525 $525 $525 $525 S525
Sub Total Sales and Financial Costs $4,100 $4,100 54,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 54,100
SUB TOTAL COSTS $65,530 $65,530 $65,530 $65,530 $65,530 565,530 $65,530 $65,530 $65,530 $65,530 $65,530
Developer overhead and fees $5,CXlO $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
County CDBG $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138
Down Payment (SHIP/Bond) Assistance $ 12,CXlO $12,000 $12,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000
Federal Home Loan Bank Grant $7,663 $7,663 $7,663 $10,163 $10,163 510,163 $10,163 $10,163 $10,163 510,163 $10,163
Buyer Sale Pnce $43,729 543,729 $43,729 546,229 $46,229 $46,229 $46,229 $46,229 $46,229 $46,229 $46,229
As of June 2, 1999
DEVELOPMENT BUDGET-Phase I (52 units)
WINTER SPRINGS
Ri, .
Riiod .
'~:" :,.:~~>
. ~~{,....
. RhOde
.," ,:,~;fdJ~:::;'.. '~~~;;it,:.~~"
.Ra" ',R9..
'Rh<XIOO' "RIiOd
R10
Rtiod
R11
Rhod
-- en.;.". ';. ~', . "~'..... en ."). n' en . ,.', ,,}~: "~:y.~': en".'::.:'--, :~,_~., . 1 en. . en en
I USES/CONSTRUCTION 952 952 952 952 952 952 952 952 952 952 952
Interior and Structural Rehabilitation $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776 $14,776
Site Development (roads, parking lots, sidewalks,lightin $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Landscaping/Security $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 S400
General Requirements (4%) $667 $667 $667 $667 $667 $667 $667 $667 $667 $667 5667
Building Contractor's Profit /Overhead(8%) $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387 $1,387
Sub Total Rehabiliation costs $18.730 $18,730 $18,730 $18,730 $18,730 $18.730 $18,730 $18.730 $18,730 $18,730 $18,730
Acquisition/purchase $41,800 $41,800 $41,800 $41,800 $41,800 541,800 $41,800 $41,800 $41 ,BOO $41,800 541,800
Architect, Engineering, Survey $350 5350 $350 $350 $350 $350 $350 $350 $350 $350 5350
Accounting Fees, Legal, $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Builder's Risk/liability Insurance and Mise fees $250 5250 $250 $250 $250 $250 $250 $250 $250 $250 5250
Sub Total Development Costs $42,700 $42,700 $42,700 $42,700 $42,700 $42.700 $42,700 $42,700 $42,700 $42.700 $42,700
Closing Costs (Broker) (3%) $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 $2,075 52,075
Closing CostsiTitle Ins. /Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Marketing/Advertising $525 5525 $525 $525 $525 $525 $525 $525 $525 $525 5525
Sub Total Sales and Financial Costs $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100 $4,100
SUB TOTAL COSTS $65,530 $65,530 $65,530 $65,530 $65,530 $65,530 $65,530 $65,530 $65,530 $65,530 $65,530
Developer overhead and fees $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
County CDBG $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138 $7,138
Down Payment (SHIP/Bond) Assistance $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $12,000 $12,000
Federal Home Loan Bank Grant $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $10,163 $7,663 $7,663
Buyer Sale Price $46,229 $46,229 $46,229 $46,229 $46,229 $46,229 $46,229 $46,229 $46,229 $43,729 $43,729
As of June 2, 1999
RESOLUTION #883
-
--
Resolution No 883
A RESOLUTION OF THE CITY OF WINTER SPRINGS MAKlNG CERTAIN
FINDINGS OF PUBLIC PURPOSE AND COMPLIANCE WITH LOCAL PLANS
RELATING TO AFFORDABLE HOUSING INITIATIVES ON RHODEN LANE AND
KRISTI ANN LANE IN THE CITY OF WINTER SPRINGS, FLORIDA
WHEREAS, Section 220.183, Florida Statutes (Community Contribution Tax Incentive Program),
requires for project application, the inclusion of a local government resolution finding the project proposed
for eligibility consistent with local plans and regulation, including comprehensive plans: and
WHEREAS, City of Winter Springs supports and encourages the efforts of community
organizations to create a better environment through locally initialed partnerships between he public and
private sectors; and
WHEREAS, Wyman Fields Foundation has established a program to improve housing opportunities
and conditions for low and moderate income individuals in Winter Springs; and
WHEREAS, Wyman Fields Foundation proposes to undertake a number of activities related to
accomplishing development of housing for needy individuals in targeted project areas throughout the Moss
Road Area, as described in the proposaVagreement attached hereto and incorporate herein; and
WHEREAS, Wyman Fields Foundation is making an effort to obtain private contributions for
establishment of benevolent grant funds and activities for rehabilitation for low and moderate income
individuals in Winter Springs; and
WHEREAS, Wyman Fields Foundation wishes to apply to the State of Florida for eligibility
pursuant to the Community Contribution Tax Incentive Program as set forth in Section 220.183, Florida
Statutes, and
WHEREAS, the action taken herein is authorized by law and serves a public purpose,
NOW, THEREFORE BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER
SPIUNGS, FLORIDA, THAT:
Section 1. The above recitals are hereby adopted as findings of fact and conclusions of law as if
fully set forth in this operative part of this Resolution.
Section 2. The project proposed by Wyman Fields Foundation for the development of housing for
low and moderate income individuals on Rhoden Avenue and Kristi Ann Lane, Winter Springs,
Florida is consistent with local plans and regulation, including the Winter Springs Comprehensive
Plan.
It,...
...,.
~
Section 3. Effective Date. This Resolution shall become effective immediately upon its adoption.
ADOPTED this 28th day of June, 1999.
\ .
[Seal]
ATTE^:.. .
B\ L L k;J,-
Int~ city Clerk
Andrea Lorenzo-Luaces
..,,"""
to form and legal sufficiency:
~
City Attorney
CITY ~E
By: VJ
Mayor: Paul P. Partyka
,