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HomeMy WebLinkAbout1999 01 11 Regular Item A COMMISSION AGENDA ITEM A Consent Informational Public Hearing Regular X January 11 r 1999 Meeting tv Mgr. ' 1 Authorizatio REQUEST: The Community Development Department - requests the Commission discuss the formation of a public-private partnership with Wyman Fields Foundation, America's Housing Development Corp., NationsBank and Seminole County's S.H.I,P. Program for the rehabilitation and condominium conversion of apartments located in the Lori Anne Lane area. PURPOSE: The purpose of this agenda item is to seek Commission approval for staff to develop an agreement with Wyman Fields Foundation, America's Housing Development, Corp., NationsBank and Seminole County's S.H.I.P, Program for the rehabilitation and sale of apartment complexes in the Lori Anne Lane area. The City Commission has asked staff to establish a program to rehabilitate the apartment complexes in and around Lori Anne Lane, APPLICABLE LAW AND PUBLIC POLICY: The provisions of 420.9072(1)(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 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," JANUARY 11,1999 AGENDA ITEM A Page 2 CONSIDERA TIONS: . The City has identified a' need for revitalizing certain a targeted areas within the City limits. The acquisition, rehabilitation, and conversion 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 to be formed would include the City, America's Housing Development Corp" Wyman Fields Foundation, NationsBank, and the Seminole County S.H.I.P. Program participating in the program effort, · 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 hori Anne Lane is attached, . 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: Condo Conversion approvals and permits FHA & VA project approvals Structuring and legal incorporation of Condo Association Contract with ne'cessary professionals to perform pre development activities, i, e. Architect, Engineer, Landscape Architect, etc, Provide Marketing, Sales, Mortgage qualification and Loan closings JANUARY 11,1999 AGENDA ITEM A Page 3 . Wyman Fields Foundation Act as Project Developer 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 ~ffordability. 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, Provide ongoing!Management of the Condo/Home Owners Association . Seminole County's S.H.I.P. Program Closing costs and down payment assistance, . NationsBank End-loan financing JANUARY 11,1999 AGENDA ITEM A Page 4 . City of Winter Springs Provide an estimated $869,071 low interest loan (subject to negotiation) to developer for administration, design and rehabilitation cost for conversion of approximately 64 units in approximately 16 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. SCHEDULE: February 1999: July 1999: December 1999: September 2000: July 2001: Approve Contracts Complete Acquisition of Units Complete Design and Construction Documents Complete Rehabilitation of Units Complete Sale of Units STAFF RECOMMENDATION: Staff recommends the Commission direct staff to develop a contract with Wyman Fields Foundation and America's Housing Development Corp, and involving NationsBank and the Seminole County S.HI. p, Program, for the rehabilitation and conversion of apartment complexes located in and around Lori Anne Lane. ATTACHMENTS: · Projected Monthly Housing Payments . Development Budget-Phase 1 . Uses and Source of Funds . Location Map . Memorandum of Understanding COMMISSION ACTION: USES AND SOURCES City of Winter Springs Revolving Loan Fund Rehabilitation (11.50 sq ft) $738,944 General Requirements (4%) $29,558 Building Contractor's Profit (6%) $46,110 Building Contractor's Overhead (2%) $12,219 Accounting Fees, Legal and Operational Fees $21,760 Builders Risk/Liability Ins. and misc fees $20,480 SUBTOTAL $869,071 County CDBG Grant Site Development (sidewalks, roads, lighting, etc) $288,000 SUBTOTAL $288,000 Federal Home Loan Bank Grant Building Permits, ImpacU Connection Fees $32,000 Architecl Engineer ,Environmental $41,600 Landscaping/Security $25,600 Market Study/Marketing and Advertising $27,200 Closing CostslTitle Ins./Construction loan interest $92,021 Closing Costs (Broker 2.5%) $96,000 Soft Contingency $14,880 Hard Contingency $18,474 Developer's Overhead Fees $15,105 SUBTOTAL $362,880 Nations Bank Acquisition/Construction/Perm Acquisition $1,920,000 Developer's Overhead Fees $240,895 SUBTOTAL $2,160,895 64 OWNER OCCUPIED SINGLE FAMILY ATTACHED HOMES TOTAL $3,680,846 As of January 5, 1999 USES/CONSTRUCTION Rehabiliation (11,50sq ft) General Requirements (4%) Building Contractor's Profit (6%) Building Contractor's Overhead (2%) Contingency Sub Total Construction costs ACQuisition/purchase Site Development (roads, sewer, water, etc) Building Permits, Impactl Connection Fees Architect, Engineering, Survey, Environmental Landscapfng/Security Accounting Fees, Legal and Operational Fees Builder's Risk/Liability Insurance and Mise fees Contingency Sub Total Develo ment Costs os 109 Costs (Bro er 2, Yo) Closing CostsITitte Ins, /Construction Loan Interest Market Study/Marketing and Advertising Sub Total Financial Costs Developer's Overhead/Fees SUB TOTAL COSTS County CDBG Down Payment (SHIP/Bond) Assistance Federal Home Loan Bank Grant Lfu!-~er Sale. Price As of January. 5,. 1999 / SEMINOLE COUNTI THE CITY OF WINTER SPRINGS ORLANDO MSA/DIFFICULT DEVELOPMENT AREA $44,500 1998 half person 1 Person $31.150 $33.375 Pro'ected Monthl 2 Person 3 Person $35,600 $40.050 $37,825 $42.275 5 Person $48.060 $49,840 UNITS AT or below 30~ OF AREA MEDIAN INCOME NUMBER OF BEDROOMS Set aside for the DD Two Bedrooms. Two Baths(968 Sq ft) Two Bedrooms, Two Baths(1040 Sq ft) Percentage of 30% VS. Total UNITS AT or belo.. 60~ OF AREA MEDIAN INCOME NUMBER OF BEDROOMS Set aside for the DD Two Bedrooms. Two Baths(968 Sq ft) Two Bedrooms. Two Baths(1040 Sq ft) Percentage of 60% VS. Total UNITS AT or belo.. BOle OF AREA MEDIAN INCOME NUMBER OF BEDROOMS Two Bedrooms, Two Baths(1040 Sq ft) Percentage of 80% VS. Total Two Bedrooms, Two Baths(968 Sq ft) Two Bedrooms, Two Baths(1040 Sq ft) Total As of January 5. 1999 # OF UNITS 30% AMI 35% Income 30% Mort Ca PRICE OF CONOO PITT 6,5,% 12 $11,347,50 $3,971,62 $330.97 $34,950.00 I $291,51 11 $12,015.00 $4,205.25 $350.44 $35,957.00 . $?.27. 6~ 35.94% # OF UNITS 60% AMI 30% Income 30% Mort Ca 13 $21,360.00 $6,408.00 $534,00 12 $22,695.00 $6,808.50 $567.38 39.06% # OF UNITS 80% AMI 30% Income 30% Mort Ca PRICE OF CONOO 16 $28,480.00 $8.544.00 $712 ,00 $48,517.00 25.00% 25 39 64 Single Family Attached Homes DEVELOPMENT BUDGET-Phase I (64 units) WINTER SPRINGS H1 H2 H3 H4 H5 H6 H7 H8 H9 H10 H11 I 2bdr/2bath 2bdrl2bath 2bdrl2bath 2bdrl2bath 2bdrl2bath 2bdr12bath 2bdrl2bath 2bdrl2bath 2bdrl2bath 2bdr12bath 2bdrl2bath I USES/CONSTRUCTION 968 968 968 968 968 968 968 968 968 968 968 Rehabiliation (11.50sq ft) $11,132 $11,132 $11,1~2 $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 General Requirements (4%) $445 $445 $445 $445 $445 $445 $445 $445 $445 $445 $445 Building Contractor's profit (6%) $695 $695 $695 $695 $695 $695 $695 $695 $695 $695 $695 Building Contractor's Overhead (2%) $184 $184 $184 $184 $184 $184 $184 $184 $184 $184 $184 Contingency $278 $278 $278 $278 $278 $278 $278 $278 $278 $278 $278 Sub Total Construction costs $12,734 $12734 $12,734 $12,734 $12,734 $12,734 $12,734 $12,734 $12734 $12,734 $12734 Acquisition/purchase $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 Site Development (roads, sewer, water, etc:) $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 Building Permits, Impact! Connection Fees $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 Architect, Engineering, Survey, En\lirOl'lmehtal $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 Landscaping/Security $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 Accounting Fees, Legal and Operational Fees $340 $340 $340 $340 $340 $340 $340 $340 $340 $340 $340 Builder's Risk/Liability Insurance and Mise fees $320 $320 $320 $320 $320 $320 $320 $320 $320 $320 $320 Contingency $215 $215 $215 $215 $215 $215 $215 $215 $215 $215 $215 Sub Total Development Costs $$,925 $$,925 . $36,925 $36,925. $36,925 $36,925 . $3e,925 $36,925 $36,925 $36,925 $36,925 Closing Costs (Broker) (2.5%) $1,425 $1,425 $1,425 $1,425 $1,425 $1,425 $1,425 $1,425 $1,42$ $1,425 $1.425 Closing Costs/Title Ins. /Construction Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 Market Study/Marketing and Advertising $425 $425 $425 $425 $425 $425 $425 $425 $42$ $425 $425 Sub Total Financial Costs $3350 . $3 350. $3,350 $3,t350 $3,350 $3,350 $3,350 $3,350 $3,350 $3,350 $3,350. Developer's Overhead/Fees $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 SUB TOTAL COSTS $57,010 $57 010 $57,010 $57,010 $57,010 $57,010 $57,010 $57,010 .$57,010 $57,010 $57,010 County CDBG $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 Down Payment (SHIPlBond) AssistanCe $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $5,000 $5,000 $5,000 $5,000 Federal Home Loan Bank Grarit ~Z,~ ....---E229_ __E,560 $7,560 -----E,560 ....---E,56o _~,560 $7,560 n~ _~.l,560 --g~ ~_.__._----~- ----- Bu er Sale Price _.____~____ ~i4 9lio ~ 950 ~~ $34,950 $34 950 $34 950 $34,950 _~9,9W.. ~950 ~~950 ~~950 As of January 5, 1999 DEVELOPMENT BUDGET-Phase I (64 units) WINTER SPRINGS H12 H13 H14 H15 H16 H17 H18 H19 H2O H21 H22 I 2bdr12bath 2bdrl2bath 2bdri2bath 2bdr/2bath 2bdr12bath 2bdrl2bath 2bdr/2bath 2bdr/2bath 2bdr/2bath 2bdr/2bath 2bdr/2ba1h I USES/CONSTRUCTION 968 968 968 968 968 968 968 968 968 968 968 Rehabmation (11.5Osq ft) $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 General Requirements (4%) $445 $445 $445 $445 $445 $445 $445 $445 $445 $445 $445 Building Contractor's Profit (6%) $695 $695 $695 $695 $695 $695 $695 $695 $695 $695 $695 Building Contractor's Overhead (2%) $184 $184 $184 $184 $184 $184 $184 $184 $184 $184 $184 Contingency $278 $278 $278 $278 $278 $~8 $278 $278 $278 $278 $278 Sub Total Construction costs $12734 $12734 $12,734 $12,734 $12,734 $12,734 $12,734 $12,734 $12,734 $12,734 $12734 Acquisition/purchase $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 Site Development (roads, sewer, water, ate) $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 Building Permits, Impactl Connection flees $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 Architect, Engineering, Survey, EnVironmental $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 Landscaping/Security $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 Accounting Fees, Legal and Operational Fees $340 $340 $340 $340 $340 $340 $340 $340 $340 $340 $340 Builder's RisklUability Insurance and Mise fees $320 $320 $320 $320 $320 $$2() $320 $320 $320 $320 $320 Contingency $215 $215 $215 $215 $215 $215 $215 $215 $21$ $215 $215 Sub Total Development Costs $36,925 $36,925 . $36,925 $36 925. . $36,925 $36,l)25 .$36,925 $36 925 .$36,925 $36,925 $36,925 Closing Costs (Broker) (2.5%) $1,425 $1,425 $1,425 $1,425 $1,425 $1,425 $1,425 $1,425 $1,42$ $1,425 $1,425 Closing CostsfTi1Ie Ins. /construction Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 Market Study/Marketing and Advertising $425 $425 $425 $425 $425 $425 $425 $425 $425 $4~ $425 Sub T9tal Financial Costs $3,350 . $3 350 $3,350 . $3,350 $3,350 $3,350 $3350 $3,350 $3,350 $3,350 $3,350 Developer's Overhead/Fees $4,000 $4,000 $4,000 $4,000 $4,000 $4,lXlo $4,000 $4,000 $4,000 $4,000 $4,000 SUB TOTAL COSTS $57,010 $57,010 $57,010 $57,010. $57,010 $57,010 . $51.010 $57,010 $57,010 $57,010 $57,010 County COBG $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 Down Payment (SHIP/Bond) AssistanCe $10,000 $10,000 $10,000 $10,000 $10,000 $5,lXlo $5,000 $5,000 $5,000 $5,000 $5,000 Federal Home Loan Bank Grant $7,560 .__~g?SO ~_ $7,560 ~~ _--.F,560 _---.E,560 __$7,~ ._~~7,;,so_ ~-~g~ _._E,560_ _$.z,~ ~------- er Sale Price - $34,950 ~~_~il?O $34,950 $34,~ $34 950 $39 950 $39A~ ~.@~ ---1~~ .~-~,~ ---'~ As of January $, 1999 DEVELOPMENT BUDGET-Phase I (64 units) WINTER SPRINGS H23 H24 H25 H26 H27 H28 H29 H30 H31 H32 H33 I 2bdrl2bath 2bdrl2bath 2bdr/2bath 2bdr/2bath 2bdr/2bath 2bdr12bath 2bdr/2bath 2bdrl2bath 2bdr12bath 2bdr12bath 2bdr12bath I USES/CONSTRUCTION 968 968 968 968 968 968 968 968 968 968 1040 Rehabaiation (11.5Osq ft) $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 $11,132 $11,960 General Requirements (4%) $445 $445 $445 $445 $445 $445 " $445 $445 $445 $445 $478 Building Contractor's Profit (6%) $695 $695 $695 $695 $695 $695 $695 $695 $695 $695 $746 Building Contractor's Overhead (2%) $184 $184 $184 $184 $184 $184 $184 $184 $184 $184 $198 Contingency $278 $278 $278 $278 $278 $278 $278 $278 $278 $278 $299 Sub Total Construction costs $12734 $12734 $12,734 $12,734 $12,734 $12,734 $12,734 $12,734 $12,734 $12,734 $13,681 Acquisition/purchase $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 Site Development (roads, sewer, water, ate) $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 Building Permits, Impactl Connection Fees $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 Architect, Engineering, Survey, Enliiror'lmehtal $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 landscaping/Security $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 Accounting Fees, Legal and Operational Fees $340 $340 $340 $340 $340 $340 $340 $340 $340 $340 $340 Builder's RisklLiability Insurance and Misc fees $320 $320 $310 $320 $320 $320 $320 $320 $320 $320 $320 Contingency $215 $215 $215 $215 $215 $215 $21$ $215 $215 $215 $250 SubTotaIDev~opmentCos~ $36,925 $36,925 . $36,925 $36,925. . $36,925 $36,925 $3tl 925 $36,925 .$36.925 $36 925 $36,960. Closing Costs (Broker) (2,5%) $1,425 $1,425 $1,425 $1,425 $1,425 $1,425 $1,425 $1,425 $1,425 $1,425 $1,450 Closing Costs/Title Ins. /Construction loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 Market Study/Marketing and Advertising $425 $425 $425 $425 $425 $425 $425 $425 $425 $425 $425 Sub Total Financial Costs $3,350 . $3,350 $3,350 . $3,350 $3,350 $3350 $3,350 $3,350 $3,35<l $3,350 $3,375 Developer's OverheadlFees $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,ocKl $4,000 $4,000 $4,000 $4,000 SUB TOTAL COSTS $57,010 $57 010 . $57,010 $57,010 $57,010 $57,010 $57,01() $57,010 .$57,010 $57,010 $58,017 County CDBG $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 Down Payment (SHIP/Bond) AssiStanCe $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $5,000 $5,000 $5,000 $5,000 $5,000 Federal Home loan Bank Grant $7,580 $7,560 $7,560 --E560 -----.!I,560 $7,560 $t,560 _E,560 __.g56<l ........--B$() $7,560 [&yer Sala price_.~__._=--====--~_~= =~950 $34 950 $34,eiO S34.@ ~.95O $34 9so $39,950 1--~,950 ~95O $39,950 $~957 As of January 5, 1999 DEVELOPMENT BUDGET-Phase I (64 units) WINTER SPRINGS H34 H35 H36 H37 H38 H39 H40 H41 H42 H43 H44 I 2bdr12bath 3bdrl2bath 3bdr12bath 3bdrl2bath 3bdr12bath 3bdr/2bath 3bdrl2bath 3bdrl2bath 3bdr/2bath 3bdrl2bath 3bdr12bath I USES/CONSTRUCTION 1040 1040 1040 1040 1040 1040 1040 1040 1040 1040 1040 Rehabtliation (11.5Osq ft) $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 General Requirements (4%) $478 $478 $478 $478 $478 $478 $478 $478 $478 $478 $478 Building Contractor's Profit (6%) $746 $746 $746 $746 $746 $746 $746 $746 $746 $746 $746 Building Contractor's Overhead (2%) $198 $198 $100 $198 $198 $198 $198 $198 $198 $198 $198 Contingency $299 $299 $299 $299 $299 $299 $299 $299 $299 $299 $299 Sub Total Construction costs $13,681 $13681 $13681 $13681 $13,681 $13,681 $13,681 $13,681 $13,681 $13,681 $13 681 Acquisition/purchase $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $3(),000 $30,000 $30,000 $30,000 $30,000 Site Development (roads, sewer, water, ate) $4,500 $4,500 $4,500 $4,600 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 Building Permits, ImpactJ Connection Fees $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 Architect, Engineering, Survey, Environmental $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 Landscaping/Security $400 $400 $400 $400 $400 $400 $4()() $400 $400 $400 $400 Accounting Fees, Legal and Operational Fees $340 $340 $340 $340 $340 $340 $340 $340 $340 $340 $340 Builder's RisklUability Insurance and Mise fees $320 $320 $320 $320 $320 $320 $320 $320 $320 $320 $320 Contingency $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 Sub Total Development Cosis $36,960 $36,960. $$,9E1Q $36,960 , $36,9E\O $36,960 . $36,960 $36,960 $36,960 $36,960 $36,960. Closing Costs (Broker) (2,5%) $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1 ,450 $1,450 $1,450 $1,450 Closing CostsITitte Ins, /ConstllJction Loan Intlirest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 Market Study/Marketing and Advertising $425 $425 $425 $425 $425 $425 $425 $425 $42S $425 $425 Sub Total FinancIal Costs $3,375 . $3,375 $3,375 $3,375. $3,375 $3,375 $:3375 $3,375 , $3,375 $3 375 $3,375 Developer's Overhead/Fees $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 SUB TOTAL COSTS $58,017 $58 017 $58,017 $58,017 . $58,017 $58,017 , $58,017 $58,017 ,$58,017 $58,017 $58,017 County CDBG $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 Down Payment (SHIP/Bond) AssiStanCe $5,000 $10,000 $10,000 $10,000 $10,000 $10,000 $5, OQ() $5,000 $5,000 $5,000 $5,000 Federal Home Loan Bank Grant $7,seo $7,560 $7,560 $7,!i60 $7,560 $7,560 $7,560 $7,560 _---E,560 _~ __$2,560 . ~yer Sale p~- . .. -.. _ $40...007 $35.957 $35 957 $35,957 $35,957 _~~957 S40,951 ._~~ ---HQ,951 $40 9157 ~~ As of January 5, Hiss DEVELOPMENT BUDGET-Phase I (64 units) WINTER SPRINGS H45 H46 H47 H46 H49 H50 H51 H52 H53 H54 H55 I 3bdrl2bath 3bdr/2bath 3bdrl2bath 3bdrl2bath 3bdr/2bath 3bdr12bath 3bdr/2bath 3bdrl2bath 3bdr12bath 3bdr12bath 3bdr12bath I USES/CONSTRUCTION 1040 1040 1040 1040 1040 1040 1040 1040 1040 1040 1040 Rehabiliation (11,5Osq ft) $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 General Requirements (4%) $478 $478 $478 $478 $478 $478 $478 $478 $478 $478 $478 Building Contractor's Profrt (6%) $746 $746 $746 $746 $746 $746 $746 $746 $746 $746 $746 Building Contractors Overhead (2%) $198 $198 $198 $198 $198 $198 $198 $198 $198 $198 $198 Contingency $299 $299 $299 $299 $299 $299 $299 $299 $299 $299 $299 Sub Total Constructlon costs $13,681 $13681 $13,681 $13,681 $13,681 $13,681 $13,681 $13,681 $13681 $13681 $13681 Acquisition/purchase $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 Site Development (roads, sewer, water, ate) $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 Building Permits, Impactl Connection Fees $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 Architect, Engineering, Survey, EnVironmental $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 landscaping/Security $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 Accounting Fees, Legal and Operational Fees $340 $340 $340 $340 $340 $340 $340 $340 $340 $340 $340 Builder's Risk/liability Insurance al1d Mise fees $320 $320 $320 $320 $320 $320 $320 $320 $320 $320 $320 Contingency $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 Sub Total Development Costs $36,960 $36,960. . $36,960 $36,960 . . $36,960 $36,980 $36,960 $36,960 $36,960 $36 960 $36,960 Closing Costs (Broker) (2.5%) $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1 ,450 $1,450 $1,450 Closing Costs/nUe Ins, /Construction Loan Interest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,5(J() $1,500 $1,500 $1,500 $1,500 Market Study/Marketing and Advertising $425 $425 $425 $425 $425 $425 $425 $425 $42S $425 $425 Sub Total Financial Costs $3,375 . $3,375 $3,375 $3,375 $3,375 $3,375 $3,37S $3,375 . $3,375 $3,375 $3,375. Developer's Overhead/Fees $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 SUB TOTAL COSTS $58,017 $58,017 . $58,017 $58,017 $58,017 $58,017 . $5fI,017 $58,017 $58,017 $58,017 $58,017 County CDBG $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 Down Payment (SHIP/Bond) AssiS1anea $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 Federal Home loan Bank Gram $7,560 $7,560 __ $7,560 $7 !i6o $0 $0 $0 - $0 $<i ~~ -~~ lfu1Y.er Sale Price ~9l57 ~,l357 ~~57 ~,~7 $4S,517 ~517 _~~.517 __~517 ~517 ~,517 $48,517 As of January 5, 1999 DEVELOPMENT BUDGET-Phase I (64 units) WINTER SPRINGS H56 H57 H58 H59 H60 H61 H62 H63 H64 I 3bdr12bath 3bdr/2bath 3bdr/2bath 3bdrl2bath 3bdr12bath 3bdr12bath 3bdr12bath 3bdr12bath 3bdr/2bath I USES/CONSTRUCTION 1040 1040 1040 1040 1040 1040 1040 1040 1040 Rehabiliation (11,5Osq ft) $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $11,960 $738,944 General Requirements (4%) $478 $478 $478 $478 $478 $478 $478 $478 $478 $29,558 Building Contractor's Profit (6%) $746 $746 $746 $746 $746 $746 $746 $746 $746 $46,110 Building Contractor's Overhead (2%) $198 $198 $198 $198 $198 $198 $198 $198 $198 $12,219 Contingency $299 $299 $299 $299 $299 $299 $299 $299 $299 $18,474 Sub Total Construction costs $13,681 $13681 $13,681 $13,681 $13,681 $13,681 $13,681 $13,681 $13681 $845 305 Acquisition/purchase $jQ,OOO $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $1,920,000 Site Development (roads, sewer, water, ate) $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $288,000 Building Permits, Impact! Connection ~ees $500 $500 $500 $500 $500 $500 $500 $500 $500 $32,000 Architect, Engineering, Survey, Environmental $650 $650 $650 $650 $650 $650 $650 $650 $650 $41,600 landscaping/Security $400 $400 $400 $400 $400 $400 $400 $400 $400 $25,600 Accounting Fees, Legal and Operational Fees $340 $340 $340 $340 $340 $340 $340 $340 $340 $21 ,760 Builder's Risk/liability Insurance and Mise fees $320 $320 $320 $320 $320 $320 $320 $320 $320 $20,480 Contingency $250 $250 $250 $250 $250 $250 $250 $250 $250 $14,880 Sub Total Development Costs $~,960 $36,960 . $36 960 $36,960 . . $~,960 $36,960 $36 960 $36,960 $36,960 $2364,320 Closing Costs (Broker) (2.5%) $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $92,021 Closing CostsITl1:la Ins. /Construction loan Intlirest $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $96,000 Market Study/Marketing and Advertising $4:15 $425 $425 $425 $425 $425 $425 $425 $425 $27,200 Sub Total Financial Costs $3,375 . $3,375 $3,375 $3,375 $3,375 $3 375 $3,375 $3,375 $3 375 $215221 Developer's Overhead/Fees $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 ~256,00O SUB 'tOTAL COSTS $58,017 $58,017 $58,017 $58,017 $5a,017 $58,017 $58,017 $58,017 .$58,011 $3660,846 County CDBG $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,5OCl $288,000 Down Payment (SHIP/Bond) AssiStanCe $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $435,000 Federal Home loan Bank Grant $0 $0 $0 $0 $0 $0 $0 $0 $0 $362,880 1------. .-- .---.--- $48,517 ~517 ~,5'17 .~,o17. ~517 ~$17 $48,517 $48,517 $48,~ -~~~ Buyer Sala Price TOTAL As of January $, Hi99 fif::fI~~ ~~~:,"',,"m. I r~, 59 GrjM ,/:Tf?OSf Sr ~0~4K C f IJ 1. I.B :...~ \ ') 1,{t..9~A~J R 921 _ ~ 9:- ~ 18 \ 3 (35 -"8; 7 /;fi 33...., 1 \ \,:' 51 P 40 1 5 13 1 2 3 14 5 68 Oc 12 7K 3 \0'....<;,;. 46 2 9 10 11 J '" S 6 , \ ,1'> GH~ 7 6 ~ 1.3 \U T ;\\ ro. :'~'. :1D' -;":: · <~ '" : : ~"g ,; , , \ ""0 10 n....) 12 \ -':' 2 3 14 6 2 J,i(-/ ~ _ 13 14 ._ 1 I 5 18 RAeT "e" TIf,.. T MACDUFF LN t; T ~ I 24 23 22 21120 '((Q:: ~~11 A~jJ~t9 ~~ ~ ~ i IIff:(f ~4 18 18 3 4 I 7 iJlif;J$ 3 7. ~ 17'2,N 13 I) HUNt!..'r L: {JJj0 4-~ 12 6 .31 r, OO~" ;... 9 91 ~:Jl... 4 11 10 ~~ ',i;. ., Vi: H f J ~ ~ '-"12.; p..J" 10 4645 2'2~Y . 4' , 1 ~ ~ ~ 1.0 (iili <i.... is,' ~~ (J I '-Jb ~ Co g 20t].-.1 p,,_.16 ; TRAGT "",,:;::;I I'..;;! -. '.... . 2 ~ '\oJ - 19 :.: .Ii '17 ... ,. I (;) ,'fI 1~.>~ i i 'Bf,~" ;' , * -~ 17 _-~ ,., :( ~ >-- 6 15'" 5 !. \ ~64 3 2 1 I~~ 14 6 :t \ \\; 5 \c:; I - - 13 7 :!l :\ C\ 14 6 Z r \ ~~ \7 6~ ~ 13 9 g ~2 6_ g ~ ~ aD al2 \~ 6 JA t 12 10 ~ ~I 9 ~ {~ ~ TR(f-\C1 F ~ 9~ ~ ~ C ~ 0 ~ AO ~ 0.0 : ~ 1 ~f~ "'~'T \,~' M : '" ~ f BLK D 5 {\ ,,"" __, " ~ F ) - .., 7r.4" .-J..a ... - - - - % RAGT "a" 8 7 22 -. a()'< 23 'v .:j'?- 'v ~ :.> 00, ~ o~, 0, ,~G v ~o G'" O<ro <vG ~ l --\,<V ~ '-./ ... 3 6 5 4 "C: f.-'" ,,~ 1800 -0 150 SUNSHNE PARK \,) 10 12 11 ~<: . ~ "< t+ 4 L;;f 1~ 5 6 7 SUBJECT PROPERTIES 8 !>:' 17 '" 18 r> '" "i 5 ~ 15,0.;- &- !t6 Cj 14 'll ~ 13 0-' 15~ S 14", 6 12 9 'I al"\ ~ A.0t'"' o n "" tIl t'"' gl.O '" '" 2.0- ::::=:::: 3 - 4 - 5 - 8 ,,,,27_ (/l ~(/l S 7" 9 g 26 8 ~~ C> :: 6;:;\ 10 '" 25_ ~ _N II 24 :z: 9 _ ~ ~ \ 27 211 \29 JO \31 32 33 34 35 ~36 ~ ~ _'2 23 ?, 26 \ 37 - 1J 22 25? BROO\<,SIQE QRIVE", II \' --:=-~ ;---./ ~r 1" "r62T63 I~~ 36 12 l.,:L~! )21~_d 12, '::t 55 56 57 -,~L l ~ \ r- 15 20 1 --,p ~ ~ -: 43 ~ 39 1J ,~ " r:- '-~k' I- ,... ,I - Z ----: ;I~; p. , I-iV 0 156,\'" ,......,r.:.4V..- '0\14_ 16"}',:' "_ % ,,' :; ,.,;Sq _~~. ~.., t.. \~ _ 1_1--:-- 5 JO - 29 C 55.C EB 28 6 WtlTER SPRINGS ELEIolENT MY SCHOOL I 6 20<& 19 7~194 '" 18 .!; 5 9 ~ 17~ Jtr :.:;: t> 6 '" ~ 16 16 11 ~ 15 'Ii 7 k'*' 15,0 15 12 ~ 14 8 '-<..~ 14 ~ 9 ~ "" 14 13 ~3 10 13 Q;' 8 J;? NOR TIi 12 12.: 12 9 '" 16 1 10 ~ I] 15 12 1ST.. ..... PU3L1C 'l K.: ,,' IlSii :" 13 ~ 1--- 2 II A.O _ ),:- 10 ~ 5 6 7 \ 8 -;,-~ ~~I~,o~;\~a ~ ----' - 6 Q) 4:Z: LORI #lNE LN dtl , : ,;, i ' ; "tlh-~P~\ :f.~'i~' A.I ~A.O ~ 1\.0 ~ 1\.1~1: II c} = __............ State Road 434 , 1 TT 11\ 001\2 al 11f , I _'"XI~ Tl~R ~ EID g ~ ~ cQ\IIoIOIl \.76:.. 2.0 '" PL" ~ NORTH '" - 5 30 5 JO ORLANon 2ND AOOllTION @ 20 3 . 4 ~'ll 17 8 8 001\4 2." .~ 29 6 29 7 26 7 28 (/l 17" , 10 1 6 27 _ (/l 6 27 ~ ~ .....J 9 g:6;'\ 9 1~211_ ~ ~ 9 "'25 -::. .. 25 .". 15 al t'"' 10 .y 10 _x --t;:- II ~ 11 24 -11 .L 24 .". 14 ~ :.; .". -.I -<-7'" \ 12 23 ~ 23 13.,. ~ I 12__ J..... DR 13 22 --;1 22 12 8 ~ GARDEN ~~~-r" ,~, ,;r 14 21 14 ~_ 11 ~{. t: ,-:,~::'~ 'S 1". ,. ,- t,? "I \ IJIVIt:1' 'I ....~ ~ ~~ '\ ~ [:If 10 \ 5 C \2 I K'~' '191 r: 'r _ 16 l~ 19 9fi\\8 \ 7 6 \5 \ · \ J .. ' ~ ~ 1\1711' 18 \If7 \ 17 \ 18 ~. _.....-;,;'" on"'" ~~ EB 13,8 SLOCK (. ~/f f: o 14 ~ 0) 12,J (' f.~ 1_ ~ '-J ,~2,GJ'..~CJ;.. 1-:. ~ ~,J . ""0 ~ 12. "'""" ~~ ~~ 12.H - -c::::..-' ~ r STATE RO~ S2.G Pi w 0 e T CE 6 e;. 4! (/l ~ ~ 3 0 ~~ :\\ (/l (/l 2 ~ ;Xl R,oC1 "e 0 1 - 52,H - \ LA VIST A 11 (~ D_ M~MORANDUM 01<' UND~RSTANDING THIS UNDERSTANDING is between the WYMAN FIELDS FOUNDATION, INC., a Florida non-profit corporation ("Owner"), and AMERICA'S HOUSING DEVELOPMENT CORPORTION, a Florida for profit corporation (""Project Coordinator") WHERAS, the City of Winter Springs desires to develop approximately 15"8 units of affordable housing for mixed income households in the City of Winter Springs in order to revitalize a blighted area, and; WHERAS, the Foundation is an organization specializing in the provision of community redevelopment, NOW, THEREFORE~ the parties understand the following: 1. SERV1C~S TO BE PERFORMED BY THI!: OWNER: 1. Act as Pr~jcct Developer 2. Work with AHDC in the creation of initial and final work plans to inelude pre development activities, acquisition of the properties rehabilitation/conversion of rental units, marketing and sales plan. 3. Provide the financing and/or funds for the purchase of the existing apartment buildings, potentially 158 units. Ownership of the apartment buildings/property. 4. Continued ownership of the converted units through condominium documents, via individual home ownership of the units, and corporation (non-profit) ownership of the buildings/property . 5. Grant writing of subsidy applications. 6. Administration of tUnds, and long term compliance of grant rules and requirements as it pertains affordability. 7. Provide relocation services as needed, 8. Construction Management from Permits through to Certificate of Occupancy to include: Contract with General Contractor, Sub-Contractors, and Trades to pertorm rehabilitationlre-construction work activities of the units. 9. Provide housing counseling services present and ongoing follow up over the affordability period. 10. Provide ongoing Management of Condo/Home Owners Association, II. SERVICES TO BE PERFORMED BY THE PROJECT COORDIANTOR: 1. Act as Project Coordinator. 2, Work with the Foundation in the creation of initial and tinal work plans to included, pre development activities, acquisition of the properties, rehabilitation /conversion of rental units, marketing and sales plan. 3. Work closely with City Community Development Director, City Attorney, City Planners, Zoning, and Building to produce the following: Condo Conversion approvals and permits FIlA & VA project approvals Structuring and legal incorporation of Condo Association 4, Contract with necessary professionals to perform pre development activities, i.e. Architect, Engineer, Landscape Architect, etc, 5. Provide Marketing, Sales, mortgage qualitication and Loan closings. Ill. ~'~~ SCH~OULK: For the abovc outlincd scrvices, rolcs and responsibilities the Wyman Fields Foundation will be entitled to receive; $20,000 advance predevelopment retainer $ 2,000 fee per unit upon sale to qualified buyer Developers fees that may be realized as a direct result from grant and/or financing options For the above outlined services, roles and responsibilities America's Housing Development Corporation wilt be entitled to receive: $20,000 advance predevelopment retainer $ 2,000 fee per unit upon sale to qualified buyer. Real Estate/Broker fees that may be realized as part of the sale and/or mortgage loan closing HY: America's Housing Development Corp DATE: HY: Candace A. Birle, CEO Wyman Fields Foundation, Inc. DATE: