poyner place

8/6/2019 Poyner Place

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

roject Description

oject Name: Poyner Place

ddress: 3215 Carey Road

ty: Kinston County: Lenoir Zip:

ensus Tract: 108 Block Group: 1017

project in Qualified Census Tract or Difficult to Develop Area? No

e you requesting the basis boost under section II(E)(4) of the QAP? No

olitical Jurisdiction: City of Kinston

risdiction CEO Name:First:Buddy Last:Ritch

Title: Mayor

risdiction Address: 207 E. King Street

risdiction City: Kinston 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? No

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

ttps://www.nchfa.org/Rental/RTCApp/(S(apqddxvu...7C3DC0C08&SNID=CA87C46C88BA481F89C5698F2BD58F14 (1 of 21)4/14/2009 12:49:48 PM

28504

28501

(252)939-3282

35.2966

-77.6104


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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: Evergreen Construction Company

ddress: 7706 Six Forks Road

ty: Raleigh State: NC Zip:

ontact: First: Tim Last:Morgan Title:Vice President

elephone:

t Phone:

ax:

mail Address:

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


27615

(919)848-2041

(919)630-3383

(919)848-0455

[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? No

If yes, please describe:

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:


19 19


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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?YesIf yes, specify the relationship:

The land is currently owned by Evergreen Construction Company, which Lyle D. Gardner is the owner andpresident and will also be a member of the LLC that will be purchasing the property.

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

(D) Enter Purchase Price:


12/31/2009

135,000


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oning

esent zoning classification of the site:RMF

multifamily use permitted?Yes

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:

The City of Kinston denied the special use permit so we requested the case be heard in Superior Court,which upheld the decision. We then appealed the decision to the NC Appellate Court which ruled inDecember that the city violated its own ordinance when not granting the special use permit and overturnedthe lower courts decision. The city is attempting to appeal that decision by requesting a discretionary reviewof the case by the NC Supreme Court. Our attorney has estimated that the outcome of that request shouldbe known by the first part of March. If the Supreme Court denies the review, then the city will be required bythe court to issue the special use permit.

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: Poyner Place Housing Associates, LLC

dress: 7706 Six Forks Road

y: Raleigh 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: Poyner Place Housing Associates, LLC

rst Name: Lyle Last Name: Gardner Function: Managing Member

ddress: 7706 Six Forks Road

ty: Raleigh State: NC Zip: 27615

hone: Fax:

Mail: Nonprofit: No

Org: Poyner Place Housing Associates, LLC

rst Name: Timothy Last Name: Morgan Function: Member

ddress: 7706 Six Forks Roadty: Raleigh State: NC Zip: 27615

hone: Fax:

Mail: Nonprofit: No


27615

(919)848-2041 (919)848-0455

[email protected]

(919)848-2041 (919)848-0455

[email protected]


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AllUnits

Units

Gross MonthlyRental Income

Low Income.......

Market Rate.......

Totals...............

oposed number of residential buildings: Maximum number of stories in buildings:

oject Includes:Separate community building - Sq. Ft. (Floor Area):

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(apqddxv...C3DC0C08&SNID=CA87C46C88BA481F89C5698F2BD58F14 (10 of 21)4/14/2009 12:49:48 PM

49 6 20135

49 6 20135

25 2

944

60,696

57,338

6

6

5
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



targeted at percent of median income affordable to



tal Low Income Units:

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


3 50

9 50

9 50

2 60

13 60

13 60

49


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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))


640,000 2.00 20 20

1,555,041 0 30 30 0

3,405,199

100

5,600,340

73


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e propose to syndicate the credits with CAHEC.

ans with Variable Amortizationease fill in the annual debt service as applicable for the first 20 years of the project life.

PP Loan

ear:mt:

1 2 3 4 5 6 7 8 9 10

ear:mt:

11 12 13 14 15 16 17 18 19 20


32500 32500 30500 30500 28500 28500 26500 24500 22500 22500

20500 20500 15000 15000 11000 11000 8000 6000 4500 1500


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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


538,000 538,000

3,123,500 3,123,500

219,690 219,690

77,624 77,624

232,871 232,871

209,584 209,584

35,000 35,000

9,750 9,750

4,446,019

4,500 4,500

68,133 40,000

2,050 2,050

117,100 117,100

5,000 5,000

2,500 2,500

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)


4,500

208,083

9,000 9,000

3,500 3,500

2,300

32,138

5,000 5,000

5,500

34,300

91,738

544,500 544,500

Other Basis Expense (s

Other Basis Expense (s

35,000

Other Non-basis Expen

Other Non-basis Expen

579,500

35,000

105,000

Other Reserve (specify)

Other Reserve (specify)

5,465,340 0 5,183,469

0

5,183,469 0 5,183,469

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 unit63,745


5,183,469 0 5,183,469

100.00% 100.00%

5,183,469 0 5,183,469

3.50 9.00

466,512 0 466,512

466,512 466,512

135,000

5,600,340

466,512


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arket Study Information

ease provide a detailed description of the proposed project:

e are proposing to construct a forty-nine (49) unit duplex family rental community on Carey Road innston. The project will consist of (5) one bedroom, one bath units, (22) two bedroom, one bath units and2) three bedroom, two bath units. Both garden and townhouse style units will be available. There will also an office/community/laundry building with a computer center along with other site amenities for thesidents to enjoy. (See site amenities for details.) The site's close proximity to area amenities and

wntown make this a desirable location. In addition, 10% of the units will be targeted to persons withsabilities.

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:

30 Year Dimensional Shingles

ve you built other tax credit developments that use the same building design as this project?No

If yes, please provide name and address:

e Amenities:

ayground and separate tot lot, resident computer center located in the office builidng, laundry facilities,vered picnic area, outdoor seating areas and a gazebo.

site Activities:



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ndscaping Plans:

e building will have landscaped beds around them. Trees will also be planted and dispersed throughoute property. Landscape plans will exceed the City of Kinston standards.

erior Apartment Amenities:

all-to-Wall carpeting, stove, range hood, refrigerator, dishwasher, washer/dryer connections, phone andble ready, mini-blinds.

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 physical condition of the surrounding neighborhood could be classified as middle to upper middle class.

or the most part the homes are in good condition and appear to be occupied. There is no concentration offordable housing around the site. This is an in-fill site but new to relatively new construciton continues

earby (Spring Arbor Assisted Facility looks to be fairly new as well as the church across from the site).

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. The site is located in an area of primarily single family residentialvelopment, along with a market rate multi-family rental complex next door. There are also for sale duplexuses near the site (down Susan Drive). Access to all major facilities and neighborhood features can beained within a 10 to 15 minute drive.

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. Street and highway accessibility are very good relative to the site. Accessl be available from Carey Road, which is a light to medium density residential connector with a speed limit35 mph. Additional access points may also be from Johnson Street, Jennifer Street or Crestwood. Carey

oad links the site with Heritage and Queen Streets about 1 and 2 miles to the east, which in turn links thee with the downtown area of Kinston. Carey Road also links the site with Rouse Road which eventually (viakage with Hull Road) provides access to US 70.

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, largeulders, 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).

one exist. It is a relatively flat site with some portion tree'd and some cleared.

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

he duplex style housing we are proposing will blend in nicely with the surroundings since this type ofousing already exists near the site. Both garden and townhouse style duplexes will be available.



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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

SchoolsPublic Transportation

Stop

Convenience Store Public Parks

Gas Station Library

her facilities or services:

ernon Park Mall - 2.0

hurches - .1ost Office - 1.7estaurants - 1.4anks - 1.4ee site map for location of above facilities or services.


.5 4.0

.5 2.0

.21.4

32.0

.7

.2 2.2

.2 3.6


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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)

poyner place

Documents