The MeadowlandsMadison, Wisconsin

Building Better Lives Through Better Communities

The Meadowlands

Sprecher Neighborhood Plan

The Meadowlands GDP

PUD:GDP/SIP

216 Multi‐Family (4 buildings)7 Townhomes

2‐4 story buildings

KCG – ExperiencePrincipal’s Collective Experience• $2B - Sr. & Multifamily Development (Market Rate/Student/LIHTC/US Military)

• 35+ States

• 60+ Years

Since KCG Started in 2015• 8 Properties Developed – 1,124 units; $248MM TDC

• (4) Properties Stabilized/Operational – 397 units; $85MM TDC• Winder, GA - 130 unit new construction• Buffalo, NY – 147 unit historic adaptive re-use + 4,400sf retail• Fond du Lac, WI – 48 unit historic adaptive re-use + 4,000sf commercial/retail• Lago Vista, TX – 72 unit new construction

• (4) Properties Under Construction - 727 Units; $163MM TDC• Leander, TX – 228 unit new construction• Sheboygan, WI – 118 unit historic adaptive re-use + 8,700sf commercial/retail• Utica, NY – 149 unit historic adaptive re-use + 9,000sf retail• Austin, TX – 232 unit new construction

Wisconsin Projects – Exchange @ 104

• Location: 1st & Main Street downtown Fond du Lac, WI

• Type: Historic adaptive re-use

• Units: 48-units (Family) • 4,400 SF Retail• Veteran Preference

Wisconsin Projects – Badger State Lofts• Location: Downtown Sheboygan,

WI

First major investment in FreshTechInnovation District

• Type: Historic adaptive re-use

• Units: 118-units of Family• 8,700 SF Commercial/Retail

Housing Tax Credits 101

Housing Tax Credit Basics – Income Limits

LIHTC PROGRAM REQUIREMENT

FAMILY’S MONTHLY HOUSING COSTS CANNOT EXCEED 30% OF THEIR 

INCOME

$$$ HOUSING COST (RENT + UTILITIES) < 30% OF MONTHLY INCOME

IRS/ HUD SETS INCOME LIMITS

MADISON AREA MEDIAN INCOME (“AMI”): Madison, WI ‐ AMI: $100,400 (2019)

60% AMI: $60,240

Housing Tax Credit – Rents

Bedrooms Income Limits (2019)  Max Housing Cost

1 $45,210 $1,130

2 $54,240 $1,356

3 $62,670 $1,566

Housing Tax Credit Basics – Utilities

* Utility Allowances: The estimated cost of all utilities that the Tenant is responsible for paying for **Source: Dane County Housing Authority Utility Allowances (2019)

UTILITY ALLOWANCES:1 BR 2BR 3BR$79 $103 $127

PROPERTY (LOCATION) SPECIFIC -MAXIMUM ALLOWABLE RENTS:

60% AMI

1 BR: $1,130 - $79 = $1,0512 BR: $1,356 - $103 = $1,2533 BR: $1,566 - $127 = $1,439

Housing Tax Credit - Recap

IRS/HUD sets INCOME LIMITS

Max Housing Cost is derived from INCOME

LIMITS

UTILITY ALLOWANCES are set by the

housing authority

RENT + UTILITY ALLOWANCE = MAX HOUSING

COST

60% AMI (4.5 ppl) MAX HOUSING COST UA 3 BR RENT

$62,670 $1,566 $127 = HOUSING COST – UA$1,439

LIHTC vs. Market Rate

BedroomCount Salary

MaxHousing

Cost

1 $45,210 $1,130

2 $54,240 $1,356

3 $62,670 $1,566

Bedroom Count

Avg. Housing

CostSalary

1 $1,254 $50,160

2 $1,536 $61,453

3 $1,827 $73,080

Bedroom Count

Salary %Difference

Housing $ Difference

1 10% $124

2 12% $180

3 14% $261

LIHTC Avg. Market Rate Comparison

Current Jobs Within Income Range

Dane County Jobs

• Airport Operator• Firefighter• Police Officer• Social Worker• Nurse 

Top 5 Madison Employers

• University of Wisconsin• Epic Systems Corp• American Family 

Insurance• Sub‐ Zero• WPS Health Insurance

www.Indeed.com

• Property Manager• Clerk• Entry Level Interior 

Designer• Building Estimator• Administrative Assistant

4.5 Person Household  $62,670 / Annually $30/ Hour

3 Bedroom Apt.

Tenant Selection CriteriaTENANT SELECTION CRITERIA

• Landlord Reference Considerations• Credit/Criminal Screening• Income• Occupancy Standard

*All adult applicants must pass resident selection criteria based on landlord references, credit report and criminal background check, including State and Federal sex offender registries, and household income. If any of the household members do not pass, the entire household will be denied. If denied, any applicant would be eligible for reconsideration 60 days from original denial date. 

LEASE PROVISIONS

• Security Deposits/Annual Re‐Certifications (Income)• Obligations of Tenant

• Abide by rules and regulations of the community• To keep the premises in accordance with all police, sanitary, and other regulations imposed by any governmental authority. No laws, status, or 

ordinances will be violated on the premises. Not to possess, use or sell any illegal substances anywhere on the premises or on any property area associated with the Apartments. 

• To dispose of all garbage, rubbish and other waste from Apartment in a sanitary manner and in containers provided for such disposal, and in accordance with any state and local recycling laws

• Breach of Lease• Tenant agrees to be liable for all acts of negligence or breaches of this Lease by Tenant and Tenant’s guest and invitees. • 5‐days to vacate after breach notice

Design/Property FeaturesProperty Design

• Scale• 5 FTE – 2 property management, 2 maintenance, 1 leasing agent + budgeting for on‐site service coordinator

• Parking • 1:1 underground parking available + ~0.75:1 ratio of surface parking 

• Safety/Security• Secured access and security cameras are standard across KCG’s portfolio• Cameras can be used as a tool to allow the enforcement of lease provisions if necessary

• Trash• Internal trash chutes within each building, leading to dumpster in 1st floor trash room• Dumpsters will be rolled out morning of trash pick‐up. 

• Landscaping • Intentionally designed to be compatible with the surrounding neighborhood

Thank You