green stone at light water
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Print Preview - PreliminaryApplicationTax Credits, RPP Loans, and/or Tax Exempt Bond Loans
roject Description
oject Name: GreenStone at Lightwater
ddress: 4821 Wade Nash Road
ty: Town of Fuquay-Varina County: Wake Zip:
ensus Tract: 532 Block Group: 3
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? Yes
olitical Jurisdiction: Town of Fuquay-Varina
risdiction CEO Name:First:Andy Last:Hedrick
Title: Town Manager
risdiction Address: 128 South Main Street
risdiction City: Town of Fuquay-Varina 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
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27540
27540
(919)552-6221
35.618076
-78.836511
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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: Miller-Valentine Apartments III LLC
ddress: 9349 WaterStone Boulevard
ty: Cincinnati State: OH Zip:
ontact: First: Brian Last:McGeady Title:Director of Multi-Familty Development
elephone:
t Phone:
ax:
mail Address:
OTE: Email Address above will be used for communication between NCHFA and Applicant.
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45249
(513)588-1000
(937)913-5452
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te Description
tal Site Acreage: Total Buildable Acreage:
If buildable acreage is less than total acreage, please explain:
The site has a wetland area on the west side, as well as sewer easements that will impact buildable area.
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? Yes
If yes:(a) Describe placement of project buildings in relation to this area:
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6.7 4.5
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A wetland area that contains land within the 100 year floodplain has been delineated and occurs west of a40' sewer easement. The buildings are placed approximately 60' from this easement for a total separationof 100' from the wetlands.
(b) Describe flood mitigation if the project will have improvements within the 100 year floodplain:
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te Control
es the owner have fee simple ownership of the property (site/buildings)?No
If yes provide:
Purchase Date: Purchase Price:
If no:
(a) Does the owner/principal or ownership entity have valid option/contract to purchase the property?Yes
(b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contractpurchase of the property and the seller of the property?NoIf yes, specify the relationship:
(c) Enter the current expiration date of the option/contract to purchase:
(D) Enter Purchase Price:
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12/1/2009
485,750
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oning
esent zoning classification of the site:R-4
multifamily use permitted?Yes
e variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal?No
If yes, have the hearings been completed and permits been obtained?
If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule forobtaining them:
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: GreenStone at Lightwater, LLC
dress: 9349 WaterStone Boulevard
y: Cincinnati State:OH 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: Miller-Valentine Apartments III LLC (to-be-formed subsidiary of)
rst Name: Brian Last Name: McGeady Function: Managing Member
ddress: 9349 WaterStone Boulevard
ty: Cincinnati State: OH Zip: 45249
hone: Fax:
Mail: Nonprofit: No
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45249
(513)588-1000 (937)913-5452
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nit Mix
e Median Income for Wake county is $76,900.
w Income Units
Type # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
Gdn Apt 2
Gdn Apt 2
Gdn Apt 3
Gdn Apt 3
Utilities included in rents: Water/Sewer Electric Gas Other Waste Removal
mployee Units (will add to Low Income Unit total)
ype # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
tilities included in rents: Water/Sewer Electric Gas Other
rket Rate Units
ype # BRs Net Sq.Ft.Total
# Units#Units
MonthlyRent
UtilityAllowance
MandatoryServ. Fees
**TotalHousing Exp.
tilities included in rents: Water/Sewer Electric Gas Other
atistics
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):
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943 8 2 350 155 0 505
943 24 2 600 155 0 755
1153 6 1 396 188 0 584
1153 16 1 710 188 0 898
54 6 30936
54 6 30936
6 3
1,611
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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.
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70,102
55,542
54
6
6
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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/occupied by
targeted at percent of median income affordable to/occupied by
targeted at percent of median income affordable to/occupied by
tal Low Income Units:
te: This number should match the total number of low income units in the Unit Mix section.
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8 30
24 60
6 30
16 60
54
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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:
Other Loan 2 - Specify:
Other Loan 3 - 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))
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1,200,000 7.50 18 30 100,687
957,124 0 30 30 0
6,023,849
53,900
8,234,873
70
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58 Basis Before Boost
59 Basis Boost of up to 130%
60 TOTAL QUALIFIED BASIS
61 Tax Credit Rate
62 Federal Tax Credits (maximum $1,300,000)
63 Federal Tax Credits Requested (if less than line 62)
64 Land Cost
65 TOTAL REPLACEMENT COST
FEDERAL TAX CREDITS IF AWARDED
Comments:
Project Development Cost per unit59,999
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7,362,490 0 7,362,490
100.00% 130.00%
9,571,237 0 9,571,237
3.50 9.00
861,411 0 861,411
0
485,750
8,234,873
861,411
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arket Study Information
ease provide a detailed description of the proposed project:
etailed Description
eenStone at Lightwater will be a 54 unit garden apartment community serving the community of Fuquay-arina, NC. Holly Springs and Fuquay-Varina have seen explosive population growth in the past decade.otable development less than two miles from the site includes a Walmart, a Harris Teeter Grocery (undernstruction) and a proposed medical complex. In addition, Novartis is under construction of a vaccineoduction plant bringing 350 new jobs to the area. This growth has led to expansion of retail and servicedustries, driving the need for affordable rental opportunities.
e site is located just off NC Hwy. 55 and is at the entrance to the Spring Hill subdivision. This location isnvenient to both Holly Springs and Fuquay-Varina and is in close proximity to grocery, schools and parks.hile not fronting on Hwy. 55, there will be visibility to the site, looking down Lightwater Drive, and the sitel have a directional sign located at Hwy. 55.
uilding/Unit Designs
order to incorporate the sloping conditions of the site, three of the buildings will use a split foundation,oviding a two story appearance from the front and three story on the rear. Each unit provides a porch/lcony and outside storage. Contrasting siding in gable areas and colors will provide contrast and
chitectural interest in addition to brick accents. Units are designed to create flow between kitchen, diningd living areas. All units will include a washer-dryer hook-up. Other amenities in units include: dishwasher,sposal, ceiling fans, mini-blinds, walk-in closets and pantry cabinet. Units will be constructed to meetnergy Star requirements, providing additional comfort and utility savings to residents.
te amenities include a playground, tot lot, covered picnic area, seating areas with benches and a gazebo.e community building will have an open area for meetings and TV watching, an equipped kitchen andmputer room as well as an attached laundry area. Landscaping will include planting beds at the entrance
gn and at building foundations.
nstruction (check all that apply):
Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Wide Banding or Vertical/Horizontal Siding
Other:
ve you built other tax credit developments that use the same building design as this project?Yes
If yes, please provide name and address:
Pinecrest Apartments-3605 Martins Trail Circle, Walkertown, NCSherwood Glen-2006 Oakbrook Court, Reidsville, NC
e Amenities:
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te amenities include a playground, tot lot, 10x15 covered picnic area with two tables and a grill, seatingeas with benches and a gazebo. The community building will have an open area for meetings and TVatching, an equipped kitchen and computer room, as well as an attached laundry room.
site Activities:
e community building will have a large open room for resident meetings and TV Watching. This room willrve as the location for support services programs coordinated with local agencies. Outdoor activities willclude the playground and tot lot at the rear of the clubhouse where activities can be supervised from thearby bench with surrounding shade plantings. The picnic shelter and gazebo will be located away from
e clubhouse offering an alternative area for gathering.
ndscaping Plans:
ndscaping will include planting areas at the entrance sign and at building foundations. Plant speces thatquire minimum watering will be selected. Shade trees and ornamental plantings will be located around therking areas and near playground and picnic shelter.
erior Apartment Amenities:
units will include a washer-dryer hook-up. Other amenities in units include: dishwasher, disposal, ceilingns, mini-blinds, walk-in closets and pantry. Units will be constructed to meet Energy Star requirements,oviding additional comfort and utility savings to residents.
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.
his site lies at the Northern edge of Fuquay-Varina and only 1.5 miles South of a newly developed
hopping area for Holly Springs. The site will offer easy access to both communities, which have beenome of the fastest growing in NC. Being between the two provides increased shopping and employmentpportunities. The adjacent Spring Hill subdivision has attractive homes priced in the $200,000 range.here is no concentration of affordable housing.
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. Land use is very consistent with multi-family. The site is between lowensity commercial along Hwy 55 and the single family homes to the rear.
TE SUITABILITY
dequate traffic safety controls (i.e. stop lights, speed limits, turn lanes). Burden on public facilitiesarticularly roads). Access to mass transit (if applicable). Visibility of buildings and/or location of project sign in relation to traffic corridors. The entrance to the property will be off of Lightwater Road which serves only
e subdivision to the rear. Access to Hwy. 55 can be accomplished from Lightwater Road or the signaledersection with Wade Nash Road. Buildings will have good visibility, but be set far enough away from theain road to provide adequate buffer.
egree of on-site negative features and physical barriers that will impede project construction or adversely
ect 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).
he site has an electric easement separating it from the single family homes. There is also a pump stationcated on Wade Nash Road, adjacent to the site but building elevations will be above this and landscapingnd screening will be provided to buffer this. Wetlands have been delineated to the rear of the site and alluildings are held approximately 100' away from this.
milarity of scale and aesthetics/architecture between project and surroundings.
arden apartments with attractive architectural details will fit well as a higher intensity use at the entrance the Spring Hill property. All residential building fronts will be two- story, consistent with the single family
omes nearby.
r each applicable neighborhood feature, enter distance from project in miles.
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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:
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.25 3.8
.66 9.8
.121.66
563.51
.84
37 2.12
37 2.75
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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)