HomeMy WebLinkAboutKing of Kings Housing Development Corp Amd No 1 Bridges at Florence Apartmentsiq
RECORDED AT THE REQUEST OF
AND WHEN RECORDED RETURN TO:illt llll llllllll lllll llllll I ll llllll lllll lllll lll
FRESl.l0 Countv Recorder
Paul Dictos,'C,P,A,ooc- ?øt3-øø07154
Thursday, JRN t1, 2Øt3 7Øt29t24
iti p¿ '
$o,oo ¡yJ,[990]!ls38oCity of Fresno
City Clerk
2600 Fresno Street, Room 2133
Fresno, CA 93721-3603
(SPACE ABOVE THIS LINE FOR RECORDER'S USE)
This Amendment No. I to Agreement is recorded at the request and for the benefit of the City
of Fresno and is exempt from the payment of a recording fee pursuant to Government Code
Section 6103.
Name:Mark ScottIts: City Manager
Date:
AMENDMENT NO. I TO C¡TY OF FRESNO
HOME TNVESTMENT PARTNERSHIPS (HOME) PROGRAM COMMUNITY
HOUSTNG DEVELOPMENT ORGANTZATTON (CHDO)
AGREEMENT
by and between
CITY OF FRESNO,
a municipal corporation
and
King of Kings Housing Development Corporation, a California non-profit corporation
Regarding
"Bridges at Florence Apartments"
649 East Florence Ave., Fresno, CA 93706 (APN: 478-113-27)
(North of East Florence Ave., East of South Fairview Ave., in southwest Fresno)
AMENDMENT NO. I TO
City of Fresno HOME lnvestment Partnerships Program Community Housing
Development Organization Agreement
This Amendment No. I is effective 3 , 201'Í,, and entered between the King of
and the City of Fresno, a municipal corporation.
RECITALS
WHEREAS, the CITY and DEVELOPER are parties to an August 25, 2011, HOME
lnvestment Partnerships (HOME) Program, Community Housing Development Organization
(CHDO) Agreement and Exhibits/Attachments thereto, including covenants running with the
land, and incorporated herein, recorded on September 6, 2011 in Fresno County as
document number 2011-0117476, pursuant to which the CITY, to further its goal to increase
the supply of Affordable Housing within the City of Fresno, agreed to assist the DEVELOPER
by providing HOME CHDO Program funds, upon the terms and conditions in the HOME
CHDO Agreement, related to an affordable senior rental housing project to be funded, in part,
with U.S. Depadment of Housing and Urban Development (HUD) HOME Program funds,
upon HOME eligible property located at 649 East Florence Ave., Fresno, CA 93706, within the
boundaries of the City of Fresno (APN: 478-113-27), as more particularly described in the
HOME CHDO Agreement, said Project is subject to Affordability restrictions as provided in the
HOME CHDO Agreement; and
WHEREAS, the parties desire to modify the Project Description to increase the number
of units in the affordable senior housing development from 21 to 34; and
WHEREAS, the parties desire to modify the Project Schedule to extend the date of
completion from October 1, 2013 to October 1, 2014; and
WHEREAS, the parties desire to modify the Project Budget to reflect the increase in
the number of units; and
WHEREAS, the partíes desire to modify the Project Budget to increase the project
budget from $3,962,718 to $6,906,505; and
WHEREAS, the parties desire to modify the S5-Year Cash Flow Statement to
accommodate the increase project income and expenses; and
WHEREAS, the DEVELOPER desires to modify the project site plan from that
submitted in its HOME Application for funding dated April 15,2011; and
WHEREAS, the DEVELOPER's Board of Directors approved this Amendment No. I on
February 6,2012; and
WHEREAS, the Housing and Community Development Commission recommended
approval of this Amendment No. I on February 22,2012.
WHEREAS, the Fresno City Council approved this Amendment No. I on March 8,
2012.
AMENDMENT
NOW THEREFORE, in consideration of the above recitals, which recitals are
contractual in nature, the mutual promises herein contained, and for other good and valuable
consideration hereby acknowledged, the pafties agree to the following:
1. EXHIBITS "8", "C" and "D" attached to the HOME CHDO Agreement are hereby
stricken and replaced with EXHIBIT "B" - Revised Project Description and Schedule,
EXHIBIT "C" - Revised Project Budget, and EXHIBIT "D" - Revised 55 Year Cash Flow,
incorporated herein.
(a) The amount "Three Million Nine Hundred Sixty Two Thousand Seven
Hundred Eighteen dollars and 00/100 ($9,902,718.00)'set forth in Section
6.4 B. of the HOME CHDO Agreement is changed to "Six Million Nine
Hundred Six Thousand Five Hundred Five dollars and 00/100 ($6,906,505)"
to correspond to the revised budget described in paragraph 1 above.
(b) The Developer shall submit the revised site plan and proposed Plans and
Specifications to the City for review and approval as a condition precedent to
disbursement. This shall be inserted as Section 6.4 H. of the HOME CHDO
Agreement.
2. ln the event of any conflict between the body of this Amendment No. l, and any exhibit
or attachment hereto, the terms and conditions of the body of this Amendment No. I
shall control and take precedence over the exhibiUattachment.
3. All capitalized terms used in this Amendment No. l, unless otherwise defined herein,
shall have the meanings assigned to such terms in the HOME CHDO Agreement.
4. Except as expressly modified and amended hereby, the HOME CHDO Agreement
shall remain in full force and effect. From and after the effective date of this
Amendment l, references in the HOME CHDO Agreement to "this Agreement" shall
mean the HOME CHDO Agreement as hereby amended.
5. This Amendment No. I shall be conditional upon any/all required HUD approvals.
ilt
Iil
4
?
lN WITNESS WHEREOF, the authorized agents of the parties hereto have executed this
Amendment No l, at Fresno, California, the day and year first above written.
CITY OF FRESNO, a Municipal Corporation
/-l/ - t-çBy:
By:
Mark Scott, City Manager
(Attach nota ry certif icate of acknowled g ment)
Date
ATTEST
Yvonne Spence, CMC
City Clerk
APPROVED AS TO FORM:
KING OF KINGS HOUSING DEVELOPMENT CORPORATION
Exhibit B: Revised Project Description and Schedute
Exhibit C: Revised Project Budget
Exhibit D: Revised 55 Year Cash Flow Statement
Revised Project Site Plan
D€eüty City Attorney
CALIFORNIA ALL.PURPOSE ACKNOWLEDGMENT c¡vrl coDE s rt89
State of California
ÌCounty of Fresno
on 01 /16/2013
Date
personally appeared
before ¡g, Katheryn Cornell , Notary puhl i c. ,
Here lnsert Namie and T¡tle of the öfficer****r(*Mark Scott******
Name(s) ol Signe(s)
t
Gmril¡sio¡ t 1866t30llr¡ftùlic - Calilornit
lrruo County
Title or Type of
Document Date:
Signer(s) Other Than Named
Capacity(ies) Claimed by
Signer's Name:
n Corporate Officer - Title(s):
! lndividual
n Partner - !Limited DGeneral
n Attorney in Fact
E Trustee
n Guardian or Cor
tr Other:
who proved to me on the basis of satisfactory
evidence to be the person(s) whose name(s) is
subscribed to the within instrument and acknowledgedto me that he executed the same in
his signature(s) on the instrument the
person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the
laws of the State of California that the foregoing
paragraph is true and correct.
WITNESS my hand and officialseal.
Corporate Officer - Title(s):
-nLimited trGeneral
n Attorney iri
! Trustee
E Guardian or
n Other:
Signer ls Representing:
the information below is not required by law, it may prove valuable to persons relying on the
and could prevent fraudulent removal and reattachment of this form to another document.
Attached Document
Place Notary Seal Above
Top of thumb here
(
b
@ 2010 National Notary Assoc¡ation . Nat¡onalNotary.org . 1-800-US NOTAHy (j-800-876-6827)Item #5907
CLERK'S CERTIFICATION
State of California)
County of Fresno )
On January 15, 2013, before me, Cindv Bruer, Deputv City Clerk, personally
appeared Mark Scott lnterim Development and Resource Manaqement Department
of the City of Fresno who proved to me on the basis of satisfactory evidence to be
the person(s) whose name(s) is/are subscribed to be within instrument and
acknowledged to me that he/she/they executed the same in his/her/their authorized
capacity(ies), and that by his/her/their signature(s) on the instrument the person(s),
acted, executed the instrument.
I certify under PENALTY OR PERJURY under the laws of the State of California
that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
WONNE SPENCE. CMC
CITY CLERK, City of Fresno
v
CALIFORNIA ALL.PURPOSE ACKNOWTEDGMENT
State of California
County of ç Ê-6eùA Ì
Here lnsert Na
personally appeared
Name(s) of Signe(
who proved to me on the basis of satisfactory evidence to
be the person(s) whose name(e) is/ subscribed to the
within instrument and acknowledged to me that
instrument the person(c), or the entity upon behalf of
which the personþ) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws
of the State of California that the foregoing paragraph is
true and correct.
WITNESS my hand and official seal.
Place Notary Seal Above
Signature
Signature of Notary Public
OPTIONAL
Though the information below is not required by laq it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another documenL
Description of Attached Document
Title or Type of Document:
Signer(s) Other Than Named
Capacity(
Signer's
tr lndividual
tr Corporate Officer - Title(s):
E General tr Partner-tr Limited n General
n Attorney in Fact
n Trustee
E Guardian or Conservator
fl Other:
lndividual
Corporate Office ):n Partner-trLimited
I Attorney in Fact
n Trustee
n Guardian or Conservator
tr Other:
Signer ls Representing:Signer ls Representing:
@2007 Nal¡onal Notary Assæialion. 9350 De Soto Ave , PO Box 2402. Chatsworth, CA 91313-2402. M NationalNotaryorg ltem #5907 Reorder:CallToll-Free'1-800-876-6827
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EXHIBIT .,B''
REVISED PROJECT DESCRIPTION AND SCHEDULE
(Attached)
6
EXHIBIT "B" . REVISED PROJECT DESCRIPTION AND SCHEDULE
The Project will consist of related on-site and off-site improvements, construction of
one (1) manager unit and thirty-three (33) affordable residential units for seniors, of
which eleven (11) will be HOME-assisted floating units and preserved as Low-
lncome Housing in accordance with the following chart:
HOME.ASSISTED UNITS
Percent of Median
lncome
One Bedroom Units Two Bedroom Units
50% to 60% or below I 3
Total I 3
The eleven (11) HOME-assisted units will be reserved as Low-lncome Housing for a
period of fifty-five (55) years, as required by the HOME Program.
HOME Funds will be made available by the CITY for payment of HOME etigible costs
not to exceed the lesser of One Million Four Hundred Thousand dollars and 00/100
($1 ,400,000), the aggregate HOME Program per unit cap (24 C.F.R. 92.250) for the
eleven (1 1) HOME-assisted Units as determined by the CITY, as needed, for HOME
eligible project development costs.
PROJECT SCHEDULE
Finance Plan March 1,2013
Start Construction December 1,2013
Comolete Construction October 1,2014
Complete Lease Up December 1,2014
+
EXHIBIT "C''
REVISED PROJECT BUDGET
(Attached)
\0
EXHIBIT 3'C"
REVISED PROJECT BUDGET
Financing Sources:
Development Costs:
Low lncome Housing Tax Credits $ 4,076,505
City HOME $ 1,400,000
Fresno Housing Authority $ 1,000,000
Affordable Housing Program $ 330,000
Deferred Developer Fee $ 100,000
Total $ 6,906,505
Land Acquisition $ 555,307
Hard Construction $ 3,972,456
Soft Costs $ 1,463,995
Legal $ loo,ooo
Developer Fee $ 814,747
Total $ 6,906,505
EXHIBIT "D''
REVISED ss-YEAR CASH FLOW STATEMENT
(Attached)
yT
INCOME FROM HOUSING UNITS
Rest¡icted Unit Rents
UnÍestr¡cted Units (if any)
Operating Subsidies
Program: 0
Program:
Other lncome: (Laundry, Late Fees, etc )
GROSS POTENTIAL INCOME - HOUSING
OTHER INCOME
Other lncome
Commercial lncome
GROSS POTENTIAL INCOME - OTHER
GROSS POTENTIAL INCOME. TOTAL
VACANCY ASSUMPTIONS
Restricted Units
Unrestricted Units
Operating Subs¡dies
Other lncome: (Laundry, Late Fees,
Commercial lncome
TOTAL VACANCY LOSS
EFFECTIVE GROSS INGOME
Operating Expenses
Real Estate Taxes
Replacement Reserve
Ground Lease
Commercial Expenses
IOTAL EXPENSES & RESERVES
NET OPERATING INCOME
DEBT SERVICE (Required)
GASH FLOW after all debt service
DEBT SERVICE COVERAGE RATIO
Use of Cash Flow After Debt Service - RR
Deferred Developer Fee
lnvestor Asset Mgmt Fee
MGP Asset Mgmt Fee
Residual Loan - City of Fresno
Residual Loan - Fresno HA
Res¡dual Loan
Res¡dual Loan
Total Residual Payment
0
0
0
0
000
r75,308 179,691 184,183
8,7ô5 8,985
00
00
00
00
CASH FLOW ANATYS'S Bridges at Flo¡ence 9%
lnflat¡on Ygaf 1 Yeat 2 Year 3 Year4 Year S year 6 yearT Year I Yearg Year l0 Year 1l Yeat 12 Year 132.50/.1 175,308 r84,183 188,788 193,507 198,345 203304
25%
2.5%0
0
U
179,691
0
0
0
8,765 8,985
166,543 170,706
1 t9,000
0
10,200
0
0
129
0
37,3¡f:¡
0.00
0
0
0
9,209 9,439
00
00
00
00
9,209 9,439
174,974 179,348
9,675 9,917
00
00
00
00
9,675 9,917
183,832 188,428
136,555 141,335
00
10,200 10,200
00
00
0
36,893
0.00
0
0
0
0
0
0
0
0
U
0
0
000
r88,788 193,s07 198,345
208,386 213,596 218,936
000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
000
224,409 230,019 235,770
10,947 11,220 .1 1,s01 11,7880000
0000
0000
0000
10,947 11,220 ll,50.t 11,788
207,989 213,189 218,s18 223,981
224,409 230,019
162,185 167,861 173,736
000
10,200 10,200 10,200
000
000
235,770
0
n
0
0
2
2
0
0
0
123J65 127,476 131 ,937
000
10,200 10,200 10,200
000
000
,676 142,137
37.211
0000
37,341 37,298 37,211 37,077
0.00 0.00 0.00 0.00
0
0
0000
203,304 208,386 213,596 218,936
10,165 10,419 10,680
000
000
000
000
10,165 10,419 10,680
193,138 197,967 202,916
146,281 151,401 156,700
000
10,200 10,200 10,200
000
000
000
000
0
0
0
0
00
00
0
0
Ã
5
5
5
25
2.
3 5o/o
0% 21,843
0% 8,000
Oo/o 7,500
50%
50%
o%
0%
100% 37
179,817
0
10,200
0
0
3
3
151
0
36,657
0.00
00
36,366 36,016
0.00 0.00
000
35,127 34,582 33,964
0.00 0.00 0.00
0
35,604
0.00
0
0
21,376
8,240
7,725
0
0
37,341
20,854 20,273 15,654
8,47 8,742 9,004 9,274
7,957 I,195 8,41 8,695
1,989 9,462
1,989 9,462
9,552 9,839 10,134
8,955 9,224 9,501
9,075 8,651 8,190
9,075 8,651 8,190
10,438 10,75,t 11,074 11,406
9,786 10,000 .t0,000 10,000
7,690 7,188 6,754 6,279
7,690 7,188 6,754 6,279
,.1 HACCF Confidential 1t17t2013
35,604 35.127
Page 1
CASH FLOW ANATYS'S Bridges at Florence g%
INCOME FROM HOUSING UNITS
Restricted Unit Rents
Unrestricted Units (if any)
Operating Subs¡dies
Program: 0
Program:
Other lncome: (Laundry, Late Fees, etc )
GROSS POTENTIAL INCOME - HOUSING
OTHER INCOME
Other lncome
Commercial lncome
GROSS POTENIIAL INCOME - OTHER
GROSS POTENTIAL INCOME - TOTAL
VACANCY ASSUMPTIONS
Restricted Units
Unrestricted Units
Operat¡ng Subs¡dies
Other lncome: (Laundry, Late Fees,
Commercial lncome
TOTAL VACANCY LOSS
EFFECTIVE GROSS INCOME
Operat¡ng Expenses
Real Estate Taxes
Replacement Reserve
Ground Lease
Commercial Expenses
TOTAL EXPENSES & RESERVES
NET OPERATING INCOME
DEBT SERVICE (Required)
CASH FLOW after all debt serv¡ce
DEBT SERVICE COVERAGE RATIO
Use of Cash Flow After Debt Service - RR
Defened Developer Fee
lnvestor Asset Mgmt Fee
MGP Asset Mgmt Fee
Residual Loan - C¡ty of Fresno
Residual Loan - Fresno HA
Res¡dual Loan
Residual Loan
Total Residual Payment
lnflat¡on Yeaf 14 Year 15 Year 16 Year 17 Year l8 year 19 year 20 Year 21 Year 22
247,706 253,898 260246 266,752 273,421
00000
0
0
0
0
0
0
0
0
0
0
0
0
Yeet 23 Year 24 Year 25
280,256 287,263 294,444 301,805 309,350
00000
317,084
0
0
0
0
0
n
0
0
0
0
0
0
0
2.5%
2s%
2.5%
2.5%
50%
5.0%
5.0%
50%
25.0o/.
241,664
0
0
0
0
0
n
0
0
n
0
0
0
0
0
0
0
000
247,706 253,898 260,246
12,385 12,695
00
00
00
00
266,752
0
0
0
0
000
266,752 273,421 280,256
287,263
0
00
287,263 294,444
14,363 14,722
00
00
00
00
14,363 14,722
272,899 279,722
350 317,084
0
0 0 0
0
0
lì
0
000
30r,805 309,350 317,084
0
241,664
1 2,083
0
0
0
r2,083
229,581
186,1 1 I
0
10,200
0
0
0
33,270
0.00
11,748
r0,000
5,861
5,8ô1
33,470
13,012 13,338
00
00
00
00
13,67',1 14,013
00
00
00
00
15,090 15,468
00
00
00
00
15,090 15,468
286,715 293,883
0
32,5O4
0.00
15,854
0
0
0
012,385 12,695
235,320 241,203
13,012 13,338
247,233 253,414
13,671 14,013
259,750 266,243
15,8s4
301,230
00
32,351 32,159
0.00 0.00
00
10,000 f0,000
11 ,176 1't,079
11 ,176 11,079
32,351 32.159
192,625 198,403 204,355
000
10,200 10,200 10,200
000
000
210,486 216,801 223,305 230,004
0000
10,200 10,200 10,200 10,200
0000
0000
236,904 244,011 251,331 258,871
0000
10,200 10,200 10,200 10,200
0000
0000
0
32,496
0.00
0
r0,000
11,248
1'l,248
32,496
0
32,600
0.00
0
10,000
1 1,300
11,300
0
32,678
0.00
0
r0,000
11,339
11,339
0
32,728
0.00
0
10,000
1 1,364
11,364
0
32,749
0.00
0
r0,000
11,374
11,374
32.749
0
32,739
0.00
0
r0,000
11,369
11,369
32,696
0.00
0
32,G18
0.00
0
r0,000
11,309
11,309
0
10,000
11,348
1 1.348
0
r0,000
11,252
1't,252
F HACCF Gonfidential 1t17t2013 Page2
CASH FLOW ANATYS'S Bridges at Florence 9%
INCOME FROM HOUSING UNITS
Restricted Unit Rents
UnrestÍicted Units (lf any)
Operating Subsid¡es
Program: 0
Program:
Other lncome: (Laundry, Late Fees, etc )
GROSS POTENTIAL INCOME. HOUSING
OTHER INCOME
Other lncome
Commercial lncome
GROSS POTENTIAL INCOME. OTHER
GROSS POTENTIAL INCOME. TOTAL
VACANCY ASSUMPTIONS
Restricted Units
Unrestricted Units
Operating Subsidies
Other lncome: (Laundry, Late Fees,
Commercial lncome
TOTAL VACANCY LOSS
EFFECTIVE GROSS INCOME
Operat¡ng Expenses
Real Estate Taxes
Replacement Reserve
Ground Lease
Commercial Expenses
TOTAL EXPENSES & RESERVES
NET OPERATING INCOME
DEBT SERVICE (Required)
CASH FLOW after all debt serv¡ce
DEBT SERVICE COVERAGE RATIO
Use of Cash Flow Afte¡ Debt Serv¡ce - RR
Deferred Developer Fee
lnvestorAsset Mgmt Fee
MGP Asset Mgmt Fee
Residual Loan - City of Fresno
Residual Loan - Fresno HA
Residual Loan
Residual Loan
Total Res¡dual Payment
lnflet¡on Year 26 Yeat27 Year 28 Year 29 Year 30 Year 3l Yeat32 Year33 Year34 Year3s Year 36 Year 37
2
2
2
2
2
2
325,011 333,137 341,465
000
0
0
0
0
0
U
0
0
0
350,002 358,752 367,720 376,913
0000
0
0
0
0
0
0
0
0
0
0
0
U
0
0 0
0
U
386,336
0
0
0
U
000
387,720 376,913 386,336
18,386 18,846
00
00
00
00
395,995 405,894 416,042
000
426,443
U
0
0
0
325,01 I 137
0
3f ,643
0.00
0
10,000
10,821
10,821
0
0
0
n
0
0
U
0
0
0
0
0
0
0
0
0
0
0
02.5o/o
5.0%
5.0%
50%
50%
25.0%
16,251
0
0
0
0
0
341,¡f65
0
31,316
0.00
0
r0,000
10,658
10,658
0
350,002
0
30,939
0.00
0
r0,000
10,470
10.470
0
358,752
0
30,511
0.00
0
10,000
10,256
10.256
0
39s,995
0
28,226
0.00
0
10,000
9,113
9,1 13
0
0
0
0
00
325,011 333,137
0
30,028
0.00
0
10,000
10,014
I 0.014
0
29,489
0.00
0
r0,000
9,744
9.744
0
28,889
0.00
0
r0,000
9,444
9,444
0
27,498
0.00
0
r0,000
8,749
8,749
27.498
n
n
00
405,894 416,042
347,902
0
10,200
0
0
426,43
358,339 369,089
00
10,200 10,200
00
00
00
26,70',t 2s,832
0.00 0.00
00
10,000 10,000
8,351 7,916
8,351 7,916
25,832
16,657 17 ,07300000000
17 ,500 17,93800000000
17,500 17,938
332,50'1 340,814
19,3'17 19,800
00
00
00
00
20,295 20,802 2'1,322
000
000
000
000
20,295 20,802 21,322
385,600 395,240 405,121
16,251
308,761
0
3't,923
0.00
0
r0,000
10,962
10,962
31.923
16,657 17,073
316,480 324,392
18,386 't8,846
349,334 358,068
19,317 19,800
367,019 376,195
2
0
5
266,638 274,637 282,876 291,362 300,103
00000
10,200 10,200 10,200 10,200 10,200
00000
00000
309,106 318,379 327,931 337,768
0000
'10,200 10,200 I 0,200 10,200
0000
0000
-., -r HACCF Confide ntia I
31.643 31.316
1t17t2013
26,701
Page 3
CASH FLOW ANA¿YS'S Bridges at Florence 9%
INCOME FROM HOUSING UNITS
Restricted Unit Rents
Unrestricted Units (if any)
Operat¡ng Subsid¡es
Program: 0
Program:
Other lncome: (Laundry, Late Fees, etc )
GROSS POTENTIAL INCOME. HOUSING
OTHER INCOME
Other lncome
Commercial lncome
GROSS POTENTIAL INCOME. OTHER
GROSS POTENTIAL INCOME - TOTAL
VACANCY ASSUMPTIONS
Restricted Units
Unrestricted Units
Operating Subs¡dies
Other lncome: (Laundry, Late Fees,
Commercial lncome
TOTAL VACANCY LOSS
EFFECTIVE GROSS INCOME
Operating Expenses
Real Estate Taxes
Replacement Reserve
Ground Lease
Commercial Expenses
TOTAL EXPENSES & RESERVES
NET OPERATING INCOME
DEBT SERVICE (Required)
CASH FLOW after all debt service
DEBT SERVICE COVERAGE RATIO
Use of Cash Flow After Debt Serv¡ce - RR
Deferred Developer Fee
lnvestorAsset Mgmt Fee
MGP Asset Mgmt Fee
Residual Loan - City of Fresno
Res¡dual Loan - Fresno HA
Residual Loan
Res¡dual Loan
Total Residual Payment
437,104 448,032 459,232 470,713 482,481 494,543
000000
0
0
n
0
0
0
U
0
0
0
0
0
0
Year 38 Year 39 Year40 Year 4l Yeat 42 Year 43 Yeat 44 Year45 Year46 Yeat 47 Year 48 Year4g
437,104
0
0
0
0
0
0
00
0
0
0
n
0
0
0
506,907 519,s79 532,569
000
0
0
0
0
0
0
0
0
0
0
U
0
0 0
s45,883 559,530 573,5'18
000
0
0
0
0
U
573,518
2.5%
2 5Vo
5.OVo
5 Oo/o
5.Oyo
21,855
0
0
0
0
0
532,569
0
14,163
0.00
0
10,000
2,082
2,082
14.163
0
545,883
0
12,364
0.00
0
10,000
1,182
1,182
0
559,530
0
10,48
0.00
0
573,518
0
8,410
0.00
00
437,'tO4 Æ,032
0
459,232
22,402 22,962
00
00
00
00
22,402 22,962
425,630 436,271
Æ2,481
0
0
000
470,713 482,481 494,543
23,536 24,124
00
00
00
00
00
506,907 519.579
24,727 25,345 25,979
000
000
000
000
24,727 2s,345 25,979
¿169,816 481,561 493,600
0
0
0
0
0
0
5
25
26,628 27,294
00
00
00
00
26,628 27,294
505,9¡10 518,589
27,977 28,676
00
00
00
00
27,977 28,676
531,554 54,842
380,161 391,566 403,313
000
'10,200 10,200 10,200
000
000
23,536 24,124
u7,178 458,357
415,413 427,875 440,711
000
10,200 10,200 10,200
000
000
467,551 481 ,577 496,024 510,905 526,232
00000
10,200 10,200 10,200 10,200 10,200
00000
00000
21,855
415,249
0
24,887
0.00
0
r0,000
7,444
7,444
0
23,864
0.00
0
10,000
6,932
6,932
0
22,758
0.00
0
r0,000
6,379
6,379
0
2r,565
0.00
0
10,000
5,782
5,782
0
20,282
0.00
0
't0,000
5,141
5,141
0
r8,905
0.00
0
10,000
4,452
4,452
453,933
0
10,200
0
0
0
17,429
0.00
0
10,000
3,714
3,714
17,429
0
1s,850
0.00
0
10,000
2,925
2,925
00
10,000 10,000
00
00
1t17/2013 Page 4
INCOME FROM HOUSING UNITS
Restricted Unit Rents
Unrestricted Units (if any)
Operating Subs¡dies
Program: 0
Program:
Other lnæme: (Laundry, Late Fees, etc )
GROSS POTENTIAL INCOME. H(
OTHER INCOME
Other lncome
Commercial lncome
GROSS POTENTIAL INCOME - Oì
GROSS POTENTIAL INCOME . TC
VACANCY ASSUMPTIONS
Restricted Units
Unrestricted Units
Operating Subs¡d¡es
Other lncome: (Laundry, Late Fees,
Commercial lncome
TOTAL VACANCY LOSS
EFFECTIVE GROSS INCOME
Operating Expenses
Real Estate Taxes
Replacement Reserve
Ground Lease
Commerc¡al Expenses
TOTAL EXPENSES & RESERVES
NET OPERATING INCOME
DEBT SERVICE (Requ¡red)
GASH FLOW after all debt serv¡ce
DEBT SERVICE COVERAGE
Use of Cash Flow After Debt
Deferred Developer Fee
lnvestor Asset Mgmt Fee
MGP Asset Mgmt Fee
Residual Loan - City of Fresno
Res¡dual Loan - Fresno HA
Residual Loan
Residual Loan
Total Residual Payment
-,-t HAccF Confidential
CASH FLOW ANAIYS'S
etc )
rnflar¡on Yearso Years1 Years2 Years3 Year54 Year
2.5%
2.5%
2.5%
2.5%
587,856 602,553 617,616 633,057 648,883 665,105
000000
0
0
0
n
0
0
0
0
0
0
0
0
0
0
0
0
0
0
. HOUSING
- OTHER
. TOTAL
RATIO
-RR
5
5
25
20%
00%
35%
35%
587,856 602,553 617,616 633,057 648,883 665,105
00
0
0
0
0
0
0
0
0
0
587,856 602,553 617,61G 633,057 648,883 66s,10s
29,393 30,128 30,881 31,653 32,444 33,255
000000
000000
000000
000000
29,393 30,12A 30,881 31,653 32,444 33,255
558,463 572,425 586,736 601,404 616,439 631,850
542,019 558,280 575,028 592,279 610,047 825,299
000000
10,200 10,200 10,200 10,200 10,200 10,200
000000
000000
s52,219 568.¡t80 585.228 602.479 620.247 635.499
6,24 3,9¡tlt 1,507 11,075) (3,808) t3,64S
000000
6,24 3,945 1,s07 11,075) (3,808) {3,64s
0.00 0.00 0.00 0.00 0.00 0.00
o%
o%
Oo/o
50%
50%
o%
Oo/o
lnoo/^
000000
10,000 10,000 10,000 f0,000 10,000 10,000
000000
000000
10,000 10,000 10,000 10,000 10,000 10,000
Bridges at Florence 9%
1t17/2013 Page 5
REVISED PROJECT SITE PLAN
(Attached)
\$
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