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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 1 ^f{f{ETIE t"€oil Gor¡¡i¡¡bn t tÀiE¿ta ilotry Pübth - cdíbflü¡ RIGHTTHUMBPRINT 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) \$ o