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HomeMy WebLinkAboutResolution-1985-0963 RESOLUTION NO. ~3____ Series of 1985 TITLE: A RESOLUTION STATING THE DETERMINATION OF THE CITY OF WHEAT RIDGE OF PROJECT DEBT SERVICE AND CASHFLOW AND OF LOW AND MIDDLE INCOME LEVELS IN CONNECTION WITH THE ISSUANCE BY THE CITY OF WHEAT RIDGE OF ITS MULTIFAMILY HOUSING REVENUE BONDS PURSUANT TO THE COLORADO COUNTY AND MUNICIPALITY DEVELOPMENT REVENUE BOND ACT WHEREAS, City of Wheat Ridge (the "Issuer") has adopted Resolution 949 and Ordinance 635 whereby the City proposes to issue its $20,610,000 1985 Floating Rate Multifamily Housing Revenue Bonds (Wheat Ridge Housing Limited Partnership Project) pursuant to the County and Municipality Development Revenue Bond Act (the "Act") to finance the acquisition, construction and development of a multifamily rental project located within the jurisdiction of the Issuer. WHEREAS, the Act authorizes the Issuer to issue revenue bonds to finance apartment projects to be occupied by families and persons of law and middle incomes; and WHEREAS, the Act provides that the conclusive determination of "low and middle income persons and families" shall be made by a county or municipality; NOW, THEREFORE, BE IT DETERMINED BY THE ISSUER that: 1. Persons and families whose incomes are less than 160% of the median income as announced for the area by the Department of Housing and Urban Development from time to time lack the financial ability to pay rentals sufficient to induce private enterprise in the City to build a sufficient supply of adequate, safe and sanitary dwellings without the special assistance approved by the Act. 2. The Issuer hereby expressly finds that this multifamily housing project will provide residential facilities for low and middle income persons or families. Such low and middle income persons and families are hereby expressly determined to lack the financial ability to pay prices or rental sufficient to induce private enterprises within the Issuer's jurisdiction to build a sufficient supply of adequate, safe, and sanitary dwellings without the special assistance afforded by the Act. 3. The amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance the project is as set forth on the attached cashflow projections. 4. A debt service reserve shall be established in the amount specified by such cashflows. 5. The project and bond documents provide that the developer shall maintain the project and carryall proper insurance with respect to the project. These determinations shall be effective immediately. DONE AND RESOLVED this 18th day of November, 1985. ----"/, ~,' /, .d:rZ;~ FRANK STITES, MAYOR 2 ~90 UNIT APARTMENT PROJECT WHEAT RIDGE, COLORADO PROJECT COST SUMMARY 31. 42 LAND COST Purchase Price .......................................... $ Cost of options & Interest.. ... ... ... ... ........ .... .....$ Total Land..................... $ PRE-DEVELOPMENT COST Feasibility / Market Study............................... $ Appraisals .............................................. $ Legal & Accounting / CCR, etc............................ $ Presentation Package..................................... $ Planning & Design soil & civil Engineering... ...... .., .., .... '" .... ..$ Archi tecture &. planning ............................ $ Total Pre-Development..........$ CONSTRUCTION Off-Si te Land Improvements .............................. $ Unusual site Conditions..................................$ Si te Improvements........................................ $ Unusual site Improvements.......... .., ...... ....... .... ..$ Building Construction.................................... $ Accessory Buildings...................................... $ Indirect Construction Job OH / General Requirements....................... $ Builder Profit & OH................................. $ Builder contingency....... ........ .... ... .... .., ....$ Sub-Total...... . Sales Tax.-................... @ 5.01 %....... " $ .. $ Total Construction........ . . $ DEVELOPMENT COST Ci ty Permits & Fees...................................... $ Utility Company Cost..................................... $ Ti tle & Recording........................................ $ Marketing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Leasing Commissions...................................... $ Furnishings & Laundry.................................... $ Developers Fee...................... @ Developers Overhead.................@ Developers Contingency..............@ 5 %............$ 1 %............$ 1.5 %............$ Total Development.............. $ FINANCING Cost of Issue/Remarketing Fees......@ Perm. Lender Points & Fees..........@ Const. Lender Points & Fees.........@ Construction Period Interest........@ 7.23 %............$ 7 %............$ 0%............$ .2 % (gm).......$ Total Financing................$ DEBT SERVICE RESERVE FUND..............@ 12.5 %............$ 9/25/85 2,535,000 99,000 2,634,000 20,000 9,000 28,960 7,500 61,200 285,000 411,660 447,437 o 894,873 282,591 6,546,703 141,296 423,887 494,535 188,394 9,419,116 472,163 =====-=--._-_:::: 9,891,879 522,000 46,000 54,000 145,000 15,000 210,000 752,948 150,590 225,884 2,121,422 1,490,869 1,442,700 o 41,220 2,974,789 ===_====_===a___________=__==~____=__c___==__========_===~==-=====--====-= 2,576,250 TOTAL PROJECT COST.......................................... $ 20 , 610 , 000 90 UNIT APARTMENT PROJECT WHEAT RIDGE, COLORADO 9/25/85 ANNUAL RENT SCHEDULE 1985 RENTS Qty. Description Area Rent Rent/s.f. ----------------------------------------------------------------------- 0 studio 0 SF @ $ 0 jmo $0.00 0 Jr. 1 Bdrm 0 SF @ $ 0 /mo $0.00 96 1 Bdrm. 800 SF @ $ 385 jmo $.48 0 2 Bdrm. 1 Bath 0 SF @ $ o jmo $0.00 98 2 Bdrm. 2 Bath 1,100 SF @ $ 475 jmo $.43 96 3 Bdrm. 2 Bath 1,200 SF @ $ 512 jmo $.43 ----------------------------------------------------------------------- 290 Total 299,800 SF Net Rentable 1,033.8 SF Average $.44 jSF Monthly rent Security Deposit............................................$ Nonrefundable Deposit....................................... $ 200 200 Total Deposit..................$ 400 Gross Monthly Rental........................................ $ Gross Annual Rental Income.................................. $ 132,662 1,591,944 290 UNIT APARTMENT PROJECT WHEAT RIDGE, COLORADO CONSTRUCTION FUND DRAWS & INVESTMENT INCOME 40 Months construction Period Construction start Month Months to first unit Month *** o 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 :l2 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 *** 15% of Spendable Proceeds is: Draw o 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 286,655 o o o o o o o o $ 2,645,260 1 4 Rem. Bal. 11,466,183 11,119,529 10,892,874 10,606,220 10,319,565 10,032,910 9,746,256 9,459,601 9,172,947 8,886,292 8,599,637 8,312,983 8,026,328 7,739,674 7,453,019 7,166,365 6,879,710 6,593,055 6,306,401 6,019,746 5,733,092 5,446,437 5,159,782 4,873,128 4,586,473 4,299,819 4,013,164 3,726,510 3,439,855 3,153,200 2,866,546 2,579,891 2,293,237 2,006,582 1,719,927 1,433,273 1,146,618 859,964 573,309 286,655 o o o o o o o o o 9/25/85 Investment Income 477,280 421,361 322,486 259,602 167,693 97,842 25,799 1,161 290 UNIT APARTMENT PROJECT WHEAT RIDGE, COLORADO NOTES: EQUITY o % Equity 100 % Total Equity Contribution by Limited Partners SYNDICATION 25 % Syndication Proceeds ( % of Total Cost less Financing Cost & DSRF 8 % Syndication Fee (% of syndication Proceeds 33 % First Year Contribution 2 Additional Annual contributions 8 % Cash on Cash Return Minimum 50 % of Project Cash Flow Maximum Return Note: Returns to Limited Partners start during the 1st year following completition of construction. CONSTRUCTION 40 1 4 Month Construction Period Construction Start Month Months to Complete 1st Unit Construction Fund equals: Total Cost less Debt Service Reserve, Financing Cost, Developers Fee, 1/2 Pre-Development Cost and Land. Monthly Draws for Construction are assumed to be equal. Note: ABSORPTION Note: CalcUlations assume that units are absorbed @ 90% of average number of units completed during year. OPERATION 5 % Vacancy & Collection Loss 5 % Annual Inflation Rate 4 % Management Fees 28 % Operating Expense $ 8.00 Monthly Laundry & Vending Income / Apartment Same Inflation factor as Rent Note: Income from Deposits assumes 20 % annual turn over. Replacement Reserve at 1/5 of 5-Year Property. DEBT SERVICE 6.50 % Semi-Annual Payments, Amortized 30 years Amortization starts @ 1st year following compl. INVESTMENT RATES (Semiannual compounding 8.25% Income Float & Rental Deposits 9% Construction & capitalized Interest Funds 9% Debt service Reserve 1st Year 11.5% Debt Service Reserve Subsequent Years 11.5% Syndication Fund, Developer Fee, and Accumulated Investment Fund. 9/25/85 Annual Constant .076179 .0842016 .092025 .092025 ,1183063 .1183063 -SCHEDULE I WHEAT RIDGE, COLORADO Good Costs Category of Cost Land Cost (post inducement) Buildings & Construction Cost (post inducement) Sitework (post inducement) Survey & Soil Borings (post inducement) Personal Property installed in Project (post inducement) Net interest during construction * City & Utility Permits & Fees Appraisal, Feasibility & Presentation Legal & Accounting Architect Fees Title & Recording Bond Issuance Costs Reserve Lender Points & Fees SUBTOTAL TOTAL OF BOTH COLUMNS * Total Debt Service & Fees during construction less: Earnings on trusteed funds less: Project Earnings $ 2,634,000 8,266,978 1,624,901 61,200 210,000 568,000 36,500 28,960 285,000 54,000 $ 13,769,539 $ 2,509,310 1,725,847 783,463 $ o o 9/25/85 Neutral Costs $ 1,490,869 2,576,250 1,442,700 $ $ 5,509,819 19,279,358 -SCHEDULE II WHEAT RIDGE, COLORADO 9/25/85 BAD COSTS Pre-inducement expenditures Post construction interest Post construction insurance Real estate taxes after commencement of construction Land Cost (to the extent estimated replacement cost in excess of purchase price is financed) Marketing Costs & Leasing Commissions Supplemental Management Fee 160,000 Developers Fees 1,129,422 Other Costs TOTAL $ 1,289,422 SCHEDULE III WHEAT RIDGE, COLORADO 9/25/85 $ 19,279,358 1,289,422 ------------- 20,568,780 5,509,819 ------------- $ 15,058,961 Total Costs Schedule I Total Costs SChedule II Total Costs Financed less: Neutral Costs Total Costs Taken Into Account Total good costs from Schedule I are 91 % of the Total Costs Taken Into Account '" 00 - 00 00 - ~~ ~ . 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