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
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