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HomeMy WebLinkAbout1990-15 Setting Forth the Intention to Issue its Multi-Family Housing Revune Bonds for Professional Development CorporationRESOLUTION N0. 15 Series of 1990 A RESOLUTION SETTING FORTH THE INTENTION OF THE TOWN OF VAIt TO ISSUE ITS MULTI-FAMILY HOUSING REVENUE BONDS FOR PROFESSIONAL DEVELOPMENT CORPORATION, SETTING FORTH THE CONDITIONS OF SAID INTENT; AND SETTING FORTH RELRTED MATTERS THERETO. WHEREAS, the Town of Vail (the "Issuer") is a town and a political subdivision duly organized and existing under the laws of the State of Colorado (the "State"); and WHEREAS, the County and Municipality Development Revenue Bond Act, Article 3 of Title 29, Colorado Revised Statutes {the "Act"}, authorizes the Issuer to finance one or more "projects," including any land, building or other improvement and real and personal properties (other than inventories, raw materials and working capital) suitable or used for or in connection with residential facilities for low- and middle-income families or persons intended for use as the sole place of residence by the owners or intended occupants, to the end that the Issuer may be able to induce private enterprise to build a sufficient supply of adequate, safe and sanitary dwellings; and WHEREAS, the Issuer is further authorized by the Act to issue revenue bonds for the purpose of defraying the cost of financing and refinancing any "project," and for paying interest on such revenue bonds for a period of time not exceeding three years, and for paying all incidental expenses incurred in issuing such revenue bonds, and to secure payment of such revenue bonds as provided in the Act; and WHEREAS, representatives of Professional Development Gorporation, a Tennessee corporation, (the "Developer") have advised the issuer of the Developer's interest in developing, acquiring, constructing, improving and equipping within the boundaries of the issuer three hundred four {304) units of residential rental facilities (the "Project") to be owned by the Developer and rented to low- and middle-income families or persons intended for use as their sole place of residence, subject to the willingness of the Issuer to finance part or all of the necessary facilities as a "project" pursuant to the Act; and WHEREAS, the Project will be situated on multiple sites totalling thirty (30) acres of land within the boundaries of the Issuer and qualifies as a "project" within the meaning of the Act; and WHEREAS, a mare detailed description of the Project is attached hereto as Exhibit A (Vail Valley Affordable Housing proposal) and is hereby incorporated by this reference thereto; and WHEREAS, the governing body of the Issuer has considered the Developer's request and has concluded that the economic and other benefits to be derived by the Issuer from the Project will be substantial and desires to indicate its present intent to proceed with the issuance pursuant to the Act of its Multi-Family Housing Revenue Bonds (the "Bonds"} and the financing of the Project provided that certain conditions are met; and WHEREAS, it is the desire of the governing body of the Issuer to set forth the conditions of its intent. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: 1. In order to assist and induce the Developer to locate the Project within the boundaries of~the Issuer, it is the present intent of the governing body of the Issuer to take all necessary or advisable steps to effect the issuance of the Bonds in the maximum aggregate principal amount of fifteen million dollars ($15,000,000) or such lesser amount as shall be determined and agreed upon by the Developer and the Issuer to finance the Project. 2. The intent of the governing body of the Issuer to effectuate the issuance of the Bonds is subject to and specifically conditioned upon the following: a} The Developer and the documents designed to effectuate the financing shall comply in all respects with the Act and any criteria subsequently adopted by the governing body of the Issuer with respect to the issuance of the Bonds, and the documents and the method of selling nr placing the Bonds shall be satisfactory to the Issuer in its sole discretion. b) The Developer's acquisition and development of the Project shall be in accordance with the Issuer's zoning ordinances, subdivision regulations and all other applicable development requirements, including without limitation income requirements that may be determined by the Issuer pursuant to the Act. c) No costs, expenses or liabilities shall be borne by the Issuer ~ regarding any matter pertaining to the issuance of the Bonds, the preparation of any documents relating thereto, or any legal or financial consultants retained in connection therewith. d) Approval of this Resolution shall in no way obligate the Issuer to take any additional steps to effectuate the issuance of the Bonds. Prior to any execution of a financing agreement, bond purchase agreement, indenture of trust, mortgage or any other necessary documents and agreements in connection with the 2- Project and the Bonds, such documents and/or agreements shall be subject to authorization by legislative action of the Issuer pursuant to law. e) Should the Bonds in fart be issued, the prospectus shall clearly indicate in bold face type that the Tawn of Vail shall have no obligation whatsoever for the payment of the Bonds. 3. The Developer is hereby granted permission to prepare an application for a volume allocation for submission to the Division of Local Government, Department of Local Affairs, State of Colorado, pursuant to the provisions of the Colorado Private Rctivity Bond Ceiling Allocation Act, Part 17 of Article 32 of Title 24, Colorado Revised Statutes, subject to review thereof by the issuer prior to submission. Any officer of the issuer is hereby authorized to execute such application, after which the Developer may submit the same to said Department. INTRODUCED, READ, APPROVED AND ADOPTED this 19th day of June 1990. J ~~~ ~~ Kent R . Rose, 1Nayor ATTEST: C,~~. Pamela A. Brandmeyer, Town Clerk 3- i d4~ , y owo of ~a~lV 75 south frontage road aiE, coiorado 81657 303] 479-2136 STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The Vail Council of tha Town of Vail, Colorado, met in regular session, in full conformity with the Town Charter and the applicable laws, rules, and regulations of the Town, at the Vail Municipal Building, Vail, Colorado, at the regular meeting place thereof, on Tuesday, the 19th day of June, 1990, at the hour of 7:30 B.M. The following were found to be present, constituting a quorum: Mayor:Kent R. Rose Mayor Pro Tem:Thomas Steinberg Councilmembers:Robert Levine Margaret Osterfoss Lynn k'ritzlen Merv Lapin Absent:Jim Gibson There were also present: Town Manager: Rondall V. Phillips Assistant Town Manager: Charles Wick Town Clerk: Bamela A. Brandmeyer Town Attorney: Larry Eskwith Thereupon the following proceedings, among others, wexe had and taken: Mayor Rose introduced Resolution No. ~.5, Series of 1990, a Resolution Setting Forth the Intention of the Town of Vail to Issue Tts Multi-Family Hosuing Revenue Bonds for Professional Development Corporation, Setting Forth the Conditions of Said Infant; and Setting Forth Related Matters Thereto. Councilmember Steinberg moved the approval of the full resolution, which was read by title, sufficient copies having previously been made available to the Town Council and to the public. The motion was seconded by Council .Member Lapin. The roll was called with the following results: Those Voting Xes: Those Abstaining: Those Absent from the Room: Those Absent: Kent R. Rose Thomas Steinberg Margaret Osterfoss Herb Lapin Lynn Fritzlen Robert Levine Jim Gibson Four Council Members having voted in favor of said motion, the Mayor thereupon declared the Resolution finally approved on first reading, was adopted and approved. There being no further business to come before the Town Council, on motion duly made and unanimously carried, the meeting was adjourned. Pamela A. Brandmeyer Town Clerk Town of Vail TOWN SEAL) i "! EXHIBIT A VAIL VALLEY AFFaRDABLE HOUSING PR~P4SAL PRESENTED BY: PROFESSIONAL DEVELOPMENT CORPORATION X885 4UINCE ,SUITE 111 MEMPHIS, TENNESSEE 38119 TABLE OF CONTENTS 1. PROPOSAL 2. EXHIBIT - A DEVELOPER'S RESUME 3. EXHIBIT - B BOND FINANCING WITHOUT ASSISTANCE. 4. EXHIBIT • C RENTS WITH D.O.L.A. GRANT OF $500,000,00 5. EXHIBIT - D RENTS WITH D.O.L.A. GRANT AND NO LAND COST. fi. EXHIBIT - E UNDERWRITER'S RESUME 7. EXH161T- F ARCHITECTURAL FLOOR PLANS AND ELEVATIONS i VAIL VALLEY MULTI-FAMILY HOUSING PROPO$~; TO SECURE AN INDUCEMENT RESOLUTION FOR INDUSTRIAL REVENUE BONDS FOR THE DEVELOPMENT OFMULTI-FAMILY HOUSING IN THE VAIL VALLEY. NEF.~ AFFORDABLE HOUSING FOR THE EMPLOYEES IN THE VALLEY, A NEED OFFICIALLY RECOGNIZED BY THE COLORADO DEPARTMENT OF LOCAL AFFAIRS (DOLA) & COLORADO HOUSING AND FINANCE AUTHORITY (CHFA). PRIVATE DEVELOPER WITH EXTENSIVE EXPERIENCE IN MULTI-FAMILY HOUSING. SEE RESUME OF PROFESSIONAL DEVELOPMENT CORPORATION EXHIBIT-A. NO LOCAL FUNDS REQUIRED ; NON RECOURSE ,TAX IrXEMPT BOND ASSISTANCE. a.) IF A GRANT IS RECEIVED FROM DOLA TO ASSIST iN THE DEVELOPMENT OF THE SITE ,LOCAL COUMMNITY MAY BE REQUIRED TO PROVIDE SOME WAIVERS OF FEES, AND/OR ; b.) PROVIDE SITE FOR PROJECT. TOTAI.~NIT~; THREE HUNDRED AND FOUR (344) a. 140 EFFICIENCY {24%} LOW INOME 24 UNITS b. 100 ONE BED ROOM {20%} LOW INCOME 20 UNITS c. 104 TWO BEDROOM {24%} LOW INCOME 21 UNITS FEASIBILLT]C~ EXHIBIT- B DEMONSTRATES THAT THE PROJECT WORKS WITH BOND FINANCING WITHOUT ASSISTANCE FROM DOLA IN THE FORM OF A GRANT. EXHIBIT - C DEMONSTRATES THE LOWER RENT LEVELS FOR THE PROJECT WITH THE DOLA GRANT OF $500,004.04 . EXHIBIT - 0 DEMONSTRATES THE RENTAL STRUCTURE WITH THE DOLA GRANT AND COMMUNITY SUPPORT iN THE FORM OF WAIVER OF FEES AND WITH A SITE PROVIDED AT.NO COST TO THE PROJECT. INDUSTRIAL REVENUE BQND~; ISSUED BY LOCAL COMMUNITY. (NON-RECOURSE) UNDERINRI7ER: MORGAN KEEGAN i~ COMPANY: SEE EXHIBIT - E. BOND CouN~,; KUTAK,ROCK AND CAMPBELL, DENVER OFFICE. 1F THE LOCAL BOND ISSUE FEES WILL 8E I~~RNE BY TH~~ ARCHITECTURE: DESIGN WILL CONFORM TO LOCAL COMMUNITY AESTHETIC VALUES. SEE EXH181T - F FOR FLOOR PLANS AND ELEVATIONS. lI,E: THE PROJECT DESIGN WILL ENABLE IT TO BE LOCATED ON EITHER A SINGLE OR MULTIPLE SITES. E~IBTT A RBSDMS PROFESSIONAL Dx~ v ~IAP~II:NT CORPORATION PROFESSIONAL DEVELOPMENT CORPORATION is a Tennessee Corporation. Tt was formed in 1980 and has developed sixty (60) million dollars in rental housing, single family housing and retail space. Financing for its developments has been secured from the Department of Housing & Urban Development, The Department of Agriculture, Farmers Home Administration, Tax Free Municipal Bonds, and Conventional Lenders, with recourse and non-recourse funding. Professional Development Corporation has developed the capability to develop, construct, finance, own, and manage all its properties, regardless of size, location, or type of development. The management of these projects is under contract to Campbell Properties, a sole proprietorship owned by Thomas H. Campbell, which has an established home office staff to handle this function. Professional Development Corporation throughout its history, has maintained a policy of close contact with the management of all its projects to assure compliance with all the regulatory agreements, requirements of the lenders, FI~II3A, and HUD guidelines, and to assure the financial and physical stability of all its projects. Professional Development Corporation has never had a project fall into a cash deficit position, far had a project in default of any of the above regulatory agreements. THOMAS H. CAI~BELL Mr. Campbell is, by degree, an Electrical Engineer, with a B.S. in Electrical Engineering from Christian Brothers College, 1959. He was the owner of Campbell & Campbell Consulting Engineers from 1963 to ].972, and was involved in the Architectural Engineering of various projects, a partial list of which is attached, representing a crass section of the various projects. Since 1972, Mr. Campbell has been involved in the real estate development business, and was the President of UMIC Real Estate Development Corporation from 1976 to 1980. While serving in this pnsition, he was involved in the development of approximately 3000 units of housing. From 1980 to present, Mr. Campbell has been the President and Chairman of Professional Development Corporation, and has developed approximately $G0,000,000 in new developments, incorporating some 1600 units of housing, 150,000 square feet of retail space and several single family subdivisions and single family housing. i ~ Mr. Campbell is 58 years of age, and carries $1,700,000 of key man insurance for his company. All construction is personally monitored by Mr. Campbell, and the company~s Project Managers. Personal inspections of all occupied projects are made by Campbell Properties staff on a monthly basis. A Iist of the properties developed by Professional Development Corporation and managed by Campbell Properties follows: LOCATION ROSEDALE, MS DREW, MS MEMPHIS, TN IUKA, MS CLEVELAND, MS HOLLY SPRINGS, MS BYHALIA, MS RED OAKS, MS HORN LAKE, MS GREENVILLE, MS FORREST CITY, ARK WINDSOR, CO BERTHOUD, CO MEMPHIS, TN FT. LUPTON, CO CLEVELAND, MS MEMPHIS, TN TUNICA, MS WEDOWEE, AL DALEVIr•r•E, AL MEADOWOOD, AL SUNRISE I SUNRISE II EAGLE, CO LAMAR, CO FORT MORGAN, THE WILLOWS, THE WILLOWS, LAJUNTA, CO WESTWIND, MS WILLOW GROVE Thousands UNITS 24 36 147 78 40 5D 25 25 48 48 37 36 31 396 12 37 98 80 24 48 32 50 50 36 37 CO 25 MPHS (S.F.) 56 MS (S.F.) 84 24 92 MPHS. (S.C.) DATE 1981 1982 1984 1983 1983 1983 1984 1984 1984 1985 1985 1984 1984 1985 1985 1986 1986 1986 1985 1985 1985 1986 1986 1986 1986 1985 1987/88 1.989/90 1989 1989 1989/90 OCCUPANCY 98$ 92$ 98$ 96~ 98~ 98~ 98$ 98~ 98~ 98~ 98~ 98~ 98~ 98~ 98~ 98~ 98~ 98$ 88$ 98~ 98~ 98~ 97~ 98~ 98~ 98~ 100 U.C.) 10D~ R.S.) R.S.) MORTGAGE* 537 865 5,050 1,443 1,045 1,083 660 663 1,292 1,283 1,120 1,193 958 7,254 300 989 6,400 2,376 584 1,045 580 1,268 1,305 1,031 989 8Do 1,548 958 369 3,300 3,700 S.F.) - Single Family subdivision and Single Family residences. S.C.} - Shopping Center R.S.} - Renting Stage U.C.} - Construction Stage LIST OF PROJECTS: (Architectural Engineering Design) APARTMENTS: Amarillo, Texas 12-start'high-rise Little Rock, Ar.12-story high-rise Albuquerque, N.M.10-story high-rise E1 Paso, Texas 10-story high-rise Lexington, Ky.14-story high-rise Louisville, Ky.10-story high-rise Evansville, Ind.12-story high-rise Nashville, Tn.12-story high-rise Hot Springs, Ar.12-story high-rise NURSING HOME FACILITIES: Greenville, N.C.Fairhope,Alabama Richmond, Virginia Spartanburg, S.C. Towson, Md.Columbia,S.C. Cherry Hill, N.J.Wilmington, S.C. Greensboro, N.C.Tampa, Fla. Winston-Salem, N.C.Lafayette, Ind, Gastonia, N.C. MOTEL PROJECTS: Miami Springs, Fla. Bloomington, Ind. Tucumcari, N.M. Shreveport, La. Lancaster, Ohio Indianapolis, Ind. OFFICE BUILDINGS: Cincinnati, Ohio 3 five-story Indianapolis, Ind.12 story Louisville,.Ky.5 story Paducah, Ky,4 story Kansas City, Mo.5 story St. Louis, Mo.5 story Houston, Texas 3 story Atlanta, Ga.10 story New Brunswick, N.J.6 story Memphis, Tn.14 story SCHOOL PROJECTS: Twelve (12) in the Memphis, Shelby County Area EKIi181T - B n LJ NON-RECOURSE BOND FINANCING EXHIBIT B PROFESSIONAL DEVELOPMENT CORPORATION VAIL COLORADO 304 UNITS USE OF FUNDS 15,000,000 100.00$ ISSUANCE COST (UNDERWRITER}300,000 2.00$ LAND 2,920,500 19.47$ CONSTRUCTION 085,000 53.90$ ARCHITECT 2$0,500 1.87$ CDNSTRUCTION INTEREST 1,713,000 11.42 DEVELOPERS COUNSEL 54,000 0.36$ BOND COUNSEL 53,000 0.42$ BOND PURCHASERS COUNSEL 31,500 0.21$ DEBT. SERVICE RESERVE 1,500,000 10.00$ ISSUERS COUNSEL 37,500 0.25 TRUSTEE 4,500 0.03$ TRUSTEES COUNSEL 6,000 0.04$ BDND PRINTxNG 3,000 0.02$ OFFICIAL STATEMENT 1,500 0.01$ TOTAL 15,oaa,0oo 100.00$ PROIrESSIONAL DEVELOPMENT CORPORATON 6685 QUINCE ,SUITE 111 MEMPHIS, TENNESSEE,38119 TEL 901-753-'1100 FAX 901-753-1127 VAIL, COLORADO PRO FORMA OPERATING STATEMENTS REVENUE 20 EFFICIENCY CHFA 20 BEDROOM CHFA 21 2 BEDROOM CHFA SO EFFIGi1=NCY 80 1 BEDROOM 83 2 BED ROOM 304 GROSS INCOME VACANC Y ALLOWANCE 5% NIwT OPERATING INCOME EXPENSES OPERATING EXPENS>=S AMOUNT AVAILABLfw POR DEBT SERVICE DEBT. SERVICE RATIO RENTS. EXHIBIT - B 323 77,520 0.71 347 83,280 0.60 416 104,832 0.55 582 559,065 1.28 742 712,317 1.2$ 971 966,716 1.28 2,503,730 125,175) 2,378,556 0 • 486,400 7,892,156 1.25 VAIL300R.XLS 1 90 PROFESSIONAL DEVELOPMENT CORPORATON 6685 QUINCE, SUITE 111 MEMPHIS, TENNESSEIr,36119 901-753-110Q FAX 901-753-1127 VAIL COLORADO CONSTRUCTION COST BREAKDOWN AND LAND VALUE THE FOLLOWING ESTIMATED COSTS WERE OBTAINI=D FROM THE OWNER'S RECORDS AND INFORMATION, AND REPRESENT THE OWNER'S ESTIMATE OF OR THE ACTUAL COSTS. LAND TOFF SITE IMPROVEMENTS HARD COSTS SITE UTILITIES PAVING SITE IMPROVEMENTS BUILDINGS soFT cosTs ARCHITECTIENGINEER UNDERWRITER LEGAL,I=TC INTEREST COST TOTAL OF TOTAL PER S.FT. 2,920,500 19.47% 7A0 275,419 436,020 215,630 7,157,931 $8,085,000 280,Sflfl 300,000 241,000 781,500 1.84% 2.91% 1.44% 53.9a°r° o.fla°i° 1.87% 2.40% 1.34% 5.21 1.51 2.39 1.18 39.17 fl.ofl 1.53 1.64 1.1fl fl.flfl 0.40% 0.00 INTEREST 3,213,000 $3,213,OO0 21.42% 17.58 BONDILOAN $15,000,000 73°k 82.08 YOTAL PROJECT VALUE $20,455,735 100'% 111.94 VAIL300R.XLS 1 0 • VAIL COLORADO ANNUAL OPERATION & MAINTENANCE 1XPENSES: CARETAKER 31,616 SUPPLIES ~2,432 PAINTING & DECORATING 13,376 GENERAL MAINTENANCE 12,1$p GROUNDS MAINTENANCE 38,912 SERVICES 9,728 FURNITURE & FURNISHING RELACEMENT 0 MISC OPER. COST 4,864 SUB TOTAL 113,088 a ELECTRICITY 27,9fi8 WATER 17,024 SEWI=R 17,024 HTR.FUEVOTHER (TELE.)0 TRASH REMOVAL 7,904 SUB TOTAL 69,920 0 MANAGER SALARY-RESIDENT 26,266 MANAGEMENT FEE 84,050 ACCOUNTING 7,296 LEGAL 3,648 OTHER ADMINSTRATIVE 6,080 SUB TOTAL 127,340 0 REAL ESTATE TAXE5 95,213 SPECIAL ASSESSMENTS 0 OTHER TAXIrS FEES PERMITS 0 SUB TOTAL 95,213 a PROPERTY INSURANCE 77,192 COMPENSATIONS 0 BOND PREMIUMS 3,648 SUB TOTAL 80,840 0 INTEREST EXPENSE 0 OTHER EXPENSES 0 SUB TOTAL 0 0 TOTAL 485,400 VAIL300R.XLS 1 30190 CONSTRUCTION TRADE ITEM BEAKDOWN5 PROJECT: VAiL COLORADO TRADEiTEM 1 2 LANDSCAPING 3 INT. TRIM DOORS WINDOWS 4 CABINET-TOP-VANITY-PANTRY 51NSULATION 6 CAULKING & SEALANTS 7 FINISH HARDWARE 8 DRYWALL 9 CARPET 10 PAINTING 11 FIREPLACE 12 HOUSE NUMBERS 13 TOILET ACCI=SSORIES 14 MIRRORS I 15 METAL CLOSET SHELVING 16 KITCHEN EQUIPMENT 17 PLUMBING 18 15 ELECTRICAL 20 CEILING FANS 21 CONCRETE/STEEL 22 CERAMIC TILE i 23 ROUGH CARPENTRY 24 ROOFING/SHEET METAL 25 GUTTERS & DOWN SPOUTS 26 MISC. 27 SEWER/WATER/STORM 28 WALKS 29 PAVING GRAVEVDIRT 30 BLINDS I31PLAYGROUND AMOUNT 33 I 34 GENERAL REQUIREMENTS 35 GENERAL OVERHEAD TOTAL VAIL300R.XLS 1 1EMTIlS - ~ 11-17 Ili11E RE1i i11LE F#1 i1i IR1 x13 F ME lli!IIILIIE It 1i1Y1EYIli l ltE lalr N Mil ~~Irlwtr 12-11 Nir r4 piA lgrri: Il-t1 Y 1 1 i L # / - I ! L 1 ! E li1il l q0I f 1E 11a1111 1111 1l1M 1E111 1MCIAE 1111119 111EA i 4E!lS01 2 FE/10Y 3 FEtSN 1 IEJ15iNl 11111 l 111M 2 MIN 31M11 1 IERS01 2 4EA501 3 ME1501 t ~501I 5 !EA Go.lry 114,250 I47,kM 111,2M 121,331 3iI 1231 1231 1301 1311 It,3M 110,1!!112,QN 113,314 N, a4I 1211 illi 13x1 14ti 111,213 I1I,025 114,100 11x,113 ill, Criir~114,260 047,1M 111,211 121,3x1 613 1231 4251 1301 1341 11,311 iI/,IN 412,ON 413,344 111, 4Ai 12N 1311 13x1 i4lx 111,213 112,175 114,400 1!x,0!3 ilT, fe!!s iN,til il7,iM 412,211 121,360 303 2234 1211 1301 1341 M,3N 411,x11 4J2,ON 113,3N fit, 113 i2M 1300 13x1 N1x 111,217 112,126 114,400 1x,013 117, klarrs 114,251 111,1N i1t,2M 121,361 SII 1?34 2`JI 1301 1341 N,344 iio,xll 412,001 13,344 41/, 103 1211 1301 13x0 Nll 111,213 112,125 114,144 411,01]117, Eagle iI0,7N @3,7M 12-,x31 2l,xM SII 1123 1341 N1x 411 112,!31 1 M,113 41/,x6x 111,511 ill,' x01 i3M M1x 1511 q17 116,625 411,173 4N,tM i22,2M 121,' E10e~1 117,431 1!(,231 Q2,131 124,251 603 1213 1222 1351 1403 Ill,fix 112,1/2 114,131 L5,6N 411,1 11'1 1327 1351 1421 ills g3,Ot;114,111 11x,131 411,113 121,1 Frerrri 1 M,t51 111,iM ill,2!M 121,151 13 1231 1251 13M 1347 H,3N 411,x,12,000 113,311 114,, 113 1211 1311 i3M NU 111,213 012,13 114,401 11x,113 117,; iarlirli 111,41/12!1161 123,w 21,34N II 1211 13M 311 1421 111,510 113,15a Il4,lii 11x,23/117,' 113 1341 1771 N13 qli 13,100 113,111 117,731 1!!,123 121, 11111,i17,iS0 11t,N,1 i?2,i61 124,3N 611 12x1 1217 1313 131/ilO,Tlt 112,251 113,111 11S,SI3 11x,' iQI 1322 1343 NI3 N71 Ilt,tli3 414,114 11x,531 411,376 111, Iirarl 211,401 121,g1 u3,xs1 iL,3N 611;itll 03N uT1 N21 111,501 Ii3,1L 114,711 411,431 ill, 101 1345 1371 1447 0311 i33,N4 415,1M 411,731 4lt,iti 121, G-aritimr 11T,TIN 20,250 122,151 125,300 601 0277 12ta 1355 1411 11,0x3 112,x61 414,21?Ili,tli 111, x01 1332 115a 1421 Nf]013,215 I15,IR 17,1x3 11,275 120, Mirrslalr iN,t50 111,110 11t,2N 121,750 601 1231 0260 1390 1347 1!,144 410,x11 412,000 413,344 llt, x11 1210 1304 1]x1 Nlk 111,213 112,125 114,400 Nx,413 117, Ibrrlara ~114,250 117,100 i1t,2N 121,360 541 1234 4251+1300 q41 N,344 UI,x11 12,000 113,344 114, 101 1210 1300 i3W N1x 1!1,213 12,12'5 114,400 Iii,Oq 117, iaclsar 113.1`,0 111,IN R0,4M 22,x30 601 4's41 12x5 i;it 13x1 N,tOx 111,313 4i2,lSD 4 M,13x 415, 111 1241 1311 1313 1442 111,111 113,515 115,3N 411,tN 111, Xio.a 114,454 117,100 itt,2N 121,150 301 4:;4 1~'S0 1740 1;47 N,344 410,N4 117,004 413,141 114, x11 1:14 4340 i~80 1/lx 411,213 112,125 x4,400 41x,413 111, r ~ ExHIBIT -c RENTS WITH DOLA GRANT OF $500,000.00 fl ~ PROFESSIONAL DEVELOPMENT CORPORATON 6685 QUINCE ,SUITE 117 MEMPHIS, TENNESSEE,38119 TEL 901-753-1100 FAX 901 753-1127 VAIL, COLORADO PRO FORMA OPERATING STATEMENTS REVENUE 2fl EFFICIENCY CHFA 20 1 BEDROOM CHFA 21 2 BEDROOM CHFA SO EFFICIENCY 0 1 BEDROOM 83 2 BED ROOM 304 GROSS INCOME VACANCY ALLOWANCE 5% NET OPERATING INCOME EXPENSES OPERATING EXPENSES AMOtjNT AVAILABLE FOR DEBT SERVICE DEBT. SERVICE RATIO RENTS 32:3 347 416 565 720 942 VAiLC300.XLS 1 EXHIBIT - C 77520 83,2$0 1 x4,832 542,425 691,115 937,942 2,437,115 121,856} 2,315,259 486,400 1,828,859 7.25 ' 0.71 fl.sa x.55 1.24 1.24 1.24 i • ~ • DOLA and CHFA are willing to match the local private sector contribution dollar for dollar up to approximately $3,DOO,D00. DOLA will provide up to $500,OQ0 in State funds to help pay for infrastructure and/or sit• development. CHFA will allocate up to $500,000 in 1990 Federal Low Income Housing Tax Credits. The LIHTC provides atoll for raising cash equity for the housing project. The developer can sell the tax credits to investors who will receive a ten year stream of credits against Federal Income Taxes. In return, they become limited partners in the housing development, paying in a discounted value of roughly fifty cents on the tax credit dollar to the project. ( $500, 000 in tax credits times IO years times $.5D equals $2,500,000.) roiert se7.ect~ Cr, SELECTION WILL HE BASED ON THE EXTENT TO WHICH THE FOLLOWING CRITERIA ARE ADDRESSEDt 1) FINANCIAL COMMITMENT FROM THE LOCAL INDUSTRY. The minimum is one dollar for :ach dollar requested from DOLA and CHFA. It is critical to the positive evaluation of the project that the local business interests demonstrate a,aignificant financial contribution. In order for a project to work and for the proposal to meet this first criterion, com<aitmant^ from the private sector may be included that have real economic value but are difficult to quantify with an exact dollar figure. An example may be a commitment to cover ^ama portion of a development's operating lasses during rent-up or slow periods, to share in a loan guarantee, or to invest in tax credits. With that in mind, DOLA and CHFA are opens to reviewing proposals with creative or unique financial commitments, 2) FINANCIAL COMMITMENT FROM TgE LOCAL COVERNMENTES). This is a competitive process and the commitment should be appropriate to the scale of the project. Far example, local governments could provide cash, donate land, provide services, or waive fees. Proposals will only be considered that have the full support of the local governments. 3) A COMMITMENT TO 5ERVE THE LOWEST INCOME PERSONS FOR THE LONGEST TERM. For example, with all other things being the same, a project thet includes 150 low income units is better that one with 100 unite. Likewise, a pre jest that commits to reserving the units for law income persons for 20 years is better than one that includes a 15 years commitment. The LIHTC allocation plan provides specific criteria for evaluation of this criteria. 4) SITE CONTROL, This means ownerahig of the Bite or an option to buy the site. This criterion will be evaluated based on the degree of certainty that the site is available fez development within the constraints of the proposed schedule. RENill3 - 1~ 11-11 1MGOKE i #ENT TAIlE i0i i/i Ail i0t Of N EiIAN 1NCtNE Ir NtNSENil1 I 1tE Nte ai liil'rlntoet: 12-Ii lilealC-4fARgortr 41-91 MY i'i LOi-1NCONE L[N1 T1 1101 IF iE tlAil NAI INUN AEM1t IM CO#E LIMI TS AREA 1 PERSN I PERSON 3 PEISdK i PERSkM 1 OIRII l Ollpl 2 iORM 3 IMIN 1 PERIOi 2 PEA50i1 3 PEASOM 4 PEASOM S PERS~ Cro~ler 11i,4S1 I17,1N i11,2M 121,334 541 1234 1251 1301 --1317 14,311 410,401 112,000 113,341 114,4 i0I 1111 1301 4381 N1i 111,$13 112,125 11,401 18,0(3 117,2' Crller 114,451 117,1„11,IM 121,331 711 4234 1251 1301 4311 11,314 110,801 112,0„413,3„114,4: 101 f281 1301 4314 Nli 111,213 112,(23 114,404 Oli,Oli 411,2' Oe11~i N,f71 117,1„411,2M 421,351 SOI 1234 4251 1301 1341 314 10,811 412,009 H3, 344 014,4; 591 1201 1301 1311 ill!111,2!3 112,025 f „,400 418,413 117,2 Delores 111,9',0 4J7,IN 111,2„121,371 SOI 1234 12`9 1304 1341 19,344 69,881 112,041 113,341 114,4] WI 4211 1301 1310 Hli 111,213 132,023 414,400 418,013 017,21 E~le 420,701 123,1„421,171 421,8„511 1323 1341 i41L fill 412,431 IN,113 OlB,iSi 111!,304 114,9E 40'1 1311 Nli 1701 4577 IIS,52i 417,775 411,401 422,2„421,41 E11eri 111,431 1H,451 122,471 124,471 301 1273 4242 1311 i40i 410,901 112,484 114,031 115,514 114,01 811 1321 1351 N2l Nll i13,OM 414,443 1 „,131 411,713 420,2] Freeail ~411,454 417,1M 414,211 121,354 301 4231 1254 4301 1347 4,3N 410,801 112,000 111,341 111,11 i0I 4211 q01 i3N Nli 411,213 412,125 114,100 411,413 417,2! 6u1it11 111,4„421,031 123,831 421,301 701;4211 1301 1511 1421 ill,S00 i13,158 414,111 418,431 17,77 601 311 1374 413 1311 413+000 117,701 111,131 114,725 421,31 Oil~is 417,170 134,801 22,171 11,101 341 1281 1211 4345 1141 410,711 112,230 413,701 115,313 411,73 601 1322 1345 N13 NIi 112,863 114,190 Ili,`r30 110,373 111,01 Or~n#418,400 121,431 02],831 121,3„SOI 4281 1301 1370 4427 111,501 111,111 414, T/1 414,131 i17,7~ 801 4313 4311 1443 ill!413,009 115,701 111,731 119,721 421, 1C 6unnisas 111,700 420,234 122,750 027,3„501 6277 1296 1355 Ill!411,083 112,858 434,214 415,013 OIT,07 601 4332 4351 1421 0443 113,217 15,181 017,063 11i,477 424,49 ilissd4le f14,954 117,100 14,201 421,351 701 1231 1230 IIri4 4347 44,344 10,100 12,004 113,344 14,41 801 1?00 1301 0311 Nli 111,213 012,025 414,100 111,013 IIT,29 Nuerluq ~4 H,450 117,100 111,2„121,351 701 1231 125ri 0301 1147 9,314 410,100 412,000 413,344 114,41 b0I -1200 1300 1380 4411 111,213 412,025 16,400 411,013 411,29 dtcdsos f15,0•.A 110,!04 429,1„122,470 501 1.41 2dS i;H 1369 14,106 Id l,]Il 112,779 H4,t7i 113,20 801 1297 1311 1303 N42 111,101 113,575 135,300 138,911 11,31 Kior~OIi,4S9 037,!00 011,2„121,370 301 12 i4 1.50 4104 4147 14,344 110,6„012,090 H T,IN 134,11 601 s^54 1'40 1:84 1411 11,213 112,025 114,490 114,913 411,.9 EXHIBIT - D RENTS WITH DOLA GRANT OP 500,000.00 i LAND AT NO COST TO PROJECT. 0 • PROFESSIONAL DEVELOPMENT CORPORATON 66$5 QUINCE ,SUITE 117 MEMPHIS, TENNESSI*E,38119 TEL 901-753-1100 FAX 901 753-1127 VAIL, COLORADO PRO FORMA OPERATING STATEMENTS REVENUE 20 EFFICIENCY CHFA 20 1 BI=DROOM CHFA 21 2 BEDROOM CHFA 80 EFFICIENCY 80 1 BEDROOM 83 2 BED ROOM 304 GROSS INCOME VACANCY ALLOWANCE 5% NET OPERATING 1NCOME EXPENSES OPERATING EXPENSES AMOUNT AVAILABLE FOR DEBT SERVICE DEBT. SERVICE RATIO RENTS 323 347 41S 461 588 789 VAILD300.XLS 1 EXHIBIT - D 77,520 83,zso 104,832 442,931 564,349 765,902 2,038,815 101,941) 1,536,874 486,400 1,450,474 1.25 0.71 0.60 0.55 1.01 1.01 1.01 NMIIl.3 - H ll-U Hla ~l I1~ 0tl~i0sl: lt-M Ial~ it 1711 Rgatt 11-11 INEI GorI~T Crslee Iell+ Ielatn E+;1~ E11n1 Fr ~ Irtli~ll Iil1i~ k+~ lwu~ liq~ Mi~sUlr tilt f uo iattso~ Kior~ IMLINE 1 /E1T TALE F11 iii iNl 111 IF MEIIIN 1NLIIE iY MIIIEMIII Ii]'E N11'1 111-INCINE 11N1T1 IIQi /F NEliiiNl 1 rfR51N 2 FEJ110N 1 FE181M 4 FEN61N 114,!51 I0T,1M li1,2N 121,371 it/,151 I1T,1N /ll,2M 021,'3'11 014,170 017, IN 01l,2M 121,351 14,!71 017,1M 01l,2M 02!,771 i21,7N II7,7N IL,631 02l,1N 111,410 111,170 122,171 121,}71 114,150 I1T,1N IH,2N I21,Ji1 111,4N 121,131 123,W 020,]M 117, i7/ 01l,Li/ 122,171 121,110 011,4N 021,050 123,161 0?I,7M i17,1N 020,271 022,150 127,3M 114,9`,,4 017,1N N9,2N IZl,3S1 014,lS0 017,100 {1!,201 121,351 013,150 tl1,iN 020,110 022,H0 114,171 017,100 11l,2N 021,350 iii Its Sls Is i0s 646 NZ NZ SII 10'1 701 IU SIL 111 its 311 Iii ils Ns 301 Ni 601 sIs Ms 701 111 ili wi Ii1slNN1 LENTS INTONE LINiT! 1 NIN 1 IIIMI 2 0111N 3 IIIN 1 I'E131N 2 tEASOM 3 IEI~M 1 rE1151N1 7 IERSI 1234 1254 1301 0341 N,344 111,6M 112,000 113,714 114,4 1210 03N 1361 0411 011,217 112,125 014,401 111,4{] 111,2' 1234 0260 03N 0341 0l, 144 111,N1 /II,D04 113,344 114,4. 1210 lilt 0364 1411 111,213 112,125 114,4N 01x,017 117,2' 1234 1251 1301 1347 H,3N 01/,6N 112,001 !1!,144 114,4 12M ~W41 i3M 1411 111,211 (12,125 114,400 011,017 111,2' 1231 12'0 070! 1]41 01,344 110,611 Ht,001 113,344 114,1' 02N 03N • 03x0 N1i 011,213 012,025 114,400 111,013 017,2' 032] 1341 ill! 0411 012,931 114,113 11i,63r 111,600 Ill,91 i3M NII 0510 0S7T 116,525 Oq,ITi 011,911 122,210 023,1; 1273 0212 0331 1406 111,911 01x,11! 114,131 116,514 016,1M 1327 1351 1421 1417 117,011 N4,l13 111,131 111,711 020,21 1231 181 0300 1341 N,340 111,111 112,ON 013,3N 114,41 0210 1111 !3W Nlr 111,213 112,121 014,4N 011,017 117,21 12N 1341 1371 1421 111,100 113,171 lLl,Ill fi6,4A 011,7: 1313 0711 N47 IS17 113,100 117, 7M 01J,131 111,725 121, K 1211 1211 0343 NN !10,71? 112,251 11],711 013,313 01x,73 1772 1345 0113 N71 112,113 111,700 111,530 ili,3TS Ill,14 0211 1301 0370 N2! 011,601 013,15r 014,111 011,47N 117,79 0345 Nli IN3 lSli 013,100 016,111 111,731 11l,72S 021,]1 R7T l2tk 1355 1411 011,063 132,636 111,21! 113,113 011,07 1332 0331 0417 1413 /13,2)5 113,111 111,063 111,971 120,44 12N 0250 1360 0311 i9, 341 010,111 112,000 113,!44 014,41 1210 13N 1310 1411 011,213 012,125 IN,40i !11,113 H7,29 K 02511 0301 174] 0(,344 011,111 012,000 113,344 !14,41 IzlO 03N 1310 1116 011,213 112,123 114,100 111,013 117,29 k41 ~ 0265 ISI! 0311 1!,106 011,313 Il2,JS0 111,151 015,29 0211 0311 13#3 N42 111,111 113,ST5 113,300 116,111 111,31 0:;4 0250 0;04 0;41 N,344 111,111 112,000 11 T, 744 111,41 1'.10 1190 /'~10 1111 011,217 112,125 114,100 016,013 111,29 EXHIBIT E UNDERWRITER'S RESUME MORGAN KEEGAN !~ COMPANY. Ify~ Morgan Keegan & Company, Inc. ("Morgan Keegan"~ is a full service investment banking firm based in Memphis, Tennessee, serving clients nationally and internationally. The firm has twenty offices in ten states and employs over 850 people. Morgan Keegan is a member of the New York Stock Exchange and its parent, Morgan Keegan, Inc., is publicly traded with its stock listed on the New York Stock Exchange. The firm's sales department has over 400 registered representatives including over 100 institutional salespersons. Morgan Keegan is the nation's Largest underwriter of taxable municipal bands; the only firm based outside of New York in the list of top ten underwriters of municipal housing bonds; and the 52nd largest underwriter of long temp municipa! bands. The Public Finance Division is responsible for structuring and managing municipal bond underwritings and placements. The Public Finance Division is part of the firm's Inves#ment Banking Division which maintains offices in Memphis, Little Rack, and New Orleans. A tisitng of Morgan Keegan's senior management transactions is available upon request, along with references. mss M Fowler Jr•, First Vice laresident, works out of Morgan Keegan's T. J Raney & Sons Division in Little Rock, Arkansas. Mr. i=owler is a graduate of Hendrix College where he earned a B. A. degree, the Universty of Arkansas at Fayetteville School of Law where he earned a J. D. degree, Southern Methodist University where he earned a Master of Law degree and the Goethe Institute in Stauten-im-Breisgau, West Germany. Prior to joining T. J. Raney & Sons in 1983, Mr. Fowler was a member of the Rose Law Firm, a professional association, where he practiced in the municipal and corporate securities law area. Mr. Fowler has specialized in multi-family housing revenue bonds. ter' ~--~- r, o~ a 4 is a+ a a1 4 1 i R Y r r 1 t 4-p~ l y r t Z 5 t ice, t , i SlSE - A I..J 1 'V 1 ~ BED RM. BED RM. 29 `- g.. C ~ r- --~ 9ATH~ i KIT. r I ~ DINING Ii a f, ~ i ~ 1 O DIVING 2 BEDROOM 760 S.F (64S.F. I/2 STAIR} t6} 2 BEDROOM i~ r 7~ r f t y ~~ r~ L.J V I 29' - g.. of ~ ~~ I BATt-i KIT. I gED.RM. I ~ •• I IMIi ~-- L IV!!VG ` DiNl1VG ~ R I i fi la'-!" ~ as'--lo" I BEDROOM 606 S.F (34 S.F. I/2 STAIR} •~ 8} I BE©ROOM , BEp~pOM 4 ~,F Il2 STAt~t~ 81! ~ ~E~RS 6i~BEDROOM I DEN 2 BEDROOM 7fi0 S.F U B'2 BEDROOM 2KIT. ~ DINING O 8.3 BEDROOM 3 , r 9.4 BEDROOM 4 LIVING 29-9~~ 4 BEDROOM 150 S F. CONVER510N 4}BATH {LIVING,DINING,DEN} 29'-g~~ i 1$'--10" ~ 10'-8" ,~ LIVING pIN1NG BEDROOM I tsra i n i r~,~ o l KlT. g,2 BEDROOM 2 1~0 I,~ O BEDROOM 3 DEN B_ 29' - 9 F~ 3 BEDROOM 13fi6 S.F. CONVE 2~ BATH ~(LIVI~VG, DINING, DEN) 2 BEDROOM 760 S.F. i 9• _ ~~~18 ~lb~~ ~ 10'-!i't BEDROOM I i~ I , r - ), D1N1~[G BATH 1 KITCHEN 8.2 BEDROOM 2 Y L!VlNG 1, 8, ~ DROQM 3 2 29~-5~~ 3 BEDROOM 1241 S.F. CONVERSION LIVING,KITCNE~N,DINING, 2~BATHS K 2 BEDf200M 760 S.F. - f LIVING/DINING Q~-II~~ CL. BEDROOM 2 KITCHEN BATH 2 IU~ U BREAKFAST BATH E CL. BEDROOM f lN i I I LV 18 - f0" 0 BEDROOM ~ 481 S.F. 2 BEDROOM 1087r S.F. CONVERSION LARGE MASTER BEDROOM ,BREAKFAST? I8'- ~O" I ,~