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Agenda 08-18-14 BOYNTON icRA le =BEACH Special CRA Board Meeting August 18, 2014 @ 5:00 pm City Commission Chambers 100 E. Boynton Beach Blvd. Boynton Beach, FL 33435 AGENDA I. Call to Order II. Roll Call III. Old Business: A. Consideration of Responses to RFP /RFQ for Ocean Breeze East Site XVII. Adjournment NOTICE IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE CRA BOARD WITH RESPECT TO ANY MATTER CONSIDERED AT THIS MEETING, HE/SHE WILL NEED A RECORD OF THE PROCEEDINGS AND, FOR SUCH PURPOSE, HE/SHE MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. (F.S. 286.0105) THE CRA SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE, PROGRAM, OR ACTIVITY CONDUCTED BY THE CITY. PLEASE CONTACT THE CRA AT (561) 737 -3256 AT LEAST TWENTY -FOUR HOURS PRIOR TO THE MEETING PROGRAM OR ACTIVITY IN ORDER FOR THE CRA TO REASONABLY ACCOMMODATE YOUR REQUEST i 4,,,,, y F` „., BOYNTON i cR A =BEACH 1 CRA BOARD MEETING OF: August 18, 2014 1 Consent Agenda IX 1 Old Business 1 1 New Business 1 1 Legal 1 1 Information Only SUBJECT: Consideration of Responses to the RFP /RFQ for Ocean Breeze East Site SUMMARY: The CRA issued a Request for Proposal and Qualifications for the CRA owned site known as Ocean Breeze East on May 22, 2014. Proposals were due on July 3, 2013. Two proposals were received; one from Florida Affordable Housing, Inc. and one from HH Boynton LLC. (Attached) A summary of the two proposals is as follows: Florida Affordable Housing, Inc. • Portion of NE 6 /NE 7 Ave Block • 90 senior low- income rental units • 4 story buildings • Parking is exterior to the project which is discouraged under the HOB plan • Amenities include elevator, clubhouse, pool, dog park, gazebos • Requesting CRA land for free • CRA to subsidize installation of utilities - $1 M • $40,000 annually from the CRA (did not define the term) HH Boynton LLC • Redevelop entire block of NE 6th /NE 7 Avenues (6.3 acres total) • 202 market rate rental units • Built to Florida Green Building Coalition standards • Commercial buildings to front Seacrest Blvd including medical offices and retail • Building:, will be three stories • Parking interior to the project per the HOB Plan • Amenities include a club house, catering kitchen, fitness center, pool, business center, tot lot, barbecue areas and bike sharing program. • Bus shelter to be built on -site • Requesting CRA land for free • Requesting 50% of TIF for 10 years on residential portion only (approximately $2,080,600 in value) An RFP review committee made up of Michael Simon, Assistant CRA Director, Mike Rumpf, City Planning & Zoning Director, Myra Jones, HOB resident and Lesha Roundtree, HOB resident, reviewed and scored the two proposals based on the criteria of the RFP /RFQ. (Attached) T.\AGENDAS, CONSENT AGENDAS, MONTHLY REPORTS \Completed Agenda Item Request Forms by Meeting \FY 2013 - 2014 Board Meetings\August 2014 \8 18 14 - Special Meeting OBE \OBE RFP doc BOYNTON a memBEACH FISCAL IMPACT: Florida Affordable Housing, Inc. • CRA land for free ($535,000 appraised value) • $1 M for Infrastructure • $40,000 annually for debt service • Approximate average annual tax revenue generated from proposed project: $83,000; over a ten year period - $830,000 • Net financial Toss to CRA— ($1,105,000) HH Boynton LLC • CRA land for free ($535,000 appraised value) • Requesting 50% of TIF for 10 years (approximately $2,080,600 in value) • Approximate average annual tax revenue generated from proposed project (with TIF agreement): $249,112; over a ten year period - $2,491,120 • Net financial benefit to CRA — $124,480 CRA PLAN, PROGRAM OR PROJECT: Heart of Boynton Community Redevelopment Plan RECOMMENDATIONS /OPTIONS: Based on the goals of the Heart of Boynton Community Redevelopment Plan Update, the outcome of the review committees ranking, the overall benefit to the community and the financial commitment required of the CRA, staff is recommending that the Board direct staff to begin negotiations on a Purchase and Development Agreement with HH Holdings LLC to be brought back to the Board at a later date. --Z / Vivian L Brooks Executive Director T AGENDAS, CONSENT AGENDAS, MONTHLY REPORTS \Completed Agenda Item Request Forms by Meeting \FY 2013 - 2014 Board Meetmgs\4ugust 2014 \8.18 14 - Special Meeting OBE\OBE RFP doc Y A. .001..., ........ .. nj ... ......... ... An W. w — n' s . . — ... . — w . ..... . en. ..„ n ■ w . .. ., : . OC EAN BREEZE IF.AS7 - SnYNTON BEACH 1 t COMMUNITY .R.F.DT.VELerilki AGENCY 0 cez1.7, Prr- East 700 W. Se-acres Olvd. City of Ucynt `i3F'ar.11, Florida 3343S , •* ( ,1044, t i ...,.. I i ,,... II- - 1 f NO i ) SubmitTed By: ike-Cte\ 1 -, A 4 FLORIDA AFPOIIDABLE1-10USING INC. - :, 777 11 Ati&riVc fuvr , Sulte 7.00 4.0c -rok Deirav Eerz;;-:f :FL 334.83 ft.okftk' ‘ v ) sgiN i 4 a Plitonv: S51-77E-3.931 ii0:73, , ..4.,... , I t , 1 I TABLE OF CONTENTS TAB 1 TRANSMITTAL LETTER TAB 2: CERTIFICATE OF STATUS TAB 3: TEAM MEMBERS AND PROFESSIONAL QUALIFICATIONS TAB 4: DEVELOPED PROJECTS TAB 5: DETAILED DESCRIPTION OF THE PROPOSED PROJECT TAB 6: UNIT DESCRIPTIONS OF THE PROPOSED PROJECT TAB 7: DEVELOPMENT AND OPERATING PRO -FORMA TAB 8• FINANCING STRATEGY TAB 9: PROJECT TIME LINE TAB 10: DBE, MBE, WBE and SECTION 3 GOALS (WORKFORCE PLAN) TAB 11: PROPOSED PURCHASE STRUCTURE AND DEVELOPMENT AGREEMENT TAB 12: PRELIMINARY LETTER OF FUNDING COMMITMENT TAB 13: PROOF OF FINANCIAL CAPABILITY TO COMPLETE THE PROJECT TAB 14: LETTER OF UNDERSTANDING TAB 15: POWERPOINT PRESENTATION TAB 16: CERTIFICATION OF DRUG FREE WORKPLACE PROGRAM • OWL sommorm I' AHI summummwriire Florida Affordable Housing, Inc July 3, 2014 Boynton Beach Community Redevelopment Agency 710 N. Federal Highway Boynton Beach, Florida 33435 Attention: Selection Committee Ladies and Gentlemen: Submitted herewith is our response to your Request for Developer Qualifications and Proposals as the developer for redevelopment of a 4.32 acre +/- vacant site located in the Heart of Boynton community referred to as the "Ocean Breeze East Site" The respondent is Florida Affordable Housing, Inc., a Florida non-profit corporation. Understanding of Work to be Completed It is our understanding that the CRA is offering for sale an approximate 4.32 acre +/- vacant area located along the west side of Seacrest Avenue. It is also our understanding that the CRA expect that the development proposals will be consistent with the Heart of Boynton Community Redevelopment Plan, will include additional amenities, as well as enhance or improve existing community assets. The CRA's overriding goals include quality design through the use of urban design principles, the use of alternative energy sources, encouragement of various modes of transportation and the provision of affordable housing. The CRA is encouraging Respondents to exercise creativity in defining a concept that satisfies the vision of the redevelopment plan, applicable zoning or entitlements, and sound real estate development practices. Additionally, the proposal shall include the enhancement of public spaces as indicated in the Heart of Boynton Redevelopment Plan and the Heart of Boynton Master Plans and Schematic Design. Commitment to Perform the Work Expeditiously We hereby commit to perform the work expeditiously. 777 East Atlantic Avenue, Suite 200, Delray Beach, Florida 33483 Telephone: (561) 278 -3901 FAX: (561) 278 -3903 Reasons why we are the Most Oualified to Perform the Engagement • We have developed over 4000 affordable tax credit housing units in Florida. Our experience makes us one of the most experienced affordable housing developers in Florida. We strongly believe a senior low - income affordable rental development is needed in the Heart of Boynton due to median household income of $20,848. The area is currently 90% African American. Due to the median income in the area, we intend to develop housing for seniors with low or very low incomes to avoid the risk of gentrification. In addition, we have in the past developed retail, market rate condominium and townhouses, Workforce Housing, and have considerable experience developing mixed income sustainable communities. We have been providing this service of developing affordable housing for 25 years. • We have experience developing affordable housing in Palm Beach County 1. Boynton Bay (240 Senior Rental Apartments) — Boynton 2. Groves of Delray (164 Senior Rental Apartments /Townhouses) — Delray 3. Auburn Trace (256 Rental Apartments) — Delray • Our main office is in Delray Beach. • Our proposal achieves the CRA's vision of the redevelopment plan, applicable zoning or entitlements, and sound real estate development practices. Additionally, our proposal includes the enhancement of public spaces as indicated in the Heart of Boynton Redevelopment Plan and the Heart of Boynton Master Plans and Schematic Design. • We recognize the key challenges to the revitalization of the area as identified in the HOB Master Plan. We have solutions that will result in the successful implementation of the plan. • We have significant financing capacity. • As a neighborhood stakeholder, we have a common interest in the revitalization of our neighborhood. Our plan recognizes the desires of the other stakeholders and the community. • As a local developer and Boynton Beach property owner, we best understand the HOB history, the present, and the promise the Heart of Boynton Master Plan represents. • There can be a significant synergy by the MLK Corridor, Cherry Hill, Ocean Breeze, and Boynton Bay redevelopments being executed with a coordinated shared vision. • We offer significant experience in leveraging the available subsidy on the County, State, and Federal levels. These available sources of equity can represent millions of dollars in grant monies and investment for the Heart of Boynton. We have assembled a creative and talented group of experienced professionals as part of our proposed development team. Our response represents a win -win opportunity for the City, CRA, Citizenry, and Florida Affordable Housing, Inc. Our goal is to revitalize OUR neighborhood in a manner consistent with the CRA's City endorsed Heart of Boynton Redevelopment Plan. We have successfully secured over $200 million dollars in public grants for development. We have demonstrated beyond reasonable doubt our professional ability to achieve the social objectives of affordable housing and community revitalization while meeting the financial objectives of our investors, financial institutions, and partners. This response is firm and irrevocable for 180 Days. Sincerely, Brian Hinners CEO State of Florida Department of State I certify from the records of this office that FLORIDA AFFORDABLE HOUSING, INC. is a corporation organized under the laws of the State of Florida, filed on November 16, 1987. The document number of this corporation is N23479. I further certify that said corporation has paid all fees due this office through December 31, 2014, that its most recent annual report/uniform business report was filed on April 29, 2014, and its status is active. I further certify that said corporation has not filed Articles of Dissolution. Given under my hand and the Great Seal of the State of Florida at Tallahassee, the Capital, this the Thirtieth day of June, 2014 • t •`. 1 6?" 04,4101, Secretary of State Authentication ID: CU3677642257 To authenticate this certihcate,visit the following site,enter this ID, and then follow the instructions displayed. https: / /efile.sun biz.org/certauthver.htmt State of Florida Department of State I certify from the records of this office that AMERICAN COMMUNITIES, INC. is a corporation organized under the laws of the State of Florida, filed on October 2, 2012. The document number of this corporation is N12000009404. I further certify that said corporation has paid all fees due this office through December 31, 2014, that its most recent annual report/uniform business report was filed on June 30, 2014, and its status is active. I further certify that said corporation has not filed Articles of Dissolution. Given under my hand and the Great Seal of the State of Florida at Tallahassee, the Capital, this the Thirtieth day of June, 2014 / OZt N Secretary of State Authentication ID: CU2606899868 To authenticate this certificate ,visit the following site,enter this ID, and then follow the instructions displayed. https://efile.sunbiz.org/certauthver.html Development Team of Florida Affordable Housing, Inc. Respondent: Florida Affordable Housing, Inc. Brian J. Hinners, CEO 777 East Atlantic Avenue, Suite 200 Delray Beach, Florida 33483 Phone: 561- 278 -3901 Ext. 113 Developer: Florida Affordable Housing, Inc. Brian J. Hinners, CEO 777 East Atlantic Avenue, Suite 200 Delray Beach, Florida 33483 Phone: 561 -278 -3901 Ext. 113 Co- Developer: American Communities, Inc. Mack Bernard, Executive Director 777 East Atlantic Avenue, Suite 200 Delray Beach, Florida 33483 Phone: 561-278-3901 Ext. 112 General Contractor: D. Stephenson Construction, Inc. Joseph M. Sanches, Executive Vice President 6241 North Dixie Highway Fort Lauderdale, Florida 33334 Phone: 954- 326 -5698 Development Boynton Beach Faith Based Community Development Corporation Consultant: Keturah Joseph, Executive Director 2191 N. Seacrest Blvd. Boynton Beach, Florida 33435 Phone: 561-752-0303 Architect/Engineer: Forum Architecture & Interior Design, Inc. Mario Ahumada, LEED AP, FGBC 745 Orienta Avenue Suite 1121 Altamonte Springs, Florida 32701 Phone: 407 -830 -1400 Attorney: Bernard & Auguste, P.A. Mack Bernard, Esquire 100 East Linton Boulevard, Suite 157A Delray Beach, Florida 33483 Office: 561- 308 -9015 • a MN 111111111111111111111 Auburn Communities • _ ......„ ..,,,,,,,. , . ,..4..,,.., ,. • . "e , p . , I • ,v ' ' ,, ,' • 0 --''' . ,,- " ' s -,„ *44-ji ., .. , . . ‘. - - . , ...,... .. ., ... ki, ... , . _ , .. i :wry .., • animumminnimpollit Auburn Communities Profile Auburn C;ci<mmtiiriticti Auburn Communities is a group of affiliated companies that grew from its founders' Our mission is to provide vision of providing affordable, sustainable and pleasant communities for f.un1lies and seniors in South and Central Florida. The company has developed over 5,000 affordable affordable senior, family, housing units in the state, including multi - family rental, umdorniiriuni, and single - family and workforce housing, homes. Auburn also specializes in refinancing and renovation of existing apartment developments that have reached the end of their 15 year 'lay t .resit O ornpliamc is period. of high quality, where it Founded in 1987 as Florida Affordable Housing, Inc (FA l)), the company has evols cal might otherwise be and grown with the leadership of its founders, Tom 1liruters, ;t real estate developer, attorney and Certified Public ALYountaut, and Brian I litur.rs, d real estate broker and unattainable, help developer. Over the next 23 years, FAIII sinus off several affiliated companies to timelop families recognize the and manage affordable communities through the stale. Among tiro con ixnries it created ate Auburn Development, Ile, whic:ir became rite prftuaty dad%tin»ent arm; Auburn "American Dream" of Management, inc to manage its rental pr)perties; Village by ilir Sea Realty, lire., unr real home ownership, and estate lnokerage firm; Florida Affordable Mortgage ('c,rp., our mortgage brokerage firm', American (:omimutitie,,, Inn., our 501(e)(3), and the urnhrollu orgattiz.ttion, Auburn revitalize blighted areas Communities. into sustainable Auburn Communities' companies are proficient at optimizing i;r'v 'ntrneni and private fiirark ing to provide c ritirally needed he tusiicg to hulk -,Intl riot. a e- iiiuouie tatn(hcs and communities. senior citizens. Auburn Trace, a 37 -a e, 256 -11110 atiortlabk lit a,sii avvvitqwjejil ire Delray Beach, completed in 19%, was the first in Florida to r►,r iaz- c tnraiiu g. Ashley Place (90 apartments on 10 acres in Orlando, completed in 1 was first to use Florida's 'State Apartment Incentive Loan" MX) rowan) Toni and Brian Ilinners, along with their executive team, built the unnlxuw on the belief Auburn Coinnlwlities that affordable housing can also he quality housing. 'I lie Natii,rtal AMsociation of Home Profile Builders recognized their Auburn 'JYice development as thr "Finest Affordable Housing Relevant Experience & Community in the Nation." The senior- living urnirniniities of Boynton Bay ht Boynton Past Performance 2 Beach, 1 he Groves of Uelrav in Delray Beach, and Wiklen Pi rid nr North Miarui, eat h received the National Council on Seniors Housing award for tine "Finest Affordable S'nioi Charitable Sponsorship 3 Housing in the Country" in their respective years of ronipktion Auburn Communities offers a full range 01 services for each (( immunity it Community Pwticipatictn develops, including: & Design Principles 4 Executive 'lean) 5-7 Real Estate Development Mquicition /l)isposi tit nr Property Management Asset Management Auburn Communities Lease Up and Statnlizatir�n Full t l Developments nestrocLion Services Awedments Refinancing/Property Renovation tiinanc e/( apital Slruciuring New Horne Sales 1 it le Insurance A Mortgage Brokerage D).P nn www.AuburnCommunit,es.com i �� :? i - � tr � � ( T-1 e�� l �i� i t " y �'.�a <�� ° • r�0 Relevant Experience & Past Performance Auburn Communities unities Auburn Development, LLC via PAID, inc. Local Grants and Subsidy Our Services Development Units/Homes Grant Source toak i<tate k veto +fto ent 1 Auburn Trace Apt, Delray Beach 256 Units UHTUSAIUUDAG/City Market Analysis 2 Ashley Place Apt, Orlando 96 Units LIHTUCDBG/SAII Mixed income D vel opment Mixed -Ilse Development 3 Boynton Bay Apt, Boynton 240 Units LIHTUCDBG/City/SAIL Retail Malls 4 Fox- Hoflow,Orlando 156 Units CDBG/County/SAIL Urban Infill Development 5 Rosediff Apts., Sanford 120 Units UHTC/SAIL/Fed. Home Bank Rehaa Reh Ut I vv e l +�pmure lh�i 6 April Grde, Naples 120 Units UHTC/SAIUCounty/Fed. H. Bank New Home Sales 7 Grove of Delray, Delray Beach 164 Units LIHTUSAIUCouMy Environmental Work Securing Entitlements 8 Citnrs Glen 1,Orlando 136 Units LIHTC/SAIUCounty Land Grant Construction Services 9 Gtrus Glen 2, Orlando 136 Units UHTUSAIUCounty Land Grant Constructions Contractor ntractoor 10 Silver Pines, Orlando 240 Units UHTUCounty/SAIL t -onstructiori Manager 11 Cabana Club, Miami 332 Units UHTC/HOME Loan Infrastructure i'�n„sf riu Linn Valor F.n};irirrrin;; 12 CasselberryWoods,Casselberry 304 Units UHTC/SAIL t Ena;xcoreg keterved imployed 13 Bayou Cmssings 290 Units UHTUCounty/SAII Fcxleral How loan Bank 14 Club Goldenrod 1 160 Units UHTC/SAIIiCounty LJHTC 15 Club Goldenrod 2 160 Units UHTC/SAIUCnunty SAIL Cl)13G 16 Walden Pond, Miami 312 Units UHTC/SAIUCounty /Andrewrust UDAG 17 Oak Harbor, Orlando 176 Units UHTC/County/SAIL HOME County Financing Program 18 ParkviewHome, Orlando 74 Homes HOMFIFHFA/Gty Barik Financing 19 Las Alamedas, Orlando 44 Homes fed. Bank/Home/County Bond Financing 20 Silver Pines, Orlando 80 Homes County/Fed Bank/State Tax Credit Syndicator Personal OMt antees 21 Cross Creek, Osceola County 100 Homes HOME/FHLBB Corporate c;uarantecs 22 CrtyYew Homes, FtLauderdale 60TH SHIP/l.andGrant/CDBG Property Management 23 St James Place, Port Charlotte 288 Units County/SHIP Apartment Management Commercial Broker 24 Sierra Grande, Naples 300 Units Conventional Site Maintenance 24 Village at Delray, Delray Beach 144 Units UHTUCounty/TCAP Site Security p• 561 2783901 f: 561.2783903 777 East Atlantic Ave., Suite 200 Delray Beach, FL 33483 `' "'"4n ,'`ma�y lEi M MN MOM MINIMMINIIINIMMIIIIMMIV Charitable Sponsorship Auburn Communities unities Auburn Communities believes in giving back to - 4 � 0 the communities where it a t is offered the opportunity , , to develop, enhancing the lives of residents by ti supporting a variety of charitable non -profit Auburn organizations, including i i � .; f;+n the following: enrpletvm at The • 4 0 Mihoi t.ento Atlutvtn eni tent s for ptrcrlrei�t. Children h Families ;3-., - ;:.:;» " •r" `'� , ,� �: Le AVDA �' i a 4► - la: ; RN/my : Community Child "` p i , .. ' ,16 ' ROOF t Care (',enter 4 '' t 1 telray Beach Roots Festival i _ :+c r„ ` FcMrr (,randparei let k (;ivr Kids a Chance Scholarship Fowrttatum ` ti f J Foundation ' %I, . 4 It A t: A ti Milagro Center VA ' stkL . xM1 e t The Spacty Muu�rru►r - li t Weal and Seed Program ItAlk , We're making a • 41 \ ), ' i Hain with sappnrte and asr= c Iu thr1► at the Ai �tu�w Bert Centro difference one ill& , for Childrep & Families. neighborhood / at a time. p: 561.278.3901 f: 561.2783903 777 East Atlantic Ave., Suite 200 Delray Beach, FL 33483 wuww Auburntrrmnwnnws coal w ONNII ONMENis Community Part & Desi I n Prince + les Auburn Communities Auburn Communities seeks to create a Auburn Communities 44 74 transfonnative community asset with connects with each of its developments, Local participation is integral to the company's residents of the approach to design and development. neighborhoods where Reacting out to local residents for their input regarding amenities that would test we work gaining meet the community's needs, the insight into the needs company designs its developments to improve the appearance of the and unique identity neighborhood oncoxxi and fit seamlessly into the surrounding area. Community partnership includes creating jobs and fostering diversity by recruiting and of each community. training local residents as pat of the construction team and hiring area contractors and subs - contractors, including Is4WBSE companies. Re o gni4ug the need to develop environmentally sustainable communities, Auburn Communities incorporates Green Design Principles and regularly lnrncrc's Florida Green building certification for Its developments. Fur I onlsirru tiun of its recent s�,f developrnent, Vi1lag at nehay, Auburn Communities r �.• worked with neighborhood rt f represcntatives to find and employ IS unemployed d r r� .,, young people from the • area. Each chose a trade to work as an apprentice with the various sub - °""'`' contractors. Auburn Communities provided them with hard hats, safety pules, work shoes and NOt X clothes, tools and on- the-job training. p: 561,2783901 f:561.278.3903 777 East Atlantic Ave., Suite 200 Defray Beach, Ft 33483 www,Aubuttt lrtmuntties.tr►m 4 • IMO 11111111111111111111 0 , lummumum, a 1111 , � Executive Team Profile Auilurn (.'vrtnnturtitics 1 ! !1e ounder ad (ham 8t , liiru I linnets is a real estate developer with 40 years of experience. He has personally overseen n all aspects of the development, sale and/or leasing and management of 4,118 tax-credit apartments, 868 market -rate tental apartments, 333 subsidired single- family homes, 588 " condominium homes, 66 tinvnhomes, two life -care retirement facilities, 36 nursing homes and s two retail malls, Tom supervises and inonitors the performance of each of the company's developments. He sets dinxtion for every division of the otganization so his team of professionals can continue to build the company in accordance with its corporate mission and vision. He currently is on the board of directors of Palm Beach County's C:onunissiun on Affordable I /arising as well as 11te ( \'ntcr tin• Tec bnolt l;y, Enterprise and I kevelopment, Inc. (°"1 he TI;,H (:enter') in I)dray 1k'acit.11a. Tom was famincIty a practicing attorney and Certified Public Accountant, and served on the Board of Direct( r .5 of Coritia ai trtal Bank ■c 'Tart, as well as Christian Services and Scholarships of 1 rallas, Inc. 31'4 1 [ / un tie 5 co-Founder and Chief Executive Office; ltnan p /looters has ewer 26 years nt real estate expeience. Since pining Antrum tamp in 1990, he has been insttam ei ttall ill the devdopnient, /losing, salts, financing and management of the company's Florida properties, which include affordable senior and family tax- crcedtt ` , ap irtme_ub, single family hones, condominium homes and townhomass. These developments .. leave won numerous reward including the National Assodatlo n of I lomeNtildecs "Finest Affordable 1l using (imimw t tity in the Nation" and the Nati nal Council on Senior's , o ° t I lousitng's *Bet cif Seniors Housing Award." l Prior to joining Auburn Communities, Brian worked at the Barry Colliers f rmltpany, the largest industrial and exmimercLbl real estate bra rkerage firm in Wisconsin. His transactions included the sale of major facilities for Square 1) C:onipnany, fluky Davidson and Johnson Cenitrols, as well as the sale of large ranee-development panels and national restaurant locations. Brian was a panelist at the Institute for Professional and Exeeutive Development seminar on 1 lousing the Non- Wealtfiy Elderly" ht litasliington, P.C. Ile served as treasurer and member of the lord of detectors for The Milagto Center, a Delray Beach non-profit arganiration serving low- itxvme youth and served on the ixx*rd of the Mac Wien Senior (:cuter, Ile also has served on the board of Pahn Beach Comity Community Land 'trust, chairing its acquisition and dc'vdopinenl comwittee,and has served on the b of the Cold (;east Nikko Association as the Affordable I lousing representative. Brian is a licensed mortgage broker and received his degree in economics and finance from the 1 hriversity of Wisconsin Business &tool. p: 561.278.3901 f: 561.2783903 777 East Atlantic Ave., Suite 200 Delray Beach, Fl 33483 ww Auburr s N NM IMIIIIIIIIIIIIIIII 0 millillimilLIMOMION 1 amirimmoillippwo 6 1111111 Executive Team Profile Auburn c:e)rtlt ritt«s w ea r " l ti r a rfi 5O; President, Auburn Maratement :elf Mary Wanrser's accounting education and background rnakes her invaluable in the §" oversight of all Auburn Communities development properties and those it retained as 1 rental communities. Mary manages the properties, property manage, and the portfolio r overall, organizing financial and compliance reporting of all properties lo state agc•ndes charged with oversight ot public funds and to investors with equity holdings. She holds `'` the certifications of Registered Apartment Manager and Accredited Residential Manager and is a certified National Senior housing Specialist. Ito 6 2 '� :i ". President, Auburn Devel otent,iI( During lus 1 b-yiar carer, (;ito Be guirlsnu» has been involved in the cke►'elnpmcnrt, e onttrUdIun, management, sales, basing and marketing of Z:t devdopinents bi }1enic1a R _ Ills primary focus at Auburn 1)evekrprntiit is the acquisition and development of laud , a Ior affenlable housing Ile is instrumental in securing comprehensive plan arnendnren1s, inning changes, site-plan approval and local government financial commitments for Auburn's developments. (;Ito began his cal al In the multifamily housing industry in 1993 with the Related t ins ot 1'londa. lie also has worked with the Cornerstone (gaup, served as vice `l president of Cimtmenrtal t amstruc Lion, and was director of management and sales for Atlantic k Pacific Management. Ile currently is a member of the board of directors for the nom- profit (3Foundation for t. hfdxen in Need. Ile has served on the public policy board of the Urban Land institute's Tixwilliga Center, has been a guest speaker on the subject % of workforce housing and commtmity revitalrzatton at various Urban Land lnsdtutc «inventions and eernis, and has provided expert testiniony to the Florida Legislature's slature's task force on affordable housing. (Sto is a graduate of Nava Southeastern IJnivernty where he earned a bachelor's degree in life sd nce and a roaster's In business administration. p: 561278.3901 f: 561.278.3903 777 East Atlantic Ave., Suite 200 Delray Beach, FL 33483 ' ` wvi Aubut nCemmonities.com h ' oariumwommenellmem Executive Team Profile Corrinvimit «:s Mack Bernd d b ecutive Director cl unnmurmic It s Mack Bernard is currently the Executive Director of American Communities, Inc., a 501 (c) (3) organization, which develops, builds, and manages affordable communities throughout the states of AIabarna, Florida, Georgia, and Tennessee. fie has over 10 years of real estate experience; developing, building, and managing affordable rental housing. He has his bachelor's degree in Political Science from Florida State University, and his Juris Doctorate degree and Master of laws in Taxation from the University of Florida. He practiced real estate and tax law at a boutique law firer in Lakeland, Florida. Mr, Bernard was appointed City Commissioner in 2008, and was elected in 2009, in which he served as *` 1hputy Vice-Mayor. hi ZLX$) he Was elected to the Florida House of Representatives, and was subsequently re- chtc in lqweiriber 2010. Ile serve as Board Chair of the Toussaint l Yluverttrm High School for Arts and Social justice. He serves as a Board Member for the (1 Foundation, the Color of lope Foundation, and the Marie Louise Cancer Foundation, and nn the i \dvisrry Board of the Vaccine & Gene Therapy Institute. He also served as the President al the balm Beach Colony Caucus of Black Flee ted Officials. j.Usa 1 1 S Marketing f3irectow Lisa limners has over 25 years of marl a nig experience. She writes, edits and manages production of wehsites/Searclr Engine t)plimiVation, tni -line and print advertising, brochures, direct mall, and s gnage for Auburn l =um mines and its developments Prior to joining Auburn Communities, Lisa worked in a creative capacity for various organizations, inducting a dkrylime trieviston program, an advertising agency and a national newspaper. For three yraars prior to joining Auburn (annmuntties, she worked in public relations and wrote and edited a weekly on -lire newsletter in the corporate communications department of NCO in Boca Raton, the largest provider of lvtrrkr7t cornpensaticm data in the nation. Lisa studied Rival arts at the University of Wisconsin- Madison and earned a bachelor of arts degree in Fanglrsh from St Olaf (Alm. in Minnesota. GeorGe Fisher CPM, RAM, CAM Vice President George Fishc'i has over 55 years of real rstlte management experience. Ile is a respected leader of the National Asso iatio an of I lore Builders' Registered Apartment Manager (RAM) program and frequently speaks at the national level on real estate management issues. aj Prior to joining Aubiim Management, t,aY,rge was president of one of the largest real estate management companies in New Yin], City, where he summed 42 site manages. Mr. Fisher is on the faculty of New York University, ()Teens College, New York City Technical College and'fot'stra University, where he has taught property management courses George earned his bachelor's of science degree from New York University. He is a decorated World War II veteran and the found& of Veteraxts of the Battle of t Bulge. ja 56t1 ` ,b' • S'6#.h 3 3 1 # *.,Sulte 1 D ayetadt,.Et334&3. www.AubwnCommunities.com 7 it MO MINIMIII 0 itit Auburn Trace A uburnCommunitic% . ., „ ,„, is, , , �.f. AUBURN f ;i , s” fl TRACE APARTMENT HOMES " - ilii�� i ---- -- ;4.4 . V . ... ..,.. -i , . , ' . r MMhvrre Ira Future Renovation to be Married Village at the Park Award Owner: Auburn Trace, ltd. Developer: Florida Affordable Housing inc. (FAIT), Winning now developing new properties as Auburn Development, LLC development Site: 37 acres Number of Units: 256 multi family rentals Auburn Trace won the plus a 7,500 sq. ft. child are center National Builders Association on 37 acres (7 units per acre) Award as the "Best Affordable completion: 1990 Multifamily Project" in the Approximate (:ost: $16,000,000 Pillars of the Industry Awards Florida Affordable Housing Inc. (FABI) developed this 25h -unit, affordable national competition. housing develormient for low- to moderate - income households in Delray Beach, Fla. FAIII arranged all finandng for this development, including a $1,765,000 State Apartment Incentive Loan (.SAIL) from the Florida Housing Finance A eiicy; $5,134(), {X)0 Urban Development Action Grant from the United States Department of Housing and Urban Development (HUD); $200,000 grant from the City of Delray Beach; and a $1,488,000 loan from the City of Delray Beach at zero percent interest for 15 years. p: 561.2783901 f: 561.278.3903 777 East Atlantic Ave., Suite 200 Delray Beach, FL 33483 ? �{ *•• • 'ijn1xies.ca ' ! • , ...— =0.- Boynton Bay Auburn Communities • abi� i s 8 . S � ) "` 0. , y . r_ }3OYNTO�N BAy • ' s_N:`. RENTAL APARTMENTS 1 ,r w • 4 _ I� Owner: Boynton Bay, Ltd. . Developer: Florida Affordable i I,, I Li , Housing Inc. (FAIR , A now developing new . a properties as Auburn 4 ' Development, LLC „ - Site: 24 acres ,, " r '` Number of Units: 240 units plus a ex 7 i child care center - ► _ __ . ,;- Completion: 1992 Renovation: 2008 l u. 0 Approximate Cost $15,000,000 ` Florida Affordable Housing Inc. (FAI1I) developed and is the co - owner and manager of this affordable housing community in lioyntou Beach, Award Fla. for low - income seniors with a day care center. FAI11 received approval from the Florida Housing Finance Agency for a S2, tiSS , (XX) State Apartment Incentive Loan (SAIL) second mortgage loan, rank winning first among :38 applicants for the 1989 funding cycle. Palm }beach t :purity approved a 31,000,000 third mortgage loan, tutiliring development Corn munity Development Block Grant (CDB(�) funds on teens identical to SAIL loan, and the City of Boynton Beach approved Boynton Bay received the Best x200,000 grant to the l lamlet, Ltd. Palm Beach County Division of Affordable ?Multifamily Senior Senior Services has designated Boynton Bay as a Senior Center, so that Development Award from the its low- income senior residents are provided free no ni eals in (he National Association of Home clubhouse, free bus and van transportation fur shoppi m n�eclical visits and recreational trip and a daily activities director. Builders Pillars of the Industry 499 Boynton Bay Circle Boynton Beach, FL :3.3435 (561) 3647600 national competition. ° , *.r�.' i ,', ". •4i ` T ` �' 1 �y '' � ;, wwwAuburnCommurnties.com a WINS 111111111111109 6 ' ' • r B oynton Bay Renovations Atlb►1Ci1 oilllli11111tt1'S W f I .' ,' ' i 5" z a 1 .. i • 3 i �i I ZI i i fir- 7 a .0 . r p 1'•y it o r .., 4......4111,10„ - i ' L '' . I. x F ( .�.- w .., w ..�..- ..- ..-..- th . S r' ft. r . ► axe '' '1° .+ 1' r , yb .`" '�`�,t" F M ." • '' a ' "I i i im r ti:VISA 1 SENIOR RENTAL APARrneErrrs Y - �t li tit il, „ #.jam 2.'" * s .a r t .�. , � '�� '` °' � i� < www.Auburntammunitles.com is ism ammo City View Townhomes Auburn Communities f l 1 .,. I` t) `V N 2 I () 1 F `• r. 4 * . : .ti]1. r°u[� ♦ �� r. ... 'YS . 4 4 4 1 1 4 r . +M •- r' �.rC <AY ie f City View's townhomes City 'i_ertiv icwrJAlor4mes Owner: City View LLC are just walking 1)eveloper: Auburn Development, Id/C distance from Fort Number of Units: 60 fee simple townhomes Completion: 1993 Lauderdale's Riverwalk Arts & Cultural District, Auburn Development, LLC: was selected by the City of Fort Lauderdale to develop 60 townhomes rm the edge of its downtown for low. to moderate- offering convenience income households. The City of Fort Iauderdale contributed the land as and a beautifully well as $460,010 towards the infrastructure, and also waived the impact fees. Auburn (Development secured HOME funding from the Florida designed community to Housing Finance Agency and additional subsidies from the City for the homebuyers• its diverse residents. p: 561.278.3901 f: 561278.3903 777 East Atlantic Ave., Suite 200 Delray Beach, Ft 33483 11, ONNENION/1111111e imminuromil St. James Place Condominiums Auburn (�rrn „tics . k I / ' ..1' ' R la J IIILkii 0 k t .11 __ a fi, i : . _. f „ 1 � y f mom : .. St, James Pratt 1 r ., 1 Condominiums 4. { • Developer: `; ' ,�• .�, Auburn Mana einent, lnc. . 'i� Number of Units: 288 Condominium � ,. _ Units Built on Golf Course in It. t , , . • Zto d tY'f . ', _ ' . Port Charlotte, FL ., *...rmt..„:14.4*,,v , Alm Funding: I = Ccninly /SHIP Funding . , 1 ii. 'I.,. 1 • imil _ . 7 to F . ( r / J f p: 561.2783901 f: 561.278.3903 777 East Atlantic Ave., Suite 200 Delray Beach, FL 33483 W'ww.AuburnCommunities rim w 0 IN1��1 ....u f ir The Groves of Delray A Lib urnt 'Om rnunRies i. '0 ', '/- 1 1 1 3 ' 41t0 itle l r E GROVES . �, • , i) i* OF : I AY.' r- 10.11110 w e r e ' y: +w� a1. w , i ....._ L t iik LA.. 1 he Groves of Delray ` Owner: The Groves of Delray, Ltd. ` " * , 111Vos Developer: Auburn Development, Llf, iito- ,' 4 Site: 13 acres '�� Number of ()nits: 158 -unit affordable senior citizen development Completion: 1995 Renovation: 2012 -2013 Award re r The Groves of Delray is an affordable housing co�nr»t»ity for low-h iconic winning seniors. The project was kept affordable through a $ 1,502,0(X? State Apartment Incentive Loan (SAIL) at 3% interest, as well as taN credits lrrnn development the Florida Housing Finance Agency. It is also financed with a $400,0(X), 4% loan, and a .$79,000, 3% loan from Palm Beach County. 'Me project The National Association also received from Palm Beach County a waiver of impart fees. Palo, heath of Home Builders designated County's Division of Senior Services approved The Groves as a senor the Groves of Delray as the center, thereby entitling residents to a free evening areal, free iris and van 3rd Best Affordable transportation and an activities director provided by the Gouty. Multi- Family Community for 1301 SW loth Avenue Delray Beach, FL 3343 (S61) 276 -1822 Seniors in the Country. M ',, t zµ k i �. Y , �°, i ,,,,' "s '; ,, „,. F ,., 2 . y, .13 TT1 t+ be ' May y ksA 3� � , www.AuburnCommumbes.com • IMP 11•11111111.1•11 • ' 1.111"11 The Groves of Delray ..,,.....i..... iii., Renovation 2012-2013 A ti b ti rn Coarmiunitics . 1 i • . . if ,7. , ''' - 14 ,. Ik . T. ' ' , 4 r- 1 ' 11 di + - .1 4Y I . O , ' . ' 0 , 1110 I F r I. . . • - li, ■ ..# - *;1 , g , . '' : 'SOT' ' • , il i . . ''.. •'. "' :. tr . 1 . . ' .44. ' ! ' . ..,,t • It. ' i, .. ' o' ior if :, • ,f, + . Ti • •• -,, . 1, .. *.t ',- .3 ' ',...' , • g,r.. ' , ,,.. , .:, - ,. - -- ,..... , kt , . — - I ."1:011 I / .,-. - ..I.A. " . ..._ i t• . . , f i i ., ;# 1,u,,, -,,, - . , ,,,, v „.. , --v• • w it • p r .. ,.., ,,,: • 4 , . ), .ii.1. , ITV h A. ,,' . . z_u t,,,, ...... „A. n ,.. ..„. : 4,.. tip, .' '' 4 ' 4 In 11 ir ' r.' Miff FienovJuar, li r * . ' -P i t I . • . Ai N. L. .... - .. , .. ii f• .. •• 7•- ....., . "r" . Ai • ''' r , • - , , c lid !H'':,t,k,i■ii.1 , ■ ' • , I. ■■■/ F ... . ' . 6' . °1 I 4 L: 4 e - 4 ' ' ' . '„,,ift■ili' i E. GROVES AP% OF .1)EL.R AY 1 . - ....i.... --- • ' .40 4 k. --:0° ... '''Co-'' ,__.. ,w0.... . .......,:, ' , , . ''' ., ; ,,.,.. : I-4:7w- do..., , t'l tion, • rt• - 1 f ! I i , F . , . 4 f f a, sassi‘t i iL ( 1 a i .4'.. ,,,,„.. -. •.• ' . , • .,:7 ,,-.- ,.:ii4p.-1 8,3933 I ,' 'ntistigan*W .', . 4(,. ''' • a -I : - • ' *. : . gri. www.AubumCommunities.com i ,::, , ,,,:.• , _,.- c.: -. : . .7: ,, . •:- ::-..*14 , -:.. • . , • ,: ..- . - : , . , :,'. :r.:,•,-,- ;,::-;:,":„.,. --.: r 4 , ', ' 1; ,,,, '''''':' r.. ,4" ' . ' ' ' ' '. '' L' '''''''. ;,,/,. 4 ; , r : ' ' ''''', - 1.1; 1 .: 'S '-' 4. : • ' ,'. ' , '('• :' A ;,,,, ,''.'..: .!. •• , . "'■ '' 't.' i'''' 4' . , a.... • —.I. Village at Delray Auburn Con,rncni,iv ,.. ,'A � IMr ' , i_ ;ft' ., y VILLAGE AT DELRAY APMTM*HT HOMES �a4 t , ,,, Development Owner: Village at lklray, Ltd of attractive Developer: Auburn l )evelopment, III: affordable housing Site: 11 acres Number of [Units: 144 multi-family rental units on 11 acres brings pride to the Completion: July 2011 community. Approximate Cost: $30,()O,(XX) Village at Delray is a 144 -unit, affordable housing development for Auburn Communities low- to moderate- income households in Delray Beach, Fla. Auburn recently celebrated the Development, U.0 arranged all the fitcant ing tor this development, t nostril( lion for Village at including a 57,500,000 , 1tAP loan from the Florida Housing Finance Delray. Florida Gowmvr Agency and $7S0,O(X) from Paint Beach County. This Florida Green Charlie Crisi, iklray !teach Built development features metal roofs, hurricane impact resistant Mayor Woodie Mci)uffie windows, a 7,500 square foot clubhouse with generator and a state -of- and other notable elected the art security cable /video system, 6 station computer lab, pool, sports o,iiciuls were on hand to fields and a basketball court. Village at Delray is a gated community. honor the pnijcct's 695 Auburn Omit West Delray Beach, Ft, 13483 (561) 278 -3901 positive contribution to the community. ,i .. 1 fg iii- . ii ur ' 1 r . t4 1 it . " . p: 561.278.3901 f: 561.278.3903 777 East Atlantic Ave., Suite 200 Delray Beach, FL 33483 www.Auburntnr munuries.carn II ,..... . imermormiellinimie esossisail The Hamlet at Walden Pond Apartments Auburn t.:umt unit.„ o- R 1 4, • i WI - , -. rr i . * 1 ' i 1 I, lf{ ` . , ", . a "" T • fM ien The P -n mts H°\P'F11 1__1 . I . . AI Leif PI , i"C,tit) t ; V. Uwnei: Wah)cit i \ nd, Ltd. f a Developer: Auburn Dove lopntu tl, Ile � r Site 18 acres -, Number of Units: 312 units plus a 4,S0I) sq. ft adult clay care center C.omtpletioln: 1996 The Hamlet at Walden Pond is a 312 -unit apartment cunumuuity for senior citizens in North Miami. The project was kept affordable through a Award winning $3,740,0(X) State Aparrincnt Incentive Loan (SAIL) at 3% interest, tax milts development tram the Florida Housing finance Agency, and S1,047,( %$) through the Dade County Hurricane Andrew Dust Fund Housirng and Community Development The National Association of Program. The project also receival from Dade County a $&44,000 waiver of Home Builders designated impact fees. Eighty percent of the units are for households below 60% of The Hamlet at Walden Pond median income, and 20% are for households below 40% median income. the 2nd Best Affordable Multi - Family Community for Seniors 20855 NW 9th Court North Miami, FL 33169 (305) 655 -9922 in the Country in 1997. p: 561.278.3901 f: 561.178.3903 777 East Atlantic Ave., Suite 200 Delray Beach, FL 33483 h i n � , DS HHR OVERv{E' ' F I ■ It ,,ai 14 410 11 . ,,..,. ...` I n *'" t - w D. Stephenson Construction, Inc, is a Florida Corporation Higher Educational, Aviation, Parks and Recreation and established In 1992 by Dwight and Dinah Stephenson, Healthcare agencies. who Instilled their own values of honesty and Integrity Understanding our clients' goals and seamlessly in establishing a company dedicated to building long integrating them into operations has been the key to lasting client relationships by providing unequaled our consistent growth. As our company expands, our service. Since inception, D. Stephenson Construction, primary commitment remains unchanged: our clients Inc. has provided Construction Management, General are our first piorny We are proud that much of our work Contracting and Design -Build services to various clients is a resutl of repeat clents, confirming that our "client throughout Broward, Miami -Dade and Palm Beach fins" philosophy Is more than lust a phrase - it's our way Counties and has earned o reputation for dehvering of doing business. complex projects on time and within budget. DSC Firm Details Our team of dedicated professionals, known for being the best in the specialties, was carefully assembled FIRM SIZE 25 from across the construction and administration SERVICES dlsclpines to provide first class construction services for each project. In our constant pursuit of providing Generol Contractor C•,rutrrchon Manager I quality service, we offer clients the services of more Program Manager I Design Builder than 20 employees from our offices In Fort Lauderdale, OFFICES Miami Dade and Palm Beach Counties. Our valued ' 6241 North Dixie Highway I Ft Lauderdale, FL 33334 cients include Municipal, Libraries, K -12 Educational, y m 6600 NW 271h Avenue, Suite 207 I Miami FL 33147 .,,. t i y , r , 401 W. Atlantic Ave Ste 9 I Delray Beach FL 33444 s 4 � j ' "` INSURANCE COVERAGE DSC tames ilabikty insurance of $.5 million I Automobile of $1 million I Umbreso Liability of $5 million 1 Workers ` -, - C ompensaton of $500 K and Pollution of $1 million DSC e covered by Amensure Mutual Insurance Co , North Rover Insurance Company and Indian Harbor Insurance Co r r,_ . I i3. , w. I � ' D. STEPHENSON MEM dwight adstept,unson.cDm • ' -- ww. _ , :, ." '' ` 7, � " ^ u I • ro 1' , DWIGHT SrEP1-9ENSDN, P'EMENT CONSTRUCTION EXPERIENCE: 21 YEARS 410, . ' Dwight co-founded D. Stephenson Construction Inc. with wife Dinah with a philosophy of providing quality service and products through instilling their own values of honesty and : , ' ' 1(1 ; integrity. Dwight provides leadership, control for all field operations and supervision for all projects. Dwight has successfully completed many projects similar in size & scope and provides leadership for all field operations and supervision for all projects. He has a strong client base of repeat clients, including: Broward College, the School District of Palm Beach County, the School Board of Broward County, the City of Lauderhill, including the City Hall - LEED Silver Certified (a 10 year relationship), Broward County- which includes renovations of the Broward County Courthouse and Midrise totaling nearly $20 million (6 year relationship) and the Fort Lauderdale Hollywood International Airport (7 year relationship). Dwight's role for Quality Control includes ensuring that all D. Stephenson projects adhere to the project specifications and meet or exceed the highest levels of quality in the Industry. EDUCATION V , Social Work and Physical Education 1 r University of Alabama II `^� St. Paul's College Honorary Degree - 1 y -0 Id '` 1 + Doctor of Humanities r, ; .4 M l V • E t PROFESSIONAL & ..t— _°' COMMUNITY AFFILIATIONS RELATED EXPERIENCE The Lauderhill Business Alliance Together Against Gangs (TAG) Carver Apartments and Sboppes Building, Miairn. Flonda 1 10,400 SF 1$12 Million United Cerebral Palsy, Board Rehabilitation of an existing three story mixed -use building that was constructed in 1925 Florida Fish & Wisdhfe Conservation City of Opa -locka Helen Miller Center Opalocka Fionda 1 6,000SF I $2.5 Million Commission Henrietta Towrrhorries, West Palm Beach, Florida 1 16 000 SF 1$2.5 Million 1 New Construction Associated Builders and Contractors of 11 townhomes comprised of 2 3 and 4 bedrooms units. The Boys and Girls Club, Board Urban League of Broward County Community & Empowerment Center, Fort Lauderdale, Florida 1 Dwight Stephenson Foundation 28,000 SF 1 $5 Million 1 Scope includes a 4.000 SF multi purpose community room, computer research lab and 4 training/classrooms KEY E X P E R T I S E McClure Village, Pahokee, Florida 1 16,000 SF I $11 Million 1 Improvements to 2 duplex units and 1 single family University of Miami, Miami, Flonda l 13.000SF 1 $6DOK J Interior renovations Dan Marino Foundation Vocational College, Fort Lauderdale. Florida 1 16.400SF 1 $1.2M 1 Interior renovations „ Miami Sunset Senor High, Miami, Flonda i $913K 1 ADA Upgrades ` Coral Park Elementary School, Coral Springs Florida 1 16,000 SF 1 $1.2 Million 1 Scope includes addition of 5 modular buildings 1 installation of associated canopies. as well as the installation of irrigation equipment and landscaping Eagle Point Elementary School, Weston, Florida 1 5 000 SF 1 $900K 1 Scope includes addition of 4 classroom addition site demolition miscellaneous sitework. site utilities. new sidewalks and canopies Meadowbrook Elementary School, Fort Lauderdale, Florida 1 3,000 SF 1 S5o0K 1 Scope includes addition of 2 classroom addition, site demolition. miscellaneous sitework site utilities, new sidewalks and canopies .RESUMES saks tislophensan.com 3 S'J EPHEN D. ASS, LEER AP, SR. VICE PRESIDENT CONSTRUCTION EXPERIENCE: 35 YEARS / WITH DSC: 1 YEAR Stephen Aks, a LEEDAccredited Professional and State of Florida Licensed General Contractor, brings over 30 years of design and construction services experience encompassing new construction, additions, retro-fits, phased replacements, and renovations to the project team. He has a strong background in constructing technically sophisticated and innovative facilities. He has senior responsibility for managing all aspects of administration, schedules, t budgets, subcontractor negotiations and preconstruction, construction, occupancy and warranty services. 11[3.-C Stephen's past experience includes over $300 million and over 5M S.F. in municipal facilities projects throughout the State of Florida. He understands the unique requirements for municipal facilities construction and the security, safety and logistical concerns of working on those. EDUCATION �* Associate of Science Building — Construction+ • Palm Beach Junior College ' r r , B S. of Science Civil Engineering Maio • r, .._ Union County College, New Jersey - .Y LICENSES Leadership in Energy and RELATED EXPERIENCE Environmental Design Certified General Contractor Carver Apartments and Shoppes Building, Miami, Florida I 10,400 SF I$1.2 Million State of Flonda, Certified Home inspector Rehabilitation of an existing three story mixed -use budding that was constructed in 1925 UBCI - Uniform Build Code Inspector City of Opa -locks Helen Miller Center. Opafocka Flonda 1 6.000SF 1 $2.5 Milton Certified Lead Based Paint Renovator Urban League of Onward County Community & Empowerment Center. Fort Lauderdale, Flonda 28 000 SF I $5 Million 1 Scope includes a 4,000 SF multi purpose community room. computer research lab and 4 training/classrooms McClure Village. Paholtee, Florida 1 16,000 SF I$11 Million I Improvements to 2 duplex units and 1 single family KEY EXPERTISE Broward College Health Sciences Simulator Center Building No. 8, Davie Florida 1 65.000SF 1 $177 with human Million ( Scope includes new nd b construction ide of 7 state- of- the.art labs, which are equipped patient simulators aeds computers Pursuing I.EED Silver C&ttilcatlon Steward College Public Safety Buliding No. 22. Davie, Flonda 1 62 000SF 1 $8.3 Million Scope includes renovation of the following: Faculty Offices, Associate Dean Office, Crime Scene Evidence Lab. Crime Scene Simulation Lab, and Firing Range I LEED Gold Palm Beach Community College, Boca Raton, Florida I Continuing Services - Multiple Renovations City of Dania Beach Nanofittration Water Treatment Plant, Dania Beach. Florida 1 6,000 SF I $825K I Scope includes new control room forthe entire water treatmentfunctions, administration offices and locker rooms I LEER Goid FLL- Hollywood International Airport- CCTVPhase11 , FortLauderdale.Florida I $5 Million ( Scope includes installation of a Closed Circuit Television Monitoring System for all Terminal Buildings 1 installation of over 700 cameras RESUMES fssochas«'dstovboneoacom @l i P JOSEPH SANG} ES, LEE) AP, LOCAL VENDOR/ WORKER COORDINATOR CONSTRUCTION EXPERIENCE: 30 YEARS / WITH DSC: 1 YEAR Joseph is a results - oriented leader and project executive with over 30 years of experience successfully managing private and govemment organizations with program budgets of over $1 billion Approximately 11 years experience in K -12 business operations managing 1 and working with a large staff (almost 3,000 employees), working with principals, interacting with Board Members, fielding questions from the press and presenting to e0 " elected officials and the public Active community participant who has been recognized by several prestigious board appointments and awards from community organizations He is recognized as a leader in the industry and DSC relies on his capabilities EDUCATION MBA in Management „�r 4 Baruch College, CUNY, New York, NY k ' Fyn 7's '• BPS in Construction Management _ Pratt Institute, Brooklyn, NY Olt AAS in Construction Technology New York City Technical College, RELATED EXPERIENCE Brooklyn, NY Carver Apartments end Shopper Building, Miami. Florida I 10,400 SF 41.2 Million LICENSES Rehabilitation of an existing three story mixed -use building tnat was constructed in 1925 Leadership m Energy and City of Opa -locks Helen Miller Center Opalocka, Florida 1 6,000SF 1 $2.5 Million Environmental Design Certified General Contractor McClure Village, Pahokee, FlotMa 1 16.000 SF 1$1.1 Million 1 Improvements to 2 duplex units and 1 single family Den Marino Foundation Vocational College, Fort Lauderdale. Florida 1 16,400SF $1.2M 1 Intenot renovations Miami Sunset Senior High, Miami, Flonda 1 $913K 1 ADA Upgrades KEY E X P E R T I S E Harlem Apartments Affordable Housing, New York, NY 1 $45 Million Essex Hasse, New York. M' ; $80 Million Housing Authority of Fulton County, Atlanta. GA 1 Technical Assistance St. Croix Government House, St Croix, USVI, 1 $12 Million New York Marriott Marquis Hotel. New York. NY 1 $450 Million Forest Park Elementary School, Boynton Beach. FLI $26 Million Boca Middle School, Boca Raton FL 1 $35.7 Minion Plumose School of the Arts, Delray Beach. FL I $30.5 Million =M ` `< � W *k r. r i+'f a n , • m�...rv»t d"° ^. Y`Y?yJ tstaiyey. � , �,� TYQUAN STANLEY, Sri. PROJECT MANAGER CONSTRUCTION EXPERIENCE: LO YEARS / WITH DSC: 3 YEARS Tyquan has extensive knowledge of negotiated pricing elements and cost, reviewed and processed NE and GC invoices and assisted with budget control on several projects. He has experience with completing all of the project stages from programming to closing out. He maintains great client relationship while policies and procedures. He will be responsible for managing office duties and supervising fieldwork. Additional responsibilities include developing scopes of work for bidding, the bidding process, contract negotiations, submittal & shop drawing review, pay requisitions and change order request processing, meeting minutes documentation, schedule analysis, RFI processing, and more. Ty has managed projects of various sizes and challenging complexities, especially on technically challenging operational campuses. EDUCATION MI" B.S. Science in Construction ' ,� ` • r g Engineering Technology. : r i _ .. Minor In Civil Engineenng Technology ' ; if o4 • r Florida Agricultural and Mechanical a a University M F LICENSES RELATED EXPERIENCE Licensed Real Estate Agent Carver Apartments and Shoppes Building, Miami, Florida 10,400 SF 1$12 Million Rehabilitation of an existing three story mixed -use building that vwas constructed in 1925 City of Opa -Iocka Helen Miller Center. Opalor.ka. F,orida 1 6.000SF 1 $2.5 Million Florida Memorial Universtty. Mlami Gardens. Flonda 1 121,98600 SF 1$12 7 Million 1 Scope includes new student hosing with 330 beds University of Miami, Miami Florida 1 13.000SF 1 $700K 1 Interior renovations Belle Glades Elementary School. Belle Glades, FL 1 $7.8 Million KEY E X P E R T I S E Sliver Shore Elementary School. Mira mai FL American Intercontinental University. Weston FL University of Tampa Interim Soccer Stadium, Tampa, FL Fort Lauderdale High School, Fort Lauderdale. F2 Western High School Davie FL Boca Raton Resort & Club Marina Wing Addition, Boca Raton. Fl Bay Resort - New Constiuction, Exuma, Bahamas Charlotte County Public School Wannado Kid City at Sawgrass Mills Mail, Sunrise, FL Tamarac Community Library Tamarac. FL RESUMES dhonparc dsteptionsan_ corn : ;. 17" am DALE HOOPER SUPERINTENDENT CONSTRUCTION EXPERIENCE: 22 YEARS / WITH DSC: 2 YEARS ti Dale has over 20 years of construction industry experience. He is responsible for day -to-day supervision and coordination of subcontractors and all construction ac- tivities, as well as assisting in the development and implementation of the schedule, site logistics plan, and quality control. Dale is also responsible for on site documen- tation including contractor's activity, and daily reports, safety incidents and unusual project conditions and /or problems. He will also be responsible for the preparation of daily construction reports, monitoring and documenting contractor's activity, manpower, weather and equipment on the site. He will also organize and conduct weekly subcontractor meetings and publish minutes. EDUCATION r . 14; Mynderse Academy Seneca Falls NY High School # . ._. r " Xe" ktilta RELATED EXPERIENCE Carver Aparbnents and Shoppes Building, Miami Florida 10.400 SF 1$1.2 Million 1 Rehabilitation of an existing three star) mixed -use building that was constructed in 1925 City of Opa4ocka Helen Miller Center. Opalocka. Florida 18,000SF 1 $2.5 Million University of Miami, Miami, Florida 1 13,000SF 1 $700K 1 Interior renovations Sunlife Stadium Team Stores, Miami, Florida 1 2 200SF 1 $200K I Renovations University of Miami, Miami, Florida 1 13,000SF 1 $700K 1 Interior renovations Ughthouse Pt. Spec House, Ughthouse K. Florida 1 4,800SF 1 $1.8 Million K E Y E X PEPTISE Lakeside Views SubDivision, Romulus. NY I 32 acres) $4 9 Million Pinewood Park Subdivision, Seneca Falls, NY 1 $28 acres 1 $3.6 Million NYS Chiropractic College, Seneca Falls. NY 1 1.400 units 1 $350K Dr. Ernie Soto Dental Group, Plantation. FL 13,000SF 1 $280K Dr. Ernie Soto Dental Group, West Palm Beach. FL 1 $6 000SF 1 $390K Dr. SMtcropi Optical Care Unit, Seneca Falls, NY 1 $5.500SF 1 $3801k Spectro Aluminum Recycle Seneca Falls, NY 1 7,000SF 1 $850K Omni Renovation Project, Miami. FL 1 500.000SF 1 $49 Million Sushi Yama Asian Restaurant, Boca Raton FL 1 4.500SF 1 $380K Tsnami Subs, Lantana, FL 13.800SF 1 $295K Simone Car Mlash/Laundrymat Seneca Falls, NY 1000SF $580K dgordon.nodstophonsorr <u», � '`" ° 5` JOHN GORDON, SR. ESTIMATOR CONSTRUCTION EXPERIENCE: 30 YEARS / WITH DSC: 1 YEARS As Senior Estimator for D. Stephenson Construction, John Gordon is responsible for managing and coordinating all aspects associated with estimating and project pre - planning services. : . r John will work closely with our other estimator, Ankrt Patel, on the New Urban Development project 4 4r His duties include budget and detail estimating, value analysis, comparison and cost model reporting, cash flow analysis, and preliminary scheduling for design /build, general contractor and construction management assignments. EDUCATION B.S. Science of Economics Ili _ • ? 1 ` S M 4 9 Southern Connecticut State College 1 "' • „' • hail. CERTIFICATIONS Sure Track Expedition Certification Expedition Primavera Certification ESTIMATOR RELATED EXPERIENCE Carver Apartments and Shoppes BuNding, Miami, Florida 1 10 400 SF 1$12 Million Rehabilitation of an existing three story mixed -use building that was constructed in 1925 City of Ope -Iocka Helen Miller Center Opalocka, Florida 1 6,000SF 1 $2.5 Million McClure Village, Pahokee, Florida 1 16.000 SF I$11 Million 1 Improvements to 2 duplex units and 1 single family Broward College Health Sciences Simulator Center Building No 8, Davie, Flonde 65 000SF West Boca Library, Boca Raton, Florida Wellington Regional Medical Center NICU, Wellington, Florida 1$3 6 Million KEY EXPERTISE Pegfy Ads Grace Pavillon, West Palm Beach, Florida 1$9 9 Million Kings Point Normandy Entry and Guard Gate, Delray Beach. Florida 1$238K Wellington Medical Arts Pavillon IV, W ldngton, Florida 1$4 9 Million Cardinal Newman High School Addition, West Palm Beach, Florida 1$5 8 Million Wellington Regional Vertical Expansion, Wellington, Florida I $2.5 Million Rosarlan Academy Gymnasium, West Palm Beach, Florida 1$9 2 Million Wellington Cancer Center Brain Lab, Wellington, Florida 1 $2.4 Million Palm Beach Gardens Lots 1. & 2, West Palm Beach. Florida 1$2.3 Million Wellington Medical Arts Pavillon III. Wellington. Florida 1$4.2 M illion Wellington Regional Central Energy Plant. Wellington, Florida 1$11.5 Nikon Wellington Cancer Center Renovation, Wellington. Florida 1$3.5 Million Broward Credit union. Fort Lauderdale, Florida 1$1 Million tXPPItE1(; 1 44 - - . : . , IT . t, -- ' 411 .1. se i t44 : : : ,' r ... . , '4,,,, fib toplttiliritiimm 4111c . ,.! ' . i i , ' m t ( A AI ,� tiR •t ,e )1 W THE CARVER APARTMENTS AND 1 ) s - t- ti IlliI 1 D SHOPPES BUILDING t' it: i ; , t i i Miami, FL D. Stephenson Construction, Inc. is providing Construction Management Services for the rehabilitation of the Carver Apartments and Shoppes in Miami. The scope of this project is to rehabilitate an existing three story mixed -use building that was constructed in 1925. The project involves selective demolition to remove existing building components and finishes which ultimately will be restored with new interior and exterior finishes and modern building components to provide approximately 3,900SF of commercial retail spaces on the first floor and 6,500SF of residential spaces (10 apartment units) on the second and third floors. Property enhancements and amenities includes eight two- bedroom apartments units, two one - bedroom apartment units, four retail spaces at the ground level with aluminum storefront entries, brick paver walk -ways, separate dumpster enclosure, decorative canopies and window awnings, decorative hallway & stair railings, window treatments, residential appliances, on -site laundry facilities, central air conditioning and impact resistant windows Owner MTZ Carver, LLC I c/o Mt. Zion Developments, Inc Don D. Paterson 301 NW 9th Street Miami, FL 33136 , P (954) 829 -7788 Role of the Firm: Construction Manager Start Date 8/2012 Completion Date 9/2013 Construction Cost: $1.2M Project Size: 10,400 SF Co STEPHENSON tXPEItf1( i mereemy ti 7 t rc_ ; a *Mt ....� { • J fad° !1 n 7 Y HELEN MILLER CENTER � Opalocka, FL D. Stephenson Construction, Inc. is providing Design Build Services for the new construction of the City of Opa- Iocka's Helen Miller Center. The scope includes demolition of the existing building, design and construction of a new two story energy efficient building approximately 6,000SF at the same location of the previous building The Helen Miller Center will serve as a community center for the surrounding community Owner: City of Opa -Iocka Mohammad Nasir, PE 780 Fisherman Street, 4th Floor Opalocka, FL 33054 PH 305 - 953 - 2868 ext. 1212 Role of the Firm: Design Builder Start Date: 4/2013 Completion Date: 10/2013 Construction Cost: $2.5M Project Size: 6,000 SF D. STEPHENSON fxp pigncg III ,, ., ..„, ., . , l ..., 0 i i i . . , A' ' ;.- . HENRIETTA TOWNHOMES West Palm Beach, FL t y D. Stephenson Construction provided design and construction management services for this 11 unit project for the Urban League of Palm Beach County. The scope of services included construction and project closeout services The 2.5 million dollar development began in September 2009 and was completed in March 2010 which, included 11 TownHomes comprised of 2, 3 and 4 bedroom units. The units included ceramic tile floors, impact windows, centrally monitored security system, French doors, and new appliances Henrietta TownHomes is located at 1301 & 1307 Henrietta Avenue in historic Coleman Park in downtown West Palm Beach and serves as an incubator for families working toward homeownership Owner: Urban League of Palm Beach County j Patrick Franklin 1700 North Australian Avenue West Palm Beach, FL 33407 P (561) 833 -1461 Role of the Firm: Construction Manager Start Date: 6/2010 Completion Date: 3/2010 Construction Cost. $2.5M Project Size: 16,000SF 1 O. STEPHENSON EXPRIgrKg NM Mt * f • 1375 NW 192 STREET Miami, FL D. Stephenson Construction provided construction management services for the renovation of the existence residence at 1375 NW 192 Street Miami, FL. Neighborhood Housing in Opa- Locka is the owner of the project. Owner Neighborhood Housing, LLC Stephanie Williams- Baldwin 490 Opa Locka Boulevard, Suite 20 Opa Locka, FL 33054 P (305) 687 -3545 Fax (305) 685 -9650 Role of the Firm Construction Manager Completion Date: 11/2011 ' D STEPHENSON tXPPi (g r: 'f < 1 "'°'F '`d'> t # , 4414 , °.. S ., li ! k. ' . ' 1 • AD S 2415 NW 158 STREET * F Miami Gardens, FL - D Stephenson Construction provided construction management services for the renovation of the existence residence at 2415 NW 158 Street, Miami Gardens, FL. Neighborhood Housing in Opa-Locka is the owner of the project. Owner: Neighborhood Housing, LLC Stephanie Williams- Baldwin 490 Opa Locke Boulevard, Suite 20 Opa Locka, FL 33054 P (305) 687 -3545 Fax (305) 685 -9650 Role of the Firm: Construction Manager Completion Date 11/201 t i D. STEPHENS0N tXPP210( . i.... r • . , ■ ■i ; .$4- i i A ,.. awl 3020 NW 157 STREET ,,, :, Miami Gardens, FL D. Stephenson Construction provided construction management services for the renovation of the existence residence at 3020 NW 157 Street, Miami Gardens, FL. Neighborhood Housing m Opa -Locka is the owner of the project. Owner: Neighborhood Housing, LLC Stephanie Williams - Baldwin 490 Opa Locka Boulevard, Suite 20 Opa Locka, FL 33054 P (305) 687 -3545 Fax (305) 685-9650 Role of the Firm: Construction Manager Completion Date: 11/2011 1 .. , i i O. STEPHENSON txPiiic - i k -,,, °" k , $ r , ! t ` r McCLURE VILLAGE .. ° = Pahokee, FL '" ` D. Stephenson Construction is providing Construction Management services for I-ITG McClure LLC. The project consist of improvements to 2 duplex units and one single family residence. The scope also includes minor site improvements, playground disassembly, storage and reas- sembly. Owner: HTG McClure LLC I Elena Adames 3225 Aviation Avenue, Suite 602 Miami, FL 33133 P (786) 347 -4551 Role of the Firm. Construction Manager Completion Date: 8/2013 t i p SSTEPHENSON txiri ( Ur P ...:te • 00 10 .:. �.'+'S'y` *.':f.�r r a.�. .'� #ey �_ ..."' m•... l r �,� " 10 CITY OF LAUDERHILL CITY HALL Lauderhill. FL D. Stephenson Construction in conjunction with Moss & Associates completed the first LEED Sliver Certified City Hall in Florida. The City of Lauderhill began planning the new building after Hurricane Wilma destroyed the old structure in 2005 and it was discovered the cost of repairs were about the same as an entirely new facility that could better meet the needs of the City. DSC provided Construction Management at Risk Services for this new four floor 42,500 - square foot building, which houses workspace for the offices of the Mayor, Commissioners, City Manager, City Clerk, Finance, Planning and Zoning Department, Building Department, Code Enforcement, Utilities, Community Redevelopment Agency, State Housing Initiatives Partnership, Office of Business and Neighborhood Enhancement, Human Resources and Information Technology Department. It also includes a 150 -seat Commission Chamber with a pre - function area, which is open to the community and civic events Project included construction and installation of a 26 ton chiller plant and 750KW generator Owner. City of Lauderhill Charles Faranda citymanager @lauderhill_fl.gov 5581 W. Oakland Park Blvd. Lauderhill, FL 33313 P (954) 730 -3003 Fax (954) 714-3123 Role of the Firm: Construction Manager Start Date: 7/2008 Completion Date. 11/2009 Construction Cost: $12.BM Project Size 42,500SF D. STEPHENSON txppiricg t. # s • [ lit1 111 BROWARD COLLEGE PUBLIC SAFETY -°-' i BUILDING NO. 22 Davie, FL D. Stephenson Construction, Inc provided Construction Management at Risk Services to Remodel the Institute of Public Safety Building #22, Central Campus. The Institute of Public Safety Building (Bldg. #22) houses the IPS College Degree Programs offering Associate Degrees and Certificates in Criminal Justice /Fire Science /Emergency The scope included the renovation of the following in order to properly house these vital and growing programs: Faculty Offices, Associate Dean Office, Administrator Coordinator, Associate Dean and Faculty, Student Waiting Area, IPS Accountant, Secured Property Room — used to store training equipment, Classrooms (40 seats and 28 seats), additional classroom (40 seats available for evening courses), Crime Scene Evidence Lab, Crime Scene Simulation Lab, Public Restrooms and a Firing Range. The facility houses a new program to provide intense training to the County Police Force. This is a LEED Gold project. Owner. Broward College Juan Raigosa - jraigosa @broward edu 255 E. Las Olas Blvd Suite 616 Fort Lauderdale, FL 33301 P (954) 201 -6977 Fax (954) 201 -7357 Role of the Ftrm: Construction Manager Start Date. 5/2011 Completion Date 7/2012 Construction Cost: $8.3M Project Size: 62,000 SF L O. STEP HON ON .: r.+.w.. _.ryau1+— •.:.P. +Y.e�` -ern a.. { .. ` i 11 0 FLORIDA MEMORIAL UNIVERSITY rip; Miami Gardens, FL D. Stephenson Construction, Inc provided design, approval processing, and infrastructure and unit construction of the new Living & Learning Residence Hall on the campus of Florida Memorial University. The Project is located on approximately 2.7 acres on the north side of N.W. 156th Street in Miami Gardens. The new development was designed to enhance and blend in with the existing campus buildings and includes student housing apartments with 330 beds. Each unit and all common areas are protected with sprinkler, alarm and a public address system, and have individual air conditioning units (chilled water supplied), a thermostat, ceiling fans, and a kitchenette that includes a mini- refrigerator for 2 -1 units and full size refrigerators for 4-2 units. Each suite apartment connections for high speed internet telephone, and cable utilizing CAT 6 cabling Common area amenities include a multi- function reception room with kitchen, a recreation & game room, a fitness room, computer rooms, a media room, and a class room for up to 35 students, student lounges, laundry and vending rooms. All main entrances, emergency exits, hallways and roof access doors are wired for surveillance cameras The proj- ect was constructed on an occupied educational campus. Owner. Florida Memorial University David Jaccarino - david.jaccanno @fmuniv.edu 15800 NW 42nd Avenue, Miami Gardens, FL 33054 P (305) 626 -3766 Fax (305) 626 -3777 Role of the Firm• Construction Manager Start Date: 7/2010 Completion Date. 8/2011 Construction Cost: $12.7M Project Size: 121,986SF p. sTepwertisoN EXPPRII1( mo l , *n om ' - J. 1 �, j. 4 X r44 i At «et: *► - � fi f..... 1 , ti q� Y i e _.s. 4 ! i ULBC - COMMUNITY & e , x EMPOWERMENT CENTER 4oP1wEl�Na t.*w4vwYCes -: , . Fort Lauderdale, FL r t„*t,,y tiH^ D. Stephenson Construction provided CM @Risk services for the Urban League of Broward County Community Empowerment Center. The project is located on a 2 5 acre tract of land in a historical area of Broward (Sistrunk Boulevard) and adjacent to the prestigious African- American Research Library and Cultural Center (AARLCC). The community center is a 28,000 square foot facility that is a resource for the entire Broward community. The Community Empowerment Center is a place where parents, youth and residents come not only to get exceptional Urban League programming, but to convene and mobilize others in the community around the variety of issues affecting their lives. The scope included a 4,000 SF multi - purpose community room that can be parsed into 4 smaller rooms, a state of the art computer research lab and 4 training classrooms, direct service support area for program staff of more than 7,700 SF including multi- purpose room, spaces to host special events and community activities and office space for Urban League direct service staff and administration Owner Urban League of Broward County Germaine Smith -Baugh - gsbaugh I ULBCFL.ORG 11 Northwest 36th Avenue Fort Lauderdale, FL 33311 P (954) 625 -2502 Fax (954) 584 - 4413 Role of the Firm: Construction Manager Start Date: 2/2011 Completion Date. 4/2012 Construction Cost: $5M Project Size 28,000SF 1 O. STEPHeNSON tXPRIII ( • x. ' w, , i ap .. M ,,,,,,„0.- a. der+ ,. p . ~ ,esW '41+ y,.r lb �\' '�► s, *Key I _ a'" .,; ,r te / t ; ;, ,, , _3 k sae { 0 tiiit._._ --. i r iili 1141 4 , r i U NIYIPM BROWARD COLLEGE HEALTH SCIENCES SIMULATOR CENTER Davie, FL D. Stephenson Construction, inc. providing Construction Management at Risk Services for the new construction of the Broward College Health Sciences Simulator Center Building #8, Central Campus. The scope includes the new construction of 7 state -of- the -art labs, which are equipped with human patient simulators and bedside computers; specialized hospital equip- ment specific to the function of each lab; Internet access; digitalized video; recording cameras and TV monitors; computer assisted instructional software / and or other interactive software. The Tabs are designed to replicate realistic practice settings and will have an EMS ambulance bay, and emergency Department, Critical Care units, Medical- Surgical unit, Trauma/Operating / Dental Room, and a Labor and Delivery/Neonatal Intensive Care / Pediatric unit; and open lab space to conduct large clinical drills /as well as debriefing rooms, storage space, and video recording control rooms Each patient care unit will accommodate 6 students and an instructor, and have an adjoining control room and storage space This is a LEED Silver registered project. Owner Broward College Juan Raigosa - jraigosaabroward.edu 255 E. Las Olas Blvd. Suite 616 Fort Lauderdale, FL 33301 P (954) 201 -6977 Fax (954) 201 -7357 Role of the Firm: Construction Manager Start Date 7/2012 Completion Date: 12/2013 Construction Cost: $17.7M Project Size. 65,000 SF & O. STEPHENSON txPPiri (g tikt _ 1 CITY OF LAUDERDALE LAKES LIBRARY & COMMUNITY CENTER Lauderdale Lakes, FL D. Stephenson Construction provided CM @Risk Services for the new City of Lauderdale Lakes Library. This new two -story, 20,237SF facility was built as part of the redeveloped "New Town Center" of Lauderdale Lakes. The first floor houses the new 10,000SF library, enlarged lobby, an elevator and stairs leading to community rooms and a 75 -seat multipurpose room with kitchenette and storage, a group study room, 19 all-purpose public computers lab, a Youth Services area with five computers for children, an audiovisual section, lounge seating, and a 50,000 item collection. It is equipped with Wi -Fi for wireless laptop access. The 10,000SF second floor of the facility contains the new Community Education and Cultural Center. LEED (Leadership in Energy and Environmental Design, a green building rating system) principles have been used through -out the construction as well as for the selections in the interior Owner City of Lauderdale Lakes Phil Alleyne - phila ®lauderdalelakes.org 4300 NW 36th Street Lauderdale Lakes, FL 33319 -5599 P (954) 676-3614 Fax (954) 535-0799 Role of the Firm: Construction Manager Start Date: 4/2008 Completion Date 10/2009 Construction Cost: $6.2M Proiect Size: 20,237SF O. STEPHENSON Ex pcgricg I ■ `3 I r ° ki �-- . .. +k,w, �,, 1 44 • �, t ihilisk 410 4.$ I ii ' rt ,, i i CITY OF LAUDERDALE LAKES LIBRARY & COMMUNITY CENTER Lauderdale Lakes, FL D. Stephenson Construction, Inc. in partnership with Moss & Associates provided Construction Management at Risk Services for the Construction of Forest Park Elementary School. The 117,487SF modernization project at Forest Park Elementary included construction of three new tilt -wall buildings to supplement three pre - existing buildings on the 11.5 acre site, The three pre - existing buildings were renovated to address the current and future needs of the school. In order to make room for the vast site improvements, five other existing buildings and six existing portables were demolished. The new facility now includes classrooms for pre-K through fifth grades along with several skill development labs. Administration, student services and guidance offices were all included around the main entrance of the primary building. The new construction renovations and facility upgrades have increased the school's capacity from 798 to 960 students. This 20 percent increase has Forest Park Elementary well poised to accommodate future growth Owner: The School Board of Palm Beach County Angel Garcia - garcia ®palmbeach.k12.fl.us 3661 Interstate Park Road North, Bldg. 200 Riviera Beach, FL 33404 P (561) 882 -1916 Role of the Firm: Construction Manager Completion Date. 8/2008 Construction Cost: $25 4M (Owner Savings $768,012 51) Project Size: 117,487S F F. STEPHENSON Boynton Beach Faith Based Community Development Corporation 810/Resume About Us Boynton Beach Faith Based Community Development Corporation, (Boynton Beach CDC) is a qualified Community Based Development Organization (CBDO) that has been actively involved in the redevelopment activities of the "Heart of Boynton (HOB). Our primary goal is to create, sustain and promote access to affordable housing opportunities for Boynton's HOB residents. Since 2001, Boynton Beach CDC has worked tirelessly to improve access to quality affordable housing for low and moderate income families with limited resources without regard to race, sex, nationality, religion or familiar status. History Established in 1999 by a group for concerned residents, Boynton Beach CDC was created to help address the lack of affordable housing for low income residents in Boynton Beach. The founding members represented a wide range of organizations including government, religious, business, grass roots, as well as community and civic leaders. Frustrated with the conditions of slum, blight, crime, poverty and hopelessness, these community residents came together to address the critical housing needs of their community. Our Vision To be the premier organization in Boynton Beach that strengthens neighborhoods and improves lives through education, preservation and development of affordable housing. We do so by creating affordable housing (homeownership) opportunities for low and moderate income persons. Affordable Housing Boynton Beach CDC is committed to developing affordable housing for low income families who lack the economic resources and skills needed to access quality housing opportunities. Since inception, Boynton each CDC has concentrated Its efforts on developing and preserving affordable housing, and that activity continues to be the CDCs top priority. We have an extensive history of working in partnership with residents, area housing agencies, local builders /developers, private lenders, and local government entities to develop affordable housing units that enhance and improve neighborhoods while benefiting low to moderate income families. We also assist families become economically independent through individualized housing counseling, case management and financial literacy. To date, our efforts have helped 157 low and moderate income families achieve their dream of home ownership and as well as provide housing, credit and financial counseling to more than 2,800 participants. Stabilizing_Nelohborhoods Over the past three years, we have focused our efforts on revitalizing neighborhoods adversely Impacted by the foreclosure crisis through the redevelopment of distressed properties as affordable homes. A $4.1 million Neighborhood Stabilization Program (NSP) grant from the City of Boynton Beach enabled us to acquire 25, distressed /foreclosed properties as well as build 5 new affordable homes. We completed extensive rehabilitation and sold 23 of the 25 distressed units and completed the sale of 3 of the 5 new homes Renovation is underway on the final 2 distressed properties while construction is winding down on the last 2 new units. With the loss of NSP Federal funds, we continue to explore other funding opportunities and in early 2014, the CDC was awarded a $229,300 grant from Wells Fargo to continue our stabilize neighborhoods effort. That grant will allow enable the CDC to purchase, renovate and sell 4 foreclosed properties as affordable homes to owner occupant buyers. With the support of our partners, we hope to continue to improve neighborhoods and create affordable housing choices for Boynton Beach residents. FIRM OVERVIEW FORUM , _ � y4,. � i e r' � w , a, ,..„.. 4 t __ a 4 . 7 o- , i , it K i aq: r„ t . ab m ,,,, * n Y2 1 T y .. y .� d * '•. fin --ml,,- FORUM has active or completed projects in the following states: Alabama Arizona Florida Georgia Illinois Indiana Kentucky Massachusetts Michigan Mississippi Missouri Nevada New Mexico New York North Carolina Ohio Pennslyvannia South Carolina Tennessee Texas Virginia West Virginia business address Forum Architecture & Interior Design, Inc., based in 745 Orients Avenue Altamonte Springs, Florida (Orlando}, is a full service Suite 1121 architectural firm specializing in planning, architecture Altamonte Springs, FL 327Q1 and interior design. Founded in 1986 by its principals R. Al Al a3t1400 Norman Stoehr and James B. Black, Forum currently maintains a staff of approximately 35 design professionals. 407.830.4143 fax www.forumarchitecture.com As a recognized national leader and award winning design firm, Forum focuses on six primary markets: multi - family, principals clubhouses, resort, hospitality, residential and commercial. R. Norman Stoehr The firm currently holds active registration in over 22 states James B. Black and offers professional design services on a national basis. Forum's commitment to providing exceptional design license quality, superior client service and outstanding value is the #AA 0002731 corner stone of the firm's success. IlliForum Architecture & Interior Design, Inc. 745 Oriente Ave. Ste. 1121 Altamonte Springs, FL 32701 407.830.1400 KEY PERSONNEL r' 7,-,A � FORUM R. Norman Stoehr professional PrincipaUArchltect Licensed Architect in the following states: Florida Georgia Minois Kentucky Louisiana Michigan Missouri New York New Jersey North Carolina Ohio Pennsylvania South Carolina Virginia US Virgin Islands National Council of Architectural Registration Boards (NCARB) The Real Estate Forum - President The Design Resource Group, Inc. - President Licensed Real Estate Broker - Florida experience education Norman Stoehr has served as a Principal for Forum Architecture Clemson University & Interior Design, Inc. since its establishment in 1986. He has Clemson, South Carolina over 29 years of experience in architectural and interior design Masters Degree of Architecture and is a Licensed Architect in 15 states throughout the United States. Through his extensive experience, Norman has narrowed European Study at the Centre for his focus to the specialized areas of Resort/Hotel, Commercial, Building Research and Urban Design Residential and Interior Design. Genoa, Italy James B. Black professional Principal/Architect Licensed Architect in the following states, Alabama Arizona Colorado Florida Georgia Indiana Maryland Massachusetts Mississippi New Mexico Nevada South Carolina Tennessee Texas Virginia West Virginia National Council of Architectural Registration Boards (NCARB) Certified Building Contractor- Florida & North Carolina education experience University of Flonda Jim Black, a Principal of Forum Architecture & Interior Design, Gainesville, Florida Inc., has over 28 years of experience. He is a Licensed Architect Masters Degree in Architecture in 16 different states and is a Florida and North Carolina Certified Building Contractor. Jim's specialized experience includes Multi- Family, Clubhouse, Affordable Housing, Senior Housing, Commercial and Healthcare designs. $Forum Architecture & Interior Design, Inc. 745 Onenta Ave. Ste 1121 Altamonte Springs, FL 32701 407.830.1400 Table of Contents Approach and Methodology I. Narrative of Approach and Methodology A. Narrative I . Design Principles Summary 2. Social Objectives Summary 3. Value Creation & Fiscal Efficiency Summary 4. Management Strategies 5. Process of Effective Project Coordination 6. Proposed Solutions to Potential Problems 7. Synergies with other Activities Promoted by the City and Neighborhood investments 8. Proposed uses within the Redevelopment Project II. Illustration A. Site Plans 1. Conceptual Perspective View B. Elevations 1. Conceptual Site Plan C. Floor Plans 1. Conceptual Building 1 2, Conceptual 1uilding 2 Narrative of Approach and Methodology Florida Affordable Housing, Inc. ( "FAHI ") Proposed Design Principles for the Ocean Breeze East Project • We will develop a 90 unit senior 100% affordable low income rental housing development on the site located at Ocean Breeze East. • We have proposed to build upon traditional models of town development and "Floridian" architecture to enhance neighborhood character and create a sense of place. The designs will be integrated into the community through the use of local architectural tradition, building scale, grouping of buildings, and design elements. • We have proposed to provide appropriate enhancements of the natural environment. • We have proposed Ocean Breeze East can be redeveloped in its entirety and we have included distinct components that can be moved and reknitted together as the community desires. • We will create possible synergies with existing and planned local investments by the City and local stakeholders. • We will work with the CRA to employ the successful design concepts derived from the HOB Community Redevelopment Plan. • We will work closely with the CRA, City, and the community in developing a final site plan and design. Redevelopment Social Objectives • To work with the CRA in developing a 90 unit senior 100% affordable low income housing rental development. • To work with the CRA in implementing the HOB Community Redevelopment Plan and revitalize the area by providing safe, decent, and quality affordable housing where it might otherwise be unavailable. To create a development that will act as a catalyst to promote further investment in the area. • To work as an integral partner with the community in meeting its social objectives in the redevelopment. We will also sponsor Adult Education/Training Classes. We will develop a Senior Center as part of the new Ocean Breeze East. • We will assist the CRA in meeting the severe housing shortage in the City of Boynton Beach that is safe, quality, and affordable to the everyday working families and citizens of the City. • We will pursue a partnership with the Palm Beach County Housing Authority that honors their pledge to the disadvantaged looking for attainable housing in new and creative ways. • We will provide significant participation by DBE, MBE, WBE and Section 3 enterprises. Value Creation & Broader Considerations FAHI recognizes the core strengths and assets identified in the HOB Neighborhood Redevelopment Plan that will move the HOB neighborhoods towards stability and stimulate private sector investment in the area. Our plan recognizes the opportunity to create a positive synergy and take advantage of current development opportunities centered around the Federal Highway Area. Our proposal takes into consideration and was guided by the parameters listed by the HOB Master Redevelopment Plan. The design principles presented in the HOB Plan were developed from stakeholder feedback. FAHI took special care to make certain our proposed redevelopment plan is consistent with community priorities, and serves the needs of existing residents and community stakeholders as stated in the HOB Master Redevelopment Plan. We will hold meetings with the local community to discuss our plans throughout the design process. Management Strategies Our core management strategy is to view the redevelopment of Ocean Breeze East as part of a neighborhood revitalization strategy. We recognize the challenges of the area today and we have the creativity to envision the future. The objective of our management strategy is to both redevelop Ocean Breeze East in a responsible professional manner and maximize the availability of senior low- income, safe, decent, and sanitary housing. As your neighbor, we understand the history of the HOB area and Ocean Breeze East, the present, and the opportunity for the future. Additional Specific Straties • Financial risk can be managed by being a good developer. We will seek non - recourse financing, cash flow forbearance subordinate loans, grants and fee waivers from the County, State, Federal government. We will work to secure various sources of government equity. • We have selected D. Stephenson Construction, Inc., a strong, highly competent, experienced general contractor at the best feasible cost. We will oversee the contractor all day - everyday to keep the project on time and on schedule. • We will put provisions in the contract that will allow for the contractor to incur a penalty for falling behind schedule and incentives to complete segments and the entire project on time. In addition, the contract will contain provisions for removing and replacing the contractor in the unlikely event the contractor defaults. • We will develop a detailed Marketing Plan. This plan will target the senior low income residences in that reside in Boynton Beach. Process of Effective Project Coordination Effective project coordination is the result of planning, organizing, leading, and the controlling of resources to achieve the goals of the project effectively and efficiently. Planning We will identify goals and the appropriate courses of action to achieve the goals. We will decide on what goals to pursue. We will stay on a course of action to attain those goals. We will decide how to allocate organizational resources to achieve the goals. The elements of project planning are: 1. Define project objectives 2. Identify activities 3. Establish precedence relationships 4. Make time estimates 5. Determine Completion Times 6. Compare project schedule objectives 7. Determine resources needed to meet objectives Organizing We will establish task and relationships that will allow us to achieve our goals. Leading We will motivate employees and others to work together to achieve our stated goals. Controlling We will establish and provide accurate measuring and monitoring systems that will be used to evaluate our progress towards our goals. Proposed Solutions to Potential Problems Risk Management Risk can be managed by being a good developer. • We will seek non - recourse financing, cash flow forbearance subordinate loans, and grants. • We have selected a strong, highly competent, experienced general contractor at the best feasible cost. • We will oversee the contractor all day - everyday to keep the project on time and on schedule. • Provisions will be placed in the contract that will allow for the contractor to incur a penalty for falling behind schedule and incentives to complete segments and the entire project on time. In addition, the contract will contain provisions for removing and replacing the contractor in the unlikely event the contractor defaults. Synergies with other Activities Promoted by the City and Neighborhood Investments FAHT recognizes the core strengths and assets identified in the HOB Neighborhood Redevelopment Plan that will move the HOB neighborhood towards stability and stimulate private sector investment in the area. We feel that our design scheme meets the social objectives and value creation desired by the City, CRA, and Stakeholders. Our vision is of a beautiful, well connected senior affordable community to meet the needs of current senior residents. Our proposal takes into consideration and was guided by the parameters listed by HOB Neighborhood Plan. FAH" took special care to make certain that our proposed redevelopment plan is consistent with community priorities, and serves the needs of existing residents and community stakeholders. Proposed uses within the Redevelopment Ocean Breeze East — 20 Units Per Acre ttif lip; I � r ' tRtt ite lfillr :ff�` ( fti , �ffr's1�.'. (Hi Sli cu ' 2 5 6 d L m O '1 . = 1'u C 0 < (11 >.. i - ' E �— �, Q (Iiiiilfiutii iifiai1tiuif111(it 1 i•,. W 111 i 0 " t' iiiiiii litotonii IT nippy i • • WIDOW iinifwt iimm� t ! - 1 1 »�- a -fir -s... 1-- Q ■ y t., ■ I 1'1 r A *win MOW t I, 1 A 1 `• ..r ' '� .1 l i t4i i 1Vil ��h ' 4 , .; .. -i ' , „ , , r � " �� ' 1 �. � <, i1pE{ d1 im uitttt Il.oii,d , M fi ' - 1 il ''.7 ' ' ' I ' ' jt .t 1 1 RT ft4 j Ake J `y , , 41, 1r ` _ , • . 4. • , . ,• _ t • • i tp k "." ' 'r ' — 1 I 4 i , 1 .. .Sk . 4 OF t4 7,11 0 I , r. ,ml, ; .,t • f ; is i X. 0 a. O _ -- w ( f` ft !` `/ O p a i 131F.* tt' 1 Ile V .- I III' __ co 1 l 2 1111 41. -ii 1 .v. i I cp i . il Io t. ___ _ ; ,............ ...,_ _ . ii: !Z- L I c. y Q � 5 8 � fii � ~, 4,. a 23 i m -I * w LICI [11 v si g -11IFFc A , `:. _ illjt111111111 J R �I t- I ' " f Z IL 5 ii ■ I v ___. 4 x J ill ifil ; ,gi M 2 . — ._ _ ill __ „p i ,,, 4 ., ,.. i. 1 _ ., , I , c _ _ A 1.- , , : 1 , , ___ II ' - y �' ' tom „ • F. ¢ g 11 : i 5 — , 1 hh DEB 4 I ill ' a t c e -; : 4 4 4 m c � • j ' II :IA i illiIII soar t , • 0 i 1 * [ `SRI i i 1 411 :11 L ll' v Q n i a 1 ' , 1 Ill ^ i■ i t s1 I Z _ - - - - 1 11 II il III r.1 3 '. L1 1•1 Ill k )0---. .,... t . - - : Is �� I li_ [-Al 4 i1 ` ' ' S , n I 1 O ' illir 1 r Ell 11, j � 1 l I II II L1 1 L, .,I II 1 t 1` r � -- i tI tiii +. I 1 ,, lk 11� i _ I i.o I Il lr -�� D E 1 = 1 1 .:11!: ■ isiihIlilla .. I ____.= i Ell a o °- + N i i ia ill yi N_ :it 1 0 1 1 i il l' I O v H J .ii1f11 l fill 8 hi it. L l �- I M O N i l l r , L<<::! 4 - 91 r .. NI _ 'I■ ■1' N _ •-1 R Vii .� ri ii NI II ,. 3 03 II 11011111 �i LL t . �:1 . I � m i . 4 N is Ipi ,-• i 7 - 11 711, 8 a i I t II il. 11 1 7W, . 11 .:.+ 1 �� L r I � E� i I lJi = ¶11 t - sl I we _ , a > r , =m ► 11 _., t� s = - _ :- -a ....:14 210) = 11, !: „....., , ,w,... f - ga j- -- - ill iti. ■ 1 t - III ' 1 , 1 6 i i 1 i g P 6 1 5 i I Ocean Breeze East Apartment — 20 Units Per Acre Rental Senior Community I1il 111'4 1 ll:'j , 'tin: l , : 4 ,/ 1 ofifrl;;i` 4 ' t ', 3 It' x fi tf, °,`rfl OH af { t 4 ts Built If 1 , .1,1 ( Iiii,h ,i,,- 1A (I i,'t'1'ri f, / , 1 llP (141 1 Unit Descriptions of Ocean Breeze East Apartments Budd t 1 il 1 1 r ` IS /14,11 1/I 1.r, Pt ( It f j,,, f !i ai; 1 iti1 l lilh ',1 ' f i 1t> # litii/r _ (r, 5 4 �i i �, /'deaf j itit tdti )(_ Iii i 1111 It (l'111r1 e' - 111`` ., toi J , $t 1 nil SOURCES & USES OF FUNDS Ocean Breeze Apartments 90 Unl 5/19/2014 > Hos TOTAL At CIS1 CsaspssWen 911%Coulpktima sdEdaY- LSS2ti Huh damintimiZent Lad - Bus-1 0020111102 • - - ■aba6oaCods PayofDeka Hoch UDAG Acgmaama t4 Aog idam out 5 Aolmlba cad 6 Aageiiem cud 7 OltrA.galium Costs Sub-Total - _ - - . mtaamee 1,004000 1,000,000 750,000 Bess Cb.saadim 0.039,503 4084500 8.00,300 Aral. /PFFi7hdomers Bead - Cotwsaty 518.102 516,102 514100 Oar Had Cosa - - Camalr OYS6ed'Ptoa 1,272330 1,272,530 1272.530 Oar Had Cap . Ss - Total 148114112 — - 10204132 - - 10230,133 1rszsd02Sa11 Caemoc0.aprlod Swot 262,041 (1,739) 263.700 196,531 Cap06tled 041De01Wave CJIMORICII011 Lou Few 120,477 124477 - 124477 P1111101111 Loon Pm 121,000 - - 121.000 CMkg Caen - CaurOCOOO 24,000 24000 - 20,002 Claims Cosa - Pama.w 24000 - 20,000 TOY &moo 125,000 125,000 - 125.000 Tab &1mosSe rsmaawt ?WC Cat of Lnose Fee twits & Uadatdwr - PlsadagCud 3 Fw..mO 4 - Root* Cott 5 Oaw n mass Casts - SeaTaW 660318 265,477 (1,739) 263.780 141,000 462,000 loirma AppssYd 22200 22,000 23.000 Medd Study 7,500 7,500 7,500 E wkaamW5aNNFPA HUD Emus 32,100 32400 32200 Awiopagtal 200,000 20400 204000 SosYealas 134000 154000 154000 song 04062 56,062 04052 24011 144000 144000 95,00 Anmeteg 30,000 34000 34000 lswma 134000 154000 73.000 Make* 75.000 62,503 12.500 Post Pea 201.241 207,241 207,241 imp= Fars 275,120 275,120 275,120 !Alp CemeNm Pew 70.276 71.274 70,276 Tam Cm* Fm 299.352 299.112 tomb= Fees 30,000 34000 50200 Lad Flamm 25.000 25200 25,000 BOIYas Rot 133.09 133,609 133,619 Dm* Daum I6ouhattag - - - Tam 95,000 95,000 95200 UR Cast CaoOm1woy 102,053 102,853 102253 Sea Con 2 - SeaColt3 - - SatCoB4 - ast Chet 5 - - Set Cast6 - 8o0 Cat 7 - Sot Cod I - SoR Car 9 - 0o*C0t 10 - - Se1 Our Coe0o5mcy - ab -Top1 2,154923 2,104,923 67,5110 12.500 - 1.645341 SMITHS Opsatlag Resene 321,150 321,150 Lew Up- gaswec - 2.523350 304000 300,000 1.925,350 2,525,350 TOTAL DMA — 19,333.823 2,654400 30240253 576.280 2,307.500 13,214021 — Swum 15.00% 4.0079 20.006, 25.00% 711 CH& Ego* 4471.810 970.771 2314724 2,294362 1,617,932 11stwlcCwdits Equip Co skecdoa Loam 5.25% 6.054000 1,679,629 4352.169 (710,012) (7,313,716) `Bdd1e Loss' 535% 1,981,790 - 0 rasa Loam 5.23% 40 win 4000:00) 4054000 Debt 100% 30 yaws 0 PHIS Octet - 0 Cosy HOME L00. 400% 15 yes 1.00,000 1.004000 SAIL 300% 50 yews 2.004000 2.00400 0 Dined . - - • Fee 492% 1.037,263 6,203 T0TALIO0J10 OS 14333,073 - 3.65440 14944093 574220 2,307.500 Lams (-) /SSetOet tH 0 0 0 0 0 R M o 0 0 o e pS. - 8 . � A e� `n r : h v t o 4 `i r o 25 `R ' 0 '1 1 L C V F T y O n' b h h Z w T f Nt`I S 't f 0 0 0 0 0 0 O Q^ " .m .M 11 b M O n O O ^ p p. F � A "l b ma a� T t <�e ` g O � p b nti , r, o�OOOOO O „ C N '^ ai aC l S - ..� O° = gN C O y ■{ Si AP V E T N W n O r "vii O e�+� � N P e M S � r ›- ^ N v v ... y am ( 4., w - H N R b O000GM0`^i r - p ''47.2P n Q . Y ; °' ;:i.. 1 :1Z1 A$ •-• 6 G g n. k } M F L� O 7. M - -- N00 ..1OM .p C r M Co O . N 00000 O G C pp p ,p r N . 8 4� N N - r h A Vf r $ a� h n b M V m O G C O `� R P k Pl g q Ce p. �p Q ] t� p R F ■ ■..J Z Pp Venn vlgr `P H yw M Q sn y v H -..,100000 N o p • 2 o w n n N n^ n ^^ O � - p O O Tn V ea ii (�.' T T O n C h T . K e+f =0 * m ”` n n V � .. e. ,, ..- b g n w S v N FA NI w �j ; e R 4, ''. . -4 n . a �ep d, .rJt . "�' � p S o 3 !- .".. • r 6 n C v v y N v e y F v N T 4 a M b $ ry t H P a >. n N "" S I H .- p H N T I , 0 0 0 G ,m 0 .., n .. p N r ITl M k .0 o f ., h O= 3: . G • b } n, OO n s pp. no S v v N oo O M H T P 1'- T T N M1 N H �{ � v v ., �. y w » M N N 0 0 0 0 0 0, 0^ O T 0 r §-.§. Y_ R e y c C" $ . v n om h ∎ L M . /. Co yy �N0�++.� 8 p ., QO N y as g M1 0 0 C O C N 0 Q Q e a n2 S N 2 E X E I. . q is ^� C C G P . .0 .� • V N O cc FF ,- O C vv p, y ` ve ., w Q v m • y y » N y n g 0000000 =.p - Rr a O s O O f iL) T O f C e p i.1 .0 � W m OE ; N y - C s P n K `� n C. ttt^t/t . . Q T r , �^ l<%t n M� ° -P Y S $ . ,.7 ,e o a . ncesr nm i , ° M nLv ri ipo� .�yy M y w H w C 0 0 0 0 0 0 0„ i n h ly n W L{' a n N .7, O k O Q O 8 e' a !� _' P T r �±. G p 4,.. �. S ZC S R ^ v Q O .o C A Yl 00 Q V Q 0 N N p « N $ 1 M .pp S .p y , ay p w1 H O O O C O O ,^_, ^� `O 6.22. Va g . m a M v � f I ' h 00 - 0 � n M O n.'. 6 Z Y' 0° P $ y 0 '- C N h §` ff N Pn E^r.. . h T. F "- 00 >. .., .c P aw Y: , M y z .=== 0 ^ yy G x,� T d a n ay T.wiaNA;AM M� X~ 5 M «2 w bM ...0 P O , C .L .� ^ �0 =.�NS� .Rh '�i� O m MOO +� 1- , ti A t I o z a v " « o v oe a .ri , h N `d S r v i 4 o0 oc :1:6; n o on .. o 0 0 SA, ai 0Lc " = � � $ �_ � -. s , el • 444444 C am - M X M M n n .Xn W v rn/� Cp 0 -0 0 0 G T N 0 h 0 ^ 0 0 0 0 0 *0060000c - 4 15 a op g g S T z P r o f T . et § h§ M§ 2 grg I i g 5 n h T t O n O m V $ I E' a 6 !f a . oo . . w b y p p . 1d 02 u " 7 b ¢ V P. tt wxxxxro d w b d a. U I g U y ce Tax Credit Calculation Ocean Breeze Apartment 90 Units Aconteitiaa New Construction Sate / Nhlarte En®bie BOPS 15,266,031 Boma DDA QCT 100% 130% 130% % Tax Credit 100% 100% 100% Adjusted Basis - 19,671,840 - Tax Credit Rata 3.40% 334% Calculated Tax Credit - 653,784 . Allocated Tax Credit (cicdits used) - 2,110,000 - Tax Credits Syndicated 653,718 Pnce Paid 67.75% 99.00% x 10 10 Tax Credit Equity 6,471,810 Permanent Loan Calculatlon 1 NO11 $482,999 Permanent Loan ,* Debt Service 362,180 CRA Loan Services 40,000 Total Debt Service 402,180 Combated DSC for First and CRA loan ! 1.20 Rate 5.25% Supportable Debt after TCAP 6,723,000 Amortization 40 ,DSC 12 6.5% CAP RATE 7,430,753 VALUE 90% LTV 6,687,678 Max 1ST MTG. Other Lean S0 Other Interest Rate 4 00% Debt Service 0 Impact on NO1 - ROME Leo Calculation 1,000,000 Interest Rate 4% Debt Service (SOFT) 40,000. FINANCING STRATEGY Florida Affordable Housing, Inc. ( "FAHI ") intends to explore a wide array of funding opportunities for the construction of Ocean Breeze East. Many of the funding sources currently available for the funding of affordable housing are highly competitive; however, in cooperation with the Boynton Beach Community Redevelopment Agency ( "CRA ") we are confident that we can obtain the necessary funding to develop the site. We have been very successful in working with "untapped sources" to get projects built throughout the state. (See a copy of FAHI's past experience in obtaining low income housing tax credit and subsidies attached as exhibit 1) FAHI will construct Ocean Breeze East utilizing $6,471,810 of Non - Competitive 4% Tax Credit Equity and Tax Exempt Bonds from Florida Housing Finance Corporation ( "FHFC "). (See Page 1 and 2 of Florida Housing Finance Corporation's Non - Competitive Application Instructions attached as exhibit 2) In mid/late August of this year, for the second time in several years, there will be an opportunity to apply for SAIL funding from the Florida Housing Finance Corporation ( "FHFC "). This funding will be very beneficial as "GAP" financing for tax- exempt bonds with 4% Tax Credits. The SAIL applications are due in mid/late September 2014 and the funding is expected to be released during the FHFC's October 30, 2014 Board Meeting. (See a copy of FHFC's Tentative 2014/2015 Funding Amounts and Time Lines attached as exhibit 3) FAHI intends to apply for $1 million in the upcoming Palm Beach County Department of Economic Sustainability HOME Investment Partnerships Program Rental Development. ( "HOME ") The Palm Beach County HOME Program jurisdiction includes the corporate bounds of Palm Beach County, but excludes the municipalities of West Palm Beach, Boynton Beach, Delray Beach, Jupiter, Wellington, and Boca Raton. If a project is located within one of these municipalities outside of the HOME Program Jurisdiction, the municipality (Boynton Beach or CRA) must make a financial contribution to the project in an amount equal to no less than half of the HOME funding request. The municipal financial contribution to the project may be in the form of a grant, a loan, the value of donated real property, or other quantifiable means, such as the waiver of municipal permit fees, impact fees, or other development fees. The County has the sole authority to determine the value of the financial contribution. The Respondent is solely responsible for obtaining the municipal financial contribution, and providing documentation of the financial contribution at time of proposal submittal. (See select Pages of last year's RFP DES.2013.1 application attached as exhibit 4. Palm Beach County Department of Economic Sustainability is in the process of drafting this year 's RFP) If the CRA contributes the Ocean Breeze East land which is valued at $535,000, the $535,000 value of the donated land will count as the financial contribution to the project in an amount no less than half of the $1 million HOME funding request. This $1 million in HOME funds will be helpful in closing the $3 million GAP financing that is needed for Ocean Breeze East Project. If necessary, FAHI will apply for $500,000 of grant subsidy from the Federal Home Loan Bank Atlanta ( "FHL Bank Atlanta "). FHL Bank Atlanta's Affordable Housing Program ( "AHP ") Competitive provides each awarded project up to $500,000 in real estate equity that can be used to help finance affordable rental housing. (See a copy of the FHL Bank Atlanta AHP Competitive 2015 -2017 Schedule attached as exhibit 5) During the 2013 FHL Bank Atlanta's AHP, FAHI was awarded a $500,000 grant subsidy for its Village at the Park project in Delray Beach. (See a copy of FAHI's Award Letter attached as exhibit 6) The 2015 FHL Bank Atlanta's Affordable Housing Program ( "AHP ") Competitive application opens up in June, 2015 and the applications are due in July, 2015 and award announcement in October 2015. FAHI will also apply for $750,000 through the FHFC's PredeveIopment Loan Program. Through individualized technical assistance and flexible below market interest financing for predevelopment activities, the Predevelopment Loan Program (PLP) helps nonprofit and community based organizations, local governments, and public housing authorities plan, finance, and develop affordable housing. Eligible organizations may apply for a loan of up to $750,000. The loan carries a non - amortizing one percent interest rate, with principal and interest deferred until maturity The loan generally matures either upon the closing of construction/permanent financing or three years after the original PLP Ioan closed, whichever occurs first. (See a copy of FIIFC Predevelopment Program Summary attached as exhibit 7) FAHI will also apply to Palm Beach County Department of Economic Sustainability for impact fee funding assistance for the payment of Palm Beach County Road, Parks, and Public Building impact fees. (See a copy of Palm Beach County Department of Economic Sustainability Notice of Funding Availability attached as exhibit 8) FAHI will also apply for a $1,981,798 bridge loan from Floridian Community Bank. If FAHI is unsuccessful in obtaining the above mentioned funding sources, FAHI will seek infrastructure subsidies from the CRA. EXHIBIT 1 u MIN INNIIIIIMID , 111�IIIIIs Relevant Experience & P ast Performance Auburn ontrittinities Auburn Development, LLC via FAHI, Inc. Local Grants and Subsidy Our Services Development Units/Homes Grant Soure 'Real ]state Development 1 Auburn Trace Apt, Delray Beach 256 Units UHTC/SAILMDAG/City Market Analysis 2 Ashley Place Apt, Orlando 96 Units UHTC/CDBGi MI Mixed Income Development ivtixed -Use Development 3 Boynton Bay Apt, Boynton 240 Units UHTUCDBG/City/SAIL Retail Malls 4 Foot - Hollow, Orlando 156 Units CDBG/County/SAIL Urban Infill Development Land Development 5 Rosecfiff Apts., Sanford 120 Units LIHTC/SAIL/Fed. Home Bank Rehab Development 6 April Orde, Naples 120 Units UHTUSAIL/County/Fed. H. Bank New Horne Sales Environmental Work 7 Groves of Delray, Delray Beach 164 Units UHTC/SAIUCounty Securing Entitlements 8 Gtrus Glen 1, Orlando 136 Units LIHTC/SAIUCoimty Land Grant (on strut #ion Services 9 Otrus Glen 2, Orlando 136 Units UHTUSAIUCounty Land Grant Construction Contractor 10 Shier Pines, Orlando 240 Units UHTC/County/SAIL Construction Manager 11 Cabana Club, Miami 332 Units UHTC/HOME Loan Infrastructure l'onstntctiun Value Engineering 12 Casselberry Woods, Casselbery 304 Units LIHTUSAIL Financing Received & Employed 13 Bayou Crossings 290 Units UHTC/County/SAIL Federal I tome Loan Bank 14 Club Goldenrod 1 160 Units UHTUSAIL/County LIHTC SAIL. 15 Club Goldenrod 2 160 Units UHTUSAIUCounty CDBG 16 Walden Pond, Miami 312 Units UHTUSAIL/County/AndrewTrust UDAG 17 Oak Harbor, Orlando 176 Units UHTUCounty/SAIL HOME County Financing Program 18 Parkview Homes, Orlando 74 Homes HOME/FHM/Oty Bank Financing 19 Las Alamedas, Orlando 41 Homes Fed. Bank/Home/County Bond Financing Tax Credit Syndicator 20 Silver Pines, Orlando 80 Homes County/Fed. Bank/State Personal Guarantees 21 Cross Creek, Osceola County 100 Homes HOMFJFHLBB Corporate Guarantees 22 GtyMew Homes, Ft Lauderdale 60TH SHIP/Land Grant/CDBG Property Management 23 St lames Place, Port Charlotte 288 Units County/SHIP Apartment Management Commercial Broker 24 Sierra Grande, Naples 300 Units Conventional Site Maintenance 24 Village at Delray, Delray Beach 144 Units UHTC/County/TCAP Site Security p: 561 278.3901 f: 561.2783903 777 East Atlantic Ave., Suite 200 Delray Beach, FL 33483 Www.AubumCmm u n t+es c CM 2 Development Units/Homes Local Subsidy Grant Source Auburn Trace Apt., Delray Beach 256 Units $7,293,000 SAIL/UDAG /City Ashley Place Apt., Orlando 96 Units $1,600,000 CDBG /SAIL Boynton Bay Apt., Boynton 240 Units $3,855,000 CDBG /City /SAIL Cabana Club, Miami 332 Units $1,545,000 HOME Loan Fox - Hollow, Orlando 156 Units $3,015,000 CDBG /County /SAIL Rosecliff Apts., Sanford 120 Units $2,106,000 SAIL/Fed Home Bank April Circle, Naples 120 Units $2,145,000 SAIL / County/Fed. H. Bank Groves of Delray, Delray Beach 164 Units $1,981,000 SAIL /County Citrus Glen, Orlando 272 Units $2,170,000 SAIL /County Land Grant Silver Pines, Orlando 240 Units $3,150,390 County /SAIL Casselberry Woods, Casselberry 304 Units $2,500,000 SAIL Bayou Crossings 290 Units $3,759,000 County /SAIL Club Goldenrod 320 Units $1,950,000 SAIL/County Walden Pond, Miami 312 Units $5,451,000 SAIL /County /Andrew Trust Oak Harbor, Orlando 176 Units $2,371,726 County /SAIL Parkview Homes, Orlando 74 Homes $1,205,904 HOMEIFHFA/City Las Alamedas, Orlando 44 Homes $541,316 Fed. Bank/Home /County Silver Pines, Orlando 80 Homes $2,127,480 County/Fed. Bank/State Cross Creek, Osceola County 100 Homes $1,520,000 HOME/FHLBB City View Homes, Ft. Lauderdale 60 TH $3,660,000 SHIP/Land Grant/CDBG St. James Place, Port Charlotte 288 Units $2,300,000 County /SHIP EXHIBIT 2 NON - COMPETITIVE APPLICATION INSTRUCTIONS Applicants must use the Non - Competitive Application Form to apply for. • Corporation- issued Multifamily Mortgage Revenue Bonds (MMRB) only. The Non - Competitive Application Form can be submitted to the Corporation any time after the effective date of Rule Chapter 67 -21, F.A.C. or • Corporation - issued MMRB and Non - Competitive Housing Credits (4 Percent HC). The Non - Competitive Application Form can be submitted to the Corporation any time after the effective date of Rule Chapter 67 -21, F.A.C. or • Non - Competitive Housing Credits (4 Percent HC) only, to be used for a Tax - Exempt Bond - Financed Development where the bonds are issued by a County Housing Finance Authority (HFA) established pursuant to Section 159.604, F.S. The Non - Competitive Application Form can be submitted anywhere from the time the Applicant enters Credit Underwriting for the Bonds up until the last Corporation business day of December of the year the Development is placed in service. or • Non - Competitive Housing Credits (4 Percent HC) only, to be used for a Tax- Exempt Bond - Financed Development where the bonds are issued by an entity other than the Corporation or a County HFA. The Non - Competitive Application Form can be submitted once the Applicant receives affirmation that the tax- exempt multifamily bond allocation has been reserved or that the entity issuing the bonds has agreed to award the necessary allocation when available, but in no event may the Application be submitted later than the last Corporation business day of December of the year the Development is placed in service. To meet threshold, the Applicant must: • Submit one (1) complete copy of the Non - Competitive Application Form, along with all applicable exhibits, executed with an original signature and labeled "Original Hard Copy"; and • Submit two (2) photocopies of the "Original Hard Copy"; and • House the "Original Hard Copy" and the two (2) photocopies in separate 3 -ring binders with numbered divider tabs for each exhibit; and • Include the required Application fee in the "Original Hard Copy" of the Application form; and • If requesting Corporation - issued MMRB, with or without 4 percent HC, include the required TEFRA fee in the "Original Hard Copy" of the Application form. NCA (Rev 3 -13) 1 67- 21-003(101 F AC A. Application Instructions 1. Funding Requested: Indicate the funding requested in this Application. 2. Applicant: a. State the name of the Applicant. (1) If applying for Housing Credits, the Applicant must be a limited partnership (including a limited liability limited partnership) or a limited liability company. The Applicant entity shall be the recipient of the Non - Competitive Housing Credits and may not change until after the Final Housing Credit Allocation Agreement has been approved and the IRS Forms 8609 have been issued. The Applicant entity may be changed after a Final Housing Credit Allocation Agreement has been approved and the IRS Forms 8609 have been issued; however, the Corporation must be notified in writing of the change. Changes to the Applicant entity prior to approval of the Final Housing Credit Allocation Agreement and issuance of the IRS Forms 8609 will result in disqualification from receiving funding and shall be deemed a material misrepresentation. Changes to the limited partner of a limited partnership or member of a limited liability company owning the syndicating interest therein will not result in disqualification. (2) If applying for MMRB, with or without Non - Competitive HC, the Applicant entity shall be the borrowing entity and cannot be changed until after loan closing. Replacement of the Applicant or a material change (33.3 percent or more of the Applicant, a general partner of the Applicant, or a member of the Applicant) in the ownership structure of the named Applicant prior to Ioan closing shall result in disqualification from receiving funding and shall be deemed a material misrepresentation. Changes after loan closing require Board approval. b. Provide a listing of the Principals for the Applicant, including the percentage of ownership interest of each Principal, as "Exhibit 1" to the Application form. c. Enter Applicant's Federal Employer Identification Number. If the Federal Employer Identification Number has not yet been obtained, provide a copy of the completed, submitted application for that number as "Exhibit 2" to the Application form. d. If the Applicant applies as a Non - Profit entity it must remain a Non -Profit entity. The Non - Profit entity understands and acknowledges that it is the Non -Profit entity's responsibility to contractually ensure that it substantially and materially participates in the management and operation of the Development throughout the Compliance Period. If the Applicant is applying as a Non - Profit entity, failure to include the following information for each Non -Profit entity as "Exhibit 3" to the Application NCA (Rev 3 -13) 2 67 -21 003(1)(a), F AG EXHIBIT 3 v , m - E to u, C O v in '� 0 O O V I N E IL 0 - O 0 0 ry O. 7 M N A Q O o C IS �+ 470 U N 0) .0 O Q O >> U. ` v U = 5 0) w m CC 0 w 1 > > N 7 O � c Q �+ > 0 c 2 O) a, O;¢ in a i 1 O z . ` -, ' C "O C > . 0 1 w 0 0 ° o CIJ °' E a 0 a --. ` f0 r . N N a ' _ E a) Li- c _ _ v 4 a E E v a 0 m 3 as E v a, a EIP 1L O 81 7 N a) N 7 d 7 a, 7 .-1 d .-4 7 N W ,-1 a Q' 7 .n 0 7 0 v 7 v, 7 in 0 =c3 1n O p 0 C 0 —�' N N D �!' 0 N C N le N N O E 1 Q a, c o 4 O AO P c y C u Z = = 00 T fa C 0. C° N C ili C V = a c N ° o 7 m 1O o0 U. 1) , to ' 1 O E W •° 0 « C C p U U. N 4 N — `� O .c L v TO O L ., ° w t 3 v o v E o a, mo o coons et O Z y c O> p Oo W O C R O U a N u 3 * i 0' C Li. - o +� u° u i _p u c R c E a d O M N C ,9 -C E . 0 N ++ y O 1a Q C O it 3 - .n N 41 E. E mn ma o y uc ea 2 N xQ N o 0. 0 a co . 020 ` ` a co ° a _ u v cu ` a +' > , io C E E E ,P c > Q a Y 4- a u E a r+ R 4.. C O 0 l It O u 0 7 u-i Q >i 0 u. a - Q ° u 2 a z w C C ■ ■ Q c Q Vl J CO i C E a) > u< c c c O O 1e •p O O C i D. 4 C V 0 u N ti n, z ° a t O 3 co O = Iso a a V 0 a Q a E o E a c ■d 0 ° 0. a O, a) L . 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AA V1 H 7-- .0 IA 71 o £ C x N d L M = C. _ J 2 X 01 0 ° o LL o '� 7 d L IA = ea i 0 w ± a P EXHIBIT Request for Proposals c li c% 0.0 ih .. ,, 444)mo Palm Beach County Department of Economic Sustainability HOME Investment Partnerships Program Rental Development RFP DES.2013.1 JULY 2013 and Administrative Fee is required, and the principal balance is due upon loan maturity. Loan Servicing and Administrative Fee is a fee associated with loans provided through this RFP, and which is paid annually during the term of the loan by the borrower to the County to cover costs of loan servicing, project monitoring, and other administrative requirements. Low - income is defined as households with an annual income that does not exceed 80 percent (80 %) of the Area Median Income (AMI) as annually determined by HUD. Palm Beach County HOME Program Jurisdiction is defined as the geographic area encompassed by the corporate bounds of Palm Beach County and the municipalities located within, but excluding the municipalities of West Palm Beach, Boynton Beach, Delray Beach, Jupiter, Wellington, and Boca Raton. Rental Housing is defined as housing which is leased to an eligible tenant household under the terms of a signed lease agreement. Respondent is defined as an entity that submits a proposal in response to this RFP. Selection Committee is defined as the body of individuals that evaluates responsive proposals at a public meeting and formulates funding recommendations for consideration by the Palm Beach County Board of County Commissioners. Very Low - Income is defined as households with an annual income that does not exceed fifty percent (50 %) of the Area Median Income (AMI) as determined annually by HUD. E. Location Limitations Properties must be located exclusively within Palm Beach County. The Palm Beach County HOME Program jurisdiction includes the corporate bounds of Palm Beach County, but excludes the municipalities of West Palm Beach, Boynton Beach, Delray Beach, Jupiter, Wellington, and Boca Raton. If a project is located within one of these municipalities outside of the HOME Program Jurisdiction, the municipality must make a financial contribution to the project in an amount equal to no less than half of the HOME funding request. The municipal financial contribution to the project may be in the form of a grant, a loan, the value of donated real property, or other quantifiable means, such as the waiver of municipal permit fees, impact fees, or other development fees. The County has the sole authority to determine the value of the financial 2 contribution. The Respondent is solely responsible for obtaining the municipal financial contribution, and providing documentation of the financial contribution at time of proposal submittal. Additionally, projects located within municipalities outside of the HOME Program Jurisdiction must serve beneficiaries from both the municipality and the Palm Beach County HOME Program Jurisdiction. The County will monitor this tenancy requirement at time of initial occupancy and each year during the affordability period. Such monitoring is expected to generate a greater annual Loan Servicing and Administrative Fee than monitoring of projects located within the Palm Beach County HOME Program Jurisdiction. F. Project Beneficiaries Project housing units assisted with HOME funding through RFP DES.2013.1 must provide Rental Housing to households whose incomes do not exceed eighty percent (80 %) of AMI. Projects may also contain non - HOME - assisted housing units. The number of HOME - assisted housing units in the proposed project should be guided by the maximum per unit HOME subsidy permitted by 24 CFR 92.250. The Respondent shall designate HOME - assisted units as either "fixed ", where specific units are set aside as HOME units, or as "floating" where the required number of HOME - assisted units are maintained in the overall project but are not tied to specific units. There shall be a representative distribution of housing unit sizes among the mix of HOME - assisted units and non - assisted units. Ultimately, the program unit mix will be codified in the loan agreement. All HOME - assisted units must be leased to households whose incomes are no greater than eighty percent (80 %) of AMI, and at least thirty percent (30 %) of the HOME - assisted units must be leased to households earning no more than 50% of AMI. Tenant income verification must be conducted prior to execution of a lease. Income verification is based upon third -party verification and not self - declaration. Income limits for each income category by household size are published annually by HUD. The 2013 income Limit Chart is attached as Exhibit A. All project housing units must be completed, put into service, and leased to eligible beneficiaries by September 30, 2017. G. Affordable Rental Rates All HOME - assisted housing units must be leased to eligible beneficiaries at rents which do not exceed HUD's HOME High and Low Rents (see Exhibit B) as applicable to income set aside designation and unit size. 3 in undertaking similar activities, including details of the last three (3) projects of similar scope and magnitude to the project being proposed by the Respondent. in addition, the proposal shall include individual resumes which identify each of the proposed team members' experience in similar roles, including all those team members identified in response to Paragraph II.A.3 above. Submit the information required by this Paragraph 11. A.5 as Attachment 5. 6. The proposal shall include evidence of site control. Evidence means a fully executed contract for purchase and sale of the property, an option to purchase, a long term lease, a lease option, a recorded warranty deed, or a recorded certificate of title. Submit the information required by this Paragraph 11. A.6 as Attachment 6. 7. The proposal shall include a detailed development pro forma provided in the format attached hereto at Exhibit E. The Development pro forma must be submitted in both hard copy and in electronic format (Microsoft Excel file format). Submit the information required by this Paragraph i1.A.7 as Attachment 7. 8. The proposal shall include a detailed fifteen (15) year operating cost pro- forma provided in the format attached hereto at Exhibit F. Submit the information required by this Paragraph II.A.8 as Attachment 8. 9. The proposal shall include a detailed litigation history of the Respondent which shall identify any litigation matter in the past five (5) years involving any projects or key personnel employed with Respondent or team members. Submit the information required in this Paragraph i1.A.9 as Attachment 9. 10. The proposal shall include documentation evidencing financing required for the non -HOME balance of project costs. Acceptable documentation includes documentation from the financing source(s) providing commitment to financing and identifying all terms and conditions to financing. Submit the information required in this Paragraph ti.A.10 as Attachment 10. 11. All proposals for projects located in municipalities outside of the Palm Beach County HOME Program Jurisdiction shall include documentation of municipal financial contribution in an amount no less than one half of the HOME funding request. Acceptable documentation of the municipal contribution includes grant agreement, loan agreement, or official action of the municipality's goveming body approving the contribution. Submit the information required by this Paragraph 11 A.11 as Attachment 11. 12. The proposal shall include two (2) years of Externally Audited Financial EXHIBIT 5 Affordable Housing Prograrn (AHP) CompetUive .e.a 2OI52OI7ScheduIe I . Y `+ • FHLBank Atlanta's Affordable Housing Program (AHP) Competitive r provides each awarded project up to $500,000 in real estate equity ...4 v that can be used to help finance rental and ownership housing. 4t 1 r ►i f ° f ay Sepportit; ' Your lBus:r,3ss ueveiopmen, (4o.8;s •" As a lender, you can: - '; `' • Reach new customers and borrowers , - 1 . - s - --".99,-.; ' Achieve your business development and community iendin goals i • -1 �61' • - -• -, Y P Y 9g a Reduce your Ioan10-value and increase your debt service coverage for first mortgages The Greens at Rolling Road Build your profile and reputation in the community 83 U . Facilitate economic development, job creation, and tax base growth AHP $373,500 Total Development $13,882,808 rexi ik., Ffiicia i Furlir.g As a developer, you can access a reliable, flexible source of real estate equity funding that can be deployed quickly and efficiently to support projects of all sizes. Funding can be used for new construction and the acquisition of vacant or improved property for rehabilitation Eligible projects include ` Apartments " /A. , Subdivisions Supportive /social services housing if ..,•�+�" Mixed -use developments Single- family homes ". Re!iaase Sourcc oi Funl e;'c Svaelbrtar Since 1990, FHLBank Atlanta has awarded more than S800 million in real estate equity Abingdon. VA through the AHP program to assist in the financing of over 125,000 affordable units of R8.1181 20 Units rental and ownership housing. These funds facilitated over S11 billion of development in Alf' $150,000 your communities - a more than 1:14 ratio of AHP equity to total development financing. Total Development $3,951400 - . _.. .. ........... . , 41 4 - .--, rt. '',,. ,, A a , mp ft A ii: . I �1 M 1„ j A laurel oaks 1AcCery's Lending 11 Deetheld Village Okeechobee R Oneonta, AL Ha,gemele, SC Rental 80 Units Rental 32 Urets Singleton>dy rental 26 Units AHP $500,000 AHP $96,000 AHP $250,000 Total Development S12 210 ;311 Total Development $3,834,336 Total Development $4,620118 1 1 ,. , . 4 '' 4 , : x .itzo;, . z ., a z , .. ..,..; , ) , t • I . ' .t ' ' .1 i rt, i S 7— *-- it -- _ 1 i ,. r.. � i � Edgewoad Terrace Wilms Square Apartments The MOBS at Garver Washington, DC Durham NC Atlanta, GA Rental with supportive sensces 292 finds Supportive Housing 24 Urals Rental 224 Units AHP $1,200.000 (study and ban) AHP. $476.000 (subsidy and loan) AHP $500,000 Total Development $22306,347 Total Development t2 218,300 Total Development $19,911,395 Filt.Bank Atlanta AHP Competitive 3-YEAR APPLICATION SCHEDULE l,t , , i., 1; , Award Decision 2015 JAN FEB MAR APR MAY li 4 1 a AUG SEP ` . NOV DEC U± Deadline Award Deerskin 2010 JN Eli' , s t VI MAY AII SEP OCT NOV DEC Open Deadline Award Decision Ira 2011 MAR APR rAl A B SEP OCR NOV DEC IQ Cali us today to discuss opportunities with AHP Competitive. Our team members are .„0„,"%i experts in housing development and finance and are ready to help you submit FHLBank* a successful application, A T L A N 1 A A FEDERAL HOME LOAN BANK 1475 Peachtree Street, N E Joel Brockmann Don Billingsley James Monaghan Atlanta, GA 30309 404.888.8156 404,888.8341 404.888.8429 www,ihlbatt.com 1.800.536 9650, option 3, jbrockmann@fhlbatl.com dbillingsiey @fhibati.com jmonaghan@fhibatl.com option 1, option 3 Glenn Stewart Clarissa Weaver 404.888.5348 404.888.5687 gstewart@fhlbatl.com cweaver@fhlbati.com 1 ____________J 5/2014 FHLB calimawn A FE1)EfAL HOME LOAN BANK July 31, 2013 Mr. Mack Bernard Executive Director Florida Attotdable Housing, Inc. 7 East Atlantic ',venue, Suite 200 Delray Beach, FL 33483 RE 13A04039 - Village at the Park Dear Mr. Bernard: FHLBank Adanta (the Bank) is pleased to notify you that our board of directors approved on July 25, 2013 rApproval Date "), the application submitted by Floridian Community Bank, Inc to receive funds from the Affordable Housing Program (AHP) for 'tillage ar the Park subject to and upon the following terms and conditions precedent to fimd I. Parties Membet: 1= iknd:au (.ommtuutw fix& Inc. Project Sponsor.: .\fff rdabie i-lev; 62, I Co- Sponsor: An It ? c;u, c , nn:nvnithc». Inc II. Terms Purpose: ftiricts ;.•di be u ed and i e nt' : 57. nutlnfarnil rent.,),:nit: in Deem: Beach Direct Subsidy 5500,000 Amount: Repayment Terns: AHP funds (plus interest. if deemed appropriate by the Bank) are only required to be repaid to the Bank if, as a result of a party's actions or omissions, die AHP funds are not used in compliance with the terms of the ?application, the AHP Agreement (".Agreement"), the AHP Regulations, or the Bank's Credit and Collateral Policy, in each case as may be detexmincd by the Bank or the Federal Housing Finance Agency, unless the non - compliance is cured by such party Within a reasonable period of time as determined by the Bank, or the circumstances of such non- compliance are eliminated through a modification of the Application, pursuant to the AHP Regulations. Project Completion The deadline for project completion is July 25. 2016 Projects are Date: considered complete when all AHP funds have been disbursed, all construction is complete, all certificates of occupancy have been issued. all requested documents have been received and approved by the Bank. and - 5'0 of AHP assisted reural u&iits must be occupied in accordance with the Application - 111. Conditions Precedent awa:_t that tailur . u. cotupl, oath tit,: terms set forth in di, lever n ?al cause the AHP fi,rtiu it 3 4 ‘0(.:.1re l With VI D.241! at the ?a± rr: be caucelcd Execution of Letter The lank nit Leeet a colt, of this lent.r t•N.c.ured bt an authorized +;>,,:naton- from' our r1r2 ;tni7att n h' September 3, 2013. AIIPAgreement. 71te: Batik tri_t_i f:111; cu<<J \trrem - uml, s: b, •n uth.irized .h l)av'rr tU)1Tt our organization. In addition. an :Llltllo;7_ l it signe: f rr the NIcinLe1 :nwt sign the Bement An authoturd signer Cot the :1Irr1be: re)G, -. 17( an ot'r;cc >r of the metnher \chi, ha; (rt•(3it Ao Colluttt aurh•,rlty• par the member's :.�$narurr card tc•lrh the Bank 'flu- Agree-men: roars: be reu w nz d to the Bank bti September 3, 2013. Disbursement and 1y.: adcli tit , ;, ,t:ild.trd conditions of funding. there ui. be <vlllrir>:] Time itequiretnents for spyctl ,ncitlded in Exhibit A of the .A.grcetltrnt. Use of AHP Funds: rcv'tc • f'ct•rii* \ c.1:.•it4i; to confirm : 111uic.5t.ln.lir;g all cs.mdittor• pnce(lrnr uxi al)1ft at101. execution Pru._ rt, ay.' di=i,,it: ranrnt' the Bank ;nun' recen•e {Ind tpp, ovt 11 nec�s>ar doe:In :rim te per 1=xhilxt ; t the Agreement. as ,cell :1„- , etabt.J in e Dni:umcnt I.og in FI- i1 tii cidtron JLGtr' . c. ' .0( -I, r,, v,ork r,:rb and iniurrej Inns; hr_ , thi,;r• r, ; � 1 he Bark l—..st d .. following nelei;.Ulies 25 sp :dau:Ca for es iddt:ncL of a:ogr.es- t. u :u IEC of :kJ IP s• :h$id • Proper zoning and land use designation obtained be January 23, 2014 + bipding sources coin :r ttted by Jul 2 5, 2014. • (:onttrucuon start be January 25, 2013; a minimum of twenn fic c percent of the construction of the proposed project rnu.t he cntnplc•ted by. jilt 25, 2105; and construction ran the proposed protect nitt be substantially complete b■ januar,• 23, 2(06. The Member must take down the entire AHP direct subsidy by. Januar 25, 2015. - the funds must be used for approved purposes, as specified in the X11 il' app ltcaton . within Ciurr- d:;t h . r clisb . r�.n:c Compliance Si s months after the 1pproval Date and continuing until project Information Default: completion, progress reports are to be submitted in accordance with the AHP Implementation Plan and Agreement. Failure to provide the required mforination shall be an event of default. The Bank reserves the right, in its sole discretion to place the project on the \C arch List and / or cancel A.HP awards at any bane if projects do not demonstrate adequate progress toward project completion. The Bank may direct the Member: (it to repay the AHP f in..i, ut 111a event of a Member default, or fu) to recapture the funds and undertake reasonable collection efforts in the event of a default by the Project Project Management The primer vehicle for managing projects and for bvsutess and Communications: communications with the Bank will be FHLBAccesse, the Bank's online system. Members and Project Sponsors will request funds, manage project *entity, and provide monitoring reports via FHLBAccess. It is the responsibility of the Member and Project Sponsor to ensure that all AHP requirements are met and that AHP funds are used as specified in the application. Bank staff wtlt communicate formally and directly only with those certain parries designated in the P agreement as Member and Project Sponsor. It shall be such parries' obligation to convey any project - related information to vendors or third parties engaged by such parties, including, but not limited to, consultants and developers who do not otherwise have an ownership interest in the Project Sponsor. Duty to Disclose: The Project Sponsor must notify the Bank prompdy after discovery or notice of any material change, either positive or negative (includtg whether any material part} to the Project has lost their requisite license or been suspended by any applicable government agency, or has other ise been barred from participation in any affordable housing program), information submitted to any other finder that differs from the .'BHP application, or any event which has or may have a material impact on the Project itself or the ultimate development and use of the Project for its purpose as set forth in the Application The terms outlined in this letter do not represent an obligation to lend and in addition to the conditions and other provisions outlined herein, the distribution of ,AHP funds is subject to the terms and conditions set forth in the AHP Regulations promulgated br the Federal Housing Finance Agency, the Bank's AHP Implementation Plan, the .BHP Agreement, and the Bank's Credit and Collateral Policy, as each may be modified from time to time The Implementation Plan and Credit and Collateral Policy are available on the Bank's webaite (ajar. fhlbad.cngt). Section 1291.9(c; of the AHP Regulations states that any future changes or amendments to the AHP Regulations are incorporated into all agreements between the Bank, its Members and Project Sponsors that receive subsidy under the AHP. Similarly, your project will be governed by the current AHP Implementation Plan and Credit and Collateral Policy, including any amendments or revisions that are enacted following approval of the Application, as noted in such documents. Whenever corresponding with the Bank regarding your RP project, please reference the project name and number. If you have any questions regarding disbursement, modifications, or monitoring procedures, please contact the Community Investment Services (CIS) department of the FHLBank Adana at 1- 800 - 536 -9630, option 3, option I, option 1. Once again, congratulations on your successful application. We look forward to working with you. Sincerely, r .4\ e Arthur L. Fleming Senior Vice President and Director Community Investment Sesvtccs ACKNOWLEDGED AND AGREED TO THIS — DAY OF , 2013: FLORIDA AFFORDABLE HOUSING, INC. Br: Print Name; &TAR U _ 44Scruidacs Title: C_Ec) cc: 'ls 13c;+u M.irinu.ger Floridian Community Bank, Inc EXHIBIT 7 Itie\ Florida Housing Predevelopment Loan Program The Predevelopment Loan Program (PLP) provides technical assistance and below market interest rate financing for predevelopment activities to eligible organizations which must be not - for -profit or community based organizations, local governments, or public housing authorities. PLP funds must be used by an eligible organization in the development of affordable housing. Specifically, rental developments must set aside 20% of units for persons earning 50% or below the Area Median Income (AMI). Homeownership developments must set aside 50% of units for persons earning 80% or below the AMI and the remaining units for persons earning up to 120% AMI. The Loan Eligible organizations may apply for a loan of up to $500,000 without site acquisition, or $750,000 with site acquisition. The loan carries a non- amortizing 1% interest rate, with principal and interest deferred until maturity. The loan is due upon the closing of construction or permanent financing or three years after the PLP loan closed, whichever occurs first. PLP Eligible Activities • Rezoning • Title searches • Legal fees • Impact fees _ • Administrative costs • Soil tests • Appraisals • Audit fees • Insurance fees • Marketing expenses • Engineering • Feasibility analysis • Earnest money • Commitment fees • Acquisition expenses _ The Process Florida Housing staff reviews each Application for threshold requirements. Once the Application is approved ($100 non- refundable fee required), the program continues as follows: 1. Once the Application has met threshold requirements, the Applicant receives an "Invitation to Participate" in the PLP program ($600 commitment fee required). 2. Florida Housing assigns a Technical Assistance Provider (TAP) to work with the Applicant. 3. The Applicant and TAP prepare a Development Plan outlining the Applicant's strategies for securing construction and permanent financing (up to six months are allowed to complete the development Plan). 4. The Development Plan is reviewed by staff and the loan request is submitted to the Board of the Florida Housing Finance Corporation for approval. 5. Once the Board approves the loan, the Applicant submits a second $600 commitment fee, after which the loan is closed and the Applicant can begin drawing funds from the loan to cover eligible activities. 6. If the Applicant is successful in obtaining construction or permanent financing, the PLP loan is due upon closing of that loan. The Applicant will receive a credit for the $1200 paid in commitment fees. For more information on PLP, please call (850) 488 -4197 or visit us online at www.floridahousing.org. 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301 -1329 Telephone: (850) 488 -4197 www.floridahousinQ.org EXHIBIT 8 D. PALM BEACH COUNTY b y DEPARTMENT OF ECONOMIC SUSTAINABILITY 4°41) NOTICE OF FUNDING AVAILABILITY Palm Beach County through its Department of Economic Sustainability (DES) hereby announces the availability of $4,102,445 in Impact Fee Affordable Housing Assistance Program ( IFAHAP) funding for Fiscal Year 2013 -2014. DES will begin accepting requests for funding on May 19, 2014. The Board of County Commissioners has authorized the utilization of County impact fee Investment earnings on roads, parks, and public buildings to support the development of affordable owner - occupied, for -sale and rental housing in Palm Beach County. FUNDING AVAILABILITY: This Notice of Funding Availability (NOFA) makes available up to $4,102,445 in impact fee funding assistance for the payment of Palm Beach County Road, Parks, and Public Building impact fees. The exact amount of funding assistance per impact fee zone is as follows. Zone 1 Zone 2 Zone 3 Zone 4 Zone 5 ROAD IMPACT FEES $1,058,476 $782,397 $801,332 $433,559 $796,363 PARK IMPACT FEES $32,184 $36,029 $89,804 N/A N/A PUBLIC BUILDING IMPACT FEES $72,301 N/A N/A N/A N/A There is no limitation on the amount of funding that may be requested with the exception that the amount requested cannot exceed the actual Road, Park, or Public Building impact fee amounts for the affordable housing project. ELIGIBLE PROJECT COSTS: The only allowable project costs which may be paid for with IFAHAP funds under this NOFA are Palm Beach County road, parks, and public building impact fees associated with the development of affordable housing. ELIGIBLE RESPONDENTS: For -Profit Entities, Non- Profit Entities, and Individuals and Households are eligible Respondents to this NOFA. PROJECT LOCATION UMiTATiONS: Palm Beach County has identified the program /project territories for this NOFA as Road Impact Fee "Zones 1 through 5 "; Parks impact Fee "Zones 1 through 3 "; and Public Building Impact Fee "Zone 1 ". PROJECT BENEFICIARIES: Properties receiving assistance through this NOFA must be sold or rented to households whose incomes do not exceed one - hundred twenty percent (120%) of the currently applicable Area Median Income as established by the U.S. Department of Housing and Urban Development (HUD). AFFORDABILITY REQUIREMENTS: All residential properties developed with IFAHAP funds and intended for owner - occupancy must be owned by income eligible households or individuals. All residential properties developed with IFAHAP funds that are to be rented must have a rent structure that charges the lesser of HUD's Fair Market Rents or a rental rate which does not exceed thirty percent (30 %) of the adjusted gross income of a prospective tenant household whose income does not exceed 120% of the Area Median Income. DEVELOPMENT SCHEDULE: All IFAHAP funding requests that are approved by the Board of County Commissioners MUST acquire all building permits within one (1) year of Board of County Commissioners' approval and construction of the affordable housing project MUST be completed within four (4) years. THERE IS NO DEADLINE FOR SUBMITTING FUNDING REQUESTS UNDER THIS NOFA. DES WILL CONTINUE TO ACCEPT FUNDING REQUESTS UNTIL ALL FUNDING IS ALLOCATED OR RETURNED TO THE COUNTY'S IMPACT FEE FUND. TO RECEIVE A FUNDING REQUEST APPLICATION, PLEASE CONTACT: Ms. Dorina Jenkins - Gaskins, Housing Coordinator Department of Economic Sustainability 100 Australian Avenue, Suite 500 West Palm Beach, Florida 33406 Telephone: 561 -233 -3635 Fax: 561- 656 -7541 E -mail: dienkinsl @abcaov.org PUBLISH MAY 18, 2014 AND MAY 25, 2014. IN ACCORDANCE WITH THE PROVISIONS OF THE ADA, THIS AD AND DOCUMENTS LISTED CAN BE REQUESTED IN AN ALTERNATE FORMAT. AUXILIARY AIDS OR SERVICES WILL BE PROVIDED UPON REQUEST WITH AT LEAST THREE (3) DAYS NOTICE. OCEAN BREEZE EAST PROJECT TIME LINE Activity Date Boynton Beach CRA Pre- Proposal Meeting 05/28/2014 Ocean Breeze East Boynton Beach CRA Proposals Due 07/03/2014 Announced Short List of Qualified Developers 07/29/2014 Presentation to CRA Board by Short Listed Teams 08/12/2014 Announce Developer Selected by the CRA Board 08/12 /2014 Prepare RFA for Palm Beach County HOME 08/13/2014 Prepare RFA for FHFC SAIL and SAIL Program Income 08/18/2014 Apply for Rezoning with the City of Boynton Beach 09/01/2014 Execute Purchase and Sale Agreement _ 09/09/2014 RFA for Palm Beach County HOME are due _ 09/15/2014 RFA for FHFC SAIL and SAIL Program Income are due , 09/26/2014 Palm Beach County HOME Funding Recommendations 10/07/2014 FHFC SAIL and SAIL Program Income Awards Announcement 10/30/2014 Floridian Community Bank Bridge Loan Commitment Letter 11/05/2014 ' Permanent Financing Commitment from First Housing 12/31/2014 Deferred Developer Fee Commitment 12/31/2014 LIHTC Commitment Letter _ _ 12/31/2014 Execute a Development Agreement _ _ 12/31/2014 Obtain Credit Enhancement/Bond Purchase Commitment _ 12/31/2014 Approval of Subordinate Financing 12/31/2014 _ All Necessary Local Approvals 03/31/2015 Final Site Plans & Architectural Drawings _ _ 03/31/2015 Final Site Plan Approval 03/31/2015 Real Estate/Loan Closing _ 06/01/2015 Issue Bonds _ 06/01/2015 Start Construction/Rehabilitation 06/01/2015 Apply for FHLBank Atlanta AHP Grant (If necessary) 06/15/2015 FHLBank Atlanta Affordable Home Program Application Due 07/15/2015 FHLBank Atlanta AHP Awards Announcement 10/15/2015 Start Rent -Up _ 11/01/2015 Complete Construction/ CO 08/01/2016 90 % Occupancy __ 10/01/2016 Complete Rent -Up _ 12/31/2016 DBE, MBE, WBE and Section 3 Goals The Development Team recognizes that Utilization of Disadvantaged ( "DBE "), Minority ( "MBE ") and Women ( "WBE ") Business Enterprises and Section 3 promotes local economic development, neighborhood improvement, and individual self- sufficiency. As a strong supporter of the local community, we will make an effort to provide opportunities to qualified DBE, MBE, WBE and Section 3 businesses. Furthermore, we will remain committed to ensure that employment and other economic opportunities, to the greatest extent feasible, are directed to low and very low income persons, particularly persons who are recipients of HUD assistance for housing. This includes our commitment to provide contracting opportunities to locally owned small or minority businesses. The Ocean Breeze Project will entail the construction of 90 units of new senior affordable rental housing. Upon commencement of the construction, the project will seek to meet the goals and objectives consistent with the Presidential Executive Order 11625, 12138 and 12432 and Section 3 standards of the Housing and Urban Development Act of 1968 912 U.S.C. 1701u)(Section 3). Team Leader: The Boynton Beach Faith Based Community Development Corporation will be the Labor Compliance Coordinator who will manage the implementation of the DBE, MBE, WBE and Section 3 program in coordination with our general contractor, D. Stephenson Construction, Inc. The Labor Compliance Coordinator has substantial experience in managing DBE, MBE, WBE and Section 3. Recruitment: The Labor Compliance Coordinator will obtain all pertinent, updated information to ensure contract compliance with requirements, including DBE, MBE, WBE and HUD Section 3 Economic Opportunity Plan. The Labor Compliance Coordinator will work with its general contractor to establish DBE, MBE, WBE and Section 3 protocol with the sub contractors as they are identified via a procurenient process. The general contractor will notify all sub contractors of their obligation to make their best efforts to hire local residents. Job announcements will be posted at various public housing and affordable housing locations announcing job availability or contracting opportunities at the job site. Additionally, notices will be sent to notify local residents of job openings. As noted, the following steps will be taken to recruit, solicit, encourage, and facilitate the hiring of public housing or other local low income persons: 1. Meet with resident associations and/or site managers to announce job or procurement opportunities. 2. Schedule a time frame and place for local residents to access job applications. 3. Work with the Labor Compliance Coordinator to develop a pre - qualified DBE, MBE, WBE business list and Section 3 resident list to fill job vacancies. 4. Send notices to labor institutions to inform them about Section 3 training and employment obligations. 5. Send notices to residents about Section 3 work opportunities. 6. Establish a Notice and Advertisement process. Procurement Process: The general contractor will include DBE, MBE, WBE and Section 3 considerations in the selection of the subcontractors for the project. Each of the subcontractors selected must submit a DBE, MBE, WBE and Section 3 Project Plan to indicate their intended overall project goals and plans to achieve those goals. The Labor Compliance Coordinator will use their past experience and consult with the potential subcontractors to produce reasonable goals. We will contact the Contractors Resource Center, the Small Business Administration and Minority Business Development Center to gain access to a list of fines by trade that may be interested in bidding for work opportunities. Section 3 Project Opportunity Plan: The general contractor's DBE, MBE, WBE and Section 3 Project Opportunity Plan will include numerical goals and minimum efforts to recruit DBE, MBE, WBE businesses ad Section 3 residents and businesses. Efforts should include outreach such as media advertisements, display of prominent signs at the project site and outreach to community based organizations and trade groups. Contractors shall submit the Project Plan for review and approval. At a minimum, Florida Affordable Housing, Inc. ( "FAHI ") will show proof of a good faith effort to obtain 35% minority participation in the development effort. We always strive to exceed the minimum requirements for all of our projects. We have done substantial outreach efforts to make sure that we accomplish the MBE/WBE and Section 3 requirements. Commitment to Local Residents FAHI is committed to using local residents in the development of Ocean Breeze East 7 , i Brian J. Hinners, CEO Acquisition Strategy Florida Affordable Housing, Inc. ( "FAHI") is proposing that the Boynton Beach Community Redevelopment Agency ( "CRA ") donate the Ocean Breeze East land, located at 700 N. Seacrest Boulevard, Boynton Beach, Florida 33435 ( "Ocean Breeze East Land ") for a Nominal price of $10.00 plus modest expenses related to the conveyance of the Ocean Breeze East Land. As of April 29, 2014, the Ocean Breeze East Land is valued at $535,000. FAHI intends to apply for $1 million in the upcoming Palm Beach County Department of Economic Sustainability HOME Investment Partnerships Program Rental Development. ( "HOME ") The Palm Beach County HOME Program jurisdiction includes the corporate bounds of Palm Beach County, but excludes the municipalities of West Palm Beach, Boynton Beach, Delray Beach, Jupiter, Wellington, and Boca Raton. If a project is located within one of these municipalities outside of the HOME Program Jurisdiction, the municipality (Boynton Beach or CRA) must make a financial contribution to the project in an amount equal to no less than half of the HOME funding request. The municipal financial contribution to the project may be in the form of a grant, a loan, the value of donated real property, or other quantifiable means, such as the waiver of municipal permit fees, impact fees, or other development fees. The County has the sole authority to determine the value of the financial contribution. The Respondent is solely responsible for obtaining the municipal financial contribution, and providing documentation of the financial contribution at time of proposal submittal. (See select Pages of last year's RFP DES.2013.1 application attached as exhibit 1 Palm Beach County Department of Economic Sustainability is in the process of drafting this year's RFP) If the CRA contributes the Ocean Breeze East Land which is valued at $535,000, the $535,000 value of the donated land will count as the financial contribution to the project in an amount no less than half of the $1 million HOME funding request. This $1 million in HOME funds will be helpful in closing the $3 million GAP financing that is needed for Ocean Breeze East Project. If necessary, FAHI will apply for a $500,000 grant from the Federal Home Loan BankAtlanta AHP Competitive Program. FAHI will receive 5 points if 100% of the total project units are donated or conveyed to the Project. (See Select Appendix B of FHLBank Atlanta AHP Competitive attached as exhibit 2) FAHI is willing to execute a Purchase and Development Agreement within one hundred eighty (180) days of selection if selected as a qualified proposer. FAHI acknowledges that any Purchase and Development Agreement ( "Agreement ") will contain performance criteria, such as time limitations for having debt funding in place, when shall construction commence, limitations on transferability or assignability of the Agreement without prior approval from the CRA, termination provisions for failure to meet the criteria listed and other provisions to adequately define the rights, duties and obligations of the parties. Authorized Signature: / T/ `— -- Date: July 03, 2014 Name & Title (typed): Brian J. Hinners, CEO EXHIBIT I Request for Proposals SPiCif lb 0 qt Palm Beach County Department of Economic Sustainability HOME Investment Partnerships Program Rental Development RFP DES.2O13.1 JULY 2013 and Administrative Fee is required, and the principal balance is due upon loan maturity. Loan Servicing and Administrative Fee is a fee associated with loans provided through this RFP, and which is paid annually during the term of the loan by the borrower to the County to cover costs of loan servicing, project monitoring, and other administrative requirements. Low - Income is defined as households with an annual income that does not exceed 80 percent (80 %) of the Area Median Income (AMI) as annually determined by HUD. Palm Beach County HOME Program Jurisdiction is defined as the geographic area encompassed by the corporate bounds of Palm Beach County and the municipalities located within, but excfyding the municipalities of West Palm Beach, Boynton Beach, Delray Beach, Jupiter, Wellington, and Boca Raton. Rental Housing is defined as housing which is leased to an eligible tenant household under the terms of a signed lease agreement. Respondent is defined as an entity that submits a proposal in response to this RFP. Selection Committee is defined as the body of individuals that evaluates responsive proposals at a public meeting and formulates funding recommendations for consideration by the Palm Beach County Board of County Commissioners. Very Low - Income is defined as households with an annual income that does not exceed fifty percent (50 %) of the Area Median Income (AMI) as determined annually by HUD. E. Location Limitations Properties must be located exclusively within Palm Beach County. The Palm Beach County HOME Program jurisdiction includes the corporate bounds of Palm Beach County, but excludes the municipalities of West Palm Beach, Boynton Beach, Delray Beach. Jupiter, Wellington, and Boca Raton. If a project is located within one of these municipalities outside of the HOME Program Jurisdiction. the municipality must make a financial contribution to the project in an amount equal to no less than half of the HOME funding request. The municipal financial contribution to the project may be in the form of a grant, a loan. the value of donated real property, or other quantifiable means, such as the waiver of municipal permit fees, impact fees, or other development fees. The County has the sole authority to determine the value of the financial 2 contribution. The Respondent is solely responsible for obtaining the municipal financial contribution, and providing documentation of the financial contribution at time of proposal submittal. Additionally, projects located within municipalities outside of the HOME Program Jurisdiction must serve beneficiaries from both the municipality and the Palm Beach County HOME Program Jurisdiction The County will monitor this tenancy requirement at time of initial occupancy and each year during the affordability period. Such monitoring is expected to generate a greater annual Loan Servicing and Administrative Fee than monitoring of projects located within the Palm Beach County HOME Program Jurisdiction. F. Project Beneficiaries Project housing units assisted with HOME funding through RFP DES.2013.1 must provide Rental Housing to households whose incomes do not exceed eighty percent (80 %) of AMI. Projects may also contain non -HOME- assisted housing units. The number of HOME - assisted housing units in the proposed project should be guided by the maximum per unit HOME subsidy permitted by 24 CFR 92.250. The Respondent shall designate HOME - assisted units as either "fixed ", where specific units are set aside as HOME units, or as `floating" where the required number of HOME - assisted units are maintained in the overall project but are not tied to specific units. There shall be a representative distribution of housing unit sizes among the mix of HOME - assisted units and non - assisted units. Ultimately, the program unit mix will be codified in the loan agreement. All HOME- assisted units must be leased to households whose incomes are no greater than eighty percent (80 %) of AMI, and at least thirty percent (30 %) of the HOME- assisted units must be leased to households eaming no more than 50% of AMI. Tenant income verification must be conducted prior to execution of a lease. income verification is based upon third -party verification and not self - declaration. Income limits for each income category by household size are published annually by HUD. The 2013 Income Limit Chart is attached as Exhibit A. All project housing units must be completed, put into service, and leased to eligible beneficiaries by September 30, 2017. G. Affordable Rental Rates All HOME - assisted housing units must be leased to eligible beneficiaries at rents which do not exceed HUD's HOME High and Low Rents (see Exhibit B) as applicable to income set aside designation and unit size. 3 in undertaking similar activities, including details of the last three (3) projects of similar scope and magnitude to the project being proposed by the Respondent. In addition, the proposal shall include individual resumes which identify each of the proposed team members' experience in similar roles, including all those team members identified in response to Paragraph 11.A.3 above. Submit the information required by this Paragraph 11. A.5 as Attachment 5 6. The proposal shall include evidence of site control. Evidence means a fully executed contract for purchase and sale of the property, an option to purchase, a long term lease, a lease option, a recorded warranty deed, or a recorded certificate of title. Submit the information required by this Paragraph H. A.6 as Attachment 6. 7 The proposal shall include a detailed development pro forma provided in the format attached hereto at Exhibit E. The Development pro forma must be submitted in both hard copy and in electronic format (Microsoft Excel file format). Submit the information required by this Paragraph il.A.7 as Attachment 7. 8. The proposal shall include a detailed fifteen (15) year operating cost pro- forma provided in the format attached hereto at Exhibit F. Submit the information required by this Paragraph tI.A.8 as Attachment 8, 9. The proposal shall include a detailed litigation history of the Respondent which shall identify any litigation matter in the past five (5) years involving any projects or key personnel employed with Respondent or team members. Submit the information required in this Paragraph II.A.9 as Attachment 9. 10. The proposal shall include documentation evidencing financing required for the non -HOME balance of project costs. Acceptable documentation includes documentation from the financing source(s) providing commitment to financing and identifying all terms and conditions to financing. Submit the information required in this Paragraph II.A.10 as Attachment 10. 11. All proposals for projects located in municipalities outside of the Palm Beach County HOME Program Jurisdiction shall include documentation of municipal financial contribution in an amount no less than one half of the HOME funding request. Acceptable documentation of the municipal contribution includes grant agreement, loan agreement, or official action of the municipality's goveming body approving the contribution. Submit the information required by this Paragraph 11 A.11 as Attachment 11. 12. The proposal shall include two (2) years of Externally Audited Financial 7 EXHIBIT 2 Appendices APPENDIX B -- AHP COMPETITIVE PROGRAM SCORING GUIDELINES CATEGORY POINTS Donated Government -Owned or Other Property 5 Variable Nonprofit or Government Sponsor 5 Variable Targeting 20 Variable Housing for Homeless Households 5 Fixed Empowerments 5 Variable First District Priority Member Participation 15 Fixed Second District Priority Project Readiness 10 Fixed Supportive Housing / Special Needs 5 Fixed Veterans 5 Fixed Leveraging 10 Fixed AHP Subsidy per Unit 10 Variable , Community Stability Variable 100 1. DONATED GOVERNMENT -OWNED OR OTHER PROPERTY Projects creating housing using a significant proportion of units or land contemporaneously donated or conveyed by the federal government or any agency or instrumentality thereof, or units or land donated or conveyed by any other party for a nominal price. Nominal price is defined as a small, negligible amount, most often 10 dollars or less, and may be accompanied by modest expenses related to the conveyance of the property for use by the project. The subject property must be donated on or before the application deadline date by an entity not related to the project sponsor, project owner, or member. An exception is allowed for government or quasi - government sellers or lessors that the donation may be between related parties and that the conveyance may be evidenced by an action to convey. Significant proportion is defined by the Bank to mean at least 25% of the units, land, or land lots must be donated or conveyed to the project. December 14, 2013 32 AHP implementation Plan Appendices 5 POINTS (VARIABLE) Scoring: At least 25% of the units, land or land lots must be donated or conveyed to the project to receive points in this category. Owner- Occupied Projects • 5 points times the percentage of AHP- assisted units or land lots donated or conveyed to the project Rental Projects • 5 points times the percentage of total project units donated or conveyed to the project, or • 5 points times the percentage of total land donated or conveyed to the project. 2. NONPROFIT OR GOVERNMENT SPONSOR Project sponsorship by a nonprofit organization, a state or political subdivision of a state, a state housing agency, a local housing authority, a Native American Tribe, an Alaskan Native Village or the government entity for Native Hawaiian Home Lands. Rental project sponsors must have an ownership interest in the property to qualify for points in this category. 5 POINTS (VARIABLE) Scoring: • 1 point will be awarded to a rental project, where the project sponsor has or will have an ownership interest in the project from disbursement through the entire AHP 15 year retention period; an additional 4 points if the nonprofit sponsor has or will have a controlling ownership interest from disbursement through the entire AHP 15 year retention period. • A maximum of 5 points will be awarded to an ownership project where the project sponsor exercises control over the following project activities (1 point for each activity up to a maximum of 5 points): marketing /outreach property acquisition pre - development December 14, 2013 33 AHP Implementation Plan Pi -liar July 1, 2014 Mr. Brian J. Hinners Florida Affordable Housing, Inc. VIA l jViAl:L 777 East Atlantic Avenue Suite 200 Delray Beach, Florida 33483 Re: Ocean Breeze Apartments ( "Project ") Boynton Beach, Florida FHA Insured Construction and Permanent Financing Commitment Dear Mr. Hinners: Pillar Capital Finance ("Lender ") is an approved U.S. Department of Housing and Urban Development ("HUD ") Multifamily Accelerated Processing ( "MAP") Lender. Lender understands that Florida Affordable Housing, Inc., on behalf of an entity to be formed ( "Borrower ") intends to make application for an allocation of 4.0% Low Income Housing Tax Credits, the proceeds from the sale of such credits along with the proceeds from the dosing of the "Mortgage Loan," as hereinafter defined, will be used to construct and provide permanent financing for the Project. Lender agrees to fund a Mortgage Loan for the Project which will be insured by the U.S. Department of Housing and Urban Development acting by and through the Federal Housing Commissioner ( "FHA") pursuant to the HUD Section 221(dX4) in accordance with and subject to all of the terms and conditions set forth below. . Loan Terns: (Al! subject to adjustment and confirmation as outlined herein) - Construction and Permanent Loan Amount: $7,312,000 -Term and Amortization: Construction period followed by 40 -year term/amortization - Interest Rate: 5.25% (assumed for underwriting, including the .45% MIP) fixed for the entire terra, to be locked and determined as outlined in Paragraph 7 herein. - Pre - payment Provisions: No pre - payment during the construction period and for the first two years of the 40- year teen; then 8% in year 3, declining 1.0% per annum. - Security: The Mortgage Loan shall be secured by a valid first mortgage on the Project and all improvements located or to be located thereon, and the fixtures attached or to be attached thereto. - Financing / Closing Fees: - Lender Fee: 1.5% of Loan Amount payable at initial closing; -HUD Exam Fee: .3% of Loan Amount applied for, payable at initial application. 2. Borrower. The Borrower at the time of closing of the Mortgage Loan shall be a duly constituted limited liability company or limited partnership in good standing under the laws of the State of Florida. 3. Financial Requirements for Closing: Lender must be satisfied prior to closing of the Mortgage Loan that the Borrower has adequate financial resources to acquire and complete the rehabilitation of the Project subject to plans and specifications approved by Lender and HUD. Any deposits and/or escrows required by Lender at closing must be in cash or unconditional, irrevocable letters of credit, certified checks or certificates of deposit acceptable in all respects to Lender. Any letter of credit shall be unconditional and irrevocable, shall name the Lender as beneficiary, shall be assignable, and shall provide for disbursements to be made thereunder on the basis of sight drafts without the necessity for presentation of any accompanying documents. 4. Underwriting / Processing / HUD Commitment: Lender intends to process and underwrite the Mortgage Loan pursuant to HUD's MAP guidelines. The issuance of the Lender's Final Commitment to close and the closing is subject to (1) the Lender completing the underwriting and processing pursuant to the MAP guidelines; (ii) the review of the Lender's underwriting package /application by FHA; (iii) the issuance by FHA of a Firm Commitment to Lender to provide mortgage insurance to insure the Mortgage Loan; and (iv) the 2 Borrower complying with any and all requirements as set forth by the Lender and FHA, either as stated herein, or as stated in the FHA Commitment or Lender's Final Commitment. The loan amount and other terms outlined above are based on Lender's initial review of Project documents supplied by the Borrower and could change. 5. Funding, investor Purchase Commitment: The Mortgage Loan shall consist of a single first mortgage loan that is expected to be funded by the Lender's issuance and sale to an investor (the "Investor ") of fully modified mortgage backed securities (the "GNMA Security "). The Lender's obligations hereunder are specifically conditioned upon the Lender's entering into, prior to closing, an agreement with the Investor for the purchase of the GNMA Security in form, content and terms acceptable to the Lender in its sole discretion (the "Purchase Agreement "). Lender reserves the right to enter into a Purchase Agreement based upon terms and conditions acceptable to Lender in its sole discretion. Lender may, in its sole discretion, procure funding for the Insured Loan through a source other than the sale of GNMA Securities. 6. Issuance of the GNMA Securities: (a) The GNMA Securities shall consist of one or more fully modified mortgage- backed pass - through Certificates which may take the form of Project Non -Level Payment Certificates, fully guaranteed as to principal and interest by the Government National Mortgage Association ( "GNMA "). (b) The Borrower agrees to comply with any requirements of GNMA and the Investor in connection with the issuance of the GNMA Security, J. Interest Rate: The Insured Loan Interest Rate shall be set pursuant to a Quote (defined below) issued and accepted as stated below. Interest shall be computed on the daily outstanding principal balance of the Mortgage Loan and shall be paid monthly in arrears on the first day of each month following closing as more particularly described in the Note. At such times as shall be reasonably requested by Borrower, Lender shall provide to Borrower an interest rate, terms and Price Quote. Borrower may accept the Quote by executing it and returning it to Lender by fax not later than fifteen (15) minutes after Lender's transmittal of the Quote to Borrower. The Quote shall not be binding upon the Lender until the Lender shall receive the Borrower's acceptance of the Quote and final confirmation from the Investor of terms and conditions acceptable to the Lender. The interest rate, terms and price contained in the Quote shall be determined solely by Lender and shall in no event constitute a representation or warranty by the Lender as to interest rates, terms and prices 3 available in the financial markets. Borrower may not lock -in and fix the interest rate, i.e., accept a quote, prior to the issuance of and acceptance of by Borrower of the FHA Commitment and Lender's Final Commitment as outlined in Paragraph 5 above. 8. Loan Documents; Approvable Entities: The Mortgage Loan shall be evidenced and secured by such documents (the "Loan Documents ") as shall be required by the Lender and FHA. The Loan Documents shall include but not necessarily be limited to: the Note, the Mortgage, a Regulatory Agreement, the Borrower's organizational documents, title insurance policy, hazard insurance policy, a Security Agreement, UCC financing statements, survey, evidence of availability of utilities, evidence of compliance with zoning requirements, Borrower's attorney's opinion, letters of credit and various certificates, permits, assurances, receipts and other ancillary instruments, forms and agreements. All of such documents shall be in form and substance acceptable to Lender, its counsel and FHA. In addition, each insurance company, issuer of a letter of credit or title company which will execute or issue any of the Loan Documents (collectively, the " Approvable Entities") shall be subject to the Lender's approval. The Borrower shall furnish or cause to be furnished to the Lender at least twenty- one (21) days prior to the scheduled date of closing such information concerning each of the Approvable Entities as the Lender may require and copies of all of the proposed Borrower- prepared Loan Documents to be delivered at closing, other than those prepared by the Lender and its counsel. Lender's counsel shall provide to Borrower's counsel a list of closing documents to be provided by Borrower. Borrower will cooperate with Lender in recording the Mortgage, HUD Regulatory Agreement and UCC Financing Statements prior to closing. 9. Financing, Fees and Costs to be Paid 13y Borrower: (a) At closing, the Borrower shall pay to the Lender a fee in the amount of 1.5% of the Mortgage Loan Amount. In addition, Borrower shall reimburse Lender its out of pocket costs in connection with the processing and closing of this loan including Lender's legal fees, estimated to be $25,000. (b) The Borrower shall be responsible for all loan extension fees. (c) The Borrower shall pay all expenses in connection with the making of the Mortgage Loan and the disbursement of funds from any escrow posted at closing, promptly as they become due. Such expenses shall include but not be limited to all title insurance premiums and other title company charges, recording and filing fees and charges, survey costs, FHA fees and mortgage insurance premiums, all fees, and other amounts payable to the Lender pursuant to this Commitment, and all other legal fees and expenses incurred by the Borrower. 4 10. In,wronce: Prior to closing, the Borrower shall provide to the Lender evidence that the Project is insured pursuant to a multi -peril policy including public liability, fire, extended coverage and vandalism and malicious mischief insurance in form, substance and amount acceptable to Lender, in an aggregate amount equal to or exceeding the FHA Property Insurance Requirements. Such policy shall have the standard mortgagee clause, showing loss, if any, payable to Pillar Capital Finance LLC, 33 Bloomfield Hills Parkway, Suite 125, Bloomfield Hills, MI 48304. This policy shall be written by a company acceptable to Lender. 11. Financial Information: Until the Insured Loan is repaid in full, the Borrower will provide the Lender with a copy of an annual audited financial statement ( "AFS ") from an independent CPA which shall be delivered to Lender at the time that such AFS is required to be delivered to FHA pursuant to the Regulatory Agreement. The Lender may provide such information to parties with a financial interest in the Insured Loan. Borrower shall provide Lender other financial information (i.e. interim operating statements, rent rolls, etc.) as reasonably requested by Lender. 12. Inspections: Pursuant to the FHA Requirements, the Lender is required to perform an annual site inspection of the Project and certain other inspections of the Project from time to time. The Borrower agrees to pay for the cost of the required annual physical inspection, in an amount anticipated not to exceed $1,000.00 for the first year. The Lender may provide any information obtained from such inspections to parties with a financial interest in the Insured Loan. The Borrower agrees to cooperate and assist the Lender in performing such inspections and, to the extent permitted pursuant to the FHA Requirements, to reimburse the Lender its reasonable costs and expenses for any inspections relating to insurance losses or completion of required building improvements or repairs or in connection with any condemnation awards and specifically in connection with the ten year anniversary re- evaluation of the Replacement Reserve. 13. Additional Conditions: In addition to any other conditions set forth herein and in the FHA Commitment, the Lender's obligation to rnake the Mortgage Loan is contingent upon all of the following conditions being satisfied in form and substance to the satisfaction of the Lender in its sole discretion: (a) The FHA Commitment must be in full force and effect and in form and substance satisfactory to the Lender. 5 (b) The Borrower, all principals of the Borrower and the Approvable Entities shall be approved by the Lender and FHA. (c) The Borrower has accepted a Quote pursuant to paragraph 7 hereof. (d) The Lender and the Investor have entered into the Purchase Agreement. (e) Any extension fees or other sums due hereunder have been paid. 14. Books and Records: The Borrower shall maintain its books and records in compliance with the requirements of FHA. 15. Secondary Financing: Without the approval of FHA and the Lender, no secondary financing with respect to the Project shall be permitted, as long as the Mortgage Loan remains outstanding. 16. Applicable Law: By accepting the terms and conditions outlined herein, the Borrower agrees that it was negotiated and made in the State of Florida, that any action hereunder shall only be brought in the federal or local courts in the State of Florida, and that the rights and obligations of the parties be determined in accordance with the laws of the State of Florida including any applicable federal law. If the terms and conditions outlined herein are acceptable please execute the enclosed copy and return it to us not later than 12:00 noon on Tuesday, July 15, 2014. Very truly yours, PILLAR CAPITAL FINANCE LLC \ LI , a Mark Wiedelman President Signature Page Attached 6 ce ce: The undersigned hereby accepts the foregoing terms and conditions and agrees (i) to perform or cause to be performed all of the obligations on the part of the Borrower contained herein, and (ii) to be bound by all of the terms, provisions and conditions herein. The undersigned hereby authorizes Pillar Capital Finance LLC to publicize the fact that it is providing the financing for the Project. FLORIDA AFFORDABLE HOUSING, INC. By: j -- 1 .- .--------` — Brian J. Hinn 7 Boston l'maneial B OSTON FINANCIAL investment Management 1.P a Limited Pal tnervhtp 312 S 1-ourth Street, Suitc 700 Louisville, KY 40202 T. 502-212-3819 1' 617- 346 -7729 \vuvA btim con July 2, 2014 Mr. Brian J. Hinners Florida Affordable Housing, Inc. 777 East Atiantic Avenue, Suite 200 Delray Beach, FL 33483 RE: Ocean Breeze Boynton Beach, FL Dear Brian: Thank you for giving us the opportunity to present an initial proposal for an equity placement for Ocean Breeze Apartments (the "Property "). The Property will consist of 90 apartments for family occupancy located in Boynton Beach, FL. Financing is projected to come from a $2,000,000 SAIL Loan, a $1,000,000 HOME loan, and Federal tax credit equity of approximately $6,491,403. We understand that you are in the process of obtaining financing commitments and a tax credit allocation for the Property. Given the history of our successful investment in affordable housing in Florida over the last 20 years and your familiarity with us, I expect that we will be able to quickly close a transaction that works for everybody in accordance with FHFC and the bond issuer regulations. Based on the information you have provided to us, this letter will outline the principal terms on which a limited partnership sponsored by Boston Financial ("BFLP") would acquire an interest in the partnership owning the Property (the "Partnership ") for an institutional fund of ours. We will not begin our due diligence review until we have evidence that you have received a tax credit reservation and we have an executed proposal letter in hand. We have reviewed projections for the property. A site visit will be scheduled shortly thereafter. Assuming no issues arise, our due diligence review should be completed within 60 days of receipt of all due diligence materials. 1. Price. We are assuming that the Property will generate annual Federal tax credits of approximately $659,055. BFLP's net proceeds of approximately $6,491,403, representing an equity raise of $0.99 per credit dollar for 99.99% of the tax credits, would be contributed directly to the project. We are prepared to fund the capital contributions in multiple installments under a negotiated pay -in schedule. Prior to closing, we will confirm your equity needs to ensure that they meet the requirements of all your lenders. The investor service fee, in the amount of $7,500 per year, will be due after all debt service and operating costs and can be deferred if cash flow is insufficient. Our pay -in schedule appears below: Percent Paid Amount Paid ( %) _ (S) Conditions _ 15% $973,710 Initial Closing 40% $2,596,561 During construction 20% $1,298,281 98% Completion 25% $1,622,851 Stabilization & 8609's 100.0 $6,491,403 2. Operating Benefits and Residuals The profits, losses and tax credits of the Partnership will be shared among the partners as follows: 99.99% to BFLP and .01% to a to -be- formed single purpose entity (the "General Partner "). The General Partner will be a corporation in which the manager is expected to be an affiliate of Florida Affordable Housing, Inc. and American Communities, Inc., both based in Delray Beach, FL. After BFLP receives a priority distribution, 90% of the remaining cash flow will go to the General Partner. A portion of the General Partner's share may be distributed as an incentive management fee. Upon sale or refinancing of a Property, 90% of the residuals will go to the General Partner after the satisfaction of any outstanding General Partner obligations 3. Guarantees In addition, the General Partner and the developers will be required to complete construction and accomplish a final loan closing at their cost. Additionally, for a negotiated period of time the General Partner will be required to fund deficits without reimbursement. Subsequently, the General Partner will be required to lend funds, up to a maximum negotiated amount, if the project continues to run at a deficit. These loans can be repaid from cash flow or residuals. We expect a guarantor satisfactory to BFLP will guarantee construction completion and lease -up through stabilized occupancy, as well as operating deficits and tax credit recapture. Boston Financial is a nationally recognized expert in low- income housing. We have the largest affordable housing portfolio in the industry with a total cost in excess of $10 billion under management. Based upon a long history of conservative structuring and economic evaluation of properties, we have an outstanding record of success for investments which we have sponsored over the past 40 years Sincerely, (----. ...t. A. C42.,4-1.4c -- Bob G. Courtney Senior Vice President General Partner PROOF OF FINANCIAL CAPABILITY TO COMPLETE THE PROJECT Confidential Financials of FAH) and ACI are submitted in a sealed envelope. FA1 Florida Affordable Housing, Inc July 3, 2014 Boynton Beach Community Redevelopment Agency 710 N. Federal Highway Boynton Beach, FL 33435 Attention: Selection Committee Ladies and Gentlemen: I certify the firm of Florida Affordable Housing, Inc., responding to the RFP for Ocean Breeze East, has read and understands all procedures of this RFP. Authorized Signature: Brian illinners CEO 777 East Atlantic Avenue, Suite 200, Delray Beach, Florida 33483 Telephone: (561) 278 -3901 FAX: (561) 278 -3903 0 awe 1110 ACI American Communities Inc. July 3, 2014 Boynton Beach Community Redevelopment Agency 710 N. 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' 114Nallfr - CERTIFICATION OF DRUG FREE WORKPLACE PROGRAM I certify the firm of Florida Affordable Housing_Inc. responding to this RFP maintains a drug -free workplace program, and that the following conditions are met: (1) We publish a statement notifying employees that the unlawful manufacture, distribution, dispensing, possession, or use of a controlled substance is prohibited in the workplace; and specifying that actions will be taken against employees for violations of such programs. (2) We inform employees about the dangers of drug abuse in the workplace, the company's policy of maintaining a drug -free workplace, any available drug counseling, rehabilitation, and employee assistance programs, and the penalties that may be imposed upon employees for drug abuse violations. (3) We give each employee engaged in providing the commodities or contractual services included in this RFP a copy of the statement specified in Subsection (1). (4) In the statement specified in Subsection (1), we notify the employee that, as a condition of working in the commodities or contractual services covered under this RFP, they will abide by the terms of the statement; and will notify the employer of any conviction of, or plea of guilty or nolo contendere to any violation of Chapter 893 or any controlled substance law of the United States or any state, for a violation occurring in the workplace no later than five (5) days after such conviction. (5) We impose a sanction on, or require the satisfactory participation in a drug abuse assistance or rehabilitation program if such is available in the employee's community, by any employee who is convicted. (6) We make a good faith effort to continue to maintain a drug -free workplace through implementation of this section. As the person authorized to sign the statement, I certify that this firm complies fully with the above requirements. Authorized Signature: �___ - Date: July 3, 2014 Name & Title (typed) Brian J. Hinners, CEO CERTIFICATION OF DRUG FREE WORKPLACE PROGRAM i certify the firm of American Communities,inc. responding to this RFP maintains a drug -free workplace program, and that the following conditions are met: (1) We publish a statement notifying employees that the unlawful manufacture, distribution, dispensing, possession, or use of a controlled substance is prohibited in the workplace; and specifying that actions will be taken against employees for violations of such programs. (2) We inform employees about the dangers of drug abuse in the workplace, the company's policy of maintaining a drug -free workplace, any available drug counseling, rehabilitation, and employee assistance programs, and the penalties that may be imposed upon employees for drug abuse violations. (3) We give each employee engaged in providing the commodities or contractual services included in this RFP a copy of the statement specified in Subsection (1). (4) In the statement specified in Subsection (1), we notify the employee that, as a condition of working in the commodities or contractual services covered under this RFP, they will abide by the terms of the statement; and will notify the employer of any conviction of, or plea of guilty or nolo contendere to any violation of Chapter 893 or any controlled substance law of the United States or any state, for a violation occurring in the workplace no later than five (5) days after such conviction. (5) We impose a sanction on, or require the satisfactory participation in a drug abuse assistance or rehabilitation program if such is available in the employee's community, by any employee who is convicted. (6) We make a good faith effort to continue to maintain a drug -free workplace through implementation of this section. As the person authorized to sign the statement, I certify that this firm complies fully with the above requirements. Authorized Signature: J2_, 'I., Lam,,, bLt1.c ,".._ July 3, 2014 Name & Title (typed) Mackenson Bernard, Executive Director Proposal for Ocean Breeze East Site Community Redevelopment Agency -- Boynton Beach Proposal submitted by: HH Boynton LLC Hudson Holdings LLC Neighborhood Renaissance, Inc. July 3, 2014 RECEIVED . 6_1) c2 �N Bp TON BEACH CRA 11f 11 11f 1111 1a1 II art Ike S*1 11 Ors 11 1111 Its Is *11 41 4,-.:1 . : F . bPX.M[81 En. i.e. 4,4 HildSn 11011/i111 Nrodyitid Renaissance . , architects TABLE OF CONTENTS TAB 1. STATEMENT OF QUALIFICATIONS 2. CERTIFICATE OF GOOD STANDING 3. TEAM MEMBERS QUALIFICATIONS 4. PROJECTS DEVELOPED 5. PROJECT DESCRIPTION 6. PRODUCE MIX 7. DEVELOPMENT COST AND OPERATING PROFORMA 8. PROJECT BASED SUBSIDY 9. NOT USED 10. COMMITMENT TO INVOLVE LOCAL RESIDENTS 11. INTENT TO ENTER INTO A PURCHASE AND DEVELOPMENT AGREEMENT 12. LENDING INSTITUTION COMMITMENT 13. PROOF OF FINANCIAL CAPABILITY 14. RFP ATTEST LETTER 15. POWER POINT 16. DRUG FREE WORK ENVIRONMENT STATEMENT Tab 1: QUALIFICATION The Ocean Breeze East project team is comprised of development, finance, planning and management professionals including Hudson Holdings, a Delray Beach, F orida based fully integrated real estate company encompassing residential rental and for sale properties, office buildings, retail, hospitality, and and ground -up construction. In addition to traditional development experience, the development team includes Neighborhood Renaissance, a community driven nonprofit housing developer and certified Community Housing Development Organization (CHDO) with the expertise, skills, training, and network to access foundation, local, state and federal project funding. The team members each have a minimum of 12 years and up to 30 years in their field and have mana €eo many projects. ORGANIZATIONAL STRUCTURE • HH Boynton LLC The project will be owned and developed by HH Boynton LLC, a joint venture of the principals of Hudson Holdings LLC, a Florida Limited Liability Corporation and Neighborhood Renaissance, Inc. a Florida non - profit corporation. Hudson Holdings is a fully integrated real estate company, involved in the acquisition and development of commercial and residential real estate. its portfolio has consisted of over 3,000 residential units and 500,000 square feet of commercial space in various stages of development. Established in 1992, Neighborhood Renaissance, Inc. is a proven nonprofit community based organization dedicated to building and supporting strong economies and diverse communities in Palm Beach County. Our approach to rebuilding neighborhoods is inclusive and received national recognition. We have a long history of working in partnership with residents, local government, businesses and lending institutions toreclaim troubled properties and improve neighborhoods while helping families to become economically self- sufficient through individualized housing counseling, case managemert and increased financial literacy. Our efforts have helped over 87 low and moderate- income fami lies to become first -time homeowners. We are experienced rental and for sale real estate developers of single and multi - family properties and have built or substantially rehabilitated over 127 homes. In the past 3 years our programs targeted nearly $17 million of investment into low- income communities. We currently manage 87 residential units and a mixed -use commercial pr oerty. • Executive Management The executive management will include Avi Greenba urn, Steve Michael and Terri Murray. The team will oversee the redevelopment of Ocean Breeze East and assure that the goals, vision and viability of the project are achieved. Project team managers will report to the Executive Management. (Resumes and project experience can be found in Tab 3. 1 OPage • Development and Construction Management The Development Manager will be Michael Pecar who will direct the design team (architects and engineers) in the timely production of construction plans, submittals for re- zoning the property, submittal for building permits and bidding to general contractors. He will also design and monitor strategies to train and hire local residents in the construction phase of the project. • Property Management The property will be staffed with a property manager and maintenance personnel to assure timely response to tenant needs and keep the property in excellent operating order. They will be employed by the property. The on -site staff will report to and their responsibilities overseen by Mark Karageorge, Property Manager for Neighborhood Renaissance. Mark has a been a member of the community for many years and has a deep understanding of its needs and wants. With his history, he will be very effective involving community and social service groups in providing activities and services at the property. • Neighborhood Involvement, Community Programs and Social Services Coordination and outreach programming to the community will be conducted by Lashea Brooks, Housing Manager of Neighborhood Renaissance and Mark Karageorge. Both Ms. Brooks and Mr. Karageorge have strong ties to the Boynton Beach community. Strategies to engage Heart of Boynton neighbors will begin with the project's planning and design to assure community input, and that the new development fits with the neighborhood. Prior to and throughout construction, job fairs, advertising, and training will be targeted to local residents so that they are aware and ready for job and small business opportunities. Once the property is operating and fully - leased, ongoing community programs and services will be made available to area residents and will include after school tutoring, art and exercise classes, small business counseling, coaching for homeownership and financial preparedness. 2IPage Flo rida State Department of State I certify from the records of this office that HH BOYNTON LLC, is a limited liability company organized under the laws of the State of Florida, filed on June 30, 2014. The document number of this company is L14000104127. I further certify that said limited liability company has paid all fees due this office through December 31, 2014, and its status is active. Given under my hand and the Great Seal of the State of Florida at Tallahassee, the Capital, this the Second day of July, 2014 . t v 160%. 04 Secretary of State Authentication ID: CU4217291788 To authenticate this certificate,visit the following site,enter this ID, and then follow the instructions displayed. https://efile.sunbiz.orgkertauthver.html S tate of Depariment of State I certify from the records of this office that NEIGHBORHOOD RENAISSANCE, INC. is a corporation organized under the laws of the State of Florida, filed on June 5, 1992, effective June 3, 1992. The document number of this corporation is N49255. I further certify that said corporation has paid all fees due this office through December 31, 2014, that its most recent annual report/uniform business report was filed on April 24, 2014, and its status is active. I further certify that said corporation has not filed Articles of Dissolution. Given under my hand and the Great Seal of the State of Florida at Tallahassee, the Capital, this the Twenty fourth day of April, 2014 4 � ► k ss a _ i t ` Nk Secretary of State Authentication ID: CC8162343175 To authenticate this certificate,visit the following site,enter this ID, and then follow the instructions displayed. https:// efile .sunbizorglcertauthver.html Andrew "Avi" Greenbaum Andrew Greenbaum hails from a third - generation real estate family that first began making acquisitions in New York in 1950. He currently serves as a Principal with Hudson Holdings, LLC, a Delray Beach, Florida based fully integrated real estate company encompassing residential rental and for sale properties, office buildings, retail, hospitality, land and ground -up construction. He previously was a principal of Hudson Capital, LLC, a Miami based real estate developer specializing in value -add residential and commercial properties and condominium conversions. At Hudson Capital, Andrew worked on projects totaling over $1 billion. As condominium conversion swept through Florida, Greenbaum quickly established himself as prolific converter, employing a full time staff of 200 and amassing a portfolio of over 3,000 residential units. In addition to individual condominium unit sales, several value -add projects were repositioned accordingly and sold to institutional players. The team at Hudson Holdings are value -add professionals who seek, analyze and acquire residential and commercial properties which, in their estimation, are underperforming relative to their full capability or to which they may add value through repositioning, construction, renovation, adaptive re -use or financial restructuring. The Hudson Holdings team are intensive, hands -on principals. Through daily interaction with on -site property management and employees, regular site visits and thorough inspection of all financial and business matters, they closely supervise all day -to -day aspects of their projects. You can read more about them at www.hudsonholdings.com Andrew Greenbaum received his BA from Yeshiva University and his JD from Brooklyn Law School. In addition to his role at Hudson, Andrew sits on the board of two local schools, and multiple non - profit organizations focusing on special needs children, politics and after school sports. Steve Michael Steven Michael began his real estate career in 1986, when he and his brother Mark founded JMS Development & Management Co. in Chicago. With over 60 years of combined experience, the JMS team developed and acquired over 20 projects throughout Chicago and South Florida. The core strategy employed at JMS was to acquire assets in strong locations with a long term outlook, adding value through construction, repositioning and an intense focus on management. Steven continues to own his stake in JMS. Steven joined Hudson Holdings, LLC as a Principal and is focused on development and management of relevant projects in strong and emerging marketplaces. Marrying his development experience with his hands -on management style, Steven defines the core focus of Hudson's vision. Development projects include: 4878 -90 Dempster, Skokie, Illinois. Ground -up construction, lease -up and management of a commercial retail center. 5000 -20 Dempster, Skokie, Illinois. Ground -up construction, lease -up and management of a commercial retail center. 670 Waukegan Road, Deerfield, Illinois. Conversion of a gas station and construction and lease -up of a commercial retail center. 4864 -4872 Dempster, Skokie Illinois. Ground -up construction, lease -up and management of a commercial retail center 9239 Gross Point Road, Skokie, Illinois. Development and lease -up of a commercial office complex. 4868 W. Dempster, Skokie, Illinois. Ground -up construction, lease -up and management of a mixed -use retail and office project. 9000 -9480 Ballard Road, Park Ridge, Illinois. Purchase, lease -up and further construction of a retail center. This property was constructed without debt and on spec. 5832 -40 Dempster, Morton Grove, Illinois. Ground -up construction, lease -up and management of a commercial retail center. 5842 -50 Dempster, Morton Grove, Illinois. Ground -up construction and lease -up of a commercial retail center. 5920 Dempster, Morton Grove, Illinois. Development and lease -up of a mixed -use retail and office center. Presidential Plaza, Hollywood, Florida. Purchase, additional construction, lease -up and management of a Walgreens- anchored retail center. Winn Dixie Shopping Center, Miramar Florida. Purchase, additional construction, lease -up and management of a Winn Dixie - anchored retail center. Palms of Delray, Delray Beach, Florida. Purchase of a 50 -unit townhouse rental community and further construction of additional units. Lease -up and management of the property. 6 Avenue Apartments, Boynton Beach, Florida. Purchase and management of a residential community. 5011 Oakton Street, Skokie, Illinois. Purchase and rehabilitation of an existing building into commercial retail spaces which were successfully leased -up and sold. Lake & Waukegan, Glenview, Illinois. Purchase of a 5 -acre parcel, entitlement and construction into a commercial retail center. 3926 Touchy Avenue, Lincolnwood, Illinois. Ground -up construction and lease -up of a commercial retail space. NR _ Neighborhood Renaissance Diverse Communities — Strong Economies Staff Biographies Terri Murray, Executive Director, joined Neighborhood Renaissance, Inc. in 1999. She is an accomplished community development professional with over 25 years experience in mixed - income, mixed -use and affordable housing development. She has designed, implemented and administered various homeownership assistance, housing rehabilitation, new construction, small business assistance, workforce development, and property management programs. She has worked effectively in the for- profit, non - profit and local government arenas. Ms. Murray holds a Masters in Urban Affairs in Housing and Community Development from Boston University Michael Pecar, Real Estate Development Director, joined Neighborhood Renaissance in November 2011 to oversee the construction of the Westgate in -fill home ownership project and the rehabilitation of fifty -three NSP 2 properties. He has founded and is the designated Broker for NR's realty company, Your Way Home Realty, Inc. that provides real estate services to working families and other non- profits. Over the past 30 years, he has managed the development process for all property types. He has played leading roles in the areas of new project identification, acquisition, government entitlements, financial structuring, site planning, architectural design and total project management. Mr. Pecar is a recognized developer of large -scale commercial centers including Laguna Hills Mall in Laguna Hills, CA and El Paseo de Saratoga in San Jose, CA for world -class development firms such as Simon Development Corporation, The Irvine Company, The O'Connor Group and the Pritzker family. Mr. Pecar has also served as an Investment Manager for private equity firm, New Boston Fund. He has managed development of retail projects in Asia for Trizec -Hahn. He holds a Masters of Management degree from the Kellogg Graduate School of Management at Northwestern University and a Bachelor of Science degree from Indiana University, School of Business. Mark Karageorge, Property Manager, joined as property manager in January 2013 with over ten years of property management experience and several certifications in the field. He worked for Graystar Management Services as a Community Manager for over 300 units. Prior to his work with Graystar, he was an Assistant Property Manager for Olen Properties and Trammell Crow Residential Services. He is a Certified Apartment Manager (CAM) through the Southeast Florida Apartment Association since 2003 and has completed classes for licensing as a Community Association Manager. Mark recently graduated from the Community Real Estate Development Certification program sponsored by the University of South Florida. l ip_ Neighborhood Renaissance Diverse Communrties — Strong Economies S. Lashea Brooks, Housing Manager, is a native Floridian who grew up in Palm Beach County and is a graduate of Palm Beach Atlantic University holding a Bachelor of Science degree in Business Administration. She joined Neighborhood Renaissance in October 2011 to manage the acquisition and leasing of 77 rental homes, and, the marketing and sale of 13 homes in Westgate. She works with 1 time homebuyers and is responsible for income certifications. Each year she completes Compliance Training for Rental Programs, Florida Housing Finance Corporation. Her experience spans over 25 years and includes retail banking, mortgage lending, housing rehab and acquisition. Jenny Bretz, Office Manager /Bookkeeper, is originally from Lima, Peru, where she earned a BA degree in Accounting from the Federico Villarreal University. She has 10 years of accounting experience in the construction and property management fields. Before that, Jenny worked at law firms in Miami, Florida and Winston - Salem, North Carolina. Mrs. Bretz joined Neighborhood Renaissance in December 2011. Her responsibilities include all internal bookkeeping, accounts receivable /payable, insurance policy and general office operations. Ms. Bretz is bilingual. Stefania Palacios, Program Assistant, earned a BS in Business Administration from San Diego State University, CA and has over six years of experience in general Human Resources. She served in the United States Air Force as a Personnel Journeyman. After military service, she worked for ConAm Management Corporation as an assistant manager for over 1,100 apartment units. She is bilingual; fluent in English and Spanish. Miss Palacios joined Neighborhood Renaissance in January 2013. 11 1 1 1 _ Neighborhood Renaissance Diverse Communities — Strong Economies Memberships: ➢ Southeast Florida Apartment Association • Realtors Association of the Palm Beaches > Housing Leadership Council > Florida Housing Coalition ➢ Palm Beach County Affordable Housing Collaborative > Florida Alliance of Community Development Corporations Certifications, Licenses and Education: > CHDO — Community Housing Development Organization > Compliance Training for Rental Programs, Florida Housing Finance Corporation ➢ Certified Apartment Manager, National Apartment Association > Housing Development Finance Professional Certification Program o HD420- Rental Housing Development Finance > Palm Beach County Community Housing & Development Organization (CHDO) > Managing Scattered Site Housing — NeighborWorks Training Institute ➢ Florida Real Estate Broker, Your Way Home Realty, Inc., a wholly owned subsidiary of Neighborhood Renaissance, Inc. in E E-4 o 0 � � C) CL) W oo��o C) C.) 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A 41 .II ' rn d CY VI C 0 a v _ z CA i ca.' ., o iv CD no C. CI) U = W es, C m o 6 la U �'° x� o Q a�Qo MI 114 - w �u w .1 w a A o • Ofi-, L e o " F''dm a �� aao c,..) LT: ��o �a W c FP ta 'E nn 0 03 8 N O • "1::$ oo M O Q� B Q� A O U �' °; M N cr, r•••I g m v) u- x c c sli ,. 4-' 4) 42 0 A 2 z ce O � viii p1 Z `^ 3 Y J O 0 i, en 3 W I. mk CO a �n c < 1 o 1:4 ~NY wIC 6 ,IJbin MU 3C . Ii-i, E E 0 ... c u 1,, wi . 0... . c 0 ZI 4 s _ o • 01.14 o- a Cisi j 70, : = 0 2t �.: ca z 1 _ D IX a��. I k,E �� 6 0 0 a .... d• ` 0 Andrew Greenbaum Project History: Name: Unit #: Location: 1. Aventine at Miramar 848 Miramar, FI f b ill ._, ,_ 6,,,,,„ ,.-, i.. ..-,....„ -____ , _____ .f v 4 # 1 t k it X t 3 2. Itopia Condominiums 384 St. Petersburg, FI 3. Key Royal Condominiums 284 Naples, FI 4. Hawthorn Estates Apartments 396 Schaumburg, IL 5. Hawthorn Estates Condo 219 Schaumburg, IL 6. Milano Condominiums 200 West Palm Beach, FI 7. Heritage Estates 272 Orlando, FI 8. Wells Fargo Tower 150,000 Miami, FI 9. Gardens of Bridgehampton 352 Jacksonville, FI ti d e _ 'mo d' . b 1 ' 9 ,. Tr r in � O I 4 Yi p .i. .._ 1 !.t, a 0. 10. Antigua 157 acres St. Augustine, FI 11. Dolphin Reef 62 Acres Jacksonville, FI 12. Hudson Flats 27 Lake Worth, FI 13. Linton Towers 60,000 Delray Beach, FI 0011 011111-- -- t o II l � f - 1: 4 .c0 1 , f 14. Linton Land 1 Acre Delray Beach, Fl 15. 30-48 SE 1 Street 1 Acre Delray Beach, FI 16. N Street 32 Lake Worth, FI 17. 1510 S. Federal 8 Lake Worth, FI 18. Gulfstream Hotel & Land 247 Lake Worth, FI 19. Bimini Bay 25 Lake Worth, FI 20. Seven Palms Apartments 15 Lake Worth, FI 21. Check Cashing Store Retail Delray Beach, FI Steve Michael Steven Michael began his real estate career in 1986, when he and his brother Mark founded 3MS Development & Management Co. in Chicago. With over 60 years of combined experience, the JMS team developed and acquired over 20 projects throughout Chicago and South Florida. The core strategy employed at JMS was to acquire assets in strong locations with a long term outlook, adding value through construction, repositioning and an intense focus on management. Steven continues to own his stake in JMS. Steven joined Hudson Holdings, LLC as a Principal and is focused on development and management of relevant projects in strong and emerging marketplaces. Marrying his development experience with his hands -on management style, Steven defines the core focus of Hudson's vision. Development projects include: 4878 -90 Dempster, Skokie, Illinois. Ground -up construction, lease -up and management of a commercial retail center 5000 -20 Dempster, Skokie, Illinois. Ground -up construction, lease -up and management of a commercial retail center. 670 Waukegan Road, Deerfield, Illinois. Conversion of a gas station and construction and lease -up of a commercial retail center. 4864 -4872 Dempster, Skokie Illinois. Ground -up construction, lease -up and management of a commercial retail center 9239 Gross Point Road, Skokie, Illinois. Development and lease -up of a commercial office complex. 4868 W. Dempster, Skokie, Illinois. Ground -up construction, lease -up and management of a mixed -use retail and office project. 9000 -9480 Ballard Road, Park Ridge, Illinois. Purchase, lease -up and further construction of a retail center. This property was constructed without debt and on spec. 5832 -40 Dempster, Morton Grove, Illinois. Ground -up construction, lease -up and management of a commercial retail center. 5842 -50 Dempster, Morton Grove, Illinois. Ground -up construction and lease -up of a commercial retail center 5920 Dempster, Morton Grove, Illinois. Development and lease -up of a mixed -use retail and office center. Presidential Plaza, Hollywood, Florida. Purchase, additional construction, lease -up and management of a Walgreens- anchored retail center. Winn Dixie Shopping Center, Miramar Florida. Purchase, additional construction, lease -up and management of a Winn Dixie- anchored retail center. Palms of Delray, Delray Beach, Florida. Purchase of a 50 -unit townhouse rental community and further construction of additional units. Lease -up and management of the property. 6 Avenue Apartments, Boynton Beach, Florida. Purchase and management of a residential community. 5011 Oakton Street, Skokie, Illinois. Purchase and rehabilitation of an existing building into commercial retail spaces which were successfully leased -up and sold. Lake & Waukegan, Glenview, Illinois. Purchase of a 5 -acre parcel, entitlement and construction into a commercial retail center. 3926 Touchy Avenue, Lincolnwood, Illinois. Ground -up construction and lease -up of a commercial retail space. iii Neighborhood Renaissance Diverse Cormwndres — Snong Economies Neighborhood Renaissance's Recent Experience with Similar Projects Palm Beach County NSP 2 — Residential Redevelopment Program Neighborhood Renaissance recently completed the acquisition and substantial rehabilitation of seventy (70) scattered -site single -family and multi - family dwelling units located within Palm Beach County's Urban Redevelopment Area through a $12 million NSP 2 grant award as a sub - recipient of Palm Beach County's Department of Economic Sustainability. The average cost to rehab was $77,000 per unit. The total project cost is projected to be just over $12.7 million. The homes are leased to very -low and moderate- income eligible families. The homes were remodeled to increase energy efficiency and reduce long term maintenance. Features include impact windows and doors, roof replacement with life -time materials, ceramic tile floors through out, SEER 16 HVAC systems with new R -8 ducting, increased attic insulation to R -30, energy star appliances, ceiling fans and CFL lighting. Florida- friendly landscaping and new irrigation systems were included at each property. Neighborhood Renaissance owns and manages the properties. Tenant services include home maintenance training, financial literacy training and homebuyer education. . r ff . i lit _ - ' P:L iji,,, t , i :."'''' ''..'' j . I At ", - ,. t , * ' .' y � 9 unit complex at 4509 Mathis Street, 33463 Mathis Street Tot Lot its . . s ; E . a - * M. , 1IPa4e .s. Neighborhood Renaissance Dave,,e Co,minthes - Strong Emnmnes Westgate Housing Replacement Housing Infill Project Through a $2,056,361 State of Florida 2005 Disaster Recovery initiative Program Grant from Palm Beach County, Neighborhood Renaissance completed the development and construction of thirteen (13) single - family homes in the Westgate CRA for a total project cost of $3,253,495. As developer, we completed the land acquisition, creation of subdivided lots, architectural and engineering plans, bid and constructed the homes. The Grant was leveraged with an $850,000 interim loan from Florida Community Loan Fund. The homes have been sold to households earning at or below 80% of the area median income addressing the need for affordable homeownership in the Westgate CRA. This investment will help to increase the tax base, create jobs, prevent crime by reducing the number of vacant properties, and improve the quality life in the area. The housing mix is comprised as follows: • 4 4BR/2.5BA single - family homes priced from $95,000 — $110,000 • 5- 3BR/2BA single - family homes priced from $100,000 — $105,000 • 2 — 3BR/2.5BA- townhomes priced at $85,000 These new homes have been certified to meet the standards of the Florida Green Building Coalition. Development design includes: • Eco- Friendly architectural design to minimize energy use by the homeowner • Use of renewable and easily accessible building materials minimizing the overall environmental impact of the development • Drought resistant landscaping with grouping of plants with similar water needs and strategic placement to facilitate cooling of the home • Preservation or donation of existing vegetation and top soil at the development sites when possible • Installation of low -flow water fixtures and alternative flooring, i.e. minimal use of carpeting • Inclusion of Energy Star and other high energy efficient appliances 0. Completed homes on Saginaw Avenue 2 Page Neighborhood Renaissance Nose Commutes - Stang Economies Northwood Model Block Initiative Infill Housing and Neighborhood Improvements Our Model Block program, completed in 3 phases, resulted in the construction of 34 single - family homes, the rehabilitation of 14 properties, 30 homeowners and comprehensive neighborhood improvements for an investment of over $8 million in the Northwood community. In addition, our Community Land Trust (CLT) program has helped 9 low - income families to become homeowners. As part of these projects, we provided individualized housing counseling for all of the homebuyers. For Model Block 1, we purchased 9 existing homes on 34 Street, West Palm Beach in need of substantial rehabilitation. Each household received initial housing counseling to determine their homeownership readiness. For those households not able to become homeowners, we provided relocation assistance that included: the identification of comparably sized affordable rental properties, setting appointments with potential landlords to look at available homes, and moving assistance. All the families that we assisted obtained new rental housing within the neighborhood that was of a higher quality and with a lower rent payment or the same than that was assumed by our agency from their previous absentee landlord. • �.: r 4 MIR s °` Renovated Model Block 1 home at 631 34 St., WPB with comprehensive street 7 , improvements and landscaping Boynton Beach Model Block Initiative and Neighborhood Improvements This year (2014), Neighborhood Renaissance received an Urban Lift grant from Wells Fargo in the amount of $229,300 that was enhanced by a City of Boynton Beach Community Development Block Grant (CDBG) in the amount of $60,000. The funds will implement improvements on Boynton Beach's Model Block located north Sara Sims Park and south of Poinciana Elementary School. 3IPage 1, Neighborhood Renaissance Domme C.cmmunbes - Strom omies CONCEPTUAL STREET VIEW t 1 v ... 9� ,.. S X b s �'`�. - Yom n • `f. a • ' X77 The improvements will beautify a blighted block to make way for the construction of at least 13 new single family homes available to area home buyers. Street scape improvements include new sidewalks, curbing, streetlights, tree planting, a bus shelter and neighborhood entryway signs; facade improvements to existing residential properties; as well as the expansion and upgrading of the neighborhood park. MODEL BLOCK LOCATION - BIRDS EYE VIEW r� x . .. .' :-'.__•_ - T + . �tf`b A•....r- • • , i A 4j 1. 1 _ (tee .x +K k ! .:... ; ..! «..s K is 'I " A x T'1 y t. r3 • ''--, . . r•- 0 . r. t .1'. ,. 61,E Yk F " y ' L 1 s , a ('..,� , . ii f ra t . . 6 , • „ , 1 II !L iir � ",�' . -., arc < .. t ,,. t . i ' ..- 1 •f► yr � ,. W .. - ] .. -, i. . . 4IPae.e Tab 5 Project Description: ° 1 !, ft O 1. ' -. i-i'l.ti4.yil°+pk1 I ii . +III O t Ys.H i.ii , - iji*ti 1174 r «..&., 1i1 ' . . r .. !t d ti'. Our proposed project is designed to add value to the entire City and is uniquely designed to complement and serve the neighborhood and its residents. By including commercial spaces, in addition to new residences, the project will spur further small business development in the Heart of Boynton for the benefit of present and future residents. The addition of 202 quality new residences will add variety to the living choices of working families within the Heart of Boynton. The proposed redevelopment will incorporate Florida Green Building Coalition (FGBC) standards and includes 202 market rate rental residences containing 1, 2 and 3 bedrooms in three story buildings. Commercial buildings fronting Seacrest Boulevard will consist of one story of retail /office occupied by a mix of retail /cafe spaces shops, restaurants, personal services and office and neighborhood services and two levels of apartments above. A medical office building will stand at the corner of Seacrest and r Avenue. Including these uses benefits the community and the new residents by offering amenities and needed services currently lacking in the neighborhood. The edges of the property where it interfaces with the neighborhood will provide an attractive visual and pedestrian environment with new street trees, sidewalks and street lighting. Community setting and land uses, planned and future: The proposed development is located at the southeast corner of NE 7th Avenue and Seacrest Boulevard covering 6.3 acres including the CRA's 4.32 acre parcel. Currently, 4.32 acres of the site is vacant land and the southern frontage along NE 6th Avenue totaling 2.05 acres contains 21 apartments that will be demolished to make way for the new residential and office buildings. Seacrest Boulevard runs along the western boundary and is a 4 lane major north /south roadway through the City Located across Seacrest Blvd. is Ocean Breeze West, a new community of 21 single family owner - occupied homes. The properties to the north include St. John's Missionary Baptist Church, the R.M. Lee Educational Center and their parking lots. The Heart of Boynton plan shows their future land use as Commercial /Multi Family allowing a density of 30 dwellings per acre, slightly Tess than the project's. The existing properties to the east are single family homes. The southern properties are currently single family homes with a HOB future use as Multi Family /Commercial, the same as the project site. ]IPage The property is also located within the Transportation Oriented District. The current Walk Score® for the site is currently rated 55, somewhat walkable, meaning some errands can be done on foot. The project is designed to attract lifestyle and essential services bringing them within walking distance of the existing neighborhood plus approximately 400 additional residents who will live in the new apartment homes. Design features: The buildings are styled as Mediterranean Revival which ties in closely to the Mission Style found throughout the City. The overall scale of the buildings is Tess than 3 stories and 45' at the maximum height. The residential buildings located on north, east and south edges are is approximately 36 feet high and 3 stories. When formulating the vision for this development, the design elements in the HOB Master Plan were included in the planning of the project so that it would fit with the vision. The height of the buildings is appropriate to an urban residential neighborhood. The parking areas are located internally and not visible from off the site. Furthermore, the architectural style is complimentary to the overall neighborhood reflecting its unique cultural mix and characteristics. Around the perimeter of the property, landscaping, sidewalks, trees and street lighting will be provided that conform to the HOB standards. The existing sidewalk/landscape condition on Seacrest Blvd is an example of the perimeter improvements planned. Curbside parking is provided on three surrounding streets to provide additional spaces for use by the neighborhood and for the businesses and residents of the project. o, m oft � i • _ r�r�i �.; ;, .� : I � • r r r -,� . I 1 � T �' � a B u _info .,......,:_.. r l 11111 II IIIIIIII IIII IIII11Ilil I I 1 111111 11 111 1IIi[�IU1i11111i 1�11IIIIIII Ill l l 11�1,�1 _,_�i.11 II__ SEACREST BOULEVARD STREETSCAPE ELEVATION The construction will utilize green building techniques to ensure that natural resources are used wisely to build the structure and that the future residents and businesses save on their future energy costs including water and electricity. We anticipate including in the project's design a rain water collection for irrigation, pervious pavements and a Florida friendly landscape all will reduce storm water runoff. Energy Star will be the norm for appliances and air - conditioning units. Restricted flow faucets and showers as well as low volume, 2 stage flushing will be utilized on all plumbing fixtures to further our water conservation plan. Recycled and rapidly renewable products will be emphasized in interior finishes. The proposed redevelopment will be built to FGBC standards. For the commercial space, it is proposed that the units will be built in a manner as to enable the space to evolve into a variety of possible businesses beyond the initial occupant, that reflect the needs of the neighborhood as it changes. HH Boynton LLC (the "Developer ") therefore included in the units' design high ceilings, access to the 21Page parking area from the front and the rear, ample parking, large windows that allows for natural light and display of goods, open floor plans and easy pedestrian access. Property Component Descriptions: • Artwork Component: We are committed to working with the City's arts commission to incorporate are in the project as set out by ordinance. A program to theme and select art projects will be designed to involve the community. The fee generated by this project is approximately $190,000. • Community and Social Services: The project will provide space to community and social service providers within the property. We will work with them to conduct after - school programs, educational classes for all ages, art and exercise activities, and, specific homebuyer preparedness activities and business training. • Residential Features: The residences will be constructed to FGBC standards. The individual residences will include water saving fixtures, Energy Star appliances, high - efficiency air conditioning systems and Tight fixtures, ceiling fans and use of easily renewable building materials. The residential units feature fully equipped kitchens, ceramic tiled floors and wood cabinetry with granite countertops in kitchens and bathrooms, in -unit laundries and, hurricane resistant low -e glass windows. Residential amenities include: a club house with a great room for social gatherings, educational presentations or to just watch movies and sports; a catering kitchen; a fully equipped fitness center; swimming pool; and a business center, as well as the management office. ... - - -- - - -- - -- - - - ' - -- - -- -- :A 47L'•Sdi:�:�L'/f�SJ� r r ��ou . I�i;1�i,1,l �I �■ ■ ■1 ,lili; I 1 1 1 1 1 , : . : , : 1t 1 1 I 1 1 1 . 1 1 11 %IIIIt.,. 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An attractive bus stop shelter will be 3 1Page provided by the project on Seacrest Boulevard, landscaped open spaces throughout the property, a tot lot and barbeque areas with tables and benches, and plenty of trees for shade. Ana. .dam Ejl:: Er ‘...lib i.: 'um - :.; 9 4 P LLIIItir 11111 - = 41‘ lit l iii ILA 1- - TYPICAL RESIDENTIAL BUILDING ELEVATION The rental units in the development are being designed to provide additional workforce housing in the community. The residences will consist of 36 -1 bedroom, 148 -2 bedroom and 18 -3 bedroom apartments. The residences will provide affordable homes for working class families in the Heart of Boynton. Families earning from $30,000 will find affordable rents starting at approximately $800 per month. By developing additional workforce housing in the community, HH Boynton LLC is proposing to address the dire need for affordable housing close to employment centers, transportation alternatives and natural amenities. Currently, the cost of housing is out of reach for a large portion of working households and these units are designed to address this important community need. The shortage of available affordable rental units has also been exacerbated by the lack of construction of new rental units resulting in large increases in monthly rents that were not accompanied by corresponding increases in wages. s t r _ -I _oak— A i ,..,. : a .--E1 IL 1 0_1, + 4'd� �' 1 ,..l lilt., irti i • 4;1xO t r II fill b w.1i. i1 r, Dirt 0. doff ,j it r i K .� , t ,„ {uta ; ; iii . ,. • Office Component: The office building will include approximately 8,500 square feet in three stories and bring medical services closer to the community. It will also be built to FGBC standards. The location will leverage Bethesda Hospital's proximity by bringing doctors, dentists and other medical service providers closer to its clients living in the Heart of Boynton. 4IPage • Commercial Component: The development will include approximately 10,000 square feet of commercial space for new businesses and retail on the ground level fronting Seacrest Boulevard. Presently the market for commercial space in the community is limited. To nurture business development in the corridor the initial occupants of a portion of the commercial space could include the marketing and leasing office, a coffee shop, a 'last casual" diner and a beauty salon. Initially, other nonprofit/community based organizations important to the community building process will also be offered space. Neighborhood Renaissance will also work with the CRA and the City's economic development staff to recruit new businesses that offer goods and services currently lacking in the area. As the business corridor evolves and the retail /commercial market strengthens additional types of businesses will be identified and recruited according to community needs. Examples of the types of enterprises that would be targeted include newsstands, full service restaurant, dry cleaning, pet grooming, florists /gift shop, shipping /packing center, realtor, insurance agent, dentist office and specialty retail. NE MAIM r « C.` 4„„,,,,opt -:: = :: iiiiiNiii Iii i�, air iii t r , r r k , „ -' U kel igi I te ilia±444 I SIM * i *- - ' ' SI / - 1 le ' Vill * i t I ti Itim W ' t .1. 71/4 i 7 1 ,,, ci „...,, „.:- ' le r "tie 'If I 0 - 6 rept I A : 3 NE .RN AV . •�•••• SITE PLAN • Green elements include: o LED parking and site lighting o Occupancy and motion sensors in the club house and commercial areas o Use of Florida friendly landscape materials and shading to minimize heat islands in paved and parking areas 51PaQe o Reflective roof materials that minimize heat gain and are made of long lasting materials o Rain water recycling facility for onsite irrigation o Bicycle racks throughout the site o Bicycle sharing program for residences o Recycling centers in each building o Best practices during construction, minimize materials and recycle waste o Electric car recharging stations Programmatic Features: • Small Business Incubator: Neighborhood Renaissance ( "NRI "), a member of the Developer, proposes a variety of services to the community that will further the employment and business opportunities of the HOB and add value to the project. First, NRI has a tradition of fostering new business investment and providing technical support for developing entrepreneurs. With this project, the agency intends to continue this practice. NRI will operate a business incubator that provides technical assistance and support services for new micro - enterprises, which will complement the CRA's and the city's economic development staff's existing programs to attract businesses and create new jobs. Among the small business assistance services to be provided is help with developing business plans, business accounting education, access to capital through lending institutions and government entities, guidance in licensing and industry specific education. • Homeownership Center: NRI also intends to provide pre- purchase housing counseling services through a homeownership center on site as well. The Center's services will be marketed to the community as a whole but with special focus towards the residents of the rental units. It is intended that the rental component of the project will function as a "homeownership incubator" that provides a quality affordable rental situation for households that are in need of a stable long -term housing situation while receiving intense individualized housing counseling and addressing items such as credit, debt, and a lack of savings before they would be ready for a homeownership situation. This program will serve the future home owners of new developments within the HOB: including the Model Block at NW 10th & 11th, Cottage District at NE 4th & 5th, Infill housing in Poinciana Heights, and other neighborhood districts in Boynton Beach. • Community Outreach: Neighborhood Renaissance cooperating with the staff of the CRA plans to include continued outreach to the community to involve them in the revitalization of the area and ensure access to the services to be provided in the business incubator and homeownership center. First, this proposal was developed using 61Page the HOB Master Plan that was created with the involvement of the community residents and business owners. Neighborhood Renaissance wants to be in the actual neighborhood to be accessible and responsive to the community regarding future needs for services. The Business Incubator is also intended to be a support system for new local enterprises to help them succeed in becoming established and to create jobs. The Homeownership Center is being included in the project for the purpose of addressing the community need for this assistance in the neighborhood. The agency staff will take efforts to market these services through area media outlets, community gathering spaces, neighborhood faith -based institutions, newsletters, local public schools, neighborhood associations, other nonprofit organizations serving the community Summary of Benefits: Increase in real estate tax basis on an approximate $29,000,000 investment. New community serving uses by the inclusion of retail, commercial and medical office space. Economic development by bringing jobs during construction and permanent jobs in the office and retail operations as well as the maintenance and operation of the project. The Heart of Boynton goals and strategies are furthered by these elements of our proposal: 1. Increase the availability and diversity of affordable housing choices 2. Bringing needed services and programs into the HOB including medical, shopping, dining and services. 3. Redevelop obsolete rental properties, blighted vacant lots and public areas with new energy efficient residential and commercial buildings plus streetscape improvements along the public right of way. 4. Create opportunities local entrepreneurs to form new businesses and assist in their startup with the small business incubator. 5. Provide space for community service providers to work with their clients who are from the neighborhood. 6. The public areas adjacent to the project will be improved and beautified with new sidewalks, landscaping and lighting. The architecture is complimentary to the vernacular found in the HOB. 7. A bus shelter will be provided along the frontage of Seacrest Blvd. 8. Create employment opportunities in the fields of medical, maintenance, retail, food service and construction jobs. Address TOD goals Attract an additional 400 new residents within the TOD 71Page Protect Economics and Feasibility: FIU Market Study Conclusions We commissioned a rental demand study from Florida International University Metropolitan Center. There is a lack of and very strong demand for apartments in the HOB in our proposed price range, A copy of the study is included in this section 5. Based on its analysis, the Center's overall conclusion is that current demand for apartments in this price range, at this type of location, with these proposed amenities, and bedroom configuration is very strong at this point in time, and will only grow over the next decade in the City and Palm Beach County. In fact, without a significant increase in production and delivery of rental apartments in this price range, the City and County risk a shortage of median income workforce housing, with considerable negative consequences. The apartments will be affordable where there is the most need, households with incomes between $31,991 to $44,432 per year. The City's current median income is $44,432. There is a sever shortage quality rental. The tight market is driving the rents up. Rent affordability and shortage of supply have caused 59 percent of the City's renter households currently cost - burdened, meaning they pay over 30% of their monthly income for rent. The need for new rental homes is large over the next five years. There will be an estimated annual demand for an additional 5,216 rental apartments in Palm Beach County. The county market could currently support up to 2,608 new units in inventory without having an excessive supply. We are adding 202 units to the market. Proiect Economics The project as proposed projects an investment of approximately $26.8 million dollars excluding land of which $21.8 million is building and site construction. It will also pay impact, utility connection, art and building permit fees totaling $1.54 million. The funding will be a combination of: • owner's equity ($22 mil) • grants or subsidies ($550,000) • mortgages ($23.5 million) • deferral of developers' fees ($354,000) • Value of the land owned by the CRA contributed to the development ($1.52 million based on land valued at $11,250 per unit and 135 units allocated to the CRA land based on area). The appraisal provided by the CRA as of May 5, 2014 stated a total value of $535,000 for the land without the re- zoning to High Density Residential. In lieu of purchasing the land, we are willing to offer a conditional SIPave earnest money deposit with the execution of the Purchase and Development Agreement to assure the project proceeds to construction. • Tax refund: imputed value of a 10 year refund of 50% of the Ad Valorem property taxes created by the project ($208,000 per year) compared to the projected tax bill paid by the project in the amount of $416,000. The project brings 202 amenity rich apartments that are affordable and commercial space to the Heart of Boynton with very little subsidy. The subsidy (land and tax refund) in the amount of $4.48 million is 15.4% of the total project cost. Development costs $26,778,000 Land (CRA and JMS value) 2,272,000 all 6 acres Total Project Cost $29,050,000 Subsidy: Land $ 1,515,000 Value of tax refund -10 vrs $ 2,000,000 Total Benefit to Development $ 3,515,000 subsidy to Total Project Cost 12.1% 91Page la... — Tf!' II. f In i I . 4.1 miff 8 e iil ` f ill rq , F ii i -1[11-. t f 1 j i i 1 1 1 _ _ ,..„ „....,:: ..._ ,,,_,;;;_ .4 1-1 ,,,,..., 4 ......,4, ii., : ,,.. ,........ _. ,.... .. ::::, ::: 1: z 0 ! um-- P , 111 11,"i 11 ma W a Q .. n1� t W F 0 F �_ t,,,,,t) ,...... e' u, 0 F.,a a ... ii T i tr F u � "..t u F ille e 'y F �:` A - iri CC K• � W N / A I 6 � w 41 a p : ' • V o (Ai— g N': : 7.!'",,, W Z R ,_•:•--.. 1 N m MO l Hi t. L .. 1 - 1 %LS 1St 3N 11 -0 r 0 ..., Egg I , '-. . 4, ' - :r.'.., , - \L-s . „ a e .. ._.. T , , .., - _.1 im- .:.... T e ..,,....: clf Tie. __ •• . , • .. .1 _ , : , glinifIli liPli ' ..." S.' M X -1 _ x ■"•• OW' L. v. /MI ,e. ,ir r i :. 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Lii 1 f_T] H-- —1F_:= C 11P 7 1 1 M R 1 l' I I] 1 _ le, L. ,-___. r 10 m , , , ,_1___L / , , 1.__r....._ ! _ 2 i? = 1 6' L cr— • '-' < 1 ' L i _ ] I __1 ur) - 5 1 Ili 1 1 L i;‘ 2 / cr) r '`r, ' r ‘-'-i L i ■ 2 iN ta 111 A Ci) a i 1 1 g I 1 _, „l jZ', i l l m g .7 1 . — e , ■ 1 , -. - - 1:3 O rl 7 -' - 'ill r- -I I I 111_1 1 cc Ili 1 re 6 s 0 g i i Ch co v 4 Technical Memorandum: Market Analysis for the Proposed Ocean Breeze East Redevelopment Project Boynton Beach, Florida Submitted To: Neighborhood Renaissance, Inc. Submitted by: The Florida International University Metropolitan Center C f1 June 2014 I.!, I. Metropolitan . ! Center Overview The Florida International University Metropolitan Center (the "Center ") was commissioned by Neighborhood Renaissance Inc (NRt) to complete a residential demand and market analysis for its proposed Ocean Breese East residence and mixed -use development project (the "Project), at 700 N Seacrest Blvd., Boynton Beach, Florida The Center focused on the potential demand for rental apartment amts, at the size, location, and price points considered in NRI's development plan. This Technical Memorandum discusses the proposed project, the Center's study methodology and findings Ocean Breeze East: Development Program The Ocean Breeze East residence and mixed -use development project has been proposed by NRI on 6.2 acres owned by the City of Boynton Beach CRA The property is located in the center of Census Tract , and is also in the Center of the Heart of Boynton (HOB) neighborhood — a comprehensive residential and commercial redevelopment plan and program The Project proposes a redevelopment program anchored by the development of 202 rental apartments, in the following composition: IN 3G - 1 bedroom apartments, apps oximately 580 square feet each, renting for $800 per month, I* 14.8 - 2 bedroom apartments, approximately 81.0 square feet each, renting for $1,100 per month, and, llfi 18 - 3 bedroom apartments, approximately 1,020 square feet each, renting for $1,250 per month The location of the Project is near the City's downtown, a short distance to the beaches, and easily accessible from major north -south and east -west transportation arterials. In short, the location and design of the Project would create a compact, medium density, downtown proximate neighborhood core development with a central location and many amenities. Other features of the concept development piogram include. it Pedestrian friendly design and scale of the buildings is pedestrian friendly to encourage foot traffic with arcades and breezeways that include numerous green elements like trees and planting boxes that bring nature into the urban landscape of' the HOB. The maximum height of the residential buildings is s stories high; ft Perimeter impros ements including landscaping, sidewalks. trees, street lighting and cur bride parking; tilt Residences constructed to Florida Green Building Coalition (FGBC) standards The individual residences will include water saving fixtures, Energy Star appliances, high- efftc►ency air conditioning systems and light fixtures, ceiling fans and use of easily renewable building materials. The residential units feature fully equipped kitchens, ceramic tiled floors and wood cabinetry with granite countertops in kitchens and bathrooms, in -unit laundries and, hurricane resistant Los. -e glass windows; It Amenities including dub house, billiard table, catering kitchen, fully equipped fitness center, swimming pool, Landscaped green spaces, a tot lot and barbeque areas with tables and benches, plenty of trees for shade, a business center, and Public Artwork; It A bicycle sharing program for use by residents to run errands or go to the beach and an attractive bus stop shelter on Seacrest Boulevard, a Green building techniques to save residents and businesses on their future energy costs and a rain water collection for irrigation, pervious pavements and a Florida friendly landscape all will reduce storm water runoff; It 9,000 square feet of primarily medical office space in three stories, la 10,000 square feet of commercial space for new businesses and retail on the ground level fronting Seacrest Boulevard. Initial occupants of a portion of the commercial space would include the leasing office, a coffee shop, "fast casual" diner and Neighborhood Renaissance's (NRi) corporate office with its "small business and homeownership' support center Initially, other nonprofit and community based organizations important to the community building process will also be offered space. Initial rents will he less than market and offered as low as $ 12.00 per square foot. c` Metropolitan Center • A Community Center for the project's residents and available to community groups and community social service groups; la A Small Business Incubator, and, R Homeownership education Center. The Project is being developed without the use of Low- Income Housing Tax Credits (LIHTC), and using pnvate financing to compete development and construction. Study Methodology The Center focused on developing estimates of immediate demand and supply for the residential apartment units, tightly focusing on the demand characteristics of households at the income level needed to rent the proposed apartment traits. The Center completed a demand analysis at three geographic levels — Palm Beach County, the City of Boynton Beach, and tour census tracts including and surrounding the Project and Heart of Boynton Neighborhood. The Center completed four elements of analysis to reach its findings, including. * Population Trend Analysis: An assessment of population changes with an emphasis on recent shifts due to economic and housing conditions; P Housing Supply Analysis: Housing inventory /supply based on housing type, tenure, development activity and values; • Housing Demand Analysis: Housing demand (need) based on an economic base analysis, and; P Rental Housing Supply and Demand Impact Analysis: An assessment of the key rental housing supply and demand factors and conditions that impact the availability and future demand for workforce rental housing in the County, City, and neighborhood. J �I Metropolitan 3 J ` ; Center Findings Conclusion: An Affordable Workforce Housing Product in Growing Demand Based on accepted estimates of household income required to rent apartments at the proposed rent prices, without rent subsidies (as is contemplated), it will regiure a household to earn a minimum of $31,991 to 844,452 per year to be able to rent an apartment within the Project At the City's CiuTent median income of $44,482, this represents households earning 72% to 100% of the City Median income. This income range is considered the mid -point of workforce household income Based on its analysis, the Center's overall conclusion is that current demand for apartments in this price range, at this type of location, with these proposed amenities, and bedroom configuration is very strong at this point in time, and will only grow over the next decade in the City and Palm Beach County. In fact, without a significant increase in production and delivery of rental apartments in this price range, the City and County risk a shortage of median income workforce housing, with considerable negative consequences. This conclusion is based on nine key findings 1. A large current demand pool of renter households with little or no excess housing supply at the Project's price range. If developed as proposed the Pi oject will hav e household renter demand from beyond HOB or the CRA, and will be able to market to renters across the City and from nearby within the County Currently, housing demand is largely driven by several key factor conditions — local employment patterns, shifts in population and household growth, and household income New rental housing dm elopment in Palm Beach County has remained sluggish since 2005 In fact, the 323 new units absorbed in the county during 2011 u ere 30 percent less than the 1.63 absorbed during 2010. During the six -month period ending December, 30 2011, an average of only 20 new apartment units s ere absorbed per month. According to the 2012 Rental Housing Study prepared by the FIU Metropolitan Center, there vv ill be an estimated annual demand for an additional 5,216 rental apartments in Palm Beach County during the time period 2011 -2015. Up to six months of supply is considered acceptable to have mailable without the inventory being excessive. The market could support, therefore, up to 2,606 new units in inventor without having an excessive supply. The demand analysis for the proposed Ocean Breese East Redevelopment was conducted based on existing and future rental demand in Palm Beach County and the City of Boynton Beach A rental demand analysis was also performed for the four Census Tracts (57 01, 57.02, 61, 62.01) that comprise the CRA. The analysis provides the households income ranges at the proposed price points of the pi oject and the number of renter households at the County, City and CRA levels that fall within the household income range. The calculations show a demand of 26,687 renter households at the County level, of which, 1,461 and 614 renter households are located within the City and CRA, respectively. These are conservative estimates as demand is also driven by a larger rent affordability and supply shortage with 61 percent of the County and 59 percent of the City's renter households currently cost- burdened. It is most likely that renters earning up to 120% of the City median income (up to $50,000) may also find the Project attractive, as well as affordable Taking into consideration the City's pool of households earning $32,000 up to $50,000, there is excess demand of nearly 400 households for the City's current supply of rental units priced between $800 and $1,000. Metropolitan 4 L: Center Estimate of Immediate Household Renter Demand Palm Beach County Number of Renter Occupied Units Paying Rent 139,488 Household Income Rent Price Points Households Median Gross Rent $1,152 (Demand) Median Household Income $52,806 _ Cost - Burdened Renter Households 82,832 (61%1 $32,244 - $44,280 $807 - $1,108 28,687 Households City of Boynton Beach Number of Renter Occupied Units Paying Rent- 9,827 Household Income Rent Price Points Households Median Gross Rent $1,214 (Demand) City Median Household Income- $44,432 Cost - Burdened Renter Households 5,543 (59 %) $32,244 - $44,280 $807 - $1,108 1,461 Howschofds CRA Census Tracts; 57.01, 57.02, 61, 62.01 Number of Renter Occupied Units Paying Rent. 2,413 Household Income Rent Price Points Households Median Gross Rent $1,234 (Demand) City Median Household Income $44,432 Cost- Burdened Renter Households 1,580 (65%) $32,244 - $44,280 $807 - $1,108 _ 614 Households , Source: 2008 -2012 American Community Survey. 2 Growing future demand for workforce housing at the 72 to 100% Median income levels. Future rental housing demand is calculated based on population and employment projections Employment is the principal driver of population and household grout th Rental housing demand in Palm Beach County has been impacted by the collapse of the housing bubble and subsequent Great Recession A combination of economic and financial conditions has significantly increased renter housing demand throughout the County The economic base of the City of Boynton Beach and Palm Beach County is largely supported by the non - durable service - providing industries. These industries currently comprise over 90 percent of the employment base The majority of these jobs are directly related to South Florida's tourism industry Ho ever, employment growth m professional and business services, education and health services and retail trade is directly related to the population growth during the past decade The diversity of the employment base has significant implications with respect to rental housing demand. The City of Boynton Beach's civilian employed population 16 years and over total 30,912. The majority of the City's orkers are in educational services, and health care and social assistance (7,827 workers), retail trade (4,461 workers) and arts, entertainment, and recreation, and accommodation and food services (4,058 workers) The City's civilian workers comprises approximately 6 percent of the County's total employment base and essentially mirrors that of the County with respect to leading occupations. According to employment projections from the Florida Department of Economic Opportunity (DEO), Palm Beach County's employment base is expected to increase by 85,582 jobs (10,698 jobs annually) in the next eight years Significantly, the majority of projected job growth in the coming years will be in the same occupations with annual wages that fall within the household income range of $.14844 - $44,280 shown above. The projected annual increase of 10,698 jobs County-wide in the next eight years is consistent with the previously estimated annual demand for an additional 5,216 rental apartments in Palm Beach County during the time period 2011-2015 3. Demographics and housing choice trends mean a wider potential renter market Continuing demographic shifts, in addition to changing housing preferences, are rapidly reshaping the national and i egional housing markets This means that over time, the Project should be attracts e to a wide range of household types including. is Young Working professionals; R Small families, W Renters not yet ready to Purchase their own property, and; l Metropolitan 5 r r� Center ▪ Downsizing empty nesters The County and City's population growth incorporates a rapid growth in two age segments — 60 to 70 year olds, as well as 20 to forty year olds — are the two fastest projected growing age groups, increasing in size by 45% and 17 %, respectively. This diverging age group pattern will also be accompanied by growth of 1 person households, which have ben growing at over twice the rate of 2 or more person households (15% and 8 %, respectively Detailed national research has also documented a real shift in housing preference. Through a combination of these demographics and the effects of the recession, households across the US are changing their preference for housing, including: a A steady continuing shift from home ownership to rental housing; lrf Shift to smaller size housing, ▪ Millemals are the first generation since the invention of the automobile to drive less miles than their parents, and this trend is accelerating, Households in various segments (old and young) are seeking. fly Locations requinng less drive ume to woi k, to shopping and coin eniences, recreation and entertainment, and are increasingly seeking neighborhoods in which daily actin ities are closer and nearby, e Housing in proximity (less than 'h mile) to mass transit, and access to a mix of alternative transportation modes, including bicycles and walking, and; fe More outdoor amenities, including garden plots, walking/jogging trails, parks, outdoor pools, and local ding /cons enience stores, and 68 percent of those ages 55 and 69 percent of those 65+ want a single - stoiy dwelling The growth of 55+ housing, both i ental and owner - occupied, is expected to pro ide strong growth in housing sales and construction. However, these shifts in preference cuts across age and income. nearly half (45 %) of current homeowners say that they would consider renting at some point in the future, including homeowners with postgraduate education (53%), homeowners with annual household incomes greater than $75,000 (51 %), and 30- to 64- year -old homeowners (4.9 %) 4. A unique housing product in downtown Boynton Beach, with little competition The Project has little competition, and will be a relatively unique product in Boynton Beach's real estate market, given its combination of density, location, price and amenities Also, the development and delivery of new multi- family apartments slowed significantly from 2006 to 2010, keeping overall supply limited Most of the new multi- family product coming on -line in the City over the next year is focused on much higher rents. 5 Limited land for new development Boynton Beach (and Palm Beach County) are largely built -out. Vacant parcels over four acres are eery limited in number and have premium asking prices The lack of available land limits the delivery of competitive rental apartment complexes in the near future, and may drive land prices up for new projects. 6. Steadily increasing median rents and cost - burdened renters Median gross rent in Boynton Beach is at $1,214, and is again increasing Already, the City has one of the highest percentages of cost- burdened households (households paying more than 90% of their income on housing) in the region — 59% Increasing median rents will most likely drive more households earning median 01 below (workforce) incomes to seek quality, more affordable alternatives 7. Stabilized rental vacancy rates Boynton Beach's rental vacancy rate is dropping and stabilizing. A consistent annual rental vacancy rate of between 8% to 10% is considered normal, including natural turnover, and ageing of rental units. This means that going forward, the City's rental vacancies should not he expected to provide a major new supply of units for additional inai ket absorption � j , Metropolitan 6 a � � ! ) I Center 8. An aging housing stock The slowdown in delivery of new multi - family housing units from 2008 to 3010 increased to proportion of the city's housing units, including rental uits, built on or before 1980. Increased age of the housing stock will require increased investment to remain competitive, lack amenities sought by neH renters, or replacement in order to maintain supply. New rental property, especially at the Project's pnce points, will be at a premium in the City's rental market 9. A Critical Component of Economic Development Finally, the development of new Horkforce rental housing, at central, accessible locations, %ith amenities sought by both younger and older renters, proximity to Rork and shopping, may be a critical component of future economic development and economic competitiveness for Palm Beach County's Cities The State has forecast that many occupations in the 70% to 1409E of median income will be the fastest growing jobs in the state However, it is not clear that the County or its local housing markets, including Boynton Beach, have sufficient supply, or projections for nev% supply, of housing that this growing workforce can reasonably aflord. The real question for municipal governments across Pam Beach County and south Florida is; Housing strategy, in particular, workforce priced housing, at the right locations, with the right amenities may be one of the most effective ways to attract and compete for workers in the region's high growth sectors and occupations. Without an adequate supply of this type ofhousingproduct, cities cannot compete for these jobs. Metropolitan ' 5 L . / Center Data Compendium Population & Deographics General Demographic NUMBER PERCENT General Demographic Characteristics NUMBER PERCENT Characteristics Total population 68,217 100 HISPANIC/LATINO AND RACE SEX AND AGE Total population 68,217 100 Male 32 Hispanic or Latino (of any race) 8,702 12.8 Female 36,021 Mexican 1,555 2.3 Under 5 years 3,924 5.8 Puerto Rican 2,137 3.1 5 to 9 years 3,557 5.2 Cuban 899 1.3 10 to 14 years 3,529 5.2 Other Hispanic or Latino 4,111 6 15 to 19 years 3,561 5.2 Not Hispanic or Latino 59,515 87.2 20 to 24 years 4,018 5.9 25 to 34 years 9,293 13.6 RELATIONSHIP 35 to 44 years 9,018 13.2 Population in Households 67,217 98.5 45 to 54 years 9,230 13.6 Householder 29,104 42.7 55 to 59 years 3,957 5.8 Spouse 11,357 16.6 60 to 64 years 3,563 5.2 Child 15,906 23.3 65 to 74 years 6,270 9.2 Other relatives 5,812 8.5 75 to 84 years 5,498 8.1 Nonrelatives 5,038 7.4 85 years and over 2,799 4.1 Unmarried partner 2,232 3.3 Median age (years) 41.9 (x) 18 years and over 55,067 80.7 HOUSEHOLDS BY TYPE 21 years and over 52,885 77.5 Total households 29,104 100 62 years and over 16,752 24.6 Family households (families) 16,570 56.9 65 years and over 14,567 21.4 with own children under 18 6,271 21.5 18 years and over Married - couple families 11,357 39 Male 25,625 37.6 with own children under 18 3,790 13 Female 29,442 43 2 Male householder, no wife 1,410 4 8 65 years and over with own children under 18 584 2 Male 6,009 8 8 Female householder, no husband 3,803 13.1 Female 8,558 12.5 with own children under 18 1,897 6.5 Nonfamily households 12,534 43 1 RACE Householder living alone 9,975 34.3 Total population 68,217 100 65 years and over 4,572 l 5.7 One race 66,717 97.8 White 42,599 62.4 Households with people under 18 7,298 25.1 Black or African 20,646 30.3 Households with people 65 and over 10,323 35.5 Amencan Indian/ Alaska Native 196 0.3 Asian 1,473 2.2 Average household size 2.31 (x) Native Hawaiian and Other Pacific Islander 26 0 Average family size 3.00 (x) Some other race 1,777 2.6 Two or more races 1,500 2,2 Source: 2013 Development Atlas of the City of Boynton Beach, City of Boynton Beach Division of Planning & 7nnino ' . ,,7 Metropolitan 8 r- 1, Center Average Annual Population Growth Rate 1960 -2010 7.00% 6.00% 4 5.00% 4.00% 3.00% 2.00% 1.00% 1 0.00% 1960 -70 1970 -80 1980 -90 1990 -2000 2000 -10 w Boynton Beach Palm Beach County Source US Census Population Projection, City of Boynton Beach ' University of Florida, Bureau of Economic & Business Research 2000 2010 2012 2013 2020 2025 % Change 2012.2025 60,389 68,217 68,741 71,752 76,144 79,903 16.2% Population Projection, Palm Beach County University of Florida, Bureau of Economic & Business Research 2000 2010 2012 2015 2020 2025 %mange 2012 -2025 1,131,191 1,320,134 1,335,415 1,377,200 1,465,300 1,546,000 15.8% Population Projection by Age, 2000 -2025 City of Boynton Beath Total Number of Residents: Permanent + Institutional Age 2000 2010 2012 2015 2020 2025 %Change 2012 -2025 0 -4 3,461 3,924 3,905 3,894 3,945 4,136 5.4% 5 -9 3,413 3,557 3,615 3,698 3,989 4,096 15.2% 10 -14 3,315 3,529 3,539 3,504 3,616 3,608 2.2% 15 -19 2,830 3,561 3,537 3,419 3,545 3,648 2.4% 20 -24 2,847 4,018 4,101 4,406 4,175 4,550 13.2% 25 -29 3,852 4,883 4,961 5,204 5,560 5,555 13.8% 30 -34 4,204 4,410 4,490 4,770 5,196 5,464 23.9% 35 -39 4,630 4,514 4,492 4,255 4,953 5,285 17.1% 40 -44 4,308 4,504 4,485 4,168 4,225 4,616 2.5% 45-49 3,593 4,607 4,586 4,245 4,065 3,986 -13.5% 50 -54 3,079 4,623 4,690 4,827 4,385 4,212 -8.9% 55 -59 2,774 3,957 4,090 4,585 4,623 4,411 11.5% 60 -64 2,503 3,563 3,705 4,106 4,878 5,141 443% 65 -69 3,069 3,292 3,390 3,776 4,292 4,775 45.0% 70 -74 3,550 2,978 3,018 3,264 3,918 4,379 47.0% la- 8,961 8,297 8,135 7.946 8.109 8,795 6.0% TOTAL 60,389 68,217 68,739 70,067 73,474 76,657 113% Source: The University of Florida Shimberg Center for Housing Studies L " ' Metropolitan L Li Center Population Change, Immediate Market Area 2000 2010 % Change 17,908 19,642 9.7% 10. Change in Household Composition Household Composition, 2000 Boynton Beach Palm Beach County Florida U.S. Total Households 26,210 100.0% 474,175 100.0% 6,337,929 105,480,101 Average Household Size 216 2.34 0.0% 2.46 2.59 1 Person Households 8,643 33.0% 138,406 29.2% 26.6% 25.8% 2 or More Person Households 17,567 67.0% 335,769 70.8% 73.4% 74.2% Family Households (Families) 15,684 59.8% 303,772 64.1% 66.4% 68.1% Average Family Size 2.9 2.89 2.98 3.14 Married - Couple Family 11,909 45.4% 240,646 50.8% 50.4% 51.7% Nonfamily Households 10,526 40.2% 170,403 35.9% 33.6% 31.9% Owner- Occupied Units 13,942 100.0% 243,413 100% 3,242,202 55,212,108 With a Mortgage 9,297 66.7% 172,856 71.01% 71.7% 70.0% Without a Mortgage 4,645 33.3% 70,557 28.99% 28.3% 30.0% Household Composition, 2010 Boynton Beach Palm Beach County Florida U.S. Total Households 29,104 100.0% 544,227 100.0% 7,420,802 116,716,292 Average Household Size 2.31 2.39 2.48 2.58 1 Person Households 9,975 34.3% 163,880 30.1% 27.2% 26.7% 2 or More Person Households 19,129 65.7% 380,347 69.9% 72.8% 73.3% Family Households (Families) 16,570 56.9% 340,709 62.6% 65.2% 66.4% Average Family Size 3.0 2.97 3.01 3.14 Married - Couple Family 11,357 39.0% 251,869 46.3% 46.6% 48.4% Nonfamily Households 12,534 43.1% 203,518 37.4% 34.8% 33.6% Owner -Occupied Units 18,820 100.0% 376,594 100% 4,865,400 75,484,661 With a Mortgage 11,101 59.0% 227,932 60.52% 63.7% 67.1% Without a Mortgage 7,719 41.0% 148,662 39.48% 36.3% 32.9% Source: US Census; ACS 2008 -2012 Survey i ., -, i-j-ri -, p ! Metropolitan 10 Center Housing Supply Analysis Change in Housing Units 2000 -2012 2000 2006 2012 % Change Boynton Beach 2000 -2006 2006 -2012 Total Housing Units 30,643 36,702 36,833 19.8% 0.4% Occupied Housing Units 26,210 29,172 28,647 11.3% -1.8% Owner Occupied 19,072 19,977 18,820 4.7% -5.8% Renter Occupied 7,138 9,195 9,827 28.8% 6.9% Vacant Housing Units 4,433 7,530 8,186 69.9% 8.7% For Rent 607 1,054 1,661 73.6% 57.6% For Sale Only 400 1,225 1,055 206.3% -13.9% Rented or Sold, Not Occupied 189 396 320 1093% -19.2% For Seasonal, Recreational, or Occasional Use 2,944 4,146 4,005 40.8% -3.4% For Migrant Workers 1 0 0 - 100.0% Other Vacant 292 709 1,145 142.8% 61.5% Palm Beach County Total Housing Units 556,428 657,106 663,599 18.1% 1.0% Occupied Housing Units 474,175 523,150 523,891 103% 0.1 % Owner Occupied 354,026 384,995 376,594 8.7% -2.2% Renter Occupied 120,149 138,155 147,297 15.0% 6.6% Vacant Housing Units 82,253 133,956 139,708 62.9% 4.3% For Rent 11,396 16,376 17,352 43.7% 6.0% For Sale Only 7,046 15,398 13,420 118.5% -12.8% Rented or Sold, Not Occupied 4,186 8,273 9,711 97.6% 17.4% For Seasonal, Recreational, or Occasional Us 52,874 74,599 78,172 41.1% 4.8% For Migrant Workers 270 198 186 -26.7% Other Vacant 6,481 19,112 20,867 194.9% 9.2% Source: US Census; ACS 2006 -2010; ACS 2008 -2012 Occupancy Characteristic 2000 -2012 2000 2006 2012 % Change Boynton Beach 2000 -2006 2006 -2012 Total Housing Units 30,643 36,702 36,833 19.8% 0.4% Occupied Housing Units 26,210 29,172 28,647 11.3% -1.8% Vacant Housing Units 4,433 7,530 8,186 69.9% 8.7% Vacancy Rate 14.5% 20.5% 22.2% 41.8% 8.3% Homeowner Vacancy Rate 2.1% 5.8% 5.3% 181.3% -8.1% Rental Vacancy Rate 7.8% 10.3% 14.5% 31.2% 40.6% Paim Beach County Total Housing Units 556,428 657,106 663,599 18.1% 1.0% Occupied Housing Units 474,175 523,150 523,891 10.3% 0.1% Vacant Housing Units 82,253 133,956 139,708 62.9% 4.3% Vacancy Rate 14.8% 20.4% 21.1% 37.9% 3.3% Homeowner Vacancy Rate 2.0% 3.8% 3.4% 97.1% - 10.5% Rental Vacancy Rate 8.7°k 10.6% 10.5% 22.3% -0.6% Source: US Census; ACS 2006 -2010; ACS 2008 -2012 �n1"r 11 11 11 Metropolitan [ S f ` -- Center Housing Units By Structure Type 2000-2012 2000 2006 2012 % Change Boynton Beach 2000 -2006 2006 -2012 • Total Housing Units 30,586 36,702 36,833 20.0% 0.4% Single Family, 1 -unit, Detached 13,848 15,458 14,742 11.6% -4.6% Single Family, 1 -unit, Attached 2,911 4,095 4,591 40.7% 12.1% Multifamily - 2 Units 589 518 556 - 12.1% 7.3% Multifamily - 3 or 4 Units 2,442 2,330 2,451 -4.6% 5.2% Multifamily - 5 to 9 Units 2,794 2,536 2,340 -9.2% -7.7% Multifamily - 10 or More Units 7,411 11,083 11,396 49.5% 2.8% Mobile Home, Boat, RV, Van, et 591 682 757 15.4% 11.0% Palm Beady County Total Housing Units 556,428 657,106 663,599 18.1% 1.0% Single Family, 1 -unit, Detached 245,507 302,192 306,627 23.1% 1.5% Single Family, 1 -unit, Attached 61,597 65,506 68,434 6.3% 4.5% Multifamily - 2 Units 17,288 17,760 18,550 2.7% 4.4% Multifamily - 3 or 4 Units 40,115 44,088 44,087 9.9% 0.0% Multifamily - 5 to 9 Units 36,069 42,307 41,253 17.3% -2.5% Multifamily - 10 or More Units 135,215 165,815 166,061 22.6% 0.1% Mobile Horne, Boat, RV, Van, et 20,637 19,438 18,587 -5.8% -4 4% Source: US Census; ACS 2006 -2010; ACS 2008 -2012 Mobile Home, Boat, RV, van, etc. City of Boynton Beach 2% Housing Units By Structure Type 2012 Multifamily - 5 , . :, 4-- to 9 Units 6% Multifamily - 3 or 4 Units 7% Multifamily - 2 Sngle Family, 1- Units unit, Attached 2% 12% Metropolitan 12 Center Gross Rent, Renter - Occupied Housing Units Boynton Beach Gross Rent Units <$200 89 1% $200 $299 42 0% $300 - $499 162 2% $500 - $749 437 4% $750 - $999 1,628 17% $1,000 - $1,499 4,916 50% $1,500 or More 2,218 23% No Cash Rent 335 3% Total 9,827 100% Source: 2008 -2012 American Community Survey Age of Housing, Boynton Beach. 2012 Tr 1 Source: ACS 2008 -2012 Survey 23 i f i ` M etropolitan 13 u 11 Center Fastest Growing Occupations, 2013 - 2021 2013 2013 Palm Beads County 2813 - 2021 Average Average Eduction Level Employment Percent Thal Jab Hourly Anent lank Title 2013 2021 Growth Growth Openings' We a►" Wage (i)" 1 Glaziers 403 616 213 52.9 332 16.73 33,460 Postsecondary Adult Vocational 2 Personal and Home Care Aides 570 844 274 48 1 308 9 82 19,640 Postsecondary Adult Vocational 3 Home Health tides 2,029 2,977 948 46.7 1,151 11.46 22,920 Postsecondary Adult Vocational 4 Veterinary Technologists and Technicians 523 747 224 42 B 294 14 61 29,220 Associate Degree 5 Heating, A.C-, and Refrigeration Mechanics and Walters 1,319 1,829 510 38.7 691 22.77 45,540 Postsecondary Aduk Vocational 6 Medical Scientists, Except Epidemiologists 445 614 169 38.0 189 33.26 66,520 Master's or Higher Degree 7 Cement Masons and Concrete Finishers 841 1,150 309 36.7 414 16.90 33,800 Postsecondary Adak Vocational 8 Cost Estimators 923 1,252 329 35.6 467 33 81 67,620 Associate Degree 9 Diagnostic Medical Sonographers 468 634 166 355 221 28.16 56,320 Postsecondary Adult Vocational 10 Market Research Analysts and Marketing Specialists 995 1,346 351 353 562 27.53 55,060 Bachelor's Degree 11 Nurse Practitioners 626 837 211 33 7 298 43.26 86,520 Master's or Higher Degree 12 Dental Hygienists 1,119 1,472 353 31.6 527 28.44 56,880 Associate Degree 13 Meeting and Convention Planners 360 470 110 30.6 164 23/6 47,520 Associate Degree 14 Nonfarm Animal Caretakers 997 1,301 304 30.5 481 11.95 23,900 Less than High School 15 Loan Counselors 414 539 125 30.2 209 19.99 39,980 Assocate Degree 16 Transportation Security Screwier! 303 393 90 29.7 117 18.80 37,600 Postsecondary Aduk Voational 17 Paralegals and Legal Assistants 2,369 3,055 686 29.0 947 26.01 52,020 Postsecondary Aduk Vocational 18 Database Administrators 364 466 102 28 0 150 37.52 75,040 Associate Degree 19 Plumbers, P'ipddters, and Steamfitters 1,360 1,992 432 27.7 790 21.27 42,540 Postsecondary Adak Vocational 20 Security and Fire Alarm Systems Installers 851 1,085 234 27.5 397 18.06 36,120 Postsecondary Aduk Vocational 21 Medial Secretaries 1,493 1,896 403 27.0 563 15.23 30,460 Postsecondary Adult Vocational 22 Electricians 2,198 2,791 593 27.0 1,062 20.46 40,920 Postsecondary Adult Vocational 23 Outdoor Power Equipment and Small Engine Mechanics 323 410 87 26.9 153 15A7 30,940 Associate Degree 24 Special Education Teachers, Middle School 328 416 88 26.8 165 NA - Bachelor's Degree 25 Training and Development Specialists 514 651 137 26.7 204 27.29 54,580 Bachelor's Degree 26 Human Resources Specialists 1,767 2,234 467 26 4 698 26.34 52,680 Associate Degree 27 First -Line Supery of Construction and Extraction Workers 2,772 3,501 729 26.3 1,238 30.24 60,480 Associate Degree 28 Dental Assistants 1,346 1,699 353 26.2 572 17.09 34,180 Postsecondary Adult Vocational 29 Internists, General 317 399 82 25.9 131 12017 240,340 Master's or Higher Degree 30 Business Teachers, Postsecondary 485 607 122 252 183 56.71 113,420 Bachelor's Degree 31 Mescal Assistants 2,555 3,195 640 25.1 94S 15.78 31,560 Postsecondary Adult Vocational 32 Coaches and Scouts 523 653 130 24.9 238 28 52 57,040 High School Diploma 33 fitness Trainers and Aerobics Instructors 1,739 2,170 431 24 8 652 14 39 28,780 High School Diploma 34 Software Developers, Applications 1,993 2,477 484 243 641 37.69 75,380 Associate Degree 35 Physical Therapist Assistants 327 406 79 242 118 28.97 57,940 Associate Degree 36 Physical Therapists 858 1,065 207 24.1 284 41.54 83,080 Master's or Higher Degree 37 Network and Computer Systems Architects and Admins. 901 1,118 217 24.1 336 39 55 79,100 Associate Degree 38 Art, Drama, and Music Teachers, Postsecondary 375 465 90 24.0 137 44.62 89,240 Master's or Higher Degree 39 family and General Practitioners 908 1,125 217 23.9 358 80.32 160,640 Master's or Higher Degree 40 Helpers - Installation, Maintenance, and Repair Workers 592 733 141 23.8 368 13.46 26,920 Les than High School 41 Construction Laborers 3,384 4,188 804 23 8 1,010 14.75 29,500 Less than High School 42 Middle School Teachers, Exc. Special & Voc. Education 2,147 2,656 509 23 7 881 NA - Bachelor's Degree 43 Elementary School Teachers, Except Special Education 4,987 6,166 1,179 23.6 2,044 NA - Bachelor's Degree 44 Medal and Public Health Social Workers 378 467 89 233 160 22.45 44,900 Master's or Higher Degree 45 Operating Engineers/Construction Equipment Operators 754 931 177 23.5 314 17.83 35,660 Postsecondary AdukVoational Source: Florida Department of Econoimc Opportunity, Occupational Employment Statistics and Wages (OES) program FT Metropolitan 14 Center Additional References 1. Heart Of Boynton Community Redevelopment Plan Update, City of Boynton Beach Community Redevelopment Agency 2. City of Boynton Beach CRA Housing Needs Assessment, Florida International University Metropolitan Center, August 9, 2006 3. 2013 Rental Market Study: Affordable Rental Housing Needs; Prepared for Florida Housing Finance Corporation. Prepared by Shimberg Center for Housing Studies University of Florida, April 7, 2013 4. AFFORDABILITY FORECLOSED: The Rental Housing Challenge - Palm Beach and Martin Counties. The Florida International University Metropolitan Center, January 2013 Ls �� Metro olitan 15 Center The Florida International University Metropolitan Center The FIU Metropolitan Center is Florida's leading urban "think tank." Established in 1997 as an applied research and training institute unit for the School of Policy and Management /College of Urban Affairs, the Center provides economic development, planning, community revitalization, performance improvement and policy solutions to public, private and non -profit organizations in South Flonda. The Center combines unique resources to provide its analytical, planning, policy and development services. Its staff, senior researchers, and affiliates are each leaders m their respective fields, and bring extensive research, practical, and professional experience to each project. The Centre's Senior project team has extensive professional experience in the pnvate and public sectors The Center's research has catalyzed major policy changes and projects m the areas of housing, redeselopment, transportation, social services, and health services throughout South Florida This Study A as produced by. 1# Dr. Ned Murray, Ph D , AICP — Metropolitan Center Associate Director If Kevin Greiner, JD, MUP, Senior Fellow Project Mix and Description HH Boynton LLC Tab 6 Units Square Feet Rent Proposed Residential 1 bedroom, 1 bath 36 575 $ 800 2 bedroom, 2 bath 148 850 $ 1,100 3 bedroom, 2 bath 18 1,100 $ 1,250 Total residential 202 166,300 Common Areas Club House 3,200 Retail Commercial 10,160 $ 14.34 Medical Office 8,500 $ 32.00 Totals 202 188,160 Parking Required 375 Provided 338 Over (Under) parking -37 Density Dwellings per acre 32.0 Sources and Uses - Consolodated HH Boynton LLC RESIDENTIAL COMMERCIAL PROJECT TOTAL TOTAL TOTAL PROJECT COST Actual Construction Costs Land (6th Avenue Parcels, private owner) $ $ $ Demolition /Site Prep 20,000 5,000 25,000 New Rental and Commercial 16,630,000 1,586,100 18,216,100 Unit Accessones/Tenant Build out 606,000 466,500 1,072,500 Off -site - lighting and streetscape per RFP 300,000 30,000 330,000 Accessory Buildings -Club House 390,000 - 390,000 Recreational Amenities pool tot lot 200,000 - 200,000 Other - - - Contingency 907,300 104,380 1,011,680 Total Construction Cost $ 19,053,300 $ 2,191,980 $ 21,245,280 Financial Cost Construction Loan Interest $ 476,333 $ 54,800 $ 531,132 Construction Loan Ong. Fee 95,267 10,960 106,226 Bridge Loan interest - - Bridge Loan Orig. Fee - - Permanent Loan Credit Enhancement - - Permanent Loan Orig Fee 120,000 10,960 130,960 Total Financial Cost $ 691,599 $ 76,719 $ 768,318 General Development Cost Accounting Fees $ 5,000 $ 1,000 $ 6,000 Appraisal 7,500 5,000 12,500 Architect's Fee - Design 404,000 65,310 469,310 Architect's Fee - Supervision 101,000 18,660 119,660 Arts Fee 172,200 20,526 192,726 Builder's Risk Insurance 150,000 20,000 170,000 Building Permit 423,828 39,571 463,399 Closing Costs - Construction Loan 10,000 3,000 13,000 Closing Costs- Permanent Loan 10,000 3,000 13,000 Engineering Fees 30,000 5,000 35,000 Environmental Report 5,000 2,500 7,500 Impact Fees 451,400 46,450 497,850 Inspection Fees 5,000 5,000 10,000 Insurance- Prepay 100,000 15,000 115,000 Legal Fees 15,000 3,000 18,000 Market Study 5,000 5,000 10,000 Marketing and Advertising 75,000 20,000 95,000 Property Taxes 22,114 5,000 27,114 Soil Test Report 10,000 2,000 12,000 Survey 20,000 3,000 23,000 Title Insurance 72,000 7,000 79,000 Utility Connection Fees (determine credit) 298,900 92,900 391,800 Other - - Operating Reserve 303,000 55,980 358,980 Contingency 119,647 19,396 139,043 Total General Development Cost $ 2,392,942 $ 387,917 $ 2,780,859 Developer s Fees $ 1,771,027 $ 212,529 $ 1,983,557 Total Development Cost $ 23,908,869 $ 2,869,146 $ 26,778,014 Sources First Mortgage Financing $ 21,296,092 $ 2,291,806 $ 23,587,898 Second Mortgage Financing Operating Reserve Deferred Fees 354,205 - 354,205 Grants 500,000 50,000 550,000 Equity- Partner's Contribution 2,000,000 300,000 2,300,000 Other Total Sources $ 24,150,297 $ 2,641,806 $ 26,792,104 Surplus (Shortfall) $ 241,429 $ (227,339) 5 14,089 Consolidated Operating Proforma HH Boynton LLC Operating Proforma (Stabilized) TOTAL TOTAL TOTAL PROJECT Revenue RESIDENTIAL COMMERCIAL Gross Potential Rental Revenue $ 2,569,200 $ 468,720 $ 3,037,920 Other Income $ - $ $ Laundry $ - $ $ Cable TV $ $ $ Miscellaneous $ $ $ Gross Potential Income $ 2,569,200 $ 468,720 $ 3,037,920 Less Vacancy Loss $ 128,460 $ 32,810 $ 161,270 Total Effective Gross Revenue $ 2,440,740 $ 435,910 $ 2,876,650 Expenses Fixed: Real Estate Taxes (PER UNIT VALUE) $ 416,120 $ 41,052 $ 457,172 Tax Abatement - 10 years $ (208,060) $ (208,060) Insurance $ 147,460 $ 20,000 $ 167,460 Variable: Management Fee $ 122,037 $ 21,795 $ 143,832 General and Administrative $ 27,500 $ 27,500 Payroll Expenses $ 40,000 $ 40,000 Utilities- common areas CAM $ 40,000 $ 130,680 $ 170,680 Marketing and Advertising $ 25,000 $ 25,000 Maintenance and Repairs $ 40,000 $ 40,000 Grounds and Landscaping $ 20,000 $ 20,000 Reserve for Replacements $ 60,600 $ 60,600 Total Expenses S 730,657 $ 213,527 $ 944,184 Net Operating Income $ 1,710,083 $ 222,382 $ 1,932,465 Debt Service Payments First Mortgage - $ 1,425,069 $ 185,318 $ 1,610,388 Second Mortgage - Third Mortgage Operating Income after Debt Service - Before Tax Cashflow $ 285,014 $ 37,064 $ 322,078 Sources and Uses- Residential HH Boynton LLC UNITS PER UNIT TOTAL PER UNIT TOTAL UNITS APARTMENTS 202 PROJECT COST Actual Construction Costs Land $ $ Demolition /Site Prep 20,000 99 New Rental Units (RSF) 166,300 $ 100 16,630,000 82,327 Unit Accessories 202 $ 3,000 606,000 3,000 Off -site - lighting and streetscape per RFP 300,000 1,485 Accessory Buildings -Club House Sq Ft $ 120 390,000 1,931 Recreational Amenities pool tot lot 200,000 990 Other - Contigency 5.0% 907,300 4,492 Total Construction Cost 19,053,300 94,323 Financial Cost Construction Loan Interest 5 00% 476,333 2,358 08 Construction Loan Orig. Fee 0.50% 95,267 471.62 Bridge Loan Interest - Brtdge Loan Orig. Fee - Permanent Loan Credit Enhancement Permanent Loan Orig. Fee 0.50% 120,000 594 Total Financial Cost 691,599 3,424 General Development Cost - Accounting Fees 5,000 25 Appraisal 7,500 37 Architect's Fee - Design Per Unrt $ 2,000 404,000 2,000 Architect's Fee - Supervision Per Unrt $ 500 101,000 500 Arts Fee Const Cost 1 0% 172,200 852 Builder's Risk Insurance 150,000 743 Building Permit Const Cost 2.30% 423,828 2,098 Closing Costs - Construction Loan 10,000 50 Closing Costs - Permanent Loan 10,000 50 Engineering Fees 30,000 149 Environmental Report 5,000 25 Impact Fees (assume credit for 80 units) 122 $ 3,700 451,400 2,235 Inspection Fees 5,000 25 Insurance- Prepay 100,000 495 Legal Fees 15,000 74 Market Study 5,000 25 Marketing and Advertising 75,000 371 Property Taxes 22,114 109 Soil Test Report 10,000 50 Survey 20,000 99 Title Insurance 72,000 356 Utility Connection Fees (assi.mes credit fcr 80 units) 122 $ 2,450 298,900 1,480 Other - Operating Reserve 202 $ 1,500 303,000 1,500 Contigency 5.0% 119,647 592 Total General Development Cost 2,392,942 11,846 Developer's Fees 8.0% 1,771,027 8,767 Total Development Cost 23,908,869 118,361 Sources - First Mortgage Finanicng 21,296,092 105,426 Second Mortgage Financing - Operati Reserve - Deferred Fees 20% 354,205 1,753 Grants and Subsidized features 500,000 2,475 Equity- Partner's Contribution 2,000,000 9,901 Other _ - Total Sources 24,150,297 119,556 Surplus (Shortfall) 241,429 1,195 Operating Proforma Residential HH Boynton LLC Operating Proforma (Stabilized) Revenue Annual Per Unit Gross Potential Rental Revenue $ 2,569,200 $ 12,719 Other Income Laundry $ - $ - Cable TV Miscellaneous Gross Potential Income $ 2,569,200 $ 12,719 Less: Vacancy Loss @ 5% $ 128,460 $ 636 Total Effective Gross Revenue $ 2,440,740 $ 12,083 Expenses Fixed: Real Estate Taxes (PER UNIT VALUE) $ 80,000 $ 416,120 $ 2,060 Tax Abatement - 10 years 50% $ (208,060) $ (1,030) Insurance $ 147,460 $ 730 Variable: Management Fee 5.0% $ 122,037 $ 604 General and Administrative $ 27,500 $ 136 Payroll Expenses $ 40,000 $ 198 Utilities - common areas $ 40,000 $ 198 Marketing and Advertising $ 25,000 $ 124 Maintenance and Repairs $ 40,000 $ 198 Grounds and Landscaping $ 20,000 $ 99 Reserve for Replacements $ 60,600 $ 300 Total Expenses $ 730,657 $ 3,617 Net Operating Income $ 1,710,083 $ 8,466 Debt Service Payments First Mortgage - $ 1,425,069 $ 7,055 Second Mortgage - $ - Third Mortgage $ - Operating Income after Debt Service - Before Tax Cashflow $ 285,014 $ 1,411 Mortgage Calculation Rate Term Amort DSC I LTV Mfg Amt 5 25% 10 30 1.2 $21,296,091.91 Rent Roll and Unit Mix - Residential HH Boynton LLC Market Unit Mix Bedrooms Baths No. of Units Unit Size Rents Annual Rents 18% 1 1 36 575 $ 800 $ 345,600 73% 2 2 148 850 $ 1,100 $ 1,953,600 9% 3 2 18 1,100 $ 1,250 $ 270,000 Total 202 166,300 $ 2,569,200 Sources and Uses - Office and Commercial HH Boynton LLC PER Square UNITS PER UNIT TOTAL Foot TOTAL UNITS Rentable Square Feet 18,660 PROJECT COST Actual Construction Costs Land (6th Avenue Parcels, private owner) $ - $ - Demolrtion /Site Prep 5,000 $ 0.27 New Commercial /Office (RSF) 18,660 $ 85 1,586,100 $ 85.00 Tenant Build out Allowance 18,660 $ 25 466,500 5 25 00 Off-site - lighting and streetscape per RFP 30,000 $ 161 Accessory Buildings 5 - Recreational Amenities - $ Other $ - Contigency 5.056 104,380 _$ 5,59 Construction Cost 2,191,980 $ 117,47 Financial Cost 5 - Construction Loan Interest 5.00% 54,800 $ 2.94 Construction Loan Orig Fee 050% 10,960 $ 0 59 Bridge Loan Interest $ - Bridge Loan Orig Fee $ - Permanent Loan Credit Enhancement $ - Permanent Loan Orig. Fee 0 50% 10,960 $ 0 59 Total Financial Cost 76,719 $ 411 General Development Cost 5 - Accounting Fees 1,000 $ 005 Appraisal 5,000 $ 0.27 Architect's Fee - Design Per Unit $ 3.50 65,310 $ 3 50 Architect's Fee - Supervision Per Unit $ 100 18,660 $ 1-00 Arts Fee Const Cost 1.0% 20,526 $ 1 10 Builder's Risk Insurance 20,000 $ 1.07 Building Permit Const Cost 2.30% 39,571 $ 2.12 Closing Costs - Construction Loan 3,000 $ 0 16 Closing Costs- Permanent Loan 3,000 $ 0 16 Engineering Fees 5,000 $ 0.27 Environmental Report 2,500 $ 0.13 Impact Fees 18,580 $ 2 50 46,450 $ 2 49 Inspection Fees 5,000 $ 0 27 Insurance- Prepay 15,000 $ 080 Legal Fees 3,000 $ 0 16 Market Study 5,000 $ 0 27 Marketing and Advertising 20,000 $ 107 Property Taxes 5,000 $ 0 27 Soil Test Report 2,000 $ 0.11 Survey 3,000 $ 016 Title Insurance 7,000 $ 0.38 Utility Connection Fees (determine credd) 18,580 $ 5 00 92,900 $ 4 98 Other $ Operating Reserve 18,660 $ 3 00 55,980 $ 3 00 Contigency 5 0% 19,396 $ 1 04 Total General Development Cost 387,917 $ 20 79 $ - Develope "sFees 80% 212,529 5 11 39 Total Development Cost 2,869,146 $ 153 76 I $ Sources ) $ I first Mortgage Finanicng 2,291,806 $ 122 82 Second Mortgage Financing ■ $ Operating Reserve 55,980 $ 3 00 Deferred Fees 0% - 5 - Grants 50,000 $ 2 68 Fqurty- Partner's Contribution 300,000 $ 16 08 Other $ 7 otal Sources 2,697,786 $ 144.58 Surplus (Shortfall) (171,359) $ (9.18) Operating Proforma - Office and Commercial HH Boynton LLC Operating Proforma Retail Rents $ 145,920 Office Rents $ 272,000 Retail Common Area Reimb $ 50,800 Gross potential rent $ 468,720 Vacancy 7 00% $ (32,810) Net Rental Income $ 435,910 Operating Exenses $ 130,680 Real Estate Taxes 1,866,000 $ 41,052 Insurance $ 20,000 Management Fee 5.00% $ 21,795 Total Expenses $ 213,527 Net Operating Income $ 222,382 Debt Service (185,318) Net Cash Flow S 37,064 Permanent Loan Loan $ 2,291,806 Rate 5.25% Amortization 20 DSC 1 2 Debt Service $ 185,318 Rentable Rent psf Ann,aai Rent - CAM Gross Rent Commercial Rent Roll Area / year Net Charges Gross rents PSF Coffee Shop 1,500 $ 24.00 $ 36,000 $ 5 00 $ 43,500 $ 29.00 Market 2,500 $ 12.00 $ 30,000 $ 5 00 $ 42,500 $ 17.00 Food Service 1,000 $ 18.00 $ 18,000 $ 5.00 $ 23,000 $ 23.00 Shop #4 1,500 $ 12.00 $ 18,000 $ 5.00 $ 25,500 $ 17.00 Shop #5 1,500 $ 12.00 $ 18,000 $ 5.00 $ 25,500 $ 17.00 Shop #6 1,160 $ 12.00 $ 13,920 $ 5 00 $ 19,720 $ 17.00 Shop #7 1,000 $ 12.00 $ 12,000 $ 5 00 $ 17,000 $ 17.00 Office Building 8,500 $ 24.00 $ 204,000 $ 8.00 $ 272,000 $ 32.00 Total 18,660 $ 18 75 $ 349,920 $ 468,720 $ 25.12 Neighborhood Renaissance 1 Diverse Communes - Strong Economies GRANT AND OTHER SUBSIDY AVAILABLE TO THE PROJECT We do not plan to use Low Income Housing Tax Credits including the competitive 9% credits. However, we do plan to seek out any resource that facilitates the objectives of the HOB plan, enhances the project design and public facilities. Neighborhood Renaissance has a broad menu of financing and grant sources available to itself and is experienced obtaining them and administering them. Additionally, we have the support of county staff and many of its commissioners. The 13 Westgate Infill homes were developed with the support of the Westgate CRA and we've maintained a strong working relationship with the staff. Neighborhood Renaissance has a strong track record of obtaining grants to fulfill its mission of providing affordable housing and economic development in Palm Beach County. In the past three years, NRI has been responsible for the expenditure of approximately $16 million towards that purpose. The grants have been leveraged with internal funds and other financings to create total investment of over $18 million. In 2013, we formed a unique partnership with a private investor to purchase, rehab and sell foreclosed homes to owner occupants. Our partner funds the acquisition and rehab of the properties. NRI sources the properties and is responsible for the marketing and sale of the homes. Our Executive Director, Terri Murray, has operated in affordable housing and economic development and is an experienced grant writer. Following are some of the financing and grant sources that NRI has deployed in the past. Others are programs that we are knowledgeable about and would pursue working on any new project. GRANT and FINANCING SOURCES available to Neighborhood Renaissance Inc. AFFORDABLE HOUSING • Community Housing Development Corporation (CHDO) o Mandatory set -aside for qualified housing nonprofits o Neighborhood Renaissance is a CHDO o County and State allocations available to CHDOs only o Neighborhood Renaissance was awarded $529,000 to acquire, renovate and sell or lease homes in late 2010. The homes have been completed and sold or rented. • HOME Rental Development Loan Program o County administered, low interest 30 year loans for rental projects serving incomes up to 80% AMI o State administered and are usually grants 11Pdg( 4{F Neighborhood Renaissance Diverse Communmes — Strong Economies • Community Development Block Grants o Available through the City of Boynton Beach and Palm Beach County o May be used to benefit low and moderate - income communities, to eliminate blight and fulfill urgent community needs such as improve or repair public streets. • Brownfield Sales Tax Rebate o NRI utilized this program for the construction of 13 homes in Westgate. • Federal Home Loan Bank - Affordable Housing Program Grants for non -profit sponsors o Up to $1.5 million grants to construct and preserve affordable housing. o Annual application process. o NRI has banking relationships in more than one FHLB territory so may apply multiple times • Florida Housing Financing Corporation o Tax credit equity (not proposed for the Ocean Breeze East development) • Treated as equity for low income housing (up to 60% AMI) • Property is located in a Difficult to Develop Area (DDA) and eligible for a 30% bonus • 9% competitive universal cycle • 4% non - competitive o HOME Investment Partnerships • non - amortizing, low- interest rate loans, offered through the State • annual Universal Cycle • interest rate of 0% to non- profit applicants o SAIL • Used for multi - family rental development • State program to provide below- market rate loans for periods of 20 years to benefit very low income households. o Pre Development Loan program (not proposes) for the Ocean Breeze East development) • assists non -profit and community -based organizations • Up to $750,000 three year loan, very low interest rate, deferred • For predevelopment activities, such as rezoning, legal fees, administrative costs, soil tests, engineering fees, appraisals, feasibility analyses, earnest money deposits, insurance fees, and acquisition. • Florida Community Loan Fund o Various loan programs available to CHDO's. o NRI has used the loan fund for permanent financing, lines of credit and intermediate term loans. 2(Page It _ Neighborhood Renaissance Diverse Communities — Strong Economies ECONOMIC DEVELOPMENT • Community Economic Development Grant — Federal Office of Community Services o Grants up to $800,000 to Community Development Corporations (NRI is a CDC) o Must address the economic needs of low- income individuals and families through business development and employment opportunities. o Often used to eliminate "Food Deserts" defined as urban neighborhoods ... without ready access to fresh, healthy, and affordable food. o Annual competitive application process • New Market Tax Credits o Develop commercial or nonprofit enterprises in tow income communities o They are treated as equity o Uses include grocery stores, nonprofit service centers, healthcare clinics, mixed -use buildings, retail stores, manufacturing. o Several CDFI's work specifically with non - profits o NMTC create approximately 20% of a commercial project's equity o May be combined with Section 108 loans 3 t Page le _ Neighborhood Renaissance 1 Diverse Communities — Strong Economies Neighborhood Renaissance's Past Funding Experience with Similar Projects Palm Beach County NSP 1— Residential Redevelopment Program Palm Beach County awarded $500,000 to NRI to acquire and rehab foreclosed homes. We added three rental homes affordable to families with income under 80% AMI with this award. Palm Beach County NSP 2 — Residential Redevelopment Program Neighborhood Renaissance recently completed the acquisition and substantial rehabilitation of seventy (70) scattered -site single- family and multi- family dwelling units located within Palm Beach County's Urban Redevelopment Area through a $12 million N5P 2 grant award. The average cost to rehab was $77,000 per unit. The total project cost is projected to be just over $12.6 million. All the homes were vacant, foreclosed or threatened by foreclosure at the time of purchase. The homes are being leased to very -low and moderate - income eligible families. Neighborhood Renaissance owns and manages the properties. Tenant services include home maintenance training, financial literacy training and homebuyer education. Westgate Housing Replacement Housing Infill Project Through a $2,056,361 State of Florida 2005 Disaster Recovery Initiative Program Grant from Palm Beach County, Neighborhood Renaissance completed the development and construction of thirteen (13) single- family homes in the Westgate CRA for a total project cost of $3,253,495. As developer, we completed the land acquisition, creation of subdivided lots; architectural and engineering plans bid and constructed the homes. The Grant was leveraged with an $850,000 interim loan from Florida Community Loan Fund. The homes have been sold to households earning at or below 80% of the area median income. Palm Beach County CHDO Neighborhood Renaissance was awarded $529,000 to acquire, renovate and sell or lease homes in late 2011. The homes have been completed and sold or rented. Boynton Beach Model Block Initiative and Neighborhood Improvements This year (2014), Neighborhood Renaissance received an Urban Lift grant from Wells Fargo in the amount of 5229,300 that was enhanced by a City of Boynton Beach Community Development Block Grant (CDBG) in the amount of $60,000. The funds will implement improvements on Boynton Beach's Model Block located north Sara Sims Park and south of Poinciana Elementary School including sidewalks, landscaping, trees and irrigation A portion of the funds will dean up and improve the front yards of existing homes along the blocks. 4IPage Tab 10 Local Commitment to involve residents and businesses Neighborhood Renaissance has a track record and is committed to providing opportunities for local minority and women owned businesses to subcontract in the construction and operation of all its projects. This one is no exception. Our team will implement outreach strategies to recruit local businesses and entrepreneurs to open stores in the commercial components as well. We are well versed in implementing and monitoring Section 3 type programs and will commit to advertising and providing application opportunities for Section 3 defined residents. NR will also conduct job fairs locally prior to construction and hiring property management, During the re- zoning process, the development team will meet with the local neighborhood groups to inform them of any changes and gather their input and concerns. We will also work with the neighbors to keep them aware of any construction inconveniences that may occur while building the improvements in the right of way. We agree to implement these and other programs to increase job opportunities for the local residents during the construction and operation of the property. HH Boynton LLC .0! art-on 1 _L Authorized signor It's Managing Memb 9 Printed name Dated Tab 10 Local Commitment to involve residents and businesses Neighborhood Renaissance has a track record and is committed to providing opportunities for local minority and women owned businesses to subcontract in the construction and operation of all its projects. This one is no exception. Our team will implement outreach strategies to recruit local businesses and entrepreneurs to open stores in the commercial components as well. We are well versed in implementing and monitoring Section 3 type programs and will commit to advertising and providing application opportunities for Section 3 defined residents. NR will also conduct job fairs locally prior to construction and hiring property management, During the re- zoning process, the development team will meet with the local neighborhood groups to inform them of any changes and gather their input and concerns. We will also work with the neighbors to keep them aware of any construction inconveniences that may occur while building the improvements in the right of way. We agree to implement these and other programs to increase job opportunities for the local residents during the construction and operation of the property. HH Boynton LLC n-ivn Authorized signor It's Managing ember +Cif%) c)(10e/‘ Printed name Dated Tab 11. Purchase and Development Agreement Terms HH Boynton LLC (the "Developer") agrees to use its best efforts to execute a Purchase and Development Agreement ( "PDA ") within 180 days of selection as the qualified proposer by the Boynton Beach Community Redevelopment Agency ( "CRA ") with the following terms: 1. Purchase price of land = $100 2. Apply for rezoning of the property to High Density Residential: 30 days from execution of the PDA 3, Submit for building permits: 180 days from the rezoning of the property (from #2) 4. Commence construction: 60 days from receiving all necessary permits required to construct the project S. Secure financing for the project: 90 days from execution of the PDA HH Boynton, LLC agrees to limitations on transferability or assignability of the agreement without the CRA's consent and to termination provisions for the failure to meet the criteria outlined above. The PDA will also define the rights, duties and obligations of each the Developer and the CRA. AGREED TO BY: HH Boynton LLC �� f 14 boy Yti i`or) Authorized signor It's Managing Member M'►oel Printed name Dated Tab 11. Purchase and Development Agreement Terms HH Boynton LLC (the "Developer") agrees to use its best efforts to execute a Purchase and Development Agreement ( "PDA ") within 180 days of selection as the qualified proposer by the Boynton Beach Community Redevelopment Agency ( "CRA ") with the following terms: 1. Purchase price of land = $100 2. Apply for rezoning of the property to High Density Residential: 30 days from execution of the PDA 3. Submit for building permits: 180 days from the rezoning of the property (from #2) 4. Commence construction: 60 days from receiving all necessary permits required to construct the project 5. Secure financing for the project: 90 days from execution of the PDA HH Boynton, LLC agrees to limitations on transferability or assignability of the agreement without the CRA's consent and to termination provisions for the failure to meet the criteria outlined above. The PDA will also define the rights, duties and obligations of each the Developer and the CRA. AGREED TO BY: HH Boynton LLC ....-------/-2 1414 - BoveNtion Lir,- Authorized signor It's Managing Member Printed name Dated Tab 12. Lender Commitment The Developer is asking the CRA to contribute the land, valued at $2.72 million, to the project We believe that a market rate development adds the most value to the long term redevelopment in the Heart of Boynton. The appraisal provided by the CRA as of May 5, 2014 stated a total value of $535,000 for the land without the re- zoning to High Density Residential. In lieu of purchasing the land, we are willing to offer a conditional earnest money deposit with the execution of the Purchase and Development Agreement to assure the project proceeds to construction. Financial Statements were submitted in an envelope marked Confidential. NEIGHBORHOOD RENAISSANCE, INC. (a Non -Profit Corporation) FINANCIAL STATEMENTS SEPTEMBER 30, 2013 FRIEDMAN, FELDMESSER & KARPELES, P.A. CERTIFIED PUBLIC ACCOUNTANTS TABLE OF CONTENTS PAGE NO INDEPENDENT AUDITORS' REPORT 1 STATEMENT OF FINANCIAL POSITION 2 STATEMENT OF ACTIVITIES 3 STATEMENT OF FUNCTIONAL EXPENSES 4 STATEMENTS OF CASH FLOWS 5 NOTES TO FINANCIAL STATEMENTS 6 -14 INDEPENDENT AUDITORS' REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 15 INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH REQUIRMENTS APPLICABLE TO EACH MAJOR PROGRAM 16 -17 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 18 SCHEDULE OF FINDINGS AND RECOMMENDATIONS 19 SCHEDULE OF FINDINGS AND QUESTIONED COSTS 20 SUMMARY SCHEDULE OF PRIOR YEAR'S AUDIT FINDINGS 21 1101 Kenneth R. Friedman, CPA Mark S. Feldmesser, CPA 11 F Richard L. Karpeles, CPA 1111 K Friedman, Feldmesser & Karpeles, CPA, LLC www.ffkcpa.com INDEPENDENT AUDITORS' REPORT Board of Directors Neighborhood Renaissance, Inc. (a non - profit corporation) West Palm Beach, Florida We have audited the accompanying statements of financial position of Neighborhood Renaissance, Inc. (a non - profit corporation) (the "Organization ") as of September 30, 2013, and the related statements of activities, cash flows, and functional expenses for the year ended September 30, 2013. These financial statements are the responsibility of the Organization's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards for financial audits contained in Government Auditing Standards issued by the Comptroller General of the Unites States; and the Single Audit Act, provisions of OMB -133. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the evidence supporting the amounts and disclosures in the financial statements. An audit includes examining, on a test basis, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Neighborhood Renaissance, Inc. as of September 30, 2013 and the changes in its net assets and its cash flows for the year ended September 30, 2013 in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued a report dated December 27, 2013 on our consideration of Neighborhood Renaissance, Inc.'s internal control over financial reporting and our tests of its compliance with laws, regulations, contracts and grants. This report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report In considering the results of our audit. Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis and as required by the U.S. Office of Management and Budget Circular A -133, Audits of States, Local Governments and Non - Profit Organizations, and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. December 27, 2013 641 University Boulevard, Suite 210, Jupiter, FL 33458 (561) 622 -9990 fax: (561) 622 -2523 NEIGHBORHOOD RENAISSANCE, INC. (a Non - Profit Corporation) STATEMENT OF FINANCIAL POSITION SEPTEMBER 30, 2013 ASSETS Cash in bank $ 653,299 Grants receivable 10,262 Prepaid expenses 88,316 Property and equipment -net 9,565,168 Property under development 3,355,141 Land 736,863 Deposits 16,097 TOTAL ASSETS $ 14,425,146 LIABILITIES AND NET ASSETS LIABILITIES Accounts payable $ 53,136 Security deposits payable 58,101 Accrued end other liabilities 9,943 Notes and mortgages payable 1,381,706 TOTAL LIABILITIES 1,502,886 NET ASSETS Unrestricted 12,922,260 TOTAL LIABILITIES AND NET ASSETS $ 14,425,146 See accountants' audit report and accompanying footnotes 2 NEIGHBORHOOD RENAISSANCE, INC. (a Non - Profit Corporation) STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2013 REVENUES AND OTHER SUPPORT Public Support Grants $ 5,251,074 Contributions 25,397 Revenues Rental income - commercial 45,322 Rental income - residential 284,438 Foregiveness of debt 218,278 Program services and other revenues 168,348 Total Public Support and Revenues 5,992,857 EXPENSES Program services General and Administrative Expenses 96,771 Economic Development Programs 193,540 Housing and Community Development 677,385 Subtotal 967,696 Loss on sales of property under development 2,399,310 Total Expenses 3,367,006 Increase in Net Assets 2,625,851 Net Assets - October 1, 2012 10,296,409 Net Assets - September 30, 2013 $ 12,922,260 See accountants' audit report and accompanying footnotes 3 NEIGHBORHOOD RENAISSANCE, INC. (a Non - Profit Corporation) STATEMENT OF FUNCTIONAL EXPENSES FOR THE YEAR ENDED SEPTEMBER 30, 2013 Program Services Economic Housing and Total General and Development Community Program Administrative Programs Development Services Salaries & Benefits $ 35,832 $ 71,663 $ 250,821 $ 358,316 Payroll taxes 2,543 5,085 17,797 25,425 Total salaries, benefits and taxes 38,375 76,748 268,618 383,741 Rental expenses 16,915 33,830 118,404 169,149 Professional fees 1,572 3,144 11,002 15,718 Office expense 1,906 3,812 13,344 19,062 Advertising & Marketing 232 463 1,621 2,316 Telephone 581 1,163 4,069 5,813 Occupancy 2,806 5,612 19,643 28,061 Equipment rental 600 1,200 4,199 5,999 Licenses and fees 144 287 1,005 1,436 Travel, conferences and seminars 946 1,892 6,623 9,461 Insurance 3,354 6,709 23,481 33,544 Interest expense 4,676 9,352 32,730 46,758 Total operating Expenses 72,107 144,212 504,739 721,058 Depreciation 24,664 49,328 172,647 246,638 Total Expenses $ 96,771 $ 193,540 $ 677,385 $ 967,696 See accountants' audit report and accompanying footnotes. 4 NEIGHBORHOOD RENAISSANCE, INC. (a Non.Profit Corporation) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED SEPTEMBER 30, 2013 CASH FLOWS FROM OPERATING ACTIVITIES Change in Net Assets $ 2,625,851 Adjustments to reconcile change in net assets to net cash flow provided by operations: Depreciation 246,638 Loss on sales of property held for development 2,399,310 Foregiveness of debt (218,278) (Increase) /decrease In assets Grants receivable 480,758 Prepaid insurance (72,098) Deposits 9,285 Increase /(decrease) in liabilities Accounts payable and accrued expenses 8,507 Security deposits payable 41,601 TOTAL ADJUSTMENTS 2,895,723 NET CASH PROVIDED BY OPERATING ACTIVITIES 5,621,574 CASH FLOWS FROM INVESTING ACTIVITIES Change in property and equipment (10,597,634) Change in property under development -net 6,350,019 NET CASH (USED) BY INVESTING ACTIVITIES (4,247,615) CASH FLOWS FROM FINANCING ACTIVITIES Payment of bank line of credit (100,390) Short -term working loan (15,000) Change in notes and mortgages payable -net (888,643) NET CASH BY FINANCING ACTIVITIES (1,004,033) NET INCREASE IN CASH 269,926 CASH, BEGINNING 383,373 CASH, ENDING $ 653,299 See accountants' audit report and accompanying footnotes 5 NEIGHBORHOOD RENAISSANCE, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of the Organization's Activity Neighborhood Renaissance, Inc. (the "Organization ") was formerly known as Northwood Renaissance, Inc. The name was changed In November 2006 in order to more appropriately reflect the expansion of the Organization's activities to projects throughout all of Palm Beach County and not just to the area previously served by the Organization known as the Northwood neighborhood. The Organization is organized to promote commercial and residential Investment, development and revitalization within Palm Beach County and to improve the quality of life for low and moderate - Income residents. To achieve its objectives, the Organization expends grants and contributions received from various entities. Cash and Cash Equivalents For purposes of reporting cash flows, the Organization considers all money market funds with an original maturity of three months or less to be cash equivalents. Property and Equipment Property and equipment purchased by the Organization are stated at cost. Donated property and equipment are stated at fair market value at the date of the donation. Interest and related holding costs for projects under construction and renovation are capitalized. Donations are reported as unrestricted support unless the donor has restricted the donated asset to a specific purpose. Assets donated with explicit restrictions regarding their use and contributions of cash that must be used to acquire property and equipment are reported as restricted support. Absent of donor stipulations regarding how long those donated or acquired assets are placed in service as instructed by the donor reclassifying temporarily restricted net assets to unrestricted net assets at that time. Those assets donated with donor stipulations regarding permanent restrictions for a certain use are included as permanently restricted. Major additions which materially increase the value of the property are capitalized and depreciated over the life of the asset. Maintenance and repairs are charged to expense as incurred. Depreciation expense has been computed using the straight -line method over useful lives ranging from 5 to 40 years. The Organization follows the practice of capitalizing all expenditures for land, buildings and equipment in excess of $250. Property and equipment includes the cost of homes, as adjusted for impairment losses, acquired and rehabilitated as part of the Urban InfilJ Project and Neighborhood Stabilization Programs (See Footnote 3) which are being rented to eligible households. These homes are being depreciated over their estimated useful lives. Property Under Development Costs that clearly relate to land and building development projects are capitalized. Acquisition and other direct costs and interest related to the acquisition and development of projects are capitalized. Donated property is stated at fair market value at the date of the donation. Costs are allocated to the specific project units by the specific identification method whenever possible. Otherwise, acquisition costs are allocated based on their relative fair value before development, and development costs are allocated based on their relative sales value. 6 NEIGHBORHOOD RENAISSANCE, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Financial Statement Presentation Under FASB 117, "Financial Statement of Not-For-Profit Organizations ", the Organization is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. In addition, the Organization is required to present a statement of cash flows. Contributions Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support depending on the existence and /or nature of any donor restrictions. In addition, the Organization recognizes only those contributed services which are provided by individuals possessing "specialized skills ". Promises to Give Unconditional promises to give are recognized as revenues or gains in the period received and as assets, decreases of liabilities, or expenses depending on the form of the benefits received. Conditional promises to give are recognized when the conditions on which they depend are substantially met. Restricted and Unrestricted Revenue Support Support that is restricted by the donor is reported as an increase in unrestricted net assets if the restriction expires in the reporting period in which the support is recognized. All other donor - restricted support is reported as an increase in temporarily or permanently restricted net assets, depending on the nature of the restriction. When a restriction expires (that is, when a stipulated time restriction ends or purpose restriction is accomplished), temporarily restricted net assets are reclassified to unrestricted net assets and reported in the Statement of Activities as net assets released from restrictions. Unrestricted support increases unrestricted net assets. Grant Revenue Recognition The Organization receives various grants from federal, state and local agencies as well as from private institutions for program and supporting service expenses. These grants are on a cost reimbursement basis or fee for service, including recoverable overhead. The Organization generally must abide by certain terms and conditions as set forth in the grant agreements and any unexpended grant funds must generally be returned to the donor. Revenue from grants is deemed earned and recognized in the Statement of Activities when all terms and conditions are met. Prior to that, unearned grant funds are classified as deferred revenue on the Statement of Financial Position. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, support and expenses during the period. Actual results could differ from those estimates. 7 NEIGHBORHOOD RENAISSANCE, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Accounting for Impairment Losses The Organization records losses on long -lived assets when indicators of impairment are present. In this connection, certain of the Property held for rental were written down to appraised value. See Note 2. Income Taxes The Organization is incorporated in the State of Florida as a nonprofit organization and has elected federal tax exempt status under I.R.C. Section 501(c) (3). Therefore, no provisions for income taxes have been made in the accompanying financial statements Functional Expenses Then costs of providing the various programs and other activities have been detailed in the statement of functional expenses and summarized on a functional basis in the statement of activities. Salaries and other expenses, which are associated with specific programs, based on management's estimates. The Organization's functional areas are as follows: Economic Development Programs - Includes expenses for promotion of redevelopment districts, new business recruitment, commercial development and the implementation of economic development projects In the Northwood /Pleasant City CRA district as well as other redevelopment areas in Palm Beach County. Housing and Community Development - Includes expenses for neighborhood revitalization activities such as the Westgate Housing Infili Project, neighborhood stabilization activities including NSP 1 and NSP2 programs, the development and preservation of affordable housing opportunities, homebuyer education and training and the redevelopment of vacant and underutilized mixed -use commercial properties. General and Administration — Includes expenses for the board of directors and organizational capacity development activities, grant writing, general fund raising, and day -to -day operations. NOTE 2 - PROPERTY AND EQUIPMENT The following summarizes property and equipment at September 30, 2013: Equipment $ 41,019 Furniture and fixtures 8,752 Property held for rental 9,466,212 Building - 504 -510 655,079 $ 10,171,062 Less accumulated depreciation (605,894) $ 9,565,168 8 NEIGHBORHOOD RENAISSANCE, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 2 — PROPERTY AND EQUIPMENT (CONTINUED) During the fiscal year ended September 30, 1999, a duplex at 504510 24 Street ("the Duplex") was donated to the Organization. The Duplex was recorded as $7,500 for land and $68,173 for building. The Organization renovated this building under its neighborhood revitalization program and occupied a portion of the property in September 2003. The rest of the property has been improved for tenant inhabitance. Property held for rental consists of the cost of single and multi - family homes and apartments acquired and re- developed as part of the Urban Infill Project and Neighborhood Stabilization Programs (NSP -1 and NSP -2) which are being rented to eligible households. Rental properties acquired through these programs are deed restricted for occupancy by low and moderate income households. The original cost of property held for rental is comprised of $9,761,566 for the cost to purchase and rehabilitate the residence and $426,000 for the cost of the land, less a $721,354 reduction for impairment Toss in fiscal year ended September 30, 2012. The Northwood Urban Infill Redevelopment Project ( "Urban Infill Project") originally consisted of fourteen such properties. Four of the properties were purchased by the Organization and the other ten properties were vacant lots donated to the Organization by the City of West Palm Beach which were each recorded at an appraised value of $80,000 at date of donation. As of September 30, 2013, ten of the properties have been sold, nine of which the Organization has retained the land rights on and is leasing the land back to the purchasers of the houses in long -term ground leases. The four remaining unsold properties have been rented to income eligible households and are secured by first mortgages by the Florida Community Loan Fund (See Note 5). In addition, a $300,000 conditional SHIP grant provided by Palm Beach County in October 2008 is secured as a second mortgage on the four rental homes so that they remain affordable to income eligible homebuyers. In April 2010, the Organization entered into an agreement with Palm Beach County to facilitate the use of grant funds available pursuant to the Neighborhood Stabilization Program (NSP -1) of the Housing and Economic Recovery Act of 2008 for the acquisition and rehabilitation of single family homes for rental to income eligible families. As of September 30, 2013, three such homes have been purchased and redeveloped using grant funds totaling $499,151 and all three homes have been rented to an income eligible household. In May 2010, the Organization acquired and redeveloped an additional bank -owned property. The property was acquired by way of donation and was rehabilitated at a total cost of $97,848. The property has been rented to an income eligible household. NOTE 3 — PROPERTY UNDER DEVELOPMENT In June 2010, the Organization, in partnership with the Westgate /Belvedere Homes Community Redevelopment Agency, initiated the Westgate Infill Redevelopment Project ( "Westgate Infill Project") designed to provide quality affordable housing, increase owner occupancy and reinvestment and improve the marketability and appeal in order to revitalize the Westgate area. The Westgate Infill Project provides for the Organization to acquire and construct a minimum of thirteen (13) affordable housing properties for resale to eligible households. 9 NEIGHBORHOOD RENAISSANCE, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 3 — PROPERTY UNDER DEVELOPMENT (CONTINUED) In order to finance the Westgate Infill Project, the Organization has secured the following: 1. A grant with maximum funds of $2,079,861 available from the Palm Beach Housing and Community Development under the Community Development Block Grant Program for the construction costs on a reimbursable basis through October 22, 2012. 2. A revolving line of credit in the amount of $850,000 from the Florida Community Loan Fund (FCLF) for land acquisition, predevelopment and construction costs. 3. A zero interest loan in the amount of $269,000 from Westgate /Belvedere Homes Community Redevelopment Agency. The Organization will use $144,000 for land acquisition and $125,000 for CRA administrative and legal fees and costs. During the fiscal year ended September 30, 2013, all of the thirteen (13) homes had been sold to eligible households. In October 2010, the Organization entered into an agreement with Palm Beach County for the use and benefit of its HOME Investment Partnership Programs to facilitate the use of grant funds available pursuant to the Cranston- Gonzalez National Affordable Housing Act of 1990. Under this agreement, as amended in October 2011, the Organization would receive grant funds not to exceed $397,049 through December 31, 2012 to use for the acquisition and rehabilitation of at least two (2) single family homes for sale or rental to income eligible families. The grant would also reimburse the Organization for operating expenses up to a maximum of $17,831. A second amendment executed in December 2012 increased the maximum grant funds available to $529,399 and extended the grant period through September 15, 2013. As of September 30, 2013, both properties had been acquired and rehabilitated by the Organization, one of which has been sold to an eligible household. In May 2011, the Organization entered into an agreement with Palm Beach County to facilitate the use of grant funds available pursuant to the Neighborhood Stabilization Program (NSP -2) of the American Recovery and Reinvestment Act of 2009 and Housing and Economic Recovery Act of 2008. Under this agreement, the Organization would receive grant funds not to exceed $9,500,000 through November 15, 2012 to use for the acquisition and rehabilitation of at least fifty (50) single family homes to be sold, rented or lease- purchased to income eligible families. The acquired properties must be located in selected zip codes, must be bank -owned properties acquired out of foreclosure, must be vacant and the purchase price for any one property must not exceed $225,000. The grant agreement was amended on January 31, 2013 to increase the maximum funding award to $12,000,000. As of September 30, 2013, fifty three (53) such properties have been purchased and rehabilitated using grant funds totaling $12,000,000. Three (3) of the homes have been sold and forty four (44) of the properties have been rented. The $750,000 FCLF revolving line of credit was also available to be used to rehabilitate previously acquired NSP properties on a reimbursable basis. In this connection, as of September 30, 2013, FCLF has provided $441,808 of the line of credit funds for this purpose. The line of credit has a maturity date of March 31, 2014. 10 NEIGHBORHOOD RENAISSANCE, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 4 — GRANTS The following is a summary of grant revenues earned by grantor agency for the year ended September 30, 2013. Neighborhood Stabilization Program $ 4,591,592 Disaster Recovery Initiative Program 155,210 Community Housing Development Organization 97,622 JP Morgan Foundation 160,000 PNC Foundation 15,000 Third Federal Foundation 50,000 M & T Foundation 10,000 Wells Fargo Foundation 105,000 Community Foundation of Palm Beach 66,750 Total Grant Revenues $ 5,251,074 The Neighborhood Stabilization Program funds were used for rehabilitation and program delivery costs (See Note 3). The Disaster Recovery initiative Program funds were used to complete construction on thirteen affordable housing units in the Westgate community for redevelopment purposes (See Note 3). The Community Housing Development Organization funds were used to purchase and rehabilitate affordable housing in the Palm Beach county area (See Note 3). The other grants listed above were received to pay the salaries and other costs related to community development, affordable housing and neighborhood stabilization. Any grant proceeds for periods extending beyond September 30, 2013 have been classified as Deferred Revenue on the accompanying Statement of Financial Position. The Organization must comply with certain covenants and stipulations as defined in the grant agreement, including certain deed restrictions on the acquired properties as defined in the grant documents. As previously noted, the Organization has received a significant amount of funding from Palm Beach County pursuant to the Neighborhood Stabilization Programs. With the Organization's knowledge and understanding, those Programs were established as non - recurring Capital Grants available on a one -time basis. For the fiscal year ended September 30, 2013, grant revenue pursuant to such programs represented 77% of total revenue. The Organization's Board of Directors, staff, and volunteers have increased their efforts to seek new funding from grants, public donations, and additional revenue sources, including property management. This effort to diversify revenue sources will reduce the reliance on any single source of income. 11 NEIGHBORHOOD RENAISSANCE, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 5- NOTES AND MORTGAGES Promissory Note Payable to PNC Bank with monthly principal and interest payments of $1,496.68 through December 15, 2023. The note bears interest at 3% per annum and is secured by the 504-514 24 Street Property. $ 157,984 Promissory Note Payable to PNC Bank with monthly principal and interest of $863.88 through December 15, 2023. The note bears interest at 6.50% through January 15, 2014, after which the interest note becomes prime plus 3.75 %. The note is secured by the 504 -510 24 Street property. 76,409 In August, 2005, the Organization entered into a revolving line of credit with the Local Initiatives Support Corporation (LISC) providing for maximum borrowing of $787,250 (as amended). The funds were used to acquire, rehabilitate, and construct the Urban Infill properties. The line of credit bears interest at 6.00% per annum and is being paid down as Urban Infrli properties are sold. The entire outstanding principal balance was due on June 1, 2012 and was secured by the first mortgages on the Urban In properties. In May of 2013, the creditor forgave $147,501 of the debt and refinanced the remaining balance of $40,480 for 60 months, The Organization will make principal payments of $674.67 beginning on June 1, 2013 through April 1, 2018. There is no interest on the note as long as the Organization makes the monthly payment within ten (10) days following the respective due dates. 37,107 Loan Payable to the West Palm Beach Community Redevelopment Agency providing for maximum aggregate borrowings of $10,000. The loan bears interest at 3.2% per annum and is payable in full on April 1, 2014. The loan Is secured by a second mortgage in the 504- 510 24 Street property. 5,697 Revolving line of credit with the Florida Community Loan Fund providing for maximum borrowings of $750,000. The funds are to be used to acquire and renovate foreclosed properties. The line of credit bears interest at 5.50% per annum and is payable In full on or before March 31, 2014. The line of credit is secured by first mortgages on the properties. 441,808 Recoverable Grant with LISC is to be used in development of the 504- 510 24 Street property. The grant funds were to be repaid no later than October 1, 2004. The Organization has requested a continuance. 8,000 12 NEIGHBORHOOD RENAISSANCE, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 5 -- NOTES AND MORTGAGES PAYABLE (CONTINUED) In September 2005, the Organization entered into a revolving line of credit with Comerica Bank providing for maximum borrowings of $700,000. The funds were used to acquire, rehabilitate and construct the Urban Infill properties. The line of credit bears interest at 6 %. The line of credit is to be paid down as Urban Infil properties are sold. The entire outstanding principal balance was due on June 1, 2012 and was secured by first mortgages on the Urban 1011 properties. In May of 2013, the creditor forgave $70,777 of the debt and refinanced the remaining balance of $39,520 for 60 months. The Organization will make principal payments of $658.66 beginning on June 1, 2013 through May 1, 2018. There is no interest on the note as long as the Organization makes the monthly payment within ten (10) days following the respective due dates. 36,226 Note payable to Florida Community Loan Fund with monthly principal and interest payments through May 15, 2016. The note bears interest at 5.25% per annum and is secured by first mortgages on 931 35th St., 608 54th St., 611 39th St., 701 48th St., & 714 38th St. 352,988 Loan payable to the West Palm Beach Community Redevelopment Agency. The loan bears Interest at 4.2% per annum and is payable on February 1, 2015. The funds were designated to be used in connection with the development of the Village Centre project. The loan is secured by a mortgage on the Village Centre property and 504 -510 24th. Street property 17,607 Note payable to Florida Community Loan Fund with monthly principal and interest payments of $1,926 through January 2017, at which time the unpaid balance becomes due. The note bears interest at 6.75% per annum and is secured by mortgages on 2401 Spruce Street and 504 -510 24 Street property. 247,880 $1,381,706 13 NEIGHBORHOOD RENAISSANCE, INC. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2013 NOTE 6- SUBSEQUENT EVENT Subsequent to year -end, the City of West Palm Beach filed a foreclosure action against the Organization's property at 504 -510 24"'. Street for non - payment of the Organization's two loans with the West Palm Beach Community Redevelopment Agency. Management has indicated that it does not expect that the City of West Palm Beach will aggressively pursue the foreclosure action as the Organization continues to negotiate with the City of West Palm Beach and believes a payment plan arrangement will be forthcoming. 14 ® Kenneth R. Friedman, CPA Mark S. Feldmesser, CPA Richard L. Karpeles, CPA NEE Friedman, Feldmesser & Karpeles, CPA, LLC www.ffkcpa.com INDEPENDENT AUDITORS' REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Board of Directors Neighborhood Renaissance, Inc. (a non - profit corporation) West Palm Beach, Florida We have audited the financial statements of Neighborhood Renaissance, Inc. (a non - profit corporation) (the "Organization ") as of September 30, 2013, and have issued our report thereon dated December 27, 2013. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards, issued by the Comptroller General of the United Compliance As part of obtairing reasonable assurance whether Neighborhood Renaissance, Inc.'s financial statements are free of material misstatements, we performed tests of compliance with certain provisions of laws. contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards. Internal Control Over Financial Reporting In planning and performing our audit, we considered Neighborhood Renaissance, Inc.'s internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. Our consideration of the inte -nal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that a material misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over the financial reporting and its operation that we consider to be material weaknesses. This report is intended for the information of the Board of Directors, management and applicable City, State, and Federal agencies and is not intended to be and should not be used by anyone other than these specified parties. December 27, 2013 641 University Boulevard, Suite 210, Jupiter, FL 33491 (561) 622-9990 fax: (561) 622-2523 III Kenneth R. Friedman, CPA Mark S. Feldmesser, CPA III Richard L. Karpeles, CPA 1111 K Friedman, Feldmesser & Karpeles, CPA, LLC www.ffkcpa.com Independent Auditors' Report on Compliance with Requirements Applicable to Each Major Program and internal Control over Compliance in Accordance with OMB Circular A -133 To the Board of Directors Neighborhood Renaissance, Inc. COMPLIANCE We have audited the compliance of Neighborhood Renaissance, Inc with the types of compliance requirements described in the U. S. Office of Management and Budget ( "OMB') Circular A -133, Compliance Supplement that are applicable to its major federal program for the year ended September 30, 2013. Compliance with the requirements of Taws, regulations, contracts and grants applicable to its major federal program is the responsibility of Neighborhood Renaissance, Inc.'s management. Our responsibility is to express an opinion on Neighborhood Renaissance, Inc.'s compliance based on our audit. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A -133, Audits of States, Local Governments and Non - Profit Organizations. Those standards and OMB Circular A -133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about Neighborhood Renaissance, Inc.'s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on Neighborhood Renaissance, Inc.'s compliance with those requirements. In our opinion, the Neighborhood Renaissance, inc. complied, in all material respects, with the requirements referred to above that are applicable to its major federal program for the year ended September 30, 2013. INTERNAL CONTROL OVER COMPLIANCE The management of Neighborhood Renaissance, Inc. is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to federal programs. In planning and performing our audit, we considered Neighborhood Renaissance„ Inc.'s internal control over compliance with requirements that could have a direct and material effect on a major federal program in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A -133. 641 University Boulevard, Suite 210. Jupiter, FI. 334 (561) 622-9990 fax: (561) 622-2523 Our consideration of the internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that noncompliance with applicable requirements of laws, regulations, contracts and grants caused by error or fraud that would be material in relation to a major federal program being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving intemal control over compliance and it operation that we consider to be material weaknesses. This report is intended solely for the information and use of the Board of Directors, management and the federal awarding agencies, pass - through entities and is not intended to be and should not be used by anyone other than those specified parties. .Zi't�Cy�' 4., .::C Li d- ere-- CM L L C.' December 27, 2013 17 NEIGHBORHOOD RENAISSANCE, INC. SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS FOR THE YEAR ENDED SEPTEMBER 30, 2013 CATALOG OF FEDERAL FEDERAL GRANTOR OR LENDER DOMESTIC ASSISTANCE PROGRAM TITLE Nom, EXPENDITURES Grants United States Department of Housing and Urban Development 14.256 $ 4,591,592 CDBG Disaster Recovery initiative 14.228 155,210 HOME Community Housing Development 14.239 97,622 18 NEIGHBORHOOD RENAISSANCE, INC. SCHEDULE OF FINDINGS AND RECOMMENDATIONS NONE NOTED 19 NEIGHBORHOOD RENAISSANCE, INC. SCHEDULE OF FINDINGS AND QUESTIONED COSTS NONE NOTED 20 NEIGHBORHOOD RENAISSANCE, INC. SCHEDULE OF PRIOR YEAR AUDIT FINDINGS NONE NOTED 21 1 L HH Boynton LLC, the proposer, has read and understands all the procedures in the Request for Developer qualifications and Proposals prepared by the Boynton Beach Community Redevelopment Agency issued on May 15, 2014. Agreed and attested by: HH Boynton LLC _____,,e, i-H4 C6r).‘tryttn LL-Cr Authorized signor It's Managing Member S ,■,kfl MA i-,t+W _ 1 - 14 Printed name Dated HH Boynton LLC, the proposer, has read and understands all the procedures in the Request for Developer Qualifications and Proposals prepared by the Boynton Beach Community Redevelopment Agency issued on May 15, 2014. Agreed and attested by: HH Boynton LLC .............--e,1 ii 4 16Nt LU.■ Authorized signor It's Managing Member SNOKen gri 'Th ' iik Printed name Dated 0 4- 0 O 0 1 CU M W L `/ - C3 co 40 i, O C }.+ . C ' c O > ro CO 4 a t > > �' c �- - a o + O CD c cv 1, ai 41 m O- C . O E E IA �3 = O • U :=-- ao O . ii x (13 ' E - o L. N E >., r - E .� f O E ?� m .1 Q v s O }' CaA E — tit) U C ` O C C V gy a) v o o E c '� E �; *- N -O E v do L . , -, O E t c W M U U fl- > v m 0.0 1 L c2. C .>• L .= 0 c M = Q . 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N a +� a s _ ° co - -0 N ° a N 0) a C — a • C N O p C C C CO o > a o E . o a 3 ro °J j o > o m c� a O 4, C -) L> ' O - 0 cr t . ra Cl.) 'ate -_ -0 O 1- p a +-' co a) a _ u u 2 C • i • a a a E N 0. s- C • +-+ a — m C cc m V) (O V) < < W v a m t 1- • • • • • • • • • 1- .a ( CERTIFICATION OF DRUG FREE WORKPLACE PROGRAM I certify the firm of Ht•T Ir7n+an LL-C. responding to this RFP maintains a drug -free workplace program, and that the following conditions are met: (1) We publish a statement notifying employees that the unlawful manufacture, distribution, dispensing, possession, or use of a controlled substance is prohibited in the workplace; and specifying that actions will be taken against employees for violations of such programs. (2) We inform employees about the dangers of drug abuse in the workplace, the company's policy of maintaining a drug -free workplace, any available drug counseling, rehabilitation, and employee assistance programs, and the penalties that may be imposed upon employees for drug abuse violations. (3) We give each employee engaged in providing the commodities or contractual services included in this RFP a copy of the statement specified in Subsection (1). (4) In the statement specified in Subsection (1), we notify the employee that, as a condition of working in the commodities or contractual services covered under this RFP, they will abide by the terms of the statement; and will notify the employer of any conviction of, or plea of guilty or nolo contendere to any violation of Chapter 893 or any controlled substance law of the United States or any state, for a violation occurring in the workplace no later than five (5) days after such conviction. (5) We impose a sanction on, or require the satisfactory participation in a drug abuse assistance or rehabilitation program if such is available in the employee's community, by any employee who is convicted. (6) We make a good faith effort to continue to maintain a drug -free workplace through implementation of this section. As the person authorized to sign the statement,1 certify that this firm complies fully with the above requirements, Authorized Signa- - Date 1 ` 14 Name & Title (typed) � Y ' % (.h a P� ® .c '" CERTIFICATION OF DRUG FREE WORKPLACE PROGRAM I certify the firm of AJe ii i, b o; h at t, fi nu 155 tract --Mc. responding to this RFP maintains a drug -free workplace program, and that the following conditions are met: (1) We publish a statement notifying employees that the unlawful manufacture, distribution, dispensing, possession, or use of a controlled substance is prohibited in the workplace; and specifying that actions will be taken against employees for violations of such programs. (2) We inform employees about the dangers of drug abuse in the workplace, the company's policy of maintaining a drug -free workplace, any available drug counseling, rehabilitation, and employee assistance programs, and the penalties that may be imposed upon employees for drug abuse violations. (3) We give each employee engaged in providing the commodities or contractual services included in this RFP a copy of the statement specified in Subsection (1). (4) In the statement specified in Subsection (1), we notify the employee that, as a condition of working in the commodities or contractual services covered under this RFP, they will abide by the terms of the statement; and will notify the employer of any conviction of, or plea of guilty or nolo contendere to any violation of Chapter 893 or any controlled substance law of the United States or any state, for a violation occurring in the workplace no later than five (5) days after such conviction. (5) We impose a sanction on, or require the satisfactory participation in a drug abuse assistance or rehabilitation program if such is available in the employee's community, by any employee who is convicted. (6) We make a good faith effort to continue to maintain a drug -free workplace through implementation of this section. As the person authorized to sign the statement, I certify that this firm complies fully with the above requirements. Authorized Signature: -- (...0 - 4.-c - c; (:11-4-1- D ate /aPY Name & Title (typed) 7 r / Li " C "1 F y e. u hdL j0 ue.. ror 0 J J C O C N r�-I 0 0 0 000 0 m 00 C c 0 a) f0 Y 0 N N N 0 a--1 CO in • 'a C . a-i e-i r•i e• I ei DO 0 i = M a Q P -0 O a U. c - z E O 4‹ 4. VI w i CO • Q� G1 C aj ( y U $ a . �„/ M E o a `Z= m N O O N Ov � C Vi 7' W u U a a 4, CO Q OC o ,n c c > •— 0) a y v m r0 a co 0) u 7 o c a.+ < C CJ u 0 a a .c 5 N C ♦., IA •c VI i0 t - C 00 a. ro 4- H + H 4 p Q c p ip C 0) c a '- s O a ° c t a) ° 0 _ � p o v � E H N1 E m N t o u 'a in m +; Q o v v O +-, •- c 0 > 0 40 Y C _ V Q d L i f0 0. H a) f0 C_ _ N c Il a E Q m m c ca c Q E C U 4-, ±, 4 J 2 p m p p c C LL C 4 +_, 2 'C cu >, p , n 0) 0 c O N E is 0 c m !Z a O l7 a) i0 E 01 i 0)) O E = g a) ar C N 0 17 L 0 m +.., a) +-, >• tip +.+ H 3 0 — C C Z U a v - 00 0) 0) W c p c en , c D 4- ' " •" Z .v 0 > �' E v . w a) . y O a — .c .o — a E 0 a. W W < < Cl. < W U CC ei N M 4- In l0 N i t � .. ... . .. . .. BOYNTO f };_ CRA BOARD MEETING OF: Au 18, 2014 r I Consent Agenda IX I Old Business New Business I I Legal Information Only Consideration of Responses to the RFPIRFQ for Ocean Breeze East Site SUMMARY The CRA issued a Request for Proposal and Qualifications for the CRA owned site known as Ocean Breeze East on May 22, 2014. Proposals were due on July 3, 2013. Two proposals were received; one from Florida Affordable Housing, Inc. and one from HH Boynton LLC. (Attached) A summary of the two proposals is as follows: Florida Affordable Housing, Inc. Portion of NE 6 7 Ave Block • 90 senior low- income rental units • 4 story buildings • Parking is exterior to the project which is discouraged under the HOB plan • Amenities include elevator, clubhouse, pool, dog park, gazebos • Requesting CRA land for free • CRA to subsidize installation of utilities - $1 M • $40,000 annually from the CRA (did not define the term) HH ovtn LLC • Redevelop entire block of NE 6th /NE 7 Avenues (6.3 acres total) • 202 market rate rental units • Built to Florida Green Building Coalition standards • Commercial buildings to front Seacrest Blvd. including medical offices and retail • Buildings will be three stories • Parking interior to the project per the HOB Plan • Amenities include a club house, catering kitchen, fitness center, pool, business center, tot lot, barbecue areas and bike sharing program. • Bus shelter to be built on -site • Requesting CRA land for free • Requesting 50% of TIF for 10 years on residential portion only (approximately $2,080,600 in value) An RFP review committee made up of Michael Simon, Assistant C RA Director, Mike Rumpf, City Planning & Zoning Director, Myra Jones, HOB resident and Lesha Roundtree, HOB resident, reviewed and scored the two proposals based on the criteria of the RFPIRFQ. (Attached) T:IAGENDAS, CONSENT AGENDAS, MONTHLY REPORTS1Completed Agenda Item Request Forms by MeetinglFY 2013 - 2014 Board MeetingslAugust 201418.18.14 - Special Meeting OBEIOBE RFP.doc Q 11 ,RA FISCAL IMPACT: Florida Affordable Housing, Inc. • CRA land for free ($535,000 appraised value) • $11M for Infrastructure • $40,000 annually for debt service • Approximate average annual tax revenue generated from proposed project: $83,000; over a ten year period - $830,000 • Net financial loss to CRA— ($1,105,000) HH Boynton LLC • CRA land for free ($535,000 appraised value) • Requesting 50% of TIF for 10 years (approximately $2,080,600 in value) • Approximate average annual tax revenue generated from proposed project (with TIF agreement): $249,112; over a ten year period - $2,491,120 • Net financial benefit to CRA — $124,480 CRA LAN, PROGRAM OR PROJECT: Heart of Boynton Community Redevelopment Plan RECOMMENDATIONS /OPTIONS: Based on the goals of the Heart of Boynton Community Redevelopment Plan Update, the outcome of the review committees ranking, the overall benefit to the community and the financial commitment required of the CRA, staff is recommending that the Board direct staff to begin negotiations on a Purchase and Development Agreement with HH Holdings LLC to be brought back to the Board at a later date. V ZY Vivian rooks Executive Director T:IAGENDAS, CONSENT AGENDAS, MONTHLY REPORTSICompleted Agenda Item Request Forms by Meeting\FY 2013 - 2014 Board MeetingsAugust 201418.18.114 - Special Meeting OBEIOBE RFP.doc NOTICE OFASPECIALCOMMUNITY REDEVELOPMENT AGENCY BOARD MEETING-MONDAY, AUGUST 18,2014 @ 5:00 P.M. PRIORTO CITY COMMISSION MEETING YouareherebynotifiedthataSpecialCommunityRedevelopmentAgencyBoardMeetingwill beheldonTuesday,August19,2014(PriortoCityCommissionMeeting)inCommission Chambers(100EastBoyntonBeachBlvd.,BoyntonBeach,FL)at5:00p.m.forthe purpose of theCRABoard’sConsideration oftheresponsesto theRFP/RFQfortheOceanBreezeEast Site. JerryTaylor,Chairperson VivianBrooks, ExecutiveDirector Boynton BeachCommunityRedevelopment Agency 710 N. Federal Highway Boynton Beach,FL33435 561-737-3256 NOTICE IF APERSONDECIDES TOAPPEALANY DECISION MADE BYTHE CRABOARD WITHRESPECTTOANY ,/, MATTERCONSIDEREDATTHISMEETINGHESHEWILLNEEDARECORDOFTHEPROCEEDINGSANDFOR ,/, SUCHPURPOSEHESHEMAYNEEDTOENSURETHATAVERBATIMRECORDOFTHEPROCEEDINGISMADE . WHICHRECORDINCLUDESTHETESTIMONYANDEVIDENCEUPONWHICHTHEAPPEALISTOBEBASED (..286.0105) FS THECRASHALLFURNISHAPPROPRIATEAUXILIARYAIDSANDSERVICESWHERENECESSARYTOAFFORD ANINDIVIDUAL WITHADISABILITYANEQUAL OPPORTUNITYTOPARTICIPATE IN AND ENJOY THE ,,. BENEFITSOFASERVICEPROGRAMORACTIVITYCONDUCTEDBYTHECITYPLEASECONTACTTHECRA (561)737-3256-M ATATLEASTTWENTYFOURHOURSPRIORTOTHEEETINGPROGRAMORACTIVITYIN . ORDERFORTHECRA TO REASONABLYACCOMMODATEYOURREQUEST