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Agenda 08-29-17BOYNT` ;. "BEACH ,CRA Community Redevelopment Agency Board Meeting Tuesday, August 29, 2017 - 6:30 PM City Commission Chambers 100 E. Boynton Beach Blvd. Boynton Beach, FL 33435 561-737-3256 CRA Board Special Meeting AGENDA I. Call to Order II. Invocation III. Roll Call IV. Agenda Approval A. Additions, Deletions, Corrections to the Agenda B. Adoption of Agenda V. Old Business A. Discussion and Consideration of the RFP/RFQ for the CRA Owned Property located at 700 N. Seacrest Boulevard, also known as the Ocean Breeze East Site VI. New Business A. Discussion and Consideration of CRAAdvisory Board Attendance at the 2017 Florida Redevelopment Conference VII. 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 CRA PLEASE CONTACT THE CRA, (561) 737-3256, AT LEAST 48 HOURS PRIOR TO THE PROGRAM OR ACTIVITY IN ORDER FOR THE CRA TO REASONABLY ACCOMMODATE YOUR REQUEST. ADDITIONAL AGENDA ITEMS MAY BE ADDED SUBSEQUENT TO THE PUBLICATION OF THE AGENDA ON THE CRA'S WEB SITE. INFORMATION REGARDING ITEMS ADDED TO THE AGENDA AFTER IT IS PUBLISHED ON THE CRA'S WEB SITE CAN BE OBTAINED FROM THE CRA OFFICE. BO, YNTC)X' �'A" k BEA. ., BOYNTON BEACH•REDEVELOPMENT AGENCY SPECIAL MEETING RFP/RFQ OCEAN BREEZE , {p 100 E. BOYNTON BEACH BOULEVARD, BOYNTON BEACH, FL The CRA Board will review each Proposal based on the following criteria: • Experience in completing comparable development projects within markets similar to the project area. • Experience in management for affordable senior and/or multifamily rental developments. • Project's adherence to the goals and objectives of the RFP/RFQ and referenced BBCRA planning documents, adherence to the "Site Plan Criteria," design, resident amenities and public benefits. • Proposed financial terms, purchase price, development and operating pro forma. • Proposed plan or program to use local contractors, sub -contractors and residents in the project. SPECIAL MEETING PROCEDURES: 1. The CRA Board Special Meeting will be held on August 29, 2017 at 6:30 p.m. in the City Commission Chambers located at 100 E. Boynton Beach Boulevard, Boynton Beach, FL 33435. All Proposers are requested to arrive promptly no later than 6:30 p.m. 2. As a professional courtesy, Proposers who are not presenting may wait or use the lobby area to prepare for their presentations. 3. Each proposer will be given a maximum of five (5) minutes to introduce the team and key staff and 25 minutes (total of 30 minutes) for their presentation and to address questions from the CRA Board. 4. The proposers will appear in the following order: a. Centennial Management Corporation 6:30 p.m. b. Ocean Breeze Housing Partners, LP 7:00 p.m. c. Roundstone Development, LLC 7:30 p.m. d. Turnstone Development Corporation 8:00 p.m. 5. After the presentations, the CRA Board may discuss and select a Proposer based on the RFP/RFQ Evaluation & Selection Criteria (see above). The Board may seek input from CRA staff. 6. If the CRA Board chooses to select the successful Proposer at the meeting, the Board will proceed with the selection process. 7. The Board may use any selection process it desires. Staff recommends the following selection process: Each CRA Board member ranks the Proposers from 1-4 (1- most preferred to 4 — least preferred) on the Evaluation and Ranking Form provided by staff. The Board members then sign and date their forms and submit their results to the CRA staff and legal counsel for tallying at the meeting. 8. The successful Proposer will be the one with the lowest total score. The Board may choose one the following alternative options if the Board decides not to select the successful Proposer at the meeting (see Agenda Item cover sheet): a) Approve a new assignment to the CRAAB to review the proposals at their September 6, 2017 meeting and provide a recommendation to the CRA Board for their consideration; b) Reject all Proposals and terminate the Ocean Breeze East RFP/RFQ process; or/ c) Provide CRA staff with other options or direction. EVALUATION AND RANKING FORM r�{(�, ��t1 r l� l ��Il'1 ��>cc }�i�}}� ,i�s .:.} ` ►� j + �2 :�+;I � ' �(ij� r > } 1+ c 5;1}s } 1 t 'r�{ 4+ u r,•, S �� {��<`iS � }I�IIII f ��i, ,�� r t rr�; ,ts r` �� }i c ,.h; ,, � }{fr, r 5 >,(� r jic i r}s r, rrtrr } , s, �� 1} },f, 1i, t, 1� lr 7ll,itrr t PROPOSER DEVELOPER Turnstone Development Corporation Roundstone Development, LLC Centennial Management Corporation Ocean Breeze Housing Partners, LP Name (Please Print) Signature Date: /\0 N. Seacrest B i. Boynton B Florida Centennial Management Corp. A::+: <� \� ( • ><.:> . y, < Summary of Options Centennial Management Corp Ocean Breeze East #1 Immediate Closing Land CRA CRA TIF Utility Fee Impact Fee Units Purchase CRA Funds Mortgage Funds Credit Waiver 100 800,000 551,000 0 0 247,303 No #2 9% HC Contingency Land Initial CRA CRA TIF Utility Fee Impact Fee Units Purchase CRA Funds Mortoage Funds Credit Waiver 123 1,400,000 551,000 0 0 279,469 No #3 SAIL Loan Contingency Land lritial CRA CRA TIF Utility Fee Impact Fee Units Purchase CRR Funds Mort a e Funds Credit Waiver 108 800,000 551,000 0 0 279,469 No #4 CRA Funding Land Initial CRA CRA TIF Utility Fee Impact Fee Units Purchase CRA Funds Mort a e Funds Credit Waiver 100 1,000 500,000 0 350,000 No No per year 15 years WHO WE ARE Full service real estate company with Development, Management, and Certified General Contractor entities Lewis V. Swezy, Principal and Qualifier 37 years of experience in affordable housing development, construction, and management in South Florida Portfolio includes affordable housing, market rate housing, mixed-use, mixed -income, commercial, retail, industrial, and land holdings WHAT WE DO Handle every step of the development process: Land Acquisition, Financing, Construction, Marketing, Property Management Intimately familiar with the intricacies of structuring and developing mixed -finance projects with government involvement including HUD, Florida Housing Finance Corporation, Housing Finance Authorities, Community Development Agencies throughout South Florida Have partnered with Cities of Hallandale Beach, Miami, and Davie to complete affordable housing communities Manage our Portfolio In -House Financial strength and knowledge to structure development funding using a variety of sources including HUD, FHFC, SAIL, SURTAX, SHIP, HOME, CDBG, HFA , FHA} Mod -Rehab, and See -8 funds with conventional loans and private equity All projects completed on-time & on -budget and all financial obligations are current at all times Expertise in market evaluation and due diligence is an integral part of our financial risk assessment process Bonding capacity of sioa million (Provided) Equity partners and lenders recognize our financial capacity & development capability (Provided) Properties Currently Owned & Managed Include over 3,00o Residential Units as well as approximately 900,000 square feet of Commercial, Retail & Industrial Space Mal Name of Development Address New Construction or Rehabilitation Design Type No. of Slgs Units Total Development Cost Date of Completion Current Status Chateaux Apartments 231 East 2nd Street, Hialeah, F] 33010 Rehabilitation Garden 3 28 $900,000 1989 Complete Vizcaya Villas 8005 NW 8 Street, Miami, FI 33126 New Construction Mid -rise 2 174 $12,000,000 1996 Complete Southwinds Apartments 149 East 3rd Street, Hialeah, Fl 33010 New Construction Mid -rise 1 68 $6,000,000 1996 Complete Naranja Villas 14015 SW 264 Street, Naranja, Fl 33032 New Constr./Rehab. Garden 18 90 $6,000,000 1997 Complete Royal Palm Gardens 1 1 10 East Mowry Drive, Homestead, FI 33032 New Construction Garden 14 145 $10,000,000 1997 Complete Pembroke Park Apts 3700 SW 52nd Ave, Pembroke Park Fl 33023 New Construction Garden 16 244 $17,400,000 1999 Complete Pembroke Gardens 3701 SW 52nd Ave, Pembroke Park Fl 33023 New Construction Garden 13 198 $16,000,000 2000 Complete Country Club Villas 18231 NW 73rd Ave, Miami, FI 33015 New Construction Garden 9 216 $]7,700,000 2001 Complete Chaves Lake Apts 201 NW 8th Ave, Hallandale Beach, Fl 33009 New Construction Garden 10 238 $22,000,000 2002 Complete Pembroke Villas 4801 SW 41 Street, Pembroke Park, Fl 33023 New Construction Garden 12 180 $16,300,000 2003 Complete Country Club Villas II 6861 NW 179 Street, Miami, Fl 33015 New Construction Garden 9 214 $17,500,000 2003 Complete Miami Stadium Apts 2625 NW 10 Ave, Miami, Fl 33127 New Construction Garden 14 336 $27,500,000 2003 Complete Banyan Club 1850 NE 48 Street, Pompano Beach, FI 33084 Rehabilitation Garden 3 147 $682,500 2009 Complete Cielo Apartments 1930 Marseilles Drive, Miami Beach, Fl 33139 Rehabilitation Garden 2 18 $288,620 2012 Complete El Jardin 3300 El Jardin Drive, Davie, Fl 33024 Rehabilitation Garden 28 236 $2,250,987 2012 Complete La Joya Apartments 26700 SW 142 Ave, Naranja, Fl 33032 New Construction Garden 6 150 $23,306,973 2015 Complete Orchid Estates SW Corner SW 264 St/146 Ct, Naranja, FI 33032 New Constriction Garden 3 74 $14,087,164 2017 Under Cons' r La Joya Estates NE Corner SW 143 Av/267 St, Naranja, Fl 33032 New Construction Garden 5 106 $16,754,000 Est. 2018 In Underwriting Redland Crossings 26620 Old Dixie Hwy, Naranja, Fl 33032 New Construction Garden 4 134 $27,355,442 Est. 2019 In Underwriting Lake Point Plaza 1005 and 1025 W 76 Street, Hialeah, Fl 33014 Rehabilitation Garden 2 76 $12,862,172 Est. 2018 In Underwriting Totals: 174 3,072 $266,887,858 Note: Some smaller projects not listed. Experience as General Rehabilitation Contractor Name of Development Location New Construction Development Total Construction Project Hialeah, Fl or Rehabilitation Type Number of Cost Completion 4,080,000 1996 Naranja Villas Units Date Chateaux Apartments Hialeah, Fl Rehabilitation Garden 28 840,000 1989 Southwinds Apartments Hialeah, Fl New Construction Mid -rise w/ Elevator 68 4,080,000 1996 Naranja Villas Naranja, Fl New Constr./Rehab. Garden 90 4,050,000 1997 Royal Palm Gardens Homestead. FI New Construction Garden 145 8,700,000 1997 Pembroke Park Apartments Pembroke Park, Fl New Construction Garden 244 14,640,000 1999 Pembroke Gardens Pembroke Park, Fl New Construction Garden 198 11,880,000 2000 Country Club Villas Miami, Fl New Construction Garden 216 12,960,000 2001 Chaves Lake Apartments Hallandale Beach, Fl New Construction Garden 238 14,280,000 2002 Pembroke Villas Pembroke Park, Fl New Construction Garden 180 10,800,000 2003 Country Club Villas II Miami, Fl New Construction Garden 214 12,840,000 2003 Miami Stadium Apartments Miami, FI New Construction Garden 336 20,160,000 2003 Banyan Club East Pompano Beach, FI Rehabilitation Garden 147 682,500 2009 Cielo Apartments Miami Beach, Fl Rehabilitation Garden 18 290,000 2012 El Jardin Davie, Fl Rehabilitation Garden, Mid -Rise w/ Elevator 236 800,180 2012 Orchid Estates Naranja, Fl New Construction Garden 74 8,287,000 2017 Total: 2,432 Management Experience 1 Name of Development I Location (City & State) Currently Managing or Formerly Managed Length of Time (# of ears) I Total # of Units Residential 5-35 E 37 Stree: iHialeah, Fl Currently 35 Years 16 1000 NW 27 Street Miami, Fl Carrently 35 Years I 8 s Lake Point Plaza Hialeah, H CUI-rC-.t!y 35 Years 76 241 E 2 Street Hialeah, FI Currently 35 Years 8 476 E 28 Street Hialeah, Fl Currently 35 Years 13 Lakeview Apartments lHialeah, E Currently 35 Years 30 `Alma Apartments IHiale,h, H currently 35 Years 26 (Chateaux Apartments JHialeah, F.- Currently _� 26 Years 21 Cielo A,artments Miami Beach, FL Currently 26 year t8 R & L Apartments Hialeah, Fl Currently i 26 Years 10 EI Jardin A artmen's Davie, FL Currently 26 Years 235 Oasis Vitas Miami, FL Currently 24 Years 47 Florence Manor Miami Beach, FL Currently 21 Years 16 Swczv Apartments Miami Beach, FL I Currently 2 Years 10 Southwinds Apartments Hialeah, FL Currently 20 Years 68 Ro al Palm Gardens Homestead, FL Currently 20 Years 145 Vizcaya Villas Miami, FL Currently 19 Years i74 Naran'a Villas ;Naranja, FL Ciirrt-.ntiv 19 Years 90 Pembroke Park A artments Pembroke Park, FL Currently i 8 Years 244 Pembroke Gardens Pembroke Park. FL Currently 16 Years ':98 Country Club Villas Miami, FL Currently 5 Years 216 Pembroke Villas 1penibroke Park, FI Currently 3 Years i80 Countr v Club Villas 11 Miami, FI Current!y 13 Years 214 Chaves Lake Apartments Haliandale Beach, H Curreritiy 13 Years 238 Miami Stadium Apartments Miami, H Currently 13 Years 336 Banyan Club Pompano Beach, FI O.,nently 10 Years 147 LaJo aApartments =Nnrmi., FL Currently ' Year 150 Total Residential Units 2,935 AFFORDABLE HOUSING Name of —Development Affordable Housing Program Partici ation Total # of Units Year Completed Through FHFC Other Chaves Lake Apts Housing,Credits, SAIL HOME 238 2002 Cielo Apartments Housing Credits Proiect Based Section 8, CDBG I I8 1990 Country Club Villas Housing Credits, Guarantee Fund Surtax 216 2001 Country Club Villas II!, Housing Credits, SAIL Surtax 214 2003 La Jo a Apartments Housing Credits Surtax, HOME 150 2015 Miami Stadium A is Housing Credits, SAIL Surtax, HOME 336 2003 Naran'a Villas Housing Credits, HOME HOME, CDBG 90 1997 Orchid Estates Housing Credits Surtax 74 2017 Pembroke Gardens Housing Credits ] 98 2000 Pembroke Park A is Housing Credits, SAIL 244 1999 Pembroke Vitlas Housing Credits, Guarantee Fund HOME 180 2003 Royal Palm Gardens Housing Credits CDBG 145 1997 Southwinds A is Housing Credits, SAIL HOME, CDBG 68 1996 Swezy Apartments Housing Credits Pro'ect Based Section 8 10 1990 Vizcaya Villas I Housing Credits, Guarantee Fund HOME 174 1997 La Jo a Estates i Housing Credits HOME, CDBG 106 2018 Lake Point Plaza Housing Credits 76 2018 Redland Crossings Housing Credits, SAIL 134 2019 Total Tax Credit Units 2,671 1 r Properties Developed, Constructed & Managed A Few Photos rtments 4�W Chaves Lakes Apart (Hallandale Beach) 11 Ci t y o f Mia m gi) (Hialeah) INISHED PRODUCT M E2 Granite Kitchens Lobby Future Developments 2017/2oi-8 STADIUPJi TOWER APARTMENTS J# d'..4 t !. ( -,4 2 NARANJA Management�' 9 Civic Responsibilities Generous Donations Neighborhood Projects Outstanding Improvements Beautification Curb Appeal Compliance olAppreb.-ation r �•„ G � �. f 74CITY M.' CIPM L 0 Lift) 'Aularb I '4111' ll I Ti tl ZII a v � Qur-Team Architect Forum Architecture and Interior Design, Inc. In business since 1986, Forum is an award winning design firm which specializes in multifamily residential design including green certified Affordable Housing Developments. 100,000 apartments completed. d. Local Resident/ Business Outreach Coordinator The Merchant Strategy, Inc. The Merchant Strategy is represented by Sophia Nelson who has more than Zo years of experience in public involvement, community outreach, p g local employment development, marketing, public relations business development strategies, and events management including Boynton Beach Town Square. Resident Programs and Services Manager Boynton Beach Faith Based Community Development Corp. Intimately familiar with Boynton Beach, Ms. Joseph implements educational programs, counsellingand activities for local residents. She has in-depth e of Tax Credit p g and similar requirements. Pre -Development Community Involvement Proactive outreach to all stakeholders Early and continuous community participation throughout the process Reasonable access to information Opportunities for comment prior to key decisions Focused community participation on decisions Activities to help build positive consensus amongst residents and businesses Activities to provide positive information to the media Coordinate meeting locations for civic functions, after school programs Employment and contracting opportunities during construction and thereafter Conduct not less than one (1) job fair prior to the start of construction of the project Provide job training workshops not less than twice annually during the construction period Provide effective notice to residents of job opportunities Assist in establishing mechanisms whereby residents can receive job training in the skills requested by the residents within the project Provide a system for prompt reliable pre-screening and referral of applicants as jobs become available Cente OUR PLAN MAINTAINS NEIGHBORHOOD CHARACTER AND IS CONSISTENT WITH THE CRA VISION & "HEART OF BOYNTON BEACH" PLAN Helps to strengthen the amazing work already done in the neighborhood by the Ocean Breeze West project Retail addressing local need Multifaceted Community Center for Tenants and Residents Urban Plaza adjacent to Community Center and Retail vffl 0-91 Am 7 Aq y l t �� w FORUMIN vlroWsed Elevaticii 714 OCEAN BREEZE EAST APARTMENTS 11 AUG 2017 - Boyntcn Beach, FL Conceptual Site Plan' PROJECT INFQ2MAT;r,`4 4.12 acre site 4 three-story garden -style resAprela. bay ding Amenifes;nc :ude a clubhoUSer Poo;, COM monify room and refa;l -'P-lce Total Units: 123 units F inq Soaces: 216 spaces provided pollk'ney Patio; 1 _74 3poce5 unit Ah Avenu,.i I�Iubh use; 2,500 ;f A peta�,: 2-200 1 4 ", __4 CommunityFoom: I .000 f F :iver a4 interec-% 7� J -77) v Pcff• �:'Fje IL t LF nude P" Zee e CUff-eel _es 'r4 de c"o` A V i -- zn Zi L !tA P�wer it ccr-� jnr., etra: �e FORUMS Proposed Site Plan OCEAN BREEZE EAST APARTMENTS 11 AUG 2017 - Boynton Beach, FL FORUMS ~°= One eoumom/One BmmmnmUnit Plan 709 s OCEAN BREEZE EAST APARTMENTS 11 AUG 2017 - Boynton Beach, FL FORUME a`.^, WH&Wdf Olt. - 3 * Wl-- --4 C;IP:IfL ---'4 Two Bedroorp, Two Bathroom Unit Plan - C 10 sf OCEAN BREEZE EAST APARTMENTS 11 AUG 2017 Boynton 3each, FL FORUME Three Bedroom I, Two 6athroorn Unit Plan -1, 105 sf OCEAN BREEZE EAST APARTMENTS 375 W.--4 om. 2:,7rpm— PL W', 1c7-em,Aar I t -w--, • , , 11 AUG 2017 - Boynton Beach, FL COMMUNITY FEATURES Club House with Pool Community Center with Community Room, Computer Room, and other Features pending Community Input Fitness Center Beautiful Building Design Open Areas with Lush Landscaping Tot Lot Laundry Room with State of the Art Card Operated Equipment UNIT FEATURES Balconies/ Patios in all Units Wood Cabinets Granite Countertops Tile Flooring Large Walk -In Closets Washer & Dryer Connections in all Units Window Treatments GREEN CERTIFICATION National Green Building Standard High Efficiency 15 SEER AC Units Energy Star Appliance Packages Water Sense Plumbing Fixtures - Energy Star Lighting Fixtures Energy Efficient Hurricane Impact Windows & Sliding Glass Doors Programmable Thermostats Timer or Censor Controlled Exterior Lighting Development y r•"• -e C7 c" a71 x 6; I,�T^1 _I! h `-r/ 4._ Provides a stringent standard for environmental design and indoor environmental quality • Centennial is well -versed in all aspects of GREEN certified development from pre -construction planning and engineering to post -construction inspections and certification: ❖ Completed NGBS Certified Development: La Joya Apartments, 2015 ****3 projects currently in development are designed & pre -certified NGBS for completion in Zoll -i8 Proposed activities subject to community input include: Literacy training Employment Assistance Training Family Support Coordination Life planning, mentoring Financial counseling First time home buyer counselling Assist and procure the participation of each tenant/resident within the project in participating in job fairs and other community programs. After School programs Social Functions Pool Party Halloween Resident Activity Pa rty Favor Play Ground Community Improvements I o addition to the features and amenities provided at ocean Breeze East, we commit to contributing to the local community as follows: Contribution of new playground equipment to a nearby park. Donation of 8 touch screen computers to local high school or City Community Center at the discretion of the City. Annual donations to City for community toy give-away during holidays or back to school. You I .summary of Options Centennial Management Corp Ocean Breeze East #1 Immediate Land CRA CRA TIF Utility Fee Impact Fee Units Purchase CRA Funds 11Lrtgage Funds Credit Waiver Credit Waiver 100 800,000 551,000 0 0 247,303 No #2 9% HC Land Initial CRA CRA TIF Utility Fee Impact Fee Units Purchase CRA Funds Mortgage Funds Credit Waiver 123 1,400,000 551,000 0 0 279,469 No #3 SAIL Loan Contingency Land Initial CRA CRA TIF Utility Fee Impact Fee Units Purchase CRA Funds Mortgage Funds Credit Waiver 108 800,000 551,000 0 0 264,000 No #4 CRA F Land Initial CRA CRA TIF Utility Fee Impact Fee Units Purchase CRA Funds Mortgage Funds Credit Waiver 100 1,040 500,000 0 350,000 No No per year 15 years Ocean Breeze Fast Sources and Uses Boynton Beach Participation $551,000 Contribution NO TIF Funds Land Sold for $800,000 $247,000 Utility Fee Waiver No Permit Fee Waivers OPTION_ #1 Immediate Closing, Units: 100-123 This Option Allows for Choice of Options #1, #2, #3 and #4 Ocean Breeze Last Sources and Uses Boynton Beach Participation $551,000 Contribution NO TIF Funds Land Sold for $1,400,000 $279,000 Utility Fee Waiver NO Permit Fee Waivers SOURCES First Mortgage Tax Credit Equity Local Government Contribution Deferred Developer Fee Total Sources of Funds USES Hard Construction Costs General Development Costs Financial Costs Contingencies Developer Fee Land Costs Operating Reserves / Other Total Uses of Funds OPTION #2 9% Housing Tax Credits Units: 123 Interest 5.00% DSR 1.49 HC Rate 0.96 Oper Exp. $6,407 Amortization 30 Deferred Fee 190,481 TIF $9 Permanent Construction Per Unit Fundina Funding 33,659 $4,140,000 $11,500,000 164,020 $20,174,410 $10,087,204 4,480 $551,000 $0 1,549 $190,481 $3,200,812 203706 $25,055,891 $24,788,016 Per Unit Permanent Construction 129,848 $15,971,314 $15,971,314 20,340 $2,501,764 $2,501,764 4,946 $608,350 $608,350 7,509 $923,652 $923,652 26,023 $3,200,812 $3,200,812 11,382 $1,400,000 $1,400,000 3,659 $450,000 203,706 $25,055,891 $24,605,891 Ocean Breeze Bast Sources and Uses Boynton Beach Participation $551,000 Contribution NO TIF Funds Land Sold for $800,000 $267,000 Utility Fee Waiver No Permit Fee Waivers SOURCES First Mortgage Tax Exempt Bonds Tax Credit Equity SAIL Loan FHFC Local Government Contribution Other - ELI Loan Deferred Developer Fee Total Sources USES Hard Construction Costs General Development Costs Financial Costs Contingencies Other Development Costs Land Costs Operating Reserves / Other OPTION #3 SAIL Loan Units: 108 Oper Exp. 5,812 Interest 5.50% DSR 1.35 Amort 35 HC Rate 0.96 Deferred Fee 1,264,848 TIF 0.00 Permanent Construction Per Unit Funding Funding $45,185 $4,880,000 $10,500,000 $74,792 $8,077,542 $2,019,385 $64,815 $7,000,000 $7,000,000 $5,102 $551,000 $0 $5,556 $600,000 $600,000 $11,712 $1,264;848 $3,230,582 $207,16102 $22,373,390 $23,349,967 Per Unit Permanent Construction $129,964 $14,036,104 $14,036,104 $20,176 $2,178,955 $2,178,955 $8,536 $921,875 $921,875 $7,507 $810,751 $810,751 $29,913 $3,230,582 $3,230,582 $7,407 $800,000 $800,000 $3,659 $395,122 Total Uses of Funds $207,161.02 $22,373,390 $21,978,268 Ocean Breeze East Sources and Uses Boynton Beach Participation $500,000 Contribution $350,000 TIF over 15 Years Land Sold for $1,000 NO Utility Fee -Credit NO Fee Waivers NO FHFC Lottery Contingency SOURCES OPTION #4 CRA FUNDING Units: 100 Oper Exp. 5,840 Interest 5.50% DSR 1.25 Amort 35 HC Rate 0.96 Deferred Fee 780/0 TIF 350,000 Permanent Construction Per Unit Funding Fundinq First Mortgage / TIF $350,000 over 15 yeas $98,800 $9,880,000 $15,500,000 Tax Credit Equity (non-competitive) $76,579 $7,657,914 $1,914,478 SAIL Loan FHFC $0 $0 $0 Local Government Contribution $5,000 $500,000 $0 Deferred Developer Fee $23,833 $2,383,332 $3,059,144 Total Sources of Funds USES Total Hard Construction Costs Total General Development Costs Total Financial Costs Contingencies Total Other Development Costs Total Land Costs Operating Reserves / Other Total Uses of Funds $204,212.46 $20,421,246 $20,473,622 Per Unit Permanent Construction $129,848 $12,984,808 $12,984,808 $21,286 $2,128,645 $2,128,645 $11,261 $1,126,125 $1,126,125 $7,557 $755,671 $755,671 $30,591 $3,059,144 $3,059,144 $10 $1,000 $1,000 $3,659 $365,854 $204,212.46 $20,421,246 $20,055,392 LETTERS OF INTENT FOUR. OPTIONS 1. Immediate dosing 2. Housing Credit Contingency 3. SAIL Loan Contingency 4. CRA Funding Assistance May 24, 2017 Centennial Management Corp. 7735 NW 146 Street, Suite 306 Miami Lakes, Fl 33016 (305) 821-0330 Fax (305) 821-0402 LETTER OF INTENT TO PURCHASE REAL PROPERTY OPTION #1— Immediate Closing Michael Simon, Executive Director Boynton Beach Community Redevelopment Agency 710 North federal Hwy Boynton Beach, F133435 Property: Ocean Breeze East 700 North Seacrest Blvd, Boynton Beach, F1 Parcels 08-43-45-21-10-001-0010 and 08-43-45-21-00-000-0021 Dear Michael: We are pleased to present this Letter of Intent to purchase the above referenced property all cash with no funding contingencies and immediate closing. We are willing to make an immediate investment in the redevelopment of Boynton Beach to the benefit of the City of Boynton Beach and its residents. In other words, we are willing to "put our money where our mouth is." Closing right away is most advantageous to the City: 1. Start collecting property taxes right away 2. Turn over the property maintenance and carrying cost to us right away 3. Take away uncertainty about Ocean Breeze East With over 30 years of affordable housing development and property management experience - in South Florida, Centennial Management Corp (CMC) has the expertise to maximize affordable housing development and funding opportunities to best serve the community. Option #1 is summarized as follows: - Purchase Price: $$00,000 - City Contribution: $551,000 (approximately) - Utility Connection Waivers: $247,303 - Building Permit Waivers: None - Impact Fee Waivers: None - Annual TIR Investment: None - Closing Conditions: Good and Marketable title Centennial Management's Obligations: • CMC shall each of the next testi (10) years apply to Florida Housing Finance Corp (FHFC) for 9% Housing Credits and/or SAIL funds as may be available each year • Once 91/o Tax Credits or SAIL funds are awarded, CMC will develop and manage 100 affordable housing rental apartments comprised of 1, 2 and 3 bedroom floor plans restricted to Area Median Income (AMI) set forth in SAIL and HC RFAs. • The development will provide a club house and community room along with pool, exercise facilities and other amenities. • No City funds would be disbursed until construction is underway. • Tax exempt bonds and 4% non-competitive tax credits are awarded along with SAIL funds. • If neither SAIL nor 9% HC is awarded to CMC during the next 10 years, then CMC may after the 10 years pursue market rate options as well, and there shall be no further obligations between the CRA and CMC. • CMC will pursue other gap funding options such as a $1 Million HOME loan RFA soon to be issued by Palm Beach County Department of Economic Sustainability • CMC will pursue the County's Impact Fee Affordable Housing Assistance Program which currently has close to $100,000 available for road impact fee assistance in the zone where Ocean Breeze East is located. • CMC will work with the City in pursuit of hiring Boynton Beach businesses and residents for construction and permanent: employment. • CMC will work with the City to help persuade FHFC to introduce a Workforce SAIL RFA for Palm Beach County The CRA's Obligations: • The CRA shall commit the required Local Government Contribution as may be required for CMC's applications to qualify for maximum points under Local Government Area of Opportunity. • The CRA shall commit the same amount to CMC for SAIL applications as well. • The CRA/City will waive utility connection fees CRA's Option to Fund • if, at any time during the 10 years of applying to FHFC no 9% HC or SAIL funds have been secured, the CRA may at its sole discretion, choose to provide a loan of about $1.3 million (to cover the land cost already paid by CMC plus additional $500,000) and $350,000 in TIF funds annually for 20 years. City funding is to be adjusted upward to reflect higher cost of construction at that time. CMC would then start development and construction expediently. We are ready to present hearing from yoi Sincerely, Lewis Svc President 305-720-' Vi to the Board with short notice. We look forward to May 24, 2017 Centennial Management Corp. 7735 NW 146 Street, Suite 306 Miami Lakes, FI 33016 (305) 821-0330 Fax (305) 821-0402 LETTER OF INTENT TO P URCHASE REAL PROPERTY OPTION #2 — 9% Housing Credits (HC) Michael Simon, Executive Director Baynton Beach Community Redevelopment Agency 710 North federal Hwy Boynton Beach, F133435 Property: Ocean Breeze East 700 North Seacrest Blvd, Boynton Beach, FI Parcels 08-43-45--21-10-001-0010 and 08-43-45--21-00-000-0021 Dear Michael: We are pleased to present this Letter of intent to purchase the above referenced property for $1,400,000 subject to 9% HC Funding. With over 30 years of affordable housing development and property management experience in South Florida, Centennial Management Corp (CMC) has the expertise to maximize affordable housing development and funding opportunities to best serve the community. Option #2 is summarized as follows: - Purchase Price: $1,400,000 - City Contribution: $551,000 (approximately) - Utility Connection Waivers: $279,469 - Building Permit Waivers: None - Impact Fee Waivers: None - Annual TIR Investment: None - Closing Conditions: Good and Marketable title and award of 9% HC Centennial Management's Obligations: • CMC shall apply to Florida Housing Finance Corp (FHFC) for 9% Housing Credits and/or SAIL funds as may be available each year • Once 91/o Tax Credits are awarded, CMC will develop and manage 123 affordable housing rental apartments comprised of 1, 2 and 3 bedroom floor plans restricted to Area Median Income (AMI) se: forth in HC RFAs. The development will provide a club house and community room along with pool and exercise facilities and other amenities. • CMC will pursue other gap funding options such as a $1 Million HOME loan RFA soon to be issued by Palm Beach County Department of Economic Sustainability CMC will pursue the County's Impact Fee Affordable Housing Assistance Program which currently has close to $ 100,000 available for road impact fee assistance in the zone where Ocean Breeze East is located. CMC will work with the City in pursuit of hiring Boynton Beach businesses and residents for construction and permanent employment. CMC will work with the City to help persuade FHFC to introduce a Workforce SAIL RFA for Palm Beach County The CRA's Obligations: • The CRA shall commit the required Local Government Contribution as may be required for CMC's applications to qualify for maximum points under Local Government Area of Opportunity. o The CRA./City will waive utility connection fees We are ready to present our proposals to the Board with short notice. We look forward to hearing from you. Sincerely, Swezv 305-720-335( May 24, 2017 Centennial Management Corp. 7735 NTS 146 Street, Suite 306 Miami Lakes, Fl 33016 (305) 821-0330 Fax (305) 821-0402 LETTER OF INTENT TO PURCHASE REAL PROPERTY OPTION #3 -- SAIL Loan Michael Simon, Executive Director Boynton Beach Community Redevelopment Agency 710 North federal Hwy Boynton Beach, F133435 Property: Ocean Breeze East 700 North Seacrest Blvd, Boynton Beach, Fl Parcels 08-43-45-21-10-001-0010 and 08-43-45-21-00-000-0021 Dear Michael: We are pleased to present this Letter of Intent to purchase the above referenced property for $800,000 subject to FHFC SAIL loan funding. With over 30 years of affordable housing development and property management experience in South Florida, Centennial Management Corp (CMC) has the expertise to maximize affordable housing development and funding opportunities to best serve the community. Option #3 is summarized as follows: - Purchase Price: $800,000 - City Contribution: $551,000 (approximately) - Utility Connection Waivers: $247,303 - Building Permit Waivers: None - Impact Fee Waivers: None - Annual TIR Investment: None - Closing Conditions: Good and Marketable title and award of SAIL loan Centennial Management's Obligations: • CMC shall apply to Florida Housing Finance Corp (FHFC) for 9% Housing Credits and/or SAIL funds as may be available • Once SAIL funds are awarded, CMC will develop and manage 108 affordable housing rental apartments comprised of 1, 2 and 3 bedroom floor plans restricted to Area Median Income (AMI) set forth in HC RFAs. The development will provide a club house and community room along with pool and exercise facilities and other amenities. 0 4% 'Tax Credits and Tax Exempt Bond funding will be available along with SAIL funds May 25, 2017 Centennial Management Corp. 7735 NW 146 Street, Suite 306 Miami Lakes, K 33016 (305) 821-0330 Fax (305) 821-0402 LETTER OF INTENT TO PURCHASE REAL PROPERTY OPTION #4 — CRA Funding Michael Simon, Executive Director Boynton Beach Community Redevelopment Agency 710 North federal Hwy Boynton Beach, Fl 33435 Property: Ocean Breeze East 700 North Seacrest Blvd, Boynton Beach, Fl Parcels 08-43-45-21-10-001-0010 and 08-43-45-21-00-000-0021 Dear Michael: We are pleased to present this Letter of Intent to purchase the above referenced property. without competitive funds from sFHFC (no lottery) and requiring only a limited CRA contribution as follows: Land Purchase Price: - CRA Contribution: Annual TIR Investment: Utility Connection Waivers Building Permit Waivers: - Impact Fee Waivers: - Closing Conditions: $1,000 $500,000 15' $350,000 per year for;i'years None None None Good and Marketable title With over 30 years of affordable housing development and property management experience in South Florida including having built and currently managing well over 2,000 affordable housing rental units, Centennial Management Corp (CMC) has the expertise to maximize affordable housing development and funding opportunities to best serve the community. Centennial Management's Obligations: • CMC will secure non-competitive tax exempt bond funding from the Palm Beach County Housing Finance Authority and. non-competitive 4% tax credits from FHFC. • CMC will promptly develop and manage 100 affordable housing rental apartments comprised of 1, 2 and 3 bedroom floor plans restricted to 60% of Area Median Income (AMI). • The development will provide a club house and community room along with pool, exercise facilities and other amenities. • CMC will work with the City and CRA in pursuit of hiring Boynton Beach businesses and residents for construction and permanent employment. • CMC will pursue the County's Impact Fee Affordable Housing Assistance Program which currently has close to $100,000 available for road impact fee assistance in the zone where Ocean Breeze East is located. The CRA's Obligations: • Sell the land to CMC for $1,000.00. • Provide $500,000 -in funds at or before construction completion • Provide $350,000 in annual TIF funds for 20 years We are ready to present our pf4osals to the Board with short notice. We look forward to hearing from you. Sincerely, Lewis Swezy; w` Presidgrd 305-720}�-15Q �� BANK. REFERENCES 1'-.•.redP LW January 5, 2017 Re: Lewis Swezy To whom it may concern: Lewis Swezy .has been bxiEng with S-unTIust sircce 1994. As of January 5, 2017, I&. Swezy has in excess of $14,000,000.00 deposited at SunTrust in various personal and busyness a counts. Please contact me at 305-579-7213 should you have any questions Sincerely, ' Leslie Ann Maduro First Vice President January 12, 2017 City of Miami Office of the C1er1c;1't Floor Counter 3500 Pan American ]give Miami, FL 33133 Re: Centennial Management and Lewis Swezy To whom it may concern: SZmTrust has over the years provided both equity and debt money to fund multiple deyelopmem prajeels for Levis Swezy,.Centenaial 11 anagement and its mates. E Mr. Swezy and his development group have demonstrated that they have the expertise and capital to complete developments in a timely manner -.r. All transactions involving Mr. Swezy and his.group have Been conducted and finalized to our complete satisfaction.. ; We would most certainly entertain further lending opporhmit es with Mr. Swezy and Centennial Management. Please contact me at 305-579-7213 should you have any questions Sincerely, f� Leslie Ann Maduro First Vice President Commercial Real Estate B anking 21845 Powerline Road, 2 Flr Boca Raton, Florida. 33433 January 5, 2017 Re: City of Miami, Request for Praposals To Whom it May Concern: TD Bank, N.A. is happy to provide this letter of reference. I have personally known and have provided banking, including lending services, to Lewis Swezy, Centennial Management Corp and its affiliates since 1994. 1 have had the pleasure of financing numerous projects developed and constructed by Lewis Swezy, Centennial Management Corp and its affiliates. I fund Mr. Swezy and the team he has built extremely knowledgeable, well capitalized and very capable in all aspects of their business. They have handled all accounts with me over the years as agreed and I consider Mr. Swezy an excellent client. We look forward to providing construction and permanent financing to Centennial Management Corp for this project. Feel free to contact me should you have any questions. Sincerely, Mario FacelIa Senior Lender 561-361-1622 Dowmown 44 West Flaglar Strut Miami T (3535) 37,-1-2300 Banrjng Center R 33130-18 1 c (305) 35E-3868 a e l United Bank Jon ucry 5, 2017 ddEWIN6.- f REF: LewisSwezy, President, Centennial Monaae:men t Corp. To whom it may concern: Please be advised tthut sabadell United Bank has maintained an extensive banking relationship with Lewis Swezy, President of Centenr?ial Management Corp, and its affiliates since 2013. However, I have known Mr_ Swezy since 3995 and have enjoyed doing business with him at precious banking institutions. The relationship consists of various business and personal deposit accounts, as well as, an extensive lending relationship. Both the depository and lending relationship have been handled in an exemplary manner and we enjoy having him as a client of our Private Wealth Management Group. Mr. Swezy has the financial strength and development expertise you would look for in a development partner.. He is well known and highly respected in his area of expertise. We would be happy to considerftnancing to Centennial Management Corporation for any project. I trust the foregoing information will be of assistance to you. Please do not hesitate to contact meat (305) 37&2437 should you have arty questiions or require arry additional information. Sincerely, U Nelcy Vicente Senior Vice President `Wealth Management Sabadell United Bank, NA, Member FDIC. Equal Housing Lender Q January 17, 2017 To whom it may concern; 101 Arch Street Boston, MA 02110 Phone: 617.439.3911 Fax: 617.439.4805 WAw.bfim.com This letter of reference is in regards to our experience with Lewis Swezy and Centennial Management and its affiliates. Boston Financial has a long term relationship with Mr. Swezy in the financing of affordable housing developments. Mr. Swezy and his team are very successful and possess the experience and financial wherewithal to support this development activity. I look forward to working with Mr. Swezy and his team again when the opportunity arises: If there are any questions, please feel free to contact me. Sincerely, Bob G. Courtney, SVP Boston Financial Investment Management 312 S. 41 St., Suite 700 Louisville, KY 40202 502-212-3819 W vl L ilio, CTU 'mala efultonCbbdaytona.com Phone; 386-239-5731. 800-877-2769 Ext 5731 January 17', 2017 City of Miami Office of City Cleric Reference: Insurability of Centennial Management and Personal Reference Lewis Swezy To Whom It May Concern, Brown & Brown has had the privilege of doing business with. Centennial Management and all of its affiliated companies for several years. We consider them to be one of our most valued clients. In addition, I have personally known Lewis Swezy for over ten years and offer my highest recommendations for his integrity and his business acumen. Brown & Brown currently places his property, liability, umbrella, auto and other related insurance policies for all of Centennial Managements projects and ongoing operations. Their insurance portfolio is highly sought after in the insurance marketplace and we anticipate no change in the near term, thus would have no problem placing insurance on any future deals. Please let me Imow of any gaestions car concerns, Sincerely, Chris Fulton, CIC Senior Vice President Brown & Brown, Inc, 2''0 South Pddge ood Avenue ('311-14" F 0. Box 2412 = DA; on., Beadi, KI - 32115 386/252-9601 " F4gy, 386%239-3729 INSURANC January 5, 201-7 Re: R: S. Construction of Dade, Inc- Bond.abilit5- Letter Gentlemen. - 71 ScB 71 ia, 220 entlemen.- It is our understanding that You are considering R..S_ Construction of Dade, Inc. as the contractor for your construduon project, Basad on their level of experience. and fr�,ancial capacity R -S. Construction of Dade, Inc. has secured agpegate bondinor capacit�� in excess of $1003000,000_00. Bra vm k Brown, Inc. has had the pri ;lege. of doing business with Mr. Le"ns Swezy and R.S. Construction of Dade, Inc. for many years and considers them to be one of our most valued clients. We offer our highest recommendations on the use of their Services :nd invite any future inqu hies that ti-ou may hai e. be- directed o:ur way - Please note that the decision to issue perfoi- mance and payment bonds is. a matter betv,=een R_S- Construction of Dade, Inc. and ttreir surety, and v-111 be subject to heir standard undea vesting aI the time of.the final liofid.i�-_quest, which - vi l include but -not be limited to the acceptabi: thi of the contract documents, bond forms and. financing. We -assume no liability to third parties or to. .you if for an -v reason they do not execute said bonds. Sincerely, Ty]_ -r D ord CPCU, AFSB Bond Manger