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HomeMy WebLinkAbout2000-03-21; City Council; 15662; Laurel Tree Apartments- - 03 I . CITY OF CARLSBAD - AGENDA BILL AB# TITLE- 1 s’, &‘& REQUEST FOR ADDITIONAL FINANCIAL DEPT. HD. A~~~~TANCE FROM THE cm OF CARLBBAD FOR THE RECOMMENDED ACTION: ADOPT City Council Resolution No. aoob - 93 APPROVING a request by California Laurel Tree Apartments L.P., for additional financial assistance in the amount of $434,000 from the City of Carlsbad’s Housing Trust Fund, and approval of the Modification Agreement and revision to the previously executed Promissory Note for the development of the 138 unit Laurel Tree Affordable Apartment Project. The Laurel Tree Apartment Project is a development consisting of 138 apartment units affordable to very- low income households. The project was approved by the Carlsbad City Council in 1995, and is currently under construction. The first units in the development are anticipated to be occupied in the Spring of 2000, and the entire project is expected to be completed by the Summer of 2000. While construction is nearing completion, the project is experiencing a budget shortfall of approximately $1 million. To help fund the budget shortfall, the developer, California Laurel Tree Apartments L.P, is requesting additional financial assistance from the City of Carlsbad. The City Council has taken three previous actions to provide financial assistance to the subject affordable housing project. First, in June of 1994, the City Council, acting as the Housing and Redevelopment Commission, approved a commitment of financial assistance in the amount of $500,000 in Redevelopment Low and Moderate Income Housing Set-Aside Funds. In May of 1996, the City Council approved the appropriation of $200,000 from the Housing Trust Fund. And in March of 1999, the City Council approved deferral of payment of the Public Facilities Fee (PFF) from the issuance of a building permit to the issuance of the final certificate of occupancy for the project. While the deferral of the PFF was not a direct financial subsidy to the project, the deferral did provide initial cash flow relief for the development. FINANCIAL ASSISTANCE REQUEST As noted above, the subject project currently has a budget shortfall of approximately $1 million. A majority of the shortfall can be attributed to the delay (approximately 4 years) between project approval and the start of project construction. Due to the length of time it took the developer to obtain tax credit financing for the project and past heavy winter rains, the project has experienced higher than anticipated construction costs. In addition, City and other outside agencies fees increased during the time between project approval and construction. To help fund the shortfall, California Laurel Tree Apartments L.P. has taken the following actions: l The developer has obtained a grant from the Neighborhood House Association in the amount of $210,086. This is the organization that will be operating the on-site day care center. These funds were used for construction purposes. l The developer will defer $110,000 of the $800,000 total development fee. Originally, the developer was to receive incremental payments of the fee at certain project milestones, such as completion of construction and occupancy of the project. Under the current proposal, the developer will receive , , Page 2 of Agenda Bill No. I!?., 66 2 $690,000 at the completion of construction of the project. The remainder will be paid from project revenue during the first ten years of the project. l The developer has worked with the City’s Public Works Department to identify potential reimbursements for costs related to the traffic signal and storm drain. l Finally, the developer has requested additional financial assistance from the City of Carlsbad. Staff and Housina Commission Recommendations The Developer’s request for additional financial assistance was initially reviewed by the Affordable Housing Policy Team (staff). In reviewing the request, it was the Staff Team’s opinion that the cost overruns are legitimate expenses to the project. Therefore, it was the Team’s recommendation that the City provide additional financial assistance to the subject project. At the time of the Team’s review, the Housing Trust Fund had a balance of approximately $450,000. Because the Team did not wish to make a recommendation that would nearly deplete the Housing Trust Fund, the suggested financial assistance was to be provided both directly and indirectly. It was recommended that direct financial assistance in the amount of $224,000 be provided from the City’s Housing Trust Fund, and indirect funding be provided in the form of a waiver of the Public Facilities Fee (PFF). The fee waiver would relieve the project of an expense of approximately $210,000. This recommendation would result in total additional financial assistance of approximately $434,000 for the subject project. At their meeting on February IO, 2000, the Housing Commission reviewed the request for additional financial assistance for the subject affordable housing project. The Commission also reviewed the draft Modification Agreement and revised Promissory Note. The Commission unanimously recommended that the City Council approve (I) the additional $224,000 in direct financial assistance from the Housing Trust Fund, (2) waiver of the Public Facility Fee (approximately $210,000); and, (3) approval of the related loan documents. Subsequent to the initial recommendation by the Staff Team and action by the Housing Commission, the funding available within the Housing Trust Fund increased to a balance of approximately $804,000. It is staffs general opinion that the City fees should be paid whenever possible and waived only if no other options are available to assist an affordable housing project. In the past, the PFF has been waived for affordable housing projects per City Council Policy No. 17. However, at this time, staff is recommending that the PFF not be waived and that additional financial assistance in the amount of $210,000 be provided directly from the Housing Trust Fund for the subject project. This recommendation would result in total additional direct financial assistance to the project of $434,000. FINANCIAL ASSISTANCE DOCUMENTS The original City assistance of $700,000 was provided in the form of a residual receipts loan at 3% per annum, secured by a note and deed of trust. The outstanding principal and accrued interest on the City loan is amortized over thirty years and repaid from cash surplus generated by the operation of the project. In the event that there is not adequate cash surplus to repay the City loan, the outstanding balance shall accrue with simple interest at 3% per annum. In order to provide the increased financial assistance, the execution of additional documents will be necessary. First, a Modification Agreement (Exhibit 4) will be executed between the developer and the City to allow for the increase in the original loan amount. In addition, the original Promissory Note (Exhibit 5) will be amended to further acknowledge the new loan amount ($434,000). The deed of trust and regulatory agreement which were previously executed between the developer and the City do not need to be amended at this time. Page 3 of Agenda Bill No. jS,b6 2 FISCAL IMPACT Through previous actions, the Housing and Redevelopment Commission and City Council have provided the Laurel Tree Apartment Project with a total of $700,000 in financial assistance. If approved, the proposed additional financial assistance of $434,000 will be added to the original loan amount, resulting in a total project loan amount of $1,134,000. This action will result in financial assistance of approximately $8200 per affordable housing unit. The additional funds ($434,000) will be provided from the City of Carlsbad’s Housing Trust Fund, which has a current undesignated fund balance of approximately $864,000. EXHIBITS I. City Council Resolution No. m -93, approving additional financial assistance in the amount of $434,000 for the Laurel Tree Apartments. 2. Applicant Request for Additional Financial Assistance 3. Developer Proforma 4. Draft Modification Agreement 5. Revised Promissory Note 6. Housing Commission Staff Report, dated February IO, 2000 s 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 2000-93 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING A REQUEST BY CARLSBAD LAUREL TREE APARTMENTS, L.P. FOR ADDITIONAL FINANCIAL ASSISTANCE IN THE AMOUNT OF $434,000 FROM THE CITY OF CARLSBAD’S HOUSING TRUST FUND, AND APPROVAL OF THE MODIFICATION AGREEMENT AND REVISION TO THE PREVIOUSLY EXECUTED PROMISSORY NOTE FOR THE DEVELOPMENT OF THE 138 UNIT LAUREL TREE AFFORDABLE APARTMENT PROJECT. APPLICANT: CARLSBAD LAUREL TREE APARTMENTS, L.P. CASE NO: SDP 95-01 WHEREAS, a project known as the “Laurel Tree Apartments” has been approved by the City of Carlsbad City Council for construction of 138 apartment units which will provide housing affordable to very low income households; and WHEREAS, on June 28, 1994, the Housing and Redevelopment Commission of the City of Carlsbad authorized the appropriation of $500,000 from the Carlsbad Redevelopment Agency’s Low and Moderate Income Housing Set-aside Fund outside the Redevelopment Project Area for the purposes of providing financial assistance for construction of new affordable rental housing units within the proposed Laurel Tree Project; and WHEREAS, on May 21, 1996, the City Council authorized the appropriation of $200,000 from the Housing Trust Fund for the purposes of providing financial assistance for construction of new affordable rental housing units within the proposed Laurel Tree Project; and WHEREAS, on March 16, 1999, the City Council approved deferral of the Public Facilities Fee payment from buildir 1; xnit issuance to the issuance of the final certificate of occupancy for the final residential building within the Laurel Tree Project; and WHEREAS, Carlsbad Laurel Tree Apartments, L.P has submitted a new request to the City of Carlsbad for additional financial assistance for the Laurel Tree Project; and WHEREAS, on February 10, 2000, the Housing Commission of the City of Carlsbad held a public meeting to consider the request for additional financial assistance by California Laurel Tree Apartments, L.P.; and WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of all persons desiring to be heard, said Commission considered all factors relating to said request and recommended approval of additional financial assistance to the City Council, and WHEREAS, on March 7,2000, the City Council of the City of Carlsbad held a public meeting to consider the request for additional financial assistance; and WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of all persons desiring to be heard, said Council considered all factors relating to said request for financial assistance. NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of Carlsbad, California, as follows: 1. The above recitations are true and correct. 2. The City Council hereby APPROVES a request by Carlsbad Laurel Tree Apartments, L.P. for additional financial assistance in the amount of $434,000 from the City of Carlsbad’s Housing Trust Fund, and approval of the Modification Agreement and revision to the previously executed Promissory Note for the development of the 138 unit Laurel Tree Affordable Apartment Project. 3. That the City Council authorizes the City Manager or his/her designee to execute all documents, related to provision of the additional City financial assistance, including but not limited to the Modification Agreement in substantially the form presented to the City Council, and subject to review and approval by the City Attorney. PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the City of Carlsbad, California, held on the ,etday of March , 2000 by the following vote, to wit: AYES: Council Memebers Lewis, Hall, Nygaard and Kulchin NOES: None ABSTAIN: None ABSENT: Council Member Fin ATTEST: LOI&UN6 WOOD, City Clerk CC RESO NO. &Mu - 93 PAGE 2 December 8, 1999 Exhibit 2 Mr. Craig Ruiz Housing and Redevelopment Department 2965 Roosevelt, Suite B Carlsbad, CA 92008 RE: Laurel Tree Apartments Dear Craig, This letter is in response to your request of Rich Juarez for a more detailed narrative about each of the cost overruns for which we are seeking reimbursement. I know that you have been working hard to assist us in this matter. Please feel free to call me for any additional assistance you may need in your efforts. The information I believe you are looking for is as follows: 9 9 9 9 Permits and Fees The school fees originally budgeted for this project (back in 1994) was $258,192. This estimate was based on the per square foot fee being charged at the time the estimate was put together. Subsequent to this estimate, the School District imposed a fee far in excess of even the State of California’s maximum allowed per square foot rate. The rationale for such a high fee was that the project was on property that was re-zoned from industrial use to residential use through a General Plan Amendment. This re-zoning made this project exempt from the State of California maximum fee limits and the School District charged $822,421, or $564,229 more than budgeted. The Public Facilities Fee was originally estimated (based on meetings with the City Engineering Department) to be $172,903. However, at the time the building permits were being pulled, the City re-classified the Managemenmaycare Building as a “commercial use” building instead of the residential support facility originally contemplated. This re-classification led to an increase in the Public Facilities Fee of $34,310 for a new total of $207,213. The Aviara Parkway Fee, Building Permit Fee, and Building Plan Check Fee all increased, largely due to the fact that the City increased their fee schedule during the period between the City’s project approval and the date that the building permits were pulled (almost a four-year period). The increases in these three fees total $84,405. The combination of School Fee, Public Facilities Fee, Aviara Parkway Fee, Building Permit Fee, and Building Plan Check Fee increases totals $682,994 or approximately the entire amount of the budget overrun for Permits and Fees. Traffic Simal 9 The project’s original budget never contemplated the cost of installing a traffic signal at the intersection of Aviara Parkway and Laurel Tree Lane. The Conditions of Approval stated that the developer had to “cause the installation of a traffic signal” at this intersection. When we asked the Engineering Department for clarification on this item, we were told that we needed to post a public CATELLL’S RESIDENTIAL GROUP 5 P.-IRK PL.CA, SUITE 02. IFAKE. CAL~F~?KWA 92614 (949) ZJI-61cW FAX (949) 251-8837 improvement bond for the traffic signal to insure its ultimate installation, but not the actual installation. All other Conditions of Approval that required the instdlation of some item stated “the developer must install. . . .” At a minimum, Laurel Tree should only be responsible for l/4” of the cost associated with the traffic signal. Unfortunately, the Engineering Department’s take on this is that we have to install the signal now and wait for reimbursement from future developers in the area. Our project cannot absorb this cost. Aviara Parkwav Sewer Connection 9 This item is pretty self-explanatory. When Greystone Homes installed Aviara Parkway, they failed to connect Mr. Ukigawa’s forced sewer line to the new sewer line in Aviara Parkway. The failure of Greystone to perform this task created a conflict between the new 66” Regional Storm Drain and the existing Ukigawa sewer line. The project had to absorb the cost of correcting this conflict at a cost of $42,478. 66” Storm Drain 9 The 66” Storm Drain that runs along the southern and western edges of our site is a regional storm drain system that conveys storm run off from the canyons to the south of the project. The very large residential developments that are taking place to the south of the project are tying into the system that we have installed. The cost of this regional storm drain that runs through our project has been borne by our project. We are asking for reimbursement from the City for a portion of the cost given that the region benefits from the storm drain system and fees are being collected by the City for tie-ins by new developments in the region. In closing, I must bring to your attention another serious matter that will have a significant impact on the project budget and schedule. The project is currently experiencing significant delays due to the fact that the Building Department cannot complete the inspections being requested from the job site. It is our understanding that the Building Department is experiencing a manpower problem and cannot handle the workload currently being placed on the City during this current building boom. We need your assistance in talking to the Buildin g Department and asking that they give this project priority. Cuatro’s Project Manager, Mr. Mike Davies, is writing a letter to the Building Department to express his concerns on this matter. Please look into this matter as soon as possible. Please give me a call if you need additional information on any of the above items or if you need further assistance in this matter. Sincerely, Me M. Scott rrantia Vice President cc: Mr. Rich Juarez Mr. Mike Davies Ms. Debbie Ruane . * t I LAUREL TREE APARTMENTS BUILDING PERMIT SUMMARY Description ’ Agricultural Conversi& Aviara Parkway Building Permit Fee Building Plan Check Fee Community Facilities District Annex Drainage Fees Grading Permit Fee Improvement Inspection Fee Improvement Plan Check Landscape inspection Landscape Plan Check LFMP Transporation Fee Mello Roos District Park-In-Lieu Fees Public Facilities Fee School Fees Sewer Capacity Fee Traffic Impact Fee Water Authority Fee Water Meter Fee Water Service Connection Fee-CMWD Water Service Connection Fee-City _ Street Light Energizing Fee Reclaimed Water Total Building Permit Fees ADDITIONAL COST 66” Storm Drain Aviara Parktjay Revision Traffic Signal Subtotal - Additional Cost GRAND TOTAL BudgetlEst. Actual 45,050.oo 215,280.OO 19,915.51 12,945.08 820.00 50,070.24 5250.00 18,700.OO 27,OOO.OO . 1 ,130.oo 2,300.oo 0.00 387,780.OO 144,900.00 172,902.73 258,192.48 251,712.oo 44,712.oo 27,288.OO 2,460.OO 66525.00 0.00 0.00 0.00 1,754,933.04 47,922.56 0.00 31,250.OO 79.172.56 1,834,105.60 45,562.OO (512.00) 239,720.oo (24,440.OO) 62.629.36 (42,713.85) 30,197.32 (17,252.24) 0.00 820.00 47,939.76 2,130.48 3,236.OO 2,014.oo 0.00 18,700.OO 22,235.40 4,764.60 0.00 1,130.00 1576.00 724.00 940.00 (940.00) 392,094.53 (4,314.53) 0.00 144,900.00 207,213.31 l (34,310.58) 822,421 .OO (564,228.52) 264,398.94 (12,686.94) 46,780.OO (2,068.OO) 20,161.OO 7,127.OO 2,450.OO l * 10.00 S&040.00 ** (1,515.OO) 127,020.OO (127,020.OO) 108.00 (108.00) 16,200.OO (16,200.OO) 2,420,922.62 (665,989.58) 282,187.OO (234,264.44) 42,478.OO (42,478.OO) 125,OOO.OO est. (93,750.001 449,665.OO (370,492.44) 2,870,587.62 ;1,036,482.02; Variance *Due at CofO - Jan - Apr 2000 ** Due before Sept 17th (after Sept 17th - Fee Increase) .4 Exhibit 3 I I , CATELLUS RES ENTIAL GROUP 1 LAUREL TREE :ARTMEMS RUN j FORECAST ASSUMPTIONS OlI271w 0435 PI4 iJANUARY 277.2000 S:\PROJECTS ACTlVEUAUREL TREE\URBAN HOUSING\PROFORMA.%l-14-W PAOFORMA.123 ~DEVELOPMEHT SCHEDULE I 1 FINANCING ASSUYPTlONS 1 Number of Unrts - NOW Construction Nurnbar 01 Units - Rehabilitation Number of Unrts - DomolitiowRaconslruclion Total Units 136 TEMPORARYKZONSTRUCTlON LOAN 0 maw lndm --.. _- 0 Base lntm Rae 136 Units Poinl Mamin Total Acres 6.600 Acres Gwrs c&raao Density Par Acre Start Prsdavalopmanl Pradavalopmant (Mcnths) Acquisition of Land AazoninoiAnoroval Period IMonths) - Propct ApprovaVSlan Pro&l Design Working Documents Period (Mcnms) Projsc~ Financing Completad Conlllued Proiaci Da&an ,- Final Working Does P&d (Monlhs) Skewark Period (Monfhs) Conslruction Start Construction Period par Phase (months) First Phase Completed I Stsr~ Leasing Total Constructiw Period (months) Fmal Canitiiafa d Gxupancy Total LeasbLIp Period (Months) Slabiiiiad Occupancy Units Leased par Month Holdino Period (Months) Takeoil Financing Proparly Sale 20.91 du Jan-97 - - saps; - - Apr.9; OrnD 7 - Nov.96 - 0 - NW-96 - 2 Lit Jan-99 - -1 A&e-: lan ha &Iii - 4 - Al&+-W - 35 w 1 - AupW 15 Dac-15 /TAX CREDIT ASSUMPTIONS J Credir Year 1996 Federal Tax Credit Rate (locked in) 6.45% Slale Tax Cradit Rata 0.00% Diflicult to Develop Y. lOO.W% Applicable Fraction lW.WX Adjusted Eligible Basis 12.602.296 hnual Tax Credits 1.D64.694 Invasfor Yield or! 99% of Total Credit Allocation 8 1.5oooo% lnveslor Alter Tax IRR -arget: 12% 9.02% Gross Invastor Conotbulion 10 Lower Tiler 6.676.016 Deferred Payin on Tax Credil Equily (Monlh~) 25 0 Affordability Pool Poinls Credit Utilization PornIs Rent Burden Y. [SOURCES AND USES OF FUNDS USES: Land I Acquisition Hard Conslrunrcm Costs MGLagaVConsullants Psnits 6 Fees Developer Fees Conlraclor Fsas Rasaws Funds MarkatlnplModei&ifica Financing 6 CiJw Sol1 Cosls Ccnlingency 10.976 16.112 7??717 1 pervnau2IBL 10.910 1505.606 7-1.58s 10.707.206 8.141 1.124.066 18.511 2.554.565 5.797 6W.M)o 3.m8 529.399 z.ca 276.ooO 909 125.497 98% 1357.426 1.w 161.120 TomI Pro/xl Uses 138.7m 19.140909 SOURCES: Tax Cradils uz.sN 6.676.016 Convenuonal Mongage sl 32.609 4.5W.ow Ccnvanlional Mortgage 12 0 0 HOME Loan 3.973 546.246 A-iP Loan 4.m 552.OW Redavelopment Loan - front and 6.072 ?W.oQo 0 Head Sian TI Fund oF14s 1.457 201.066 Storm Drain Reimbursemanl yr~) 7% lW.000 Trsffii Signal Reimbursement yr.n o 0 Redavalopman~ Agency Fd 1.M 224.ooo MAAC Loan - lrohl and 24.ss7 3.427.5W 0 Construction Period Revawes 754 103.992 Caleilus Loan 0 00 Ddsrred Oevsloper Fee - Catellus 3s4 53.032 Dalerrad Developer Fee - MAAC 384 53.032 Calellus Land Conlnbulion 0 0 Total Prokscr~ Sources Canslructmn ban Commitman KM.702 19.140.906 11.941.616 Total Interas! Rati Loan Points 6 Fses PERMANENTIMORTGAGE LOAN Bass lndax Base lmorest Rate Point Margin ExcwsCovenge Cradil Enhancamant Remarketing Fees Total lnlaren Rate mtarast Rata Cap (7 years) Loan Underwriting lnlarast Rata Arbilrago lnvestmant Basis mirage lnvewnent Rate Loan Points & Fees Bond Undarwritlng Fws Credit Enhan-I Faa Bond &m-q lammae Fe0 Loan Undanwiting Tam, (Yaars) Accalaramd Amortbation Interest Rate Accalaraled Amortiiation Tarm (Years) Mmdmum Sinking Fund Rapaymannl Balance O&l Serviw Coverage Ratio (WC) Maximum Loan To Valua Ratio ILTVl Cap Rare Proiscl Value (NOM&p) Matimum Loan lo Cost Ratio (LTC) Cash Avsilabla for Dabt Service Projecl Maximum Debt Capacity Underwriting Debt Service Lknil Tolal Permanent Loan Raquirad Total Annual Payment 6.00X 5641.432 0.00% lW.O% DSC LN 451.315 41.026 1.10 66.6% 5.012.00(1 0 410.266 0 1.23 79.6% 4,5W,MM 0 366.375 0 OTHER DEBT/LOANS RedevLoanMAAC Interas! Rate J.w!w. O.woY. O.W% Loan Points 6 Fees 0.W.h 0.00% 0.007 Loan Tarm wears) 55 00 PROPERTY TAXES Tax Rate Existing Pmpmty Basis (per unit) New Unit Basis (per unil) lrnpiwvunWI 1.205 50 90% $113.679 5102.491 SURETY FEE GROUND LEASE INFLATION INDM Incoma lnllator Expense lnllalor Propany Tax Inilator 6 mm LIBOR 6X0X’. 2.gW% O.OW% O.wQY. 6X03% l.W% Conventional Cuwantional Mortgage al Mot-wage u2 20 yr Treas. 5.500% 1.750% 7.250% O.OW% 7.250% O.OW% 0.000% 1.50% 30 1.10 0.00 90.0% Loan Amount: 4.5w.DW o.wx Land Basis: SO 0.00% so.ow psi 2.50x 3.5ot: 2.cu% [HUD INCOME GUIDELINES/ UTILITY ALLOWANCE/ BASIS LIMRS I Fan SAN DIEGO COUNTY as of: 01/27/99 1 Person 536.600 2 Perscn 542.ooo 3 Parson 547.300 4 Person 552.500 5 Parson 556.7W 6 Parson 7 Person 6 Person City ol Carlsbad Feb.96 02/l&97 Ulility TCAC -Basis Non-Elwator Studio a11 64.921 l-BR 517 74,655 2-BR a29 90.276 3BR 536 115.553 4-BR s49 126.731 Basis Feature?:(Y/N) Y C=lronl end. l-conslruction matching. 2=back and (slabilhed) RUN DATE 01827mo oh14 PM I [UNIT MIWAPP0RDAWJl-Y BENEFIT ANALYSIS I Mgs unib ---am _ ns Lanl LAM0 - 3o.cu% 0 0 0 0 0 0 0 0 0 0 05% 4o.w% 0 22 23 23 0 0 0 0 0 66 49.3% !x.w% 0 22 23 23 0 0 0 0 0 66 49.3% %.m% 0 0 a 0 0 0 0 0 0 0 0.0% Malts1 2 0 0 0 ‘0 0 0 0 0 2 1.4% Tow ut-as 2 31.9z 46 46 0 0 0 0 0 136 45.cuA K 1.4% 33.3% 33.3% 0.0% 0.m 0.0% 0.0% 0.0% sq. FlAJnil (Iso 650 ms6 1226 0 0 0 0 0 1.045 NwUmb 1.700 37.w 48.%6 56.3% 0 0 0 0 0 144.164 -sdsv. U-Mb 0 Rshab. unlb 0 TaWR-alSF 1.700 37&a 46.666 56.3% 0 0 0 0 0 144.164 RhM RwicJmW =i%sr(l) 2.011 1.603 nmurcmtsr 3.613 knby 1.0% Cum’mrclal SF RSW 0 TOTAL SWARE FE!Z 152.492 sq.ft [MARK= RwrAL RATE VALUA~ON 1 Mgn unib -m-a -BlauYo. !A RENTS: SIandud Rsm prf saci 51% ii% 1.060 so.% 90.: so.4 so.,” 564 so.92 vmv Premium sss* YSar unil Rsnb w ease Year Amwsl Rml l-ltlati !dbbd Unil Rmb P6f 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0 sd slz iE I.080 so.oz so.ci so.: so.ot so.oi 964 SO.% so.92 0 446.600 552,ccm 5%.160 0 0 0 0 0 1,5%.960 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0 so.: *l% &Z 1.060 so.66 so.: 0 8.W so.ci so.oi so.ai 964 so.92 lnllrled Rmt - Exlrlhg 0 lnllrbd Rsnl - New Unitr 0 0 0 0 0 0 0 0 0 0 PolsnW Mstlc*t Rml 0 443.800 552.Mx) 596.160 0 0 0 0 0 11.596.960 so.92 Proloms Rmb $934.884 so.54 AhdaMs Rent A6ducM SW.076 [PARTNERSHIP ALLOCATIONS epdau Tax crsdil (Ltq Citel*s (GP) WAC Pro#cl I Dsvslcpml Pwtmhip -M.9aLEm~ Dwhpmr Op@I8Ung E99s QlazL.okY9Dm9~ Exc!z&l %.%% 20.00% 99.99% 99.99% 50.00% 5o.oQ% O.CO% 5o.am 0.00% 0.00% O.wfc lW.OO% 100% 5o.a0% 5o.c0% 0.01% 50.00% 90.00% 0.01% 0.01% 0% JOB COST DETAlL REPORT COST coiMgsq= 5.ca% ORIGINAL CODE DESCRIPTION mm SM Rnbh cumnt corn BUDGET lo-1001 lmd&zqub&n IO-1010 Rnximsa Wti Feea LAND I ACOlllSTlON 15-l= PumirrAFeaa 3 lb1500 Dspasia - l.lnlws I 15-1540 CWosilRdmda I 151890 ccllw PERMRS L FEES 2o4ocQ or&a Lmptwsmsnn 3 2042% con- SITE IMPROVEMENTS 23acacmvnmAmr 0 23-2496 cunhgency COYMON AREAS 25-2503 Enghwrlng - CM 72 25-2505 l3&lhW~ - SOilS s 25-2509 -I- En-t 1s 25-2514 i3ghSSdfQ-OthSr 25-2796 chmng*ncy 3MxwM NewCaubuc(YnColtr IS m379e car- DIRECT CONSTRWTlON 39.caDwhtfmv~ 0 39-3996 t%nhgaq LOT IMPROVEMENTS 4QaOQ GsnsraI- 21 4M396 culnngsncy CONSTRUCTION INDIRECTS 5o.oool --Pradsv~ ,I MQOOl --.schamarWDaign 7 5o-aool Arm-conrtr.Das I 50&a Areilwl-Gmslr.supsNlsbn 20 50.5008 cmwlnnl-mr 7 50.5109 e&eprinwDsllverlw 50-5111 Trawl EafpmdPhobgraphy 505362 L@ Fnr - Proid Dw. 10 54-5460 !nsumnw - Gsmral LiablIll 54-541 lnsuranw - Buildsfs Risk 54-5463 Ascounlb#~i6rq 505596 Soft Cost contlm)snq PROJECT DEVELOPMENT 59.5902 Developer Fee - CalspW 0 59.5902 Odened Cwsb~~r Fee - Calslku 59.5901 Dewloper Fw - WC 0 59-5901 Oslsmd DWebpM Fee - WAC 59-5905 Contractor Fw - Caldi~s o 59-5904 Contractor Fee, CUATRO o OVERHEAD 604001 CWLWWWILOMFM 60-6W2 Pem. Mortga~ Loan Fees W4CVZ Penn Lam Rate Lock Fee 60-6010 Banh Appraisal Fms (SolA) 604011 ‘ZmWndm *upmXkm Fm ‘2, 60.6012 EscmWlille Fwa .ww Jull.9, so07 m-w JM-n JUCW Jvcw .hbw Nowwwoo J-7 NW.01 &r-w 0a.w &lpw MU Norw JUFOO so07 MU-W 5907 Jun.W buhd urn fmmmd so% bltnd 303x N0ww.M-w wnd 0% 60-6662 LwalFm6-Finmchg 60-3c63 Lagal Fees. Mongaw Mar 6C-6061 Tu C&ii Appliulbn Fsw ~CSI.*WPhl 80-6062 Tu Credit M0rut0m Fora m-6064 TU CrW Phtmmm w 60-6064 Tax Credii P6rlofmanca DaoorR RahmJs 6C-6C85 Tax Credit Consuilanb a?-61 21 Ccm-u(ruction hterwt Eqmw 60612t A A D Loan hleresl 60=6199 OpWMg Shoriht 60.6320 Operating Rarswss 0 68-6620 Propany Tuw 644496 ConlhOSrIcy FINANCING COSTS 73-cao M0d.l I ollbs oseoratbn 2 73.7496 CUUhoan~y RENTAL OFFICE COYPLEX 6o.ooo3 uodd/omaMa!n~snsnw s 65-owe batarks6ng 5 654696 Contlnoency UARKETING TOTAL PROJECT COSTS hM!hly Oram (sxsludlng hlsrwt) Atofmly Dram (hdudbg lnbrwl) NaoI .l~W e-m cpcw *upoow-= flmtnd lw% 0-W Fab00 Jaw00 FmbW w-=*upoo *p-x w 10.691 Amn 2.703 Ls 10.910 hmil I.542903 2.703 1.505.606 16.077 hmit 2.494,633 106,425 Ls 106.425 (46.4931 Ls W.493) 0.21% 5279 16.550 hsm 2.559.644 156.4711 LS 0.00% 1.149 hmn 0 AMit 0.00% OhKIlt 15S.476 0 156,479 0 1.959 /ml 92.353 LS 226.452 LS 20.s26 Ls 0.00% 4.420 AndI 0 no.379 92.353 226,452 20.629 0 610.012 (15.10 1st 1.46% 72.%1 Asw 9.92cM9 146.693 10.072,742 OMI 0.00% Obil 0 0 0 29.651 ho 0.74% 4.546 Amil 622.661 4.664 627.265 5o.m Ls 5o.ooo 3o.ow LS 3o.ow 9o.ooo LS w.ccQ 70.393 LS 70,393 19.760 Ls 19.760 26,953 Ls 26.953 2663 LS 2.663 106.726 LS 106.726 0.876% 95,596 0.122% 13.277 6.7M LS 6.706 O.W% 0 3.725 m 514.076 IW.!M% 349ea 1 sm32 346.960 1 53.032 352.050 177,349 1329.399 3.23% 1.63% 9,633 /lull 1.00% 1.50x 21.575 LS 10.600 LS 647 ho 21.622 L.s 426% Ls lO.coo LS *.Do% a410 hs!il 4.00% 35.yx) LS B.Oa% 19,331 LS 2.m /mll 120% 0.07% 11.645 Alnil 30,ooo LS s.c#i 22sAnu 5.wxl LS 90.497 LS 1.97% 706 /u-ii 139.702 Ann W.=Zl 119.416 67.500 21.575 10.800 13.566 21.622 49.683 lO.om u)s% 26.650 42,596 (42.5%) 35.500 645.014 19.331 1 27,45a 276X00 1 42,Wl 1.159 1.6345% 3wao 3::Zi 5.aa 90.497 1,885 97.362 19.140.909 16215.412 IW.w4 19,cweu "-.ddww4uolwwrfr LAUREL TREE APARTMENTS : INCOME STATEMENT Income tnllator Expense tnftator Prop. Tax Inflator 2.50% 3.50% YEAR BASEUNE 2.00% # of Months of Construction: 0 W of Months of Stabilised Operation: 12 RENTAL REVENUE: Gross Potential Rent - Residential Credit Check/t&e Fees/laundry/Misc. Gross Potential Rent - Daycare Vacancy Allowance - Residential TOTAL RENTAL REVENUE Wlstbn Factor: l.cma 3565 Arniffmo 934.884 $10.00 lunitlmo 16,560 $3,000 lmo 36,WO 5.00% (47.572) 6,811 /unit 939.072 PROPERTY OPERATING COSTS: t-iflatian Factoc l.M)(Mo Administrative Expenaer: Cffice Supplies 8 Equipment Bank Charges Credit Check License & Fees TelephoneMvtswwing Service Fed. ExIPostage Misc. Adminfstratfve Expense $700 ho 8,400 $15 Imo 180 $120 imo 1.440 $23 ImD 275 $350 hlo 4,200 $50 ho 600 $100 Imo 1,200 Marketing Expense: Advertising 5417 /mo 5.004 Profeaslonal Fees: Property Management Fee Legal Fees Bookkeeping/Accounting Services Utilities: Electricity (units) Gas - (units) Water and Sewer - (units) Personnel Costa: Salaries - Manager Salaries - Assistant Manager Salaries - Office 8 Leasing Salaries - Maintenance Payroll Taxes Workers Compensation Health Insurance/Other Benefits Contract Services: Exterminating Trash Removal Courtesy Patrol - Security YardlGrounds Fire Protection Services Elevator & Other Equipment Cleaning & Decorating Painting Supplies Repairs & Maintenance: Repairs 6 Maintenance - General Equipment/Vehicle Expense Facilities Services TOTAL VARIABLE COSTS $4,000 /mo 48,WO $450 Jmo 5.400 $1,333 Allo 16.000 btO.00 /unit/m0 18.560 $10.00 /unitlmo 16,560 $29.00 /uniUmo 48,024 $2,333 hlo $1,667 Imo $1,213 Imo $3.460 Imo 2O.W0% 5.000% 9750 Imo 28,WO 20,oW 14.560 41,520 20,816 5,204 9,ooo 50.91 luniffmo 1,500 $7.25 lunit/mo 12,006 S2.400 Imo 28.800 $13.04 ArniVmo 21.600 $21 /unit/ma 250 $150 Imo 1.800 $1.45 /unit/m0 2,401 $6.88 /unit/ma 11,393 9120 /mo 1.440 $1.152 lmo 13,824 $2.642 /Unil 405,957 Taxes & Insurance: Real Property Tax Assessment Property Insurance TOTAL FIXED COSTS bdlati Factor. 0 /unit $138 /unit l.Mxxx) 0 19.000 $136 /Unit 19,ow TOTAL OPERATtNG COSTS $3,079 /Unit 45.5% of Rent 424.957 NET OPERATlNG INCOME: I- - INCOME STATEMENT Income Inflator 2.50% Expense Inflator 3.50% YEAR BASELINE Prop. Tax Inflator 2.00% t of Months of Consttuction: t of Months of Stabilized Operation: 0 12 CASH FLOW FROM OPERATIONS: Net Operating Income Social Services Allocation RESERVES 0.60% of hard cost Replacement Reserve or $200 /unit Unrestricted Cash Reserve CASH FLOW AVAILABLE FOR DEBT SERVICE; 514,915 (3WW (27.600) 0 451,315 .- RENT PREMIUM CALCULATIONS 0 Floor 0 0 0 0 0 0 0 850 850 850 850 850 0 950 950 950 950 950 0 950 950 950 950 950 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ‘0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 rent increase ger floor (s-la Unit RentlSF-. Floor Total Unitq Potential Rents 2BFU2BA Mgr 2BW2BA 3BRQBA 2 850 $0.00 44 850 $1.00 46 1,058 $0.90 46 1,226 $0.77 0 0 $0.00 0 0 $0.00 0 0 $0.00 0 0 $0.00 0 0 $0.00 0 .O $0.00 0 0 $0.00 0 0 $0.00 0 0 $0.00 0 0 $0.00 138 $2.67 Units per Floor 2BlWBA Mgr 2BW2BA 3BW2BA 2 1,700 2 44 37,400 44 46 48,668 46 46 56,396 46 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 138 144,164 138 0 0 0 0 Total Average E!a 0 850 950 950 0 0 0 0 Total Project Rents 2BR12BA Mgr 2BFU2BA 3BW2BA 2 850 $0.00 44 850 $1.00 46 1,058 $0.90 46 1,226 SO.77 0 0 $0.00 0 0 $0.00 0 0 $0.00 0 0 $0.00 0 0 $0.00 1,045 $0.87 Average ml-. c so a.” -1 Sam-. - I m.. w. -t -.srr.h -t -.cII- : -e- -I - -.ol I =: z * L7 I” a.. m.oDD LS m.cw LO m.DoD ” m.m u mm LI ac(uu L-3” Ica..ra) Lo o.oIp1 o.rz3, o.mu 0.m XFSM ,mllDI I I :z o.uY M : ; ; i ; 0 L&A d a* 3 : : : : : : IOna ILrn 1Lon w,m : : : : : 0 0 0 0 St.- ,n.w : : : .” : : : .” : : : : 3s.a 0 0 0 0 0 0 0 a 0 0 0 0 S.ZS : zpl” : ,o.m : : 1*.P) LIIl 0 : +pI : tam : : !LB .A : a : mm : m 0 t1.u) 42 : 0 : w.* 0 3 0 ,iu) YSSM -FM-- ,23% YyDl -~.cuAlno : 1w-G : : : : : : : : : : ii iii 0- ml.3 Aa9 0 0 0 a 0 0 0 0 0 0 *o(.* WII 0 a : : : 0 0 0 0 :: 0 : : : 0 : 0 : : : Am : : : .” : : : : : : :: 0 : : : 0 a 0 0 : Ls : P 0 0 : : : : 0 : : M : : : : : : : : .’ : 0 0 0 0 0 D 0 0 0 0 IC,yID -ah , - Y IOonM mm04 0 0 0 0 0 >545oD --- z,” 1cva Is 0 lLlylD ooou~ I w.uI, Is : : : md : : : lClY - am\ t ,,I : : ai : : : : : : : : 0 0 mnuma.ruo 0 . ..I ‘- IO,yDu* ov.aa 0 lozoa 0 : 0 0 0 0 : 0 mancu*lparm 1 a” Iti IY4nU 0 : 0 0 ==N- oe : : : : * 0 0 0 0 0 Sam mxYmommmcn I.lY And 0 0 : : : : : : s2sz --k 0 OM =-- km : : : : : : : : : : : COYYQI- : o&u 0 0 0 0 0 0 0 0 0 0 0 * n-w.- :- 1 7wmo~Io(I~~ 1 h ‘U %-no8 cacprrr r!sh-TIL omcr CCUNX -Lhlt-- . “JI hm.m 3 : 0 : i : : : : : : : : : : : : : 0 0 : 7.02 : 0 : : 0 0 0 0 0 0 0 0 0 0.L ,: u: ,: 11 *.ou y: u: ,: .: ,: ,: ,: 0.1:: 160x) lO.ao : 0 0 0 0 0 0 0 1s:: 7% 16.154 0 : : : : : : 0 : : : 0 0 0 0 0 0 0 0 0 0 * * 0 0 : 0 -Corm- 4 au-4 a*1 - ODR : : : : eollQ#mn : : : : : ou1 : 0 0 0 0 0 0 0 : : 0 P 0 0 0 ~cmmd- II - - zws1 Blm an.yl as.“, au, -- aY1 =.*I aLas* rn.YI O,l* coymcmy-* 2!z a::: a,:: ,z ,:,: ,I. m. : : .LIM : : a.873 a.LR, : 0 0 0 0 0 D 0 : 0 : 0 0 : : : : : : 0 * LPO 3.w 1.0” l.sw d aam : : : : : : : : : : : : : : : : : : : : : : : : : a 0 0 : 0 ,m: 4.8,: : I= L3D 4.1. 48,. 4.1: : : ,a? m : m w : : m UI YI 0 0 : . : : : : : 0 4 0 0 : : %YI *,te : : LUI . ..I.* &,I. .,,I. 5.Y 3.* 0 0 0 0 . . I . zwms onail. lmpomrp 1MHQ =--=-S-Y sllzl”PNovEyENTs -cammmLrv 1124Lls cm- * CONYON smss ~~ Eevnuh@.avs 2sLxo5 E#3+dlq.w 12 -I au9 2wsK Mm- - t:z,” K-K,4 -.ou*r 2s27w c3lhqmq ENKNEwm Z& cauucllmbu’ 1. M - mEcTcoNsnKww --k*omnh =--- 0 LoTlNFNovTNENn mcas1- K4001- SOa Arrtha-c0nu.b 3 500001 IrcHa-car.slp.rion m 4- cu swciucalnuM-o(kr mdeaa.n SC-01‘00 sm t SW97 Nma SMlll Tmvd~~ su3K LWFmB-k+lLNv. 10 scsrroInunn-mml~ SW.7 a..# YYl Inu*ur..UM Ye wbumhs 50561 sdlca- tir, %a% mwEcToEyELoPNwI ~Sooa cmMb.c.1. 105002 wand m h . QIro 595901 lhvdc+wh.W 5psso1 Wmd~F”.u**cO SW905 CammaFr-cN~ 0 5~s~ ccamcmrFr.aJAm 0 0wMFAD -~Iolsm- I ml408 cm,- -HI NWTAL OFPKS coNPLEs =EY---’ 5 -- K”8sDI Gal$& I k-m *zoo MAlscEnm TOTAL mc%JEcl WSTS WY mr (ebsng iluma) MC-w mm r- hwrml, V-.X-, UramLmmwprl&lRh cumuw~uruL8nd 13s Ui,“k Elanc*l IwW ou-~!aeN WUdE.w-(v*ld *-co*r Y.ow ho * Imo 51.233 Imn 0 0 0 0 0 0 *,o.w hnwmo 0 0 r1o.w lwwmo 0 0 5w.m - 0 0 u.m ho 0 59.561 hm 0 : llf13 Ilw 0 0 awwlmo 0 0 W.@X% 0 0 5.m 0 IM ho : 0 50.01 hnuW#O 0 0 51.25 - 0 0 a?.*00 Ima 0 0 fl3.04 hl”mO 0 0 521 w!Nmo 0 0 t,w Imo 0 0 11.45 Iulwmo 0 0 5a.u hnwma 0 0 5120 Imo 0 0 u2.561 Ioma 592 I&5 960 ‘II 2.771 ua 964 1.020 51.419 Iso ‘2.555 lam mm 31.W 24.996 ‘,#a ,299, 5,,ou raw2 4345 1.0% 090 I.?22 22,135 1 t.241 ‘0.522 I.W 1.5u 7.517 1.157 W1.4.53 ,.I972 a3g .lw 4.857 u5 1.m I.549 52.211 5.5757 17.7% 1a2w lam +1*45 L.ou Pll4 1*1u 4ww 2aom 5.770 aon l.w.2 lf3’1 3l.W’ nw 277 1.0’2.139 I.1.N aup 207 1.652 21s “0 1.3n 5.142 55.W’ a101 ,ayo 1*,0@3 ,abn 5.5.1w lztn 22950 IClw 47.w ZlUl 5372 ta2w t.72, 1s.m 32.019 24.116 n, 2.162 ww 1.501 2J55 W.lU t.u.2 1.,nm ‘E ,.I’0 3.27 1.11 113 1.425 as.3 5ls49 a.14 lam law4 w.uI 51.037 2% 17..?w 49.212 22722 1.151 laws 1.702 ,4.259 Y.?o6 25.654 107 LIP 2852 27.00 1,710 ‘.065.279 t- 1a.m 221 1.7-m xl5 am.2 1% 1.475 %I51 5aw4 au4 I0.W. 20.356 2o.m w.034 Y.IlD 24.5w ll..W 51.0.u W.Y, a391 l‘.ow 1.w 1475, 1.403 w.552 m 2.213 2.952 1;llo l.waw2 t- raw, 99 I.Lp 350 5.Y ml 1.527 *%a ‘1.W9 1.110 20.266 *mw a.cw r,.,m 36.821 25.L15 11.521 urn 2au4 a621 11.4’ 1.901 15.*15 w.642 27.481 31. lrn u65 28.m ‘.a% 1.11l31* 1J1~1 11.08’ 227 VW y? 5.52’ lw 1.510 a!w W.Wl 1.111 I~.WI Il.yY Zl.wl U-2% 3s.m w.sw cat72 54.1. 21.1,’ au1 ‘1.U~ I .m 15.110 31.w. 29.w 99 2.370 a.‘(2 am l.wa 51.152 Ima 0 0 0 11.1cd l%P, 15.u3 ,a.w law2 ll.YI la204 P.Du * 0 0 1awo Y7.340 ld27-24 471.919 4w.W’ 513.00 5.%.WI 549.571 SWldUun*uncOFW -wn-~PImn-.~, 0 * 0 lW.~OT) 0 0 0 0 0 ANl~F-.u**c 0 D 0 we' IamI l~.ow M.mQ l~.~l lwsaw ,w.oLi, Dprlnsn md knatpria 0 ,111, ,'.WQ I4w.4255) lau.w2, ,u2u.w21 ,w.ow, L w2' tw. I bu.oo), cw.Qq TOTAL OTHER IWE (UBENSE, 0 ,151, ('37.55Q ~I.lW.U7) ,'.Olk214, ~l.m0.%3, ,1.003.9u, WW.2%, ,W2.W‘, ,SW.S22~ "El man, (LOSS): 0 ml, llI7.2M ,*72.411, ,JlP.Wl, ,191.wQ IUl.lrl, ,m.m) ,457.215, ,Ul.soo, CAW FlayI FRO” oPERAnou% Nd opruhg hwm. savl Mr MaYku RESERVES 0.602 d hard cm Fwk- em*. OI UWM “nr”tMd cab Rrr*. CIDH now NUUBLE FOR DEBT SERVICE CI.hOW@MH,~-Ca CuhshmlrYnAidlrom-aCau CYNkwhld~COIY(MIII mJr.ka- -W-.1 ,.%% 30 CuhFbrUl”WlW,WcSr*r. -.dD1- “XdNUll%OUW A.?alnd Rapk- Rm* owurnp Rmr 51: z ohrmrnFr.cmY. wrmd-FFr.w EZ Au*urugmF”-UAAC -wLomkuI uo:ow .%u, Km?. dc.m R-L-n- w24,wa CAEN ROW NAJUBLE FOR DlslmBunok 0 : ,.P.sm, 2uow w2.u2 511.,*, 519.195 52e.991 w.502 51t622 D 0 ~122w P7.823, P.WQ w737l w.731) (41.140) PZrn -. RERTM REYL~ oIorPa‘mdhm.- ceaackkaaF~. OIouPd.WWlRW.b+“* VW**am.- TOT&l RENlu RMNVE PRoPERwoPEn4nlWicom: MI an& Lis*ruiFm TLphaJbmlwilq5m. F*L UWI‘US MS.*bniu‘OW- ““Wlnp ElFusu Fmninq Rd- Fas ~2?--- -m-r LIIIU*r @-f-v i-t 0r.l~I wumdsau-(uu, -cou: --urupr shla--ynqr --alk.r- --Yin‘l74lOC. Pwc4 Tam wcd‘mbmq*ralim Hvlk Iruumc- Brrr”l MMsacvkat EW?llMiq n* &mm* ccuno#y Pard . srunl, lu- n. Pmlnln Smr Elr*oLOUuE~ -+34-h rhthg * Rnpmh. YalRnwt Rsul&Yw-.-Onr~ EcwimnNWEpru FrlUirLmr 701u “IJIABLE corn laxa‘. I-: PdRoprh,TUAwwrd R~hlwmc. TOTAL 0PERk”w corn NET OPERAIINO INcOYl OTnER IWU)YE (EXPMSE,: Inl‘ll I- nmd Prsti -Run* bllw94 bnu: CaMlranLovl cewmmldua-‘1 MhCLovl -- mInti Pay- +‘ldkd m-al HI tnrr 1- (Ever.., r.11t hm‘ ,lDo him S’S Imo Llzo hm 523 Irm s33a Imn mhm $100 ha $417 hm Y.poo Ima s‘solma Il.uJ /mn 110.0 ,- llLoo Mlrno $29.01 hnumo Sam lmo 11.11 Ima rt.213 /me awm Ima 20X09% LCUJS IM ma $0.91 kmvma I715 w* s2,‘co hno f~‘1.0‘ luruho $2’ lwwmo llyl Ima $I.‘5 ltm‘llna s8.u bwflw I,?0 Ima 1.W 1 I.“# 2‘5 315 %72‘ 111 1.6% CM 65.119 7.350 fl.l(y o.sm Psm Q.‘w 3B.l~’ 27.29 1*8“ S&Y, *,.,,a ‘LYI %.X1 l.a‘% 3‘1 2.4% 3,213 ,I.osI ,.mo ,.*1op 1 I.“0 2% a031 %Z w 1.*03 7.om Q.los ,.Sll P.Slo z3.m 23.m W.7‘3 3R.W n21* 20.5% u.sw 2n.m 1.3“ 12.696 2.11‘ taoy ‘am %.‘a0 2s zuo 3.Yl 2a’U 2.03’ 1-1 1a.a‘ m 2.102 a: 111 1.n* 7.2w lmm 7.114 Pm tr.rn I.177 m.ct. ‘am 2atce 2129 yI.m. 0.301 l.lW ta.140 1.100 ll.SZ~ (toll 3’s% JTS au9 3.s(u WI 2.102 I.zPlca lllm7 tam m am ‘1. I.Y 001 1.111 1.56’ lZS3’ ,.lEO *..rn zs.vz3 2s.m lzsu ‘Z31P 3o.tll P001 62.1‘0 ,t.‘!i‘ 1.M‘ 11.1‘2 ‘a.510 32.5% 3m 2,120 3.61, 34.4% tt75 OlQ 13,131 282 a252 4% asaa 011 3.m laom a“5 zs.on 25.199 2E.m lS.lPl ‘am1 31.279 22.771 u.ms %.ys atJo I‘.016 2.3‘5 l&R7 ‘acu 33.7.’ Sl 2.115 3.155 35.01 2.252 1.zss.u‘ I.Yaa ‘ZW to’ aut “5 am9 01, t.Bu aloo R,Wl 1.1‘1 n.tea n.m za** R.rn 2E zam 67.ZM %.Kos I.421 I‘.%‘ Z‘ZI ,a‘% ‘m1t Y.W 105 2.D“ a.17 Y.,” 2.U’ llzu l‘.Dll 302 a.13 ‘Sl 1.0% ‘*OM LD’D I.%3 10.4’1 W‘l 2e.m 27.744 21.7“ M>‘= ‘aPl0 tlJo7 ar.m aao.w %.I71 a110 ‘5.011 2513 m,t. ‘8.m %.lU ‘19 am* ‘.011 38.1,s a.13 I.%,.115 1.m l‘s55 312 Z‘s7 ‘77 12” 1.0‘0 *.OW am a.3.231 aa5‘ 27.1“ 28.1t5 28.1’S u.i?n ‘a.552 Y.sM 252.1 ll.SS Y.oK am. 2.1’ Z&l’* ‘0.930 31,454 ‘33 a,** 416‘ PSI2 Z.‘Dl 1.3Ka‘s S,Pl5 323 234 7E l.W/ L’s‘ aDI U.1“ 9.69, ZS.1’5 z0.m 29.720 U.l.1 so.251 %.loI 2s.110 7r.515 37.2% 0.3% 1a152 2692 *t.W 51.07 %.16S “9 3.2% 409 ‘0.w‘ Lsu t%Em xu 2.171 111 7.101 1.1“ 2279 19.159 lam lam %.lu) tern‘‘” ~LO’O 37.m zl.ou 7l.m aam m64 1%117 239 ?kLXlr sa‘s( 4.122 ‘6‘ xw ‘.‘a urns rtn BadlAx.-F... -r*k.Evuw(pdhacaar.M, 0 0 0 0 0 0 0 0 Mldmwmm,Fr.LUU: ,a.ow (WJW ,-2O.~l ,ZWNl ,m@w im.~l lzo.~I ,aKQt L+rulpnd- (609.52Q (5o‘.lOrJ , 5Dl.m ,5or,lw, (59(.101) ,594.lOll ,5s‘.lLl~ ,SL.lD~ ,5s‘.10~ ,sw.lo~ TOTAL OIIPR I”COYE (EXPENSEJ losr.Z’Q wo.211) (p?‘.wJ, ,915.211, (5ear36, ,*t.uo, (I01.798, (maOlO, (Mall, ,855.lU, NET PRO”, (roar): 1‘03.766, ,373.9s‘, ,J5w“, P‘2.380, ,.t?7.7‘6, ,31*.5m, i.7a‘.IPl, ,*75,%1, ,257.21n rtuq AbabnlAslrrmnaRur. YIM ----J---l ,135 lm‘ MWWdCWCMUF”.UC4U sJ.or2 M.eW0.dweFr.W saos ~~“~ Mm0 bu ‘OPL dcFF* --W w2‘.ooo can now *vAilABLE FOR c‘sTmwJnott Ill. Y1. l&H 1l.C 1)A MI. ,s.n 3’9L KII 1)‘s 0 * 0 0 0 0 0 0 0 0 ,a‘-, ,a733 (10.014, ,lo.‘zQ ,1amo ,I 1.150) ~1~.550, ,1‘.15, ,w.m, (lr.trll ,N.‘UI czam5, w390 ,ZI.ZU, ,2%.2‘*, I%~, ,~l.PS) I=‘221 WSW p‘.lW t i : 0 0 0 ,2o.m1 mm, ,zaoml nO.4 : ,20.& : (2O.m1 ‘“T ,Sl.UZ, ,ZO.& : : I2acw ,‘S.“t, IUopd ,st.rm, w.193) K%: (71 .“;I 6zy ’ IR.un 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ormm*uddRm--vl Iha -. Fdmlmswwn. !3eceaPmnlial~-~. “ry-.- TOTAL RENTAL rlEmlu2 ?lal- hc -VFW bwF-- EzommM#mSmcr Zi-, a--iuru) w*rmdsnu-(ua, !ilzriz tJd.mm.-yrvpr Ynr-UfbLbW%2 -.-nra Poyra Tu w---l=- nmul%--m COiRlWl- E*-~ TIutl - bur~P*~-- Y&d- Fwe Runa - ElWmf & olhu E- RgwLuw--- -ww FUl9mSrrCr TDTU “AmABLE cosls TuuLlnvrr.: R.miRcQuyTul- R-l-. TOTAL RXED COSTS TOTAL oPER*llNG co* NET OPERITI)(O IMYE: cm%R INCOW ,-,: bww 1115am: monllpnr~ L.11 hill -Fe nm ho 1% mm St20 Imo s2ahm ma ho %a him mm ho ¶.a, Ima s4.m mm wo Ina v.m ho ,I&00 i\Mmo PO.ca - 22s.m - s?.mmm *ta7 /m n.2,3 mm s.t.uo ,nm 2Q.W 5.om% WY1 hno SW1 luwm s7.n hlnuma s2.400 Imo m.01 lurvmD It lWm0 I!!4 /ma Il.45 lvlumo Y.” - ,120 ho 1.465179 1.502.s2a ,LM* 2% 529 c.on 1.w 220? mm - IO.282 20.710 21.837 3l.W %.P( 52,820 n.*uI 2T.m 79.m 40.01D 1o.nm 17.323 2914 22.012 u.38. 41.526 111 341 111‘ US07 2788 w,f,l ls 2)ss 541 as7 1.,0( 2Ju e.967 %.SW 1O.W 21.827 nz.2961 S.%l 15.m s.114 39.m 2S.Wl #2.2(1. w.110 IO.%5 n.m 2.915 n.slo w.xd 42979 497 3.562 4.77. 4.530 2w 1.51w% ZIIIll 11.%5 3u 2.mo m G62 1179 2m lo.m tozn!, 11.510 24.w %z% %2% 102264 2z %.o% u.m 4426s 11.002 ml94 2.191 2s.m m.Ju 4.m1 xiii 1.11. a.m aom II.521 337 2.177 0001 c?u I.*4 2647 ms.m ,I.D12 n.zu Y.*D l.523 lm.sm ‘,.??l 11.m 32.01 01.m 4s.m 11.41 tam 2g us23 47.02 IS, 3,971 s227 50.270 2.177 2w50 arzs 27.41. 0.x0 4w2a 571 1.110 5.1u s2.m 2288 1*m 42s 2.442 aso 9.226 1.4t. 2m tt3.4.w 12762 2x812 3.1% !B.l.33 ln.lDI c*ln 47.265 24.109 %.I22 U.,% G!.2m 2lM 295 21.373 M.om 5t.011 ml 4.254 5.675 slw aw zo.yI 440 2.522 ‘72 10.272 1.m zss 12.240 ,,,.4M 13.201 39.135 4o.m 4o.m IV.465 8&U, U.OlP 3611, 101.m Sam5 12.729 22.014 3..wD 2r%d m.Lu 52.023 ‘11 l.M2 5.02 55.7% w22 “Z rm RI ll.os 1.572 1144 US.7” 14,148 41,9z, lox) 31,Iy 7s.rsl U.501 651 ‘.,I‘ us2 IO.705 xrn ,l.lSZ Ima 21177 27.507 n.rm 2s.bm 30.101 21.m P.%s P.l, %a% 26.2% s2.wt Jury 802.36-t mo.- asvc+ llo.587 e2o.m 262.w old..302 c.cm.m 1.0%.551 t.*UO 0 0 a 0 0 0 0 0 0 0 ,2”*6901 ~232.018 ,21%279) w8.m) ,~112-3-3) IlUuh) ,wt.tw ,111.16$) W.6.W Paw 0 0 0 0 0 0 0 0 0 0 i lyutu Rfivmwk oIouParwRn.-Id Cndl-F~. OIC.l*PC49bllulRM.~. vry -. . -A TOTAL REttTu REvzmlE u11 hal‘ -F& ~~ I120 /m‘ $23 ho UMI Im‘ *ima SIC4 Ima SK7 ho r.* Ima s‘5a ,mo *1.u1 /Ino slam ~nw *mm lumlwm m.00 - uwhm ,waI Ima s1.213 Imn s2.‘&0 Ima 2o.woX S.- 17% Imo so.91 hnuma n 25 hwma P.‘w hw ftla‘ lvulmo $21 I\IMlma II% Ima 11.45 hn(lm n.u - 1120 Ima l.ll~.ua a.nt‘# m.m 499 aa% I“ ,I.%4 ~321 US‘ llS70 UO.110 146.4 ‘2.3% 4909 ‘4.m 1%22S 7s.m s‘.p7 =..us 112.557 56.50 l‘.,,, 2L.407 :zc m.m um 171 ‘111 ‘.512 ‘1.n‘ um 1.511.4‘5 1.W 2“‘@2 s23 ‘.lU 7% 12201 1.74 un 1- “% rl.28. 915 l‘.‘W 2.070 ‘,,‘a Unm ZS.sO, 6.2 5.1‘2 R2 14991 2143 ‘.2U 17.1m 111.100 10.2w 57.11 m.1s 5D.lCW 171.1% %.%a n.420 St.991 t‘aa5 u.334 r1.59‘ %%I0 US1 ‘247 Ia2.W TI.13‘ 101 w2I U75 ,,.,,I s.u2 _~ ---uuupr -.c‘m.Lwiq WW.MhlU$UW P‘TTd Tu w-- HuMlm-~kr-~* - Ei2cLa Truh bn& cumw P‘lrd . .5‘cumy ‘I- F”. Rduuon kmw EkUOr&ouWEasmr* -E-h5 punhlg- R‘pdn . Ma- RpunL---orr~ E-Mtpnu FecWbl sdcr TOTAL “ABASLE COSTS TW‘lrunrrr .wRopy1u~nnmml F7Cvmy hwIunc. TOTAL mm COSTS TOTAL OPERATlNa COSTS NET OPERATWO INCDYE: OTlWt INCOME (EXPENW: ht”.H Innnu: BC.WRprb wrmr* Rrrr. Int”wt Emus‘z MMarLou, -Ua*lr hU.ACLSUl -- odmdl+t‘m# c‘m~!nl‘r~ WIMlnca,bnul Badutn-Faa 135.4‘2 ‘4.48~ ‘I.101 ‘LlOT WY1 S.lC4 ‘2.297 l20,lll SO.‘,1 15.1,. nt‘s 4-W 34.178 lZ6% 9.,.* 72d 5.225 un U.lS.8 ‘.W rann*lnliw-fDdfra-.Hun, WuwpMF”.u‘.u ap-Md*mat- TOTAL OTHER OICOYE EXPENSE, NET PROFIT oass): 25.254 S‘l 4330 827 12ul I.101 2.m ts.ou 1‘4.m !Lly ‘8.101 ‘2.m ‘US1 v‘.2@‘ 41” M.12‘ am 12‘ry urn lSE.7 27.m 1.510 24.m w.m ww ISI 5.‘12 72.23 PSI3 ‘.rn “E ‘.%a m lPS2‘ 1.m 3.m ,‘,I,, e‘.m 17.93 51.%4 s2.w urn ru.sn 00.1” 4‘,7 ‘6.m 111730 #ho‘s I‘.7U 2s.m ‘321 1.wo OL%l %.571 am 5.791 7.72‘ na? 4.m n.002 900 ‘ma ml l‘ml 2cm 4.m ,a.%, lm.olP l..cQl urn 1.204 %.20‘ 1m.052 alao “#I2 ‘em 11.111 r0.m 17.2‘4 30.m2 s.mo ‘4.022 96.001 ,2.011(1 m moo B.ms 75.581 ‘.uLI %.20‘ 57.1% 57.13# 1Ls.m oT.607 u9.006 50.2% l‘uss 7l.UI I,.%5 31.052 s.tn ‘1.42‘ 99.368 7452s 862 uw UIS n.620 a.mumFM Lrnw 1111zm t)lnm In664 Ipm (Joy ,.aKm 2.w ,m Zlpo oh%4 *Is hlml I128 Nnn W.PIO Ah” ‘ssv. d Rn( ll&Bau 4.m 100% 1.25% 0.00% *.001 CASH !xow FROM OPERA- N* cbmlim ,(ra 5alai -5‘nicL uocalal RE%ERVES 0.80x d h”d Sal RaPkMRaav8 m MO llnu “ru.miclti cnh t!mwn c*yI ROW *v*IusLE KUI C-EST SERVICE! CUMblV-1~bnn-M cukshml‘aP&h?al-mn&m CulllakldQmg- o.t‘swii.-wya~~l 7.25% III CuhFkaNlrFltmqDdc5mr. -*,DW- UXdNOtlncoln *dalO%!RslrmnC- SOW opr‘w-v ,123 lti o‘lna lhdopr F” . CIaew UOP C.lmd!3w.kq.rFr.WAC uofl ~~~~~ M.Ka rPa lmn da% ~LWR*ro~ S%‘.Om ClSlt ROW *“uLAsLE WR otslTuslmott 0 0 0 0 0 0 0 0 0 0 51.526 %.* %.lrn 57.127 59.727 81.1% d2rn L5.%s 87.5‘0 m?2‘ 51.526 up0 61.196 5T.127 52.127 11.1% 62.m 65.551 61,“D 70.22 1.182.229 l.221.7‘6 t.L1.11* 1.311.m ,.%7.191 1.‘05.‘2‘ 1.‘5‘.61‘ 1.%5.52s 1.55u15 1m2.151 fm,l2!3 121.115 703.8% 701,752 713,351 711.3% RI.‘?2 nr.saM3 721.63 73OIR Q--&W w*rmdSrr.,wl RmrrlW --Uruor -.-uwgl --OlbLLruo smmm-- h-ET-9 wdcm colvmdm HuhIrnums--” - rzPq Tmdl - y-s4 - saw& I=.. Pruulkil saner E!emcsLahwEqupn hcsilm- TOTU VulAnLE COSTS F-wl9n,lNUW. TOTAL Faso cos?s ?O?U oPsnA?lNo corn NET OPER\llNE INCOYE! nr!fwwl-,blu, BandYin-tna _ %4sz.os4 2.4m.014 1pu7 PI% us s.sos I .MZ 11.067 22% &So0 10.142 1U‘11 8.61, sr..7c4 uY( usu wl?lO 107.110 ?s,so? ss.ss7 na.ms Rue IO.po, %A% 5.m 45.927 ~10.171 mm, md ‘.S8S S.,l W.W? s.sos X9Sl4 %.%I 711 WQc l.Ms lS.ms tm r.n, I*.11 190.044 21.30 s3.Y wxs *.w tm.199 110,ms ?n.tss lU.%s 82.11‘ %.s% 5.ms 47.5% IWrn? I.520 SW 7.127 s.501 SW11 5.701 CDlrn 34.22 7% sm, 1.127 1,.21t 2450 4.917 2osm 1u1m i2.12, M.sss S?.uO Shma ‘91.791 111.110 Sims ssm4 t70.14 sww 21.r2s ZS.“, ‘.I., 4%les 118.011 1.513 1.024 ?.,?S 0.w m.ns 5m1 2,5u?os zcst.274 L?1?.MI %.P, ?S.? s.10, l.IU 1?..,3 zys s.ooo 2b222 2QlyO 22.ma ‘7.0 m2% 70.2% 2olu2 ,I%?% *PI ‘I.* 17%Do* “3” Z2.011 %.LIn msz Yam Yl%lU 91.111 Nda ?.u1 1o.w saw s.10, %I *ml l.zQ? ILL31 23% Jml 2l.ou a0.m 22.701 7033s Ram R601 210..,1 vu*! t S?.?W Sam. u%2w WVS 22844 0.307 5% 1n.423 s4.11, 1.097 1.90~ w.u1 1*.ms S.32~ Y.lU I,, v42 12.0 10,0s2 %?a s.*u 223% 2wMo 24w nsm na2 7szu 218.llo 12,213 so.sM UIST lu.sa 91.574 2asu 10.190 ‘.,,5 s1.547 1D.W Sal% ,.,Y ,.\n lO.ooo 1ol51, s.542 2.?)5.s00 4.m P.sm us ‘.Tlt 1.293 1o.?so 2.121 5.w z3.521 725.713 2s.JoI ?s.z% TI,Sll 77.W‘ 22s.s% 131,w 01.047 ss.sss o,.w 24,171 UP1 ?.M1 sws, 13.542s 101.571 1.175 1.4- 101.151 8-m 40.u2 87‘ 7.00. l.sn zo.u, ?.ni, s.cl(l PC%4 2Z3.113 1.211 77.m s0.O.M mm? 233.7% 13u74 9723s 2E lo*.710 25.m UM 7.90 Y.4.s lIo.lU 105.1% 1.217 urn l,.MS ~10.901 7.001 %v%.Ql S- 42.313 PO? 72% l.%s ?,.,s7 am2 ‘.W 2l2o7 2ll.?m 27201 so.se7 &%,I, al.,, 241,Wl 1rvu 10074s 72.w 2mlU 1ol.ss4 2sltl 4.2% 7.ss6 m.171 115.074 c4.ca5 t.no s.011 lz.om 114.m 12% Ii!** um o* ?.sm t.434 am7 3.121 %.os0 2s(Ix2 2LlU U.17 urn u.m %oJn 14oyI 104.21, ?s,D1* 2muI ,os.M 21.12, um2 ?.szQ mm4 Iso,, ,l%(ltl 1.303 0.%4 12sts ,,s.sm 7.222 fl.152 la stsm uns saw Sam1 62ml &?.m, o.os S?.%l ss.us R.O?3 SD42 ti 1.SUU~ ~.ss2.199 I.712.PP l.?nos‘ 1.m2.044 ~.SUlS4 f .m%s% 2.03~220 2.loLB13 2.175401 DvrulbnHdm 0 0 0 0 0 D 0 0 0 0 TOTAL anwl INCOYE (UWHZE, 14.#13 I,.,W 39.390 ‘7.629 5s.lss B.%? 7sls2 IS.LyI3 %“I 82.ws n7.424 ?ss.zoI 771.02, 7sa%o 42.111 SW%5 01.915 I,?.~54 m.rm ms.m 00000 00000 00000 l$ooQo 2 z d = goo?g 3 2% moomo =- Wk Fl gsj orvodn Em a* 6 U-J ‘-j; 00000 *oaoo 00000 00000 00000 00000 ,oopo 2 2 - 5 ,000~~ 7 ‘9 o? &-” ~OOQO 5 Xt E cn- oi -0 oi”@m U-J SS 00000 00000 00000 8008 00000 2 2 2 :- 0 00 0 8 000 d ‘f BY) f ‘X ‘8 al-4 f ,F 94 ’ f ‘m Zi t 3 c s s, 80°8 00000 2 * r-- 2 2 s-5 s-5 0 00 0~000 !3 d So08 00000 2 2 F: r k-5 l-5 0 00 o;rooo 5 8”“8 ““fj& f f 5 “‘f 0 00 O$OOO 3 go0 B 00000 2 z z d 6 go08 00000 7 2 6 n‘ 0 00 0~000 k d 800 % 00000 9 h fi 2 3 moao* $O”f 5 > g. 2 R N 0 0000 0 8 000 d ,g” H 00000 $- k- x 2 0000 o*ooo 5 0000 ogosF3 :- E! 3 0000 00000 0000 0 ii 000 6 0000 00000 0000 00000 0000 0~000 2 0000 00000 0000 00000 0000 o*ooo 5 ;r 8 d -. 14 $“#o@ 00000 00000 Y’ :““g ? r ooooo f”“gj pig o O0 y-0 I &EN, L - 6 ti Pi $“sog. 00000 00000 80°8 x x v N 2 r ooooQ i$““$ g”g$ O O0 off-0 p SISNt=S? d 6-5 d 00000 00000 H 0°8 r.- x 2 7 d m- $.“g.of$ v 04 00000 ooooo s!““~ ti 2 5. ooooo jooj $“$5jj O O0 offooo -Fi d 0) N 0‘ s”gopj 00000 * - - ooooo g-g ooooo y”4 ps O O0 oy- g $ s: I -N ti 0’ $“j”fS 00000 ooooo g”“$ ooooo $-$ ?p$g O O0 0$-o lu 2 7 0 0% zzz ‘N t-3 s”s”$$ 00000 ooooo s$““! ooooo gOof g”F$$ O O0 02;-o 2 r x x msg d 0) 6 0‘ 00000 00000 go0 g 3 i 2 2 Pi so i” $3 00000 00000 HOOr$ 00000 gjoo, :o@g 0 00 &S rg c o~ooo K 4 2 3 9 “$cj 00000 00000 go0 Y k 4 x . * 4% 00000 w P‘f d - “B 00000 00000 00000 ~?o~al c. 8 s ooul~o 2% 0 00 o*ooo 9 : ; gz i d -- 2 m- 6 83s 00000 00000 80° H 00000 806Ur 9 k:. ooosio 0 00 8 2 I-- c. Em se 0 2 $ gz CE 0 3 000 m- ti Don 00000 00000 00000 0 00 8 53”“i aOf& OO,gO $ $ g. 2 3 r; s 8 -- se O~OOO d 0‘ ci 9-h 00000 N- 00000 go0 f4 2 8 K $ 6 s”sofs 00000 00000 ,oog 00000 0000 00000 0 00 0 d P is 000 * d x ti 00000 00000 go0 3 00000 0000 00000 0 00 0 000 2 d 8 d 4 x 00000 00000 go0 3 00000 0000 00000 0 00 oqooo 2 $ d 3 $ vi S080@ 00000 ooooo 3”“s 00000 0000 00000 0 00 o*ooo $ g $ $ 5 6 6 00000 00000 go0 H 00000 0000 00000 0 00 0 B 000 2 r; 7 Iy+ d L-i 6 $“gyj 00000 00000 ,,,g 00000 0000 00000 0 00 0 8 000 t $ d 0‘ 3 %“$Opj w 00000 00000 8008 ; 2 00000 6 crroizo z- 0 00 2 3 53 =. ooggo xg 0.2000 s g”$oPsl. 00000 00000 ,,,$ 00000 pOSW 3 2; oo,qRo s-g 0 00 0 000 w 89 ii r d s-4 K $“#“G 00000 00000 80°8 00000 $“i%$ - 0 00 &S z- P : 2 $g$ ooulGo G;. *!L 6 0~000 2 ti ti !j”$ogg ooooo 00000 g)““# PI 00000 go80 00,go 0 00 No% r; ;;- . 3 $1 rs gj 2: 0~000 3 m 00000 00000 00000 00000 00000 00000 00000 00000 00000 00000 00000 00000 00000 00000 00000 o**oo 00000 00000 00000 00000 8008 00000 2 7 2 0‘ K !OO, 00000 N h‘ x 3 ci 8008 00000 ? ? E 3 m m‘ g,,, 00000 f r t-5 gooz 00000 2 2 go”! 00000 0 N 6-i x ij”“$ 00000 7 r” c-5 ti 8008 00000 * tn K r; r 2 ci ti go08 00000 5 Y 2 B 6 6 $““$ 00000 N x ? ti 0000 00000 0000 00000 0000 00000 0000 00000 0000 00000 0000 00000 0000 00000 0000 00000 0000 00000 0000 00000 0 00 0 8 000 d 0 00 o*ooo 9 0 00 0 3 000 0 00 0 is 000 0: 0 00 0 5; 000 d 0 00 0 !z 000 d 0 00 0 ff 000 6 0 00 0~000 8 d 0 00 o;zooo 8 0. 0 00 0 fi 000 d - Exhibit 4 RECORDING REQUESTED BY AN-D WHEN RECORDED MAIL TO: City of Carlsbad 2965 Roosevelt Drive, Suite B Carlsbad, CA 92008 Attention: Housing and Redevelopment Director No fee document pursuant to Government Code Section 278393 (SPACE ABOVE THIS LINE FOR RECORDER’S USE) MODIFICATION AGREEMENT (Laurel Tree Apartments City Loan) THIS MODIFICATION AGREEMENT (the “Agreement”) is entered into as of the day of ,2000, by and between the City of Carlsbad, a municipal corporation (the “City”) and Carlsbad Laurel Tree Apartments, L.P., a California limited partnership (the “Borrower”). RECITALS A. The Borrower is the owner of that certain real property located in the City of Carlsbad, San Diego County, and more particularly described in Exhibit A attached hereto (the “Land”), on which the Borrower is constructing a one hundred thirty-eight (138) unit multifamily development known as Laurel Tree Apartments (the “Improvements”). The Land and the Improvements are collectively referred to herein as the “Property.” B. The City and the Carlsbad Redevelopment Agency, Carlsbad, California (the “Agency”) entered into an Agreement dated June 11, 1998, pursuant to which the Agency transferred to the City certain funds from the Agency’s Low and Moderate Income Housing Fund created pursuant to Health and Safety Code Section 33334.2 (“Redevelopment Housing Funds”) and the City agreed to utilize such funds in accordance with the requirements of the Community Redevelopment Law (Health and Safety Code Section 33000 et seq.). _ c. The City made a loan to the Borrower in the total principal amount of Seven Hundred Thousand Dollars ($700,000) from Redevelopment Housing Funds (the “City Loan”), subject to the terms and conditions of a City Loan Agreement by and between the City and the Borrower dated June 11, 1998 (the “City Loan Agreement”). D. The City Loan is evidenced by a City Note from Borrower to the City dated June 11,1998 (the “City Note), and is secured by a City Deed of Trust and Security Agreement dated June 11, 1998, and recorded December 8, 1998, against the Property as Instrument 02/29/00 1 No. in the Official Records of the County of San Diego (the “Official Records”) (the “City Deed of Trust”). E. The City Loan is subject to the terms and conditions of a Regulatory Agreement and Declaration of Restrictive Covenants by and between the City and the Borrower dated June 11, 1998, and recorded December 8, 1998, against the Property as Instrument No. in the Official Records (the “City Regulatory Agreement”). The City Loan is also subject to the terms of a Mortgage Loan Rider dated December 2,1998, by and between the City and the Borrower (the “Mortgage Loan Rider”). F. The City Note, the City Deed of Trust, the City Regulatory Agreement, the City Loan Agreement, and the Mortgage Loan Rider, as further modified pursuant to this Agreement, are hereinafter collectively referred to as the “City Loan Documents”. G. The City and the Borrower desire to modify the City Loan Documents to reflect a Four Hundred Thirty-Four Thousand Dollar ($434,000) increase in the amount of the City Loan. NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, it is hereby declared, understood and agreed as follows: 1. Amendment of Citv Loan Agreement. The City Loan Agreement is hereby modified and amended to increase the amount of the City Loan set forth in Recital 4 by Four Hundred and Thirty-Four Thousand Dollars ($434,000) so that the total amount of the City Loan shall be One Million One Hundred Thirty -Four Thousand Dollars ($1,134,000) and to increase the amount of the portion of the City Loan funded with City Housing Trust Fund monies by Four Hundred Thirty -Four Thousand Dollars ($434,000) to Six Hundred Thirty-Four Thousand Dollars ($634,000). The City Loan Agreement is further amended to increase the amount of the City Loan set forth in Section 1.1(e) and Section 2.1 by Four Hundred Thirty-Four Thousand Dollars ($434,000), so that the total City Loan amount shall be One Million One Hundred Thirty -Four Thousand Dollars ($1,134,000) and to increase the principal amount of the City Note set forth in Section 1.1 (f) by Four Hundred Thirty-Four Thousand Dollars ($434,000), so that the total principal amount of the City Note is now One Million One Hundred Thirty -Four Thousand Dollars ($1,134,000) . 2. Amendment of Citv Note. The City Note is hereby amended to increase the principal amount by Four Hundred Thirty-Four Thousand Dollars ($434,000), so that the total principal amount is now One Million One Hundred Thirty -Four Thousand Dollars ($1,134,000) . The City shall place a notation on the original City Note setting forth the new principal amount of the note pursuant to this Agreement, which notation shall be signed by the Borrower. 3. Citv Deed of Trust. The City Deed of Trust is hereby amended to increase the loan amount set forth in Section 1.1 by Four Hundred Thirty-Four Thousand Dollars ($434,000), so that the total loan amount is now One Million One Hundred Thirty -Four Thousand Dollars ($1,134,000) , and to increase the amount of the City Note set forth in Section 1.4 by Four 02/29/00 2 - . . . Hundred Thirty-Four Thousand Dollars ($434,000), so that the total principal amount of the Note is now One Million One Hundred Thirty -Four Thousand Dollars ($1,134,000) . 4. Mortgage Loan Rider. The Mortgage Loan Rider is hereby amended to increase the loan amount set forth in the introductory paragraph by Four Hundred Thirty-Four Thousand Dollars ($434,000), so that the total loan amount is now One Million One Hundred Thirty -Four Thousand Dollars ($1,134,000) . 5. Full Force and Effect. Except as set forth in this Agreement, the City Loan Documents remain unmodified and are in full force and effect. 6. Successors and Assirns. This Agreement shall be binding on and inure to the benefit of the legal representatives, heirs, successors and assigns of the parties. 7. California Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California. 8. Counteroarts. This Agreement may be signed by the different parties hereto in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same agreement. JN WITNESS WHEREOF, the parties have executed this Agreement as of the day first above written. BORROWER: Carlsbad Laurel Tree Apartments, L.P., a California limited partnership By: METROPOLITAN AREA ADVISORY COMMITTEE ON ANTI-POVERTY OF SAN DIEGO COUNTY, INC., a California nonprofit public benefit corporation, its general partner By: Its: CITY OF CARLSBAD, a municipal corporation APPROVED AS TO FORM: By: Ron Ball City Attorney By: Its: 02/29/00 . * . . STATE OF CALIFORNIA ss COUNTY OF 1 on ,2000, before me, , personally appeared , personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s) or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. STATE OF CALJFORNIA ) ) ss COUNTY OF 1 on ,2000, before me, , personally appeared , personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s) or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. 02/29/00 4 02/29/00 A-l EXHIBIT A Legal Description of the Land City Note . $700,000 -. Exhibit 5 3LxE Ii ,1998 Carlsbad, California FOR VALUE RECEIVED, Carlsbad Laurel Tree Apartments, L.P., a California limited partnership (“Borrower”), promises to pay to the City of Carlsbad (“City”), or order, the principal sum of Seven Hundred Thousand Dollars ($700,000), or so much thereof as is advanced to Borrower by the City pursuant to Section 2.6 of the Loan Agreement (defined below), plus simple interest accruing at the rate of three percent (3%) per annum, commencing upon disbursement. 1. w. This City Note is made pursuant to a City Loan Agreement dated as of s dc k, 1998, by and between the Borrower and the City (the “City Loan Agreement”), and as contemplated by a Regulatory Agreement executed by the Borrower and the City (the City Regulatory Agreement“). 2. I&m. The term of this City Note (the “Term”) shall commence on the date of this City Note and shall end on the earlier of: (i) thirty (30) years from the date of issuance of a certificate of occupancy for all units in the Development (as defined in the City Loan Agreement); or (ii) June 30,2029. 3. of Paw . All amounts due under this City Note shall be due and payable as set forth in Section 2.3 of the City Loan Agreement. 4. m. Borrower shall have the right to prepay all or a portion of the principal and interest due under this City Note without any charge or penalty being made therefor. 5. Deed of Ta. This City Note is secured by a deed of trust of even date herewith (the “City Deed of Trust). 6. &&z&n. Upon the occurrence of a default under the City Loan Agreement, City Regulatory Agreement or City Deed of Trust, and expiration of all applicable notice and cure periods (an “Event of Default”), the City shall have the right to accelerate the Term of this City-Note and declare all of the unpaid principal and accrued interest immediately due and payable. Any failure by the City to pursue its legal and equitable remedies upon an Event of Default shall not constitute a waiver of the City’s right to declare an Event of Default and exercise all of its rights under this City Note, the City Regulatory Agreement, the City Deed of Trust, and the City Loan Agreement. Nor shall acceptance by the City of any payment provided 1010\0A110469.5 . . . for herein constitute a waiver of the City’s right to require prompt payment of any remaining principal and interest owed, 7. M.Offset. Borrower hereby waives any rights of offset it now has or may hereafter have against the City, its successors and assigns. 8. Waiver: Attomevs , Fees. Borrower and any endorsers or guarantors of this City Note, for themselves, their heirs, legal representatives, successors and assigns, respectively, severally waive diligence, presentment, protest, and demand, and notice of protest, dishonor and non-payment of this City Note, and expressly waive any rights to be released by reason of any extension of time or change in terms of payment, or change, alteration or release of any security given for the payments hereof, and expressly waive the right to plead any and all statutes of limitations as a defense to any demand on this City Note or agreement to pay the same, and jointly and severally agree to pay all costs of collection when incurred, including reasonable attorneys’ fees. If an action is instituted on this City Note, the undersigned promises to pay, in addition to the costs and disbursements allowed by law, such sum as a court may adjudge reasonable as attorneys’ fees in such action. 9. v. All payments of principal and interest due under this City Note, as well as any additional payments set forth in the City Deed of Trust, shall be payable in lawful money of the United States of America at the office of the Housing and Redevelopment Department, City of Carlsbad, 2965 Roosevelt Drive, Suite B, Carlsbad, California 92008, or such other address as the City may designate in writing. 10. . . m. Except as provided below, neither the Borrower nor any partner of the Borrower shall have any direct or indirect personal liability for payment of the principal of, or interest on, this City Note, the City Loan Agreement, or the City Regulatory Agreement or the performance of the covenants of the Borrower under the City Deed of Trust. The sole recourse of the City with respect to the principal of, or interest on, the City Note and defaults by Borrower in the performance of its covenants under the City Loan Agreement, City Regulatory Agreement, and City Deed of Trust shall be to the property described in the City Deed of Trust; provided, however, that nothing contained in the foregoing limitation of liability shall (a) limit or impair the enforcement against all such security for the City Note of all the rights and remedies of the City thereof, or (b) be deemed in any way to impair the right of the City thereof to assert the unpaid principal amount of the Note as demand for money within the meaning and intendment of Section 43 1.70 of the California Code of Civil Procedure or any successor provision thereto. The foregoing limitation of liability is intended to apply only to the obligation for the repayment of the principal of, and payment of interest on the Note and the performance of Trustor’s obligations under the City Regulatory Agreement and the City Deed of Trust, except as hereafter set forth; nothing contained therein is intended to relieve the Borrower of its obligation to indemnify the City under Section 6.11 and 6.12(c) of the City Loan Agreement, or liability for (i) fraud or willful misrepresentation; (ii) the failure to pay taxes, assessments or other charges which may create liens on the Property that are payable or applicable prior to any foreclosure under the City Deed cf Trust (to the full extent of such taxes, assessments or other charges); (iii) the fair market value of any personal property or fixtures removed or disposed of by Borrower other than in accordance with the City Deed of Trust; and 1010\07\110469.5 2 - . . (iv) the misapplication of any proceeds under any insurance policies or awards resulting from condemnation or the exercise of the power of eminent domain or by reason of damage, loss or destruction to any portion of the Property. . By: Carlsbad Laurel Tree Apartments, L.P., a California limited partnership Metropolitan Area Advisory Committee on Anti-Poverty of California nonprofit public -3wa-s t 2 mJwPp3 - wmd AproN ffGZ8ll#W=!~3 f The principal balance of this City Note has been increased to&e Million One Hundred Thirty-Pour Thousand Dollars (1,134,000) pursuant to a Modification Agreement between the City and the Borrower dated , 2000. Carlsbad Laurel Tree Apartments, L.P., a California limited partnership By: Metropolitan Area Advisory Committee on Anti-Poverty of San Diego . County, Inc., a California nonprofit public benefit corporation as general partner By: Its: ROGER CAZARES/PRESIDENT/CEO 1010\07\110469.5 3 1010\07\127486.1 0111 o/o0 EXHIBIT A Legal Description of the Land A-l Exhibit 6 ce- The City of Carlsbad Housing & Redevelopment Department A REPORT TO THE HOUSING COMMISSION StalT Craig D. Rub Management ArAys DATE: FEBRUARY 10,200O’ SUBJECT: SDP 95-01 - LAUREL TREE AFFORDABLE HOUSING PROJECT REQUEST FOR ADDITIONAL CITY FINANCIAL ASSISTANCE FOR THE DEVELOPMENT OF THE 138 UNIT LAUREL TREE AFFORDABLE APARTMENT PROJECT I. RECOMMENDATION That the Housing Commission ADOPT Resolution No. 2000-001, recommending APPROVAL to the City Council of a request by Carlsbad Laurel Tree Apartments, L.P. to provide additional project funding in the amount of $224,000 from the City of Carlsbad’s Housing Trust Fund, to recommend the waiver of the Public Facilities Fee as permitted by City Council Policy No. 17, and to recommend approval of a Modification Agreement and a revision to the previously executed Promissory Note for the development of the 138 unit Laurel Tree Affordable Apartment Project. II. BACKGROUND The Laurel Tree Apartment Project is a development consisting of 138 apartment units affordable to very-low income households. The project was approved by the Carlsbad City Council in 1995, and is currently under construction. The first units in the development are anticipated to be occupied in the Sprin g of 2000, and the entire project is expected to be completed by the Summer of 2000. . In addition to approving the development, the City Council has also taken three previous actions to provide financial assistance to the project. First, in June of 1994, the City Council, acting as the Housing and Redevelopment Commission, approved a commitment of financial assistance in the amount of $500,000 in Redevelopment Low and Moderate Income Housing Set-Aside Funds. In May of 1996, the City Council approved the appropriation of $200,000 from the Housing Trust Fund. And in March of 1999, the City Council approved the deferral in the payment of the Public Facilities Fee (PFF) from the issuance of a building permit to the issuance of the final certificate of occupancy for the project. While the deferral of the PFF was not a direct financial subsidy to the project, the deferral did provide cash flow relief for the development. SDP 95-O 1 - LAUREL TREE AFFORDABLE HOUSING PROJECT FEBRUARY lo,2000 PAGE 2 III. DISCUSSION While construction is nearing completion, the project is experiencing a budget shortfall. The shortfall can be attributed to several factors which delayed the start of project construction. Major delays have included multiple applications for federal tax-credit financing and the winter rains of 1998. The delays, combined with increasing construction and material costs have greatly increased the total cost of the project. As shown in Attachment No. 3, the developer is currently projecting a budget shortfall of $1,036,000. To help fund this shortfall, the developer is proposing three funding sources. First, because the project incorporates a day care facility within the development, the Developer was able to secure a grant from the Neighborhood House Association. The amount of the grant is $210,086 and will be used to pay for construction costs. Second, the developer is proposing to defer approximately $110,000 of the development fee. Originally, the developer was to receive incremental payments of the fee at certain project milestones, such as completion of construction and occupancy of the project. Under the current proposal, the developer will receive $690,000 at the completion of the project. The remainder will be paid from the project revenue during the first ten years of the project. Third, the developer has requested additional financial assistance from the City of Carlsbad. All requests for financial assistance are reviewed by the Affordable Housing Policy Team (staff). In reviewing the request, it is the Team’s opinion that the cost overruns are legitimate expenses to the project. It is the Team’s recommendation that the assistance be provided both directly and indirectly. Direct financial assistance in the amount of $224,000 would be provided from the City’s Housing Trust Fund. Indirect funding would be in the form of the outright waiver of the Public Facilities Fee (PFF). While the City Council has previously deferred the payment of the PFF until the issuance of the final certificate of occupancy for the project, the Council is permitted by City Council Policy 17 to waive the fee for affordable housing projects. The deferral will relieve the project of an expense of approximately $2 10,000. IV. LOAN AGREEMENT In providing the original financial assistance, the developer and the City executed a loan agreement, promissory note, deed of trust and regulatory agreement. In order to provide the increased financial assistance, additional documents will be necessary. First, a Modification Agreement (Exhibit 4) will be executed between the developer and the City allow for said increase. In addition, the original Promissory Note (Exhibit 5) will also be amended to further acknowledge the new loan amount. - SDP 95-Ol- LAUREL TREE AFFORDABLE HOUSING PROJJxr FEBRUARY 10,200O PAGE 3 V. RECOMMENDATION As with any proposal seeking financial assistance, staff reviews such proposals to ensure the cost reasonableness of the request, that there is no undue gain by the developer resulting from the assistance, and to minimize any risk to the City in granting the request. In terms of risk, the developer and the City have previously executed a loan agreement, promissory note, deed of trust and regulatory agreement. Those documents, combined with the Modification Agreement and revised Promissory Note will provide adequate security to protect the City’s investment. With respect to cost reasonableness and undue gain, staff feels that the total financial assistance package is fair and reasonable. In terms of total direct financial assistance to the project, the City will be providing roughly $8,100 per unit. This amount is comparable with amounts provided by the City Council to other affordable housing projects. VI. EXHIBITS 1. Housing Commission Resolution No. 2000-001 2. Applicant Request for Additional Financial Assistance 3. Developer Proforma 4. Draft Modification Agreement 5. Revised Promissory Note HOUSING COMMISSION RESOLUTION NO. 2000-001 A RESOLUTION OF THE HOUSING COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA, RECOMMENDING APPROVAL TO THE CITY COUNCIL OF A REQUEST BY CARLSBAD LAUREL TREE APARTMENTS, L.P. TO PROVIDE ADDITIONAL PROJECT FUNDING IN THE AMOUNT, OF $224,000 FROM THE CITY OF CARLSBAD’S HOUSING TRUST FUND, TO RECOMMEND THE WAIVER OF THE PUBLIC FACILITIES FEE AS PERMITTED BY CITY COUNCIL POLICY NO. 17, AND TO RECOMMEND APPROVAL OF A MODIFICATION AGREEMENT AND A REVISION TO THE PREVIOUSLY EXECUTED PROMISSORY NOTE FOR THE DEVELOPMENT OF THE 138 UNIT LAUREL TREE AFFORDABLE APARTMENT PROJECT. APPLICANT: CARLSBAD LAUREL TREE APARTMENTS, L.P. CASE NO: SDP 95-01 WHEREAS, a project known as the “Laurel Tree Apartments” has been approved by the City of Carlsbad City Council for construction of 138 apartment units which will provide housing affordable to very low income households; and WHEREAS, on June 28, 1994, the Housing and Redevelopment Commission of the City of Carlsbad authorized the appropriation of $500,000 from the Carlsbad Redevelopment Agency’s Low and Moderate Income Housing Set-aside Fund outside the Redevelopment Project Area for the purposes of providing financial assistance for construction of new affordable rental housing units within the proposed Laurel Tree Project; and WHEREAS, on May 2 1, 1996, the City Council authorized the appropriation of $200,000 from the Housing Trust Fund for the purposes of providing financial assistance for construction of new affordable rental housing units within the proposed Laurel Tree Project; and WHEREAS, Carlsbad Laurel Tree Apartments, L.P has submitted a new request to the City of Carlsbad for additional financial assistance and a waiver of the Public Facilities Fee for the Laurel Tree Project; and WHEREAS, on March 16, 1999 the City Council approved the deferral of the Public Facilities Fee prior to the issuance of the final certificate of occupancy is issued for the final residential building within the Laurel Tree Project; and . . 1 WHEREAS, City Council Policy 17 allows for the waiver of the Public Facilities Fee, for 2 affordable housing projects; and 3 WHEREAS, on February 10, 2000, the Housing Commission of the City of Carlsbad held a 4 II public meeting to consider the request for additional financial assistance and the waiver of the Public 5 II Facilities Fee; 6 -WHEREAS, at said public meeting, upon hearing and considering all testimony, if any, of all 7 persons designing to be heard, said Commission considered all factors relating to said request: a 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 NOW, THEREFORE, BE IT HEREBY RESOLVED by the Housing Commission of the City of Carlsbad, California, as follows: 1 1. The above recitations are true and correct. 2. The Housing Commission hereby RECOMMENDS approval to the City Council of a request by Carlsbad Laurel Tree Apartments, L.P. to provide additional project funding in the amount of $224,000 from the City of Carlsbad’s Housing Trust Fund, to recommend the waiver of the Public Facilities Fee as permitted by City Council Policy No. 17, and to recommend approval of a Modification Agreement a revision to the previously executed Promissory Note for the development of the 138 unit Laurel Tree Affordable Apartment Project. 3. That the Housing Commission recommends that the City Manager or his or her designee be authorized to execute all documents related to provision of the City assistance, including but not limited to a Modification Agreement in substantially the form presented to the Housing Commission on February 10, 2000, and subject to review and approval by the City Attorney. . . . HC RESO NO. 2000-00 1 PAGE 2 1 2 3 4 5' 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 PASSED, APPROVED, AND ADOPTED at a regular meeting of the Housing Commission of the City of Carlsbad, California, held on the 10th day of February, 2000, by the following vote, to wit: AYES: Chairperson Latas, Vice-Chairperson Scarpelli, Commissioners: Griffin, McNeil1 and Ritchie. NOES: None. ABSENT: None. ABSTAIN: None. ROY LATAS, CHAIRPERSON CARLSBAD HOUSING COMMISSION 5zL7-L IGd-, . DEBBIE FOUNTAIN HOUSING AND REDEVELOPMENT DIRECTOR HC RESO NO. 2000-00 1 PAGE 3