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
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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
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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
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- 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
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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
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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