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12/21/2022 - Meeting Materials MEETING OF THE REDEVELOPMENT AGENCY FINANCE COMMITTEE Wednesday, December 21, 2022 2:00 p.m. 451 S State Street Room 126 Salt Lake City, UT 84111 The Redevelopment Agency (RDA) Finance Committee meeting will be a hybrid meeting which enables people to join remotely or in-person to listen to the meeting. To access the electronic meeting please visit: https://saltlakecity.webex.com/saltlakecity/O.php?MTID=m33b267164dO4afdabb79fb281 b345f6b Agenda 1. Roll Call 2. Approval of the minutes A. Review and Approval of the July 13, 2022, July 20, 2022, and August 15, 2022 Finance Committee Minutes Members will review the July 13, 2022, July 20,2022, and August 15, 2022 meeting minutes and consider for approval. 3. Business A. 2022 Annual Affordable Housing Funds Notice of Funding Availability(NOFA)—Tracy Tran, Senior Project Manager; Kate Werrett, Project Manager; Austin Taylor, Project Manager The Committee will receive a briefing on Funding Recommendations for the 2022 Annual Affordable Housing Funds NOFA through the Housing Development Loan Program (HDLP). Members may provide comment or recommendation to the Board of Directors. 4. Adjournment People with disabilities may make requests for reasonable accommodation no later than 48 hours in advance in order to attend this Redevelopment Agency Finance Committee. Accommodations may include alternate formats, interpreters, and other auxiliary aids. This is an accessible facility. For questions, requests, or additional information, please contact the RDA at 801-535-7240. MINUTES of the REDEVELOPMENT AGENCY FINANCE COMMITTEE Wednesday, July 13, 2022 11:00 a.m. 1. Roll Call The following members were present: Danny Walz, Redevelopment Agency Peter Makowski, Economic Development Blake Thomas, Community and Neighborhoods Tony Milner, Housing Stability Marina Scott, Finance for Mary Beth Thompson Claudia O'Grady, Redevelopment Advisory Committee The following members were absent: None Also Present: Cara Lindsley, RDA Deputy Director; Tracy Tran, RDA Project Manager; Kate Werrett, RDA Project Manager; Corinne Piazza, RDA Project Manager; Kort Utley, Senior Project Manager; Sara Montoya, Senior City Attorney;Allison Parks, Senior City Attorney;Jeff Murdock; Corey Johnson; John L. West,W3 Partners; John West,W3 Partners; Peter Corroon, Red Gate Properties; Karly Brinla, Brinshore;Whitney W; Robyn Stine, RDA Office Manager 2. Approval of the minutes of the May 5, 2022 meeting Marina Scott made a motion to approve the minutes from the May 5, 2022 meeting. Tony Milner seconded the motion. Upon roll call, the motion passed unanimously. 3. Business A. 2022 Emergency Gap Funding Notice of Funding Availability(NOFA)through the Housing Development Loan Program—Tracy Tran and Kate Werrett, RDA Project Managers Kate Werrett explained that they were presenting the results of the 2022 NOFA for the Emergency Gap Funding. As part of this Emergency Gap NOFA, Ms.Werrett explained that there was a total of$3,082,500 available. The application process began on June 2, 2022,with Emergency Gap funds available through June 2023 or until fully expended,whichever occurs first. She said the purpose of these funds is to help with unanticipated gaps in financing that have occurred, as well as provide immediate funding that is critical for projects to break ground or continue construction in a timely manner.Adding that qualifying projects must be able to close on an RDA loan within 90-days of Board approval. Ms.Werrett said that there were four applications with total funding requested at$3,750,000,which is a little more than what is currently available. Ms.Werrett explained as part of the application, loan process, and NOFA,the Board established funding priorities and thresholds to be used by RDA staff in the selection process to determine which recipients will receive funding (attached). This list was used for the 2021/2022 Fiscal Year with priority for Fund Leveraging and Sustainability along with four other priorities that the Board selected including Homeownership, Family Housing, Target Populations, and Missing Middle& Unique Housing Types. She noted that there was a possibility of an interest rate reduction. Ms.Werrett explained the Thresholds the applicants were required to meet: • Fund Leveraging—Developers are required to provide evidence that the have received funds from different sources. A requirement of the HDLP program is that the RDA only funds up to 10%of a project. • Sustainability—Projects required to be designed to achieve a "Designed to Earn Energy Star"score of 90 or higher for all projects starting on January 1, 2023. • Minimum Affordability—At least 20%of the project's residential rental units must be incomed restricted to 60%AMI or less. She further explained the application considerations including: • Funding Priorities • Project Readiness • Content and quality of application • Qualifications and experience of applicant and development team • Content, effectiveness, and appropriateness of financial details • Building and site design Applications recommended for funding met the following: • Meet threshold requirements and funding priorities • Have secured financing and tax credits • Ready to be built soon • Ability to close loan within 90 days Tracy Tran presented a summary of the applications for the following applicants: • The Nest—Janet West/W3 Partners • 1700 South Affordable—Wasatch Residential Group, LLC • 255 S State Street—Brinshore • 144 South 500 East—Peter Corroon/Red Gate Properties Interest rate reductions are based on guidelines and whether it's a cash flow or hard repayment—flexible. Questions: • A question was asked what the preliminary terms for each applicant were and if they had received any previous loans from the RDA. • A question was asked if 255 S State Street's request for$750,000 was for the 9% project only. • A question was asked if RDA provided funding is to complete the historic restoration of the commercial space at 255 S. State Street. Chair Walz provided each applicant time to share about their project. John L.West provided an overview of The Nest and clarified the project will have 220 units instead 200.John also confirmed they have their bond cap allocation, a GIP contract signed with BIG-D, and an executed term sheet with Goldman Sachs for the purchase of tax credits. They are currently working with 4 different lenders due to rising interest rates to stay competitive, but plan to decide within the next 2 weeks. He also stated permit applications were submitted to the City in April. They expect to start construction by September 1, 2022 and confirmed they will meet the requirements to close within 90-days of the award. Jeff Murdock&Corey Johnson from Wasatch Residential Group gave an update regarding their project located on 1700 south. The project contains 237 mixed housing units including studios as well as 1-, 2-, &3-bedroom units. They also noted that Wasatch Residential has provided over 1,100 affordable housing units in SLC alone. Mr. Johnson voiced their concerns regarding increased construction costs due to supply and demand issues as well as labor issues, and while they are hoping for relief in the future,they are doing all they can to stop the bleed. Peter Corroon provided an update regarding his project, Red Gate located at 144 South 500 East. The project includes 110 units and has a coworking component as well as a small retail component. Peter informed the group that they are experiencing the perfect storm of skyrocketing construction costs as well as increasing interest rates. They are ready to apply for permits but have found themselves in this predicament of final funding. Mr. Corroon confirmed they do not have the impact fees in the budget. He noted they have applied but have not followed through with the application as it was holding up their building permit process, however they do plan to get that completed. Mr. Corroon also stated they are also applying for additional funding through the Olean Walker Loan Fund. Karly Brinla with Brinshore gave an overview of the 255 State Project and clarified that it is two projects:A twinning of the 9% and 4%tower with a commercial paseo running between them. She said the project is completely transformative to that section of downtown SLC building a mixed income/mixed use community. The 9%tower,which is what they are requesting the NOFA for, is within the NOFA's 10%of funding limit. Ms. Brinla stated they only received around$300k for the RDA in the 9%side of the deal. Construction on this project started in 2020 and is expected to be complete by the end of the year. They have run into the same issues that everyone else is experiencing with rising construction costs, supply chain issues,worker shortages, and rising interest rates. They currently need $2.7M to complete the project. They have received$250K of philanthropic money,which was used for the Cramer House,which is part of the commercial component, they have forecasted this$750K from the RDA to go towards the residential component, and they are taking out a second tranche of perm loan of $1.2M for the balance that is supported by the higher rents that came in this year. Claudia O'Grady made a motion to recommend to the RDA Board funding for Nest, Wasatch and Red Gate and recommend 255 State Street seek other city funds to help close the gap for construction cost increases. Upon roll call,the motion passed unanimously. 3. Adjournment There being no further business the meeting was adjourned. Danny Walz, Chairperson This document along with the digital recording constitute the official minutes of the Redevelopment Agency Finance Committee held July 13, 2022. MINUTES of the REDEVELOPMENT AGENCY FINANCE COMMITTEE Wednesday, July 20, 2022 2:00pm 1. Roll Call The following members were present: Cara Lindsley, Redevelopment Agency as Danny Walz's designee Peter Makowski, Economic Development Blake Thomas, Community and Neighborhoods Tony Milner, Housing Stability Marina Scott, Finance as Mary Beth Thompson's designee Claudia O'Grady, Redevelopment Advisory Committee No members were absent. Also Present: Kort Utley, Senior Project Manager; Sara Montoya, Senior City Attorney;Allison Parks, Senior City Attorney; Eric Holmes, RDA Data Manager; Robyn Stine, RDA Office Manager 2. Determination Vice Chair Blake Thomas read the following determination: Chair's determination:As the Chair of the Redevelopment Agency Finance Committee, I hereby determine that conducting the meeting at an anchor location presents a substantial risk to the health and safety of those who may be present. The decision to meet without an anchor location follows a recent increase in COVID-19 cases among the RDA staff and elsewhere. This change is a precautionary measure for the safety of the public and City employees. The Finance Committee will return with a hybrid or in-person meeting when appropriate. 3. Business A. Granary District Adaptive Reuse Loan Request for Fisher Brewery—Kort Utley, Senior Project Manager Kort Utley provided an overview of the Granary District Adaptive Reuse loan request for Fisher Brewery. The Applicant recently acquired properties adjacent to their current location at 320 West 800 South and the funding would be used for construction costs associated with converting these buildings into a new brewery and taproom space. Mr. Utley said the funding would help with the following proposed improvements: • Adaptively reuse two buildings. • Install new electrical, HVAC, &plumbing systems. • Install new fire suppression system. • Install new accessible bathrooms. Mr. Utley explained the standard terms of the Granary District Adaptive Reuse Program are as follows: • No interest, no payment forgivable loans. • Funding match required at escalating ratios. • No collateral requirements. • Five-year term,with a portion of the loan balance forgiven each year of the term. Mr. Utley explained that this project is eligible for the Granary District Adaptive Reuse program because it is located within the Project Area; aligns with the RDA's goals for the Granary District;the applicant has demonstrated the need for assistance and a reasonable request; RDA funds will be used to convert a vacant building into a commercial use; and the RDA loan funds will be used for eligible construction costs. Questions: o Mr. Milner asked if the loan is secured by personal guarantees or by Corporation or LLC's and Mr. Utley said personal guarantees. o Mr. Milner asked if rezoning would be required and there is none required. o Mr. Milner asked if this loan is contingent on other funding, and it is not. o Ms. Lindsley asked what the balance was in the loan fund. Mr. Utley said more than $300,000. Peter Makowski made a motion to recommend the RDA Board approve the Granary District Adaptive Reuse loan request from Fisher Brewery. Marina Scott seconded the motion. Upon roll call,this motion passed unanimously. 4. Adjournment There being no further business the meeting was adjourned. Blake Thomas,Vice Chairperson This document along with the digital recording constitute the official minutes of the Redevelopment Agency Finance Committee held July 20, 2022. MINUTES of the REDEVELOPMENT AGENCY FINANCE COMMITTEE Monday, August 15, 2022 11:00am 1. Roll Call The following members were present: Danny Walz, RDA Peter Makowski, Economic Development Blake Thomas, Community and Neighborhoods Tony Milner, Housing Stability Mary Beth Thompson, Finance Claudia O'Grady, Redevelopment Advisory Committee No members were absent. Also Present: Corinne Piazza, Project Manager; Kate Werrett, Project Manager; Sara Montoya, Senior City Attorney;Allison Parks, Senior City Attorney; Robyn Stine, RDA Office Manager; David Brint, Brinshore Development;Whitney Weller, Brinshore Development; Felina Lazalde, RDA Office Facilitator. 2. Business A. 1500 W. North Temple Project-Corinne Piazza and Kate Werrett, RDA Project Managers Corinne Piazza provided a briefing on the terms for the$4,000,000 Seller's Note, determined by an RFP and a 2018 Purchase and Sale Agreement between Brinshore Development and the Agency. She explained that the Seller's Note will be paid back in full plus interest and Brinshore Development requested an additional $4,000,000 gap Loan to cover the remaining financing gap that occurred due to rising construction costs. Ms. Piazza said these funds were in addition to the$2,500,000 the Agency awarded Brinshore through the 2018 Notice of Funding Availability(NOFA)and the$3,956,000 awarded through the 2019 NOFA. Ms. Piazza detailed the public benefits as follows: • 200 residential units including affordable,workforce, and family sized housing. • A mid-block walkway connecting Cornell Street and 1460 West. • A-4,000 square foot daycare serving Spark residents and low-income members of the community at a sliding scale. • -5,000 square feet of retail space that Brinshore will connect with local organizations and the Department of Economic Development to potentially lease to local vendors. Ms. Piazza explained that the mixed unit count is designed to generate the maximum amount of Low Income Housing Tax Credits (LIHTC), lowering the financing gap. This project meets concerns for architectural &urban design principles including a transit-oriented design with maximized density. It incorporates designs including Enterprise Green Communities, ENERGY STAR Multifamily New Construction, and -10 EV charging stations. Discussion: Tony Milner referenced the chart regarding project funding sources and asked if this gives the developer flexibility to go up to 60%AMI, and does this match up with the LIHTC award? He also asked if the philanthropic funds are being applied for are directly related to the daycare? • David Brint explained that the project is being done on an income averaging approach.The average of the whole project must stay under 80% of the area median,which limits any flexibility. Mr. Brint also clarified that they are requesting the philanthropic support for the housing portion of the project. Chair Walz clarified that there are two requests here, of which,the Finance Committee is being asked to make a recommendation,that will then go to the RDA Board of Directors for action. Those two items, each with specific terms include: • Approval of the terms for a$4,000,000 Seller's Note • Consideration of a$4,000,000 gap Loan Tony Milner made a motion to recommend the RDA Board approve the Seller's Note and the gap Loan Request as is. Brent Beck seconded the motion. Upon roll call, this motion passed unanimously. 3. Adjournment There being no further business the meeting was adjourned. Danny Walz, Chairperson This document along with the digital recording constitute the official minutes of the Redevelopment Agency Finance Committee held August 15, 2022. 0 SLCRDA RDA FINANCE COMMITTEE MEMORANDUM NOTICE OF FUNDING AVAILABILITY (NOFA)FOR AFFORDABLE HOUSING: 2022 Annual Affordable Housing Funds—Housing Development Loan Program Funding Recommendations Meeting Wednesday, December 21, 2022: 2:00 PM—4:00 PM, Webex Link DATE: December 15, 2022 TO: RDA Finance Committee 1. Redevelopment Advisory Committee: Claudia O'Grady 2. Economic Development: Peter Makowski 3. Finance: Mary Beth Thompson 4. Redevelopment Agency: Danny Walz 5. Community and Neighborhoods: Blake Thomas 6. Housing Stability: Tony Milner FROM: Tracy Tran, Austin Taylor, and Kate Werrett, Project Managers RE: Finance Committee—Funding Recommendations for the 2022 Annual Affordable Housing Funds Notice of Funding Availability through the Housing Development Loan Program(HDLP). OVERVIEW: The Redevelopment Agency of Salt Lake City ("RDA") recently issued a Notice of Funding Availability("NOFA") to solicit applications for approximately$6 million available through the Housing Development Loan Program ("HDLP"). After the release of the NOFA, an additional $2.36 million became available for the RDA Board of Directors("Board")to potentially include in the HDLP funding offering. The Board will determine if these additional funds will be incorporated into this round of HDLP applications at an upcoming Board Meeting. Through the HDLP,the RDA intends to commit low-cost financial assistance to projects to incentivize the development and preservation of affordable housing within the city limits. The program provides flexibility to accommodate a wide range of projects that may be dependent upon a myriad of underwriting standards by outside lenders. The RDA Board adopted a policy for FY2022-2023 that required all projects applying for funding through the HDLP to include either Deeply Affordable Housing units and/or family-sized affordable units in this competitive NOFA. Funds Availability $6 million is available for affordable housing developments which meet the Threshold Requirements of the HDLP program. Funds from a previous HDLP application may be available to include as an additional funding source. RDA Staff is recommending to the Board to consider the additional $2.36 million in funding for these application requests. The Board will consider this during an upcoming RDA Board Meeting. All HDLP loans will be permanent loans with funds available to selected projects for acquisition, construction and/or development uses. The RDA recognizes that the construction sources and uses for 1 0 SLCRDA projects may not be the same as the permanent sources and uses and that the amount of debt the HDLP loans are subordinated to may vary depending on the status of the projects. Guiding Policy In February of 2021, the RDA Board of Directors ("Board") adopted the Housing Allocation Funds Policy("Policy"),which establishes policies for allocating and directing resources for the development and preservation of housing by various funding sources. Highlights of the Policy include: • Housing Funds:The Policy establishes four housing funds based on fund source.The revenues, expenditures, interest, and payments for each fund source shall be separately accounted for to ensure the RDA control and oversight to comply with statutory requirements. • Annual Budgeting Process: The policy provides that on an annual basis,the RDA shall present for the Board's consideration a Housing Development Funding Strategy that projects revenues for the upcoming fiscal year and proposes funding priorities and allocations. This will allow the RDA to be flexible to address current needs, leverage current opportunities, coordinate with other city resources, and allow funding priorities to align with evolving plans and policies. In March 2021, the Board adopted the Housing Development Loan Program Policy, which provides low-cost financial assistance to incentivize the development and preservation of affordable housing within Salt Lake City municipal boundaries. The HDLP provides a centralized application, underwriting, and approval process regardless of the fund source. The HDLP policy includes: • Funding allocations and priorities determined on an annual basis. • The transparent administration of funds through a Notice of Funding Availability (NOFA) process. Revenue from various funds may be combined into a consolidated NOFA or a NOFA may be issued for a specific funding source. NOFAs may be offered on an annual basis or multiple times per year and can be competitive or open-ended depending on availability of funds,priorities, and demand. • A standardized process for approving applications and a uniform set of underwriting policies. In April 2022, the Board adopted the FY2022-2023 Annual Housing Funding Priorities. These priorities included Threshold Requirements for the Housing Development Loan Program, which include: • Deeply Affordable Housing: o Policy Objective: Expand the availability of units for extremely low-income households, thereby providing housing options for individuals or families that are homeless or at risk of homelessness. o HDLP Implementation: All projects must include either family-sized units and/or deeply affordable units. To meet the RDA's deeply affordable threshold, at least 10% of the total residential units shall be income and rent restricted to households earning 40% of the area median income ("AMI") and below as established by the U.S. Department of Housing and Urban Development ("HUD"). These units will be rent and income deed restricted. • Family Housing: o Policy Objective: Provide opportunities for families to enjoy the many benefits of urban living by encouraging the development of housing that is more conducive to larger household sizes. 2 0 SLCRDA o HDLP Implementation: All projects must include either family-sized units and/or deeply affordable units. For a development to qualify for these funds, a minimum of 10%of the total residential units shall have three or more bedrooms and shall be income and rent restricted to those earning 60%AMI and below,with AMI limits as established by HUD. Review and Approval Process Pursuant to the Policy, RDA the Finance Committee ("Committee") is charged with reviewing submitted applications and providing a funding recommendation that will be forwarded to the RDA Board of Directors ("Board"). The Board will make the final determination of funding allocations, after which the RDA will issue a conditional commitment letter to those applications that are selected for funding. The conditional commitment letter between the RDA and the applicant will contain the covenants,terms,and conditions upon which the RDA will provide financial assistance to the proposed project once financial, legal,regulatory, and design approvals are obtained. Summary of Applications An overview of submitted applications in the order received is as follows: FUNDING REQUEST PROJECT DEVELOPER PREVIOUS RDA CURRENT COMMITMENTS REQUEST 1. Pauline Downs* $may 2. Victory Heights Phase 1 BCG Holdings/Jonathan Hardy - $1,865,000 3. Victory Heights Phase 2 BCG Holdings/Jonathan Hardy - $280,000 4. Atkinson Stacks Housing Authority/Daniel Nackerman - $2,500,000 5. Book Cliffs Lodge** Housing Authority/Daniel Nackerman $1,000,000 $540,000 6. Citizens West 2 GIV Development/Chris Parker - $1,850,000 7. Citizens West 3 GIV Development/Chris Parker - $1,200,000 8. Ville 9 Ville 9,LLC/Keith Warburton - $1,700,000 9. Ville 1659 Ville Property Management/Keith - $1,825,000 Warburton 10. Liberty Corner Cowboy Partners/Zachary Jones - $3,000,000 11. 9Ten West Great Lakes Capital/Karl Niederer - $2,000,000 TOTAL FUNDING REQUEST: $16,760,000 AVAILABLE FUNDING: $6,000,000*** *This application was withdrawn due to a cancellation of the project. **This project has received other RDA loan commitment in a previous year. To streamline the administration of these loans, the loans will be consolidated if approved by the Board. ***Funds from a previous HDLP application may be available to include as an additional funding source. The Board will consider this during an upcoming RDA Board Meeting. This may provide an additional$2.36 million of funding. Please refer to Attachment A:Applications Overview for a summary of all applications and Attachment B: Project Summary Sheets for an overview of salient information for each application. Please note that the application stated above that was withdrawn is not included in the Attachments. 3 0 SLCRDA Standards of Review As per the HDLP guidelines, applications that meet all the Threshold Requirements will be evaluated based on the following: I. Alignment with project priorities II. Content and quality of the project narrative III. Qualifications and experience of the applicant and development team IV. Content, effectiveness, and appropriateness of the budget, sources and uses, operating proforma, and related assumptions V. The readiness of the project to proceed to construction VI. Any and all content regarding building and site design Once applications have been reviewed and ranked by the Committee, they will be forwarded to the RDA Board of Directors for their approval. ATTACHMENTS: A. Applications Overview B. Project Summary Sheets C. Map of Development Locations D. Project Priorities and Interest Rate Reductions 4 2-Victory Heights 1 3-Victory Heights 4-Atkinson Stacks 5-Book Cliffs Lodge 6-Citizens West 7-Citizens West 8-Ville 9 9-Ville 1659 30-Liberty Corner 11-9Ten West Project BCG Holdings 8CG Holdings HAME HAME Giv Development Giv Development Ville Property Mgmt Ville Property Mgmt Cowboy Partners Greot Lakes Capital TOTAL RDA Loan Request •r. s 280,000 $ 2,500,000 - .,•r• _ •. •r.•.. . :� iii :t ttt �, ii iii®"" i iii ®""' ii iii iii iii iii®""" ,i iii RDA Loan to Cost Other City Funds Committed Interest Rate(w/project priority deductions) Financial Metrics BUM Deferred Developer Fee% Tax Credits Applying for 2023 Applying for 2023 Yes,9%,2022 Applying for 2023 Applying for 2023 Cost per Unit ®'' ®• "' Threshold Requirements —.Orgy Star Score 90- 100%Electric Housing Unit Details 1 Priorities&Interest Rate Reductions Priorities:The four Funding Priorities determined by the FY2022-2023 Annual Housing Funding Priorities include:Family Housing,Target Populations,Homeownership,and Missing Middle/Unique Housing Type.These Funding Priorities receive a weighted ranking of 3 points each as compared to other priorites which receive 1 ranking point each forinclusion in projects. Interest Rate Reductions:Projects receive a 0.5%interest rate reduction for each included priority Sustainability allows for a 1%or 2%reduction,The maximum reduction per development application is 2%. 0 SLCRDA ATTACHMENT B: PROJECT SUMMARY SHEETS 6 HOUSING DEVELOPMENT PROJECT NAME: 2 -VICTORY HEIGHTS PHASE 1 LOAN PROGRAM ADDRESS: 1060 EAST 100 SOUTH OVERVIEW HOUSING UNITS • • BCG Holdings • • •0' 0' • - HDLP Loan Count Units Rate AMI AMI • - •- Adaptive Reuse Studio 40 - 31 9 • Office 1-Bed - - - - 2-Bed - - - - 3-Bed 10 - 9 1 RDA FUNDING REQUEST Total 50* - 40 10 $1,865,000 *Working with lRC and VOA to set aside 18 units for formerly homeless,physically disabled,and refugee populations one FiNUTITUNROMI 1 $18,897,926 O I •. 9.9% TIMELINE • 10/2023 PROPOSED TERMS - 10/2024 1% • 40 Year, 40 Year CONSTRUCTION DEBT AHEAD OF RDA - •. Hard Repayments . • Subordinate to senior 7Debt onstruction $4,675,878 25% construction & permanent debt HDLP THRESHOLD REQUIREMENTS& PRIORITIES PERMANENT SOURCES • Family-Sized Units and Deeply Source � Amount %of Cost • Affordable Units Senior Debt $1,772,191 9.4% RDA Loan $1,865,000 9.9% • Yes, 100 OWHLF $1,000,000 5.3% LIHTC Investor $13,650,735 72.2% Utility Rebates $30,000 0.2% '. Yes Deferred Developer • Family Housing Fee $580,000 3.1% Target Populations Total Sources $18,897,926 100% Transportation Opportunities Architecture & Urban Design Adaptive Reuse USES Public Art Use Amount %of Cost Land $5,717,140 30.3% LOW-INCOME HOUSING TAX CREDIT Hard Costs $9,420,061 49.8% • • -• Yes Public Art Contribution $27,975 0.1% • -• Yes, 2022, 9% Soft Costs $762,070 4.0% Developer Fee $1,319,700 7.0% Financing Expense $884,560 4.7% Contingency $511,902 2.7% Reserves $254,518 1.3% Total Uses $18,897,926 100% 7 HOUSING DEVELOPMENT PROJECT NAME: 2 -VICTORY HEIGHTS PHASE 1 LOAN PROGRAM ADDRESS: 1060 EAST 100 SOUTH PROJECT SUMMARY Explanation on Phase 1 and 2: "100%of Phase 1 is included in the existing medical building. Phase 2 consists entirely of the new portion and has a few units on the ground floor and upper floor of the existing building. From the outside, the project will act as if everything is one single project (including city permitting, property management, contracts etc.). Due to the tax credit allocation cap, UHC allowed projects to submit for 2 LIHTC allocations for this previous cycle." RDA Note: Timeline for Phase 1 and 2 will be the same. From Developer: "Victory Heights Phase 1 Apartments is a mixed-income, sustainable, and historically significant development located on the East side of Salt Lake City. The project is part of a larger restoration in a historic district located at 1060 E 100 S, Salt Lake City, and will be a beacon of affordable housing in the rapidly unattainable east side of Salt Lake City. A neighborhood cornerstone, the project is essential in paving the way for affordability and sustainability in the city.Victory Heights will incorporate an array of amenities that will benefit the lives of its residents including a dedicated covered parking stall, raised garden beds, and shared outdoor space. Located within walking distance of the project is an elementary school, senior center, a core bus route, and a public park. The project will also be fully electric, contributing to better air-quality in the area and improving the health and wellbeing of its tenants. The units will not only be affordable, but will be built within the criteria for Enterprise Green Communities 2020. The focus of the layouts will be on a trauma-informed design, being informed by Volunteers of America and their experience in low-income housing." DEVELOPER SUMMARY From Developer: "The project is being developed by BCG ARC Fund and Volunteers of America with Giv Development as a development consultant. VOA, on a national scale, is one of the largest nonprofit providers of affordable housing in the country. In Salt Lake City, their mission of providing low-income housing led to the recently completed Denver Apartments PSH where they successfully utilized the Low-Income Housing Tax Credit program administered by Utah Housing Corp. BCG ARC Fund is owner of the currently under construction Post District mixed-use project in Salt Lake City. The experience gained through successful development and operation of projects spanning everything from Denver Apartments PSH to the high-end Post District show the project team's capacity to renovate historic structures and bring necessary affordability to this East-side location. Giv Development has successfully developed or consulted on over a thousand affordable housing units utilizing the Low-Income Housing Tax Credit, OWHLF, and SLC loan programs along the Wasatch Front." 8 HOUSING DEVELOPMENT PROJECT NAME: 2 -VICTORY HEIGHTS PHASE 1 LOAN PROGRAM ADDRESS: 1060 EAST 100 SOUTH SITE MAP j"m�wr • N r>� PROJECT RENDERINGS VICTORY HEIGHTS mom 1060 E 100 S,Salt lake City Notatny. ofAmen 9 HOUSING DEVELOPMENT LOAN PROGRAM PROJECT NAME: 3 -VICTORY HEIGHTS Phase 2 ADDRESS: 1060 EAST 100 SOUTH OVERVIEW HOUSING UNITS • • BCG Holdings • -• - Construction to Permanent • 19 Illi 0 j Fe n,WI .*. • • - •- Adaptive Reuse Studio 26 1 - 1 20 1 6 _ - Office 1-Bed - - - - � 2-Bed - 7 1 RDA FUNDING REQUEST 3-Bed 84-Bed 1 4 - 3 1 1 • $280,000 Total 1 38- 11 301 8 $14,731,682 'Working with lRC and VOA to set aside 16 units for formerly RDA Loan to Costhomeless,physically disabled,and refugee populations TIMELINE PROPOSED TERMS 10/2023 • • - 10/2024 Sip1% 40 Year, 40 Year CONSTRUCTION DEBT AHEAD OF RDA Hard Repayments Subordinate to senior • ' 725-%/7. construction & permanent debt Senior Construction $4675878 Debt HDLP THRESHOLD REQUIREMENTS& PRIORITIES PERMANENT SOURCES • Family-Sized Units and Deeply •. of • . -- • Affordable Units Senior Debt $2,415,333 16.4% • ' • ' ' RDA Loan $280,000 1.9% • Yes, 100 OWHLF - - ' LIHTC Investor $12,013,549 81.5% Utility Rebates $22,800 0.2% '. Yes Deferred Developer• Family Housing Fee _ _ Target Populations Total Sources $14,731,682 1 100.0% 1 Transportation Opportunities Architecture & Urban Design USES Adaptive Reuse Public Art Use Amount %of Cost Land $1,982,860 13.5% LOW-INCOME HOUSING TAX CREDIT Hard Costs $8,579,514 58.2% Public Art • • -• Yes Contribution $4,200 0.03% Soft Costs $1,027,130 7.0% • -• Yes, 2022, 9% Developer Fee $1,510,366 10.3% Financing Expense $952,103 6.5% Contingency $479,186 3.3% Reserves $196,323 1.3% Total Uses $14,731,709 100.0% 10 HOUSING DEVELOPMENT LOAN PROGRAM PROJECT NAME: 3 -VICTORY HEIGHTS Phase 2 ADDRESS: 1060 EAST 100 SOUTH PROJECT SUMMARY Developer Explanation of Phase 1 and 2: "100%of Phase 1 is included in the existing medical building. Phase 2 consists entirely of the new portion and has a few units on the ground floor and upper floor of the existing building. From the outside, the project will act as if everything is one single project (including permitting, property management, contracts, etc.)" RDA Note: Timeline for Victory Heights Phase 1 and 2 will be the same. From Developer: "Victory Heights Phase 2 Apartments is a mixed-income, sustainable, and historically significant development located on the East side of Salt Lake City. The project is part of a larger restoration in a historic district located at 1060 E 100 S, Salt Lake City, and will be a beacon of affordable housing in the rapidly unattainable east side of Salt Lake City. A neighborhood cornerstone, the project is essential in paving the way for affordability and sustainability in the city.Victory Heights will incorporate an array of amenities that will benefit the lives of its residents including a dedicated covered parking stall, raised garden beds, and shared outdoor space. Located within walking distance of the project is an elementary school, senior center, a core bus route, and a public park. The project will also be fully electric, contributing to better air-quality in the area and improving the health and wellbeing of its tenants. The units will not only be affordable, but will be built within the criteria for Enterprise Green Communities 2020. The focus of the layouts will be on a trauma-informed design, being informed by Volunteers of America and their experience in low-income housing." DEVELOPER SUMMARY From Developer: "The project is being developed by BCG ARC Fund and Volunteers of America with Giv Development as a development consultant. VOA, on a national scale, is one of the largest nonprofit providers of affordable housing in the country. In Salt Lake City, their mission of providing low-income housing led to the recently completed Denver Apartments PSH where they successfully utilized the Low-Income Housing Tax Credit program administered by Utah Housing Corp. BCG ARC Fund is owner of the currently under construction Post District mixed-use project in Salt Lake City. The experience gained through successful development and operation of projects spanning everything from Denver Apartments PSH to the high-end Post District show the project team's capacity to renovate historic structures and bring necessary affordability to this East-side location. Giv Development has successfully developed or consulted on over a thousand affordable housing units utilizing the Low-Income Housing Tax Credit, OWHLF, and SLC loan programs along the Wasatch Front." 11 HOUSING DEVELOPMENT LOAN PROGRAM PROJECT NAME: 3 -VICTORY HEIGHTS Phase 2 ADDRESS: 1060 EAST 100 SOUTH SITE MAP - N PROJECT RENDERINGS Lf ' VICTORY HEIGHTS I - BOB1060 E 100 S,Sall Lokc City NOW""' cofAmcdca- UTAH 12 HOUSING DEVELOPMENT PROJECT NAME: 4 -Atkinson Stacks LOAN PROGRAM ADDRESS: 543 South 500 West OVERVIEW - - • •- Housing Assistance TIMELINE Management Enterprise Construction Start 2023* (NAME) • 2/2024* HDLP Loan *The building is partially complete. HAME is purchasing the • - •- New Construction building partially completed,completing it,and operating it. • Vacant RDA FUNDING REQUEST CONSTRUCTION DEBT AHEAD OF RDA • _• $2,500,000 •' of • $29,805,966 Senior Construction $19,817,413 66.4% 8.4% Debt PROPOSED TERMS PERMANENT SOURCES 1.0% . al • 40 years, 40 years Senior Debt $3,138,976 10.5% •. Hard RDA Loan $2,500,000 8.4% • Subordinate to senior OWHLF $1,000,000 3.4% construction & permanent debt LIHTC Investor $14,098,590 47.3% Owner Equity* $9,000,000 30.2% HDLP THRESHOLD REQUIREMENTS& PRIORITIES Deferred - - Developer Fee Deeply Affordable Units Utility Rebates $68,400 0.2% Total $29,805,966 100% • ' • ' *Owner Equity comes from a$9m grant from the Utah Office of ' • Yes, 100 Homeless Services' Deeply Affordable Housing Fund �'. Yes USES Target Populations Unique Housing Types , Architecture, Urban Design Hard $24,141,789 81.0% Sustainability Soft $899,525 3.0% Developer Fee $2,500,000 8.4% HOUSING UNITS Financing $760,432 2.6% Bedroom Total Market .. .• Contingency $775,000 2.6% Count Units IlRate AMI AMI Reserves $729,220 2.4% Studio 1 114 - 1 - 1 114 Total $29,805,966 100% Total 1 114* 11 - 1 114 *All units targeted to disabled and homeless individuals who LOW-INCOME HOUSING TAX CREDIT require housing retention services. . . Y Creditsax -• N, Applying for 2023 13 HOUSING DEVELOPMENT PROJECT NAME: 4-Atkinson Stacks LOAN PROGRAM ADDRESS: 543 South 500 West PROJECT SUMMARY From Developer: "This development will have full access to the ground floor clinic at Pamela's place. HASLC/HAME contracted with Sacred Circle Health Care (SCHC), a Federally Qualified Health Center, to offer services for all 100 apartments at Pamela's Place at their onsite clinic. These services may include occupational, mental health, social, housing, and financial case management in addition to general continuing case management. Our current contract is supplied as an attachment. The new development will include a breezeway that connects the two locations relocating the entrance for both buildings as part of this structure. This connection will offer all the amenities incorporated in the original building to the addition. These include, clinic space, onsite fitness space, community room, kitchen, and outdoor area which will be expanded with this addition. Each floor of the new development will have laundry facilities." RDA Staff Note: The Housing Authority of Salt Lake City's Atkinson Stacks project is an acquisition and repositioning of Eco Box Fabricators' Box 500 project—an apartment building built out of shipping containers in which the construction has started, but has not been completed yet. DEVELOPER SUMMARY From Developer: "HASLC/NAME is a seasoned real estate developer with over 50 years of expertise and almost 1800 units in its inventory. These apartments offer housing for the homeless, market, seniors, survivors of domestic violence, and those with disabilities." SITE MAP © r ■ i 14 HOUSING DEVELOPMENT PROJECT NAME: 4-Atkinson Stacks LOAN PROGRAM ADDRESS: 543 South 500 West SITE PLAN —� Pamela's Place � 1 Ii Atkinson Stacks - 1 c�l l_ . SP 15 mill IIIIIIIIIIII II III ''ll III II IIIIIIIIIII IIIII I,I � IIII II ,II II�III pp I, Ili �II i �.�Illi III IIIII Ilq IIU „ , IIIIIIIIIII pllllll AN h IIIII IIM,I,I I I�� Illl�fi - 1-„ - w:. I III II II III�III mmmll -�„I �I� ��i lulludll `�" Y - � Ind IIIII .► 1�.,,.,.�.�I u� ..�� ill Ip�Il;ill 'N� I„�~� Vull�� li�' ` �� o��we��■ I til � 1' -. III�I'll IIII II ni II. ' I i' �. � _11 11 .. 1 , ■ ■ 1 'ill HOUSING DEVELOPMENT PROJECT NAME: 5 - Book Cliffs Lodge LOAN PROGRAM ADDRESS: 1159 South West Temple OVERVIEW - - • •- Housing Assistance TIMELINE Management Enterprise • HDLP Loan 7/2023 New Construction 2/2025 • Vacant CONSTRUCTION DEBT AHEAD OF RDA RDA FUNDING REQUEST .• • • ' -• - $540,000 Senior Construction $9,801,296 63.4% • $1,000,000 Debt • • - $15,446,701 •. 10.0% PERMANENT SOURCES Source Amount %of Total PROPOSED TERMS RDA Loans $1,540,000 10.0% . 1.0% OWHLF $500,000 3.2% • 40 years, 40 years LIHTC Investor $13,158,684 85.2% ' - •. Hard Owner Equity $0 0.0% Lien ' Subordinate to senior Deferred $215,017 1.4% construction & permanent jr Developer Fee debt Utility Rebates $33,000 0.2% Total $15,446,701 100% HDLP THRESHOLD REQUIREMENTS& PRIORITIES USES • Family-Sized Units and • Deeply Affordable Units ' Land $700,000 4.5% • _ Yes, 95 Hard $10,899,171 70.6% Soft $942,125 6.1% �'. Yes Developer Fee $1,475,245 9.6% • Family Housing Financing $477,107 3.1% Target Populations Owner's $493,215 3.2% Transportation Opportunities Contingency Neighborhood Safety Reserves $459,838 3.0% Total $15,446,701 100% HOUSING UNITS LOW-INCOME HOUSING TAX CREDIT Bedroom Total Market ' .0. ,0. Y 1 Bed 1 451 7 1 7 1 31 ax Credits -• N, Applying for 3 Bed 1 10 1 11 2 1 7 2023 Total 1 55* 1 8 1 91 38** *10 units set aside for persons experiencing homelessness and veterans *Mix of25%30%and 40%AMis 17 HOUSING DEVELOPMENT PROJECT NAME: 5- Book Cliffs Lodge LOAN PROGRAM ADDRESS: 1159 South West Temple PROJECT SUMMARY From Developer: "The Housing Authority of Salt Lake City is proposing a new 55-unit apartment complex named Book Cliffs Lodge. Book Cliffs Lodge will provide a mix of one-bedroom and three-bedroom units in an area of Salt lake City that has experienced substantial growth in recent years. The unit mix at Book Cliffs Lodge will be composed of 45 standard one-bedroom units and 10 three-bedroom units serving families. The development will provide a mix of 25%, 30%, 40%, and 50%of AMI rents, as well as 8 market rate units(7 one-bedroom units and 1 three-bedroom unit). The broad range of rent and income targeting will allow the development to address the community need. Additionally, through the tenant selection plan, the development is committed to setting aside 5 units for persons experiencing homelessness and 5 units for veterans. All apartments will be well equipped with amenities such as air conditioning, energy star appliances, microwaves and vent hoods, self-cleaning ovens, garbage disposals and water saving fixtures. The project is located at 1159 South West Temple in Salt Lake City, which will provide residents the convenience of living in close proximity to services, shopping, recreation, and employment. The site is within an easy walk to public transportation, including the Ball Park Station TRAX line, recreation and employment. Additionally, the site has achieved a walk-score of 83, or "very walkable" which will allow residents to accomplish most errands by foot if they choose. Within a half mile radius of the site, there are many restaurants, parks, grocery stores, and numerous employment opportunities. Project Design: Book Cliff Lodge Apartments is a .84-acre Multifamily Housing Development located on 1159 South West Temple, SLC, Utah 84101. The building is approximately 46,588 square feet, four story slab on grade wood construction and designed to meet both Energy Star and Enterprise Green Community standards. The building will provide 55 total units with 45 one-bedroom units and 10 three-bedroom units. Roof and parking storm water runoff will be managed on site with a rain garden system as approved by Salt Lake City. Landscaping will consist of native and drought tolerant plants. The building will include a mail area, leasing office, work out facility, wellness room, bicycle storage, patios for each unit and community kitchen for tenant use. The building will be designed to meet both Enterprise Green Communities and Energy Star certification as well as being equipped with electronic access cards and CCTV cameras for security and monitoring the premises." DEVELOPER SUMMARY From Developer: "HASLC/NAME is a seasoned real estate developer with over 50 years of expertise and almost 1800 units in its inventory. These apartments offer housing for the homeless, market, seniors, survivors of domestic violence, and those with disabilities." 18 HOUSING DEVELOPMENT PROJECT NAME: 5- Book Cliffs Lodge LOAN PROGRAM ADDRESS: 1159 South West Temple SITE MAP , - i ti f. t 19 HOUSING DEVELOPMENT PROJECT NAME: 5 - Book Cliffs Lodge LOAN PROGRAM ADDRESS: 1159 South West Temple SITE PLAN r I I I I -- � I �y i L , �4 f� U'{kg u„ IFd�N[j i l�aN - •m J M ..I I sv 11 iPi 1P. r 5� v I - II I o 0 0 0 4,v.t woo i PW2KI49 REWIIER Mr}=2Tb9TAU.0a}MI13,T5STXW044 PAXTON wrwa aa�r� r, M�_arh`JdrASJH�C.E�� 20 PROJECTr HOUSING gDEVELOPMENT PROJECT NAME: 5 - Book Cliffs Lodge LOAN PROGRAM ADDRESS: 1159 South West Temple LIIIR■ n-■' 'nl�l� -'-I'-'.HI■,p-p'' _ n `i. � rt = = = 1YY�II�.3.RR� �:' air!: i�R?�■ 111 III � � �� S •, W 116Y' ® Yi Y1 ul �'� 1. �� r �' ■ ■ ;�,' �" ®!R::;.® _ �, ■ � eE, ■ ■ I�a.:li® ■ III�Rfi■•�■:,;� ■ I®?.'�R� ®R�ff■ m ■ 111 II�II• � � � �--- ■ IR�R�IR3 � 6'g®�' ��€?m;)ff'��'I�?mRI�� R:$I�'�'I®::®��,,Rai�i WEST EXTERIOR �:—■■■�� MATERIAL LEGEND COLOR .• BOAR. COLOR_ _ PERFORMANCE0 HIGH SOUTH EXTERIOR ELEVATION BOOK CLIFF APARTMENT REDESIGN EXTERIOR ELEVATIONS method Studio 4,19-21021 ��I�'"'.,�,■1 '!'■x_n;'�'■1 -�': �1■I�I•p�'�1 'ti.�?aiRfi��■ uiR�liRi�. 1 �'�„__ 111 ,1• F1 111 ,•nj III ,I__ III III .•� 111 YI ; �Isi ■ ■ i iJp! ■ ��#�i ■ ■ sat i€�, ■ R}I `!3SI �'�iR;� �?�+.a:'' ■ EAST 111 ,111� IU ■ 111 '.�I� ■ ■ �� I ■ �� ; ■ � �;!SI�� F}k—�"!1'&I; � gym,:R:� ® mau;�x,�Ys;�;i ■ ■ m (� m 1 n Ix EXTERIOR ELEVATION ��■��-� MATERIAL LEGEND -COLOR • BOARD 111 111 111 0 HIGH PERFORMANCE GLAZJNG NORTH EXTERIOR IELEVATION BOOK CLIFF APARTMENT REDESIGN EXTERIOR ELEVATIONS method Studio 21 lu w ■ I ■ HOUSING DEVELOPMENT PROJECT NAME: 6 - Citizens West 2 LOAN PROGRAM ADDRESS: 509 West 300 North OVERVIEW TIMELINE • • Giv Development 9/2023 ' HDLP Loan 1/2025 • New Construction _ Owner-occupied Storage CONSTRUCTION DEBT AHEAD OF RDA RDA FUNDING REQUEST Sourceof Senior Construction $6,276,033 27.2% • _• ' -• - $1,850,000 Debt • . - $23,083,403 ff�•. • M 1 8.0% PERMANENT SOURCES PROPOSED TERMS Sourcjj0P�Amount •' of Total Senior Loan $2,810,102 12.2% 1% RDA Loan $1,850,000 8.0% • 40 years, 40 years OWHLF $1,000,000 4.3% •. Hard LIHTC Investor $16,993,301 73.6% • Subordinate to senior Deferred $400,000 1.7% construction & permanent debt Developer Fee Utility Rebates $30,000 0.1% HDLP THRESHOLD REQUIREMENTS& PRIORITIES Total $23,083,403 100% • Family-Sized Units and USES • Deeply Affordable Units MW Amount %of Cost • _ Yes, 100 Land $1,121,850 4.9% Hard $16,834,366 72.9% �'. Yes Soft $1,040,250 4.5% • Family Housing Developer Fee $2,030,303 8.8% Target Populations Financing $847,265 3.7% Transportation Opportunities Owner's $927,105 4.0% Architecture& Urban Design Contingency Commercial Vitality Reserves $282,264 1.2% Public Art Total $23,083,403 100% HOUSING UNITS 1113edroom Total Market .0. ,0. LOW-INCOME HOUSING TAX CREDIT Y Studio 24 - 16 8 -• -• Y. 2022, 9% 3 Bed 19 - 18 1 4 Bed 7 - 6 1 Total 50* - 40 10** *18 total units set aside for formerly homeless,physically disabled,and refugee populations **5 units set aside for 25%AMl 22 HOUSING DEVELOPMENT PROJECT NAME: 6-Citizens West 2 LOAN PROGRAM ADDRESS: 509 West 300 North PROJECT SUMMARY Developer's explanation of Phases 2 and 3: "Phases 2 and 3 will be built concurrently and be part of the same building. The main difference in the two phases is unit count with phase 2 having 50 units and phase 3 having 30 units. The building will be condo-ed so that each phase owns its respective units, common spaces, and shared amenities...While ownership of the building will be divided between two phases due to a tax credit allocation cap, the building will be constructed as one project. We will have one contract for work with architects and contractors. One set of plans will be submitted to the City for permitting." From Developer: "Citizens West 2 is the second phase of a transit-oriented, carbon-neutral, mixed-income, mixed-use development in SLC's rapidly gentrifying North Temple corridor. This phase looks to produce homes for large-household, multigenerational, refugee, and unhoused populations that have a particularly difficult time finding suitable housing in our state. This project's quick access to transit, employment, and schools is almost unheard of for an affordable family product. As part of a larger developer including phase 1, it will be able to take advantage of phase 1's amenities including, sport court, tot lot, club house, carshare, garden boxes and composting." DEVELOPER SUMMARY From Developer: "Giv Development(proposed developer) has successfully completed several 9%tax credit projects including Imagine Jefferson (phases 1&2), North Sixth, Startup Crossing, Project Open (phases 1 &2), Diamond Rail Apartments(DBA Citizens West phase 1), and Exchange Place (Avis and Mya). Citizen West 2's overall ownership team further adds to this experience with several key members well versed in Utah LIHTC Development (BAM Development (ownership in Project Open 1 &2, and Citizens West), CIA Development (ownership in Citizens West), and Housing Opportunity Inc (Hub of Opportunity II, Bud Bailey Apartments I & II, Bodhi Apartments, and Kelly Benson Apartments). Evergreen Management Group (EMG)will do property management, having section 42 compliance experience for decades on numerous different properties across the state of Utah." 23 HOUSING DEVELOPMENT PROJECT NAME: 6 - Citizens West 2 LOAN PROGRAM ADDRESS: 509 West 300 North SITE MAP VIIIIIIIIIII v -A: �IJ V 1 t 24 HOUSING DEVELOPMENT PROJECT NAME: 6 - Citizens West 2 LOAN PROGRAM ADDRESS: 509 West 300 North SITE PLAN TH \ u _ _ ___ _ _ _ -- _ _ - Project Site Overview W i. 8 KRCL }' 4 Expansion f Creative KRCL , Space Existing cwz;-i Current Prop, 25 gHOUSING DEVELOPMENT PR• PROJECTLOAN PROGRAM ADDRESS: 509 West 300 North Citizens West over 2 parking levels Phase I I� ----� - 26 I I Iv Retail extends to Residential KRCL • oeve�ovMeNr a 1 S'volume Lobby Expansion HOUSING DEVELOPMENT PROJECT NAME: 7 -Citizens West 3 _oAN PROGRAM ADDRESS:509 West 300 North OVERVIEW TIMELINE - - • • - Giv Development 9/2023 -• • - H D LP Loan giffrRIMILITe�14 1/2025 • • - New Construction _ Owner-occupied Storage CONSTRUCTION DEBT AHEAD OF RDA RDA FUNDING REQUEST Source Amount •' of Cost Senior Construction $2,972,412 23.0% • _• ' - $1,200,000 Debt • - $12,926,250 • 9.3% PERMANENT SOURCES PROPOSED TERMS Senior Loan $1,091,900 8.4% 1% RDA Loan $1,200,000 9.3% • 40years, 40years OWHLF $710,000 5.5% • - • . Hard LIHTC Investor $9,599,040 74.3% • Subordinate to senior Deferred Fee $307,310 2.400 construction&permanent Utility Rebates $18,000 0.1% debt Total $12,926,250 100% HDLPTHRESHOLD REQUIREMENTS& PRIORITIES USES -• Family-Sized Units and , • - Deeply Affordable Units Land $673,125 5.2% Hard $9,596,082 74.2% • _ Yes, 100 Soft $298,036 2.3% Developer Fee $1,365,820 10.6% �'. Yes Financing $332,476 2.6% • Family Housing Owner's $508,039 3.9% Target Populations Contingency Transportation Opportunities Reserves $152,672 1.2% Architecture&Urban Design Total $12,926,250 1 100% Commercial Vitality Public Art LOW-INCOME HOUSING TAX CREDIT HOUSING UNITS • • • -• Y -• -• Y. 2022,9% Rum- Studio 21 - 17 4 3 Bed 6 - 5 1 4 Bed 3 1 2 1 Total 30* 1 24 6** *15 units set aside for formerly homeless,physical disability,and refugee populations **5 units set aside for 25%AMI households 27 HOUSING DEVELOPMENT PROJECT NAME: 7 -Citizens West 3 LOAN PROGRAM ADDRESS:509 West 300 North PROJ ECT SU M MARY Giv Development's explanation of Phases 2 and 3: "Phases 2 and 3 will be built concurrently and be part of the same building.The main difference in thetwo phases is unit count with phase 2 having 50 unitsand phase3 having 30 units.The building will be condo-ed so that each phase owns its respective units,common spaces, and shared amenities...While ownership of thebuildingwill be divided between two phases due to a tax credit allocation cap,the buildingwill be constructed as one project.We will have one contract for workwith architects and contractors.Oneset of plans will be submitted to the City for permitting." From Giv Development: "Citizens West 2 is the second phase of a transit-oriented,carbon-neutral, mixed-income, mixed-use development in SLC's rapidly gentrifying North Temple corridor. This phase looks to produce homesfor large-household, multigenerational, refugee, and unhoused populations that have a particularly difficult time finding suitable housing in ourstate. This project'squick access to transit,employment,and schools is almost unheard of for an affordable family product.As part of a larger developer including phase 1, it will be able to take advantage of phase 1's amenities including,sport court,tot lot, club house, carshare,garden boxes and composting." DEVELOPER SUMMARY From Giv Development: "Giv Development(proposed developer) has successfully completed several 9%tax credit projects including Imagine Jefferson (phases 1&2), North Sixth, Startup Crossing, Project Open (phases 1 &2), Diamond Rail Apartments(DBA CitizensWest phase 1),and Exchange Place(Avia and Mya).Citizen West 2's overall ownership team further adds to this experience with several key memberswell versed in Utah LIHTC Development(BAM Development(ownership in Project Open 1 &2, and Citizens West),CIA Development(ownership in Citizens West),and Housing Opportunity Inc(Hub ofOpportunity II, Bud Bailey Apartments &II, Bodhi Apartments,and Kelly Benson Apartments). Evergreen Management Group(EMG)will do property management, havingsection 42 compliance experience for decades on numerous different properties across the state of Utah." 28 HOUSING DEVELOPMENT PROJECT NAME: 7 -Citizens West 3 _OAN PROGRAM ADDRESS:509 West 300 North SITE MAP AOL- 29 HOUSING DEVELOPMENT PROJECT NAME: 7 -Citizens West 3 _oAN PROGRAM ADDRESS:509 West 300 North SITE PLAN Project Site ' Overview r •'�, �d _ � f J _ t LU � � 1 ' L f - s y KRCL Mom: Creative KRCL Expansion y i Space Existing r Y CW21'' L I_ _ ` - - - - - - — - - - - - -I f � f — I Current Yrope Y Lines 30 HOUSING DEVELOPMENT PROJECT -OAN PROGRAMAD D- 19 West 300 PROJECT rCitizens West - over 2 . - I _ _ �■ Ll ,�� --- ��nT1'1�� ■■■■■ ■■■■■ I ■■■ • T T T 31 I v Retail extends to Residential KRCL • a 15'volume Lobby Expansion HOUSING DEVELOPMENT PROJECT NAME: 8 -Ville 9 LOAN PROGRAM ADDRESS: 1025 North 900 West OVERVIEW TIMELINE lidVille Property Management New Construction: 1/2023; HDLP Loan Renovation: 7/2023 Adaptive Re-Use and New New Construction: 6/2023; Construction Renovation: 10/2023 ffiffirMotel and Vacant Land CONSTRUCTION DEBT AHEAD OF RDA RDA FUNDING REQUEST Source Amount %of Cost • _• ' -• - $1,700,000 Senior Construction $3,430,000 20% • • - $17,155,066 Debt - � 9.9% PERMANENT SOURCES PROPOSED TERMS Sour Amount %of Total la2.5% Senior Debt $3,430,000 20.0% 40 year, 40 year RDA Loan $1,700,000 9.9% Cash Flow Repayment TBL Fund $1,500,000 8.7% Subordinate to senior SLCO HOME $1,500,000 8.7% construction & permanent debt OWHLF $1,000,000 5.8% National Housing $1,000,000 5.8% HDLP THRESHOLD REQUIREMENTS& PRIORITIES Trust Fund Weatherization $1,496,365 8.7% • Deeply Affordable Units Assistance Program • • P - - . Tax Credit Equity $5,528,701 32.2% Deferred Developer - - • _ Condition of Approval Fee • - Total Sources $17,155,066 100% �'. Condition of Approval • Unique Housing Type USES Commercial Vitality Adaptive Reuse Use Amoun •, of Cost HOUSING UNITS Property Acquisition $5,216,561 30.4% Construction Costs $8,212,914 47.9% Bedroom •. •. Soft Costs $1,537,233 9.0% Count IF Units Rate AMI AMI Developer Fee $1,227,485 7.2% Studio 1 35- 11 31 4 Project Contingency $815,333 4.8% 1-Bed 1 30 11 27 3 Other $145,540 0.8% Total 1 6511 58 7 Total Uses $17,155,066 100.0% *Currently housing individuals experiencing homelessness and those at risk for becoming or returning to homelessness LOW-INCOME HOUSING TAX CREDIT ApplyingYes (Y/N) R Tax Credits Reserved (Y/N) � Y, 4% 32 HOUSING DEVELOPMENT PROJECT NAME: 8-Ville 9 LOAN PROGRAM ADDRESS: 1025 North 900 West PROJECT SUMMARY From Developer: "Ville 9 is a hotel conversion housing complex, consisting of 35 studio apartments, that has been housing individuals experiencing literal homelessness, individuals that have previously experienced homelessness, and individuals that are at risk for becoming or returning to homelessness, since 2020. Ville 9 has purchased the adjacent lot to the property and will be constructing 30 one-bedroom apartments, as well as fully renovate the current 35 studio apartments. VPM is the developer in partnership with Camp Construction, Design West, and Ward Engineering. Ville 9 will offer much needed affordable housing that is targeted towards housing the most vulnerable individuals within our community. The project provides on-site case management (CM), to support housing stability, and will expand the CM team to support the additional tenants. We will continue to prioritize housing individuals experiencing literal homelessness, individuals that have previously experienced homelessness, and individuals that are at risk for becoming or returning to homelessness. Tenancy and Rental Rate: Ville 9 will prioritize tenancy based on: 1) SLVCEH and the local LHC's coordinated entry process to house individuals that are literally homeless, 2) coordination with the above listed service provider partners to house individuals that need rehousing (currently are housed and are being evicted or facing a non- renewed lease) and have a housing subsidy, and 3) individuals within the community that are at or below 30%AMI and are at risk of entering into homelessness. Ville 9 will match FMR set by HUD for all units and will include all utilities, regardless of whether the tenant has a housing subsidy. On-site Case Management: Ville 9 is where VPM developed our on-site case management program that has decreased eviction rates across our Salt Lake County properties by 95%.We have achieved this through our housing stability programming, which includes a three-step lease violation process and delinquent payment plan, as well as our partnerships with our tenant's housing case management team and partnering service providers. Safety and Security: Ville 9 will have 24-hour on-site security staff and surveillance. The housing facility will be surrounded by a security fence that is secured and monitored through a key-fob entry system. EMS is located within 1.3 miles and can be contacted 24/7 through security staff. On-site Mental Health Services: Ville 9 will also have a satellite office for Mental Health America of Utah (MHAU), that will provide mental health and substance abuse support to our tenants through peer coaching and partnering with our case management team to augment our housing stability efforts. Together we will provide community programming for our tenants and community residents that offers peer support groups and community engagement activities (e.g. yoga, cooking classes, bingo, movie nights, skill and job building courses, etc.)." DEVELOPER SUMMARY From Developer: "Ville Property Management (VPM) has experience leasing, managing, and providing services across a range of affordable and market rate housing programs. VPM's current portfolio includes experience working with Housing Subsidies (Permanent Supportive Housing, Section 8, and Rapid Re-Housing). VPM also offers deeply affordable housing to individuals that earn between 60%and 30%and below the Area Median Income (AMI) for the region. VPM also provides on-site Case Management services to the Salt Lake County residential properties to help tenants maintain their housing through our Case Management Model. Our focus is to provide affordable housing and extensive support to our tenants who have experienced homelessness and/or live below 30%AMI, to strengthen the wellness and livelihood of our tenants. 33 HOUSING DEVELOPMENT PROJECT NAME: 8 -Ville 9 LOAN PROGRAM ADDRESS: 1025 North 900 West Our unique team is dedicated in providing the needed services, supports, and programming to positively impact our tenants and community. Whether market rate or deeply affordable, we believe that everyone deserves the right to fair and supportive housing." SITE MAP AW aL wife i 34 { r r ` '�;Vill IIII it I I ■ �` � ,i � §:^ �_ ' '•' sari � .N * _„'. '^ r�"`' A� � �� Day ■ 1 �.� a ��t ..�'' ( � ,� ''�> ■ �I1glDl`�III�� :;,� ,�r�, MI ri ■ Alt N' a ■ ■■ ■ PMIAMI Yiliuu. "Pm ��,�� I �� y, �� w # ■ ■ ■ ■ IIIIIIIII�IIIuul�Ihiii ■ •'+'�j`�� 6 -'� #PAS I HOUSING EVELOPMENT PROJECT ; . . LOAN PROGRAM ADDRESS: 1 • 911 West i n { i ■ ------------------------ lit 36 lr�—ry� ■ski, �� 'v HOUSING DEVELOPMENT LOAN PROGRAM PROJECT NAME: 9 -Ville 1659 ADDRESS. 1659 W North Temple OVERVIEW TIMELINE ELiMotel Ville Property Management 12/2022 HDLP Loan 5/2023 Renovation CONSTRUCTION DEBT AHEAD OF RDA RDA FUNDING REQUEST ' of Senior Construction $7,500,000 41.1% Ti ' -• - $1,825,000 Debt al T • ' • - $18,250,000 •. 10% PERMANENT SOURCES 7Senior . • •PROPOSED TERMS $7,500,000 41.1% 2% $1,825,000 10.0% 40 year, 40 year $1,000,000 5.5% • Cash Flow Repayment Owner Equity $2,066,378 11.3% • Subordinate to senior Office of Homeless $3,858,622 21.1% . construction & permanent debt Services SLC HHGP Funding $2,000,000 11.0% Deferred Fee - - HDLP THRESHOLD REQUIREMENTS& PRIORITIES Total Sources 18,250,000 100.0% • Deeply Affordable Units • USES • Condition of Approval Source Amount '• of • • - • Property Acquisition $12,000,000 65.8% Construction Costs $4,000,000 21.9% �'. Condition of Approval Soft Costs $1,000,000 5.5% • Target Populations Developer Fee $1,000,000 5.5% Unique Housing Type Project Contingency $250,000 1.4% Transportation Opportunities Total Sources $18,250,000 100.0% Commercial Vitality Adaptive Reuse LOW-INCOME HOUSING TAX CREDIT HOUSING UNITS • • No . • .0• -0• -. -. No Studio 197 - - 1M *All units restricted at orbelow30%AMl 37 HOUSING DEVELOPMENT LOAN PROGRAM PROJECT NAME: 9-Ville 1659 ADDRESS: 1659 W North Temple PROJECT SUMMARY From Developer: "Ville 1659 is a hotel conversion project that will create 197 studio apartments and 10 RV stalls that will be deeply affordable and low barrier for singles and couples near downtown Salt Lake City. Our organization, Ville Property Management(VPM), will be the developer, in partnership with Camp Construction, Design West, and Ward Engineering. Ville 1659 will offer much needed affordable housing that is targeted towards housing the most vulnerable individuals within our community and provides on-site case management to support housing stability. We will prioritize housing individuals experiencing literal homelessness, individuals that have previously experienced homelessness, and individuals that are at risk for becoming or returning to homelessness. Our service provider partnerships include: SLVCEH, The Road Home, the VA, Volunteers of America, Housing Connect, Housing Authority of Salt Lake City, Fourth Street Clinic, First Step House, Valley Behavioral Health, Mental Health America of Utah, and Salt Lake City Police Department." DEVELOPER SUMMARY From Developer: "Ville 1659 is an entity of Ville Property Management (VPM). VPM has over 20 years of experience leasing, managing, and providing services across a range of affordable and market rate housing programs. VPM's current portfolio includes management of 580 units with experience working with Housing Subsidies(Permanent Supportive Housing, Section 8, and Rapid Re-Housing). VPM also offers deeply affordable housing to individuals that earn between 60%and 30%and below the Area Median Income (AM I) for the region. VPM also provides on- site Case Management services to the Salt Lake County residential properties to help tenants maintain their housing through our Case Management Model. Our focus is to provide affordable housing and extensive support to our tenants who have experienced homelessness and/or live below 30%AMI, to strengthen the wellness and livelihood of our tenants. Our unique team is dedicated in providing the needed services, supports, and programming to positively impact our tenants and community. Whether market rate or deeply affordable, we believe that everyone deserves the right to fair and supportive housing." SITE MAP Pam=- T b, 38 HOUSING DEVELOPMENT LOAN PROGRAM PROJECT NAME: 9 -Ville 1659 ADDRESS. 1659 W North Temple PROJECT RENDERINGS ❑ ❑ U D _J ❑ L_� ❑ ❑ OPTION 1 I I OPTION 2 7F OPTION 3 �I ❑ � ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ OPTION 4 ❑ i ❑L-[ ❑ ❑lT_l' ]: 1 Iffl C`If::❑ �:�Ll �[: .�❑ i [[f:�❑ � I 1 I II I I ®EXTERIOR ELEVATION IIF1 Ir-I'I IF7IA 'Ir I".I I F- I�I`I.-1� Ir�fllllll I I I II =1 �1'�� [�� -�� ❑��r��-�� -� -�❑ -ill ®EXTERIOR ELEVATION a o © Q Q o © o n1•.11r n1-1117 nJ nP119r nP� 7-11 l-In �P1.111 nfll-ln rhll-Inn �.i nIII-In fllln 1 ALLifL'_ iQll IL n .n-j�n � LI -f I I EXTERIOR ELEVATION 39 HOUSING DEVELOPMENT PROJECT NAME: 10- Liberty Corner LOAN PROGRAM ADDRESS:265 West 1300 South OVERVIEW TIMELINE III - - • • - Cowboy Partners I I I 1 1 12/2023 -• • - HDLP • • NIM111 1 12/2025 • - • - New Construction . Commercial CONSTRUCTION DEBT AHEAD OF RDA RDA FUNDING REQUEST of Senior Construction $53,870,534 1 54.0% • _• ' - $3,000,000 Debt • - $99,718,091 PERMANENT SOURCES PROPOSED TERMS Source Amount ' of Total 2% Tax Credit Equity $48,724,496 48.9% • 40 year,40 year Senior Loan Q Amount 24,701,721 24.8/a Cash Flow Repayment Cowboy Subordinate to senior Contribution $8,900,000 8.9% Up construction&permanent debt Class A Equity $953,234 1.0% Cowboy Deferred HDLP THRESHOLD REQUIREMENTS& PRIORITIES Equity $8,438,640 8.5% Family-Sized Units and Deeply I OW HOME $2,000,000 2.0% - • -- •, Affordable Units OW NHTF $2,000,000 2.0% County $1,000,000 1.0% Condition of Approval City(RDA) $3,000,000 3.0% • _ Total Sources $99,718,091 100% �'. Condition of Approval USES • Family Housing Target Populations Missing Middle Housing Types Land Cost $14,900,000 14.9% Transportation Opportunities Hard Cost $64,305, 660 64.5% Neighborhood Safety Soft Cost $ 00,371,891 10.4% Architecture&Urban Design Developer Fee $8,438,640 8.5% Commercial Vitality Financing Cost $739,505 0.7% Reserves $962,795 1.0% HOUSING UNITS Total Uses $99,718,091 100% ' LOW-INCOME HOUSINGTAX CREDIT 2-Bed 97 - 75 22 3-Bed 80 - 57 23 ' " - Yes 4-Bed 23 - 13 10 Total 200 - 55 1 55 N, 4%& 9% 40 HOUSING DEVELOPMENT PROJECT NAME: 10- Liberty Corner LOAN PROGRAM ADDRESS:265 West 1300 South PROJ ECT SU M MARY From Developer: "Liberty Corner is a mixed-use development located on the Northeast corner of the 1300 South 300 West intersection.The community will feature 200 affordable unitswith the purpose of providing deeply targeted,family- sized units. The unit mix will feature a majority of 3- and 4-bedroom units along with a significant number of 2- bedroom units. All units in the project will have at least 2 bedrooms. The project, while primarily flats, will include two-level townhousesat the street level. Liberty Corner is unique in that it not only provides family housing units in an urban setting, but includes deeply targeted affordable units, reaching to provide housing at 30% AMI. Liberty Corner is designed for the family. In addition to large, family-sized units, the community will feature indoor and outdoor amenities and spaces meantto serve a broad rangeof ages, interests and needs. Liberty Corner will also be a sustainable community. The community will promote accessible and equitable transportation options as the Ballpark TRAX Station is within walking distance, at less than a quarter mile away. In addition, the community will feature bicycle amenities in order to encourage alternative means of transportation. The communitywill be all electric and achieve Energy Star certification." DEVELOPER SUMMARY From Developer: "Cowboy Partners is a multifamily developer based out of Salt Lake City, Utah.Cowboy Partners was established in 2001, rebranded from a companythat had been developing housing in the Salt Lake Valley sincethe 1960s.Cowboy Partners is a recognized leader in the development, construction, and management of affordable housing; the company has experience in developing luxury, market rate, mixed-income and affordable housing communities through its development ofdozensof communities within Salt Lakeand across the State of Utah.Cowboy Properties, the sister company to Cowboy Partners, operates as the property management company for these communities. Cowboy Properties has deep experience with multifamily property management, including affordable housing and compliance, as the sole operator of Cowboy communitiesfor decades. " SITE MAP 1- ,R la ., 41 HOUSING DEVELOPMENT PROJECT NAME: 10- Liberty Corner LOAN PROGRAM ADDRESS:265 West 1300 South PROJECT RENDERINGS IProject Elevations South Elevation: t I e I 13 13 3 G 11 10 1 � S71Taq1 "J" \ I�,f� r •o� o, > � l r I ° �aa� DU u. 11 13 1 - �1 1 1• 3� G -� .`.r_ •�j j �7 42 HOUSING DEVELOPMENT PROJECT NAME: 11 - 9Ten West LOAN PROGRAM ADDRESS:910W North Temple OVERVIEW TIMELINE By- - • • - Great Lakes Capital Development 8/2023 -• - • : H D LP • • 1/2025 • - New Construction _ - Commercial CONSTRUCTION DEBTAHEAD OF RDA RDA FUNDING REQUEST • st Senior Construction $20,758,084 • _• ' - $2,000,000 Debt • - $29,221,096 PERMANENT SOURCES PROPOSED TERMS Mmar • Permanent Loan $11,534,000 39.5% 2.0% OWHLFHOME/LIH $2,000,000 6.8% • 16 Year, 30 Year CF Loan - • • Cash Flow Repayment SLC RDA CF Loan $2,000,000 6.8% • Subordinate to senior Tax C red it Eq u ity $12,379,956 42.4% construction&permanent debt Deferred Developer $679,640 2.3% Fee HDLP THRESHOLD REQUIREMENTS& PRIORITIES 45 L& ITC Equity $277,500 0.9%RMP Energy Rebates $350,000 1.2% • Deeply Affordable Units Total Sources 1 $29,221,096 100% • - Condition of Approval USES �'. Condition of Approval Site Acquisition $3,735,000 12.8% • Transportation Opportunities Hard Costs $17,195,179 58.8% Neighborhood Safety Soft Costs $2,800,137 9.6% Architecture&Urban Design Developer Fee $2,288,146 7.8% Commercial Vitality Financing $2,427,319 8.3% Public Art I I Reserves $775,315 2.7% Total Uses $29,221,096 100% HOUSING UNITS Bedroom 60.. ,0.. LOW-INCOME HOUSING TAX CREDIT Yes Studio 1 160 - 1 142 1 18 1-Bed 1 15 - 1 15 - N, 2023, 4% Total 1 175 - 1 157 18* *8 units at 30%AMl 43 HOUSING DEVELOPMENT PROJECT NAME: 11 -9Ten West LOAN PROGRAM ADDRESS:910 W North Temple PROJ ECT SU M MARY From Developer: "The project will be transit oriented,affordable housing with amenity space and Community Service Facility on the ground floor. Located in the rapidly developing North Temple/Fairpark neighborhood, an affordable project with studio units will provide affordable housing in the Fairpark neighborhood for 50+ years. The project will also incorporate sustainability featuresto acheive Energy Starand Enterprise Green Communities certifications." DEVELOPER SUMMARY From Developer: "Karl Niederer has been developing affordable housing in Arizona, Colorado, and Utah for eight years and has directed the development of over one hundred million dollars of affordable and supportive housing throughout the western states.Great Lakes Capital is a Real Estate Development and Private Equity Firm that invests in several core property types including Multifamily, Industrial, Mixed-Use, Flex, Office, Medical and Life Science, and Hotels Properties. Multifamily, Industrial, and Mixed-Use properties remain Great Lakes' highest growth segments. Since opening its doors in 2005, Great Lakes has successfully invested in billions of dollars of real estate projects and currently enjoys development pipeline in excess of$923 million. Great Lakes' six principals have nearly 170years of experience and have closed more than $7 billion of commercial real estate investment across all property types, geographies, capital structures,and economic cycles." SITE MAP 6 � 1•� - t Jlr � • • N 4 ik 1 44 HOUSING DEVELOPMENT PROJECT NAME: 11 - 9Ten West LOAN PROGRAM ADDRESS:910 W North Temple PROJECT RENDERINGS i I ri � �� , ,h; _ fie•, �:•�� ' •,�'�,;, J-LAM-, t- — 45 / / • 1 1 � 1 1 1 • 1 • • • r • _.�V.4��iI,. - Sri ista C y V Greek ^4 f, 6 i•- _` ':.Y:�, 7' r IMWsAed 'AO• - +�'+ >,-.f. b '� '•�yFl � '*.fq :f i VO •� � ryc�Arl� � 116 S n � 49 ,,'ti' '_ .• • < F. ri �„ 1bT}pAkr• -ti7Av�e�M: •� i�,. 800 N Par .r �"'+ t �" ; `• .O`r _ •\ , �° -+• N.�'.aF to *t�� $` i \�M � �. n. �a�n,. 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V `. .. .' _.,M, y�,i E tt'. 7ytpp rw *a!►AC 1 ��, w�,.L.+cGllkS e;;ve r Y 7 -•'I' �I �_.a_ I , • T..•� - � ��' _I _ o o �• 600s c r o r goo s ' ai. p - L • _I 's 1 �"r 'Ig I L•y Fa a left ��ppyy, r' e` . _ • _ sou I' Les In diana A e / S ^1rea 1` r I .I ..•�i �L � �-'' •i _ r.,' � 'i solirn ,• -- yen ., 1 �"•` -t�•If t;�m.l! :. _ �� -:� ��8._ ��0 •., !a �:SM x - '� M•r ,r :.�•-,L e00.s -- L.,-41 .kr: Pan ice._ � �': � — ,., � * 1 I ilk '• � 'l'' - I T !I]t ■.fi _ �� I :�7� Ame '�' I. -Ave x-• Jorden Park ...�s� '^.fir♦ i 8emonr A, - Nf'- - _I v a fi �Y p i rTz c - {t FrIemont Ave • — ^_- _ 'tIo 'R' J ,FT ♦Sf �Q �X a •' • cqa 3� :.•'"a cl, 1300 S _�y ,� _ franwrn� t/e 1 1 1 1 1 - SLCRDA ATTACHMENT D: PROJECT PRIORITIES AND INTEREST RATE REDUCTIONS Project priority criteria will be utilized to evaluate applications as well as provide for interest rate reductions. CATEGORY POLICY OBJECTIVE WEIGHT REDUCTION ------------ ------------------------------------------------ Provide opportunities for families to enjoy the many benefits of urban living by Project provides at least 1 Family Housing encouraging the 15%*** of the total units as 3 X development of 3+ bedroom units. housing that is more conducive to larger household sizes Expand the availability of units for extremely Project sets aside at least low-income households 15%*** of the units for and special extremely low-income 2 Target populations, thereby households (40% AM or 3 X Populations providing housing less) and/or special options for individuals populations in partnership or families that are with a governmental or homeless or at risk of nonprofit entity homelessness Create opportunities for those who have historically rented in Project is a for-sale product 3 Homeownershi the community to that will be sold to income 3 X p build wealth and qualified individuals/families establish permanent roots through homeownership Projects are either a missing Promote an array of middle housing type (i.e. scale of project types townhomes, courtyard Missing Middle to diversify the City's apartments, small-scale 4 & Unique housing stock/forms apartments) or a housing 3 X Housing Types and provide more type that is not commonly affordable living built: tiny homes, modular options for residents homes, pre-fab homes, accessory dwelling units (ADUs) Achieve green building Projects must be built to Off- and energy Site Net Zero or On-Site Net conservation standards Zero standard as described 5 Sustainability to lower housing in the RDA's Sustainable 1 X*** expenses, conserve Development Policy resources, and Resolution. promote resiliency 48 0 SLCRDA Projects must meet two of the following: • Includes a car sharing, bike sharing, or transit pass program that is widely available to employees/ residents • Includes a commercial Promote a multimodal project that includes employee shower, locker, transportation network and bicycle facilities Transportation and ensure convenient 6 Opportunities and equitable access Is located within 1/3 mile 1 X to a variety of walking distance of a TRAX transportation options station or S-Line station • Implements reduced parking strategies without negatively impacting the neighborhood • Incorporates majority of parking within a primary structure to minimize the need for a surface parking lot Utilize the Projects are located within development of an active RDA project area, housing to reduce the refer to Attachment B. RDA 7 Neighborhood number of vacant and Project Area Map and 1 X Safety distressed buildings incorporate documented and lots to reduce Crime Prevention through crime and return land Environmental Design to a productive use (CPTED) principals Projects are located within a Provide for High Opportunity Area, Neighborhoods of which is defined as an area Expand Opportunity by that provides conditions that 8 Opportunity promoting the expand a person's likelihood 1 X economic diversity of for social mobility as the housing stock identified through an within neighborhoods analysis of quality-of-life indicators. Encourage housing that is high-quality, Buildings shall include an enduring, and that active ground floor use, Architecture & contributes to significant ground floor 9 Urban Design neighborhood context glass, durable building 1 X and livability through materials and engaging architectural and building entrances as urban design best determined by RDA staff practices Foster a mix of land Projects are mixed-use and 10 Commercial uses and unique establish new services, or 1 X Vitality neighborhood business underrepresented business districts that types in the neighborhood 49 0 SLCRDA -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- adequately meet the that the local community local community's identifies as lacking and needs desired. These spaces shall be open to the public and shall not be spaces that are exclusive to the development Project acknowledges a Historic Encourage the neighborhood's history and Preservation preservation and/or maintain its unique character 11 /Adaptive reuse of buildings to through preservation, 1 X Reuse preserve the character rehabilitation, or repurposing of neighborhoods of historic or underutilized structures Promote cultural Project contributes at least expression and add to 1.5% of the RDA the experience and contribution towards the 12 Public Art value of the built installation of art onsite or 1 X environment through towards the RDA art fund as art that is publicly outlined in the RDA Art visible or accessible Policy for all to experience *Note:NOFA Ranking Weight:Uses a number(the weight)between I and 3 to assess the importance of the funding priority, with 1 being of lower importance and 3 being of the highest importance. **Note: 0.5% Interest Rate Reductions: While 12 interest rate reductions are available, interest rates can be reduced by a maximum of 2.0%, thereby reducing the interest rate to a minimum of 1%. Please see Attachment B for applicable standard loan terms and conditions. ***Note: Between the two threshold requirements laid out in Section 3.7, if a project includes both family housing units and deeply affordable units in accordance with this section, the project may receive the interest rate reduction by meeting the second threshold requirement at a percentage of 10%instead of 15%. ****Note: Sustainability Interest Rate Reduction:As per the RDA's Sustainable Development Policy, projects built to an Off- Site Net Zero standard are eligible for a 1%interest rate reduction and projects built to an On-Site Net Zero standard are eligible for a 2%interest rate reduction. 50