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HomeMy WebLinkAboutPresentation Francis Cabrini1 it Francis Cabrini School Redevelopment: a low-income senior housing project o6's d rill Ave lAerriU Ave 3 OMirFSlete Sign Service OArt City Sighs RcJ Art CityWraps • Merrill Ave © Q i SI Mary Catholic Church , Divl ne Mercy , Atloration Chapel s Oshkosh Q Religious Society © Oshkosh Friends MeetingQ z Godak a Timothy Hess, PhD 10/22/2019 �n� NORTHPOINTE DEVELOPMENT CORPORATION MEmmi I I AVE 10' NO BUILD EASEMENT ALONG WEST SIDE OF SPUT_ SHARED DRIVE AGREEMENT. IJS) PROJECTED UNITS FOR SENIOR LMNG (25) FAONT PARKING (39)REAR PARKNG - i �g p�KINGINGLE CAR ARAGES UNT�2 I ;AFT: @ PE x TYPE. 52 1 BEDS 2 BEDS 1 I I 11� Y I 1 I UNIT 011 r I BEDS: I � SOFT:5 TYP-:z �JNIT D70 BED5:1 ^QFf: 512 TYPE BEDS 1 UNIT 00�9 TYPE: BEDS 1 uNlr BDB � o saFT: Tw C TYPE BEDS:, UNIT 037 77 w, B6EIIs i BASEMENT FLOOR UNITS: 14 ED: 10 2 BED: 4 UNIT 001 SOFT: B21 NU 11T )W�3 TYPE: x BEDS: I SOFT: TYPE x I I)) VFl �I UN m 11"m"r UNIT 005 IIII UNIT TYPE x TYPE: x TFE x B ED5.2 BEDS: 2 BED5:2 OVERALL UNITS: 35 1 BED: 24 2 BED: 11 RH [BMWs 1951 BOWEN STREET OSHKOSH, W1 54901 P 920,231,1619 F 920,231,1715 RHdesignbuild.com 1951 BOWEN STREET OSHKOSH, WI54901 P 920,231,1619 F 920.231,1715 RHdeslgnbuild.com �INVISiTA ANALYTIC �INVI�TA ANALYTICS Maximum Rental Income Potential Income Income No Units Rent/Mo Subtotal 40% CM 1 Bed/1 Bath 8 535 41280 50% CM 1 Bed/1 Bath 6 682 4,092 60% CM 1 Bed/1 Bath 6 725 41350 80% CM 1 Bed/1 Bath 4 695 21780 80% CM 2 Bed/1 Bath 11 750 81250 Subtotal 35 23,752 Monthly Total $23,752.00 Annual Total $285,024.00 Low -Income Housing Tax Credits Administered through WHEDA 9% Deal Highly Competitive Scoring System 9% of Cost for 10 yrs limited to 2 projects per year 2019 awarded $19.5M 4% Dea I Less Competitive Scoring System 4% of Cost for 10 yrs 4% of Cost for 6 yrs in state credits no limit in terms of # of projects 2019 awarded $7M fed & $6.2M State r A Timeline c 1 Presentation to common Council (Today) Notice of Ehlers Review Public & TIF Plan Preparation Hearing 1 (, ) 1 Application (Oct 24) 1 Public Hearing Plan Commission Vote (Dec 17) 1 1 Common WHEDA Council App Vote Submit (Jan 14) (Jan 15) NORTHPOINTE SellOwnership DEVRIOPHENT CORPORATION `I Developer l\ • Assemble Protect and WHEDA Application • Secure Financing & Build -Out Protect • Hire Project Management Company • Guarantee to Equity Investor Historic and LIHTC Qualification for holding period • Guarantee buy-out of Equity Investor at year 15 - 17 Equity Investor 99.99% Owner • Provides Financing of project • Holds financial performance risk 0 0 1 1 Notification Development Of Award Agreement (Apr 2020) (May 2020) HTC LIHTC TIF Ask • Overall Project costs $7.35M • Asking for $SOOK (or 6.8% of cost through TIF} • Will take 20 yrs of payback • Investor 10 yr IRR 3.28% with TIF (3.13% 15 yr) Benefit to City • Proactively addressing utilization of Historic Building • Get 35 Low -Income housing units for seniors