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HomeMy Public PortalAboutr 05:044 2R£Zúlutiú1t ú£ t1¡£ ißúrú1t£~ ú£ C!Iètrt£rd) ~. 3J. No. 0 'i-úú II Date of Adoption.J'Jnll"ry 27. 2005 AUTHORIZING TAX ABATEMENT AGREEMENT- BLOCK 144, LOTS 9 & 17 WHEREAS, Frank Raia and Anthony Sirignano and or successors, (hereinafter referred to as the "Sponsor") proposes to construct a housing project (hereinafter referred to as the "Development" or "Project") pursuant to the provisions of the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended (N.J.S.A. 55:14K-1, et seq.) (hereinafter referred td as the "HMF A Law") within the Borough of Carteret (hereinafter referred to as the "Municipality") on the site described as Block 144 Lots 9 & 17 the Borough of Carteret, Middlesex County and commonly knowo as 553 & 569-571 Roosevelt Avenue, Carteret, New Jersey; and WHEREAS, the Development will be subject to the Rules and Regulations of the New Jersey Housing and Mortgage Finance Agency (hereinafter refereed to as the "NJHMF A"); and WHEREAS, pursuant to the provisions of the HMF A Law, the Governing Body of the Municipality hereby certifies that there is a need for this low and moderate income housing project in the Municipality; and WHEREAS, the Sponsor has presented to this body a proposal covering the cost of the land and improvements and the operation of the Development as estimated by the Sponsor and NJHMF A, which reasonably assures the successful completion and operation of the Development. NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Co:,:ncil of the Borough ofCarteret, County of Middlesex, State of New Jersey as follows: (a) The proposed Development will meet or meets an existing housing need. (b) The proposed Development conforms or will confoml to the requirements of all applicable ordinances of this Municipality. I (c) The Development of the Project is hereby approved; and . BE IT FURTHER RESOLVED, that (1) The Borough Council hereby adopt the within Resolution and make the determination and findings therein contained by virtue of pursuant to, and in conformity with the provisions of the HMF A Law with the intent and purpose that the NJHMF A shall rely thereon in making a mortgage loan to the Sponsor, which shall construct, owo and operate the Devefopment; and (2) The Borough Council does hereby adopt the within Resolution with the further intent and purpose that from the date of execution of the NJHMF A mortgage, the proposed Development will be exempt from real property taxation as provided in N.J.S.A. 55:l4K-1 et seq., and that, in lieu of taxes, said Sponsor shall make to the Municipality payment of an annual service charge for municipal services supplied to the Development in such amounts and manner set forth in the Agreement for payments in Lieu of Taxes attached hereto as Exhibit "B". The exemption is being made with the understanding that the land shall continue to be assessed but shall be credited toward the annual service charge; and (3) The Borough Council hereby authorized and direct¡: the Mayor and the Borough of Cartetet to execute, on behalf of the Municipality, Agreement for payments in Lieu of Taxes in the form annexed hereto as Exhibit "B"; and NO. 05-44 II -I (4) I PAGE 2 of 2 The Borough Council understand and agrees that the amounts set forth in Exhibit "A" are estimates only and agrees that the Sponsor may, upon NJHMF A approval, make reasonable changes m the construction, maintenance and operation of the development to ensure compliance with financial and statutory requirements of NJHMF A, which will necessitate reasonable changes in the amounts set forth in Exhibit "A". (5) The Borough's Finance Department is hereby authorized and directed to make payment to the Sponsor in the amount of $320,000.00 (16 units x $20,000.00 per unit), to be paid JTom the Borough's Regional Contribution Agreement account and upon approval of the financing for the Development by the NJHMF A. Adopted this 27'h day of January, 2005 and certified as a true copy of the original on January 28,2005. KATHLEEN M. BARNEY, RMC/CMC Municipal Clerk ! . YES NO ]';V A.B. X X X .. i , I l.......... , RECORD OF COUNCIL VOTE ~ W"NC'~ YES ]';0 NV A.B. COUNCILMAN BELLINO X . NAPLES DIAZ X RIOS KRUM X SITARZ - ---~ x - Indicate Vote AB - Absent NY - Not Voting XOR - Indicates \/otc to Overrule Veto - - ---- --- -..------ Adopted at a meeting of the Municipal Council ~:::;,;~:; ,J) C K , tl i I I I EXHIBIT "B" AGREEMENT BETWEEN THE BOROUGH OF CARTERET AND FRANiK RAIA and ANTHONY SIRIGNANO FOR THE ABATEMENT OF REAli PROPERTY TAXES (Block 144, Lot 9 and 17) THIS AGREEMENT made and entered this/r~y of March 2005 by and between THE BOROUGH OF CARTERET, a municipal corporation of the Statelof New Jersey, with principal offices at 6] Cooke Avenue, Carteret, New Jersey 07008 (hereafter referred to as the "Borough") and FRANK RAIA & ANTHONY SIRIGNANO, their successors and/or assigns with offices at 450 7th Street, Hobok~n New Jersey, ( hereinafter referred to as the "Sponsor"). WITNESSETH In consideration of the mutual covenants herein contained, the fact the New: Jersey Housing and Mortgage Finance Agency will be giving permanent financing (take- , out financing) on the project hereinafter defined, and for other good and valuable consideration, it is mutually covenanted and agreed as follows: I. This Agreement is made pursuant to the authority contained in Section 37 of The New Jersey Housing and MOligage Finance Agency Law of 1983, (N.J.S.A., 55:14K-1 et~) (hereinafter referred to as the" NJHMFA Law") and a Resolution of the Mayor and Borough Council of the Municipality adopted on January 27, 2005.1 2. The Municipality recognizes and approves the Sponsor as the entity which will own and operate the development known as Roosevelt Commons/ Hill Bowl IV (the "Development"), as previously approved by the governing body in the aforesaid Resolution. 3. It is expressly understood and agreed that the Borough enters into this Agreement in reliance upon compliance by the Sponsor with the NJHMF A Law. Th~ Borough recognizes that the amounts set forth in the financial plan attached hereto a$ Exhibit "A" are estimates only and acknowledges the right ofNJHMFA to direct thel Sponsor to make reasonable changes in the rehabilitation, maintenance and operatiOJh of the Development which are required by NJHMF A, in its view, to ensure compliance with the requirements of the Regional Contribution Agreement, Department of Community Affairs Balanced Housing and Home Programs, if any, which changes may necessitate reasonable alterations in the amounts set forth in Exhibit "A". 4. The property which is the subject of this Agreement is known as Block 144, Lots 9 and 17, commonly known as 553, 569-571 Roosevelt Avenue, Carteret, New Jersey 07008 (the "Property"). 5. Pursuant to the NJHMFA Law, the Property and all improvements thereon may be exempt from real property taxation if the Sponsor and the Borough enter into an agreement for payments in lieu of taxes to the Borough and the same shall not extend beyond the date on which the eligible loan made by the NJHMFA is paid in full. 6. (a) In consideration of the aforesaid exemption from real property taxation, the Sponsor and the Municipality of an annual service charge in such amount and manner as follows: (i) from the date of the closing title until the date of the execution of the NJHMF A mortgage an annual amount equal to $10,000.00; and (ii) from the date of the execution of the NJHMF A mortgage and for the remaining tenn of this Agreement, an annua] amount equal to the greater of$JO,OOO.OO or 6.28% of the "Annual Gross Shelter Rent". As used herein, the AnnuaJ Gross Shelter Rent shall mean the gross rent less the cost of the following items: gas and electricity if supplied by the Development Project; the cost of heating fuel if supplied by the Development Project; water and sewerage consumption/use charges, if any and if paid by the Development Project; and trash and garbage removal unless supplied by the Borough. (b) Payment by the Sponsor sha1l be made on a quarterly basis on the same date as real estate taxes are paid to the Borough and shall be based upon the Annual Gross Shelter Rent of the previous quarter. In a timely fashion after the three (3) months following the end of the first fiscal year of operation after the date of the execution öf the NJHMF A mortgage and on or about March l5t of each year thereafter that this Agreement remains in effect, the Sponsor sha1l submit to the Borough a certified, audited financial statement of the operation of the Development setting forth the Annual Gross Shelth Rent from all sources and the total service charge due to the Borough calculated at 6.28 percent of the Annual Gross Shelter Rent from all sources as set forth in the audit (the "Audit Amount"), as determined in the manner set forth in the aforementioned Exhlibit "A". In the event that the Audit Amount for any fiscal year shall exceed the amount previously paid by the Sponsor to the Borough for such fiscal year (the "Payment Amount"), the Sponsor sha1l pay such excess to the Borough simultaneously with ib delivery of the audit for such fiscal year to the Borough. The Borough may accept any such payment without prejudice to its right to cha1lenge the amount due. In the ev(mt that the Payment Amount for any fiscal year shall exceed the Audit Amount for such fiscal year, the Borough shall credit the amount of such excess to the account of the SpoÜsor. (c) All payments made pursuant to this Agreement sha1l be in lieu (~f taxes, and the Borough shall have all the rights and remedies of tax enforcement glianted to Municipalities by law just as if said payments constituted regular tax obligations on real property within the Borough. If, however, the Borough disputes the total amoun~ of the annual service charge due it, based upon the Sponsor's audit, it may apply to the Superior Court, Chancery Division, for an accounting of the service charge due to the Borough. Any such action must be commenced within one year of the receipt ofthei Sponsor's audit by the Borough. (d) In the event of any delinquency in the aforesaid payments, the Borough shall give notice to the Sponsor and NJHMF A in the manner set forth in paragraph 10(a) below, prior to any legal action being taken. 7. This Agreement shall remain in effect only so long as the Sponsor or' its successor and assigns and the Development remain subject to the provisions of the aforesaid NJHMFA Law. 8. Upon any termination of such tax abatement, whether by affinnativei action of the Sponsor, its successors and assigns, or by virtue of the provisions of the NIHMF A Law, the Development shall be taxed as omitted property in accordance with the applicable law. 9. The Sponsor, its successors and assigns shall, upon request, permit inspection of the property, equipment, building and other facilities of the Development and also permit examination and audit of its books, contracts, records, documents aind papers by representatives duly authorized by the Borough. Any such inspection, examination, or audit shall be made during the reasonable hours of the business day, in the presence of a general partner or agent ofthe Sponsor or its successors and assigns. _. 10. A notice or communication sent by either party to the other hereunder' shall be sent by certified mail, return receipt requested, addressed as follows: (a) When sent by the Borough to the Sponsor, it shall be addressed tc> Frank Raia & Anthony Sirignano, 450 7th Street, Hoboken, New Jersey 07030, or to 'such other address as the Sponsor may hereafter designated in writing. (b) When sent by the Sponsor to the Borough, it shall be addressed to Borough of Carteret, Municipal Building, 61 Cooke Avenue, Carteret, New Jersey ci7008, or such other address as the Borough may designate in writing. (c) When sent by either the Sponsor or the Borough to the NJHMFA, it shall be addressed to 637 South Clinton Avenue, P.O. Box 18550, Trenton, New Jefsey 08650-2085, or such other address as the NJHMFA may designate in writing. 11. It is agreed and understood that subject to the terms and provisions c:f paragraph 8 herein, the Sponsor agrees that it will not sell or transfer the Development, together with the improvements thereon, to any corporation, association or entity, unless such corporation, association or entity quali fies under the NJHMF A Law and owns no other development at the time of transfer, without first obtaining the prior written cbnsent of the New Jersey Housing and Mortgage Finance Agency. 12. The Sponsor further agrees to abide by all applicable Federal, State and Local rules, regulations and ordinances regarding equal employment opportunities., 13. In the event of a breach of the within Agreement by either of the Parties hereto or a dispute arising between the Parties in reference to the terms and provisions as set forth herein, either Party may apply to the Superior Court, Middlesex County 1<1 settle and resolve said breach or dispute in such fashion as will tend to accomplish the purposes of the NJHMFA Law. 14. Notwithstanding anything to the contrary in Paragraph 6 or elsewhere in this Agreement, land taxes shall continue to be assessed against the real property, but shall be credited toward each quarterly payment of the annual service charge. IN WITNESS WHEREOF, the Parties have caused these present to be executed as of the day and year first above written. ûlíL lli%j - ~~ tÇØrk FRANK RAIA ¿ ~~ AN~ 0 ATTEST: ¿;-i¿j.b~~ + . EXHIBIT "A" 4:30 PM NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY MULTI·FAMILY LENDING· NO TAX CREDIT.'j, SCITEDULE lO-A: PROJECT DESCRIPTION Inducement Commitment Re-Commítmenl Bond Sale Closing m.1F A# Date: Prepared by: Reviewed by: lIIlIBow] Name of Housing Development RôoseveltAven~~' Project Street Address Zip Code: Municipality County Carteret·; Middksex i',1 Block No. -·144 144 Lot No. 9.00 17 Type of Dcvelonment (Select either Family or Senior Citizens (NOT BOTH): Family Senior Citizens x Provide the followinl!: legislative District: Congressional Disttict: Census Tract: TvneofConstruction New Construction Modular Moderate Rehabílitaion Substantial Rehab. Conversion Rehabilitation/Occupied x' 12 (mos.) 6 (mos.) Total Number of Parking Spaces Ratio of parking to D.U.'s 24 2 :1 The Prolect is In a: UCC Smart Growth P!anningArea: No. of dwel1ìng units No. of currently occupied DU's Constructio' Tenn Rent-up P 16 Parkin!! (designate area) CHECK WHICH APPLIES Construction Loan Construction & Pennanent Loan Pennanent Loan Only Tax Exempt Taxable x Tyoe of Subsidy City Living HOME EXPRESS: Hm. Exp. Loan Amount: $ Small Renta! Project Preservation: Loan: Subsidy: 420,37\ 400,000 Tvne of Loan TvoeofFinancine x Cost Summary Cost of Land and/or Improvements Construction Cost Total Project Cost $20,625 perDU $67,438 perDU $125,298 perDU $37 perSqft. $120 per Sqft. $224 perSqft. Types of Residential Structures* No,of Bldgs. No. of Stories Each UnilType (I'"o.of BR's) Unit Size In Sq. Ft. No.of x Unil5 N,' Rentable Area Rental Rooms Per Unit Total Garden ' 2 2 IBR 560 16 8,960 4 56 . ..' " , . , " , Commercial Space .' ,. Common/Other Space " > " Totals 2 16 8,960 56 '"Low - Rise (I - 3), MidlHi - Rise (4 + stories), Townhou,e or Semi-detached rev. 07/26/01LB, \ Jl05/0! MR, 4/\103 AMA, 8/15/03 A}i[A, 8/27103 AMA, 1/8/04 AMA This memorandum contains advisory, consultative and deliberative materials and is Intended forthe fJerson(s) named as recipient{s). 4:30PM SCHEDULE to-B, EST. DEVELOPMENT COSTS AND CAPITAL REOUIREMENTS InduCCDII'm Commiu"""t Re-Comnitmctlt Bond Sale Closing HMFA# Prepa'c:dby' Reviev,c:dby: D.. D.. (DiroctorofTochnic.aIServicc:s) I. SOURCES OF FUNDS DURJNG CONSTRUCTION: (DiroctororCredit) WiUloalVsberr:paidtJomprojectr~enues'! (lfSourC(:isagran~enla'G",) YorNorG D.. R",;ewedby' a) ConslTUctionloan b) NOTÙlBrunswickRCA c)MiddlescxCountyHo~ d) DeferrcdLaooCost c) DcferrcdDeveloperFee o . " TOTAL SOURCES OF OJNSTRUCTIONS FIINDS: 650,000 320,000 560,000 114,400 190,000 1,834,400 2. USES of FUNDS DURJNG CONSTRUcnON; A. ACOUlSITION COSTS: a) Land b) Building Aa¡u;,ition c) Relocation d)O!her B. CONSTRUCTION COSTS a) Derro1ition b) Off-,ileJ11l'TOVemeIlIs c) Residential SOUClUJes d) Comnunity Service Facìli\}' e) EnvirotlIlJ<nul Clearances QSurety&Boooing g) Bui1dingpemùlS h) Garage Parking i) Uti1i\}' Connection Fees j)GeneralRequirmenlS k)ContraclOrOverbo:ad& ProlÎt I) Other' m)Other -- @ IS per Ac'e) 330,000 330,000 .,./ 30,000 30,000 944,000 75,000 C. DEVELOPER FEE D. CONTINGENCY a) Hard Costs --!E,~ b)SotlCosts E. PROFESSIONAL SERVI~- a) Awraisa1 & MarkC1 Swdy b)AIchitect c) Engineer d) Attomcy c) Co,¡CenificationlAudil QEnviroruncntalConsultant gj Historical Cottsultanl h)SoillnvestigaIion ¡)Survcyor j}Othcr k)Other F. PRE_OPEiiA'fîDÑALEXí'ENSES- a) Opaatorfces(pre-cons!ructionco11l"elion) b) Adverris;ngand ProlOOtion(pre-co!lS¡;uctionco11l'letion) c) Staffing and Start.up Supplies (p,e·ccns!ruclioncomplclion) d) Housing AffnrdableScrviccsFcc (HJ.s) c)Olher G. CARRYING AND FINANCING COSTS DURING CONSTRUCTION .)Inlercst@ 6,_0000 % lOr ( b)RE Tax $ 10,000 (per'lUIum) X c)lttsuranccS 10,000 (peralUlum) X d) Ti!le Insurancc and RecordingExpellfes e)PoinISToReducc:HMFASClYÌcingFo:eIColU'L&PO"",_Only) Q HMFA Serond Note Financing FeeIC~ns't" Perm Onlyl iJHMFACorlSlI_lDanScrv,Fee % for I N/A h) OlbaL.er.dcr COIIS!ruction Financing Fee i) Tax CredilFees 1NegariveAIbitrage(ifBond,are,ohlduringCou5trucUou) k)Costoflssuancc(UBoudiareioldduringCOI\SIruU;on) I)O¡bcr: ]. USES OF FUNDS DURING CÓNST'l:UcnON: 11.59% 1,079,000 .../' 190,000 .----- 107,900 107,900 5,000 30,000 15,000 J,OOO '.000 10,000 10,000 78,000 / ',000 '000/ 12 lIDS,) '" , 100 Yrs 1,00 Yrs '" , '" , IOOS.) SNIA 325000 19,500 10,000 10,000 ',000 4. BALANCE OF FUNDS NEEDED FOR CONSTRUcnON (overue I shortage): (ESTIMATE) (ESTiMATE) , $1 $1 44,500 1,834,4001 5. SOURCES OF FUNDS FOR PERMhNENT CLOSING, a) Small Projecl b) AgenyMtg oj " 0) o ,) ') TOTAL SOURCES FOR PERMANENT CLOSING, 400,000 420,371 820,371 6. DEVELOPER'S FEE' 0,28% 1, USES of FUNDS FOR PERMANENT CLOSING: A.HMFAPointsllo¡c:ducealUlualservi~ On B HMFA Second NOle F;nancing Fee C. CONSTRUcnON LOAN PAYOFF NOTE: IfHMfA i. providing COlISluct'OD & Permanent Mlg" ESCROWS are funded al Ibe ron'lruclloo loan closing. D. Reinu"".mem for Land (ESTIMATE) E. ro,toflssuancc: (ESTIMATE) F. ESCROW REOUlREMENTS, 1)WorklogCapitaIE.crllw a) Debl Service & Operaling Expe'lScs b) Rcmal Agenl Rem-up Fee (durin':¡ Renl-up) c)Advenis;ngandProlOOtion(duri,',gRent-up) !)OlherE..rows a) Insurance(1/2YR) b) Taxcs(! Qtr,) c) DehISClYÌcc: Paymenl& Sen;ciHg Fcc for 1 Month d) MorlgageInsurance Premium (J\IJP)!ycarplus3 IOOntllS e) Rr:pa;r& ReplacenJent Reserves Q Oper.tingDeficil Reserve gjOther: 8. USES Of FUNDS FOR PERMANE1IT CLOSING 9. BALANCE NEEDED TO CLOSE (-Verne I shOTtinl, 10. TOTALPRQJECTCOSTS 11, MAXIMUM MORTGAGE LOAN 20,97 %ofl1em 10 4,651 114,400 650,000 41,537 4,800 2,516 2.461 H10,311 (0) 2,004,771 420,371 11. SPONSOR'S EOUITY REOUlRED h Compo..d of: a)Ca,h b) PledgooAsscts c) BridgcFinandng D. REPAYMENT OF SECOND NOn: ¡IFAPPLlCABLE) $1 -------ï::ïšîšõu-;ë;------- lnt..-csl@ Principal $ )~ , Toto! $ Total NEW JFRSEY lfOUS1NG AND MORTGAGE FlNANCE AGENCY By: '" (DC\-'cloper Or Aulhnri.cd Signatory) NJHMFA E,,,,,'Utive DircclOr or Designee Thl. mamorandum eonúlln. a<lvl.of)', con.Ullatlva and daUbaratl"" matarlals and Is ¡ntandad rOr t~ person(S) namad as ..clplant(s). 4:30 PM SCHEDULE lO-C: OPERATING EXPENSES Sponsoring Entity: Dev. Name: Hill Bowl HMF A# Prepared by: Reviewed by: Director of Property Management Date # of Emolovees Total Wages incbenefits [. ADMINISTRATIVE EXPENSE Stationery & Supp!. -- Telephone -- Dues & Sub. -- Postage -- Insp. & Other Fees -- Advertising -- Legal Services Auditing (Year End) -- Soc. Servo Supp!. -- Bookkeeping/Accounting -- Misc. Adm. Expenses -- Computer Charges 864 -- Other:misc -~ TOTAL $ _ 6,000 III. MAINTENANCE AND REPAIRS n. SALARIES & RELATED CHARGES Superintendent lanitorial Grounds & Landscaping Security Socia1 Services Site Office & Admin Maintenance OtherSa]aties: Imp!. Benefits Emp!. Payroll Taxes Worker's Compo Other: 11.000 TOTAL $ 11,000 IV. MAINTENANCE CONTRACTS Masonary Carpentry Plumbing 'ectrical ___Itchen Equipment Elevator Windows & Glass Vehicles & Equip. Snow Removal Grounds & Landscaping Paint & Dec. Sup!. Small Equip. & Tools Janit. Sup. & Tools HV AC Supplies Misc. Maine. Supp!. Other: -- Security Elevator Rubbish Removal Heating & AC Maint. Grounds, Parking & Landscaping Exterminating Cyclical Apt. Painting Other: -- -- -- 8,000 1,867 -- -- TOTAL $ 9,867 -- -- V. UTILITY EXPENSE -- Water Charges Sewer Charges Electricity 0" Fuel 3,000 3,000 6,000 5,000 -~ TOTAL $ _ 5,000 TOTAL $ 17,000 VI. REAL ESTATE TAX CALCUI..ATION ]:OR TAX ABATEMENT Gross Rents ~. 129,600 Less Vacancy (-) 12,960 Less Utilities (if applicable) (.) 17,000 Gross Sheltered Rents $ 99,640 ,to , 10.10 % __al Estate Taxes ~; 10,064 This memorandum contains advisory, consultative and deliberative materials and is Intended for the person(s) named as recipient(s). 4;30 PM SCHEDÙLE 10-D ANTICIPATED GROSS RENTS Mortgage Amount Mortga' stRate TeL ) Amortizàtlbn-\ Y,S,M) FMRArea 420,371 5.45 % 30 HMFA # Prepared by: Reviewed by: M Date ANTIC(PATED GROSS RENTS No. of Bedrooms No. of Units Target .... Occupancy Gross Rent Allowance for Tenant Paid Utilities"''''' Net Rent Monthly Annual I 16 675 675 10,800 129,600 Super's Apt. TOTALS 16 10,800 Anticipated Annual Gross Rents 129,600 .. Indicate on a separate line which apartment i; for the Superintendent. Ifit's rent·free, put $0 in the Rent column. Indicate "U¡w", "Mod" or "Mkt" AND the percentage of median income. Low Income· 50% or less of median income Moderate Income· 50% to 80% of median ircome Market Income - 80%+ of median income Where tenants pay their own utilities, a "utili1y allowance" must be subtracted from the maximum chargeable rent when detennining their rental charge. ... EOUIPMENT AND SERV1CES (a) Eouloment: Ranges Refrigerator Air Conditioning Laundry Facilities lOsa] ___nwasher Carpet Drapes Swimming Pool Tennis Court Other: (b) Services: Heat Hot Water Cooking Air Conditioning Household Electric Water Sewer Parking Other: Other: Gas,Electric Paid by or Oil Tenant e x e x e x e x x -- -- -- -- -- -- -- COMMERCIAL SPACE (Include al1 utility costs associated with the commercial space in your description) This memorandum contains advisory, consultative and deliberative materials and is Intended for the person(s) named as recipient(s). SCHEDULE IO-E SUMMARY OF ANTICIPATED ANNUAL INCOME AND EXPENSES 4:30 PM Sponsoring Entity: HMFA# Prepared by: Reviewed by: (Director of Property Management - Exoenses Only) )ev. Name: HiJl Bowl RENTAL INCOME Apartment Rents Vacancy Loss NET APT. RENTS Commercial Income Garage & Parking Commercial Vacancy NET COMMERCIAL RENTALS TOTAL RENTAL INCOME OTHER INCOME Laundry Machines Other: TOTAL OTHER INCOME TOTAL REVENUE EXPENSES Administrative Salaries Maint. & Repairs Maint. Contracts Utilities 'nagement Fee (Schedule I) (Schedule II) (Schedule III) (Schedule IV) (Schedule V) 30.73 Date $ 129,600 12,960 ] 16,640 10.00 %) $ % -- per unit $ ] 16,640 $ $ $ 116,640 $ 6,000 11,000 5,000 9.867 17,000 5,900 10,064 9,600 6,800 $ 81,230 $ 35,410 Real Estate Taxes (Schedule VI) Insurance $600 peT UnÎ1 ReseIVe for Repair and Replacement 425.00 per unit TOTAL EXPENSES NET OPERATING INCOME DEBT SERVICE I. Principal and Interest 2. Mortg & Bond Serv Fee 3.MIP AGENCY DEBT SERVICE DEBT SERVICE ON OTHER MORTGAGE LOANS TOTAL DEBT SERVICE NET INCOME Less Return on Equity Project Pro; ISS) DEBT SERVICE RA no CALCULA nON: $ 28,484 0.25 % 1,051 -- % -- $ 29,535 $ $ 29,535 $ 5,875 % on $ $ $11 5,87511 DSR = NET OPERATING IN,:::OME AGENCY DEBT SERýICE 1.19892 New Mortgage Amount 42o,3711 This memorandum contains advisory, consultative and deliberative materials and is intended for the person{s) named as reclpient{s). ~ ~~ 9~ii ii .00 ~ ... [æ ~..13 , ~ ~ ¡ 1 ~ :~ ! . . w·> 1- " ¡ ~j~ 0 0 -~ .-. ~"'o;;!;';;O ¡;;.~"':-~ ~ N ¡ .8 .. O~. 0 g 0 * 0 :~-:~~;;â 0 g ~ N___'-_ 0 ~ -' - ' > ~! . ~ § .. *E ., Ë .J~ ~ ~ ~ ~ .2 B E;:¡ u ~ .1'/ = ~ ;; ;E ¡;. 8 '&15 ¡¡. I;; ~-~ :¡¡ ~ ~¡¡¡~¡¡¡[*~-Iªfi~*~ ð ~¡¡j~~õD::~ ß!;Jeo::c.. b-:!~O:i:i:;bb :!~8bb ~o::å~~~~~a: å~~a:a: ~ g " · · < o > " ~ < " ~ " ~ · ~ . 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