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HomeMy WebLinkAboutWest-Peach_TIF_Request_040219 ApplicationWEST PEACH CONDOS BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST PROPERTY INFORMATION • APPLICANT INFORMATION • COMPANY PROFILE • PROJECT DETAIL PART 1 Midtown Urban Renewal District TAX INCREMENT FINANCING APPLICATION PART 1 Property Information Property Address: ____________________________________________________________ Property Owner: _____________________________________________________________ Legal Description: ____________________________________________________________ Property Geo-Code: __________________________________________________________ County Tax ID #: ____________________________________________________________ Applicant Information  Property Owner  Tenant  Developer  Other Applicant’s primary contact: Name: ________________________________________________________________________ Business Name: _________________________________________________________________ Business Phone: _______________________________Cell Phone: _______________________ Email: ________________________________________ Project Representative (if not applicant): Name: ________________________________________________________________________ Business Name: _________________________________________________________________ Business Phone: _______________________________Cell Phone: _______________________ Email: ________________________________________ Property Owner (if not applicant): Name: ________________________________________________________________________ Business Name: _________________________________________________________________ Business Phone: _______________________________Cell Phone: _______________________ Email: ________________________________________ Page 6 of 13 Midtown Urban Renewal District TIF Assistance Revised January 2017 Please attach a list of all other property owners, business partners, developers and/or investors associated with this project, with the above information provided for each. This application must be signed by both the applicant(s) and the property owner(s) (if di erent). I (we), by signature below, certify that the information supplied in this application is, to the best of my (our) knowledge, true, accurate, and complete, and is provided for the purpose of obtaining approval to participate in the Midtown Urban Renewal District TIF assistance program. I (we) understand that failure to comply with the terms of the TIF assistance program may result in revocation of an award. I (we) understand the work to be undertaken must be in accordance with all applicable requirements of the Bozeman Municipal Code and any special conditions established by the approval authority, and must receive all required approvals prior to commencing the work. I (we) understand if approved for TIF assistance, the work to be performed must also be in accordance with TIF assistance program procedures and the general design guidelines for the District, as well as the specic plans approved for the project. I (we) acknowledge that the City has an Impact Fee Program and impact fees may be assessed for my project. Further, I (we) agree to grant City personnel and other review agency representative’s access to the subject site during the course of the review process (Section 38.34.050, BMC). Applicant (s) (Print Name) Signature of Applicant Date Property Owner(s) (Print Name) Signature of Property Owner Date Julien Morice West Peach, LLC 03/08/2019 03/08/2019 Page 7 of 13 Midtown Urban Renewal District TIF Assistance Revised January 2017 Company Profile Business Location  New business establishing itself in Bozeman  Existing business  Expanding/remodeling at same location  Expanding to an additional location  Existing business relocating from (identify location): Street Address: City: State: Zip:  Other: Year Business Established: Type of Business (Describe): Has a business plan been developed in relation to the proposed project?  No (Development of a business plan may be required as part of the application process.)  Yes (Include a copy with the application.) Page 8 of 13 Midtown Urban Renewal District TIF Assistance Revised January 2017 Project Detail Property Status:  Vacant land  Building on leased land – Describe:  Land and building(s) – Describe: Type of TIF Assistance Sought:  Requesting assistance for public infrastructure costs  Building demolition Value of TIF Assistance Sought: $ Will this project proceed if TIF assistance is not granted?  No  In a limited fashion (explain):  Yes, but at a later date (explain):  Yes, as scheduled  Other: 1. Project Narrative Provide an overview of the project in narrative format. The narrative must include a description of the following aspects of the project:  Proposed use(s) or project (e.g. industrial, commercial, retail, office, mixed use, residential for sale or for rental, etc.)  Construction information about the project including size of any existing structure to be demolished or rehabbed; sized of any new construction; types of construction materials (structural and finish); delineation of square foot allocation by use;  Total number and individual square footage of residential units; type of residential units (e.g. for-sale, rental, condominium, single-family, etc.); number and type of parking spaces provided; and construction phasing. Page 9 of 13 Midtown Urban Renewal District TIF Assistance Revised January 2017 2. Site Maps and Building Plans The Applicant must submit a completed Conceptual Review Application to the Board and concurrently to the Community Development Department. The Conceptual Review application must include, at minimum:  Photographs of project site and/or building  Map showing the location of the site and its immediate surroundings  Proposed development plans including site plans, floor plans indicating square footage and layout, building elevations  Description of parking accommodations for residential units and commercial uses  Estimated date of occupancy Prior to Board action on the grant application, the Applicant must have obtained and provide to the Board the Community Development Director’s written comments on the proposed development from the Conceptual Review Application. Page 10 of 13 Midtown Urban Renewal District TIF Assistance Revised January 2017 CRITERIA FOR TIF ASSISTANCE In reviewing the TIF assistance application the Board will evaluate each project utilizing the following criteria and point system. Points can range from 0 to the maximum shown below in each category. Please rate your project according to the following criteria. To receive points for any given item, documentation demonstrating adherence to the criteria must be submitted with the application. The Board will use this information to evaluate the project. Overall District Relevance Points 1. Relevance to the Midtown Urban Renewal Plan – Documentation of the project’s impact in relation to the goals and objectives of the Midtown Urban Renewal Plan, particularly mixed-use development. Urban design elements will also be considered, including pedestrian emphasis and quality of design. /5 Promote Economic Development 2. Tax Generation: The project will increase the taxable value within the District. The increase in taxable value due to new construction & rehabilitation is estimated by the County Assessor’s office or State Department of Revenue to determine tax increment generation. Submit documentation of estimated tax projections to receive points for this criteria /4 3. Elimination of Blight – The project’s direct and indirect impact on the physical and fiscal deterioration within the Tax Increment Financing District and the community. Submit information showing current conditions of property. /4 4. Employment Generation – Total employment generated by the project assessed in terms of new permanent and part-time jobs, and construction jobs. Submit documentation of estimated new jobs to receive points for this criterion. /3 Improve Multi-Modal Transportation 5. Facilitates Public Health and Mobility: Project will construct or improve sidewalks, including ADA access to buildings. Provide detailed information demonstrating that the current condition inhibits public health and mobility. /1 6. Reduces Resource Demand: Project promotes the use of transit, ride sharing, or car sharing. Provide plans, agreements or other methods to demonstrate reduction of resource demand. /1 7. Promotes Active Transportation: Project promotes bicycling as an active transportation option by constructing or improving bike lanes, providing covered bike parking, and/or participating in a bike share program. Provide plans, agreements or other methods to demonstrate reduction of resource demand. /2 Improve, Maintain and Support Innovation in Infrastructure 8. Infrastructure Improvements: Project promotes innovation in infrastructure and/or reduces long term costs of maintenance. Provide plans and descriptions of innovations proposed. /2 Page 11 of 13 Midtown Urban Renewal District TIF Assistance Revised January 2017 Promote Unified Human Scale Urban Design 9. The project improves the street frontage by eliminating parking between the right-of-way and the building. Provide plans to demonstrate improvement in street frontage. /2 10. The project reduces the number of vehicular access points to the property and improves the pedestrian experience. Provide plans, agreements or other methods to demonstrate reduction. /2 11. The project enhances the North 7th Ave. entryway corridor by having buildings oriented toward the street and designed to provide interest and activity. /3 12. The project enhances the pedestrian experience with elements such as façade transparency, building articulation, street furniture and/or landscaping. Submit plans and details that address this criterion. /3 13. The quality of development and overall aesthetics (architectural, site design, landscaping, etc.) are beyond that which is minimally required by the UDC. Submit documentation to demonstrate compliance with this criterion. /2 Support Compatible Urban Density Mixed Land Uses 14. The project increases housing units within the District. Submit plans demonstrating an increase in the number of housing units. /4 15. The project has a mix of uses, including residential. Submit plans detailing the proposed mix of uses within the project. /4 16. The project shares parking among compatible uses. Provide details demonstrating compliance with the UDC and as well as total number of parking spaces reduced because of a shared arrangement. /2 Total Points /44 APPROVAL (For Official Use Only) Approval Status: Date Approved: Date Letter of Award Sent: Date Certificate of Completion: Date of Payment Request: PrOjEct InfO WEST PEACH CONDOS PROJECT ARCHITECTPROJECT MANAGER PROJECT NAME Phase I & II - Fall 2019 | Phase III & IV - Summer 2020 ESTIMATE DATE OF OCCUPANCY PROPERTY INFO Physical Address: 321, 315 & 305 W Peach St Bozeman, MT 59715 Legal Description: WESTLAKES 1ST ADD, S01, T02 S, R05 E, Block 1, Lot 1-2-3, AMND PLAT F-25A Property Geo-Code: 06-0798-01-4-19-18-0000 06-0798-01-4-19-17-0000 06-0798-01-4-19-16-0000 County Tax ID: RGG29023 RGG29022 RGG23191 Property Owner: West Peach, LLC Julien Morice Ironwood Development 406-581-9999 j@ironwoodd.com Cole Robertson Plum Design LAB 406-540-4437 cole@plumdesign.com PROJECT DESCRIPTION The West Peach Condos are modern condos located in the heart of Bozeman’s Midtown District. This project will provide seventeen units with private garages and outdoor decks. WEST PEACH CONDOS 10BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST 12345 3 4 PrOjEct NARRATIVE WEST PEACH CONDOS 11BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST The 0.9 acre R5 zoned property sits on along north side of the 300 block of West Peach Street. The site currently is vacant and ready for utilities, water/sewer and off-site improvements to begin upon approval. The project will be built in four phases. Completion of Phase I & II is projected for the fall of 2019 and Phase III & IV for the spring of 2020. Centrally located in the heart of Bozeman’s Midtown District, the West Peach Condos project will include four residential buildings, featuring a total of 17 townhome style condominiums. The two southern buildings will face West Peach Street and the two northern buildings will face the adjacent vacant lot and North Grand Park. This development, designed by local architect Cole Roberston at Plum Lab Design, will mix modern aesthetics with traditional quality crafts- manship. Each unit celebrates the rich history and character of this unique neighborhood, while accommodating the needs of today’s urban family. Well planned and impressively spacious living areas offer the ultimate condo lifestyle. Each 2,180 sq ft residence features three bedrooms, three bathrooms, modern kitchen amenities, in-unit laundry, a privately enclosed 150 sq ft yard patio, a 533 sq ft double car garage and two balconies with spectacular views of the surrounding neighborhood and Bridger Mountains. On-site features will include guest parking spaces for bikes and vehicles, snow removal services and trash removal services. The exterior materials chosen for this project are incredibly durable and will bring a vibrant, modern feel to the neighborhood. A mix of different materials such as composite siding, concrete walkways and porches, cedar fencing for private patios and balconies, metal hand rails and metal front entrance awnings bring the modern design together and keep it from becom- ing boring. Each individual condo uses a signature color inside the balcony areas and front awnings to emphasize the uniqueness of each unit and draw the eye to the entrances. The landscape plan for the development includes numerous trees, shrubs and lawn areas that all shall have permanent underground irrigation installed to ensure a healthy landscape for years to come. The project’s centralized location presents inherent advantages that are sure to contribute to the overall success of the development. The West Peach Condos location received a 72 walk score and 75 bike score. The project is just three blocks east of North 7th Ave and Bozeman’s Midtown corridor making it easy for residents to support the businesses within the district. With nearby schools, parks, restaurants, services and public transportation this location is ideal for an infill development project. 12 1234 1234 WEST PEACH CONDOS 12BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST CRITERIA FOR TIF ASSISTANCE OVERALL DISTRICT RELEVANCE 1. RELEVANCE TO THE MIDTOWN URBAN RENEWAL PLAN: 5 / 5 Documentation of the project’s impact in relation to the goals and objectives of the Midtown Urban Renewal Plan, particularly mixed-use development. Urban design elements will also be considered, including pedestrian emphasis and quality of design. Located at the corner of West Peach Street and North 3rd Avenue, in the heart of Bozeman’s Midtown District, this vibrant 17 condo development mixes modern aesthetics with traditional quality craftsmanship. Designed by local architect, Cole Roberston / Plum Lab Design, each unit celebrates the rich history and character of this unique neighborhood, while accommodating the needs of today’s urban family. These condos are mixed use as they not only have well planned spacious living areas and modern amenities but they also include a home office from which a small business could be managed. From the West Peach Condos you can enjoy easy access to walking and biking trails, restaurants, bars, coffee shops, retail stores and entertainment venues. PROMOTE ECONOMIC DEVELOPMENT 2. TAX GENERATION: 4 / 4 The project will increase the taxable value within the District. The increase in taxable value due to new construction & rehabilitation is estimated by the County Assessor’s office or State Department of Revenue to determine tax increment generation. Submit documentation of estimated tax projections to receive points for this criteria. The vacant land is currently taxed at $5,600.00 per year. The sale price of the West Peach Condos is estimated to be $520,000.00 each. The County Assessor then estimates the cost to build each unit, plus the land value, and times that number by 1.25-1.5, which gives you your annual tax. I estimate the cost to build and the land to be approximately $460,000.00 per unit. Estimated property tax revenue is as follows: $460,000.00 x .0138 = $6,348.00 per unit. $6,348.00 x 17 units = $107,916.00 total annual tax. 3. ELIMINATION OF BLIGHT: 4 / 4 The project’s direct and indirect impact on the physical and fiscal deterioration within the Tax Increment Financing District and the community. Submit information showing current conditions of property. The vacant land had three vacant homes which were demolished. These structures were non historic, and were in a state of disrepair. The largest home had been condemned for a number of years due to it being deemed unsafe and structurally unsound. 4. EMPLOYMENT GENERATION: 3 / 3 Total employment generated by the project assessed in terms of new permanent and part-time jobs, and construction jobs. Submit documentation of estimated new jobs to receive points for this criterion. The West Peach Condos project will employ several small businesses and contractors in the area. All of our subcontractors and suppliers are local, Bozeman companies. Each unit will also allow for a home based business to be operated from the unit. CRITERIA FOR TIF ASSISTANCE IMPROVE MULTI-MODAL TRANSPORTATION 5. FACILITATES PUBLIC HEALTH AND MOBILITY: 5 / 5 Project will construct or improve sidewalks, including ADA access to buildings. Provide detailed information demonstrating that the current condition inhibits public health and mobility. This property had two small houses and one condemned, large apartment building/house which have been demolished. These old structures were non historic, and were in a state of disrepair. The large apartment building/house had been condemned for a number of years due to it being deemed structurally unsound, unsafe and frequented by homeless people and unlawful activities. The current conditions of the property do not promote pedestrian traffic due to a lack of lighting, security, poor sidewalk conditions on West Peach Street and no sidewalk on North 3rd Avenue. North 3rd Avenue currently does not meet city standards as it lacks curb and gutters, sidewalks, proper drainage, etc. The West Peach Condos project improvements to public health and mobility include: · A new, six foot wide city sidewalk along both West Peach Street and North 3rd Avenue. · Road improvements on North 3rd Avenue along the east side of this property which includes new curbs and gutters with several approaches. · A new street light on the corner of West Peach Street and North 3rd Avenue. 6. REDUCES RESOURCE DEMAND: 1 / 1 Project promotes the use of transit, ride sharing, or car sharing. Provide plans, agreements or other methods to demonstrate reduction of resource demand. Although our project does not include a ride share program, families that live and own these condominiums will be within easy walking/biking distance to Midtown and Historic Downtown Bozeman. With a 72 walk score, considered “Very Walkable” and a 75 bike score, considered “Very Bikeable”, they are just minutes from schools, parks, walking trails, restaurants, services and public transportation. Scores can be found on the Walk Score website at www.walkscore.com. There are three Streamline bus stops are within a few blocks of the property. 7. PROMOTES ACTIVE TRANSPORTATION: 2 / 2 Project promotes bicycling as an active transportation option by constructing or improving bike lanes, providing covered bike parking, and/or participating in a bike share program. Provide plans, agreements or other methods to demonstrate reduction of resource demand. There is currently a bike lane along West Peach Street. The new street light that we will be installing will provide light for increased rider security and safety. We will have bike racks onsite, and each unit will have a double car garage and storage where bikes can be stored. WEST PEACH CONDOS 13BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST West Peach IMPROVE, MAINTAIN AND SUPPORT INNOVATION INFRASTRUCTURE 8. INFRASTRUCTURE IMPROVEMENTS: 2 / 2 Project promotes innovation in infrastructure and/or reduces long term costs of maintenance. Provide plans and descriptions of innovations proposed. Infrastructure improvements for the West Peach Condos project promotes innovation and reduces long term costs of maintenance by constructing the following: · A new, six foot wide city sidewalk along both West Peach Street and North 3rd Avenue. · Road improvements on North 3rd Avenue along the east side of this property which includes new curbs and gutters with several approaches. · A new street light on the corner of West Peach Street and North 3rd Avenue. · New water, fire, and sewer lines. · New communications lines. · The boulevard will be fully landscaped with multiple new trees and a new irrigation system will be installed. · This project is also required to contribute and participate in the SID that will be created for the street light and intersection improvement at West Peach Street and North 7th Avenue. PROMOTES UNIFIED HUMAN SCALE URBAN DESIGN 9. IMPROVES STREET FRONTAGE: 2 / 2 The project improves the street frontage by eliminating parking between the right-of-way and the building. Provide plans to demonstrate improvement in street frontage. The site plan and buildings are oriented so that the garages do not front West Peach Street or North 3rd Avenue. Each unit will have two parking stalls within their garage. There are seven designated street parking stalls available to visitors that do not encroach/impede on the right of way or the bicycle lane. 10. REDUCES ACCESS POINTS: 2 / 2 The project reduces the number of vehicular access points to the property and improves the pedestrian experience. Provide plans, agreements or other methods to demonstrate reduction. The property currently has three access points (old driveways) that have aprons or access onto West Peach Street. This project will abandon those access points and create only one point of access onto West Peach Street and one access point on North 3rd Avenue. 11. ENHANCES NORTH 7TH AVENUE: 2 / 3 The project enhances the North 7th Ave. entryway corridor by having buildings oriented toward the street and designed to provide interest and activity. Although this project is not located on North 7th Avenue it is part of the Midtown District. West Peach Street is used as a major collector for people within the Midtown District. This project will dramatically improve the “Street-scape” or appearance of the property from West Peach Street. This property had three condemned or abandoned structures on it. The West Peach Condos project will have patios and decks fronting West Peach Street that will provide outdoor recreational spaces for owners and guests creating visual interest and activity. CRITERIA FOR TIF ASSISTANCE WEST PEACH CONDOS 14BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST 12. ENHANCES PEDESTRIAN EXPERIENCE: 3 / 3 The project enhances the pedestrian experience with elements such as façade transparency, building articulation, street furniture and/or landscaping. Submit plans and details that address this criterion. The current stretch of sidewalk along West Peach Street is in disrepair and not very pedestrian friendly. There is currently no sidewalk along North 3rd Ave. West Peach Street and North 3rd Avenue will be revived with new sidewalks for pedestrians, new landscaping complete with an automated irrigation system, new trees, and lighting. Our project will provide a much needed improvement and will create visual interest with the buildings vibrant design enhancing the pedestrian experience. 13. QUALITY OF DEVELOPMENT / OVERALL AESTHETICS: 2 / 2 The quality of development and overall aesthetics (architectural, site design, landscaping, etc.) are beyond that which is minimally required by the UDC. Submit documentation to demonstrate compliance with this criterion. The current R5 zoning designation for this property allows for a much more dense usage than what we are proposing. We believe providing more of a townhome style development vs. apartments fills a need for urban families that is not currently being met. Our project was designed by Plum Lab Designs to complement existing architecture in the area while adding a more modern flair to the neighborhood. Elements such as exterior patios, covered decks, and garage doors that are hidden from the street, improve the overall aesthetics of these structures. Low maintenance exterior materials will allow these buildings to maintain their appearance for years to come. SUPPORT COMPATIBLE URBAN DENSITY MIXED LAND USES 14. INCREASES HOUSING: 4 / 4 The project increases housing units within the District. Submit plans demonstrating an increase in the number of housing units. This property currently has zero housing units on the property. The West Peach Condos will add 17 new condominiums to the Midtown District. 15. MIX USE: 4 / 4 The project has a mix of uses, including residential. Submit plans detailing the proposed mix of uses within the project. The West Peach Condos are designed with the small business owner and/or entrepreneur in mind. Each condo will include an office space that is separate from the residential living areas. See floor plans included. 16. SHARED PARKING: 1 / 2 The project shares parking among compatible uses. Provide details demonstrating compliance with the UDC and as well as total number of parking spaces reduced because of a shared arrangement. Although we do not have any designated “shared” parking stalls onsite, this project meets or exceeds parking standards of the UDC. Home based business owners will not have to drive to park anywhere. Their garage parking is essentially shared as they are living and working from their home. Instead of a mixed use building in which parking stalls are used by two different people at different times of the day, the West Peach Condo project allows the same person to live and work while using the same parking stall. TOTAL POINTS 42 / 44 CRITERIA FOR TIF ASSISTANCE WEST PEACH CONDOS 15BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST WEST PEACH CONDOS 16BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST PLANS PHASE I 315 W. Peach // 5 Condominiums PHASE III 307 W. Peach // 4 Condominiums PHASE II 311 W. Peach // 4 Condominiums wEst PEACH STREET PHASE IV 305 W. Peach // 4 Condominiums WEST PEACH CONDOS 17BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST PLANS LOWER LEVEL MAIN LEVEL UPPER LEVEL MECHDWWHPANTRY CABINETIN-UNIT FEATURES • 2 Bedroom + Office / 3 Bath • Double car garage • Stainless steel appliances • Contemporary quartz countertops • Commercial quality luxury vinyl floors • Ceramic and porcelain tile • Pendant and recessed lighting • Soft-close, full extension cabinetry • Modern, polished chrome plumbing fixtures • Generous decks and patio • Full-sized front load washers and dryers • Air conditioning • High-speed internet fiber ON-SITE FEATURES • Guest parking spaces for bikes & vehicles • Snow removal services • Trash removal services PHOTOS WEST PEACH CONDOS 18BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST West Peach PHOTOS WEST PEACH CONDOS 19BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST MAPS WEST PEACH CONDOS 20BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST N. 7TH AVE WEST PEACH STREET West Peach PARKING WEST PEACH CONDOS 21BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST 41 SPACES SHOWN 1 BIKE RACK PROJECT TIMELINE • PUBLIC BENEFITS • PROJECT FINANCIAL INFORMATION PART 2 Page 12 of 13 Midtown Urban Renewal District TIF Assistance Revised January 2017 PART 2 FOR PROJECTS REQUESTING OVER $50,000 IN ASSISTANCE 1. Detailed Project Information Submit the following information regarding the project requesting TIF assistance.  Project Timeline A project timeline is required. Include anticipated dates for site acquisition, project start and completion, as well as other project milestones. Multi-phase projects must include details for each phase. The timeline should also identify any critical or time-sensitive dates as well as any time constraints facing the applicant.  Public Benefits Fully describe the public benefits that can be realized by the completion of this project. Projects with a high degree of public benefits are typically more likely to receive TIF assistance. Examples of public benefits include, but are not limited to the following:  Re-occupancy of a vacant building  Elimination of blight  Creation of new retail choices  Increased tax revenue  Job-training opportunities This statement should include qualitative examples of public benefits as well as quantifiable and measurable outcomes of the short-term and long-term benefits to the District. Include documentation in support of estimates of public benefits. 2. Project Financial Information In order for the Midtown Urban Renewal District Board to adequately review applications seeking TIF assistance, the following information must be submitted with the application.  Sources & Uses of Funds Identify the sources of funds used to finance the project. Typical sources include equity, lender financing, mezzanine financing, other anticipated types of public assistance, and any other types or methods of financing. Describe the sources of equity and include a term sheet for lender financing, if available. TIF assistance is available as a reimbursement after the project is complete. Thus, the project budget must identify the up-front sources intended to finance the development costs of the project. If determined, specify the specific line items of the project budget that each source will finance. Page 13 of 13 Midtown Urban Renewal District TIF Assistance Revised January 2017 Summarize the uses of funds. General categories to be identified include: acquisition and related site costs, hard construction costs, and a breakdown of soft costs.  Development Budget Provide an accurate and detailed development budget for the project that includes a detailed breakdown of significant line item costs consistent with the sample included in the application packet. The budget should be arranged to identify acquisition and site related costs, hard costs, and soft costs. Also, identify all line items that are performed by the developer, owner, or related entities.  Budget of TIF Eligible Expenses Identify which of the development budget costs are eligible for reimbursement as allowed by 7-15-4288, MCA.  Financial Commitments Submit commitment letters and/or term sheets from all lenders for proposed debt (such as construction, mezzanine, permanent, and government financing) and all other financial sources of the project (such as grants, and tax credits). Commitment letters must clearly specify the nature and terms of the obligations. TIMELINE WEST PEACH CONDOS 25BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST 2017 / 2018 JAN / FEB / MAR APR / MAY / JUN JUL / AUG / SEP NOV / DEC / JAN SPRING 2020 Evaluation and concept for the West Peach Condo project began in the spring of 2017. Demo of the existing building was completed in the summer of 2017. Planning and review is to be completed in the winter of 2019. Off site improvements are expected to begin in March 2019. Improvements to 3rd Ave include new water/sewer lines, new fire lines, new sidewalks, curbs/gutters, and a street light. Utilities are expected to be brought into the development in June and construction of Phase I beginning in July. Completion of Phase I & II is projected for the fall of 2019. Completion of Phase III & IV is projected for the spring of 2020. EXCAVATION / FOUNDATION CONCEPT & DESIGN OFF SITE IMPROVEMENTS DEMO PHASE III & IV COMPLETE FINISHING WORK UTILITIES / WATER / SEWER CONSTRUCTION PLANNING & REVIEW PHASE I & II COMPLETE PUBLIC BENEFITS WEST PEACH CONDOS 26BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST 04 05 01 02 03 Re-Occupancy of Vacant Land 321, 315 & 305 West Peach Street was the past location of three abandoned structures. Since their demolition, these lots have sat vacant while the project has undergone concept, design, and approval. The West Peach Condos will be a redevelopment project that will make the area more vibrant and desirable which will draw activity to the Bozeman Midtown District. Elimination of Blight Currently 321, 315 & 305 West Peach Street consists of vacant land. The developer/owners have already demolished the old structures. The West Peach Condos project will provide much needed added value to the area. The landscape plan for the development includes numerous trees, shrubs and lawn areas that all shall have permanent underground irrigation installed to ensure a healthy landscape for years to come. The condo design will bring a vibrant, modern feel to the neighborhood. Marrying the outside and inside spaces with spacious balcony areas providing openness and the ability to sit outside while being above vehicular traffic. Urban Living The West Peach Condos project will include four buildings, featuring a total of 17 condominiums. Each residence consists of 2,180 sq ft of living space, 533 sq ft double car garage, 150 sq ft enclosed yard patio, 90 sq ft covered deck off master bedroom, and 110 sq ft covered deck off the living room. Large windows provide spectacular views of the surrounding neighborhood and Bridger Mountains. The project’s centralized location presents inherent advantages that are sure to contribute to the overall success of the development. The West Peach Condos location received a 72 walk score and 75 bike score. The project is just three blocks west of North 7th Ave and Bozeman’s Midtown corridor making it easy for residents to support the businesses within the district. With nearby schools, parks, restaurants, services and public transportation this location is ideal for an infill development project. Increased Tax Revenue With the construction of the West Peach Condos this will create new residential spaces which in turn will create new property taxes. See estimated property taxes include in the budget. New Jobs and Local Sales With the construction of the West Peach Condos we will be hiring 40+ local subcontracting companies, suppliers and their employees. Supporting local businesses builds strong communities by linking everyone involved in a web of economic and social relationships that contribute the cities economic success, enriching the whole community. SOURCES & USES OF FUNDS WEST PEACH CONDOS 27BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST The West Peach Condos Sources and Uses of Funds statement below shows a cash and land investment from Ironwood Inc and Skeeter LLC. Construction will be financed locally at either Opportunity Bank of Bozeman or First Security Bank of Bozeman. West Peach, LLC is partnered by local business owners Ironwood, Inc and Skeeter, LLC. USES OF FUNDS LAND (Fair Market Value) $ 1,050,000.00 SOFT COSTS $ 1,105,208.45 - Engineering, Architecture, Planning, Permitting, Carrying Costs, Marketing, etc. HARD COSTS $5,501,037.26 - Direct Construction Costs TOTAL USES OF FUNDS $ 7,656,245.71 SOURCES OF FUNDS LAND | Ironwood, Inc & Skeeter LLC $ 1,050,000.00 - Fee Simple, Free and Clear CASH | Skeeter, LLC $ 105,000.00 CASH | Ironwood, Inc $ 59,000.00 CONSTRUCTION LOAN $ 6,442,245.71 TOTAL SOURCES OF FUNDS $ 7,656,245.71 DEVELOPMENT BUDGET WEST PEACH CONDOS 28BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST TIF ELIGIBLE EXPENSES WEST PEACH CONDOS 29BOZEMAN MIDTOWN TIFF ASSISTANCE REQUEST CITY OF BOZEMAN | Residential Impact Fees $144,118.20 CITY OF BOZEMAN | Cash-In-Lieu of Water Rights $12,648.00 CITY OF BOZEMAN | Cash-In-Lieu of Park Land $17,199.00 NORTHWESTERN ENERGY | Utilities $ 13,215.39 MADISON ENGINEERING / C&H ENGINEERING | Engineering Services $15,000.00 NORTHWESTERN ENERGY | Street Light Installation, New Service $ 9,000.00 SPECTRUM | Communications $ 5,000.00 H & H EARTHWORKS | Demo $32,331.24 HIGH COUNTRY PAVING | Offsite Improvements: Water, Sewer, Roadway, Sidewalks, Street Light $217,789.04 MORRISON DESIGN | Boulevard Landscaping $7,000.00 EST | Fiber/Conduit $10,000.00 HIGH COUNTRY PAVING | Sidewalks East of North 3rd Ave if Required $ 6,500.00 IRONWOOD DEVELOPMENT | General Contractor at 12% $ 56,682.01 ESTIMATED TOTAL $548,208.51