Fort Walton Beach Council agenda — 03-23-2010 Special-Soundside Develp. Project — reading text

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E. Engineering & Utility Services Director 7. 2 Reviewed and Concur: 3 X3- Brandy Wunker, Finance Director 7. 3 Reviewed for Agenda: Vo ert T. earns ty Manager 10-  BOARD OF COMMISSIONERS OF THE FORT WALTON BEACH DRAFT. COMMUNITY REDEVELOPMENT AGENCY JD] tA F SPECIAL MEETING MARCH 17, 2010 INTRODUCTION A Special Meeting of the Board of Commissioners of the Fort Walton Beach Community Redevelopment Agency was held on Wednesday, March 17, 2010, at 5: 30 p. m. in the Council Chambers of City Hall with the following members present: Dr. Joyce Gossom, Chairman; Dean Covey; Chuck Kennedy: Daike Klement; Doug Reed arrived at 5: 32 pm), Vice -Chairman; and Tom Tona Absent: Jason Legg ( excused) Also Present: Michael Beedie, City Engineer; Tim Bolduc, Building Official; Samantha Abell, Planning Manager; Gail Sansbury, Executive Director, Fort Walton Beach Housing Authority; James Robbins, Chairman, Housing Authority Board; Steve Coleman, Homecorp CALL TO ORDER/ PLEDGE OF ALLEGIANCE The Chairman called the meeting to order and led in the Pledge of Allegiance. PURPOSE The purpose of the Special Meeting is for consideration for funding the infrastructure for the Sound Side Affordable Housing Development. SOUNDSIDE AFFORDABLE HOUSING DEVELOPMENT Mr. Reed moved to recommend approval of utilizing CRA funds to provide in -kind services in the not -to- exceed amount of $ 2, 500, 000 in the form of cash, labor, and materials to allow the Sound Side Affordable Housing development to proceed with submitting the necessary items to HUD to secure a conventional loan and proceed with the Build America Bond program. A budget amendment would be necessary if the funding is approved and funding will not be disbursed until a final interlocal agreement has been accepted and approved by all parties. The in -kind services include labor and materials for demolition, site grading, potable water, fire service,sanitary sewer, stormwater, sidewalks, curb and gutter, paving, and site restoration. The expenditures for these items would be encumbered over the 18 -month construction schedule for the project. The demolition work will be contracted out via Invitation to Bid, and the paving work will be completed by the City' s annual paving contractor. Approximately $ 500, 000 in cash would be required for the pre -closing costs and bond fees. The cash would be required at closing, which would occur in approximately six months. Ms. Klement seconded motion and it carried unanimously with Covey, Gossom, Kennedy, Klement, Reed, and Tona in favor (Legg absent). ADJOURNMENT There being no further business, the meeting adjourned at 6: 53 pm. Ive Page 1 of 1 11- THIS PAGE IS LEFT INTENTIONALLY BLANK 12-  MARKET STUDY OF: Value Tech Realty Services, Inc. Sound Side Apartments A Proposed, 200 -Unit Affordable Apartment Community Located at 20 Carson Drive, Fort Walton Beach, Florida 32548 PREPARED FOR: Ms. Susan Hall Berkadia Commercial Mortgage LLC 33 Inverness Center Parkway, Suite 140 Birmingham, Alabama 35242 And Ms. Gail Sansbury Executive Director Fort Walton Beach Housing Authority 27 Robinhood Drive SW Fort Walton Beach, Florida 32548 PREPARED B Y. Value Tech Realty Services, Inc. 240 Crystal Grove Boulevard Lutz, Florida 33548 MARKET STUDY DATE: January 6, 2010 99240 Crystal Grove Blvd. Lutz, FL 33548 DATE OF REPOR T: 813 -948 -0545 January 8, 2010 www.gotovalue. com VAL UE TECH REAL TY SER VICES, INC. FILE NUMBER: 2009 -228 13- Value Tech Realty Services, Inc. January 8, 2010 Ms. Susan Hall Berkadia Commercial Mortgage LLC 33 Inverness Center Parkway, Suite 140 Birmingham, Alabama 35242 And Ms. Gail Sansbury Executive Director Fort Walton Beach Housing Authority 27 Robinhood Drive SW Fort Walton Beach, Florida 32548 RE: Market Study of Sound Side Apartments; a proposed, 200 -unit affordable apartment community located at 20 Carson Drive, Fort Walton Beach, Florida. Dear Ms. Hall and Ms. Sansbury: At your request, we have prepared a Market Study of the above referenced property. Accompanying this letter is a complete Market Study that contains a detailed identification of the property and its surroundings, comparable market data, and all appropriate supporting documentation. This market study has been prepared in accordance with the HUD MAP 221 ( d) ( 4) Program. The subject is a proposed, 200 -unit apartment complex to be located in Fort Walton Beach, Florida. The subject property will target low to moderate income families with a primary orientation to the local workforce including teachers, essential personnel, healthcare employees, and retail and service workers. The majority of households in the subject market exhibit a low to moderate income characteristic. The subject property is located in the southern portion of Okaloosa County; positioned in an urban portion of the City of Fort Walton Beach proximate the area' s residential support services and educational facilities. Employment nodes, such as government agencies, hotels, resorts, and particularly the Eglin Air Force Base complex, which includes Hurlburt Field, are located proximate the subject' s market area. According to a study conducted by the Haas Center —University of West Florida, Eglin AFB complex is projected to have an economic impact of over $ 7 billion to the area in 2010 and the installations continue to expand. Thus, there is anticipated to be growth in the area' s economic foundation. The subject property will provide 50 project -based Section 8 units as