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

Unit Development ( PUD) Utilities: Legal, conforming use Flood Hazard Zone - Zone: X Panel Number: 1201740461H Panel Date: December 6, 2002 Flood Insurance Required: No Value Tech Realty Services, Inc. www.gotovalue.com Page 4 19-  Sound Side Apartments Executive Summary Improvement Summary - Property Type: Multifamily Year of Construction: 2011 Construction Type: Wood Frame Rentable Building Area (SF) 221, 092 Number of Stories: 3/a Number of Units: 8 Parking Spaces 200 Garages 400 Occupancy Summary - Units Occupied at Inspection 0 ( Proposed) Forecasted Stabilized Occupancy 95% Unit Mix: Sound Side Apartments SUBJECTSUBJECT UNITUNIT SIZE ANALYSIS Unit Type Units Percent Square Feet Living Area One Bed/ One Bath 68 34. 0% 770 52, 360 Two Bed/ Two Bath 72 36. 0% 1, 158 83, 376 Three Bed/ Two Bath 48 24. 0% 1, 384 66, 432 Four Bed/ Two Bath 1 12 1 6. 0% 1, 577 18, 924 Total/ Weight Average 1 200 1 100.0% 1, 105 221, 092 Concluded Rents: The proposed, affordable apartment community will consist of 50 units at Section 8, 70 units at 60% AMI and the remaining 80 units at 80% AMI. The net rent after the utility allowance is presented as follows: CONCLUDED RESTRICTED RENTS Income Units Percent Utility Unit Type Orientation Unit Mix of Total Gross Rent Allowance Net Rent One Bed/ One Bath Section 8 17 8. 5% 729 N/ A 729 One Bed/ One Bath 60% AMI 24 11. 9% 745 123 622 One Bed/ One Bath 80% AMI 27 13. 6% 994 123 871 Two Bed/ Two Bath Section 8 18 9. 0% 820 N/ A 820 Two Bed/ Two Bath 60% AMI 25 12. 6% 895 148 747 Two Bed/ Two Bath 80% AMI 29 14. 4% 1, 194 148 1, 046 Three Bed/ Two Bath Section 8 12 6. 0% 1, 259 N/ A 1, 259 Three Bed/ Two Bath 60% AMI 17 8. 4% 1, 034 194 840 Three Bed/ Two Bath 80% AMI 19 9.6% 1, 379 194 1, 185 Four Bed/ Two Bath Section 8 3 1. 5% 1, 244 N/ A 1, 244 Four Bed/ Two Bath 60% AMI 4 2. 1% 1, 153 244 909 Four Bed/ Two Bath 80% AMI 5 2.4% 1$ 1, 538 244 1, 294 Total / Weighted Average 200 100. 0% 1$ 1, 019 117 902 Value Tech Realty Services, Inc. www.gotovalue.com Page 5 20-  Sound Side Apartments Executive Summary Concluded market rents are as follows: CONCLUDED MARKET RENTS Unit Type Unit Mix Market Rent One Bed/ One Bath 68 875 Two Bed/ Two Bath 72 1, 100 Three Bed/ Two Bath 48 1, 275 Four Bed/ Two Bath 12 1, 400 Total/ Weight Average 200 1, 084 The following table illustrates restricted rents as a percentage to market rents: RESTRICTED RENT AS A PERCENTAGE OF MARKET Restricted as a % Apartment Unit Type Market Rent Restricted Rent* of Market One Bed/ One Bath 875 871 99. 5% Two Bed/ Two Bath 1, 100 1, 046 95. 1% Three Bed/ Two Bath 1, 275 1, 259 98. 7% Four Bed/ Two Bath 1, 400 1, 294 92.4% Totals/ Averages 1, 084 902 83. 2% Note: * Restricted rents illustrated above are representative of the highest restricted rent per unit type. Market Support Yes Conditions: This Market Study is subject to the General Assumptions, General Limiting Conditions, Special Conditions, and Certificate of Market Study contained within this report. We reserve the right to modify the conclusions contained herein in the event of changes in the proposed construction plans. Page 6 Value Tech Realty Services, Inc. www.gotovalue. com 21_  Sound Side Apartments Definitions Definitions The definitions included in this section have been extracted, solely or in combination, from definitions and descriptions printed in: The Uniform Standards of Professional Market Study Practice 1999 Edition ( USPAP); The Dictionary of Real Estate Market Study, Third Edition, Market Study Institute, Chicago, Illinois, 1993 ( Dictionary); The Market Study of .Real Estate, Twelfth Edition, Market Study Institute, Chicago, Illinois, 2001 Twelfth Edition); and /or Marshall Valuation Service, Marshall & Swift, L. P., Los Angeles, California, 1998 ( MVS). Household A household includes all the people who occupy a housing unit as their usual place of residence. Householder The person, or one of the people, in whose name the home is owned, being bought, or rented. If there is no such person present, any household member 15 years old and over can serve as the householder for the purposes of the census. Two types of householders are distinguished: a family householder and a non -family householder. A family householder is a householder living with one or more people related to him or her by birth, marriage, or adoption. The householder and all people in the household related to him are family members. A non -family householder is a householder living alone or with non -relatives only. Family household ( Family) A family includes a householder and one or more people living in the same household who are related to the householder by birth, marriage, or adoption. All people in a household who are related to the householder are regarded as members of his or her family. A family household may contain people not related to the householder, but those people are not included as part of the householder' s family in census tabulations. Thus, the number of family households is equal to the number of families, but family households may include: more members than do families. A household can contain only one family for purposes of census tabulations. Not all households contain families since a household may comprise a group of unrelated people or one person living alone. Housing unit A house, an apartment, a mobile home or trailer, a group of rooms, or a single room occupied as separate living quarters, or if vacant, intended for occupancy as separate living quarters. Separate living quarters are those in which the occupants live separately from any other individuals in the building and which have direct access from outside the building or through a common hall. For vacant units, the criteria of separateness and direct access are applied to the intended occupants whenever possible. Value Tech Realty Services, Inc. www.gotovalue.com Page 7 22-  Sound Side Apartments Definitions Effective Date of the Market Study The date at which the market conclusion applies, which may or may not be the date of inspection; the date of the market conditions that provide the context for the market opinion. Current market study occurs when the effective date of the market study is contemporaneous with the date of the report. Prospective opinions (effective date of the market study is subsequent to the date of the report) are intended to reflect the current expectations and perceptions along with available factual data. Retrospective opinions are likely to apply as of a specific historic date; the opinions are intended to reflect the expectations and perceptions of market participants at the specified date, along with available factual data. Data subsequent to the effective date may be considered in estimating a retrospective value as a confirmation of trends. Dictionary and USPAP) Gross Building Area ( GBA) The total floor area of a building, including below -grade space but excluding unenclosed areas; measured from the exterior of the walls. ( Dictionary) Marketing Period A reasonable marketing period is the period of time it might take to sell a property interest in real estate at or near the concluded market value during the period immediately following the effective date of the Market Study. A marketing period is a function of price, time, use, and anticipated market conditions. Market Study A macroeconomic analysis that examines the general market conditions of supply, demand, and pricing or