HomeMy WebLinkAboutAG RPTS 1996 0702 RDA REGThe Agenda Report for this
item has been provided in
the City Council Meeting
packet as Item 7.N.
ITEM �.
I'll, A - -
•� (g)
I T E a,
MOORPARK REDEVELOPMENT AGENCY
AGENDA REPORT
TO: Chairman and Members of the Moorpark Redevelopment
Agency _
S
FROM: Steven Hayes, Redevelopment Manager
DATE: June 26, 1996 (Mtg. 07/02/96)
SUBJECT: Consider Proposals for Development of Gisler Field
Housing Project
BACKGROUND
On April 17, 1996, the Moorpark Redevelopment Agency (the Agency)
rejected the bids for the Gisler Field Housing Project submitted by
Group Meeker and West Venture Companies as being non responsive to
the Request for Bids. This project was referred back to the
Economic Development /Affordable Housing Committee, Councilmembers
Bernardo Perez and Eloise Brown, (the Committee) for further review
and recommendation. On June 26, 1996, the Committee met to review
the proposals and report by staff. The Committee made no
recommendation and suggested that the staff report be presented to
the Agency for consideration.
DISCUSSION
Attached is a spreadsheet showing a comparison of development
proposals submitted by three developers. The bids by Cabrillo
Economic Development Corporation (CEDC) and West Venture Companies
(W.V.) are outlined as follows:
1. The CEDC provides for thirty -six (36) low and very low
units with a land value of $1,000,000. The Agency would
be required to provide $1,080,000 financing in the form
of seconds for the low and very low units at an average
of $30,000 per unit. The seconds would be in place until
the units changed title. If the developer were to find
HOME or other additional funding the cost to the Agency
would be reduced.
iEDEV M� AGOW
kaffm i
2. The West Venture Companies submitted a bid with and
without Habitat for Humanity (H.H.). The bid without
H.H. participation provided about the same profit to the
Agency.
This bid provides the Agency with $950,000 profit when
$80,000 is considered for H.H. fees. It is estimated
that the fees for H.H. portion would be about $16,000.
H.H. indicated that they would consider up to $6,000 in
fees with free improved lots.
The Braemar proposal was for $125,000 less and would leave the
development of the restricted units to the Agency.
An alternate to that which has been proposed by the developers at
this time is for Agency to put out a request for proposals with no
minimum bid at the 50 unit level with 42 at market rate and 8
finished lots given to the Agency for development. The Request for
Proposal could also contain bid specifications for the development
of the 8 lots owned by the Agency as an individual line item.
RECOMMENDATION
Staff recommends that the Moorpark Redevelopment Agency authorize
staff to proceed with a Request for Proposal for the purchase of
Gisler Field with no minimum bid requirements at the 50 unit level
with 42 at market rate and 8 finished lots given to the Agency for
development. Furthermore, staff recommends that the proposals also
contain bid specifications for the development of the 8 lots owned
by the Agency as an individual line item.
C: \M \HGISLER \SGHHOIS- 06/24/96 -June 27, 1996
2
Gisler Field Housing Proposals
Under Braemar: (1) Agency will be paid through close of .units escrow.
(2) Fees deffered to close of escrow.
(3) Agency will receive vacant lots.
(1) 0(7
CEDC
W.V.
W.V. & H.H.
BRAEMAR
Number of Units:
50
50
50
50
Very Low
3
3
8
Low
33
5
0
0
Moderate
14
42
42
42
Vacant Lot Provided
to Agency:
0
0
0
8
Land Profit
$1,000,000
$950,000
$1,029,000
$825,000
Agency Financing:*
($1,080,000)
$0
$0
$0
H.H. FEES
$0
$0
($80,000)
$0
Agency profit
($80,000)
$950,000
$949,000
$825,000
Number of Units:
50
0
0
60
Very Low
3
0
0
0
Low
47
0
0
0
Moderate
0
0
0
51
Vacant Lot Provided
to Agency:
0
0
0
9
Land Profit
$1,000,000
$0
$0
$1,000,000
Agency Financing:*
($1,500,000)
$0
$0
$0
Agency profit
($500,000)
$p
$0
$0
Number of Units:
0
0
70
0
Very Low
0
0
0
0
Low
0
0
0
0
Moderate
0
0
0
59
Vacant Lots Provided
to Agency:
0
0
0
22
Land Profit
$0
$0
$0
$1,150,000
Under Braemar: (1) Agency will be paid through close of .units escrow.
(2) Fees deffered to close of escrow.
(3) Agency will receive vacant lots.
(1) 0(7
CEDC11011 Cabrillo Economic Development Corporation
Azahar Street, Saticoy, California 93004 (805) 659 -3791 Fax (805) 659 -3195
June 3, 1996
KENNETH R. MERIDETH
The projected cash sales prices are $120,000 for a low income
President
three bedroom home, $170,000 for a moderate income three
Soares• Sandell,
bedroom home , $92,000 for a very low income four bedroom
Bemacohi & Petrovich
home, $127,000 for a low income four bedroom home, and
DAVID J.SABEDRA
Vice President
Steven Ha
Hayes
Channel Islands
National
p Redevelo ment Director
Bank Bank
RICHARD FRANCIS
City of Moorpark
Vice President
ident
A
Attorney
Moorpark
799 ark Avenue
OSCAR C. GONZALEZ Moorpark, CA 93021
Treasurer
England, Whitfield,
Schrce
der 8,Tredway Re: Gisler Fields Housing
BARBARA A. JOURNET
Secretary
Community Representative Dear Steve
Oxnard
EV #U
Rio `t E:.�uil
City Of Moorpark
Economic Deveiopment Dept.
JOHN J. VACCA
Corporate Broker The CEDC proposes to develop the Gisler Fields site as 50 for
Corporate Broker p p
Attorney sale homes with a site plan and unit designs similar to our
POLLY community D1 ne 16, 1995 proposal. We propose to discuss alternative
Community Representative, ai"` p p
RENECORADO scenarios with the Housing Committee. We could develop under
Comma tyRep }}- ``,,fi�nn different scenarios
Community Representative,G�drf�kTlllo , or variations of them:
MARY KAISER
ReinvetaCntCorp r 1) 3-very low income homes, 33 low. income homes, and 14
Reinvestment Corporation ry
ERNIE MORALES moderate income homes, based on a land cost of approximately
Community Representative, f 1071 000, 000 (the pro rata cost of the housing site) and Agency
JESSICA MUR'A nancin of $1,080,000,
Community Representative, 11 g which would roll over as deferred
Mont�omeryOaksCommunnioans to the very low and low income buyers; or
Housing, Inc. ry
SISTER CARMEN RODRIQUEZ
sl.rimuni � 3 very low income homes and 47 low income homes, based
Community Outreach, Oxnar
GABRIELSALAZAR on a land cost of approximately $1,000,000 (the pro rata cost
Community Representative, (?5rfrd the housing site) and A f i nanc ing of $1, 500, 0 0 0 ,
Villa Campesina Corporation Agency
FATHERMIKEWALSH which would roll over as deferred loans to the very low and
SL John's Seminary low income buyers.
ADVISORY BOARD
The projected cash sales prices are $120,000 for a low income
HON L. HERTEL
three bedroom home, $170,000 for a moderate income three
Hertel Constructors
bedroom home , $92,000 for a very low income four bedroom
BARBARA MACRI -ORTIZ
home, $127,000 for a low income four bedroom home, and
Legal Slrviceses
Legal Services
r
$177,000 for a moderate income four bedroom home.
Association
RICHARD McNISH
Strathmore Homes
Our proposal is based on the following points:
AL
• The land cost would be included at $1,000,000 and the park
Atlantic Richfield
Company
fund would reimburse the housing fund for its share of the
land cost, an additional $500,000.
EXECLJTiVE DIRECTOR
• The RDA would loan the CEDC the balance of the funding;
RODNEYE. FERNANDEZ
this would ultimately be rolled over as deferred loans.
• The CEDC would apply for FHLB /AHP funds in an estimated
amount of $375,000 to $515,000, depending on the number of
low income homes, which it would expect to receive based on
past experience.
i
United Way Agency A community amnnmir rinvalnnms+nt mrnnraf— cnrvin
n
Steve Hayes
June 3, 1996
Page 2
• The CEDC would apply for County
deferred loans, which if approved
Agency funding.
• The RDA would work with the CEDC
the development; the process would
information and feedback.
HOME funds for eleven
would repay $330,000 in
to expeditiously process
include community
• The actual deferred loans to buyers could be based on their
incomes and excess financing would go back to the Agency.
We would build quality homes consistent with our previous
proposal for this site. The project would meet all
redevelopment inclusionary requirements. We are ready to
proceed immediately. .
Enclosed is a summary of Buyer Profiles, the affordability
mix, and the Agency investment for these scenarios.
Issues that would need to be discussed with the Housirkg
Committee include:
• The desired affordability mix for the development;
• The extent to which Agency resources can leverage other
resources; and
• The relative need to target resources for a primarily low
income for sale development now versus a very low income
rental development that would take longer.
We would enter into an Exclusive Negotiating Agreement and
Disposition and Development Agreement, and the actual land
price would be based on an appraisal.
Although the CEDC remains interested in developing a very low
income rental development in partnership with the City, it
would take some time for the City to have funding available
for such a development and to identify an appropriate site.
Additionally, it has become much more difficult to obtain low
income housing tax credit allocations for such developments.
Please contact me if you have any questions.
Sincerely,
f/
/�aU4—
Karen Flock
Project Manager
Via FAX 529 -8270
Buyer Profiles
Gisler Fields
City of Moorpark 1996
Date: 6/3/96
3 Bedroom
3 Bedroom
4 Bedroom
4 Bedroom
4 Bedroom
Restricted
Unrestricted
Restricted
Restricted
Unrestricted
Single Family
Single Family
Single Family
Single Family
Single Family
For Sale
' For Sale
For Sale
For Sale
For Sale
Affordable at
Affordable at
Affordable at
Affordable at
Affordable at
$ oo AMI
M% AMI
5% A
K% A
1% AMI
Total
Sales Price
CEDC Deferred Loan
$170,000
$170,000
$177,000
$177,000
$177,000
Agency Deferred Loan
($10,000)
$0
($40,000)
($10,000)
$0
AHP/FHLB Deferred Loan
($30,x)
$0
($30 °000)
($30,000)
$0
Projected Cash Sales Price
($10'000)
$0
($15,000)
($10,000)
$0
Buyer Downpayment
$120,000
5.00%
$170,000
$92,000
$127,000
$177,000
Balance to Finance
($6,000 )
($8,500)
($4,600)
($6,350)
($8,850)
$114,000
$161,500
$87,400
$120,650
$168,150
Interest rate
Principal and interest per month
10.00%
10.00%
10.767
10.00%
10.00%
Insurance per month
$1,$25
$1,$25
$$25
$1,059
$1,476
Taxes per month
$25
1.25% $177
$25
$25
$25
$25
PTTI per month
$177
$184
$ 184
$184
Minimum qualifying income at
$1,203
35.00% $41,229
$1,619
$976
$1,268
$1,685
$55,521
$33,476
$43,480
$57,772
Maximum income (1996)
Family of 4
Family of 6
$41,600
$70,920
$29,550
$41,600
$70,920
$48,250
$82,320
$34,300
$48,250
$82,320
Scenario #1: Number of Homes
Agency Investment w/o HOME
12
$360,000
$360,000
8
21
6
50
$0 ..
$90,000
$630,000
$0
$1,080,000
Scenario #2: Number of Homes
Agency Investment w/o HOME
20
$600,000
0
3
27
0
50
$0
$90,000
$810,000
$0
$1,500,000
`'``''' June 5, 1996
Steven Hayes
Economic Development Manager
City of Moorpark
799 Moorpark Avenue
Moorpark, CA 93021
RRECEIVED
City Of Moorpark
Economic De elopment Dept.
Subject: Pointdexter Park Estates Memorandum of Understanding
Dear Mr. Hayes:
As a follow up to our meeting with Habitat and Humanity and yourself, West Venture
has drafted the enclosed Memorandum of Understanding for development of the
Poindexter Park Estates Project. This Memorandum of Understanding reflects the
essence of our conversations but it will undoubtedly require modifications after you and
Habitat have had the opportunity to complete your own reviews.
The Memorandum of Understanding basically assumes that West Venture will process
and develop the site improvements for the 50 lot project and acquire 42 lots for
development of market rate housing. The remaining 8 lots will be retained by the
Agency and conveyed to Habitat for Humanity once the site improvements are
completed. Habitat will then utilize its sweat equity approach to construct the dwelling
units in accord with an acceptable schedule of performance and sell the homes to very
low income households. We have assumed that West Venture pays all subdivision
related development impact fees for the entire 50 lot project and all other fees for the
42 lots it will acquire. Habitat for Humanity will pay for all development impact and
building permit fees levied upon the issuance of a building permit.
We have prepared a revised proforma for the project based upon this development
approach. West Venture's purchase price for 42 lots is $1,029,000, or $24,500 per lot.
The $546,000 reduction is principally a consequence of the reduced lot purchase,
absorption of site improvement costs on the Habitat lots, payment of subdivision fees
related to the 8 Habitat lots, and amortization of certain fixed costs over a smaller
project. The Agency may recover some of these costs during land disposition
negotiations with Habitat. The Agency should also explore the concept of selling the
very low income credits to developers within the project area since these will have a
000t
300 E. Magnolia Blvd., Suite 400, Burbank, CA 91502 Telephone: 818.567.3100 Fax: 818-567.3 113
Letter to Steve Hayes
rune 5, 1996
Page 2
value of perhaps $45,000 to $50,000 each (i.e. the difference between the low income
restricted price and the very low income restricted price).
Per your request, we have also prepared a proforma wherein West Venture would
develop all 50 lots and restrict 3 three - bedroom units for very low income households
($53,000 restricted sales price) and 5 three - bedroom units for lower income
households ($98,000 restricted sales price). Under this scenario, the land purchase
price is $950,000, or $19,000 per lot. I have attached our formula for determining the
maximum affordable purchase price under redevelopment law for very low and lower
income households. If the Agency makes less restrictive assumptions or extends
favorable mortgage revenue bond financing, West Venture can increase the land
purchase price.
It should be noted that the above scenarios are based upon a number of assumptions
regarding development costs, fees, and affordable housing computations. These
assumptions must be validated during the Exclusive Negotiation Period and the actual
land purchase price will be higher or lower depending upon the outcome of
negotiations. West Venture views the Agency as a partner in the design and
development of a high quality affordable housing project with the desire to provide the
highest reasonable land purchase price.
Please call me if you have any questions.
Sinc Ve ly,
Robb R. Steel
Director of Development
Matthew reiner
Vice President of Planning & Development
( WOJLZ
300 E. Magnolia Blvd., Suite 400, Burbank, CA 91502 Telephone: 818.567.3 100 Fax: 818.567.3113
MEMORANDUM OF UNDERSTANDING FOR DEVELOPMENT
OF POINDEXTER PARK ESTATES PROJECT
Development Concept
The basic concept is to develop the Poindexter Park Estates Project with
approximately 50 single family residential units. West Venture would acquire 42
lots from the Agency and develop market rate housing; however, West Venture
would construct all site improvements for the 50 lot site and pay all subdivision
map processing and related development fees. The Agency would then convey
8 finished lots to Habitat for Humanity for development of 8 very low income
units.
Scope of Development
The project shall consist of not less than 50 lots averaging 4,500 sf minimum.
The lots shall generally be developed as shown on the attached Site Plan
(Exhibit A).
The single family detached dwellings shall be constructed in three and four
bedroom floorplans ranging from approximately 1,100 sf to 1,900 sf. Single story
floorplans shall be located along the westerly boundary of the property and at the
interior street corners.
The architectural design and specification level is subject to negotiation between
the parties but this proposal contemplates a modest design standard suitable for
an entry level or first time move -up buyer. The proposed project will at a
minimum require variances from the City's RPD zone development standards for
setbacks.
Agency Responsibilities
Enter into separate but linked disposition and development agreements with
West Venture and Habitat for Humanity.
Assist with the processing of development permits by expediting the RPD/TTM
approvals, helping to secure essential variances from development standards,
securing mortgage revenue bond or MCC financing as applicable.
Deliver the site free and clear of toxics with clear and merchantable title.
OW013
MEMORANDUM OF UNDERSTANDING FOR DEVELOPMENT
OF POINDEXTER PARK ESTATES PROJECT
West Venture Responsibilities
Complete architectural and engineering designs and process residential planned
development permit, tentative tract map, final tract map, and all other
entitlements necessary to develop the project. Once the tentative tract map is
approved, prepare and process all public improvement plans necessary to record
a final map for the property.
Pay all planning and engineering processing fees, public works inspection fees,
etc. necessary to obtain approval of the RPD, Tentative Tract Map, and Final
Subdivision Maps.
Pay all tract map related development impact fees to appropriate governmental
entities. The proforma assumes that West Venture pays all fees levied-at
recordation of the final subdivision map for the 50 lot total subdivision. West
Venture shall thereafter pay for all fees assessed at building permit issuance on
its 42 lot development.
Prepare construction drawings in accord with all applicable building codes and
submit for Agency staff review and approval. After the Agency's approval of the
preliminary working drawings, submit to City Building Department for plancheck
approval. West Venture will also submit the preliminary working drawings for the
single story unit to Habitat for Humanity and incorporate their comments to the
extent possible.
Submit evidence of ability to finance site acquisition and development of the
project.
Acquire 42 lots from the Agency in the as -is condition and commence site
preparation within thirty days after conveyance.
Complete all site improvements for the entire site of 50 lots. The cost of fully
improving the 50 lots and paying the subdivision map related development fees
has been incorporated into the project proforma. The land purchase price has
therefore been reduced by the reduction in the number of lots purchased and the
cost of improving the eight lots for delivery to Habitat for Humanity. In addition,
the price has been reduced slightly to reflect amortization of certain fixed costs
such as marketing and model construction.
West Venture's purchase price for the 42 lots based upon the assumptions
000014
MEMORANDUM OF UNDERSTANDING FOR DEVELOPMENT
OF POINDEXTER PARK ESTATES PROJECT
contained in this memorandum is $1,029,000, or $24,500 per raw lot. The lots
still finish out at about $75,000 per lot, before contingency and land carry
expenses.
Pull building permits and develop 42 market rate single family dwellings in 2 -3
phases.
Habitat for Humanity Responsibilities
Acquire 8 finished lots from the Agency for a price to be negotiated between the
Agency and Habitat. The 8 lots shall be dispersed throughout the project but
only on the sites designated for single story dwellings.
Review and approve the construction plans for the single story unit to be
developed by West Venture.
Pay development impact fees assessed at the building permit stage for the eight
units. West Venture has estimated these fees to total $134,444 ($16,805 /unit)
based upon a 1,076 sf floorplan (see Exhibit B -1). Building permit and
plancheck fees apportioned to the eight units at building permit issuance shall
also be the responsibility of Habitat for Humanity.
Construct eight dwelling units in accord with the approved building plans at a
price affordable to very low income households (i.e. making less than 50% of the
median income as adjusted for family size). Impose resale restrictions which
satisfy redevelopment law so that the Agency can credit its housing production
obligation.
Schedule of Performance
This schedule of performance makes certain assumptions regarding the processing
time for the project, including City or Agency response times. The critical lead items will
be the Agency's approval of the two DDA's and the City's approval of all land use
entitlements including any necessary zone change, specific plan /RPD permit, and
subdivision map. The project schedule assumes that a negative declaration is
required. Once all entitlements are received and the Agency conveys the property,
West Venture can complete construction and sales within 18 months after site
conveyance. The major actions and their anticipated completion date are as follows:
000015
MEMORANDUM OF UNDERSTANDING FOR DEVELOPMENT
OF POINDEXTER PARK ESTATES PROJECT
Action
Affordable Housing Committee Review and
Recommendation
Exclusive Right to Negotiate Approved by
Agency Board
Completion of Due Diligence Investigations
and Negotiation of DDA
Approval of DDA and Basic Concept
Drawings at Public Hearing
Initiation of Residential Planned
Development Permit (RPD), Tentative Tract
Map and Related Approvals
Submission of Complete RPD, Tentative
Tract Map, and Related Approvals
Approval of RPD, Tentative Tract Map, and
Related Approvals
Initiation of Preliminary Construction
Drawings and Public Improvement Plans
Submission of Preliminary Construction
Drawings and Landscape Plans to Agency
for review and approval
Agency Approval of Preliminary
Construction Drawings and Landscape
Plans
Submission of Final Construction,
Landscape, and Public Improvement Plans
to Building and Engineering Departments
Approval of Final Construction, Landscape,
and Grading Plans by City Building
Department; Approval of Public
Improvement Plans
Date
June, 1996
July, 1996
October, 1996
November, 1996
November, 1996
December, 1996
February, 1997
Upon approval of the RPD and Tract Map
by the City (assumed to be February, 1997)
April, 1997.
May, 1997
May, 1997
July, 1997
("U1IE
MEMORANDUM OF UNDERSTANDING FOR DEVELOPMENT
OF POINDEXTER PARK ESTATES PROJECT
Evidence of Financing Provided to Agency
Final Subdivision Map Records
Agency Conveys Property in Condition
Required by DDA
Construction of Phase I commences
Sales Commence from Trailer
Construction of Phase I complete
Commencement of Phases II, III, and IV
Expected Project Completion
July, 1997
July, 1997
August, 1997
September, 1997
September, 1997
December, 1997
Upon sale of 75% of the preceding release
Approximately 18 months after site
conveyance or January, 1999.
This schedule is predicated upon minimizing the risk of both the Agency and the
Developer. For instance, the construction drawings are not initiated until the residential
planned development permit and tract map are approved by the City. Since this is a
cooperative project with the City, it may be possible to prepare the construction
drawings concurrently with the residential planned development permit and tract map.
In this case, the time frames can be compressed.
()("17
Vt- �I;.S'�' 1 �1.•N�•l�l�f,• fl�l.•1 �I,�L�I�1 "� 1;1�%'�•
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PREPARED BY:
P H-B & ASSOCIATES, JJVCC.
[616] 301 -4410 FAX [616] 301 -4413
109 EAST HUNTINGTON DRIVE. MONROVIA. CALIFORNIA 91016
6 -14 -93
Development Proforma
Poindexter Park Estates
Alternative One (West Venture /Habitat for Humanity Joint Proposal)
Land Area
348,480 sf
8.00 acres
Plan A (3bed/2bath)
Plan B (3bed/2.5 bath)
1,076 sf
8 unfts $164,900
$1,319,200
16.2%
Plan C (4bed/2.5 bath)
1,656 sf
1,855 sf
17 units $195,900
$3,330,300
40.9%
units $204,900
$3,483,300
42.8%
TOTAL SALES PROCEEDS
42 units
$8,132,800
100.0%
Finished Lot Costs
Land Cost
Land Carry/Miscellaneous
42 lots
$24,500 /lot
$1,029,000
12.7%
Finished Lot Improvements (See Schedule A)
42 lots
50 lots
$971 Aot
$40,790
0.5%
Development Fees and Permits (see Schedule B
50 lots
$21,427 Aot
$1,071,328
13.2 °
Off -Site Improvements
Assumed in place
$20,201 /lot
$0 Aot
$1,010,030
12.4%
Contingency
50 lots
$1,000 Aot
$0
$42,000
0.0%
0.5%
Total Finished Lot Costs (West Venture's basis for 42 lots)
$76,027 Aot
$3,193,148
39.3%
Building Costs
Building Costs(includes permit fees)
68,295 sf
$39.70 /sf
Indirect Costs
$2,711,486
33.3%
Architecture
Taxes and Insurance
$7,500 Plan
3
$22,500
0.3%
Legal and Accounting
,
1.25% Direct Costs
$39,914
0.5%
Supervision
1.25% Direct Costs
$39,914
0.5%
Development Management
% Allowance
3 Sales
$80,000
1.0%
1 Year Warranty
.50
$1,0 Unit
$284,648
3.5%
$42,000
0.5%
Total Building Costs
$3,220,462
39.6%
Sales and Marketin
Advertising /Marketing/Model Operations
2.75% of Sales
Legal /Closing
°
0.75 k of Sales
$223,652
2.8%
Sales Commissions
1.50°% of Sales
$60,996
0.8%
Buyers Incentives (2% of sales
2.00 /° of Sales
$121,992
1.5%
Models(net of recapture)
$162,656
2.0%
Allowance
$200,000
2.5%
Total Sales and Marketing
$769,296
9.5%
'inancing Costs
Loan Origination Fees
0.00% points
Interest During Construction & Absorption
9.00% on NCF
$0
°
0.0 /o
$286,365
3.5%
Total Financing Costs
$286,365
3.5%
evelopment Profit
8.9% of cost
$663,528
8.2%
OTAL DEVELOPMENT COSTS
$8,132,800
100.0%
ow(ALS
Schedule A
Finished Lot Improvements
Poindexter Park Estates Project
Work to Complete
Quantity Units
Unit Price
Subtotal
Total
3224
3247
Bonds
Civil Engineering - Office
1.50% Costs
$600,773
$9,012
$9,012
Tentative Tract Map
1 Is
$30,000
$30,000
$85,000
-
Improvement Plans/Other
50 lots
$1,100
$55,000
3248
Civil En ineerin - Field
50 lots
$800.00
$40,000
$40,000
3250
Landscape Architecture
1 Is
$15,000.00
$15,000
$15,000
3253
R & R Concrete
50 lots
$200.00
$10,000
$101000
3254
Soils and Geology
Initial Review
1 Is
$4,000.00
$4,000
$21,500
Compaction Testing
50 lots
$350.00
$17,500
3255
Grading
Construction Water
50 lots
$100.00
$5,000
$158,250
Clear and Grub Site
8 ac
$3,000.00
$24,000
Excavation /Recompact
105,000 cy
$1.10
$115,500
3256
Final Grading
Concrete
50 lots
$275
$13,750
6" Curb
3,320 If
$6.25
$20,750
$56,488
Cross Gutters and Spandral
2,000 sf
$3.75
$7,500
Sidewalks
10,600 sf
$1.25
$13,250
Driveway Approaches
6,000 sf
$1.65
$9,900
Fine Grading
21,920 sf
$0.15
$3,288
Sawcut Concrete
0 if
$1.00
$0
Stamped Concrete Intersections
0 sf
$6.50
$0
Handicap Rams
9 ea
$200.00
$1,800
3257
Paving
Agency Reimbursement
1 Is
$57,788
$57,788
$151,150
4" on 10" AB
48,100 sf
$1.46
$70,226
Sawcut Pavement
160 If
$2.00
$320
Cold Plane
2,400 sf
$1.25
$3,000
Final Lift A.C.
48,100 sf
$0.23
$11,063
Fine Grading
48,100 sf
$0.05
$2,405
Move in cost
1 ea
$2,500.00
$2,500
Barricades
0 if
$10.00
$0
3261
Slygy coat/Fog Seal
Storm Drains
48,100 sf
$0.08
$3,848
Agency Reimbursement
1 Is
$46,749
$46,749
$46,749
24" R.C.P.
0 If
$36.00
$0
Catch Basin type 14 FT
0 ea
$3,250.00
$0
3264
Junction
Street Lights
0 ea
$1,000.00
$0
Decorative Street Lights
13 ea
$1,500.00
$19,500
$24,180
_ -26-7-
2
Energy Charges _ __
Landscaping
13 ea
$360.00
$4,680
Street Trees (internal)
50 ea
$115.00
$5,750
$64,136
Street Trees (external)
30 ea
$115.00
$3,450
Landscape /Irrigation (common)
16,350 sf
$3.00
$49,050
3271
Maintenance for One Year
Street Name Signs -
16,350 sf
- - -- - - - --
$0.36
$5,886
Street Name Sign
3 ea
$200.00
$600
$1,725
Reflectors
No Outlet
6 ea
$50.00
$300
Stop Signs
1 ea
$150.00
$150
_
3274
Water Lines -
3 ea
-- - - - - -- --
$225.00
- $675
_
Connect to Existing /Hot Tap
1
_
$92,340
8" DIP Water Line
ea
2,120 If
$2,500.00
$22.00
$2,500
$46,640
Cross
8" x 8 " Tee
1 ea
1
$250.00
$250
>J
L u u
Fire Hydants
ea
$300.00
$300
6 ea
$1,450.00
$8,700
Schedule A
Finished Lot Improvements
Poindexter Park Estates Project
to
Total with Contingency
Per Lot
$1,071,328
$21,427
liz1
2" Air Vac
-14 ea
$650.00
$9,100
2" meter and service
1 ea
2 ea
$1,800.00
$400.00
$1,800
$800
Single 1" meter & service
50 ea
$250.00
$12,500
Raise Valves
Traffic Control
18 ea
$125.00
$2,250
Misc Repairs
1 Is
$5,000.00
$5,000
3277
Water Meters and Boxes
50 lots
$50.00
$2,500
Water Meters (3/4 ")
50 ea
$150.00
$7,500
$10,000
_
3278
Water Meter Boxes
Sewer
50 ea
$50.00
$2,500
8" VCP
1,850 If
$15.00
$27,750
$62,425
4" VCP
Manholes
1,500 if
$10.00
$15,000
Break into and Join existng
9 ea
1
$1,400.00
$12,600
8" x4" Wyes
ea
$3,000.00
$3,000
Raise Manholes
50 ea
9 ea
$40.00
$175.00
$2,000
$1,575
Backflow Preventers
0 ea
$115.00
$0
3279
Clean and Ball
Retaining Walls
1 Is
$500.00
$500
3281
4' wall
Block Walls 6'
Is
0 If___
$35.00
$0
$0
8' Slumpstone Wall(street perimeter)
560 If
$38.00
$21,280
$91,580
6' Slumpstone Wall(interior/west)
1,935 If
$30.00
$58,050
Sideyard Fencing for West Lots
1 Is
$10,000.00
$10,000
3283
Pilasters
Utility Deposits /Refunds
15 ea
$150.00
$2,250
SCE Front Footage
2,300 If
$11.99
$27,577
($2,300)
CIAC Refunable Electric
$27,577 Is
$0.34
$9,376
CIAC Refunable Gas
$20,700 Is
$0.34
$7,038
Gas Deposit -Main
2,300 If
$9.00
$20,700
Gas Deposit- Service
27 ea
$261.00
$7,047
SCE Front Footage
2,300 If
($11.99)
($27,577)
CIAC Refundable Elec
$27,577 Is
($0.34)
($9,376)
CIAC Refundable Gas
$20,700 Is
($0.34)
($7,038)
Gas Deposit -Main
Gas Deposit - Service
2,300 If
($9.00)
($20,700)
Telephone
27 ea
($261.00)
($7,047)
3284
3285
Non- Refundable Utilities
2,300 If
50 lots
$1.00
$200.00
$2,300
$10,000
$10,000
3286
Tract Clean Up
Utility Trenching
50_ lots
$150.00
$7,500
$7;500
Trenching & Conduit
Dust Control
2,300 If
$4.00
$9,200
$9,200
_3288
3293
Erosion Control
50 lots_ _
50 lots
$100.00
$5,000
$5,000
_
$100.00
$5,000
$5,000
Total
_
Total per lot
$973,935
$19,479
3290
Contingency (% of Costs)
10.00%
$973,935
$97,393
$97,393
Total with Contingency
Per Lot
$1,071,328
$21,427
liz1
Schedule B
Development Fee Schedule (All Fees Assessed at Tract Map for 50 lots and Building Permit Fees for 42 units)
Poindexter Park Estates
Deposit/ Assessed
Planning Fees
Pre - Application Fee
D
TM
1 Is
$840
$39,992
$840
Residential Planned Development
D
TM
1 Is
$1,305
$1,305
Tract Map
Zone Change
D
TM
1 Is
$17,562
$17,562
Condition of Compliance
D
D
TM
TM
0 Is
1 Is
$2,352
$14,245
$0
$14,245
Zone Clearance
Traffic Model Use
FF
TM
1 Is
$2,100
$2,100
Traffic Model Maintenance
D
FF
TM
TM
1 Is
1 Is
$500
$500
Sign Reviews
FF
TM
1 Is
$252
$500
$252
$500
Landscape Plan Review
D
TM
1 Is
$672
$672
Initial Study
D
TM
1 Is
$2,016
$2,016
Development Impact Fees
Los Angeles Avenue
Water Construction
FF
BP
42 du's
$2,772
$116,424 $775,217
Citywide Traffic Mitigation
FF
FF
BP
BP
42 du's
$1,217
$51,100
Fire Protection Facilities
FF
BP
42 du's
42 du's
$3,000
$233
$126,000
$9,765
Flood Control /Storm Drain Fees
Quimby Fee
FF
TM
50 du's
$573
$28,650
School Fees
FF
FF
BP
BP
42 du's
$3,640
$152,880
Sewer Fees
FF
BP
42 du's
$2,797
$117,467
Sheriffs Facility
FF
BP
42 du's
$2,500
$105,000
Water District Supply
FF
BP
42 du's
42 du's
$84
$1,510
$3,510
$63,420
NPDES Fee
Lighting Fee (1 yr)
FF
FF
TM
1 Is
$1,000
$1,000
Landscape Water Fee
FF
BP
BP
1 Is
0.53 ac
$10,000
$6,500
$10,000
$3,445
Building and Engineering Fees
TM
Final Map Plancheck
$103,000
Grading Plan Check
Grading Permit
Certificate of Compliance
Subdivision Improvement Plancheck
Public Improvement
Drainage Study Review
Erosion Control Plan Check
Grading Inspection
Sewer Inspection
Storm Drain Inspection
Street Improvement
Water Inspection
Landscape Inspection
CC & R Review
Perimeter Wall Inspection /Permit
Retaining Wall Inspection Fee
Excavation Inspection Fee
Contingency
10.00%
$91,821
TOTAL DEVELOPMENT IMPACT FEES
Per West Venture Dwelling Unit $1,010,030
Per Total Site (spread across 50 lots) $24,048
$20,201
Schedule B -1
Development Fee Schedule (Fees Assessed at Building Permit Stage /Habitat Units)
Poindexter Park Estates
Fee
Deposit/
Flat Fee
Assessed
At
Quantity
Unit Price
Subtotal
Total
Development Impact Fees
Los Angeles Avenue
FF
BP
8 du's
$2,772
$22,176
Water Construction
FF
BP
8 du's
$1,217
$9,733
Citywide Traffic Mitigation
FF
BP
8 du's
$3,000
$24,000
Fire Protection Facilities
FF
BP
8 du's
$233
$1,860
Quimby Fee
FF
BP
8 du's
$3,640
$29,120
School Fees ($1.72 sf
FF
BP
8 du's
$1,851
$14,806
Sewer Fees
FF
BP
8 du's
$2,500
$20,000
Sheriff's Facility
FF
BP
8 du's
$84
$669
Water District Supply
FF
BP
8 du's
$1,510
$12,080
TOTAL DEVELOPMENT IMPACT FEES
Per Habitat Dwelling Unit
$134,444
Per Total Site (spread across 50 lots)
$16,805
$2,689
Ui
Development Proforma
Poindexter Park Estates
Alternative Two (all 50 lots developed by West Venture)
Land Area 348,480 sf
8.00 acres
Wordable Units
Plan A (3bed/2bath)
Plan A (3bed/2bath)
1,076 sf
3 units
$53,000
$159,000
1.8%
Aarket Rate Units
1,076 sf
5 units
$98,000
$490,000
5.6%
Plan A (3bed /2bath)
Plan B (3bed/2.5 bath)
1,076 sf
8 units
$164,900
$1,319,200
15.0%
Plan C (4bed /2.5 bath)
1,656 sf
1,855 sf
17 units
11 units
$195,900
$204,900
$3,330,300
$3,483,300
37.9%
39.7%
TOTAL SALES PROCEEDS
Total Finished Lot Costs
50 units
$77,538 /lot
$8,781,800
100.0%
Land Cost
Land Carry/Miscellaneous
50 lots
$19,000 /lot
$950,000
10.8%
Finished Lot Improvements (See Schedule A)
50 lots
50 lots
$816 Hot
$21,427 not
$40,790
$1,071,328
0.5%
12.2%
Development Fees and Permits (see Schedule B)
Off-Site Improvements
50 lots
$22,889 not
$1,144,474
13.0%
contingency
Assumed in place
$0 /lot
$0
0.0%
Total Sales and Marketing
50 lots
$1,000 not
$50,000
0.6 °�
Total Finished Lot Costs
$858,635
$77,538 /lot
$3,256,592
37,1%
3uilding Costs
3uilding Costs(includes permit fees)
ndirect Costs
76,903 sf
$39:90 /sf
$3,068,718
34.9%
Architecture
Taxes and Insurance
$7,500 Plan
3
$22,500
0.3%
Legal and Accounting
1.40% Direct Costs
$45,592
0.5°%
Supervision
1.40% Direct Costs
$45,592
0.5%
Development Management
Allowance
3.50°% Sales
$100,000
1.1%
1 Year Warranty
$1,000 Unit
$307,363
$50,000
3.5°%
0.6°%
Total Building Costs
$3,639,765
41.4°%
Advertising /Marketing /Model Operations
Legal/Closing
3.00°% of Sales
$263,454
3.0°%
Sales Commissions
0.85% of Sales
$74,645
0.9°%
Buyers Incentives
1.75°% of Sales
$153,682
1.8°%
Models(net of recapture)
1.90°% of Sales
$166,854
1.9%
Allowance
$200,000
2.3°%
Total Sales and Marketing
$858,635
9.8%
Loan Origination Fees 0.00°% points $0 0.0%
Interest During Construction & Absorption 9.00% on NCF $300,956 3.4°%
Total Financing Costs $300,956 3.4%
ievelopment Profit 9.0% of cost $725,852 8.3%
OTAL DEVELOPMENT COSTS $8,781,800 100.0%
uW044
MAXIMUM AFFORDABLE HOUSING COST
VERY LOW INCOME HOUSEHOLDS
COUNTY OF VENTURA 1996
Household Size
Median Income
50% of Median Income
30% of 50% of Median Income
Maximum Monthly Housing Cost
Less: Non Mortgage Housing Costs (2)
- Property Taxes (1.1% of Mrkt Value)
- Fire /Casualty Insurance (Allowance)
- Maintenance /Repairs (Allowance)
- Utilities (exclude phone)
- LLD Fees
- Mortgage Insurance (.05 %)
Total Non - Mortgage Housing Costs
Maximum Supportable P & I Per Month
Supportable Loan(6) 8.50% 30 yrs
97.0% LTV
Downpayment 3.0%
TOTAL AFFORDABLE HOUSING COST(rounded)
# of Bedrooms
3 4
4 5
$57,900 $62,550
$28,950 $31,275
$8,685 $9,383
$724 $782
$151 $180
$25
$25
$50
$50
$75
$75
$0
$0
$26
$28
$327
$357
$397 $425
$51,605 $55,232
$1,596 $1,708
$53,000 $57,000
Notes:
(1) The affordable housing costs are based upon 30% of 50% of median income using the HCD schedule.
(2) The non - mortgage housing costs are assumptions and are subject to change.
(3) The downpayment is based upon 3% of the sales price, closing costs and PMI would be extra.
(4) Affordable housing cost is generated based upon HCD median income figures in accord with H & SC
Section 52005.5.
(5) The HUD income schedule is used to determine the income range of eligible buyers.
(6) The mortgage loan is assumed to be FHA at curremt prevailinq rates.
Owozs
MAXIMUM AFFORDABLE HOUSING COST
LOWER INCOME HOUSEHOLDS
COUNTY OF VENTURA 1996
Household Size
Median Income
70% of Median Income
30% of 70% of Median Income
Maximum Monthly Housing Cost
Less: Non Mortgage Housing Costs (2)
- Property Taxes (1.1% of Mrkt Value)
- Fire /Casualty Insurance (Allowance)
- Maintenance /Repairs (Allowance)
- Utilities (exclude phone)
- LLD Fees
- Mortgage Insurance (.05 %)
Total Non - Mortgage Housing Costs
Maximum Supportable P & I Per Month
Supportable Loan(6) 7.75%
95.0% LTV
Downpayment 5.0%
30 yrs
TOTAL AFFORDABLE HOUSING COST(rounded)
# of Bedrooms
3 4
4 5
$57,900 $62,550
$40,530 $43,785
$12,159 $13,136
$1,013 $1,095
$151 $180
$25
$25
$50---
$50
$75
$75
$0
$0
$46
$50
$348
$379
$666
$715
$92,912
$99,822
$4,890 $5,254
$98,000 $105,000
Notes:
(1) The affordable housing costs are based upon 30% of 70% of median income using the HCD schedule.
(2) The non - mortgage housing costs are assumptions and are subject to change.
(3) The downpayment is based upon 3% of the sales price, closing costs and PMI would be extra.
(4) Affordable housing cost is generated based upon HCD median income figures in accord with H & SC
Section 52005.5.
(5) The HUD income schedule is used to determine the income range of eligible buyers.
(6) The mortgage loan is assumed to be CHFA over the counter at current orevailinn rarac
"WOZ6
The
Braemar
Group
M 195 Canwood Street, .Smite 200
Agana Hills, (A 91301
8181889-6302
F,iX 818/ 991 -6728
City of Moorpark Redevelopment Agency
Attn. Mr. Steve Hayes, Redevelopment Development Manager
799 Moorpark Avenue
Moorpark, CA 93201
June 4, 1996
JUN 1 0 1996
CITY OF MOORPARK
799 MOORPARK AVENUE
MOORPARK. CA 93021
(805) 929 -8854
SUBJECT: Proposal for a Single Family Detached Affordable Housing Project Over
Approximately Eight Acres, Located South of Poindexter Avenue
Dear Mr. Hayes;
Thank you for taking the time to meet with me on May 21, 1996, and allowing me to introduce
the Braemar Group to the City of Moorpark. The purpose of this letter is to outline a proposal to
enter into a partnership with the Moorpark Redevelopment Agency for the eight plus acre site
located south of Poindexter Avenue. .
As you are aware, Braemar has established a track record in California for developing affordable
housing projects which respond to a community's needs - ethnic, social, physical and economic.
Coupled with Braemar's 35 year history of building quality housing, we have the opportunity of
bringing the dynamism and effectiveness of a. creative partnership to the community. Our
affordable housing communities in the Cities of Pico Rivera, Valencia and Davis, are current
examples of our success in the affordable housing markets of today. Affordable housing projects
in the cities of Sylmar, Commerce, Moorpark and Bell Gardens are forthcoming
Project Approach
Braemar is highly committed to its developments. Heavy involvement in community, activities
both prior to and following construction is an important element to ensuring success of our
projects. Neighborhood meetings and design charettes are important keys to ensuring that the
community is educated about the project that we are trying to bring to the community. We
understand that this issue is of particular importance to the residents located on the west side of
the proposed project site. Also, in the case of affordable housing, it is important to know that
there are a myriad of financing options available to prospective buyers. Braemar brings to the
table a history and long running track record of professionalism and financial resources.
Project Concept
The community's rich cultural heritage and its suburban/semi -rural closely knit network of
neighborhoods are some of its most valuable resources. The proposed development would serve
to further enhance the City's housing stock by providing attractive and efficient affordable housing
to the residents. The project will take advantage of the community resources with the adjacent
parks and schools. The project concept is founded on the ideals of family, community, safety,
quality construction, land planning and design.
The Site Plan will be designed to be as efficient as possible while emphasizing the importance of
safety and pedestrian oriented streetscapes. The houses contemplated are one and two story with
attention to building massing that is sensitive to the surrounding one story profile of the existing
neighborhood. The intent of the product design will be to open up communication between
neighbors through the use of porches, integrated into traditional design.
Economic Scenarios
There are three (3) different economic scenarios that we would propose for building the project.
These three (3) scenarios would function most effectively for a project such as this, by delivering
a land payment to the Agency. No direct subsidy requirements would be required of the Agency.
Finally, affordable lots would be delivered to the Agency, finished and free and clear of all liens
and encumbrances in a timely manner to be administrated by the Agency for whichever
affordability parameter it deemed appropriate for the site. In addition, we would request that all
City and Development Impact fees be deferred until the close of escrow of the market rate
dwelling units.
Land Timing on Number of Number of Subsidy
Payment to Agency Affordable Market Require-
►71 &U anu 1 u- or units Payment
I&&
Rate Lots 11Lma
1 50 $825,000 Out of Unit
8
42 None
Closings
2 60 $1,000,000 Out of Unit
9
51 None
Closings
3 70 $1,150,000 Out of Unit
11
59 None
Closings
In all three (3) scenarios, the Agency is receiving the benefit of not having to dedicate financial
subsidies to the project while meeting its goals and objectives.
Exclusive Negotiation Agreement
We would like to explore the issues of land plan design, product design concepts, entitlement
strategy and project financing with you in the very near future. The next step would be to enter
into an Exclusive Negotiation Agreement to complete the necessary due diligence for the site and
to explore the project concepts identified above. A 120 day Exclusive Negotiation Agreement
would be the most efficient and effective time frame for a project such as this.
In meeting and talking with you, we feel that a much simpler approach to the project would
provide the City with a more efficient and effective way of dealing with the site in helping you to
meet the 20% set aside requirements of AB 1290 and in providing a much needed housing
resource to the Moorpark community. The success of our affordable housing projects around the
State are testaments of our commitment to this endeavor and our ability to respond to this vital
need.
I would like to meet with you as soon as possible to discuss the possibility of entering into a
Exclusive Negotiation Agreement with the City of Moorpark Redevelopment Agency for the
Poindexter site. Please contact me at (818)889 -6302 to arrange a meeting to discuss this letter
and the project concept at your earliest possible convenience.
Once again, all my thanks.
Sincerely,
The Braemar Group
Avi Brosh
Executive Vice President
AB : alh
c: Robert Morales
Anna -Lisa Hernandez
��.iU4y