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Downtown Rehabilitation Faced Grant_1005 mainTHE CTTY OF DUB E Masterpiece on the Mississippi TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager Dubuque AlhAmericaCitfl .~~~~ 2007 SUBJECT: Downtown Rehabilitation Loan and Facade Grant for Property located at 1005 Main Street DATE: July 1, 2008 Economic Development Director Dave Heiar is recommending approval of a $10,000 Facade Grant and a $300,000 Downtown Rehabilitation Loan to support the rehabilitation of property located at 1005 Main Street. I concur with the recommendation and respectfully request Mayor and City Council approval. ~V ~ ~~ Michael C. Van~Milligen MCVM/jh Attachment cc: Barry Lindahl, City Attorney Cindy Steinhauser, Assistant City Manager David J. Heiar, Economic Development Director THE CITY ©F Dubuque DT T~ ~"i, An-Amedcacitlt (~ Masterpiece on the Mississippi 2007 DATE: June 30, 2008 TO: Michael Van Milligen, City Manager l FROM: David J. Heiar, Economic Development Director ,G SUBJECT: Downtown Rehabilitation Loan and Facade Grant for Property Located at 1005 Main Street INTRODUCTION This memorandum presents for City Council consideration a Resolution approving a letter of commitment for a Downtown Rehabilitation Loan of $300,000 and a Facade Grant of $10,000 for FFIP, LLC. to support their rehabilitation of property located at 1005 Main Street. BACKGROUND 1005 Main Street is in the heart of downtown Dubuque and in the middle of several revitalization projects which have been undertaken by developers such as Gronen Restoration and the Fischer Companies. It is located on the corner of 10th Street and Main Street and has high visibility in Dubuque. It was formerly the site of the Dubuque Jaycees, and before that, it was the home of Bayless Business College. The Downtown Rehabilitation Loan/Grant Program encourages private investment and rehabilitation efforts in the City's Greater Downtown Urban Renewal District's Old Main, Town Clock Plaza and Upper Main sub areas. The program, capitalized with funds available through the City's tax increment financing district, provides for a maximum of $300,000 in attractive low-interest loan monies. The program is unique in that grants of up to $10,000 are available to offset costs for Facade improvements. The program also includes a forgivable loan element whereby qualifying applicants may have up to the full amount of the loan forgiven as an incentive for the creation of new employment and housing opportunities in the district. DISCUSSION The project includes a complete rehabilitation of the interior. The first floor will consist of two storefronts of approximately 1,000 and 2,000 square feet, respectively. The second floor will be office space, and the third floor will be a 3,000 square foot residential space. These mixed uses will assure that the downtown area continues to thrive in the retail/restaurant, office, and residential arena. The building will also receive a new facade to bring back the historical appearance of the building. According to the developers on the application; "FFIP, LLC seeks to assist the revitalization effort along the 1000 block of Main Street. The goal of FFIP, LLC is to create and add to the `barrio' atmosphere that others in the neighborhood have spearheaded." At this time, insufficient loan funds are available in the Downtown Rehabilitation Loan Program to fund the loan. The owners have agreed to wait until the funds are available in FY2023. As of July 1, 2022, the loan funds should be available to the project and the company would like to proceed with the loan. Recapitalizations for this program have been included into the City's Capital Improvements Program. Should the recapitalization schedule be altered, the timing for the availability of loan funds may change. Additional information on the terms and conditions of the proposed Downtown Rehabilitation Loan/Grant is attached in the commitment letter. If the loan is approved by the City Council, this commitment letter would be executed by the Mayor and by the owners. RECOMMENDATION Staff has reviewed the application and found it to be in keeping with the requirements of the Downtown Rehabilitation Loan/Grant Program. The project will begin when other funding sources have been secured. I recommend that the City Council adopt the attached Resolution approving a letter of commitment for property located at 1005 Main Street for the $300,000 Downtown Rehabilitation loan and $10,000 facade grant. ACTION STEP The action step for the City Council is to adopt the attached Resolution. F:\USERS\Adejong\Downtown Rehab Loan\1005 Main Street\20080630 DRLP Memo.doc RESOLUTION NO. 216-08 A RESOLUTION AUTHORIZING A LETTER OF COMMITMENT AND ADDITIONAL ACTIONS CONCERNING A DOWNTOWN REHABILITATION LOAN AND FACADE GRANT FOR PROPERTY LOCATED AT 1005 MAIN STREET. Whereas, the City of Dubuque, Iowa, has created a Downtown Rehabilitation Loan/Grant Program for the purpose of stimulating reinvestment in the Greater Downtown Urban Renewal District; and Whereas, the City of Dubuque, Iowa is encouraging the use of this loan/grant program to finance code compliance activities and to spur job creation activities; and Whereas, the loan application from FFIP, LLC meets the requirements of this program; and Whereas, a Commitment Letter, hereto attached and by this reference made a part hereof, sets forth the terms and conditions of FFIP, LLC participation in the Downtown Rehabilitation Loan Program. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DUBUQUE, IOWA: Section 1. That the application of FFIP, LLC for participation in the Downtown Rehabilitation Loan and Grant Program is hereby accepted and approved. Section 2. That the Mayor is hereby authorized to execute, on behalf of the City Council of the City of Dubuque, Iowa, the attached Commitment Letter and to forward said letter to FFIP, LLC for review and approval. Section 3. That the City Manager be and he is hereby directed to prepare, upon execution and receipt of the attached Commitment Letter by the applicant, the necessary loan documents in accordance with the terms and conditions set forth in said Commitment Letter. Section 4. That the City Manager is hereby authorized to execute, on behalf of the City Council of the City of Dubuque, Iowa, all necessary loan documents and is further authorized to disburse loan funds from the Downtown Rehabilitation Loan/Grant Program, in accordance with the terms and conditions of the executed agreement. Passed, approved and adopted this 7th day of July, 2008. Roy D. Buol, Mayor Attest: Jeanne F. Schneider, City Clerk F:\USERS\Adejong\Downtown Rehab Loan\1005 Main Street\20080707 DRLP Resolution.doc Economic Development Department City Hall -Second Floor 50 West 13th Street Dubuque, Iowa 52001-4864 (563) 589-4393 office (563) 589-1733 fax (563) 690-6678 TDD THE CITY OF l July 8, 2008 FFIP, LLC Attn: John Freund 8885 Bellevue Heights Rd. Dubuque, Iowa 52003 RE: Letter of Commitment/Downtown Rehabilitation Loan Program For 1005 Main Street Dear Mr. Freund: I am pleased to inform you that your application for financial assistance for the renovation of property located at 1005 Main Street has been accepted and approved by the Dubuque City Council. The following offer is made: Source of Funds: Downtown Rehabilitation Loan Program Amount of Commitment: $300,000 Interest Rate: Three percent (3%) per annum Term of Loan: Twenty (20) years Payment Schedule: Monthly interest only payments shall be required for the first sixty (60) months of the loan. Monthly principal and interest payments, amortized over an additional fifteen (15) year period, shall begin the sixty-first month of the loan. At this time, insufficient loan funds are available in the Downtown Rehabilitation Loan Program to fund the loan. As of July 1, 2022, the loan funds should be available to the project and the company would like to proceed with the loan. Recapitalizations for this program have been included into the City's Capital Improvements Program. Should the recapitalization schedule be altered, the timing for the availability of loan funds may change. You may prepay this loan in whole or in part at any time without penalty. Form of Security: The loan shall be secured by a second mortgage on the property. Purpose of the Loan: Renovation of the exterior facade and interior for use as mixed use space. Service People Integrity Responsibility Innovation Teamwork Conditions of this Commitment: (a) An "after rehab" appraisal must be submitted to the Economic Development Department prior to the scheduled loan closing. The cost of said appraisal shall be incurred by the property owner. (b) A title opinion must be completed at the expense of the property owner. A copy of said document must be provided at the loan closing. (c) A loan agreement must be signed no later than June 30, 2023. (d) The project is to be completed in accordance with the regulations set forth for the City of Dubuque's Downtown Rehabilitation Loan Program. Additional Commitments: (a) A grant not to exceed ten thousand dollars ($10,000) will be available to offset documented construction costs for facade improvements. A determination must be made by the City that the project is substantially complete and satisfies the conditions of the loan prior to the release of any grant monies. (b) A rebate equal to two thousand dollars ($2,000) may be forgiven for each new full-time job or full-time equivalent created within two years of the authorization of the loan by the Dubuque City Council and maintained by the applicant or his/her tenant for a period of not less than three years. The amount of the loan to be forgiven shall be determined by the City on the fifth anniversary of the loan based on documented evidence of job creation. Any jobs relocated from another location within the downtown area will not count as a new job. This commitment is valid for twenty-one (21) days from the date of this letter. If you wish to accept the offer, you must return the acknowledgment. Failure to return written acknowledgment will be cause for the commitment to lapse. This commitment offer shall lapse if construction on the proposed project does not start within ninety (90) days of the loan closing. If the terms offered do not meet your approval, or if you have any questions regarding the conditions of this commitment, please contact David Heiar, Economic Development Department, at 589-4393. Sincerely, Roy D. Buol Mayor ACKNOWLEDGMENT We have reviewed the above offer and accept the $300,000 Downtown Rehabilitation Loan, and the $10,000 facade grant and all of the terms of this commitment letter. John J. Freund Date F:\USERSWdejong\Downtown Rehab Loan\1005 Main Street\20080708 DRLP approval letter.doc Drake & Freund, Pc. ATTORNEYS D. Flint Drake* 2477 John F. Kennedy Road, Suite 203 fdrake@drakefreund.com Dubuque, IA 52002 www.drakefreund.com Both admitted in Iowa Also admitted in Wisconsin June 19, 2008 City of Dubuque Economic Development Department Attn: Mr. Aaron DeJong 50 West 13th Street Dubuque, IA 52001 John D. Freund j freund@drakefreund. com Telephone: (563) 582-2000 Facsimile: (563) 583-5225 RE: LETTER OF APPLICATION -DOWNTOWN REHABILITATION LOAN PROGRAM /FACADE GRANT PROGRAM Dear Mr. DeJong: We represent FFIP, LLC, which is hereby applying for the Downtown Rehabilitation Loan Program and Facade Grant Program offered by the City of Dubuque. This correspondence will serve as our client's letter of application for both programs, as the data contained herein and enclosed herewith relate to both programs. 1. Full name, mailing address, phone/fax numbers, and Social Security number of applicant(s): FFIP, LLC (an Iowa limited liability company) c/o John J. Freund 8885 Bellevue Heights Rd. Dubuque, IA 52003 Telephone: (563) 588-2203 Facsimile: (n/a) SSN: 2. Property address: 1005 Main Street Dubuque, IA 52001 3. A description of the project and an explanation of how it furthers the revitalization of the downtown: 1005 Main street is in the heart of downtown Dubuque and in the middle of several revitalization projects which have been undertaken by developers such as Gronen Restoration and The Fischer Companies. It is located on the corner of 10th Street and Main Street and has high visibility in Dubuque. It was formerly the site of the Dubuque Jaycees, and before that, it was the home of Bayless Business College. DRAKE & FREUND, P.C. City of Dubuque Re: FFIP, LLC June 19, 2008 Page 2 The project includes a complete rehabilitation of the interior. The first floor will consist of two storefronts of approximately 1,000 and 2,000 square feet, respectively. The second floor will be office space, and the third floor will be a 3,000 square foot residential space. These mixed uses will assure that the downtown area continues to thrive in the retail/restaurant, office, and residential arena. There are no specific plans for the first or third floors at this time (i.e., there are no tenants for these spaces); however, the law firm of Drake & Freund, P.C. will occupy the second floor. The first floor could become retail or restaurant space. The remodeling and rehabilitation is being performed by general contractor Joe Faley, with assistance from architect Jeffrey Morton. The project seeks not only to upgrade the many years of dilapidation within the building by installing new heating and cooling, plumbing, data, elevator, and electrical, but it also seeks to conform to the past historic nature of the building. Bay windows have already been reinstalled (after decades of absence) on the second and third floors. The goal of FFIP, LLC is to create and add to the "barrio" atmosphere that others in the neighborhood (i.e., John Gronen and The Fischer Companies, as well as businesses such as Salsa's and Jitterz) have spearheaded. FFIP, LLC seeks to assist the revitalization effort along the 1000 block of Main Street. Its goal includes providing living opportunities as well as consumer and employment opportunities. With respect to FFIP, LLC's facade grant request, the 1005 Main Street has been commonly referred to in recent months as "the building without a front." As noted above, the goal of FFIP, LLC is to create two first-floor retail bays of approximately 1,000 and 2,000 square feet. The entrance/facade is key to generating interest in retail, as much of the expected traffic will be foot traffic along Main Street. For these and the above reasons, a facade grant would assist in the revitalization effort along this stretch of Main Street in Dubuque. 4. An outline of the employment and/or new housing unit elements of the project: Enclosed herewith are preliminary drawings for the second and third floors. The third floor will be one 3,600 square foot apartment (or eventually, perhaps, a condominium) for single family residence. The second floor is dedicated to the law firm of Drake & Freund, P.C., and employment in that firm will be at least three (3) and probably no more than six (6) at any given time. Regarding the first floor, because there are no tenants locked in at this time, it is impossible to predict how many employees might be used by the businesses which will occupy the space. However, based upon the possible businesses and the size of the space, FFIP, LLC estimates that anywhere from 10- 20 employees might be hired for those businesses. Foot traffic will be significant. Drake & Freund, P.C. typically sees several clients each day, and based upon other restaurant and retail in the area, the first floor can anticipate significant foot traffic as well. FFIP, LLC June 19, 2008 Page 3 5. Proof of building ownership: See enclosed deed dated April 30, 2001 and filed April 30, 2001 as Instrument No.5813-01 in the records of the Dubuque County Recorder. 6. Amount of loan requested: $300,000.00. 7. An explanation of the proposed security on the loan (at least a second mortgage will be required) along with a personal guaranty. Securing the loan should not be a problem. There is currently a mortgage on the subject property in favor of Dubuque Bank & Trust. The balance of the underlying note is approximately $58,000.00. If necessary, FFIP, LLC is willing to grant the City of Dubuque a second mortgage. Other options are available as well, such as collateralization of other real estate, assignment of rents, or personal guaranties on the parts of the members of FFIP, LLC, John J. Freund and Eleanor T. Freund. 8. Amount of Facade Grant requested: $10,000.00 Enclosed herewith are the following documents: (1) Preliminary project budget, including cost estimates prepared by an architect, engineer, or contractor (and breakdown of facade grant request and private match amount); (2) preliminary construction schedule; (3) financial statements (i.e., historical income statement for the property (two years) and cash flow projections for the rehabilitated property (two years) that indicate intent and ability to repay the loan); and (4) resolution authorizing the application. We understand that your office will review this application and forward to the City Council for final review and approval, and that the facade grant, if awarded, will be made by the Economic Development Director. Should you have any questions or require supplemental information, please do not hesitate to contact us directly, and we will provide you with the necessary information. Thank you. Best Regards, DRAKE & FREUND, P.C. By John D. Freund Enclosures cc FFIP, LLC; Mr. Joe Faley; Mr. Jeffrey Morton FFIP, LLC June I9, 2008 Page 4 PRELIMINARY PROJECT BUDGET Work: ELECTRICAL HEATING/COOLING PLUMBING CARPENTRY PLASTERING STRUCTURAL AND FACADE WINDOWS ELEVATOR FLOORING EXCAVATION /CONCRETE PROJECT COORDINATION FEES (ARCHITECT /GENERAL CONTRACTOR) TOTAL $1.500,000.00 c$G e Faley, enera ontractor FFIP, LLC June 19, 2008 Page 5 FACADE GRANT REQUEST AND PRIVATE MATCH AMOUNT Total project budget for facade: $325,000.00 Facade work to begin Summer 2008 and expected to be completed by September, 2008. e Fal nera Contractor Request is for the maximum, $10,000.00. The balance of the facade funding will be paid via private funds. FFIP, LLC is documenting all architectural and engineering fees incurred in the development of the project. FFIP, LLC June 19, 2008 Page 6 PRELIMINARY CONSTRUCTION SCHEDULE Spring 2008- Work on infrastructure (elevator, heating, cooling, plumbing, electrical, etc.) Summer/Fa112008 Work on facade, particularly storefronts Work on finishing second floor Fall/Winter 2008- Work on first and third floors and finishing project 2009 Winter 2008/2009 Project completed in its entirety J Faley, neral Contractor FINANCIAL STATEMENT -FFIP, LLC HISTORICAL INCOME STATEMENT - 1005 MAIN STREET CASH FLOW PROJECTIONS - 1005 MAIN STREET Since FFIP, LLC purchased 1005 Main Street in 2001, income has been limited to the first floor only. In the last two (2) years, two (2) tenants have occupied the first floor: Jan's Sewtique and Angie's Beauty Salon. The combined monthly revenue from rent was $1,175.00. After the rehabilitation is completed, there will be two storefronts on the first floor, one office on the second floor, and one residential living space on the third floor. These areas are projected to bring in at least a combined $6,000.00 - $7,000.00 per month, which will more than pay fora 20- year, 3% loan on a $300,000.00 principal. Also, the leases will betriple-net in nature, so FFIP, LLC will not undertake expenses such as property tax, insurance, and general maintenance. Thus, FFIP, LLC should have plenty of rent available to pay off the rehabilitation loan, and it is willing to execute an assignment of rents for each tenant occupying 1005 Main Street after the rehabilitation. CALL AND NOTICE OF SPECIAL MEETING OF MEMBERS OF FFIP, LLC Notice is hereby given that a special meeting of the Members of FFIP, LLC, an Iowa limited liability company, is hereby called and will be held on January 2, 2008. Dated this 2nd day of January, 2008. i J J. F D, Membe WAIVER OF NOTICE OF SPECIAL MEETING OF MEMBERS OF FFIP, LLC The undersigned, being all of the Members of FFIP, LLC, an Iowa limited liability company, hereby waive all notice of and consent and agree that the special meeting of the Members shall be held at the offices of the company on January 2, 2008. Dated this 2nd day of January, 2008. JO J. F D ELEANOR T. FREUND MINUTES OF SPECIAL MEETING OF MEMBERS OF FFIP, LLC A special meeting of Members of FFIP, LLC, an Iowa limited liability company, was held at the offices of the company on January 2, 2008, pursuant to Waiver of Notice signed by all of the directors and annexed to the minutes of this meeting. All of the members of the company were present. The Chair raised for discussion the company's authorization of a certain rehabilitation prof ect of real estate owned by the company and located at 1005 Main Street, Dubuque, Iowa, and certain applications related thereto to be submitted to federal, state, and local agencies or departments, as the case maybe. After significant discussion, the following resolutions were unanimously adopted by the members: RESOLVED, that the company, through any of its members, shall be authorized to commence a rehabilitation project of real estate owned by the company and located at Lot 1 of HARTIG ADDITION, in the City of Dubuque, Iowa, according to the recorded Plat thereof. The company, through any of its members, is authorized to expend sums to contractors, architects, accounts, and/or attorneys to investigate whether such project is financially feasible. FURTHER RESOLVED, that the company, through any of its members or agents, is authorized to explore programs related to financial assistance related to the rehabilitation project, including but not limited to historic tax credits (state, federal, and local, as the case may be), rehabilitation tax credits, Downtown Rehabilitation Loan Program, Facade Grant Program, tax increment financing, and any other programs which may be, in the opinion of the company, usable for the rehabilitation construction project. There being no further business, the meeting was adjourned. ~~ ELEANOR T. FREUND, Secretary APPROVED: J. ELEANOR T. FREUND Being all the members of the company CERTIFIED RESOLUTIONS RESOLVED, that the company, through any of its members, shall be authorized to commence a rehabilitation project of real estate owned by the company and located at Lot 1 of HARTIG ADDITION, in the City of Dubuque, Iowa, according to the recorded Plat thereof. The company, through any of its members, is authorized to expend sums to contractors, architects, accounts, and/or attorneys to investigate whether such project is financially feasible. FURTHER RESOLVED, that the company, through any of its members or agents, is authorized to explore programs related to financial assistance related to the rehabilitation project, including but not limited to historic tax credits (state, federal, and local, as the case may be), rehabilitation tax credits, Downtown Rehabilitation Loan Program, Facade Grant Program, tax increment financing, and any other programs which may be, in the opinion of the company, usable for the rehabilitation construction project. CERTIFICATION The undersigned, ELEANOR T. FREUND, as Secretary of FFIP, LLC; hereby certifies that the foregoing Resolutions were duly adopted by FFIP, LLC at a special meeting of the Members on January 2, 2008. Dated this 2nd day of January, 2008. -- ELEANOR T. 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BAYLESS BUSINESS COLLEGE ~~ ~ ~ ~ ~ "~ ~ < ~ ~ ~ EAST BAY WINDOW SECTION p;,4,~`;„" ~~ s~ ~ -~ ~ ~ ~ ~ m z < _ _~ I I i / I ---~ x i I ' ___ 1___ __~______ .___ I I ~ I I I I ~ I I I I ~. ~~ i l i I I I - _.~, i ~,~ ~ I I I I ~ T .t~ I I I I' ~ I I xn,r,.rxrw.~,m, I I I I ,,, I I R l~ I I ~ ,. ~~~~ ~ I ~ I I ,.. ~ L---~ -r- L- ---- I ~-~~,...~ -~ Ft t it -1 ~------~ .c..~n.uo.Enwnw.r ~ - - J ©PLAN NORTH /1 PARTIAL MAIN LEVEL PLAN at STOREFRONT ).d SCALE: Il2'~I'-0' ALL _ Iii, ~IU_~ I Ul '~._ ~. - UI JI IUII -- - ~ I J _._ :I ~~- -_ ~~ _f~I ~.,~ M _. _ ~[F[ yX [F[ f II t In PARTIAL EAST ELEVATION at STOREFRONT ].A SCALE: I/2'-I'U' P _ __... ~ I~1 ~~ I' E _ _ f JEFFREY MORTON AftC HITECT w 0 a~ oA ~a rst a W ~~ W~~o E"Q ~o z ~ go W .~ W z~ a w Q zaa ~oo PROIF.CT NO. B50? 0 DATE'12 OEC.2W) DRA W N BT'. IEM - REVISIONS SI{EEf NO. A7.4 E F _ - .. . . --- -' -~ ` ~_..~~ 1 (~ _ I __--~~ _~ 1/ \\ / i / ~ ~~ / '~ I l ~~ _ ~,-.. , (~ ~ ~ -~ , l _ `' .' I I + r'1 STOREFRONT SECTION ~ STOREFRONT SECTION A].5 HALF FULLSCALE ].5 HALF FULL SCALE :" ~ ~~~ ~~ ~~ ~~ ~~ L- / STOREFRONT SASH at IRON BEAM SECTION ].5 HALF FULL SCALE // J~ I 1 ) ~ \ ._ f jl I I 'I ~ TYPICAL STOREFRONT BASE PANEL AND SILL SECTION A]5 HALF FULL SCALE JEFFREY MORTON ARCHITECT L O y` FA 4~ K ~~W a ~~ W ~~ H¢~~ z ~, $ o z 0 ~- w .~ F Wz >~ aw zo ~~ PROTECT NO.OfiOT 0 DATE: I3 DfC. 3W ] DRAWN BY: 1EM REVISIONS SHEEF NO. A7.5 V I K. C. C. ~. S. ~. Sri ~~ ~~ `~ I I I ~~ ' F ` ~ r I C TYPICAL STOREFRONT ENTRANCE CEILING AND TRANSOM HEAD A).6 NALF FULL SCALE L~ _- -~ J ~, JEFFREY MORTON ARCHITECT t_ f_1 ~~ 1 /_1 L ,>: W O a ~y QG Q a' ~ ~ ra ~ o W}~« F ¢ s~ z ~, ~ o 0 F U W ..7 F Wz >~ aw zo ~~ + ~ Y PROTECT NO. 0603.0 V~ DATE' 4MAY 2Wl DRAWN BY: JEM REVISIONS \~1 ~ ~` i SIffPI' NO. ~1 TYPICAL STOREFRONT DOOR/TRANSOM MULLION ~ TYPICAL STOREFRONT DOOR GLAZING/PANEL RAIL /<1 TYPICAL STOREFRONT DOOR PANEL SECTION A7.6 J NALF FULL SCALE AJ HALF FULL SCAIE \AJ.6/ HALF FULL SCAIF `` =1 / (1 STOREFRONT SASH at IRON COLUMN ].] HALF FULL SCRALF FULL S'AlF ICJ) \ / C \ `~ / C STOREFRONT SASH at ENTRY DOOR JAMB Al.] IIAI.F FULL S('ALE ~ 1 lr`_ ~ IIJI / \~ / '1 V V `/ r ` / 1 Ill II STOREFRONT ENTRY DOO i JAMB l ] HALf FULL SCALE .~ it `v/ a/ \` JEFFREY MORTON ARCHITECT N ~_ W O "a U WA~ a: Q ~6 ~ W ~~ W ~., ~ ~ ["~ ¢ Z ~ W ao a Q F W a. ...7 F WO W a' .a W ~~ ¢O ~~ PROTECT NO. O(A3.0 DATE: 13 DEC 3W ] DRAWN BY: 1EM REVISIONS SHEET NO. C STOREFRONT SASH at IRON COLUMN ^ STOREFRONT SASH a[ NEW WOOD CLAD COLUMN ~1 STOREFRONT SASH at RECESSED ENTRY CORNER A7 7 A]] HALF FULL S('ALE ` ]]/ HALF FULL SCALE A]]/ HALF FULLSCALE 1 I~ 1 11 -_ _J // r1 STOREFRONT SASH at EXISTING IRON COLUMN A). HALF FULL SCME ~_. ~~/ ~1 STOREFRONT SASH and EXISTING JAMB at EXISTING IRON COLUMN A)S HALF EULL SCALE JEFFREY MORTON ARCHITECT <Am~, iw.53W ~ N ~_ W O a ~ ~ Q W LY., ~ ~ ~ ~(~c1 ~o W`aa~ [-~ Q i 'o z ~, ~ o a F W z a a a F" W O Wa aw ze ¢o ~~ PROTECT N0.060I.0 DATE: I3 DEC 3WJ DBA W N BY: lEM REVISIONS SIff,EI'NO. A7.8 FINANCIAL STATEMENT -FFIP, LLC HISTORICAL INCOME STATEMENT - 1005 MAIN STREET CASH FLOW PROJECTIONS - 1005 MAIN STREET Since FFIP, LLC purchased 1005 Main Street in 2001, income has been limited to the first floor only. In the last two (2) years, two (2) tenants have occupied the first floor:.1an's Sewtique and Angie's Beauty Salon. The combined monthly revenue from rent was $1,175.00. After the rehabilitation is completed, there will be two storefronts on the first floor, one office on the second floor, and one residential living space on the third floor. These areas are projected to bring in at least a combined $6,000.00 - $7,000.00 per month, which will more than pay fora 20- year, 3% loan on a $300,000.00 principal. Also, the leases will be triple-net in nature, so FFIP, LLC will not undertake expenses such as property tax, insurance, and general maintenance. Thus, FFIP, LLC should have plenty of rent available to pay off the rehabilitation loan, and it is willing to execute an assignment of rents for each tenant occupying 1005 Main Street after the rehabilitation.