Wilmac Property Group_Mulit-Family Rental Unit Production ApplicationMasterpiece on the Mississippi
Dubuque
bierd
All-America City
1
2007
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Multi - Family Rental Unit Production - Round 4 for 901 Jackson Street
DATE: May 29, 2012
Economic Development Director Dave Heiar recommends City Council approval of an
application for a Community Development Block Grant (CDBG) Multi - Family Rental Unit
Production — Round 4 funding to create multi - family rental units in the Betty Building
located at 901 Jackson Street in the Historic Millwork District.
The CDBG Multi - Family Rental Unit Production — Round 4 application on behalf of Tim
McNamara and the Wilmac Property Group requests a grant of $1,957,977 to fund the
gaps associated with historic rehabilitation of this building. The total project cost is
estimated at $3,706,000 and would create 10 new rental housing units in the Historic
Millwork District.
This project is essential to the City of Dubuque for two reasons. First, it will help
address the critical shortage of workforce housing in our community and second, it will
continue to help implement the redevelopment of the Historic Millwork District. As of the
first part of May, the Caradco developers had a list of over 120 persons who want to
rent in this building. This reinforces the 2009 Iowa Finance Authority housing study,
which indicated a need for 557 new rental units in our community with emphasis on
downtown location. The City has not come close to meeting the rental housing need
identified by the 2009 study. In the meantime, local businesses and industries continue
to expand. Within the last month, John Deere announced the creation of over 150 new
jobs. Unfortunately, the tight rental housing market makes job growth challenging. The
demand for quality rental housing continues to outpace the available rental units.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Michael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
David J. Heiar, Economic Development Director
2
Masterpiece on the Mississippi
Dubuque
knetril
All-America City
1
2007
TO: Michael Van Milligen, City Manager
FROM: David J. Heiar, Economic Development Director
SUBJECT: Multi - Family Rental Unit Production — Round 4 for 901 Jackson Street
DATE: May 24, 2012
PURPOSE
This memorandum is to seek City Council approval of an application for CDBG Multi - Family
Rental Unit Production — Round 4 funding to create multi - family rental units in the Betty Building
located at 901 Jackson Street.
BACKGROUND
On February 16, 2009, the City Council adopted the Historic Millwork District Master Plan. This
plan proposes a major transformation of the Historic Millwork District, a 17 -block neighborhood
with over one million square feet of vacant warehousing space. The City Council has agreed
that revitalizing this area into a mixed -use neighborhood with downtown housing, office, and
retail uses, will encourage additional growth in the community. Rehabilitation of the Millwork
District is a high priority of the City Council.
DISCUSSION
The City is working to partner with the Millwork District property owners to transform their
historic structures into quality workforce housing and commercial spaces. As stated in the
Master Plan, the first phase includes the redevelopment of three major buildings within the
district. The first major building rehabilitation in this District is the Caradco project, which is
scheduled to be completed before the end of 2012. The 72 residential units in this building are
actually scheduled to be finished in August. This $28 million project was funded with several
types of financing including State and Federal Historic Tax Credits, New Market Tax Credits, a
CDBG disaster assistance grant, an IFA loan, City of Dubuque Downtown Housing Incentives,
TIF and conventional financing.
The attached application on behalf of Tim McNamara and the Wilmac Property Group will be
another step in achieving the goals of the Historic Millwork District Master Plan.
The CDBG Multi - Family Rental Unit Production — Round 4 application requests a grant of
$1,957,977 to fund the gaps associated with historic rehabilitation of this building. The total
project cost is estimated at $3,706,000 and would create 10 new rental housing units in the
Millwork District.
This project is essential to the City of Dubuque for two reasons. First, it will help address the
critical shortage of workforce housing in our community and second, it will continue to help
implement the redevelopment of the Historic Millwork District. As of the first part of May, the
Caradco developers had a list of over 120 persons who want to rent in this building. This
reinforces the 2009 IFA housing study, which indicated a need for 557 new rental units in our
community with emphasis on downtown location. The City has not come close to meeting the
rental housing need identified by the 2009 study. In the meantime, local businesses and
industries continue to expand. Within the last month, John Deere announced the creation of
over 150 new jobs. Unfortunately, the tight rental housing market makes job growth
challenging. The demand for quality rental housing continues to out pace the available rental
units.
RECOMMENDATION
Based on the critical need for quality units in the Historic Millwork District, I recommend that the
City Council approve the attached Resolution to authorize an application for $1,957,977 million
of CDBG Multi - Family Rental Unit Production — Round 4 on behalf of the Betty Building project.
F \USERS \Econ Dev \Betty Building \NP4 Application\20120525_CDBG Funding Betty Building Project Council Memo doc
Prepared by: David Heiar, Economic Dev Director, 50 West 13th Street, Dubuque IA 52001 563 589 -4393
Return to: Kevin S. Firnstahl, City Clerk, 50 West 13th Street, Dubuque IA 52001 563 589 -4121
RESOLUTION NO. 151-12
RESOLUTION OF SUPPORT TO THE IOWA ECONOMIC DEVELOPMENT AUTHORITY, ON
BEHALF OF TIM MCNAMARA / WILMAC PROPERTY GROUP FOR SUBMITTAL OF AN
APPLICATION FOR A CDBG DISASTER MULTI - FAMILY UNIT PRODUCTION ROUND 4
APPLICATION.
Whereas, Dubuque County was impacted by the floods of 2008 and the area has a critical
need for additional workforce housing; and
Whereas, in 2009 the Real Property Research Group along with other studies concluded that
there is a need for additional downtown housing; and
Whereas, the City Council has prioritized the redevelopment of the Historic Millwork District
for mixed use with an emphasis on downtown housing; and
Whereas, the Betty Building project located at 901 Jackson Street will provide much needed
residential development to the downtown area; and
Whereas, the City Council finds that the proposed application is acceptable and necessary to
the growth and development of the city.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Attest:
Section 1.
Section 2.
The City of Dubuque agrees to support the CDBG Disaster Multi - Family Unit
Production Round 4 Application on behalf of Tim McNamara / Wilmac
Property Group for the property at 901 Jackson Street.
That the Mayor is hereby authorized and directed to execute this Resolution
on behalf of the City of Dubuque and forward the executed copy to the Iowa
Economic Development Authority.
Passed, approved and adopted this 4th day of June, 2012.
Kevi S. Firnstahl, ity Clerk
Roy D. Buol, Mayor
F: \USERS \Econ Dev \Betty Building \NP4 Application\20120525_ Resolution of Support Betty Building Round 4.doc
Multi- family (Rental) Unit Production —
New Construction Program
Round 4
Application
WA
INSTRUCTIONS: Complete all information requested on this application to the best of your ability. Please use ink,
and print legibly. Contact your assigned Disaster Recovery Area or Direct Recipient administrative contact for the Multi-
family (Rental) Unit Production — New Construction Program — Round 4 for details on how to submit this application. The
Application Deadline is May 15, 2012.
Name of IEDA Disaster Recovery Recipient submitting this proposal: City of Dubuque
Contact person name and contact information: Dave Heiar (563- 589 - 4105), Mike Van Milligen or the Mayor
Qualifying Category: Replacing Units Lost
Impact on Area Recovery X
Rental Applicant / Owner Information
Tim McNamara/ Wilmac Property Company /801 Jackson St., Dubuque, IA 52001/563- 556 -8881
Company Name/ Address/Telephone Number
For - Profit XX
McNamara
*Non- Profit
Last Name (Individual Owner or CEO)
421201501
Tax ID Number
563- 556 -8881
Contact Telephone #
timmc@mwci.net
Tim J
First Name MI
Cell # Alternate Telephone #
E -mail Address
801 Jackson St.
Current Mailing Address 1
Dubuque Dubuque IA 52001_
City County State Zip Code
*If the applicant is a non - profit organization, submit documentation indicating non - profit status.
1
Section I Proposed Rental Property To Be Constructed
Please complete all of the following project/property information and for each scattered -site property combined
within this proposal.
901 Jackson St Dubuque IA 52001
Street Address City State Zip Code
Legal description(s) (if lengthy— attach):
Number of buildings 2 Number of rental units _10
Number of rental units by bedroom size(s)
Efficiency CDBG Disaster Assisted Units
1- Bedroom _2_ CDBG Disaster Assisted Units 2_
2- Bedroom _8_ CDBG Disaster Assisted Units _8_
3- Bedroom CDBG Disaster Assisted Units
4- Bedroom CDBG Disaster Assisted Units
Building Type(s): Describe: Brick & steel; warehouse – 3 and 4 stories
Building Codes applicable to this project Dubuque Historic Building Code
Is the proposed Rental Property to be located in a 100 -year flood plain? ❑ Yes X No
Is the proposed Rental Property to be located in a locally proposed or designated buy -out area? ❑ Yes X No
Number of Multi- family Rental Housing Units lost, in the jurisdiction where this project will be located, due to a Disaster Event between
May 25, 2008 and August 13, 2008
(Provide documentation) (Does not apply to applicants applying under the Impact Area Recovery Category)
Estimated total project costs $ 3,706,000
Amount toward common areas and grounds $ 0
General Administration funds (Recipient's Use) $ 39,959
(Not to exceed two percent (2 %) of total award calculated by considering the total of all project - related costs as ninety -eight percent of
the total award)
Income Targeting # of Units % of Total
At/below 40%
At/below 50%
At/below 60%
At/below 80% 10 100_
Market - Rate /Other
TOTAL
* *PROVIDE ADDITIONAL DOCUMENTATION AS SHOWN ON APPLICATION CHECKLIST **
Section 1I Signature Page
2
Disclosures:
• This application serves as the initial point of entry to the Multi- family (Rental) Unit Production — New
Construction Program — Round 4. Additional information and documentation may be required to
determine eligibility.
• Authorized representatives of the Multi- family (Rental) Unit Production — New Construction Program —
Round 4 shall have the right to inspect the proposed Rental project at any time, from the date of
application through completion and to the end of the period of affordability, upon giving due notice to the
owner and occupant(s).
• The information requested in this application is legally required to determine if you qualify for
participation in the Multi- family (Rental) Unit Production — New Construction Program — Round 4. Use
of data obtained is limited to that necessary for the administration and management of this program by
Iowa Economic Development Authority personnel, those under contract with Iowa Economic
Development Authority, and other governmental agencies when authorized by the Iowa Economic
Development Authority or its recipient.
• Assistance shall be in the form of a forgivable loan.
• As a condition of receiving Mufti-family (Rental) Unit Production — New Construction — Round 4
assistance, you must execute and consent to the recording of 10 -year forgivable (forgiven in full at the
end of the 10 -year compliance period), non - receding loan documents and the agreement for covenants
and restrictions against the assisted property. If the Disaster - affected Rental Property is sold, or title is
transferred or conveyed before the 10 -year maturity date of the forgivable, non - receding loan has been
reached, then the entire amount of assistance shall be due and payable.
Certifications:
• Any person or entity, who obtains funds through false representation, is guilty of theft and may be
prosecuted and sentenced accordingly.
• I/We certify that the statements contained in this application are true, accurate, and complete to the best
of my /our knowledge and belief.
Signatures: Eventual owner of record of the Rental Property must sign this application.
By signing this application, the undersigned acknowledge(s) that any financial assistance received through the
Multi- family (Rental) Unit Production — New Construction Program — Round 4 shall be in the form of a forgivable,
non - receding loan, which loan may be secured by the recorded forgivable loan documents. The forgivable, non -
receding loan shall be due and payable in full upon the sale or transfer of the assisted property.
Borrower (Owner of Rental Property) Signature
Joint Applicant Signature
Date
Date
We certify that we have reviewed this application (worked with the rental applicant on the final details of the proposal,
revising as necessary) arjgiven our approval of this project.
CDBG Disaster Recovery Recipient (Local Government) Date
3
RENT CALCULATION WORKSHEET
This worksheet must be completed and submitted with the Multi- Family (Rental) Unit production
— New Construction — Round 4 Applications.
Using the HOME program rents, record in the table below the 65% Rent for the county or
metropolitan statistical area (MSA) for each of the unit sizes (efficiency, 1- bedroom, 2- bedroom,
3- bedroom, 4- bedroom) proposed.
MAXIMUM RENTS Efficiency
` 1- bedroom
2- bedroom
3- bedroom
4- bedroom
1
Gross Rents
735
65% Rent 715
768
923
1059
1161
1
- Utility Allowance
Record in the table below the Gross Rent (rent + utility allowance for tenant -paid utilities) to be
charged for the proposed project for each of the unit sizes. Gross rents cannot exceed the
rents recorded as Maximum Rents above. If the proposed project has different rents for the
same size of unit, use both boxes for the unit size. Record the utility allowance for each unit
size (utility allowances are available from the local housing authority). Subtract the utility
allowance from the gross rent to determine the Net Rent.
PROJECT RENTS
Efficiency
1- bedroom
2- bedroom
3- bedroom
4- bedroom
Gross Rents
735
884
- Utility Allowance
101
135
= Net Rents
634
749
Answer the following questions.
1. What source was used to determine the utility allowance for tenant -paid utilities?
(Please attach source documentation).
2. ECIA, max rents for units using CDBG funds, is calculated by using 2011 HOME
Program 65% rent limits
3. What is the effective date of the HOME rents recorded in the tables above? Are rents
for the county or metropolitan statistical area?
February 9, 2012
4. Do all units have gross rents (net rents + utility allowance) at or below the 65% rent
limit?
Yes
City of Dubuque
2012 Income Limits
1- person 2- person 3- person
Household Size
4- person 5- person 6- person
7- person
8- person
Dubuque County 50% AMI
$22,650
$25,850
$29,100
$32,300
$34,900
$37,500
$40,100
$42,650
Dubuque County 80% AMI
$36,200
$41,400
$46,550
551,700
$55,850
$60,000
$64,150
$68,250
65% HOME Rent Limit
Efficiency
$715 $768 $923 $1,059 51,161 $1,262 $1,364
1 BR 2 BR
3 BR 4 BR
5BR 6BR
Multi - family (Rental) Unit Production (New Const.) — Round 4 Budget
Summary
# of Units
(CDBG Assisted)
10
CDBG
Requested Amount
1,957,977
General Administration
CDBG Requested
Amount Total
39,959
1,997,936
Other Funds Summar
Source of Funds
(list all)
Use of
Funds
(Be Specific)
Amounts
Grant
OR Loan
(If loan,
provide
interest
rate &
term)
Contact
Person
Name
Telephone
Number
Commitment
Status
State Historic Tax
credit
694,600
Tax
Credit
Jack Porter
515 -242-
6152
ST C10 -31-
043 See
Attached
Reserved for
2012
Federal Historic Tax
Credit
583,464
Tax
Credit
John
Gronen
563 -213-
0013
See Attached
note
Conventional Loan
330,000
Loan
Premier
Bank, Tom
Johnson
563 -588-
1000
See attached
letter
Housing Incentive
100,000
Forgivabl
e Loan
City of
Dubuque
563 -589-
4105
Being applied
for
[B]1,708,064
[C]3,706,000
Other Funds
Total
—
TOTAL PROJECT
BUDGET =[C]
(CDBG Total [A] +
Other Funds Total
[B] _ [C] 1
Total Project Delivery Costs $3,706,000
STATE
HISTORICAL
IOW
f
A Division of the Iowa Department of Cultural Affairs
November 24, 2009
Jeffrey Morton
Jeffrey Morton Architect, PC
206 Bluff ST
Dubuque, IA 52001-
RE: STC10 -31 -043 - Linseed Oil Paint Works Company (Dubuque)
Dear Jeffi ey:
Based on the information provided in Part 2 of your application, tax credits for the rehabilitation project have been
provisionally reserved in the amount of:
Reserved Taxable Reserved
Year: Calendar Year: Credit: Fund:
2012 2012 $900,000 Rollover
Total: $900,000
Upon completion of the project and receipt of a tax credit certificate, the applicant may claim the tax credits on a tax return for
the respective taxable calendar year(s) noted above or any later year. If the project description in Part 2 of the application was
approved with condition(s), please use the attachment which set forth those conditions, if any, that was enclosed in the
previous letter dated, October 22, 2009. Pursuant to 223 Iowa Admin. Code 48.10, the project must cornmence before the end
of the current state fiscal year. Therefore, please notify us in writing before June 30, 2010, of the commencement date of
actual construction. If the estimated qualified rehabilitation costs for the project exceed $500,000, you must also submit a
statement confirming expenditure of at least 10 percent of the estimated qualified rehabilitation costs prior to the end of the
state fiscal year (June 30, 2010) in which the State Historic Preservation Office approved Part 2 of the application. The
statement must be certified by a certified public accountant.
This letter is a preliminary determination only, since a formal "Certification of Rehabilitation" can be issued only to the
applicant after the rehabilitation work is completed and the applicant has satisfied all applicable laws, rules, requirements and
standards. To request certification upon the completion of the project, a Request for Certification of Completed Work (Part 3
of the application), along with interior and exterior photographs of the completed work documenting the fulfillment of any
conditions set forth in the Part 2 approval, must be returned to this office within 6 months of the date the building is placed in
service. At the same time, the Iowa Department of Revenue's Historic Preservation Tax Credits Survey must be sent to the
Iowa Department of Revenue. Any submission of a Part 3 of the application with qualified rehabilitation costs of more than
$500,000 shall include a certified statement by a certified public accountant verifying that the expenses statement includes only
qualified rehabilitation costs incurred in the time period established in 223 Iowa Admin. Code 48.4(5). An onsite inspection of
the completed work by an authorized representative of the State Historic Preservation Office may be undertaken prior to the
issuance of the final Certification of Rehabilitation.
Tax credits will only be issued in accordance with Iowa law. An applicant's failure to comply with any applicable state and
federal laws, rules, requirements or standards may result in the recapture of the tax credit reservation.
600 EAST LOCUST STREET, DES MOINES, IA 50319 -0290 P: (515) 281 -5111
If you have questions or issues concerning technical requirements, particularly issues concerning the Secretary of the Interior
Standards for Rehabilitation of Historic Properties, please contact Jack Porter at 515 -242 -6152 or jack.porter@iowa.gov. If
you have any other questions concerning the State Tax Credit Program, you may contact Elizabeth Foster Hill at 515- 281 -4137
or beth.foster @iowa.gov.
Sincerely,
,-c2f2..h-
Cyndi Pederson
Director
Iowa Department of Cultural Affairs
Federal Historic Tax Credit:
This is an unlimited tax credit source of 20 %. Our normal process is the once the project is
funded, we complete the design development and put together the Part 2 Application
and send it to the National Park Service.
PO bOX 1862 DUbUQUf IOWfl - 52004 -1862 - PUOUt 563.557.7010 • rflX 563.690 1610
gronenproperties.com gronenrestoration.com
r Premier
Me B A I`! ',(
May 14, 2012
Mr. Tim McNamara
195 Bradley
Dubuque, IA 52003
RE: Betty Building Historic Rehabilitation Project
Dear Mr. McNamara:
Premier Bank is pleased to work with you on your historic renovation of the property known as the
Betty Building at the corner of 91h and Jackson Streets in Dubuque, Iowa. The renovation of this
property is of great importance to the city and the neighborhood in which it is located. Premier Bank
greatly appreciates being your financial partner on past projects as well as on this exciting new project.
Premier Bank has reviewed the budget and proforma financial statement for this project and we find
that the anticipated cost and revenue structures are in conformance with an acceptable construction
project. Subject to confirmation of all stated sources of financing for this project, it is anticipated that
construction and permanent financing would be available to the borrower. The anticipated financing
needs would include interim construction financing up to an amount of $3,706,000 followed by
permanent financing of approximately $328,000 upon receipt of all financing sources. The final
commitment for financing would be subject to standard due diligence, acceptable terms of receipt for all
sources of financing, and all other standard underwriting guidelines applied to a construction project.
Upon successful completion of all bank terms, due diligence and underwriting guidelines, Premier Bank
would be ready to provide the necessary financing to complete this important project.
We appreciate the opportunity to present you with this preliminary financing letter of intent and look
forward to working with you on this project.
Best Regards,
�l
'' /am L ��/a. i
Tom
A. Johnson
Vice President Commercial Lending
Asbury Plaza Downtown
West S de
1
SOURCES and USES of FUNDS
Project:
Recipient:
Betty Building
Tim McNamara/Wilmac Property Compnay
SOURCES
$
Amount
Type
Loan/Grant
Rate
Term
(yrs.)
Amort.
(yrs.)
Debt
Service
Security
CONVENTIONAL DEBT
Provider:Premier Bank
$330,000
Loan
6.00%
15
$33,978
IOWA FINANCE AUTHORITY (IFA)
IA ECONOMIC DEVELOP. AUTHORITY (IEDA)
1,997,936
FEDERAL HOME LOAN BANK of DSM
Affordable Housing Program (AHP)
INVESTMENT EQUITY
Low Income Housing Tax Credit (LIHTC)
Enterprise Zone
Historic Tax Credits -State
Historic Tax Credits - Federal
Other Tax Credits
694,600 i
583,464
6
'
OWNER/DEVELOPER CONTRIBUTION
Cash
Land Value
Other Value
CITY CONTRIBUTION
City
100,000
OTHER CONTRIBUTION
Other (Specify)
TOTAL*
3,706,000 1
USES of FUNDS $ Amount SOURCES of FUNDS -- MANDATORY
Land Acquisition
45,000
105,000
Conventional
Conventional
Building Acquisition
Demolition
4,000
5,000
2,737,000
Tax Credits
Housing Incentive
CDBG & Tax Credits
Title, Abstract Recording
Property Taxes during Construction
Construction
Insurance
25,000
30,000
Housing Incentive
Housing Incentive
Tenant Relocation
Contingency
249,000
149,000
29,000
58,000
6,000
Tax Credits
Tax Credits
Tax Credits
Tax Credits
Tax Credits
Architect & Engineering
Technical Services
Lead Hazard Reduction or Abatement
Financing Costs
Fees and Charges
Legal & Acounting
32,000
Tax Credits
Owner /Developer Fee
180,000
Conventional & Tax Credits
Operating Reserves
40,000
Housing Incentive
Other (Specify) Rent -up Reserve
12,000
Tax Credits
TOTAL*
3,706,000
J
*Total Sources of Funds MUST equal Total Uses of Funds
Linseed OII'Paintworks Company (Betty Building)
OPERATING EXPENSES
Year 1
Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15
INCOME:
Gross Rental Income - Apartments 74,288 87,073 89,685 92,376 95,147 98,002 100,942 103,970 107,089 110,302 113,611 117,019 120,530 124,146 127,870
Gross Rental Income - Commercial 26,250 35,000 36,050 37,132 38,245 39,393 40,575 41,792 43,046 44,337 45,667 47,037 48,448 49,902 51,399
Less Apartment Vacancy 5% (3.714) (4,354) (4,484) (4:619) (4,757) 14,900) (5,0471 (5.198) (5,354) (5515) (5 681) (5,851) (6,026) (6.207) (6.393)
96,824 117,720 121,251 124,889 128,635 132,494 136,469 140,563 144,780 149,124 153597 158,205 162,951 167,840 172,875
OPERATING EXPENSES:
Advertising 600 618 637 656 675 696 716 738 760 783 806 831 855 881 908
Property Management 12,000 12,360 12,731 13,113 13,506 13,911 14,329 14,758 15,201 15,657 16,127 16,611 17,109 17,622 18,151
On -Site Payroll 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Administrative Expenses 500 515 530 546 563 580 597 615 633 652 672 692 713 734 756
Supportive Services 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Accounting & Legal 5,000 5,150 5,305 5,464 5,628 5,796 5,970 6,149 6,334 6,524 6,720 6,921 7,129 7,343 7,563
Grounds Maintenance 2,000 2,060 2,122 2,185 2,251 2,319 2,388 2,460 2,534 2,610 2.688 2,768 2,852 2,937 3,025
Electric & Gas 3,500 3,605 3,713 3,825 3,939 4.057 4,179 4,305 4,434 4,567 4,704 4,845 4.990 5,140 5,294
Water & Sewer 2,800 2,884 2,971 3,060 3,151 3,246 3,343 3,444 3,547 3,653 3,763 3,876 3,992 4,112 4,235
Elevator Maintenance/Contract 6,000 6,180 6.365 6,556 6,753 6,956 7,164 7,379 7,601 7,829 8,063 8,305 8,555 8,811 9,076
Waste Removal 1,800 1,854 1,910 1,967 2,026 2,087 2,149 2,214 2,280 2,349 2,419 2,492 2,566 2,643 2,723
Snow Removal 2,000 2,060 2,122 2,185 2,251 2,319 2,388 2,460 2,534 2,610 2,688 2,768 2,852 2,937 3,025
Pest Control 1,500 1,545 1,591 1,639 1,688 1,739 1,791 1,845 1,900 1,957 2,016 2,076 2,139 2,203 2,269
Maintenance PayrolVJanitorial 8,000 8,240 8,487 8,742 9,004 9,274 9,552 9,839 10,134 10,438 10,751 11,074 11,406 11,748 12,101
Repairs & Maintenance 8,000 8,240 8,487 8,742 9,004 9,274 9,552 9,839 10,134 10,438 10,751 11,074 11.406 11,748 12,101
Decorating 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Insurance 11,250 11,588 11,935 12,293 12,662 13,042 13,433 13,836 14,251 14,679 15,119 15,573 16,040 16,521 17,017
Real Estate Taxes 2,800 2,884 2,971 3,060 3,151 3,246 3,343 3,444 3.547 3,653 3,763 3,876 3,992 4,112 4,235
Replacement/Reserve 7,262 8,829 9,094 9,367 9,648 9,937 10,235 10,542 10,859 11,184 11,520 11,865 12,221 12.588 12,966
Total Operating Expenses 75,012 78,611 80,970 83,399 85,901 88,478 91,132 93,866 96,682 99,583 102.570 105,647 108,817 112,081 115,444
Net Operating Income 21,812 39,108 40,281 41,490 42,734 44,016 45.337 46,697 48,098 49,541 51.027 52,558 54,135 55,759 57,432
Federal Historic Tax Credits 583,464
State Historic Tax Credits 694,600
Housing Incentive 100,000
Total Credits & Incentives 1,378,064 0 0 0 0 0 0 0 0 0 0 0 0 0 0
CDBG 1,997,936
Total Sources 3,397,812 39108 40281 41490 42734 44016 45337 46697 48098 49541 51027 52558 54135 55759 57,432
Debt Service:
Conventional: ($330,000 @ 6%, 15 years)
Principal Paid 14,178 15,028 15,930 16,886 17,899 18,973 20,111 21,318 22,597 23,953 25,390 26,914 28,528 30,240 32,055
Interest Paid 19,800 18,949 18.048 17,092 16,079 15.005 13,866 12,660 11,381 10,025 8,588 7,064 5,449 3,738 1,923
Total 33,978 33,977 33,978 33,978 33, 978 33, 978 33.977 33,978 33,978 33,978 33,978 33,978 33,977 33,978 33,978
Operating Cash Flow
3,363,834 5,131 6,303 7,512 8,756 10,038 11,360 12.719 14,120 15,563 17,049 18,580 20,158 21,781 23,454
Debt Service Ratio 100.00 1.15 1.19 1.22 1.26 1.30 1.33 1.37 1.42 1.46 1.50 1.55 1.59 1.64 1.69
5/14/2012
To whom it may concern:
This is to document our ownership and control of the property at 151 E.
Ninth Street, Dubuque, IA, also known as 901 Jackson Street.
Legal description is
CITY LOT LOT 379 & S 15' OF CITY LOT 380
Thank you,
Tim McNamara, President
Wilmac Property Company
801 Jackson St.
Dubuque, IA 52001
563.556.8881
Development Team
Building Owner
Tim McNamara - Wilmac Property Company
Contact Number: 563 - 556 -8881 email: timmc @mwci.net
Developer /Project Manager
John and Mary Gronen — President, Vice President - Gronen Restoration
Office: 563.557.7010 email: maryg @gronenproperties.com
Mobile: 563.213.0013 —John
Mobile: 563.451.8664 — Mary
Architect
Jeff Morton — Principal, Jeffrey Morton Associates — Design /Engineering Architect
Office: 563.585.4300 email: jell @jeffreymortonassociates.com
Jim Jacobsen — History Pays — Historic Preservation Consultant
Office: 515.274.3625 email: hp @raccoon.com Des Moines, IA
David Arbogast — Architectural Conservator — Masonry Preservation Consultant
Office: 563.355.1553 email: arbogast7 @gmail.com Davenport, IA
Legal and Accounting
Flint Drake — Drake & Freund — Local Legal Counsel
Office: 563.582.2000 email: fdrake @drakefreund.com
Mike Welbes — Honkamp, Krueger & Co. — Local Accountant
Office: 563.556.0123 email: hdeininger @honkamp.com
Construction Management
Jim Urell — President, Covenant Construction Group, Inc. — Construction Manager
Mobile: 563.564.1762 email: jimu777 @aol.com
Shawn Hilborn — Portzen Construction — Project Superintendent
Mobile: 563.543.8094 email: shilborn @pci dbq.com
Kyle Fitzgerald — Sustainable Deconstruction — Deconstruction Manager
Mobile: 563.542.6867 email: kylefitz2003@aol.com
Support Team
Jolene Kingeter — Gronen Restoration — Business Manager
Office: 563.557.7010 email: jolenek @gronenproperties.com
Nancy Kann — Gronen Restoration — Project Management /Tenant Development
Mobile 563.580.7257 email: nancyk @gronenproperties.com
Laurie Stelpflug — Gronen Restoration — Residential Property Management /Leasing
Office: 563.557.7010 email: lauries @gronenproperties.com
Barb Sergio — Gronen Restoration — Controller
Office: 563.557.7010 email: barbs @gronenproperties.com