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Home My WebLink Aboutagenda.council.worksession.20160802 CITY COUNCIL WORK SESSION August 02, 2016 4:00 PM, City Council Chambers MEETING AGENDA I. Public/Private Housing Partnership Update II. Code and Charter Amendments III. Burlingame Single Family Homes P1 Page 1 of 3 MEMORANDUM TO: Mayor and City Council FROM: Chris Everson, Affordable Housing Project Manager THRU: Barry Crook, Assistant City Manager DATE OF MEMO: July 29, 2016 MEETING DATE: August 2, 2016 RE: RFP Public Private Partnership Affordable Housing Development REQUEST OF COUNCIL: Staff seeks Council direction on planning future affordable ho using development. PREVIOUS COUNCIL ACTION: At a work session on November 16, 2015, staff was directed to release an RFP to seek Public Private Partnership (PPP) development proposals for the potential development of affordable rental housing at 802 West Main Street, 517 Park Circle and 488 Castle Creek Road. The need for more affordable rental housing had been previously vetted through a series of community outreach events throughout the summer of 2015 which had been directed and reviewed by Council in a number of work sessions. BACKGROUND: The RFP was released on December 18, 2015. The RFP sought PPP proposals to create an arrangement where the City would not be acting as developer and instead would act as owner. A private development partnership team would be engaged to design, build, finance, and operate new affordable rental facilities – an operation and management arrangement much like many of the privately owned affordable rental facilities which make up the majority of the rental facilities which exist today. The RFP highly-prioritized that the designs for the housing facilities should be compatible with the neighborhoods. The RFP also stressed the need for quality, livability and operational standards as well as a need to house income levels in APCHA income categories 1 through 4. The RFP did suggest a potential density range for each property but allowed designers to propose density based on their analysis of each neighborhood. Five proposals were received on March 18, 2016. All were from qualified development teams. An 8- person proposal evaluation team was assembled, with representatives from the City Manager’s Office, Capital Asset Department, Community Development Department, Pitkin County, and from both staff and the board of the Aspen/Pitkin County Housing Aut hority. The recommendation brought forward today is unanimous among the 8-person proposal evaluation team. Staff wishes to thank the proposal evaluation team members for their time and dedication, and below is a very short summary of their work over the course of six meetings to systematically evaluate over 700 pages of submitted material as well as two face-to-face interviews: The evaluation team initially met three times to discuss process, evaluation criteria and to openly discuss the proposals received as well as to submit and discuss empirical proposal scoring based upon the specific evaluation criteria which were established in the RFP. After detailed discussions, the evaluation team unanimously decided t o select two finalists mainly because of (1) the thorough and appropriate nature in which those two proposals addressed most everything requested in the RFP and (2) because the team could not justify P2 I. Page 2 of 3 a third finalist since the third- and fourth-ranked proposals had scored very similarly to one another but were separated by a scoring gap from the first- and second-ranked proposals which also had scored similarly to one another. Thus, two finalist interviews were conducted. After the interviews, the evaluation team met one mo re time (there were six meetings in total) and unanimously agreed to recommend the “Aspen Housing Partners” (AHP) team. Below are some of the final summation comments from the evaluation team members: x Preference for AHP mainly due to the planning side. x AHP has assembled a team that can take this to the finish line. x AHP has a better local understanding of what’s needed to get this done. x AHP has a deeper understanding of the nature of this project. x AHP hit on more aspects of what’s asked for in the RFP. x This process will need a very thorough team, and the AHP team is better prepared with details and professional expertise to do this. x Like both teams, but in the end there was no comparison, prefer AHP. DISCUSSION: Staff has asked the AHP team to present a summary of their pro posal to Council at the August 2 work session. The purpose of the AHP presentation is for Council to gain an understanding of the high level of qualification, depth and breadth of experience which AHP brings to this process and the sound, professional manner in which AHP proposes to go about this business. Below is a list of decisions which Council is being asked to make at the August 2 work session. If Council agrees, staff proposes a follow-up work session with Council in about a month where staff would present the materials suggested: 1) Should staff complete the vetting of AHP by hiring a third part y to review the proposed partnership arrangement and the proposed financing and also by completing reference checks? 2) Should staff prepare an alternate development scenario, where t he City would act as the developer of these properties, so that Council may compare that scenario to the plan and process proposed by AHP? 3) Should staff prepare a draft agreement with AHP for Council review and potential approval? At the next work session, Council could review the materials suggested above and would have the opportunity to (1) choose to further evaluate the City-development scenario or (2) choose to go ahead and complete the selection of AHP by agreeing to sign an agreement with AHP. It is important to note that today’s discussion is not intended to be about the proposed density at each development site. Density and neighborhood compatibility will be vetted through a process of community outreach which will be included in the design process for these properties by AHP and staff. Therefore, nothing included here is final, and if the process moves forward, staff will work with AHP to responsibly facilitate a program of community outreach feedback so that Council can ultimately make informed decisions on density at each site. P3 I. Page 3 of 3 FINANCIAL/BUDGET IMPACTS: TBD RECOMMENDED ACTION: Staff recommends returning to a work session with Council in about a month’s time with the information described, at which time Council may choose to (1) further evaluate the City-development scenario or (2) go ahead and complete the selection of AHP by agreeing to sign an agreement with AHP. CITY MANAGER COMMENTS: ATTACHMENTS: Exhibit A: Aspen Housing Partners Proposal (appendices omitted to reduce size), March 18, 2016 Exhibit B: Aspen Housing Partners Proposal Addendum (Re: Written Responses to Housing PPP Committee Comments), June 8, 2016 Exhibit C: Aspen Housing Partners Presentation Slides, August 2, 2016 P4 I. aspen affordable housing project proposal march 18, 2016 a partnership of stratford capital group and colony partners (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP5 I. tASPEN HOUSING PARTNERS, LLC (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP6 I. ASPEN HOUSING PARTNERS, LLCt Aspen Housing Partners, LLC c/o Jason Bradshaw 2708 Fairmount Street Suite 200 Dallas, TX 75201 214-965-9266 (t); 214-683-0571 (c) Dear Mr. Barwick, Aspen Housing Partners, LLC (“AHP”) is pleased to provide this response to the City of Aspen’s RFP for development of affordable housing at 802 W. Main Street, 517 Park Circle, and 488 Castle Creek Road. AHP is a joint venture that is comprised of SCG Development Partners, LLC (“SCG”) and Colony Partners, Inc. (“Colony”). SCG is the real estate development arm of Stratford Capital Group, LLC, a leading national tax credit developer and syndicator. Colony is a diversified real estate investment and development company with experience in all major real estate sectors and a focus on affordable housing. Its current focus is providing affordable housing solutions in the Roaring Fork Valley. To that end, Jason Bradshaw, founding principal of Colony will be moving to Aspen in the summer of 2016. Thus far, the bulk of the affordable rental inventory in Aspen has been developed and funded by the City of Aspen. Through this presentation AHP will demonstrate the benefits of providing affordable housing through a public/private partnership (PPP). Partnering with a qualified affordable development team such as the one we have assembled will provide the City of Aspen with the following benefits: t 'JOBODJBMSJTLJTUSBOTGFSSFEGSPNUIF$JUZUPUIFEFWFMPQFS t $POTUSVDUJPODPTUPWFSSVOT t 0QFSBUJOHTIPSUGBMMT t %FGFSSFENBJOUFOBODF t "SFEVDUJPOJO$JUZSFTPVSDFTSFRVJSFEGPSUIFEFWFMPQNFOUBOEPQFSBUJOHQSPDFTT t $PNNVOJUZPVUSFBDIQSPHSBNOFDFTTBSZGPSFOUJUMFNFOUQSPDFTT t 3FNPWBMPGUIF$JUZBTBQPUFOUJBMQPMBSJ[JOHGJHVSFJOUIFFOUJUMFNFOUDPNNVOJUZQSPDFTT t "SDIJUFDUVSBMQMBOOJOHQSPDFTT t $POTUSVDUJPOQSPDFTTPWFSTJHIU t 1SPQFSUZNBOBHFNFOU t 0OHPJOHUFOBOUDPNQMJBODF t %FMJWFSNPSFBGGPSEBCMFIPVTJOHWJBB111 t $JUZPG"TQFODBOEFMJWFSNPSFBGGPSEBCMFSFOUBMIPVTJOHBUBGSBDUJPOPGUIFDPTUUPTFMGQFSGPSNJOH AHP is an experienced tax credit affordable housing developer. As such, it will deliver an efficient capital structure that will greatly reduce the City’s financial exposure to the development of affordable housing. With this capital structure comes an underwriting process by both tax credit buyers and debt providers that seeks to create a project that is both financially and operationally secure. This is accomplished through thorough underwriting of construction costs, operating income and expense, deferred maintenance reserve requirements and property management plans. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP7 I. tASPEN HOUSING PARTNERS, LLC Projects funded with housing tax credits are required to stay in compliance for a minimum of 15 years. This creates an alignment of interest between the City’s goal of having a committed partner in the transaction. During this 15 year period, AHP would be providing guarantees to the tax credit investors, in the amount of tax credits sold, that the project will stay in compliance. AHP would also be providing guarantees against operating deficits. Finally, AHP has brought together a team that includes local firms that with long-time local principals and employees that have an extensive knowledge of the development process in Aspen and understand the process of moving projects from inception to completion in a challenging political and environmental climate. This team is also tuned into the need for affordable housing and have an intimate understanding of how critical a scalable affordable housing solution is to the success of local companies, and therefore we are extremely invested in the success of a project such as this. Our team consists of the following members: Developer/Owner: "TQFO)PVTJOH1BSUOFST --$ +BTPO#SBETIBX Architect: %BWJE+PIOTUPO"SDIJUFDUT %BWJE+PIOTUPO #SJBO#FB[MFZ Planner: .FUIPE1MBOOJOH%FWFMPQNFOU "EBN3PZ Landscape Planning: $POOFDU0OF%FTJHO )FBUIFS)FOSZ $ISJTUJOF4IJOF Civil Engineering: 3PBSJOH'PSL&OHJOFFSJOH 3JDIBSE(PVMEJOH General Contractor: 4IBX$POTUSVDUJPO 4BN.FZFS 3JDI,FMMFS Management:5SJVNQI.BOBHFNFOU(SPVQ We are confident that the team assembled to respond to Aspen’s affordable housing RFP is uniquely qualified to bring the following: tSolid understanding of the affordable housing needs of the Aspen community tWorking knowledge of the local entitlement process tExperience and commitment to working through complicated and sensitive entitlement processes with significant community involvement tCreative and neighbor friendly design solutions for each site tExtensive tax credit financing, development and operating experience tSignificant dedicated capital resources through Stratford Capital Group’s tax credit investment funds tProven contractor with significant local experience tTrack record of successfully creating innovative public / private partnerships that are based on an alignment of interests that prove to be positive for all parties involved This proposal represents the conceptual designs from a highly qualified team ready to refine these designs hand-in-hand with the city to deliver a superb product and create a new repeatable model for PPP affordable housing in the valley. Should you have any questions during the proposal review process please do not hesitate to contact me. Kindest regards, Jason Bradshaw (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP8 I. ASPEN HOUSING PARTNERS, LLCtUBCMFof contentsDIBQUFS introduction & approach .................................7 PPP structure and rationale .....................................14 DIBQUFS your team ..............................................23 DIBQUFS west main..............................................47 DIBQUFS park circle ..............................................59 DIBQUFS castle creek ............................................71 DIBQUFS implementation ........................................83 financing ......................................................86 BQQFOEJDFT ......................................................98 (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP9 I. tASPEN HOUSING PARTNERS, LLC (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP10 I. ASPEN HOUSING PARTNERS, LLCt DIBQUFSJintroduction and approach develop e r develop e r designe r s & contrac t o r s citycity designe r s & contrac t o r s Jintroduction(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP11 I. tASPEN HOUSING PARTNERS, LLC (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP12 I. ASPEN HOUSING PARTNERS, LLCt JOUSPEVDUJPO "TQFO)PVTJOH1BSUOFST is proposing the development of all three sites, 517 Park Circle, 802 Main Street and 488 Castle Creek Road (collectively the “Properties”), through a unique and qualified team approach. Undoubtedly the greatest challenge will be to achieve as much neighborhood and community buy-in as possible, byway of satisfying each of the acute challenges, while exploiting opportunities that each of the three Properties presents. The following proposal describes and demonstrates the team’s command over the challenges and issues, while presenting creative solutions for the development of new affordable workforce rental housing in Aspen. The Need The City of Aspen is unarguably facing a continuing heightened need for additional affordable housing in order to sustain a locally living workforce as well as a retain a vital cross-section of its community structure and composition. Continued escalating real estate values has placed a heavy cost burden on both ownership and rental housing, the latter of which has received the greatest attention from community members and employers. To meet the housing demand as a result of current population and employment growth, recent studies suggests that the City needs to produce approximately 300 new affordable housing units. The focus over the past decade has been for the public sector to produce for sale ownership units for local employee households, highlighted by the successful completion of Burlingame Phase I and II. This focus has resulted in a disproportionate balance of workforce housing inventory between for sale and for rent units. Having not developed new affordable rental housing for many years, the City is in a position to now shift the focus to rental housing in order to meet the pent VQEFNBOE5IJTQSPQPTBMDMPTFMZBOBMZ[FTUIFWBSJPVTDPNQFUJOHOFFETGPSOFXSFOUBMIPVTJOHUISPVHIEBUB and input provided within the RFP material, analysis of the APCHA needs assessments, and through contextual and anecdotal research by the AHP Project team. Goals and Priorities In addition to the information provided in the RFP material, Aspen Housing Partners has spent a great deal of time reviewing the goals and needs of the City and APCHA by reviewing the Aspen Area Community Plan, the City of Aspen Housing Survey Summary and through general inquiries and discussions with APCHA administrators. The majority of relevant priorities resulting from these investigations fall within the broad parameters provided in the RFP background material. Additional considerations beyond the information provided in the RFP material encouraged a slightly varied approach related to unit mix, categorical restrictions, and amenities and general livability. The following guiding principles have been implemented in order to establish the design objectives and development approach to each of the Properties: t 6OJU.JY: A unit mix of predominantly one (1) and two (2) bedroom units has been employed, with a few three (3) bedroom units on one of the properties. The mix was established based on the contextual surroundings of the properties as well as confirmation from APCHA that for rent three (3) bedroom units in appropriate neighborhoods and building types are also of high demand. Evidence shows that a principal goal of the Aspen community is to continue to grow its inventory of affordable housing to secure permanent and seasonal housing for members of the workforce. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP13 I. tASPEN HOUSING PARTNERS, LLC project understanding t %FOTJUZ: Site constraints and neighborhood context drove the density for each project with more residential oriented properties receiving lower density and less residential oriented properties receiving higher density. t $BUFHPSJDBM3FTUSJDUJPOT: Unquestionably the least served income population for rental housing is oriented towards lower category units. All research and discussions with APCHA confirmed that employees qualifying for the respective income levels are the most underserved within the current affordable housing inventory. Furthermore, as the project financing structure is through Low Income Housing Tax Credits, the APCHA category 2 income and rental levels correlate most closely with the requirements for tax credit qualification. As a result, all of the units for the purposes of this proposal related to Category 2 housing qualifications. t "NFOJUJFT: In reviewing the community surveys and the sections of the City of Aspen Housing Survey Summary, it is clear that a lack of on-site and/or nearby amenities are an issue with respect to existing affordable rental projects. As a result, a strong emphasis was placed on designing projects that offered on-site amenities for renters. tLivability: Similar to underserved amenities, the City of Aspen Housing Survey Summary demonstrates a lower satisfaction rate for residents in existing rental units/projects versus residents of ownership units/ projects. In response, the projects envision site, building and unit designs that are more in line with ownership projects than past rental projects. The expectation resulting from increased renter satisfaction will be a greater sense of pride, permanence and community, lessening the impact on neighboring tenants and especially property owners in and around each of the three subject neighborhoods. All projects are designed to meet ADA compliance with Castle Creek being fully ADA accessible. Specifically, the Castle Creek complex is designed to be fully ADA accessible via elevator access to all units on all floors. Due to it’s location and proximity to the hospital and other senior services, the Castle Creek project could serve as an excellent senior living facility upon completion or in the future. t 4VTUBJOBCJMJUZ: A key focus on green design was partly gleaned from the RFP material, the City of Aspen DWRGENTRYPORCHDRWREFBEDROOM 1BATH 1LIVING ROOMKITCHENDININGCL.MUDROOM/LAUNDRYCL.CL.DWRGENTRYPORCHDRWREFBATH 1DININGBEDROOM 1KITCHENLIVING ROOMCL.MUDROOM/LAUNDRYCL.CL.BEDROOM 2DWRGENTRYPORCHDRWREFBATH 1DININGBEDROOM 1KITCHENLIVING ROOMCL.MUDROOM/LAUNDRYCL.CL.BEDROOM 2BATH 2BEDROOM 3CL.TYPICAL FLOOR PLAN: ONE BEDROOM TYPICAL FLOOR PLAN: TWO BEDROOM TYPICAL FLOOR PLAN: THREE BEDROOM (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP14 I. ASPEN HOUSING PARTNERS, LLCt project approach: objectives Housing Survey Summary and City of Aspen building codes. However, the primary driver for this focus is based on the AHP Project team’s commitment to green design principles and sustainable development throughout its recent project history. Each project is guided by design principals and development objectives that employ the most efficient, livable and land and resource sensitive approach, striking a balance between the environmental, economic and equitable factors associated with each of the unique and varied properties. Guiding Objectives The guiding objectives for designing the projects for the three properties, in order of priority, are: Neighborhood Context and Appropriateness City of Aspen/APCHA Housing Need Priorities Sustainability and Livability Each property was first assessed from the larger neighborhood context, considering constraints, pressures, influences and opportunities, with the ultimate goal of creating a project that had minimal or mitigated impact and was the most cohesive and complementary to the immediate and surrounding properties. At the building level, the takeaways concluded from the City of Aspen and APCHA housing needs as described above, were overlaid with the neighborhood context to establish the most appropriate and compatible build-out scenarios and unit-mix. The outcomes of the site studies for each of the immediate neighborhoods were integrated with the various opportunities each property presented. Considerations such as solar gain, views and privacy, XFSFVUJMJ[FEUPFTUBCMJTIUIFEFUBJMTPGUIFCVJMEJOH design, the unit layouts and the site and amenity space programming. The final schematic build-out and site designs were BTTFTTFEBHBJOTUUIFWBSJPVTSF[POJOHPQUJPOT5IF VMUJNBUFHPBMJOFTUBCMJTIJOHOFX[POJOHGPSFBDIPG UIFQSPQFSUJFTXBTUPBSSJWFBUBCBTF[POFEJTUSJDUUIBU would first and foremost effectively complement the surrounding properties and broader neighborhood context, while allowing for the design and development of truly exceptional affordable rentals at all three properties. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP15 I. tASPEN HOUSING PARTNERS, LLC project approach: land use process Land Use and Rezoning 5PFTUBCMJTIOFX[POJOHBOESFMBUFEMBOEVTFTUBOEBSET FBDIQSPQFSUZXBTBOBMZ[FEJOEJWJEVBMMZJOPSEFS UPEFUFSNJOFUIFNPTUBQQSPQSJBUFSF[POFUPBDDPNNPEBUFBOBQQSPQSJBUFMZTDBMFEQSPKFDUJOUFSNTPG NBTT IFJHIU TFUCBDLTBOEEFOTJUZ5PBDIJFWFUIFHPBMTPGUIF3'1 UIFSF[POJOHUP3FTJEFOUJBM.VMUJ'BNJMZ (RMF) and Affordable Housing Planned Development (AH/PD) were assessed and compared against the FYJTUJOH.PEFSBUF%FOTJUZ3FTJEFOUJBM 3 *OBMMDBTFTCPUIUIF3.'BOE")1%[POJOHXPVMEBEFRVBUFMZ accommodate the proposed design goals with each site. "TJTEFNPOTUSBUFEJOUIFSF[POJOHDPNQBSJTPODIBSUJOFBDITQFDJGJDTJUFDIBQUFS JUXBTDPODMVEFEUIBU B1MBOOFE%FWFMPQNFOUSF[POFUP")1%UISPVHIBDPOTPMJEBUFESF[POJOHMBOEVTFSFWJFXGPSBMMUISFF QSPQFSUJFTJTUIFNPTUBQQSPQSJBUFSF[POFBTXFMMBTNPTUQBMBUBCMFUPUIFOFJHICPSIPPEBOEDPNNVOJUZ 4FF$IBQUFSJJJ8FTU.BJO3F[POJOH$PNQBSJTPO 4FF$IBQUFSJW1BSL$JSDMF3F[POJOH$PNQBSJTPO 4FF$IBQUFSW$BTUMF$SFFL3F[POJOH$PNQBSJTPO In all cases, the design and development programs fall well below the maximum standards allowed by a SF[POFUP3.''VSUIFSNPSF UIFBCJMJUZUPDSFBUFUIFEJNFOTJPOBMSFRVJSFNFOUTUISPVHIBSF[POFUP") PD would result in a restrictive entitlement of the prescribed standards, limiting the approvals to only accommodate the proposed designs. The entitlement vesting following land use approvals would effectively MJNJUBOZGVUVSFEFWFMPQNFOUUPUIFQSPQPTFEQSPKFDU XIFSFBTSF[POJOHUP3.'XPVMEBMMPXGPSTJHOJGJDBOUMZ more intensive development, including a mix of free-market residential development. 5IFGPMMPXJOHUBCMFTVNNBSJ[FTUIFSFTVMUJOHVOJUNJYBOE "1$)"DBUFHPSJFTBOERVBOUJUJFTUIBUXBTEFSJWFE GSPNUIFEFTJHOBOE[POJOHPCKFDUJWFTGPSFBDIPGUIFUISFFQSPQFSUJFT.PSFEFUBJMFEBOBMZTFTBSFQSFTFOUFE in each specific site chapter. Unit,CategoryandBuildͲoutforallThreeProperties UnitType(CatͲ Bdrm) APCHA Category UnitQuantity Category Quantity PrescribedUnit FloorArea(Sq. Ft.) FloorAreaperType (Sq.Ft.) FloorArea Attributableto FAR* TotalFTEs 1Ͳ1 1 0 700 0 0 0.00 1Ͳ2 1 0 900 0 0 0.00 1Ͳ3 1 0 1,200 0 0 0.00 2Ͳ1 2 30 700 21,000 21,000 52.50 2Ͳ2 2 16 900 14,400 14,400 36.00 2Ͳ3 2 2 1200 2,400 2,400 6.00 3Ͳ1 3 0 700 0 0 0.00 3Ͳ230 900 0 0 0.00 3Ͳ330 1200 0 0 0.00 4Ͳ140 700 000.00 4Ͳ240 900 0 0 0.00 4Ͳ340 1200 0 0 0.00 Total n/a 48 48 n/a 37,800 37,800 94.50 Average n/a 1.00 1.00 n/a 787.50 787.50 1.97 0 48 0 0 (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP16 I. ASPEN HOUSING PARTNERS, LLCt project approach: community outreach Neighborhood Context and Community Outreach To achieve neighborhood and community buy- in for the proposed projects a rigorous public outreach and input process will be carried out. Each of the three Properties entails different challenges and opportunities based on the surrounding neighborhood compositions, densities and character. They also range in use-type composition from homogeneously residential, substantially urban and mixed-residential/institutional. As a result, these varying characteristics informed the design and development approach in the subsequent sections JODMVEJOHCVUOPUMJNJUFEUPMBOEVTFBOESF[POJOH site planning and landscape design, density, unit mix, massing and scale, and architectural character. Although each property will require a slightly varied approach, the Team has developed a public outreach plan consisting of the following: t *OUFSBDUJWF8FCTJUF A website will be developed and distributed to the neighborhood and broader community to present each of the projects. This website will continuously update the community on the design progress for each of the projects as they advance through the design, approval and construction. Registered users will be able to login and provide comment and feedback. The Team will then compile this input during design development and incorporate it into progressive design iterations, for ultimate presentation at the land use approval level. t .BJMJOHT All neighbors registered through the website and/or living within a 300 foot radius of the properties will receive periodic mailings updating the design progress and announce any pertinent information and public meetings. t 0QFO)PVTFTDuring the design process, the Team will host open house “picnics” at each of the properties, which will be announced through the website and mailings. The open houses will allow the Team to present the projects on a site-specific basis, including but not limited to showing building footprints and story poles, design renderings and the relationship of the improvements to the streetscape and adjacent properties. Neighborhood and community members will also have a face-to-face opportunity to provide feedback and input to inform the Team’s design process. Specific neighbors in very close proximity to some of the sites will be individually sought out and invited to these picnics. t "EEJUJPOBM1BSUJDJQBUPSZ5PPMT%FQFOEJOHPOQSPQFSUZTQFDJGJDOFFE UIFUFBNXJMMGVSUIFSVUJMJ[FCFTU practice participatory tools for soliciting additional input and feedback in order to gain overall consensus as to the most appropriate and desirable solutions to each of the three project designs. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP17 I. tASPEN HOUSING PARTNERS, LLC QQQTUSVDUVSFand rationale ")18*--%&-*7&35)&'0--08*/(130+&$54 1114536$563&%*"(3". # of Units AMI SqFt Max TC Rent Util Allowance Net Rent 517 Park- 1 BR 4 60% 700 1,094 100 994 517 Park- 2 BR 5 60% 900 1,312 110 1,202 517 Park- 3 BR 2 60% 1,200 1,516 125 1,391 802 Main- 1 BR 11 60% 700 1,094 100 994 802 Main- 2BR 2 60% 900 1,312 110 1,202 488- 1 BR 15 60% 700 1,094 100 994 488- 2 BR 9 60% 900 1,312 110 1,202 Apartment Unit Mix t 1BSL$JSDMF t11 Category 2 / 60% AMI units t .BJO4USFFU t13 Category 2 / 60% AMI units t $BTUMF$SFFL3PBE t24 Category 2 / 60% AMI units colony development, llc 50%50% aspen housing gp 0.02% subordinate financing ground lease 98.98% (first mortgage lender) first mortgage loan 802 main street 517 park circle 488 castle creek 1.00% stratford aspen investor lp (federal LIHTC investor) aspen state tc investor lp (state LIHTC investor) SCG development partners, llc Land Use Approvals Architecture Engineering Landscape Architecture Construction Operations Maintenance Management (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP18 I. ASPEN HOUSING PARTNERS, LLCt QQQTUSVDUVSF financing 50'*/"/$&5)&130+&$5 ")18*--#&65*-*;*/()064*/(5"9$3&%*54 -0/(5&3. %&#5"/%"46#4*%:'30.5)&$*5:0'"41&/ Gross Potential Revenue 621,874 Vacancy (5%)(31,094) Other Income 12,500 Total Net Revenue 603,280 Operating Expenses (286,825) Net Operating Income 316,455 Debt Services (274,860) Available Cash Flow 41,595 Debt Service Coverage Ratio 1.15x Operating Proforma Sources Federal Tax Credit Equity 8,802,000 State Tax Credit Equity* 3,985,000 First Mortgage Loan 4,557,781 City of Aspen Contribution 6,875,403 Total 24,220,184 Uses Construction Costs 16,538,203 Impact/Tap Fees 1,200,000 A&E Engineering 1,405,747 Financing Fees/Costs 658,355 Legal Fees 350,000 Other Third Party/Soft Costs 540,000 Reserves 486,398 Interest Expense 488,808 Developer Fee 2,552,672 Total 24,220,184 5)*4$"1*5"-4536$563&3&26*3&4"/6/%&383*5*/(5)"5&45"#-*4)&4"40-*% '06/%"5*0/'03$"4)'-08'30.01&3"5*0/ (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP19 I. tASPEN HOUSING PARTNERS, LLC QQQTUSVDUVSFcity of aspen investment ")1XPVMEQSPQPTFUIFGPMMPXJOHFDPOPNJD BHSFFNFOUXJUIUIF$JUZPG"TQFO t 5IFDJUZPG"TQFOXPVMEDPOUSJCVUF UP the project in a form of a 2nd mortgage on the properties included in the project t 5IF$JUZPG"TQFOBOE")1XPVMEFOUFSJOUPB year ground lease at a minimal lease rate 5IJTXJMMBMMPXUIF$JUZPG"TQFOUPSFBMJ[FJUTMPOH term goal of achieving additional affordable rental housing inventory at a fraction of the capital commit- ment required to self perform. * At this time, the Colorado State Housing Credit is being considered for renewal by the state legislature. Depending on the result of the legislative process, these assumptions could change PPP Self-Perform Sources Federal Tax Credit Equity 8,802,000 0 State Tax Credit Equity* 3,985,000 0 First Mortgage Loan 4,557,781 0 City of Aspen Contribution 6,875,403 24,220,184 Total 24,220,184 24,220,184 Uses Construction Costs 16,538,203 16,538,203 Impact/Tap Fees 1,200,000 1,200,000 A&E Engineering 1,405,747 1,405,747 Financing Fees/Costs 658,355 658,355 Legal Fees 350,000 350,000 Other Third Party/Soft Costs 540,000 540,000 Reserves 486,398 486,398 Interest Expense 488,808 488,808 Developer Fee 2,552,672 2,552,672 Total 24,220,184 24,220,184 Initial Closing "TQBSUPGUIFUBYDSFEJUTUSVDUVSF ")1XJMMCFSFRVJSFEUPCVJME PXOBOEPQFSBUFUIFQSPKFDUGPSZFBSJOUFSWBMT EVSJOHXIJDIUJNFJUXJMMCFSFTQPOTJCMFGPSBOEQSPWJEFHVBSBOUFFTPOUIFGPMMPXJOH t $POTUSVDUJPO-PBO(VBSBOUFFThe Guarantors will guarantee coverage of any and all cost overruns due to change or- der, time delays and any other reason that project costs should exceed project budgets during the course of construc- tion; t $PNQMFUJPO(VBSBOUFF The Guarantors will guarantee to achieve (i) the lien free completion of construction/reno- WBUJPO JODMVEJOHUIFQBZNFOUPGBMMDPTUTOFDFTTBSZUPBDIJFWFDPNQMFUJPO BOE JJ TUBCJMJ[BUJPOBOEGJOBMDMPTJOH JF achieving the underwritten DCR for a specified period of time, including funding of the scheduled property reserves, among other things); t 0QFSBUJOH%FGJDJU(VBSBOUFFThe Guarantors will guarantee to lend funds to the property as required from time to UJNFUPGVOEBOZPQFSBUJOHEFGJDJUTPGUIFQSPQFSUZUISPVHIUIFGJGUIBOOJWFSTBSZPGUIFTUBCJMJ[BUJPOEBUF5IFSFBGUFS they will guarantee to lend funds to the property as required from time to time to fund any operating deficits of the property in an amount outstanding at any one time equal to approximately 6 months of operating expenses, “must pay” debt service, and replacement reserves through the end of the 15 year tax credit compliance period. Any such loans (the “Operating Deficit Loans”) will be repaid, without interest, only from net cash flow and net capital proceeds; t 5BY$SFEJU(VBSBOUFFThe Guarantor will make an adjustment payment to the LIHTC investment partnership to the extent that there is a shortfall in projected tax credits; and t 3FQVSDIBTF(VBSBOUFFThe Guarantors will repurchase the interest of the LIHTC investment partnership for an amount equal to the total capital contributions paid-to-date by the investor if certain benchmarks set forth in the limited partnership agreement are not met, including, without limitation, (i) achieving construction completion, or (ii) placing the Property in service by a predetermined date. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP20 I. ASPEN HOUSING PARTNERS, LLCt QQQTUSVDUVSFcity of aspen investment At the conclusion of the initial 15 year housing tax credit compliance period, the City would have the right to purchase the property for the balance owed on the 1st mortgage plus any exit taxes. The total investment in the project by the City would CF GSFFBOEDMFBS 5IJTDPNQBSFTUP BUUIFTBNFQPJOUJOUJNFVOEFSUIFTFMG perform option. At that point, the City would have the following options available: 1. Continue to operate the properties as an affordable rental projects under APCHA oversight 2. Work with the CHFA to amend the extended use agreement to allow for the City of Aspen to sell the units as affordable condominiums 3. Continue the relationship with AHP and redevelop the property by issuing new housing tax credits PPP Self-Perform Initial Captial Contribution 6,875,403 24,220,184 Repay Outstanding Debt 3,661,958 0 Debt Service/Cash Flow (522,160) (5,293,461) City of Aspen Contribution 10,015,201 18,926,722 Cost to Own Property (Debt-free) in Year 15 0OFPQUJPOGPSUIF$JUZPG"TQFO TIPVMEUIFZFYFSDJTFUIFSJHIUUPQVSDIBTFUIFQSPKFDUBUB GVUVSFEBUFJTUPTFMMFBDIVOJUBTBOBGGPSEBCMFDPOEPNJOJVN #FMPXJTBOJMMVTUSBUJPOPGUIFUPUBMQSPDFFETCZTFMMJOHUIFVOJUTJOUIJTQSPKFDUVOEFSEJGGFSFOU "1$)"DBUFHPSJFT5IJTTIPXTUIBUUIF$JUZPG"TQFOXPVMEIBWFUIFDBQBCJMJUZPGSFDPVQJOHJUT JOWFTUNFOUVOEFSUIFQVCMJDQSJWBUFQBSUOFSTIJQPQUJPOTFMMJOHDPOEPNJOJVNTBUBOZDBUFHPSZ ** PLEASE SEE CHAPTER VI: IMPLEMENTATION FOR FURTHER DETAIL ON ALL FINANCIAL INFORMATION PROVIDED HERE IN THIS SUMMARY** "TQBSUPGPVSSFTQPOTF ")1XJMMCFSFRVFTUJOHUIBUGPSUIFTFUISFFTJUFT "1)$"DPOGPSN JUT$BUFHPSZSFOUTXJUIUIPTFPVUMJOFECZ$)'"GPSUIF".*DBUFHPSZ 5IJTXJMMBDIJFWFUIFGPMMPXJOH t5IFQSPKFDUXJMMNBYJNJ[FEFCUQSPDFFETXIJDIXJMMNJOJNJ[FUIF$JUZPG"TQFODPOUSJCV- tion request tThe compliance requirement with CHFA will be more easily maintained if APCHA is able to alter its rent schedule Category 2 9,849,470 Category 3 13,685,186 Category 4 20,534,011 Average 14,689,555 Value of Condominium Sales in Year 15 (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP21 I. tASPEN HOUSING PARTNERS, LLC QQQTUSVDUVSFmanagement plan Triumph Housing Management, LLC (“Triumph”), is the proposed Managing Agent for AHP. Triumph has a long standing relationship with the affiliates of AHP, having completed the lease up process and manag- ing thousands of units. In its role, Triumph will be tasked with both property management and marketing efforts. Triumph has prepared a management plan that can be read in detail. It is located in Chapter iv: Implementation. Below are the main objectives of the marketing plan that will be followed: 1. Agent is responsible for the day-to-day operations of the project and will keep the Owner informed of relevant issues pertaining to the property. 2. Agent implements policies and procedures in compliance with Federal, State and local statutes. 3. Agent handles the records and files for compliance, maintenance of buildings/units/ grounds and overall tenant satisfaction with their apartments. 4. Agent will hire, train, supervise, and discharge the property’s on-site staff including the Property Manager, Office staff, and Maintenance staff lawn, etc., as well as any contractors associated with the project. 5. Agent handles all marketing and leasing efforts. 6. Agent ensures compliance with the terms and conditions outlined in the lease and house rules. This includes notifications of lease infractions, evictions or terminations, renewals, rent increases, notifications, handling grievances and disputes. 7. Agent is responsible for complying with leasing and other requirements contained in Section 42 of the U.S. Internal Revenue Code. 8. Agent is responsible to APCHA, CHFA and HUD (if applicable) for ensuring the property and its records are ready for site visit. 9. Agent will attend all inspections such as REAC, HUD management reviews, as well as CHFA and/or APCHA reviews, if applicable. 10. Agent will provide the Owner and Limited Partners with monthly financial statements as well as operating reports that include project needs and concerns that require the attention of the Owner. Incident reports of any accidents, claims, and/or potential claims against the property will be forwarded to the Owner from time to time as well. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP22 I. ASPEN HOUSING PARTNERS, LLCt QQQTUSVDUVSFmarketing plan Triumph has prepared a marketing plan that can be read in detail. It is located in Chapter iv: Implementa- tion Below are the main objectives of the marketing plan that will be followed: 1. Prepare the Product - This covers the condition of the grounds, office, models, and market ready units. 2. Traffic Generation - This includes curb appeal, signage, advertising, marketing outreach, and resident referrals. 3. Leasing the Apartment - This includes training the Leasing Consultants on techniques for showing units, overcoming objections, closing, etc. It also includes the setting of leasing goals and monitoring closing ratios. 4. Renewals - This includes resident retention plans. 5. Triumph will gladly coordinate with APCHA on the strategy in such a way that maximizes the efficiency in which affordable housing is made available to properly qualified members of the Aspen community. At a minimum, all residents will be properly qualified through the APCHA process prior to the execution of a lease. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP23 I. tASPEN HOUSING PARTNERS, LLC OFJHICPSIPPEDPOUFYUwest main pastfutureNEIGHBORHOOD CONTEXT DIAGRAM: WEST MAINpppppptsttNEIGHBORHOOD CONTEXT: WEST MAIN Smack dab in the downtown grid of Aspen this property represents everything affordable housing should be. Walkable to restaurants, existing bus stops, parks, the regional trail and the heart of downtown this property is prime for affordable housing redevelopment. Given the surrounding existing affordable housing developments the neighborhood is also well suited for housing without a lot of pushback. Drawbacks to this area include heavy traffic on the Highway 82 CDOT S-curves which will present vehicular access issues as well as pedestrian safety issues. It is imperative that residents don’t try to illegally cross the highway just for the Hick House ribs! Though remote, there is always the possibility of a re-aligned entrance to Aspen. Though the relationship to heavy traffic volume at this site remains largely the same, it would effect some pedestrian movements. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP24 I. ASPEN HOUSING PARTNERS, LLCt OFJHICPSIPPEDPOUFYUpark circle presentpNEIGHBORHOOD CONTEXT DIAGRAM: PARK CIRCLE NEIGHBORHOOD CONTEXT: PARK CIRCLE Located on the edge of the town grid, this property represents the classic intersection of the built and natural environments. The neighborhood is eclectic in both type and design and this project NVTU FYFDVUF PO UIF $JUZT EFTJSF UP DBQJUBMJ[F PO multi-family housing density while respecting several single family homes are nearby neighbors. The views are exquisite and each unit should be able to take full advantage of this beauty. While the sidewalks in this area lack continuity this project will be able to develop walks and fill in another QJFDFPGUIBUQV[[MFBOEQSPWJEFBLFZDPOOFDUJPO UPUIFIFBWJMZVUJMJ[FE4NVHHMFS.PVOUBJO3PBE (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP25 I. tASPEN HOUSING PARTNERS, LLC OFJHICPSIPPEDPOUFYUcastle creek presentfuture NEIGHBORHOOD CONTEXT: CASTLE CREEK If an affordable housing site gets to have some of the best views in the valley, this is the one! While this site is located well outside of the downtown grid the already developed surroundings still make it extremely suitable for development. The nearest bus stop is located at the south end of the hospital campus and the regional trail connection is just steps away from the site’s only access point. The drawback to both of these pedestrian destinations, however, is that a connection either down the site bluff (not wheelchair accessible) or along the narrow Castle Creek Road will have to be addressed.pastpNEIGHBORHOOD CONTEXT DIAGRAM: CASTLE CREEK (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP26 I. ASPEN HOUSING PARTNERS, LLCtJJproject approachcolony partners stratford capital group method planning + development david johnston architects connect one design roaring fork engineering shaw construction triumph management group DIBQUFSJJyour team work play live work play live JJyour team(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP27 I. tASPEN HOUSING PARTNERS, LLC (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP28 I. ASPEN HOUSING PARTNERS, LLCt FOUJUZTUSVDUVSFdiagram Aspen Housing Partners has assembled an exceptionally qualified team to successfully respond to the unique challenges associated with developing new affordable rental housing in Aspen. The integration of an experienced housing tax credit development entity with a general contractor and a consortium of local experts well versed in the unique challenges and processes of the Aspen design and development environment, sets Aspen Housing Partners apart from other applicants. This three-pronged approach, along with a partnership with the City of Aspen, embodies the essential skills and knowledge to deliver successful affordable housing projects in Aspen. The Aspen Housing Partners Team consists of the following: t %FWFMPQNFOUBOE-FOEJOH1BSUOFSTIJQ Colony Partners and Stratford Capital have established an extensive track record of successful market rate and low income housing tax credit (LHTC) projects with vertical integration of all equity, financing and syndicating requirements. t -PDBM$POTVMUBOUT: The team of local planners, designers and engineers have tenured successes and experience within the challenging development and construction climate in Aspen – including affordable housing – and a preexisting and trusted working relationship with all related City of Aspen Departments. t (FOFSBM$POUSBDUPS4IBX$POTUSVDUJPOIBTDPNQMFUFEEP[FOTPGNBSLFUSBUFBOE-*)5$IPVTJOH projects across the state of Colorado, as well as complex civic and housing projects with the City of Aspen and other local institutional non-profits. Shaw’s expertise of the local construction market and a working relationship with the City of Aspen rounds out the Project Team’s ability to deliver exceptional workforce housing projects. colony development, llc 50%50% aspen housing gp 0.02% subordinate financing ground lease 98.98% (first mortgage lender) first mortgage loan 802 main street 517 park circle 488 castle creek 1.00% stratford aspen investor lp (federal LIHTC investor) aspen state tc investor lp (state LIHTC investor) SCG development partners, llc Land Use Approvals Architecture Engineering Landscape Architecture Construction Operations Maintenance Management (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP29 I. tASPEN HOUSING PARTNERS, LLC aspen housing partners, llc AHP Aspen Housing Partners, LLC is a joint venture that is comprised of SCG Development Partners, LLC (“SCG”) and Colony Partners, Inc. (“Colony”). SCG is the real estate development arm of Stratford Capital Group, LLC, a leading national tax credit developer and syndicator. Colony Partners, Inc. is a diversified real estate investment and development company with experience in all major real estate sectors and a focus on affordable housing. While both companies bring significant real estate development and financing experience to the table, the premise for the venture is to provide a development solution that combines significant financial resources with a solid understanding of the local environment. This includes assembling the best team to identify the opportunity, formulate the best strategy and execute on that strategy. To that end, Colony provides all local development requirements including identifying the opportunity and working with the best local resources on strategy and execution. SCG, while experienced and involved in the above, focuses on delivering the most efficient financing structure that includes syndicating all federal tax credits through its parent company’s syndication group. SCG (“Stratford Capital”) and its development affiliate, SCG Development Partners, --$ DPMMFDUJWFMZ i4$(w JTBSFDPHOJ[FEMFBEFSJOUIFNVMUJGBNJMZJOWFTUNFOU and development industry with a particular focus on affordable housing investments and development benefiting from Low-Income Housing Tax Credits (“Tax Credits”). Since 2007, SCG has successfully underwritten, sponsored and syndicated private equity in 130 multifamily rental apartment properties totaling approximately 15,600 BQBSUNFOUVOJUTJOTUBUFTXJUIBDBQJUBMJ[FEWBMVFPGBQQSPYJNBUFMZCJMMJPO4$(TNVMUJGBNJMZGPDVTDFOUFSTPO Tax Credit syndication and development as well as comprehensive ongoing asset and fund management. The principals PG4$(IBWFBOFYUFOTJWFZFBSUSBDLSFDPSEJOUIFTZOEJDBUJPOBOEEFWFMPQNFOUPGBGGPSEBCMFIPVTJOHVUJMJ[JOH5BY $SFEJUT0WFSUIFQBTUZFBST UIFQSJODJQBMTPG4USBUGPSE$BQJUBMIBWFSBJTFEPWFSCJMMJPOJOFRVJUZGPS5BY$SFEJU transactions. Also, the principals of SCG have been involved in the successful development and/ or redevelopment of PWFSBGGPSEBCMFSFOUBMQSPQFSUJFTVUJMJ[JOH5BY$SFEJUT TUSBUGPSEcapital group, llc (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP30 I. ASPEN HOUSING PARTNERS, LLCt CPI (“Colony”) was formed in 2001 as a real estate development and investment company with offices in Oklahoma City and Dallas. The principals have a combined 55 years of real estate experience across multiple product types. Since inception, Colony has executed over NJMMJPOJOJOWFTUNFOUBOEEFWFMPQNFOUUSBOTBDUJPOT$PMPOZIBTFYUFOTJWFFYQFSJFODFJOQVCMJDQSJWBUFQBSUOFSTIJQTBTXFMMBT TVDDFTTGVMMZSFTPMWJOHDPNQMJDBUFE[POJOHFOUJUMFNFOUDBTFT"SFTVNFPGUIFJSXPSLJODMVEFT %FWFMPQFSPGUIF/FX1BHF4DIPPMTJUFBOETVSSPVOEJOHQSPQFSUZ In December 2013, Colony purchased the Page Woodson School (and two acres of land) from the Oklahoma City School Board which is a registered State and National historic landmark. Simultaneously, Colony Partners requested that the Oklahoma City Urban Renewal Authority issue a request for proposal for the development of the 10 acres surrounding the school. Colony Partners responded to and was awarded the development rights to all of the land included in the RFP. Since acquiring the school site and being awarded the development rights to the land, Colony Partners has master planned and entitled the entire area to be redeveloped into approximately 550 units of low income/workforce housing. Financing sources include the federal low income housing tax credit program, the Oklahoma Housing Finance Agency tax exempt bond program, federal and state historic tax credits and tax increment financing. We expect to close on the financing for Phase I in the 1st quarter of 2016. $PEFWFMPQFSPG5IF.BZXPPE 1IBTFT*** In April 2011, Colony Partners formed a limited partnership to build the first phase of a 285-unit multifamily project located in downtown Oklahoma City. Phase I was completed in June 2013. Phase II of the project commenced September 2014 and is currently in construction. Both projects are financed through the HUD 221 D4 program. "DRVJSFEEPXOUPXO%BMMBTMBOEIn June 2007, Colony Partners formed a limited partnership to purchase a half acre site in Dallas, TX to be developed into a 30 unit condominium project. This site was subsequently sold without development as construction would have started on the precipice of the financial crisis in 2009. %FWFMPQNFOUPGOE4USFFU-PGUT In January 2007, Colony Partners formed a limited partnership to build 70,000 sq. ft. of residential loft condominiums over 30,000 sq. ft. of commercial space in downtown Oklahoma City. This project was leased and then sold out in 2013. %FWFMPQNFOUPG#SPXOTUPOFTBU.BZXPPE1BSLIn 2007, Colony Partners, through a partnership with Garrett and Company, built and sold 20 brownstone residences in downtown Oklahoma City. These homes were leased and then sold in 2013. "DRVJSFEBOEEFWFMPQFEEPXOUPXO0LMBIPNB$JUZMBOE In September 2006, Colony Partners, in partnership with Kerr McGhee Corporation, acquired and entitled 4 city blocks in downtown Oklahoma City to be developed into an urban neighborhood comprised of single family and multi-family residential units as well as mixed use and office/commercial projects "DRVJSFE0LMBIPNB$JUZPGGJDFCVJMEJOH In March 2006 Colony Partners, in partnership with The Ward Companies, acquired and redeveloped a 70,300 sq. ft. office building between Baptist and Deaconess Hospitals into a long term acute care facility leased to Select Medical Hospital on a long term basis. This asset is still owned. "DRVJSFE'PSU8PSUI 59PGGJDFCVJMEJOHIn January 2005 Colony Partners formed a limited partnership to acquire an 88,663 sq. ft. suburban office building in Fort Worth, TX. This asset is still owned. "DRVJSFEBOESFEFWFMPQFEMBOEBU(SBOE#PVMFWBSE In 2004, Colony Partners acquired entitled and redeveloped the former 17 acre Fred Jones estate into 31 single family lots. Lots were sold out in 2007 "DRVJSFE0LMBIPNB$JUZPGGJDFQPSUGPMJP In September 2001, Colony Partners acquired a 211,000 sq. ft., four building, Class B suburban PGGJDFQPSUGPMJP5IFQPSUGPMJPXBTSFGJOBODFEXJUIBNJMMJPO$.#4MPBOGSPN/PNVSB$BQJUBM5IJTQPSUGPMJPXBTTPMEUP$IFTBQFBLF Energy in 2004. DPMPOZpartners, inc. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP31 I. tASPEN HOUSING PARTNERS, LLC NFUIPEQMBOOJOH+ development NMC NorthMarq Capital provides debt, equity and loan services for owners and lenders of commercial real estate through 35 regional offices coast-to-coast. We offer clients the ideal combination of a strong national company capable of attracting a wide range of capital sources, a strong loan servicing portfolio to manage the life of the loan and exceptional knowledge of local markets. 8JUIBOBOOVBMQSPEVDUJPOWPMVNFPGNPSFUIBOCJMMJPOBOEBMPBOTFSWJDJOHQPSUGPMJPPGCJMMJPOPO behalf of more than 50 institutional investors, NorthMarq is one of the largest commercial real estate mortgage banking firms in the U.S. NorthMarq has a proud legacy of providing the highest-quality service to real estate investors, developers and lenders for more than 50 years. We take pride in being a privately held company with an entrepreneurial heart. NorthMarq Capital has unparalleled access to commercial and multifamily real estate capital markets. We offer a comprehensive range of services and products from an extensive network of debt and equity sources. We work with all types of income-producing real estate and at all levels of the “capital stack.“ MP+D Home based in Aspen, Colorado, Method Planning + Development is a land use planning and development management firm that is grounded in an underlying commitment to conceiving and delivering great projects for its clients as well as the greater community. Process is paramount! Method P + D’s fundamental approach with all projects starts with finding the common bonds between all stakeholders and the shared goals between the public and private interests at hand. Success is measured by a balanced outcome of achieving clients’ goals, while closely maintaining the expectations of, and commitments to, the greater community. Method P + D has a proven track record of working closely with government agencies and broader public interests in seeing through purposeful and contextually appropriate projects. Its history is a testament to this method: the successful delivery of complex projects by alleviating controversy, while achieving client, neighborhood and community-wide buy-in and appreciation. Method P + D has entitled and/or overseen the delivery of over 100,000 square feet of new development with a NBSLFUWBMVBUJPOPGXFMMPWFS 5IFNBKPSJUZPGUIJTXPSLIBTPDDVSSFEJOUIFEPXOUPXOVSCBODPSFBOE surrounding neighborhoods of Aspen. OPSUINBSRcapital (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP32 I. ASPEN HOUSING PARTNERS, LLCt DJA DJA has a truly unique dichotomy – the resources, expertise and breadth of a large architectural firm, with a small studio’s personal- J[FEFYQFSJFODFBOEJOEJWJEVBMBUUFOUJPO5IF1SJODJQBMTBSFIBOET on; from initial site analysis and schematic concept to finished design drawings, construction documentation and administration. Because the DJA team lives, breathes and loves what they do, they are well acclaimed. Clients commend them not only for ingenuity and impeccable design, but for the value and exceptional return on investment. The hearts of builders, contractors and suppliers are won with meticulous attention to detail and support. And real estate brokers adore DJA, for their projects have an outstanding track record and shake the market. Of late, DJA has been fortunate shift a portion of their talents to creating multi-use buildings, and has completed (3) large scale projects in the Aspen core; projects that include commercial space design and both free market housing and employee housing components. Although they travel the world seeking inspiration and insight, Aspen is home for DJA. They honor and respect the Roaring Fork Valley by sourcing materials and partners as locally as possible. With 100% of their projects in the Aspen area this isn’t hard to do. EBWJEKPIOTUPO architects connect one design C1D At Connect One we plan and design fun spaces, living spaces, public spaces and huge tracts of land that bring together and bring out the best in our human nature. Our fun spaces are those of your childhood, secret places of discovery and imagination that you will remember well into adulthood. Our public spaces are steeped like a good cup of tea in the essence of your community, reflecting who you are and who you want to be. Our living spaces are meant to be shared liberally with friends and family. They are intimate and relaxed and like fine wine they get better with time. While planning huge tracts of land can be challenging we make it easier by using the latest analysis and communication technology to create places where the large beasted animals can still roam and we can continue to enjoy them for generations to come. "MPOHTJEFTPNFBNB[JOHDMJFOUT XFIBWFSFCVJMUBOFMFNFOUBSZTDIPPMQMBZHSPVOEGSPNBESBJOBHFOJHIUNBSF to a fun space based on creative discovery and imagination. We have envisioned two public spaces that will be the stunning park centerpieces of both the Basalt and Battlement Mesa communities. We have completed the site amenities on the only rural bus rapid transit system in the country and redeveloped two prime urban corners in downtown Aspen. These accomplishments along with many others too numerous to pontificate on here have quickly established Connect One Design as the go-to firm in the Roaring Fork Valley for exceptional design at an affordable cost. Yes you can have your jelly sandwich and eat it too. Throw in some lemonade and enjoy! (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP33 I. tASPEN HOUSING PARTNERS, LLC RFE RFE is a Civil Engineering firm with offices in Carbondale, Colorado. Established in 2012, RFE offers services in Drainage, Land Develop- ment, Transportation Design, Water Distribution, Wastewater Col- lection and Treatment, Utility Planning, and Construction Management. Currently, RFE has four full-time engineers with a number of part time contracted engineers available for special projects. Our geographical service area is the Roaring Fork Valley (RFV), with many projects based in Aspen. Current clients include the City of Aspen (Water, Parks and Assets) Land Developers, Habitat for Humanity, and the Aspen Skiing Company. RFE staff members have over 15 years of construction and design experience in the RFV and on the Western Slope. Presently RFE is working on two multifamily affordable housing projects, one in Aspen and the other in Basalt. Having recently designed over 30 projects within the City of Aspen (COA), Roaring Fork Engineering is fully aware of the requirements of the Engineering Department, Aspen Urban Runoff Management Plan (URMP), and the Aspen Sanitation District. RFE regularly works closely with all major utility providers, the Fire Department and COA engineering. We know what they expect and meet the expectation of the regulatory bodies while still meeting the client’s needs. In addition, RFE provided input to the revision of the Engineering Department’s COA road construction standards at the end of 2013. RFE intends to grow by providing quality service with the goal of creating long term relationships and partnerships. Our TNBMMFSTJ[FBMMPXTVTUPCFGMFYJCMFBOEQSPWJEFNPSFQFSTPOBMTFSWJDFUPDMJFOUT#ZVUJMJ[JOHUIFNPTUBEWBODFE#*. software, RFE’s design work lacks conflicts created by human error. 3D modeling is used for utilities, grading, and coordi- nation with design teams, increasing capacity and capabilities while decreasing inaccuracies and time. SPBSJOHGPSLengineering TIBXconstruction SHC 4IBX$POTUSVDUJPOJTTFUBQBSUCZPVSQFSTPOBMJ[FETFSWJDFBOEBUUFOUJPOUP project details at each phase of construction. Our team members have an entrepreneurial spirit that creates a culture of ownership and responsibility. We are mindful about creating accurate estimates and when we say we will complete your project with the highest quality and at the highest value, we mean it. We are nimble and adaptable to diverse projects and have the proven flexibility to adjust quickly to make sure a project stays on schedule and on budget. We are trusted because of our hard work, the value and insight we bring and our commitment to our partner-clients. WHY CHOOSE SHAW? t8FBSFXJUIZPVFWFSZTUFQPGUIFXBZPOZPVSQSPKFDU GSPNQFSNJUUJOHUPSJCCPODVUUJOH t8FTUSJWFUPDPNQMFUFBQSPKFDUXJUICPUIUIFSJHIUNBUFSJBMTBOEBUUIFIJHIFTUWBMVF t8FVOEFSTUBOEQFPQMFXBOUUPCFJODPNNVOJUJFTXIFUIFSUIFZBSFMJWJOH XPSLJOHPSQMBZJOH t8FIBWFMPDBMQSFTFODFBOEPOHPJOHSFMBUJPOTIJQTXJUICVJMEJOHEFQBSUNFOUTBOETVCDPOUSBDUPST t8FBSFTVTUBJOBCJMJUZGPDVTFEXJUIPGPVSFNQMPZFFT-&&%"1 (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP34 I. ASPEN HOUSING PARTNERS, LLCt aspen housing partners, llc PROJECT ROLE: co-lead developer BIO: A founding member and owner of Stratford Capital, Mr. Wilson is responsible for identifying, coordinating and closing affordable housing development and acquisition opportunities. Prior to forming Stratford Capital, he was a senior member with the Franklin Capital Group where he was primarily responsible for the supervision of development projects. He has a broad development experience managing numerous types of projects that include new construction, moderate and substantial rehabilitation and adaptive re-use of historic structures. He was an appointed Board Member of the Loudoun County Housing Advisory Board. He is a graduate of the University of Richmond with a Bachelor’s degree in Finance and holds an MBA from The George Washington University. REFERENCES: Anne McCormick, Senior Loan Of- ficer, VP Commercial Lending at TD Bank. 781-221-6309 Greg Dahlgren, Partner at DLA Piper, 312-368-4056 Stephen P. Wilson president virginia office/principal straford capital group PROJECT ROLE: finance director BIO: Jason is primarily responsible for the underwriting and development of affordable housing investments. He has over 6 years of experience working in the affordable housing industry. Prior to joining Stratford Capital, he worked for a Massachusetts-based real estate brokerage firm where he was involved with the analysis and brokerage of commercial and residential real estate. He received a Bachelor’s degree in Finance and Economics from Bentley University. REFERENCES: Erik Hoffman, Partner at Klein Hornig, LLP, 202-842-0125 Robert Kaplan, Managing Director M&T Realty Capital Corporation, 410-545-2483 Jason B. Duguay vice-president, straford capital group PROJECT ROLE: co-lead developer BIO: Jason is the co-owner of Colony Partners, Inc. An Oklahoma City native, Bradshaw has been a businessman and real estate developer in Oklahoma City, Dallas and New York City for the last 20 years. His focus is on executing projects that have challenging entitlement and/or financing issues. He holds a bachelor’s degree in history with a minor in economics from Occidental College. In addition to real estate development, Bradshaw is involved in multiple aspects of the telecommunications industry. He is a founding partner in BMB Communications Management, LLC and BMB Tower Holdings, LLC. He is also a founding partner in Skypath Wireless Network, LLC which developed and operates a wireless network located in North Dakota that serves the Bakken Shale area. Prior or founding Colony Partners, Inc., Bradshaw was with JP Morgan Chase in its Real Estate and Lodging Investment Banking Group. REFERENCES: Catherine O’Connor, President The Alliance for Economic Development of Oklahoma 405-604-6780 Jeannie Garcia, Senior Vice President Arvest Bank 405-409-1771 Jason Bradshaw co-owner, colony partners, inc (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP35 I. tASPEN HOUSING PARTNERS, LLC Doug Westfall owner PROJECT ROLE: lender BIO: Doug Westfall has joined the Denver regional office of NorthMarq Capital as senior vice president and producer. At NorthMarq Doug will focus on CMBS, life insurance company, retirement fund, FNMA/FHLMC and HUD commercial and multifamily mortgage originations and servicing. Doug was previously a director at Wells Fargo Multifamily Capital from 2007-2015, where he was responsible for originating affordable housing permanent debt products including Wells Fargo balance sheet permanent debt products, Fannie Mae, Freddie Mac, and HUD. Prior experience includes two years as senior vice president at Bulls Capital Partners (2005-2007), two years as senior vice president at GMAC Commercial Mortgage Affordable Housing (2003-2005), national director – affordable housing and national director – public finance at Freddie Mac (1999 – 2003), regional director – multifamily affordable housing products at Fannie Mae (1990-1998) and two years as a loan officer at SunTrust Income Property Group. OPSUINBSRcapital NFUIPEQMBOOJOH+ development Adam Roy owner PROJECT ROLE: planning and management "EBNXJMMPWFSTFFBMMBTQFDUPGMBOEVTFQMBOOJOH SF[POJOHBOEFOUJUMFNFOU procurement. Once entitlements are in place, he will assist in managing the pre- construction and construction phases with a primary focus of coordinating the process with the City of Aspen. Upon project closeout, he will work alongside Aspen )PVTJOH1BSUOFST UIF$JUZBOE"1$)"UPTUBCJMJ[FBOETFDVSFRVBMJGJFEUFOBOUTGPS each of the properties. BIO: If Adam has one motto that encapsulates how he takes on the planning and management of projects, it’s “quality over quantity”. Grounded in a planning approach that focuses on his unique skill set of conceiving and entitling complex development projects, Adam takes great pride in seeing through all phases of project EFWFMPQNFOUoGSPNDPODFQUVBMJ[BUJPOBOEBDRVJTJUJPOUISPVHIDPOTUSVDUJPOBOETUBCJMJ[BUJPO Adam holds bachelor’s degrees in Biology and Environmental Studies from Bowdoin College and master’s degree in Community and Regional Planning with an emphasis on Sustainable Development from the University of Texas at Austin. Prior to starting Method Planning + Development in 2011, he occupied a desk in a local architectural firm, consulted with municipalities drafting land use codes, and held an associate position with a high profile development firm. Adam attributes his deep understanding and command over all aspects of the development process to this wide breadth of professional experience. Likewise, he holds good process in the highest regard and never takes for granted his ability, or the opportunity, to work seamlessly with all disciplines involved in creating great projects. REFERENCES: Michael Rudin, mrudin@rudin.com; Jessica Garrow, jessica.garrow@cityofaspen.com (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP36 I. ASPEN HOUSING PARTNERS, LLCt EBWJEKPIOTUPO architects PROJECT ROLE: project manager Brian will be responsible for all day-to-day coordination of the DJA work and will attend all project and public meetings. BIO: #SJBO#FB[MFZJTQBSUOFSBOENBOBHJOHBSDIJUFDUBU%BWJE Johnston Architects. A native of New Jersey, Brian received his architecture degree from Syracuse University, where he completed his thesis in sustainable design. At DJA Brian is responsible for overseeing both custom residential and commercial architecture projects. With more than 20 years of experience in the field, Brian is known for his wide range of architectural capabilities, efficient and effective project management and steadfast leadership. When not in the office, Brian enjoys skiing, mountain biking, home-brewing and traveling the world with his wife and two sons. From the Andes mountain range to the great cathedrals of Italy, Brian finds inspiration for his work everywhere he goes. REFERENCES: Michael Rudin 212-407-2511 Joe Falcone 970-948-5122 %#SJBO#FB[MFZ partner, managing architect PROJECT ROLE: principal-in-charge David will be responsible for the work produced by DJA and will participate in all major design meetings. BIO: David is the president of David Johnston Architects. David’s 26 years of experience in the architectural field DPNCJOFEXJUIIJTQFSTPOBMJ[FEDMJFOUBUUFOUJPOIBTFMF- vated DJA to one of the most exciting architecture firms in the Roaring Fork Valley. Although his work ranges from the western United States to the Caribbean, David is best known for his single-family, residential projects in the Rocky Mountains surrounding Aspen, Colorado. David moved to Aspen in 1991 from Cincinnati, Ohio, where he began his architectural career. He founded Da- vid Johnston Architects, PC, in the summer of 1997 and has since created a versatile firm with projects ranging in both scope and style; from commercial to mixed-use projects, multi-family to planning projects, and of course single family, award-winning homes. David is a registered architect in multiple states and has served on the City of Aspen’s Planning and Zoning Board, Design Review $PNNJUUFFTBOEWBSJPVTPUIFSMPDBMPSHBOJ[BUJPOT8IFO not at the office, David enjoys residing in Aspen with his wife, Anne, and enjoying the area lifestyle – golfing, hik- ing, and skiing, as well as enjoying a patio cocktail with friends or clients. REFERENCES: Gary Johnson 970-379-3632 Jeff Cardot 312-543-0033 David Johnston president (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP37 I. tASPEN HOUSING PARTNERS, LLC connect one design PROJECT ROLE: principal-in-charge Gyles will be heavily involved in the construction documentation and observation stages of the C1D work and responsible for the overall quality of the final product. BIO: Though Gyles is English we certainly cannot always call him proper. Born in England, educated in Scotland and in possession of two passports (we’re pret- ty sure they are both his) we are happy to call this limey git our own. After receiving a top-notch education in Landscape Architecture at Heriot-Watt University Gyles packed up his crown and jewels and came to America. After fifteen years of experi- ence at two internationally renowned design firms, four design awards and countless successfully built projects Gyles has managed to cultivate an open-minded but diligent and well or- HBOJ[FEBQQSPBDIUPQSPKFDUT)FPGGFST our clients a profound understanding of the coordination, communication, and management skills required to under- take complex public and private sector QSPKFDUTPGBOZTJ[FPSEFTDSJQUJPO)JT dry sense of humor and Queen’s English accent will captivate an audience (most- ly the ladies) and cultivate a genuine sense of collaboration. REFERENCES: David Corbin, dcorbin@aspensnowmass.com PROJECT ROLE: project manager Christine will be responsible for all day-to-day coordination of the C1D work and will attend all project and public meetings. BIO: Prior to pursuing her Master’s in Land- scape Architecture and Urban Design at the University of Colorado at Denver, Christine spent several years in the Roaring Fork Valley as a ski bum and gar- dener. Her curiosity of people and their interaction with space, love of the Rocky Mountain Region and desire to preserve her back for her kids and adventures inspired her pursuit of landscape design. Although Christine is fascinated with the potential of landscape as an indicator of policy, cultures and natural ecologies, it is her OCD and love of checklists that ultimately gets the job done. She is committed to developing more inspired, sincere and sustainable operations that integrate a sensitive and meaningful exchange between culture and nature. Christine’s professional experience ranges in scale from high end residen- tial landscapes to hotels to large scale master planning. The variety and scale PGXPSLLFFQTUIJOHTGVOBOEDSB[Z CVU first and foremost Christine is a simple gardener at heart. REFERENCES: Gary David, gdavis@dkrcapital.com Isa Catto Shaw, isa@isacatto.com PROJECT ROLE: principal-in-charge Heather will be heavily involved in the early stages of the land use approvals and conceptual design process. BIO: Her clients will tell you that nothing gets by her. We think that’s because she is a world-class soccer goalie. When she put down her balls she picked up a pencil, and now she channels the lead- ership, communication and teamwork she honed as a championship goalie to move Connect One Design down the field. Heather’s background in sustainable design has taken her all over North America spearheading projects that strive to solve social, environmental and economic issues. Her clients have in- cluded public, quasi-public, non-profit, and private sector groups seeking out- of-the-plastic bag type approaches to vastly complex problems. Heather is an award winning planner, accomplished speaker and trained facilitator with over fifteen years of landscape architecture and land planning experience. Used to playing to a crowd, she is attentive and effective throughout public and political processes. REFERENCES: David Corbin, dcorbin@aspensnowmass.com Gyles Thornely, RLA owner Christine Shine, RLA project manager Heather S. Henry owner (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP38 I. ASPEN HOUSING PARTNERS, LLCt PROJECT ROLE: project engineer Tyler would be performing the majority of the produc- tion work. Tyler will work closely with other member of the design team. He will coordinate the civil drawings with architectural and landscape designs. BIO: Tyler has been an Engineer in Training (EIT) with Roaring Fork Engineering for the past three years. Before this Tyler worked for his father’s company Aspen Earth Moving as a Project Coordinator during the Aspen Music School con- struction. While obtaining his Environmental Engineering Degree at CU Tyler worked as a laborer for his father in the summers and for Aspen Ski Company in the winters. While at RFE Tyler has participated in large number of development projects within the City of Aspen including the Mill Building with the current design team. He also is working on the Basalt Affordable housing project and the design of a significant water distribution line for the City of Aspen Water department. He has become highly familiar within City Aspen drainage, pedestrian and road construction standards. He is CDOT certified as an erosion control supervisor, and skilled in the use of engineering software, including AutoCAD Civil 3D. Coupling this with the modern math- ematical and analytical skills he acquired in his education, his designs are the definition of form and function. REFERENCES: -VTBT-J[PUUF Aspen Earthmoving PM MMJ[PUUF!"TQFO&.PONJDSPTPGUDPN, (970) 618 0852 Andy Rossello, City of Aspen Water Andy.Rossello@cityofaspen.com, (970) 456-3025 Tyler Stevens E.I.T. project engineer PROJECT ROLE: civil engineering principal-in-charge Richard would be the civil engineering principal in charge for all three locations. He will be available for team and public meeting in addition to being the pri- mary point of contract. He would also be the engineer of record and be engaged in all aspects of the civil design. BIO: Richard Richard has been living in the valley and working in the Roaring Fork Valley for over 15 years. He previously worked for the City of Aspen Engineering Department for five years, and at SGM in Glenwood for seven prior to establishing Roaring Fork Engineering in Basalt in early 2012. Richard Goulding gained considerable experience in municipal work during his time at the City of Aspen and subsequently at SGM. While at the City of Aspen, Rich- ard’s primary focus was on transportation based capital improvement projects. Richard was also responsible for the review of development applications for compliance with City Land Use and Building Codes. While at SGM he led and completed several important design projects for the Mid Valley Metro, the City of Glenwood and Town of Snowmass. In the last four years while at RFE Richard has worked for both private developers and various City of Aspen De- partments. He has gained considerable experience in site development within the Town limits and has very strong knowledge of Aspen codes and practices. Richard’s areas of expertise include storm water manage- ment, utility design, street improvements and land devel- opment. In 2013 Richard earned his Masters of Business Administration from the University of Wyoming. REFERENCES: Briston Peterson, Brikor Construction Owner briston@brikor.com, (970) 923-3088 Bill Reynolds, Mid Valley Metro Manager breynolds@sopris.net, (970) 274-0368 Richard Goulding P.E. Principal-in-Charge SPBSJOHGPSLengineering (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP39 I. tASPEN HOUSING PARTNERS, LLC TIBXconstruction PROJECT ROLE: principal-in-charge BIO: Steve Meyer is the CEO and President of Shaw Construction. Steve has been part of the Shaw team for more than 30 years and is the majority share owner in the company. Steve was instrumental in developing Shaw’s mission and values which are central to our vision of being a world-class builder. Steve has person- ally been involved with the growth and success of Shaw over the years. Steve is a third generation Colorado native born and raised in Greeley. He and his wife have lived in Grand Junction since 1978 and have raised three beautiful children. Steve is a pilot who enjoys traveling the world to mountain climb. Steve has a BS in civil engineering from Stanford University. PROJECT ROLE: project manager BIO: Rich has directed the QSFDPOTUSVDUJPOFGGPSUTPGPWFS# in large-scale, multi-use projects. He has an excellent track record of developing accurate preliminary construction estimates and successfully guiding project teams through the preconstruction process. His work has been focused on the Western Slope market and has served as President of the Western Colorado Contractors Association (WCCA). He lives and works in Grand Junction and is very accessible through the project’s preconstruction phase. PROJECT ROLE: principal-in-charge BIO: Sam Meyer is the Vice President of the Grand Junction office, par- tial owner of Shaw Construction, and is responsible for the overall leadership and direction of proj- ect success on the Western Slope. During his tenure with Shaw, Sam has held several positions including project manager, project executive and managed the Wyoming branch for several years. Sam’s experience ranges from luxury commercial and custom homes to affordable housing and civic projects. Sam is a fourth generation Colorado native and a graduate of the Roaring Fork Leadership and the Mesa County Leadership Programs. Steve Meyer ceo & president Rich Keller project manager Sam Meyer vice-president (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP40 I. ASPEN HOUSING PARTNERS, LLCt QBHF woodson 5&".$0--"#03"5034 Stratford Capital Group Colony Partners location:0LMBIPNB$JUZ 0, project construction budget: NJMMJPO QSPKFDUPWFSWJFX Page Woodson is a 12-acre master planned multi-phased affordable housing development that will contain approximately 550 low income/workforce housing units. The project is a public/private partnership between the Developer and the Oklahoma City Urban Renewal Authority (“OCURA”) which is a land owning entity of the City of Oklahoma City. The total cost of the project will be in excess PGNJMMJPO Public/Private Partnership Description: OCURA made available, through an RFP process, 10 acres of land surrounding the Page Woodson School, which the developer owns. The Developer was awarded the RFP based on the following: tDeveloper and OCURA would jointly take responsibility for the entitlement process that included a significant community outreach program. The end result was an approved PUD that had unanimous support of all community interest groups as well as the City Council of Oklahoma City tDeveloper and OCURA would enter into a redevelopment agreement which made the OCURA owned land available to the Developer based on phased schedule at a below market price tOCURA, through an affiliate would contribute up to NJMMJPOJOUBYJODSFNFOUGJOBODJOH Financing sources for the project include the federal low income housing tax credit program, the Oklahoma Housing Finance Agency tax exempt bond program, federal and state historic tax credits and tax increment financing. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP41 I. tASPEN HOUSING PARTNERS, LLC UIFSFTJEFODFT at government center 5&".$0--"#03"5034 SCG Development Partners, LLC Jefferson Apartment Group location:'BJSGBY 7JSHJOJB project construction budget: NJMMJPO project reference: 1BVMB4BNQTPO QSPKFDUPWFSWJFX The Residences at Government Center is a newly constructed apartment community consisting of 270 apartment units restricted to tenants earning 50% and 60% of area median income (“AMI”) within an Earthcraft Gold certified four and five story building configuration wrapped-around a four-story above-grade parking garage. Fairfax County owns the 8.5- acre site and has entered into 99-year ground lease with the Developer GPSQFSZFBS6UJMJ[JOHBOJOOPWBUJWFGJOBODJOHTUSVDUVSF UIF1SPKFDU is divided into two condominium regimes for ownership, financing, and operational purposes. Condominium A contains 150 apartment units and is financed with 9% federal low income housing tax credits (“Tax Credits”) and a conventional first mortgage loan insured by the United States De- partment of Housing and Urban Development (“HUD”) through its 221(d) (4) loan program. Condominium B contains 120 apartment units and is fi- nanced with 4% Tax Credits and HUD-insured tax-exempt bonds through its 221(d)(4) loan program. Construction of the Project began in April 2015 and is expected to be completed on-time and below budget by the FOEPG5IFUPUBMDPTUPGUIF1SPKFDUJTBQQSPYJNBUFMZNJMMJPO QVCMJDQSJWBUFQBSUOFSTIJQEFTDSJQUJPO The Developer responded to one of multiple RFPs issue by Fairfax County, which desired to create a model for using county-owned land to create affordable housing. The Developer was awarded the development rights and created a revolutionary new Tax Credit financing model pair- ing 9% and 4% Tax Credits within the same project. The Developer was able to work with the Virginia Housing Development Authority (“VHDA”) to explain that, while complex, this financing structure is able to leverage finite 9% Tax Credits and create significantly more affordable housing units than would be achievable under traditional structures. VHDA has subsequently modified their qualified allocation plan (“QAP”) to incen- UJWJ[FEFWFMPQFSTUPVUJMJ[FUIJT5BY$SFEJUTUSVDUVSF XIJDIJTOPX effectively a requirement for all successful 9% Tax Credit developments in northern Virginia. Fairfax County issued the tax-exempt bonds as part of the financing for Condominium B. Upon completion, Fairfax County will actively market the affordable apartment units to County employees. GJOBODJOHTPVSDFT Financing sources include Tax Credit equity from the same of 9% and 4% Tax Credits and mortgage loan proceeds insured through the HUD 221(d) (4) loan program. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP42 I. ASPEN HOUSING PARTNERS, LLCt TQSJOH building 5&".$0--"#03"5034 Method Planning + Development David Johnston Architects Connect One Design Rich Goulding location:"TQFO $PMPSBEP project construction budget: NJMMJPO project reference: .JDIBFM3VEJO NSVEJO!SVEJODPN QSPKFDUPWFSWJFX The goal of this project was to create a mixed use development that would invigorate the East end of Aspen’s downtown Core and transform it into viable retail frontage in downtown Aspen. Completed in 2012, the Spring Building opened with all leasable space occupied. Retail/ restaurant space takes center stage at the intersection of Spring and Hopkins, which is an extremely important intersection in the transition between residential and retail uses. The challenge was to create an inviting integration of the public/semi- public spaces around the building. The design response integrated the TQBDFGSPNUIFDVSCUPUIFGBDBEFUISPVHIUIFVTFPGBA[JQQFSFEEFTJHO Seating areas are staggered between the sunken patio space and the public sidewalk and interwoven with interactive plantings. Intended as a LEED NC certified building exterior improvements include the use of ground source heating, on-site stormwater collection, xeric plants, smart irrigation, local materials, bike racks and a 2,000 square foot green roof. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP43 I. tASPEN HOUSING PARTNERS, LLC NJMM building 5&".$0--"#03"5034 Method Planning + Development David Johnston Architects Connect One Design Roaring Fork Engineering location:"TQFO $PMPSBEP project construction budget: NJMMJPO project reference: .JDIBFM3VEJONSVEJO!SVEJODPN QSPKFDUPWFSWJFX The civil set for the Mill Building in downtown Aspen was designed by Roaring Fork Engineering in 2014. The utilities designed to serve the proposed five story building required connecting into Mill Street, one of Aspen’s busiest corridors with large amounts of building infrastructure. A large storm pipe under Mill Street was redesigned to replace the exist- ing system. Modular Suspended Pavement Systems were implemented under the sidewalk for storm water detention due to the limited space on the site. Construction of this project is currently underway, with a projected completion in 2016. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP44 I. ASPEN HOUSING PARTNERS, LLCt east main street 5&".$0--"#03"5034 Method Planning + Development David Johnston Architects location:"TQFO $PMPSBEP project construction budget: NJMMJPO QSPKFDUPWFSWJFX This 36,000 square foot mixed-use project in Aspen was completed in December 2012. The project was originally approved in 2006 as a con- cierge-style mixed-use building with five (5) residential units averaging 1,675 sq. ft. per unit and five (5) apartment units averaging 700 sq. ft. per unit. The original entitlements also allowed for approximately 9,200 sq. ft. of commercial space. In 2011, the new ownership sought to amend the entitlements in an effort to reposition the building and bring it more in line with the neighborhood expectations. Through two reviews by the City of Aspen Planning and Zoning Commission and City Council, the proposed project was fully entitled per the standards of the City of Aspen Land Use Code. At each of the public hearings, the project received en- thusiastic support from the Planning Department staff, the public at large as well as the elected and appointed governing bodies. The number of free-market residential units was decreased from five (5) to three (3). The number of affordable was also decreased from units was decreased from five (5) one bedroom units to two (2) three-bedroom family oriented units to respond to market demand. The commercial area of the building was increased by 1,750 sq. ft. to nearly 11,000 sq. ft. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP45 I. tASPEN HOUSING PARTNERS, LLC 5&".$0--"#03"5034 Roaring Fork Engineering Connect One Design location:"TQFO $PMPSBEP project construction budget: $ project reference: /BNF FNBJMBEESFTT QSPKFDUPWFSWJFX Roaring Fork Engineering and Connect One Design have joined a larger team to redevelop the Aspen Country Inn property. The civil engineering and landscape team will be charged with redeveloping the paved site areas ensuring ADA compliance BTXFMMBTSFGJOJOHUIFMJWBCJMJUZPGUIFPVUEPPSTQBDFT"MMTUPSNXBUFSGBDJMJUJFTXJMMCFFWBMVBUFEGPSUIFJSTJ[FBOEFGGFDUJWF- ness. Additionally the irrigation systems will be evaluated and updated to save water and energy. aspen country inn aspen sanitation district a.h. pud 5&".$0--"#03"5034 Heather Henry location:"TQFO $PMPSBEP project reference: #SVDF.BUIFSMZ FYU QSPKFDUPWFSWJFX This affordable housing PUD project involved a master plan for an approximately 2.5 acre site. Its purpose was to secure employee housing, create stormwater retention facilities that were both aesthetic and functional and restore the sensitive riparian corridor. The project included considerable coordination with the Aspen Parks and Recreation Department to determine the best possible riparian restoration plan and included specific riparian plant lists, schedules and locations. These improvements were intended to provide a more native wildlife corridor as well as a better landscape on the Rio Grande trail. The stormwater retention areas also provided an outdoor amenity area for ACSD residents and employees, providing a park-like setting adjacent to the river. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP46 I. ASPEN HOUSING PARTNERS, LLCt CBTBMU affordable housing 5&".$0--"#03"5034 Roaring Fork Engineering location:#BTBMU $PMPSBEP project construction budget: Budget not completed at this time project reference: %BOB%BMM#FUUB IBCJUBUEBOB!HNBJMDPN QSPKFDUPWFSWJFX Roaring Fork Engineering was asked by Habitat for Humanity to perform a site assessment and schematic design for a School owned property in Basalt. The Project intends to construct 44 three-bedroom units that will be used to house both teachers and low income valley residents. One of RFE’s roles was to research and meet with water, sewer, gas, electric and the irrigation company to determine if service can be provided. We are also tasked with understanding their systems and quantifying the offsite utilities that will need to be installed to make the connections. RFE leveraged it relationships with these providers to obtain accurate and timely information for the client to review. RFE will also be responsible for designing the interior road system and ensure the fire departments needs are being addressed. SPBSJOHGPSL drive 5&".$0--"#03"5034 Roaring Fork Engineering location:"TQFO $PMPSBEP project construction budget: project reference: "OEZ3PTTFMMP "OEZ3PTTFMMP!DJUZPGBTQFODPN QSPKFDUPWFSWJFX Roaring Fork Engineering was selected through the Request For Proposal process to the design the replacement of a 6" cast iron water main within Roaring Fork Drive with a 8" ductile iron line. In addition to the existing water line there is a sewer force main, a sewer line, electric, phone, cable and gas. The challenge of this project is to keep the residents in service (for all utilities) while the replacement is being installed. In addition Holy Cross Electric and the Aspen Sanitation District require upgrades that are to become part of the bid package. RFE also worked closely with a local estimating company to get up to date unit costs and review construability. Because of their large amount of utilities RFE along with the City of Aspen has met with and listened to all utilities affected by this project. We used their input to accurately EFQJDUUIFFYJTUJOHDPOEJUJPOTBOEFTUBCMJTIBTFRVFODJOHQMBOUPNJOJNJ[FEJTSVQUJPOUPUIFOFJHICPSIPPE (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP47 I. tASPEN HOUSING PARTNERS, LLC HMFOXPPE greens 5&".$0--"#03"5034 Shaw Construction location:(MFOXPPE4QSJOHT $PMPSBEP QSPKFDUPWFSWJFX This LIHTC project was awarded in 2011. Shaw was hired as the design-builder to lead a team through the entitlement process with the City of Glenwood Springs and manage all design and construction aspects for the project. This 60-unit project had very unstable soil conditions along with a steep mountainous slope. The project includes a clubhouse with fitness center, laundry services, computer and community room. The design is cognescent of water use and detention throughout. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP48 I. ASPEN HOUSING PARTNERS, LLCt TIBOEPLB 5&".$0--"#03"5034 Shaw Construction location:5FMMVSJEF $PMPSBEP QSPKFDUPWFSWJFX This affordable project encompasses 240 bedrooms in a variety of one-, two- and three bedroom units in six different buildings. The placement on the site and the relationships of the individual structures allows for communal and interactive exterior spaces within the enclosed complex of buildings. Shandoka provides a communal and home-life environment for the residents which dictates its sense and spirit of place. The materials employed in the project are used to strengthen the massing and forms, and consist PGIPSJ[POUBMBOEWFSUJDBMXPPETJEJOH DPSSVHBUFENFUBMTJEJOHBOE asphalt shingles as a roofing material. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP49 I. tASPEN HOUSING PARTNERS, LLC (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP50 I. ASPEN HOUSING PARTNERS, LLCt DIBQUFSJWcastle creek siteDIBQUFSJJJwest main J*Jwest main(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP51 I. ASPEN HOUSING PARTNERS, LLCtXFTUNBJOsite photosneighborhood contextsite analysis(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP52I. ASPEN HOUSING PARTNERS, LLCtXFTUNBJOsite plan(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP53I. ASPEN HOUSING PARTNERS, LLCtXFTUNBJOarchitectural precedentARCHITECTURAL PRECEDENTPoised dramatically at the western end of historic Main Street of Aspen, the prominent urban site anchors the corner of both the en-trance and exit to and from Aspen. The massing, proportions and the grouping of units emulate forms once found in the historic down-town, and in particular the stylings of buildings such as the historic Gould Bros. Mesa Store building with its harboring entry, punched openings and proud cornice. Yet an effort was also made to express the living spaces by peeling back the facades at the corners for unit views and elevated exterior living spaces; a present day language creating dynamic compositions and contemporary living spaces. The result is a building which speaks to Aspen’s current architectural movement; however rooted in the traditions of historic city build-ings. (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP54I. ASPEN HOUSING PARTNERS, LLCtXFTUNBJOarchitectural vignettes(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP55I. ASPEN HOUSING PARTNERS, LLCtXFTUNBJOcharacter rendering(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP56I. ASPEN HOUSING PARTNERS, LLCtXFTUNBJOsite photos(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP57I. tASPEN HOUSING PARTNERS, LLC XFTUNBJOfloor plans GMPPSQMBOT 3 rd level floor plan 2nd level floor plan main level floor plan (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP58 I. ASPEN HOUSING PARTNERS, LLCt URMP Considerations The City of Aspen requires sites not connected into the storm system curb and gutter to have capacity for either a 100-year storm with an overflow or full detention. This site does not connect to the storm system. The runoff will have UPCFEFUBJOFEJOBESZXFMM BHSBWFMTUSVDUVSF PSBEFUFOUJPOQPOE%VFUPUIFTJ[FPGUIFTJUF ESZXFMMTXJMMMJLFMZCF the most applicable, but alternative designed will be applied if possible. The use of pervious pavers, grass buffers, and infiltration beds will likely be applied to the design. Water The proposed design can tap into the existing water line located under West Main Street, which is assumed to have capacity for the proposed project. However, further analysis will have to be performed to ensure the existing line is sufficient. Sewer Sewer is located under the alleyway and can be tied into directly behind the units. Electric, Communications, and Gas A transformer is located west of the property several properties down. A line will have to be trenched from this trans- former to the site, and the unit will likely have to be upgraded. Communications are located behind the site in the alleyway and can be common trenched to the site. The gas is located under the alleyway and can be directly tied in. Curb and Gutter, Sidewalks, Offsite Conflicts Sidewalks and curb and gutter will have to be installed along West Main Street as per section 4.5.2 of the City of Aspen Engineering Design Standards. This will likely require a redesign of the corner ramp to work with this sidewalk. The request to replace curb and gutter N 7th Street is a possibility, which would require A CDOT utility permit as it is on Highway 82. Due to uneven surfaces on West Main Street, it would appear there will be a large offsite basin draining onto the site. A low point at the intersection of West Main and North 7th Street collects water as there is no drainage infrastructure here. This will require additions to the right of way to collect this stormwater. There are multiple options to resolve an ongoing off site drainage issue. The option of lengthening the City of Aspen Storm System to include this block would be ideal, however the system would have to be lengthened about 600 feet. By doing this, the project would then only be required to detain WQCV as it could connect to the storm system. Other options include a large drywell or other collection systems. XFTUNBJOutility and drainage (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP59 I. t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and supported by all stakeholders. 3F[POJOHUIFQSPQFSUZUP")1%FMJNJOBUFTUIFPQFOFOEFEOFTTPGBSF[POFUP3.' UIFMBUUFSPGXIJDIXPVMEDSFBUFGBSNPSFVODFS- tainty and provide the opportunity for a far more intensive and impactful project. The following is a summary of the most consider- BCMFQMBOOJOHBOE[POJOHTUBOEBSETGPSUIF.BJO4USFFUQSPQFSUZBTUIFZSFMBUFUPUIFDPEJGJFECBTFMJOFSFRVJSFNFOUTPGUIF3.' BOE")1%[POFEJTUSJDU t.BYJNVN'"35IFBQQMJDBUJPOPGUIF3.'[POFEJTUSJDUUPUIF1SPQFSUZBOEUIF")1%[POFEJTUSJDUUPUIFQSPQFSUZXPVMEBMMPX for 13,500 sq. ft. and 9,900 sq. ft. respectively. The current proposed design requires an FAR floor area of approximately 9,900 sq. ft. t.JOJNVN4FUCBDLT5IF3.'[POFEJTUSJDUXPVMEBMMPXGPSBDPOTJTUFOUGJWF GPPUTFUCBDLPOBMMTJEFTPGUIFQSPQFSUZ5IF current design in this proposal matches the same five (5) foot setbacks for the front, rear and side yards of the property. As a relatively urban and downtown project, this proposed minimum setback is appropriate the context of the surrounding neighborhood context. t.BYJNVN)FJHIU5IF3.'[POFEJTUSJDUBMMPXTGPSBDPOTJTUFOUGPPUIFJHIUMJNJUGPSNVMUJGBNJMZQSPKFDUT5IFDVSSFOUEFTJHO for this property proposes a 32-foot height limit for the property. Similar to other properties that comprise the unique intersection of Main Street and 7th Street, a 32-foot height limit is appropriate for the location of the 802 Main Street property. t.BYJNVN%FOTJUZ"SF[POFUP")1%XJMMQSFFTUBCMJTIBQSPKFDUEFOTJUZPOUIFQSPQFSUZ XIFSFBT3.'[POJOHXPVMEOPU require a maximum unit density. The current proposed design would limit the project density to thirteen (13) units. Similar to the height limit at this location, a thirteen (13) unit project is both appropriate to the area context and is in line with existing precedent at the Main Street and 7th Street intersection. "EEJUJPOBM[POJOHTUBOEBSETXPVMECF QSFFTUBCMJTIFECZQVSTVJOHBSF[POFPG the property to AH/PD rather than RMF. Such requirements as minimum parking stalls, trash area requirements, maximum site coverage and open space would be prescribed for the development of the property at the land use level rather than remain open-ended as would be the case XJUIBSF[POFUP3.'5IFGPMMPXJOHUBCMF DPNQBSFTUIFQSPQPTFEQSPKFDUTSF[POF UP")1%UPBSF[POFPG3.'*OBMMDBTFT the standards outlined by the AH/PD SF[POFBSFMFTTJOUFOTJWFBOEJNQBDUGVMUP the neighborhood and would prescribe the development standards moving for- ward from the land use level into project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t XFTUNBJObuild-out summary Build-Out Floor Area Analysis :HVW0DLQ6WUHHW%XLOGRXWDQG8QLW0L[ 8QLW7\SH&DW %GUP$3&+$&DWHJRU\8QLW4XDQWLW\&DWHJRU\4XDQWLW\ 3UHVFULEHG8QLW )ORRU$UHD6T )W )ORRU$UHDSHU 7\SH6T)W )ORRU$UHD$WWULEXWDEOH WR)$5 7RWDO)7(V 6WRUDJH$UHD QD 0HFKDQLFDO$UHD QD 9HUWLFDO&LUFXODWLRQ QD +RUL]RQWDO&LUFXODWLRQ QD 'HFNV QD 7RWDO QD QD $YHUDJHSHUXQLW QD QD 7RWDOH[WHULRUYHUWLFDOFLUFXODWLRQKRUL]RQDOFLUFXODWLRQDQGGHFNVTXDUHIRRWDJHGRHVQRWH[FHHGRIDOORZDEOH)$5 (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP61 I. tASPEN HOUSING PARTNERS, LLC (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP62 I. ASPEN HOUSING PARTNERS, LLCt DIBQUFSJWpark circle JWpark circle(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP63 I. ASPEN HOUSING PARTNERS, LLCtQBSLDJSDMFsite photosneighborhood contextsite analysis(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP64I. ASPEN HOUSING PARTNERS, LLCtQBSLDJSDMFsite plan(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP65I. ASPEN HOUSING PARTNERS, LLCtQBSLDJSDMFarchitectural precedentARCHITECTURAL PRECEDENT The Park Circle housing site calls for a more residential nature of architectural styling as it sits on the city limits and on the edge of an established neighborhood. Contextually, the proposed architecture takes ques from the one of the most important historical sites in Aspen, Smuggler Mine, which is located to the north of the site. The massing is derived from the simple forms of the mining cabins and industry buildings of old, including gables, shed roofs and porch forms. Complimenting these pure forms, the interpreted Smuggler Mine character lends its wood post and beam structural elements, MPDBMJ[FENBUFSJBMTBOEEFUBJMT BOEMPOHTJNQMFTIFESPPGGPSNTUPthe proposed multilevel building which breaks up the mass into individual components smaller in scale. Designed to house Aspen’s workforce, we felt a nod to the original heart and soul of Aspen was appropriate.(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP66I. ASPEN HOUSING PARTNERS, LLCtQBSLDJSDMFarchitectural vignettes(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP67I. ASPEN HOUSING PARTNERS, LLCtQBSLDJSDMFcharacter rendering(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP68I. ASPEN HOUSING PARTNERS, LLCtXFTUNBJOsite photos(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP69I. tASPEN HOUSING PARTNERS, LLC QBSLDJSDMFfloor plans GMPPSQMBOT upper level floor plan main level floor plan lower level floor plan (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP70 I. ASPEN HOUSING PARTNERS, LLCt URMP Considerations The City of Aspen Requires sites near Smuggler Mountain to have detention for either a 100-year storm with an over- flow or full detention. Curb and gutter on right of ways will allow for 100-year storm detention with an overflow. Due to parking and large impervious areas, pervious pavers will be applied where possible. Drywells are proposed, however alternative system designs will be considered, including infiltration beds, grass buffers, and Silva cells. Water Water is located under Park circle and can be directly connected to. The project does not believe that any offsite up- grade is necessary to the water line. Individual meters and shutoff valves will be installed for each unit per the energy conservation goals of this project. Sewer An existing 6" sewer tap has been installed on the site and can be directly connected to. This tap is shared with the neighboring unit and connects into the sewer manhole southwest of the site. Electric, Communications, and Gas A transformer and utility pedestals are located approximately 275' southwest from the lot, which is the closest access UPFMFDUSJDJUZ DPNNVOJDBUJPOT BOEHBT5SBOTGPSNFSBOEQFEFTUBMTJ[FTNBZOPUIBWFDBQBDJUZBOENBZOFFEUPCF upgraded. All shallow utilities can be common trenched to the site. Mudflow Analysis 5IFTJUFJTMPDBUFEXJUIJOhPGBNVEGMPX[POF TPUIFQSPQPTFEEFTJHOXJMMJODMVEFBZFBSNVEGMPXBOBMZTJT5IJT BOBMZ[FTIPXUIFTJUFXJMMNBOBHFNVEGMPXJNQBDUTUPUIFTJUFBOEUIFOFJHICPSJOHTJUFT Sidewalk, curb and gutter Sidewalk and curb and gutter will be installed along Park Circle as per 4.5.2 of the City of Aspen Engineering Design Standards. A 6' sidewalk will be installed with the required buffers and curb and gutter. These will be installed along the existing edge of pavement, as the existing road has been measured at 24'. A bus stop is being considered. QBSLDJSDMFutility and drainage (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP71 I. t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and supported by all stakeholders. 3F[POJOHUIFQSPQFSUZUP")1%FMJNJOBUFTUIFPQFOFOEFEOFTTPGBSF[POFUP3.' UIFMBUUFSPGXIJDIXPVMEDSFBUFGBSNPSFVODFS- tainty and provide the opportunity for a far more intensive and impactful project. The following is a summary of the most consider- BCMFQMBOOJOHBOE[POJOHTUBOEBSETGPS1BSL$JSDMFQSPQFSUZBTUIFZSFMBUFUPUIFDPEJGJFECBTFMJOFSFRVJSFNFOUTPGUIF3.'BOE ")1%[POFEJTUSJDU t.BYJNVN'"35IFBQQMJDBUJPOPGUIF3.'[POFEJTUSJDUUPUIF1SPQFSUZBOEUIF")1%[POFEJTUSJDUUPUIFQSPQFSUZXPVMEBMMPX for 17,969 sq. ft. and 15,812 sq. ft. respectively. The current proposed design requires an FAR floor area of approximately 9,000 sq. ft. t.JOJNVN4FUCBDLT5IF3.'[POFEJTUSJDUXPVMEBMMPXGPSBDPOTJTUFOUGJWF GPPUTFUCBDLPOBMMTJEFTPGUIFQSPQFSUZ5IF DVSSFOUEFTJHOJOUIJTQSPQPTBMBDDPNNPEBUFTUFO BOEGJWF GPPUTFUCBDLTGPSGSPOUBOESFBSZBSETSFTQFDUJWFMZ5PNJOJNJ[F the impact to the residential property to the left (south) of the property, the side yard setback is established at 15 feet, while the side yard setback to the right (north), adjacent to the parking lot, is five (5) feet. t.BYJNVN)FJHIU5IF3.'[POFEJTUSJDUBMMPXTGPSBDPOTJTUFOUGPPUIFJHIUMJNJUGPSNVMUJGBNJMZQSPKFDUT5IFDVSSFOUEFTJHO for this property proposes a 25-foot height limit on the neighborhood street-facing façade, while the façade facing the rear yard of the property is proposed at 32 feet. This lower height limit from the neighborhood perspective provides for a more residential scaled building. t.BYJNVN%FOTJUZ"SF[POFUP")1%XJMMQSFFTUBCMJTIBQSPKFDUEFOTJUZPOUIFQSPQFSUZ XIFSFBT3.'[POJOHXPVMEOPU require a maximum unit density. The current proposed design would limit the project density to eleven (11) units. "EEJUJPOBM[POJOHTUBOEBSETXPVMECFQSFFTUBCMJTIFECZQVSTVJOHBSF[POFPGUIFQSPQFSUZUP")1%SBUIFSUIBO3.'4VDI requirements as minimum parking stalls, trash area requirements, maximum site coverage and open space would be prescribed for the development of the property at the land use level rather than remain open-ended as XPVMECFUIFDBTFXJUIBSF[POFUP3.' The following table compares the proposed QSPKFDUTSF[POFUP")1%UPBSF[POFPG RMF. In all cases, the standards outlined by UIF")1%SF[POFBSFMFTTJOUFOTJWFBOE impactful to the neighborhood and would prescribe the development standards mov- ing forward from the land use level into QSPKFDUSFBMJ[BUJPO 5H]RQLQJ2SWLRQ 5HVLGHQWLDO0XOWL)DPLO\50) 3URSRVHG5H]RQLQ$IIRUGDEOH+RXVLQJ3'$+3' 6LWH=RQLQJ'LPHQVLRQDO5HTXLUHPH 6WDQGDUG 6LWH=RQLQJ'LPHQVLRQDO5HTXLUHPH 6WDQGDUG Minimum Gross Site Area 6,000 Minimum Gross Site Area 14,375 Project Gross Site Area 14,375 Project Gross Site Area 14,375 Steep Slope Site Area Reduction 0 Steep Slope Site Area Reduction 0 Net Site Area 14,375 Net Site Area 14,375 Minimum Required Net Lot Area n/a Minimum Required Net Lot Area*10,000 Minimum Net Lot Area per Dwelling Un n/a Minimum Net Lot Area per Dwelling Un 1,307 Maximum Density (Number of Units): n/a Maximum Density (Number of Units): 11 Minimum Lot Width 60 feet Minimum Lot Width 60 feet Minimum Front Yard Setback 5 feet Minimum Front Yard Setback 10 feet Minimum Side Yard Setback 5 feet Minimum Side Yard Setback (Left, Righ 15 feet, 5 feet Minimum Rear Yard Setback 5 feet Minimum Rear Yard Setback 5 feet Maximum Site Coverage n/a Maximum Site Coverage 4,000 Maximum Height 32 feet Maximum Height 32 feet Public Amenity Space n/a Public Amenity Space n/a Minimum Distance between Buildings n/a Minimum Distance between Buildings n/a Minimum required percent open space n/a Minimum required percent open space t.b.d. Trash Access Area n/a Trash Access Area t.b.d. Allowable Floor Are 1.25 17,969 Allowable Floor Are 1.10 15,812 Proposed Floor Are 0.62 8,979 Proposed Floor Are 0.62 8,979 Minimum on-site parking stalls n/a Minimum on-site parking stalls 11 Maximum Unit Size 2,500 Maximum Unit Size 1,200 *Based on standared in 26.710.090.D.10.d.*Based on standared in 26.710.110.D 517 PARK CIRCLE: REZONING COMPARISON (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP72 I. ASPEN HOUSING PARTNERS, LLCt QBSLDJSDMFbuild-out summary Build-Out Floor Area Analysis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tASPEN HOUSING PARTNERS, LLC (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP74 I. ASPEN HOUSING PARTNERS, LLCt DIBQUFSWcastle creek site Wcastle creek(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP75 I. ASPEN HOUSING PARTNERS, LLCtDBTUMFDSFFLsite photosneighborhood contextsite analysis(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP76I. ASPEN HOUSING PARTNERS, LLCtDBTUMFDSFFLsite plan(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP77I. ASPEN HOUSING PARTNERS, LLCtDBTUMFDSFFLarchitectural precedentARCHITECTURAL PRECEDENT The Castle Creek housing site is the most rural of the proposed sites, perched at the south end of the Marolt open space on the out-skirts of Aspen, and at the base of Shadow Mountain. As proposed, the multi-faceted buildings house the largest number of units; the massing design was critical to reduce the impact to the site, while enhancing the livability and individuality of the units. The forms ele-HBOUMZTIJGUWFSUJDBMMZBOEIPSJ[POUBMMZGSPNVOJUUPVOJU UIVTDSFBUJOHQSJWBUFPVUEPPSMJWJOHTQBDFTGPSFBDIVOJU BOENBYJNJ[JOHUIFTPMBSgain and views. Multiple subtle colors will be introduced to further express the rhythm and movement of the forms. The buildings im-pressive and unique character is a nod to the progressive thinking outlined in the ‘Aspen Idea’ and expressed through the use of the Bauhaus architectural stylings of the Aspen Institute campus in West Aspen.(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP78I. ASPEN HOUSING PARTNERS, LLCtDBTUMFDSFFLarchitectural vignettes(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP79I. ASPEN HOUSING PARTNERS, LLCtDBTUMFDSFFLcharacter rendering(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP80I. ASPEN HOUSING PARTNERS, LLCtXFTUNBJOsite photos(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP81I. tASPEN HOUSING PARTNERS, LLC GMPPSQMBOT DBTUMFDSFFLfloor plans 3 rd level floor plan 2nd level floor plan main level floor plan (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP82 I. ASPEN HOUSING PARTNERS, LLCt URMP Considerations The City of Aspen requires sites not connected into the storm system curb and gutter to have capacity for either a 100-year storm with an overflow or full detention. This site does not connect to the storm system and is uphill from existing structures. Due to these structures downhill of the site, full detention capacity will likely be necessary. Capac- ity for full detention of the proposed surfaces would require multiple large drywells, which is not ideal. Alternative options will be proposed, such as Silva Cell detention systems, pervious patios and parking, and large infiltration beds. 5IFQSPKFDUXJMMBEPQUB-PX*NQBDUEFTJHONFUIPEPMPHZUPSFEVDFUIFSVOPGGQSPEVDFECZUIFTJUFBONJOJNJ[FHSFZ infrastructure. Water A water distribution line cuts through the west side of the site in a water easement. This can be connected with an 8" tee. This will then feed the 24 units, a fire hydrant, and the fire sprinkler system. Each unit will be individually metered and installed with shutoff valves. Sewer The existing sewer line is located under Castle Creek Road. All units will connect to a lift station in the parking lot, which will pump into this existing service. Due to the neighboring units east of the proposed structure, the sewer cannot be gravity fed to join the system for Marolt Ranch Housing. Electric, Communications, and Gas The nearest transformer and utilities pedestals are located near the intersection of Doolittle Drive and Castle Creek Road. A common trench with all shallow utilities will be sent down Castle Creek road to tie into the existing utilities. Updated transformers and pedestals will likely be required for capacity. DBTUMFDSFFLutility and drainage (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP83 I. t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and supported by all stakeholders. 3F[POJOHUIFQSPQFSUZUP")1%FMJNJOBUFTUIFPQFOFOEFEOFTTPGBSF[POFUP3.' UIFMBUUFSPGXIJDIXPVMEDSFBUFGBSNPSFVODFS- tainty and provide the opportunity for a far more intensive and impactful project. The following is a summary of the most consider- BCMFQMBOOJOHBOE[POJOHTUBOEBSETGPSUIF$BTUMF$SFFLQSPQFSUZBTUIFZSFMBUFUPUIFDPEJGJFECBTFMJOFSFRVJSFNFOUTPGUIF3.' BOE")1%[POFEJTUSJDU t.BYJNVN'"3: The maximum FAR of the property is dictated by a gross site area reduction from 35,895 sq. ft. to a net site area of TRGUBTBSFTVMUPG TRGUPGTJUFBSFBUIBURVBMJGJFTBTTUFFQTMPQF"DDPSEJOHMZ UIFBQQMJDBUJPOPGUIF3.'[POF EJTUSJDUUPUIF1SPQFSUZBOEUIF")1%[POFEJTUSJDUUPUIFQSPQFSUZXPVMEBMMPXGPS TRGUBOE TRGUSFTQFDUJWFMZ The current proposed design requires an FAR floor area of approximately 19,800 sq. ft. t.JOJNVN4FUCBDLT5IF3.'[POFEJTUSJDUXPVMEBMMPXGPSBDPOTJTUFOUGJWF GPPUTFUCBDLPOBMMTJEFTPGUIFQSPQFSUZ5IF current design in this proposal accommodates a fifteen (15) foot setback for the front yard facing Castle Creek Road, and rear and side yard setbacks of ten (10) feet. t.BYJNVN)FJHIU5IF3.'[POFEJTUSJDUBMMPXTGPSBDPOTJTUFOUGPPUIFJHIUMJNJUGPSNVMUJGBNJMZQSPKFDUT5IFDVSSFOUEFTJHO for this property proposes a 32-foot height limit for the property. As the 488 Castle Creek Road property is situated in an area comprised of a mix of institutional properties like the hospital and residential properties such as the nearby affordable housing complexes, a 32-foot height limit is consistent with the height of buildings in the immediate surrounding area. t.BYJNVN%FOTJUZ"SF[POFUP")1%XJMMQSFFTUBCMJTIBQSPKFDUEFOTJUZPOUIFQSPQFSUZ XIFSFBT3.'[POJOHXPVMEOPU require a maximum unit density. The current proposed design would limit the project density to twenty-four (24) units. Similar to the height limit at this location, a twenty-four (24)-unit project is both appropriate to the area context and is in line with existing precedent in this area of Castle Creek Road. "EEJUJPOBM[POJOHTUBOEBSETXPVMECFQSF FTUBCMJTIFECZQVSTVJOHBSF[POFPG the property to AH/PD rather than RMF. Such requirements as minimum parking stalls, trash area requirements, maximum site coverage and open space would be prescribed for the development of the property at the land use level rather than remain open-ended as would be the case XJUIBSF[POFUP3.'5IFGPMMPXJOHUBCMF DPNQBSFTUIFQSPQPTFEQSPKFDUTSF[POFUP ")1%UPBSF[POFPG3.'*OBMMDBTFT UIF TUBOEBSETPVUMJOFECZUIF")1%SF[POF are less intensive and impactful to the neighborhood and would prescribe the development standards moving forward from the land use level into project reali- [BUJPO JS 5H]RQLQJ2SWLRQ 5HVLGHQWLDO0XOWL)DPLO\50)3URSRVHG5H]RQLQJ $IIRUGDEOH+RXVLQJ3'$+3' 6LWH=RQLQJ6SHFV 7RWDO$UHDVTIW6LWH=RQLQJ6SHFV 7RWDO$UHDVTIW Minimum Gross Site Area 6,000 Minimum Gross Site Area 35,895 Project Gross Site Area 35,895 Project Gross Site Area 35,895 Steep Slope Site Area Reduction (11,300) Steep Slope Site Area Reduction (11,300) Net Site Area 24,595 Net Site Area 24,595 Minimum Required Net Lot Area n/a Minimum Required Net Lot Area*16,500 Minimum Net Lot Area per Dwelling Unit n/a Minimum Net Lot Area per Dwelling Unit 1,025 Maximum Density (Number of Units):n/a Maximum Density (Number of Units):24 Minimum Lot Width 60 feet Minimum Lot Width 60 feet Minimum Front Yard Setback 5 feet Minimum Front Yard Setback 15 feet Minimum Side Yard Setback 5 feet Minimum Side Yard Setback 10 feet Minimum Rear Yard Setback 5 feet Minimum Rear Yard Setback 10 feet Maximum Site Coverage n/a Maximum Site Coverage 7,000 feet Maximum Height 32 feet Maximum Height 32 feet Public Amenity Space n/a Public Amenity Space n/a Minimum Distance between Buildings n/a Minimum Distance between Buildings n/a Minimum required percent open space n/a Minimum required percent open space t.b.d. Trash Access Area n/a Trash Access Area t.b.d. Allowable Floor Area (FAR 1.25 30,744 Allowable Floor Area (FAR)1.00 24,595 Proposed Floor Area (FAR 0.80 19,795 Proposed Floor Area (FAR)0.80 19,795 Minimum on-site parking stalls n/a Minimum on-site parking stalls 24 Maximum Unit Size 2,500 Maximum Unit Size 900 *Based on standard in 26.710.090.D.10.d.*Based on standard in 26.710.110.D 488 CASTLE CREEK ROAD: REZONING COMPARISON (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP84 I. ASPEN HOUSING PARTNERS, LLCt DBTUMFDSFFLbuild-out summary Build-Out Floor Area Analysis &DVWOH&UHHN5RDG%XLOGRXWDQG8QLW0L[ 8QLW7\SH&DW %GUP$3&+$&DWHJRU\8QLW4XDQWLW\&DWHJRU\4XDQWLW\ 3UHVFULEHG8QLW )ORRU$UHD6T )W )ORRU$UHDSHU 7\SH6T)W )ORRU$UHD$WWULEXWDEOHWR )$5 7RWDO)7(V WRUDJH$UHD QD 0HFKDQLFDO$UHD QD HUWLFDOLUFXODWLRQ QD +RULRQWDOLUFXODWLRQ QD HFVQD 7RWDO QD $HUDJH QD QD 7RWDOHWHULRUHUWLFDOFLUFXODWLRQKRULRQDOFLUFXODWLRQDQHFVXDUHRRWDJHHFHHVRDOORDOH$ (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP85 I. tASPEN HOUSING PARTNERS, LLC (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP86 I. ASPEN HOUSING PARTNERS, LLCt DIBQUFSWJimplementation design build manage design build manage WJ implementation(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP87 I. tASPEN HOUSING PARTNERS, LLC (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP88 I. ASPEN HOUSING PARTNERS, LLCt "TQFO)PVTJOH1BSUOFSTSFBMJ[FTUIBUHSFBUQSPKFDUTBSFPOMZSFBMJ[FEXIFOUIFWJTJPOJTGVMMZBMJHOFEXJUI implementation and management plans. The following information outlines these important implementation efforts: Financial Details Outline Specifications Construction Cost Assumptions Schedule Budgets and Financing Detail Triumph Management and Marketing Plans Maintenance and Warranty Information JOUSPEVDUJPO implementation */'03."5*0/*/5)*4*.1-&.&/5"5*0/$)"15&3*4#"4&%610/")1%&-*7&3*/(50 5)&$*5:0'"41&/4"''03%"#-&)064*/(*/7&/503:5)&'0--08*/(130+&$54 # of Units AMI SqFt Max TC Rent Util Allowance Net Rent 517 Park- 1 BR 4 60% 700 1,094 100 994 517 Park- 2 BR 5 60% 900 1,312 110 1,202 517 Park- 3 BR 2 60% 1,200 1,516 125 1,391 802 Main- 1 BR 11 60% 700 1,094 100 994 802 Main- 2BR 2 60% 900 1,312 110 1,202 488- 1 BR 15 60% 700 1,094 100 994 488- 2 BR 9 60% 900 1,312 110 1,202 Apartment Unit Mix t 1BSL$JSDMF t11 Category 2 / 60% AMI units t .BJO4USFFU t13 Category 2 / 60% AMI units t $BTUMF$SFFL3PBE t24 Category 2 / 60% AMI units (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP89 I. tASPEN HOUSING PARTNERS, LLC QQQTUSVDUVSFfinancing 50'*/"/$&5)&130+&$5 ")18*--#&65*-*;*/()064*/(5"9$3&%*54 -0/(5&3. %&#5"/%"46#4*%:'30.5)&$*5:0'"41&/ Sources Federal Tax Credit Equity 8,802,000 State Tax Credit Equity* 3,985,000 First Mortgage Loan 4,557,781 City of Aspen Contribution 6,875,403 Total 24,220,184 Uses Construction Costs 16,538,203 Impact/Tap Fees 1,200,000 A&E Engineering 1,405,747 Financing Fees/Costs 658,355 Legal Fees 350,000 Other Third Party/Soft Costs 540,000 Reserves 486,398 Interest Expense 488,808 Developer Fee 2,552,672 Total 24,220,184 FINANCING SUMMARY Permanent Financing Assumptions First Mortgage Loan Lender First Loan Amount 4,557,781 Interest Rate 5.00% Loan Term (Months)240 Amortization Period (Months)480 Percent of Cash Flow Limit 100.00% Commencement Oct-18 Hard Debt (Y/N)?Yes Second Mortgage Loan Lender Second Loan Amount 6,848,000 Interest Rate 0.50% Loan Term (Months)240 Amortization Period (Months)480 Percent of Cash Flow Limit 1 Commencement Oct-18 Hard Debt (Y/N)?Yes Construction Financing Lender Construction Loan 9,615,399 Interest Rate 3.50% Fixed or Variable Rate? Variable Commencement Jan-17 Ending date (month/day/yr)Oct-18 Average Proforma Oustanding Construction Balance (%) Period Interest 65.0%382,813 (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP90 I. ASPEN HOUSING PARTNERS, LLCt QQQTUSVDUVSFfinancing Gross Potential Revenue 621,874 Vacancy (5%)(31,094) Other Income 12,500 Total Net Revenue 603,280 Operating Expenses (286,825) Net Operating Income 316,455 Debt Services (274,860) Available Cash Flow 41,595 Debt Service Coverage Ratio 1.15x Operating Proforma 5)*4$"1*5"-4536$563&3&26*3&4"/6/%&383*5*/(5)"5&45"#-*4)&4"40-*% '06/%"5*0/'03$"4)'-08'30.01&3"5*0/ (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP91 I. tASPEN HOUSING PARTNERS, LLC QQQTUSVDUVSFfinancing (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP92 I. ASPEN HOUSING PARTNERS, LLCt project outline specifications $0/4536$5*0/$04540' "3&#"4&%0/5)&'0--08*/(065-*/& 130+&$541&$*'*$"5*0/4 1BSL$JSDMF 5PXOIPNFTUZMFCVJMEJOHXJUINPEFSONPVOUBJODIBSBDUFS t13,200 sq. ft. total build-out – 11 units o 4 – 1 bdrm, 1 bath units, 700 sq. ft. o 5 – 2 bdrm, 1 bath units, 900 sq. ft. o 2 – 3 bdrm, 2 bath units, 1200 sq. ft. t3 levels, lowest level partially buried tExterior metal stair for vertical circulation, no elevator t &YUFSJPSDPODSFUFDPNQPTJUFEFDLVQQFSMFWFMIPSJ[POUBMDJSDVMBUJPO tMetal railings tSee site plan for retaining walls and any landscape detailing/programming o Asphalt drive and parking surface o Turf and native vegetation; Native trees/shrubs o Sand-set Flagstone patios where shown o Concrete sidewalk/walkways o MSE block wall for retaining wall below parking area o Concrete retaining walls adjacent to building at rear stair only o Full irrigation system o Curb/gutter, tree planting strip and sidewalk at street edge tExterior Building Finishes o Metal siding base/wainscot o Wood/hardy siding and/or paneling o Membrane flat roof forms o Asphalt shingling on steeper pitched roofs o Standing seam or corrugated pitched roofs accents o Modest timber accents tInterior unit finishes (see model unit plan) o Flooring tEngineered wood in living, carpet in bedrooms, tile in baths o Veneered cabinets and vanities o Entry level stainless appliances tDW, micro, range/oven, refrigerator, W/D o Formica counters (manufactured stone as alternative) o Entry level plumbing fixtures, tub/shower combo in bathrooms o Paint grade base, case and trim o Skip trowel finish with paint o Lighting tRecessed cans in living areas tSurface mount fixtures in bedrooms and baths o HVAC tBase board heat tCeiling fans as appropriate (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP93 I. tASPEN HOUSING PARTNERS, LLC project outline specifications .BJO4USFFU 6SCBOMPGUTUZMFBQBSUNFOUCVJMEJOHXJUINPEFSODIBSBDUFS t11,500 sq. ft. total build-out – 13 units o 11 – 1 bdrm, 1 bath units, 700 sq. ft. o 2 – 2 bdrm, 1 bath units, 900 sq. ft. t3 levels, lowest level on flat site, assume slab on grade tExterior metal stair for vertical circulation, no elevator t &YUFSJPSDPODSFUFDPNQPTJUFEFDLBUBMMVQQFSMFWFMIPSJ[POUBMDJSDVMBUJPO tMetal railings tSee site plan for any landscape detailing/programming o Asphalt parking off alley o Turf and native vegetation o Native trees/shrubs o Sand-set flagstone patios where shown o Concrete sidewalk/walkways o Full irrigation system o Curb/gutter, tree planting strip and sidewalk at street edge tExterior Building Finishes o Metal siding base/wainscot o Wood/hardy siding and/or paneling o Membrane flat roof forms o Standing seam or corrugated low sloped roofs accents tInterior unit finishes (see model unit plan) o Flooring tEngineered wood in living, carpet in bedrooms, tile in baths o Veneered cabinets and vanities o Entry level stainless appliances tDW, micro, range/oven, refrigerator, W/D o Formica counters (manufactured stone as alternative) o Entry level plumbing fixtures, tub/shower combo in bathrooms o Paint grade base, case and trim o Skip trowel finish with paint o Lighting tRecessed cans in living areas tSurface mount fixtures in bedrooms and baths o HVAC tBase board heat tCeiling fans as appropriate (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP94 I. ASPEN HOUSING PARTNERS, LLCt project outline specifications $BTUMF$SFFL3PBE )JHIFSEFOTJUZTVCVSCBOBQBSUNFOUDPNQMFYXJUINPEFSONPVOUBJODIBSBDUFS t24,000 sq. ft. total build-out – 24 units o 15 – 1 bdrm, 1 bath units, 700 sq. ft. o 9 – 2 bdrm, 1 bath units, 900 sq. ft. t3 levels, lowest level on flat site assume slab on grade/adjacent to steep slope t3 exterior metal stairs and one elevator for vertical circulation t &YUFSJPSDPODSFUFDPNQPTJUFVQQFSMFWFMTIPSJ[POUBMDJSDVMBUJPO tMetal railings tSee site plan for any landscape detailing/programming o Asphalt parking off alley o Turf and native vegetation o Native trees/shrubs o Flagstone patios where shown o Concrete sidewalk/walkways o Full irrigation system tExterior Building Finishes o Masonry base/wainscot o Wood/hardy siding and/or paneling o Membrane flat roof forms o Asphalt shingling on pitched roofs o Standing seam or corrugated pitched roofs accents tInterior unit finishes (see model unit plan) o Flooring tEngineered wood in living, carpet in bedrooms, tile in baths o Veneered cabinets and vanities o Entry level stainless appliances tDW, micro, range/oven, refrigerator, W/D o Formica counters (manufactured stone as alternative) o Entry level plumbing fixtures, tub/shower combo in bathrooms o Paint grade base, case and trim o Skip trowel finish with paint o Lighting tRecessed cans in living areas tSurface mount fixtures in bedrooms and baths o HVAC tBase board heat tCeiling fans as appropriate (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP95 I. tASPEN HOUSING PARTNERS, LLC QQQTUSVDUVSFuse of funds :RUNERRN'5$)7',6&866,21385326(621/< Eligible Eligible Total Ac uisition Const Rehab Non Eligible Fun e Description Total Per nit asis asis asis Expense Other Fe eral Capital Contributions 8,802,000 183,375 State Capital Contributions 3,985,000 83,021 First ortgage oan 4,557,781 94,954 Secon ortgage oan 6,848,000 142,667 Deferre Development Fee 27,403 571 Total Sources 24,220,184 504,587 an Ac uisition 0 uil ing Ac uisition 0 ar Construction Costs 10,772,115 224,419 10,772,115 uil ers Profit (6%) 797,934 16,624 797,934 General Re uirements (6%) 797,934 16,624 797,934 Overhea (2%) 265,978 5,541 265,978 Construction Contingency (5%) 664,945 13,853 664,945 FF E 305,744 6,370 152,872 152,872 Site or 2,933,551 61,116 2,493,518 440,033 Impact Tap Fees 1,200,000 25,000 1,200,000 A E Design (3.5%) 578,837 12,059 578,837 A E Supervision (1%) 165,382 3,445 165,382 an use oning an scape etc. (4%) 661,528 13,782 661,528 Environmental Soil Energy Reports 30,000 625 30,000 ar et Stu y Appraisal 20,000 417 20,000 PCNA Cost Review 20,000 417 20,000 Survey 10,000 208 10,000 egal Real Estate 175,000 3,646 87,500 87,500 egal en er 75,000 1,563 15,000 60,000 egal Organi ational 50,000 1,042 10,000 40,000 egal TC E uity 50,000 1,042 50,000 Cost Perm oan Fees 221( )4 182,311 3,798 182,311 ri ge oan Fees Interest 163,750 3,411 163,750 on Fees 240,000 5,000 240,000 C FA Tax Cre it Fees (Fe ) 60,225 1,255 60,225 C FA Tax Cre t Fees (State) 12,069 251 12,069 Title Recor ing 40,000 833 20,000 20,000 Real Estate Taxes 120,000 2,500 120,000 Property Insurance 70,000 1,458 70,000 Accounting Cost Cert 30,000 625 30,000 ar eting 50,000 1,042 50,000 Soft Cost Contingency 150,000 3,125 150,000 ease up Reserve 100,000 2,083 100,000 Operating Deficit Reserve 280,843 5,851 280,843 Replacement Reserves 14,400 300 14,400 F A or ing Capital Reserve 91,156 1,899 91,156 Negative Arbitrage 120,000 2,500 120,000 Construction oan Interest 368,808 7,683 300,000 68,808 Developer Fee 2,552,672 53,181 2,552,672 0 0 Total ses 24,220,184 504,587 0 22,138,529 0 1,695,256 386,398 SO RCE AND SE OF F NDS (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP96 I. ASPEN HOUSING PARTNERS, LLCtproject cash flow2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 TOTA INCO EGross Potential Income492,328 634,332 647,016 659,956 673,155 686,619 700,351 714,358 728,645 743,218 758,082 773,244 788,709 804,483 820,573 836,984 11,462,054Other Income9,842 12,684 12,936 13,195 13,459 13,728 14,002 14,282 14,568 14,859 15,157 15,460 15,769 16,084 16,406 16,734 229,165Vacancy (25,109)(32,351)(32,998)(33,658)(34,331)(35,017)(35,718)(36,432)(37,161)(37,904)(38,662)(39,435)(40,224)(41,028)(41,849)(42,686)(584,561)Net Rental Income477,062614,665626,954639,493652,283665,329678,636692,208706,052720,174734,577749,269764,254779,539795,130811,03211,106,658Economic Vacancy5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%E PENSESA vertising easing5,000 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 7,790 100,784General A ministrative25,000 25,750 26,523 27,318 28,138 28,982 29,851 30,747 31,669 32,619 33,598 34,606 35,644 36,713 37,815 38,949 503,922 tilities 18,000 18,540 19,096 19,669 20,259 20,867 21,493 22,138 22,802 23,486 24,190 24,916 25,664 26,434 27,227 28,043 362,824Payroll 70,000 72,100 74,263 76,491 78,786 81,149 83,584 86,091 88,674 91,334 94,074 96,896 99,803 102,797 105,881 109,058 1,410,982 Operations aintenance 76,000 78,280 80,628 83,047 85,539 88,105 90,748 93,470 96,275 99,163 102,138 105,202 108,358 111,609 114,957 118,406 1,531,923 Insurance19,200 19,776 20,369 20,980 21,610 22,258 22,926 23,614 24,322 25,052 25,803 26,577 27,375 28,196 29,042 29,913 387,012Taxes 17,000 17,510 18,035 18,576 19,134 19,708 20,299 20,908 21,535 22,181 22,847 23,532 24,238 24,965 25,714 26,485 342,667 anagement Fees 33,39443,02743,88744,76545,66046,57347,50448,45549,42450,41251,42052,44953,49854,56855,65956,772777,466Total Expenses263,594 280,133 288,106 296,310 304,752 313,438 322,375 331,572 341,034 350,771 360,790 371,099 381,708 392,624 403,857 415,416 5,417,580Net Operating Income213,467334,533338,848343,183347,531351,891356,260360,637365,018369,403373,787378,169382,546386,915391,273395,6165,689,077Replacement Reserves(3,600)(14,400)(14,832)(15,277)(15,735)(16,207)(16,694)(17,194)(17,710)(18,241)(18,789)(19,352)(19,933)(20,531)(21,147)(21,781)(271,424)Net Cash Flow209,867 320,133 324,016 327,906 331,796 335,684 339,567 343,442 347,308 351,161 354,998 358,817 362,613 366,384 370,126 373,835 5,417,653 DE TSERVICEFirst ortgage oan(68,778)(275,055)(274,960)(274,860)(274,755)(274,644)(274,528)(274,406)(274,277)(274,142)(274,000)(273,851)(273,694)(273,529)(273,356)(273,174)(4,182,009)Pro ect Debt Service(68,778) (275,055) (274,960) (274,860) (274,755) (274,644) (274,528) (274,406) (274,277) (274,142) (274,000) (273,851) (273,694) (273,529) (273,356) (273,174) (4,182,009)Cash Flow141,08945,078 49,057 53,046 57,042 61,040 65,039 69,037 73,031 77,019 80,998 84,966 88,919 92,854 96,770 100,6611,235,644 Debt Service Coverage3.051.16 1.18 1.19 1.21 1.22 1.24 1.25 1.27 1.28 1.30 1.31 1.32 1.34 1.35 1.37 ear 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 TOTA Cash Flow 141,089 45,078 49,057 53,046 57,042 61,040 65,039 69,037 73,031 77,019 80,998 84,966 88,919 92,854 96,770 100,661 1,235,644 Asset gmt Fee(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)(7,790)(100,784)NCF Available136,089 39,928 43,752 47,583 51,414 55,243 59,069 62,887 66,697 70,495 74,279 78,044 81,790 85,512 89,207 92,871 1,134,859 Secon ortgage oan(8,560) (34,240) (34,240) (34,240) (34,240) (34,240) (34,240) (34,240) (34,240) (34,240) (34,240) (34,240) (34,240) (34,240) (34,240) (34,240) (522,160) ease p C Reserve NCF Available127,529 5,688 9,512 13,343 17,174 21,003 24,829 28,647 32,457 36,255 40,039 43,804 47,550 51,272 54,967 58,631 612,699PRO ECTED CAS F O (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP97I. ASPEN HOUSING PARTNERS, LLCtGJOBODJOHPPP vs. Self-PerformConstruction ear1 ear2 ear3 ear4 ear5 ear6 ear7 ear8 ear9 ear10 ear11 ear12 ear13 ear14 ear15PublicPrivatePartnership eginning alance0 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000City of Aspen Contribution6,848,000000000000000000 uy Pro ectforDebt 0000000000000003,661,958En ing alance6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 6,848,000 10,509,958SelfPerform eginning alance0 24,220,184 24,006,716 23,672,184 23,333,335 22,990,152 22,642,621 22,290,730 21,934,469 21,573,833 21,208,814 20,839,412 20,465,625 20,087,456 19,704,910 19,317,995Pro ectCost24,220,184000000000000000Return 0(213,467) (334,533) (338,848) (343,183) (347,531) (351,891) (356,260) (360,637) (365,018) (369,403) (373,787) (378,169) (382,546) (386,915) (391,273)En ing alance24,220,184 24,006,716 23,672,184 23,333,335 22,990,152 22,642,621 22,290,730 21,934,469 21,573,833 21,208,814 20,839,412 20,465,625 20,087,456 19,704,910 19,317,995 18,926,722Difference(17,372,184) (17,158,716) (16,824,184) (16,485,335) (16,142,152) (15,794,621) (15,442,730) (15,086,469) (14,725,833) (14,360,814) (13,991,412) (13,617,625) (13,239,456) (12,856,910) (12,469,995) (8,416,764) City of Aspen woul have the right to buy the pro ect from the owner for the amount of the outstan ing ebt plus exit taxes at the completion of the housing tax cre it compliance perio Assumes the City of Aspen woul not use leverage. Does not account for any reserves that may be put into place"TQBSUPGUIFUBYDSFEJUTUSVDUVSF ")1XJMMCFSFRVJSFEUPCVJME PXOBOEPQFSBUFUIFQSPKFDUGPSZFBSJOUFSWBMTEVSJOHXIJDIUJNFJUXJMMCFSFTQPOTJCMFGPSBOEQSPWJEFHVBSBOUFFTPOUIFGPMMPXJOHt $POTUSVDUJPO-PBO(VBSBOUFFThe Guarantors will guarantee coverage of any and all cost overruns due to change or-der, time delays and any other reason that project costs should exceed project budgets during the course of construc-tion;t $PNQMFUJPO(VBSBOUFF The Guarantors will guarantee to achieve (i) the lien free completion of construction/reno-WBUJPO JODMVEJOHUIFQBZNFOUPGBMMDPTUTOFDFTTBSZUPBDIJFWFDPNQMFUJPO BOE JJ TUBCJMJ[BUJPOBOEGJOBMDMPTJOH JF achieving the underwritten DCR for a specified period of time, including funding of the scheduled property reserves, among other things); t 0QFSBUJOH%FGJDJU(VBSBOUFFThe Guarantors will guarantee to lend funds to the property as required from time to UJNFUPGVOEBOZPQFSBUJOHEFGJDJUTPGUIFQSPQFSUZUISPVHIUIFGJGUIBOOJWFSTBSZPGUIFTUBCJMJ[BUJPOEBUF5IFSFBGUFS they will guarantee to lend funds to the property as required from time to time to fund any operating deficits of the property in an amount outstanding at any one time equal to approximately 6 months of operating expenses, “must pay” debt service, and replacement reserves through the end of the 15 year tax credit compliance period. Any such loans (the “Operating Deficit Loans”) will be repaid, without interest, only from net cash flow and net capital proceeds; t 5BY$SFEJU(VBSBOUFFThe Guarantor will make an adjustment payment to the LIHTC investment partnership to the extent that there is a shortfall in projected tax credits; and t 3FQVSDIBTF(VBSBOUFFThe Guarantors will repurchase the interest of the LIHTC investment partnership for an amount equal to the total capital contributions paid-to-date by the investor if certain benchmarks set forth in the limited partnership agreement are not met, including, without limitation, (i) achieving construction completion, or (ii) placing the Property in service by a predetermined date. PPPSelf PerformSourcesFe eral Tax Cre it E uity 8,802,0000State Tax Cre it E uity 3,985,0000First ortgage oan4,557,7810City of Aspen Contribution 6,875,403 24,220,184Total24,220,184 24,220,184 sesConstruction Costs16,538,203 16,538,203Impact TapFees1,200,000 1,200,000A E Engineering1,405,747 1,405,747Financing Fees Costs658,355 658,355 egalFees350,000 350,000OtherThir Party Soft Costs 540,000 540,000Reserves486,398 486,398Interest Expense488,808 488,808DeveloperFee2,552,672 2,552,672Total24,220,184 24,220,184Initial Closing")1XPVMEQSPQPTFUIFGPMMPXJOHFDPOPNJDBHSFFNFOUXJUIUIF$JUZPG"TQFOt 5IFDJUZPG"TQFOXPVMEDPOUSJCVUF UPUIFQSPK-ect in a form of a 2nd mortgage on the properties includ-ed in the project t 5IF$JUZPG"TQFOBOE")1XPVMEFOUFSJOUPBZFBSground lease at a minimal lease rate5IJTXJMMBMMPXUIF$JUZPG"TQFOUPSFBMJ[FJUTMPOHUFSNHPBMof achieving additional affordable rental housing invento-ry at a fraction of the capital commitment required to self perform.* At this time, the Colorado State Housing Credit is being consid-ered for renewal by the state legislature. Depending on the result of the legislative process, these assumptions could change (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP98I. ASPEN HOUSING PARTNERS, LLCtGJOBODJOHcity of aspen return on investmentAt the conclusion of the initial 15 year housing tax credit compliance period, the City would have the right to purchase the property for the balance owed on the 1st mortgage plus any exit taxes. The total investment in the project by the City would CF GSFFBOEDMFBS 5IJTDPNQBSFTUP BUUIFTBNFQPJOUJOUJNFVOEFSUIFTFMGperform option. At that point, the City would have the following options available:1. Continue to operate the properties as an affordable rental projects under APCHA oversight2. Work with the CHFA to amend the extended use agreement to allow for the City of Aspen to sell the units as affordable condominiums3. Continue the relationship with AHP and redevelop the property by issuing new housing tax credits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t5IFQSPKFDUXJMMNBYJNJ[FEFCUQSPDFFETXIJDIXJMMNJOJNJ[FUIF$JUZPG"TQFODPOUSJCVUJPOrequesttThe compliance requirement with CHFA will be more easily maintained if APCHA is able to alter its rent schedulePPPSelf PerformInitial Captial Contribution 6,875,403 24,220,184Repay Outstan ing Debt 3,661,958 0Debt Service Cash Flow (522,160) (5,293,461)Cityof Aspen Contribution 10,015,201 18,926,722Cost to Own Property (Debt free) in ear 15Category 29,849,470Category 313,685,186Category420,534,011Average14,689,555Value of Con ominium Sales in ear 15Con ominiumSalesValuationGRO T RATE3.00%1 ED 1 AT 2016 VA E 2031 VA E 2046 VA ECATEGOR 2121,000 188,514 293,699 CATEGOR 3170,000 264,854 412,635 CATEGOR 4249,000 387,934 604,388 2 ED 1 AT 2016 VA E 2031 VA E 2046 VA ECATEGOR 2139,000 216,557 337,389 CATEGOR 3201,000 313,151 487,880 CATEGOR 4314,000 489,202 762,160 3 ED 2 AT 2016 VA E 2031 VA E 2046 VA ECATEGOR 2 CATEGOR 3234,000 364,564 567,979 CATEGOR 4343,000 534,383 832,551 A P ix Category 2 nit ix2016 VA E 2031 VA E 2046 VA E1 e s30 3,630,000 5,655,422 8,810,963 2 e s16 2,224,000 3,464,920 5,398,232 3 e s2 468,000 729,129 1,135,959 Total6,322,000 9,849,470 15,345,153A P ix Category 32016 VA E 2031 VA E 2046 VA E1 e s30 5,100,000 7,945,634 12,379,0392 e s 16 3,216,000 5,010,423 7,806,076 3 e s2 468,000 729,129 1,135,959 Total8,784,000 13,685,186 21,321,074A P ix Category 42016 VA E 2031 VA E 2046 VA E1 e s30 7,470,000 11,638,017 18,131,6512 e s 16 5,024,000 7,827,228 12,194,5673 e s 2 686,000 1,068,766 1,665,102 Total13,180,000 20,534,011 31,991,319Average of all Categories14,689,555Stu io1 e room2 e room3 e roomC FA120%A I imits2,049 2,194 2,634 3,0421,734 1,903C FA100%A I imits1,707 1,828 2,195 2,5352,057 2,210C FA80%A I imits1,366 1,463 1,756 2,0281,307 1,457 1,610 1,767C FA65%A I imits1,109 1,188 1,426 1,647C FA60%A I imits1,024 1,097 1,317 1,5211,028C FA55%A I imits939 1,005 1,207 1,394875 1,180 1,320C FA50%A I imits853 914 1,097 1,267C FA45%A I imits768 822 987 1,140C FA40%A I imits683 731 878 1,014608 720 834 C FA30%A I imits512 548 658 760 492 APC A Category 1APC A Category 2APC A Category 3APC A Category 4Re ueste Rents aximumRents(;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP99I. tASPEN HOUSING PARTNERS, LLC 5SJVNQI)PVTJOH.BOBHFNFOU --$ .BOBHFNFOU1MBO For Aspen Housing Partners, LLC Introduction Triumph Housing Management, LLC (“Triumph”), the Managing Agent for Aspen Housing Partners, LLC (“Owner”), is concerned with executing a thorough and conscientious Management Plan. Our history reflects this concern and is supporting evidence that the plan will be carried out as pro- posed. Recent studies of housing developments indicate that previous successful management experience is critical to the establishment of a satisfactory management program in a new or rehabilitated proj- FDU"TTVDI 5SJVNQIIBTFYUFOTJWFFYQFSJFODFPSHBOJ[JOHBOEDBSSZJOHPVUNBOBHFNFOUQSPHSBNT GPSBQBSUNFOUDPNNVOJUJFTPGBMMTJ[FTBOEUZQFT5SJVNQIJTGVMMZDPHOJ[BOUPGUIFQPUFOUJBMQSPC- lems inherent in housing management, and has developed means of avoiding those problems. Currently, Triumph operates under the direction of its Chief Executive Officer, Paul J. Ponte. The professional staff consists of a Director of Operations, a Director of Compliance, a Controller, Portfolio Managers, Property Accountants, Training and Compliance staff as well as various administrative and clerical personnel. Our team is capable and experienced in the field of leasing, management, and NBJOUFOBODFVUJMJ[JOHFTUBCMJTIFEQPMJDJFTBOEQSPDFEVSFTQBSUJDVMBSMZBDDFQUBCMFGPSVTFJOBGGPSE- able housing communities. As the Management Agent, Triumph will be expected to carry out its responsibilities in accordance with the Tax Credit Regulations (“LIHTC”), applicable U.S. Department of Housing and Urban Devel- opment (“HUD”) Handbooks, notices and other HUD directives, as well as any other Project Require- ments listed in the Management Contract and/or relating to any other governmental assistance received by the Project. The Management Plan as outlined in the next section clearly defines not only these responsibilities, but also the roles and responsibilities of the Owner. project management plan (;+,%,7$$VSHQ+RXVLQJ3DUWQHUV3URSRVDO0DUFKP100 I. 5SJVNQI)PVTJOH.BOBHFNFOU --$ .BSLFUJOH1MBO For Aspen Housing Partners, LLC Introduction and General Marketing Philosophy Triumph Housing Management, LLC (“Triumph”), the Managing Agent for Aspen Housing Partners, LLC (“Owner”), believes strategic positioning of a community must first start with an in-depth mar- keting analysis of the property. To accomplish this task, our company has in place detailed internal BOEFYUFSOBMBTTFTTNFOUQSPHSBNTUPBTTJTUBOEFOTVSFUIFQSPQFSUZJTVUJMJ[JOHFWFSZBTQFDUOFFEFE to successfully market and position the property in the surrounding community. The marketing assessment is an in-depth, detailed analysis of the community, staff, communications, on-site and off-site marketing. This assessment also reviews each staff member’s ability to gather and communicate effectively in the marketing arena. Additionally, the assessment helps the proper- ty manager and the corporate staff becomes aware of any possible deficiencies in marketing, com- munications, record keeping, and staff training. Our company does not focus on reactive marketing techniques, but instead uses a responsive approach. After assessing the community and the marketing materials and plans in place, should a XFBLOFTTCFVODPWFSFE UIFTUBGGBOEDPSQPSBUFPGGJDFVUJMJ[FUIFSFTQPOTJWFTVSWFZJOPSEFSUPCSBJO- storm about why current programs may not be achieving the results originally intended. The responsive marketing survey includes brainstorming about the current market and its trends, current staffing and training, demographics, preferred employer contacts, traffic and other areas di- rectly affecting the marketing program of the property. Our company is not biased, and the respon- sive marketing survey also enables us to take a hard look at our strengths and weaknesses in order to identify areas where training or further market research may be needed. One of the key factors in our marketing assessment program is it allows our on-site team to truly become an important factor in the marketing concept and plan of the community. Associates are encouraged to share their ideas, criticisms, and it affords senior level management the opportunity to understand and experience the talent and efforts each associate contributes to our company. Our marketing assessment program has been extremely successful in aiding our local property staff to maintain a strong visible position in the community, above market area average occupancies, and generating a true team marketing atmosphere among our on-site staff associates; its track record of success has been proven time and time again. With this standard in mind, it is our intent that we create and manage affordable housing that will be safe, accommodating, and respectable for the current residents of Southfork Apartments. Our success toward accomplishing this mission begins with the design and implementation of a solid and well-communicated Marketing Plan for a Tax Credit Lease-Up that is consistent with the objec- tives of our Management Plan. Once established, it will be implemented, evaluated, adjusted and communicated not only to all on-site staff, but also to the Owners we serve; ultimately ensuring the long-term stability and success of the Project. project marketing plan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Ft.) Floor Area per Type (Sq. Ft.) Floor Area Attributable to FAR Total FTEs 1-1 1 0 700 0 0 0.00 1-2 1 0 900 0 0 0.00 1-3 1 0 1,200 0 0 0.00 2-1 2 7 700 4,900 4,900 12.25 2-2 2 2 900 1,800 1,800 4.50 2-3 2 0 1200 000.00 3-1 3 1 700 700 700 1.75 3-2 3 1 900 900 900 2.25 3-3 3 0 1200 000.00 4-1 4 0 700 0 0 0.00 4-2 4 1 900 900 900 2.25 4-3 4 0 1200 000.00 Storage Area ---n/a 262 262 - Mechanical Area ---n/a 136 136 - Vertical Circulation* ---n/a 132 0 - Horizontal Circulation ---n/a1,1050- Decks*---n/a 115 0 - Total n/a 12 12 n/a 10,950 9,598 23.00 Average per unit n/a 1 1 n/a 912 800 1.92 *Total exterior vertical circulation, horizonal circulation and deck square footage does not exceed 15% of allowable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nit Type (Bdrm- Bath)APCHA Category Unit Quantity Category Quantity Prescribed Unit Floor Area (Sq. Ft.) Floor Area per Type (Sq. Ft.) Floor Area Attributable to FAR*Total FTEs 1-1 1 0 700 0 0 0.00 2-1 1 0 900 0 0 0.00 3-2 1 0 1,200 0 0 0.00 1-1 2 3 700 2,100 1,323 5.25 2-1 2 2 900 1,800 1,800 4.50 3-2 2 0 1,200 0 0 0.00 1-1 3 1 700 700 700 1.75 2-1 3 1 900 900 900 2.25 3-2 3 0 1,200 0 0 0.00 1-1 4 0 700 0 0 0.00 2-1 4 2 900 1,800 1,800 4.50 3-2 4 2 1,200 2,400 2,400 6.00 Storage Area ---n/a 386 315 - Mechanical/Crawl Are ---1,0290 - Vertical **---n/a 787 0 - Horizontal Circulation*---6850 - Decks**---577 0 - Total n/a 11 11 n/a 13,163 9,238 24.25 Average per unit n/a 1 1 n/a 1,197 840 2.20 *37% of lower level is sub-grade and as a result only 63% of floor area on that level is appliable to floor area for FAR. **Total exterior vertical circulation, horizonal circulation and deck square footage does not exceed 15% of allowable FAR 0 5 2 4 ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP104 I. ? =2 "#!(#&'(#'&*1&%)'(((#)'"'&*('$"("#)"(- #)'")(#&(-7 8"#! * '"(#&'<5?7'"$&( ) "' * ( 2#&82 (#&-=#)'"+'$&#$#'0"+$$&(('"(&!'#( """++ )( .0#+*&0$ '$&#*!"'#'&*"&#&&" #"#! * '6+(&(("'(#" )=;G&!&()"('0+&(&!&()"(' +#) )'(#'&*(#&'>"?#&*'#!#(&&(*!"'##"'#2 '$#"'1)$*$*()&%$)*%%##$*A%,$-*$*()&*,*") &()$**($1$$:I;%**%*"DD+$*)1%( +)*%,(B@L1,$())$)*%(/C %(D()*(*+$*)+$( )*$()3# %(*/%*+$*):F;-("%*** (!(")*"%$-*-:C;** $*(*)*3+(,"%&#$**#",)*)( *#%)*&&(%&(*"%*%$)$+$*)*/&)*%%##%**(*%(/+$*)3""%* +$*)*DHH)*"(!,$!&*)*%(/B+$*)3+)""%*+$*)*/&)(* )# )01 %$*$+ +)*#$*) $ # *% * "%*%$ $ )*(+*%$ % * ( *%(/ +$*) *(%+%+* * )$ &(%)) %( ,$ +($ %&(*%$ % * &(%&(*)3 $$"#&"*%$)% +)*$**%("+$*)*(+*%$)$*$&()$*$* %#&$/$&(%&%)"$+#+$(*$$")*%$**$%*#*("3 >2 $&#$#'=5&##!)"('<(&##!2 '$&#*<5>4?#&=(&##!'2 '$#"'1) +)*#$*)$#$)&()$*$**/&""%%(&"$)*%$% *%#&$/$&(%&%)"$+#3 ?2 (#&1 "( # $&#&!0%)('(#&'$'!&'$&#&(-!((&# * (-5$&() & -#& #"(&!#)'"2''+-(&%)'((('(#&'$ '#) '.(&#) -<;5=;G#( * )"(&"'#) #("'#&"( (#()"(#&"((#"''"$&"'$2 ('+'" )"($&#$#' 0$ ' &- +( #( "&&(* " )'(&(#" #+ ,( - (' ' #!$ ' )' ( ' "#( $$&"(2 ('+'"#(" )"($&#$#' 0$ '$&#$#'!"'##!$ '"('" Unit Type (Cat- Bdrm)APCHA Category Unit Quantity Category Quantity Prescribed Unit Floor Area (Sq. Ft.) Floor Area per Type (Sq. Ft.) Floor Area Attributable to FAR Total FTEs 1-1 1 0 700 0 0 0.00 1-2 1 0 900 0 0 0.00 1-3 1 0 1,200 0 0 0.00 2-1 2 15 700 10,500 10,500 26.25 2-2 2 6 900 5,400 5,400 13.50 2-3 2 0 1200 000.00 3-1 3 0 700 0 0 0.00 3-2 3 0 900 000.00 3-3 3 0 1200 000.00 4-1 4 0 700 0 0 0.00 4-2 4 0 900 000.00 4-3 4 0 1200 000.00 Storage Area ---n/a 420 420 - Mechanical Area ---n/a 525 525 - Vertical Circulation* ---n/a 2,567 52 - Horizontal Circulation ---n/a 1,080 22 - Decks*---n/a 539 11 - Total n/a 21 21 11,200 21,031 16,930 39.75 Average n/a 1 1 n/a 1,001 806 1.89 *Total exterior vertical circulation, horizonal circulation and deck square footage exceeds 15% of allowable FAR by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ĞǀĞůŽƉŵĞŶƚdĞĂŵ;ĐŽŶƚ͛ĚͿ,WŝƐĐŽŶĨŝĚĞŶƚƚŚĂƚƚŚĞƚĞĂŵĂƐƐĞŵďůĞĚƚŽƌĞƐƉŽŶĚƚŽƐƉĞŶ͛ƐĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐZ&WŝƐƵŶŝƋƵĞůǇƋƵĂůŝĨŝĞĚƚŽďƌŝŶŐƚŚĞĨŽůůŽǁŝŶŐ͗^ŽůŝĚƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞĂĨĨŽƌĚĂďůĞŚŽƵƐŝŶŐŶĞĞĚƐŽĨƚŚĞƐƉĞŶĐŽŵŵƵŶŝƚǇtŽƌŬŝŶŐŬŶŽǁůĞĚŐĞŽĨƚŚĞůŽĐĂůĞŶƚŝƚůĞŵĞŶƚƉƌŽĐĞƐƐǆƉĞƌŝĞŶĐĞĂŶĚĐŽŵŵŝƚŵĞŶƚƚŽǁŽƌŬŝŶŐƚŚƌŽƵŐŚĐŽŵƉůŝĐĂƚĞĚĂŶĚƐĞŶƐŝƚŝǀĞĞŶƚŝƚůĞŵĞŶƚƉƌŽĐĞƐƐĞƐǁŝƚŚƐŝŐŶŝĨŝĐĂŶƚĐŽŵŵƵŶŝƚǇŝŶǀŽůǀĞŵĞŶƚƌĞĂƚŝǀĞĂŶĚŶĞŝŐŚďŽƌĨƌŝĞŶĚůǇĚĞƐŝŐŶƐŽůƵƚŝŽŶƐĨŽƌĞĂĐŚƐŝƚĞǆƚĞŶƐŝǀĞƚĂǆĐƌĞĚŝƚĨŝŶĂŶĐŝŶŐ͕ĚĞǀĞůŽƉŵĞŶƚĂŶĚŽƉĞƌĂƚŝŶŐĞǆƉĞƌŝĞŶĐĞ^ŝŐŶŝĨŝĐĂŶƚĚĞĚŝĐĂƚĞĚĐĂƉŝƚĂůƌĞƐŽƵƌĐĞƐƚŚƌŽƵŐŚ^ƚƌĂƚĨŽƌĚĂƉŝƚĂů'ƌŽƵƉ͛ƐƚĂǆĐƌĞĚŝƚŝŶǀĞƐƚŵĞŶƚĨƵŶĚƐWƌŽǀĞŶĐŽŶƚƌĂĐƚŽƌǁŝƚŚƐŝŐŶŝĨŝĐĂŶƚůŽĐĂůĞǆƉĞƌŝĞŶĐĞdƌĂĐŬƌĞĐŽƌĚŽĨƐƵĐĐĞƐƐĨƵůůǇĐƌĞĂƚŝŶŐŝŶŶŽǀĂƚŝǀĞƉƵďůŝĐͬƉƌŝǀĂƚĞƉĂƌƚŶĞƌƐŚŝƉƐƚŚĂƚĂƌĞďĂƐĞĚŽŶĂŶĂůŝŐŶŵĞŶƚŽĨŝŶƚĞƌĞƐƚƐƚŚĂƚƉƌŽǀĞƚŽďĞƉŽƐŝƚŝǀĞĨŽƌĂůůƉĂƌƚŝĞƐŝŶǀŽůǀĞĚ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP116I. Team AspenOn the ground in Aspen, the team of industry professionals have a proven track record through a unique composition of backgrounds to execute successful affordable housing projects:• Strong working relationship with APCHA and all relevant gov-ernment departments, agencies and elected officials.• Exceptional community understanding and command over locational pressures and constraints.• Collaborative working history that has resulted in over 100,000 square feet of complex projects.• A public outreach approach that has been deployed and re-sulted in unanimous community and neighborhood buy-in.([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP117I. Guiding PrinciplesThe planning and design of the three sites has embodied the following guiding principles:• Neighborhood Context and Appropriateness• Architectural Design and Landscape Character• City of Aspen/APCHA needs and priorities• Unit Mix• Categorical Income/Rent Assignments• Livability• Interior Unit layout and design• Amenities• Sustainability• Balance between environmental, economic and equitabile considerations• Infrastructure Realities• Parking• Utilities• Off-site Improvements([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP118I. Planning and Design ApproachThe planning and design of the three sites undertook the following approach:• Planning and Zoning Analysis• Each site has gone through a rigorous analysis to establish the most appropriate rezoning proposal and related entitlement restrictions to achieve the most realistic and community accepting projects.• Civil Engineering• The designs have been weighed against real-world engineering, infrastructure and utility constraints within the City’s guidelines and expectations.• Building and Landscape Architecture• The building and site design have responded to the above analyses and guiding principles to put forth the most realistic and contextually appropriate designs possible.([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP119I. main street site analysis & precedentDowntown Aspen – urban architecture, Ease of access – walking proximity to all that is AspenContext – surrounded by affordable housing projectsHistoric Reference – detailing speaking to Aspen’s historic characterTimeless Architecture – dynamic compositions of new and old detailingContemporary Living – indoor/outdoor living, privacy, and individualityneighborhood contextsite analysis([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP120I. main street original designUPSTORAGE302.50 sq ft1 BEDROOM701.18 sq ft1 BEDROOM698.60 sq ftMECHANICAL116.31 sq ft1 BEDROOM700.74 sq ft1 BEDROOM688.21 sq ft1 BEDROOM689.08 sq ftMECHANICAL48.96 sq ftUP1 BEDROOM698.53 sq ft1 BEDROOM716.34 sq ft1 BEDROOM696.31 sq ft1 BEDROOM715.81 sq ft1 BEDROOM695.56 sq ftMECHANICAL48.96 sq ftDN2 BEDROOM953.33 sq ft2 BEDROOM911.26 sq ft1 BEDROOM698.53 sq ftMAIN LEVEL FLOOR PLAN2ND LEVEL FLOOR PLAN3RD LEVEL FLOOR PLAN• 13 Units Total• 11 - 1 bdrm and • 2 - 2bdrm• 9,898 total floor area (1.09 FAR, w/ 1.10 allowable)• All APCHA Category 2 Units• Open Green Space Amenity• Ample unit and non-unit storage• 10 on-site parking stalls([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP121I. main street revised site planon-site outdoor amenity with centralized storage for easy access([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP122I. UPSTORAGE302.50 sq ft1 BEDROOM701.18 sq ft1 BEDROOM698.60 sq ftMECHANICAL116.31 sq ft1 BEDROOM700.74 sq ft1 BEDROOM688.21 sq ft1 BEDROOM689.08 sq ftMECHANICAL48.96 sq ftUP1 BEDROOM716.34 sq ft1 BEDROOM714.71 sq ftMECHANICAL82.31 sq ft2 BEDROOM900.78 sq ft2 BEDROOM952.32 sq ftDN1 BEDROOM698.53 sq ft2 BEDROOM900.78 sq ft2 BEDROOM895.19 sq ftMAIN LEVEL FLOOR PLAN2ND LEVEL FLOOR PLAN3RD LEVEL FLOOR PLANmain street revised floor plans• 12 Units Total• 8 - 1 bdrm and • 4 - 2bdrm• 9,898 total floor area (1.09 FAR, w/ 1.10 allowable)• Mix of APCHA Category 2, 3 and 4 units• Open Green Space Amenity• Ample unit and non-unit storage• 10 on-site parking stalls([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP123I. main street revised designurban form anchors building at primary street corner([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP124I. main street revised designbuilding form steps down at west building mass for greater sensitivity to neighboring property8th street facade maintains a more urban form([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP125I. park circle site analysis & precedentNeighborhood Environment – combination of built and natural settingHousing Vitality – surrounded by diverse housing projectsAmenities – unobstructed views and exposureRural Accessibility – adjacent to Aspen’s back-country wildernessIconic Architecture – utilizes mining building historic characterImpression – rustic and historic, yet current interpretationneighborhood contextsite analysis([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP126I. UPSTAIRS113.23 sq ft2 BEDROOM899.84 sq ft2 BEDROOM919.72 sq ft2 BEDROOM899.20 sq ft2 BEDROOM894.12 sq ftSTORAGE150.04 sq ftUPMECHANICAL/CRAWLSPACE594.50 sq ftMECHANICAL264.07 sq ftSTIARS90.60 sq ft1 BEDROOM699.09 sq ft1 BEDROOM699.09 sq ft1 BEDROOM699.09 sq ft1 BEDROOM699.09 sq ftSTORAGE124.86 sq ftDN3 BEDROOM1,207.81 sq ft3 BEDROOM1,212.20 sq ft2 BEDROOM964.21 sq ftMAIN LEVEL FLOOR PLANLOWER LEVEL FLOOR PLANUPPER LEVEL FLOOR PLANUPSTAIRS2 BEDROOM2 BEDROOM2 BEDROOM2 BEDROOMSTORAGE• 11 Units Total• 4 - 1 bdrm • 5 - 2bdrm• 2 - 3 bdrm • 8,979 total floor area (0.62 FAR, w/ 1.10 allowable)• All APCHA Category 2 Units• Open Green Space Amenity• Ample unit and non-unit storage• 11 on-site parking stallspark circle original design([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP127I. park circle revised site planelimination of off-site parallel guest parking in the ROW; replaced with CoA standard planting strip and sidewalk. 11 on-site parking stalls([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP128I. UPSTAIRS113.23 sq ft2 BEDROOM899.84 sq ft2 BEDROOM919.72 sq ft2 BEDROOM899.20 sq ft2 BEDROOM894.12 sq ftSTORAGE150.04 sq ftUPMECHANICAL/CRAWLSPACE594.50 sq ftMECHANICAL264.07 sq ftSTIARS90.60 sq ft1 BEDROOM699.09 sq ft1 BEDROOM699.09 sq ft1 BEDROOM699.09 sq ft1 BEDROOM699.09 sq ftSTORAGE124.86 sq ftDN3 BEDROOM1,207.81 sq ft3 BEDROOM1,212.20 sq ft2 BEDROOM964.21 sq ftMAIN LEVEL FLOOR PLANLOWER LEVEL FLOOR PLANUPPER LEVEL FLOOR PLANpark circle existing floor plans• 11 Units Total• 4 - 1 bdrm • 5 - 2bdrm• 2 - 3 bdrm • 8,979 total floor area (0.62 FAR, w/ 1.10 allowable)• Mix of APCHA Category 2, 3 and 4 units• Open Green Space Amenity• Ample unit and non-unit storage• 11 on-site parking stalls([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP129I. park circle revised designrevised roofline at southeast facing building mass to provide more relief for neighboring property([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP130I. castle creek site analysis & recedentRemote Aspen – outside of town, rural, greenPrecedent – “Aspen Idea” in form and settingComposition – neighborhood village atmosphereMassing – movement with architecture; random, natural configurationRhythmic – using color as character – individual expression of building massneighborhood contextsite analysis([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP131I. STIARS285.27 sq ftSTIARS285.27 sq ftSTIARS285.27 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM699.95 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ft1 BEDROOM701.69 sq ftSTIARS285.27 sq ftSTIARS285.27 sq ftSTIARS285.27 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM699.95 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ftSTIARS285.27 sq ftSTIARS285.27 sq ftSTIARS285.27 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM699.95 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ftMAIN LEVEL FLOOR PLAN2ND LEVEL FLOOR PLAN3RD LEVEL FLOOR PLANSTIARS285.27 sq ftSTIARS285.27 sq ftSTIARS285.27 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM699.95 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ft1 BEDROOM701.69 sq ft• 24 Units Total• 15 - 1 bdrm and • 9 - 2bdrm• 19,795 total floor area (0.80 FAR, w/ 1.0 allowable)• All APCHA Category 2 Units• Open Green Space Amenity• Ample unit and non-unit storage• 30 on-site parking stallscastle creek original design([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP132I. castle creek revised site planreconfigured parking to further buffer from Castle Creek and allow for greater screening to break-up the row of vehicles([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP133I. STAIRS/STORAGE/MECH.280.78 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft2 BEDROOM899.20 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft2 BEDROOM899.20 sq ftSTAIRS/STORAGE/MECH.280.84 sq ftSTAIRS/STORAGE/MECH.285.27 sq ftSTAIRS/STORAGE/MECH.280.78 sq ft1 BEDROOM700.97 sq ft1 BEDROOM700.35 sq ft2 BEDROOM901.40 sq ft1 BEDROOM700.31 sq ft2 BEDROOM901.75 sq ft1 BEDROOM701.20 sq ft1 BEDROOM700.76 sq ftSTAIRS/STORAGE/MECH.280.84 sq ftSTAIRS/STORAGE/MECH.285.27 sq ftSTAIRS/STORAGE/MECH.280.78 sq ft1 BEDROOM700.31 sq ft2 BEDROOM901.75 sq ft1 BEDROOM701.20 sq ft1 BEDROOM700.35 sq ft1 BEDROOM700.76 sq ft2 BEDROOM901.40 sq ft1 BEDROOM700.76 sq ftSTAIRS/STORAGE/MECH.285.27 sq ftSTAIRS/STORAGE/MECH.280.84 sq ftMAIN FLOOR PLAN2ND LEVEL FLOOR PLAN3RD LEVEL FLOOR PLANcastle creek revised floor plans• 21 Units Total• 15 - 1 bdrm and • 6 - 2bdrm• 16,930total floor area (0.69FAR, w/ 1.0 allowable)• All APCHA Category 2 Units• Open Green Space Amenity• Ample unit and non-unit storage• 30 on-site parking stalls([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP134I. castle creek revised designreduced massing by eliminating units and low-ering the overall form of the structure from all viewplane perspectives([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP135I. DWRGENTRYPORCHDRWREFBEDROOM 1BATH 1LIVING ROOMKITCHENDININGCL.MUDROOM/LAUNDRYCL.CL.DWRGENTRYPORCHDRWREFBATH 1DININGBEDROOM 1KITCHENLIVING ROOMMUDROOM/LAUNDRYCL.CL.BEDROOM 2BATH 2DWRGENTRYPORCHDRWREFBATH 1DININGBEDROOM 1KITCHENLIVING ROOMCL.MUDROOM/LAUNDRYCL.CL.BEDROOM 2BATH 2BEDROOM 3CL.SCALE: 1/8" = 1'-0"ONE BEDROOM UNIT-TYPICALSCALE: 1/8" = 1'-0"TWO BEDROOM UNIT-TYPICALSCALE: 1/8" = 1'-0"THREE BEDROOM UNIT-TYPICALrevised typical unit floor plansexceptional livability with open floor plans, ad-equate in-unit storage, mudrooms and master suitesoriginal 2-bedroom floor plan revised from a 2-1 configuration to a 2-2 configuration. ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP136I. 25 &! 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ZĞĐŽŵŵĞŶĚĂƚŝŽŶ,&ŚĂƐŶŽƚĚĞƚĞƌŵŝŶĞĚƚŚĞƚŝŵŝŶŐĨŽƌƉƌŽŐƌĂŵĂƉƉůŝĐĂƚŝŽŶƐŝŶϮϬϭϳ/ƚŝƐůŝŬĞůǇƚŚĂƚďŽƚŚƚŚĞϵйĂŶĚϰйнKƐƚĂƚĞĐƌĞĚŝƚǁŝůůŽĐĐƵƌŝŶƚŚĞĨŝƌƐƚϲŵŽŶƚŚƐŽĨϮϬϭϳ͖ĂϰйĂƉƉůŝĐĂƚŝŽŶĐĂŶďĞƐƵďŵŝƚƚĞĚĂƚĂŶǇƚŝŵĞĚƵƌŝŶŐƚŚĞǇĞĂƌ͘,WƌĞĐŽŵŵĞŶĚƐƚŚĞĨŽůůŽǁŝŶŐ͗dŚĞŝƚǇŽĨƐƉĞŶĐŽŵŵŝƚƐƚŽƐƵďŽƌĚŝŶĂƚĞĨŝŶĂŶĐŝŶŐŝŶĂŶĂŵŽƵŶƚƚŚĂƚǁŽƵůĚĂůůŽǁĨŽƌĂϰйĂƉƉůŝĐĂƚŝŽŶƚŽďĞĨŝŶĂŶĐŝĂůůǇĨĞĂƐŝďůĞ,WǁŝůůĐŽŵŵŝƚƚŽƉƌĞͲĚĞǀĞůŽƉŵĞŶƚĨƵŶĚŝŶŐĂŶĚŝŵŵĞĚŝĂƚĞůǇďĞŐŝŶƚŚĞƉůĂŶŶŝŶŐĂŶĚǌŽŶŝŶŐƉƌŽĐĞƐƐ,WǁŝůůĞŶĚĞĂǀŽƌƚŽŽďƚĂŝŶĞŝƚŚĞƌĂϵйĂǁĂƌĚŽƌĂϰйнKƐƚĂƚĞĐƌĞĚŝƚĂǁĂƌĚŝŶϮϬϭϳ/ĨƚŚĞƉƌŽũĞĐƚŝƐŶŽƚĂǁĂƌĚĞĚĞŝƚŚĞƌŽĨƚŚĞĂďŽǀĞ͕,WǁŝůůƉƌŽĐĞĞĚǁŝƚŚĂϰйƐƚƌƵĐƚƵƌĞ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP145I. a partnership of stratford capital group and colony partnersthank you([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP146I. EXHIBIT 1 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: RIGHT OF FIRST REFUSAL AGREEMENT This Right of First Refusal Agreement (this “Agreement”) is made as of [________ __], 2016, by and between ________________, a __________ limited partnership (the “Partnership”) and ___________________ [local government] (“Grantee”). WHEREAS, the Partnership was formed for the purpose of acquiring, owning or leasing, developing, constructing and/or rehabilitating, leasing, managing, operating, and, if appropriate or desirable, selling or otherwise disposing of a residential project located in _______________ (the “Property”); and WHEREAS, the Partnership desires to give, grant, bargain, sell and convey to Grantee, or such other governmental or qualified Section 501(c)(3) organization as may be designated by the Grantee for the Refusal Right (defined below) pursuant to the terms and provisions of Paragraph 4 of this Agreement, certain rights to purchase the Property on the terms and subject to the conditions set forth herein; and WHEREAS, the Property is or will be subject to a governmental agency regulatory agreement (the “Regulatory Agreement”) restricting its use to low-income housing (such use restrictions under the Regulatory Agreement being referred to collectively herein as the “Use Restrictions”); and WHEREAS, Grantee and the General Partner desire to provide for the continuation of the Property as low-income housing upon termination of the Partnership by Grantee purchasing the Property at the applicable price determined under this Agreement and operating the Property in accordance with the Use Restrictions; and WHEREAS, the Partnership and Grantee have negotiated and required that the Partnership shall execute and deliver this Agreement in order to provide for such low-income housing; NOW, THEREFORE, in consideration of the execution and delivery of the Partnership Agreement and the payment by the Grantee to the Partnership of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 1. Grant of Refusal Right. For a period of twenty-four (24) months (the “Refusal Right Period”) following the close of the Compliance Period as defined in Section 42(i)(1) of the Internal Revenue Code, in the event that the Partnership receives a third-party offer to purchase ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP147 I. #22914452_v4 the Property, which offer the Partnership intends to accept (the “Offer”), Grantee shall have a right of first refusal to purchase the Property (the “Refusal Right”), on the terms and conditions set forth in this Agreement and subject to the conditions precedent to exercise of the Refusal Right specified herein. In addition to all other applicable conditions set forth in this Agreement, (a) the foregoing grant of the Refusal Right shall be effective only if Grantee is a governmental entity or qualified nonprofit organization, as defined in Section 42(h)(5)(C) of the Code currently, and remains such at all times as of (i) the date that the Refusal Right has been exercised and the resulting purchase and sale has been closed or (ii) the date that the Refusal Right has been assigned to a Permitted Assignee described in Paragraph 4 hereof, and (b) any assignment of the Refusal Right permitted under this Agreement and the Refusal Right so assigned shall be effective only if the assignee is at the time of the assignment and remains at all times thereafter, until the Refusal Right has been exercised and the resulting purchase and sale has been closed, a Permitted Assignee described in Paragraph 4 hereof meeting the requirements of Section 42(i)(7)(a) of the Code. During the Refusal Right Period, prior to accepting any offer to purchase the Property, the Partnership shall notify Grantee, the General Partner, and the Consenting Limited Partners and deliver to each of them a copy of the Offer and a notice of disposition stating the proposed sale price and all material terms of the proposed sale. At the end of the Refusal Right Period, the Refusal Right shall automatically terminate and be of no further force and effect. 2. Refusal Right Purchase Price. The purchase price for the Property (the “Refusal Purchase Price”) pursuant to the Refusal Right shall be the sum of (1) the principal amount of outstanding indebtedness secured by the Property and other Partnership indebtedness and (2) all Federal, state and local taxes attributable to such sale, including, without limitation, the taxes projected to be imposed on the Partners of the Partnership as a result of the sale of the Property. 3. Exercise of Refusal Right. In the event that during the Refusal Right Period the Partnership receives an Offer, the Partnership shall notify the Grantee and the Consenting Limited Partners in writing of such Offer (a “Disposition Notice”). Grantee shall have ninety (90) days following actual receipt of a Disposition Notice to give the Partnership written notice of its intent to exercise the Refusal Right pursuant to Paragraph 5 below (the “Refusal Notice”) and shall specify a date for delivery of the deed not less than ninety (90) days and no more than one hundred and eighty (180) days after the Grantee’s delivery of the Refusal Notice. Subject to the prior consent of the Mortgage Lenders, Grantee may pay all or a portion of the Refusal Purchase Price by assuming the existing indebtedness of the Partnership. The Partnership agrees upon request of Grantee to use its best efforts to obtain the consent of all Mortgage Lenders to such assumption. 4. Assignment. Subject to the conditions precedent to the Refusal Right set forth herein, Grantee may assign all or any of its Refusal Right under this Agreement to any affiliate of Grantee that demonstrates its ability and willingness to maintain the Property as low-income housing in accordance with all applicable use restrictions and is (a) a qualified nonprofit organization, as defined in Section 42(h)(5)(C) of the code, (b) a government agency, or (c) a tenant organization (in cooperative form or otherwise) or resident management corporation of the Property (each a “Permitted Assignee”). Prior to any assignment or proposed assignment of its rights hereunder, Grantee shall give written notice thereof to the Partnership, the General Partner, and the Consenting Limited Partners. Upon any permitted assignment hereunder, references in this Agreement to Grantee shall mean the Permitted Assignee where the context so requires, ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP148 I. #22914452_v4 subject to all applicable conditions to the effectiveness of the rights granted under this Agreement and so assigned. No assignment of Grantee’s rights hereunder shall be effective unless and until the Permitted Assignee enters into a written agreement accepting the assignment and assuming all of Grantee’s obligations under this Agreement and copies of such written agreement are delivered to the Partnership, the General Partner, and the Consenting Limited Partners. Except as specifically permitted herein, Grantee’s rights hereunder shall not be assignable. 5. Contract and Closing. Upon determination of the purchase price, the Partnership and Grantee shall enter into a written contract for the purchase and sale of the Property in accordance with this Agreement and containing such other terms and conditions as are standard and customary for similar commercial transactions in the geographic area which the Property is located. 6. Miscellaneous. This Agreement shall be liberally construed in accordance with the laws of the State of ____________ in order to effectuate the purposes of this Agreement. This Agreement may be executed in counterparts or counterpart signature pages, which together shall constitute a single agreement. Any amendments to this Agreement shall be agreed to among the parties in writing and made only with the consent of the Consenting Limited Partners. 7. Covenants to Run with the Land. The covenants and agreements set forth herein shall be revised as required so that they may be recorded against and run with the land. The covenants and agreements set forth herein shall be binding upon and shall inure to the benefit of the successors and assigns of the respective parties hereto. 8. Defined Terms. The capitalized terms used in this Agreement shall have the definitions provided for in the Partnership Agreement unless otherwise specified herein. 9. Headings. This Agreement’s headings are for convenience of reference and are not intended to qualify the meaning of any provision or covenants herein. 10. Subordination. This Agreement is and shall remain automatically subject and subordinate to any deed of trust made on or about the date hereof and recorded herewith, and any other bona fide deed of trust or mortgage to (or assigned to) an institutional or governmental lender with respect to the Property and, in the event of a foreclosure of any such deed of trust or mortgage, or of the giving of a deed in lieu of foreclosure under any such deed of trust or mortgage, this Agreement shall become void and shall be of no further force or effect. 11. Notice. A copy of any notice sent hereunder shall be sent to Stratford SLP, Inc., 8300 Greensboro Drive, Suite 800, McLean, VA 22102. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP149 I. #22914452_v4 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth hereinabove. WITNESS: PARTNERSHIP: STATE OF _______________________) COUNTY OF _____________________) I, the undersigned, a Notary Public in and for said County in said State, hereby certify that ___________, whose name as _____________ of_________________, is signed to the foregoing instrument, and who is known to me, acknowledged before me on this day that, being informed of the contents of the instrument, (s)he as such officer, and with full authority, executed the same voluntarily for and as the act of said corporation. Given under my hand and seal of office this ___ day of ______, 2016. ________________________________ Notary Public [NOTARIAL SEAL] My Commission Expires: WITNESS: GRANTEE: _________________________ By: _________________________________ Name: Title: STATE OF ______________________) : COUNTY OF ____________________) I, the undersigned, a Notary Public in and for said County in said State, hereby certify that ___________, whose name as ________________ of ___________________, is signed to the foregoing instrument, and who is known to me, acknowledged before me on this day that, being informed of the contents of the instrument, (s)he as such officer, and with full authority, executed the same voluntarily for and as the act of said corporation. ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP150 I. #22914452_v4 Given under my hand and seal of office this ___ day of ______, 2016. ____________________________ Notary Public [NOTARIAL SEAL] My Commission Expires: ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP151 I. #22914452_v4 ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP152 I. #22914452_v4 EXHIBIT A LEGAL DESCRIPTION OF PROPERTY ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP153 I. ƐƉĞŶĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ ŽƐƚDŽĚĞů :ƵŶĞϯ͕ϮϬϭϲ ϴϬϮDĂŝŶ^ƚƌĞĞƚ ϮϬϭϳ ϭϭ͕ϭϱϱ ŐƐĨ ϭϮ hŶŝƚƐ й &ŽƵŶĚĂƚŝŽŶƐ ΨϯϬϬ͕ϲϭϱ ΨϮϲ͘ϵϱ ͬƐĨ ΨϮϱ͕Ϭϱϭ͘ϮϮ ͬƵŶŝƚ ϴ͘ϰϲй ^ƵƉĞƌƐƚƌƵĐƚƵƌĞ Ψϱϭϯ͕Ϭϱϭ Ψϰϱ͘ϵϵ ͬƐĨ ΨϰϮ͕ϳϱϰ͘Ϯϱ ͬƵŶŝƚ ϭϰ͘ϰϯй ǆƚŶĐůŽƐƵƌĞ Ψϱϲϰ͕ϳϰϱ ΨϱϬ͘ϲϯ ͬƐĨ Ψϰϳ͕ϬϲϮ͘ϭϮ ͬƵŶŝƚ ϭϱ͘ϴϵй ZŽŽĨŝŶŐ ΨϮϬϴ͕ϯϲϰ Ψϭϴ͘ϲϴ ͬƐĨ Ψϭϳ͕ϯϲϯ͘ϳϬ ͬƵŶŝƚ ϱ͘ϴϲй /ŶƚĞƌŝŽƌŽŶƐƚƌƵĐƚŝŽŶ Ψϯϭϳ͕ϱϲϵ ΨϮϴ͘ϰϳ ͬƐĨ ΨϮϲ͕ϰϲϰ͘Ϭϵ ͬƵŶŝƚ ϴ͘ϵϯй /ŶƚĞƌŝŽƌ&ŝŶŝƐŚĞƐ ΨϭϮϰ͕ϭϰϭ Ψϭϭ͘ϭϯ ͬƐĨ ΨϭϬ͕ϯϰϱ͘Ϭϰ ͬƵŶŝƚ ϯ͘ϰϵй WůƵŵďŝŶŐͬ,s ΨϯϵϬ͕ϬϲϮ Ψϯϰ͘ϵϳ ͬƐĨ ΨϯϮ͕ϱϬϱ͘ϭϲ ͬƵŶŝƚ ϭϬ͘ϵϳй &ŝƌĞWƌŽƚĞĐƚŝŽŶ ΨϳϮ͕ϰϵϳ Ψϲ͘ϱϬ ͬƐĨ Ψϲ͕Ϭϰϭ͘ϯϵ ͬƵŶŝƚ Ϯ͘Ϭϰй ůĞĐƚƌŝĐĂů ΨϯϳϬ͕ϯϯϭ Ψϯϯ͘ϮϬ ͬƐĨ ΨϯϬ͕ϴϲϬ͘ϴϵ ͬƵŶŝƚ ϭϬ͘ϰϮй ƋƵŝƉŵĞŶƚ Ψϱϲ͕ϯϴϮ Ψϱ͘Ϭϱ ͬƐĨ Ψϰ͕ϲϵϴ͘ϱϭ ͬƵŶŝƚ ϭ͘ϱϵй &ƵƌŶŝƐŚŝŶŐƐ Ψϭϵ͕ϲϲϱ Ψϭ͘ϳϲ ͬƐĨ Ψϭ͕ϲϯϴ͘ϳϱ ͬƵŶŝƚ Ϭ͘ϱϱй ^ŝƚĞ Ψϲϭϳ͕ϱϮϱ Ψϱϱ͘ϯϲ ͬƐĨ Ψϱϭ͕ϰϲϬ͘ϰϮ ͬƵŶŝƚ ϭϳ͘ϯϳй 'ĞŶĞƌĂůZĞƋƵŝƌĞŵĞŶƚƐͲ/ŶĐůƵĚĞĚ ^ƵďƚŽƚĂů Ψϯ͕ϱϱϰ͕ϵϰϳ Ψϯϭϴ͘ϲϵ ͬƐĨ ΨϮϵϲ͕Ϯϰϱ͘ϱϱ ͬƵŶŝƚ ϭϬϬ͘ϬϬй ŽŶƚŝŶŐĞŶĐǇ͕/ŶƐƵƌĂŶĐĞ͕&ĞĞƐͲ/ŶĐůƵĚĞĚ WƌŽŐƌĂŵΘĞƐŝŐŶĚũƵƐƚŵĞŶƚ dŽƚĂů Ψϯ͕ϱϱϰ͕ϵϰϳ Ψϯϭϴ͘ϲϵ ͬƐĨ ΨϮϵϲ͕Ϯϰϱ͘ϱϱ ͬƵŶŝƚ ϭϬϬ͘ϬϬй ǀĞƌĂŐĞhŶŝƚ^ŝǌĞ ϵϯϬ ƐĨ KE&/Ed/>͗dŚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚĂƚĂŝŶƚŚŝƐƌĞƉŽƌƚĂƌĞƐƚƌŝĐƚůǇĐŽŶĨŝĚĞŶƚŝĂůĂŶĚĂƌĞƐƵƉƉůŝĞĚŽŶƚŚĞƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĂƚƚŚĞǇǁŝůůďĞŚĞůĚĐŽŶĨŝĚĞŶƚŝĂůůǇ ĂŶĚŶŽƚĚŝƐĐůŽƐĞĚƚŽƚŚŝƌĚƉĂƌƚŝĞƐǁŝƚŚŽƵƚƚŚĞƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ^ŚĂǁŽŶƐƚƌƵĐƚŝŽŶ͘ ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQH (;+,%,7 6+$: &216758&7,21 5(9,6(' &267 (67,0$7( P154 I. ƐƉĞŶĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ ŽƐƚDŽĚĞů :ƵŶĞϯ͕ϮϬϭϲ ϱϭϳWĂƌŬŝƌĐůĞ ϮϬϭϳ ϭϯ͕ϮϬϬ ŐƐĨ ϭϭ hŶŝƚƐ й &ŽƵŶĚĂƚŝŽŶƐ Ψϲϳϰ͕ϱϰϲ Ψϱϭ͘ϭϬ ͬƐĨ Ψϲϭ͕ϯϮϮ͘ϯϲ ͬƵŶŝƚ ϭϱ͘ϭϲй ^ƵƉĞƌƐƚƌƵĐƚƵƌĞ Ψϱϵϴ͕ϲϱϴ Ψϰϱ͘ϯϱ ͬƐĨ Ψϱϰ͕ϰϮϯ͘ϰϮ ͬƵŶŝƚ ϭϯ͘ϰϲй ǆƚŶĐůŽƐƵƌĞ Ψϱϲϰ͕ϴϯϴ ΨϰϮ͘ϳϵ ͬƐĨ Ψϱϭ͕ϯϰϴ͘ϵϭ ͬƵŶŝƚ ϭϮ͘ϳϬй ZŽŽĨŝŶŐ ΨϮϰϯ͕ϭϯϮ Ψϭϴ͘ϰϮ ͬƐĨ ΨϮϮ͕ϭϬϮ͘ϴϴ ͬƵŶŝƚ ϱ͘ϰϳй /ŶƚĞƌŝŽƌŽŶƐƚƌƵĐƚŝŽŶ ΨϮϴϳ͕Ϭϱϰ ΨϮϭ͘ϳϱ ͬƐĨ ΨϮϲ͕Ϭϵϱ͘ϴϬ ͬƵŶŝƚ ϲ͘ϰϱй /ŶƚĞƌŝŽƌ&ŝŶŝƐŚĞƐ Ψϭϰϰ͕ϴϱϰ ΨϭϬ͘ϵϳ ͬƐĨ Ψϭϯ͕ϭϲϴ͘ϱϴ ͬƵŶŝƚ ϯ͘Ϯϲй WůƵŵďŝŶŐͬ,s Ψϱϵϯ͕ϱϬϯ Ψϰϰ͘ϵϲ ͬƐĨ Ψϱϯ͕ϵϱϰ͘ϴϱ ͬƵŶŝƚ ϭϯ͘ϯϰй &ŝƌĞWƌŽƚĞĐƚŝŽŶ Ψϴϰ͕ϱϵϯ Ψϲ͘ϰϭ ͬƐĨ Ψϳ͕ϲϵϬ͘ϯϭ ͬƵŶŝƚ ϭ͘ϵϬй ůĞĐƚƌŝĐĂů ΨϯϲϬ͕ϭϬϯ ΨϮϳ͘Ϯϴ ͬƐĨ ΨϯϮ͕ϳϯϲ͘ϲϮ ͬƵŶŝƚ ϴ͘Ϭϵй ƋƵŝƉŵĞŶƚ ΨϱϬ͕ϵϲϰ Ψϯ͘ϴϲ ͬƐĨ Ψϰ͕ϲϯϯ͘ϭϮ ͬƵŶŝƚ ϭ͘ϭϱй &ƵƌŶŝƐŚŝŶŐƐ ΨϮϮ͕ϵϰϲ Ψϭ͘ϳϰ ͬƐĨ ΨϮ͕Ϭϴϲ͘ϬϮ ͬƵŶŝƚ Ϭ͘ϱϮй ^ŝƚĞ ΨϴϮϯ͕ϱϬϮ ΨϲϮ͘ϯϵ ͬƐĨ Ψϳϰ͕ϴϲϯ͘ϳϵ ͬƵŶŝƚ ϭϴ͘ϱϭй 'ĞŶĞƌĂůZĞƋƵŝƌĞŵĞŶƚƐͲ/ŶĐůƵĚĞĚ ^ƵďƚŽƚĂů Ψϰ͕ϰϰϴ͕ϲϵϯ Ψϯϯϳ͘ϬϮ ͬƐĨ ΨϰϬϰ͕ϰϮϲ͘ϲϲ ͬƵŶŝƚ ϭϬϬ͘ϬϬй ŽŶƚŝŶŐĞŶĐǇ͕/ŶƐƵƌĂŶĐĞ͕&ĞĞƐͲ/ŶĐůƵĚĞĚ WƌŽŐƌĂŵΘĞƐŝŐŶĚũƵƐƚŵĞŶƚ dŽƚĂů Ψϰ͕ϰϰϴ͕ϲϵϯ Ψϯϵϴ͘ϴϭ ͬƐĨ ΨϰϬϰ͕ϰϮϲ͘ϲϲ ͬƵŶŝƚ ϭϬϬ͘ϬϬй ǀĞƌĂŐĞhŶŝƚ^ŝǌĞ ϭ͕ϮϬϬ ƐĨ KE&/Ed/>͗dŚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚĂƚĂŝŶƚŚŝƐƌĞƉŽƌƚĂƌĞƐƚƌŝĐƚůǇĐŽŶĨŝĚĞŶƚŝĂůĂŶĚĂƌĞƐƵƉƉůŝĞĚŽŶƚŚĞƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĂƚƚŚĞǇǁŝůůďĞŚĞůĚĐŽŶĨŝĚĞŶƚŝĂůůǇ ĂŶĚŶŽƚĚŝƐĐůŽƐĞĚƚŽƚŚŝƌĚƉĂƌƚŝĞƐǁŝƚŚŽƵƚƚŚĞƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ^ŚĂǁŽŶƐƚƌƵĐƚŝŽŶ͘ ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP155 I. ƐƉĞŶĨĨŽƌĚĂďůĞ,ŽƵƐŝŶŐ ŽƐƚDŽĚĞů :ƵŶĞϯ͕ϮϬϭϲ ϰϴϴĂƐƚůĞƌĞĞŬZŽĂĚ ϮϬϭϳ ϮϬ͕ϵϱϮ ŐƐĨ Ϯϭ hŶŝƚƐ й &ŽƵŶĚĂƚŝŽŶƐ Ψϭ͕Ϭϱϯ͕ϲϯϯ ΨϱϬ͘Ϯϵ ͬƐĨ ΨϱϬ͕ϭϳϮ͘ϵϵ ͬƵŶŝƚ ϭϰ͘ϯϲй ^ƵƉĞƌƐƚƌƵĐƚƵƌĞ Ψϵϯϱ͕Ϭϵϲ Ψϰϰ͘ϲϯ ͬƐĨ Ψϰϰ͕ϱϮϴ͘ϯϵ ͬƵŶŝƚ ϭϮ͘ϳϱй ǆƚŶĐůŽƐƵƌĞ ΨϴϴϮ͕ϮϳϬ ΨϰϮ͘ϭϭ ͬƐĨ ΨϰϮ͕ϬϭϮ͘ϴϳ ͬƵŶŝƚ ϭϮ͘Ϭϯй ZŽŽĨŝŶŐ Ψϯϳϵ͕ϳϲϵ Ψϭϴ͘ϭϯ ͬƐĨ Ψϭϴ͕Ϭϴϰ͘Ϯϯ ͬƵŶŝƚ ϱ͘ϭϴй /ŶƚĞƌŝŽƌŽŶƐƚƌƵĐƚŝŽŶ Ψϱϯϵ͕ϮϴϮ ΨϮϱ͘ϳϰ ͬƐĨ ΨϮϱ͕ϲϴϬ͘ϭϭ ͬƵŶŝƚ ϳ͘ϯϱй /ŶƚĞƌŝŽƌ&ŝŶŝƐŚĞƐ ΨϮϮϲ͕Ϯϲϭ ΨϭϬ͘ϴϬ ͬƐĨ ΨϭϬ͕ϳϳϰ͘ϯϮ ͬƵŶŝƚ ϯ͘Ϭϴй ŽŶǀĞǇŝŶŐ^ǇƐƚĞŵƐ Ψϵϭ͕ϱϱϯ Ψϰ͘ϯϳ ͬƐĨ Ψϰ͕ϯϱϵ͘ϲϰ ͬƵŶŝƚ ϭ͘Ϯϱй WůƵŵďŝŶŐͬ,s Ψϭ͕ϭϭϱ͕ϬϬϯ Ψϱϯ͘ϮϮ ͬƐĨ Ψϱϯ͕Ϭϵϱ͘ϯϴ ͬƵŶŝƚ ϭϱ͘ϮϬй &ŝƌĞWƌŽƚĞĐƚŝŽŶ ΨϭϯϮ͕ϭϯϰ Ψϲ͘ϯϭ ͬƐĨ Ψϲ͕ϮϵϮ͘Ϭϵ ͬƵŶŝƚ ϭ͘ϴϬй ůĞĐƚƌŝĐĂů ΨϱϲϮ͕ϰϳϲ ΨϮϲ͘ϴϱ ͬƐĨ ΨϮϲ͕ϳϴϰ͘ϱϵ ͬƵŶŝƚ ϳ͘ϲϳй ƋƵŝƉŵĞŶƚ Ψϵϱ͕ϳϰϲ Ψϰ͘ϱϳ ͬƐĨ Ψϰ͕ϱϱϵ͘ϯϮ ͬƵŶŝƚ ϭ͘ϯϭй &ƵƌŶŝƐŚŝŶŐƐ Ψϯϱ͕ϴϰϮ Ψϭ͘ϳϭ ͬƐĨ Ψϭ͕ϳϬϲ͘ϳϱ ͬƵŶŝƚ Ϭ͘ϰϵй ^ŝƚĞ Ψϭ͕Ϯϴϲ͕ϯϬϬ Ψϲϭ͘ϯϵ ͬƐĨ Ψϲϭ͕ϮϱϮ͘ϯϳ ͬƵŶŝƚ ϭϳ͘ϱϰй 'ĞŶĞƌĂůZĞƋƵŝƌĞŵĞŶƚƐͲ/ŶĐůƵĚĞĚ ^ƵďƚŽƚĂů Ψϳ͕ϯϯϱ͕ϯϲϰ ΨϯϱϬ͘ϭϬ ͬƐĨ Ψϯϰϵ͕ϯϬϯ͘Ϭϰ ͬƵŶŝƚ ϭϬϬ͘ϬϬй WƌŽŐƌĂŵΘĞƐŝŐŶĚũƵƐƚŵĞŶƚ ŽŶƚŝŶŐĞŶĐǇ͕/ŶƐƵƌĂŶĐĞ͕&ĞĞƐͲ/ŶĐůƵĚĞĚ dŽƚĂů Ψϳ͕ϯϯϱ͕ϯϲϰ ΨϯϱϬ͘ϭϬ ͬƐĨ Ψϯϰϵ͕ϯϬϯ͘Ϭϰ ͬƵŶŝƚ ϭϬϬ͘ϬϬй ǀĞƌĂŐĞhŶŝƚ^ŝǌĞ ϵϵϴ ƐĨ KE&/Ed/>͗dŚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚĂƚĂŝŶƚŚŝƐƌĞƉŽƌƚĂƌĞƐƚƌŝĐƚůǇĐŽŶĨŝĚĞŶƚŝĂůĂŶĚĂƌĞƐƵƉƉůŝĞĚŽŶƚŚĞƵŶĚĞƌƐƚĂŶĚŝŶŐƚŚĂƚƚŚĞǇǁŝůůďĞŚĞůĚĐŽŶĨŝĚĞŶƚŝĂůůǇ ĂŶĚŶŽƚĚŝƐĐůŽƐĞĚƚŽƚŚŝƌĚƉĂƌƚŝĞƐǁŝƚŚŽƵƚƚŚĞƉƌŝŽƌǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨ^ŚĂǁŽŶƐƚƌƵĐƚŝŽŶ͘ ([KLELW%$VSHQ+RXVLQJ3DUWQHUV3URSRVDO$GGHQGXP-XQHP156 I. august 2, 2016rdrdproposal presentationExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP157I. august 2, 2016rdrdproposal presentationExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP158I. " &$ .+) *6.$)"-/)-.= GB CH$.%*$)/7)/6-/#/$.*(+-$.*7'*+()/-/)-.= GBCH)*'*):-/)-.= )@GB*'*):CH $./#-'.//7'*+()/-(*/-0*-+$/'-*6+= ='$)")1*)'/9-$/7'*+-).:)$/*- *'*):-/)-.= )@$.$7-.$-'.//$)7./()/)7'*+()/*(+):8$/#9+-$)$)''(%*--'.//./*-.)*6.*)*-'#*6.$)"  ))6-:PNOT)*'*):*-('$;$/.-'1*).#$+/#-*6"#/#961*)**$)/)/6-7'*+()/"-()/ #+-$(-:"*'* $./*7'*+=*8)=)*+-/*-')8*-&*-#*6.$)"+-*%/.$)/#*-$)"*-&'': 7'*+()/17$1.8$'''$)(-&/:.*)-.#8=+-$)$+'**'*):=8#*#.-'*//*.+)8$/##$.($':Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP159I. " # "  ! $+0- ! .1) $"(% $ (& "$$ $% "&/$' 0-' .1 9-$/.:)$1*))7'*+()/.8''.*(+-#).$7*)"*$)"../)6)()"()/ :)$/+-$7/,6$/:$)OSN(6'1($':-)/'+-/()/+-*+-1./*/'$)"++-*9$(/':OS=TNN+-/()/6)$/.$)PV.//.8$/#+$/'$;7'6*++-*9$(/':KP@NO$''$*) #+-$)$+'.#7)9/).$7OW:-/-&-*-$)/#.:)$1*))7'*+()/**-'#*6.$)"61'$;$)"9-$/.=-$.$)"*7-KO$''$*)$),6$/:*-/9-$//-).1*). 7'*+()/-/)-.= )+-..*-)11.=#7)$)7*'7$)/#.6..6'7'*+()/)D*--7'*+()/**7-SN*-'-)/'+-*+-1.61'$;$)"9-$/.@Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP160I. ) " ! (&4223 % % (& (, #+-$)$+'.#7*($)SS:-.*-'.//9+-$) $)$)+1*)=*'*):#.96/*7-KOSN($''$*)$)$)7./()/)7'*+()//-).1*). *'*):#.9/).$79+-$)$)+6'$D+-$7/+-/)-.#$+..8''..6..6'':-.*'7$)"*(+'$/;*)$)"D)1/'()/..@ *'*):8$''*+)$)")* $).+)$)/#.6((-*PNOT8#)$/.+-$)$+'=.*)-.#8=-'*/./*.+)*)+-())/.$.@Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP161I. " ! 6-/(*).$./.*/#*''*8$)"((-.? 7'*+-D8)-?.+) *6.$)"-/)-.=  -#$//?7$*#)./*)-#$//.G7$*#)./*)D-$);':H '))-?/#*'))$)"[7'*+()/G(*:H  ).+'))$)"?*))/).$")G /#- )-:H $7$')"$)-$)"?*-$)"*-&)"$)-$)"G$#-*6'$)"H )-'*)/-/*-?#8*)./-61*)G(:-D$#''-H  )$1*)/*+-/)-.#$+8$/#/#$/:*.+)= #.-*6"#//*"/#-/(*'*)"E./)$)"'*'-(./#/#7)9/).$7&)*8'"*/#*((6)$/:)7'*+()/+-*..$).+)-*($)+1*)/**(+'1*)@Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP162I. "! :8:*$/.9/).$79+-$)$)/9-$/7'*+()/.)*(+'9+-*%/.$))-*6).+)= $.$)6)$,6+*.$1*)/*..$.//#$/:*.+)$)#$7$)"$/."*'*'$7-$)"$1*)'*-'-)/'#*6.$)"//#'*8./+*..$'*.//#-*6"#+6'$D+-$7/+-/)-.#$+@$))$'961*))*8)-.#$+-$.&$./-).---*(/#$/:/*/#7'*+-? *)./-61*)*./*7--6). +-1)".#*-0''. --($)/))61*)$)$/:-.*6-.-,6$-*-/#7'*+()/)*+-1)"+-*..? *((6)$/:*6/-#+-*"-()..-:*-)1/'()/+-*.. (*7'*/#$/:.+*/)1'+*'-$;$)""6-$)/#)1/'()/D*((6)$/:+-*.. -#$//6-'+'))$)"+-*.. *)./-61*)+-*..*7-.$"#/  )$1''.E6+D/))/,6'$1*) -*+-/:()"()/D$'$1.($)/)) )"*$)"/))/'.$)"D*(+'$)Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP163I. Team AspenOn the ground in Aspen, the team of industry professionalshave a proven track record through a unique compositionof backgrounds to execute successful affordable housingffffprojects:• Strong working relationship with APCHA and all relevant gov-ernment departments, agencies and elected officials.• Exceptional community understanding and command overlocational pressures and constraints.• Collaborative working history that has resulted in over 100,000 square feet of complex projects.• A public outreach approach that has been deployed and re-sulted in unanimous community and neighborhood buy-in.Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP164I. Guiding PrinciplesThe planning and design of the three sites has embodied the following guiding principles:• Neighborhood Context and Appropriateness• Architectural Design and Landscape Character• City of Aspen/APCHA needs and priorities• Unit Mix• Categorical Income/Rent Assignments• Livability• Interior Unit layout and design• Amenities• Sustainability• Balance between environmental, economic and equitabile considerations• Infrastructure Realities• Parking• Utilities• Off-site ImprovementsExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP165I. Planning and Design ApproachThe planning and design of the three sites undertook the following approach:• Planning and Zoning Analysis• Each site has gone through a rigorous analysis to establish the most appropriate rezoning proposal and related entitlement restrictions to achieve the most realistic and community accepting projects.• Civil Engineering• The designs have been weighed against real-world engineering, infrastructure and utility constraints within the City’s guidelines and expectations.• Building and Landscape Architecture• The building and site design have responded to the above analyses and guiding principles to put forth the most realistic and contextually appropriate designs possible.Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP166I. Downtown Aspen – urban architecture, Ease of access – walking proximity to all that is AspenContext – surrounded by affordableffffhousing projectsHistoric Reference – detailingspeaking to Aspen’s historic characterTimeless Architecture – dynamic compositions of new and old detailingContemporary Living – indoor/outdoor living, privacy, and individualityneighborhood contextsite analysisExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP167I. main street original designUPSTORAGE302.50 sq ft1 BEDROOM701.18 sq ft1 BEDROOM698.60 sq ftMECHANICAL116.31 sq ft1 BEDROOM700.74 sq ft1 BEDROOM688.21 sq ft1 BEDROOM689.08 sq ftMECHANICAL48.96 sq ftUP1 BEDROOM698.53 sq ft1 BEDROOM716.34 sq ft1 BEDROOM696.31 sq ft1 BEDROOM715.81 sq ft1 BEDROOM695.56 sq ftMECHANICAL48.96 sq ftDN2 BEDROOM953.33 sq ft2 BEDROOM911.26 sq ft1 BEDROOM698.53 sq ftMAIN LEVEL FLOOR PLAN2ND LEVEL FLOOR PLAN3RD LEVEL FLOOR PLAN• 13 Units Total• 11 - 1 bdrm and • 2 - 2bdrm• 9,898 total floor area (1.09 FAR, w/ 1.10 allowable)• All APCHA Category 2 Units• Open Green Space Amenity• Ample unit and non-unit storage• 10 on-site parking stallsExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP168I. main street revised site planon-site outdoor amenity with centralized storage for easy accessExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP169I. UPSTORAGE302.50 sq ft1 BEDROOM701.18 sq ft1 BEDROOM698.60 sq ftMECHANICAL116.31 sq ft1 BEDROOM700.74 sq ft1 BEDROOM688.21 sq ft1 BEDROOM689.08 sq ftMECHANICAL48.96 sq ftUP1 BEDROOM716.34 sq ft1 BEDROOM714.71 sq ftMECHANICAL82.31 sq ft2 BEDROOM900.78 sq ft2 BEDROOM952.32 sq ftDN1 BEDROOM698.53 sq ft2 BEDROOM900.78 sq ft2 BEDROOM895.19 sq ftMAIN LEVEL FLOOR PLAN2ND LEVEL FLOOR PLAN3RD LEVEL FLOOR PLANmain street revised floor plans• 12 Units Total• 8 - 1 bdrm and • 4 - 2bdrm• 9,898 total floor area (1.09 FAR, w/ 1.10 allowable)• Mix of APCHA Category 2, 3 and 4 units• Open Green Space Amenity• Ample unit and non-unit storage• 10 on-site parking stallsExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP170I. main street revised designurban form anchors building at primary street cornerExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP171I. main street revised designbuilding form steps down at west building mass for greater sensitivity to neighboring property8th street facade maintains a more urban formExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP172I. Neighborhood Environment – combination of built and natural settingHousing Vitality – surrounded bydiverse housing projectsAmenities – unobstructed views and exposureRural Accessibility – adjacent to Aspen’s back-country wildernessIconic Architecture – utilizes mining building historic characterImpression – rustic and historic, yet current interpretationneighborhood contextsite analysisExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP173I. UPSTAIRS113.23 sq ft2 BEDROOM899.84 sq ft2 BEDROOM919.72 sq ft2 BEDROOM899.20 sq ft2 BEDROOM894.12 sq ftSTORAGE150.04 sq ftUPMECHANICAL/CRAWLSPACE594.50 sq ftMECHANICAL264.07 sq ftSTIARS90.60 sq ft1 BEDROOM699.09 sq ft1 BEDROOM699.09 sq ft1 BEDROOM699.09 sq ft1 BEDROOM699.09 sq ftSTORAGE124.86 sq ftDN3 BEDROOM1,207.81 sq ft3 BEDROOM1,212.20 sq ft2 BEDROOM964.21 sq ftMAIN LEVEL FLOOR PLANLOWER LEVEL FLOOR PLANUPPER LEVEL FLOOR PLANUPSTAIRS2 BEDROOM2 BEDROOM2 BEDROOM2 BEDROOMSTORAGE• 11 Units Total• 4 - 1 bdrm • 5 - 2bdrm• 2 - 3 bdrm • 8,979 total floor area (0.62 FAR, w/ 1.10 allowable)• All APCHA Category 2 Units• Open Green Space Amenity• Ample unit and non-unit storage• 11 on-site parking stallspark circle original designExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP174I. park circle revised site planelimination of off-site parallel guest parking in the ROW; replaced with CoA standard planting strip and sidewalk. 11 on-site parking stallsExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP175I. UPSTAIRS113.23 sq ft2 BEDROOM899.84 sq ft2 BEDROOM919.72 sq ft2 BEDROOM899.20 sq ft2 BEDROOM894.12 sq ftSTORAGE150.04 sq ftUPMECHANICAL/CRAWLSPACE594.50 sq ftMECHANICAL264.07 sq ftSTIARS90.60 sq ft1 BEDROOM699.09 sq ft1 BEDROOM699.09 sq ft1 BEDROOM699.09 sq ft1 BEDROOM699.09 sq ftSTORAGE124.86 sq ftDN3 BEDROOM1,207.81 sq ft3 BEDROOM1,212.20 sq ft2 BEDROOM964.21 sq ftMAIN LEVEL FLOOR PLANLOWER LEVEL FLOOR PLANUPPER LEVEL FLOOR PLANpark circle existing floor plans• 11 Units Total• 4 - 1 bdrm • 5 - 2bdrm• 2 - 3 bdrm • 8,979 total floor area (0.62 FAR, w/ 1.10 allowable)• Mix of APCHA Category 2, 3 and 4 units• Open Green Space Amenity• Ample unit and non-unit storage• 11 on-site parking stallsExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP176I. park circle revised designrevised roofline at southeast facing building mass to provide more relief for neighboring propertyExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP177I. Remote Aspen – outside of town, rural, greenPrecedent– “Aspen Idea” in form andsettingComposition – neighborhood village atmosphereMassing – movement with architecture; random, natural configurationRhythmic – using color as character – individual expression of buildingmassneighborhood contextsite analysisExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP178I. STIARS285.27 sq ftSTIARS285.27 sq ftSTIARS285.27 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM699.95 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ft1 BEDROOM701.69 sq ftSTIARS285.27 sq ftSTIARS285.27 sq ftSTIARS285.27 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM699.95 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ftSTIARS285.27 sq ftSTIARS285.27 sq ftSTIARS285.27 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM699.95 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ftMAIN LEVEL FLOOR PLAN2ND LEVEL FLOOR PLAN3RD LEVEL FLOOR PLANSTIARS285.27 sq ftSTIARS285.27 sq ftSTIARS285.27 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM699.95 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ft2 BEDROOM899.20 sq ft1 BEDROOM701.69 sq ft• 24 Units Total• 15 - 1 bdrm and • 9 - 2bdrm• 19,795 total floor area (0.80 FAR, w/ 1.0 allowable)• All APCHA Category 2 Units• Open Green Space Amenity• Ample unit and non-unit storage• 30 on-site parking stallscastle creek original designExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP179I. castle creek revised site planreconfigured parking to further buffer from Castle Creek and allow for greater screening to break-up the row of vehiclesExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP180I. STAIRS/STORAGE/MECH.280.78 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft2 BEDROOM899.20 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft1 BEDROOM701.69 sq ft2 BEDROOM899.20 sq ftSTAIRS/STORAGE/MECH.280.84 sq ftSTAIRS/STORAGE/MECH.285.27 sq ftSTAIRS/STORAGE/MECH.280.78 sq ft1 BEDROOM700.97 sq ft1 BEDROOM700.35 sq ft2 BEDROOM901.40 sq ft1 BEDROOM700.31 sq ft2 BEDROOM901.75 sq ft1 BEDROOM701.20 sq ft1 BEDROOM700.76 sq ftSTAIRS/STORAGE/MECH.280.84 sq ftSTAIRS/STORAGE/MECH.285.27 sq ftSTAIRS/STORAGE/MECH.280.78 sq ft1 BEDROOM700.31 sq ft2 BEDROOM901.75 sq ft1 BEDROOM701.20 sq ft1 BEDROOM700.35 sq ft1 BEDROOM700.76 sq ft2 BEDROOM901.40 sq ft1 BEDROOM700.76 sq ftSTAIRS/STORAGE/MECH.285.27 sq ftSTAIRS/STORAGE/MECH.280.84 sq ftMAIN FLOOR PLAN2ND LEVEL FLOOR PLAN3RD LEVEL FLOOR PLANcastle creek revised floor plans• 21 Units Total• 15 - 1 bdrm and • 6 - 2bdrm• 16,930total floor area (0.69FAR, w/ 1.0 allowable)• All APCHA Category 2 Units• Open Green Space Amenity• Ample unit and non-unit storage• 30 on-site parking stallsExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP181I. castle creek revised designreduced massing by eliminating units and low-ering the overall form of the structure from all viewplane perspectivesExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP182I. DWRGENTRYPORCHDRWREFBEDROOM 1BATH 1LIVING ROOMKITCHENDININGCL.MUDROOM/LAUNDRYCL.CL.DWRGENTRYPORCHDRWREFBATH 1DININGBEDROOM 1KITCHENLIVING ROOMMUDROOM/LAUNDRYCL.CL.BEDROOM 2BATH 2DWRGENTRYPORCHDRWREFBATH 1DININGBEDROOM 1KITCHENLIVING ROOMCL.MUDROOM/LAUNDRYCL.CL.BEDROOM 2BATH 2BEDROOM 3CL.SCALE: 1/8" = 1'-0"ONE BEDROOM UNIT-TYPICALSCALE: 1/8" = 1'-0"TWO BEDROOM UNIT-TYPICALSCALE: 1/8" = 1'-0"THREE BEDROOM UNIT-TYPICALrevised typical unit floor plansexceptional livability with open floor plans, ad-equate in-unit storage, mudrooms and master suitesoriginal 2-bedroom floor plan revised from a 2-1 configuration to a 2-2 configuration. approoximately 700 sqft approoximately 900 sqft approoximately 1200 sqftExhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP183I. ,/ &! "  9$($;./9-$/+-*.>++-*9$(/':WNZ*'$"$'.$.$.6)8$/#/9-$/.  $($/'7-"-,6$--.6'1)"$)(*-./'+$/'./-6/6-  $($/(*6)/*-$/..*).//A.+*+6'1*)GKOQ=NNN=NNN))6'+H *(+117$$)"+-*..GKPV=UNU=SUO$)++'$1*).7-.6.KOP=WRP=ROR$)8-.$)PNOS>)+-*%/KRN=NNN=NNN$)++'$1*).7-.6.KOQ=NNN=NNN$)8-.$)PNOTH -*%/-$/+$.KO=PSN=NNN  $($//*O*-P8-:'+-:- $)$(6(/#-.#*'.*-$)"*OQN>8-./#)..6%17':: G.*''*8$)".'$H  )8-$.)*/*/$)=/#++'$1*)+-*.../-/.*7-  /6-)*8)+-*%/$).'/8#$#8..6($3$)/#PNOS:'Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP184I. ,/ ( $& " )-8-$1)"-,6$-()/.$)*--/*(//#($)$(6( .*-*OQN-.*''*8.? ++-*9$(/':RNZ*6)$/./TNZ G/"*-:P-)/.-'../#)TNZ 6/*7SNZ H ++-*9$(/':RNZ*6)$/./SNZ G/"*-:O-)/.-'../#)SNZ H ++-*9$(/':PNZ*6)$/.//"*-:Q)D*-R6)$/. OS:-*(+'$)+-$*+'6.PS:-9/).$*)G$(+/*)$'$/:/*.''6)$/..*-'*)*($)$6(.!-$)$1'OS:-*(+'$)+-$*H *.(*&$)"+*'$:Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP185I. +/ 0 "" &! "  RZ-'-$/8-+-*..$.)*/*(+117>*)':'$($/$.*)+GPNOT ''*1*)$.KPTP=VPV=UNNH -*"-($.+$-8$/#-'/99(+/*). *'*-*.//'*8$)*(#*6.$)"/9-$/.-/)*/#-,6$/:.*6-8#$#-..)*-$1*)'.*!6)$)"  //8-$.)*/*/$)=/#+-*%/)'*.6.$)"/#RZ-$/.8-$)/#$.+-*..+-*7$$1*)'.6*-$)/6)$)"$.7$''  $($/(*6)/*.//#*6.$)"-$/.GKS=NNN=NNN))6'+H //#*6.$)"-$/$.*(+117$$)"+-*..GKOS=RQR=PQQ$)++'$1*).7-.6.KS=NNN=NNN$)8-.$)PNOTH :+$'':-,6$-.$1*)'.*!6)$)"/**(+'/+$/'./-6/6-Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP186I. +/ &! "  8-+-*..$.)*/*(+117>*)':'$($/$.*'*-**)+GPNOT ''*1*)$.KPTP=VPV=UNNH -*"-($.+$-8$/#-'/99(+/*). -*7$/#/6)-8-$1)"./)-.-(/=-$.&*)*/'*.$)"$.'$($/ :+$'':-,6$-.$1*)'.*!6)$)"/**(+'/+$/'./-6/6- +$/'./-6/6-/:+$'':-,6$-.#$"#-'7-" +$/'./-6/6-)(*-*(+'9.-.6'/*(6'1+'6)$)"/:+.Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP187I. Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP188I. +/ 0(2: $(2:(7: !( %.&/'%.&0 *6#343#240 *//#400#220 *4#710#277 *01#616#.10%0&/'%0&0 *6#6./#4/4 *//#64.#2.7 *5#.2.#1.4 *01#616#.10%1&/'%0&0 *6#632#474 *//#7/0#6.7 *5#.41#/40 *01#616#.10%1&/'%1&0 *6#7/7#422 *//#755#737 *5#.72#./2 *01#616#.10%2&/'%1&0 *6#750#54. */0#.1.#02/ *5#//4#642 *01#616#.10%2&/'%2&0 *7#.16#560 */0#.73#175 *5#/25#5/3 *01#616#.10(2: $(2:(7: !( %.&/'%.&0 */5#753#0/0%0&/'%0&0 */6#4/3#/44%1&/'%0&0 */6#532#4.7%1&/'%1&0 */6#701#720%2&/'%1&0 */7#.42#315%2&/'%2&0 */7#013#.1. /3Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP189I. Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP190I. +/ 0(2: $(2:(7: !( %.&/'%.&0 *6#1.7#143 *//#/60#1/6 *4#.36#101 *00#104#16.%0&/'%0&0 *6#323#273 *//#2/5#/10 *4#/60#120 *00#104#16.%1&/'%0&0 *6#376#346 *//#247#305 *4#0.7#011 *00#104#16.%1&/'%1&0 *6#441#3/6 *//#313#414 *4#022#.71 *00#104#16.%2&/'%1&0 *6#5/4#365 *//#365#7/6 *4#05.#761 *00#104#16.%2&/'%2&0 *6#560#37. *//#431#.52 *4#1.3#622 *00#104#16.(2: $(2:(7: !( %.&/'%.&0 */4#7.1#.40%0&/'%0&0 */5#.31#667%1&/'%0&0 */5#.64#271%1&/'%1&0 */5#/07#/30%2&/'%1&0 */5#/4/#532%2&/'%2&0 */5#0.2#.44 /3Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP191I. !! ' (  #--.7-'*(+*))/./**).$-*-/#$./-).1*)@#*''*8$)"$.()//**6/'$)/#+-*...*/#/./-/":)-(/#/'$").8$/#/#$/:*.+)A."*'. 96/(./-7'*+()/)))$)""-()//8).+) *6.$)"-/)-.= )/#$/:*.+) ./'$.#)*(()*((6)$/:*6/-#+-*..*-#*/#/#-+-*+-1. *-&#)E$)E#)8$/#*((6)$/:7'*+()/$)+-*6-$)"')6.++-*7'.*-#+-*+-/: ./'$.#./""-)'.$")=+-($4)"=)*)./-61*)+#./8)/#/#-+-*+-1. "-*)++-*+-$/))$)"./-6/6-)*(+'/++'$1*).6+*))1/'()/.G )')-H *6()/)'*.))$)".*6-.G/9-$/.:)$1*)D*)./-61*)I+-())//D$/:*.+)*)/-$61*)H *(+'/*)./-61*)+#. -E,6'$:)*(+'/$)$1''.E6+.+-*%/.)--1/.**6+): -*+-/:*+-1*).G*)"*$)"/))/'.$)")*(+'$)D+-*+-/:()"()/D($)/))H -).1*)9$/ +1*)OF$/:*.+)8$''#7-$"#/*-./-6.'/*B6:C/#+-*%/-*(.+) *6.$)"-/)-.@ /*./*/#*6/./)$)"/+'6.):/9.*8:/#+-/)-.#$+.-.6'/*/#/-).1*) +1*)PF)/-$)/*)*/#-OS:-"-()/8$/#.+) *6.$)"-/)-.= /**+-//#+-*%/.*-'-)/'#*6.$)"Exhibit C - Aspen Housing Partners August 2 Work Session Presentation SlidesP192I. MEMORANDUM TO: MAYOR and COUNCIL MEMBERS FROM: JAMES R. TRUE DATE: July 29, 2016 RE: Work Session regarding proposed 2016 ballot issues and election code change. ══════════════════════════════════════════════════════════════════ BACKGROUND: At various meetings during the past year, Council discussed possible ballot issues and directed staff to bring those forward for consideration. It was anticipated that the issues would be placed on the ballot at the general election in November. In addition, the County Commissioners have requested that the City place an issue on the ballot related to their efforts to extend broadband capabilities throughout the County. This is the subject of the joint meeting of the Commissioners during this work session. These matters require approval by Council prior to the end of August. There are four ballot issues that are proposed. In addition, there have been discussions regarding amending financial reporting requirements for municipal campaigns. Although this does not require an election, it seemed to be appropriate to move this forward at this time. If Council so directs at this work session, all of these items will be brought back to Council at the August 8th meeting. DISCUSSION: I. TAX EXTENSIONS. I have attached to this memo drafts of two proposed resolutions that would place on the ballot requests to extend two city taxes. One involves the Wheeler Real Estate Transfer Tax (RETT). This is set to expire on December 31, 2019. If passed the ballot issue would extend this another twenty years. This RETT was originally adopted in 1979 to sunset in 1999. It was extended in 1997 to sunset at the end of 2019. This proposal extends the RETT until 2039. The other RETT, for affordable housing, has also been extended. It was extended in 2001 through 2024. Then, in 2008, that tax was extended again to sunset on December 31, 2040. The other resolution involves the .3% sales tax for educational purposes. This sales tax is set to expire on December 31, 2016. This tax generates funds that are used for educational purposes as set forth in an IGA between the City of Aspen and the Aspen School District. The original approval of this sales tax was for three years. The school has requested that it be extended for five years. Both of these matters have been previously discussed by Council. P193 II. 2 II. CHARTER AMENDMENT REGARDING THE APPOINTMENT OF THE COMMUNITY DEVELOPMENT DIRECTOR AND CHIEF OF POLICE. I have attached to this memo a draft of an ordinance that provides for a charter amendment to address the appointment of the Community Development Director and the Chief of Police. This issue arose last year following the resignation of Chris Bendon as the Community Development Director. Various citizens had demanded that Council intervene in the selection process for the replacement of Mr. Bendon. However, the City’s Charter specifically and clearly prohibited Council’s involvement in the selection process. The hiring decision was exclusively in the province of the City Manager. Pursuant to the Charter City, Council is only directly involved in the hiring or appointment of a small number of people. Those include the City Manager, City Attorney and Municipal Judges. However, the Charter also provides that the Clerk and the Finance Director may be appointed by the City Manager with the “approval of council.” The Charter also provides that the Council may provide for the hiring of assistant city attorney’s or special counsel for the city to work at the direction of the City Attorney. All other personnel, including the Community Development Director and the Police Chief are hired and fired by the City Manager, or as the manager directs. Council is simply prohibited from being involved in those decisions. Several Council members suggested that the City consider having the positions of Community Development Director and Chief of Police handled similarly to the Clerk and Finance Director. The proposed ordinance would provide for the amendment to the Charter following approval by the electorate. The Charter can only be amended through an ordinance approved by the voters. III. BROADBAND The Pitkin County Board of County Commissioners have asked the City to consider placing on the November ballot a request to opt-out of state legislation known as Senate Bill 05-152. This legislation removed the ability of governments to participate in the provision of high-speed internet (broadband). The legislation allowed local communities to opt-out of the restriction by a vote of the electorate. I have attached herewith a letter from the Board describing the request. Based on the request, I have prepared a resolution that would place this matter on the ballot in November. This matter will be discussed at the Joint Meeting with the County Commissioners prior to this work session. IV. MUNICIPAL CAMPAIGN FINANCE RULES Finally, I have attached to this memo a draft of an ordinance that would amend the City’s Election finance rules to address a matter that is associated with reporting periods. The City’s code adopted the rules and procedures set forth in the state’s Fair Campaign Practices Act, C.R.S. Section 1-45- 101, et seq., except as are otherwise amended or extended by our code. All rules are considered cumulative. The state statute requires reporting 21 days and 5 days before an election and 30 days after an election. However, the statute specifies a cut-off of the information to be provided 5 days P194 II. 3 prior to the filing date. Thus, for the upcoming election, if you file that final report on November 3rd, the information provided is for a period ending October 29th. The City’s Code, Sec. 9.04.030 provides that no donation may be accepted after 7 days prior to the election. That provision also states that a report is required no later than that same day, 7 days prior to the election. That report must include all information regarding donations and expenditure as of the date of the filing. For the upcoming election that report will be due on November 1st. A concern has arisen because donations can be made on that date, after the filing, that do not end up being reported until after the election. To resolve this concern, staff is suggesting that the report required 7 days prior to the election be changed to 10 days prior to the election and that all reports provide information as of the date of the filing. This would then mean that reports are due 21, 10 and 5 days prior to election date and 30 days after the election and that the information be complete as of the date of the filing. Thus, that final report made 5 days prior to the election would include all donations made. P195 II. 1 RESOLUTION NO. 103 (Series of 2016) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, SUBMITTING TO THE ELECTORATE OF THE CITY OF ASPEN A CERTAIN QUESTION AT THE NOVEMBER 8, 2016, SPECIAL MUNICIPAL ELECTION. WHEREAS, the City Council desires to place before the electorate of the City of Aspen certain ballot questions; and WHEREAS, the City Council is authorized pursuant to Section 5.7 of the Aspen City Charter to, on its own motion, submit questions to a vote of the electorate; and WHEREAS, the election provisions of Article X, Section 20(3) of the Colorado Constitution requires that certain financial ballot issues be decided only in a state general election, biennial local election, or on the first Tuesday in November of odd numbered years. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, THAT: Section 1. The following question shall be submitted to the electorate at the November 8, 2016, municipal election: CITY OF ASPEN – EXTENSION OF WHEELER REAL ESTATE TRANSFER TAX. SHALL THE CITY OF ASPEN ONE-HALF OF ONE PERCENT (1/2 %) REAL ESTATE TRANSFER TAX, EARMARKED FOR THE MAINTENANCE OF THE WHEELER OPERA HOUSE AND THE SUPPORT OF THE VISUAL AND PERFORMING ARTS WHICH IS SCHEDULED TO EXPIRE ON DECEMBER 31, 2019, BE EXTENDED THROUGH DECEMBER 31, 2039; AND SHALL THE REVENUES FROM SUCH REAL ESTATE TRANSFER TAX AND THE EARNINGS THEREON BE COLLECTED, RETAINED AND SPENT AS A VOTER-APPROVED REVENUE CHANGE WITHOUT LIMITATION UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION (TABOR) OR ANY OTHER LAW? YES ____ NO ____ P196 II. 2 INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on the day of , 2016. ___________________________ Steven Skadron, Mayor I, Linda Manning, duly appointed and acting City Clerk do certify that the foregoing is a true and accurate copy of that resolution adopted by the City Council of the City of Aspen, Colorado, at a meeting held on the day hereinabove stated. __________________________ Linda Manning, City Clerk P197 II. 1 RESOLUTION NO. 104 (Series of 2016) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, SUBMITTING TO THE ELECTORATE OF THE CITY OF ASPEN A CERTAIN QUESTION AT THE NOVEMBER 8, 2016, SPECIAL MUNICIPAL ELECTION. WHEREAS, the City Council desires to place before the electorate of the City of Aspen certain ballot questions; and WHEREAS, the City Council is authorized pursuant to Section 5.7 of the Aspen City Charter to, on its own motion, submit questions to a vote of the electorate; and WHEREAS, the election provisions of Article X, Section 20(3) of the Colorado Constitution requires that certain financial ballot issues be decided only in a state general election, biennial local election, or on the first Tuesday in November of odd numbered years. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, THAT: Section 1. The following question shall be submitted to the electorate at the November 8, 2016, municipal election: CITY OF ASPEN – EXTENSION OF EXISTING 0.3% SALES TAX FOR EDUCATIONAL PURPOSES. SHALL THE CITY OF ASPEN’S EXISTING 0.3% SALES TAX FOR EDUCATIONAL PURPOSES, WHICH IS SCHEDULED TO EXPIRE ON DECEMBER 31, 2016, BE EXTENDED THROUGH DECEMBER 31, 2021; AND SHALL THE REVENUES FROM SUCH SALES TAXES AND THE EARNINGS THEREON BE COLLECTED, RETAINED AND SPENT AS A VOTER-APPROVED REVENUE CHANGE WITHOUT LIMITATION UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION (TABOR) OR ANY OTHER LAW? YES ____ NO ____ P198 II. 2 INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on the day of , 2016. ___________________________ Steven Skadron, Mayor I, Linda Manning, duly appointed and acting City Clerk do certify that the foregoing is a true and accurate copy of that resolution adopted by the City Council of the City of Aspen, Colorado, at a meeting held on the day hereinabove stated. _________________________ Linda Manning, City Clerk P199 II. Page 1 of 4 ORDINANCE NO. 21 (SERIES OF 2016) AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, AMENDING THE CITY CHARTER OF THE CITY OF ASPEN TO ADD PROVISIONS TO ARTICLE VI REGARDING THE POSITION OF COMMUNITY DEVELOPMENT DIRECTOR AND THE CHIEF OF POLICE AND THE MANNER IN WHICH THESE POSITIONS ARE APPOINTED. WHEREAS, the City Council desires to amend the City of Aspen Home Rule Charter to add provisions to Article VI regarding the position of Community Development Director and the Chief of Police and the manner in which these positions are appointed, and; WHEREAS, Article XX, Section 10 of the Colorado Constitution authorizes home rule municipalities to amend their home rule charters through such procedures as may be enacted by the state general assembly; and WHEREAS, the state legislature has enacted Section 31-2-210, C.R.S., which section sets forth the procedures for amending a city’s home rule charter requiring the adoption of an ordinance, including a ballot title for the proposed amendment, and submission of the proposed amendment to the electorate; and, WHEREAS, Section 13.10 of the City Charter of the City of Aspen authorizes amendments to the City Charter in the manner prescribed by the state constitution. NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF ASPEN CITY COUNCIL THAT: Section 1: Article VI of the Home Rule Charter of the City of Aspen is amended to add the following sections: P200 II. Page 2 of 4 Section 6.11. Community Development Director. The manager with the approval of council shall appoint a Community Development Director, who shall serve at the pleasure of the city manager. The Community Development Director shall have such responsibilities and duties as set forth in the Aspen Land Use Code, as amended from time to time, or policies adopted by the City Manager. Section 6.12. Chief of Police. There shall be a Chief of Police who shall be appointed by the city manager with approval of council, to serve at the pleasure of the city manager. The Chief of Police shall have such responsibilities and duties as set forth in the Municipal Code of the City of Aspen, as amended from time to time, or policies adopted by the City Manager. Section 2. This ordinance shall not affect any existing litigation and shall not operate as an abatement of any action or proceeding now pending under or by virtue of the ordinances repealed or amended as herein provided, and the same shall be conducted and concluded under such prior ordinances. Section 3. If any section, subsection, sentence, clause, phrase, or portion of this ordinance is for any reason held invalid or unconstitutional in a court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and shall not affect the validity of the remaining portions thereof. Section 4: This ordinance shall become effective only upon approval of the electorate of the City of Aspen at the special municipal election to be held on November 8, 2016, of a ballot question in substantially the form that follows: CITY OF ASPEN REFERENDUM NO. ____ P201 II. Page 3 of 4 AMENDMENT TO CITY CHARTER – APPOINTMENT OF COMMUNITY DEVELOPMENT DIRECTOR AND CHIEF OF POLICE. Shall Ordinance No. 21, Series of 2016, be approved? Ordinance No. 21, Series of 2016, if approved, amends Article VI of the City of Aspen Home Rule Charter to add the following sections: Section 6.11. Community Development Director. The manager with the approval of council shall appoint a Community Development Director, who shall serve at the pleasure of the city manager. The Community Development Director shall have such responsibilities and duties as set forth in the Aspen Land Use Code, as amended from time to time, or policies adopted by the City Manager. Section 6.12. Chief of Police. There shall be a Chief of Police who shall be appointed by the city manager with approval of council, to serve at the pleasure of the city manager. The Chief of Police shall have such responsibilities and duties as set forth in the Municipal Code of the City of Aspen, as amended from time to time, or policies adopted by the City Manager. Yes [ ] No [ ] Section 5: A public hearing on this ordinance shall be held on the 22nd day of August, at a meeting of the Aspen City Council commencing at 5:00 p.m. in the City Council Chambers, Aspen City Hall, Aspen, Colorado Section 6: The City Clerk is directed, upon the adoption of this Ordinance, to publish a copy of this ordinance in a newspaper of general circulation within ten (10) days, or as soon as possible thereafter as possible. INTRODUCED, READ AND SCHEDULED FOR SECOND READING as provided by law, by the City Council of the City of Aspen on the 8th day of August, 2016. Attest: P202 II. Page 4 of 4 _________________________ ____________________________________ Linda Manning, City Clerk Steven Skadron, Mayor FINALLY adopted, passed and approved this 22nd day of August 2016. Attest: _________________________ ____________________________________ Linda Manning, City Clerk Steven Skadron, Mayor P203 II. 1 RESOLUTION NO. 105 (Series of 2016) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, SUBMITTING TO THE ELECTORATE OF THE CITY OF ASPEN AT THE NOVEMBER 8, 2016, SPECIAL MUNICIPAL ELECTION FOR AUTHORIZATION TO PROVIDE SERVICES PURSUANT TO TITLE 29 OF THE COLORADO REVISED STATUTES. WHEREAS, the City Council desires to place before the electorate of the City of Aspen certain ballot questions; and WHEREAS, the City Council is authorized pursuant to Section 5.7 of the Aspen City Charter to, on its own motion, submit questions to a vote of the electorate; and WHEREAS, the election provisions of Article X, Section 20(3) of the Colorado Constitution requires that certain financial ballot issues be decided only in a state general election, biennial local election, or on the first Tuesday in November of odd numbered years. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, THAT: Section 1. The following question shall be submitted to the electorate at the November 8, 2016, municipal election: CITY OF ASPEN – BROADBAND AUTHORITY Shall Pitkin County, without increasing taxes, be authorized to provide, either directly or indirectly with public and/or private sector partner(s), all services restricted since 2005 by Title 29, Article 27 of the Colorado Revised Statutes described as High-Speed Internet Services (Advanced Service), Telecommunications Services, and/or Cable Television Services, to foster the expansion of such services, including but not limited to any new and improved high bandwidth service(s) based on future technologies, to residents, businesses, schools, libraries, nonprofit entities and other users of such services without limiting its Home Rule authority? YES ____ NO ____ P204 II. 2 INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on the day of , 2016. ___________________________ Steven Skadron, Mayor I, Linda Manning, duly appointed and acting City Clerk do certify that the foregoing is a true and accurate copy of that resolution adopted by the City Council of the City of Aspen, Colorado, at a meeting held on the day hereinabove stated. __________________________ Linda Manning, City Clerk P205 II. 3 ALTERNATE QUESTION SUBSTITUTING FOR QUESTIONS 3 & 4 The City of Aspen plans to design and construct Phases Two and Three of the Burlingame Ranch Affordable Housing Project in substantial compliance with the recommendations of the Citizen’s Budget Task Force, the conclusions of the Performance Audit, and suggestions of the Construction Experts Group. Shall the density of the units be kept at the current proposed unit count of 236 units or increased up to a maximum of 300 units? 236 units ____ Up to 300 units ____ P206 II. P207 II. P208 II. P209 II. P210 II. P211 II. P212 II. P213 II. P214 II. ORDINANCE NO. 22 (SERIES OF 2016) AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, AMENDING SECTIONS 9.04.030 DEADLINES FOR AND PUBLICATION OF CONTRIBUTIONS AND EXPENDITURES OF THE MUNICIPAL CODE. WHEREAS, the City Council has adopted a policy of requiring campaign treasurers to file reports following the schedule established in the state’s Fair Campaign Practices Act as set forth in C.R. S. Section 1-45-101, et seq., requiring reporting 21 days and 5 days before an election and 30 days after an election. WHEREAS, the City’s Code, Sec. 9.04.030 provides that no donation may be accepted after 7 days prior to the election. That provision also stated a report is required no later than that same day. WHEREAS, a concern has arisen because donations can be made on that date, after the filing, that do not end up being reported until after the election. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: Section 1 That Section 9.04.030(b) of the Municipal Code of the City of Aspen, which section establishes the deadlines for and publication of contributions and expenditures for campaign finance be amended to read as follow: (b) The Campaign Treasurer shall file with the City Clerk all reports meeting the requirements of the Act. In addition, the Campaign Treasurer shall file a report meeting the requirements of the act ten (10) days prior to the election. All of the filings required by this section and the act shall be complete and final as of the date of filing. In the event that the Campaign Treasurer is unable, unwilling or fails to file a report in accordance with this Subsection, the candidate and all officers of the candidate, political or issue committee, individually, shall be become responsible for filing the requisite report. Section 2 This ordinance shall not have any effect on existing litigation and shall not operate as an abatement of any action or proceeding now pending under or by virtue of the ordinances amended as herein provided, and the same shall be constructed and concluded under such prior ordinances. Section 3 If any section, subsection, sentence, clause, phrase or portion of this ordinance is for any reason held invalid or unconstitutional in a court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and shall not effective validity of the remaining portions hereof. P215 II. A public hearing on the ordinance shall be held on the 22nd day of August, 2016 in the City Council Chambers, Aspen City Hall, Aspen Colorado. INTRODUCED, READ AND ORDERED PUBLISHED as provided by law by City Council of the City of Aspen on the 8thth day of August, 2016. ____________________________ Steven Skadron, Mayor Attest: _____________________________ Linda Manning, City Clerk FINNALY adopted, passed and approved this 22ndth day of August 2016 _____________________________ Steven Skadron, Mayor Attest: _____________________________ Linda Manning, City Clerk Approved as to form: _____________________________ James R. True, City Attorney P216 II. Page 1 of 3 MEMORANDUM TO: Mayor and Council THROUGH: Barry Crook, Assistant City Manager FROM Chris Everson, Affordable Housing Project Manager DATE: July 29, 2016 MEETING DATE: August 2, 2016 RE: Four Deed-Restricted Single Family Homes at Burlingame Ranch REQUEST OF COUNCIL: Staff seeks direction on Burlingame Phase 2 Single Family Homes. BACKGROUND: Six single family homes are required under Burlingame Phase 2 land use ordinance 22 of 2011. This requirement resulted from a 2010 density increase agreement with the Burlingame Ranch HOA. Four of the six lots are at the northern (developed) end of the site, and staff is preparing to begin construction on those four homes. Two of the six lots are at the southern (undeveloped) end of the site, and are slated for future development. PREVIOUS COUNCIL ACTION: At a work session on May 17, 2016, Council carefully considered that only one construction bid was received, and it was higher than anticipated. Council also considered numerous other complexities related to construction of the four homes. Council decided t hat the homes should be sold as income category RO with no public subsidy. DISCUSSION: Staff is requesting the following decisions from Council, most of which are interdependent: 1. Go or no-go for construction of single family homes using the current construction bid? 2. Should APCHA extend the lottery bidding period? 3. Allow some bu yer customization during the construction process? 4. Approval of supplemental project funding to construct the single family homes? Single Construction Bid and Home Sales Prices The sole construction bid which was submitted has been reviewed by the project architect and by a third party construction management consultant. The sole bid was submitted by eSopris LLC and was provided in a very transparent format as requested by the City’s RFP. The originally submitted bid amount was $3,806,640 for vertical construction of four homes. Staff worked with the City’s architect and construction management consultant to provide detailed analysis of scope and efficiency and value-engineering feedback to eSopris. As a result, the bid has been revised by eSopris to $3,266,922, a cost reduction of nearly $540,000 while maintaining quality. Attached is an exhibit from the construction management consultant which describes verification of the qualifications of eSopris and which does recommend that the City utilize this bid now rather tabling the construction to a later date when construction prices could be even higher than they are now. P217 III. Page 2 of 3 More information has also been gathered regarding building permit fees and construction management costs. Previously around $1.3 million each, the cost of the homes has decreased, and each is shown below. Updated Floor Areas 209 Forge 221 Forge 500 Paepcke 510 Paepcke Finished First Floor 1034 1021 909 909 Finished Second Floor 1067 1070 882 882 Subtotal Finished 2101 2091 1791 1791 Unfinished Basement 755 756 681 681 Subtotal Heated Area 2856 2847 2472 2472 Garage 291 295 286 286 Deck 593 600 269 269 Total 3740 3742 3027 3027 Updated Estimated Total Cost $1,254,993 $1,237,730 $1,157,176 $1,157,176 A. Construction Contract $852,902 $841,170 $786,425 $786,425 B. Design Architect/Engineering $81,977 $80,849 $75,587 $75,587 C. Other Soft Costs & Building Fees $80,643 $79,534 $74,358 $74,358 D. Land, Infrastructure, Shared Costs $239,471 $236,177 $220,806 $220,806 If Council approves go-ahead of construction based on the discussion herein, then staff would present a construction contract with eSopris on Council’s next regular meeting consent agenda, and staff would provide the builder with a written notice to proceed the following day. APCHA Lottery Bids APCHA has been advertising the homes for sale at a price of approximately $1.3 million each, and has received one lottery bid to date, complete with mortgage prequalification. There are two additional parties who are currently gathering their qualification forms. The low quantity of bids presents risk to the City regarding potential for vacant homes. The lottery is currently scheduled for August 8, and the bid period may be extended to provide additional time for more bidders to come forward. Customization During the May 17 work session, staff anticipated that requests for customization of the homes is inevitable at these prices. After a lengthy discussion, in summary of Council’s position on the matter, Mayor Skadron stated, “Minimal or no customization is where the Council is.” Thus far, interested home buyers do wish to customize and also wish to have the costs of those customizations included in their mortgage. Staff believes that it is possible to manage by creating a limited customization allowance of $50,000 for each home, and by keeping the buyers on a strict schedule. Home buyers could decide whether they wish to focus those funds on upgrading finishes, finishing the basement or could choose not to upgrade. The amount of the customization allowance used would be added to their sales price. P218 III. Page 3 of 3 FINANCIAL/BUDGET IMPACTS: Supplemental Funding Attached is an exhibit showing an updated 2016 line-item budget for the overall Burlingame Phase II project – which includes the condominium project and these single family homes. There is not enough contingency funding remaining to support completion of these single family homes without requesting supplemental project funding. Staff is currently requesting approval of an additional $367,000 in supplemental budget funding to complete the project. If Council also wishes to approve the limited customization allowance of $50,000 for each home, then this would add another $200,000 to the supplemental budget amount. This supplemental budget is for the unsubsidized single family homes, and the City will collect sales revenues which will offset this. RECOMMENDED ACTION: Staff requests that Council weigh carefully each of the decisions which are asked and provide direction so that staff may take appropriate action. CITY MANAGER COMMENTS: ATTACHMENTS: Exhibit A: Updated 2016 Burlingame Phase II budget Exhibit B: Third party construction management consultant recommendation P219 III. Burlingame Ph2A, Single Family Homes and Building 1-7 completion - 2016 Detailed Budget Estimate rev. July 28, 2016 Ceverson SOURCES $4,619,020 2015 Burlingame Ph2 Carry-Forward Balance $4,252,020 Single Family Homes / 2016 Supplemental Request $367,000 Total Sources $4,619,020 SPENT TO DATE BALANCE USES A.Construction - GC / GMP $3,892,666 $129,542 $3,763,124 RA Nelson Building 5-7 (incl Tranasit 1&2)$0 Contract closed Haselden A/I and Building 1-4 $0 Contract Closed Bldg1-7 Completion (PRVs, Xventing, Re-stain, TH heat, Other)$327,075 See attached spreadsheet.. $233,123 + $93,952 spent to date $93,952 $233,123 Vertical Construction 4 Single Family Homes $3,266,922 eSopris Bid, 2% contingency built-in $3,266,922 Burlingame Phase I Parking Expansion $24,200 See attached spreadsheet.$24,200 CoA Parks Pumphouse, ReGrading, Feeder, Hauling $226,469 Total due to Parks for ALL WORK is $226,469 per agreement $29,959 $196,510 Landscape Maintenance $48,000 $30K for GH Daniels + $17,200 for Twisted Tree $5,631 $42,369 B. Construction - Developer Responsibilities (CoA)$49,340 $0 $49,340 Offsite Storm Sewer Drainage Remediation / Engineering Requirements $10,000 Drainage orifice plate for the underground storage tank, parking project $10,000 Site Utility Construction $10,000 Single family utility connections $10,000 Site Stormwater Management $15,000 Maintaining South end of BG2 $15,000 Site Elect Supply $5,000 1 of 2 transformers is new $5,000 Site Sanitary Line Owners OCIP Insurance Insurance by single family contractor HOA Dues from substantial to occupancy $9,340 $467 per month for 4 lots X 20 months (1/16-8/17)$9,340 C. Soft Costs $535,273 $134,713 $390,560 Design & Admin COA Staff Time and Misc Staff $40,000 Staff time and Misc costs were $130K in 2015, but only $5,000 to date in 2016 $40,000 Legal $7,000 Single family construction contract and annexation of homes into HOA $2,076 $4,924 Presales anticipating no costs Owner's Agent Capital Asset to manage Architect & Consultants - 359 Design $187,000 Contract $314K total - $127K paid in 2015 = $187K, single family project only $98,121 $88,879 Architect & Consultants - OZ $10,000 invoices for completion work, this is only for the condo project $10,000 Commissioning Agent $0 Combined with below $0 Quality Assurance Consultant Inspections $50,000 Combined with above, $80K for construction QA $50,000 Parking Expansion Design and CA Fees $3,721 See attached spreadsheet.$3,721 Professional Services Geotech & Materials Testing $20,000 direct City contract $20,000 Survey & Platting $20,000 includes drainage approval plats, drainage from condo2 property to sf lots, to parks $20,000 Fees Sewer Tap Fee $47,348 verified with Aspen San District $47,348 Water Tap Fee - waived Parks Impact Fee - waived TDM Impact Fee - when buildings online $5,976 verified with Comm Dev $5,976 School Impact Fee - when buildings online $8,266 verified with Comm Dev $8,266 Road Impact Fee - n/a only for Pitkin County Permit Building Permit Fee $105,962 verified with Comm Dev, 50% fee waivers submitted and included in this calculation $34,516 $71,446 Stormwater Fee waived Other Construction Utilities: Gas, Power, Water, HOA, Maint $30,000 single family temp utils / construction power $20,000 D. Contingencies $141,741 $0 $141,741 Contingency $141,741 $141,741 Contingency as % of construction cost 3.6%plus additional 2% in single family homes construction contract Total Uses (A + B + C + D)$4,619,020 $264,255 $4,344,766 SOURCES - USES (=$0)$0 EXPLANATION TO COUNCIL FOR 2016 SUPPLEMENTAL $367,000 2016 Supplemental Request attributable per below 2014 Commissioned Estimate for Single Family Homes $2,900,000 2014 Commissioned Estimate 2016 Single Bid for Construction by eSopris $3,266,922 2016 Single Bid higher than anticipated 2016 Shortfall specific to Single Family Home Construction $366,922 2016 Shortfall which we are dealing with now Contingency available to offset this item $0 Due to funds needed to complete condo buildings. See above "Bldg 1-7 Completion" Total Supplemental 2016 Request $367,000 Maintains contingency level shown in item D above. ANY BUYER CUSTOMIZATION ALLOWANCES FOR SF HOMES NEED TO BE ADDED TO THIS SUPPLEMENTAL REQUEST P220 III. July 29, 2016 Mr. Chris Everson Affordable Housing Project Manager City of Aspen 130 South Galena Street Aspen, CO 81611 BURLINGAME RANCH – SINGLE FAMILY HOMES – CONSTRUCTION BID REVIEW Dear Chris: NV5 has been requested to review the cost reasonableness for construction of four single family homes which will be deed restricted for-sale units located at Burlingame Ranch, Aspen, Colorado. BACKGROUND An advertised RFP was issued under City of Aspen (CoA) project 2016-069 and bids closed for the project on May 12, 2016. One confirming big was received from eSopris, LLC, a design & construction firm located in Carbondale, headed by Eric Rewinkel. As part of the review process, NV5 reviewed the eSopris proposal against similar housing projects and estimates, market trend data and other actual bids seen in Colorado in the last few months. The initial eSopris May 12th proposal totaled $3.806 mil, which after two revisions based on pricing review and some value engineering efforts with the architect resulted in a best and final bid on July 26, 2016 of $3.266 mil. A reduction of $539,000, 14% was seen in this bid review and negotiation. NV5 carried out a detailed review of one unit, unit #209 Forge to understand benchmark costs which are consistent across the four units proposed. Some slight cost/sf variances are seen across the units, but these are not material for this analysis. Division 2 – Excavation - total $41,000, $14/sf From initial bid, the difference of $1,500 is from the removal of a top soil double up. The price of $14 per square foot is reasonable and subcontractor bid backup supports this earthwork cost, which is competitive and at the median of the range analyzed. Division 3 – Concrete - total $65,500, $23/sf At the middle of the range analyzed the concrete package drives a higher cost for the single family homes, given more complex formwork for individual footers and stepped foundation walls. This price is reasonable. Division 5 – Steel - total 46,000, $16/sf A healthy reduction in total from the base bid of $22,000 cost comes from the Metal Railing and Stairs. Easier installation and manufacturing resulted in a decreased allowance. At approximately $16 per square foot, the cost is more reasonable than the initial bid and some final work to get the final railing and steel package is needed, but the cost is now very reasonable. P221 III. Chris Everson, Affordable Housing Project Manager July 29, 2016 Page 2 Division 6 – Framing and Siding - total $165,000, $57/sf Decreased cost are a result of Framing Labor, Siding Material, and Siding Labor. At $57 per square foot, the price is about 10% higher than 2014 costs, but is fair given the current saturated market. Division 7– Thermal - total $50,000, $17/sf The increase in total cost from the initial bid is for additional Deck Waterproofing and Insulation which is reasonable. The overall price/sf is at the low end of the range analyzed and is reasonable for the Aspen environment and high insulation values required. Division 8 – Doors and Windows - total $35,000, $12/sf A reduction in the cost of Windows, Mirrors, and Tub/Shower Enclosures reduce the total cost by $11,700 for the initial bid, with the main driver being a more economical window choice. At approximately $12 a square foot, the price is the lowest of the projects reviewed. Division 9– Finishes - total $91,000, $32/sf Tile Labor, Wood Flooring, Stainless Steel Counters all provide a decrease in cost. Drywall costs have been increasing and we see that the flooring package may be an opportunity for value engineering savings if the market softens a little and labor/install costs reduce. Division 10 – Fire Sprinkler total $13,700, $5/sf This cost is reasonable for the single family sprinkler and alarm. Division 11 – Appliances - total $12,000, $4/sf This cost is reasonable for the appliance package specified. Division 13 – Special Systems (Solar) total $20,000, $7/sf The reduced solar system size from base bid reduce the system cost by $4,330 for unit #209. Some rebates may be available to offset the solar costs. With the density of solar panels increasing, higher wattage in the available sf of panels is the driver of this cost being at the high end of the range, but still reasonable for the system offered. Division 15– Mechanical - total $48,000, $17/sf The decrease in price of Plumbing Fixtures of $3,000 and $8,000 for HVAC provided a decrease from the initial proposal for a very good cost/sf of $17 per square foot. Division 16 – Electrical - total $51,000, $18/sf P222 III. Chris Everson, Affordable Housing Project Manager July 29, 2016 Page 3 Additional decreases in Alarm & Detection System and Audio-Visual/Low Voltage reduced the package by about $2,000. The cost per square foot of $18 is reasonable for the system proposed and is the median of the projects analyzed. SUMMARY NV5 has seen recent estimates over budget ranging from 6% to 30% for recent large municipal and public projects, housing is no exception to these trends with subcontractors and general contractors able to be more selective, particularly given the high value home construction resurgence in the Roaring Fork Valley. Program costs for Burlingame Ranch multi-family units average $308/sf plus $48/sf in soft, design and owner costs for $356/gsf of finished space. Additionally, land, masterplanning, PUD, program development, offsite mitigation, infrastructure and developer costs add another $105 of “master project” costs. Some misc additional projects such as the 2015 constructed Burlingame Parking project may have added to this end 2014 data presented below. The eSopris overall cost per sf is $277/sf for the 11,805 sf of finished, garage and basement space. If the garage and basement space is factored in at only 50%, this “moderated” square footage totals 9,790 sf for a cost per sf of $333/sf. Factoring in the fact that these are stand alone houses (needing more exterior wall per sf), have balconies, a degree of site work to enable completion, are a smaller scale project, and are being proposed in a very busy P223 III. Chris Everson, Affordable Housing Project Manager July 29, 2016 Page 4 construction market which has been subject to high escalation recently, we feel as though $333 versus the prior $308 construction cost price point for building construction for an 8% increase is well within norms at present in Aspen and in the current heated construction market. RECOMMENDATION NV5 has reviewed the proposed proposal by eSopris, LLC. Depending on what the definition of what a square foot is, the range of $277/sf for building sf to $333/sf for a “moderated” sf calculation, and also the per home average building construction cost of $817,000, we feel as though this price is fair and reasonable given the current construction market and specific higher end, architectural design of these houses. As such, NV5 supports the City of Aspen contracting with eSopris, LLC for the four housing units in the sum of $3,266,922. We trust this is of assistance. Please contact me for any queries relating to this memo. Sincerely, Rob Taylor Project Director NV5 P224 III.