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Private Activity Bond Authority Board Meeting

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Private Activity Bond Authority Board Meeting PRIVATE ACTIVITY BOND AUTHORITY BOARD MEETING Department of Workforce Services Housing & Community Development 1385 South State Street, Suite 400 Salt Lake City, Utah MINUTES – Pending approval and are subject to change Wednesday, October 10, 2018 Members Present Representing John T. Crandall (Chairman) Governor’s Office of Economic Development Grant S. Whitaker Utah Housing Corporation David Damschen State Treasurer Ricky Hatch Weber County Wally Ritchie City of Ivins Chip Dawson South Jordan City Wayne Cushing Salt Lake County Bryan E. Thompson Utah County Excused Members Ginger Chinn Governor’s Office of Economic Development David A. Feitz Utah State Board of Regents Staff and Visitors Jess Peterson Community Development Office Keith Heaton Community Development Office John Brereton Affordable Housing Advisors Debbie Kurzban Attorney General’s Office Kevin Peterson America West Amy Rowland CDFA Mark Cornelius Cowboy Partners Troy Hart Housing Authority County of Salt Lake Adam Paul JF Capital Clay Hardman Gilmore & Bell Blake Wade Gilmore & Bell Chris Parker GIV Matt Schwartz Domain Jay Minnick Triago Mark Cornelius Cowboy Corey Johnson Wasatch Soren Simonssen Broadway-Heritage Village Patrick Szymanski DWS WELCOME AND INTRODUCTIONS The Private Activity Bond Authority (PAB) Board Meeting was held in Salt Lake City, Utah, at the Housing & Community Development’s Offices and called to order at 9:00 a.m., by John T. Crandall, Chairman. APPROVAL OF MINUTES Chair Crandall requested a motion to approve the minutes from the July 11, 2018 Private Activity Bond Authority Board Meeting. Suggested changes were sent to Jess and those changes were made before the minutes were sent out. Grant Whitaker moved and Wayne Cushing seconded a motion to approve the minutes from the July 11, 2018 Private Activity Bond Authority Board Meetings. The motion carried unanimously with affirmative votes from Board Members Grant, Wally, Bryan, Ricky, Chip, and Wayne. STATUS OF ACCOUNTS Jess Peterson reviewed the 2018 Volume Cap Accounting Summary as shown below: PAB ACCOUNTING SUMMARY October 12, 2018 Pool Account Manufacturing Student Loan Starting Balance $ 11,338,559 $ 22,533,559 $ 107,478,513 October 1 - Unallocated cap from Student Loan Acct & Manufacturing Acct are transferred to the Pool Account Balance Pool Account $ 141,350,631 Multi-Family Applications Broadway-Heritage Village $ 4,500,000 Arcadia Phase II $ 21,500,000 Exchange A $ 59,250,000 Total Project Requests $ 85,250,000 Remaining Pool Account Balance $ 56,100,631 VOLUME CAP ALLOCATION EXTENSION REQUESTS Single Family Housing Account Utah Housing Corporation (UHC) requested a third extension on the $136,790,835 total volume cap allocation from the Single Family Account. Cleon Butterfield, from UHC, updated the Board on the single-family status. Wally Ritchie moved and Bryan Thompson seconded a motion to approve the third extension on the $136,790,835 total volume cap allocation from the Single Family Account to Utah Housing Corporation. The motion carried unanimously with affirmative votes from Board Members David, Grant, Wally, Bryan, Ricky, Chip, and Wayne. Multi-Family Housing Projects Exchange B Because this is their first extension, there was no need to fill out the Extension Request Status Report. Ricky Hatch moved and Dave Damschen seconded a motion to approve the first extension on the $22,500,000 volume cap allocation to Wasatch Residential Group, LLC. The motion carried unanimously with affirmative votes from Board Members David, Grant, Wally, Bryan, Ricky, Chip, and Wayne. Jordan Bluffs Wasatch Residential Group requested a second extension on the $22,500,000 volume cap allocation for the construction of Jordan Bluffs, located in Midvale, Utah. They also requeste4d an additional 10% ($2,250,000) of volume cap. John Brereton walked the board through the applicant’s project. Even with the additional cap, the project is still very competitive. The credit buyer has changed. Corey Johnson explained the reason for changing the credit buyer was they were able to get a few more cents from their loan partner. They had originally planned to do a N- TEB loan, but the legal fees were burdening the project. They decided to do a conventional private placement loan. They plan to close in March. The construction costs have been rising and since the original application, there was an AMI increase, which allowed them to take on more debt. They are about 1-1 on bond increase to cost increase. Grant Whitaker asked if there is any leveling off on construction costs. Corey said the costs within the last 6 months have started to rise again. Sub-contractors are overwhelmed. The new costs include inflation since they are going to start construction in March. Bryan Thompson moved and Chip Dawson seconded a motion to approve the second extension on the original $22,500,000 volume cap allocation and the additional $2,250,000 volume cap to Wasatch Residential Group, LLC. The motion carried unanimously with affirmative votes from Board Members David, Grant, Wally, Bryan, Ricky, Chip, and Wayne. TriView Apartments Triago Ventures requested a second extension on the $30,798,000 volume cap allocation for the construction of the TriView II Apartments, located in Draper, Utah. John Brereton walked the board through the applicant’s project. Jay Minnick seconded what Corey said about rising construction costs. At this point, they do not anticipate requesting additional cap. They should close sometime around Feb-March of 2019. David Damschen moved and Ricky Hatch seconded a motion to approve the first extension on the $30,798,000 volume cap allocation to Triago Ventures, Inc. The motion carried unanimously with affirmative votes from Board Members David, Grant, Wally, Bryan, Ricky, Chip, and Wayne. MODA Union JF Capital requested a second extension on the $21,900,000 volume cap allocation for the construction of Moda Union, located in Midvale, Utah. John Brereton walked the board through the applicant’s project. Adam Paul, with JF Capital, said they should close and start construction in March. Wally Ritchie moved and Bryan Thopmson seconded a motion to approve the second extension on the $21,900,000 volume cap allocation to JF Capital. The motion carried unanimously with affirmative votes from Board Members David, Grant, Wally, Bryan, Ricky, Chip, and Wayne. Red Rocks at Sienna Hills Triago Ventures requested a third extension on the $30,847,000 volume cap allocation for the construction of the Red Rocks at Sienna Hills, located in Washington, Utah. John Brereton walked the board through the applicant’s project. Jay Minnick reminded everyone about the project. SITLA is moving and hauling away lots of dirt from the project site. Wayne Cushing moved and Ricky Hatch seconded a motion to approve the third extension on the $22,000,000 total volume cap allocation to JF Capital. The motion carried unanimously with affirmative votes from Board Members David, Grant, Wally, Bryan, Ricky, Chip, and Wayne. Liberty Uptown Cowboy Partners requested a sixth extension on the $16,500,000 volume cap allocation for the construction of the Liberty Uptown Apartments, located in Salt Lake City, Utah. John Brereton walked the board through the applicant’s project. Mark Cornelius from Cowboy Partners said they have 15 vouchers assigned to the project so it’s a very important project to the city. They are requesting $2,000,000 from OWHLF. They are hoping to close and start construction around March-April of 2019. Ricky Hatch moved and David Damschen seconded a motion to approve the sixth extension on the $16,500,000 total volume cap allocation to Cowboy Partners for the Liberty Uptown multi-family housing development. The motion carried unanimously with affirmative votes from Board Members David, Grant, Wally, Bryan, Ricky, Chip, and Wayne. The Hub of Opportunity The Columbus Foundation requested an eighth extension on the $14,000,000 volume cap allocation for The Hub of Opportunity Apartments, located in Salt Lake City, Utah. John Brereton walked the board through the applicant’s project. There is a gap of $1.4MM, but Columbus is confident they’ll fill it. John Crandall asked if this project will be completed. John said 8th extensions are not unheard of. It’s rare, but it happened. PAB knew going into this that it would take some time to get this project completed. Troy Hart said they have started footings and foundations. Bonds will be in place for 28 months. Wayne Cushing moved and David Damschen seconded a motion to approve the eighth extension on the $14,000,000 total volume cap allocation to the Columbus Foundation for The Hub of Opportunity Apartments. The motion carried unanimously with affirmative votes from Board Members David, Grant, Wally, Bryan, Ricky, Chip, and Wayne. VOLUME CAP ALLOCATION REQUESTS Multi-Family Housing Broadway-Heritage Village 286 Units – 58 Affordable; 228 Market Rate Salt Lake City, Utah Developer – Downtown SLC Partners, LLC. Broadway-Heritage Village LLC requested $4,500,000 for construction of Broadway- Heritage Village located in Tooele, Utah. John Brereton walked the board through the applicant’s project. There are two components for this development: the first is the restoration of the historic Broadway-Heritage Hotel and the second is the development of 18 new apartments. The space in the hotel will be completely gutted leaving only the barring walls, roof and floor. The exterior will be renovated so as to retain the historic character of the building thereby qualifying of historic credits. The hotel was approved by the National Park Service in 2014 as historically significant. This is Part One in the process of gaining historic credits. It is anticipated that the plans and scope of work for the renovation, which were submitted in June 2018, will be approved in fall of 2018. This is Part Two in the process. Placement of the Broadway-Heritage Hotel on the National Register of Historic Places will result in the Project (hotel only) being eligible for both Federal and State of Utah Historic Tax Credits.
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