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05/16/2019 - Planning And Zoning Board - Supplemental Documents - Regular Meeting
PO Box 288, Fort Collins, CO 80522 • info@PAFClarimer.org • 970-310-4900 May 6, 2019 City of Fort Collins Planning & Zoning Board c/o Clark Mapes, City Planner 281 North College Ave Fort Collins, CO 80524 Dear Mr Mapes and Board Members, We, at the Partnership for Age-Friendly Communities (PAFC), are writing to express our strong support for the new affordable housing development for seniors proposed by Volunteers of America (VOA). There is a crisis in available affordable housing for older adults in Larimer County and this project is sorely needed to help alleviate the shortage. The project is to be located just west of the Trails at Timberline Apartments at the intersection of South Timberline Road and East Drake Road. We have reviewed the development plan and strategy behind the selection of this site in detail with representatives of VOA. We attended the community meeting when the project was first announced and have spoken with many of our constituents in recent months. PAFC and our Housing Priority Group have been kept appraised of the project throughout this process. We know that it is well designed, meets a critical community need, and that Volunteers of America is an outstanding long-term community partner with a proven track record of development and long term management of affordable housing in our community. PAFC is a coalition of agencies and community volunteers primarily sponsored by the Foundation on Aging and the Larimer County Office on Aging. The mission of the PAFC is to promote the well-being of seniors in Larimer County, with focus on a community culture which embraces aging, health and wellness, access and mobility, and diverse, affordable housing options. The Housing Priority Group of the PAFC is keenly aware that there are many older adults in our community who can no longer afford to live here. We are greatly concerned about this trend. We strongly support this project and encourage the City to add this project to the portfolio of solutions. Sincerely, Jim Becker Jim Becker, MNM Executive Director Partnership for Age Friendly Communities in Larimer County ITEM 5, Correspondence Supplemental Packet Pg. 1 From: Jim Rose <jorose1948@gmail.com> Sent: Tuesday, May 14, 2019 2:48 PM To: Clark Mapes <CMAPES@fcgov.com> Cc: Sylvia Tatman-Burruss <statman-burruss@fcgov.com> Subject: VOA Senior Housing, PDP 190005 Clark- I appreciate the opportunity to comment again on the VOA Senior Housing Proposal. I believe that modifications incorporated in the proposal since it was first presented have diminished some of the concerns that I have with the project. However, in conversations with other Spring Creek Farms North (SCFN) homeowners, I believe we share some concerns with what is proposed by VOA. 1. The change in density from current zoning could have a detrimental effect on costs the SCFN HOA incurs to maintain the only public park in the vicinity. The HOA is solely responsible for maintaining the park, although the 300+ residents and their pets from the Trails at Timberline apartments already make frequent use of it. Additional residents with the VOA proposal will likely further impact the use and resulting required maintenance. 2. Traffic and parking on Joseph Allen Drive is already somewhat restricted with the on-street parking currently taking place. If the 47 parking spaces proposed by the VOA is not sufficient, the situation on the street will become more challenging. 3. At least according to my reading of the agreements in the various filings when the parcels were first developed, the SCFN HOA will pay half the cost to maintain the detention area to the south of the subdivision (north of the VOA project). As proposed, the project will include a significant increase in plantings, that although desirable as a means to screen the project for the northern neighbors, will result in increased maintenance costs to the HOA. I don’t understand why the HOA should be responsible for 50% of the cost of maintaining property that we don’t own. 4. Some owners have expressed concerns regarding the potential for an eventual change of occupancy that could be less compatible with the neighborhood than what is currently proposed. A deed restriction or similar instrument that ensures continued use as a senior housing project would seem to be reasonable. Although I am currently the president of the SCFN HOA, the above comments are solely my own. They are only my views and not necessarily those of the HOA board or membership at large. I support the need for affordable housing in Fort Collins and fully understand why the VOA views this property to be attractive for the use being proposed. I wholeheartedly endorse the new City Plan, adopted last month by City Council and its emphasis on livability, diversity and affordability. Thank you for your consideration. Jim Rose 2433 Adobe Drive Fort Collins, CO 80525 Sent from Mail for Windows 10 ITEM 5, CORRESPONDENCE Supplemental Packet Pg. 2 MEMORANDUM TO: Laurie Kadrich, Director Clark Mapes, Project Planner FROM: Klara Rossouw, Ripley Design, Inc. RE: VOA Senior Residences, PDP #190005 Additional documentation for May 16 th , 2019 Type 2 hearing DATE: May 8 th , 2019 In addition to the above, we request that the following documents also be included in the record (in addition to those which you have attached to the staff report) of the May 16 th , 2019 Type 2 Planning and Zoning Board hearing for VOA Senior Residences: 1. PACF Letter of Support 2. Email from HOA Representative 3. Highland Group Market Analysis 4. Fire Access Diagram 5. Solar Analysis 6. Drainage and Erosion Control Letter 7. Recorded drainage easement for detention pond 8. Utility Plans 9. Photometric Plans ITEM 5, Memo Cover Letter Supplemental Packet Pg. 3 PO Box 288, Fort Collins, CO 80522 • info@PAFClarimer.org • 970-310-4900 May 6, 2019 City of Fort Collins Planning & Zoning Board c/o Clark Mapes, City Planner 281 North College Ave Fort Collins, CO 80524 Dear Mr Mapes and Board Members, We, at the Partnership for Age-Friendly Communities (PAFC), are writing to express our strong support for the new affordable housing development for seniors proposed by Volunteers of America (VOA). There is a crisis in available affordable housing for older adults in Larimer County and this project is sorely needed to help alleviate the shortage. The project is to be located just west of the Trails at Timberline Apartments at the intersection of South Timberline Road and East Drake Road. We have reviewed the development plan and strategy behind the selection of this site in detail with representatives of VOA. We attended the community meeting when the project was first announced and have spoken with many of our constituents in recent months. PAFC and our Housing Priority Group have been kept appraised of the project throughout this process. We know that it is well designed, meets a critical community need, and that Volunteers of America is an outstanding long-term community partner with a proven track record of development and long term management of affordable housing in our community. PAFC is a coalition of agencies and community volunteers primarily sponsored by the Foundation on Aging and the Larimer County Office on Aging. The mission of the PAFC is to promote the well-being of seniors in Larimer County, with focus on a community culture which embraces aging, health and wellness, access and mobility, and diverse, affordable housing options. The Housing Priority Group of the PAFC is keenly aware that there are many older adults in our community who can no longer afford to live here. We are greatly concerned about this trend. We strongly support this project and encourage the City to add this project to the portfolio of solutions. Sincerely, Jim Becker Jim Becker, MNM Executive Director Partnership for Age Friendly Communities in Larimer County ITEM 5, PACF Letter of Support Supplemental Packet Pg. 4 1 Klara Rossouw From: Jim Rose <jorose1948@gmail.com> Sent: Saturday, April 20, 2019 8:56 AM To: Klara Rossouw Cc: Snyder, Douglas; Russ Lee Subject: RE: HOA Meeting Materials Package - VOA Senior Residences Klara- The HOA board and a few members in attendance, briefly discussed the updated materials you provided. There was only a brief discussion and my sense is that people appreciate the changes made and are generally unconcerned with the development as proposed. As the process continues, please keep me posted and let me know if I can help. Thanks, Jim Sent from Mail for Windows 10 From: Klara Rossouw Sent: Friday, April 19, 2019 11:41 AM To: Jim Rose Cc: Snyder, Douglas; Russ Lee Subject: RE: HOA Meeting Materials Package - VOA Senior Residences Hi Jim, I wanted to check in with you to see if there were any comments, questions, ideas that you have heard from your neighbors last week? We are happy to follow-up on anything that was discussed. Have a great weekend! Klara RIPLEY DESIGN, INC. p: 970.224.5828 From: Jim Rose <jorose1948@gmail.com> Sent: Tuesday, April 9, 2019 9:41 AM To: Klara Rossouw <klara@ripleydesigninc.com> Cc: Snyder, Douglas <DSnyder@voa.org>; Russ Lee <russ.lee@ripleydesigninc.com> Subject: RE: HOA Meeting Materials Package - VOA Senior Residences Klara- ITEM 5, Email from HOA Supplemental Packet Pg. 5 2 Thanks for sharing this information. I will provide the documents to our property manager and they will be shared at the meeting on Thursday. I will be in touch after the meeting and we may want to schedule a follow-up discussion. Thanks again, Jim Sent from Mail for Windows 10 From: Klara Rossouw Sent: Tuesday, April 9, 2019 9:20 AM To: Jim Rose Cc: Snyder, Douglas; Russ Lee Subject: HOA Meeting Materials Package - VOA Senior Residences Good morning, Jim - I have attached downloadable documents for you and the neighbors to review. If you should have any issues downloading these files, please let me know. In addition, if anyone has questions before the meeting on the 11th, we are happy to compile a response that can be shared/distributed at the meeting. Thank you for your help in coordinating this! Regards, Klara Rossouw RIPLEY DESIGN, INC. 419 Canyon Avenue, Suite 200 Fort Collins, CO 80521 p: 970.224.5828 ITEM 5, Email from HOA Supplemental Packet Pg. 6 Tax Credit Market Study: Volunteers of America Senior Apartments FORT COLLINS, COLORADO Prepared for: VOLUNTEERS OF AMERICA NATIONAL SERVICE MAY 20, 2019 Prepared by: THE HIGHLAND GROUP, INC. 1320 SNOWBERRY LANE SUITE 304 720.565.0966 WWW.THEHIGHLANDGROUPINC.COM R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 7 TABLE OF CONTENTS Market Study Synopsis 1 Project Description 7 Location Analysis 15 Identification of Market Area 27 Market Conditions and Comparability Analysis 31 Demographic Data 47 Demand Analysis 51 Project Strengths and Weaknesses 55 Recommendations and Conclusions 57 Sources of Information 62 Appendices Qualifications Statement R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 8 Certification Statement by Analyst This report was prepared according to CHFA’s Market Study Guide, Appendix A of the Low Income Housing Tax Credit Allocation Plan 2019. The information included is accurate and the report can be relied upon by CHFA to present a comprehensive assessment of the market for the proposed project. The document is assignable to lenders and/or syndicators that are parties to the development’s financial structure. Data for this report were collected from April 2019 through May 2019, and this report was completed on May 20, 2019. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 9 VOA Fort Collins Market Study May 6, 2019 Page 1 of 64 Section Contents Project Name and Address Project Description Unit Number, Mix, Size, and Type Rent Comparison Comparability Analysis Demand and Capture Rates Recommendations and Conclusions MARKET STUDY SYNOPSIS R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 10 VOA Fort Collins Market Study May 6, 2019 Page 2 of 64 MARKET STUDY SYNOPSIS Project Name and Address VOA Senior Residences - The site is located in Fort Collins, Colorado, slightly to the northwest of the intersection of South Timberline Rd. and east Drake Rd., between Joseph Allen Dr. and where the Power Trail intersects Drake Rd. It is located in census tract 16.05 and its parcel number is 8719423002. Its address has yet to be assigned. Project Description The senior apartment building will be a detached, three-story, linear T-shaped building running east-west along E. Drake Rd. The building will include a total of 55 residential units, of which 39 will be 1-BR/1-BA units of 650 square feet and 16 will be 2-BR/1-BA units of 875 square feet. The building will be served by two elevators. The residential units’ square footage will be approximately 39,000 square feet, with common space amenities of about 4,400 square feet and circulation/mechanical of about 10,000 square feet. Ground-floor and third-story atrium common amenity areas will be located on the southwest corner of the building. Common amenities will include community room with kitchenette, small conference room, fitness room, library/game room, service coordinator office, outdoor patio with BBQ area, seating and tables, community garden, and walkways. The property will be developed by Volunteers of America National Service (VOANS). VOANS is 124-year old non-profit agency providing housing and services to seniors, people with disabilities, people leaving homelessness, and families. The property will be managed by Volunteers of America Colorado (VOA Colorado), which manages a significant portfolio of affordable housing. Of its 23 managed properties in Colorado, 18 are senior properties and 5 are family or special needs. Of its 18 senior properties, 7 are LIHTC (Denver and Western Slope) and 11 are HUD 202. Unit Number, Mix, Size, and Type 20% AMI 30% AMI 40% AMI 50% AMI 60% AMI 70% AMI 80% AMI Total Units Percent of Total Units Size Type 1-BR/1-BA 3 10 4 2 8 9 3 39 71% 650 Flat 2-BR/1-BA 1 4 1 2 2 3 3 16 29% 875 Flat Total 4 14 5 4 10 12 6 55 100% Percent of Total 7.3% 25.5% 9.1% 7.3% 18.2% 21.8% 10.9% 100.0% R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 11 VOA Fort Collins Market Study May 6, 2019 Page 3 of 64 Rent Comparison The upper portion of this table summarizes the rent ranges and averages for the subject property. The lower portion summarizes the rent ranges and weighted averages for the comparable properties in the PMA. Utility allowances have been added to, or subtracted from, the comparable rents, when appropriate, to provide comparability with the subject. Rent Range Weighted Average Rent Range Weighted Average Rent Range Weighted Average Rent Range Weighted Average Rent Range Weighted Average Rent Range Weighted Average Rent Range Weighte d Average 1-BR PBS8-300 $300 PBS8-$463 $463 PBS8-$627 $627 $771 $771 $929 $929 $1,061 $1,061 $1,151 $1,151 2-BR PBS8 PBS8 PBS8-$552 $552 PBS8 PBS8 920 $920 $1,112 $1,112 $1,268 $1,268 $1,377 $1,377 1-BR $393-$463 calc $393-$627 calc $393-$791 $791-$954 $1,282 $1,282 2-BR Legacy low, top = $552 $744-$749 calc Legacy low/ top = $749 Legacy low/ top = $1141 $1,534 $1,534 20% AMI 50% AMI 60% AMI 80% AMI Subject Comparable Properties 30% AMI 40% AMI 70% AMI *To facilitate an “apples to apples” rent comparison, the following adjustments have been made to rents: The subject’s rents include all utilities except electric, the same as Reflections and Woodbridge, so no adjustment was made to rents at those properties. Four properties include all utilities (DMA Plaza, Legacy, Northern Hotel, and Affinity), therefore, an adjustment of $27 for 1-BR units and $36 for 2-BR units was subtracted from rents at those properties. Oakridge Crossing includes only water/sewer in its rents, therefore an adjustment of $14 for 1-BR and $8 for 2- BR units was added to its rents to create equivalency with subject rents. Adjustments were made based on included utilities and utility allowances as reported by the properties. Comparability Analysis We have rated the proposed project relative to the selected comparable properties. We have used the symbols -, =, + to indicate if the comparable projects are - lower/inferior, = equal to, or + higher/superior to the proposed project. VOA Fort Collins Market Study May 6, 2019 Page 4 of 64 Demand and Capture Rates Capture rates for the PMA after addition of planned subject units are very low at 20% and 30% AMI and at 70% and 80% AMI. Rates are higher for 40%, 50%, and 60% AMI units; however, we note that capture rates are already high at those levels in the PMA under existing conditions, with all properties fully occupied and reported waitlists exceeding 1,500 persons. The addition of the small number of new subject units at each AMI level has minimal impact on existing capture rates. Recommendations and Conclusions On a scale of 1 to 5, where 1 = not strong/good and 5 = very strong/good, we have rated the following aspects of the subject. Market Demand 1 2 3 4 5 Project Location 1 2 3 4 • 5 Unit Mix 1 2 3 4 5 Unit Sizes and Amenities 1 2 3 4 5 Proposed Rents 1 2 3 4 5 Overall Marketability – as proposed 1 2 3 4 5 Marketability with recommended changes 1 2 3 4 5 20% AMI 30% AMI 40% AMI 50% AMI 60% AMI 70% AMI 80% AMI Income qualifying households in market area 99 258 282 347 378 411 416 In-migration and owner-households 20 52 56 69 76 82 83 Total qualifying households 119 310 338 417 453 493 499 Total existing units 0 53 149 142 126 0 17 Capture rate - existing conditions 0.0% 17.1% 44.1% 34.1% 27.8% 0.0% 3.4% Under-construction/planned units 0 0 0 0 0 0 0 Plus proposed subject units 4 14 5 4 10 12 6 Total existing & planned units 4 67 154 146 136 12 23 Capture rate - required 3.4% 21.6% 45.6% 35.0% 30.0% 2.4% 4.6% R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 13 VOA Fort Collins Market Study May 6, 2019 Page 5 of 64 Recommendations and Conclusions: 1. The project addresses high demand for housing accessible to extremely low-income seniors. The project will offer 8 units at 20%, 30%, and 40% AMI as Project Based Section 8. Further, in the PMA, there are currently no units restricted at 20% AMI and only 53 units restricted at 30% AMI. 2. There are currently no units restricted at 70% AMI in the PMA, and only a handful of existing units restricted at 80% AMI (17 units). With age and income-eligible renter households estimated at 493 and 499 at 70% and 80% AMI, demand appears to be strong at those levels. 3. The operator, VOA Colorado, is a long-standing, service-oriented, non-profit organization that already offers a broad range of supportive services for seniors in Fort Collins (nutrition, wellness, counseling, etc.) New residents at the subject will have access to these additional services. 4. The subject site is located within one-half mile of a significant mixed-use development that includes grocery, pharmacy, banking, and multiple restaurants. Excellent public transit located immediately adjacent to the site also links residents to points across the city to the east and west, including the new Fort Collins Senior Center. The adjacent bus route also connects to Max Rapid Transit, giving residents access to nearly all major cultural, recreational, retail, entertainment, and educational amenities in the city. 5. The site is attractive, with mountain views and adjacent good-quality single-family homes and new, high- quality multifamily. Also, the site is adjacent to an accessible, concrete bike and pedestrian path that links to other paths in the city. The only potentially negative site location factor that was noted is the adjacent train track. First, relative to safety, the subject intends to fence and landscape the border of the site that is adjacent to the train track. Second, relative to train noise, we note that this track is not the main track running through the city, but rather is a secondary track that serves some industries to the north, running smaller trains of 1-20 cars, and only running on Tuesdays and Thursdays. 6. The subject’s level of common and unit amenity will be generally equal to or superior to most of the LIHTC comparables in the PMA. Units are well-configured, including a small utility room that contains a washer/dryer and additional storage space. This space (termed a “Colorado closet” by the developer) is designed so that a resident is able to store a bicycle, if the resident chooses. Good in-unit storage is the amenity most often reported by residents as a top priority. Common spaces are well-designed and appropriate to the overall size of the building (55 units). A community room opens onto a spacious community patio. The grounds appear to be well planned, with gardens, walkways, and landscaping. 7. Planned units are appropriately sized for its range of targeted AMI levels, striking a good balance of cost- effectiveness and desirability. 8. The subject will offer 71% 1-BR units and 29% 2-BR units. We believe this mix is appropriate for the 20% through 80% AMI population to be served. 9. The subject’s proposed rents are set below maximum allowable rents for units at 50% through 80% AMI and are set at maximum allowable rents for units at 20%, 30%, and 40% AMI. The subject will also offer 8 units with Project Based Section 8 at the income levels 20%, 30%, and 40% AMI. The planned rents should be quite attainable, as five of the seven competing properties in the PMA have higher rents - set at maximum allowable for all units that they offer - including units at 30%, 40%, 50%, and 60% AMI; and all have full occupancies and wait lists. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 14 VOA Fort Collins Market Study May 6, 2019 Page 6 of 64 10. The subject has 28 units at 60% through 80% AMI to lease and projects a 7-month absorption period for those units (and a 3-month absorption period for its 20% through 50% AMI units). This absorption period for its higher AMI units would require an absorption rate of 4 units per month. That rate falls in between the recent, actual absorption rates of Oakridge Crossing and Affinity at Fort Collins. This, combined with the lower planned rents at the subject, leads us to conclude that the planned 7-month absorption for the 60% AMI through 80% AMI units should be reasonably attainable. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 15 VOA Fort Collins Market Study May 6, 2019 Page 7 of 64 Section Contents Project Name and Address Project Ownership and Development Project Design Site and Site Plan Number of Units by Type and Size Contract Rent per Unit and per Square Foot Targeting by AMI and Income Range to be Served Project and Unit Amenities Services Parking Utilities and Type of Heat and Cooling Development Schedule and Anticipated Date for Delivery of Units Site Ownership and Zoning Status PROJECT DESCRIPTION R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 16 VOA Fort Collins Market Study May 6, 2019 Page 8 of 64 PROJECT DESCRIPTION Project Name and Address VOA Senior Residences - at Joseph Allen Dr. and E. Drake Rd., Fort Collins, Colorado 80525 The site is located in census tract 16.05 and its parcel number is 8719423002. Its address has yet to be assigned. Project Ownership and Development The property will be developed by Volunteers of America National Service (VOANS). VOANS is 124-year old non-profit agency providing housing and services to seniors, people with disabilities, people leaving homelessness, and families. Its portfolio includes 20,000+ units in 400+ communities. The property will be managed by Volunteers of America Colorado (VOA Colorado), which manages a significant portfolio of affordable housing. Of its 23 managed properties in Colorado, 18 are senior properties and 5 are family or special needs. Of its 18 senior properties, 7 are LIHTC (Denver and Western Slope) and 11 are HUD 202. VOANS has retained a team of consultants, designers, and construction professionals for the Fort Collins project. According to VOANS, the development team was selected based on prior experience working with VOA and each entity’s ability to deliver high-quality LIHTC housing. The property will be owned by a partnership between VOANS (or a sole-purpose entity or affiliate wholly- owned by VOANS), Housing Catalyst (the housing authority for Fort Collins), and the future selected investment partner. Project Design The subject apartment building will be a detached, three-story, linear T-shaped building running east-west along E. Drake Rd. The building will include a total of 55 residential units, of which 39 will be 1-BR/1-BA units of 650 square feet and 16 will be 2-BR/1-BA units of 875 square feet. The building will be served by two elevators. The residential units’ square footage will be approximately 39,000 square feet, with common space amenities of about 4,400 square feet and circulation/mechanical of about 10,000 square feet. Ground-floor and third-story atrium common amenity areas will be located on the southwest corner of the building. Common amenities will include community room with kitchenette, small conference room, fitness room, library/game room, service coordinator office, outdoor patio with BBQ area, seating and tables, community garden, and walkways. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 17 VOA Fort Collins Market Study May 6, 2019 Page 9 of 64 Site and Site Plan The site 2.32 acres, located slightly to the northwest of the intersection of S. Timberline Rd. and east Drake Rd., between Joseph Allen Dr. and where the Power Trail intersects Drake Rd. The site is rectangular in shape and is relatively flat, draining from south to north, or from Drake Rd. to a detention pond. There is a recorded detention pond easement, shared with the Spring Creek HOA/the site’s neighbors to the north. The subject building will cover a pro-rata share of maintenance of the easement. All utilities are located in the adjacent ROW (Joseph Allen Dr.). Streets providing access to the site are in place and are in excellent condition. Site Plan The site will be accessed from Joseph Allen Dr. The parking lot, which includes a roundabout for easy access in and out, is to the north, with a detention pond, landscaping, and other civil engineering features buffering the parking lot from the single-family homes to the north. A patio/terrace with tables and outdoor dining/barbecue will be located on the west side of the building and gardens will be located on the north side of the building. The building will have three entrance points for residents: 1) a main entry will be located on the north side of the building to the west where the management offices will be located, 2) a second entrance will be included on the north side to the east, and 3) a third entrance will be provided on the east end of the building, providing access to the surrounding area. A 5’ wood fence will border the site on the west, and screening fence will be located along the north side of the parking area. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 18 VOA Fort Collins Market Study May 6, 2019 Page 10 of 64 Number of Units by Type and Size The project will include a total of 55 units, including 39 1-BR/1-BA units and 16 2-BR/1-BA units. The 1-BR/1-BA units will be 650 square feet and the 2-BR/1-BA units will be 875 square feet. Unit Type Number Percent of Total Units Square Feet 1-BR/1-BA 39 70.9% 650 2-BR/1-BA 16 29.1% 875 Total 55 Contract Rent per Unit and per Square Foot Planned rents at 20% AMI through 40% AMI are set at maximum allowable. Planned rents at 50%, 60%, 70% and 80% are set below maximum allowable. All utilities except for electric will be paid by the owner and included in rents. Utility allowances are set at $27 per month for 1-BR units and $36 per month for 2-BR units. For Project Based Voucher units, utility allowances are set at $33 per month for 1-BR units and $46 per month for 2-BR units. Planned rents and per-square-foot rents for each unit type by AMI level are as displayed in this table: Unit Type Number of Units Unit Size (SF) Targeted Unit AMI Level Planned Monthly Rent* Targeted Monthly $/SF 1-BR/1-BA 2 650 20% $300 $0.46 1-BR/1-BA - PB Voucher 1 650 20% PBS8 1-BR/1-BA 8 650 30% $463 $0.71 1-BR/1-BA - PB Voucher 2 650 30% PBS8 1-BR/1-BA 2 650 40% $627 $0.96 1-BR/1-BA - PB Voucher 2 650 40% PBS8 1-BR/1-BA 2 650 50% $771 $1.19 1-BR/1-BA 8 650 60% $929 $1.43 1-BR/1-BA 9 650 70% $1,061 $1.63 1-BR/1-BA 3 650 80% $1,151 $1.77 Total 1-BR Units 39 2-BR/1-BA None 875 20% 2-BR/1-BA - PB Voucher 1 875 20% PBS8 2-BR/1-BA 3 875 30% $552 $0.63 2-BR/1-BA - PB Voucher 1 875 30% PBS8 2-BR/1-BA None 875 40% 2-BR/1-BA - PB Voucher 1 875 40% PBS8 2-BR/1-BA 2 875 50% $920 $1.05 2-BR/1-BA 2 875 60% $1,112 $1.27 2-BR/1-BA 3 875 70% $1,268 $1.45 2-BR/1-BA 3 875 80% $1,377 $1.57 Total 2-BR Units 16 Total Subject Units 55 1-BR Units 2-BR Units R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 19 VOA Fort Collins Market Study May 6, 2019 Page 11 of 64 Targeting by AMI and Income Range to be Served The subject plans to offer units at all AMI levels between 20% and 80%. This table displays the 2019 minimum and maximum incomes for units income-restricted at AMI levels planned by the subject. Per CHFA guidelines, it is assumed that age 62+ households will spend 40% of their income for rent. Project and Unit Amenities Unit Amenities • Full kitchen with refrigerator, range/over, dishwasher, garbage disposal, and microwave • Energy star rated appliances • Large closet/utility room with side-by side washer and dryer and additional storage (including capacity to store a bike) • VCT wood flooring • Window coverings/blinds • Bathroom fan • Cable connection • Internet connection • 9’ ceilings Interior Common Amenities • Community room with kitchenette and gas fireplace • Small conference room for residents/1st level • Wi-Fi in community room/1st level • Fitness room Incomes for 1-BR and 2-BR Units 20% AMI 30% AMI 40% AMI 50% AMI 60% AMI 70% AMI 80% AMI Minimum income 1-Bedroom $9,810 $14,730 $19,650 $24,540 $29,460 $34,350 $39,270 2-Bedroom $11,790 $17,672 $23,550 $29,430 $35,340 $41,220 $47,100 Maximum income 1-Person $12,220 $18,330 $24,440 $30,550 $36,660 $42,770 $48,880 2-Person $13,960 $20,940 $27,920 $34,900 $41,880 $48,860 $55,840 Source: HUD Income Table for 2019 Section 8 for Larimer County, released April 24, 2019 R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 20 VOA Fort Collins Market Study May 6, 2019 Page 12 of 64 • Library/game/amenity room/3rd level • Bicycle storage adjacent to east building entry • On-site manager • Service coordinator office • Controlled-access entry Exterior Common Amenities • Outdoor terrace/BBQ area/tables and chairs • Community garden • Walkways • Security lighting • Surveillance cameras Services VOA, in alignment with its mission, reports that it always provides a level of on-site staffing that is more supportive than a typical apartment property manager. The proposed building will include office space for an on-site Service Coordinator, a Community Administrator, and a Leasing Assistant as appropriate to assist residents. VOA’s staff are oriented and trained to be focused on resident well-being and will connect individual residents to in-home or community-provided services, as well as creating a schedule of community activities. Staff will partner with community organizations to connect residents with activities, services, social networks and other benefits provided by these other organizations and leverage relationships built at the Sanctuary (VOA’s other senior apartment property in Fort Collins). In addition, VOA will explore using a Health Housing Fund loan to provide additional services funding for health and wellness services for residents. The subject will offer VOA’s typical services for seniors including; financial planning, accessing financial benefits, preventative health, assistance in obtaining health benefits, nutrition services, exercise planning, social activities, and others as needed. Services already provided by VOA Colorado’s Fort Collins office will be extended to residents of the subject property. These services include: volunteering opportunities in-home and group meals grocery delivery unit modifications caregiver respite services R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 21 VOA Fort Collins Market Study May 6, 2019 Page 13 of 64 Parking There will be a total 46 surface parking spaces, or a ratio of .83 spaces per unit. The developer reports that the planned parking meets or exceeds city zoning and planning requirements, pursuant to its successful Modification of Standards request. Utilities and Type of Heat and Cooling Management will include water, sewer, trash, and gas utilities in rent. Residents will pay electric utility. Group14 Engineering has performed an initial utility efficiency analysis, informing the decision to include centralized Aquatherm gas-fueled equipment for domestic hot water, space heating, and air conditioning. Units will be individually-metered for electricity. Development Schedule and Anticipated Date for Delivery of Units Assuming the subject receives a 9% LIHTC award in fall 2019, the developer projects the following schedule for development, delivery of units, and absorption: Construction Completion August 2021 Leasing Start Date: September 2021 Absorption Rate: November 2021 for the 20% through 50% AMI units and April 2022 for the 60% through 80% AMI units Stabilization Date: April 2022 Conversion Date: May 2022 Site Ownership and Zoning Status VOA executed a Purchase Option Agreement on January 7, 2019 with the current parcel owner. The site is currently zoned LMN, for which multifamily housing is an allowed use. VOA is seeking a Modification of Standards to allow the project to contain a higher density of units and a greater building footprint than is allowed by-right under LMN zoning. In ongoing meetings with City of Fort Collins, Planning Services staff have indicated support for this Modification of Standards. The Preliminary Development Plan was submitted for review on February 27, 2019. VOA responded to preliminary technical feedback on the preliminary plans in early April. The project’s Modification of Standards will be presented for recommendation by the City’s Planning and Zoning Board on May 16, 2019. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 22 VOA Fort Collins Market Study May 6, 2019 Page 14 of 64 Section Contents Location of Subject Site Pictures of the Subject Site Pictures of the Site Adjacencies Surrounding Land Uses and Amenities Infrastructure Access and Transportation Marketability - How the Location Enhances or Detracts from Project Marketability LOCATION ANALYSIS R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 23 VOA Fort Collins Market Study May 6, 2019 Page 15 of 64 LOCATION ANALYSIS Location of Subject Site The subject is located in Fort Collins, Colorado. The City of Fort Collins is situated in northern Colorado, about four miles west of Interstate 25. The subject site is located on the north side of E. Drake Road, just west of its intersection with S. Timberline Rd. Citywide View Closer View SUBJECT R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 24 VOA Fort Collins Market Study May 6, 2019 Page 16 of 64 Aerial View - Wider Aerial View - Close R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 25 VOA Fort Collins Market Study May 6, 2019 Page 17 of 64 Pictures of the Subject Site Facing north across site Facing south across site R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 26 VOA Fort Collins Market Study May 6, 2019 Page 18 of 64 Facing east across site Facing west across site R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 27 VOA Fort Collins Market Study May 6, 2019 Page 19 of 64 Pictures of the Subject Adjacencies Facing north from site Facing south from site R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 28 VOA Fort Collins Market Study May 6, 2019 Page 20 of 64 Facing east from site Facing west from site R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 29 VOA Fort Collins Market Study May 6, 2019 Page 21 of 64 Surrounding Land Uses and Amenities Immediate Site Adjacencies The site is in a high-quality, newer, residential neighborhood in Fort Collins. Surrounding land uses appear to be compatible with and complement a senior apartment use. East - Immediately adjacent to the site on the east are new multifamily apartments (Trails at Timberline) renting from $1,312 per month for 1-BR/1-BA apartments up to $2,015 for 3-BR/2-BA units. South - South of the site, across Drake Rd., are single-family homes valued from about $324,000 to $359,000. North - New single-family homes adjacent to the site on the north are valued at $466,000 to $502,000. West - Immediately to the west is a railroad track and adjacent concrete bike trail and some green space. Just beyond that are more single-family homes, valued at $378,000 to $520,000. Map: Immediate Site Adjacencies R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 30 VOA Fort Collins Market Study May 6, 2019 Page 22 of 64 Nearby Amenities and Access to Key Fort Collins Amenities Within one-half mile of the site to the east is a mixed-use development called the Shops at Rigden Farm, located at the southeast corner of Timberline Rd. and Drake Rd. This development includes a King Soopers grocery store and pharmacy, multiple restaurants, banks, health services, and auto services, as well as new apartments and condominiums. The Shops at Rigden Farm is readily accessible via a 10-minute walk or via Transfort’s Route 7, running every half-hour. One mile west of the site and also accessible via Transfort’s Route 7 is Scotch Pines Village, a neighborhood center offering additional retail and restaurants, including Sprouts Farmers’ Market, restaurants, a liquor store, a pet store, and UPS store. The new City of Fort Collins Police Station is located .25 miles due north of the site. A large community park, Edora Park, is located 1.5 miles north of the site, offering multiple recreational facilities. A concrete bike and pedestrian trail (Power Trail) runs immediately adjacent to the site. The nearest full-service hospital, Poudre Valley Hospital, is located 3 miles north of the site, or an 8-minute drive. University of Colorado Health Family Medicine is located 2.6 miles south of the site, or an 8-minute drive. Kaiser Permanente is located 3.2 miles southeast of the site, an estimated 7-minute drive. Banner Health Center is located 3.9 miles southeast of the site, an estimated 10-minute drive. The majority of key services offered in Fort Collins line College Ave./US-287 (the main street) from north to south and/or are located in the downtown area. All of these areas are accessible to subject residents via Transfort’s Route 7 and Max Rapid Transit. Map: Key Fort Collins Amenities Relative to Subject Site and Transit Options R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 31 VOA Fort Collins Market Study May 6, 2019 Page 23 of 64 Shopping, Restaurants, and Coffee The closest grocery stores are King Soopers (.4 miles east) and Sprouts Farmers’ Market (1.2 miles west). King Soopers includes a pharmacy and a UPS shipping center is located within Sprouts. Nearby restaurants (within .4 to .5 miles, include William Oliver’s Publick House, Qdoba Mexican Grill, Subway, Burger King, and Eileen’s Colossal Cookies. Nearby coffee shops (within .4 to .5 miles) are Starbucks and Genoa Coffee & Wine. Banks Three banks are located within .5 miles of the site at Shops at Rigden Farms, including Blue Credit Union, Chase Bank, and First Bank. Senior Services The new Fort Collins Senior Center is located near the intersection of Raintree Dr. and S. Shields St., approximately 3 miles west of the subject on Transfort’s Route 7, with no transfers required from the subject site. This center offers a broad range of variety of classes, events, and activities for those over the age of 50, such as fitness classes, arts and craft classes, dance programs, educational classes, and outdoor recreational programs. The Larimer County Area Agency on Aging is located north of downtown Fort Collins and is accessible via Max Rapid Transit. This agency supports and offers a broad range of services for those age 60+, including specialized transportation, nutrition/meal programs, in-home care, legal services, and advocacy. Recreational and Cultural Services The Power Trail, a concrete/accessible bike and pedestrian trail runs immediately adjacent to the site and links with other trails running throughout the city. Edora Park, located 1.5 miles north of the site, offers multiple recreational facilities, including tennis courts, ballfields, horseshoes, community gardens, playground, shelters, restroom, skate park, and disc golf course. A new aquatics and ice center were recently added. Spring Creek and the Spring Creek Trail runs through Edora Park, connecting with the Power Trail adjacent to the subject site. Civic Center Park, located on the west edge of downtown Fort Collins, is accessible by Max Rapid Transit. This park provides significant green space and gardens and is also home to many large events throughout the year, including Taste of Fort Collins and Brewfest. Colorado State University is located about 3.2 miles northwest of the subject and accessible via Transfort’s Route 7, with no transfers required from the subject site. The university offers those over the age of 50 the opportunity to audit classes to learn more about a broad range of topics, including history, the great outdoors, environmental issues, science, health, and more. No prerequisites or degrees are required, and online classes are offered. The Lincoln Center for the Performing Arts, located just west of downtown, about 4 miles from the subject, offers an art gallery and a broad range of plays, concerts, and community events for all ages. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 32 VOA Fort Collins Market Study May 6, 2019 Page 24 of 64 Churches and Synagogues The nearest synagogue is Congregation Har Shalom, about 2.5 miles west of the subject, accessible by Transfort’s Route 7. The nearest churches are Timberline Church (about .6 miles southeast or a 12-minute walk), Fort Collins Seventh-Day Adventist Church (about 0.5 miles north of the subject), and Community Bible Study and Clearwater Churches (about 1 mile west of the subject along Transfort’s Route 7). Infrastructure Streets, signaled intersections, pedestrian crossings, and utilities surrounding the site are in place and are in good condition. Access and Transportation This table summarizes access to the subject by car and bus. Method of Transportation Access Car The subject is located on a major east-west street, Drake Rd. in east-central Fort Collins. The site is located about halfway beween US-287 in central Fort Collins and Interstate 25, approximately two miles to the east of the subject. Interstate 25, and to a lesser extent, US- 287, are major north-south corridors, connecting Fort Collins to Denver to the south and Wyoming to the north. Bus Transfort is Fort Collins' transportation service and provides discounted transportation services to persons who are disabled or over the age of 60. A bus stop that serves Route 7 is directly adjacent to the site on Drake Rd. Route 7 travels west across the city to Shields Ave. and beyond, with a stop at the Fort Collins Senior Center. Route 7 then turns north to Prospect and Colorado State University. Route 7 stops adjacent to the site every half-hour between 7 am and 5:40 pm. Transfort connects passengers with Max Bus Rapid Transit at College Ave. Max follows a dedicated roadway running north to south through the city parallel to College Ave. providing direct access to downtown and significant retail and restaurants lining College Ave. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 33 VOA Fort Collins Market Study May 6, 2019 Page 25 of 64 How the Location Enhances or Detracts from Project Marketability Potentially Positive Location Factors 1. The subject site is located within one-half mile of a significant mixed-use development that includes grocery, pharmacy, banking, and multiple restaurants. 2. There is excellent public transit located immediately adjacent to the site, linking residents to points across the city to the east and west, including the new Fort Collins Senior Center. Public transit also connects to Max Rapid Transit, giving residents access to nearly all major cultural, recreational, retail, entertainment, and educational amenities in the city. 3. The site is attractive, with mountain views and adjacent good-quality single-family homes and new, high- quality multifamily. 4. The site is adjacent to an accessible, concrete bike and pedestrian path that links to other paths in the city. 5. The site has excellent drive-by visibility from Drake Rd., providing good exposure for marketing purposes. Potentially Negative Location Factors The only potential negative site location factor that was noted is the adjacent train track. First, relative to safety, the subject intends to fence and landscape the border of the site that is adjacent to the train track. Second, relative to train noise, we note that this track is not the main track running through the city, but rather is a secondary track that serves some industries to the north, running smaller trains of 1-20 cars, and only on Tuesdays and Thursdays. Walk Score The website www.walkscore.com ranks site locations and communities based on a site’s proximity to job centers, services, parks, medical facilities, schools, and other common destinations. This table summarizes walk scores per www.walkscore.com for all of Fort Collins and for the subject. Project Score (out of 100) Description Score (out of 100) Description Average Subject Site 54 Somewhat Walkable 25 Some Transit 39.5 Fort Collins, CO 36 Car-Dependent 29 Some Transit 32.5 www.walkscore.com, April 30, 2019. Selected by nearest locatable street address, 2607 Adobe Drive, Ft. Collins. Walk Score Transit Score The subject site, with a Walk Score of 54, is considered “somewhat walkable”, while the City of Fort Collins, with a Walkscore of 36 is ranked lower and considered “car-dependent”. The subject site is rated 25 for Transit Score, or “some transit”, with the city as a whole also rated as for “some transit”, with a score of 29. The site is well-served with public transit, with a bus stop immediately adjacent to the site on Drake Road. Service via Transfort’s Route 7 is every half-hour, running across the city from east to west, including a stop at the entrance to the new Fort Collins Senior Center. This route also connects with the Max Rapid Transit, accessing restaurants and retail all along College Ave. from south to north, including downtown Fort Collins. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 34 VOA Fort Collins Market Study May 6, 2019 Page 26 of 64 Section Contents Market Area Definition Market Area Maps Rationale for Selection of Market Area Demand from Sub-Market and Secondary Market IDENTIFICATION OF MARKET AREA R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 35 VOA Fort Collins Market Study May 6, 2019 Page 27 of 64 Primary Market Area Definition The market area has been generally defined as the greater Fort Collins area. The market area is irregularly shaped, defined along census tract boundaries. The market area contains the City of Fort Collins, some rural/semi-rural land just east of the city limits, and the foothills west of Fort Collins. The PMA is roughly bounded by County Road 56 and County Road 60 on the north, I-25 on the east, Trilby Road on the south and extending west into the foothills. The market area is bisected north to south by US-287 through the center of the PMA, and from east to west by CO-14 from I-25 at the eastern edge of the PMA to downtown Fort Collins. The PMA includes the following census tracts, all within Larimer County: Market Area Maps PMA: Regional View 08069000100 08069000505 08069001003 08069001107 08069001304 08069001605 08069000201 08069000506 08069001004 08069001109 08069001305 08069001606 08069000202 08069000600 08069001007 08069001110 08069001306 08069001607 08069000300 08069000700 08069001008 08069001111 08069001307 08069001608 08069000401 08069000801 08069001009 08069001112 08069001308 08069002300 08069000402 08069000802 08069001010 08069001113 08069001601 08069000503 08069000901 08069001104 08069001114 08069001602 08069000504 08069000902 08069001106 08069001301 08069001603 R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 36 VOA Fort Collins Market Study May 6, 2019 Page 28 of 64 PMA: Close-up View Rationale for Selection of Market Area Several factors were examined to define the primary market area, including: drive times and distances; location of health and hospital services, locations of major retail and services, commuting patterns, and the location of transportation corridors. The primary market area for the subject is considered to be the greater Fort Collins area. Demand from Sub-Market and Secondary Market There is no defined geographic secondary market. It is anticipated that demand from income-eligible homeowners and out-of-market-area renters will increase overall demand by at least 20% over demand from in-market area renter households alone. This assumption is considered reasonable given the following data. Demand from Homeowners It is anticipated that demand from age 62+ homeowner households will increase demand by 10% to 20% over renter-household demand alone. There will be more than 4,000 age 62+ owner households in the market area who are income-eligible for the proposed project in 2019. To fill even 5 of its units from homeowner households, the planned project would have to capture less than 0.125% of income-eligible owner households. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 37 VOA Fort Collins Market Study May 6, 2019 Page 29 of 64 Demand from Out-of-Market Area Households It is also anticipated that demand from those currently living outside the PMA will increase overall demand by at least 10% to 20%. The rationale for this estimate is as follows: Evidence that a significant number of residents may move to the subject property from outside the PMA has been documented by the experience of similar properties. Since 2008, the actual prior home locations of residents of 15 to 18 senior tax credit properties have been mapped by The Highland Group. The Highland Group found that typically, an average of only 45% to 55% of residents had lived within a four-mile radius of these properties prior to moving into the senior tax credit apartments that were surveyed. About half of residents (45% to 55%) had previously lived beyond a four-mile radius from these properties. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 38 VOA Fort Collins Market Study May 6, 2019 Page 30 of 64 Section Contents Introduction Review of Properties under Development Senior Tax Credit Apartment Properties Other Income-Restricted Senior Apartment Properties Comparability Analysis: Data Tables for Subject and PMA Competitors Property Data Sheets: Competing Properties OVERVIEW OF MARKET CONDITIONS AND COMPARABILITY ANALYSIS R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 39 VOA Fort Collins Market Study May 6, 2019 Page 31 of 64 INTRODUCTION The subject property will include only income-restricted senior apartment units. For that reason, this section considers only rental apartment properties that are both age-restricted and have income-restricted units, to better understand the competitive situation and make recommendations for the subject relative to amenities and services, unit sizes, unit mix and rents. Review of Properties Under Development - First, we review senior housing projects that are under development in the market area to ensure they are counted as competing properties if they appear to be both comparable and moving forward in a similar time frame with the subject. Senior Tax Credit Apartment Properties - Second, we provide a general overview of the competitive situation in the market area for tax credit-funded senior apartments. We review in detail the amenities and services, unit sizes, unit mix and rents of competing senior tax credit apartment properties in the market area. Other Income-Restricted and Market-Rate Senior Apartment Properties - Finally, we review the full listing of other income-restricted senior apartment properties and any senior apartment properties that have income- restricted units to determine if any would be considered competitive with or comparable to the subject. A comparative analysis of competing properties follows the maps, comprising the remainder of this section of the report. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 40 VOA Fort Collins Market Study May 6, 2019 Page 32 of 64 REVIEW OF PROPERTIES UNDER DEVELOPMENT To determine if new properties are under development that would compete with the subject, The Highland Group completed the following: • reviewed and updated our database of planned properties • contacted developers and other consultants • reviewed CHFA website and property spreadsheets • contacted planning staff with the City of Fort Collins and Larimer County Other Planned Income-Restricted Senior Apartment Properties While DMA Plaza is in the midst of its renovation, we have considered it an existing property for purposes of this report. First, it is an existing property. Second, it has not displaced existing residents and the building remains fully occupied except for 3 floors intentionally left vacant for temporary relocation of residents while their units are renovated. Third, DMA will grandfather all existing residents, regardless of any changes in AMI units mix at the property. There are no other planned senior apartment properties in the Fort Collins market area that have received tax credit awards. There are no planned senior apartment properties in the Fort Collins market area listed on either the non-competitive 4% report, or any included on the Applicant Report for the February 1, 2019 competitive round at CHFA. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 41 VOA Fort Collins Market Study May 6, 2019 Page 33 of 64 SENIOR TAX CREDIT APARTMENT PROPERTIES Overview of Senior Tax Credit Apartment Properties in the PMA There are six existing senior properties in the PMA that have low-income housing tax credits (LIHTC), and one property with a recent LIHTC award that is in the midst of redevelopment. These are displayed in this table. Swap out table after Legacy rents in Tax Credit Properties Considered Non-Competitive Oakbrook I - One of the existing senior LIHTC properties displayed above, Oakbrook I, has Project Based Section 8 for all of its 106 units, so it is considered non-competitive with the planned subject. Tax Credit Properties Considered Competitive DMA Plaza (1973/2020) is a 1973 income-restricted, high-rise, senior apartment property in downtown Fort Collins, currently undergoing a major renovation, both exterior and interior. DMA Plaza received an award of state and 4% tax credits in 2018. Renovation is expected to be completed in fall 2020. At completion, DMA will offer 124 studio and 1-BR units, with 25 restricted at 30% AMI, 29 at 40% AMI, 28 at 50% AMI, and 42 at 60% AMI. DMA Plaza expects to offer rents at rates well below maximum levels; however, rents or 2020 have not been set. Three floors of the building are currently vacant, allowing for residents to remain in the building in different units during renovation of other floors. There are currently 42 residents living in the building who hold Section 8 vouchers. DMA intends to target its 42 60% AMI units to Section 8 voucher holders and will work with the Fort Collins Housing Authority to identify prospective residents for those units as they turn over gradually, working to keep the 60% AMI units affordable to those at even lower income levels. Legacy Senior Residences (2014) is a new-construction senior apartment property funded with 9% low income housing tax credits. The property offers 72 income-restricted units at the following AMI levels: 15 units at 30% AMI, 31 units at 50% AMI and 26 units at 60% AMI. Legacy reports 100% occupancy, with a waitlist of about 200 persons. Name Years Built/Placed in Service Total LIHTC Units 20% AMI 30% AMI 40% AMI 50% AMI 60% AMI 70% AMI 80% AMI 100% AMI Market- Rate Lowest Rent Highest Rent Project Based Section 8 Occupancy DMA Plaza Apartments 300 Remington St., Fort Collins 80524 1973-2020 124 0 25 29 28 42 0 0 0 0 $375 $818 No VOA Fort Collins Market Study May 6, 2019 Page 34 of 64 Northern Hotel (1873/2001/2018) is an historic downtown hotel, renovated and placed in service as affordable senior apartments in 2001, using 9% tax credits and other funding. In 2017, the property received a 4% tax credit award for renovation. The current AMI mix of the 47 income-restricted units is: 10 units at 40% AMI, 18 units at 50% AMI, and 19 units at 60% AMI). Five of the 40% AMI units have Project Based Section 8. Renovation was completed in October 2018 and the property currently reports 100% occupancy with a waitlist of 1,044 persons. Oakridge Crossing (2018) is a new 110-unit, senior apartment property that opened in May 2018. Oakridge Crossing was funded using disaster recovery funds, 4% tax credits, and state tax credits. The property offers income-restricted units at the following AMI levels: 13 units at 30% AMI, 15 units at 40% AMI, 43 units at 50% AMI, and 39 units at 60% AMI. Oakridge reports full occupancy with a waitlist of 80 persons. Oakridge opened in May 2018 and reported full occupancy as of February 2019. Its absorption period was short for units below 60% AMI and longer for its 39 units at 60% AMI. Reflections Senior Apartments (2000) is a new-construction senior apartment property funded with 9% low income housing tax credits. The property offers 72 income-restricted units at the following AMI levels: 50 units at 40% AMI and 22 units at 50% AMI. Reflections reports 100% occupancy with a waitlist of 2-3 years. Woodbridge Senior Apartment Homes (2001) is a new-construction senior apartment property funded with 9% low income housing tax credits. The property offers 50 income-restricted units at 40% AMI. Woodbridge reports 100% occupancy with a waitlist of 35 persons, or about 1.5 years. Map of Existing Senior Tax-Credit Funded Properties R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 43 VOA Fort Collins Market Study May 6, 2019 Page 35 of 64 OTHER SENIOR APARTMENT PROPERTIES Market-Rate Senior Apartment Property with Some Income- Restricted Units Affinity of Fort Collins - We identified a market-rate senior apartment property in the PMA that has some income-restricted units that would be competitive with the subject’s 80% AMI units. Affinity of Fort Collins (2017) is a 161-unit property that has 144 market-rate units and 17 units that are income-restricted at 80% AMI. These income- and rent-restricted units were included by the developer as part of its planning negotiations with the City. These 17 units were included in the capture rate calculation. Other Income-Restricted Senior Apartment Properties (Non-LIHTC) There are five other senior apartment properties in the PMA that have income-restricted or affordable units, but do not have LIHTC funding. These properties are not considered competitive, per CHFA demand methodology and are listed here for informational purposes only. These properties either have Project Based Section 8 or other funding sources such that there are no minimum rents or they are low-priced market-rate properties which are not technically income-restricted. These five properties have a total of 233 affordable units. Name Subsidized Units CARE Housing 1303 W. Swallow Rd. Fort Collins CO 80526 10 Chalet Apartments 121 Dartmouth Trail Fort Collins CO 80525 38 Oakbrook II 3300 Stanford Rd. Fort Collins CO 80525 99 Sanctuary 1404 W. Horsetooth Rd. Fort Collins CO 80526 59 Village on Bryan Street 100 S. Bryan Ave. Ft. Collins CO 80521 27 Total Other Subsidized Senior Apartment Units 233 Address R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 44 VOA Fort Collins Market Study May 6, 2019 Page 36 of 64 COMPARATIVE ANALYSIS: DATA TABLES FOR SUBJECT AND PMA COMPETITORS In this section, we review amenities, unit sizes, unit mix, and rents at competitive properties and compare them to the subject. General Description This table provides a general overview of the competing properties in the PMA: DMA Plaza, Legacy Senior Residences, Northern Hotel, Oakridge Crossing, Reflections Senior Apartments and Woodbridge Senior Apartment Homes are the six senior LIHTC properties in the PMA that are considered competitive for purposes of the capture rate calculation. A seventh property, Affinity at Fort Collins, was added for comparison because it offers some 80% AMI units, none of which are included in any of the senior LIHTC properties in the PMA. Affinity is a market-rate senior apartment property (161 units); however, the property offers 17 units restricted at 80% AMI. We note that Northern Hotel is different from the other competing properties, as it is an historic hotel that was renovated as a senior LIHTC property in 2001 and then again in 2018. Also, DMA Plaza is different from the other competing properties, as it is a current renovation of a 1973 building. These two properties are not considered comparable to the other properties in terms of unit mix, unit sizes, and amenities. The other compared properties are good- to excellent-quality, multi-story senior properties, built or placed- in-service between 2000 and 2018. Detailed profiles of all seven of these properties are found at the end of this section. SUBJECT: SUBJECT: VOA Senior Residences DMA Plaza Apartments Legacy Senior Residences - Fort Collins Northern Hotel Oakridge Crossing Reflections Senior Apartments Woodbridge Senior Apartment Homes Affinity at Fort Collins Distance from Subject 2.8 miles 3.1 miles 3.1 miles 2.1 miles 2.3 miles 3.6 miles 2.1 miles Address Joseph Allen Dr. and Drake Rd., Fort Collins, CO 80525 300 Remington St., Fort Collins, CO 80524 413 Linden St., Fort Collins, CO 80524 172 N. College Ave., Fort Collins, CO 80524 1599 E Harmony Rd, Fort Collins, CO 80525 321 E. Troutman Pkwy., Fort Collins, CO 80525 1508 W. Elizabeth St., Fort Collins, CO 80521 2600 E. Harmony Rd., VOA Fort Collins Market Study May 6, 2019 Page 37 of 64 Amenities This table lists the amenities offered by the subject and the competing properties. The subject’s level of amenity will be generally equal to or superior to most of the LIHTC comparables in the PMA. Because Oakridge Crossing is a larger property, its numbers and types of common spaces exceed the subject’s. Affinity at Fort Collins is included only because it has 17 of 161 units restricted at 80% AMI. Otherwise, it is a very large (161-unit) market-rate property with a high level of amenity and the subject would not be expected to be comparable to its numbers and types of common spaces. That said, the quality of the unit finishes and amenities at the subject is considered comparable to Affinity. Northern Hotel and DMA Plaza, as older, acquisition/rehab properties, have far fewer common and unit amenities than the subject or the other comparables. Reflections is a somewhat older property, perhaps originally designed as a family project, with five separate 2-story walk-up buildings, an outdoor pool and one community room with kitchen and central laundry. The subject’s design and common amenity is considered superior to that property. Legacy, Woodbridge, and Oakridge Crossing - all new-construction senior properties - are considered most comparable overall to the subject in terms of common and unit amenities. Only the subject, Legacy, and Affinity offer in-unit washers and dryers. The subject will not include patios and balconies, similar to DMA Plaza, Legacy and Northern Hotel; the other four properties offer balconies or patios. SUBJECT: SUBJECT: VOA Senior Residences DMA Plaza Apartments (post- renovation) Legacy Senior Residences Northern Hotel Oakridge Crossing Reflections Senior Apartments Woodbridge Senior Apartment Homes Affinity at Fort Collins UTILITIES Electric - X X X - - - X Air Conditioning X X X X X X X X Water X X X X X X X X Sewer X X X X X X X X Heat X X X X - X X X UNIT AMENITIES Balcony/Patio - - - - X X X X Dishwashers X - X X - - - X Exterior Storage X - - - X - - - Microwave X - X - - - - X Washer/Dryer Hookups - - - - - - - - Washer/Dryer in Unit X - X - - - - X PROJECT AMENITIES Central Laundry - X - X X X X - Basketball Court - - - - - - - - Clubhouse - - - - - - - X Elevators X X X X X - X X Exercise Equipment X X X - - X - X Garage (Extra $$?) - - - - - - - det. garage $125, carport $50 Hot Tub - - - - - - - X Swimming Pool - - - - - X - X Playground - - - - - - - - VOA Fort Collins Market Study May 6, 2019 Page 38 of 64 Unit Size This table provides the unit sizes for the subject and the competing properties. Note that the subject will offer only 1-BR and 2-BR units, while two of the comparables offer studio units. The subject units are much larger than the two older, acquisition/rehab properties, Northern Hotel and DMA Plaza, and those properties are not comparable in unit size to the subject or to the other comparables. Comparing the subject to the three newer/new-construction LIHTC properties in the PMA, the planned subject 1-BR units are larger than units at Reflections, Oakridge Crossing and Woodbridge, and smaller than 1-BR units at Legacy. Subject 1-BR units are even larger than those at Affinity, even though the great majority of Affinity’s units are market-rate. For 2-BR units, subject units are about equal to Legacy and Oakridge Crossing, as well as to Affinity. The subject’s 2-BR units are much larger than those at Reflections and Woodbridge. Unit Mix This table provides the unit mix distribution for the subject and the competing properties. The subject will offer a mix of 1-BR and 2-BR units, similar to the four new-construction senior LIHTC comparables. The four comparable properties have a mix of 2-BR units ranging from 20% at Woodbridge to 51% at Legacy. The subject’s 1-BR and 2-BR mix falls in the middle of this range, with 71% 1-BR units and 29% 2-BR units. DMA Plaza has a majority of studio units and no 2-BR units, while Affinity offers 8 studio units out of its 161- unit total. Of Affinity’s 17 units that are income-restricted at 80%, 1 is a studio unit, 7 are 1-BR units, and 9 are 2-BR units. Unit Type Income Restricted Market Rate Income Restricted Market Rate Income Restricted Market Rate Income Restricted Market Rate Income Restricted Market Rate Income Restricted Market Rate Income Restricted Market Rate Income Restricted Market Rate Studio Square Footage Range 418 499 499 Weighted Average 418 499 1-BR Square Footage Range 650 - 650 484 - 484 750 - 750 300 - 450 589 - 589 535 - 535 545 - 545 617 594-617 Weighted Average 650 484 750 375 589 535 545 617 607 2-BR VOA Fort Collins Market Study May 6, 2019 Page 39 of 64 Rent Comparison* This table summarizes rents for the subject property and the competing properties. REPLACE TABLE AFTER LEGACY RENTS *To facilitate an “apples to apples” rent comparison, the following adjustments have been made to rents: The subject’s rents include all utilities except electric, the same as Reflections and Woodbridge, so no adjustment was made to rents at those properties. Four properties include all utilities (DMA Plaza, Legacy, Northern Hotel, and Affinity), therefore, an adjustment of $27 for 1-BR units and $36 for 2-BR units was subtracted from rents at those properties. Oakridge Crossing includes only water/sewer in its rents, therefore an adjustment of $14 for 1-BR and $8 for 2- BR units was added to its rents to create equivalency with subject rents. Adjustments were made based on included utilities and utility allowances as reported by the properties. The subject’s proposed rents are set below maximum allowable rents for units at 50% through 80% AMI and are set at maximum allowable rents for units at 20%, 30%, and 40% AMI. The subject’s 50% AMI rents are $20 to $25 per month under maximum, $25 to $29 under maximum for 60% AMI units, $57 to $69 per month under maximum for 70% AMI units, and $131 to $157 per month under maximum for 80% AMI units. The subject will also offer 8 units with Project Based Section 8 at the income levels 20%, 30%, and 40% AMI. Only one property offers 80% AMI units, Affinity at Fort Collins. Weighted average rents for 1-BR units at Affinity are $131 per month more than subject rents. Rents for 2-BR units at Affinity are $157 more per month than subject rents. DMA Plaza offers very low rents and will be offering its 2018 rents until it completes its renovations in 2020, therefore, DMA Plaza’s rents are not comparable to the subject. Five of the seven comparables have rents set at maximum allowable for all units that they offer, including units at 30%, 40%, 50%, and 60% AMI. Only one property, Legacy Senior Residences, offers rents below maximum for its 50% and 60% AMI units, but does offer rents at maximum for its 30% AMI units. The subject’s proposed rents are lower than those at five of the seven comparables for its units at 50%, 60%, and 80%. AMI Rents for Legacy… LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH 1-BR/1-BA 20% PBS8 $300 $300 NOT UPDATED TO 2019 yet 30% PBS8 $463 $463 $393 $393 $393 $451 $451 $451 $463 $463 $463 40% PBS8 $627 $627 $393 $393 $393 $627 $627 $627 $627 $627 $627 $626 $626 $626 $626 $626 $626 50% $771 $771 $771 $393 $393 $393 $713 $713 $713 $791 $791 $791 $791 $791 $791 $790 $790 $790 60% $929 $929 $929 $791 $791 $791 $753 $753 $753 $954 $954 $954 $954 $954 $954 70% $1,061 $1,061 $1,061 80% $1,151 $1,151 $1,151 NEED 2019 RENTS $1,282 $1,282 $1,282 Market $1,568 $1,678 $1,623 2-BR/1-BA NONE 20% PBS8 PBS8 PBS8 30% PBS8 $552 $552 $542 $542 $542 $552 $552 $552 40% PBS8 PBS8 PBS8 $749 $749 $749 $744 $744 $744 $744 $744 $744 50% $920 $920 $920 $814 $814 $814 $945 $945 $945 $945 $945 $945 $940 $940 $940 60% $1,112 $1,112 $1,112 $874 $874 $874 $1,141 $1,141 $1,141 $1,141 $1,141 $1,141 70% $1,268 $1,268 $1,268 80% $1,377 $1,377 $1,377 $1,534 $1,534 $1,534 Market $1,799 $1,899 $1,849 2-BR/1.5-BA 80% $1,534 $1,534 $1,534 Market $2,004 $2,104 $2,054 2-BR/2-BA 80% $1,534 $1,534 $1,534 Market $2,119 $2,264 $2,192 SUBJECT: SUBJECT: VOA Senior Residences WEIGHTED AVERAGE RENT RANGE RENT RANGE WEIGHTEDRANGE RENT RANGE RENT RANGE RENT RANGE RENT AVERAGE WEIGHTED AVERAGE WEIGHTED VOA Fort Collins Market Study May 6, 2019 Page 40 of 64 Rents per Square Foot* REPLACE TABLE when Legacy Rents final This table summarizes rents for the subject property and the competing properties. *See note on prior page detailing adjustments to rents for including/not-included utilities, compared to the subject. As mentioned above, DMA Plaza offers very low rents and will be offering its 2018 rents until it completes its renovations in 2020, therefore, DMA Plaza’s rents are not comparable to the subject. Only one property offers 80% AMI units, Affinity at Fort Collins. Weighted average per square foot rents for 1-BR units at Affinity are $0.31 more than subject rents. Rents for 2-BR units at Affinity are $0.26 more than subject rents. The subject’s 1-BR units are larger than units at Northern Hotel, Reflections, Oakridge Crossing and Woodbridge, and smaller than 1-BR units at Legacy, and, all those properties are charging maximum rents, so the subject rents per square foot are lower at 30%, 40%, 50%, and 60% AMI at those four properties. Legacy has larger 1-BR units than the subject and has lower rents at 50% and 60%, so it offers the lowest rents per square foot at 50% and 60% AMI. The subject’s 2-BR units are similar in size to Legacy, Oakridge Crossing, and Affinity and are larger than those at Reflections, Woodbridge, and Northern Hotel. At 30% AMI, subject per square foot rents are lower than Oakridge. At 50%, 2-BR rents per square foot are lower than Reflections and Northern, similar to Oakridge, and higher than Legacy? At 60% AMI, 2-BR rents per square foot are similar to Oakridge and lower than Northern and higher than Legacy. LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH 1-BR/1-BA 20% $0.46 $0.46 $0.46 NOT UPDATED TO 2019 yet 30% $0.71 $0.71 $0.71 $0.81 $0.81 $0.81 $0.60 $0.60 $0.60 $0.79 $0.79 $0.79 40% $0.96 $0.96 $0.96 $0.81 $0.81 $0.81 $2.09 $1.39 $1.67 $1.06 $1.06 $1.06 $1.17 $1.17 $1.17 $1.15 $1.15 $1.15 50% $1.19 $1.19 $1.19 $0.81 $0.81 $0.81 $0.95 $0.95 $0.95 $2.64 $1.76 $2.11 $1.34 $1.34 $1.34 $1.48 $1.48 $1.48 60% $1.43 $1.43 $1.43 $1.63 $1.63 $1.63 $1.00 $1.00 $1.00 $3.18 $2.12 $2.54 $1.62 $1.62 $1.62 70% $1.63 $1.63 $1.63 80% $1.77 $1.77 $1.77 $2.08 $2.08 $2.08 Market $2.64 $2.72 $2.68 2-BR/1-BA 20% 30% $0.63 $0.63 $0.63 $0.62 $0.62 $0.62 $0.63 $0.63 $0.63 40% PBS8 PBS8 PBS8 $0.85 $0.85 $0.85 $1.04 $1.04 $1.04 $1.01 $1.01 $1.01 50% $1.05 $1.05 $1.05 $0.93 $0.93 $0.93 $1.51 $1.51 $1.51 $1.08 $1.08 $1.08 $1.31 $1.31 $1.31 60% $1.27 $1.27 $1.27 $0.99 $0.99 $0.99 $1.83 $1.83 $1.83 $1.29 $1.29 $1.29 70% $1.45 $1.45 $1.45 80% $1.57 $1.57 $1.57 $1.81 $1.84 $1.83 Market $2.27 $2.28 $2.27 2-BR/1.5-BA 80% $1.81 $1.81 $1.81 Market $2.01 $2.48 $2.23 2-BR/2-BA 80% $1.56 $1.59 $1.58 Market $1.66 $2.35 $1.96 SUBJECT: SUBJECT: VOA Senior Residences DMA Plaza Apartments Legacy Senior Residences - Fort Collins Northern Hotel Oakridge Crossing RENT RANGE WEIGHTED AVERAGE RENT RANGE WEIGHTED AVERAGE WEIGHTED AVERAGE Reflections Senior Apartments VOA Fort Collins Market Study May 6, 2019 Page 41 of 64 Vacancies and Wait Lists All of the LIHTC properties report full occupancies with waitlists. DMA Plaza is intentionally keeping three floors vacant during renovations to accommodate current residents. Affinity at Fort Collins reports 100% occupancy of its 17 80% AMI income-restricted units and vacancies only for its market-rate units. Detailed data sheets follow this page, comprising the remainder of the Market Conditions – Comparability Analysis section of the report. DMA Plaza Apartments Legacy Senior Residences Northern Hotel Oakridge Crossing Reflections Senior Apartments Woodbridge Senior Apartment Homes Affinity at Fort Collins Total Distance From Subject 2.8 miles 3.1 miles 3.1 miles 2.1 miles 2.3 miles 3.6 miles 2.1 miles Total Units 124 72 47 110 72 50 161 636 Vacant Units 3 floors left intentionally vacant during renovations 0 0 0 0 0 27 market-rate and no income-restricted vacancies 0 Income-restricted units Percent Vacant 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0% income-restricted 17% (market rate only 0% Income-restricted units Number on Waitlist Waitlist not open until renovations near completion in 2020 200 1,044 80 won't give a number - they say 2-3 years wait 35 Waitlist for 80% AMI units is 15 + many residents now in market-rate units 1,374 R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 50 VOA Fort Collins Market Study May 6, 2019 Page 42 of 64 Affinity at Fort Collins Property Summary Age-Qualified Rentals Age-Qualified Rentals 161 Cottages None Independent Living None IL Cottages None Assisted Living None Memory Care AL None Skilled Nursing None www.affinityatfortcollins.com | For-Profit | Stand-Alone insert pic Affinity at Fort Collins Address 4201 Corbett Drive Contact Brent Lickteig & Shawna Lehner City State ZIP Fort Collins, CO 80525 Last Contacted Phone (970) 235-2166 Owner Inland Development Group Year Built 2017 Manager FPI Management Subsidies Mix by AMI Level Occupancy / Demographics Fees Utilities Included in Rent Project Based Section 8 No < 30% AMI Occupancy 83% Application Fee (Couples) $50 ($100) Gas Yes Other Subsidy No 30% AMI Occupied Units 134 Community Fee $200 Electricity Yes Tax Credit 4% No 40% AMI Waitlist Yes Security Deposit $0 Water and Sewer Yes Tax Credit 9% No 50% AMI Waitlist Length See comments 2nd Person Rent $150 Phone No 60% AMI Annual Turnover Not Available Pet Fee $300 Internet Yes 80% AMI 17 Average Age Not Available Pet Deposit $0 Cable Extended, Direct TV Market-Rate 144 % From Area Not Available Pet Rent $25 Comments: Common Amenities Community Living Area X Billiard/Game Room X Spa/Massage Walking Paths X Golf Course Formal Dining Room X Sunroom Theater/Media Room X Extra Storage Putting Green Private Dining Room Fitness Center X Conference/Meeting Room X Gardens X Tennis Courts Café/Bistro/Deli X Chapel Business Center/Internet X Ice Cream Parlor Bocce Ball Court Gift Shop/General Store Quiet/Meditation Area Guest Suites X Coffee/Juice Bar X Shuffleboard Beauty/Barber Shop Physical/Occupational Therapy Craft Room/Shop X Central Laundry Picnic Area Library X Indoor Swimming Pool X Entertainment Kitchen X Bike Paths Gazebo Activity/Community Room X Whirlpool Patio/Courtyard X Outdoor Swimming Pool Green Features Other Unit Amenities Full Kitchen X Tub in Unit X HVAC - Individual X Wood Fireplace Jetted Tub Kitchenette Call System A/C - Central X Attached Garage Skylight Walk-In Closet X Washer/Dryer in Unit X A/C - Window Patio/Balcony X Sunroom Step-In Shower X Washer/Dryer Hookups Gas Fireplace Internet X Optional Upgrades Nine-foot Ceilings X Other Unit Data All utilities are included in rent. Unit Type Bath Units SqFt Low SqFt High Rent Low Rent High /SqFt Low Studio 80% AMI 1 1 499 $1,222 $1,222 $2.45 $2.45 1-BR 80% AMI 1 7 617 $1,309 $1,309 $2.12 $2.12 2-BR 80% AMI 1 2 848 $1,570 $1,570 $1.89 $1.85 2-BR 80% AMI 1.5 4 848 $1,570 $1,570 $1.85 $1.85 2-BR 80% AMI 2 3 983 $1,570 $1,570 $1.63 $1.60 Studio 1 7 499 $1,500 $1,550 $3.01 $3.11 1-BR 1 63 617 $1,595 $1,705 $2.69 $2.76 2-BR 1 10 832 $1,835 $1,935 $2.31 $2.33 2-BR 1 1/2 35 998 $2,040 $2,140 $2.41 $2.14 2-BR 2 29 1,274 $2,155 $2,300 $2.24 $1.81 Unit Grand Total 161 Services Service Fee Fee Type Service Comments Concierge Service Included Parking and Storage VOA Fort Collins Market Study May 6, 2019 Page 43 of 64 DMA Plaza Apartments Property Summary Age-Qualified Rentals Age-Qualified Rentals 124 Cottages None Independent Living None IL Cottages None Assisted Living None Memory Care AL None Skilled Nursing None | Non-Profit | Stand-Alone insert pic DMA Plaza Apartments Address 300 Remington St. Contact Lori French City State ZIP Fort Collins, CO 80524 Last Contacted Phone (970) 493-7727 Owner DMA Plaza, Inc. Year Built 1973/2020 Manager DMA Plaza, Inc. Subsidies Mix by AMI Level Occupancy / Demographics Fees Utilities Included in Rent Project Based Section 8 No < 30% AMI Occupancy 100% Application Fee (Couples) $30 ($30) Gas Yes Other Subsidy No 30% AMI 25 Occupied Units 124 Community Fee $0 Electricity Yes Tax Credit 4% Yes 40% AMI 29 Waitlist Yes Security Deposit $0 Water and Sewer Yes Tax Credit 9% No 50% AMI 28 Waitlist Length See comments 2nd Person Rent $0 Phone No Yes 60% AMI 42 Annual Turnover Not Available Pet Fee $0 Internet No > 60% AMI Average Age Not Available Pet Deposit $300 Cable No Market-Rate 0 % From Area Not Available Pet Rent $0 Comments: Common Amenities Community Living Area X Billiard/Game Room Spa/Massage Walking Paths Golf Course Formal Dining Room Sunroom Theater/Media Room Extra Storage Putting Green Private Dining Room Fitness Center X Conference/Meeting Room X Gardens Tennis Courts Café/Bistro/Deli Chapel Business Center/Internet Ice Cream Parlor Bocce Ball Court Gift Shop/General Store Quiet/Meditation Area Guest Suites Coffee/Juice Bar Shuffleboard Beauty/Barber Shop Physical/Occupational Therapy Craft Room/Shop Central Laundry X Picnic Area Library Indoor Swimming Pool Entertainment Kitchen X Bike Paths Gazebo Activity/Community Room X Whirlpool Patio/Courtyard X Outdoor Swimming Pool Green Features Other Unit Amenities Full Kitchen X Tub in Unit HVAC - Individual X Wood Fireplace Jetted Tub Kitchenette Call System A/C - Central Attached Garage Skylight Walk-In Closet Washer/Dryer in Unit A/C - Window X Patio/Balcony Sunroom Step-In Shower X Washer/Dryer Hookups Gas Fireplace Internet Optional Upgrades Nine-foot Ceilings Other Unit Data All utilities are included in rent. Unit Type Bath Units SqFt Low SqFt High Rent Low Rent High /SqFt Low Studio 30% AMI 1 17 418 $375 $375 $0.90 $0.90 Studio 40% AMI 1 16 418 $375 $375 $0.90 $0.90 Studio 50% AMI 1 16 418 $375 $375 $0.90 $0.90 Studio 60% AMI 1 32 418 $662 $662 $1.58 $1.58 1-BR 30% AMI 1 8 484 $420 $420 $0.87 $0.87 1-BR 40% AMI 1 13 484 $420 $420 $0.87 $0.87 1-BR 50% AMI 1 12 484 $420 $420 $0.87 $0.87 1-BR 60% AMI 1 10 484 $818 $818 $1.69 $1.69 Unit Grand Total 124 Services Service Fee Fee Type Service Comments Activities Programming Service Coordination Parking Parking Type Number of Spaces Number of Spaces Used Fee Comments VOA Fort Collins Market Study May 6, 2019 Page 44 of 64 Need Legacy R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 53 VOA Fort Collins Market Study May 6, 2019 Page 45 of 64 Northern Hotel Property Summary Age-Qualified Rentals Age-Qualified Rentals 47 Cottages None Independent Living None IL Cottages None Assisted Living None Memory Care AL None Skilled Nursing None | For-Profit | Stand-Alone insert pic Northern Hotel Address 172 North College Avenue Contact Shaina Maphet City State ZIP Fort Collins, CO 80524 Last Contacted Phone (303) 698-5600 Owner NDC Housing Year Built 1873/2001/2018 Manager Terra Management Subsidies Mix by AMI Level Occupancy / Demographics Fees Utilities Included in Rent Project Based Section 8 5 units @ 40% AMI < 30% AMI Occupancy 100% Application Fee (Couples) $19 ($38) Gas Yes Other Subsidy No 30% AMI Occupied Units 47 Community Fee $0 Electricity Yes Tax Credit 4% Yes 40% AMI 10 Waitlist Yes Security Deposit $200-$250 Water and Sewer Yes Tax Credit 9% No 50% AMI 18 Waitlist Length 1044 2nd Person Rent $0 Phone No 60% AMI 19 Annual Turnover Not Available Pet Fee $50 Internet No > 60% AMI Average Age Not Available Pet Deposit $125 Cable No Market-Rate 0 % From Area Not Available Pet Rent $10 Comments: Common Amenities Community Living Area X Billiard/Game Room Spa/Massage Walking Paths Golf Course Formal Dining Room Sunroom Theater/Media Room Extra Storage Putting Green Private Dining Room Fitness Center Conference/Meeting Room Gardens Tennis Courts Café/Bistro/Deli Chapel Business Center/Internet X Ice Cream Parlor Bocce Ball Court Gift Shop/General Store Quiet/Meditation Area Guest Suites Coffee/Juice Bar X Shuffleboard Beauty/Barber Shop Physical/Occupational Therapy Craft Room/Shop Central Laundry X Picnic Area Library Indoor Swimming Pool Entertainment Kitchen Bike Paths Gazebo Activity/Community Room Whirlpool Patio/Courtyard Outdoor Swimming Pool Green Features Other Unit Amenities Full Kitchen X Tub in Unit HVAC - Individual X Wood Fireplace Jetted Tub Kitchenette Call System A/C - Central Attached Garage Skylight Walk-In Closet Washer/Dryer in Unit A/C - Window Patio/Balcony Sunroom Step-In Shower X Washer/Dryer Hookups Gas Fireplace Internet Optional Upgrades Nine-foot Ceilings Other Unit Data All utilities are included in rent. Unit Type Bath Units SqFt Low SqFt High Rent Low Rent High /SqFt Low 1-BR 40% AMI PBSect8 1 2 450 PB Sect 8 PB Sect 8 PB Sect 8 PB Sect 8 1-BR 40% AMI 1 5 450 $654 $654 $2.18 $1.45 1-BR 50% AMI 1 17 450 $818 $818 $2.73 $1.82 1-BR 60% AMI 1 17 450 $981 $981 $3.27 $2.18 2-BR 40% AMI PBSect 8 1 3 625 PB Sect 8 PB Sect 8 PB Sect 8 PB Sect 8 2-BR 50% AMI 1 1 625 $981 $981 $1.57 $1.57 2-BR 60% AMI 1 2 625 $1,177 $1,177 $1.88 $1.88 Unit Grand Total 47 Services Service Fee Fee Type Service Comments Included Parking Parking Type Number of Spaces Number of Spaces Used Fee Comments No Parking Available Notes VOA Fort Collins Market Study May 6, 2019 Page 46 of 64 Oakridge Crossing Property Summary Age-Qualified Rentals Age-Qualified Rentals 110 Cottages None Independent Living None IL Cottages None Assisted Living None Memory Care AL None Skilled Nursing None comcapmgmt.com | For-Profit | Stand-Alone insert pic Oakridge Crossing Address 1599 E Harmony Rd Contact Regina Johnson City State ZIP Fort Collins, CO 80525 Last Contacted Phone (970) 232-2864 Owner McDermott Properties Year Built 2018 Manager ComCap Management Subsidies Mix by AMI Level Occupancy / Demographics Fees Utilities Included in Rent Project Based Section 8 No < 30% AMI Occupancy 100% Application Fee (Couples) $ ($) Gas No Other Subsidy No 30% AMI 13 Occupied Units 110 Community Fee $0 Electricity No Tax Credit 4% Yes 40% AMI 15 Waitlist Yes Security Deposit $0 Water and Sewer Yes Tax Credit 9% No 50% AMI 43 Waitlist Length 80 2nd Person Rent $0 Phone No Yes 60% AMI 39 Annual Turnover Not Available Pet Fee N/A Internet No > 60% AMI Average Age Not Available Pet Deposit N/A Cable No Market-Rate 0 % From Area Not Available Pet Rent N/A Utility Allowances 1-BR: $41 Comments: 2-BR: $44 Common Amenities Community Living Area X Billiard/Game Room X Spa/Massage Walking Paths Golf Course Formal Dining Room Sunroom Theater/Media Room Extra Storage X Putting Green Private Dining Room Fitness Center X Conference/Meeting Room Gardens Tennis Courts Café/Bistro/Deli Chapel Business Center/Internet Ice Cream Parlor Bocce Ball Court Gift Shop/General Store Quiet/Meditation Area Guest Suites Coffee/Juice Bar Shuffleboard Beauty/Barber Shop Physical/Occupational Therapy Craft Room/Shop Central Laundry X Picnic Area Library X Indoor Swimming Pool Entertainment Kitchen X Bike Paths Gazebo Activity/Community Room X Whirlpool Patio/Courtyard X Outdoor Swimming Pool Green Features Other Unit Amenities Full Kitchen X Tub in Unit HVAC - Individual X Wood Fireplace Jetted Tub Kitchenette Call System A/C - Central X Attached Garage Skylight Walk-In Closet X Washer/Dryer in Unit A/C - Window Patio/Balcony X Sunroom Step-In Shower X Washer/Dryer Hookups Gas Fireplace Internet Optional Upgrades Nine-foot Ceilings Other Unit Data Not all utilities are included in rent. Unit Type Bath Units SqFt Low SqFt High Rent Low Rent High /SqFt Low 1-BR 30% AMI 1 10 589 $449 $449 $0.76 $0.76 1-BR 40% AMI 1 10 589 $613 $613 $1.04 $1.04 1-BR 50% AMI 1 32 589 $777 $777 $1.32 $1.32 1-BR 60% AMI 1 33 589 $940 $940 $1.60 $1.60 2-BR 30% AMI 1 3 878 $544 $544 $0.62 $0.62 2-BR 40% AMI 1 5 878 $741 $741 $0.84 $0.84 2-BR 50% AMI 1 11 878 $937 $937 $1.07 $1.07 2-BR 60% AMI 1 6 885 $1,133 $1,133 $1.28 $1.28 Unit Grand Total 110 Services Service Fee Fee Type Service Comments Activity Programming Included Service Coordination Included Parking and Storage VOA Fort Collins Market Study May 6, 2019 Page 47 of 64 Reflections Senior Apartments Property Summary Senior Apartments Age-Qualified Rentals 72 Cottages Independent Living None IL Cottages Assisted Living None Memory Care AL None Skilled Nursing None reflectionsseniorliving.com | For-Profit | Stand-Alone insert pic Reflections Senior Apartments Address 321 E. Troutman Pkwy. Contact Caroline Alford City State ZIP Fort Collins, CO 80525 Last Contacted Phone (970) 225-3711 Owner Stoneweg Year Built 2000 Manager Bridge Propety Management Subsidies Mix by AMI Level Occupancy / Demographics Fees Utilities Included in Rent Project Based Section 8 No < 30% AMI Occupancy 100% Application Fee (Couples) $35 ($70) Gas Yes Other Subsidy No 30% AMI Occupied Units 72 Community Fee $0 Electricity No Tax Credit 4% No 40% AMI 50 Waitlist Yes Security Deposit $300 Water and Sewer Yes Tax Credit 9% Yes 50% AMI 22 Waitlist Length See comments 2nd Person Rent $0 Phone No 60% AMI Annual Turnover 10% Pet Fee $0 Internet No > 60% AMI Average Age 75 Pet Deposit $250 Cable No Market-Rate 0 % From Area 80% Pet Rent $20 Utility Allowances 1-BR: $28 Comments: 2-BR: $41 Common Amenities Community Living Area X Billiard/Game Room Spa/Massage Walking Paths Golf Course Formal Dining Room Sunroom Theater/Media Room Extra Storage Putting Green Private Dining Room Fitness Center Conference/Meeting Room Gardens Tennis Courts Café/Bistro/Deli Chapel Business Center/Internet X Ice Cream Parlor Bocce Ball Court Gift Shop/General Store Quiet/Meditation Area Guest Suites Coffee/Juice Bar Shuffleboard Beauty/Barber Shop Physical/Occupational Therapy Craft Room/Shop Central Laundry X Picnic Area Library Indoor Swimming Pool Entertainment Kitchen X Bike Paths Gazebo Activity/Community Room X Whirlpool Patio/Courtyard Outdoor Swimming Pool X Green Features Other Unit Amenities Full Kitchen X Tub in Unit X HVAC - Individual X Wood Fireplace Jetted Tub Kitchenette Call System A/C - Central X Attached Garage Skylight Walk-In Closet Washer/Dryer in Unit A/C - Window Patio/Balcony X Sunroom Step-In Shower Washer/Dryer Hookups Gas Fireplace Internet Optional Upgrades Nine-foot Ceilings Other Unit Data Not all utilities are included in rent. As of May 6, 2019, 2019 rents are assumed, but do not have final approval from corporate. Unit Type Bath Units SqFt Low SqFt High Rent Low Rent High /SqFt Low 1-BR 40% AMI 1 34 535 $626 $626 $1.17 $1.17 1-BR 50% AMI 1 14 535 $790 $790 $1.48 $1.48 2-BR 40% AMI 1 16 716 $744 $744 $1.04 $1.04 2-BR 50% AMI 1 8 716 $940 $940 $1.31 $1.31 Unit Grand Total 72 Parking Parking Type Number of Spaces Number of Spaces Used Fee Comments Surface 75 Included Notes Reflections is comprised of 5 separate 2-story buildings with no elevators. Not Available 535 716 535 VOA Fort Collins Market Study May 6, 2019 Page 48 of 64 Woodbridge Senior Apartment Homes Property Summary Senior Apartments Age-Qualified Rentals 50 Cottages Independent Living None IL Cottages Assisted Living None Memory Care AL None Skilled Nursing None woodbridgeseniorapts.com | For-Profit | Stand-Alone insert pic Woodbridge Senior Apartment Homes Address 1508 W. Elizabeth St. Contact Caroline Alford City State ZIP Fort Collins, CO 80521 Last Contacted Phone (970) 472-1703 Owner Stoneweg Year Built 2001 Manager Bridge Property Management Subsidies Mix by AMI Level Occupancy / Demographics Fees Utilities Included in Rent Project Based Section 8 No < 30% AMI Occupancy 100% Application Fee (Couples) $35 ($70) Gas Yes Other Subsidy No 30% AMI Occupied Units 50 Community Fee $0 Electricity No Tax Credit 4% No 40% AMI 50 Waitlist Yes Security Deposit $300 Water and Sewer Yes Tax Credit 9% Yes 50% AMI Waitlist Length 35 2nd Person Rent $0 Phone No 60% AMI Annual Turnover 8% Pet Fee $0 Internet No > 60% AMI Average Age 78 Pet Deposit $250 Cable No Market-Rate 0 % From Area 60% Pet Rent $20 Utility Allowances 1-BR: $28 2-BR: $41 Common Amenities Community Living Area X Billiard/Game Room Spa/Massage Walking Paths Golf Course Formal Dining Room Sunroom Theater/Media Room Extra Storage Putting Green Private Dining Room Fitness Center Conference/Meeting Room Gardens Tennis Courts Café/Bistro/Deli Chapel Business Center/Internet Ice Cream Parlor Bocce Ball Court Gift Shop/General Store Quiet/Meditation Area Guest Suites Coffee/Juice Bar Shuffleboard Beauty/Barber Shop Physical/Occupational Therapy Craft Room/Shop Central Laundry X Picnic Area Library Indoor Swimming Pool Entertainment Kitchen X Bike Paths Gazebo Activity/Community Room X Whirlpool Patio/Courtyard Outdoor Swimming Pool Green Features Other Unit Amenities Full Kitchen X Tub in Unit X HVAC - Individual X Wood Fireplace Jetted Tub Kitchenette Call System A/C - Central X Attached Garage Skylight Walk-In Closet X Washer/Dryer in Unit A/C - Window Patio/Balcony X Sunroom Step-In Shower Washer/Dryer Hookups Gas Fireplace Internet Optional Upgrades Nine-foot Ceilings Other Unit Data Not all utilities are included in rent. As of May 6, 2019, 2019 rents are assumed, but do not have final approval from corporate. Unit Type Bath Units SqFt Low SqFt High Rent Low Rent High /SqFt Low 1-BR 40% AMI 1 40 545 $626 $626 $1.15 $1.15 2-BR 40% AMI 1 10 735 $744 $744 $1.01 $1.01 Unit Grand Total 50 Parking Parking Type Number of Spaces Number of Spaces Used Fee Comments Surface 55 Included Generally plenty of parking Notes None Most 545 735 Woodbridge Senior Apartment Homes is an income-restricted senior apartment property funded with 9% tax credits. 5/3/2019 VOA Fort Collins Market Study May 6, 2019 Page 49 of 64 Section Contents Age 62+ Households by Income: 2019 and 2024 Age 62+ Renter and Owner Households by Income: 2019 and 2024 Age 62+ Renter Households by Income, by Household Size: 2019 Minimum and Maximum Incomes: 2019 Aged 62+ Income-Qualified Renter Households: 2019 DEMOGRAPHIC DATA R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 58 VOA Fort Collins Market Study May 6, 2019 Page 50 of 64 DEMOGRAPHIC DATA Age 62+ Households by Income: 2019 and 2024 This table displays the income distribution for age 62+ households in the PMA. In 2019, there are an estimated 4,696 households with incomes below $30,000, 4,731 households with incomes $30,000 to $60,000, and 8,647 households with incomes above $60,000. The total number of age 62+ households is projected to increase by 3.4% annually to 21,158 by 2021. Age 62+ Renter and Owner Households by Income: 2019 and 2024 This table displays age 62+ renter and owner households by income in the market area in 2019 and 2024. In 2019, of the total age 62+ households, an estimated 25% or 4,436 are renters and 75% or 13,639 are owners. The total number of age 62+ renter households is projected to increase by 3.5% per year between 2019 and 2024 while the total number of age 62+ owner households is projected to increase by 3.4% annually. Income Groups 2019 2024 Percent Annual Change 2019 - 2024 $0-10,000 1,059 1,113 1.0% $10,000-20,000 1,846 1,957 1.2% $20,000-30,000 1,791 1,853 0.7% $30,000-40,000 1,671 1,953 3.4% $40,000-50,000 1,658 1,721 0.8% $50,000-60,000 1,402 1,671 3.8% $60,000-75,000 1,774 1,958 2.1% $75,000-100,000 2,113 2,323 2.0% $100,000-125,000 1,280 1,546 4.2% $125,000-150,000 1,066 1,389 6.1% $150,000-200,000 987 1,395 8.3% $200,000+ 1,428 2,279 11.9% Total 18,075 21,158 3.4% Less Than $30,000 4,696 4,923 1.0% $30,000 - $60,000 4,731 5,345 2.6% $60,000+ 8,647 10,889 5.2% Source: Ribbon Demographics, LLC/Claritas, LLC Income Groups 2019 Renters 2019 Owners 2024 Renters 2024 Owners Percent Annual Change 2019 - 2024 Renters Percent Annual Change 2019 - 2024 Owners $0-10,000 422 636 464 648 2.0% 0.4% $10,000-20,000 713 1,133 763 1,194 1.4% 1.1% $20,000-30,000 601 1,191 640 1,214 1.3% 0.4% $30,000-40,000 554 1,118 683 1,271 4.7% 2.7% $40,000-50,000 414 1,244 453 1,268 1.9% 0.4% $50,000-60,000 307 1,094 379 1,291 4.7% 3.6% $60,000-75,000 276 1,497 318 1,639 3.0% 1.9% $75,000-100,000 380 1,733 419 1,904 2.1% 2.0% $100,000-125,000 242 1,038 303 1,243 5.0% 3.9% $125,000-150,000 173 893 223 1,166 5.8% 6.1% $150,000-200,000 136 851 196 1,199 8.8% 8.2% $200,000+ 217 1,211 372 1,907 14.3% 11.5% VOA Fort Collins Market Study May 6, 2019 Page 51 of 64 Age 62+ Renter Households by Income, by Household Size: 2019 This table displays the estimated number of age 62+ renter households by household size for 2019 in the PMA. An estimated 84% of age 62+ renter households live in one- and two-person households. Minimum and Maximum Incomes: 2019 This table displays the minimum and maximum incomes for 2019 for units income-restricted at the AMI levels planned by the subject. Per CHFA guidelines, it is assumed that age 62+ households will spend 40% of their income for rent. 2019 2019 2019 2019 2019 Income Groups 1-Person Household 2-Person Household 3-Person Household 4-Person Household 5+ Person Household Total $0-10,000 309 52 20 26 16 422 $10,000-20,000 608 61 11 17 16 713 $20,000-30,000 446 76 18 16 44 601 $30,000-40,000 372 85 59 22 16 554 $40,000-50,000 269 88 25 19 13 414 $50,000-60,000 162 95 22 10 20 307 $60,000-75,000 152 67 30 16 11 276 $75,000-100,000 161 170 15 13 20 380 $100,000-125,000 120 53 43 17 9 242 $125,000-150,000 68 62 16 8 19 173 $150,000-200,000 52 40 26 9 10 136 $200,000+ 109 51 16 19 23 217 Total 2,828 899 300 191 217 4,436 Percent of Renter Households 64% 20% 7% 4% 5% Source: Ribbon Demographics, LLC/Claritas, LLC Incomes for 1-BR and 2-BR Units 20% AMI 30% AMI 40% AMI 50% AMI 60% AMI 70% AMI 80% AMI Minimum income 1-Bedroom $9,810 $14,730 $19,650 $24,540 $29,460 $34,350 $39,270 2-Bedroom $11,790 $17,672 $23,550 $29,430 $35,340 $41,220 $47,100 Maximum income 1-Person $12,220 $18,330 $24,440 $30,550 $36,660 $42,770 $48,880 2-Person $13,960 $20,940 $27,920 $34,900 $41,880 $48,860 $55,840 Source: HUD Income Table for 2019 Section 8 for Larimer County, released April 24, 2019 R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 60 VOA Fort Collins Market Study May 6, 2019 Page 52 of 64 Aged 62+ Income-Qualified Renter Households: 2019 This table displays the estimated number of one- and two-person renter households age 62+ who are income-qualified in 2019 in the PMA at the AMI levels proposed by the subject. Income Category 2019 1-Person Age 62+ Renter Households Number Qualified at 20% AMI Number Qualified at 30% AMI Number Qualified at 40% AMI Number Qualified at 50% AMI Number Qualified at 60% AMI Number Qualified at 70% AMI Number Qualified at 80% AMI $0-10,000 309 6 0 0 0 0 0 0 $10,000-20,000 608 135 219 21 0 0 0 0 $20,000-30,000 446 0 0 198 244 24 0 0 $30,000-40,000 372 0 0 0 20 248 210 27 $40,000-50,000 269 0 0 0 0 0 75 239 $50,000-60,000 162 0 0 0 0 0 0 0 $60,000-$75,000 152 0 0 0 0 0 0 0 $75,000-$100,000 161 0 0 0 0 0 0 0 $100,000-$125,000 120 0 0 0 0 0 0 0 $125,000-$150,000 68 0 0 0 0 0 0 0 $150,000-$200,000 52 0 0 0 0 0 0 0 $200,000+ 109 0 0 0 0 0 0 0 Total 2,828 141 219 219 264 272 285 266 Income Category 2019 2-Person Age 62+ Renter Households Number Qualified at 20% AMI Number Qualified at 30% AMI Number Qualified at 40% AMI Number Qualified at VOA Fort Collins Market Study May 6, 2019 Page 53 of 64 Section Contents Assumptions Capture Rate Calculation DEMAND ANALYSIS R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 62 VOA Fort Collins Market Study May 6, 2019 Page 54 of 64 DEMAND ANALYSIS The capture rate analysis for income-restricted units was calculated using the Colorado Housing and Finance Authority’s (CHFA) formula for senior tax credit projects, Appendix A in the 2019 Qualified Allocation Plan. Assumptions To calculate capture rates for income-restricted units using the CHFA model, several types of data and assumptions were used: 1. Calculations are based on 2019 demographics. 2. Demand calculations are based on the maximum allowable rents for units between 20% and 80% AMI, as proposed for the subject. It is assumed that renters would pay no more than 40% of income for rent. 3. Ribbon Demographics/Nielsen “HISTA” data (Household Income, Size, Tenure, and Age) for 2018 to 2023 were used to estimate the number of age- and income-qualified, one- and two-person households in 2019. The table that estimates these households is located on the page immediately preceding this demand section. 4. Only one- and two-person renter households age 62+ were included in calculations, as those living in 3+ person households are considered unlikely to move into senior housing. 5. Demand from market-area renter households was increased by 20% to represent a minimum expected combined increase in demand from homeowners (10%) and from those now living outside the market area (10%). The additional demand is considered reasonable given the experience of other senior tax credit properties. Also, in 2019, nearly 4,500 age 62+ market-area owner households are income-eligible within the 20% AMI to 80% AMI range for the subject property. 6. We have included units at DMA Plaza, Legacy Senior Residences, Northern Hotel, Oakridge Crossing, Reflections Senior Apartments, and Woodbridge Senior Apartment Homes in the demand calculation. Additionally, we included 17 units at Affinity at Fort Collins, a market-rate senior apartment property that has 17 units restricted at 80% AMI. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 63 VOA Fort Collins Market Study May 6, 2019 Page 55 of 64 Capture Rate Calculation Demand Conclusions 1. Overall, it is estimated that there will be 3,727 total age 62+ renter households in the market area in 2019. Of these total households, the number of income-eligible 1- and 2-person renter households ranges from 199 at 20% AMI to 416 at 80% AMI. 2. Capture rates in the PMA under existing conditions are low for 20% AMI (0.0%) and 30% AMI (17.1%), as well as for 70% (0.0%) and 80% AMI units (3.4%). Capture rates under existing conditions are higher for 40% (44.1%), 50% (34.1%) and 60% AMI (27.8%) units. 3. Capture rates are relatively high at 40% and 50% AMI. That said, all properties in the PMA (with the exception of DMA Plaza now in the midst of its redevelopment and not accepting new residents) have full occupancies and, in total, report waitlists exceeding 1,350 persons, so there appears to be considerable additional demand despite higher capture rates. 4. There are currently no units restricted at 20% AMI and only 53 units restricted at 30% AMI. Units at these extremely low AMI levels are in great demand for the lowest-income seniors in the community. 20% AMI 30% AMI 40% AMI 50% AMI 60% AMI 70% AMI 80% AMI Age 62+, 1 and 2 Person Renter Households - Total 3,727 3,727 3,727 3,727 3,727 3,727 3,727 x Percent Income Qualifying Households 4.5% 6.9% 7.6% 9.3% 10.1% 11.0% 11.1% Equals total demand from 1 and 2 person qualifying households living in the market area 166 258 282 347 378 411 416 In-migration and homeowner adjustment factor 120% 120% 120% 120% 120% 120% 120% Total qualifying households 199 310 338 417 453 493 499 Existing Units: Affinity of Fort Collins (market-rate property) 0 0 0 0 0 0 17 DMA Plaza Apartments 0 25 29 28 42 0 0 Legacy Senior Residences - Fort Collins 0 15 0 31 26 0 0 Northern Hotel (5 PBSect 8 units @ 40% AMI) 0 0 5 18 19 0 0 Oakbrook I (PB Sect 8) 0 0 0 0 0 0 0 Oakridge Crossing 0 13 15 43 39 0 0 Reflections Senior Apartments 0 0 50 22 0 0 0 Woodbridge Senior Apartment Homes 0 0 50 0 0 0 0 Existing Units Total 0 53 149 142 126 0 17 Capture rate - existing conditions 0.0% 17.1% 44.1% 34.1% 27.8% 0.0% 3.4% Planned or under-construction units: Total under construction/planned units 0 0 0 0 0 0 0 Proposed Subject Units: VOA Fort Collins 4 14 5 4 10 12 6 Total existing, under-construction/planned & proposed subject units 4 67 154 146 136 12 23 Capture rate with existing, planned & potential subject units 2.0% 21.6% 45.6% 35.0% 30.0% 2.4% 4.6% R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 64 VOA Fort Collins Market Study May 6, 2019 Page 56 of 64 5. There are currently no units restricted at 70% AMI, largely because the ability to use income-averaging is new. There are a handful of existing units restricted at 80% AMI (17 units) because of a city negotiation with a market-rate developer. With age and income-eligible renter households estimated at 493 and 499 at 70% and 80% AMI, demand appears to be strong at those levels, with capture rates with subject units added at only 2.4% and 4.6% respectively. 6. We note that DMA Plaza reports that it will re-lease any vacant units after completion of its renovation in fall 2020. However, all existing residents will be grandfathered in, regardless of any changes in AMI mix and rents made following the renovation. Further, DMA is moving residents to different floors during renovation and no residents have to move out of the building. Because of minimal unit turnover, DMA’s renovation is not expected to increase the level of competition at any of the AMI levels it will offer at completion. Other Data Relative to Demand for Affordable Senior Housing A community survey on the needs of older adults was recently commissioned by the Larimer County Office on Aging. As reported in Community Assessment Survey for Older Adults, 2018, “Only 13% of older residents felt they had good access to affordable quality housing, while 62% had good access to affordable quality food; about 23% felt positively about the cost of living in the community…At least 1 in 10 older adults experienced problems related to basic necessities of daily living including having safe and affordable transportation, having housing to suit their needs or having enough food to eat.” R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 65 VOA Fort Collins Market Study May 6, 2019 Page 57 of 64 Section Contents Project Strengths Project Weaknesses PROJECT STRENGTHS AND WEAKNESSES R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 66 VOA Fort Collins Market Study May 6, 2019 Page 58 of 64 PROJECT STRENGTHS AND WEAKNESSES Project Strengths 1. The AMI mix includes a very broad mix of incomes, offering units ranging from 20% AMI through 80% AMI, making the project accessible to extremely low-income seniors and moderate-income seniors. To add to its affordability, units at 50% through 80% will be rented at less than maximum rents and 8 units will have Project Based Section 8. 2. The owner-developer, Volunteers of America, is a services-oriented operator, with a broad range of services available to residents of the new property, including services already in place through VOA Colorado and in-place locally in Fort Collins. 3. The site is attractive, with mountain views and located in a good-quality, newer residential neighborhood. 4. The building design offers a good set of common amenities, appropriate to the number of units in the building. 5. Units are well configured, including a separate utility closet with included washer/dryer and additional storage space. 6. Public transit is convenient, with a bus stop immediately adjacent to the site, accessing a key bus route running from east to west Fort Collins and connecting with Max Rapid Transit to downtown. 7. A large shopping center, The Shops at Rigden Farm, is located one-half mile away, on the southeast corner of Timberline and Drake Streets, offering a King Soopers grocery and pharmacy, coffee shops, dental care, automotive care, banking, restaurants, and other daily amenities. 8. The adjacent Power Trail is a concrete bike and pedestrian path, linking the site to Fort Collins’ system of linked trails and open space. Potential Project Weaknesses The only potentially project weakness that was noted is the adjacent train track. First, relative to safety, the subject intends to fence and landscape the border of the site that is adjacent to the train track. Second, relative to train noise, we note that this track is not the main track running through the city, but rather is a secondary track that serves some industries to the north, running smaller trains of 1-20 cars, only on Tuesdays and Thursdays. The project will offer 46 parking spaces, a ratio of .83 spaces per unit. Typically, we like to see 1:1 parking spaces per unit, with variations depending on AMI mix, walkability, availability of adjacent street parking, and/or availability of public transit. In this case, we note that there is plentiful adjacent street parking on Joseph Allen Dr., most of which is quite close to the east building entry. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 67 VOA Fort Collins Market Study May 6, 2019 Page 59 of 64 Section Contents Demand for the Proposed Development Competitiveness of the Proposed Project Evaluation of the Location Evaluation of the Proposed Amenities Review of the Proposed Unit Mix, Unit Size, and Unit Types Evaluation of the Rents on a Per-Unit and Per-Square-Foot Basis Absorption of the Project Unusual Conditions or Opportunities RECOMMENDATIONS AND CONCLUSIONS R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 68 VOA Fort Collins Market Study May 6, 2019 Page 60 of 64 RECOMMENDATIONS AND CONCLUSIONS Demand for the Proposed Development Capture rates in the PMA under existing conditions are low for 20% AMI (0.0%) and 30% AMI (17.1%), as well as for 70% (0.0%) and 80% AMI units (3.4%). Capture rates are relatively high at 40% and 50% AMI. That said, all properties in the PMA (with the exception of DMA Plaza now in the midst of its redevelopment and not accepting new residents) have full occupancies and, in total, report waitlists exceeding 1,500 persons, so there appears to be considerable additional demand despite higher capture rates. The project addresses high demand for housing accessible to extremely low-income seniors. The project will offer 8 units that are restricted at 20%, 30%, and 40% AMI as Project Based Section 8. Further, in the PMA, there are currently no units restricted at 20% AMI and only 53 units restricted at 30% AMI. There are currently no units restricted at 70% AMI in the PMA, largely because the ability to use income- averaging is new. There are a handful of existing units restricted at 80% AMI (17 units) because of a city negotiation with a market-rate developer. With age and income-eligible renter households estimated at 493 and 499 at 70% and 80% AMI, demand appears to be strong at those levels, with capture rates with subject units added at only 2.4% and 4.6% respectively. Competitiveness of the Proposed Project It is our opinion that the subject will be quite competitive in this market. First, there is very high demand in the PMA with extremely long waitlists at comparable properties. Second, the subject will offer units at AMI levels not available at the other senior LIHTC properties in the PMA (20%, 70%, 80%) and will expand availability at 30% AMI. Third, the subject offers larger 1-BR units than 4 of the existing properties and equal or larger 2-BR units than the existing properties. Fourth, the subject site is in a high-quality housing area with mountain views, as well as adjacent access to public transit. Fifth, the operator is a service-oriented organization with a range of existing services that new residents will be able to access. Evaluation of the Location The subject site is located within one-half mile of a significant mixed-use development that includes grocery, pharmacy, banking, and multiple restaurants. For those unable to walk to this development, adjacent bus service accesses that area every half-hour, with a 2-minute ride. Excellent public transit located immediately adjacent to the site also links residents to points across the city to the east and west, including the new Fort Collins Senior Center. The adjacent bus route also connects to Max Rapid Transit, giving residents access to nearly all major cultural, recreational, retail, entertainment, and educational amenities in the city. The site is attractive, with mountain views and adjacent good-quality single-family homes and new, high- quality multifamily. The site is adjacent to an accessible, concrete bike and pedestrian path that links to other paths in the city. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 69 VOA Fort Collins Market Study May 6, 2019 Page 61 of 64 The only potential negative site location factor that was noted in the adjacent train track. First, relative to safety, the subject intends to fence and landscape the border of the site that is adjacent to the train track. Second, relative to train noise, we note that this track is not the main track running through the city, but rather is a secondary track that serves some industries to the north, running smaller trains of 1-20 cars, an only running on Tuesdays and Thursdays. Evaluation of the Proposed Amenities The subject’s level of common and unit amenity will be generally equal to or superior to most of the LIHTC comparables in the PMA. Units are well-configured, including a small utility room that contains a washer/dryer and additional storage space. This space (termed a “Colorado closet” by the developer) is designed so that a resident is able to store a bicycle, if the resident chooses. Good in-unit storage is the amenity most often reported by residents as a top priority. Units do not include a balcony or patio, as VOA’s experience is that balconies are not a priority for residents; VOA reports that it has a stronger priority on cost-effectiveness and lower rents. It is our opinion that, given excellent outdoor community living space at the subject, balconies are unnecessary for marketability of this property. Common spaces are well-designed and appropriate to the overall size of the building (55 units). A community room opens onto a spacious community patio. The grounds appear to be well planned, with gardens, walkways, and landscaping. Review of the Proposed Unit Mix, Unit Size, and Unit Types Unit Sizes - The planned subject units are appropriately sized for its range of targeted AMI levels, striking a good balance of cost-effectiveness and desirability. The subject units are much larger than the two older, acquisition/rehab properties, Northern Hotel and DMA Plaza, and those properties are not comparable in unit size to the subject or to the other comparables. Comparing the subject to the three newer/new-construction LIHTC properties in the PMA, the planned subject 1-BR units are larger than units at Reflections, Oakridge Crossing and Woodbridge, and smaller than 1-BR units at Legacy. Subject 1-BR units are even larger than those at Affinity, even though the great majority of Affinity’s units are market-rate. For 2-BR units, subject units are about equal to Legacy and Oakridge Crossing, as well as to Affinity. The subject’s 2-BR units are much larger than those at Reflections and Woodbridge. Unit Mix - The subject will offer a mix of 1-BR and 2-BR units, similar to the four new-construction senior LIHTC comparables. The subject will offer 71% 1-BR units and 29% 2-BR units. We believe this mix is appropriate for the 20% through 80% AMI population to be served. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 70 VOA Fort Collins Market Study May 6, 2019 Page 62 of 64 Evaluation of Rents on a per-Unit and per-Square-Foot Basis Monthly Rents The subject’s proposed rents are set below maximum allowable rents for units at 50% through 80% AMI and are set at maximum allowable rents for units at 20%, 30%, and 40% AMI. Rents range from $20 per month under maximum at 50% AMI to $157 per month under maximum at 80% AMI. The subject will also offer 8 units with Project Based Section 8 at the income levels 20%, 30%, and 40% AMI. Only one property offers 80% AMI units, Affinity at Fort Collins. Weighted average rents for 1-BR units at Affinity are $131 per month more than planned subject rents and rents for its 2-BR units are $157 more per month than planned subject rents. The planned rents should be quite attainable, as five of the seven competing properties in the PMA have higher rents - set at maximum allowable for all units that they offer - including units at 30%, 40%, 50%, and 60% AMI; and all have full occupancies and wait lists. Monthly Rents per Square Foot Again, we note that all the competing properties have full occupancies and waitlists, despite charging maximum rents at each AMI level they offer. Given that experience within the PMA and the fact that the subject offers better per square foot rents than most of the comparables, subject rents per square foot are considered quite competitive. The subject’s 1-BR units are larger than units at four of the competing properties and all those properties are charging maximum rents, so the subject rents per square foot are lower at 30%, 40%, 50%, and 60% AMI. The subject’s 2-BR units are similar in size to three comparables and are larger than those at three other comparables. At 30%, subject per square foot rents are lower than at the only two properties with 30% AMI units. At 50% and 60%, 2-BR rents per square foot are similar to Oakridge, lower than two properties, and higher than only one property in the PMA (Legacy). Only one property offers 80% AMI units, Affinity at Fort Collins. Weighted average rents for 1-BR units at Affinity are $0.31 more than subject rents and rents for 2-BR units at Affinity are $0.26 more than subject rents; therefore, subject rents per square foot should be perceived by potential residents as a good value. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 71 VOA Fort Collins Market Study May 6, 2019 Page 63 of 64 Absorption of the Project The developer projects an absorption period of three months for the 27 units restricted at 20% through 50% AMI (including the 8 units that will have Project Based Section 8). The developer projects an absorption period of seven months for the 28 units that will be restricted at 60% through 80% AMI. To evaluate the reasonableness of this projection, we reviewed the absorption experience of 60% AMI units at Oakridge Crossing and Northern Hotel and reviewed the absorption experience of 80% AMI units at Affinity at Fort Collins: • Within a few short months of its opening, Oakridge Crossing had leased all of its 30% AMI through 50% AMI units and had a waitlist for those. Oakridge, however, took 12 months to lease all of its 39 units restricted at 60% AMI (or a rate of 3.25 units per month). • Northern Hotel has 19 units restricted at 60% AMI. It completed its renovation in October 2018 and was/is obtaining maximum rents at 60% AMI even with very small units and few common amenities. Northern Hotel has been full with a waitlist exceeding 1,000 persons since one month after completing renovations. • Affinity at Fort Collins, the only senior apartment property in the PMA offering 80% AMI units, reported that it leased all 17 of its 80% AMI units within 3 to 4 months of its opening (a rate of 4.85 per month) and has a wait list for those units. Affinity charges maximum rents at 80% AMI. The subject has 28 units at 60% through 80% AMI to lease and projects a 7-month absorption period for those units. This would require an absorption rate of 4 units per month. That rate falls in between the actual absorption rates of Oakridge Crossing and Affinity at Fort Collins. This, combined with the lower planned rents at the subject, leads us to conclude that the planned 7-month absorption for the 60% AMI through 80% AMI units should be reasonably attainable. Unusual Conditions or Opportunities We have identified no unusual conditions or opportunities not previously discussed. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 72 APPENDIX R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 73 VOA Fort Collins Market Study May 6, 2019 Page 64 of 64 In order to consider the questions to be addressed by the study, the following data were collected, reviewed, analyzed, and/or compiled into relevant tables and narrative: 1. General population and senior populations and household demographics and trends in the market area, from the U.S. Census Bureau web site, www.census.gov, American Community Survey, the Demography Section of the Colorado Department of Local Affairs, Ribbon Demographics, LLC, and The Nielsen Company. 2. Data for existing properties were collected by visits, conversations with marketing staff and directors, telephone interviews, marketing materials, web sites, and other housing developers. 3. Information about planned properties was collected from housing developers, news articles, industry publications, CHFA website, city and county planners, and other development contacts. 4. Industry books, articles and other publications: • State of the Nation’s Housing 2018, Joint Center for Housing Studies of Harvard University. • State of Seniors Housing 2018, American Seniors Housing Association. • Housing America’s Older Adults - Meeting the Needs of an Aging Population, Harvard Joint Center for Housing Studies, 2018. • Housing an Aging Population - Are We Prepared? Center for Housing Policy, 2014. SOURCES OF INFORMATION R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 74 Qualifications Statement The Highland Group is a Colorado-based resource for owners, developers, local governments, lenders and healthcare providers seeking market knowledge to effectively meet the housing and care needs of the aging population. Our clients include a broad spectrum of those who wish to meet the challenges and opportunities presented by current seniors needing care, and by aging baby boomers seeking their next home. While incorporating the most current national industry and trend data, The Highland Group’s work is exclusively focused in Colorado. As a result, we offer our clients our unmatched knowledge of existing and planned properties, interwoven with our deep understanding of the demographics and personalities of Colorado’s cities, towns, communities, and neighborhoods. Market Knowledge, Instinct and Application for Seniors Housing and Care The Highland Group provides customized market research and planning services: demographics, needs assessments, market studies, competitive analyses, site evaluations, and project and service design. Informing local governments, developers and healthcare providers through the following: Market studies Needs assessments Generational trends analysis Competitive analysis Site suitability reviews Baby boomer housing trends Demographic profiles Rent and pricing studies Marketing consulting The Highland Group’s principal, Elisabeth Borden, founded the firm in 2000, following a successful career in operations, marketing, and development of seniors housing and care communities, as well as leadership in local government services to seniors. Her knowledge and skill have grown from hands-on experience such as: developer and manager of senior communities; regional operations director; corporate marketing consultant; developer of home-based services; Area Agency on Aging director, and market researcher and marketing consultant for over 200 projects. Elisabeth is an active student of national and regional consumer trends and preferences and is a frequent conference presenter on consumer trends and senior/baby boomer housing. The Highland Group has received recognition and awards for its assistance to non-profit developers, local government, property owners, and senior housing and care associations. The Highland Group is qualified to complete third-party market and feasibility studies for the following entities: • Colorado Housing and Finance Authority (CHFA) market studies for Low Income Housing Tax Credits • Colorado Division of Housing Community Development Block Grant and HOME funds • Commercial banks and other lenders and investors A table listing selected clients of The Highland Group follows this page. R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 75 Selected Clients of The Highland Group, 2000 - Present Accessible Space, Inc. Etkin Johnson Real Estate Partners Milestone Retirement Adams County Housing Authority Firestone (Town of) MorningStar Senior Living AP Partners Focus Property Group Northstar Commercial Partners Ascent Living Communities Forum Real Estate Group OMNI Development American Baptist Homes - Midwest Franciscan Ministries Opus Development Company, LLC Anthem Memory Care Frasier PNC Capital Archdiocese of Denver Four Corners Development Palisades at Broadmoor Park Aspen Valley Hospital/City of Aspen Good Samaritan Society Pensam Development Atlantic Development Golden West Pikes Peak Community Foundation Augustana Care Grandbridge Realty Capital Prudential Huntoon Paige Aurora Housing Authority Grand County Housing Authority Red Stone Agency Lending Azura Living Grand Junction Housing Authority Retirement Housing Foundation Avenida Partners Grand River Hospital District Roaring Fork Lodge, LLC Balfour Senior Living Hendricks Communities Rocky Mountain Senior Housing Bethesda Senior Living Hilltop Community Rosemark Development Boulder Housing Partners Hover Community Sable Ridge Development Boulder County Housing Authority InnovAge Senior Capital Development Corp. Brothers Redevelopment Jefferson County Government Senior Housing Options Buccaneer Development JHL Constructors Solterra Senior Living Burgwyn Company (The) Jewish Family Service South Metro Housing Options CenterPointe Senior Living Juniper Communities Strategic Action Planning Group on Aging Chartwell Seniors Housing REIT Kavod Senior Life Summit Housing Authority Choice Capital Lantz-Boggio Architects Sunny Vista Living Center Christian Church Homes Larimer County Aging Services United Properties Christian Living Communities Longmont Housing Authority Veritas Management CoBiz Bank Loveland Housing Authority Victory House Assisted Living Concordia on the Lake Lutheran Medical Center Village Homes Confluent Development MEJansen Development Vivage Quality Health Partners Conejos County Hospital MGL Partners Volunteers of America Delta Area Economic Development Macy Development Washington County Nursing Home Eagle County Government Medici Communities Wazee Partners Eastern Star Masonic Center Metro West Housing Solutions Wells Fargo Eaton Senior Communities McDermott Properties, LLC Yampa Valley Medical Center Encore Partners (The) McBroom Company Zócalo Community Development R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 76 +26(38// +26(38// +26(38//&$/&6 +26(38// :,'(),5(/$1( /2$',1* $0(1,7< 3$7,2 &$56 ($67'5$.(52$' -26(3+$//(1'5 '5232)) )520%8,/',1* )520%8,/',1* 123$5.,1* :,'(),5(/$1( 7851$5281' )(1&( )(1&( (175< 1(:+<'5$17 ),5('(37 &211(&7,21 67$1'3,3( 67$1'3,3( 6725<%8,/',1* &2'(6 $16,$ ,(&& &+$3=21( ,%&,0&,)*&,3& 1(& ,)&:,7+3)$$0(1'0(176 1)3$635,1./(56<67(0 ),5(/$1(720((763(&,),&$7,216 $(5,$/$33$5$786$&&(665(48,5(' $''5(669,6$%/()520($67'5$.( -26(3+$//(1 (/(9$725 675(7&+(5&203/,$17 5$',2$037(67,1*5(48,5(' ($67'5$.(52$' -26(3+$//(1'5 32:(575$,/ 3523(57</,1( ($67'5$.(52$' -26(3+$//(1'5 32:(575$,/ 3523(57</,1( ($67'5$.(52$' -26(3+$//(1'5 32:(575$,/ 3523(57</,1( 352- '$12 7( 92$6(1,255(6,'(1&(6 (DVW'UDNH5G 6, 7( 3/$1 6, 7( 3/$1 6, 7( 3/$1 5 /7/19 DECEMBER 21, 12PM DECEMBER 21, 3PM DECEMBER 21, 9AM SOLAR ACCESS, ORIENTATION, SHADING ITEM 5, Solar Analysis Supplemental Packet Pg. 78 PRELIMINARY DRAINAGE LETTER FOR VOA SENIOR HOUSING AT EAST DRAKE ROAD & JOSEPH ALLEN DRIVE FORT COLLINS, COLORADO PRESENTED TO THE CITY OF FORT COLLINS FORT COLLINS, COLORADO April 3, 2019 ITEM 5, Drainage & Erosion Control Letter Supplemental Packet Pg. 79 April 3, 2019 Wes Lamarque, P.E. City of Fort Collins Utilities – Stormwater Engineering 700 Wood Street Fort Collins, CO 80521 RE: Drake and Joseph Allen Affordable Housing – Preliminary Drainage and Erosion Control Letter JVA Job No. 3027c Dear Wes: This letter has been prepared to summarize the drainage concept, solutions and changes in impervious area associated with the site improvements for the VOA Senior Housing development project located at the intersection of East Drake Road and Joseph Allen Drive in the City of Fort Collins. This letter represents an addendum to the approved Final Drainage and Erosion Control Report for Spring Creek Farms North Filing No. 4, dated January 8, 2014, prepared by Aspen Engineering. Existing Drainage Patterns The property is approximately 2.32 acres and is located in the southern portion of Outlot A within the Spring Creek Farms North Major Site. The site is currently undeveloped and predominantly consists of grassy open space with an existing detention pond. The existing ground surface is relatively flat, generally sloping from south to north at grades ranging from 0% to 1%. The majority of stormwater runoff is conveyed via surface flow into the existing detention pond which then flows into the public storm drainage system in Joseph Allen Drive via an outlet structure. See Figure 1: Historic Drainage Map. The site is located within Basin OS1 per the Spring Creek Farms North Filing No. 4 Final Drainage and Erosion Control Report. See Figure C-006 Erosion Control Plan & Drainage Exhibit. The site is located outside FEMA and City of Fort Collins mapped 100-year and 500-year floodplains, per FEMA Flood Risk Map Panel number 08069C1000F, effective date 12/19/2006. Proposed Drainage Patterns Proposed drainage patterns are to remain generally the same as the current, but will utilize landscaped areas, inlets and underground storage to capture the majority of runoff before discharging into the detention pond. The underground storage system will utilize StormTech technology for water quality and low impact development treatment. The site is graded as such to meet the City’s requirements of treating 75% of the sites modified or added impervious area. In general, the proposed development of the site consists of the proposed VOA National Services building that is approximately 17,840 square feet, an asphalt parking area, an access driveway on Joseph Allen Drive, and an amenity patio on the west side of the proposed building along with new storm infrastructure to facilitate the drainage characteristics of the site. The site has been divided into six hydrologic basins for analysis. Basin A represents the area draining towards the proposed area inlet on the west side of the proposed building. Basin B represents the western half of the proposed parking lot and the northwestern half of the roof and will drain towards proposed ITEM 5, Drainage & Erosion Control Letter Supplemental Packet Pg. 80 VOA Senior Housing Drainage and Erosion Control Letter April 3, 2019 2of 7 StormTech chambers. Basins C and D represent areas draining around the building to the east, into a proposed storm sewer pipe and ultimately to the existing detention pond. Basin E represents the eastern half of the proposed parking lot and the northwestern half of the roof and will drain towards the proposed StormTech chambers. Basin F represents the northern portion of the site which includes a portion of the detention pond. Basins A, C and D will utilize grassed swales to collect runoff and also include culverts and storm pipe systems. All basins will eventually convey stormwater to Fossil Creek. It follows that the proposed improvements will increase the total impervious area of the basin, from 5.1% to 41.7%. This percentage of imperviousness corresponds to a runoff coefficient of 0.61 for the proposed site. Per the Spring Creek Farms North Filing No. 4 Final Drainage and Erosion Control Report, the existing detention pond was sized using a runoff coefficient of 0.7 for Basin OS1. Therefore, the existing detention pond has enough capacity to detain the runoff from the proposed site. The proposed parking lot encroaches slightly into the existing detention pond area on the northwest side of the site. The site will be graded in a way that the volume of the pond is balanced, and the detention volume will not be decreased. See Figure 2: Developed Drainage Map for the drainage basin boundaries and a summary of the existing and proposed impervious areas. Hydrologic and Hydraulic calculations are attached. Chapter 2 of the Urban Drainage and Flood Control District’s Urban Storm Drainage Criteria Manual Volume 3 (USDCM) provides guidelines for the selection of appropriate structural BMPs for a site that is to be developed or redeveloped. VOA Senior Housing is best characterized as a “conventional development” with just over 1 acre of impervious area on the project site. The BMP decision tree for such sites is provided in Figure 2-2 of the USDCM. The site and surrounding vicinity are comprised of hydrologic soil group Type C & D soils, per the NRCS soil survey. Permeable pavement (with partial or no infiltration) and/or the use of a “green roof”, rain garden, or grass swale/buffer are the recommended runoff reduction practices for this scenario. However, with the proposed configuration of the site underground StormTech Chambers were chosen to perform the LID water quality treatment. The proposed StormTech storm underground chambers located on the private storm system will treat storm runoff for a minimum of 75% of the modified or added impervious area on the site for water quality prior to discharge into the public storm system, satisfying the City of Fort Collins Low Impact Development (LID) requirements. The total impervious area was determined to be approximately 1. 12 acres. The existing impervious area was 0.08 acres, which results in 1.04 acres of added impervious surface area. Therefore, the required treated impervious area is 0.78 acres. The chambers will be designed to treat a minimum of 0.81 acres of the basin’s impervious area which preliminarily includes the parking lot area and a majority of the roof and concrete sidewalk area. The provided chamber sizing worksheet and directions from the City of Fort Collins staff was used to determine that a water quality flow of 0.86 cfs would be directed to the chambers. A restrictor plate on the influent pipe to the chambers will restrict flows to direct the water quality capture volume to the chambers and divert the rest of the flows to the north. The northern diversion pipe invert will be set at the restrictor plate invert elevation. All flows will combine downstream of the chambers before entering the existing outlet structure. The hydraulic capacity of the chambers will be designed to capture and treat the water quality capture volume. The sizing calculations are attached. The chamber design plans will be included with the Final Development Plans. These features will facilitate sedimentation and filtration while limiting erosion, providing both treatment and slowed release of the water quality capture volume. The proposed development of ITEM 5, Drainage & Erosion Control Letter Supplemental Packet Pg. 81 VOA Senior Housing Drainage and Erosion Control Letter April 3, 2019 3of 7 this site will serve to reduce water quality and quantity impacts to natural drainageways by decreasing the frequency, rate, duration, and volume of runoff. Erosion and Sediment Control During construction, temporary erosion and sediment control practices will be used to limit soil erosion and sediment discharge off the site. Temporary Erosion Control A temporary erosion control plan is to be implemented for the site during construction. Temporary erosion control measures include, but are not limited to, slope and swale protection provided by the use of erosion control wattles/sediment control logs, rock socks, etc. All temporary erosion control measures are to be removed after they are deemed unnecessary. A general erosion control plan will be provided with the Final Development Plans. Permanent Erosion Control Chapter 2 of the Urban Drainage and Flood Control District’s Urban Storm Drainage Criteria Manual Volume 3 (USDCM) provides guidelines for the selection of appropriate permanent structural BMPs for a site that is to be developed or redeveloped. The VOA Senior Housing project is best characterized as a “conventional development” with over 1 acre of impervious area on the project site. The BMP decision tree for such sites is provided in Figure 2-2 of the USDCM. As previously stated, the site and surrounding vicinity is comprised of hydrologic soil group Type C/D soils, per the NRCS soil survey. The water quality capture volume (WQCV) for this site will be accounted for in the StormTech chambers located on the north side of the parking lot. A detention pond is located on the north end of the site. Runoff will be collected in the private storm system before connecting to the public storm system. Stormwater Management Controls The Stormwater Management Plan (SWMP) administrator will be determined at the time the project is bid for construction. According to the CDPHE Stormwater Fact Sheet – Construction, construction activities produce many different kinds of pollutants which may cause stormwater contamination problems. The main pollutant of concern at construction sites is sediment. Grading activities remove grass, rocks, pavement, and other protective ground covers, resulting in the exposure of underlying soil to the elements. The soil is then easily picked up by wind and/or washed away by rain or snowmelt. In addition, construction activities often require the use of toxic or hazardous materials such as fuel, fertilizers, pesticides, and herbicides, and building materials such as asphalt, sealants, and concrete, which may also pollute stormwater. These materials can be harmful to humans, plants, and aquatic life. There are no other known potential pollution sources. However, this condition should be confirmed by the owner/operator or SWMP administrator. Other pollution sources that could be present include: runoff from vehicle washing, vehicle maintenance and/or fueling. There are no ITEM 5, Drainage & Erosion Control Letter Supplemental Packet Pg. 82 92$6HQLRU+RXVLQJ'UDLQDJHDQG(URVLRQ&RQWURO/HWWHU $SULO RI NQRZQH[LVWLQJQRQVWRUPZDWHUFRPSRQHQWVRIGLVFKDUJH LHVSULQJVODQGVFDSHLUULJDWLRQ UHWXUQIORZDQGHWF VOA Senior Housing Drainage and Erosion Control Letter April 3, 2019 5of 7 Materials should be stored and handled in covered areas to prevent contact with stormwater, and chemicals should be stored within berms or secondary containment devices to prevent leaks and spills from entering stormwater runoff. Spill Management In general, spill prevention and response should include the following: a) Notification procedures to be used in the event of an accident. At the very least, the SWMP Administrator should be notified. Depending on the nature of the spill and the material involved, the Colorado Department of Health, downstream water users, or other agencies may also need to be notified. b) Instructions for clean-up procedures. c) Provisions for absorbents are to be made available for use in fuel areas, and for containers to be available for used absorbents. d) Procedures for properly washing out concrete trucks and other equipment in a manner and location so that the materials and wash water cannot discharge from the site, and never into a storm drain system or stream. 9. Significant Dust or Particulate Generating Processes: Disturbed areas not yet ready to be seeded, landscaped, paved, or otherwise stabilized shall be watered, or ripped as necessary to preclude visible dust emissions. Contractor shall make every effort to minimize particulate emissions from vehicles performing the work, including but not limited to regular maintenance of construction equipment. 10. Routine Maintenance Activates Involving Fertilizer, Pesticides, Detergents, Fuels, Solvents, Oils, Etc: Materials should be stored and handled in covered areas to prevent contact with stormwater, and chemicals should be stored within berms or secondary containment devices to prevent leaks and spills from entering stormwater runoff. 11. On-site Waste management Practices (Waste Piles, Liquid Wastes, Dumpsters, etc): Materials storage, waste disposal, and vehicle maintenance and fueling can occur within an enclosed and secure area. The area can be enclosed with temporary fencing and accessed through a gate with a lock. 12. Concrete Truck/Equipment Washing: A concrete washout facility will be provided onsite. Properly wash out concrete trucks and other equipment in a manner and location (a minimum of 50 feet away from any inlet structures) so that the materials and wash water cannot discharge from the site, and never into a storm drain system or stream. 13. Dedicated Asphalt and Concrete Batch Plants: There will be no dedicated batch plant on site. 14. Non-Industrial Waste Source Such as Workers Trash and Portable Toilets: ITEM 5, Drainage & Erosion Control Letter Supplemental Packet Pg. 84 VOA Senior Housing Drainage and Erosion Control Letter April 3, 2019 6of 7 Garbage cans shall be located at break areas and portable toilets shall be provided if onsite bathroom facilities cannot be used. Locate dumpsters and portable toilets away from drainage courses (minimum 50 feet from any inlet structures) and stake down toilets to prevent tipping. 15. Other Areas or Procedures where Potential Spills can Occur: Records of spills, leaks, or overflows that result in the discharge of pollutants must be documented and maintained. Record all spills that are responded to, even if they do not result in a discharge of pollutants. Information that should be recorded for all occurrences includes the time and date, weather conditions, reasons for the spill, etc. Some spills may need to be reported to immediately. Specifically, a release of any chemical, oil, petroleum product, sewage, etc., which may enter waters of the State of Colorado (which include surface water, ground water and dry gullies or storm sewers leading to surface water) must be reported. More guidance is available on the web at www.colorado.gov. The Division’s toll-free 24-hour number for environmental hazards and chemical spills and releases is 1-877-518-5608. Sequence of Construction Activities Construction Start Date (This is the day you expect to begin disturbing soils, including grubbing, stockpiling, excavating, demolition, and grading activities): Summer, 2019. Final Stabilization Date (this is when the site is finally stabilized. This means that all disturbed areas have been either built on, paved, or a uniform vegetative cover reaching over 70% of the initial vegetative density has been established.) Even if you are doing one part of the project, the estimated completion date must be for the overall project: Summer, 2020. Construction Sequencing: (Detailed construction sequencing to be determined by the contractor) 1. Installation of temporary erosion and sediment control measures. This includes all sediment control logs, rock socks, erosion control blankets, and silt fence where all land disturbing activities will occur. 2. Sequence of all land disturbing activity. Demolition of existing features in preparation of construction of proposed site features. Installation of Stormtech chambers will occur after demolition. 3. Sediment basins, temporary channel stabilization. Sediment control logs or erosion control blankets will be installed on the banks of the vegetated detention pond and swale on the west part the site. 4. Seeding All disturbed areas will be seeded upon completing of finish grading. Refer to the landscape plans for detailed planting and seeding schedule. 5. Mulching. Spread straw mulch uniformly over seeded areas at a rate of 90 lbs per 1000 square feet of ground. No more than 25% of the ground should be visible. Crimp or pinch mulch into soil 2-4 inches by using either a mulch anchoring tool, a farm disk operating on the contour of the slope, or by cleating with bulldozer tracks operating up and down the slopes (to prevent tracks from forming gullies). ITEM 5, Drainage & Erosion Control Letter Supplemental Packet Pg. 85 VOA Senior Housing Drainage and Erosion Control Letter April 3, 2019 7of 7 6. Required maintenance activities (e.g. after-storm checks of all BMPs, etc.). All temporary sediment control BMPs shall be inspected after each rain event to ensure proper protection and to determine if cleaning is necessary. Final cleaning of all storm facilities shall be provided upon final stabilization of site. Please feel free to contact me to discuss any questions you may have. Sincerely, JVA, INCORPORATED By: ________________________________ Erik Nakos, P.E. . Project Manager Enclosures: Figure 1: Historic Drainage Map, Figure 2: Developed Drainage Map, Rational Calculations, StormTech Chamber Sizing Calculations, CD1.0 Grading & Drainage Details, Figure C-006 Erosion Control Plan & Drainage Exhibit, and Pond 100 Sizing Calcs ITEM 5, Drainage & Erosion Control Letter Supplemental Packet Pg. 86 HISTORIC DRAINAGE MAP FIG 1 NO. DATE DES'D D'WN REVISION DESCRIPTION DESIGNED BY: DRAWN BY: CHECKED BY: JOB #: DATE: © JVA, INC. VOA NATIONAL SERVICES FORT COLLINS, COLORADO SHEET NO. 3027c 02/20/2019 ETN TWW TWW Boulder ● Fort Collins ● Winter Park Glenwood Springs ● Denver ITEM 5, Drainage & Erosion Control Letter Supplemental Packet Pg. 87 DEVELOPED DRAINAGE MAP FIG 2 NO. DATE DES'D D'WN REVISION DESCRIPTION DESIGNED BY: DRAWN BY: CHECKED BY: JOB #: DATE: © JVA, INC. VOA NATIONAL SERVICES FORT COLLINS, COLORADO SHEET NO. 3027c 02/20/2019 ETN TWW TWW Boulder ● Fort Collins ● Winter Park Glenwood Springs ● Denver ITEM 5, Drainage & Erosion Control Letter Supplemental Packet Pg. 88 -9$,QFRUSRUDWHG -RE1DPH 92$6HQLRU+RXVLQJ , & & & & /LQGHQ6W6XLWH -RE1XPEHU F 6WUHHWV3DYHG )RUW&ROOLQV&2 'DWH &RQFUHWH'ULYHV:DONV 3K -9$,QFRUSRUDWHG -RE1DPH 92$6HQLRU+RXVLQJ , & & & & /LQGHQ6W6XLWH -RE1XPEHU F 6WUHHWV3DYHG )RUW&ROOLQV&2 'DWH &RQFUHWH'ULYHV:DONV 3K -9$,QFRUSRUDWHG -RE1DPH 92$6HQLRU+RXVLQJ /LQGHQ6W6XLWH -RE1XPEHU F )RUW&ROOLQV&2 'DWH 3K -9$,QFRUSRUDWHG -RE1DPH 92$6HQLRU+RXVLQJ /LQGHQ6W6XLWH -RE1XPEHU F )RUW&ROOLQV&2 'DWH 3K -9$,QFRUSRUDWHG -RE1DPH 92$6HQLRU+RXVLQJ /LQGHQ6W6XLWH -RE1XPEHU F )RUW&ROOLQV&2 'DWH 3K -9$,QFRUSRUDWHG -RE1DPH 92$6HQLRU+RXVLQJ /LQGHQ6W6XLWH -RE1XPEHU F )RUW&ROOLQV&2 'DWH 3K -9$,QFRUSRUDWHG -RE1DPH 92$6HQLRU+RXVLQJ /LQGHQ6W6XLWH -RE1XPEHU F )RUW&ROOLQV&2 'DWH 3K -9$,QFRUSRUDWHG -RE1DPH 92$6HQLRU+RXVLQJ /LQGHQ6W6XLWH -RE1XPEHU F )RUW&ROOLQV&2 'DWH 3K -9$,QFRUSRUDWHG -RE1DPH 92$6HQLRU+RXVLQJ /LQGHQ6W6XLWH -RE1XPEHU F )RUW&ROOLQV&2 'DWH 3K -9$,QFRUSRUDWHG -RE1DPH 92$6HQLRU+RXVLQJ /LQGHQ6W6XLWH -RE1XPEHU F )RUW&ROOLQV&2 'DWH 3K -9$,QFRUSRUDWHG -RE1DPH 92$6HQLRU+RXVLQJ /LQGHQ6W6XLWH -RE1XPEHU F )RUW&ROOLQV&2 'DWH 3K GRADING AND DRAINAGE PLAN C1.0 NO. DATE DES'D D'WN REVISION DESCRIPTION DESIGNED BY: DRAWN BY: CHECKED BY: JOB #: DATE: © JVA, INC. VOA NATIONAL SERVICES FORT COLLINS, COLORADO SHEET NO. 3027c 02/20/2019 ETN TWW TWW Boulder ● Fort Collins ● Winter Park Glenwood Springs ● Denver ITEM 5, Drainage & Erosion Control Letter Supplemental Packet Pg. 100 ITEM 5, Drainage & Erosion Control Letter Supplemental Packet Pg. 101 This unofficial copy was downloaded on Oct-22-2018 from the City of Fort Collins Public Records Website: http://citydocs.fcgov.com For additional information or an official copy, please contact City of Fort Collins Utilities 700 Wood Street Fort Collins, CO 80524 USA ITEM 5, Drainage & Erosion Control Letter Supplemental Packet Pg. 102 ITEM 5, Recorded Drainage Easement Supplemental Packet Pg. 103 ITEM 5, Recorded Drainage Easement Supplemental Packet Pg. 104 ITEM 5, Recorded Drainage Easement Supplemental Packet Pg. 105 ITEM 5, Recorded Drainage Easement Supplemental Packet Pg. 106 ITEM 5, Recorded Drainage Easement Supplemental Packet Pg. 107 ITEM 5, Recorded Drainage Easement Supplemental Packet Pg. 108 ITEM 5, Recorded Drainage Easement Supplemental Packet Pg. 109 ITEM 5, Recorded Drainage Easement Supplemental Packet Pg. 110 ITEM 5, Recorded Drainage Easement Supplemental Packet Pg. 111 ITEM 5, Recorded Drainage Easement Supplemental Packet Pg. 112 ITEM 5, Recorded Drainage Easement Supplemental Packet Pg. 113 ITEM 5, Recorded Drainage Easement Supplemental Packet Pg. 114 COVER SHEET C0.0 Boulder ● Fort Collins ● Winter Park Glenwood Springs ● Denver NO. DATE DES'D D'WN REVISION DESCRIPTION DESIGNED BY: DRAWN BY: CHECKED BY: JOB #: DATE: © JVA, INC. VOA NATIONAL SERVICES FORT COLLINS, COLORADO SHEET NO. 3027c 02/20/2019 ETN TWW TWW Boulder ● Fort Collins ● Winter Park Glenwood Springs ● Denver CHECKED BY: CHECKED BY: CHECKED BY: CHECKED BY: CHECKED BY: Date Date Date Date Date Date City of Fort Collins, Colorado UTILITY PLAN APPROVAL Parks and Recreation Traffic Engineer Stormwater Utility Water & Wastewater Utility City Engineer CHECKED BY: APPROVED: Date Environmental Planner APRIL, 2019 UTILITY PLANS FOR VOA SENIOR HOUSING A PORTION OF OUTLOT A, SPRING CREEK FARMS NORTH FORT COLLINS, COLORADO LOCATED IN THE SOUTHEAST QUARTER OF SECTION 19 TOWNSHIP 7 NORTH, RANGE 68 WEST OF THE 6TH PM, CITY OF FORT COLLINS, COUNTY OF LARIMER, STATE OF COLORADO ITEM 5, Utilities Supplemental Packet Pg. 115 Know what's R GENERAL LEGEND, NOTES & ABBREVIATIONS C0.1 NO. DATE DES'D D'WN REVISION DESCRIPTION DESIGNED BY: DRAWN BY: CHECKED BY: JOB #: DATE: © JVA, INC. VOA NATIONAL SERVICES FORT COLLINS, COLORADO SHEET NO. 3027c 02/20/2019 ETN TWW TWW Boulder ● Fort Collins ● Winter Park Glenwood Springs ● Denver ITEM 5, Utilities Supplemental Packet Pg. 116 CITY OF FORT COLLINS NOTES C0.2 NO. DATE DES'D D'WN REVISION DESCRIPTION DESIGNED BY: DRAWN BY: CHECKED BY: JOB #: DATE: © JVA, INC. VOA NATIONAL SERVICES FORT COLLINS, COLORADO SHEET NO. 3027c 02/20/2019 ETN TWW TWW Boulder ● Fort Collins ● Winter Park Glenwood Springs ● Denver ITEM 5, Utilities Supplemental Packet Pg. 117 DEMOLITION PLAN C0.0 NO. DATE DES'D D'WN REVISION DESCRIPTION DESIGNED BY: DRAWN BY: CHECKED BY: JOB #: DATE: © JVA, INC. VOA NATIONAL SERVICES FORT COLLINS, COLORADO SHEET NO. 3027c 02/20/2019 ETN TWW TWW Boulder ● Fort Collins ● Winter Park Glenwood Springs ● Denver ITEM 5, Utilities Supplemental Packet Pg. 118 GRADING AND DRAINAGE PLAN C1.0 NO. DATE DES'D D'WN REVISION DESCRIPTION DESIGNED BY: DRAWN BY: CHECKED BY: JOB #: DATE: © JVA, INC. VOA NATIONAL SERVICES FORT COLLINS, COLORADO SHEET NO. 3027c 02/20/2019 ETN TWW TWW Boulder ● Fort Collins ● Winter Park Glenwood Springs ● Denver ITEM 5, Utilities Supplemental Packet Pg. 119 UTILITY PLAN C2.0 NO. DATE DES'D D'WN REVISION DESCRIPTION DESIGNED BY: DRAWN BY: CHECKED BY: JOB #: DATE: © JVA, INC. VOA NATIONAL SERVICES FORT COLLINS, COLORADO SHEET NO. 3027c 02/20/2019 ETN TWW TWW Boulder ● Fort Collins ● Winter Park Glenwood Springs ● Denver ITEM 5, Utilities Supplemental Packet Pg. 120 HORIZONTAL CONTROL PLAN C3.0 NO. DATE DES'D D'WN REVISION DESCRIPTION DESIGNED BY: DRAWN BY: CHECKED BY: JOB #: DATE: © JVA, INC. VOA NATIONAL SERVICES FORT COLLINS, COLORADO SHEET NO. 3027c 02/20/2019 ETN TWW TWW Boulder ● Fort Collins ● Winter Park Glenwood Springs ● Denver ITEM 5, Utilities Supplemental Packet Pg. 121 9' UTILITY EASEMENT (REC. NO. 20120076791) GRADING EASEMENT (REC. NO. 20120076792) GRADING EASEMENT (REC. NO. 20120076792) TEMPORARY CONSTRUCTION DRAINAGE & GRADING EASEMENT (REC. NO. 20140016783) 22 23 23 EAST DRAKE ROAD JOSEPH ALLEN DRIVE 3-STORY BUILDING XXX SF DETENTION 1 E-4 SITE PHOTOMETRIC PLAN 1" = 20'-0" GENERAL NOTES 1. ANY PROPOSED LIGHT FIXTURES INSTALLED ON PRIVATE PROPERTY, ADJACENT TO THE PUBLIC ROW, SHALL BE ORIENTED IN SUCH A MANNER OR LIMITED IN LUMEN OUTPUT TO PREVENT GLARE PROBLEMS AND SHALL NOT EXCEED NATIONAL I.E.S. LIGHTING STANDARDS FOR DISABILITY GLARE. EXISTING SITE POLE SHOWN FOR REFERENCE LUMEN OUTPUT NOT INCLUDED IN CALCULATION. EXISTING SITE POLE SHOWN FOR REFERENCE LUMEN OUTPUT NOT INCLUDED IN CALCULATION. SE1 SE1 SE2 SE2 SE2 SE2 SE5 SE5 SE3 SE3 SE3 SE4 SE4 SE4 SE4 SE4 SE4 SE4 SE4 SE4 SE4 SE1 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 SINGLE OR DOUBLE HEAD LUMINAIRE GROUNDING STUD WITH #8 CU GROUNDING WIRE TO REBAR 3 FIXTURE TYPE SE1 NO SCALE 8'-0" 2'-6" 24" #3 TIES 3" FROM TOP TOP OF FINISH GRADE. CONDUIT RISER, QUANTITY AS REQ'D. #3 HORIZ. BARS @ 12" O.C. 8#7, or 6#8 VERT BARS 1 #10 STRANDED TO LIGHTING FIXTURE 4" X 8" HANDHOLE IN LINE FUSE HOLDER 17'-6" 2 SE5 PEDESTRIAN POLE BASE DETAIL NO SCALE GROUNDING STUD WITH #8 CU GROUNDING WIRE TO REBAR 96" 4" 24" POLE SHAFT ANCHOR BOLT COVER 1 #10 STRANDED TO LIGHTING FIXTURE 4" X 8" HANDHOLE IN LINE FUSE HOLDER TOP OF FINISH GRADE. #3 TIES 3" FROM TOP CONDUIT RISER, QUANTITY AS REQ'D. #3 HORIZ. BARS @ 12" O.C. 8#7, or 6#8 VERT BARS BASE DEPTH SHALL BE FIELD VERIFIED WITH STRUCTURAL/CIVIL ENGINEER BASE ON ONSITE SOIL CONDITIONS AND FIXTURE ASSEMBLY EPA RATING. 11'-8" 4 FIXTURE TYPE SE2 NO SCALE 5 FIXTURE TYPE SE3 NO SCALE 6 FIXTURE TYPE SE4 © Boulder ● Fort Collins ● Winter Park Glenwood Springs ● Denver ITEM 5, FC Grading Exhibit Supplemental Packet Pg. 124 Prepared for: VOLUNTEERS OF AMERICA NATIONAL SERVICES FEBRUARY 13, 2019 Preliminary Demand Analysis for Low Income Housing Tax Credit Senior Apartments using Colorado Housing and Finance Authority Methodology FORT COLLINS, COLORADO Prepared by: THE HIGHLAND GROUP, INC. 1320 SNOWBERRY LANE SUITE 304 LOUISVILLE, CO 80027 720.565.0966 WWW.THEHIGHLANDGROUPINC.COM ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 125 TABLE OF CONTENTS Preliminary Capture Rate Analysis 1 Purpose of the Preliminary Capture Rate Analysis 2 Location of Subject Site 2 Market Area Definition 4 Senior Apartment Properties in the PMA with Income-Restricted Units 5 Other Senior Apartment Properties with Affordable Units 7 Calculation of Age- and Income-Qualified Households for 2019 8 Capture Rate Calculation Using CHFA Methodology/ Demand Conclusions 10 Appendix: Demographic Data Tables 12 ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 126 Volunteers of America Fort Collins February 13, 2019 Page 1 of 16 Section Contents Purpose of the Preliminary Capture Rate Analysis Location of Subject Site Market Area Definition Senior Apartment Properties in the PMA with Income-Restricted Units Other Senior Apartment Properties with Affordable Units Calculation of Age- and Income-Qualified Households for 2019 Rent and Income Limits, 2018, Larimer County Minimum and Maximum Incomes, 2018, Larimer County Calculation of Age and Income-Qualified Households for 2019 Capture Rate Calculation Using CHFA Methodology Demand Conclusions PRELIMINARY CAPTURE RATE ANALYSIS ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 127 Volunteers of America Fort Collins February 13, 2019 Page 2 of 16 Purpose of the Preliminary Capture Rate Analysis The purpose of this analysis is to estimate preliminary demand/capture rates for a senior tax credit property in Fort Collins, Colorado that could include a mix of units that are income-restricted between 20% through 80% of Area Median Income (AMI). The methodology employed in this analysis is that defined by the Colorado Housing and Finance Authority (CHFA) for tax credit market studies, found in Appendix A of their 2019 Qualified Allocation Plan. It is anticipated that a full market study will be completed during April and May 2019 to accompany a June 1, 2019 application to CHFA for 9% tax credits. Location of Subject Site The subject site is located northwest of the intersection of S. Timberline Rd. and E. Drake Rd. in Fort Collins, Colorado. The site is adjacent to significant retail located southeast of the site, including King Soopers grocery and pharmacy, casual dining, coffee, and banks. The site is well-served with public transit, running frequently along Drake St. Public transit provides easy access to the Fort Collins Senior Center, in addition to other retail and services. Close-up View of Site Location and Adjacencies ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 128 Volunteers of America Fort Collins February 13, 2019 Page 3 of 16 Wider View of Site Location and Key Amenities ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 129 Volunteers of America Fort Collins February 13, 2019 Page 4 of 16 Market Area Definition The market area has been generally defined as the greater Fort Collins area. The market area is irregularly shaped, defined along census tract boundaries. The market area contains the City of Fort Collins, some rural/semi-rural land just east of the city limits, and the foothills west of Fort Collins. The PMA is roughly bounded by County Road 56 and County Road 60 on the north, I-25 on the east, Trilby Road on the south and extending west into the foothills. The market area is bisected north to south by US-287 through the center of the PMA, and from east to west by CO-14 from I-25 at the eastern edge of the PMA to downtown Fort Collins. Market Area Map ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 130 Volunteers of America Fort Collins February 13, 2019 Page 5 of 16 Senior Apartment Properties in the Primary Market Area with Income- Restricted Units Senior Tax Credit (LIHTC) Properties There are six existing senior properties in the PMA that have low-income housing tax credits (LIHTC), and one property with a recent LIHTC award that is just beginning redevelopment. These are displayed in this table. Tax Credit Properties Considered Non-Competitive Oakbrook I - One of the existing senior LIHTC properties displayed above (Oakbrook I) has Project Based Section 8 for all of its 106 units, so it is considered non-competitive with the planned subject for purposes of the capture rate calculation. Tax Credit Properties Considered Competitive Units at these six senior LIHTC properties were included in the capture rate calculation: DMA Plaza (1973/2020) is a 1973 income-restricted, high-rise, senior apartment property in downtown Fort Collins, currently undergoing a major renovation, both exterior and interior. DMA Plaza received an award of state and 4% tax credits in 2018. Renovation is expected to be completed in fall 2020. At completion, DMA will offer 124 studio and 1-BR units, with 25 restricted at 30% AMI, 29 at 40% AMI, 28 at 50% AMI, and 42 at 60% AMI. DMA Plaza expects to offer rents at rates well below maximum levels; however, final rents have not yet been set. Three floors of the building are currently vacant, allowing for residents to remain in the building in different units during renovation of other floors. Name Years Built/Placed in Service Total LIHTC Units 30% AMI 40% AMI 50% AMI 60% AMI Lowest Rent Highest Rent Project Based Section 8 Occupancy DMA Plaza Apartments 300 Remington St., Fort Collins 80524 1973-2020 124 25 29 28 42 $375 $420 No 3 floors vacated for renovation Legacy Senior Residences 413 Linden St., Fort Collins 80524 2014 72 15 0 31 26 $478 $910 No 100% - waitlist 200 Northern Hotel 172 N. College Ave. Fort Collins 80524 1873-2001- 2018 47 0 10 18 19 $638 $957 5 units 100% - waitlist 47 Oakbrook I (PB Sect 8) 3200 Stanford Rd., Fort Collins 80525 2006 106 0 0 0 106 PBS8 PBS8 All units 100% Oakridge Crossing 1599 E. Harmony Rd., Fort Collins 80525 2018 110 13 15 43 39 $437 $1,105 No 95% (4-5 1-BR 60% AMI units) -waitlist 30%- 50% AMI Reflections Senior Apartments Volunteers of America Fort Collins February 13, 2019 Page 6 of 16 Legacy Senior Residences (2014) is a new-construction senior apartment property funded with 9% low income housing tax credits. The property offers 72 income-restricted units at the following AMI levels: 15 units at 30% AMI, 31 units at 50% AMI and 26 units at 60% AMI. Legacy reports 100% occupancy, with a waitlist of about 200 persons. Northern Hotel (1873/2001/2018) was an historic downtown hotel, renovated and placed in service as affordable senior apartments in 2001, using 9% tax credits and other funding. In 2017, the property received a 4% tax credit award for renovation. The current AMI mix of the 47 income-restricted units is: 10 units at 40% AMI, 18 units at 50% AMI, and 19 units at 60% AMI). Five of the 40% AMI units have Project Based Section 8. Renovation was completed in October 2018 and the property currently reports 100% occupancy with a waitlist. Oakridge Crossing (2018) is a new 110-unit, senior apartment property that opened in May 2018. Oakridge Crossing was funded using disaster recovery funds, 4% tax credits, and state tax credits. The property offers income-restricted units at the following AMI levels: 13 units at 30% AMI, 15 units at 40% AMI, 43 units at 50% AMI, and 39 units at 60% AMI. Oakridge reported 90% of units occupied and 95% leased as of the end of January 2019, with one 1-BR unit at 50% and 4 of the 1-BR units at 60% AMI unoccupied; there is a waitlist of 1-2 years for units at 40% through 50% AMI. Reflections Senior Apartments (2000) is a new-construction senior apartment property funded with 9% low income housing tax credits. The property offers 72 income-restricted units at the following AMI levels: 50 units at 40% AMI and 22 units at 50% AMI. Reflections reports 100% occupancy with a waitlist of 2-3 years. Woodbridge Senior Apartment Homes (2001) is a new-construction senior apartment property funded with 9% low income housing tax credits. The property offers 50 income-restricted units at 40% AMI. Woodbridge reports 100% occupancy with a waitlist of 1.5 years. Map of Existing Senior Tax-Credit Funded Properties ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 132 Volunteers of America Fort Collins February 13, 2019 Page 7 of 16 Market-Rate Senior Apartment Property with Some Income-Restricted Units Affinity of Fort Collins - We identified a market-rate senior apartment property in the PMA that has some income-restricted units that would be competitive with the subject if the subject includes units at 80% AMI. Affinity of Fort Collins (2017) is a 161-unit property that has 143 market-rate units and 18 units that are income-restricted at 80% AMI. These income and rent-restricted units were included by the developer as part of its planning negotiations with the City. These 18 units were included in the capture rate calculation. Other Planned Income-Restricted Senior Apartment Properties There are no other planned senior apartment properties in the Fort Collins market area that have received tax credit awards. There are no planned senior apartment properties in the Fort Collins market area listed on either the non-competitive 4% report, nor any included on the Letter of Intent list for applications for the February 1, 2019 competitive round at CHFA. Other Senior Apartment Properties with Affordable Units There are five other senior apartment properties in the PMA that have income-restricted or affordable units, but do not have LIHTC funding. These properties are not considered competitive, per CHFA demand methodology and are listed here for informational purposes only. These properties either have Project Based Section 8 or other funding sources such that there are no minimum rents or they are low-priced market-rate properties which are not technically income-restricted. These five properties have a total of 233 affordable units. Name Subsidized Units CARE Housing 1303 W. Swallow Rd. Fort Collins CO 80526 10 Chalet Apartments 121 Dartmouth Trail Fort Collins CO 80525 38 Oakbrook II 3300 Stanford Rd. Fort Collins CO 80525 99 Sanctuary 1404 W. Horsetooth Rd. Fort Collins CO 80526 59 Village on Bryan Street 100 S. Bryan Ave. Ft. Collins CO 80521 27 Total Other Subsidized Senior Apartment Units 233 Address ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 133 Volunteers of America Fort Collins February 13, 2019 Page 8 of 16 Calculation of Age- and Income-Qualified Households by AMI Level Rent and Income Limits, 2018, Larimer County Maximum incomes by household size and maximum rents allowed by unit type for the subject county are shown in this table, excerpted from the income limits table for 2018, posted on the CHFA website. Although the capture rate calculation is based on 2019 demographics, the calculation of the numbers of income-qualified household is based on 2018 income limits. The 2019 income limits will not be issued until about March 2019. Minimum and Maximum Incomes: 2018, Larimer County, 20% through 80% AMI This table displays the minimum and maximum incomes for units income-restricted at AMI levels between 20% and 80%, based on the 2018 HUD limits for Larimer County. Per CHFA guidelines, it is assumed that age 62+ households will spend 40% of their income for rent. Incomes for 1-BR and 2-BR Units 20% AMI 30% AMI 40% AMI 50% AMI 60% AMI 70% AMI 80% AMI Minimum income 1-Bedroom $9,570 $14,370 $19,170 $23,940 $28,740 $33,510 $38,310 2-Bedroom $11,490 $17,222 $22,980 $28,740 $34,470 $40,230 $45,960 Maximum income 1-Person $11,920 $17,880 $23,840 $29,800 $35,760 $41,720 $47,680 2-Person $13,620 $20,430 $27,240 $34,050 $40,860 $47,670 $54,480 Source: Colorado Housing and Finance Authority Income & Rent Tables for 20%-120% of Median Income for Colorado Counties; 2018 for Larimer County ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 134 Volunteers of America Fort Collins February 13, 2019 Page 9 of 16 Calculation of Age- and Income-Qualified Households for 2019 Also per CHFA guidelines, only one and two-person age 62+ renter households can be counted as potential renters for any proposed senior project. This table calculates the numbers of income-qualified one and two-person, age 62+ renter households at 20% through 80% AMI. Income Category 2019 1-Person Age 62+ Renter Households Number Qualified at 20% AMI Number Qualified at 30% AMI Number Qualified at 40% AMI Number Qualified at 50% AMI Number Qualified at 60% AMI Number Qualified at 70% AMI Number Qualified at 80% AMI $0-10,000 309 13 0 0 0 0 0 0 $10,000-20,000 608 72 213 50 0 0 0 0 $20,000-30,000 446 0 0 171 261 56 0 0 $30,000-40,000 372 0 0 0 0 215 242 63 $40,000-50,000 269 0 0 0 0 0 46 207 $50,000-60,000 162 0 0 0 0 0 0 0 $60,000-$75,000 152 0 0 0 0 0 0 0 $75,000-$100,000 161 0 0 0 0 0 0 0 $100,000-$125,000 120 0 0 0 0 0 0 0 $125,000-$150,000 68 0 0 0 0 0 0 0 $150,000-$200,000 52 0 0 0 0 0 0 0 $200,000+ 109 0 0 0 0 0 0 0 Total 2,828 86 213 222 261 271 288 270 Income Category 2019 2-Person Age 62+ Renter Households Number Qualified at 20% AMI Number Qualified at 30% AMI Number Qualified at 40% AMI Number Qualified at Volunteers of America Fort Collins February 13, 2019 Page 10 of 16 Capture Rate Calculation Using CHFA Methodology The preliminary capture analysis for income-restricted units was calculated using the Colorado Housing and Finance Authority’s (CHFA) formula for senior tax-credit projects, Appendix A of the 2019 Qualified Allocation Plan. Per CHFA, several types of data and assumptions were used: 2019 demographics; the majority of renters would be those who are age 62+ and are already renters; renters would pay no more than 40% of income for rent; and only one- and two-person households are likely renters. Demand from market-area renter households was increased by 20% to represent a minimum increase in demand expected from homeowners and from those now living outside the market area. (This 20% out-of- market-area assumption may be higher upon further study of the experience of area properties; however, we believe it is reasonably conservative at this time. To evaluate demand potential at different AMI levels, this table calculates capture rates for units at each individual AMI level, based on current conditions. No planned subject units have been added. Capture Rate Calculation Table p 20% AMI 30% AMI 40% AMI 50% AMI 60% AMI 70% AMI 80% AMI Age 62+, 1 and 2 Person Renter Households - Total 3,727 3,727 3,727 3,727 3,727 3,727 3,727 x Percent Income Qualifying Households 2.9% 6.7% 7.6% 9.2% 10.0% 11.0% 11.1% Equals total demand from 1 and 2 person qualifying households living in the market area 108 251 282 342 373 411 414 In-migration and homeowner adjustment factor 120% 120% 120% 120% 120% 120% 120% Total qualifying households 129 301 338 410 447 493 497 Existing Units: Affinity of Fort Collins (market-rate property) 0 0 0 0 0 0 18 DMA Plaza Apartments 0 25 29 28 42 0 0 Legacy Senior Residences - Fort Collins 0 15 0 31 26 0 0 Northern Hotel (5 PBSect 8 units @ 40% AMI) 0 0 5 18 19 0 0 Oakbrook I (PB Sect 8) 0 0 0 0 0 0 0 Oakridge Crossing 0 13 15 43 39 0 0 Reflections Senior Apartments 0 0 50 22 0 0 0 Woodbridge Senior Apartment Homes 0 0 50 0 0 0 0 Existing Units Total 0 53 149 142 126 0 18 Capture rate - existing conditions 0.0% 17.6% 44.1% 34.6% 28.2% 0.0% 3.6% Planned or under-construction units: None 0 0 0 0 0 0 0 Total under construction/planned units 0 0 0 0 0 0 0 ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 136 Volunteers of America Fort Collins February 13, 2019 Page 11 of 16 Demand Conclusions 1. Overall, it is estimated that there will be 3,727 total age 62+ renter households in the market area in 2019. 2. Of these total households, the number of income-eligible 1- and 2-person renter households ranges from 108 at 20% AMI to 414 at 80% AMI. 3. Without factoring in potential new VOA units, with DMA Plaza units added, capture rates in the PMA are 0.0% at 20% AMI, 17.6% at 30% AMI, 44.1% at 40% AMI units, 34.6% at 50% AMI units, 28.2% at 60% AMI, 0.0% at 70% AMI, and 3.6% at 80% AMI. 4. Capture rates are relatively high at 40% and 50% AMI. That said, all properties in the PMA (with the exception of DMA Plaza now under redevelopment) have full occupancies and waitlists at those AMI levels, so there appears to be considerable additional demand. Further, with nearly 150 units already in both the 40% AMI and 50% AMI categories, if the subject added a few new units at those levels, it would have minimal impact on the already high capture rates. 5. There are currently no units restricted at 20% AMI and only 53 units restricted at 30% AMI. Units at these extremely low AMI levels are in great demand for the lowest-income seniors in the community. 6. There are currently no units restricted at 70% AMI, largely because the ability to use income-averaging is new. There are a few (18) existing units restricted at 80% AMI only because of a city negotiation with a market-rate developer. With age and income-eligible renter households estimated at 447 and 497 at 70% and 80% AMI, demand appears to be strong at those levels. Even adding 25 units each at those higher- income levels would result in capture rates of only 5% to 6%. 7. We note that Oakridge Crossing had reached 90% occupancy and 95% leasing as of the end of January. Four of its 5 vacant units were 1-BR units at 60% AMI. Oakridge has 33 of these 1-BR units at 60% AMI, representing 30% of its total units, while Oakridge offers only 6 2-BR units at 60% AMI. It is likely that a higher proportion of 2-BR units at 60% AMI would have been more marketable. Still, we expect that Oakridge Crossing will be fully leased in the near future. 8. DMA Plaza will re-lease any vacant units after completion of its renovation in fall 2020. However, all existing residents will be grandfathered in, regardless of any changes in AMI mix and rents made following the renovation. Further, DMA is moving residents to different floors during renovation and no residents have to move out of the building. Because of minimal unit turnover, DMA’s renovation is not expected to increase the level of competition at any of the AMI levels it will offer at completion. Other Data Relative to Demand for Affordable Senior Housing A community survey on the needs of older adults was recently commissioned by the Larimer County Office on Aging. As reported in Community Assessment Survey for Older Adults, 2018, “Only 13% of older residents felt they had good access to affordable quality housing, while 62% had good access to affordable quality food; about 23% felt positively about the cost of living in the community…At least 1 in 10 older adults experienced problems related to basic necessities of daily living including having safe and affordable transportation, having housing to suit their needs or having enough food to eat.” ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 137 Volunteers of America Fort Collins February 13, 2019 Page 12 of 16 Section Contents Population by Age, 2018 and Projected 2023 Median Income by Age, 2018 and Projected 2023 Households by Income and Age, 2018 and Projected 2023 Owner-Occupied Housing Units by Value, 2018 and Projected 2023 Larimer County Population Forecast by Age Group to 2040 APPENDIX: DEMOGRAPHIC DATA TABLES FOR POPULATION, HOUSEHOLDS, AND HOUSING ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 138 Volunteers of America Fort Collins February 13, 2019 Page 13 of 16 Population by Age, 2018 and Projected 2023 Median Income by Age, 2018 and Projected 2023 Age Total Age Total 0 to 4 Years 8,998 0 to 4 Years 9,408 5 to 9 Years 9,413 5 to 9 Years 9,405 10 to 14 Years 9,598 10 to 14 Years 10,127 15 to 17 Years 6,603 15 to 17 Years 7,080 18 to 20 Years 12,839 18 to 20 Years 12,504 21 to 24 Years 17,567 21 to 24 Years 14,274 25 to 34 Years 30,526 25 to 34 Years 33,286 35 to 44 Years 23,859 35 to 44 Years 28,380 45 to 54 Years 18,850 45 to 54 Years 21,214 55 to 64 Years 18,862 55 to 64 Years 18,755 65 to 74 Years 13,559 65 to 74 Years 17,433 75 to 84 Years 5,960 75 to 84 Years 7,644 85 Years and Up 2,752 85 Years and Up 2,840 Total 179,386 Total 192,350 Population by Age VOA Fort Collins Current Year Estimates - 2018 Five Year Projections - 2023 Age Age Age Age Age Age Age Age Income 15 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65 - 74 75 - 84 85+ Average 2018 Estimates $20,791 $56,835 $69,245 $82,900 $74,395 $60,245 $39,281 $29,452 $56,712 2023 Projections $20,212 $58,274 $72,335 $87,243 $79,692 $62,539 $39,977 $30,012 $60,492 Source: Nielsen Claritas; Ribbon Demographics 2018 Estimates and 2023 Projections Household Income by Age VOA Fort Collins ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 139 Volunteers of America Fort Collins February 13, 2019 Page 14 of 16 Households by Income and Age, 2018 Households by Income and Age, Projected 2023 Age Age Age Age Age Age Age Age Income 15 - 24 Years 25 - 34 Years 35 - 44 Years 45 - 54 Years 55 - 64 Years 65 - 74 Years 75 - 84 Years 85+ Years Total Percent Less than $15,000 3,237 1,248 788 857 1,105 685 541 396 8,856 11.9% $15,000 - $24,999 1,684 1,403 957 659 854 888 724 438 7,607 10.2% $25,000 - $34,999 1,239 1,507 1,028 795 893 864 551 302 7,179 9.7% $35,000 - $49,999 1,224 2,645 1,974 1,040 1,209 1,166 608 262 10,129 13.6% $50,000 - $74,999 811 3,225 2,548 1,663 1,765 1,688 603 230 12,533 16.9% $75,000 - $99,999 127 2,184 1,947 1,556 1,572 1,279 402 126 9,193 12.4% $100,000 - $124,999 53 1,316 1,441 1,256 1,167 804 207 87 6,332 8.5% $125,000 - $149,999 41 748 846 842 831 456 131 58 3,952 5.3% $150,000 - $199,999 8 654 1,018 1,170 1,070 372 105 19 4,416 5.9% $200,000 and up 7 441 883 1,176 1,080 397 108 20 4,112 5.5% Total 8,430 15,371 13,431 11,013 11,545 8,599 3,982 1,938 74,310 100.0% Percent 11.3% 20.7% 18.1% 14.8% 15.5% 11.6% 5.4% 2.6% 100.0% Source: Nielsen Claritas; Ribbon Demographics Households by Income and Age VOA Fort Collins Current Year Estimates - 2018 Age Age Age Age Age Age Age Age Income 15 - 24 Years 25 - 34 Years 35 - 44 Years 45 - 54 Years 55 - 64 Years 65 - 74 Years 75 - 84 Years 85+ Years Total Percent Less than $15,000 2,875 1,338 917 941 1,035 864 696 392 9,057 12.2% $15,000 - $24,999 1,334 1,424 1,033 682 759 1,056 891 435 7,614 10.2% $25,000 - $34,999 1,041 1,531 1,158 853 820 1,062 680 298 7,443 10.0% $35,000 - $49,999 1,014 2,743 2,251 1,107 1,087 1,406 735 253 10,597 14.3% $50,000 - $74,999 655 3,361 2,875 1,771 1,613 2,069 744 229 13,317 17.9% $75,000 - $99,999 104 2,283 2,239 1,623 1,440 1,573 499 129 9,890 13.3% $100,000 - $124,999 46 1,413 1,740 1,388 1,148 1,044 272 99 7,151 9.6% Volunteers of America Fort Collins February 13, 2019 Page 15 of 16 Owner-Occupied Housing Units by Value, 2018 and Projected 2023 Value Number Percent < $20,000 1,645 3.9% $20,000 - $39,999 1,062 2.5% $40,000 - $59,999 386 0.9% $60,000 - $79,999 210 0.5% $80,000 - $99,999 274 0.6% $100,000 - $149,999 1,207 2.8% $150,000 - $199,999 3,272 7.7% $200,000 - $299,999 14,246 33.5% $300,000 - $399,999 9,381 22.1% $400,000 - $499,999 4,987 11.7% $500,000 - $749,999 3,541 8.3% $750,000 - $999,999 1,294 3.0% $1,000,000+ 1,010 2.4% Total: 42,515 100.0% Median Value: $293,620 Source: Nielsen Claritas; Ribbon Demographics Current Year Estimates - 2018 Owner-Occupied Housing Units by Value VOA Fort Collins Value Number Percent < $20,000 1,692 3.7% $20,000 - $39,999 1,158 2.5% $40,000 - $59,999 444 1.0% $60,000 - $79,999 257 0.6% $80,000 - $99,999 265 0.6% $100,000 - $149,999 1,008 2.2% $150,000 - $199,999 2,430 5.3% $200,000 - $299,999 13,430 29.1% $300,000 - $399,999 10,795 23.4% $400,000 - $499,999 6,380 13.8% $500,000 - $749,999 4,873 10.6% $750,000 - $999,999 1,834 4.0% $1,000,000+ 1,551 3.4% Total: 46,117 100.0% Median Value: $321,697 Source: Nielsen Claritas; Ribbon Demographics VOA Fort Collins Five-Year Projections - 2023 Owner-Occupied Housing Units by Value ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 141 Volunteers of America Fort Collins February 13, 2019 Page 16 of 16 Larimer County Population Forecast by Age Group to 2040 This table displays long-range projected growth to 2040 for Larimer County as a whole. This forecast is produced by the Demography Section of the Colorado Department of Local Affairs and is available only at the county level. ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 142 JVA Incorporated Job Name: VOA Senior Housing 213 Linden St, Suite 200 Job Number: 3027c Fort Collins, CO 80524 Date: 4/18/19 Ph: (970) 225 9099 By: MEC POND VOLUME CALCULATIONS - STAGE / STORAGE - PROPOSED Pond Volume = Prismoidal Formula Volume Equation = (A1+A2+SQRT(A1*A2)*D/3 WEIGHTED INCREMENTAL CUMMULATIVE ELEVATION DEPTH (D) AREA (A1) AVG AREA (A2) VOLUME VOLUME ft ft ft2 ft2 ft3 ft3 4933.3 0 0 4934.0 0.7 361 181 79 79 4935.0 1.0 6,833 3,597 2,922 3,001 4936.0 1.0 15,391 11,112 10,826 13,827 4937.0 1.0 25,243 20,317 20,115 33,942 4938.0 1.0 32,404 28,824 28,749 62,691 4939.0 1.0 39,912 36,158 36,093 98,784 Top of Pond 4939.0 5.7 98,784 cf 2.268 ac-ft Required Volume (ft3) Required Volume (ac-ft) Water Surface Elevation Water Depth WQCV cf 0.000 ac-ft 4933.34 ft 0.00 ft V5 + 100% WQCV cf 0.000 ac-ft 4933.34 ft 0.00 ft V100 + 100% WQCV 96,268 cf 2.210 ac-ft 4938.93 ft 5.59 ft V5 + 100% WQCV V100 + 100% WQCV Vol Elev Vol Elev Vol Elev 0.00 4933.34 0.00 4933.34 62691.32 4938.00 0.00 4933.34 0.00 4933.34 96268.00 4938.93 79.42 4934.00 79.42 4934.00 98784.18 4939.00 Stage / Storage Input Table TOTAL VOLUME Volume Summary Table Volume Interpolation Calculations WQCV 3027c - Rational Calculations Vol Pond Proposed Page 1 of 2 ITEM 5, Senior Housing Proposed Pond Supplemental Packet Pg. 143 JVA Incorporated Job Name: VOA Senior Housing 213 Linden St, Suite 200 Job Number: 3027c Fort Collins, CO 80524 Date: 4/18/19 Ph: (970) 225 9099 By: MEC Top of Pond 98,784 cf 4939.0 WQCV cf V5 4933.34 + 100% ft WQCV cf 4933.34 ft V100 + 100% WQCV 96,268 cf 4938.93 ft 4933.0 4934.0 4935.0 4936.0 4937.0 4938.0 4939.0 4940.0 0 20,000 40,000 60,000 80,000 100,000 120,000 WATER SURFACE ELEVATION (FEET ABOVE MSL) POND VOLUME (CF) STAGE VS. STORAGE Water Quality Detention Pond 3027c - Rational Calculations Vol Pond Proposed Page 2 of 2 ITEM 5, Senior Housing Proposed Pond Supplemental Packet Pg. 144 $125,000 - $149,999 40 873 1,084 1,016 887 641 187 66 4,793 6.5% $150,000 - $199,999 12 725 1,269 1,335 1,094 504 144 24 5,107 6.9% $200,000 and up 10 601 1,270 1,575 1,304 614 170 29 5,573 7.5% Total 7,130 16,292 15,837 12,290 11,186 10,833 5,020 1,954 80,543 108.4% Percent 9.6% 21.9% 21.3% 16.5% 15.1% 14.6% 6.8% 2.6% 108.4% Source: Nielsen Claritas; Ribbon Demographics Households by Income and Age VOA Fort Collins Five Year Projections - 2023 ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 140 50% AMI Number Qualified at 60% AMI Number Qualified at 70% AMI Number Qualified at 80% AMI $0-10,000 52 2 0 0 0 0 0 0 $10,000-20,000 61 20 34 5 0 0 0 0 $20,000-30,000 76 0 3 55 46 10 0 0 $30,000-40,000 85 0 0 0 34 85 55 14 $40,000-50,000 88 0 0 0 0 8 67 88 $50,000-60,000 95 0 0 0 0 0 0 42 $60,000-$75,000 67 0 0 0 0 0 0 0 $75,000-$100,000 170 0 0 0 0 0 0 0 $100,000-$125,000 53 0 0 0 0 0 0 0 $125,000-$150,000 62 0 0 0 0 0 0 0 $150,000-$200,000 40 0 0 0 0 0 0 0 $200,000+ 51 0 0 0 0 0 0 0 Total 899 22 38 60 80 102 123 145 Total 1 and 2 Person 3,727 108 251 282 342 373 411 414 Source: Ribbon Demographics, LLC/Claritas, LLC 2019 Qualified 1-Person Renter Households Age 62+ 2019 Qualified 2-Person Renter Households Age 62+ ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 135 321 E. Troutman Pkwy., Fort Collins, CO 80525 2000 72 0 50 22 0 $610 $916 No 100% - waitlist 2-3 yrs Woodbridge Senior Apartment Homes 1508 W. Elizabeth St., Fort Collins, CO 80521 2001 50 0 50 0 0 $610 $725 No 100% - waitlist 1.5 yrs TOTAL UNITS 581 53 154 142 232 ITEM 5, Preliminary Demand Analysis Supplemental Packet Pg. 131 NO SCALE 7 FIXTURE TYPE SE5,SE5A NO SCALE 1 SE2 PARKING POLE BASE DETAIL NO SCALE Luminaire Schedule Symbol Label Manufacturer Catalog Number Description Lamp Number Lamps Lumens Per Lamp Light Loss Factor Wattage SE1 LSI INDUSTRIES, INC XWM-FT-LED-04-30 1 4207.454 1 38 SE2 LSI INDUSTRIES, INC XENM3-SA-3-LED-64-HO- CW 1 9410.3 1 108 SE3 LSI INDUSTRIES, INC CYL6-S-14-LED-40-BK-HZ 1 1338.901 1 14.4 SE4 LSI INDUSTRIES, INC L6-13-LED-30-62-TR6R-HZ- -WH 1 1291.808 1 13.9 SE5 LSI INDUSTRIES, INC XENM3-PT-FT-LED-SS-CW 1 5573.127 1 70 SE5A LSI INDUSTRIES, INC XENM3-PT-5-LED-SS-CW 1 5243.915 1 70 WALL MOUNT LED FULL CUT OFF FORWARD THROW OPTICS 12'-0" AFG LED 3000K ARCHITECTURAL AREA LIGHT LED FULL CUT OFF TYPE 3 OPTICS 20'-0" AFG LED 5000K 6 " APERTURE WALL MOUNT CYLINDER DOWNLIGHT 10'-0" AFG LED 4000K 6 " APERTURE RECESSED DOWNLIGHT LED LED 3000K PEDESTRIAN POLE LIGHT LED FULL CUT OFF TYPE FORWARD THROW OPTICS 12'-0" AFG LED 5000K PEDESTRIAN POLE LIGHT LED FULL CUT OFF TYPE 5 OPTICS 12'-0" AFG LED 5000K 9 OF 9 SITE LIGHTING DETAILS PROJECT No.: DRAWN: DRAWING NUMBER: REVIEWED: LAND PLANNER RIPLEY DESIGN INC. 419 Canyon Ave. Suite 200 Fort Collins, CO 80521 p. 970.224.5828 f. 970.225.6657 OWNER VOLUNTEERS OF AMERICA 2660 Larimer Street Denver, CO 80205 p. 303.297.0408 ARCHITECT SHOPWORKS ARCHITECTURE 301 W. 45th Avenue Denver, CO 80216 p. 303.433.4094 ENGINEER JVA INC. CONSULTING ENGINEERS 213 Linden Street, Suite 200 Fort Collins, CO 80524 p. 970.225.9099 SEAL: 00510 20 NORTH SCALE: 1" = 10'-0" ORIGINAL SIZE 24X36 ISSUED No. DESCRIPTION DATE REVISIONS No. DESCRIPTION DATE PROJECT DEVELOPMENT PLAN FORT COLLINS, CO PREPARED BY: ELECTRICAL ENGINEER MV CONSULTING 4640 Pecos Street, Unit F Denver, CO 80211 p. 303.325.3271 1 PDP 2019/2/27 ENTITLEMENT DRAWINGS NOT FOR CONSTRUCTION JJK MTV 2019-011-00 VOA SENIOR RESIDENCES \Users\jonk\appdata\local\temp\AcPublish_20564\PH SITE LIGHTING DETAILS.dwg jonk 04.02.19 3:03 pm 2 PDP 2 2019/4/3 ITEM 5, Photometric Supplemental Packet Pg. 123 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.1 0.2 0.4 0.4 0.3 0.4 0.3 0.2 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.2 0.7 0.6 0.6 0.5 0.5 0.3 0.2 0.0 0.1 0.4 1.5 3.2 3.4 2.7 3.2 2.6 1.4 0.4 0.1 0.1 0.1 0.3 0.5 0.5 0.2 0.4 1.8 2.6 3.1 4.4 4.2 2.9 1.7 0.9 0.1 0.3 0.9 3.1 7.2 7.6 6.0 7.9 7.0 3.3 1.0 0.3 0.2 0.3 0.8 1.4 1.8 4.6 3.9 3.8 4.9 6.9 6.3 4.4 3.0 1.2 0.2 0.3 0.9 2.0 3.0 3.5 4.0 3.8 3.1 2.2 1.0 0.4 0.3 0.4 0.8 1.8 3.3 3.0 4.9 3.8 3.4 4.8 5.2 4.6 4.5 3.1 1.4 0.1 0.2 0.5 0.8 4.6 6.1 6.8 6.6 1.7 0.8 0.6 0.3 0.3 0.3 0.5 0.9 1.7 3.8 4.1 2.7 2.1 2.2 2.4 2.1 1.9 1.5 0.9 0.0 0.1 0.2 0.3 4.0 1.6 1.6 1.5 1.6 1.2 0.9 0.7 0.4 0.0 0.0 0.1 0.2 5.2 1.0 1.7 2.3 2.4 1.5 0.7 0.4 0.2 0.0 0.0 0.0 0.1 4.9 0.6 2.7 4.5 4.5 2.2 1.0 0.7 0.1 0.0 0.0 0.0 0.0 1.2 1.3 0.2 0.6 4.2 6.3 5.4 3.1 1.7 1.1 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.5 3.7 5.6 4.8 4.7 3.8 2.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 6.1 0.5 0.8 3.4 4.8 5.7 5.7 5.1 3.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.9 0.6 1.1 1.3 0.8 1.0 2.5 3.6 4.5 4.5 5.0 3.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.6 0.5 0.4 0.8 1.5 1.6 2.2 1.9 3.1 5.3 6.0 4.2 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.9 0.6 0.4 1.2 3.0 3.4 3.2 1.5 2.3 4.4 4.5 2.7 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.6 0.6 0.5 1.4 3.9 4.9 4.0 1.4 1.7 2.6 2.3 1.7 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.0 0.8 0.7 1.6 3.9 5.5 5.0 1.3 1.4 1.9 1.5 1.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.7 0.9 1.1 2.5 4.9 6.7 5.4 1.3 1.5 2.1 1.7 1.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.1 1.3 2.6 3.9 5.2 5.0 3.5 1.1 1.8 3.8 3.7 2.0 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.9 1.7 4.1 5.7 4.2 2.9 2.1 1.0 2.0 4.6 4.5 3.1 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.3 2.4 6.6 5.9 3.5 1.9 1.4 0.8 1.7 3.0 4.3 2.7 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.8 2.3 6.7 5.9 3.2 1.7 1.3 1.1 2.0 4.7 5.2 3.5 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 1.4 4.1 5.2 3.0 2.1 1.8 1.5 1.8 3.9 3.9 2.1 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 1.0 2.5 3.2 2.8 3.2 3.5 2.9 1.6 2.0 1.7 1.1 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.7 1.2 1.9 2.2 4.0 5.0 4.1 1.3 1.0 0.7 0.6 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.7 1.1 1.8 2.2 4.3 6.1 6.1 1.0 0.6 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.9 1.9 2.8 2.9 4.8 6.7 6.8 1.0 0.4 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.1 1.8 4.2 4.9 3.7 4.2 4.9 3.8 0.8 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.2 3.0 6.1 6.2 4.2 3.4 3.2 2.3 0.6 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 4.1 3.7 4.9 4.4 3.7 2.7 2.5 1.7 0.5 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 3.6 3.6 4.8 5.7 4.0 3.5 3.5 2.6 0.6 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.3 0.3 0.4 0.3 1.7 2.5 3.9 4.3 3.6 4.3 4.9 3.9 0.8 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.5 0.9 1.0 1.0 2.4 3.0 0.5 1.0 1.9 2.4 2.7 4.7 6.6 6.6 0.8 0.2 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.4 0.9 2.2 3.5 3.3 1.7 0.6 0.2 0.1 0.2 0.5 1.5 2.1 2.6 4.8 6.8 6.9 0.8 0.2 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.4 0.6 1.1 2.3 2.1 2.6 1.6 0.6 0.2 0.1 0.1 0.5 2.0 2.8 3.4 4.3 4.8 3.7 0.7 0.2 0.0 0.0 0.0 0.0 0.0 0.1 0.3 0.8 1.6 1.9 3.4 3.9 3.3 1.7 0.6 0.2 0.1 0.1 0.5 3.1 4.7 4.7 3.4 3.0 2.1 0.5 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.3 1.3 3.9 3.0 4.3 2.0 1.2 0.9 0.4 0.2 0.1 0.2 0.6 4.9 6.8 4.9 2.4 1.5 0.9 0.3 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.3 1.2 4.6 2.3 4.3 1.4 0.6 0.4 0.2 0.1 0.1 0.1 0.5 4.6 6.1 4.3 1.7 0.8 0.5 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.3 1.0 2.6 2.2 2.6 1.1 0.4 0.2 0.1 0.1 0.1 0.1 0.5 3.4 4.6 4.1 1.5 0.6 0.3 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.5 0.9 0.7 0.9 0.6 0.3 0.1 0.1 0.0 0.0 0.1 0.4 2.2 3.1 2.9 1.2 0.5 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.3 0.2 0.3 0.2 0.1 0.1 0.1 0.0 0.0 0.1 0.2 1.0 1.3 1.3 0.8 0.4 0.2 0.1 0.0 0.0 0.0 0.0 SE2 SE2 SE2 SE5A SE5A SE2 SE2 SE2 Statistics Description Symbol Avg Max Min Max/Min Avg/Min Avg/Max Calc Zone #1 1.5 fc 7.9 fc 0.0 fc N/A N/A 0.2:1 8 OF 9 SITE PHOTOMETRIC PLAN PROJECT No.: DRAWN: DRAWING NUMBER: REVIEWED: LAND PLANNER RIPLEY DESIGN INC. 419 Canyon Ave. Suite 200 Fort Collins, CO 80521 p. 970.224.5828 f. 970.225.6657 OWNER VOLUNTEERS OF AMERICA 2660 Larimer Street Denver, CO 80205 p. 303.297.0408 ARCHITECT SHOPWORKS ARCHITECTURE 301 W. 45th Avenue Denver, CO 80216 p. 303.433.4094 ENGINEER JVA INC. 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FFHVV'LDJUDP ITEM 5, Exhibit A - Fire Access Supplemental Packet Pg. 77 50% AMI Number Qualified at 60% AMI Number Qualified at 70% AMI Number Qualified at 80% AMI $0-10,000 52 1 0 0 0 0 0 0 $10,000-20,000 61 24 32 2 0 0 0 0 $20,000-30,000 76 0 7 60 41 4 0 0 $30,000-40,000 85 0 0 0 42 85 48 6 $40,000-50,000 88 0 0 0 0 17 78 88 $50,000-60,000 95 0 0 0 0 0 0 55 $60,000-$75,000 67 0 0 0 0 0 0 0 $75,000-$100,000 170 0 0 0 0 0 0 0 $100,000-$125,000 53 0 0 0 0 0 0 0 $125,000-$150,000 62 0 0 0 0 0 0 0 $150,000-$200,000 40 0 0 0 0 0 0 0 $200,000+ 51 0 0 0 0 0 0 0 Total 899 25 39 62 83 106 126 149 Total 1 and 2 Person 3,727 166 258 282 347 378 411 416 Source: Ribbon Demographics, LLC/Claritas, LLC 2019 Qualified 1-Person Renter Households Age 62+ 2019 Qualified 2-Person Renter Households Age 62+ R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 61 Total 4,436 13,639 5,214 15,944 3.5% 3.4% Percent of Households 25% 75% 25% 75% Source: Ribbon Demographics, LLC/Claritas, LLC R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 59 As of February 2019, occupancy was current and the typical wait time is reported as a year and a half. Elevators /SqFt High Comments: R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 57 716 Reflections Senior Apartments is an income-restricted senior apartment property funded with 9% tax credits. 5/3/2019 occupancy was current as of February 2019. Contact states they have a 2-3 year waitlist. /SqFt High R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 56 Parking Type Number of Spaces Number of Spaces Used Fee Comments Surface 88 There are not enough spaces. They need 1:1. Staff parks on street Storage 30 30 $35 Need more storage spaces Notes None 885 878 878 589 589 878 589 589 Oakridge Crossing is an income-restricted senior apartment property funded using disaster recovery funds, 4% low income housing tax credits, and state tax credits. Oakridge opened in May 2018. 5/2/2019 As of April 2019, the property was fully occupied. As of February 2019, the property was 95% occupied. As of end January 2019, property was 90% occupied and 95% leased. Four of five vacant units were 1-BRs at 60% AMI. Waitlist of about 1-2 years for 30%, 40%, and 50% units. /SqFt High State Credit R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 55 None 625 625 300 300 Activity Programming Northern Hotel is a newly renovated, income-restricted senior apartment property in Fort Collins. The property is an historic downtown hotel, built in 1873. The renovation of the property, funded with 4% housing tax credits, was completed in October 2018. 5/1/2019 As of May 2019, occupancy was current with 98% occupied and 100% leased. Waitlist was 1,044. /SqFt High 300 300 625 R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 54 Surface 64 Notes /SqFt High 418 DMA Plaza Apartments is an older, income-restricted senior apartment property. In April 2018, the developer was awarded 4% tax credits and state tax credits for an acquisition rehab. Renovation began in January 2019 and is expected to be completed in fall 2020. 5/1/2019 Capacity is full, with 3 floors intentionally vacant to acccomdate moving residents within building during renovation of their units. 418 418 vinyl plank flooring, granite countertops 484 484 418 484 484 Rents shown are current and will be held until after renovation is complete. Existing residents will be grandfathered at their same rents, perhaps with minimal COLA increase. State Credits R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 52 Parking Type Number of Spaces Number of Spaces Used Fee Comments Detached Garages 70 $125 Includes 2 accessible Covered/Carport 36 $50 Includes 2 accessible Surface 154 Not available $0 Includes 4 accessible Storage $35/$85 5.5" x 3" x 7' in halls; 4.5' x 4.5' x 8' in storage room Notes 18 Per Inland Group (Keith James), rents for the income-restricted units will increase in June 2019 to the maximum allowable rents at 80% AMI. Those are as displayed above for the 80% AMI units listed. In February 2018, concessions included a month of free rent for 1-year lease agreements. The property also had a Lease-Buy-In Program, where Affinity would pay up to $3,800 to break a lease at an existing rental property and will pay up to $500 in moving expenses. Also, for those who had a for-sale listing on their current home, Affinity would provide the first month of rent for free, the second month at 75% off if the home was still listed, and 50% off for the third month if the home was still listed. In February 2018, the developer reported that for the Affinity-branded properties in general, about 1/3 of residents were homeowners prior to moving in. In December 2016, the developer reported that a portfolio-wide survey for Affinity properties showed that 20% of residents moved from more than 100 miles away. Most often, the reason for the move was to be closer to adult children or grandchildren. The developer also reported that the demand for studios, 1-BRs, and 2-BRs was relatively equal for the Affinity-branded properties. 35 848 963 594 793 499 963 499 617 832 848 Affinity at Fort Collins is a newer, good-quality, age-qualified, market-rate apartment property. A portion of the property opened in July 2017 and the remainder opened in October 2017. Affinity has 17 units that are income-restricted at 80% AMI. 4/30/2019 As of April 2019, occupancy was current. Most vacant units were the small 2-BR/1.5 BA. There were waitlists for most unit types. At February 2018, 60% of the units were leased. At October 2017, occupancy was 35% and 40% of units were leased. Property reported that the 17 income- restricted units were all leased within 3-4 months of opening; as of April 2019, there were about 15 people on their waitlist for those units, as well as half of current residents who would like to transfer to the income-restricted units. On-premises pub, outdoor fire pit, dog park, pickleball court Walk-in closets and step-in showers in selected units /SqFt High R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 51 Woodbridge Senior Apartment Homes Affinity at Fort Collins RENT RANGE WEIGHTED AVERAGE RENT RANGE WEIGHTED AVERAGE RENT RANGE RENT RANGE WEIGHTED AVERAGE RENT RANGE WEIGHTED AVERAGE RENT RANGE WEIGHTED AVERAGE R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 49 AVERAGE WEIGHTED AVERAGE DMA Plaza Apartments Legacy Senior Residences - Fort Collins Northern Hotel Oakridge Crossing Reflections Senior Apartments Woodbridge Senior Apartment Homes Affinity at Fort Collins RENT RANGE WEIGHTEDRANGE RENT AVERAGE WEIGHTED AVERAGE WEIGHTED AVERAGE R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 48 Square Footage Range 875 - 875 880 - 880 625 - 625 878 - 885 716 - 716 735 - 735 832-983 793-1,274 Weighted Average 875 880 625 880 716 735 887 984 Woodbridge Senior Apartment Homes Affinity at Fort Collins Reflections Senior Apartments SUBJECT: SUBJECT: VOA Senior Residences DMA Plaza Apartments Legacy Senior Residences Northern Hotel Oakridge Crossing Unit Type SUBJECT: SUBJECT: VOA Senior Residences DMA Plaza Apartments Legacy Senior Residences Northern Hotel Oakridge Crossing Reflections Senior Apartments Woodbridge Senior Apartment Homes Affinity at Fort Collins Studio Income Restricted 0 81 0 0 0 0 0 1 Market-Rate 0 0 0 0 0 0 0 7 1-BR/1-BA Income Restricted 39 43 35 41 85 48 40 7 Market-Rate 0 0 0 0 0 0 0 63 2-BR/1-BA Income Restricted 16 0 37 6 25 24 10 9 Market-Rate 0 0 0 0 0 0 0 74 R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 47 On-site Management X X X X X X X X Security Systems X X X X X X X X Community room X X X X X X X X Library X - X - X - - X Beauty/Barber Shop - - - - - - - - Dining Room - - - - X - - X Private Dining Room - - X - - - - - Bar/Lounge - - - - - - - X Computer Room/Area - - X X X X - X Dog Run - - - - - - - - Activity Kitchen X X X - X X X X R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 46 Fort Collins, CO 80528 Property Type Multistory Multistory Multistory Multistory Multistory Multistory Multistory Multistory Unit Type FLAT FLAT FLAT FLAT FLAT FLAT FLAT FLAT Year Built (and Aq-Rehab Dates) 1973, 2020 2014 1893, 2001, 2018 2018 2000 2001 2017 Total Units 55 124 72 47 110 72 50 161 Number Income-Restricted 55 124 72 47 110 72 50 17 Number Market-Rate 0 0 0 0 0 0 0 144 General Condition Good/Under Renovation Very Good Good Excellent Good Good Excellent R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 45 3 floors vacated for renovation; otherwise 100% occupied Legacy Senior Residences 413 Linden St., Fort Collins 80524 2014 72 0 15 0 31 26 0 0 0 0 $478 $910 No 100% - waitlist 200 Northern Hotel 172 N. College Ave. Fort Collins 80524 1873-2001- 2018 47 0 0 10 18 19 0 0 0 0 $654 $1,177 5 units @ 40% AMI 100% - waitlist 47 Oakbrook I (PB Sect 8) 3200 Stanford Rd., Fort Collins 80525 2006 106 0 0 0 0 106 0 0 0 0 PBS8 PBS8 All units 100% Oakridge Crossing 1599 E. Harmony Rd., Fort Collins 80525 2018 110 0 13 15 43 39 0 0 0 0 $449 $1,133 No 100% -waitlist 80 Reflections Senior Apartments 321 E. Troutman Pkwy., Fort Collins, CO 80525 2000 72 0 0 50 22 0 0 0 0 0 $626 $940 No 100% - waitlist 2-3 yrs Woodbridge Senior Apartment Homes 1508 W. Elizabeth St., Fort Collins, CO 80521 2001 50 0 0 50 0 0 0 0 0 0 $626 $940 No 100% - waitlist 35 581 0 53 154 142 232 0 0 0 0 581 0 53 149 142 126 0 0 0 0 TOTAL UNITS TOTAL UNITS WITHOUT PROJECT BASED SECTION 8 R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 42 Note that Northern Hotel and DMA Plaza are acquisition/rehab properties, while the other three comparables are new construction. For that reason, unit sizes, mix, and amenities are not comparable to new-construction properties. DMA Plaza (1973,2020) Legacy Senior Residences (2014) Northern Hotel (1873/Renov 2001, 2018) Oakridge Crossing (2017) Reflections Senior Apartments (2000) Woodbridge Senior Apartment Homes (2001) Rents + + - - - - Unit Size - + - - - - Unit Mix - = - = = - Quality - = - = - = Amenities - = - + - = Location + + + = = + R E V I E W D R A F T ITEM 5, Highland Group Market Analysis Supplemental Packet Pg. 12