AHDC. THA Affordable Housing Development Corp. Board of Directors Meeting

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1 AHDC THA Affordable Housing Development Corp. Board of Directors Meeting November 19, 2014

2 AHDC Meeting Agenda THA Affordable Housing Development Corp. November 19, 2014 I. CALL TO ORDER II. MINUTES FROM THE PREVIOUS MEETING September 17, 2014 III. NEW BUSINESS Presentation of Resolution No AHDC A RESOLUTION AUTHORIZING THE PRESIDENT/CEO OF THA AFFORDABLE HOUISNG DEVELOPMENT CORPORATION TO EXECUTE A PURCHASE AND SALE AGREEMENT FOR THE SALE OF PROPERTY LOCATED AT 808 NORTH ROME AVENUE TO NITNEIL DEVELOPMENT CORP. IV. ADJOURNMENT

3 I. CALL TO ORDER Minutes of the Regular Meeting of the Board of Directors of THA Affordable Housing Development Corporation September 17, 2014 President Johnson-Velez called the first meeting of the Affordable Housing Development Corporation Board of Directors to order at 11:20am. Other Directors in attendance were Ben Wacksman, James Cloar, Ruben E. Padgett, and legal counsel, Ricardo Gilmore. Commissioners Hazel Harvey, Robert Shimberg, and Billi Johnson-Griffin were not present at this meeting. II. APPROVAL OF MINUTES A motion to approve the Minutes from the August 6, 2014 was made by Director Cloar and seconded by Director Wacksman: Director Wacksman Director Padgett Director Cloar Director Johnson-Velez Yes Yes Yes Yes III. NEW BUSINESS Resolution No as presented by Leroy Moore, COO. Resolution No AHDC A RESOLUTION AUTHORIZING THE PRESIDENT/CEO OF THA AFFORDABLE HOUISNG DEVELOPMENT CORP TO EXECUTE A PURCHASE AND SALE AGREEMENT FOR THE SALE OF PROPERTY LOCATED AT 808 NORTH ROME AVENUE TO TRISLAND HOLDINGS, INC. Director Wacksman Director Padgett Director Cloar Director Johnson-Velez Yes Yes Yes Yes III. ADJOURNMENT There being no further business to come before this Board, President Johnson-Velez adjourned the meeting at 11:22 am. Approved this 19 th Day of November, Johnson-Velez, President Jerome D. Ryans, Secretary

4 Resolution AHDC

5 TAMPA HOUSING AUTHORITY AFFORDABLE HOUSING DEVELOPMENT CORPORATION RESOULTION SUMMARY SHEET 1. Describe the action requested of the Board of Directors: Re: Resolution Number: THA-AHDC The Board of Directors is requested to approve the above-referenced resolution in order to: Approve a resolution authorizing the President/CEO of THA Affordable Housing Development Corporation to execute a purchase and sale agreement for the sale of property located at 808 North Rome Avenue to NitNeil Development Corp. 2. Requestor: A. Department: THA Affordable Housing Development Corporation B. Project: 808 North Rome Ave C. Originator: Leroy Moore 3. Cost Estimate (if applicable): $850,000 Narrative: THA s former centralized warehouse is located at 808 North Rome Avenue and has been vacant since THA site-based its warehousing operations to the various sites, with the exception of the occasional motor pool usage and recent month to month lease with Catholic Charities for warehouse storage. This asset was transferred by THA to THA-AHDC to collateralize this entity which serves as the General Partner for Gardens at Southbay. We have been advertising this property for sale since February 2014 and in June commissioned an updated appraisal of this property which resulted in a value of $854,000. Offers received on this property are listed below: 808 Rome Avenue Tabulation Offers 1 Larry Schiller $575,000 2 NHP Warehouse Property, LLC $425,000 3 Encore Select $600,000 4 Ed Brosman $870,000 5 Trisland Holdings $850,000 6 NitNeil Development $850,000 Resolution No AHDC Page 1 of 22

6 The offer received from the highest bidder, Ed Brosman was subsequently withdrawn after contract approval. Trisland Holding was then contracted but they have since withdawn their contract. The next highest offer for the property is now NitNeil Devlopment at $850,000, just $4,000 below appraised value. Since this property has no intended long term use by THA or any of its related entities, and the continued partial leasing of this site would continue to be a negative financial impact to THA, we have decided to dispose of this site. Therefore staff is seeking Board of Commission approval to sell the 808 North Rome property to the highest responsive bidder, NitNeil Development Corp. for the contracted amount of $850,000. Attachments (if applicable): Resolution Summary Sheet Memorandum Resolution 808 North Rome Ave Sale and Purchase Contract Appraisal and Executive Summary Resolution No AHDC Page 2 of 22

7 Tampa Housing Authority Affordable Housing Development Corp (THAAHDC) Date: November 13, 2014 M E M O R A N D U M To: Through: From: Board of Commissioners Jerome D. Ryans, President/CEO Leroy Moore, Senior Vice-President/COO Subject: Resolution A RESOLUTION AUTHORIZING THE PRESIDENT/CEO OF THE THA AFFORDABLE HOUSING DEVELOPMENT CORP TO EXECUTE A PURCHASE AND SALE AGREEMENT FOR THE SALE OF PROPERTY LOCATED AT 808 NORTH ROME AVENUE THA s former centralized warehouse is located at 808 North Rome Avenue and has been vacant since THA site-based its warehousing operations to the various sites, with the exception of the occasional motor pool usage and recent month to month lease with Catholic Charities for warehouse storage. This asset was transferred by THA to THA-AHDC to collateralize this entity which serves as the General Partner for Gardens at Southbay. We have been advertising this property for sale since February 2014 and in June commissioned an updated appraisal of this property which resulted in a value of $854,000. Offers received on this property are listed below: 808 Rome Avenue Tabulation Offers 1 Larry Schiller $575,000 2 NHP Warehouse Property, LLC $425,000 3 Encore Select $600,000 4 Ed Brosman $870,000 5 Trisland Holdings $850,000 6 NitNeil Development $850,000 The highest offer received was from Ed Brosman but was subsequently withdrawn after contract approval. The second highest bidder also withdrew during due diligence period. The highest offer we have remaining is NitNeil Development at $850,000 just $4,000 below appraised value. Since this property has no intended long term use by THA or any of its related entities, and the continued partial leasing of this site would continue to be a negative financial impact to THA, we have decided to dispose of this site. Therefore staff is seeking Board of Commission approval to sell the 808 North Rome property to the highest responsive bidder, NitNeil Development Corp. for the contracted amount of $850,000. If you have any questions ahead of the scheduled Board Meeting please don t hesitate to call Leroy Moore, at (813) ext Resolution No AHDC Page 3 of 22

8 RESOLUTION THA-AHDC A RESOLUTION AUTHORIZING THE PRESIDENT/CEO OF THA AFFORDABLE HOUISNG DEVELOPMENT CORP TO EXECUTE A PURCHASE AND SALE AGREEMENT FOR THE SALE OF PROPERTY LOCATED AT 808 NORTH ROME AVENUE TO NITNEIL DEVELOPMENT. WHEREAS, the Housing Authority of the City of Tampa (Authority) acting on behalf of its wholly owned instrumentality THA Affordable Housing Development Corp (THA-AHDC) solicited offers for the sale of certain property located at 808 North Rome Avenue, formerly used by the Authority as its centralized warehouse; WHEREAS, the Authority received a total of six (6) offers seeking to acquire said property; WHEREAS, the offer received from Ed Brosman in the amount of $870,000 was withdrawn thereby leaving the second highest bidder as Trisland Holdings, Inc. with their offer in the amount of $850,000; and WHEREAS, Trisland Holdings, Inc., subsequently withdrew their bid; WHEREAS, NitNeil Development has submitted an offer in the amount of $850,000 to equal the bid from Trisland Holdings, Inc therefore making NitNeil Development s bid in the amount of $850,000 the highest most responsive bidder; WHEREAS, the Authority commissioned an appraisal of said property which resulted in an appraised value of $854,000 NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the THA Affordable Housing Development Corp. authorizes the President/CEO to execute the purchase and sale agreement for the sale of 808 North Rome Avenue to the highest surviving responsive bidder, NitNeil Development in the amount of $850,000. Adopted this 19 th day of November Chairperson Secretary Resolution No AHDC Page 4 of 22

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APPRAISAL DEVELOPMENT INTERNATIONAL, INC PO Box 1212, Tampa FL 33601 Tel: Pinellas (727) 726-8811 Hillsborough (813) 258-5827 Toll Free 1-888-683-7538 Fax: (813) 258-5902 www.appraisaldevelopment.

19 APPRAISAL DEVELOPMENT INTERNATIONAL, INC PO Box 1212, Tampa FL Tel: Pinellas (727) Hillsborough (813) Toll Free Fax: (813) APPRAISAL REPORT Of INDUSTRIAL WAREHOUSE 808 N ROME AVE, TAMPA, FL HILLSBOROUGH COUNTY FOR: TAMPA HOUSING AUTHORITY TAMPA, FL DATE OF VALUATION May 28 th, 2014 Resolution No AHDC Page 15 of 22

20 APPRAISAL DEVELOPMENT INTERNATIONAL, INC PO Box 1212, Tampa FL Tel: Pinellas (727) Hillsborough (813) Toll Free Fax: (813) June 3 rd, 2014 Mr. Leonard Burke Tampa Housing Authority 5301 W. Cypress St Tampa, FL RE: 808 N ROME AVE, TAMPA, FL OUR FILE # 1415 Dear Mr. Burke, Thank you for the opportunity to provide appraisal services for the real property referenced above. It is my understanding that I am appraising the As Is Market Value of the Fee Simple interest of the subject parcel as of May 28 th, Please find enclosed a complete appraisal in a Appraisal Report format performed according to the Uniform Standards of Professional Appraisal Practice, Edition. Please read the attached valuation in its entirety and if you have any questions concerning the contents or methodology please contact me at my office. Sincerely, Paul T. Willies State-Certified General Real Estate Appraiser #RZ Appraisal Development International, Inc. File # Resolution No AHDC Page 16 of 22

21 TABLE OF CONTENTS Page Declaration of value Appraisers Certification... 5 Executive Summary General Assumptions & Limiting Conditions USPAP Appraisal Report Minimum Requirements The Valuation Process Chart Scope of Work Type of Appraisal Competency of the Appraiser Disclosure of previous interest (if any) Effective Date Intended Use & User Extraordinary Assumptions, Hypothetical Conditions Definitions REAL ESTATE APPRAISED Property Name/Address Site Description Neighborhood Zoning Future Land Use Utilities Ingress/Egress Topography Frontage Census/Flood determination Easements, Encroachments, Restrictions Environmental Concerns Improvements Ownership Sales History and Analysis Assessments & Taxes Marketability Concurrency HILLSBOROUGH COUNTY MARKET AREA Regional Map Area Map Neighborhood Map Neighborhood Market Statistics PHOTOGRAPHS OF PROPERTY HIGHEST & BEST USE VALUATION Method Utilized The Sales (Market) Approach RECONCILIATION AND FINAL VALUE ESTIMATE ADDENDA Appraisal Development International, Inc. File # Resolution No AHDC Page 17 of 22

22 APPRAISAL DEVELOPMENT INTERNATIONAL, INC PO Box 1212, Tampa FL Tel: Pinellas (727) Hillsborough (813) Toll Free Fax: (813) June 3 rd, 2014 Mr. Leonard Burke Tampa Housing Authority 5301 W. Cypress St Tampa, FL RE: 808 N ROME AVE, TAMPA, FL OUR FILE # 1415 Dear Mr. Burke, I hereby certify that I have appraised the real property located at 808 N Rome Ave, Tampa, FL for the purpose of estimating the "As Is" Market Value of the fee simple interest of the subject property as of May 28 th, The subject comprises of a 44,567 square foot rectangular parcel at the corner of N Rome Ave and W State Street in the City of Tampa, Hillsborough County, Florida. The site is improved with a 34,388 gross sq. ft. distribution warehouse originally built in The front portion of the building is constructed of concrete block encompassing a two story 5,504 sq. ft. air-conditioned office area partitioned from the warehouse. The building overall is in fair condition for its age, with some deferred maintenance required. A legal description of the property is located in the body of the report. Please note the assumptions, limiting conditions, and extraordinary assumptions as they may have a bearing on the report and the value conclusions. To the best of my knowledge and belief, the statements contained in this report are true and correct and neither our employment to prepare this appraisal nor our compensation is contingent upon the value reported. It is assumed the property is free and clear of all encumbrances. We have inspected the property and the neighborhood. All data gathered in my investigation is from sources deemed reliable. This appraisal was made in accordance with the Uniform Standards of Professional Practice edition adopted by the Appraisal Standards Board of the Appraisal Foundation Appraisal Development International, Inc. File # Resolution No AHDC Page 18 of 22

23 This is an Appraisal Report as defined in the USPAP. It does not include discussions of all the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser s opinion of value. Supporting documentation is in the appraisers files and the information contained in this report is specific to the needs of the client and for the intended use stated in this report. It presents sufficient information to enable the client and other intended users, as identified, to understand it properly. This letter must remain attached to the report in order for the value opinion set forth to be considered valid. In my opinion, the As Is Market Value of the Fee Simple interest of the subject real estate as of May 28 th, 2014 was: EIGHT HUNDRED & FIFTY FOUR THOUSAND DOLLARS (R) ( $854,000 ) Sincerely, Paul T. Willies State-Certified General Real Estate Appraiser #RZ Appraisal Development International, Inc. File # Resolution No AHDC Page 19 of 22

24 Certification I certify, to the best of my knowledge and belief that: - the statements of fact contained in this report are true and correct. - the reported analysis, opinions and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial unbiased professional analyses, opinions and conclusions. - I have no present or prospective interest in the property that is the subject of this report and I have no personal interest or bias with respect to the parties involved. - I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - my engagement in this assignment was not contingent upon developing or reporting predetermined results. - my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result or the occurrence of a subsequent event directly related to the intended use of this appraisal. - my analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice. - I have made a personal inspection of the property that is the subject of this report. - No one provided significant appraisal, appraisal review, or appraising consulting assistance to the person signing this certification. Paul T Willies State-Certified General Real Estate Appraiser #RZ Appraisal Development International, Inc. File # Resolution No AHDC Page 20 of 22

25 Executive Summary Date of Value: May 28 th, 2014 Date of Inspection: May 28 th, 2014 Date of Report: June 3 rd, 2014 Location: 808 N Rome Ave Tampa, FL Hillsborough County Folio: Interest Appraised: Intended Use of the Appraisal: Intended Users: Property Description: Fee Simple. Estimate the As Is Market Value in fee simple of the subject property as of May 28 th, Tampa Housing Authority THA Affordable Housing Development Corporation 5301 W. Cypress St Tampa, FL The site consists of a 44,567 square foot rectangular parcel at the corner of N Rome Ave and W State St in the City of Tampa, Hillsborough County, Florida. The site is flat, at street grade in an industrial warehouse district. The property on the east side of Rome has been developed as a multi-family, apartment complex. The site is improved with a 34,388 gross sq. ft. distribution warehouse originally built in The front portion of the building is constructed of concrete block encompassing a two story 5,504 sq. ft. air-conditioned office area partitioned from the warehouse. The main warehouse and an addition at the west end of the building is partially constructed of block with exterior metal walls. The roof is steel frame with builtup tar and gravel surface. The interior floors are poured concrete. There are seven roll-up doors and loading docks, six on the north side and one on the west side of the building. Overall the building has 20 ceilings. The building overall is in fair condition for its age, with some deferred maintenance required. Neighborhood: The subject property is located within the North Hyde Park neighborhood warehouse district of West Tampa. West Tampa is one of the oldest neighborhoods within the city limits of Tampa. The east side of Rome Avenue in recent years has been developed with a group of apartment complexes designed to appeal to younger professionals Appraisal Development International, Inc. File # Resolution No AHDC Page 21 of 22

26 Present Use: Zoning: Distribution Warehouse IG Industrial General City of Tampa Land Use: Industrial Class 5 Future Land Use: Flood Zone: GMU-24 General Mixed Use Zone X FIRM Map Number 12057C0353H Effective Date August 28, 2008 Highest and Best Use: As Vacant: As Improved: Hold for future development Distribution Warehouse Value Indications: Sales Comparison: $854,000 As of May 28 th, 2014 EIGHT HUNDRED & FIFTY FOUR THOUSAND DOLLARS (R) ( $854,000 ) Appraisal Development International, Inc. File # Resolution No AHDC Page 22 of 22

APPRAISAL REPORT OF GROSS ACRES/17.72± USABLE ACRES OF VACANT COMMERCIAL LAND

APPRAISAL REPORT OF GROSS ACRES/17.72± USABLE ACRES OF VACANT COMMERCIAL LAND APPRAISAL REPORT OF 20.22 GROSS ACRES/17.72± USABLE ACRES OF VACANT COMMERCIAL LAND LOCATED AT NORTHWEST CORNER OF LAND O LAKES BOULEVARD & SUNTERRA DRIVE LAND O LAKES, FLORIDA 34638 Job No.: 14-0227 Prepared