Oklahoma City, OK Miles M. Hapgood, III Senior Vice President Uses - - PowerPoint PPT Presentation

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Apr 27, 2023 374 likes •528 views

Page Woodson School Historic Renovation/New Construction Oklahoma City, OK Miles M. Hapgood, III Senior Vice President Uses Acquisition of Land and Building $ 1,005,000 Hard Construction Costs $22,632,000 Soft Costs $ 3,496,000

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Page Woodson School Historic Renovation/New Construction Oklahoma City, OK Miles M. Hapgood, III Senior Vice President

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Uses Acquisition of Land and Building $ 1,005,000 Hard Construction Costs $22,632,000 Soft Costs $ 3,496,000 Capitalized Reserves $ 515,000 Developer Fee $ 3,796,000 Total Development Cost $31,444,000

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Sources LIHTC Equity $ 9,808,000 Federal Historic Equity $ 3,577,000 First Mortgage Loan $ 7,350,000 Second Mortgage Loan (OK SHC) $ 3,439,000 Third Mortgage Loan (TIF) $ 5,650,000 Deferred Development Fee $ 1,620,000 Total Development Cost $31,444,000

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Underwriting Challenges

1. Historic Auditorium- Community Service Facility
2. Structure of Sale of State Tax Credits
3. Tax Increment Financing
4. The State of Oklahoma’s Budget Deficit

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The Auditorium

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Page-Woodson Development, LLC (Operating LLC) SHPO State Tax Credit Purchaser Tax-Exempt Entity

Transferrable State HTC’s Awarded

HTC’s donated HTC’s Sold Sales Proceeds

Proceeds from sale of HTC’s Loaned to LLC

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TAX INCREMENT FINANCING

Lender: Oklahoma City Redevelopment Authority
Loan Amount $5,650,000
$2,900,000 Assistance with Auditorium Renovation Cost
$2,750,000 Assistance with Public Improvement Costs
Interest Rate 0.25%
Term 35 years
Interest only payments from 75% of Surplus Cash

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