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 Capitalized Reserves $ 515,000 Developer Fee $ 3,796,000 Total Development Cost $31,444,000
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
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
The Auditorium
Proceeds from sale of HTC’s Loaned to LLC Page-Woodson Development, LLC Tax-Exempt Entity (Operating LLC) HTC’s donated Transferrable HTC’s Sold State HTC’s Sales Awarded Proceeds State Tax Credit Purchaser SHPO
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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