September 15, 2014 Gorman & Company, Inc. Gorman & Company, - - PowerPoint PPT Presentation

September 15, 2014

Gorman & Company, Inc.

 Gorman & Company, Inc. was founded in 1984 with a

mission of creating high quality commercial/residential developments with the goal of revitalizing communities though the use of public/private partnerships.

 Gorman works side by side with civic leaders, urban

planners, preservationists, and concerned neighborhood

• rganizations to turn community liabilities into

community assets.

 Completed over 70 projects including over 50 affordable

developments in Wisconsin

 Completed 20 historic renovations to date.

Project Completion Gorman Style

 We financially model all of our own projects.  We do our own design of every project.  We do our own cost estimating and we are the general

contractor for every project.

 We manage our own projects that we design and build.  We make it a priority to maximize local contractor

participation.

 Ted Matkom is the one sole source contact for any issue

with the project as a whole.

 We have completed 20 historic projects which have turned

historic buildings into housing using historic tax credits.

Sherman Park Senior Living Community

Sherman Park Senior Living Community

Sherman Park Senior Living Community

Sherman Park Senior Living Community

 Partnership with Sherman Park Neighborhood

Association, Milwaukee Dept. of City Development, and Milwaukee Public Schools

 Renovation of former Jackie

Robinson Middle School, built in 1926

 68 Senior apartments  Completed July 2012

Moline High School Lofts

Moline High School Lofts

Gund Brewery Loft Apartments

Grand River Station

Northside Low-Income Housing

La Crosse Section 42 Housing

 Gund Brewery Lofts - 2130 South Avenue  Grand River Station – 315 3rd Street South  Geneva Terrace – 4329 Mormon Coulee Road  Michael Heights – 420 5th Avenue  Wedgewood Commons – 1935 Miller Street  Brookside Meadow – 4300 Fireclay Court

La Crosse 60% Income Levels

 $27,900 - $46,020  City of La Crosse Occupations  Municipal Judge - $37,000  Property Appraiser - $42,000  Assessor Technician - $39,000  Accounting Technician - $31,000  Custodian - $24,000-$45,000  Maintenance Electriain - $12,000-$24,000  Executive Assistant - $27,000-$45,000  Bus Driver - $38,000  Meter Reader - $39,000  Computer Specialist - $24,000-$45,000  Court Clerk - $38,000  Teacher - $40,000

Gund/Grand River Occupations

 Artist - $37,000  Construction Worker - $29,000  Realtor - $23,000  Personal Banker - $39,000  College Assistant Basketball Coach - $19,000  Health Care Technician - $21,000  Bank Teller - $28,000  DNR Inspector - $32,000  Lawyer - $20,000  Chiropractor - $38,000

Roosevelt School Options

 Family/Workforce - 33 one-, two-, and three-bedroom

apartments.

 Senior - 36 one- and two-bedroom apartments.  Approximate Rents

 1 BR - $650  2 BR - $775  3 BR - $825  Townhomes - ?  Greenspace - ?

Roosevelt School Site Plan

Roosevelt School Unit Layout First Floor

Roosevelt School Unit Layout 2nd Floor

Roosevelt School – Sources & Uses

Sources First Mortgage $ 628,000 LIHTC Equity $ 2,924,286 HTC Equity $ 1,000,893 State HTC $ 889,682 CDBG/HOME $ 500,000

• Def. Dev. Fee

$ 211,204 Total $ 6,154,065 Uses Acquisition $ 300,000 Hard Costs $ 4,334,971 Soft Costs/Reserves $ 1,519,094 Total $ 6,154,065

Roosevelt School Initial Proposal – Timeline

 October 1, 2014: Submit to City to commence zoning approval

process

 February 2, 2015: Submit WHEDA LIHTC Application  May 15, 2015: WHEDA Award Date  November 1, 2015: Closing with lender and investor &

Construction commencement

 October 31, 2016: Construction completion  December 31, 2016: Lease-up completed.

ANY QUESTIONS? Ted Matkom Wisconsin Market President Gorman & Company, Inc.

(414) 617-9997 tmatkom@GormanUSA.com