CRED Tampa Bay 2014 Annual Report

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CREDTAMPA BAY

2014ANNUAL REPORTCERTIFICATE IN COMMUNITY REAL ESTATE DEVELOPMENT

AT THE UNIVERSITY OF SOUTH FLORIDA


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2 | CRED TAMPA BAY 2014

FLORIDA INSTITUTE OF GOVERNMENTThe Florida Institute of Government (FIOG) of the College of Arts and Sciences at USF was established by the Legislature in 1981

as part of a consortium of universities that share a statewide mission:

TO INCREASE THE EFFECTIVENESS AND QUALITY OF GOVERNMENT IN FLORIDA THROUGHAPPLIED RESEARCH, TRAINING, AND TECHNICAL ASSISTANCE PROGRAMS AND PUBLIC SERVICE.

The institute was renamed in honor of John Scott Dailey, its founding executive director. Since its inception, the FIOG at USF

has provided training and technical assistance to code enforcement ofcers, city clerks, elected and appointed local and state

governmental ofcials, volunteers and the general public.

ABOUT THE

THE JOHN SCOTT DAILEY

FLORIDA INSTITUTE

OF GOVERNMENTCOLLEGE OF ARTS AND SCIENCES

UNIVERSITY OF SOUTH FLORIDA

4202 East Fowler Ave, CHE205

Tampa, Florida 33620

Phone: (813) 974-8423

Fax: (813) 974-2819og.usf.edu

Director, Angela Crist


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CRED TAMPA BAY 2014 | 3

PROGRAM OVERVIEW

COURSE SUMMARYThe Certicate in Real Estate Development (CRED) program at USF offers practical

training for local community professionals to grow catalytic leadership to revitalize

underserved communities. The three module program focuses on professional

development for the local community development industry and works to create

partnerships to develop and sustain viable communities. The program provides the tools

needed to carry out successful community based real estate development projects

through over 60 hours of classroom training, guest speakers, classroom exercises,

homework and group projects. Participants who complete the course receive certicates

of completion from USF Continuing Education and the Florida Institute of Government,

and become CRED alumni.

PURPOSEThe goal of the Community Real Estate Development program is to create effective

leadership in community development for long term benets to the community. The

purpose of CRED is to provide professionals with opportunities to problem-solve localmarket issues while providing exposure to local, seasoned practitioners at an affordable

cost with support from a steering committee of dedicated professionals which connect

the program to the market.

COMMUNITY BENEFITThe CRED program targets nonprot, government organizations and other community

development professionals to expand the capacity of these organizations. By expanding

the number of skilled professionals who are uniquely qualied to formulate and package

dynamic real estate and economic development projects in low income neighborhoods

and communities, we can stimulate economic development and create new partnerships

for viable community development projects.

DESIRED PARTICIPANT OUTCOMES Develop a personal perspective concerning community real estate development

Learn basic skills in real estate analysis

Understand the language of real estate development, underwriting & investment

Identify a project and determine preliminary feasibility

Articulate a deal and package it for presentation to partners

Understand Tampa Bay Market DNA

Gain exposure to local market opportunities and possibilities

Understand the community real estate development process

Gain skills for managing development including partnerships, legal issues, project

management, nancial statements, negotiating and presentation skills

THE OVERALL PROGRAM OUTCOME IS TO PRODUCE A WELL-TRAINED

WORKFORCE THAT CAN USE THE SKILLS ACQUIRED TO HAVE A REAL

WORLD IMPACT IN THEIR LOCAL COMMUNITY.

James Carras, as Principal of Carras

Community Investment, has concentrated

on designing and implementing responses

and solutions for community and

economic development opportunities.

JAMES CARRASLEAD FACILITATOR

SYLVIA ALVAREZ

Housing and Education Alliance

ROXANNE AMOROSO

Incore Residential

THEODORE TRENT GREEN

USF School of Architecture and

Community Design

DR. SAMUEL KIRKLANDShepherds Care Ministries

of Tampa Bay

ED JOHNSON

City of Tampa Community

Redevelopment Agency

LEROY MOORE

Tampa Housing Authority

TOM SHELLY

Sand Development, LLC

GUEST SPEAKERS


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TAMPA BAY 2014 GRADUATES

STEVE BAUMANN PINELLAS COUNTYSteve is a housing specialist with Pinellas County Health and Community Services Department where he

implements the development of affordable housing projects in the county. This includes site reviews and

feasibility analysis of residential properties, review of bid proposals and selection of contractors, contracts,

inspections and other documents for projects which provide housing for those with incomes of 120% AMI or

less. Steve is a LEED certied registered architect, has a B.A. in Architecture from the University of Miami and

NCARB Registration.

DAMIEN BEAL TAMPA HOUSING AUTHORITYDamien is the case manager for the Tampa Housing Authoritys YouthBuild program, which helps young people

develop construction and life skills that will put them on a positive trajectory in life. He also has real estate

management and development, property management and insurance experience from previous positions.

Damien has B.A Degree from Southern University in Baton Rouge, Louisiana and a M.A. from University of

Phoenix in Electronic Education and a 215 insurance license. He also spent 16 seasons in professional baseball.

DERRICK BLUE COASTAL BAY PROPERTIES, INC.Derrick is the Housing Executive Director for Coastal Bay Properties, Inc., which focuses on all housing-relatedprograms for Tampa Hillsborough Action Plan, Inc. He is responsible for the administration, management and

delivery of all social housing programs, services and properties in Hillsborough and Polk Counties. He has served

as the Weatherization Coordinator for THAP and for Northeast Florida Community Action. Derrick has completed

a number of training programs in housing from the U.S. Department of Energy and FL DCA, and is currently

pursuing a degree in Business Administration from St. Johns State College.

MARTY DOMRES DOMRES REAL ESTATE INVESTMENT, INC.Marty is the broker/owner of Domes Real Estate Investments, Inc. and is responsible for all aspects of the

company, including drafting and negotiating sales and purchase contracts for land, residential and commercial

property. He also issues nancial statement for residential and commercial clients. Marty is a licensed real

estate broker, an accredited land consultant, a member of the Realtor Land Institute and is member of the

Hillsborough County Land Use Appeals Board. He attended Hillsborough Community College and Burt RodgersReal Estate School and a graduate of the Realtor Institute and the Realtor Land Institute.

PASCAL DENISE EDOUARD FLORIDA DEPARTMENT OF HEALTHPascale Denise Edouard is a Community Health Improvement Plan Health Educator Consultant with the Florida

Department of Health in Sarasota County. She focuses on building healthy communities by accessing healthy

foods and nutrition education in low income communities. Before coming to Sarasota County, she was with

Florida Healthy Kids Corp. in Tallahassee where she also served as a mentor for Big Brothers/Big Sisters and

worked with the Greater Frenchtown Revitalization Council as a health educator for children. Pascale graduated

from Florida Agriculture and Mechanical University with a Masters Degree in Public Health.

TRISHA FOSTER TAMPA HOUSING AUTHORITYTrisha Foster is an Assistant Property Manager for the Tampa Housing Authority, where she manages the

day-to-day operation of assigned properties in accordance with established regulations and guidelines. She has

also been a property assistant with the THA and an insurance agent. Trista has a B.A. Degree in Criminology

from the University of South Florida and is a Certied Specialist-Public Housing Manager (NAHRO), Certied

Occupancy Specialist (NCHM) and is a licensed Real Estate Sales Associate in the State of Florida.


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MICHAEL GARNER CONSULTANTMichael is an independent consultant with clients such as George & Associates (a construction management

rm) and Central Florida Business Diversity Council (CFBDC; a not for prot small and minority business

advocate organization). He also worked for 15 years in the Polk County community providing Supplier Diversity

services to the Polk County Board of County Commissioners and Polk County School District. Michael has a B.S.

in Business Administration from Florida Memorial University, Miami and is a Certied Public Manager (CPM)

from Florida State University.

MICHAEL HOLMES CITY OF CLEARWATERMichael is a Housing Manager for the City of Clearwater, where he assists the department director in the

planning and implementation of a comprehensive program of economic development and housing. Prior to

coming to Clearwater, he worked with the City of St. Petersburg as a Planner. Mike earned a B.S. in Community

and Regional Planning from the University of Southern Mississippi and has continued his education with

numerous training classes and continuing education courses. He presently serves as the 2ndVice President of

the Florida Community Development Association.

ROBERTA MEADE-CURRY CITY OF TAMPARoberta is an Urban Planner with the City of Tampa, Land Development Division and formerly served as aResidential Comprehensive Plans Examiner with the Construction Services Division. She is a registered Building

Plans Examiner and has worked on projects for corporate, nancial, healthcare, retail, hospitality, government

and multi-family residential properties. as well as historical preservation. She graduated with Honors from the

University of Floridas College of Architecture, has numerous certications and serves on professional and

community boards.

CLAYTON ROSE TAMPA HOUSING AUTHORITYClayton is a project manager in the Ofce of Real Estate Development for the Tampa Housing Authority. He

develops detailed scopes of work for the construction, replacement and repairs of real property owned by the

Authority. Clayton has a B.S. Degree in Industrial Engineering from Ohio University and has experience as a

general contractor, manufacturing engineer, consultant, business owner and continuing education instructor.

RACQUEL REDDIE NATIONAL COMMUNITY STABILIZATION TRUSTRaquel is the Community Development Manager for the Southern U.S. Division of the National Community

Stabilization Trust, a national non-prot helping communities access solutions to rebuild strong and stable

neighborhoods. She works with state and local governments and nonprot housing providers to transfer

foreclosed/abandoned property from nancial institutions to localities. Prior to joining the Trust, she was Senio

Business Development Manager for Fannie Maes Community Lending Group. She also serves on many civic and

affordable housing boards. She has a MBA from USF and a B.S. from Florida State University.


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CULMINATIONGROUP PROJECTS AND THE CULMINATION EVENT

Each CRED class ends with a culmination event where eachstudent can demonstrate what they have learned using real-

life case studies. This process is integral to the success of

the program by providing a platform upon which participants

achievements in the course can be measured. The Culmination

Event also gives participants experience in pitching a possible

development project based on their own creativity and analysis of

feasibility and funding.

Members of the 2014 class developed project concept papers

based on an identied problem or opportunity, and presented

their concepts to the class at the beginning of the course.

Class members voted to determine which of the concepts best

represented their areas of interest, areas of learning, and market-relevance, then divided into teams around the selected projects.

The four projects chosen this year encompass a range of issues

in the Tampa Bay region. Project teams developed their project

including parameters set by the instructor. As the Culmination

Event approached, participants nalized their presentations

making sure all parameters were met.

Presentations were reviewed by a select group of communitydevelopment practitioners, including members of the CRED

Steering Committee, at the Culmination Event. Each group was

asked follow-up questions and given benecial feedback by the

review team. Projects were reviewed based on the following

criteria; relevance to todays market, quality of presentation,

quality of substantive information and the ability to address and

deal with questions.

This years judges were;

Sylvia Alvarez

Kathryn Driver

Trent Green

Rev. Dr. Samuel Kirkland Tom Shelly

The projects presented by this years class are detailed in the

following pages.


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5508 BUSINESS INCUBATOR EXCHANGEDERRICK BLUE, ROBERTA MEADE-CURRY, MICHAEL HOLMES

DEVELOPMENT CONCEPT5508 Business Incubator Exchange will help startup businesses grow faster by providing

technical/education assistance, mentoring, networking opportunities and affordable

workspaces in East Tampa. The project will place a special emphasis on veterans and

individuals who have difculty accessing mainstream resources.

DEVELOPMENT SCHEME/SITE PLAN

The project will be a phased retrot of a 30,000 sq. ft. existing warehouse and storagespace located at 5508 N. 50th Street, Tampa, FL. The space will be converted for job

training, administration, maintenance, and general ofce support for the business

incubator. It is a Browneld site, in an Enterprise Zone, in the East Tampa CRA and is

Zoned C1 with future land use CC-35. The space will also include space for a future

small restaurant/caf and childcare center.

FINANCIAL FEASIBILITYThe project development budget of $1,544,750 includes acquisition, site improvements,

construction, professional fees, property tax reserves, contingency and developer fees.

Funding will be provided by equity, new and existing loans, CRA Faade Improvement

grant, Enterprise Zone Community Contribution Tax Credits and a Browneld Grant. The

Effective Gross Income is projected at $602,391: Total Operating Expenses of $608,423;

an NOI of $20,331; Debt Coverage Ratio of 1.56 in Y1, 3.92 in Y2 and 3.52 in Y3.

COLLABORATIONSPotential partners: THAP Group of Companies, LGM Construction, USF, HCC,

Hillsborough County Sheriffs Ofce, Bright House, Wells Fargo, Bank of America,

Railroad Credit Union, CareerSource Tampa Bay, Childrens Board of Hillsborough

County, TECO, Maach Designs, SOL Design Studio, DEX Imaging, Dress for Success

Tampa Bay.

THREATS AND CHALLENGESSome threats include: reduced/lost grant funding, denial or delay of resolution for CCTC,

fewer companies than anticipated contributing, denied Browneld designation, increase

in labor and building material/equipment costs, a decrease in anticipated memberships,

reduced commitment from community partners/funders. Another threat could be

potential participants fearing the process of starting new businesses.

MARKETForty-two percent of the area population

is below poverty level; only 39 percent of

area residents have a High School diploma

and 3.4 percent hold college or other

professional degree. The annual median

income for the area is $28,000 - $32,000.

The median age is 31-33 in the area (ofwhich 19% are single parents). There is

a high population of active duty military

returning to civilian life and active duty

spouses. Currently, there are no incubator

or co-working spaces in East Tampa.

There is one daycare, 15 educational

service venues, 57 food service venues

and 42 healthcare and social services.

COMMUNITY IMPACTThe area suffers from high

unemployment/underemployment, a

high rate of high school drop-outs, a lownumber of community-owned businesses

or opportunities for business workshops/

training programs. The area also provides

limited assistance to small businesses.

5508 will combat deterioration and blight

by providing affordable, exible ofce

space, business coaching, job creation

and job readiness.

MANAGEMENTThe developer-owner for the project will

be Coastal Bay Properties, Inc. and it will

be managed by the non-prot Tampa

Hillsborough Action Plan, Inc.


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YOUTHBUILD SCHOOLDAMIEN BEAL, PASCAL DENISE EDOUARD, STEVE BAUMANN

DEVELOPMENT CONCEPTThe YouthBuild School will renovate an existing ofce/warehouse building to house

the THA YouthBuild Program as well as provide leasable ofce space, storage units

and a daycare center. The school will provide GED testing preparation and vocational

training to low income youth between the ages of 16 and 25 in the West Tampa area.

DEVELOPMENT SCHEME/SITE PLAN

The proposed property for redevelopment is a 1.02 acre site located at 808 North RomeAvenue on the corner of North Rome Ave and West State Street in an Enterprise Zone.

The current zoning (Industrial General) allows for all uses projected for the renovations.

The site is currently owned by the THA YouthBuild organization.

FINANCIAL FEASIBILITYTotal development cost of the project will be $2,496,650 with grant and other nancial

sources of $1,039,600 and total debt of $1,457,050. YouthBuild would have Effective

Annual Income of $652,600 with Operating Expenses of $388,290, a Debt Service of

$93,280 and Net Operating Income of $175,824.

COLLABORATIONSPartners include: Hillsborough County Health Dept., Drug Abuse Comprehensive

Counseling Ofce (DACCO), Tampa Bay Workforce Alliance, Habitat for Humanity,Hillsborough County School System, STC Partners, University of South Florida,

University of Tampa and Head Start.

THREATS AND CHALLENGESThe success of the project could be threatened if the economy were to move into

another recession, which would impact the construction industry and need for vocational

training. Other potential threats would be a sharp increase in construction costs,

competition from other entities and grant funding availability.

MARKETApproximately 37.7 percent of area

residents do not have a high school

diploma and roughly 34.4 percent live

below the poverty line. There are only two

daycare centers within one mile of the

site, the closest being half a mile away.

Very few ofce rentals are available nearthe site, the closest being .7 miles away.

The closest storage facility is located

1.2 miles from the site. With University

of Tampa and hundreds of apartments

adjacent to the site, the need for storage

is substantial.

COMMUNITY IMPACTThe renovation will increase the amount of

construction jobs in the area and refuel the

market for skilled labor. The YouthBuild

Program will advance the vocational skills

of 25-40 youth annually and pump over$500,000 into the local economy. Long

term, the project will employ a minimum

of 10 community residents, enhance the

vocational skills of 25-40 youth per year,

decrease the crime rate and enhance

the aesthetics of the neighborhood and

continue the revitalization momentum.

MANAGEMENTThe project will be managed by the Tampa

Housing Authority YouthBuild Program.


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LINCOLN COURTCLAYTON ROSE, TRISHA FOSTER, MICHAEL GARNER

DEVELOPMENT CONCEPTThe Lincoln Court project will include a business incubator and an independent senior

living facility providing affordable living for seniors 55 and older in familiar surroundings.

The business incubator will engage and support the members of the community by

providing small business development support and skill enhancement training.

DEVELOPMENT SCHEME/SITE PLANThe Lincoln Court project site is 6.8 acres with a planned 45,000 sq.foot, four-storybuilding, currently zoned MF22 for Residential Use, on the corner of W 8th St and

N Lincoln Ave in Lakeland, FL. The design concept is to build an environment that

encourages social interaction and includes affordable home aid and assistance, in the

form of a state-of-the-art facility with Fitness Center, nearby transportation and private,

secure parking.

FINANCIAL FEASIBILITYTotal project cost of $12,750,000 includes construction, insurance, permitting, legal,

architecture and developers fees. Total project equity would total $10,842,646 from

a CRA grant, Enterprise Zone, Browneld grant, SHIP funds and a 9 percent tax

credit. Project nancing would come from a one percent interest only SAIL loan, with

total nancing of $1,909,259. Ninety-two percent of revenue sources would be fromresidential rents with the remaining from the Skills Center, Incubator and Event Space

rental. Operating expenses are projected at $837,873.

THREATS AND CHALLENGESAn initial threat to the project is understanding the needs of the local community and how

to educate them about the project. Political resistance to this development in this area is

perhaps the biggest threat and challenge to the project.

MARKETThe community has a median income of

less than $14,000 per year. Sixty percent

of residents are 55 or older and 70 percent

are in distressed homes. There is also

limited community business ownership.

Lakeland Regional Medical Center is inthe process of a $425 million expansion,

which will create a medical corridor

providing over 1,000 jobs.

COMMUNITY IMPACTThe Lincoln Court project will revitalize

a distressed community by providing

much needed housing for seniors and a

small business development center and

incubator.

MANAGEMENTThe facility will be professionally managedby JMG Management. The management

team will oversee the facility maintenance

and provide recreational and learning

activities for the residents.


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THE VILLAGE AT RIVERVIEW MEADOWSMARTY DOMRES, RACQUEL REDDIE

DEVELOPMENT CONCEPTThe Village at Riverview Meadows will be a three-story, 150-unit Veterans Multifamily

Project utilizing 4 percent Non-Competitive LIHTC Program. An adjoining parcel would

be used for future development of professional ofce condos and a community daycare.

DEVELOPMENT SCHEME/SITE PLANLocated in southern Hillsborough, the site consists of 20 acres of raw land located on

U.S. Highway 301 between Symmes Rd (North) and Rhodine Rd (South). The currentsite is zoned PD with future land use SMU6. A rezone is needed for SMU12 to include

density bonus for Community Development Use-County in the City of Riverview.

FINANCIAL FEASIBILITYThe projects total development costs will be $16,197,785 with funding sources from

equity/grants from LIHTC, DDF, AHP, Browneld of $8,430,163 and debt of $7,767,622

from SAIL and MBRB. In Y1: Total Revenue will be $1,170,576; Total Operating

Expenses will be $424,777; Replacement Reserves of $124,000; Net Operating Income

of $319,155. By Y3, Total Revenue will be $1,217,867; Total Operating Expenses will be

$450,646; Replacement Reserves of $124,000; Net Operating Income of $547,362.

COLLABORATIONSPossible partnerships include: Wells Fargo, Chase, Regional, Bank of America, Amazon,Walmart, Publix, MacDill AirForce Base, TECO, YMCA, State Farm, St. Josephs

Hospital, Home Depot and Lowes.

THREATS AND CHALLENGESIf Dept. of Veteran Affairs does not build the Outpatient Surgery Center, there would

be unmet demand for affordable housing for Veterans in this target market. In the case

that Tax Credits are not awarded, the underwriting of applications must be strengthened

and resubmitted during next funding cycle. Alternative lending sources would need to

be found if permanent debt providers do not approve funding. If the cost of construction

materials increases, materials would be purchased using bulk orders and minimized

change orders. If competition for other LIHTC projects in Riverview increases, this

source of equity may not be available. Incentive bonuses for GC and Trades will be made

available if there are project delays.

MARKETThe area has a total Population of 71,050,

with a veteran population of 6,957 of

which 87 percent is male and 13 percent

is female. Forty percent of the Veteran

population is 35-54. Florida has the third

largest veterans population in the U.S,

and Hillsborough County has the fourthlargest veterans population in Florida.

There are only two Veterans affordable

housing projects in Hillsborough County,

neither of which are in the area.

COMMUNITY IMPACTThe project will create 130 jobs in

construction, trades and professional

services; increase public bus usage due

to its proximity and provide $72,000 per

year in fare revenue. The project will have

a $16.2 million local economic impact

through resulting goods and services, a$119,000 increase in property taxes and

$4.4 million in resident median income.

COMMUNITY IMPACTDomres Real Estate Investments, Inc.

will provide property management

services via a newly formed entity. A

Management Fee will be established at

10 percent of Gross Rents for the rst

year of operations. Management Team

will include staff with LIHTC property

management experience.


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OUR SUPPORTERS

CRED TAMPA BAY STEERING COMMITTEE

THANKS TO OUR SPONSORS

SYLVIA ALVAREZHousing and Education Alliance, CRED Alumni

ROXANNE AMOROSOIncore Residential

ERNEST BAREFIELD

Plant City CDC, CRED Alumni

KATHRYN DRIVERHousing Finance Authority of Pinellas County

JACK GARRETTHomeless Coalition, CRED Alumni

TRENT GREENUSF School of Architecture and Community Design

HARRY HEDGESTampa Housing Partnerships

ED JOHNSONEast Tampa Community Redevelopment Area, CRED Alumni

ANTHONY JONESBright Community Trust

LEROY MOORE

Tampa Housing Authority

KELLY PILLONPoint West Engineering, CRED Alumni

LISA REEVESRealtor, CRED Alumni

DEBRA REYESNeighborhood Lending Partners

TOM SHELLYSand Development, LLC., CRED Alumni

VISIT FIOG.USF.EDU/CRED

FOR MORE INFORMATION, PLEASE CONTACT:

Becky Clayton, Training Support Specialist

l t @ f d | (813) 974 9627

Documents

CRED Tampa Bay 2014 Annual Report