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CREDTAMPA BAY
2014ANNUAL REPORTCERTIFICATE IN COMMUNITY REAL ESTATE DEVELOPMENT
AT THE UNIVERSITY OF SOUTH FLORIDA
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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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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