HomeMy WebLinkAboutC84-014 United States Department of Agriculture4W
.�
Form FmHA AAA 34 Position S
�.w Page 1 of 6
(Rev. 9-11-78)
UNITED STATES DEPARTMENT OF AGRICULTURE
FARMERS HOME ADMINISTRATION
OPTION TO PURCHASE REAL PROPERTY
1. In considaration of the sum of 5 in hand paid and other valuable consideratio
receipt and sufficiency of which are herebyn, the
acknowledged, the undersigned (hereinafter called the "Seiler"), who
covenants to be the owner thereof, hereby, for the Seller and the Seller's heirs, executors, administS ..tors, .successors
and assigns, offers and agrees to sell and convey to
(Na»te wid A ddress) MMP • 8119
(hereinafter called the "Buyer"), and hereby grants to the said Buyer the exclusive and irrevocable option and riQi,t to
purchase, under the conditions hereinafter provided, the following -described property, located in Eagle
County, State of —Colorado
(Insert here full and complete legal description, including volume and page where recorded, of the ro erty includin
water rights and water stock being purchased.) P P 3 any
(See attached Exhibit A)
A
I=mHA 4-10.1.1 M 0.1 1-7R
Page 2 of 6
The title to said property is to be conveyed 'free and clear of all encumbrances except for the following reservations,
exceptions and leases, and no others:
(Insert here a full statement of all reservations, exceptions and leases, including in the case of leases, the date of the
termination of the lease, the correct name(s) and address(es) of the lessees) .and, if recorded, the place of recordation)
Any of record
2. This option is given to enable the Buyer to obtain a loan insured or made by the United States of America, acting
through the Farmers Home Administration, United States Department of Agriculture, (hereinafter called the "Government"),
for the purchase of said property. It is agreed that the Buyer's efforts to obtain a loan constitute a part of the consideration
for this option and any downpayment will be refunded if a loan cannot be processed by FmHA.
3. The total purchase price for said property is S 2 5 0 , 0 0 0. 0
said amount
Ej includes ® excludes the S — I fl n tl mentioned in paragraph 1.
4. The Seller agrees to pay all expenses of title clearance including, if required, abstract or certificate of title or policy
of title insurance, continued down to the date of acceptance of this option and thereafter continued down to and including
date of recordation of the deed from the Seller to the Buyer, costs of survey, if required, and attorney's fees; and the
Seller agrees that, except as herein provided, all taxes, liens, encumbrances or other interests in third persons will be satisfied
discharged, or paid by the Seller including stamp taxes and other expenses incident to the preparation and execution of the
deed and other evidences of title. Title evidences will be obtained from persons and be in such form as the Government shall
approve.
(Strike inapplicable language above or insert herein any different agreement regarding the paying of title clearance charges)
5. The Seller also agrees to secure for the Buyer, from the records of the County Agricultural Stabilization and Conservation
Committee, aerial surveys of the property when available, all obtainable information relating to allotments and production
history and any other information needed in connection with the consideration of the proposed purchase of the property.
6. The Seller further agrees to convey said property to the Buyer by general warranty deed (except where the law provides
otherwise for conveyances by trustees, officers of courts, etc.) in the form, manner and at the time required by the Govern-
ment, conveying to the Buyer a valid, unencumbered, indefeasible fee -simple title to said property meeting all requirements
of the Government; that the purchase price shall be paid at the time of recording such deed; and that said lands, including
improvements, shall be delivered in the same condition as they now are, customary use and wear excepted.
7. Taxes, water assessments and other general and special assessments of whatsoever nature for the year in which the
closing of the transaction takes place shall be prorated as of the date of the closing of the transaction, it being expressly
agreed that for the purpose of such proration the tax year shall be deemed to be the calendar year. If the closing of the
transaction shall occur before the tax rate is fixed, the apportionment of taxes shall be on the basis of the tax rate for the
next preceding year applied to the latest assessed valuation.
(Insert here any different tax agreement)
Page 3 of 6
8. This option may be exercised w the Buyer, at any time while the offer herci� dlall remain in force, by mailing, tele-
graphing or delivering in person a written notice of acceptance of the offer herein toEag a County COIIIIRSslonerS
at P 0 Box 850 - , in the city of _ Eagle -
County of Eagle State of Colorado
The offer herein shall remain irrevocable for a period of six (6) mouths from the date hereof and shall remain
in force thereafter until one (1) year from the date hereof unless earlier terminated by the Seller. The Seller may terminate
this offer at any time after the six (6) months' irrevocable period provided herein by giving to the Buyer ten
(10) days' written notice of intention to terminate at the address of the Buyer. Acceptance of this option by the Buyer
within ten (10) days after such notice is received by the Buyer shall constitute a valid acceptance of the option.
9. Loss or damage to the property by fire or from an act of God shall be at the risk of the Seller until the deed to the
Buyer has been recorded, and in the event that such loss or damage occurs, the Buyer may. without liability, refuse to
accept conveyance of title, or may elect to accept conveyance of title, in which case there shall be an equitable adjustment
of the purchase price.
10. The Seller agrees that, irrespective of any other provision in this option, the Buyer, or the Buyer's assignees, may,
if the option is accepted, without any liability therefore refuse to accept conveyance of the property described herein if the
foresaid loan cannot be made or insured because of defects in the title to other land now owned by, or being purchased by,
the buyer.
11.VNISxl%e-1 ., - -
13. The Seller hereby gives the Government or its agents consent to enter on said property at reasonable times for the pur-
pose of inspecting or appraising it, in connection with the making of a loan to purchase the property,
14. Insert here conditions peculiar to this particular transaction.
Seller agrees to furnish evidence of proper zoning (multi-
family, 6-plex, rental property) or secure same from proper (Sellers Telephone Number)
authority immediately. (303) 328-7311
IN WITNESS WHEREOF, the Seller and the Buyer have set their hands and seals this
WITNESSES:
19 84COUNTY By and
BOARD
/ � i
day of
OF EAGLE, STATE OF COLORADO
Through its
F--)COUNTY COMMISSIONERS
E.-Mott -(Seller),
Chairman, Pro-Tem
(Seller)'
Profe Tonal Develo ment Co
I Sr r)
By.
Thomas H. Campbell (Buyer)
Presi ent
I-,.!i., r b•.nnril,,l . .,..,., 4.. I .. .., n. .. , .. .: _,I -.
`..
Page 4 of 6
ADDITIONAL CONDITIONS OF
OPTION CONTRACT
BETWEEN
PROFESSIONAL DEVELOPMENT CORPORATION
AND
EAGLE COUNTY
15. Seller, Eagle County, reserves the right to review and
approve in writing the following items prior to the
submittal of a pre -application to Farmer's Home:
a) Results from the preliminary needs survey.
b) Schematic design of the Elderly Housing units
including:
(1) Site plan.
(2) Floor plan layout.
(3) Elevations including exterior materials
to be used.
(4) Landscaping plan.
c) Preliminary cost estimate for the entire
project.
16. Seller, Eagle County, reserves the right to review and
approve in writing the following items prior to the
submittal of an application for Federal Assistance (short
form) to Farmer's Home Administration.
a) Results from the detailed needs survey.
b) Detailed preliminary plans and specifications
for the elderly housing units.
c) Detailed proposed method of construction and
cost breakdown for the entire project.
PROFESSIONAL DEVELOPMENT
CORPORATION
—Thomas H. Campbell/)
President v
COUNTY OF EAGLE, STATE
OF Zt7�e"O/�
DO
B y :
David E.-Mott
Chairman, Pro-Tem, of
the Board of County
Commissioners
`.
Page 5 of 6
d) Final approval from the Town of Eagle on
zoning and architectural review.
e) Detailed operating budget including proposed
rental rates and replacement allowances.
f) A detailed management plan including specific
management policies and tenant admissions
policies.
g) A finalized agreement between Eagle County
and the developer on any County rental
subsidy program.
h) A finalized agreement between Eagle County
and the developer on the design, construction
cost, and management of the Senior Activities
Center.
17. A local (in -state) licensed architect will be hired by
Buyer to supervise on -site construction subject to the
approval of Seller.
18. Seller will participate in the selection of an on -site
manager and reserves the right to include the Eagle County
Housing Authority as one of the potential managers.
19. The option contract should be for six months with a six
month extension to be approved by Seller if the applicant
can document that substantial progress has been
accomplished in pursuit of the Farmer's Home Section 515
funding program.
20. The subject property is to be used only for the
construction of Senior Citizen/Handicapped Housing and a
Senior Citizen Center.
C<Iltii'�Il�EEYI�EV�F?L�TS_`Pv'Yv14iV1Y�Ynvvxamv V^h*nv�a�ufvcw V�X�v,aKvvv[xz�.z¢v
PROFESSIONAL DEVELOPMENT
CORPORATION
B
Thomas H. Cam
Pe
President
COUNTY OF EAGLE, STATE
OF COLD ADO —
By :
David E. Mott
Chairman, Pro-Tem, of
the Board of County
Commissioners
../
22.
Page 6 of 6
•- i
L�ii:2^iC�!7v'0} G��7 vv.7.�J wv V•d�b •O:L 7•� GV:..:Vcq n�, ,_•- _ .y oq, •! ••'
swHsa':"i'�'O'� vv9 >> J73� 9J-� l '�y �� 99 •i0It, CI 441
JG
Buyer warrants that use of the property will be in accord
with his proposal as presented to the Seller, a copy of
which is attached and marked Exhibit B.
23. In any housing constructed on the property which is the
subject of this option, the Buyer agrees to give
preference to Eagle County residents.
24. This option shall not be assigned without the written
consent of the Seller.
25. Initial rents to senior citizens shall not exceed those
contained in Buyer's Proposal (Exhibit B) unless approved
in writing by Seller.
PROFESSIONAL DEVELOPMENT
CORPORATION�/�
By-cy� lllJ lb (U�iJ`�GGIl�
Thomas H. CampEe
President
COUNTY OF EAGLE, STATE
OF C7;4�4,vexe5�;�l
DO
By: 4
David E. Mott
Chairman, Pro-Tem, of
the Board of County
Commissioners
Page 6A
21. Seller is to pay all costs of construction of the
Senior Citizens Center to be constructed by the Buyer and the
Buyer shall lease the Senior Citizens Center to the Seller for a
period of fifty (50) years for the sum of one dollar ($1.00) per
year. The Seller shall be responsible for all utilities,
maintenance, and all other expenses in connection with
maintaining and operating the Senior Citizens Center.- The
Senior Citizens Center shall be located on a separate legally
described lot which is now a portion of the subject 3.5 acres
and said Senior Citizens Center lot shall not be mortgaged or
otherwise encumbered without the prior written consent of the
Seller. Any mortgage or other encumbrance shall be junior to
the lease to the Seller unless otherwise specifically authorized
in writing by the Seller.
The Buyer shall have use of the facility for storage,
office and miscellaneous activities for the tenant of the
project in cooperation with the County's management of the
Senior Citizens Center.
Construction costs as per the proposal of the Buyer
shall not exceed one hundred and seventy thousand dollars and no
cents ($170,000.00).
ATTEST:
COUNTY OF EAGLE, STATE OF COLORADO
By and Through its
BOARD OF COUNTY COMMISSIONERS
By — BY 1 �. i%�
rc ot the Board bt W. Keith Iro`xei, C airman
ounty Commissioners
PROFESSIONAL DEVELOPMENT CORP.
By:
Thomas H. Cam e PreYident
EXHIBIT A
PROPERTY DESCRIPTION
A 3.5 acre portion of Lot- 1, a resubdivision
of Lot 1, Block 1, of the Bull -Pasture
Subdivision, according to the recorded Plat
thereof (Plat recorded the 4th day of May,
1979, in Book 285 at Page 66; resubdivision
Plat for Lot 1 recorded November 19, 1980, in
Book 313, at Page 283.), County of Eagle,
State of Colorado.
to be more fully described by survey at the Seller's expense.
EXHIBIT B
r.
BUYER'S PROPOSAL
EAGLE COUNTY ELDERLY HOUSING
P't�ohfat
Essionat (2,euFfo ment -Ifo.z
1iota.tcon
5384 CQvc. ' S"ift 337
d�tnz �canuscc 38,19
Jr-Nv's tgorl 68s- groo
I N D E X
EXHIBIT NO.
1 PROPOSAL
2 List of Previous Projects funded through
FmHA or similar Federal Agencies
3 Resume - Professional Development Corporation
Resume - Thomas H. Campbell
4 List of References
• 5 Financial.Statements - 1981, 1982, 1983
6 Site Plans, Floor Plans, Elevations, Specifications
1
EXHIBIT NO. 1
P R O P O S A L
' r
v
P R O P O S A L
FOR
EAGLE COUNTY ELDERLY HOUSING
EAGLE, COLORADO
Professional Development Corporation proposes to develop an
Elderly Housing Apartment Complex, composed of 36 1-Bedroom
apartment units, of approximately 650 square feet each unit,
in accordance with the enclosed Plans and Specifications.
The estimated cost of this proposed development is: $1,119,583.00.
Based on this estimated cost factor, with financing through
the Farmers Home Administration Section 515, Rural Rental
Housing, Interest Credit, Plan II, program, the monthly rents
will be $ 225.00 Additionally, Professional Development
Corporation proposes to include in this development a Senior
Activites Center of approximately 5000 square feet, to be funded
by Eagle County from the proceeds of the land sale of $250,000.00.
It is'estimated that this building will cost approximately
$170,000.00. This would result in an approximate total replace-
ment value of $1,289,583.00 for the entire project.
Professional Development Corporation will prepare all necessary
FmHA funding documents, conduct a market/need survey, furnish
all necessary architectural drawings and specifications to meet
the approval of Eagle County and the Town of Eagle, and coordinate
all financing, construction, etc. Professional Development
Corporation will be the Owner of the project and will assume the
management responsibilities upon completion.
As a part of the application to FmHA for financing, Professional
Development Corporation will request Rental Assistance Payments
for the tenants. If approved, this would result in a rent subsidy
to the tenants, thereby relieving some of the burden.
EXHIBIT NO. 2
List of Previous Projects Funded through
FmHA or similar Federal Agency
PROFESSIONAL DEVELOPMENT CORPORATION
Memphis, Tennessee
T.TgT nF Ppn-TRrTG FTTNTIFTI TTM(1 M74 FmNA np VZTMTT.AP FFTIFRAT- Ar.vmrv.
1. Southern Villas of Rosedale, Ltd. _
Rosedale, Mississippi
Closing Date: July, 1981
24 Units - Elderly with 100% Rental Assistance
Total Cost: $565,684
Funding: FmHA Section 515, Interest Credit, Plan II'
with RAP
100% occupancy
2. Lutken Bayou Apartments of Drew, Ltd.
Drew, Mississippi
Closing Date: January 1982
36 Units - Multi -Family
Total Cost: $9109000.00'
Funding: FmHA Section 515, Interest Credit, Plan II
100% occupancy
3. Wesley Madison Towers, Ltd.
Memphis, Tennessee
Closing Date: August, 1982
146 Units - Elderly - Rehabilitation
Total Cost: $2,2009000
Funding: U S Dept of HUD
with 100% Section 8 subsidy
10G% occupancy
4. Iuka Apartments, Ltd.
Iuka, Mississippi Closing Date: September 1982
78 Units - Multi -Family - Rehabilitation
Total Cost: $19775,100
Funding: FmHA, Section 515, Interest Credit, Plan II
with 70% Rental Assistanc
85% occupancy
5. Southern Villas of Cleveland, Ltd.
Cleveland, Mississippi
Closing Date: November, 1982
40 Units - Multi -Family
Total Cost: $1,100,000
Funding: FmHA Section 515, Interest Credit, Plan II
100% occupancy '
6. Southern Villas of Holly Springs, Ltd.
Holly Springs, Mississippi
Closing Date: April, 1983
50 Units - Multi -Family
Total Cost: $1,350,000-
Funding: FmHA Section 515, Interest Credit w/100%
HUD Section 8 subsidy
100% occupied
Page Two
LIST OF PROJECTS FUNDED THROUGH FmHA OR SIMILAR FEDERAL AGENCY
7. Byhalia Apartments, Ltd.
Byhalia, Mississippi _
Closing Date: October, 1983
25 Units - Multi -Family
Total Cost:- $695,200
Funding: FmHA Section 515, Interest Credit, Plan II
w/507 Rental Assistance
100% occupancy
8. Southern Villas of Horn Lake, Ltd.
Horn Lake, Mississippi
Closing Date: November, 1983
48 Units - Multi -Family
Total Cost: $193609000
Funding: FmHA, Section 515, Interest Credit, Plan II
(Under Construction)
9. Plantation Townhomes, Ltd.
Greenville, Mississippi
Closing Date: November, 1983
48 Units - Multi -Family
Total Cost: $193509000
Funding: FmHA, Section 515, Interest Credit, Plan II
(Under Construction)
10. Forrest City Apartments, Ltd.
Forrest City, Arkansas
Closing Date: December, 1983
37 Units - Multi -Family
Total Cost: $1,1199850
Funding: FmHA Section 515, Interest Credit, Plan II
(Under Construction)
11. Windsor Townhomes, Ltd. Partnership
Windsor, Colorado
Closing Date: December, 1983
37 Units - Multi -Family
Total Cost: $19255,551
Funding: FmHA Section 515, Interest Credit, Plan II
(Under Construction)
12. Berthoud Townhomes, Ltd. Partnership
Berthoud, Colorado
Closing Date: December, 1983
31 Units - Multi -Family
Total Cost: $1,0089710-
Funding: FmHA Section 515, Interest Credit, Plan II
(Under Construction)
EXHIBIT NO. 3
RESUME - Professional Development Corporation
RESUME - Thomas H. Campbell
mow►'
PROFESSIONAL DEVELOPMENT CORPORATION
PROFESSIONAL DEVELOPMENT CORPORATION, a closely held corporation,
incorporated under the laws of the state of Tennessee, began its
operation in November, 1980. Since that time, it has received
authority to do business in the additional states of Mississippi,
Arkansas and Colorado. Its president, Thomas H. Campbell, is
a stockholder and Chairman of the Board of Directors.
PROFESSIONAL DEVELOPMENT CORPORATION is a diversified real estate
development/management company. Since its inception, its primary
interest has been the direct development of housing under the
financing programs of the Farmers Home Administration and the
U. S. Department of Housing and Urban Development. Under these
financing programs, Professional Development Corporation has
successfully developed 600 units of housing in 12 projects, _.:.:.
located throughout the Mid -South and Colorado.
PROFESSIONAL DEVELOPMENT CORPORATION has retained the management
responsibility of all its projects, and has contracted only
professional management agents to carry out the day to day
operation of each facility. This arrangement has resulted in
the assurance of proper maintenance, prompt rent -up, proper
reporting procedures, efficient operation, and total compliance
with the guidelines of each financing agent.
The following list identifies those projects mentioned above:
24
Units
Rosedale, Miss.
FmHA
36
Units
Drew, Miss.
FmHA
146
Units
Memphis, Tenn.
HUD
78
Units
Iuka, Miss.
FmHA
40
Units
Cleveland, Miss.
FmHA
50
Units
Holly Springs, Miss.
FmHA/HUD
25
Units
Byhalia, Miss.
FmHA
48
Units
Greenville, Miss.
FmHA
48
Units
Horn -Lake, Miss.
FmHA
37
Units
Forrest City, Ark.
FmHA
37
Units
Windsor, Colo.
FmHA
31
Units
Berthoud, Colo.
FmHA.
THOMAS H. CAMP BELL
R E S U M E
Mr. Campbell is, by degree, an Electrical Engineer, with a B. S.
in Electrical Engineering from Christian Brothers College, 1959.
He was the owner of Campbell & Campbell Consulting Engineers from
1963 to 1972, and was involved in the Architectural Engineering
of various projects, a partial list of which is attached, repre-
senting a cross section of the various projects.
Since 1972, Mr. Campbell has been involved in the Real Estate
Development Business, and was the President of UMIC Real Estate
Development Corporation from 1976 to 1980. While serving in
this position, he was involved in the development of approximately
3000 units of housing.
From 1980 to present, Mr. Campbell has been the President and
Chairman of Professional Development Corporation, a closely held
corporation, and has developed approximately $15,000,000 in
housing projects, incorporating some 650 units of housing under
the Farmers Home Administration Section 515 program, as well as
the Section 8 program of DHUD. '
Mr. Campbell is 51 years of age, and carries $1,500,000 of key
man insurance for his company. All construction is personally
monitored by Mr. Campbell, as well as the monthly construction
draws. Only prof.essional management firms are contracted to
manage all projects for Professional Development Corporation,
and are required to furnish monthly occupancy, cash flow, and
disbursement reports on all projects. Personal inspections of
all occupied projects are made by Mr. Campbell on a monthly basis.
llq�
All Professional Development -Corporation projects which are
finished have been syndicated through Investor Limited Partnerships
and all•projects are 100% occupied. Professional Development
Corporation has never had a project in default, or an escrow
account in arrears.
HOUSING PROJECTS DEVELOPED AS PRESIDENT OF PROFESSIONAL DEVELOPMENT:
Rosedale, MS.
Drew, MS.
Iuka, MS.
Cleveland, MS.
Holly Springs, MS.
Memphis, TN.
Byhalia, MS.
Greenville, MS.
Horn Lake, MS.
Forrest City, AR.
Berthoud, CO.
Windsor, CO.
LIST OF PROJECTS:
APARTMENTS:
Amarillo, Texas
Little RockAr.
Albuquerque,, N. M.
E1 Paso, Texas
Lexington, Ky
Louisville, Ky.
Evansville, Inc.
Nashville, Tn,
Hot Springs, Ar.
24
Unit
FmHA Elderly$
36
Unit
FmHA Multi -Family
78
Unit
FmHA Multi -Family
40
Unit
FmHA Multi -Family
50
Unit
FmHA Multi -Family
146
Unit
HUD Elderly (Rehab)
25
Unit
FmHA Multi-fAmily
48
Unit
FmHA Multi -Family
48
Unit
FmHA Multi -Family
37
Unit
FmHA Multi -Family
31
Unit
FmHA Multi -Family
37
Unit
FmHA Multi -Family
Architectural Engineering Design
NURSING HOME FACILITIES:
Greenville, N. C.
Richmond, Virginia
Towson, Md.
Cherry Hill, N. J.
Greensboro, N. C.
Winston-Salem, N. C.
Gastonia, N. C.
MOTEL PROJECTS:
Miami Springs, Fla.
Tucumcari, N. M.
Lancaster, Ohio
12-story high-rise
12-story high-rise
10-story high-rise
10-story high rise
14-story high rise
10-story high rise
12-story high rise
12-story high rise
12-story high rise
Fairhope, Alabama
Spartanburg, S. C.
Columbia, S. C.
Wilmington, S. C.
Tampa, Fla.
Lafayette, Ind.
Bloomington, Ind.
Shreveport, La.
Indianapolis, Ind.
100% occupied
100% occupied
88% odcuupied
100% occupied
100% occupied
100% occupied
(Under Construction;
11 �,
11 It
ff 11
if I1
if It
OFFICE BUILDINGS:
Cincinnati, Ohio
Five
Story =
Kansas City, Mo.
Cincinnati, Ohio
-Five
Story
St. Louis, Mo.
Cincinnati, Ohio
Five
Story
Houston, Texas
Indianapolis, Ind.
Twelve Story
Atlanta, Ga.
Louisville, Ky.
Five
Story
New Brunswick, N. J
Paducah, Ky
Four
Story
Memphis, Tn.
SCHOOL PROJECTS:
Twelve (12) in the
Memphis,
Shelby County
Area
HOSPITALS:
Winona Hospital, Indianapolis, Ind.
Rosewood Memorial Hospital, Houston, Texas
Eye, Ear, Nose & Throat, Memphis, Tn.
Sam Houston Hospital, Houston, Texas
Christian Hospital Northwest, St. Louis, Mo.
Rosewood Hospital, Hot Springs, Ark.
Farmington Hospital, Farmington, Mo.
Welborn Hospital, Evansville, Ind.
Gibson Hospital, Trenton, Tn.
Austin Rehabilitation Hospital, Austin, Tx.
Decatur Hospital, Decatur, Ga.
Christian Hospital Northeast, St. Louis, Mo.
West Paces Ferry Hospital, Atlanta, Ga.
LIST OF PROJECTS:
Fairbury, Neb.
Beatrice, Neb.
Chattanooga, Tn.
Greenville, Tn.
Princeton, W. Va.
Beckley, W. Va.
Mt. Hope, W. Va.
Jackson, Ms.
Carbondale, Ill
Memphis, Tn.
Bowling Green, Ky
Five Story
Five Story
Three Story
Ten Story
Six Sotry
14 -story
Housing - Section 8 - Pres. UMIC Development
Garden Type
Garden Type
Garden Type
Garden Type
10-Story High Rise
Garden Type
Garden Type
Garden Type
2 (12) Story High Rise
2 (12) Story High Rise
15-Story High Rise
FMA
ll,
EXHIBIT NO
List of References
2
LIST OF REFERENCES:
Dick Lingle, Chief
Rural Rental Housing
Farmers Home Administration
2490 West 26th Ave. Rm. 231
Denver, CO. 80211
Ron Mosher
Multi -Family Housing
Farmers Home Administration
2490 West 26th Ave., Rm. 231
Denver, Colo. 80211
W. R. Sargent
Crossroads Realty
Crossroads Shopping Center
Vail, CO. 81658
Doyle Jackson, Manager
City of Berthoud
Berthoud, CO.
Rick Lessner
City Manager
Windsor, CO. 80550
Ron Choate
Roche Constructors
2424 Sixth Ave.
Greeley, CO. 80632
Pam Falkner, CPA, CMA
1310 S. Avalon
West Memphis, AR. 72301
Arlen Harris
Vice President
Commercial & Industrial Bank
200 Madison Ave.
Memphis, TN. 38119
H. David Lowrance
Attorney at Law
Suite 420 - LakeCrest II
6055 Primacy Parkway
Memphis, TN. 38119
on
V
EXHIBIT NO. 5
Financial Statements - 1981, 1982, 1983
PROFESSIONAL DEVELOPMENT CORPORATION
Financial Statement
October 31, 1983
PAM FALKNER, CMA, CPA
PAM FAILKNER, CMA, CPA
1310 SOUTH AVALON • WEST MEMPHIS, ARKANSAS 72301- • PHONE SO1/732-6160 -
Board of Directors
Professional Development Corporation
Memphis, Tennessee
I have reviewed the accompanying balance sheet of
Professional Development Corporation as of October 31,
1983, in accordance with standards established by the
American Institute of Certified Public Accountants.
All information included in this financial statement
is the representation of the management of Professional
Development Corporation.
A review consists principally of inquiries of company
personnel and analytical procedures applied to finan-
cial data. It is substantially less in scope than an
examination in accordance with generally accepted
auditing standards, the objective of which is the ex-
pression taken as a whole. Accordingly, I do not express
such an opinion.
Based on my review, I am not'aware of any material mod-
ifications that should be made to the accompanying
financial statement in order for it to be in conformity
with generally accepted accounting principles.
West Memphis, Arkansas
March 26, 1984
MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
�OFESSIONAL DEVELOPMENT-CORP.
Balance Sheet
October 31, 1983
ASSETS
CURRENT ASSETS:
Cash
Accounts Receivable--Partnerships-Note
B
Inventory
Fees Receivable --Note C
Options
Total Current Assets
INTERMEDIATE ASSETS:
Fees Receivable --Note C
Notes Receivable
Equipment
$13,342.10
Less: Accumulated Depreciation
6,982.83
Furniture & Fixtures
$ 70764.75
Less: Accumulated Depreciation
3,847.13
Organizational Cost
$ 10.00
Less: Amortization
4.00
Total Intermediate Assets
LONG-TERM ASSETS:
Partnership Interests
Land
Total Long -Term Assets
TOTAL ASSETS
LIABILITIES AND STOCKHOLDERS' EOUITY
CURRENT LIABILITIES:
Accounts Payable
Employee Withholding
Notes Payable
Total Current Liabilities
INTERMEDIATE LIABILITIES:
Notes Payable --Note D
Total Intermediate Liabilities
TOTAL LIABILITIES
STOCKHOLDERS' EQUITY:
Common Stock:
(Authorized 6,600 shares, par value $ .01
issued and outstanding 6,600 shares)
Paid -In Capital
Retained Earnings
TOTAL STOCKHOLDERS' EQUITY
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
See Notes to Financial Statement.
$ 44,575.52
2279917.51
239474.69 -
742,060.00
16,285.00
$190549312.72
$1,752,165.00
14,994.00
69359.27
3,917.62
6.00
$ 2919074.85
4279095.00
1,7770441.89
7189169.85
$39549,924.4f
$ 179571.14
3,458.76
88,368.24
$ 1099398.14
$1,357,137.57
$ 66.00
1490940.00
1,933,382.75
1,3579137.57
$1,4660535.71
2,083,388.75
$3,549,924.4f
PROFESSIONAL DEVELOPMENT CORP.
Financial Statements
October 31., 1952
1
PAM FALKNER, CMA, CPA
PAM FALKNER, CMA, CPA
1310 SOUTH AVALON • WEST MEMPHIS. ARKANSAS 72301 • PHONE 501/732-61130
Board of Directors
Professional Development Corporation
Memphis, Tennessee
I have reviewed the accompanying balance sheet of
Professional Development Corporation as of October 31,
1982, and the related statements of income and retained
earnings for the period then ended, in accordance with
standards established by the American Institute of
Certified Public Accountants. All information included
in these financial statements is the representation of
the management of Professional Development Corporation.
A review consists principally of inquiries of company
personnel and analytical procedures applied to financial
data. It is substantially less in scope than an exam-
ination in accordance with generally accepted auditing
standards, the objective of which is the expression taken
as a whole. Accordingly, I do not express such an opinion.
Base on my review, I am not aware of any material modifi-
cations that should be made to'the accompanying financial
statements in order for them to be in conformity with
generally accepted accounting principles.
West Memphis, Arkansas
May 12, 1983
MEMBER OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
PROFESSIONAL DEVELOPMENT CORP.
Balance Sheet
October 31, 1982
ASSETS
CURRENT ASSETS
Cash --Bank Account $ 139412.07
Accounts Receivable 75.50
Inventory --Note B 440,887.51
Options --Note C 109985.00
Total Current Assets $4659360.98
INTERMEDIATE ASSETS
Notes Receivable --Stockholder $ 149994.00
Equipment $81,783.4 9
Less: Accumulated Depreciation 49838.67. 39944.82
Furniture & Fixtures $7,9574.00
Less: Accumulated Depreciation 2,802.41 4,771.59
Organizational Cost $ 10.00
Less: Amortization 2.00 8.00
Total Intermediate Assets 239718.41
LONG-TERM ASSETS
Land--7 acres $ 36,395.00
Total Long -Term Assets 36,395.00
TOTAL ASSETS $525,474.39
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable --Note D
Employee Withholding
Notes Payable
Total Current Liabilities
INTERMEDIATE LIABILITIES
Notes Payable
Total Intermediate Liabilities
TOTAL LIABILITIES
STOCKHOLDERS' EQUITY --Note E
Common Stock:
(Authorized 6,600 shares, par value $.01
issued and outstanding 6,600 shares)
Paid -In Capital
Retained Earnings
TOTAL STOCKHOLDERS' EQUITY
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$ 179311.83
1,567.26
7089891.54
$727,770.63
$ 19 648.05
1,648.05
$729,418.68
$ 66.00
149,940.00
(353,950.29)
(2032944.29
ec�c i.-71 1n
See Notes to Financial Statements.
See Accountant's Review Report.
PROFESSIONAL DEVELOPMENT CORPORATION
Financial Statements
October 31, 1981
P AM FALKNER, CMA, CPA
PAM FALKNER, CMA, CPA
1310 SOUTH AVALON - WEST MEMPHIS, ARKANSAS 72301 - PHONE 501/732.6180
Board of Directors
Professional Development Corporation
Memphis, Tennessee
I have reviewed the accompanying balance sheet of
Professional Development Corporation as of October 31,
•1981, and the related statements of income and retained
earnings for the period then ended, in accordance with
standards established by the American Institute of
Certified Public Accountants. All information included
in these financial statements is the representation of
the management of Professional Development Corporation.
A review consists principally of inquiries of company
personnel and analytical procedures applied to financial
data. It is substantially less in scope than an examina-
tion in accordance with generally accepted auditing stan-
dards, the objective of which is the expression taken as
a whole. Accordingly, I do not express such an opinion.
Based on my reviews, I am not aware of any material mod-
ifications that should be made to the accompanying finan-
cial statement in order for them to be in conformity with
generally accepted accounting principles.
West Memphis, Arkansas
December 73, 1981
ASSETS
CURRENT ASSETS
PROFESSIONAL DEVELOPMENT CORP.
_ Balance Sheet
October 31, 1981
Cash $ 26,871.08
Accounts Receivable--N6te B 62207.24
Options --Note C 249,280.00
Total Current Assets $ 57,358.32
INTERMEDIATE ASSETS
Partnership Interest --Note D $ 41,338.69
Equipment $8,592.74
Less: Accumulated Depreciation 2,491.38 6,101.36
Furniture & Fixtures $79764.75
Less: Accumulated Depreciation 1,418.49 63,346.26
Total Intermediate Assets 53,786.31
TOTAL ASSETS 5111_144.63
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable --Note E
Employee Withholding
Notes Payable --Note F
Total Current Liabilities
INTERMEDIATE LIABILITIES
Notes Payable --Note F
Total Intermediate Liabilities
TOTAL LIABILITIES
STOCKHOLDERS' EQUITY --Note G
Common Stock:
(Authorized 6,000 shares, par value $.01
issued and outstanding 5,400 shares)
Paid -In Capital
Retained Earnings
TOTAL STOCKHOLDERS' EQUITY
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
See notes to financial statements.
$ 149870.34
19187.28
101,874.10
$117,931.72
$ 2,663.95
2,663.95
$120,595.67
$ 54.00
1349946.00
(1449451.04)
(9,451.04)
$111,144.63
'%W
EXHIBIT NO
Site Plans, Floor Plans, Elevations, Specifications
- \ �00
rjs
/� PON
1 —
�a strE
�IF
a INM MAP - — ty • •
I, a >
'Azle
~ R
rou
10 !�
1
1.G
S I T E PLAN
L 6OMNO'
TY (�. 1T YYsII�PD
1 C{� WIT aLoan.Y Ou.LD.4W • or, CRGa2.14-
TOTAL au1101"O -aa• .24477 \
�.anHa 1 nn ~1 r 15 ra CM�LWtrry Cn1T Or--
Li C> .Val •'l.41`M'
I
aloft i
•
.ty D�e - s S T :�
�/ Iy G -
00
a
cc
_ W
41, op
� 1
. o0
f
...,�
J - ►rt . .
FRONT ELEVATION
ROOM -�
-� ctvmsn
OTJ♦:G �� �FJ'fCE
i
J
etz 0,
HUD-5081
Page 1 *f T°
dl;aber 1972
Local Authority
or Developer
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
OUTLINE SPECIFICATION
Professional Development Corp.
Project No.
Form Approval
OMB NO. 63—R 1380
Project Name EAGLE COUNTY ELDERLY HOUSING Architect Tom Albin and Associates, Architect,
P.C.
Location Eagle County, Colorado Date May 17, 1984
INSTRUCTIOAS: Describe all materials and equipment to be used. Include no alternntes or equivalents. Show extent of work
and typical details on drawings. Attach additional sheets if necessary to completely describe the work. The Cost Estimate will
recognize quality products and materials in excess of acceptable minimums, when specified. Certain parts of the work cannot be
put in their proper classification until more information about their materials and construction is known; therefore describe, under
suitable categories below, the following: main service and other stairs, treads, risers, handrails, balusters, etc.; sound insula-
tion of partitions and floors separating apartments and between apartments and public spaces; utility conduits and tunnels, water
proofing and drainage, utilities, and related insulation; retaining walls; garages and accessory buildings; and off -site improve-
ments required to serve the project such as roads, curbs, walks, utilities. storm sewers, planting, etc.
i. GENERAL REQUIREMENTS: A completed project including appliances and landscaping
_ consisting of thirty six units and Community Building; a total of ten
—eparate buildings.
2. SITE WORK: To be determined by laboratory borings.
Type of Soil , Bearing Capacity
Material and thickness of fill and base course.
Demolition: Construction of structures to be demolished and materials to be reused.
Other land improvements.
Storm Drainage: Culverts, pipes, manholes, catch basins, downspout connection (dry well, splash blocks, storm sewer).
Site Preparation: Tree protection, surgery, wells, walls, topsoil stripping, clearing, grubbing, and rough groding.
Maximum number of trees to be retained. Topsoil to be stripped and
redistributed. Culverts and manholes -to be determined by Engineer.
Curbs and Gutters: Type and material.
6" high integral with concrete drive
Pavement: Material and thickness of base and wearing surface for drives, parking areas, streets, alleys, courts, walks,
dryin yards and play areas. Steps handrails checkwalls.
goadbed ravel, *I` tk+ck after compaction; 2-1/21' asphaltic concrete, 3000 P.S.I.,
curbs and gutters. Pavement shall be p-laced over compacted soil, Steps
and walks shall be 3.000 P.S.I. concrete. All exterior concrete shall be
air -entrained.
Equipment for Special Areas and Enclosures: Play equipment, benches, fences.
Six —font 1) high wood fances around aarhaee eolleetion stations
Shuffleboard: horseshoes: seating areas.
Finish Gradin : A prgximate existing de th and method of improving topsoil. Extent of finish gradin .
Three- � nc�l [ j ) topsol l to be redistributed over rough grade. eommerci a l
fertilizer to be added.
Lawns and planting: Type, size, quantity and location of lawn, ground cover and hedge material, trees, shrubs, etc.
Existing trees shall remain where possible; $250.00 per unit allowance
for landscaping.
NOTE: This Outline is based on the "Uniform System" for Construction Specifications, Data Filing, and Cost Accounting developed by
AIA, CSI , and AGC.
1^
HUD-50e7
Page 2 of 7 -
OctobeAkI972
3. CONCRETE: Concrete strength for exterior walls below and above grade, interior walls and partitions, piers, footings, col.
umns and girders. Size, thickness and location on drawings. Note portions having reinforcing steel on drawings. Location,
size and material of footing drains and outlet.
Foetina shal 1 be_ reiaforcrd with two (7) No. 5 rods continuous top and
bottom and poured monolithic with floor slab or as approved by soils report_.
Structural system of concrete floors at basement, other floors and roof. Thickness of slabs and strength of concrete. Attached
exterior concrete steps and porches. If more than one type of construction is used, list separately and state locations.
Floor slabs and porches shall be 4" thick, 'f,000 P.S.I. with 6 x 6 10/10
wire mesh, Walks and steps do not require mesh. Air -entrainment shall be
in exterior concrete.
Slab Perimeter Insulation:_ thick stY, rofoam.
4. MASONRY: Material and thickness of exterior walls above and below grade, interior walls and partitions, fire walls, stair,
hall and elevator enclosures, chimneys, incinerators, veneer, sills, copings, etc.
Brick or stone masonry; allowance shall be based on brick at $140 per thousand.
5.
METALS:
Miscellaneous Iron:
Access Doors
Area Gratings
Foundation Vents
Material and size of items such as:
Structural Steel: Framing or structural system used.
Lintels
Fire Escapes
6. CARPENTRY: Size, spacing, and grade of lumber to be used for floor, roof, exterior walls above grade and interior partition
framing, subfloor, sheathing, underloyment and exterior finish materials (wood siding, shingles, asbestos siding, etc.).
Studs: 2 x 4 x 16 o.c, on exterior walls and load -bearing partitions;
24" o. c. l other locations. Material shall be stud grade S.Y.P.. spruce or ceder.
Grade and species for interior and exterior finish work. wh te. pine or- f I r-.,
Exterior siding: H.U.D, approved hard oard.
Exterior trim: white pine, fir, cedar or redwood.
,ON
< M
Z
HUD-54874-
Page3of7
October 1972
7. MOISTURE PROTECTION: Materials and method of waterproofing walls and slabs below grade, location, thickness or number
of plies. Type of permanent protection of waterproofing (parging) if used. Method of dompproofing above grade. Flashing
materials if other than sheet metal. Spandrel waterproofing.
6 Mil Uis-queen below slabs and on wingow and doors. Same for base flashing
in masonry veneer.
Thermal Insulation: Thickness and type of material. Method of installation.
Exterior walls wall R=19. Fiberglas batts friction fit, F.S.H.H. - 1521
Coiling below Roof Cti 1 i ng- R= s8 b 1 own f i berglas; H, H-1-S 1 SC.
Roof
Other
Roofin : Roof covering materials and method of application, weight of shingles, number of felt plies, bitumen, etc.
(1layer 1511 felt.
Self -seal f i berg l a s shingles ghi ng 240 lbs. /square Apo l i ed in accordance
w1 th manufacturer i c di rer_t iAns.
Sheet Metal: Material and weight or gouge for flashings, copings, gutters and downspouts, roof ventilators, scuppers, etc.
26 ga. hot -dipped galvanized.
Caulking: One part mixture acrylic at paintable surfaces.
B. DOORS, WINDOWS AND GLASS:
Windows and Frames: Type and Material. Special construction features or protective treatment.
Aluminum single -hung triple -glazed; H-2 quality to meet requirements of
& W OH-B I-H0.
Glazing: Thickness, strength and grade of glass and method of glazing.
Furnish with dual glazing and storm sash.
Metal Curtain Walls:
Doors and Frames:
Exterior: Thickness, material and type at all locations.
1-3 4" steel insulated door, U=0.1333, with integral frame and threshold.
Interior: Thickness, material and type for public halls and stairs, apartments (entrance and interior), boiler rooms, fire
doors and other locations.
Flush hollow core Type II luan.
Finish Hardware: Material and finish of exterior and interior locksets, sliding and folding door hardware, window and
cabinet hardware, door closers, door knockers, numbers, etc.
Exterior doors: prehung with hinges, furnish deadbolt and wall stop. _
Bedroom and bath: (1) pair hinges, privacy latchset- wall stop
Closet and storag • 'noesr--assage set_ wall sta
Livinq Units Front: wrought iron security doors.
-
Offices and Community areas: pair hinges, deadbolt.
Master key all doors.
Vk
ab
�6�
HUD-5087
Pad!q.4 o0 r
October 1972
Weatherstripping: Material and Type.
Weatherstripping:
Windows wool gi-le by- manu actu er
ExteriorAoors In eara 1 with door and frame.
Thresholds Aluminum; set in mastic.
Screens: Type and material of mesh and frames.
18/14 mesh aluminum screen cloth set in aluminum rolled formed section. -
9. FINISHES:
Grade, material, and thickness of all finishes.
5/811 1-hour Type "X" Gypsum board on exterior and party walls; 1/2" M/R in
baths. `
1 f 2" nvec_1m hoard ether 1 erati ons_
Painting: Type and number of coats.
Exterior
Wood Primer and two (2) coats of 1
Metal Primer and two (,2) coats of 1
Masonry None
Interior
Wood Primer and two (2) coats oil
Metal
Walls & Ceilings Wa11s: (2) coats latex;cei ling
Kitchen & Bath Primer and (2 ) coats of 1. sprayed
Tile and Ceramic Bathroom Accessories:
Floor and Wall Covering Materials: Thickness, grade, finish and wainscot height.
LOCATION
MATERIAL
FLOORS
WALLS
o.
b.
C.
d.
Bathroom Accessories: Material and Quantity.
Attached Two (2) towel bars, soap and grab, tooth brush holders shower rods and toilet
Recessed paper holder.
Resilient Flooring: Location, type and gouge, for all materials.
Armstrong 0.089 "Cambray" sheet vinyl
10. SPECIALTIES: List Significant Items.
Coal Chutes . Interior partitions other than concrete, masonry or wood
rw
HUD.548?'*
Nbge S of 7
October 1972
Medicine Cabinets: Material, size and type..
Recessed with mirror #3082
Mail Boxes, Package Receivers. Gans tygms front loading,
Packaged Incinerators.
11. EQUIPMENT: _
Refrigerators: Capacity for each size of living unit.
14 cu, foot frost free
Kitchen Ranges: Size and type for each size of living unit.
Electric 30" with metal hacksnlash.
Kitchen Cabinets: Detail on drawings.
Wall Units: Material Rotary birch
Base Units: Material Rotary birch ;
Counter Top and Backsplash Material
Other cabinets and built-in storage units:
Finish _Stain — 2 coats varnish
Finish ,Stain - 2 coats varnish
Equipment: Garbage disposal units, dishwashers, clothes washers and dryers.
Garbage disposal each unit.
Dishwasher in community kitchen
washer —Dryer connections,
12. FURNISHINGS:
Shades: Type of shades, venetian blinds or other devices for privacy and control of natural light.
Shades: two—p 1 y, b mil, vinyls light filtering with tailored edge.
Drapes: open seave fabric meeting NFPA fire -resistance tests
Curtain rods: draw —type Kirsch 3025.
13. SPECIAL CONSTRUCTION: Incinerators — Job constructed.
14. CONVEYING SYSTEMS:
Elevators: Attach letter from manufacturer whose elevator installation is proposed, containing a brief comprehensive spec•
ification for the complete elevator installation, and the manufacturer's statement that the number of elevators proposed and
the installation described will provide adequate service, and that manufacturer maintains an effective service organization
in the project locality.
15. MECHANICAL:
Plumbing and Hot Water Supply:
Fixtures: Material, size, fittings, trim and color.
Sink two —compartment stainless steel
Lavatory in
Water Closet tam rye rn n I
Bathtub
enc osure
Shower over tub
Stall Shower _
Laundry Trays
Other
.40 , � r
-508i . o
6 of
ber 1972
Piping: Material and type:
Soil Lines _ Schedule 40 PVC, 0-2666 Gas Lines
Waste Liner-1rhP-Cf" 1 P 40 Mir. —2"'c Standpipes
Vents 40 RUC Interior Downspouts
Water Copper: Type "K" below grade y2a " 1. v - 2
Volvo Shutoff for Servicing Cu -of f f or each unit; cut. -off for each buildings
Domestic Water Heating:
Direct fired: Type, capacity and recovery rate.
Indirect fired: Separate boiler or combined with space heating boiler. Starage and recovery capacity.
Insulation: Type and thickness of insulation on water lines and water hooting equipment.
Rubatex tubing insulation, ASTM C-534, 4.5/8.5 density.
Heating:
Kind of System: Hot water, steam, forced warm air, gravity worm air, etc.
_Forced warm air,
Fuel Used: Electric heat -pump.
Calculated Load: R 00 RTt 1 .(t_o be mer i f i ed )
Heating , Domestic Hot Water , Total
Equipment:
Make and Model Whirlpool 0 FXB 44-55 BR 5590110 BTLI input
440000 BTU- out_nut
Input (per hr.): Coal (lbs.) , oil (gals.) , gas (BTUH)
Output (BTUH)
Distribution System:
Insulation: Type and thickness of insulation on heating equipment and distribution system.
11 fwexibwe- stapled on
Room Heating Units: Baseboard units, radiators, convectors, registers, etc.
Ceiling and wall grilles.
Space Heaters: Type, make, model, location and output of heating systems such as wall heaters, floor furnacos and unit
heaters.
Temperature Controls: Individual unit, zone, central, etc.
Unit thermostats.
Ventilation: Location, capacity and purpose of ventilating fans.
Broam fan from interior toilet,
Air Conditioning:
Unitary Equipment: Self Contained or packaged units.
Calculated load: 11,000 BTU, to be ver i f 1 ed with J-document
C7
