ALABARGE
INDUSTRIES
April 6, 2018
Mr. John Dutrey
Project Manager
City of Rialto, Development Services Department
150 S. Palm Avenue, Rialto CA 92376
Re: Willow and Jackson:
New Development of 8-12 affordable apartment units.
Dear John,
Following our previous conversations regarding the urgent need for affordable apartment units within the City of Rialto, please consider the following proposal to develop and construct new affordable units on the property referenced.
Proposal to the Rialto Housing Authority:
In partnership with the City of Rialto Housing Authority (RHA), we propose the following:
• LaBarge Industries (LBI) shall enter into an Affordable Housing and Development Agreement with the RHA to develop affordable housing units on the property referenced above. Rents will be set as required by the NSP regulations. • LBI shall purchase the property from the City of Rialto Successor Agency for $140,000.00. • RHA shall contribute $1,640,000 of NSP and housing funds to the partnership as a Residual Receipt Loan at an interest rate of
0.25%.
• County of'San Bernardino Economic Development Department shall contribute $360,000 of CHTO funds to the partnership as a Residual Receipt Loan at an interest rate of 0.25%.
• RHA shall provide a pre-development loan of $150,000.00. This advance will be included in the overall Residual Receipt Loan. • LBI shall process a construction loan with permanent take out financing. • LBI shall process all necessary land use entitlements. • LBI shall contract with a city approved general contractor to complete the development. : La shallbe responsible for constuction management of the project. LBI shall retain Quality Management Group to professionally manage the project.
Veteran prospective residents shall be given a rental preference to occupy units within Fair Housing rules.
Please review this proposal. Flook forward to speaking with you soon.
Sincerely,
parr
Joshua LaBarge
President
3105 East Guasti Road, Suite 100 • Ontario, CA 91761
909-931-9763•909-982-0293 fax
UNIT DISTRIBUTION
Jackson 12
Printed on 3/23/18 at 11:16 AM
Total
Number Income Gross tility Net Net Rent Monthly Annual Square Or Units Category SE Rent Allowance Rent Per Sqfir Rent Rent Linit % Footage Studio
30%% TC
35% TC = • O
40% TC SO
45% TC
0 50% TC
60% TC
Market 0 ...-
Mänager
1 Bedroom
30% TC SO
35% TC SO
40% TC SO ..... ...
45% TC
50% TC 33333833
60% TC
80% TC SO
Manager S0
2 Bedrooms
30% TC
35% TC
40% TC
45% TO
50% TC
60% TC
80% TC
Manager
3 Bedrooms
30% TC so 0%
35% TC so 0%
40% TC so
45% TC
50% TC
60% TC wa
80% TC sn $1.09 S64
Manager
4 Bedrooms
6 88
so
SO
0 0
Unit Distribution Summary
summar Income Units Total % Unit Size linits Total %
otal SI 10.200 30% TC 0.0% Studio 0.0%
Avg. Unit SF 850 35% TC 0.0%% I Bedroom 0.0%
Monthly Rent S13,349 40% TC 0.0% 2 Bedrooms 66.7%
Annual Rent $160,190 45% TC 0.0% 3 Bedrooms 33.3%
Avg. Reng (excl. manager's) S1,112 50% TC 250% 4 Bedrooms 0.0%% Avg. Rent PSF (excl. manager's) S1.31 60% TC 0.0% Total 100.0% Bedrooms 28 80% TC 75.0%
Subtotal 100.0%2
Manager
Total