Garrison Companies. Creating quality affordable housing for communities in need and value for our investors

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2 Garrison Companies Creating quality affordable housing for communities in need and value for our investors

3 Garrison Companies Garrison Community Development, LLC 17 Properties since 1997: Kansas (8) Oklahoma (4) Nebraska (2) Colorado (1) Utah (2) New Construction/Historic Rehabilitations Low Income/Mixed Use Properties

4 Garrison Companies Garrison Community Development, LLC Pending Projects: Nebraska: La Vista 60 units

5 Garrison Companies Garrison Community Management, LLC Property management company for Garrison properties Tax credit compliance management Manages over 800 units across six states

6 Garrison Companies Construction Dynamics, LLC General Contractor Joint venture between Garrison Construction and Fauss-Wygo, formerly R.L. Fauss Builders, Inc. Expertise in Affordable Multi-Family construction Historic rehabilitation expertise Construction management expertise Knowledge of lender and investor needs that ensure an overall successful project Completed over 700 units since 2006

7 Garrison Companies Project History Kansas: Besse Apartments, Pittsburg, KS Historic Rehabilitation Multifamily 46 units Bonner Highlands, Bonner Springs, KS New Construction - Multifamily 48 units Bonner Highlands II, Bonner Springs, KS New Construction Multifamily 36 units Harvester Lofts, Wichita, KS Historic Rehabilitation Multifamily 48 units Kaylene Court Apartments, Wamego, KS New Construction Multifamily 36 units Mill Supply Apartments, Downtown Coffeyville New Construction Multifamily 32 units Pheasant Hill Apartments, Manhattan, KS New Construction Senior Living 48 units Sentney Lofts, Hutchinson, KS Historic Rehabilitation Senior Living 33 units Willow Grove Apartments, Salina, KS New Construction Senior Living 48 units

8 Garrison Companies Project History Nebraska: City View Apartments, Wahoo, NE New Construction Multifamily 24 units Maple Ridge Apartments, Chadron, NE New Construction Multifamily 18 units Oklahoma: Boomer Creek Apartments, Stillwater, OK New Construction Multifamily 64 units Boomer Creek II Apartments, Stillwater, OK New Construction Multifamily 44 units Surety Apartments, Muskogee, OK Historic Rehabilitation Senior 37 units Manhattan Apartments, Muskogee, OK Historic Rehabilitation Senior 42 units

9 Garrison Companies Project History Colorado: Prairie Sun Apartments, Fort Lupton, CO New Construction Multifamily 50 units Utah: Jordan River Apartments, West Jordan, UT New Construction Senior Living 48 units Oak Creek Apartments, Ephraim, UT New Construction Multifamily 30 units

10 Garrison Companies Project History Past Kansas City project: Cold Storage Lofts located at 500 E 3 rd Street in the River Market neighborhood of downtown Kansas City

11 Garrison Companies Project History Cold Storage consists of 224 units The property experienced a quick lease up and maintains good occupancy levels The development and construction conducted has won several awards, including: Kansas City Business Journal s Capstone Award Timothy Anderson Award for Excellence in Historic Rehabilitation

12 Fauss Wygo General Contractor

13 Fauss Wygo General Contractor

14 Ebersoldt + Associates Architecture

15 Ebersoldt + Associates Architecture

16 Ebersoldt + Associates Architecture

17 Ebersoldt + Associates Architecture

18 Ebersoldt + Associates Architecture

19 WESTPORT COMMONS Historic School located at 315 E 39 th Street

20 WESTPORT COMMONS Development Plan The proposed development plan includes renovating the building and converting it into 118 one and two-bedroom units Development will be age-restricted to seniors Unit Mix: Type Number of Units Rent 1BD 73 $550 2BD 45 $650

21 WESTPORT COMMONS Development Plan Unit amenities will include: central heating/air conditioning, refrigerator, garbage disposal, stove/oven, dishwasher, in-unit washer/dryers. All appliances will be energy-star rated Extensive community amenity package will be offered including: community room, leasing office, computer lab, tenant storage, fitness center, off-street parking, garden The auditorium and gym will be restored for tenant use

22 WESTPORT COMMONS Financing The $19,500,000 development will be funded by equity generated from the sale of 4% Federal Historic Tax Credits, State Historic Tax Credits and deferred development fee from the developer, Garrison Community Development, LLC Developer will apply for 4% tax credits through Missouri Housing Development Commission in April 2013 A construction and permanent loan from a private lender that will buy the tax exempt multifamily revenue bonds for the project will be required Property tax abatement through the PIEA or City 353 tax abatement will be sought

23 WESTPORT COMMONS Schedule DEVELOPMENT SCHEDULE EVENT DATE MHDC application submission Apr-13 MHDC approval Jun-13 Construction Start Oct-13 Construction Complete Oct-14 Lease-up Jun-15

24 WESTPORT COMMONS Comparables A survey of the multifamily market in the midtown area indicated an overall occupancy rate of 94% The rents ranged from: 1BD units - $524-$1,095 2BD units - $670-$1,470

25 WESTPORT COMMONS Aerial

26 WESTPORT COMMONS Plans Ground Floor

27 WESTPORT COMMONS Plans 1st Floor

28 WESTPORT COMMONS Plans 2nd Floor

29 WESTPORT COMMONS Plans 3 rd Floor

30 WESTPORT COMMONS Proposal Benefits Providing new, quality units to the elderly on a fixed income Other options for senior housing in the area are obsolete and dysfunctional with high maintenance costs and inefficient or no heating/cooling

31 WESTPORT COMMONS Proposal Benefits We have experience and past successes rehabilitating historic buildings into multifamily living We continue to manage and operate our properties so quality and maintenance is a priority

32 WESTPORT COMMONS Proposal Benefits As a LIHTC project, there are strict standards for energy efficiency and maintenance Unlike a typical market rate development, the state agency and investors monitor the property throughout its operations to ensure quality

33 WESTPORT COMMONS Proposal Benefits We will pursue partnerships with social service providers to provide meals on wheels, utility assistance, nutrition counseling, health/wellness education, and credit counseling We provide these service in our other developments because we believe a vital tenancy makes a stronger neighborhood

34 WESTPORT COMMONS Proposal Benefits Holiday events will be hosted at the development for the social benefit of seniors The restoration of the auditorium will be a great community/neighborhood amenity A community garden will be offered at the property for the enjoyment of the tenants and neighborhood

Jim Provenzale Associate Regional Counsel for Housing Finance and Programs James.V.ProvenzaleIII@hud.gov

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