New Brookhill Presentation July 2020

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Welcome to New Brookhill Overview Presentation Updated July 10, 2020

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New Brookhill #brookhillmatters

Tom Hendrickson Chair & CEO Lookout Housing Ventures, Inc.

Patricia G. Garrett President Lookout Housing Ventures, Inc.

Natasha Fowler Project Manager V.P Project & Asset Mgt. Lookout Housing Ventures, Inc. Â Stanley Watkins City Strata Consulting Senior Advisor

Alvin C. Jacobs, Jr. Community Relations Advisor

Terry Shook Shook Kelley, Inc.

Brian Jenest Cole Jenest Stone

Frank Quattrocchi Shook Kelley, Inc.

Jeff Brown Moore & Van Allen

Tracy Russ, SOLID Public Relations Advisor

Chris Lee WeaverCooke, Inc.

Bobbie Fisher Bobbi Thomas Builders

Ricardo Fisher Bobbi Thomas Builders

Mike Jones Property Manager Brookhill Village

New Brookhill team

Courtney Lundquist S.L. Nusbaum Realty Co.

Rev. Ray McKinnon President South Tryon Community Development Corporation (STCDC)

A proud history of community over decades.

Generations of families have called Brookhill Village home.

A pioneering project in 1951 when originally constructed.

Originally included supermarket, beauty and barber shop, gas station, hardware and variety stores for residents.

Many area business and civic leaders have lived in Brookhill over the years.

A community built for hope

Buildings fall into disrepair.

Community safety threatened.

Brookhill left behind as surrounding area thrives.

Federal Forfeiture Action by the US Attorney and more Brookhill lawsuits.

Complications drive most developers away.

The future of Brookhill Village looks bleak.

A future threatened by challenges

Walking in, not walking • away South Tryon Community Development Corp (STCDC) formed •

Community Resource Center established

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Brookhill Village II LLC “Bargain Sale” to the CDC

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Brookhill Land Lease Ventures LLC buys the lease from the STCDC

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Brookhill Land Lease Ventures LLC • • •

Photo credit: 2018 © Alvin C. Jacobs, Jr. Permanent Collection of the Harvey B. Gantt Center

Negotiated new lease with Brookhill Land, LLC (property owner).

Signed agreement with ALL prior parties resulting in dismissal of ALL state and Federal actions.

Agreement included commitment with CMPD to use reasonable efforts to redevelop Brookhill subject to financial commitments— including GAP funding.

Photo credit: 2018 © Alvin C. Jacobs, Jr.

A path to renewal created

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Brookhill Village today

Brookhill Village today

Photo credits: The Charlotte Observer

New Brookhill tomorrow

New Brookhill tomorrow

324 units of new housing Half of units affordable 65 units 30% AMI Highest number of 40 units 60% AMI 30% AMI units in NC 57 units 80% AMI Brookhill community

Affordability in thriving South End

Unit Type

Bedroom Size

# of Units

30%

2 Bedroom

65

$

477.00

60%

1 Bedroom

2

$

870.00

60%

2 Bedroom

32

$ 1,041.00

60%

3 Bedroom

6

$ 1,198.00

80%

2 Bedroom

51

$ 1,417.00

80%

3 Bedroom

6

$ 1,633.00

Market

1 Bedroom

10

$ 1,560.00

Market

2 Bedroom

32

$ 2,200.00

Market

2 Bedroom Townhome

64

$ 2,600.00

Market

3 Bedroom Townhome

56

$ 3,200.00

324 TOTAL

Rent

Mix of homes in a renewed community

• Construction begins in leastoccupied areas • Temporary relocation within Brookhill • Moving assistance provided • Residents get first priority for qualification in new affordable units • Direct move into new units when possible

Minimal construction displacement

Community

Apartment home

• • • • • • • • • • •

• • • • • • • • •

• • • • •

On-site management Computer center Playground Pet-friendly, with dog park Swimming pool Fitness center Resident lounge Activity center Recreation center Laundry facility Controlled fob access to amenities Safety cameras Social services & activities Community gazebo Picnic area Barbeque grills

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• • • •

Patio/balcony Central air conditioning Refrigerator w/icemaker Microwave oven Electric range Dishwasher Garbage disposal Washer/dryer hookups In-unit washer/dryer* * (in townhomes; laundry facility onsite)

Window blinds Vinyl plank flooring Ceiling fans Walk-in closets

New Brookhill amenities

Photo credit: Charlotte Observer

Brookhill community

2 miles to uptown

.5 miles to future Rampart Street LYNX stop

Accessible to jobs and transportation

2 miles to uptown New Brookhill

Accessible to jobs and transportation

Photo credit: Alvin C. Jacobs, Jr. “Welcome to Brookhill”

New Brookhill Tomorrow

Photo credits: 2018 © Alvin C. Jacobs, Jr. Permanent Collection of the Harvey B. Gantt Cente

Done ALL litigation over, new lease executed, and leasehold purchase closed Revised site plan submitted to Planning & CDOT Submitted application to HTF & CHOIF-LISC Begin preliminary site engineering

Very soon Submit zoning application for other parcels Secure appraisal & environmental reports Submit final Construction/Permanent Financing applications

When Will It Happen?

ASAP Summer 2020 Summer 2020

If we secure‌ City Council approval CHOIF-LISC approval Other City & County supports and approvals

Summer 2020

Then‌ Close construction loan/forward commitment Final engineering & architecture/permits Begin selective demolition & construction in phases First units available for move-in Project complete & permanent loan closed Continued redevelopment of the remaining 22 acres

When Will It Happen?

Summer 2020 Summer 2020 Summer 2020 Summer 2021 Fall 2022 ASAP

What we can do Developer equity/deferred fee $1.96 Developer contribution of land value MM Construction loan to permanent loan to $22.1 developer MM $47 MM

Community support needed $2.9 MM $10

Loan - City/Housing Trust Fund (HTF) – Fully Repaid Loan - Charlotte Housing Opportunity Investment Fund MM (CHOIF)/Local Initiatives Support Corporation (LISC) – Fully Repaid

Total project cost $84.08 MM

Let’s Make This Happen Together

Website - newbrookhill.com Email - info@newbrookhill.com

Stay connected - email questions to: info@newbrookhill.com

#brookhillmatters

Photo credit: 2018 Š Alvin C. Jacobs, Jr. Permanent Collection of the Harvey B. Gantt Center

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Welcome to New Brookhill Overview Presentation Updated July 10, 2020