Twelve thirty, we have quite an agenda today, so we will go ahead and get started.

Welcome to the board and Secretary and Mr.

Knoblett and guests.

I'd like to go ahead and call the September twenty first, twenty twenty-six meeting of the Health Education and Housing Facility Board with the City of Chattanooga.

Thank you for that.

I beg your pardon, July twentieth.

That's why I sit next to our esteemed attorney.

And by the way, Mr.

Mr.

Armour is the chair of the board.

He is out of the city today.

All in favor.

Item six standard runy and venture LP joy field pilot, a resolution of the Health Educational and Housing Facility Board of the City of Chattanooga, Tennessee regarding a payment in lieu of taxes, transition transaction with standard runy and ventures LP.

And Mr.

Um Noble if you'll give us an overview of that, please, sir.

Yes, sir.

This is a payment in lieu of tax agreement here with this group uh that is uh at least uh uh for the development of standard runy and venture LP.

Uh we probably have a presentation by the folks with standard run and here about what this facility will be doing on here, and there are pilot documents that have been reviewed in connection with this matter here that show that this would be a 15-year abatement period in connection with this development on Mountain Creek Road, and the developer is going to be constructing uh units that would be uh in that property over that 15 year term period.

I do not have the specific number of units.

I was looking for that on the front end of it here uh to be able to do that.

We'll probably hear from the folks that are with this development group as it's going forward.

Any questions from Mr.

Noblet?

Otherwise, we do have representatives here.

If you just go ahead and step up to the podium, uh I'm sure you'll you'll have some questions after your presentation, but um, did you have uh anything there?

No, okay, okay and their their exhibit B to the agreement says 199 dwelling units here on Mountain Creek Road, so it's on 7.84 acres, but uh and it's gonna be three split level four story residential buildings from there.

Is that down near where the quarry uh used to be?

Well, anyway, if you want to uh proceed with your presentation, thank you for being here.

Certainly.

Um thank you to the member of the boards for making it out here.

We really appreciate your time and uh grateful for your service.

So I'll start with that.

But um uh project uh is a uh affordable housing project consisting as as you said of 199 units.

Um and they'll have a preference for um households of 62 years old, uh 62 years or older.

Um so uh targeted towards senior households.

Um and uh the unit makes it consist gonna consist of um 159 one bedroom units and 40 two bedroom units.

Um and the project is located on Runyon Drive, uh uh sort of adjacent to the uh primitive Baptist Church and uh the Charter Senior Independent Living Center.

Um the project is uh already zoned for um multifamily, it's uh RN3 zoning and has gone through the uh building permit process, uh and we're looking to uh close uh on construction financing for the project uh by the end of October.

So the pilot is a component of uh that financial closing uh as uh um uh our lenders and capital partners need to uh see the uh pilot agreement approved and uh and and uh enable to move forward.

Um the community will have uh amenities uh that you see in most normal um uh multifamily projects, so uh a fitness center, uh community space, there will be on-site management, uh laundry facilities, things of that nature.

Um, and uh we plan to have parking available for uh every unit.

Um access to runyon drive is through our properties uh drive, which we share with uh the we will share with the senior living center, which has a easement on our property to access Runyon Drive.

Uh and we've commissioned a traffic study uh with our civil engineer uh in order to um assess the traffic impact.

They determined that uh there would be around 30 uh trips in the morning and around 50 to 60 trips, uh, somewhere in between there in the evenings, um, which is well under the sort of uh traffic impact that would uh sort of affect the um uh the traffic on Runyon Drive.

Um this is sort of targeted towards senior living, so uh that is uh uh sort of commensurate with uh the demographic that we think will be uh residing in our apartments.

Um uh this is sort of targeted towards senior living so uh that is uh uh sort of commensurate with uh the demographic that we think will be uh residing in our apartments um and then we also think it's pretty well located in terms of proximity to um restaurants, groceries, uh emergency services and um healthcare uh with Erlinger Hospital uh couple miles down the road and uh the Aldi and and food city right there by the apartment building I noticed that you are going to have a leasing office it says will that be staffed uh full time in um district from Friday that's correct we'll have uh of a uh on-site property management during regular business hours uh so uh nine to five Monday through Friday right just for a frame of reference for me that you you have other projects in the Southeast if I'm not mistaken correct that's correct yep we've got one uh in uh North Carolina uh in Asheville and um we're looking at other projects in Tennessee but this would be our first project in Tennessee.

Okay all right thank you.

Is it uh you may have already answered the question I missed the answer if you did but is it is this the Runyon Drive comes into Mountain Creek right by the golf course.

Used to be the golf course is this is the golf course proper is that what we're talking about or the quarry no it's not it's um uh it's a parcel of land uh as you go onto Runyon Drive and you pass um the uh primitive Baptist church oh right okay uh it's it's adjacent to that uh Baylor end and it will be the project would be situated behind the charter independent senior living center right there that's adjacent to the uh Baptist church is sort of like one of those properties that it's got a access uh parcel to the uh to the road there um so we're adjacent to the mountain creek itself um we've gone through a rigorous uh uh stormwater study and we actually adjusted the the design based on feedback from the building department uh in order to create a 60 foot stream buffer uh 60 foot average stream buffer for the project um that maintains uh the uh creek bed uh and the sorry not the bed the bank of the creek uh and enables us to manage uh the uh runoff and and account for any uh uh flood uh issues so we'll we've designed this to be uh a project that accounts for the uniqueness of the parcels uh configuration and I think if you see the image on the last uh page of the presentation you can see sort of what the parcel looks like and how it uh is situated in in the context to its neighbors in a in a best case scenario could you walk the board through a uh timeline of action items just just very briefly so you know uh yeah road timing perspective on on the project yeah yeah so uh we intend to have uh we intend to close on the uh construction financing by the end of October um uh required as part of that is uh approval of the pilot uh as well as the final sign off on the uh TEFRA uh documents um because we this project is also financed with uh the low-income housing tax credit uh administered by the state um and then uh once we start construction it'll be about two years to finish construction so completion in 20 uh 29 uh maybe early 29 probably late 28 uh and uh uh and then uh we go through a process of leasing up the project um so hopefully we'll be able to start uh providing housing uh towards the end of 2028 or early 29.

so construction will be in what first or second quarter of 2027 yeah we we'd hope to start uh in uh end of this quarter of q4 uh of this year okay six yeah okay yeah closing construction financing in october and and beginning shortly thereafter you you have elevators in each one for these elderly folks that may need it to go the fourth floor correct that's that's correct elevator service in each in each uh building okay very good are any of these ADA uh equipped qualified yes uh we've got a uh percentage that is ADA equipped i i believe the number is uh commensurate with the uh uh requirements of the uh of the city so um i I think it's something like 152 but don't quote me on that because that it's been a second since I looked at that uh but you do have some numbers that are set aside for that that's correct okay all right thank you do you have any uh issues with the residents uh in the community there that you're gonna be adding these additional housing units to uh can you repeat the question sorry do the residents that are already living

So um I I think it's something like 152, but don't quote me on that because that it's been a second since I looked at that.

Uh but you do have some numbers that are set aside for that.

That's correct.

Okay, all right, thank you.

Do you have any uh issues with the residents uh in the community there that you're gonna be adding these additional housing units to can you repeat the question?

Sorry.

Do the residents that are already living in the area, do they have any additional concerns regarding the additional usage of the area out there with the traffic, uh the housing uh for the fire and anything like that, those issues like that.

Yes, yeah, we we received um uh two letters.

Uh we went through an environmental review process that um reviewed our uh site plan and the contextual impacts on traffic and uh uh flood, stormwater access, things of that nature.

Um, and as part of that, we received a letter from the uh senior living center next to us, as well as some neighbors in the area who are concerned about uh a number of things, but namely uh flooding, traffic, things of that nature.