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Town of Summitville Feasibility Study:

Old Bank Rental Rehabilitation

September 2004

Prepared by:

16 East 9th Street, Room 100 Anderson, IN 46016 (765) 641-9482 www.mccog.net Funded in part by: Indiana Housing Finance Authority

Table of Contents

I. II. Introduction ...................................................................................... 1 Project Profile

A. B. C. D. E. Neighborhood/Location Issues..................................................... 3 Existing Residents & Relocation Requirements .......................... 7 Use Requirements/Possibilities .................................................. 10 Property Condition ..................................................................... 13 Total Development Cost Estimate.............................................. 18

III. Market Affordability Assessment

A. B. C. D. Community Demographics ........................................................ 22 Public Assisted Housing ............................................................ 24 Private & Public-Sector Funding Sources.................................. 26 Housing Regulations .................................................................. 32

IV. Supportive Services

A. Supportive Programs & Services ............................................... 39

V.

Feasibility Assessment

A. B. Financial Analysis...................................................................... 43 Conclusions & Recommendations ............................................. 46

VI. Implementation Plan

A. B. C. D. Strategy & Action Plan .............................................................. 47 Major Milestones & Timetable .................................................. 48 Organizational & Administrative Structure ............................... 49 Local Government & Task Force............................................... 50

VII. Exhibits & References

A. B. C. D. Exhibit A: Project Location Maps.............................................. 51 Exhibit B: Site Floor Plans......................................................... 54 Exhibit C: Telephone Survey Results ........................................ 60 Exhibit D: Community Input Survey Results............................. 62

Table of Contents (Continued)

E. F. Exhibit E: Minutes from Community Input Meeting #1 ............ 65 Exhibit F: Minutes from Community Input Meeting #2 ............ 67

VIII. Works Cited ................................................................................... 68

I. Introduction

Old Bank Rental Rehabilitation

I. Introduction

INTRODUCTION

The primary purpose of the "Old Bank" Rental Rehabilitation Study is to assess the feasibility of restoring the Old Bank Building located at 100-104 North Main Street in Summitville, for both residential and commercial use. A secondary goal is to promote the current redevelopment efforts in the downtown area. Currently, the building has one commercial and one rental unit occupied on the first floor. The remaining six rental units on the first floor and the upstairs of the building are vacant. Prior use was for commercial and residential apartments. The structure has approximately 6,847 square feet, which consists of 6,067 square feet of residential space and 780 square feet of commercial space. The proposed rental units will accommodate persons with disabilities, singleparent and traditional families, and the elderly. To date, the owner (Jerry Alexander), architect (Kato Smith), Town Council, subrecipient (Madison County Council of Governments), Main Street Committee, and members from the community have met several times regarding this project, including a site visit with Jeff Isaacs of IHFA. The Indiana Housing Finance Authority (IHFA) through a Community Development Block Grant (CDBG) Feasibility Study Grant and Owner/Developer Contribution provided the funding for this Old Bank Rental Rehabilitation Feasibility Study. The total cost of the proposed Old Bank Rental Rehabilitation Project is estimated at $322,200.00. The amount of money that will be requested is $274,700.00 in IHFA/CDBG grant funds. The owner, through bank financing and/or line of credit, will contribute the additional $47,500.00. Most of the funding will be used for hard costs/rehabilitation projected at $286,200.00, while the remaining $36,000.00 will be

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Old Bank Rental Rehabilitation

I. Introduction

used to cover Program Delivery and Administration. Additionally, approximately $20,000.00 of the budget will be for commercial space rehabilitation, which will be paid by the owner. The following improvements or work is being proposed: 1. 2. 3. 4. 5. 6. 7. 8. Three, two bedroom rental units on the first floor (including one handicap accessible) One, commercial unit on the first floor Four, two bedroom rental units on the second floor Point and tuck work on brick exterior Façade restoration where possible to the original exterior Window and door restoration or replacement Installation of all new electrical, plumbing, and HVAC systems Paving of the building lot for parking (located behind the structure on the same lot).

The applicant for this feasibility study and the proposed rental rehabilitation grant is the Town of Summitville, with the sub-recipient being the Madison County Council of Governments (MCCOG). The chief elected official for the Town of Summitville is Robert Atkins, President of the Town Council. The MCCOG has chosen Bret Lott, Housing Administrator, to act as the staff person responsible for completing the proposed activities and serving as the grant administrator. The owner of the Old Bank Building is Jerry Alexander. The Old Bank Building's historic character represents an integral part of the history of Summitville and Madison County. It highlights what is left of days since passed, when

Summitville's downtown was the epicenter of activity. The intent of rehabilitating the Old Bank Building is to provide the town with a renewed energy and activity, while preserving the character and heritage of the town.

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II. Project Profile

Old Bank Rental Rehabilitation

II. Project Profile

A. NEIGHBORHOOD/LOCATION ISSUES

Current Zoning According to an official zoning map the vast majority of Summitville is residential. Although most is low density, there are some areas of medium-low density residential and multifamily residential. With the exception of one area located at Sixth and Washington, most medium-low density residential areas are located on Lake Street, between Broadway and Second Street. There are only two multi-family residential areas located within the town of Summitville ­ at the corner of Howard Street and Summitville Street, and at the corner of Church Street and Main Street. Despite the fact that most of Summitville is zoned as residential, the area surrounding and including the Old Bank Building is primarily zoned a central business district. In fact, there are several businesses located within two blocks of the building. The rehabilitation of apartments within the central business will provide housing with a close proximity and short walking distance to many downtown businesses, (whether for work or leisure purposes). The easy access to these amenities is ideal for the senior population and individuals who lack modes of transportation. Industry is not a major component for Summitville. In fact, heavy industry is primarily located in the west and south portions (although some is also located near the center of the town). There are only three areas that consist of light industry, and these are located near the railroads tracks, with two directly adjacent to the tracks. The outskirts of the town are comprised primarily of agriculture. The northern section has three designated agricultural areas, with the southern section adding an additional area. The

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zoning map does not provide specific land measurements; therefore the percentage of land used for such purposes cannot be determined. Appropriate Infrastructure/Utility Service The adequacy of infrastructure and/or utilities must be assessed when looking at the rehabilitation process. It is important to note that all electrical, plumbing, and HVAC systems throughout the structure will be replaced. The following chart outlines the current providers of utilities/services for the Town of Summitville, and is applicable to the Old Bank Building as well: Utility/Service Water Service Provider Indiana American Water Company 401 Camby Court Indianapolis, IN 47374 (317) 885-2400 Town of Summitville 109 South Main Street Summitville, IN 46070 (765) 536-2449 Town of Summitville 109 South Main Street Summitville, IN 46070 (765) 536-2449 American Electric Power 400 North High Street Muncie, IN 47305 (800) 311-4634 Vectren 1630 South Meridian Street Indianapolis, IN 46202 (800) 777-2060 SBC 1099 North Meridian Street Indianapolis, IN 46255 (800) 647-9000

Sewage

Waste Disposal

Electric

Gas

Telephone

A key component to housing and other forms of development is the availability of local utilities, with the major utilities of concern being water and sewage provisions. Whether or not

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Old Bank Rental Rehabilitation

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these services are provided can promote or deter possible new housing development within a community. The Town of Summitville offers adequate water and sewage service. The town is able to provide the best services and offer the best opportunities for development within its current framework. The daily average usage is not nearing total capacity of its system, thereby allowing for additional services if necessary. The water service, provided by Indiana American Water Company, services 420 customers within the Town of Summitville. The maximum capacity is 500,000 gallons/day, yet Summitville, on average, only uses 80,000 gallons/day. In regards to the sewage, there is a maximum capacity of 111,000 gallons/day. The average daily usage varies and is dependant upon the rainfall within the area. During months of heavy rain, the usage can exceed the maximum capacity; for example, the average daily usage for the month of July is 137,000 gallons/day. Although the current situation may not allow for additional housing units, the town sewage is undergoing a long-term control plan (which will end the partially combined sewer system). This plan will reduce the amount of rainfall into the sewage system, thereby decreasing the average daily usage substantially and allowing for additional housing units. The control plan is currently underway, but no completion has been set.

Negative Neighborhood Factors Telephone surveys were taken, at random, of residents who currently reside within the Town of Summitville. The surveys discussed various issues, including current living conditions,

neighborhood factors, and importance of historical preservation. A total of 30 surveys were conducted. Of those, 29 stated there was little or no crime within their neighborhood. The remaining surveyed labeled the crime as "moderate."

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Additional neighborhood factors discussed within the surveys related to infrastructure. Twenty-nine persons stated they considered their neighborhood child friendly; twenty-eight stated they considered their neighborhood pedestrian friendly. It can be concluded from the telephone surveys that minimal negative neighborhood factors exist.

Suitability for Residential Development: Homeownership or Rental Use There are currently 437 units within Summitville. These units are comprised of 328 owneroccupied units, and 92 renter-occupied units (details discussed in "Existing Residents and Relocation Requirements" section). The units located within the Old Bank building will be used for rental purposes only. As shown within "Existing Residents and Relocation Requirements" the need for rental units within Summitville is substantial. Telephone surveys taken by residents of Summitville concluded that approximately 20% of the households surveyed were renters, which is consistent with the 2000 U.S. Census figures. According to the Community Input Survey, 75% of the residents surveyed felt there was a "Major Problem" in the availability of quality rental units, and 62.5% felt there was a "Major Problem" in the amount of affordable rentals. These findings further reinforcing the need for quality and affordable rental units.

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B. EXISTING RESIDENTS & RELOCATION REQUIREMENTS

(Information provided by 2000 U.S. Census)

Occupied Units There are currently 437 housing units within the town of Summitville, with 420 currently being occupied. Among those occupied, 328 (78.1%) are owned, and 92 (21.9%) are rented. There has been significant increase in housing units throughout the years. According to the 1990 U.S. Census data, there were only 410 housing units, and the number occupied was 385. Most are detached 1-unit structures that were built prior to 1959. Approximately 50% of all owned units have between five and six rooms, with the median number of rooms per unit being 5.7. Owner-Occupied The median value of homes within Summitville is $63,300. This value has increased tremendously from 1990, when the median was only $30,300. Although most have adequate services, two are lacking complete plumbing facilities, and seven have no telephone services. Almost half of all owners spend less than 15% of their monthly income towards housing payments; however, 13.2% of owners spend more than 35% of their income for such purposes. Renter-Occupied In relation to the 92 rental units, 62.3% of renters have an average monthly rent cost from $300 to $749, with the median cost being $438.00. In 1999, 24.6% of all renters spent between 25-29% of their income on gross rent. However, 21.7% of renters spent only 15% or less of their income for rent purposes. These figures are significantly lower than the national average, where 33.7% of renters spend between $500 and $749, with a median of over $600. In relation to gross rent, almost 30% of renters across the nation spend more than 35% or more. Feasibility Study Page 7

Old Bank Rental Rehabilitation Income Mix

II. Project Profile

Both the median income per household and the per capita income for Summitville are below the national average. The median household income for those residing within the town of Summitville is $37,303, whereas the national median is almost $42,000 (thus producing almost a $5,000 difference). Nearly three-fourths (73.1%) of the income for households is between $15,000 and $74,999. In relation to the per capita income, Summitville totals calculate to $18,311, whereas the United States median is $21,857. This difference does not necessarily reflect a decrease in the standard of living for Summitville because other factors, such as cost of living, must also be taken into consideration. In 2000, there were seventeen families (5.2% of the population) within Summitville who were below poverty level. This statistic, although staggering, is well below the U.S. average, which stands at a 9.2%. Low-Income Limits Each year the U.S. Department of Housing and Urban Development analytically defines the median family income and the low-income limits for specific areas throughout the U.S. This information is given for numerous large cities and counties within Indiana. According to the most recent data (received Feb. 2004), information in relation to low-income limits for the Town of Summitville can be derived by using the information provided for the City of Indianapolis (provided in Table 1). Table 1: Income Limits for Indianapolis, IN (MSA including Madison County)

Number of People per Family 1 2 3 4 5 6 7 8 30% of 13450 15400 17300 19250 20750 2230 23850 25400 Median 50% Very Low 22450 25650 28850 32050 34600 37200 39750 42300 Income 80% Low 35900 41000 46150 51300 55400 59500 63600 67700 Income

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According to the Telephone Survey, 70% of the respondent households made less than 80% of the median income. Thus, a significant portion of the town is classified as being low-income.

Interested Residents The Owner/Developer, Jerry Alexander, has solicited from the community potential interested tenants. As of September 2004, five households/families have expressed interest in renting units from the proposed development located at 100-104 North Main Street in Summitville. This coupled with lack of quality and affordable units identified in the Community Input Survey, demonstrates that there is a need among prospective tenants.

Number to Relocate There is currently one resident residing within the rental units, with the remaining six units being vacant. The work to be completed in the occupied rental unit will be very minimal and will not require relocation and/or displacement. Therefore, no relocation, either of a

temporary or permanent nature, will be necessary for this rehabilitation to occur.

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C. USE REQUIREMENTS/POSSIBILITIES

Preferred Use The building, located at 100-104 North Main Street, was built in 1904 (as stated on date stone located on the second level of the East façade). In 1909, the original occupants included a bank and a furniture store on the lower floor, while the Improved Order of Red Men (I.O.R.M), also known as the Sons of Liberty, occupied the upstairs. The bank remained within this structure for the majority of its history. Although the furniture store provided for the furniture needs in Summitville, the demand declined over the years. Since the furniture store closed, it has turned into a hardware store, a five and dime store, and is now broken into two sections--a commercial unit and apartment units. The original purpose was for both commercial and

residential, and will be restored accordingly.

Preferred Mix The preferred mix for this building includes both commercial and residential units. A commercial unit currently exists within the structure. The business has been established for approximately two years, and has continued to thrive within the community. Because of its success, it is beneficial to maintain the commercial unit within the structure. Although it will be moved to a different location within the building, no loss of the business is anticipated. Despite the success of the business, several other businesses have failed to be prosperous. Numerous businesses occupied space within the building over the years, with little or no avail. Thus, it is beneficial to rehabilitate the remaining area into residential rental units. This combination mix would be most profitable.

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Old Bank Rental Rehabilitation Unit Sizes and Types First Floor:

II. Project Profile

The southwest portion of the structure will be a commercial unit. The owner of the property will use this for any commercial use he deems appropriate, insomuch as it assists with the advancement and beautification of the downtown area. Adjacent the commercial unit, will be three, two-bedroom rental units. All units will include a kitchenette, two bedrooms, and one bath. However, some units include additional features (as noted). Unit One (furthest north) will maintain all the characteristics of a rental unit, but will have features that accommodate for handicap persons. It will measure 898 square feet. Unit Two, located on the eastern side of the structure, measures 695 square feet, and includes an additional storage area. The final unit, Unit Three, will measure 1,124 square feet, and will include a utility closet. Second Floor: The second floor will have four units. All units will be two-bedroom rental units, and will have one bath. Unit Four, located in the northwestern quadrant, will have a full kitchen, and will measure 770 square feet. Unit Five and Unit Six make up the eastern half, both include a kitchenette area. Unit Five measures 830 square feet; Unit Six measures 860 square feet. Unit Seven, located along the south wall, will be directly above the commercial unit. It measures 890 square feet, and also has a kitchenette area.

Alternative Uses Alternatives uses for the structure include: 1. Maintain current conditions: This would be the least beneficial option, both monetarily and socially. The interior and exterior of the building, in conjunction with any historical value associated with the building, will continually decay. The present condition will add no benefits for the surrounding areas, and the owner will reap no financial income (except from the pre-existing commercial unit).

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2. Rehabilitate for commercial units only: A possibility exists to rehabilitate the entire interior area into commercial units. However, attempts by previous business owners to thrive within the area have continually failed; thus, there is little hope that other businesses will prosper. 3. Rehabilitate for residential units only: Although residential units are financially and socially beneficial, rehabilitating for residential units only would require a permanent relocation of the existing commercial unit. The relocation of a prosperous business, within a town of only 1,000 persons, could hurt the economy of the town of Summitville. After consideration of the alternative uses, it is evident that a combination of commercial and residential units is the most beneficial use for the structure.

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D. PROPERTY CONDITION

Environmental Issues As stated within the Environmental Review, there are no environmental issues that prove damaging or harmful as a result of the rehabilitation project. The Federal Emergency

Management Agency (FEMA) has not mapped the Summitville area, which leads to the presumption that the project is not located in a flood plain. FEMA identifies the Summitville area as "unmapped_180157". In conjunction with this finding, ESRI has concluded that no wetlands exist within the area. Additionally, the project is not located in the Flood Plain District identified by the Federal Insurance Administrator. In reference to any harmful effects that may contribute to the further endangerment of animals, the U.S. Fish and Wildlife stated that the Summitville project is clear of any potential detriment to animals within the area. The Indiana Department of Natural Resources, Division of Historic Preservation and Archaeology, has sent a letter of concurrence with the Town of Summitville's finding of no historic properties affected. Therefore, based on these findings, the environmental review can be deemed complete and that this project has received environmental clearance.

Lead-Based Paint Based on the age and condition of the building, a Lead-Based Paint Inspection will be necessary prior to rehabilitation being started. Tony Rogers of Hydrotech, Inc., (125 West 11th Street, Anderson, Indiana, 46016, 765-620-4550) has offered to conduct a Lead-Based Paint Inspection for a price of $400.00. If Lead-Based Paint Hazards and/or Issues are found, steps will be taken to follow the rehabilitation standards for federally assisted projects containing leadbased paint. This will include abatement and/or interim controls of lead-based paint hazards, using lead-based paint safe work practices, and conducting a lead-based paint clearance test upon Feasibility Study Page 13

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completion of the rehabilitation. The Lead-Based Paint Inspection will be scheduled once an award of federal money is made.

Property Condition The foundation of the property is in relatively good condition. It has a stone foundation with wood floor beams. There is no considerable sloping of the building or cracking with the foundation. The exterior walls are made of a reddish colored brick; in many spots, the brick is falling, cracking, and eroding due to water damage. On the east facing façade, the brickwork has considerable water damage. Cracking and bulging on the brick has been caused due to

weathering and plant growth. The west facing façade has been remodeled several times. The gutter system on this side needs replaced and cleaned in some locations. Many holes and gaps within this are causing some of the brick damage to the building on the south facing façade. In other places, the mortar is gone and massive holes are left. Streetscape façade has been

remodeled in a wood siding and an over hanging roof has been added. The interior walls located in the upstairs are predominately a wood lathe and plaster finish. The ceiling is also wood lathe and plaster as well as a suspended ceiling tile system. Interior walls for the downstairs units are gypsum board. The first floor of the west facing façade is in relatively good condition. New floors have been added and many of the wood details have been painted. The interiors on the first floor have had previous renovation, thus making it difficult to tell what the condition of the fabric underneath the new interior skin. The second floor staircase needs some work, as the railings are broke and the stairs need refinished. On the second floor, the floor system has been ripped up and many of the walls are stripped down to the original studwork. Feasibility Study Page 14

Old Bank Rental Rehabilitation

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Some windows have been updated and replaced. The second floor however has some issues with rusting on the metal cornices and many of the wood windows need repainted and new glass and/or replaced. On the south facing façade, many windows are boarded up and several doors are broken and boarded up. All windows are wood framed double hung with glass. The sills on the windows are made of limestone and windows on the corner entry have a limestone arch above it. Most of the windows in the upstairs are missing and the spaces are boarded up. The sills and trim in upstairs and downstairs units (including the commercial unit) are in place and in decent condition. Wooden frames exist throughout the structure, but the original doors are no longer present; modern doors have replaced them. Most of the doorways are trimmed with wood and are in relatively good condition. However, some doorways are completely stripped of the wood trim. Most of the doors are missing upstairs. Downstairs the new apartment has a wood main entry door and is trimmed in typical molding, while other doorways in the apartment are treated similarly. The entry doors to the finished apartment and the commercial unit are wood. Some of the doorways have decorative trim that is in good condition. In much of the upstairs, however, the trim is removed and/or damaged. The renovated apartment has appropriate trim and

baseboard, while the commercial unit has typical trim and baseboards. There is no HVAC system in the upstairs. The renovated apartment and commercial unit have heat but do not have air-conditioning. None of the lighting fixtures function properly in the upstairs. The wiring, switches, and fixtures appear to be outdated and non-functional.

Downstairs the lighting in the storage facility is fluorescent; the lighting in the renovated apartment and commercial unit are both fluorescent and working. The pluming in the upstairs is in poor condition and does not function.

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Old Bank Rental Rehabilitation Improvements Needed

II. Project Profile

An improvement is necessary to the ground surrounding the building, including an asphalt parking lot in the rear lot of the building. The lot is currently comprised of a mixture of gravel and grass and is unsuitable for parking. However, paving the lot will provide ample area for tenants to park their vehicles. There are numerous improvements needed to complete the rehabilitation process, and restore the structure to the original architecture. Tuck-pointing is a required action, necessary to restore the existing bricks. This technique will be used on any necessary bricks on the exterior of the structure. It is also vital to replace any eroding bricks. These bricks, although located on all walls, are primarily on the back of the structure, where water and plant erosion has caused the most damage. The roof and doors also need to be replaced. In conjunction with these improvements, there are also interior adjustments that will contribute to the nature of the building. Although the exact condition of the floors could not be determined, it is evident that several units will require new flooring. Windows throughout the structure must also be replaced. Along with replacing these windows on the second floor, the ceiling in some areas surrounding the windows needs to be lifted to accommodate the originalstyle features. Currently, some windows cannot be fully seen, because the ceiling is cropping it. Thus, lifting the ceiling is important to preserve the original purpose and functionality of the structure. A handrail leading to the upstairs units must be installed. Along with this, the following elements must also be installed: doors (with heavy concentration on the second floor), counters, tables, stoves and refrigerators, sinks (kitchen and bathroom), bathtub and showers, and toilets. These elements do not need to be installed within the commercial unit, because adequate

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services are currently being provided. However, handicap accessible elements must be located within at least one unit located on the first floor. Adjustments to the structure of utilities and safety precautions must also be implemented. New electrical, plumbing and H/VAC systems must be replaced throughout the entire structure. The condition of lead-based paint within the structure is not available, but improvements necessary to accommodate for lead-based paint will be determined based on the inspection results. Smoke detectors must also be installed, at least one detector within each unit.

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E. TOTAL DEVELOPMENT COST ESTIMATE

The Indiana Housing Finance Authority (IHFA) through a Community Development Block Grant (CDBG) Rental Rehabilitation Grant and Owner/Developer Contribution will provide funding for the Old Bank Rental Rehabilitation Program. The total estimated cost of the Old Bank Rental Rehabilitation is $322,200. The amount of money that will be requested from the CDBG Grant is $274,700. The owner, through bank financing and/or personal funds, will contribute the additional $47,500 to complete the project.

Estimated Acquisition Cost The Owner/Developer (Jerry Alexander) purchased the property several years ago and the building has been paid off. Thus, there will be no acquisition costs associated with this project.

Construction Costs In relation to the hard costs, most amounts are based on 6,000 square feet within the structure (unless otherwise noted). The budget breakdown of the grant and owner contribution is as follows: Site: Concrete paving of the walkways surrounding the Old Bank building is a projected lump sum of $1,000. Asphalt paving of the parking lot located behind the structure is estimated at $10,000, again a lump sum amount. The total amount of site construction is $11,000, approximately 3.8% of the hard costs. Exterior Work: A new membrane roof is calculated to cost $10,500 (calculation rate of 3,500 square feet multiplied by $3.00 per square foot). The amount for brick tuck-pointing is the largest

construction cost, with a lump sum of $25,000. Exterior painting is projected at $8,000, and

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siding and trim repair is estimated at $5,000. The replacement of four doors and hardware throughout the exterior of the building is expected to cost $4,000 ($1,000 per door), and repairing the 20 windows, at $500 each, will cost $10,000. In order to recreate a replica of the original facade, it will cost a lump sum amount of $20,000. The total projected cost of exterior work is $82,500, or about 28.8% of the hard costs. This is the second most costly section of the rehabilitation process. Interior Work: The interior work is compromised of seven construction areas. The most expensive, flooring is $24,000 ($4.00 per square foot, and 6,000 square feet). New wall construction and interior doors are also costly. New wall construction is projected at $24,000 ($4.00 per square foot); and interior doors are estimated at $16,800 ($400 per wall times 42 walls). Wall finishes are projected at $11,100 ($1.85 per square foot). Additional elements to interior work include drywall work, with a lump sum of $5,000, trim work, with a lump sum of $4,000, and ceiling finishes totaling $8,400 ($1.40 per square foot). The total projected amount for interior work is $93,300, or about 32.6% of the hard cost. This is the most costly section of the rehabilitation process. Mechanical: The mechanical portion of the project includes plumbing and units for both heating and cooling. The plumbing is calculated to cost $14,000 (28 fixtures at $500 per fixture), while the heating and cooling units are projected at $42,000 ($7.00 per square foot). Thus, the total amount for the mechanical aspect totals $56,000, 19.6% of the hard cost. Electrical: The total for the electrical is $23,400. This is derived from the cost of service, lighting, and security and data. The service is $8,400 ($1.40 per square foot), the lighting is $12,000 ($2.00 Feasibility Study Page 19

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per square foot), and the security and data totals $3,000 ($0.50 per square foot). The $23,400 is approximately 8.2% of the hard construction costs.

Other Costs Most of the funding will be used for hard costs (projected at $266,200 for the rental units and $20,000 for the commercial unit), with the total for hard costs being $286,200. The program delivery ($21,000) and administration ($15,000) comprise the total soft cost budget at $36,000. The total cost of construction, including hard and soft costs, is $322,200.

Cost Per Unit The cost per rental unit is an estimated at $43,171.42 and the cost per unit for the commercial unit is $20,000. For Indiana Housing Finance Authority (IHFA) purposes, the CDBG Award Cost Per Unit is calculated by subtracting the amount paid for administration from the grant request and dividing by the total units. Thus, with a grant request of $274,700, minus $15,000 for administration, and divided by 7 rental units, the CDBG Award Cost Per Unit being $37,100. A detailed budget can be seen on the next page.

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Summitville Old Bank Rehabilitation Project

Rehabilitation Estimate

August 2004

Site

Concrete Paving - Walkways Asphalt Paving ­ Parking Lot Total

Calculation rate

Lump Sum Lump Sum

Amount

1,000 10,000

Totals

$ 11,000

Exterior Work

New Membrane roof Brick Tuck-pointing Exterior Painting Siding & Trim Repair Doors & Hardware Storefront Re-Creation Window Repair Total 3500 sf x $ 3.00 Lump Sum Lump Sum Lump Sum 4 x $ 1000 Lump Sum 20 x $ 500 10,500 25,000 8,000 5,000 4,000 20,000 10,000 $ 82,500

Interior Work

New wall construction Drywall Work Interior Doors Wall Finishes Flooring Ceiling Finishes Trim work Total 6000 sf x $ 4.00 Lump Sum 42 x $ 400 6000 sf x $ 1.85 6000 sf x $ 4.00 6000 sf x $ 1.40 Lump Sum 24,000 5,000 16,800 11,100 24,000 8,400 4,000 $ 93,300

Mechanical

Plumbing Heating & Cooling Total 28 fixtures x $ 500 6000 sf x $ 7.00 14,000 42,000 $ 56,000

Electrical

Service Lighting Security & Data Total Total Commercial Unit Rehabilitation Total Hard Cost Total Soft Costs (Program Delivery & Administration) 6000 sf x $ 1.40 6000 sf x $ 2.00 6000 sf x $ 0.50 8,400 12,000 3,000 $ 23,400 $ 20,000 $ 286,200 $ 36,000

Total ..................................................................................... $ 322,200

*Prepared by Kato Smith & Associates, Inc. Feasibility Study Page 21

III. Market Affordability Assessment

Old Bank Rental Rehabilitation

III. Market Affordability Assessment

A. COMMUNITY DEMOGRAPHICS

(Information provided by 2000 U.S. Census)

Population Trends, Demographics The population for Madison County, as of 2000, was 133,358, with 1,090 persons residing within the Town of Summitville. The average household size was 2.6 members per family. In relation to the racial identity of the residents of Summitville, all classified themselves as being only one race. A vast majority (99.50%) responded as being white. The minorities included within Summitville include African Americans (0.3%), American Indiana and Alaskan Native (0.1%), and Asian (0.1%). Although no evidence exists to determine if the minorities have grown, the U.S. Census did determine that the overall population has indeed increased. Between 1990 and 2000, the population increased 9.7%; and between April 1, 2000 and July 1, 2002 the population increased an additional 1.3%. The above demographics will have the minimal effects on the housing conditions. Based on the racial composition of the Town, there is an increased probability that most, if not all, renters residing in the building will be white (it is important to note that this should not be construed as a preference and/or requirement of the owner, and minorities will be encouraged to rent as well).

Economy The present-day economy for Summitville is an important factor when considering the feasibility of this project. In relation to the local economic base, there are approximately 521 people within the labor force (488 employed, 33 unemployed) and 308 not in the labor force. Thus, 62.8% of the persons residing within Summitville are employed within the civilian work force. In relation to this, the highest percentage of jobs related to the field of production, transportation, and material moving (29.7%). The second and third fields are, respectively, management or professional related (24.0%), and sales and office occupations (19.9%). Feasibility Study Page 22

Old Bank Rental Rehabilitation Major Employers

III. Market Affordability Assessment

The two major employers for the Summitville area are R&R Engineering of Summitville and Red Gold Inc., which is located in both the Town of Orestes (9.7 miles from Summitville) and the City of Elwood (15.1 miles from Summitville). R&R and Red Gold Inc. are not the only industrial employers that provide employment to persons within the area. Manufacturing plants provide the most economic boost to Summitville. According to the U.S. Census (2000), there are four manufacturing companies located in the 20-49 size classification, which is more than any other economic business. The average travel time to work for persons in Summitville is 27.3 minutes. This time is higher than the national average, which is 25.5 minutes.

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B. PUBLIC ASSISTED HOUSING

Publicly assisted housing in Madison County outside the city of Anderson currently has a minimal role in low-income housing. There are only a select few organizations and programs offered in the county for publicly assisted housing. Though the majority of publicly assisted housing programs are centered in the City of Anderson, rural county and communities within the county, such as Summitville, are in need of assistance as well. The following is a list of organizations and agencies providing public assistance in housing and programs they offer.

EPHA: Elwood Public Housing Authority 1602 South "A" Street Elwood, IN 46036 (765) 552-2148 Section 8 Existing Housing Certificate Program This program is offered by the Public Housing Authority (PHA) through funds from the U.S. Department of Housing and Urban Development. The purpose of the program is to provide Section 8 Rental Assistance to low-income residents in northern Madison County primarily the City of Elwood. Once accepted into the program, the PHA will make housing assistance payments to the landlord to assist low-income families in paying their rental obligations. Rental assistance is given to tenants located at scattered sites in the county.

USDA: United States Department of Agriculture Rural Development Agency 2200 Madison Square Anderson, IN 46011 (765) 642-3950 Home Improvement and Repair Loans and Grants The Rural Development office has a service area of the entire county excluding the City of Anderson and its surrounding urbanized area. Feasibility Study They have provided funding to rehabilitate Page 24

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numerous owner-occupied and rental units in scattered rural sites throughout the county. In addition to rehabilitation funding, financing low-income homebuyers and first-time homebuyers in the purchase of a home is another program run through the Rural Development office. These programs for the most part give funding in the form of loans, but programs with elderly participants (62 or older) typically are funded by grants.

MCCOG: Madison County Council of Governments 16 East 9th Street, Box 36 Anderson, IN 46016 (765) 641-9482 Various Low-Income Housing Programs The Madison County Council of Governments (MCCOG) has administered housing grants from the Indiana Housing Finance Authority and the Farmers Home Administration. The

purposes of these grants were to rehabilitate and renovate owner-occupied and rental housing units of low-income families, construct migrant farm worker housing, construct an emergency shelter, and conduct various housing plans and feasibility studies. Programs have been

conducted by MCCOG for incorporated towns, cities, and the county excluding the City of Anderson. Grants administered in past include the Elwood, Alexandria, and Madison County Rental Rehabilitation Programs, Madison County Owner-Occupied Rehabilitation Program, Madison County Housing Preservation Grant, Madison County Housing Plan, Orestes and Elwood Migrant Farm Worker Housing Programs, and the Alternatives, Inc. Emergency Shelter Program. Owner-occupied and rental units rehabilitated in these programs have been located at scattered sites throughout the county. MCCOG intends to continue to administer public assisted housing grants on behalf of the county and its towns and cities. In addition to these grants, certain housing programs are planned to be pursued in the future to address low-income needs.

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C. PUBLIC & PRIVATE-SECTOR FUNDING SOURCES

Public Funding A wide array of federal, state, and local funds and/or financing are available for low-income individuals and families in order to promote affordable housing. This section will outline and discuss the agencies and organizations that provide funding/financing toward affordable housing programs for the low-income population.

IHFA: Indiana Housing Finance Authority 30 South Meridian Street Suite 1000 Indianapolis, IN 46024 (800) 872-0371 The Indiana Housing Finance Authority (IHFA) was created by the Indiana General Assembly in 1978. As Indiana's key housing finance agency, IHFA financed the purchase, development, or rehabilitation of approximately 40,000 affordable homes for Hoosiers to rent or own between 1989 and 1996. IHFA's mission is to increase access to safe, decent, and affordable housing throughout Indiana by working in a fiscally responsible and efficient manner that will empower people and build communities. Programs offered by IHFA are as follows: 1. Housing from Shelters to Homeownership Home Investment Partnership Funds (HOME) and Community Development Block Grants (CDBG) funds are awarded by IHFA to eligible local units of government, not-for-profit organizations, and Community Housing Development Organizations (CHDOs). The money awarded through these programs must be used for the construction or rehabilitation of singlefamily housing, rental housing, emergency shelters, transitional housing, migrant farmer worker housing, single-family homeownership, lease-purchase programs, homeownership counseling/down payment assistance, and youth shelters. To qualify for these funds, the activities must additionally demonstrate 100% benefit toward low-income families.

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2. Foundations IHFA accepts applications monthly from local units of governments, CHDOs, and other nonfor-profit organizations for HOME and CDBG funded "Foundations" programs. These programs fund pre-development activities such ash housing needs assessments, planning activities, feasibility studies, and projects incorporating both homeownership counseling and down payment assistance. 3. CHDO Works During competitive funding rounds, IHFA awards HOME funds to CHDOs for activities to expand the capacity to development and implement affordable housing projects. This program allows for additional operation funds for expenses such as staffing costs, office expenses, equipment, hardware and software, strategic planning, organizational development, and expansion of existing programs. 4. Low Income Housing Trust Fund IHFA accepts monthly application from not-for-profit organizations for the development of safe, decent, and affordable housing. All activities of this program must have a 100% benefit to low-income persons. Additionally, the state has targeted 50% of the beneficiaries to be at or below 50% of the area median income. 5. Low Income Tax Credits Through competitive funding rounds, IHFA awards federal tax credits to for-profit and notfor-profit developers of rental housing. The tax credits are to be used to raise funds for projects involving the rehabilitation or new construction of rental units. The beneficiaries of this program must be low-income households at or below 60% of the area's median income. 6. First Home/One Down IHFA has partnered with Fannie Mae to provide this program to first-time homebuyers. The program allows these first-time homebuyers to obtain mortgages with a down payment of as little as one percent. The loans are offered through IHFA and its network of participating lenders. Participants can receive five or ten percent down payment assistance in the form of a zero-interest forgivable loan, with the balance of the home purchase price being secured through the IHFA First Home program. All applicants must meet income guidelines established by the U.S. Department of Housing and Urban Development. 7. First Home The IHFA offers first-time homebuyers a below market interest rate loan through a participating lender. The rate varies bus is usually ½ point below the current market rate. This loan may be used in conjunction with FHA/VA, Rural Development, or conventional financing. 8. First Home/PLUS This program offers first-time buyers a below market interest rate first mortgage through a participating lender. Additionally, five or ten percent down payment assistance is offered as

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a zero-interest no payment second mortgage. There are also other First Home programs called First Home 100, Community, and Opportunity. 9. Mortgage Credit Certificate Program This program offers first-time homebuyer a Federal tax credit. The tax credit will amount to 20% to 35% of the interest a buyer pays on their mortgage each year, with a maximum credit of $2,000 per year. This program is offered annually, usually in the spring.

USDA: United States Department of Agriculture Rural Development, Rural Housing Services 801 West Pearl Street Lebanon, IN 46052 (765) 482-6355 "The Rural Housing Service (RHS) of USDA Rural Development works to improve the quality of life for rural Americans by ensuring that they have access to safe, well-built, affordable homes" (USDA, 1). The Lebanon office manages the USDA programs for a multicounty area, which includes Madison County. Listed below are the programs and funding sources available through the RHS. 1. Home Ownership Loans RHS offers two types of home ownership loans ­ guaranteed and direct. This program requires no down payment and provides favorable rate mortgages through a direct loan from RHS or a loan from a private lending institution that is guaranteed by RHS. These loans are available to low- or moderate-income individuals and families for the purchase, construction, rehabilitation, or relocation of a dwelling located in rural areas. 2. Self-Help Housing This program provides loans to a group of six to ten low-income families, helping them build their own homes by supplying materials and skilled labor they would be unable to furnish themselves. The families must agree to provide "sweat equity," working in tandem with the skilled laborers and other families until all homes are finished. 3. Rural Rental Housing Loans These loans are made to finance building construction and site development of multi-family units for people with low, very low, and moderate incomes. Along with this development, a portion of the units should be set aside for senior (62 and over). Loans can be made to construct homes that will operate in cooperative form but may not be used to finance individual units.

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4. Home Improvement and Repair Loans and Grants A rural homeowner with a house in need of repair or renovation may be eligible for a loan or grant. Home Improvement Loans are available for those who many not need or cannot afford new housing, but need assistance to meet minimum housing standards and to remove health and safety concerns. Home Improvement Grants are given to eligible senior homeowners (62 and over). Repair Loans and Grants assist in the completion of general repairs, while Home Improvement Loans and Grants take an additional step by bringing a house up to minimum standards and codes. 5. Site Loans Rural Housing Site Loans allow the purchase of adequate building sites for development of a desirable community. These loans are given to private and non-profit organizations. 6. Farm Labor Housing Farm Labor Housing Loans and Grant enable farmers, non-profit organizations, and units of government to build, buy, or repair farm labor housing for either dormitory or multi-family apartment uses. 7. Housing Preservation Grants The Housing Preservation Grant allows low-income homeowners the funds necessary to repair and rehabilitate their homes. Funds are also available to rental property owners fore rehabilitation of their units. The rental rehabilitation program requires landlords to make their properties available to low-income tenants. 8. Housing Subsidies The Housing Subsidies Program offers monthly mortgage and rental payment assistance. This program is designed to assist low-income individuals and families, assuring that they do not pay more than 30% of their monthly income for housing. These subsidies can be used to assist homeowners and tenants of rental and farm labor housing.

FHLB: Federal Home Loan Bank of Indianapolis 8250 Woodfield Crossing Boulevard Indianapolis, IN 46206 (317) 465-0428 The Federal Home Loan Bank provides loans and financing programs to lower- and moderate-income persons to facilitate affordable housing. There are two programs offered by FHLB of Indianapolis ­ the Affordable Housing Program and the Community Interest Program.

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1. Affordable Housing Program The Affordable Housing Program (AHP) exists to subsidize the interest rate on advances or to provide direct subsidies to member organization in order to promote long-term lending and support affordable renter- and owner-occupied housing for very low-, low-, and moderateincome households. Subsidies under this program may be used in conjunction with other sources of funds, such as federal, state, or local public or private assistance programs. 2. Community Improvement Program The Community Improvement Program has been established to provide funding for community-oriented mortgage lending. This program seeks to reduce the risk of making non-conventional mortgages on community development lending by providing funding at less than market rates. The funding for this program benefits low- and moderate-income persons in the financing of home purchases, rehabilitation of housing, and development of the commercial and economic sectors.

HUD: U.S. Department of Housing and Urban Development Indianapolis Office, Region V 151 North Delaware Street Indianapolis, IN 46204-2526 (317) 226-6303 The U.S. Department of Housing and Urban Development operates under a multitude of housing programs geared toward low- and moderate-income persons and promotes affordable housing. Though HUD's programs are federal programs these funds filter down to the state and local level to assist various housing activities. Below are the programs offered by the U.S. Department of Housing and Urban Development. HUD Programs: Public and Indian Housing and Operation Public Housing Comprehensive Improvement Assistance Program Section 8 Housing Assistance Program Family Self-Sufficiency Program Section 8 Foster Care Demonstration Section 8 Gautreaux Demonstration Public and Assisted Housing Drug Elimination Public Housing Youth Sports Program Section 202 Supportive Housing for Elderly Section 811 Supportive Housing for Disabled Congregate Housing Services Program (CHSP) Mortgage Insurance for Rental Housing and Low- and Moderate-Income Families Page 30

o o o o o o o o o o o o

Feasibility Study

Old Bank Rental Rehabilitation o o o o o o o o o o o

III. Market Affordability Assessment

Preservation of Low-Income Housing Flexible Subsidy Program HOPE I ­ Public and Indian Housing Homeownership HOPE II ­ Homeownership for Multi-Family Housing HOPE III ­ Homeownership for Single Family Housing HOPE for Elderly Independence Housing Counseling Assistance Fair Housing Initiatives Program (FHIP) Fair Housing Assistance Program (FHAP) Community Housing Resource Board Program Housing Opportunities for People with AIDS

Local Banks: Banking Institutions provide a valuable resource of funding for many housing initiatives. They are vital partners in many of the abovementioned housing programs. Utilization of these institutions is necessary to adequately meet the housing needs within Summitville. Community Bank, located at 101 South Main Street, is the only bank within the Town of Summitville. However, there are numerous other banks in the surrounding areas that are capable of providing ample funding. Such banks are: Old National Bank, Key Bank, Star Financial Bank, National City Bank, and Madison Community Bank.

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D. HOUSING REGULATIONS

The Town of Summitville's housing regulations are outlined in the Summitville Code of Laws under Article 7: Planning and Development. The code was enacted by the town in 1983, and is still the prevailing regulations for the town. The following is a summary of the planning and development code, and its applicability to the Old Bank Rental Rehabilitation Program.

Administrative Bodies and Their Responsibilities Zoning Inspector: 1. Notification of violations of this section; 2. Order discontinuance of illegal use of land; 3. Order removal of illegal buildings; 4. Order discontinuance of illegal work being done; and 5. Any other action authorized to ensure compliance and prevent violation(s). Commission: 1. Review all amendments and make recommendations to the Town Board; 2. To authorize such variances from the terms of this section; and 3. To authorize the issuance of a zoning permit. Zoning Board: 1. To hear and decide appeals of determinations made by the Zoning Inspector; and 2. To grant conditional zoning permits as specified in the Official Schedule of District Regulations.

Zoning and Districts The Town of Summitville is comprised of nine (9) zoning districts. The zoning districts are labeled as follows: A CB GB I-1 I-2 R-1 R-2 R-3 F-P-D Agriculture Central Business District General Business District Light Industry Heavy Industry Low Density Residential Medium-Low Density Residential Multi-Family Residential Flood Plain District Page 32

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The proposed development of the Old Bank Building located at 100-104 North Main Street (Northeast Corner of Main St. & Mill St.), is currently zoned as being part of the Central Business District (CB District). According to the code book, "the purpose of the CB District is

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to accommodate and encourage further expansion and renewal in the historical core business area of the community. A variety of businesses, institutional, public, quasi-public, cultural, residential and other related uses are encouraged in an effort to provide the mix of activities necessary to establish a truly urban character." Based on the explanation of the CB District, the property is properly zoned for the proposed rehabilitation of residential and commercial units.

Zoning Permits and Certificates of Occupancy (*Source: Code of Laws for Summitville) "No building or structure shall be erected, added to, or structurally altered until a permit has been issued by the Building Commissioner." The current Building Commissioner is Tom

Marshall. "No zoning permit or certificate of occupancy shall be issued for any building where its construction, addition, or alteration or use thereof would be in violation of any of the provisions of this section, except upon a written order of the Zoning Board." "No land shall be occupied or used and no building hereafter erected, altered, or extended shall be used or charged in use until a certificate of occupancy shall have been issued by the Building Commissioner stating that the building or proposed use complies with the provisions of this section. All certificates of occupancy shall be applied for at the time that the zoning permit is applied for. The Building Commissioner shall maintain a record of all certificates. Copies shall be furnished, upon request, to any person having a proprietary or tenancy interest in the building affected." Filing Fees: "Application and petitions filed pursuant to the provisions of this section shall be accompanied by the following filing fees. Commissioner." These fees are to be paid to the Building

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A. "For each application for alterations, moving, repairs or additions to all buildings or structures, the fee for the Improvement Location Permit shall be Two Dollars ($2.00) for each Thousand Dollars ($1,000) or fraction thereof, of the value of such alterations. The value of the building or structure shall be based upon the amount of its assessed valuation times three-(3)." B. "For Business and Industrial buildings or structures, the fee for each application for an Improvement Location Permit shall be Three Dollars and Fifty Cents ($3.50) for each Thousand Dollars ($1,000) or fraction thereof, of the value of such improvement, alterations, repairs, or additions." C. "Accessory Uses such as Public Utility Installations, walks, driveways, curbs, retaining walls, mail boxes, name plates, lamp posts, bird baths and structures of a like nature do not require an Improvement Location Permit." D. "A fee of One Dollar ($1.00) shall be paid for each application for a Certificate of Occupancy." E. "A fee of Twenty Dollars ($20.00) shall be paid to petition for an appeal from any decision of the Building Commissioner to the Zoning Board." F. "A fee of Twenty-Five Dollars ($25.00) shall be paid for each petition for an amendment to this section. Each petitioner shall pay for the required legal publications." "Any person who violates any provisions of this section shall be fined not less than Ten Dollars ($10.00) and not more than Three Hundred Dollars ($300.00). Each violation shall constitute a separate offense." Permit Expiration: "The work or use authorized by any Improvement Location Permit, or Permit for Variance, Contingent Use or other Permit, except for an Improvement Location Permit for a Special Exception, must be commenced within six (6) months of the date of issuance of such permit, or the permit shall lapse and be and become null and void. All authorized work shall be completed within Two (2) years from issuance of the permit except for a permit for a Special Exception. The Building Commissioner may extend the work completion time upon showing a good cause."

Housing Standards and Codes The Housing Standards and Codes for the Town of Summitville are very limited at best. Many of the codes are either out dated and/or not applicable to the type of development being

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Old Bank Rental Rehabilitation proposed.

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General Regulations that are mentioned in the Code of Laws for the Town of

Summitville deal with issues such as; swimming pools, temporary buildings, setback requirements for corner buildings, visibility at intersections in residential areas, fence and wall restrictions, height regulations, noise, vibration, and air pollution. There are more specific codes dealing with mobile and manufactured homes, which doesn't apply to this project. Any of these regulations mentioned above can be referenced in the Local Planning and Zoning section of the Code of Laws.

Utility Connection Fees Utility/Service Water Service Provider Indiana American Water Company 401 Camby Court Indianapolis, IN 47374 (317) 885-2400 Town of Summitville 109 South Main Street Summitville, IN 46070 (765) 536-4353 Town of Summitville 109 South Main Street Summitville, IN 46070 (765) 536-4353 American Electric Power 400 North High Street Muncie, IN 47305 (800) 311-4634 Vectren 1630 South Meridian Street Indianapolis, IN 46202 (800) 777-2060 SBC 1099 North Meridian Street Indianapolis, IN 46255 (800) 647-9000 Connection Fees

Turn on Fee: $15.00 Rate per 1,000 Gallons: < 15,000 $3.0545 Up to 3,750,000 $2.2351 > 3,750,000 $1.6691 Tap Fees by Pipe Size: 5/8"-$600 3/4"-$600 1"-$900 1½"-$1500 2"-$6,000 Typical Monthly: $36.19

Sewage

Waste Disposal

N/A

Electric

Service Charge: $6.65 per month < 200 kWh $7.41 per kWh Up to 500 kWh $6.162 per kWh > 500 kWh $5.707 per kWh Service Charge: $9.00 per meter First 45 therms $.5151 per therm > 45 thems $.4449 per therm

Gas

Telephone

Varies based on Plan Selected

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Old Bank Rental Rehabilitation Historic District

III. Market Affordability Assessment

There are no historic districts per say within the Town of Summitville, although there are many historic structures in scattered sites throughout the town. The Madison County Interim Report of Indiana Historic Sites & Structures Inventory rates the property at 100-104 North Main Street as being "Notable." A rating of "Notable" for a structure is recommended as potential nominations to the Indiana Register of Historic Sites. Generally, these entries are of notable, but not outstanding, significance on the state and local levels. Additionally, the Indiana Department of Natural Resources, Division of Historic Preservation and Archaeology, cited the structure as not being eligible for inclusion in the National Register of Historic Places and not considered to be a historically significant building. The Town of Summitville has made a determination that the proposed rehabilitation involves no historic properties, in which DNR-Division of Historic Preservation and Archaeology concurred with their findings. Although the structure is not considered historically significant on a national and/or state level, locally the structure is viewed as an integral part of the history and character of downtown Summitville. This building was among the centerpieces of a once vibrant community. Thus, with the proposed rehabilitation, the building can again become an integral part of the revitalization of the downtown area.

Floodplains The Federal Emergency Management Agency (FEMA) has not mapped the Summitville area, which leads to the presumption that the project is not located in a flood plain. FEMA identifies the Summitville area as "unmapped_180157". In conjunction with this finding, ESRI has

concluded that no wetlands exist within the area. With that said, the Town of Summitville has identified a Flood Plain District within its limits. "The Flood Plain District as shown on the zoning map designates lands within the Town which are likely to be flooded once every one Feasibility Study Page 37

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hundred (100) years and have been designated by the Federal Insurance Administrator as having special flood hazards as provided by 42 U.S.C. 4001, et. seq., as amended." (King, 95) In examination of the zoning map, the proposed development at 100-104 North Main Street in Summitville is not located in the Flood Plain District.

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IV. Supportive Services

Old Bank Rental Rehabilitation

IV. Supportive Services

A. SUPPORTIVE PROGRAMS & SERVICES

In relation to housing, numerous support services exist within the Town of Summitville. Current housing delivery systems and their available assistance is provided within the following sections.

A. Madison County Council of Governments (Low-Income Housing Programs) The Madison County Council of Governments (MCCOG) has administered housing grants from the Indiana Housing Finance Authority and the Farmers Home Administration. The

primary purposes of these grants were to address housing needs of low-income families. Programs have been conducted by MCCOG for incorporated towns, cities, and the county excluding the City of Anderson. Grants administered in the past include the Elwood,

Alexandria, and Madison County Rental Rehabilitation Programs, Madison County OwnerOccupied Rehabilitation Program, Madison County Housing Preservation Grant, Madison County Housing Plan, Elwood and Orestes Migrant Farm Worker Housing Program, and Alternatives, Inc. Emergency Shelter Program. These programs have been located at scattered sites throughout the county. MCCOG intends to continue to administer public assisted housing grants on behalf of the county and its towns and cities. In addition to these grants, assistance for homeownership, homeownership counseling, transitional housing, and special need housing programs are planned to be pursued in the future to address these specific low-income needs.

B. U.S.D.A. Rural Development (Home Improvement and Repair Loans and Grants) "The Rural Development Agency provides loans in rural areas to finance homes and building sites. Rural areas include open country and places with population of 10,000 or less and, under certain conditions, towns and cities between 10,000 and 20,000."

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IV. Supportive Services

The Rural Development office has a service area of the entire county excluding the City of Anderson and its surrounding urbanized area. They have provided funding to rehabilitate

numerous owner-occupied and rental units in scattered rural sites throughout the county. In addition to rehabilitation funding, financing low-income homebuyers and first-time homebuyers in the purchase of a home is another program run through the Rural Development office. This rehabilitation is available for sewer connections and implementing handicap features within a home. These programs for the most part give funding in the forms of loans, but programs with elderly participants (62 or older) are typically funded by grants.

C. Rural Opportunities of Indiana (Homeownership Programs) Rural Opportunities provides housing services that improve the housing conditions and financial stability of participants that, in turn, will help stabilize their communities. These services help families who are living in overpriced, sub-standard and overcrowded conditions by providing access to available resources. Within Indiana the available programs are:

Homeownership Program and Housing Technical Assistance. The Homeownership Program assists low and moderate-income households through homebuyer education classes and one-onone homeownership counseling that enables many families who never believed they could own their own home to become homeowners. Education classes cover several topics, including basic banking, understanding credit, and the home buying process. The Housing Technical Assistance available provides technical assistance to non-profit organizations, municipalities and other agencies to assist them in developing affordable housing to meet the critical needs of farm workers and other low-income families.

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IV. Supportive Services

D. Alternatives, Inc. of Madison County (Homeless/Victims of Abuse Emergency Shelter) Alternatives, Inc. is one of the main providers for homeless needs located in Anderson, IN (approximately 18 miles from Summitville). The services are exclusively for women and

children that are victims of abuse, violence, and homelessness. They provide shelter for a maximum of 45 days, educational training, counseling, and crisis intervention. Alternatives, Inc. currently has 18 permanent beds within the facility.

E. U.S. Department of Housing and Urban Development (Low-Income Housing Programs) The U.S. Department of Housing and Urban Development operate a multitude of housing programs that are geared toward benefiting low and moderate income persons, as well as, promoting affordable housing. Though HUD's programs are federal programs, these funds filter to the state and local level to assist various housing activities.

F. Elwood Public Housing Authority (Rental Assistance Programs) This program is offered by the Public Housing Authority (PHA) through funds from the U.S. Department of Housing and Urban Development. The purpose of the program is to provide Section 8 Rental Assistance to low-income residents in northern Madison County primarily the City of Elwood. Once accepted into the program, the PHA will make housing assistance payments to the landlord to assist low-income families in paying their rental obligations. Rental assistance is given to tenants located at scattered sites in the county.

G. Christian Center Rescue Ministries (Homeless Shelter) The Christian Center Rescue Ministries provided emergency shelter for men, women, and children who are homeless. The capacity of the center is 65 people, and it is typically at full capacity. Feasibility Study Page 41

Old Bank Rental Rehabilitation H. Dove Harbor (Homeless Women and Children)

IV. Supportive Services

Dove Harbor is affiliated with the North Anderson Church of God, and is centered on women and children in housing and homelessness. counseling for women in their program. They provide transportation, childcare, and

I. Other Other assistance is also available to those in need of financial support. Job opportunities and training exist through JobSource's Workforce Investment and WorkOne Service (765-642-4981). Additionally, rural transportation services are provided by TRAM - Transportation for Rural Areas of Madison County (765-644-6626).

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V. Feasibility Assessment

Old Bank Rental Rehabilitation

V. Feasibility Assessment

A. FINANCIAL ANALYSIS

Project Costs and Sources of Funds When looking at the proposed rehabilitation costs, an examination of the budget needs to be considered. A detailed analysis of costs is more thoroughly covered in the "Total Development Cost Estimate" section of this study. For summary purposes, here is the budget breakdown:

Costs Applied Costs to CDBG Applied to or HOME Trust Fund In-Kind Donations Other (Exhibit 17Cash Costs #H) $ -$ $ $ $ $ $ -$ $ $ $ $ $ $ Total Development Costs 266,200 20,000 286,200 18,600 -

Description of Costs* Purchase Land and Buildings 1. Acquisition Subtotal Purchase Land/Bldg. Hard Costs 1. New Construction 2. Rehabilitation 3. Demolition 4. Refinance 5. Commercial Development Costs Subtotal Hard Costs Program Delivery 1. Architectural Fees 2. Engineering Fees 3. Legal Fees 4. Consultant/Other Professional Services 5. Work Write-Ups/Specs (nonarchitectural) 6. Financing Costs (construction & permanent loan interest and fees) 7. Building Permits and Fees 8. Appraisals 9. Builder's Risk Insurance 10. Lead Hazard Testing 11. Client Related Services Subtotal Program Delivery Other 1. Administration or CHDO Operating Costs Subtotal Other TOTAL USES OF FUNDS

$

- $

- $

- $

$

238,700

$

27,500

$ $

238,700 18,600

$

$ - $

20,000 47,500 $

$

2,400

$

21,000 $

- $

- $

$ $ $ $ $ -$ $

2,400 21,000 15,000 15,000

$ $ $

15,000 15,000 $ 274,700 $

- $ - $

- $ 47,500 $

-$ - $

322,200

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As noted in the budget, $274,700 will be requested from the Indiana Housing Finance Authority (IHFA) in the form of CDBG funds. The CDBG portion of funding will cover hard costs for rehabilitation, architectural fees, and administrative fees. The Owner/Developer, Jerry Alexander, will be contributing/borrowing the remaining $47,500 in project costs. These funds will be used to cover hard cost rental and commercial construction costs. The Developer's credit rating and equity is sufficient to cover his portion, and will be secured by means of a line of credit or traditional financing. Whichever financing method is chosen, will result in the funding being secured by a mortgage on the property.

Revenue to Cost Comparison The analysis of revenue to cost of the proposed project demonstrates the strength and profitability potential possible. Based on the gross revenue, minus vacancies, operating

expenses, and debt service, potential cash flows are projected to result in more than adequate profitability. comparison. * 15-Year Proforma is on the next page. The 15-Year Proforma gives a better representation of the revenue to cost

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Old Bank Rental Rehabilitation 15-Year Proforma

Year 1 48,300 3,864 44,436 19,917 Year 2 49,749 3,980 45,769 20,714 25,055 3,059

V. Feasibility Assessment

1. Potential Gross Income 2. Less Vacany Loss 3. Effective Gross Income (1-2) 4. Less Operating Expenses 5. Less Replacement Reserves 6. Net Income (3-4-5+6) 7. Less Debt Service #1 7b. Less Debt Service #2 8. Cash Flow (7-8-8b) 9. Debt Coverage Ratio (7/(8+8b)) 10. Deferred Developer Fee Payment 11. Cash Flow after Def. Dev. Fee Pmt. 1. Potential Gross Income 2. Less Vacany Loss 3. Effective Gross Income (1-2) 4. Less Operating Expenses 5. Less Replacement Reserves 6. Net Income (3-4-5+6) 7. Less Debt Service #1 7b. Less Debt Service #2 8. Cash Flow (7-8-8b) 9. Debt Coverage Ratio (7/(8+8b)) 10. Deferred Developer Fee Payment 11. Cash Flow after Def. Dev. Fee Pmt. 1. Potential Gross Income 2. Less Vacany Loss 3. Effective Gross Income (1-2) 4. Less Operating Expenses 5. Less Replacement Reserves 6. Net Income (3-4-5+6) 7. Less Debt Service #1 7b. Less Debt Service #2 8. Cash Flow (7-8-8b) 9. Debt Coverage Ratio (7/(8+8b)) 10. Deferred Developer Fee Payment 11. Cash Flow after Def. Dev. Fee Pmt.

$ $ $ $ $ $ $

$ $ $ $ $ 24,519 $ 3,059 $ 21,460 $ 8.02 21,460 $

$ $ $ $ $ $ $

Year 3 51,241 4,099 47,142 21,542 25,600 3,059

$ $ $ $ $ $ $

Year 4 52,779 4,222 48,556 22,404 26,153 3,059

$ $ $ $ $ $ $

Year 5 54,362 4,349 50,013 23,300 26,713 3,059 23,654 8.73 23,654 Year 10 63,021 5,042 57,979 28,348 29,631 3,059 26,572 9.69 26,572 Year 15 73,058 5,845 67,213 34,490 32,724 3,059 29,665 10.70 29,665

21,996 $ 8.19 21,996 $ Year 7 57,673 4,614 53,059 25,201 27,858 3,059 $ $ $ $ $ $ $

22,541 $ 8.37 22,541 $ Year 8 59,403 4,752 54,651 26,209 28,441 3,059 $ $ $ $ $ $ $

23,094 $ 8.55 23,094 $ Year 9 61,185 4,895 56,290 27,258 29,032 3,059 $ $ $ $ $ $ $

$ $ $ $ $ $ $ $ $

Year 6 55,993 4,479 51,514 24,232 27,281 3,059

$ $ $ $ $ $ $

24,222 $ 8.92 24,222 $ Year 11 64,911 5,193 59,718 29,482 30,236 3,059 $ $ $ $ $ $ $

24,799 $ 9.11 24,799 $ Year 12 66,858 5,349 61,510 30,661 30,849 3,059 $ $ $ $ $ $ $

25,382 $ 9.30 25,382 $ Year 13 68,864 5,509 63,355 31,888 31,467 3,059 $ $ $ $ $ $ $

25,973 $ 9.49 25,973 $ Year 14 70,930 5,674 65,256 33,163 32,092 3,059 $ $ $ $ $ $ $

$ $ $ $ $ $ $ $ $

27,177 $ 9.88 27,177 $

27,790 $ 10.08 27,790 $

28,408 $ 10.29 28,408 $

29,033 $ 10.49 29,033 $

$

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Old Bank Rental Rehabilitation

V. Feasibility Assessment

B. CONSLUSIONS & RECOMMENDATIONS

Conclusions Through extensive research, conducting surveys, and public input, the Town of Summitville has been able to ascertain the feasibility of the proposed project. The building located at 100104 North Main Street in Summitville was originally established to house commercial and residential units, and should be restored for that purpose. During examination of the preferred use, preferred mix, and alternative uses, it becomes evident that the proposed development is the best alternative in terms of viability and profitability. This coupled with the property being properly zoned gives more credence to the project. The local government and community members are very supportive of the project, as it fits well the Town's desire to revitalize the downtown area. There seems to be a demand for these types of rental units, as is evident with the waiting list of prospective tenants the Owner/Developer maintains. Other positive aspects of the project include; a low crime rate, pedestrian and children friendly neighborhoods, close proximity to amenities, and its central location. Finally, through the financial analysis, the positive cash flows and profit margins lead the Town and the Developer to believe in the feasibility of this project.

Recommendations Based on the aforementioned conclusions, it is recommended that the project move forward as proposed. This would include the rehabilitation of one commercial unit and seven residential units in the Old Bank Building located at 100-104 North Main Street in Summitville. This project, dubbed the "Old Bank Rental Rehabilitation Program", should be submitted for funding to the Indiana Housing Finance Authority, in which the grant application is due October 1, 2004. Additionally, the Owner/Developer should secure his portion of funding for the project. Feasibility Study Page 46

VI. Implementation Plan

Old Bank Rental Rehabilitation

VI. Implementation Plan

A. STRATEGY & ACTION PLAN

The action plan is comprised of implementation of the "Old Bank Rental Rehabilitation Program." The implementation strategy for the proposed project is outlined below. Refer to the next section, "Major Milestones and Timetable", for a detailed timeline of the project activities. The timeline reviews completed activities started in January 2004 and runs through to project expiration projected to be in May 2006.

Old Bank Rental Rehabilitation Program A. Activity · Apply for Community Development Block Grant (CDBG) funds from the Indiana Housing Finance Authority (IHFA), and secure the remaining funds to complete the project from Jerry Alexander (Owner/Developer). · Conduct a rehabilitation project that will result in one-(1) commercial unit and seven-(7) rental units being rehabilitated. B. Funding Sources · CDBG Rental Rehabilitation Funds ­ Provided by the IHFA to conduct rental rehabilitation of existing units and structures. · Jerry Alexander Contribution ­ Require the owner/developer to pay a portion of the rehabilitation costs, usually referred to as matching/leveraging funds. C. Implementing Organizations and Their Roles · The Town of Summitville ­ The Town is the eligible applicant for CDBG funds. · Jerry Alexander ­ As the owner/developer of the project, he will serve as the subgrantee. · Procured Grant Administrator ­ Will implement the IHFA funded rental rehabilitation program while adhering to the project guidelines and regulations. · Architect ­ Will develop the site and design plans, work specifications, and bid documents for the project. · Construction Contractor ­ Procured to complete the rehabilitation activities.

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Old Bank Rental Rehabilitation

VI. Implementation Plan

B. MAJOR MILESTONES & TIMETABLE

Major Milestones This project began in January 2004 and will be completed in May 2006. The following dates are milestones that have either occurred or are anticipated throughout the project: Month/Year: o January to August 2004 o Complete o August/September 2004 o September 2004 o October 2004 o January 2005 o December 2005 o January 2006 o May 2006 Activity: Predevelopment Activity Begins (Feasibility Study) Site Control Obtained Public Comment Period Completed Feasibility Study Submitted to IHFA Apply for Rental Rehabilitation Funding (IHFA) Rehabilitation Start Date Rehabilitation Completion Date Final Draw, Completion Report, and Closeout Expiration Date

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Old Bank Rental Rehabilitation

VI. Implementation Plan

C. ORGANIZATIONAL & ADMINISTRATIVE STRUCTURE

Administrative Structure The Town of Summitville, Town Council, will act as the Local Unit of Government and the Legal Applicant for funding to the Indiana Housing Finance Authority. The Owner-Developer, Jerry Alexander, will be the Subgrantee on the project and is contributing leveraging funds toward the development. As owner of the property, he will serve as the Property Manager upon completion of the project. A Grant Administrator and Architect will be procured once IHFA funding is in place.

Organizations Involved There will be several organizations involved with the implementation of any and all activities associated with the rehabilitation process. The organizations and/or entities include the Town of Summitville, Owner/Developer (Jerry Alexander), and a Procured Grant Administrator, Architect, and Construction Contractor. The Madison County Council of Governments has been a vital member of the Feasibility Study and would be an ideal agency to perform the role of Grant Administrator. With that said, the Town recognizes that they must follow the procurement procedures using federal funds outlined in the IHFA Grantee Implementation Manual.

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Old Bank Rental Rehabilitation

VI. Implementation Plan

D. LOCAL GOVERNMENT & TASK FORCE

Public Participation There are numerous ways to involve the public in the decision and rehabilitation process of the Old Bank building located in Summitville, Madison County, Indiana. Various organizations have dispersed flyers throughout buildings located within Summitville. These flyers were posted at such locations as the Post Office, local businesses, churches, and other areas within the community. In addition to the flyers, general public surveys were passed out throughout the community to gain public input in relation to the rehabilitation. In order to gain public input accurately, it is important to continually involve the public throughout all steps and processes. Therefore, meetings will also be held throughout the entire process. They will be open to the public and will occur during normal Town Council meetings to capitalize on the greatest opportunity for input and attendance. Additionally, there were two public hearings that

introduced photomontages and sketches of interior and exterior proposed changes. Updates of the process will also be placed in the local newspaper to inform the public of any and all advancements. It is hoped, that these efforts have and will afford the greatest amount of public participation, especially from the low-income population.

Local Government & Task Force Aside from public input, the Town of Summitville, Summitville Main Street, Owner/Developer (Jerry Alexander), Madison County Council of Governments, and Architect (Kato Smith) have played major roles in construction of this feasibility study and continued collaboration is anticipated to see this development come to fruition. There will be no "Task Force" for this development, rather a collaborative effort of the aforementioned organizations and continued input from the public. Feasibility Study Page 50

VII. Exhibits & References

Exhibit A

MADISON COUNTY

INDIANA STATE/ COUNTY MAP OLD BANK RENTAL REHABILITATION

Prepared by Madison County Council of Governments Page 51

Exhibit A

Old Bank Rental Rehabilitation

VII. Exhibits & References

Feasibility Study

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Old Bank Rental Rehabilitation

VII. Exhibits & References

Feasibility Study

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Old Bank Rental Rehabilitation

VII. Exhibits & References

Feasibility Study

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Old Bank Rental Rehabilitation

VII. Exhibits & References

Feasibility Study

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Old Bank Rental Rehabilitation

VII. Exhibits & References

Feasibility Study

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Old Bank Rental Rehabilitation

VII. Exhibits & References

Feasibility Study

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Old Bank Rental Rehabilitation

VII. Exhibits & References Exhibit C

Summitville Feasibility Study: Telephone Survey Results

Good Morning (Afternoon/Evening). My name is Name (your first name only) and I am working with the Madison County Council of Governments and we are conducting a brief survey to assess the housing needs in the Town of Summitville. May I ask you a few quick questions concerning your present housing situation? (If child answers, ask for either parent)

1. Living Conditions: A. Are you currently living in a home or a rental property? 24 ­ 80% Home 6 ­ 20% Rental 30 ­ 100% Total 2. Home: A. Do you presently have a mortgage or is your home paid for? 11 ­ 46% Mortgage 13 ­ 54% Paid For B. Overall, how do you feel about your present housing situation? 11 ­ 46% Very Satisfied 12 ­ 50% Satisfied 1 ­ 4% Dissatisfied C. Which best describes the condition of your home? 8 ­ 33% Excellent 16 ­ 67% Good 0 ­ 0% Poor D. How many bedrooms does your home have? _3.08 Average E. For your household, is the size of your home? 0 ­ 0% Too small 17 ­ 71% Just right 7 ­ 29% Too large

0 ­ 0% Very Dissatisfied

3. Rental: A. Which best describes the rental you live in? 1 ­ 17% House 0 ­ 0% House Unit 0 ­ 0% Duplex 5 ­ 83% Apartment building B. Overall, how do you feel about your present housing situation? 3 ­ 50% Very Satisfied 3 ­ 50% Satisfied 0 ­ 0% Dissatisfied 0 ­ 0% Very Dissatisfied C. Which best describes the condition of your rental? 4 ­ 67% Excellent 2 ­ 33% Good 0 ­ 0% Poor D. For your household, is the size of your rental? 0 ­ 0% Too small 6 ­ 100% Just right 0 ­ 0% Too large E. How many bedrooms does your rental have? _2.00 Average F. Do you pay more or less than ($Fair Market) a month for your rental? 0 ­ 0% More 6 ­ 100% Less (Fair Market: Efficiency - $336; 1 BR - $492; 2 BR - $592; 3 BR - $741; 4 BR - $830; 5 BR - $955; 6 BR - $1,079) G. Are utilities included in your rent? 2 ­ 33% Yes 4 - 67 No 4. All: A. How many people live in your household? _2.33 Average 5. Neighborhood Factors: A. How would you describe the utility providers of your neighborhood? 3 ­ 10% Excellent 22 ­ 73% Good 5 ­ 17% Adequate 0 ­ 0% Poor B. Would you consider your neighborhood child friendly? 29 ­ 97% Yes 1 ­ 3% No C. Would you consider your neighborhood pedestrian friendly? 28 ­ 93% Yes 2 ­ 7% No D. How would you rate the crime in your neighborhood? 0 ­ 0% High 1 ­ 3% Moderate 29 ­ 97% Low

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Old Bank Rental Rehabilitation

VII. Exhibits & References

6. Historical Preservation: A. How would you rate the importance of historic preservation in your community? 0 ­ 0% Very Important 9 ­ 100% Important 0 ­ 0% Not Important B. How important are historical buildings in relation to the character of the town? 0 ­ 0% Very Important 8 ­ 100% Important 0 ­ 0% Not Important 7. Household Income: A. Is your household income more or less than ($Low-Income Limit) annually? (Low-Income limit: 1 person - $35,900; 2 persons - $41,000; 3 persons - $46,150; 4 persons $51,300; 5 persons - $55,400; 6 persons - $59,500; 7 persons - 63,600; 8 persons - $67,700.) 19 ­ 70% Less 8 ­ 30% More

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Old Bank Rental Rehabilitation Community Input Survey

VII. Exhibits & References Exhibit D

The Madison County Council of Governments (MCCOG) is currently conducting housing surveys throughout the town of Summitville for the purpose of assessing the housing needs within the town. Please complete these questions to the best of your ability as it pertains to housing in your community, particularly with an emphasis on low/moderate income individuals and families. It is our goal to integrate information gathered from this questionnaire and through research to develop a better understanding of housing in your community. 1. The following categories are types of housing assistance programs. Please rank these six categories based on housing needs in your community (1-Most Important to 6-Least Important, when ranking use each number 1-6 only once.) Avg. 2.71 3.71 5.43 4.43 1.57 3.14

Owner-Occupied Rehabilitation: 1 (1-14.3%) 2 (2-28.6%) 3 (3-42.9%) 4 (0-0.0%) 5 (1-14.3%) 6 (0-0.0%) Rental Rehabilitation 1 (0-0.0%) 2 (1-14.3%) 3 (2-28.6%) 4 (3-42.9%) 5 (0-0.0%) 6 (1-14.3%) Home Purchase Counseling (Guidance for the Home Purchase Process) 1 (0-0.0%) 2 (0-0.0%) 3 (0-0.0%) 4 (1-14.3%) 5 (2-28.6%) 6 (4-57.1%) Home Purchase Assistance (Low-interest Loans and Mortgage Buy Downs) 1 (0-0.0%) 2 (0-0.0%) 3 (2-28.6%) 4 (1-14.3%) 5 (3-42.9%) 6 (1-14.3%) New Construction of Homes 1 (6-85.7%) 2 (0-0.0%) 3 (0-0.0%) 4 (0-0.0%) 5 (1-14.3%) 6 (0-0.0%) New Construction of Rental Properties 1 (0-0.0%) 2 (4-57.1%) 3 (0-0.0%) 4 (2-28.6%) 5 (0-0.0%) 6 (1-14.3%)

2. Of the following housing issues, which are problems in your community? (Circle the number that corresponds with your response) Not a Minor Major Don't Avg. Problem Problem Problem Know 2.5 Availability of quality homes 1 (1-12.5%) 2 (3-37.5%) 3 (3-37.5%) 4 (1-12.5%) 2.5 Availability of quality rentals 1 (2-25.0%) 2 (0-0.0%) 3 (6-75.0%) 4 (0-0.0%) 2.5 Affordable homes for sale 1 (1-12.5%) 2 (4-50.0%) 3 (1-12.5%) 4 (2-25.0%) 2.4 Affordable rental units 1 (2-25.0%) 2 (1-12.5%) 3 (5-62.5%) 4 (0-0.0%) 2.1 Subsidized/Assisted Housing 1 (3-37.5%) 2 (2-25.0%) 3 (2-25.0%) 4 (1-12.5%) 2.5 Housing for elderly 1 (3-37.5%) 2 (1-12.5%) 3 (1-12.5%) 4 (3-37.5%) 2.6 Poor, dilapidated housing 1 (1-12.5%) 2 (1-12.5%) 3 (6-75.0%) 4 (0-0.0%) 2.5 Vacant/abandoned housing 1 (0-0.0%) 2 (4-50.0%) 3 (4-50.0%) 4 (0-0.0%)

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VII. Exhibits & References

3. Would you say it is difficult for the following people to find appropriate and affordable housing in your community? Avg. Not Difficult Somewhat Difficult 1.71 Single persons living alone 1 (4-57.1%) 2 (1-14.3%) 2.00 Single persons with children 1 (1-14.3%) 2 (5-71.4%) 1.57 Married couples without children 1 (4-57.1%) 2 (2- 28.6%) 2.29 Married couples with children 1 (1-14.3%) 2 (3- 42.9%) 2.29 People with disabilities 1 (1-14.3%) 2 (3- 42.9%) 2.14 Elderly Persons 1 (2-28.6%) 2 (2-28.6%) Very Difficult 3 (2-28.6%) 3 (1-14.3%) 3 (1-14.3%) 3 (3- 42.9%) 3 (3- 42.9%) 3 (3- 42.9%)

4. Do you think the preservation of historical properties is important in your community? If so, what historical buildings or areas of town need revitalization? YES! Right now, if you just add a little graffiti, the downtown area would look just like a GHETTO! So I think the whole downtown area needs revitalized. ALSO, King's needs to put up a fence (not chain link, either, I mean it is an eyesore), because it looks like a junkyard. No. The whole downtown area needs to be razed and start from scratch. Yes, much of the Downtown needs revitalized and more needs to be done to get the buildings occupied. Only if they are put to good use. The Howard Building. Handy Andy Building. IOOF Building. Not really. We don't really have historical homes. We do need to put new sidewalks and lighting down Main St and encourage families and homeowners to spruce up their properties. Downtown area and Main Street 5. Additional comments? Need more park space and equipment for playground area. Summitville needs building codes and community rules. We have abandoned houses ­ properties that have no upkeep pole barns in town ­ we need ordinances and codes and follow through. This would encourage people to move to Summitville or stay. Our neighbors house is so gross that its embarrassing to have people in our yard. It makes us feel like moving. The community need more apartments for all ages of people. More commercial businesses too.

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Old Bank Rental Rehabilitation Need good housing. More businesses. More jobs in town.

VII. Exhibits & References

The Town Boards seems to be getting more involved in trying to improve the town. Now we need to get the people who own the buildings downtown to take more interest in the project and do something with their property. The Downtown revitalization committee is trying very hard but it seems to me they are getting little cooperation from the town's people. I've always thought it would be a good idea to plant tress along the train tracks. Not near intersections, but near the water tower coming into town. It would hide the ugliness of the tracks.

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Old Bank Rental Rehabilitation

VII. Exhibits & References

Town of Summitville

Location: Summitville Community Center Date: August 20, 2004 Time: 6:00 p.m. Speakers: Bret Lott, MCCOG Housing Administrator Kato Smith, Project Architect

Exhibit E Community Input Meeting #1

In attendance: Town Council President Robert Atkins; Clerk Treasurer Devon Dow; Alexandria Times-Tribune writer Randy Chambers; Mainstreet Committee President Dee Amos; Project Owner Jerry Alexander; Project Architect Kato Smith; MCCOG Executive Director Jerry Bridges; MCCOG Housing Administrator Brett Lott; MCCOG Intern Amanda Jacobs. Minutes: Kato began the meeting with a brief presentation of the construction and rehabilitation that will be done to the Old Bank building, located at 100-104 Main Street. Continuing the meeting, Bret Lott discussed the specifics and the present situation of the grant. Those in attendance were then asked for their input and/or suggestions. Additional Comments/Questions: - Completion date o The application is due October 1st, so the intent to complete the grant by late September. - Cost estimate o It will cost approximately $278,800 for residential, with an additional $20,000 for commercial rehabilitation. The necessary amount for commercial rehabilitation will come from Jerry Alexander. - Surveys o All individuals received a copy of the surveys. o Easiest to disburse through bulk mailing. Currently over 400 boxes at the post office, with unknown amount of individual boxes located throughout town. o It would be easiest to create a tri-fold document with "Current Box Holder ___" located on the front. o "Survey for town" on front of survey to catch the attention of the public. o Due date for surveys: Sept 10, 2004. o Revision of surveys will be sent from Bret to Robert Atkins at [email protected] - Blueprint of structure o Kato will leave the blueprint for the town. o It will be placed in a predominant place so the public can view it. The blueprint will have adjoining surveys and flyers for the town council meeting. o Blueprint will be placed within the window of Handy Andy's.

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Old Bank Rental Rehabilitation

VII. Exhibits & References

-

-

-

o Kato will send graphics to [email protected] (jpeg or tiff format) Next public hearing meeting o Next input meeting is set for September 15, 2004 at 6 p.m. (will be prior to Town Council meeting). o Notices of next meeting will be located at Handy Andy's, post office, and town hall. o Will also need to be on agenda for the town council to pass resolution. Legal notice o Legal notice will be placed in Anderson and Elwood newspapers. Mainstreet Committee o Will meet on October 18, 2004 at 10 a.m. at the Summitville fire station. o There is an intent to discuss the issue with business owners of the downtown area. Other meetings o Chamber meeting on 2nd Wednesday of each month. o Historic society meeting on 3rd Thursday of each month.

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VII. Exhibits & References

Town of Summitville

Location: Summitville Town Hall Date: September 15, 2004 Time: 6:00 p.m. Speakers: Bret Lott, MCCOG Housing Administrator

Exhibit F Community Input Meeting #2

In attendance: Brett Lott, MCCOG Housing Administrator; Jerry Alexander, Property Owner; Devon Down, Summitville Clerk-Treasurer; Brad Steele, Town Attorney; Bart Matney; Curtis Blalock; Betty Featherstone; Ron Featherstone; Kelly Hendrick; and other attendees whom names are illegible on the sign-in sheet. Minutes: Bret: "I just wanted to make the Board aware of what's been happening with the Old Bank building, which is at 100 North Main Street. The past several months we've been doing a feasibility study that was granted under the Indiana Finance Housing Authority, to look at the feasibility of rehabilitating property there. That feasibility study is coming to a conclusion and now we are in the process of putting together an application for funding to do the rehabilitation of the property from the Indiana Finance Housing Authority as well. The total budget cost, as from the preliminary architect, architectural fees rundown at a cost of $322,200 for the rehab of the property; of that, $274,700 will be through a grant that is funded from the Indiana Finance Housing Authority, and the owner/developer, which is Jerry Alexander, will be putting in approximately $47,500 of his own funds into that project as well. In the end, it will have seven rental units and one commercial unit in that building." Additional Information: - Forms need the Town Board President's signature - Drawings of proposed site are available from Devon Dow - Formal Approval from Town would be appreciated. o Motioned, Seconded, Passed Unanimously. - No additional questions were asked.

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VIII. Works Cited

Old Bank Rental Rehabilitation

VIII. Works Cited

WORKS CITED

Division of Historic Preservation and Archaeology, Indiana Department of Natural Resources. Madison County Interim Report: Indiana Historic Sites and Structure Inventory. Indianapolis, IN: Historic Landmarks Foundation of Indiana; 1984. Federal Home Loan Bank of Indianapolis. Affordable Housing Program, Community Development Program. Indianapolis, IN: FHLB; 1991. Government Information Services. 1992 Guide to Federal Funding for Governments and NonProfits. Washington, D.C.: Thompson Publishing Group; 1992. Indiana Housing Finance Authority. 2004 Guide to Federal and State Programs. Indianapolis, IN: IHFA; 2004. (www.indianahousing.org) King, Jon Bradley, Code of Laws for the Town of Summitville. Summitville, IN: Madison County Council of Governments (Codifier); 1983. United States Department of Agriculture. Rural Development, Rural Housing Services: Housing Programs. Washington, D.C.: USDA; 1997. United States Department of Commerce, Bureau of the Census. 1990 Census of Population and Housing. 1990. United States Department of Commerce, Bureau of the Census. 2000 Census of Population and Housing. 2000.

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