Fayetteville Arts Council — Fayetteville, AR
Date: 2025-10-15
Time: 18:00

100 W. Rock St, Suite 246
 Fayetteville, AR 72701

 Fayetteville Arts Council Agenda
 Rock St. Meeting Room / Virtual Meeting Via Zoom
 Wednesday, October 15, 2025
 6:00 PM


 Members
 City Council Member Robert "Bob" Stafford
 Resident Rep. Chair Chloe Bell (Exp: 06/28)
 Working Artist Rep. Vice Chair Emily Miller (Exp: 06/27)
 Resident Rep. Jessica DeBari (Exp: 06/27)
 Working Artist Rep. Na'Tosha De'Von (Exp: 06/28)
 Resident Rep. Diana Rubi Galindo (Exp: 06/28)
 Working Artist Rep. Abigail Hill (Exp: 06/26)
 Working Artist Rep. Elizabeth Muscari (Exp: 06/28)
 Resident Rep. Ellen Woodson (Exp: 06/26)
Parks, Nat. Resour. & Cult. Aff. Board Rep. Sarah Downing (Exp: 12/25)

 City Staff
 Arts and Culture Director - Joanna Sheehan Bell
 Arts and Culture Program Assistant - Sarah Dilatush
 Parks, Natural Resources & Cultural Affairs Director - Alison Jumper
Fayetteville Arts Council October 15, 2025




Zoom Information

 Webinar ID: 850 6733 3239
 Registration Link: https://fayetteville-
 ar.zoom.us/webinar/register/WN_jV7nrbHNSpaibhk53Rjy7w


Call to Order

 Approval of Agenda


Roll Call

Minutes
 Approval of Sept Minutes


Presentations

 Utility Box Art Process Recap/Artist Introduction

 — Elizabeth Muscari and Diana Rubi


 Utility Box artist — Eli Vanavera


 Utility Box artist — Jennifer Northorp


 Utility Box artist — Rachel Wheat


Unfinished Business
 ArtsSpace Update
 — Ellen Woodson




City of Fayetteville, Arkansas Page 2
Fayetteville Arts Council October 15, 2025




 Review Art Donation Proposal- Gretchen Wilkes

 Donated Art Proposal- Gretchen Wilkes
 "We are the Difference" was a student mural created in 2020 students with
 Gretchen Wilkes and Octavio Logo advising. It has been on display at the
 Fayetteville Public Library and is seeking new interior or exterior display
 space. The artists hope to donate the work to the City of Fayetteville for the rest
 of the work's useful life.

New Business

 Nelson Hackett Blvd. Mural for 2026


 Review Art Donation Proposal — University of Arkansas Mural Class, Prof.
 Su A Chae


Reports
 2025 Arts and Culture Work Plan Updates
 — Joanna Bell


 • Weekend Starts
 • YRCC Mural Installation
 • Movies in Parks
 • Trick or Treat on the Trail
 • Phantasma
 • Cambrata
 • CAP program updates




Announcements

Adjournment


NOTICE TO MEMBERS OF THE AUDIENCE




City of Fayetteville, Arkansas Page 3
Fayetteville Arts Council October 15, 2025




City of Fayetteville, Arkansas Page 4

100 W. Rock St, Suite 246
 Fayetteville, AR 72701

 Fayetteville Arts Council Agenda
 Rock St. Meeting Room / Virtual Meeting Via Zoom
 Wednesday, October 15, 2025
 6:00 PM


 Members
 City Council Member Robert "Bob" Stafford
 Resident Rep. Chair Chloe Bell (Exp: 06/28)
 Working Artist Rep. Vice Chair Emily Miller (Exp: 06/27)
 Resident Rep. Jessica DeBari (Exp: 06/27)
 Working Artist Rep. Na'Tosha De'Von (Exp: 06/28)
 Resident Rep. Diana Rubi Galindo (Exp: 06/28)
 Working Artist Rep. Abigail Hill (Exp: 06/26)
 Working Artist Rep. Elizabeth Muscari (Exp: 06/28)
 Resident Rep. Ellen Woodson (Exp: 06/26)
Parks, Nat. Resour. & Cult. Aff. Board Rep. Sarah Downing (Exp: 12/25)

 City Staff
 Arts and Culture Director - Joanna Sheehan Bell
 Arts and Culture Program Assistant - Sarah Dilatush
 Parks, Natural Resources & Cultural Affairs Director - Alison Jumper
Fayetteville Arts Council October 15, 2025




Zoom Information

 Webinar ID: 850 6733 3239
 Registration Link: https://fayetteville-
 ar.zoom.us/webinar/register/WN_jV7nrbHNSpaibhk53Rjy7w


Call to Order

 Approval of Agenda


Roll Call

Minutes
 Approval of Sept Minutes


Presentations

 Utility Box Art Process Recap/Artist Introduction

 — Elizabeth Muscari and Diana Rubi


 Utility Box artist — Eli Vanavera


 Utility Box artist — Jennifer Northorp


 Utility Box artist — Rachel Wheat


Unfinished Business
 ArtsSpace Update
 — Ellen Woodson




City of Fayetteville, Arkansas Page 2
Fayetteville Arts Council October 15, 2025




 Review Art Donation Proposal- Gretchen Wilkes

 Donated Art Proposal- Gretchen Wilkes
 "We are the Difference" was a student mural created in 2020 students with
 Gretchen Wilkes and Octavio Logo advising. It has been on display at the
 Fayetteville Public Library and is seeking new interior or exterior display
 space. The artists hope to donate the work to the City of Fayetteville for the rest
 of the work's useful life.

New Business

 Nelson Hackett Blvd. Mural for 2026


 Review Art Donation Proposal — University of Arkansas Mural Class, Prof.
 Su A Chae


Reports
 2025 Arts and Culture Work Plan Updates
 — Joanna Bell


 • Weekend Starts
 • YRCC Mural Installation
 • Movies in Parks
 • Trick or Treat on the Trail
 • Phantasma
 • Cambrata
 • CAP program updates




Announcements

Adjournment


NOTICE TO MEMBERS OF THE AUDIENCE




City of Fayetteville, Arkansas Page 3
Fayetteville Arts Council October 15, 2025




City of Fayetteville, Arkansas Page 4
 FEASIBILITY II REPORT
 Fayetteville, AR | August 2025




(Clockwise from Upper Left) Walker Family Teaching Kitchen at Fayetteville Public Library; Fenix Gallery, Mount Sequoyah Campus;
 Center for Innovation, Fayetteville Public Library // Photo Credit: Artspace




 Prepared at the request of the City of Fayetteville
ACKNOWLEDGMENTS
Artspace would like to thank the City of Fayetteville and the Core Group for their effort and attention on this initiative.
The visit and resulting study would not have been possible without the direction, coordination, and support of the
Fayetteville Core Group members, especially Joanna Bell, the Director of Arts and Culture at the City. We would also
like to thank all those who participated in the focus groups, public meeting, and additional conversations. These
engagements brought forth additional information and perspectives critical to the advocacy and development of
affordable creative spaces in Fayetteville.




`

 FAYETTEVILLE CORE GROUP

 Joanna Bell // Arts and Culture Director, City of Fayetteville
 Sonia Gutiérrez Harvey // Former City Council Member; Founder & Principal, 501c3 Design
 Hope Haynes // Owner’s Representative, Specialized Real Estate Group
 Devin Howland // Director of Economic Development , City of Fayetteville
 Alison Jumper // Director of Parks Natural Resources and Cultural Affairs, City of Fayetteville
 Sharon Killian // Co-Founder & Board President, NWA Black Heritage; Board Chair, ArtVentures
 Daniel Koonce // Director of Community Events & Partnerships, Startup Junkie
 Jessica Lewallen // Housing Task Force Member; Founder & Architect, GEMSTONE Design Studio
 Marlee Stark // Economic Vitality Manager, City of Fayetteville
 Joelle Storet // Visual Artist & Educator, Life Styles, Inc.
 Ellen Woodson // Fayetteville Arts Council Representative; Interior Design Project Manager, Ivy35 Ventures
 Lia Uribe // Associate Dean for the Arts and Humanities, University of Arkansas - Fulbright School




 2
 AMERICA'S LEADER IN ARTIST-LED COMMUNITY TRANSFORMATION
 Artspace is America’s leading nonprofit developer for the arts, committed to developing affordable, sustainable spaces
 that equip artists, creatives, and entrepreneurs to live and work. By employing the strategies of real estate development,
 Artspace promotes not only accessible artist housing, workforce housing, and individual artist studios, but has also
 been a catalyst for communities and creative hubs rooted in the cultural sector for decades. For 40+ years, Artspace
 has spearheaded the growing nationwide movement towards community revitalization through the arts, with our efforts
 emanating from our Minneapolis headquarters and extending through offices in New York and Washington D.C. As
 the nation’s foremost developer of arts facilities and creative workforce housing, Artspace has also provided expert
 consultancy to numerous communities and arts organizations across the country.
 WWW.ARTSPACE.ORG




  COMMUNITY ENGAGEMENT ATTENDEES

While in town, Artspace engaged with local stakeholders through focus groups, individual conversations, and a
public meeting. We appreciate the valuable ideas, perspectives, and context that attendees shared throughout these
conversations.  



 INDIVIDUAL ARTISTS AND ARTS ORGANIZATIONS

  Ali Vang // Breaking Habits Crew Joanna Bell // City of Fayetteville - Dept. of Arts and Culture
 (Core Group)
  Argenis Trejo // Breaking Habits Crew
 Lia Uribe // University of Arkansas - Fulbright School (Core
  Bob Stafford // Photographer; Graphic Designer; Fabricator;
 Group)
  Arts Council and City Council Member
 Lisa Marie Evans // CACHE
  Bryce Brisco // Community Creative Center
 Marlee Stark // City of Fayetteville - Economic Vitality
  Colleen // Sculptor; Student
 Manager (Core Group)
  Cynthia Post Hunt // The Momentary
 Mary Sue Price // Playwright
  David Sanders // Ozark Ballet Theater
 Melissa Milton // Sculptor; Painter; Fayetteville Art Galley
  Dayton Castleman // Urban Land Institute Art in Place Cooperative
  Devin Howland // City of Fayetteville - Director of Economic Sharon Killian // NWA Black Heritage; ArtVentures (Core
  Development (Core Group) Group)
  Elizabeth Bainbridge // Symphony of Northwest Arkansas Shelly // Sculptor
  (SONA)
 Sonia Harvey // Former City Council Member; Graphic
  Ellen Woodson // Fayetteville Arts Council Representative Designer (Core Group)
  (Core Group)
 Tinh Nguyen // Breaking Habits Crew
  Emily Gentry // Mount Sequoyah
 Tom Smith // Sculptor
  Jessica Lewallen // Architect; Housing Task ForceMember
 Yannik Duryer // Make Fayetteville Liveable
  (Core Group)
  JoAnn Kaminksy // Art therapist; Puppetry




 3
CIVIC AND FINANCE LEADERS

Alison Jumper // City of Fayetteville Mike Wiederkihr/ / City of Fayetteville City Council
Candy Harreh // Chamber Fayetteville Philip Adams // Forge Community Loan Fund
Claudia Scott // Startup Junkie Richard Guthrigler/ / Downtown Fayetteville
Daniel Koonce // Startup Junkioe Sarah Moore // City of Fayetteville City Council
Devin Howard // City of Fayetteville - Director of Economic Scott Berna // City of Fayetteville City Council
Development (Core Group)
 Sonia Harrey // 501c3 Design
Hope Haynes // Specialized Real Estate
 Stacy Ryburn // Fayetteville Flyer
Jennifer Walker // Experience Fayetteville
 Yannik Duryer // Make Fayetteville Liveable
Kelly Rich // Downtown Fayetteville
Marlee Stark/ / City of Fayetteville - Economic Vitality
Manager (Core Group)




ARTS ORGANIZATIONS AND CREATIVE BUSINESSES

Alex Cogbill // Local Color Gallery Jessica Lewallen // Architect; Housing Task ForceMember
 (Core Group)
Bernice Hembree // Fayetteville Folk School
 Joanna Bell // City of Fayetteville - Dept. of Arts and
Bryan Hembree // Fayetteville Folk School
 Culture (Core Group)
Bryce Brisco // Community Creative Center
 Lia Uribe // University of Arkansas - Fulbright School
Devin Howland // City of Fayetteville - Director of (Core Group)
Economic Development (Core Group)
 Marlee Stark // City of Fayetteville - Economic Vitality
Ellen Woodson // Fayetteville Arts Council Representative Manager (Core Group)
(Core Group)
 Sarah Dilatush // City of Fayetteville - Dept. of Arts and
Emily Gentry // Mount Sequoyah Culture
Gina Gallina // Fenix Gallery, Crochet artist Shannon Jones // TheatreSquared
Hope Haynes // Specialized Real Estate Group (Core Sonia Harvey // Former City Council Member; Graphic
Group) Designer (Core Group)
Jason Smith // Walton Arts Center Stacy Harper // My T By Design




 4
 WRAP-UP MEETING WITH CORE GROUP AND CITY LEADERSHIP


 Joanna Bell // Arts and Culture Director, City of Marlee Stark // Economic Vitality Manager, City of
 Fayetteville Fayetteville
 Sonia Gutiérrez Harvey // Former City Council Member; Ellen Woodson // Fayetteville Arts Council Representative;
 Founder & Principal, 501c3 Design Interior Design Project Manager, Ivy35 Ventures
 Hope Haynes // Owner’s Representative, Specialized Real Lia Uribe // Associate Dean for the Arts and Humanities,
 Estate Group University of Arkansas - Fulbright School
 Devin Howland // Director of Economic Development , City Molly Rawn // Mayor, City of Fayetteville
 of Fayetteville
 Brian Raines // Dean of Fulbright College, University of
 Alison Jumper // Director of Parks Natural Resources and Arkansas
 Cultural Affairs, City of Fayetteville
 Chris Brown // Director of Public Works
 Sharon Killian // Co-Founder & Board President, NWA
 Keith Macedo // Chief of Staff
 Black Heritage; Board Chair, ArtVentures
 Jonathan Curth // Director of Development Services
 Jessica Lewallen // Housing Task Force Member; Founder
 & Architect, GEMSTONE Design Studio



Attendees are identified to the best of our abilities. We apologize for any omissions or misspellings.

Public meeting attendees are included in Appendix A.




 5
TABLE OF CONTENTS
Acknowledgments 2

Feasibility II Study 7

 Recap of the 2018 Findings from the Preliminary Feasibility Report 9

2024–2025 Feasibility Updates 11

 Fayetteville’s Creative Sector Today 11

 Broader Community Support and Alignment with Community Goals 13

 Priority Development Sites 15

 Project Concept 20

Conclusions and Recommendations 26

Appendix A. Public Meeting Attendees 27

Appendix A. Site Self-Scoring for Low-Income Housing Tax Credit Program 28

Appendix B. Pro Forma: Locust Street Site 30

Appendix C. Pro Forma: Spring and School Street Site 36

Appendix D. Artspace Windgate Campus Detailed Budget 42

Appendix E. Artspace Colorado Springs Detailed Budget 48
FEASIBILITY II STUDY
Following an informative Preliminary Feasibility Study in April of 2018, the City of Fayetteville and Artspace advanced
into Feasibility II with an in-person, community visit February 4-6th, 2025. The Feasibility II Study is the second step
in Artspace’s feasibility process to determine the viability of an affordable artist housing development in the context
of a community’s unique needs, opportunities, and challenges. A highly customized phase, this step further analyzes
key variables that were discovered during the Preliminary Feasibility Study. This step seeks to determine if a viable
path exists for Artspace to advance an affordable arts development project in Fayetteville, and if so, what factors must
be aligned in order to do so. This study also serves to inform creative space opportunities more broadly in hopes that
local players can move projects forward that will enhance and bolster Fayetteville’s rich arts and culture sector.

Artspace had come away from the initial study with the sense that Fayetteville would benefit from the timely
development of a mixed-use project that features 50-70 units of affordable live/work housing for artists and their
families with ground floor creative commercial and community space in downtown.

Moving into the Feasibility II Study after an unprecedented six and a half years which brought a global pandemic and
vast growth to Northwest Arkansas, the Artspace team set out to test the project concept assumptions that were
developed during the initial scope of work. To do so, this scope focused on identifying and touring additional sites,
deepening our understanding of available public and private funding tools to evaluate the financial and regulatory
landscape, and convening with a broad range of stakeholders.

Artspace was represented by Lucas Koski, Vice President of Consulting and Kelli Miles, Project Manager of Artspace
Consulting, with additional support from Jessi Fett, Director of Consulting, and Artspace’s Development Department.


How would you describe the arts/cultural sector in Fayetteville? (one or two-word answers)




 Word cloud describing Fayetteville’s creative sector as generated by attendees of the virtual artists and arts organizations focus group




 7
 FEASIBILITY II ENGAGEMENT
During the Fayetteville study, the Artspace team:  
 • Hosted a virtual focus group with Fayetteville artists and creatives to discuss space needs
 and the local creative sector ecosystem.
 • Toured four potential development sites and drove-by several additional site opportunities.
 • Visited several existing creative assets, including the University of Arkansas’ new School
 of Art and the Fayetteville Public Library’s expansion.
 • Held a lunch with representatives of local arts organizations and creative businesses to
 understand commercial space challenges, opportunities, and needs.
 • Facilitated a focus group with civic and finance leaders to share Artspace’s model and
 discuss alignment with current priorities/initiatives.
 • Hosted a public meeting with the Fayetteville Public Library to present initial findings and
 solicit feedback on project concept.
 • Held a breakfast meeting with the Core Group and City leadership, including
 Mayor Molly Rawn, to discuss sites, funding opportunities, and immediate next steps.
 • Met with the Arkansas Development Finance Authority to discuss the Low-Income Housing
 Tax Credit program and other relevant funding sources.




 (Left to right) Fenix Arts Gallery, Installation at Fayetteville Public Library// Photos Credit: Artspace




 8
Recap of the 2018 Findings from the Preliminary Feasibility Report
Project Concept
The following types of creative spaces ranked of highest need in Fayetteville at the time of the initial study: private
studio space, live/work housing, shared industrial shop/makerspace, and community performing arts/black box.
As a growing university town, artists described the increasingly strained rental market, citing challenges securing
affordable housing within city limits. A mixed-use concept (live/work housing and community space with attainable
commercial space) resonated with Fayetteville artists as an opportunity to foster an “artistic hub” with a variety of
creative activity and interactions.

Creative Sector
Fayetteville’s arts and culture sector is home to an impressively broad range of forms and mediums. As such, the
arts market featured (and continues to feature) a diverse array of established, institutional assets alongside freelance
artists, grassroots organizations, and emerging businesses. At the time of the initial study, the region’s rapid growth
had already led to steep increases in commercial rents, especially downtown retail spaces. Many of the artists
Artspace spoke with during the 2018 engagement were experiencing unprecedented rate hikes, opted to share space
with others, or made space-related concessions, such as no access to bathrooms, in order to secure space to make,
show, and sell work.

Alignment with Broader Community Goals
Artspace had asked focus group and public meeting attendees to identify their leading community goals from a list of
over twelve objectives an Artspace-style project can align with. In order of ranking, the priority goals were: assisting
local artists, supporting a cultural community, and sustaining creative businesses and nonprofits. As a community,
Artspace felt Fayetteville was generally aware of the far-reaching importance of investing in its long-standing and
unique creative identity, but had yet to devise a strategy to tackle the looming housing challenge. At the time of the
2018 study, concerns around the rising cost of living for recent graduates and tenured community members alike was
heightening by the expansion of the University’s facilities and programs.

Local Leadership
Strong local leadership is essential to the success of community-led development initiatives. Though there
was significant support for a potential development project, these discussions had less participation from local
philanthropies and foundations. From a cross-sector sampling of local leaders, Artspace learned about a number of
large-scale projects, including the expansion of the Fayetteville Public Library and the University’s Art and Design
District. These focus groups also spent time discussing non-space related strategies to strengthen the creative
ecosystem, including city-specific arts marketing/branding, “percent for the arts” tax program, and the creation of an
arts service organization.

Funding and Financing
Artspace engaged a variety of public and private funding stakeholders to identify potential resources and gauge
willingness to prioritize funding for an affordable arts development project. Among the sources discussed were
Low Income Housing Tax Credits, Community Development Block Grants, Historic Tax Credits, HOME Investment
Partnership Program, New Market Tax Credits, Tax Increment Financing, Opportunity Zones, and the Arkansas Capital
Corporation. The Northwest Arkansas Economic Development District was noted as an agency that would be important
to engage if a project moves forward. Additionally, a list of local and regional foundations and corporate giving
programs was compiled for further investigation of these organizations’ giving priorities and timelines if Artspace
were to be engaged as a developer.




 9
Potential Sites
The Fayetteville site tour focused on six potential sites in or adjacent to downtown. Based on a number of criteria,
the leading sites included the Fayetteville Public Library expansion site, Jefferson School on S. College Avenue, and
the Armory on N. College Avenue. Key factors that these sites ranked highly on included their locations, acquisition
opportunity, potential for synergies with adjacent assets, and, with the exception of the Armory, the lot/building size.
Note that these findings were preliminary and based upon information available at the time.




 PRELIMINARY FEASIBILITY REPORT
 Fayetteville, AR | May 2018




 A R T S PAC E
 CONS ULT I NG
 Prepared at the request of the Walton Family Foundation

 2018 Fayetteville Preliminary Feasibility Report courtesy of Artspace

 10
2024–2025 FEASIBILITY UPDATES
From our engagement during the Feasibility II study, it is clear that an affordable artist housing project continues
to resonate with local creatives and champions of the arts alike, including city staff, councilmembers, Mayor Rawn,
and University of Arkansas leaders. To analyze the opportunities that align with a project of this style and scale, the
following section of the report models key project components in the context of Fayetteville’s unique needs, assets,
sites, and resources.

Fayetteville’s Creative Sector Today
Fayetteville stands out as the cultural heart of Northwest Arkansas, with a creative community that is both deeply
rooted and forward-looking. The city’s long and proud arts tradition is strengthened by the presence of the University
of Arkansas, whose world-class School of Art and other programs draw talent, ideas, and energy into the local scene.
This academic influence blends seamlessly with a grassroots arts culture that thrives in galleries, performance
venues, and public spaces across the city.

Yet, the city’s creative energy also extends beyond formal institutions, such as the University, Walton Art Center,
and TheatreSquared, just to name a few. Fayetteville’s downtown core—alive with music, theater, and visual art of
all scales —provides a walkable, interconnected network of spaces where artists, audiences, and entrepreneurs can
collide. The recently finished Ramble is a transformational cultural arts corridor now linking key assets with nature,
central gathering spaces, and public art. Throughout large-scale projects like The Ramble, local government and
community leaders have shown genuine interest in supporting the creative sector, recognizing both its cultural value
and its economic potential.

Despite critical challenges—such as rising housing and commercial space costs—Fayetteville retains a resilient arts
ecosystem. The community’s collaborative spirit, access to outdoor inspiration from the surrounding Ozark landscape,
and collective civic pride all combine to make Fayetteville an exceptional place for artists to live, work, and contribute
to the city’s evolving story.

Local Artists Perspectives on Opportunities, Challenges, and Creative Space Needs
Artspace asked attendees of the virtual artists and arts organization focus group to share their perspectives on the
leading challenges and opportunities facing local artists and creatives. The following themes emerged:

Opportunities and Strengths: Challenges:
 ● Adoption of an Arts and Culture Master Plan ● Affordable housing, exacerbated by competition
 ● Centrally located to many larger regional from student housing
 markets ● Significant conversion of long-term rentals to
 ● Rich diversity of local artists short-term Airbnb-style rentals
 ● Fayetteville Public Library as a key asset ● Rising commercial rents pricing artists and
 ● NWA Black Heritage small creative businesses out of downtown
 spaces
 ● Accessible and beautiful hike/bike trail system
 ● Access to resources (funding, business
 ● The Ramble
 development assistance, shared tools, etc.)
 ● The University of Arkansas
 ● Lack of public transportation
 ● Community Creative Center
 ● Lack of accurate shared calendar
 ● Gatekeeping among community members and
 funders
 ● Cost and availability of childcare
 ● Rising cost of living




 11
Similarly, the team engaged artists, creatives, and nonprofit and creative business leaders on the topic of creative
space needs. When asked to rank the types of spaces that are of most need in Fayetteville, the focus groups attendees
ranked artist live/work housing and public engagement/community space across both polls.

What types of artist spaces are most needed in Fayetteville? Rank these in order of importance




 Mentimeter responses from virtual artist and creatives focus group


What types of artist spaces are most needed in Fayetteville? Rank these in order of importance




 Mentimeter responses from arts organizations and creative businesses focus group




 12
Attendees were also asked to share other or specific types of creative spaces that are of need. The following were
stated:

 ● Gallery space
 ● Space for art classes
 ● Content creation studio space (streaming, podcasting, social media creation)
 ● Photography and video studio space
 ● Metal working space (welding, casting, forging, blacksmithing)
 ● Small scale performance space for independent musicians, readings of new plays, comedy shows, etc.
 ● Indoor art and craft event venue
 ● Industrial space for large scale sculpture work
 ● Functional storage space with 24-hour access
 ● Messy, warehouse-style spaces
 ● Dance studios
 ● Outdoor gas/atmospheric kiln space
 ● Residency spaces
 ● Spaces geared toward teens/young adults
 ● Retail space
 ● Co-working for digital creation

Broader Community Support and Alignment with Community Goals
While in Fayetteville, Artspace hosted a public meeting at the library. Participants represented a broad spectrum of
perspectives and “hats”—artists, arts administrators, civic leaders, funders, and engaged residents—creating a dynamic
conversation. Roughly half the room was already familiar with Artspace, including several who had participated in the
original 2018 engagement process, while the other half was encountering the organization for the first time.

Through a series of discussion prompts, attendees weighed in on the types of creative space they felt were most
needed and shared thoughts on ideal locations for an arts-focused development. Consistent with feedback from this
study’s focus groups with artists and arts organizations, two needs rose to the top: public engagement/community
space and artist live/work housing. Notably, the urgency around live/work housing appears to have grown significantly
since 2018. Participants repeatedly spoke about new developments in the downtown core catering to the student
population, further tightening housing availability and affordability for other residents, including artists. More broadly,
Fayetteville has persistently experienced a lack of vertical housing development in and adjacent to downtown over
the last several years. As of the 2025 Fayetteville Housing Assessment Update, an additional 1,145 housing units are
needed per year to meet the projected population growth, a market demand that cannot be met by single family and
low-rise developments alone. In order to keep pace with the local demand, denser residential housing type (50+ unit
buildings, for example) are needed in downtown Fayetteville.




 13
What types of artist spaces are most needed in Fayetteville? Rank these in order of importance




 Mentimeter responses from public meeting


Other highly valued space types included shared creative/makerspace, private studios, and performance or
rehearsal space. These uses, attendees noted, could complement live/work housing within a mixed-use model.
Artspace emphasized that for such a concept to remain sustainable over the long term, future planning should include
identifying potential operating partners for specialized spaces like makerspaces or performing arts facilities.

When conversation turned to location, the group offered a wide range of suggestions, with the greatest interest
expressed in South Fayetteville—particularly around 15th and South School, 15th and South College, the area between
15th and MLK, and sites near Baum-Walker Stadium. Other areas mentioned included Mount Sequoyah, the downtown
core, the historic district, and sites adjacent to the library or near the Ramble. A number of more specific areas across
the city also came up, from West and Dickson to Walker Park and the warehouse space near Drake Field.

Finally, attendees were asked to identify broader civic goals that they believe should guide Fayetteville’s future
and could be advanced by an Artspace-style project. Three priorities emerged as clear leaders: preserving
affordability, supporting a diverse cultural community, and sustaining creative businesses and nonprofits. These
priorities closely mirror those voiced in the artists’ and arts organizations’ focus group, underscoring a strong
consensus across Fayetteville’s creative and civic leadership about the most pressing needs—and the role a well-
designed arts development could play in addressing them.

What goals do you feel should be of highest priority in Fayetteville? Choose your top 3 from the list.




 Mentimeter responses from public meeting

 14
Priority Development Sites
Artspace had the opportunity to tour four potential development sites and drove-by seven additional parcels. This
section analyses four leading sites, outlining a visit summary, key development considerations and anticipated
challenges for each.




 7



 6

 10




 2
 8
 4
 9

 3 1


 5

 11




Fayetteville Site Tour Map
Sites Toured Sites Driven-By

1 Locust Street (221 S Locust Ave)
1. 5.
 5 W MLK Blvd near Prairie Street Area

2. Spring & School Street (256 N School Ave) 6.
 6 W North St (between N Iron Horse Dr & N Leverett Ave)

3. Fayetteville Public Library Vacant Parcel 7.7 N Leverett Ave (intersection of W Sycamore St)

 (36°03’34.2”N 94°09’55.4”W) 8.
 8 241 W Spring St

4. Mount Sequoyah Parcels (150 N Skyline Dr) 9.9 Mountain Street Inn Site (E Center St & S College Ave)

 10. N College Ave (E Cleburn St & N Pollard Ave)

 11. S School Avenue (9th Street & 11th Street)


 15
 Locust Street Site // Photos Credit: Artspace


Site 1: Locust Street - .49 acres / Privately-Owned
Site Visit Summary:
 ● Toured with current owners and broker.
 ● Historic, character-rich building in a prime location – near downtown but away from major traffic corridors.
 Originally a church.
 ● Potential eligibility for both federal and state Historic Tax Credits.

Development Potential:
 ● Construction style: Adaptive reuse - Floor plate suitable for a small scale mixed-use project, including artist
 live/work housing and creative commercial uses.
 ● Plus, adjacent land could support new construction for 25+ additional affordable housing units.
 ● Historic architecture offers strong natural light, high ceilings, and unique finishes.
 ● The potential for historic tax credits means that outside sources could help bear costs above and beyond the
 ADFA 4% Low Income Housing Tax Credit (LIHTC) per unit state cap.

Key Challenge:
 ● Ensuring that Historic Tax Credit equity supports affordable housing costs rather than only funding shell
 restoration or unrelated commercial elements. This is a challenge in itself, as the historic nature of the
 building is better suited for commercial use rather than affordable housing. However, Artspace believes
 that with proper inspired design, the non-residential space would greatly enhance the quality of the project
 for both potential residents and the community at large.

See initial pro forma included in this report in Appendix C.



 16
 Spring & School Street Site // Photos Credit: Google Earth


Site 2: Spring and School Street - .8 acres / City-Owned

Site Visit Summary:
 ● Toured with core group members and city staff.
 ● Parking lot in highly desirable and walkable intersection of downtown.
 ● Zero potential eligibility for either federal or state Historic Tax Credits.
 ● Partnership with city makes process attractive.

Development Potential:
 ● Construction style: New construction.
 ● Site has great fit for Artspace-style live/work project, approximately 65 units.
 ● Scores very well on ADFA Qualified Allocation Plan (QAP) for walkability, transit, and local resources.

Key Challenge:
 ● Cost of construction would be at a premium for site, geotechnical work, and potentially environmental work.
 ● Currently not an identified “primary” secondary source of funding beyond LIHTCs.
 ● Due to high cost and desire to bring a high-quality project to the community, the model provided maximizes
 Area Median Income (AMI) rents at 60% to increase first mortgage rate to the highest amount possible.

See initial pro forma included in this report in Appendix D.




 17
 Fayetteville Public Library Vacant Parcel Site // Photos Credit: Artspace


Site 3: Fayetteville Public Library Vacant Parcel – 1.3 acres / Owned by Fayetteville Public
Library and the Fayetteville Public Library Foundation

Site Visit Summary:
 ● Artspace staff, core group members, and city staff toured library and vacant parcel with library staff.
 ● Artspace was in awe of the breadth and quality of the library’s programs, facilities, and connection to the
 community.
 ● Per discussions, the vision for the unused parcel is a large, mixed-used development that would balance the
 city block with the impressive library.

Development Potential:
 ● Construction style: New construction.
 ● Site has great fit for a mixed-used mixed-income project.
 ● Parking would most likely have to be underground, either structured or podium-style.
 ● Per the city staff, the desire for the ground floor would be mixed commercial.

Key Challenge:
 ● Cost of construction would be at a premium for site, geotechnical work, and potentially environmental work.
 ● Artspace believes that this site would be better suited for a larger developer with expertise in mixed-income
 housing and more traditional commercial uses.
 ● At this time, Artspace believes its best opportunity to advance creative spaces at this site would be to
 partner with another developer as a technical consultant.




 18
 Mount Sequoyah Site // Photos Credit: Artspace


Site 4: Mount Sequoyah Parcels – 26-acre campus / Owned by Mount Sequoyah Center Inc

Site Visit Summary:
 ● Artspace staff, core group members, and city staff toured the Mount Sequoyah campus with the Executive
 Director of Mount Sequoyah.
 ● Mount Sequoyah campus has a ton of potential and is actively being used in very diverse and exciting ways.
 ● Artspace was very impressed with the short-term rental programs of Mount Sequoyah. This program allows
 creatives and others to rent living spaces for a short period of time at highly desirable and affordable rents.
 ● The amount of deferred maintenance and ongoing upkeep needed to sustain this campus is immense.

Development Potential:
 ● Campus has many buildings that have potential for creative uses, but none that stood out to Artspace as an
 ideal candidate for a Artspace-style live work project.
 ● Artspace was very intrigued by the potential for a “scattered site” redevelopment/repositioning of the
 individual bungalows, but this would only provide updates and renovations to existing units, not the creation
 of additional units, which is the priority of Fayetteville.
 ● Location of the campus is not ideal for an Artspace-style live/work project, but the potential and vision of a
 creative artists-in-residence campus is very intriguing.

Key Challenge:
 ● Cost of construction would be at a premium for site, geotechnical work, and potentially environmental work.
 ● Artspace believes that this site would be better suited for a larger developer with expertise in mixed-income
 housing and more traditional commercial uses.
 ● At this time, Artspace believes its best opportunity to advance this site would be to partner with another
 developer as a technical consultant.

 19
Project Concept
Arkansas presents unique challenges for developing high-quality affordable artist housing due to ADFA’s per-unit
cost cap for 4% LIHTC projects, currently set at $250,000 per unit.

 ● Purpose of the Cap: Intended to maximize the number of affordable units statewide with the limited volume
 cap of tax-exempt bonds that the state of Arkansas receives.
 ● Impact of the Cap: Makes it difficult to build where construction costs are high (which includes Fayetteville)
 or to deliver above-standard amenities, such as oversized units and larger common spaces. ADFA’s previous
 LIHTC awards are predominately low-rise developments, repositioning naturally occurring affordable
 housing (NOAH), and scattered single family homes.


Artspace’s Cost Cap Waiver Success

In previous work in Little Rock, Artspace successfully secured an ADFA board agreement allowing developers
to exceed the per-unit construction cost cap as long as the ADFA-controlled resources (LIHTC equity, HOME
funds, ADFA gap financing, etc.) do not exceed the $250,000/unit threshold. This was made possible by Artspace
successfully lobbying the ADFA board and convincing staff and board members that the resources were not being
diluted but rather supplemented with resources that would otherwise not be brought to bear by the affordable
housing industry.




 “Breaking Down” by Jane Hartfield on display at Fenix Arts Gallery, Children’s section at Fayetteville Public Library// Photos Credit: Artspace




 20
Example Projects
ARTSPACE WINDGATE CAMPUS // LITTLE ROCK, AR




 UNDER CONSTRUCTION: 2024-2026

 ESTIMATED DEVELOPMENT COST: $36M

 LIVE/WORK UNITS: 60+ (30-60% AMII)

 COMMERCIAL SPACE: 12,000 SF

 PARTNERS: Windgate Foundation

 FUNDERS: Harriet and Warren Stephens, City of Little Rock, Clark Construction, Anne and Merritt Dyke, Charles
 A. Frueauff Foundation, The Hussman Foundation, Jackye and Curtis Finch Jr., John and Robyn Horn, Hastings
 on behalf of the Rosalyn and Harry Hastings family, Stella Boyle Smith Trust (Cathy and Mike Mayton, Trustees),
 Terri and Chuck Erwin, Vicki and Mark Saviers, Yellow Rocket Concepts


Artspace Windgate Campus grew out of a strategic effort to benefit community led by the Windgate Foundation with
key support from civic leaders, arts organizations, local artists, and creative businesses. The partnership with the
Windgate Foundation provide philanthropic funding outside ADFA’s jurisdiction. This funding entered as a sponsor
loan to Artspace Projects Inc., allowing for enhanced project quality (e.g., higher ceilings, elevators, HVAC upgrades,
covered parking, creative commercial spaces) and to help deal with anticipated cost increases in a highly volatile
marketplace.

The new construction development is a four-story building that will provide 60 units of affordable live/work style
housing designed for artists and their families, ten working artist-in-residence studios, ample event and gallery space
including a large outdoor courtyard, and approximately 12,000 square feet of commercial space to provide space for
local arts and cultural organizations. To designate Artspace Windgate Campus as a destination for the arts, public art
components will include murals situated on the building’s exterior spaces and sculptural components in the outdoor
courtyard along College Street.

Please see Appendix E for a detailed budget of this project that is now in construction.


 21
 SOURCES OF FUNDING AND FINANCING
 ARTSPACE WINDGATE CAMPUS // LITTLE ROCK, AR
 PUBLIC SOURCES
Low-Income Housing Tax Credit (4%) $12,201,100 30%
 PRIVATE SOURCES
First Mortgage $2,400,000 6%
Philanthropic Gifts $15,505,319 38%
Deferred Developer Fee $600,000 1%
Reinvested Developer Fee $1,715,538 4%
Philanthropic Gifts Commercial $8,794,681 21%
TOTAL $41,216,638 100%




 Renderings courtesy of AMR Architects




 22
Example Projects
ARTSPACE COLORADO SPRINGS // COLORADO SPRINGS, CO




Another project currently under construction in a high cost of living and high cost of construction market is the
Artspace Colorado Springs project. This project was made possible by a deep connection with state resources that
were required to advance the deal in the marketplace.

In order to fulfill the desire to utilize Artspace’s Artists Preference process, Artspace was required to fund the project
with non-competitive 4% tax credits and had similar constraints with per units caps. To successfully fund this project,
Artspace spent multiple years lobbying for additional state resources, as the philanthropic sector is not as robust
in Colorado for Artspace’s type of work. This led to sources of funds coming from new resources including, but not
limited to, the states brand new Community Revitalization Fund (see sidebar below), American Rescue Plan Act, and
Office of Economic Development and International Trade’s Division of Housing Gap funding pool.

This is an example of having to find additional collectively impactful sources in order to make the deal pencil. For
additional information, please refer to Appendix F.


 UNDER CONSTRUCTION: 2024-2025

 ESTIMATED DEVELOPMENT COST: $30.2M (with land acquisition)

 TOTAL AREA: 48,000 SF

 LIVE/WORK UNITS: 51 (60% AMI)

 COMMUNITY SPACE: 1,500 SF

 COMMERCIAL SPACE: 3,500 SF

 PHILANTHROPIC PARTNERS: Bee Vradenburg Foundation, Colorado Springs Health Foundation, El Pomar, EM
 & FE Everett Charitable Trust, Foundation of the Heart, GE Johnson Foundation, H Chase Stone Trust, John &
 Margot Lane Foundation, Joseph Henry Edmondson Foundation, Kirkpatrick Family Fund, Pikes Peak Community
 Foundation, The Richard Petritz Foundation, Tiemens Foundation, Weidner Apartment Homes.

 GOVERNMENT PARTNERS: American Rescue Plan Act, DOLA, Colorado Housing and Finance Authority, SB 152
 Community Revitalization Fund

 INVESTMENT AND LENDING PARTNERS: Raymond James, MP Morgan Chase, JP Morgan


 23
 Renderings courtesy of HHL Architects



 SOURCES OF FUNDING AND FINANCING
 ARTSPACE COLORADO SPRINGS // COLORADO SPRINGS, CO
 PUBLIC SOURCES
Low-Income Housing Tax Credit (4%) $11,776,678 40%
State DOLA Second Mortgage $2,402,000 8%
American Rescue Plan $5,000,000 17%
Community Revitalization Fund $3,200,000 11%
DOLA Division of Housing $1,980,642 7%
City Tax Rebate and Fee Waivers $171,585 >1%
El Paso County Housing Trust Fund $500,000 2%
 PRIVATE SOURCES
First Mortgage $2,050,000 7%
Philanthropic Gifts $796,544 3%
Deferred Developer Fee $1,567,955 6%
TOTAL $28,417,626​ 100%



 COLORADO COMMUNITY REVITALIZATION FUND

The Colorado Community Revitalization Grant provides gap funding of up to $3M per project to development
initiatives in creative districts, historic districts, main streets or neighborhood commercial centers. This grant will
support creative projects that combine creative industry workforce housing, commercial spaces, performance
space, community gathering spaces, childcare centers, and retail partnerships for the purpose of economic
recovery and diversification by supporting creative sector entrepreneurs, artisans, and community non-profit
organizations. Projects can be created through new construction or renovation of existing buildings and should
celebrate the artistic or historic character of the community, provide infill development and/or elimination of
blight, and increase property values. Current funding is an allocation of federal American Rescue Plan funds and
approved in HB22-1409 legislation.


 24
Funding Outside ADFA’s Control

To achieve above-standard quality without breaching ADFA limits, projects must secure funding from other sources,
such as:
 ● Historic Tax Credits (state & federal)
 ● Federal Home Loan Bank (FHLB) programs
 ● Community Development Block Grants (CDBG)
 ● American Rescue Plan Act or other federal funds not administered by ADFA
 ● Congressional Directed Spending
 ● Regional or Municipal Bonds
 ● Private Philanthropy


Meeting with Walton Family Foundation (WFF)

Following Artspace’s visit to Fayetteville for this study, a representative from our National Advancement team met
with Walton Family Foundation staff, including the new Director of Affordable Housing. At this time, it has been
communicated to Artspace that the foundation will not fund a Fayetteville project due to lack of state/city affordable
housing support and a shift in the Foundation’s focus. However, the funder did note that if the City leads a housing
initiative, such as affordable artist housing, the foundation may consider “last dollar in” funding opportunities. WFF
remains engaged in Artspace projects in Bentonville and rural Colorado, including expanding land acquisition for
development. Artspace staff believes that a partnership in Fayetteville may still be possible, but not as the “lead
donor” in the same vein as the Windgate Foundation was in Little Rock.




 Photos (left to right): Fayetteville Library Event Center, Center for Innovation // Photos Credit: Artspace




 25
CONCLUSIONS & RECOMMENDATIONS
The Feasibility II Study reaffirms that Fayetteville has the market demand and cultural assets to benefit from an
Artspace-style affordable creative space project. However, despite strong community momentum, Artspace does not
see a clear path forward at this time as the project’s developer without the identification of additional appropriate
resources and a source of predevelopment funding. Escalating construction costs, the state’s restrictive per-unit cost
caps, and the scale of outside resources required create significant barriers that cannot be overcome without major
policy shifts or philanthropic investment. These findings do not diminish Fayetteville’s potential but instead highlight
the importance of a broader coalition of partners to advance this vision.

From the analysis of potential development sites, both the Locust Street property and the Fayetteville Public Library
parcel offer meaningful opportunities for further exploration by local players. Locust Street, with its historic character
and potential eligibility for state and federal Historic Tax Credits, could support a creative mixed-use concept, though
its challenges require a development team with capacity to balance preservation, affordability, and community use.
The library parcel is best suited for a larger-scale, mixed-income development, with Artspace potentially contributing
in an advisory or technical support capacity. Other sites reviewed offered promise for creative space programming
but do not represent a near-term fit for an Artspace-style affordable housing project.

The greatest systemic barrier to feasibility remains the Arkansas Development Finance Authority’s per-unit cost cap
on 4% LIHTC projects. Without supplemental resources, it is not possible to deliver a high-quality, sustainable arts
development of the scale Fayetteville requires.

Based on these findings, we recommend the following actions:

 1. Advance Site Due Diligence – Continue evaluation of the Locust Street and library parcels for zoning, historic
 eligibility, geotechnical conditions, and infrastructure readiness to inform future development opportunities.

 2. Pursue a Mixed Funding Strategy – Explore layered financing models that combine LIHTC equity with Historic
 Tax Credits, municipal/federal allocations, and philanthropic support. While the Walton Family Foundation has
 indicated it will not serve as a lead donor, its willingness to consider “last dollar in” support underscores the
 importance of City-led housing initiatives.

 3. Build a Local Coalition – Formalize a partnership among City leadership, the University of Arkansas, cultural
 institutions, and regional funders to coordinate resources, visibility, and political will for affordable creative
 space.

 4. Advocate for Policy Solutions – Engage with state leaders and housing advocates to seek greater flexibility in
 cost caps and to expand tools available for high-cost urban development contexts.

Should new funding sources emerge to address the current gap, Artspace would be open to reassessing the project’s
viability. Our role moving forward would be best suited to providing technical assistance, sharing lessons from
comparable projects, and supporting local teams as they assemble the resources and partners needed to advance. By
pursuing these strategies in parallel, Fayetteville can lay the groundwork for a transformative project that addresses
its affordability crisis while reinforcing its position as the cultural hub of Northwest Arkansas.




 26
 APPENDIX A
 PUBLIC MEETING ATTENDEES
 We would like to thank the many community members who came out to hear about the potential for
 affordable artist spaces during our visit.

`
 PUBLIC MEETING

 Alex Bodishbargh King Jessica DeBeri
 Alison Jumper Kathy Thompson
 Amelia Raley Lia Uribe
 Charles Lefla Luke Spivey
 Charlie Jones Marietta Camillaeu
 Chung Tan Misha Gardner
 Courtney Thomas Patti Richardson
 Dede Peters Paul Siebenthal
 Djamila Ricciarel Sonia Harvey
 Emily Trippet Sarah Graves
 Grace Hurt Council Member Sarah Moore
 Heather Holland Schugler Schwarting
 J Aleczander Thomas Debri
 Jacob Hook Travis Smith
 Jean Schmitt William Beaver
 Jeanne Halen




 27
 APPENDIX B
SITE SELF-SCORING FOR LOW-INCOME HOUSING TAX CREDIT
 PROGRAM. 2025 QUALIFIED ALLOCATION PLAN.
 Self-Scores Per Site
 School Ave Lot
 W South St & S W Ave 221 S Locust Street (Adjacent to Walton Art
 Criteria Point Value (Library Vacant Parcel) (Church Property) Center) Mount Seqouyah
 Location - Area of Opportunity Index (“AOI”) calculated for the
 development’s Census Tract. Up to 10 7.65 7.65 7.65 8.14
 Tenant Needs - Up to 6


 6 points to developments with 100% of the units in the
 development designed, equipped, and set-aside for elderly defined
 at 42 USC 3607(b)(2) and Ark. Code Ann. §16-123-307(d)(1) n/a

 6 points to developments targeting low-income families (or
 individuals with children) with a minimum of 20% of the units
 having three or more bedrooms. (If an applicant chooses 100%
 elderly, the applicant will not receive points for three or more
 bedrooms) Possibly? 6 6 6

 6 points for Supportive Housing for disabled persons (as defined in
 section I(A) above) with a minimum of 20% of units for such special
 needs’ tenants. n/a
 Rehabilitation Point Deduction - If proposed development involves
 the acquistion and/or rehabilitation of one or more building that were
 allocated LIHTC within 20 years or less Up to -12 / / / /
 Profit and Overhead - Up to 5
 1 point for general requirements not exceeding 6% of construction
 hard costs 1 1 1 1
 1 point for contractor profit not exceeding 8% of construction hard
 costs plus general requirements 1 1 1 1
 1 point for contractor’s overhead not exceeding 3% of construction
 hard costs plus general requirements 1 1 1 1

 2 points in addition for meeting all three of the above 2 2 2 2
 Historic Developments - Developments involving rehabilitation of
 structures that are indiviudally listed in the NRHP or contribute to
 Registered Historic District 4 0 4 0 4
 Non Profit Participation - For projects involving material nonprofit
 participation 5 5 5 5 5
 Development County - For building in a County that has not had a 9%
 LIHTC allocation for 10 years or more from current year 10 0 0 0 0
 Income Targeting - For targeting units below 60% AMI Up to 14


 7 points for an application reserving 10% of total units at 40% AMI 7 7 7 7


 7 points for an application reserving 10% of total units at 50% AMI 7 7 7 7

 Site Selection - 3 points for site amenities located within 3 miles for
 urban sites. Distance measured by shortest driving distance as
 calculated by Google Maps Up to 27




 g. Grocery store or supermarket;
 h. Pharmacy or drug store;
 i. School, daycare or education center (cannot be awarded if 100%
 elderly only property);
 j. Public Park or Green Space (does not include school grounds);
 k. Book lending public library;
 l. Daily operated senior center or facility offering daily services for
 seniors (can be awarded only if 100% elderly property);
 m. Hospital, health clinic, or medical doctor’s office (medical
 doctor’s office must have a general practitioner.);
 n. Public transportation; and
 o. Access to Pedestrian Trails.

 3 Points if at least four residential units are within 0.5 miles of the
 site boundary and occupied as of the application deadline. 24 24 24 24


 Incompatible uses - 3 point deducted if uses are adjacent. 2 points
 deducted if uses are within 0.3 miles (approx. 500 yards as the crow
 flies"). Uses include: junk yard, public dump, solid waste disposal; pig
 or chicken farm; prison or jail; airport No limit on deductions / / / /
 Total Development Cost Per Unit - Up to 15

 15 points for <$200,000
 12 points for $200,000 to $209,999
 9 points for $210,000 to $219,999
 7 points for $220,000 to $229,999
 5 points for $230,000 to $239,999
 2 points for $240,000 to $249,999
 0 points for >$250,000 2 2 2 15




 28
Serves Lowest Income Group Possible - For developments with units
dedicated to serve households whose incomes are 30% or less of the
area median income. Rents must be restricted accordingly. The
number of units must be at least 5% of the total number of residential
rental units in the development. 7 7 7 7 7




6 Points for a signed statement which indicates the number of years
the period of affordability will be extended. To receive points, the
period of affordability must be at minimum 35 years.

OR

6 Points for eventual tenant ownership pursuant to 26 U.S.C. §42(i)(7).
The applicant must submit the proposed right of first refusal contract
to be offered for eventual tenant ownership. (HOME/NHTF applicants
not allowed) Up to 6 6 6 6 6


Community Revitalization Plan - Development that is located in a QCT
if it contributes to a concerted community revitalization plan 1 1 1 1 0
Energy Efficiency/Air Quality - Up to 5

 2 point categories:
 1. Install HVAC system with SEER 16 or above
 2. Air handler and Ductwork installed within Conditioned Space
 Volume

 1 point categories:
 1. Install ceiling insulation rated R-44 or above
 2. Install Windows with .35 u-factor/.30 SHGC
 3. Advanced Framing Techniques Implemented
 a. Open Corners/3 stud corners
 b. Ladder T’s at Interior wall intersections with Exterior wall
 c. ½” or 1” Rigid Insulation installed in Headers
 4. Air Sealing Package – Technical diagram/plans outlining areas to
 be sealed, responsible party, Air Barrier, Thermal Barrier 5 5 5 5



Past Performance Point Deduction - ADFA will reduce an
Application’s score up to but no more than twenty-five (25) points if
the applicant, developer or application preparer failed to meet
program or ADFA requirements on a prior ADFA development. Up to -25 / / / /



Non-Compliance Point Deduction - ADFA will reduce an Application’s
score up to but no more than twenty (20) points for the calculated Non-
Compliance Percentage for each Application. The Non-Compliance
Percentage shall be based upon any history of non-compliance of
existing or past LIHTC developments of which the following parties
were or are part of the Development Team or otherwise involved in the
operation of the development Up to -20 / / / /

 Total Score (out of 115) 82.65 86.65 82.65 93.14




 29
 APPENDIX C
 PROFORMA: LOCUST STREET SITE
60 Unit 4% 60% AMI 8/22/25
Fayetteville
Financial Summary

CAPITAL BUDGET OPERATING BUDGET Year 1



Sources of Funds Operating Income
 First Mortgage $4,250,000 Residential Rental Income $781,200
 Commercial First Mortgage $0 Other Income $8,192
 Philanthropic / GAP $8,604,486 Residential Vacancy 7.00% -$55,257
 Predevelopment Funds $750,000 Commercial Base Rent $0
 Other $0 Commercial Expense NNN Reimbursement $0
 Other $0 Commercial Vacancy 15.00% $0
 Other $0 Other Income $6,000
 Other $0 Interest on Operating Reserves $8,035
 Other $0
 Other $0 Effective Gross Income $748,169
 Other $0
 Other $0
 Deferred Developer Fee $1,250,000 Operating Expenses
 GP Equity - Artspace (Reinvested Develper Fee) $0 Residential Property Management Fee $40,500
 LP Federal/State Historic TC $0 Residential Expenses $313,423
 LP Equity - State LIHTC $0 Residential Real Estate Taxes $618
 LP Equity - LIHTC $10,558,944 Commercial Management Fee $0
 TOTAL PERMANENT FINANCING $25,413,430 Commercial Expenses $0
 0 Commercial Real Estate Taxes $0
 Residential Reserves $4,500
Uses of Funds Commercial Reserves $0
 Acquisition $1
 Construction $17,849,308 Total Operating Expenses $359,041
 Construction Related Professional Fees $958,339
 Construction Financing and Interim Costs $2,073,552 Net Operating Income (NOI) $389,128
 Permanent Financing Fees $165,380
 Soft Costs $70,439 / Debt Service Coverage Ratio 1.26
 Tax Credit Syndication Costs $60,000 = Supported Debt Service $307,712
 Developer Fee $3,200,000 Rate 6.75%
 Legal $352,551 Term 40
 Reserves $683,860 Supported First Mortgage $ 4,250,000
Total Uses of Funds $25,413,430
 Cash Available For Distribution $81,416

PROJECT SURPLUS (DEFICIT) $0




Artspace Projects, Inc.




 30
Locust St Stacked Historic 4%
Fayetteville
Capital Budget Summary

SOURCES 8/21/25
 DCR Total Residential Commercial % of TDC Rate Amort Term Loan Term
First Mortgage DCR (Services below the line) 1.22 $1,250,000 $1,250,000 $0 8% 6.75% 40 40
HOME $1,500,000 $0 $1,500,000 10% 0.50% 40 40
Philanthropic / GAP $5,311,721 $0 $5,311,721 35% NA NA NA
Deferred Developer Fee Cash Fee $350,000 $250,000 $100,000 2% NA NA NA
GP Equity - Artspace (Reinvested Develper Fee) $1,360,000 $500,000 $0 $500,000 3% NA NA NA
LP Federal/State Historic TC $2,191,226 $0 $2,191,226 14% NA NA NA
LP Equity - State LIHTC $0 $0 0% NA NA NA
LP Equity - LIHTC Adfa per $218,459.02 $4,240,689 $4,240,689 28% NA NA NA
TOTAL PERMANENT FINANCING $15,343,636 $5,740,689 $9,602,947 100%
 SURPLUS/(DEFICIT) -$10,738
USES
 85.00% 15.00%
 % HTC %LIHTC %COMM Total Residential Commercial LIHTC Basis Historic Basis Depreciable Non Cap. Per Unit
Acquisition
 Land 0.00% 0.00% 15.00% $1 $1 $0 $0 $0 $0 $0
 Building 0.00% 100.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other - Site Improvements 0.00% 100.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 15.00% $0 $0 $0 $0 $0 $0 $0
Construction Costs
 Site Improvements 0.00% 100.00% 15.00% $300,000 $249,529 $50,471 $249,529 $0 $300,000 $7,798
 Commercial 100.00% 100.00% 15.00% $244,354 $0 $244,354 $0 $244,354 $244,354 $0
 LIHTC Construction 40.00% 100.00% 0.00% $9,053,189 $8,253,156 $800,033 $8,253,156 $3,621,276 $9,053,189 $257,911
 P&P Bond 40.00% 100.00% 15.00% $139,430 $81,441 $57,989 $81,441 $55,772 $139,430 $2,545
 Building Permits 40.00% 100.00% 15.00% 2.8% $262,376 $262,376 $0 $262,376 $104,950 $262,376 $8,199
 Construction Contingency 40.00% 100.00% 15.00% 5.00% $479,877 $425,134 $54,743 $425,134 $191,951 $479,877 $13,285
 Utility Work Fees 40.00% 100.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Impact Fees 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 15.00% $25,156 $25,156 $0 $0 $0 $0 $786
 Other 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
Professional Fees (Construction-Related)
 Architect: Design 40.00% 100.00% 15.00% 6.6% $446,770 $355,311 $91,458 $355,311 $178,708 $446,770 $11,103
 Architect: Supervision 40.00% 100.00% 15.00% $140,155 $140,155 $0 $140,155 $56,062 $140,155 $4,380
 Architectural Reimbursements 40.00% 100.00% 15.00% $7,963 $7,963 $0 $7,963 $3,185 $7,963 $249
 Survey 40.00% 100.00% 15.00% $23,970 $23,970 $0 $23,970 $9,588 $23,970 $749
 Geotech 40.00% 100.00% 15.00% $6,649 $6,649 $0 $6,649 $2,660 $6,649 $208
 Special Inspections 0.00% 100.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Environmental Monitoring 0.00%  50.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 15.00% $0 $0 $0 $0 $0 $0 $0
Construction Interim Costs
 Hazard Insurance 40.00% 100.00% 15.00% $72,000 $72,000 $0 $72,000 $28,800 $72,000 $2,250
 Liability Insurance 40.00% 100.00% 15.00% $24,000 $24,000 $0 $24,000 $9,600 $24,000 $750
 FFE 40.00%  50.00% 15.00% $19,200 $19,200 $0 $9,600 $7,680 $9,600 $600
 Title and Recording 40.00%  80.00% 15.00% $19,200 $19,200 $0 $15,360 $7,680 $15,360 $600
 Construction Period Interest 40.00% 50.00% 15.00% $812,800 $812,800 $0 $406,400 $325,120 $406,400 $25,400
 Construction Loan Origination 40.00% 50.00% 15.00% 1.00% $8,128 $8,128 $0 $6,502 $3,251 $6,502 $254
 Credit Enhancement 40.00%  75.00% 15.00% $48,400 $48,400 $0 $36,300 $19,360 $36,300 $1,513
 Inspection Fees 40.00% 100.00% 15.00% $12,000 $12,000 $0 $12,000 $4,800 $12,000 $375
 Lender Legal 40.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Construction Period Taxes 40.00% 100.00% 15.00% $24,000 $24,000 $0 $24,000 $9,600 $24,000 $750
 Construction Period Utilities 40.00% 100.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
Permanent Financing
 Origination Fee 0.00% 0.00% 15.00% 1.00% $12,500 $10,625 $1,875 $0 $0 $0 $332
 Underwriter Costs 0.00% 0.00% 15.00% $9,902 $9,902 $0 $0 $0 $0 $309
 Bond Collateral 0.00% 0.00% 15.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 FHA MIP 0.00% 0.00% 15.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Cost of Issuance 0.00% 0.00% 15.00% $31,368 $31,368 $0 $0 $0 $0 $980
 Title and Recording 0.00% 0.00% 15.00% $5,265 $5,265 $0 $0 $0 $0 $165
 Bond Counsel 0.00%  50.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Bond Fees 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Tax Credit Fees 0.00% 0.00% 15.00% $40,335 $40,335 $0 $0 $0 $0 $1,260
 Tax Credit Monitoring 0.00% 0.00% 15.00% $36,009 $36,009 $0 $0 $0 $0 $1,125
Soft Costs
 Market Study 0.00% 100.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Environmental Study 40.00% 100.00% 15.00% $33,518 $33,518 $0 $33,518 $13,407 $33,518 $1,047
 Rent-up Expense/Marketing 0.00% 100.00% 15.00% $21,771 $21,771 $0 $21,771 $0 $21,771 $680
 Appraisal 0.00% 0.00% 15.00% $960 $960 $0 $0 $0 $0 $30
 Cost Certificate - & other accounting
 0.00%  50.00% 15.00% $6,000 $6,000 $0 $3,000 $0 $3,000 $188
 Other 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
Syndication Cost
 Organization 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Bridge Loan Interest 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Tax Opinion 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 PV Adjustment 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Due Diligence 0.00% 0.00% 15.00% $32,000 $32,000 $0 $0 $0 $0 $1,000
 Other 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
Developer Fees
 Overhead 0.00% 100.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Fee 40.00% 100.00% 15.00% 19% $2,210,000 $1,250,000 $960,000 $1,250,000 $884,000 $2,210,000 $39,063
 Construction Consultant 0.00% 100.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 15.00% $0 $0 $0 $0 $0 $0 $0
Legal
 Legal Fees 40.00%  50.00% 15.00% $237,659 $237,659 $0 $118,830 $95,064 $118,830 $7,427
 Permanent Finance Legal 40.00%  50.00% 15.00% $18,600 $18,600 $0 $9,300 $7,440 $9,300 $581
 Construction Legal 40.00%  50.00% 15.00% $22,320 $22,320 $0 $11,160 $8,928 $11,160 $698
 Real Estate Legal 40.00%  50.00% 15.00% $30,372 $30,372 $0 $15,186 $12,149 $15,186 $949
 Syndication Legal 40.00%  50.00% 15.00% $25,000 $25,000 $0 $12,500 $10,000 $12,500 $781
 Other 40.00%  50.00% 15.00% $18,600 $18,600 $0 $9,300 $7,440 $9,300 $581
 Other 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
Reserves
 Lease Up Months: 0.00% 0.00% 15.00% 3.00 $87,906 $74,720 $0 $0 $0 $0 $2,335
 Operating Months: 0.00% 0.00% 15.00% 6.00 $138,727 $117,918 $0 $0 $0 $0 $3,685
 Debt Service Reserve
 Months: 0.00% 0.00% 15.00% 6.00 $65,943 $56,052 $0 $0 $0 $0 $1,752
 Soft Cost Contingency 0.00%  50.00% 15.00% $100,000 $74,053 $0 $37,027 $0 $50,000 $2,314
 Initial ReplacementReserve 0.00% 0.00% 15.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 15.00% $0 $0 $0 $0 $0 $0 $0
TOTAL DEVELOPMENT COSTS $15,354,373 $13,023,616 $2,260,924 $11,933,437 $5,922,824 $14,205,459 $406,988


 $3,250,000
 0.228785282
 0.325615306




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Locust St Stacked Historic 4% 8/21/25
Fayetteville
Combined Residential/Commercial Cash Flow

 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16
Income
Residential Rental Income 2.00% $351,624 $358,656 $365,830 $373,146 $380,609 $388,221 $395,986 $403,905 $411,984 $420,223 $428,628 $437,200 $445,944 $454,863 $463,960 $473,240
Other Income 2.00% $8,192 $8,356 $8,523 $8,693 $8,867 $9,045 $9,226 $9,410 $9,598 $9,790 $9,986 $10,186 $10,389 $10,597 $10,809 $11,025
Residential Vacancy 7.00% -$25,187 -$25,691 -$26,205 -$26,729 -$27,263 -$27,809 -$28,365 -$28,932 -$29,511 -$30,101 -$30,703 -$31,317 -$31,943 -$32,582 -$33,234 -$33,899
Commercial Base Rent 2.00% $64,000 $65,280 $66,586 $67,917 $69,276 $70,661 $72,074 $73,516 $74,986 $76,486 $78,016 $79,576 $81,167 $82,791 $84,447 $86,136
Commercial Expense Reimbursement 3.00% $40,783 $42,007 $43,267 $44,565 $45,902 $47,279 $48,697 $50,158 $51,663 $53,213 $54,809 $56,454 $58,147 $59,892 $61,688 $63,539
Commercial Vacancy 15.00% -$15,718 -$16,093 -$16,478 -$16,872 -$17,277 -$17,691 -$18,116 -$18,551 -$18,997 -$19,455 -$19,924 -$20,404 -$20,897 -$21,402 -$21,920 -$22,451
Other Comm Income 2.00% $6,000 $6,120 $6,242 $6,367 $6,495 $6,624 $6,757 $6,892 $7,030 $7,171 $7,314 $7,460 $7,609 $7,762 $7,917 $8,075
Interest on Operating Reserves 4.4% $5,129 $5,129 $5,129 $5,129 $5,129 $5,129 $5,129 $5,129 $5,129 $5,129 $5,129 $5,129 $5,129 $5,129 $5,129 $5,129
Effective Gross Income $434,824 $443,765 $452,894 $462,218 $471,738 $481,460 $491,389 $501,528 $511,882 $522,457 $533,255 $544,284 $555,547 $567,049 $578,797 $590,795

Expenses
Residential Property Management Fee 2.00% $24,800 $25,296 $25,802 $26,318 $26,844 $27,381 $27,929 $28,487 $29,057 $29,638 $30,231 $30,836 $31,452 $32,081 $32,723 $33,378
Residential Expenses 3.00% $201,537 $207,583 $213,810 $220,225 $226,831 $233,636 $240,645 $247,865 $255,301 $262,960 $270,849 $278,974 $287,343 $295,964 $304,842 $313,988
Residential Real Estate Taxes 3.00% $330 $339 $350 $360 $371 $382 $394 $405 $418 $430 $443 $456 $470 $484 $499 $514
Commercial Management Fee 3.00% $100 $103 $106 $109 $113 $116 $119 $123 $127 $130 $134 $138 $143 $147 $151 $156
Commercial Expenses 3.00% $40,447 $41,660 $42,910 $44,197 $45,523 $46,889 $48,295 $49,744 $51,237 $52,774 $54,357 $55,988 $57,667 $59,397 $61,179 $63,015
Commercial Real Estate Taxes 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Residential Reserves 3.00% $2,400 $2,472 $2,546 $2,623 $2,701 $2,782 $2,866 $2,952 $3,040 $3,131 $3,225 $3,322 $3,422 $3,524 $3,630 $3,739
Commercial Reserves 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Expenses and Reserves $269,613 $277,453 $285,524 $293,832 $302,384 $311,187 $320,248 $329,577 $339,179 $349,064 $359,239 $369,714 $380,497 $391,598 $403,025 $414,788

Net Operating Income $165,211 $166,311 $167,370 $168,386 $169,355 $170,274 $171,140 $171,951 $172,703 $173,393 $174,016 $174,570 $175,049 $175,452 $175,772 $176,006

First Mortgage Debt Service $90,504 $90,504 $90,504 $90,504 $90,504 $90,504 $90,504 $90,504 $90,504 $90,504 $90,504 $90,504 $90,504 $90,504 $90,504 $90,504
Other $41,383 $41,383 $41,383 $41,383 $41,383 $41,383 $41,383 $41,383 $41,383 $41,383 $41,383 $41,383 $41,383 $41,383 $41,383 $41,383
Subordinate Debt Payment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Debt Service $131,886 $131,886 $131,886 $131,886 $131,886 $131,886 $131,886 $131,886 $131,886 $131,886 $131,886 $131,886 $131,886 $131,886 $131,886 $131,886

First Mortgage Debt Coverage 1.83 1.84 1.85 1.86 1.87 1.88 1.89 1.90 1.91 1.92 1.92 1.93 1.93 1.94 1.94 1.94
1st & 2nd Mortgage Debt Coverage 1.25 1.26 1.27 1.28 1.28 1.29 1.30 1.30 1.31 1.31 1.32 1.32 1.33 1.33 1.33 1.33

Project Cash Flow Before Services $33,325 $34,425 $35,484 $36,499 $37,468 $38,388 $39,254 $40,065 $40,817 $41,507 $42,130 $42,683 $43,163 $43,565 $43,886 $44,120

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

First Mortgage Debt Coverage - After Services 1.83 1.84 1.85 1.86 1.87 1.88 1.89 1.90 1.91 1.92 1.92 1.93 1.93 1.94 1.94 1.94
1st & 2nd Mortgage Debt Coverage 1.25 1.26 1.27 1.28 1.28 1.29 1.30 1.30 1.31 1.31 1.32 1.32 1.33 1.33 1.33 1.33

Project Cash Flow $33,325 $34,425 $35,484 $36,499 $37,468 $38,388 $39,254 $40,065 $40,817 $41,507 $42,130 $42,683 $43,163 $43,565 $43,886 $44,120

LP Asset Management Fee $6,000 $6,180 $6,365 $6,556 $6,753 $6,956 $7,164 $7,379 $7,601 $7,829 $8,063 $8,305 $8,555 $8,811 $9,076 $9,348
GP Partnership Management Fee $6,000 $6,180 $6,365 $6,556 $6,753 $6,956 $7,164 $7,379 $7,601 $7,829 $8,063 $8,305 $8,555 $8,811 $9,076 $9,348
Deferred Developer Fee $33,325 $34,425 $35,484 $36,499 $37,468 $38,388 $39,254 $40,065 $40,817 $41,507 $42,130 $42,683 $43,163 $43,565 $43,886 $44,120
Subordinate Loan Payment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Cash Available For Distribution 21,325 22,065 22,753 23,387 23,962 24,476 24,926 25,307 25,616 25,849 26,003 26,073 26,054 25,943 25,735 25,424




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Locust St Stacked Historic 4% 8/21/25
Fayetteville

INCOME SUMMARY


RESIDENTIAL Proposed
 Unit Gross Utility Net Rent Total Total Unit Avg. Total Max Market
Unit Type Count Rent Allowance Paid Rent/Mo. Rent/Yr. Sq. Ft. Sq. Ft. Rents Rent

1 Bedroom 30% AMI 6 $566 $107.00 $459 $2,754 $33,048 750 4,500 $566 $924
1 Bedroom 50% AMI 5 $943 $107.00 $836 $4,180 $50,160 750 3,750 $943 $924
1 Bedroom 60% AMI 5 $1,132 $107.00 $1,025 $5,125 $61,500 750 3,750 $1,132 $924
2 Bedroom 50% AMI 5 $1,062 $130.00 $932 $4,660 $55,920 850 4,250 $1,062 $1,121
2 Bedroom 60% AMI 5 $1,275 $130.00 $1,145 $5,725 $68,700 850 4,250 $1,275 $1,121
3 Bedroom 50% AMI 3 $1,180 $155.00 $1,025 $3,075 $36,900 1,000 3,000 $1,180 $1,580
3 Bedroom 60% AMI 3 $1,416 $155.00 $1,261 $3,783 $45,396 1,000 3,000 $1,416 $1,580
Residential Totals 32 $29,302 $351,624 828 26,500


COMMERCIAL
 Unit Base NNN Gross Total Total NNN Total Unit Total
Unit Type Count Rent/SF Reimb. Rent/SF Base Rent/Yr Rent/Year Rent/Yr. Sq. Ft. Sq. Ft.

Commercial Space 1 16 $8.00 $5.10 $13.10 $64,000 $40,783 $104,783 500 8,000
Commercial Totals 16 $64,000 $40,783 $104,783 500 8,000 8000

MISCELLANEOUS Notes
 Laundry and other fees $8,000
 Other $4.00 4 $192
 Commercial Other Income $6,000
PROJECT TOTAL $ 93,302 $470,599



Affordability Matrix Utility Allowance Worksheet

 AMI Units Pct Studio 1 BR 2 BR 3 BR Description
 30% 6 19% 5.63% Heat $31.00 $37.00 $45.00 $53.00
 40% 0 0% Cooking $7.00 $7.00 $9.00 $10.00
 50% 13 41% 20.31% Other Electric $22.00 $29.00 $37.00 $48.00
 60% 13 41% 24.38% AC $20.00 $24.00 $29.00 $34.00
 80% AMI 0 0% Water Heat $0.00 $0.00 $0.00 $0.00 Owner
 Total 32 100% 50.31% Water $0.00 $0.00 $0.00 $0.00 Owner
 Sewer $0.00 $0.00 $0.00 $0.00 Owner
Unit Type Matrix Trash $0.00 $0.00 $0.00 $0.00 Owner
 Other $0.00 $0.00 $0.00 $0.00
 Type Units Pct Electric Service Charge
 $10.00 $10.00 $10.00 $10.00
 Studio 0 0% Total $90.00 $107.00 $130.00 $155.00 HOME UA's
 1BR 16 50.00%
 2 BR 10 31.25% RESNET $90.00 $107.00 $130.00 $155.00 LIHTC Unit UA's
 3 BR 6 18.75%
 Total 32 100%


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Locust St Stacked Historic 4% 8/21/25
Fayetteville
Operating Expense Summary
 Units 32 Comm SF 8,000
 Total Per Unit Total Per SF
SALARY AND BENEFITS
5010 On Site Management Salary $35,000 $1,094 $4,000 $0.50
5012 Maintenance Salary/Contracts $15,000 $131 $4,000 $0.50
5013 Janitorial Salary/Contracts $0 $0 $4,000 $0.50
5014 Other Salary $15,000 $469 $13 $0.00
5016 Payroll Taxes $2,184 $68 $17 $0.00
5018 Employee Benefits $9,500 $297 $20 $0.00
Total Salary and Benefits $76,684 $2,059 $12,050 $2

ADMINISTRATIVE
5020 Administrative $4,186 $131 $800 $0.10
5021 Office Supplies $1,615 $50 $400 $0.05
5022 Employee Training & Travel $363 $11 $30 $0.00
5023 Administrative Fees $1,121 $35 $33 $0.00
5024 Resident Services $0 $0 $37 $0.00
5025 Bookkeeping Fees $0 $0 $2,400 $0.30
5030 Compliance Fee $2,011 $63 $43 $0.01
5046 Telephone/Internet $4,944 $155 $47 $0.01
5047 Bank Charges $593 $19 $50 $0.01
5080 Legal Fees $956 $30 $53 $0.01
5085 Audit & Tax Prep Fees $5,570 $174 $57 $0.01
5087 Other Professional Fees $330 $10 $1,600 $0.20
5180 Other Operating Expenses $0 $0 $63 $0.01
Total Administrative $21,688 $678 $5,613 $1

MARKETING AND MANAGEMENT
5045 Marketing and Advertising $1,615 $50 $67 $0.01

MANAGEMENT FEE
5040 Property Management Fee 5.34% $24,800 $775 $100 $0.01

UTILITIES
5060 Electricity $12,986 $406 $1,600 $0.20
5051 Water $12,591 $393 $1,600 $0.20
5052 Sewer $1,615 $50 $1,600 $0.20
5053 Gas $2,142 $67 $1,600 $0.20
5054 Trash Removal $2,109 $66 $1,600 $0.20
5055 Other Utilities $0 $0 $150 $0.02
Total Utilities $31,444 $983 $8,150 $1

REPAIRS AND MAINTENANCE
5026 Leasing Fees $3,395 $106 $167 $0.02
5056 Elecdtrical $1,648 $52 $800 $0.10
5057 Exterminating $560 $18 $800 $0.10
5058 Appliance Service and Repairs $428 $13 $0 $0.00
5059 Locks and Keys $2,933 $92 $800 $0.10
5060 Contracted Repairs and Maintenance $264 $8 $1,600 $0.20
5061 Maintenance Supplies $758 $24 $800 $0.10
5062 Janitorial Supplies $626 $20 $0 $0.00
5063 Other Service Contracts $1,318 $41 $0 $0.00
5064 HVAC $5,735 $179 $1,600 $0.20
5066 Elevator $6,229 $195 $0 $0.00
5067 Grounds and Landscaping $3,296 $103 $0 $0.00
5068 Snow Removal $0 $0 $0 $0.00
5069 Security $758 $24 $0 $0.00
5070 Turnover/Unit Prep $1,384 $43 $800 $0.10
5071 Plumbing $2,406 $75 $0 $0.00
5073 Fire Protection $2,336 $73 $0 $0.00
Total Maintenance $34,076 $1,065 $7,367 $1

REAL ESTATE TAXES
5090 Real Estate Taxes $0 $0 $0 $0.00
5100 Other Taxes, Licenses, Permits $330 $10 $237 $0.03
Total Real Estate Taxes $330 $10 $237 $0.03

INSURANCE
5110 Property & Liability Insurance $36,030 $1,126 $7,200 $0.90
5112 Flood Insurance $0 $0 $0 $0.00
5114 Other Insurance $0 $0 $0 $0.00
Total Insurance $36,030 $1,126 $7,200 $0.90

ANNUAL OPERATING EXPENSES $226,666 $6,746 $40,783 $5

REPLACEMENT RESERVE DEPOSITS $2,400 $75 $0 $0.00

TOTAL OPERATING EXPENSES AND RESERVES $229,066 $6,821 $40,783 $5.10




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Locust St Stacked Historic 4% 8/21/25
Fayetteville

 Tax Credit Inputs 8/21/25 Federal Acquisition Credits
  Total Project Cost $15,343,636 9:28 Acquisition Basis ("Y" or "N") y $0
 Four or nine percent credit? 4.00% Adjustment $0
 4.00% 4% Acquisition Credit Rate Jan-00 0.00%
 Acquisition Credits $0
 ADD: Eligible Basis $11,933,437 A Credits to LP @ 99.99% $0
 LESS: Non-Residential Deprec.Basis (commercial) $0 0.00% Acquisition Equity @ $0.000 $0
 Res. Portion of Historic Rehab Credit $2,665,271
 Disallowed Offsite Improvements $0 State LIHTC
 Grants $0
 Acquisition Basis $0 Annual Allocation $0
 $ 2,665,271 B Total Allocation 0 $0
 Credits To LP 100%
 Eligible LIHTC Basis $9,268,166 A-B Estimated Price $0.000
 Eligible Basis Limit as per Cost Caps $0
 Eligible Basis used in Tax Credit Calculation $0 Estimated State LIHTC Equity $0
 Adjust for Difficult to Develop Area (1) 130%
 Adjusted Eligible Basis $12,048,616
 Low-Income Occupancy Percentage 100.00% Historic Credits
 Qualified Basis $12,048,616 Yes (Y) or No (N) y
 Credit Percentage 4.00% Federal State Total
 Calculated Annual Credit 481,945 MAX Elig. Depr. Basis for $5,922,824 $5,922,824
 Allocated Credits (if 9%) assumption $0 $0 Historic Credits
 Used in Forecast 481,945 Less Acquisition $0 $0
 Less Personal Property $0 $0
 Credits to Limited Partner @ 99.99% $481,896 Less Pro Rata Grant $0 $0
 Eligible Hist. Basis $5,922,824 $5,922,824
 Estimated Price $0.8800 Hist. Credit Rate 20% 25%
 Hist. Rehab. Credits $1,184,565 $1,480,706
 Estimated Equity $ 4,240,689 Credits to LP @ 99.99% $1,184,446 $1,480,558 *1.5,mm cap
 Estimated Price $0.750 $0.880
 Estimated Equity $888,335 $1,302,891 $2,191,226
  (1) Only eligible basis attributable to new construction or rehabilitation expenditures can
  qualify for difficult to develop area basis increase. Equity Summary
 Estimated LP Equity for Rehab Credits $4,240,689
 Estimated LP Equity for Acquisition Credits $0
 Estimated LP Equity for Historic Credits $2,191,226
 Estimated LP Equity State LIHTC $0
 Total Estimated LP Equity $6,431,915
 15,061




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 APPENDIX D
 PROFORMA: SPRING & SCHOOL STREET SITE
60 Unit 4% 60% AMI 8/22/25
Fayetteville
Financial Summary

CAPITAL BUDGET OPERATING BUDGET Year 1



Sources of Funds Operating Income
 First Mortgage $4,250,000 Residential Rental Income $781,200
 Commercial First Mortgage $0 Other Income $8,192
 Philanthropic / GAP $8,604,486 Residential Vacancy 7.00% -$55,257
 Predevelopment Funds $750,000 Commercial Base Rent $0
 Other $0 Commercial Expense NNN Reimbursement $0
 Other $0 Commercial Vacancy 15.00% $0
 Other $0 Other Income $6,000
 Other $0 Interest on Operating Reserves $8,035
 Other $0
 Other $0 Effective Gross Income $748,169
 Other $0
 Other $0
 Deferred Developer Fee $1,250,000 Operating Expenses
 GP Equity - Artspace (Reinvested Develper Fee) $0 Residential Property Management Fee $40,500
 LP Federal/State Historic TC $0 Residential Expenses $313,423
 LP Equity - State LIHTC $0 Residential Real Estate Taxes $618
 LP Equity - LIHTC $10,558,944 Commercial Management Fee $0
 TOTAL PERMANENT FINANCING $25,413,430 Commercial Expenses $0
 0 Commercial Real Estate Taxes $0
 Residential Reserves $4,500
Uses of Funds Commercial Reserves $0
 Acquisition $1
 Construction $17,849,308 Total Operating Expenses $359,041
 Construction Related Professional Fees $958,339
 Construction Financing and Interim Costs $2,073,552 Net Operating Income (NOI) $389,128
 Permanent Financing Fees $165,380
 Soft Costs $70,439 / Debt Service Coverage Ratio 1.26
 Tax Credit Syndication Costs $60,000 = Supported Debt Service $307,712
 Developer Fee $3,200,000 Rate 6.75%
 Legal $352,551 Term 40
 Reserves $683,860 Supported First Mortgage $ 4,250,000
Total Uses of Funds $25,413,430
 Cash Available For Distribution $81,416

PROJECT SURPLUS (DEFICIT) $0




Artspace Projects, Inc.




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60 Unit 4% 60% AMI
Fayetteville
Capital Budget Summary

SOURCES 8/21/25
 DCR Total Residential Commercial % of TDC Rate Amort Term Loan Term
First Mortgage DCR (Services below the line) 1.25 $4,250,000 $4,250,000 $0 17% 6.75% 40 40
Philanthropic / GAP $8,604,486 $8,604,486 $0 35% 1.00% 1 1
 $0 $0 $0 0% NA NA NA
Deferred Developer Fee Cash Fee $1,250,000 $1,250,000 $0 5% NA NA NA
GP Equity - Artspace (Reinvested Develper Fee) $1,500,000 $0 $0 $0 0% NA NA NA
LP Federal/State Historic TC $0 $0 $0 0% NA NA NA
LP Equity - State LIHTC $0 $0 0% NA NA NA
LP Equity - LIHTC ADFA PER UNIT $246,815.73 $10,558,944 $10,558,944 43% NA NA NA
TOTAL PERMANENT FINANCING $24,663,430 $24,663,430 $0 100%
 SURPLUS/(DEFICIT) $0
USES
 100.00% 0.00%
 % HTC %LIHTC %COMM Total Residential Commercial LIHTC Basis Historic Basis Depreciable Non Cap. Per Unit
Acquisition
 Land 0.00% 0.00% 0.00% $1 $1 $0 $0 $0 $0 $0
 Building 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other - Site Improvements 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Construction Costs
 Site Improvements 0.00% 100.00% 0.00% $1,084,440 $1,084,440 $0 $1,084,440 $0 $1,084,440 $18,074
 3-Hour Wall + Additional Garage0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 LIHTC Construction 0.00% 100.00% 0.00% $15,474,668 $15,474,668 $0 $15,474,668 $0 $15,474,668 $257,911
 P&P Bond 0.00% 100.00% 0.00% $152,702 $152,702 $0 $152,702 $0 $152,702 $2,545
 Building Permits 0.00% 100.00% 0.00% 1.7% $262,376 $262,376 $0 $262,376 $0 $262,376 $4,373
 Construction Contingency 0.00% 100.00% 0.00% 5.00% $827,955 $827,955 $0 $827,955 $0 $827,955 $13,799
 Utility Work Fees 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Impact Fees 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $47,167 $47,167 $0 $0 $0 $0 $786
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Professional Fees (Construction-Related)
 Architect: Design 0.00% 100.00% 0.00% 5.35% $550,000 $550,000 $0 $550,000 $0 $550,000 $9,167
 Architect: Supervision 0.00% 100.00% 0.00% $262,791 $262,791 $0 $262,791 $0 $262,791 $4,380
 Architectural Reimbursements 0.00% 100.00% 0.00% $14,930 $14,930 $0 $14,930 $0 $14,930 $249
 Survey 0.00% 100.00% 0.00% $23,970 $23,970 $0 $23,970 $0 $23,970 $399
 Geotech 0.00% 100.00% 0.00% $6,649 $6,649 $0 $6,649 $0 $6,649 $111
 Special Inspections 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Environmental Monitoring 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Construction Interim Costs
 Hazard Insurance 0.00% 100.00% 0.00% $135,000 $135,000 $0 $135,000 $0 $135,000 $2,250
 Liability Insurance 0.00% 100.00% 0.00% $45,000 $45,000 $0 $45,000 $0 $45,000 $750
 FFE 0.00%  50.00% 0.00% $36,000 $36,000 $0 $18,000 $0 $18,000 $600
 Title and Recording 0.00%  80.00% 0.00% $36,000 $36,000 $0 $28,800 $0 $28,800 $600
 Construction Period Interest 0.00%  50.00% 0.00% $1,524,000 $1,524,000 $0 $762,000 $0 $762,000 $25,400
 Construction Loan Origination 0.00% 50.00% 0.00% 1.00% $15,240 $15,240 $0 $12,192 $0 $12,192 $254
 Credit Enhancement 0.00%  75.00% 0.00% $90,750 $90,750 $0 $68,063 $0 $68,063 $1,513
 Inspection Fees 0.00% 100.00% 0.00% $22,500 $22,500 $0 $22,500 $0 $22,500 $375
 Lender Legal 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Construction Period Taxes 0.00% 100.00% 0.00% $45,000 $45,000 $0 $45,000 $0 $45,000 $750
 Construction Period Utilities 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Permanent Financing
 Origination Fee 0.00% 0.00% 0.00% 1.00% $42,500 $42,500 $0 $0 $0 $0 $708
 Underwriter Costs 0.00% 0.00% 0.00% $9,902 $9,902 $0 $0 $0 $0 $165
 Bond Collateral 0.00% 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 FHA MIP 0.00% 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Cost of Issuance 0.00% 0.00% 0.00% $31,368 $31,368 $0 $0 $0 $0 $523
 Title and Recording 0.00% 0.00% 0.00% $5,265 $5,265 $0 $0 $0 $0 $88
 Bond Counsel 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Bond Fees 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Tax Credit Fees 0.00% 0.00% 0.00% $40,335 $40,335 $0 $0 $0 $0 $672
 Tax Credit Monitoring 0.00% 0.00% 0.00% $36,009 $36,009 $0 $0 $0 $0 $600
Soft Costs
 Market Study 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Environmental Study 0.00% 100.00% 0.00% $33,518 $33,518 $0 $33,518 $0 $33,518 $559
 Rent-up Expense/Marketing 0.00% 100.00% 0.00% $23,871 $23,871 $0 $23,871 $0 $23,871 $398
 Appraisal 0.00% 0.00% 0.00% $1,800 $1,800 $0 $0 $0 $0 $30
 Cost Certificate - & other accounting
 0.00%  50.00% 0.00% $11,250 $11,250 $0 $5,625 $0 $5,625 $188
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Syndication Cost
 Organization 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Bridge Loan Interest 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Tax Opinion 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 PV Adjustment 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Due Diligence 0.00% 0.00% 0.00% $60,000 $60,000 $0 $0 $0 $0 $1,000
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Developer Fees
 Overhead 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Fee 0.00% 100.00% 0.00% 13% $2,750,000 $2,750,000 $0 $2,750,000 $0 $2,750,000 $45,833
 Construction Consultant 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Legal
 Legal Fees 0.00%  50.00% 0.00% $237,659 $237,659 $0 $118,830 $0 $118,830 $3,961
 Permanent Finance Legal 0.00%  50.00% 0.00% $18,600 $18,600 $0 $9,300 $0 $9,300 $310
 Construction Legal 0.00%  50.00% 0.00% $22,320 $22,320 $0 $11,160 $0 $11,160 $372
 Real Estate Legal 0.00%  50.00% 0.00% $30,372 $30,372 $0 $15,186 $0 $15,186 $506
 Syndication Legal 0.00%  50.00% 0.00% $25,000 $25,000 $0 $12,500 $0 $12,500 $417
 Other 0.00%  50.00% 0.00% $18,600 $18,600 $0 $9,300 $0 $9,300 $310
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Reserves
 Lease Up Months: 0.00% 0.00% 0.00% 3.00 $195,300 $195,300 $0 $0 $0 $0 $3,255
 Operating Months: 0.00% 0.00% 0.00% 6.00 $184,713 $184,713 $0 $0 $0 $0 $3,079
 Debt Service Reserve
 Months: 0.00% 0.00% 0.00% 6.00 $153,856 $153,856 $0 $0 $0 $0 $2,564
 Soft Cost Contingency 0.00%  50.00% 0.00% $74,053 $74,053 $0 $37,027 $0 $37,027 $1,234
 Initial ReplacementReserve 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
TOTAL DEVELOPMENT COSTS $24,663,430 $24,663,430 $0 $22,823,350 $0 $22,823,350 $411,057




 Artspace Projects, Inc. Fayetteville 60 unit 4% 60% AMI .xlsx

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60 Unit 4% 60% AMI 8/21/25
Fayetteville
Combined Residential/Commercial Cash Flow

 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16
Income
Residential Rental Income 2.00% $781,200 $796,824 $812,760 $829,016 $845,596 $862,508 $879,758 $897,353 $915,300 $933,606 $952,278 $971,324 $990,750 $1,010,565 $1,030,777 $1,051,392
Other Income 2.00% $8,192 $8,356 $8,523 $8,693 $8,867 $9,045 $9,226 $9,410 $9,598 $9,790 $9,986 $10,186 $10,389 $10,597 $10,809 $11,025
Residential Vacancy 7.00% -$55,257 -$56,363 -$57,490 -$58,640 -$59,812 -$61,009 -$62,229 -$63,473 -$64,743 -$66,038 -$67,359 -$68,706 -$70,080 -$71,481 -$72,911 -$74,369
Commercial Base Rent 2.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Commercial Expense Reimbursement 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Commercial Vacancy 15.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Comm Income 2.00% $6,000 $6,120 $6,242 $6,367 $6,495 $6,624 $6,757 $6,892 $7,030 $7,171 $7,314 $7,460 $7,609 $7,762 $7,917 $8,075
Interest on Operating Reserves 4.4% $8,035 $8,035 $8,035 $8,035 $8,035 $8,035 $8,035 $8,035 $8,035 $8,035 $8,035 $8,035 $8,035 $8,035 $8,035 $8,035
Effective Gross Income $748,170 $762,972 $778,071 $793,472 $809,180 $825,203 $841,547 $858,217 $875,221 $892,564 $910,255 $928,299 $946,705 $965,478 $984,627 $1,004,159

Expenses
Residential Property Management Fee 2.00% $40,500 $41,310 $42,136 $42,979 $43,839 $44,715 $45,610 $46,522 $47,452 $48,401 $49,369 $50,357 $51,364 $52,391 $53,439 $54,508
Residential Expenses 3.00% $313,440 $322,844 $332,529 $342,505 $352,780 $363,363 $374,264 $385,492 $397,057 $408,969 $421,238 $433,875 $446,891 $460,298 $474,107 $488,330
Residential Real Estate Taxes 3.00% $618 $637 $656 $675 $696 $716 $738 $760 $783 $806 $831 $855 $881 $908 $935 $963
Commercial Management Fee 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Commercial Expenses 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Commercial Real Estate Taxes 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Residential Reserves 3.00% $4,500 $4,635 $4,774 $4,917 $5,065 $5,217 $5,373 $5,534 $5,700 $5,871 $6,048 $6,229 $6,416 $6,608 $6,807 $7,011
Commercial Reserves 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Expenses and Reserves $359,058 $369,425 $380,095 $391,076 $402,379 $414,012 $425,985 $438,308 $450,992 $464,048 $477,485 $491,316 $505,552 $520,205 $535,287 $550,811

Net Operating Income $389,111 $393,547 $397,976 $402,395 $406,802 $411,192 $415,562 $419,909 $424,228 $428,517 $432,770 $436,983 $441,153 $445,273 $449,340 $453,347

First Mortgage Debt Service $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subordinate Debt Payment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Debt Service $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712 $307,712

First Mortgage Debt Coverage 1.26 1.28 1.29 1.31 1.32 1.34 1.35 1.36 1.38 1.39 1.41 1.42 1.43 1.45 1.46 1.47
1st & 2nd Mortgage Debt Coverage 1.26 1.28 1.29 1.31 1.32 1.34 1.35 1.36 1.38 1.39 1.41 1.42 1.43 1.45 1.46 1.47

Project Cash Flow Before Services $81,399 $85,835 $90,264 $94,683 $99,090 $103,480 $107,850 $112,197 $116,516 $120,805 $125,058 $129,271 $133,441 $137,561 $141,628 $145,635

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

First Mortgage Debt Coverage - After Services 1.26 1.28 1.29 1.31 1.32 1.34 1.35 1.36 1.38 1.39 1.41 1.42 1.43 1.45 1.46 1.47
1st & 2nd Mortgage Debt Coverage 1.26 1.28 1.29 1.31 1.32 1.34 1.35 1.36 1.38 1.39 1.41 1.42 1.43 1.45 1.46 1.47

Project Cash Flow $81,399 $85,835 $90,264 $94,683 $99,090 $103,480 $107,850 $112,197 $116,516 $120,805 $125,058 $129,271 $133,441 $137,561 $141,628 $145,635

LP Asset Management Fee $6,000 $6,180 $6,365 $6,556 $6,753 $6,956 $7,164 $7,379 $7,601 $7,829 $8,063 $8,305 $8,555 $8,811 $9,076 $9,348
GP Partnership Management Fee $6,000 $6,180 $6,365 $6,556 $6,753 $6,956 $7,164 $7,379 $7,601 $7,829 $8,063 $8,305 $8,555 $8,811 $9,076 $9,348
Deferred Developer Fee $81,399 $85,835 $90,264 $94,683 $99,090 $103,480 $107,850 $112,197 $116,516 $120,805 $125,058 $129,271 $133,441 $7,762 $7,917 $8,075
Subordinate Loan Payment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Cash Available For Distribution 69,399 73,475 77,533 81,571 85,584 89,568 93,521 97,438 101,315 105,147 108,931 112,661 116,332 119,939 123,477 126,940




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60 Unit 4% 60% AMI
Fayetteville
Capital Budget Summary

SOURCES 8/22/25
 DCR Total Residential Commercial % of TDC Rate Amort Term Loan Term
First Mortgage DCR (Services below the line) 1.25 $4,250,000 $4,250,000 $0 17% 6.75% 40 40
Philanthropic / GAP $8,604,486 $8,604,486 $0 34% 1.00% 1 1
Predevelopment Funds $750,000 $750,000 $0 3% NA NA NA
Deferred Developer Fee Cash Fee $1,250,000 $1,250,000 $0 5% NA NA NA
GP Equity - Artspace (Reinvested Develper Fee) $1,500,000 $0 $0 $0 0% NA NA NA
LP Federal/State Historic TC $0 $0 $0 0% NA NA NA
LP Equity - State LIHTC $0 $0 0% NA NA NA
LP Equity - LIHTC ADFA PER UNIT $246,815.73 $10,558,944 $10,558,944 42% NA NA NA
TOTAL PERMANENT FINANCING $25,413,430 $25,413,430 $0 100%
 SURPLUS/(DEFICIT) $0
USES
 100.00% 0.00%
 % HTC %LIHTC %COMM Total Residential Commercial LIHTC Basis Historic Basis Depreciable Non Cap. Per Unit
Acquisition
 Land 0.00% 0.00% 0.00% $1 $1 $0 $0 $0 $0 $0
 Building 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other - Site Improvements 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Construction Costs
 Site Improvements 0.00% 100.00% 0.00% $1,084,440 $1,084,440 $0 $1,084,440 $0 $1,084,440 $18,074
 3-Hour Wall + Additional Garage0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 LIHTC Construction 0.00% 100.00% 0.00% $15,474,668 $15,474,668 $0 $15,474,668 $0 $15,474,668 $257,911
 P&P Bond 0.00% 100.00% 0.00% $152,702 $152,702 $0 $152,702 $0 $152,702 $2,545
 Building Permits 0.00% 100.00% 0.00% 1.7% $262,376 $262,376 $0 $262,376 $0 $262,376 $4,373
 Construction Contingency 0.00% 100.00% 0.00% 5.00% $827,955 $827,955 $0 $827,955 $0 $827,955 $13,799
 Utility Work Fees 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Impact Fees 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $47,167 $47,167 $0 $0 $0 $0 $786
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Professional Fees (Construction-Related)
 Architect: Design 0.00% 100.00% 0.00% 6.00% $650,000 $650,000 $0 $650,000 $0 $650,000 $10,833
 Architect: Supervision 0.00% 100.00% 0.00% $262,791 $262,791 $0 $262,791 $0 $262,791 $4,380
 Architectural Reimbursements 0.00% 100.00% 0.00% $14,930 $14,930 $0 $14,930 $0 $14,930 $249
 Survey 0.00% 100.00% 0.00% $23,970 $23,970 $0 $23,970 $0 $23,970 $399
 Geotech 0.00% 100.00% 0.00% $6,649 $6,649 $0 $6,649 $0 $6,649 $111
 Special Inspections 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Environmental Monitoring 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Construction Interim Costs
 Hazard Insurance 0.00% 100.00% 0.00% $135,000 $135,000 $0 $135,000 $0 $135,000 $2,250
 Liability Insurance 0.00% 100.00% 0.00% $45,000 $45,000 $0 $45,000 $0 $45,000 $750
 FFE 0.00%  50.00% 0.00% $160,062 $160,062 $0 $80,031 $0 $80,031 $2,668
 Title and Recording 0.00%  80.00% 0.00% $36,000 $36,000 $0 $28,800 $0 $28,800 $600
 Construction Period Interest 0.00%  50.00% 0.00% $1,524,000 $1,524,000 $0 $762,000 $0 $762,000 $25,400
 Construction Loan Origination 0.00% 50.00% 0.00% 1.00% $15,240 $15,240 $0 $12,192 $0 $12,192 $254
 Credit Enhancement 0.00%  75.00% 0.00% $90,750 $90,750 $0 $68,063 $0 $68,063 $1,513
 Inspection Fees 0.00% 100.00% 0.00% $22,500 $22,500 $0 $22,500 $0 $22,500 $375
 Lender Legal 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Construction Period Taxes 0.00% 100.00% 0.00% $45,000 $45,000 $0 $45,000 $0 $45,000 $750
 Construction Period Utilities 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Permanent Financing
 Origination Fee 0.00% 0.00% 0.00% 1.00% $42,500 $42,500 $0 $0 $0 $0 $708
 Underwriter Costs 0.00% 0.00% 0.00% $9,902 $9,902 $0 $0 $0 $0 $165
 Bond Collateral 0.00% 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 FHA MIP 0.00% 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Cost of Issuance 0.00% 0.00% 0.00% $31,368 $31,368 $0 $0 $0 $0 $523
 Title and Recording 0.00% 0.00% 0.00% $5,265 $5,265 $0 $0 $0 $0 $88
 Bond Counsel 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Bond Fees 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Tax Credit Fees 0.00% 0.00% 0.00% $40,335 $40,335 $0 $0 $0 $0 $672
 Tax Credit Monitoring 0.00% 0.00% 0.00% $36,009 $36,009 $0 $0 $0 $0 $600
Soft Costs
 Market Study 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Environmental Study 0.00% 100.00% 0.00% $33,518 $33,518 $0 $33,518 $0 $33,518 $559
 Rent-up Expense/Marketing 0.00% 100.00% 0.00% $23,871 $23,871 $0 $23,871 $0 $23,871 $398
 Appraisal 0.00% 0.00% 0.00% $1,800 $1,800 $0 $0 $0 $0 $30
 Cost Certificate - & other accounting
 0.00%  50.00% 0.00% $11,250 $11,250 $0 $5,625 $0 $5,625 $188
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Syndication Cost
 Organization 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Bridge Loan Interest 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Tax Opinion 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 PV Adjustment 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Due Diligence 0.00% 0.00% 0.00% $60,000 $60,000 $0 $0 $0 $0 $1,000
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Developer Fees
 Predevelopment Overhead 0.00% 100.00% 0.00% $300,000 $0 $0 $0 $0 $300,000 $0
 Fee 0.00% 100.00% 0.00% 12% $2,750,000 $2,750,000 $0 $2,750,000 $0 $2,750,000 $45,833
 Construction Consultant 0.00% 100.00% 0.00% $150,000 $0 $0 $0 $0 $150,000 $0
 Other 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 100.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Legal
 Legal Fees 0.00%  50.00% 0.00% $237,659 $237,659 $0 $118,830 $0 $118,830 $3,961
 Permanent Finance Legal 0.00%  50.00% 0.00% $18,600 $18,600 $0 $9,300 $0 $9,300 $310
 Construction Legal 0.00%  50.00% 0.00% $22,320 $22,320 $0 $11,160 $0 $11,160 $372
 Real Estate Legal 0.00%  50.00% 0.00% $30,372 $30,372 $0 $15,186 $0 $15,186 $506
 Syndication Legal 0.00%  50.00% 0.00% $25,000 $25,000 $0 $12,500 $0 $12,500 $417
 Other 0.00%  50.00% 0.00% $18,600 $18,600 $0 $9,300 $0 $9,300 $310
 Other 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
Reserves
 Lease Up Months: 0.00% 0.00% 0.00% 3.00 $195,300 $195,300 $0 $0 $0 $0 $3,255
 Operating Months: 0.00% 0.00% 0.00% 6.00 $184,704 $184,704 $0 $0 $0 $0 $3,078
 Debt Service Reserve
 Months: 0.00% 0.00% 0.00% 6.00 $153,856 $153,856 $0 $0 $0 $0 $2,564
 Soft Cost Contingency 0.00%  50.00% 0.00% $150,000 $150,000 $0 $75,000 $0 $75,000 $2,500
 Initial ReplacementReserve 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00%  50.00% 0.00% $0 $0 $0 $0 $0 $0 $0
TOTAL DEVELOPMENT COSTS $25,413,430 $24,963,430 $0 $23,023,355 $0 $23,473,355 $416,057




 Artspace Projects, Inc. Fayetteville 60 unit 4% 60% AMI .xlsx

 39
60 Unit 4% 60% AMI 8/21/25
Fayetteville
Operating Expense Summary
 Units 60 Comm SF -
 Total Per Unit Total Per SF
SALARY AND BENEFITS
5010 On Site Management Salary $35,000 $583 $0 $0.00
5012 Maintenance Salary/Contracts $15,000 $131 $0 $0.00
5013 Janitorial Salary/Contracts $0 $0 $0 $0.00
5014 Other Salary $15,000 $250 $0 $0.00
5016 Payroll Taxes $2,184 $36 $0 $0.00
5018 Employee Benefits $9,500 $158 $0 $0.00
Total Salary and Benefits $76,684 $1,159 $0 $0

ADMINISTRATIVE
5020 Administrative $7,849 $131 $0 $0.00
5021 Office Supplies $3,028 $50 $0 $0.00
5022 Employee Training & Travel $680 $11 $0 $0.00
5023 Administrative Fees $2,101 $35 $0 $0.00
5024 Resident Services $0 $0 $0 $0.00
5025 Bookkeeping Fees $0 $0 $0 $0.00
5030 Compliance Fee $3,770 $63 $0 $0.00
5046 Telephone/Internet $9,270 $155 $0 $0.00
5047 Bank Charges $1,112 $19 $0 $0.00
5080 Legal Fees $1,792 $30 $0 $0.00
5085 Audit & Tax Prep Fees $10,444 $174 $0 $0.00
5087 Other Professional Fees $618 $10 $0 $0.00
5180 Other Operating Expenses $0 $0 $0 $0.00
Total Administrative $40,664 $678 $0 $0

MARKETING AND MANAGEMENT
5045 Marketing and Advertising $3,028 $50 $0 $0.00

MANAGEMENT FEE
5040 Property Management Fee 5.13% $40,500 $675 $0 $0.00

UTILITIES
5060 Electricity $24,349 $406 $0 $0.00
5051 Water $23,608 $393 $0 $0.00
5052 Sewer $3,028 $50 $0 $0.00
5053 Gas $4,017 $67 $0 $0.00
5054 Trash Removal $3,955 $66 $0 $0.00
5055 Other Utilities $0 $0 $0 $0.00
Total Utilities $58,957 $983 $0 $0

REPAIRS AND MAINTENANCE
5026 Leasing Fees $6,365 $106 $0 $0.00
5056 Elecdtrical $3,090 $52 $0 $0.00
5057 Exterminating $1,051 $18 $0 $0.00
5058 Appliance Service and Repairs $803 $13 $0 $0.00
5059 Locks and Keys $5,500 $92 $0 $0.00
5060 Contracted Repairs and Maintenance $494 $8 $0 $0.00
5061 Maintenance Supplies $1,421 $24 $0 $0.00
5062 Janitorial Supplies $1,174 $20 $0 $0.00
5063 Other Service Contracts $2,472 $41 $0 $0.00
5064 HVAC $10,753 $179 $0 $0.00
5066 Elevator $11,680 $195 $0 $0.00
5067 Grounds and Landscaping $8,820 $147 $0 $0.00
5068 Snow Removal $0 $0 $0 $0.00
5069 Security $1,421 $24 $0 $0.00
5070 Turnover/Unit Prep $2,596 $43 $0 $0.00
5071 Plumbing $4,511 $75 $0 $0.00
5073 Fire Protection $4,380 $73 $0 $0.00
Total Maintenance $66,533 $1,109 $0 $0

REAL ESTATE TAXES
5090 Real Estate Taxes $0 $0 $0 $0.00
5100 Other Taxes, Licenses, Permits $618 $10 $0 $0.00
Total Real Estate Taxes $618 $10 $0 $0.00

INSURANCE
5110 Property & Liability Insurance $67,556 $1,126 $0 $0.00
5112 Flood Insurance $0 $0 $0 $0.00
5114 Other Insurance $0 $0 $0 $0.00
Total Insurance $67,556 $1,126 $0 $0.00

ANNUAL OPERATING EXPENSES $354,541 $5,790 $0 $0

REPLACEMENT RESERVE DEPOSITS $4,500 $75 $0 $0.00

TOTAL OPERATING EXPENSES AND RESERVES $359,041 $5,865 $0 $0.00




 Artspace Projects, Inc. Fayetteville 60 unit 4% 60% AMI .xlsx



 40
60 Unit 4% 60% AMI 8/22/25
Fayetteville

 Tax Credit Inputs 8/22/25 Federal Acquisition Credits
  Total Project Cost $25,413,430 11:12 Acquisition Basis ("Y" or "N") y $0
 Four or nine percent credit? 4.00% Adjustment $0
 4.00% 4% Acquisition Credit Rate Jan-00 0.00%
 Acquisition Credits $0
 ADD: Eligible Basis $23,023,355 A Credits to LP @ 99.99% $0
 LESS: Non-Residential Deprec.Basis (commercial) $0 0.00% Acquisition Equity @ $0.000 $0
 Res. Portion of Historic Rehab Credit $0
 Disallowed Offsite Improvements $0 State LIHTC
 Grants $0
 Acquisition Basis $0 Annual Allocation $0
 $ - B Total Allocation 0 $0
 Credits To LP 100%
 Eligible LIHTC Basis $23,023,355 A-B Estimated Price $0.000
 Eligible Basis Limit as per Cost Caps $0
 Eligible Basis used in Tax Credit Calculation $0 Estimated State LIHTC Equity $0
 Adjust for Difficult to Develop Area (1) 100%
 Adjusted Eligible Basis $23,023,355
 Low-Income Occupancy Percentage 130.00% Historic Credits
 Qualified Basis $29,930,361 Yes (Y) or No (N) n
 Credit Percentage 4.00% Federal State Total
 Calculated Annual Credit 1,197,214 MAX Elig. Depr. Basis for $0 $0
 Allocated Credits (if 9%) assumption $0 $0 Historic Credits
 Used in Forecast 1,200,000 Less Acquisition $0 $0
 Less Personal Property $0 $0
 Credits to Limited Partner @ 99.99% $1,199,880 Less Pro Rata Grant $0 $0
 Eligible Hist. Basis $0 $0
 Estimated Price $0.8800 Hist. Credit Rate 20% 25%
 Hist. Rehab. Credits $0 $0
 Estimated Equity $ 10,558,944 Credits to LP @ 99.99% $0 $0
 Estimated Price $0.750 $0.750
 Estimated Equity $0 $0 $0
  (1) Only eligible basis attributable to new construction or rehabilitation expenditures can
  qualify for difficult to develop area basis increase. Equity Summary
 Estimated LP Equity for Rehab Credits $10,558,944
 Estimated LP Equity for Acquisition Credits $0
 Estimated LP Equity for Historic Credits $0
 Estimated LP Equity State LIHTC $0
 Total Estimated LP Equity $10,558,944
 37,500




 Artspace Projects, Inc. Fayetteville 60 unit 4% 60% AMI .xlsx


 41
 APPENDIX E
 ARTSPACE WINDGATE CAMPUS DETAILED BUDGET
Artspace Little Rock : Combined Project 8/21/25
Little Rock, AR
Financial Summary

CAPITAL BUDGET OPERATING BUDGET LIHTC



Sources of Funds Combined Residential Commercial Operating Income
 First Mortgage $2,400,000 $2,400,000 $0 Rental Income $599,364
 GP Capital LIHTC $15,505,319 $15,505,319 $0 Commercial Base Rent $0
 Deferred Developer Fee $600,000 $0 $0 Operating Expenses
 GP Equity - Artspace (Reinvested Develper Fee) $1,715,538 $0 $600,000 Property Management Fee $27,000
 LP Federal/State Historic TC $0 $0  $1,715,538 Expenses $264,780
 LP Equity - State LIHTC $0 $0 $0 Real Estate Taxes $41,500
 LP Equity - LIHTC $12,201,100 $0 $0 Reserves $18,000
 TOTAL PERMANENT FINANCING $41,216,638 $30,106,419 $11,110,219



Uses of Funds
 Acquisition $600,000 $309,600 $290,400
 Construction $31,057,620 $22,402,893  $8,654,727 Total Operating Expenses $351,280
 Construction Related Professional Fees $1,948,082 $1,641,395 $306,687
 Construction Financing and Interim Costs $1,845,125 $1,763,125 $82,000 Net Operating Income (NOI) $206,129
 Permanent Financing Fees $620,131 $620,131 $0
 Soft Costs $26,745 $20,025 $6,720 / LIHTC Debt Service Coverage Ratio 1.15
 Tax Credit Syndication Costs $50,000 $50,000 $0 = Supported Debt Service $178,968
 Developer Fee $4,250,000 $2,750,000  $1,500,000 Rate 6.75%
 Legal $250,000 $150,000 $100,000 Term 35
 Reserves $568,935 $399,250 $169,685 Supported First Mortgage $ 2,400,000
Total Uses of Funds $41,216,638 $30,106,419 $11,110,219
 Cash Available For Distribution $27,161

PROJECT SURPLUS (DEFICIT) $0




Artspace Projects, Inc.




 42
 Artspace Little Rock : Combined Project
 Little Rock, AR
 Capital Budget Summary

 SOURCES 8/21/25
 DCR Total Residential Commercial % of TDC Rate Amort Term Loan Term
 First Mortgage DCR (Services below the line) 1.15 $2,400,000 $2,400,000 $0 6% 6.75% 35 35
 Commercial First Mortgage - $0 $0 $0 0% 1.00% 1 1
 ADFA HOME $0.00 $0 $0 $0 0% 1.00% 1 1
 GP Capital LIHTC Total Windgate/DU $258,421.98 $15,505,319 $15,505,319 $0 38% NA NA NA
 GP Capital Commercial $8,794,681 $0 $8,794,681 21% NA NA NA
 Deferred Developer Fee Cash Fee $600,000 $0 $600,000 1% NA NA NA
 GP Equity - Artspace (Reinvested Develper Fee) $1,934,462 $1,715,538 $0 $1,715,538 4% NA NA NA
 LP Federal/State Historic TC $0 $0 $0 0% NA NA NA
 LP Equity - State LIHTC $0 $0 $0 0% NA NA NA
 LP Equity - LIHTC Total ADFA per Unit $243,351.66 $12,201,100 $12,201,100 $0 30% NA NA NA
 TOTAL PERMANENT FINANCING $501,773.64 $41,216,638 $30,106,419 $11,110,219 100%
 SURPLUS/(DEFICIT) $0 $0 $0
 USES
 72.00% 28.00%
 % HTC %LIHTC %COMM Total Residential Commercial LIHTC Basis Historic Basis Depreciable Non Cap. Per Unit
 Acquisition
appraised at 430 Land 0.00% 0.00% 28.00% $600,000 $309,600 $290,400 $0 $0 $0 $5,160
 Construction Costs
 Construction Costs 0.00% 100.00% 28.00% ######### $29,249,414 $21,056,759 $8,192,655 $21,056,759 $0 $29,249,414 $350,946
 P&P Bond 0.00% 100.00% 28.00% $145,235 $133,400 $11,835 $133,400 $0 $145,235 $2,223
 Building Permits 0.00% 100.00% 28.00% $200,000 $162,505 $37,495 $162,505 $0 $200,000 $2,708
 Construction Contingency 0.00% 100.00% 28.00% $1,462,971 $1,050,229 $412,742 $1,050,229 $0 $1,462,971 $17,504
 Escalation 0.00% 100.00% 28.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Professional Fees (Construction-Related)
 Architect: Design 0.00% 100.00% 28.00% 6.7% $1,673,754 $1,416,042 ### $257,712 $1,416,042 $0 $1,673,754 $23,601
 Architect: Supervision 0.00% 100.00% 28.00% $264,328 $217,853 $46,475 $217,853 $0 $264,328 $3,631
 Architectural Reimbursements 0.00% 100.00% 28.00% $10,000 $7,500 $2,500 $7,500 $0 $10,000 $125
Included in Survey 0.00% 100.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Geotech 0.00% 100.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Special Inspections 0.00% 100.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Environmental Monitoring 0.00%  50.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Construction Interim Costs
 Hazard Insurance 0.00% 100.00% 28.00% $150,000 $112,500 $37,500 $112,500 $0 $150,000 $1,875
 Liability Insurance 0.00% 100.00% 28.00% $50,000 $37,500 $12,500 $37,500 $0 $50,000 $625
 FFE 0.00%  50.00% 28.00% $40,000 $30,000 $10,000 $15,000 $0 $20,000 $500
 Title and Recording 0.00%  80.00% 28.00% $40,000 $30,000 $10,000 $24,000 $0 $32,000 $500
 Construction Period Interest 0.00%  50.00% 28.00% $1,270,000 $1,270,000 $0 $635,000 $0 $635,000 $21,167
 Construction Loan Origination 0.00% 50.00% 28.00% 1.00% $151,250 $151,250 $0 $75,625 $0 $75,625 $2,521
 ADFA Bond Premium 0.00%  75.00% 28.00% $75,625 $75,625 $0 $56,719 $0 $56,719 $1,260
 Inspection Fees 0.00% 100.00% 28.00% $22,750 $18,750 $4,000 $18,750 $0 $22,750 $313
 Lender Legal 0.00% 0.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Construction Period Taxes 0.00% 100.00% 28.00% $45,500 $37,500 $8,000 $37,500 $0 $45,500 $625
 Construction Period Utilities 0.00% 100.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Permanent Financing
 Origination Fee 0.00% 0.00% 28.00% 1.00% $24,000 $24,000 $0 $0 $0 $0 $400
 Underwriter Costs 0.00% 0.00% 28.00% $37,500 $37,500 $0 $0 $0 $0 $625
 Bond Collateral 0.00% 0.00% 28.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 FHA MIP 0.00% 0.00% 28.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Cost of Issuance 0.00% 0.00% 28.00% $1,365 $1,365 $0 $0 $0 $0 $23
 Title and Recording 0.00% 0.00% 28.00% 67.00% $12,000 $12,000 $0 $0 $0 $0 $200
 Bond Counsel 0.00%  50.00% 28.00% $75,000 $75,000 $0 $37,500 $0 $37,500 $1,250
 Bond Fees 0.00% 0.00% 28.00% $300,000 $300,000 $0 $0 $0 $0 $5,000
 Tax Credit Fees 0.00% 0.00% 28.00% $25,000 $25,000 $0 $0 $0 $0 $417
 Tax Credit Monitoring 0.00% 0.00% 28.00% $145,266 $145,266 $145,266 $0 $0 $0 $0 $2,421
 Soft Costs
 Market Study 0.00% 100.00% 28.00% $9,000 $5,400 $3,600 $5,400 $0 $9,000 $90
 Rent-up Expense/Marketing 0.00% 100.00% 28.00% $4,550 $3,750 $800 $3,750 $0 $4,550 $63
 Appraisal 0.00% 0.00% 28.00% $1,820 $1,500 $320 $0 $0 $0 $25
 Cost Certificate - & other accounting
 0.00%  50.00% 28.00% $11,375 $9,375 $2,000 $4,688 $0 $5,688 $156
 Other 0.00% 0.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Other 0.00% 0.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Syndication Cost $0
 Due Diligence 0.00% 0.00% 28.00% $50,000 $50,000 $0 $0 $0 $833
 Developer Fees $0
 Overhead 0.00% 100.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 Fee 0.00% 100.00% 28.00% 10.06% $4,250,000 $2,750,000 $1,500,000 $2,750,000 $0 $4,250,000 $45,833
 Legal
 Legal Fees 0.00%  50.00% 28.00% $250,000 $150,000 $100,000 $75,000 $0 $125,000 $2,500
 Reserves
 Lease Up Months: 0.00% 0.00% 28.00% 3.00 $160,140 $149,274 $10,866 $0 $0 $0 $2,488
 Operating / Debt Service
 Months: Reserve
 0.00% 0.00% 28.00% 6.00 $285,798 $226,979 $58,819 $0 $0 $0 $3,783
 Other Months: 0.00% 0.00% 28.00% 6.00 $0 $0 $0 $0 $0 $0 $0
 Soft Cost Contingency 0.00%  50.00% 28.00% $104,997 $4,997 $100,000 $2,499 $0 $52,499 $83
 Initial ReplacementReserve 0.00% 0.00% 28.00% $18,000 $18,000 $0 $0 $0 $0 $300
 Commercial Leaseup and Operating0.00% 0.00% 28.00% $0 $0 $0 $0 $0 $0 $0
 TOTAL DEVELOPMENT COSTS $41,216,638 $30,106,419 $11,110,219 $27,935,718 $0 $38,577,532 $501,774
 $ 30,106,422
 $ (3) TE Bonds: $15,125,000
 Basis + Acq $28,535,718
 50% Test: 53.00%




 Artspace Projects, Inc. Lil Rock 2024.08.05sources.xlsx
 43
Artspace Little Rock : Combined Project 8/21/25
Little Rock, AR
Combined Residential/Commercial Cash Flow

 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16
Income
Residential Rental Income 2.00% $599,364 $611,351 $623,578 $636,050 $648,771 $661,746 $674,981 $688,481 $702,250 $716,295 $730,621 $745,234 $760,138 $775,341 $790,848 $806,665
Other Income 2.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Residential Vacancy 7.00% -$41,955 -$42,795 -$43,650 -$44,523 -$45,414 -$46,322 -$47,249 -$48,194 -$49,158 -$50,141 -$51,143 -$52,166 -$53,210 -$54,274 -$55,359 -$56,467
Commercial Base Rent 2.00% $84,814 $86,510 $88,240 $90,005 $91,805 $93,642 $95,514 $97,425 $99,373 $101,361 $103,388 $105,456 $107,565 $109,716 $111,910 $114,148
Commercial Expense Reimbursement 3.00% $155,198 $159,854 $164,650 $169,589 $174,677 $179,917 $185,315 $190,874 $196,600 $202,498 $208,573 $214,831 $221,276 $227,914 $234,751 $241,794
Commercial Vacancy 25.00% -$60,003 -$61,591 -$63,223 -$64,899 -$66,621 -$68,390 -$70,207 -$72,075 -$73,993 -$75,965 -$77,990 -$80,072 -$82,210 -$84,407 -$86,665 -$88,986
Other Income 2.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Interest on Operating Reserves 0.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Effective Gross Income $737,418 $753,330 $769,596 $786,222 $803,219 $820,593 $838,354 $856,511 $875,073 $894,049 $913,449 $933,282 $953,559 $974,290 $995,485 $1,017,155

Expenses
Residential Property Management Fee 2.00% $27,000 $27,540 $28,091 $28,653 $29,226 $29,810 $30,406 $31,015 $31,635 $32,267 $32,913 $33,571 $34,243 $34,927 $35,626 $36,338
Residential Expenses 3.00% $264,780 $272,723 $280,905 $289,332 $298,012 $306,953 $316,161 $325,646 $335,415 $345,478 $355,842 $366,517 $377,513 $388,838 $400,504 $412,519
Residential Real Estate Taxes 3.00% $41,500 $42,745 $44,027 $45,348 $46,709 $48,110 $49,553 $51,040 $52,571 $54,148 $55,773 $57,446 $59,169 $60,944 $62,772 $64,656
Commercial Management Fee 3.00% $8,719 $8,981 $9,250 $9,527 $9,813 $10,108 $10,411 $10,723 $11,045 $11,376 $11,718 $12,069 $12,431 $12,804 $13,188 $13,584
Commercial Expenses 3.00% $118,578 $122,136 $125,800 $129,574 $133,461 $137,465 $141,589 $145,836 $150,212 $154,718 $159,359 $164,140 $169,064 $174,136 $179,360 $184,741
Commercial Real Estate Taxes 3.00% $17,438 $17,961 $18,500 $19,055 $19,627 $20,215 $20,822 $21,447 $22,090 $22,753 $23,435 $24,138 $24,862 $25,608 $26,377 $27,168
Residential Reserves 3.00% $18,000 $18,540 $19,096 $19,669 $20,259 $20,867 $21,493 $22,138 $22,802 $23,486 $24,190 $24,916 $25,664 $26,434 $27,227 $28,043
Commercial Reserves 3.00% $10,463 $10,463 $10,463 $10,463 $10,463 $10,463 $10,463 $10,463 $10,463 $10,463 $10,463 $10,463 $10,463 $10,463 $10,463 $10,463
Expenses and Reserves $496,015 $521,089 $536,132 $551,621 $567,569 $583,990 $600,898 $618,307 $636,232 $654,689 $673,693 $693,261 $713,409 $734,155 $755,517 $777,512

Net Operating Income $241,402 $232,241 $233,463 $234,601 $235,649 $236,603 $237,456 $238,204 $238,841 $239,360 $239,756 $240,021 $240,150 $240,135 $239,968 $239,643

First Mortgage Debt Service $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subordinate Debt Payment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Debt Service $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968 $178,968

First Mortgage Debt Coverage 1.35 1.30 1.30 1.31 1.32 1.32 1.33 1.33 1.33 1.34 1.34 1.34 1.34 1.34 1.34 1.34
1st & 2nd Mortgage Debt Coverage 1.35 1.30 1.30 1.31 1.32 1.32 1.33 1.33 1.33 1.34 1.34 1.34 1.34 1.34 1.34 1.34

Project Cash Flow Before Services $62,434 $53,273 $54,496 $55,633 $56,681 $57,635 $58,488 $59,236 $59,873 $60,392 $60,788 $61,053 $61,182 $61,167 $61,000 $60,675

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

First Mortgage Debt Coverage - After Services 1.35 1.30 1.30 1.31 1.32 1.32 1.33 1.33 1.33 1.34 1.34 1.34 1.34 1.34 1.34 1.34
1st & 2nd Mortgage Debt Coverage 1.35 1.30 1.30 1.31 1.32 1.32 1.33 1.33 1.33 1.34 1.34 1.34 1.34 1.34 1.34 1.34

Project Cash Flow $62,434 $53,273 $54,496 $55,633 $56,681 $57,635 $58,488 $59,236 $59,873 $60,392 $60,788 $61,053 $61,182 $61,167 $61,000 $60,675

LP Asset Management Fee $5,000 $5,150 $5,305 $5,464 $5,628 $5,796 $5,970 $6,149 $6,334 $6,524 $6,720 $6,921 $7,129 $7,343 $7,563 $7,790
GP Partnership Management Fee $3,000 $3,090 $3,183 $3,278 $3,377 $3,478 $3,582 $3,690 $3,800 $3,914 $4,032 $4,153 $4,277 $4,406 $4,538 $4,674
Deferred Developer Fee $54,434 $45,033 $46,008 $46,891 $47,677 $48,361 $48,936 $49,397 $49,739 $49,954 $50,036 $49,979 $49,776 $49,418 $48,900 $31,001
Subordinate Loan Payment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Cash Available For Distribution 54,434 45,033 46,008 46,891 47,677 48,361 48,936 49,397 49,739 49,954 50,036 49,979 49,776 49,418 48,900 48,211




 Artspace Projects, Inc. Lil Rock 2024.08.05sources.xlsx



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Artspace Little Rock : Combined Project 8/21/25
Little Rock, AR

INCOME SUMMARY


RESIDENTIAL Proposed
 Unit Gross Utility Net Rent Total Total Unit Avg. Total Max Market
Unit Type Count Rent Allowance Paid Rent/Mo. Rent/Yr. Sq. Ft. Sq. Ft. Rents Rent

1 Bedroom 30% AMI 7 $486 $57.00 $429 $3,003 $36,036 0 0 $486 $805
1 Bedroom 50% AMI 17 $811 $57.00 $754 $12,818 $153,816 0 0 $811 $805
1 Bedroom HOME Hi 0 $778 $57.00 $721 $0 $0 0 0 $778 $728
1 Bedroom 60% AMI 15 $973 $57.00 $916 $13,740 $164,880 0 0 $973 $805
2 Bedroom 30% AMI 4 $584 $74.00 $510 $2,040 $24,480 0 0 $584 $833
2 Bedroom 50% AMI% 4 $973 $74.00 $899 $3,596 $43,152 0 0 $973 $920
2 Bedroom Home Hi 0 $920 $74.00 $846 $0 $0 0 0 $920 $920
2 Bedroom 60% AMI 7 $1,168 $74.00 $1,094 $7,658 $91,896 0 0 $1,168 $920
3 Bedroom 50% AMI% 2 $1,125 $93.00 $1,032 $2,064 $24,768 0 0 $1,125 $1,227
3 Bedroom 60% AMI 4 $1,350 $93.00 $1,257 $5,028 $60,336 0 0 $1,350 $1,227
Residential Totals 60 $49,947 $599,364 0 0


COMMERCIAL
 Unit Base NNN Gross Total Total Add'l Total Unit Total
Unit Type Count Rent/SF Reimb. Rent/SF Base Rent/Yr Rent/Year Rent/Yr. Sq. Ft. Sq. Ft.

AIR Units 10 $8.00 $8.90 $0.00 $52,000 $57,850 $109,850 650 6,500
 0 $3.00 $0.00 $0.00 $0 $0 $0 0 0
Commercial Space 3 1 $3.00 $8.90 $0.00 $32,814 $97,348 $130,162 10,938 10,938
Commercial Space 4 0 $0.00 $0.00 $0.00 $0 $0 $0 0 0
Commercial Space 5 0 $0.00 $0.00 $0.00 $0 $0 $0 0 0
Commercial Space 6 0 $0.00 $0.00 $0.00 $0 $0 $0 0 0
Commercial Space 7 0 $0.00 $0.00 $0.00 $0 $0 $0 0 0
Commercial Space 8 0 $0.00 $0.00 $0.00 $0 $0 $0 0 0
Commercial Space 9 0 $0.00 $0.00 $0.00 $0 $0 $0 0 0
Commercial Space 10 0 $0.00 $0.00 $0.00 $0 $0 $0 0 0
Commercial Space 11 0 $0.00 $0.00 $0.00 $0 $0 $0 0 0
Commercial Space 12 0 $0.00 $0.00 $0.00 $0 $0 $0 0 17,438
Commercial Totals 11 $84,814 $155,198 $240,012 11,588 17,438

MISCELLANEOUS Notes
 Laundry and other fees $0
 Laundry and other fees $0.00 - $0

PROJECT TOTAL $ 134,761 $839,376



Affordability Matrix Utility Allowance Worksheet

 AMI Units Pct Studio 1 BR 2 BR 3 BR Description
 30% 11 18% 5.50% Heat $15.00 $18.00 $20.00 $22.00
 40% 23 38% 15.33% Cooking $5.00 $6.00 $8.00 $11.00
 50% 0 0% 0.00% Other Electric $18.00 $21.00 $29.00 $38.00
 60% 26 43% 26.00% AC $6.00 $12.00 $17.00 $22.00
 80% AMI 0 0% Water Heat $0.00 $0.00 $0.00 $0.00 Owner
 Total 60 100% 46.83% Water $0.00 $0.00 $0.00 $0.00 Owner
 Sewer $0.00 $0.00 $0.00 $0.00 Owner
Unit Type Matrix Trash $0.00 $0.00 $0.00 $0.00 Owner
 Other $0.00 $0.00 $0.00 $0.00
 Type Units Pct Electric Service Charge
 $0.00 $0.00 $0.00 $0.00
 Studio 0 0% Total $44.00 $57.00 $74.00 $93.00 HOME UA's
 1BR 39 65.00%
 2 BR 15 25.00% RESNET $44.00 $57.00 $74.00 $93.00 LIHTC Unit UA's
 3 BR 6 10.00%
 Total 60 100%



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Artspace Little Rock : Combined Project 8/21/25
Little Rock, AR
Operating Expense Summary
 Units 60 Comm SF 17,438
 Total Per Unit Total Per SF
SALARY AND BENEFITS
5010 On Site Management Salary $44,640 $744 $8,719 $0.50
5012 Maintenance Salary/Contracts $39,000 $650 $17,438 $1.00
5013 Janitorial Salary/Contracts $1,620 $27 $17,438 $1.00
5014 Other Salary $4,200 $70 $4,360 $0.25
5016 Payroll Taxes $15,900 $265 $5,231 $0.30
5018 Employee Benefits $0 $0 $0 $0.00
Total Salary and Benefits $105,360 $1,756 $53,186 $3.05

ADMINISTRATIVE
5020 Administrative $7,500 $125 $4,360 $0.25
5021 Office Supplies $3,000 $50 $872 $0.05
5022 Employee Training & Travel $600 $10 $0 $0.00
5023 Administrative Fees $2,100 $35 $4,360 $0.25
5024 Resident Services $0 $0 $0 $0.00
5025 Bookkeeping Fees $0 $0 $0 $0.00
5030 Compliance Fee $3,600 $60 $0 $0.00
5046 Telephone/Internet $7,500 $125 $0 $0.00
5047 Bank Charges $900 $15 $0 $0.00
5080 Legal Fees $1,500 $25 $0 $0.00
5085 Audit & Tax Prep Fees $9,600 $160 $0 $0.00
5087 Other Professional Fees $600 $10 $0 $0.00
5180 Other Operating Expenses $0 $0 $0 $0.00
Total Administrative $36,900 $615 $9,591 $0.55

MARKETING AND MANAGEMENT
5045 Marketing and Advertising $3,000 $50 $4,360 $0.25

MANAGEMENT FEE
5040 Property Management Fee 3.22% $27,000 $450 $8,719 $0.50

UTILITIES
5060 Electricity $23,400 $390 $4,360 $0.25
5051 Water $12,180 $203 $4,360 $0.25
5052 Sewer $2,160 $36 $1,744 $0.10
5053 Gas $3,900 $65 $0 $0.00
5054 Trash Removal $3,840 $64 $2,616 $0.15
5055 Other Utilities $0 $0 $0 $0.00
Total Utilities $45,480 $758 $13,079 $0.75

REPAIRS AND MAINTENANCE
5026 Leasing Fees $0 $0 $0 $0.00
5056 Electrical $6,000 $100 $1,744 $0.10
5057 Exterminating $6,900 $115 $1,744 $0.10
5058 Appliance Service and Repairs $1,020 $17 $0 $0.00
5059 Locks and Keys $720 $12 $1,744 $0.10
5060 Contracted Repairs and Maintenance $5,400 $90 $1,744 $0.10
5061 Maintenance Supplies $480 $8 $1,744 $0.10
5062 Janitorial Supplies $1,200 $20 $1,744 $0.10
5063 Other Service Contracts $1,200 $20 $1,744 $0.10
5064 HVAC $2,400 $40 $1,744 $0.10
5066 Elevator $4,500 $75 $0 $0.00
5067 Grounds and Landscaping $9,000 $150 $3,488 $0.20
5068 Snow Removal $0 $0 $0 $0.00
5069 Security $2,700 $45 $6,975 $0.40
5070 Turnover/Unit Prep $1,500 $25 $1,744 $0.10
5071 Plumbing $2,520 $42 $1,744 $0.10
5073 Fire Protection $4,500 $75 $1,744 $0.10
Total Maintenance $50,040 $834 $29,645 $1.70

REAL ESTATE TAXES
5090 Real Estate Taxes $40,000 $667 $17,438 $1.00
5100 Other Taxes, Licenses, Permits $1,500 $25 $0 $0.00
Total Real Estate Taxes $41,500 $692 $17,438 $1.00

INSURANCE
5110 Property & Liability Insurance $24,000 $400 $8,719 $0.50
5112 Flood Insurance $0 $0 $0 $0.00
5114 Other Insurance $0 $0 $0 $0.00
Total Insurance $24,000 $400 $8,719 $0.50

ANNUAL OPERATING EXPENSES $333,280 $5,555 $144,735 $8.30

REPLACEMENT RESERVE DEPOSITS $18,000 $300 $10,463 $0.60

TOTAL OPERATING EXPENSES AND RESERVES $351,280 $5,855 $155,198 $8.90




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 46
Artspace Little Rock : Combined Project 8/21/25
Little Rock, AR

 Tax Credit Inputs 8/21/25 Federal Acquisition Credits
  Total Project Cost $41,216,638 10:02 Acquisition Basis ("Y" or "N") N' $0
 Four or nine percent credit? 4.00% Adjustment $0
 4.00% 4% Acquisition Credit Rate Jan-00 4.00%
 Acquisition Credits $0
 ADD: Eligible Basis $27,935,718 A Credits to LP @ 99.99% $0
 LESS: Non-Residential Deprec.Basis (commercial) $0 0.00% Acquisition Equity @ $0.000 $0
 Res. Portion of Historic Rehab Credit $0
 Disallowed Offsite Improvements $0 State LIHTC
 Grants $0
 Acquisition Basis $0 Annual Allocation $0
 $ - B Total Allocation 0 $0
 Credits To LP 100%
 Eligible LIHTC Basis $27,935,718 A-B Estimated Price $0.000
 Eligible Basis Limit as per Cost Caps $0
 Eligible Basis used in Tax Credit Calculation $0 Estimated State LIHTC Equity $0
 Adjust for Difficult to Develop Area (1) 130%
 Adjusted Eligible Basis $36,316,433
 Low-Income Occupancy Percentage 100.00% Historic Credits
 Qualified Basis $36,316,433 Yes (Y) or No (N) y
 Credit Percentage 4.00% Federal State Total
 Calculated Annual Credit 1,452,657 MAX Elig. Depr. Basis for $0 $0
 Allocated Credits (if 9%) assumption 1,452,657 $0 Historic Credits
 Used in Forecast 1,452,657 Less Acquisition $0 $0
 Less Personal Property $0 $0
 Credits to Limited Partner @ 99.99% $1,452,512 Less Pro Rata Grant $0 $0
 Eligible Hist. Basis $0 $0
 Estimated Price $0.8400 Hist. Credit Rate 20% 20%
 Hist. Rehab. Credits $0 $0
 Estimated Equity $ 12,201,100 Credits to LP @ 99.99% $0 $0
 Estimated Price $0.000 $0.000
 Estimated Equity $0 $0 $0
  (1) Only eligible basis attributable to new construction or rehabilitation expenditures can
  qualify for difficult to develop area basis increase. Equity Summary
 Estimated LP Equity for Rehab Credits $12,201,100
 Estimated LP Equity for Acquisition Credits $0
 Estimated LP Equity for Historic Credits $0
 Estimated LP Equity State LIHTC $0
 Total Estimated LP Equity $12,201,100


 $ 12,203,909.00




 Artspace Projects, Inc. Lil Rock 2024.08.05sources.xlsx


 47
 APPENDIX F
 ARTSPACE COLORADO SPRINGS DETAILED BUDGET
Artspace Colorado Springs 8/21/25
Colorado Springs, CO
Financial Summary 2/16/24



UPDATED CAPITAL BUDGET OPERATING BUDGET Year 1



Sources of Funds Status Operating Income
 First Mortgage $2,050,000 Qualified Residential Rental Income $701,796
 DOLA Second $2,402,000 Other Income $8,000
 El Paso Housing Trust Fund Loan $500,000 Secured Residential Vacancy 7.00% -$49,686
 Sponsor Loan 1 - Grants $8,200,000 Secured Commercial Base Rent $0
 Sponsor Loan 2 - DOLA GAP FUNDING $1,980,642 Commercial Expense Reimbursement $14,961
 COS Fee and Sales Use Tax Rebate $171,585 Pending Commercial Vacancy 0.00% $0
 Sponsor Loan 3 -Philanthropy $796,544
 Deferred Developer Fee $745,101 Secured Operating Expenses
 Artspace Equity $823,368 Secured Residential Property Management Fee $35,950
 LP Equity - LIHTC $11,776,678 Qualified Commercial Management Fee $1,275
 TOTAL PERMANENT FINANCING $29,445,918 Commercial Expenses $10,043
 $0.00 Commercial Real Estate Taxes $3,643
 Residential Reserves $15,300
Uses of Funds Commercial Reserves $0
 Acquisition $1
 Construction $22,320,058 Total Operating Expenses $374,775
 Construction Related Professional Fees $861,004
 Construction Financing and Interim Costs $1,571,653 Net Operating Income (NOI) $308,296
 Permanent Financing Fees $222,050
 Soft Costs $174,785 / Debt Service Coverage Ratio 2.13
 Tax Credit Syndication Costs $0 = Supported Debt Service $144,421
 Developer Fee $2,856,500 Rate 6.25%
 Legal $824,418 Term $35.00
 Reserves $615,450 Supported First Mortgage $ 2,050,000
Total Uses of Funds $29,445,918
 Cash Available For Distribution $163,875

PROJECT SURPLUS (DEFICIT) $0




 48
Artspace Colorado Springs
Colorado Springs, CO
Capital Budget Summary

SOURCES 8/21/25
 DCR Total Residential Commercial % of TDC Rate Amort Term Loan Term
First Mortgage DCR 2.08 $2,050,000 $2,050,000 $0 7% 6.25% 35.00 35.00
DOLA Second 1.30 $2,402,000 $2,402,000 $0 8% 1.00% 35.00 35.00
El Paso Housing Trust Fund Loan 1.17 $500,000 $500,000 $0 2% 2.00% 30.00 30.00
Sponsor Loan 1 - Grants $8,200,000 $7,243,158 $956,842 28% 0.00% - 40.00
Sponsor Loan 2 - DOH per unit: 38,836.12 $1,980,642 $1,980,642 $0 7% 0.00% - 40.00
Fee Rebate $12,786 $0 $12,786 0% NA NA NA
COS Sales Tax Rebate $158,799 $130,811 $27,988 1% 0.00% NA NA
Sponsor Loan #3 (Philanthropy) Funds Raised to date $796,544 $796,544 $0 3% NA NA NA
Deferred Developer Fee $ 750,000.00 $745,101 $745,101 $0 3% 0.00% - 40.00
Sponsor Loan #4 (Reinvested Fee) $823,368 $797,451 $25,917 3% NA NA NA
LP Equity - LIHTC $11,776,678 $11,772,444 $4,234 40% NA NA NA
TOTAL PERMANENT FINANCING $29,445,918 $28,418,151 $1,027,767 100%
 SURPLUS/(DEFICIT) $0 $0 $0
USES
 93.00% 7.00%
 % HTC %LIHTC %COMM Total Residential Commercial LIHTC Basis Historic Basis Depreciable Non Cap. Per Unit
Acquisition
 Land 0.00% 0.00% 7.00% $1 $1 $0 $0 $0 $0 $0
Construction Costs
 Source Blue Procurement 0.00% 100.00% 7.00% $0 $0 $0 $0 $0 $0 $0
 Turner Construction Spent Costs 0.00% 100.00% 3.00% $1,636,279 $1,587,191 $49,088 $1,587,191 $0 $49,088 $31,121
 Bryan Construction 0.00% 100.00% 3.00% $17,722,176 $17,190,511 $531,665 $17,190,511 $0 $17,722,176 $337,069
 Bryan Subcontract Source Blue Agreement
 0.00% 100.00% 7.00% $1,252,177 $1,164,525 $87,652 $1,164,525 $0 $1,252,177 $22,834
 Sales Tax (COS & Comm S&U Tax) 0.00% 93.00% 7.00% $158,799 $147,683 $11,116 $137,345 $0 $158,799 $2,896
 Construction Contingency/Escalation 0.00% 100.00% 7.00% 6.50% $1,242,628 $1,155,644 $86,984 $1,155,644 $0 $1,242,628 $22,660
 Utility Work Fees 0.00% 100.00% 7.00% $55,328 $51,455 $3,873 $51,455 $0 $55,328 $1,009
 Impact Fees 0.00% 100.00% 7.00% $87,671 $81,534 $6,137 $81,534 $0 $87,671 $1,599
 Rehab Contingency 0.00% 100.00% 7.00% $150,000 $139,500 $10,500 $139,500 $0 $150,000 $2,735
 Century Link work for overhead lines 0.00% 100.00% 7.00% $15,000 $13,950 $1,050 $13,950 $0 $15,000 $274
Professional Fees (Construction-Related)
 Architect: Design 0.00% 100.00% 7.00% 4.6% $570,900 $530,937 $39,963 $530,937 $0 $570,900 $10,411
 Architect: Supervision 0.00% 100.00% 7.00% $200,000 $186,000 $14,000 $186,000 $0 $200,000 $3,647
 Architectural Reimbursements 0.00% 100.00% 7.00% $50,000 $46,500 $3,500 $46,500 $0 $50,000 $912
 Survey 0.00% 50.00% 7.00% $36,104 $33,577 $2,527 $16,788 $0 $18,052 $658
 NEPA/EIS 0.00% 50.00% 7.00% $4,000 $3,720 $280 $1,860 $0 $2,000 $73
Construction Interim Costs
 Hazard Insurance 0.00% 100.00% 7.00% $0 $0 $0 $0 $0 $0 $0
 Liability Insurance 0.00% 100.00% 7.00% $54,436 $50,625 $3,810 $50,625 $0 $54,436 $993
 FFE 0.00% 0.00% 7.00% $40,000 $37,200 $2,800 $0 $0 $0 $729
 Title and Recording 0.00% 70.00% 0.00% $91,510 $91,510 $0 $64,057 $0 $64,057 $1,794
 Construction Period Interest 0.00% 70.00% 7.00% $975,000 $906,750 $68,250 $634,725 $0 $682,500 $17,779
 Construction Loan Origination 0.00% 100.00% 7.00% $72,500 $72,500 $0 $50,750 $0 $72,500 $1,422
 Bond Fees (Taxable Bonds) 0.00% 0.00% 7.00% $65,000 $60,450 $4,550 $0 $0 $0 $1,185
 Inspection Fees 0.00% 100.00% 7.00% $40,000 $37,200 $2,800 $37,200 $0 $40,000 $729
 Lender Legal 0.00% 70.00% 7.00% $71,875 $66,844 $5,031 $46,791 $0 $50,313 $1,311
 Construction Period Taxes 0.00% 100.00% 7.00% $48,334 $44,951 $3,383 $44,951 $0 $48,334 $881
 Construction Period Utilities 0.00% 100.00% 7.00% $33,000 $30,690 $2,310 $30,690 $0 $33,000 $602
 Construction Period EPC HTF P&I 0.00% 0.00% 7.00% $79,998 $74,398 $5,600 $0 $0 $0 $1,459
Permanent Financing
 Origination Fee 0.00% 0.00% 7.00% 1.00% $20,500 $19,065 $1,435 $0 $0 $0 $374
 Origination Fee DOLA Loan 0.00% 0.00% 0.00% $12,010 $12,010 $0 $0 $0 $0 $235
 DOLA Interest Only Construction Period0.00% 0.00% 7.00% $48,040 $44,677 $3,363 $0 $0 $0 $876
 FHA MIP 0.00% 0.00% 7.00% 0.00% $0 $0 $0 $0 $0 $0 $0
 Cost of Issuance 0.00% 0.00% 7.00% $0 $0 $0 $0 $0 $0 $0
 Title and Recording 0.00% 0.00% 7.00% $5,000 $4,650 $350 $0 $0 $0 $91
 Forward Rate Lock 0.00% 0.00% 7.00% $41,000 $38,130 $2,870 $0 $0 $0 $748
 Construction Monitoring 0.00% 0.00% 7.00% $0 $0 $0 $0 $0 $0 $0
 Tax Credit Fees 0.00% 0.00% 7.00% $63,500 $59,055 $4,445 $0 $0 $0 $1,158
 Tax Credit and Construction Monitoring0.00% 0.00% 7.00% $32,000 $29,760 $2,240 $0 $0 $0 $584
Soft Costs
 Market Study 0.00% 100.00% 7.00% $9,400 $8,742 $658 $8,742 $0 $9,400 $171
 Environ Study/Geotech 0.00% 50.00% 7.00% $25,385 $23,608 $1,777 $11,804 $0 $12,693 $463
 Rent-up Expense/Marketing 0.00% 0.00% 0.00% $40,000 $40,000 $0 $0 $0 $0 $784
 Appraisal 0.00% 50.00% 7.00% $25,000 $23,250 $1,750 $11,625 $0 $12,500 $456
 Cost Certificate - & other accounting 0.00% 100.00% 7.00% $12,500 $11,625 $875 $11,625 $0 $12,500 $228
 Breakage Fee / Original Perm Loan 0.00%
 Orgination Fee 0.00% 7.00% $62,500 $58,125 $4,375 $0 $0 $0 $1,140
Syndication Cost
Developer Fees
 Fee 0.00% 100.00% 29.50% 11% $2,790,000 $2,790,000 $0 $2,790,000 $0 $2,790,000 $54,706
 COS Housing Auth SLP Fee 0.00% 100.00% 0.00% $66,500 $66,500 $0 $66,500 $0 $66,500 $1,304
Legal
 Legal Fees 0.00% 10.00% 7.00% $334,418 $311,009 $23,409 $31,101 $0 $33,442 $6,098
 Chase Legal 0.00% 0.00% 7.00% $100,000 $93,000 $7,000 $0 $0 $0 $1,824
 Construction Legal 0.00% 100.00% 7.00% $120,000 $111,600 $8,400 $111,600 $0 $120,000 $2,188
 Real Estate Legal 0.00% 0.00% 7.00% $45,000 $41,850 $3,150 $0 $0 $0 $821
 Syndication Legal - Raymond James 0.00% 0.00% 0.00% $125,000 $125,000 $0 $0 $0 $0 $2,451
 Bond Legal 0.00% 0.00% 7.00% $100,000 $93,000 $7,000 $0 $0 $0 $1,824
Reserves
 Lease Up Months: 0.00% 0.00% 0.00% 3.00 $175,449 $175,449 $0 $0 $0 $0 $3,440
 Operating Months: 0.00% 0.00% 0.00% 6.00 $315,840 $315,840 $0 $0 $0 $0 $6,193
 Soft Cost Contingency 0.00% 50.00% 7.00% $111,411 $103,612 $7,799 $51,806 $0 $55,706 $2,032
 Initial ReplacementReserve 0.00% 0.00% 0.00% $12,750 $12,750 $0 $0 $0 $0 $250
 Commercial Soft Cost 0.00% 50.00% 7.00% $0 $0 $0 $0 $0 $0 $0
TOTAL DEVELOPMENT COSTS $29,445,918 $28,418,151 $1,027,767 $26,358,331 $0 $25,731,698 $557,219




 Artspace Projects, Inc. COS 8 27 24v2Closing Draw.xlsx
 49
Artspace Colorado Springs 8/21/25
Colorado Springs, CO
Combined Residential/Commercial Cash Flow

 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16
Income
Residential Rental Income 2.00% $701,796 $715,832 $730,149 $744,752 $759,647 $774,839 $790,336 $806,143 $822,266 $838,711 $855,485 $872,595 $890,047 $907,848 $926,005 $944,525
Other Income 2.00% $8,000 $8,160 $8,323 $8,490 $8,659 $8,833 $9,009 $9,189 $9,373 $9,561 $9,752 $9,947 $10,146 $10,349 $10,556 $10,767
Residential Vacancy 7.00% -$49,686 -$50,679 -$51,693 -$52,727 -$53,781 -$54,857 -$55,954 -$57,073 -$58,215 -$59,379 -$60,567 -$61,778 -$63,014 -$64,274 -$65,559 -$66,870
Commercial Base Rent 2.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Commercial Expense Reimbursement 3.00% $14,961 $15,410 $15,872 $16,348 $16,839 $17,344 $17,864 $18,400 $18,952 $19,521 $20,107 $20,710 $21,331 $21,971 $22,630 $23,309
Commercial Vacancy 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Income 2.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Interest on Operating Reserves  0.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Effective Gross Income $675,071 $688,722 $702,651 $716,863 $731,364 $746,159 $761,256 $776,660 $792,377 $808,414 $824,777 $841,474 $858,510 $875,894 $893,632 $911,731

Expenses
Residential Property Management Fee 3.00% $35,950 $37,029 $38,139 $39,284 $40,462 $41,676 $42,926 $44,214 $45,540 $46,907 $48,314 $49,763 $51,256 $52,794 $54,378 $56,009
Residential Expenses 3.00% $302,521 $311,596 $320,944 $330,573 $340,490 $350,704 $361,226 $372,062 $383,224 $394,721 $406,563 $418,760 $431,322 $444,262 $457,590 $471,318
CO Springs H Auth Fee & Other ($510) 3.00% $6,043 $6,225 $6,411 $6,604 $6,802 $7,006 $7,216 $7,432 $7,655 $7,885 $8,122 $8,365 $8,616 $8,875 $9,141 $9,415
Commercial Management Fee 3.00% $1,275 $1,313 $1,353 $1,393 $1,435 $1,478 $1,522 $1,568 $1,615 $1,664 $1,714 $1,765 $1,818 $1,872 $1,929 $1,986
Commercial Expenses 3.00% $10,043 $10,344 $10,655 $10,974 $11,304 $11,643 $11,992 $12,352 $12,722 $13,104 $13,497 $13,902 $14,319 $14,749 $15,191 $15,647
Commercial Real Estate Taxes 3.00% $3,643 $3,752 $3,865 $3,981 $4,100 $4,223 $4,350 $4,480 $4,615 $4,753 $4,896 $5,043 $5,194 $5,350 $5,510 $5,676
Residential Reserves 3.00% $15,300 $15,759 $16,232 $16,719 $17,220 $17,737 $18,269 $18,817 $19,382 $19,963 $20,562 $21,179 $21,814 $22,469 $23,143 $23,837
Commercial Reserves 3.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Expenses and Reserves $374,775 $386,018 $397,599 $409,527 $421,813 $434,467 $447,501 $460,926 $474,754 $488,997 $503,667 $518,777 $534,340 $550,370 $566,881 $583,888

Net Operating Income $300,296 $302,704 $305,052 $307,336 $309,551 $311,692 $313,755 $315,733 $317,623 $319,417 $321,111 $322,697 $324,171 $325,524 $326,750 $327,843

First Mortgage Debt Service $144,421 $144,421 $144,421 $144,421 $144,421 $144,421 $144,421 $144,421 $144,421 $144,421 $144,421 $144,421 $144,421 $144,421 $144,421 $144,421
Other $112,483 $112,150 $111,816 $111,483 $111,150 $110,816 $110,483 $110,150 $109,816 $109,483 $109,150 $108,816 $108,483 $108,150 $107,817 $95,817
Total Debt Service $256,904 $256,570 $256,237 $255,904 $255,571 $255,237 $254,904 $254,571 $254,237 $253,904 $253,571 $253,237 $252,904 $252,571 $252,237 $240,238

First Mortgage Debt Coverage 2.08 2.10 2.11 2.13 2.14 2.16 2.17 2.19 2.20 2.21 2.22 2.23 2.24 2.25 2.26 2.27
1st & 2nd Mortgage Debt Coverage 1.17 1.18 1.19 1.20 1.21 1.22 1.23 1.24 1.25 1.26 1.27 1.27 1.28 1.29 1.30 1.36

Project Cash Flow Before Services $43,392 $46,133 $48,815 $51,432 $53,980 $56,455 $58,851 $61,163 $63,385 $65,513 $67,540 $69,460 $71,267 $72,953 $74,513 $87,605

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

First Mortgage Debt Coverage - After Services 2.08 2.10 2.11 2.13 2.14 2.16 2.17 2.19 2.20 2.21 2.22 2.23 2.24 2.25 2.26 2.27
1st & 2nd Mortgage Debt Coverage 1.17 1.18 1.19 1.20 1.21 1.22 1.23 1.24 1.25 1.26 1.27 1.27 1.28 1.29 1.30 1.36

Project Cash Flow $43,392 $46,133 $48,815 $51,432 $53,980 $56,455 $58,851 $61,163 $63,385 $65,513 $67,540 $69,460 $71,267 $72,953 $74,513 $87,605

LP Asset Management Fee $3,000 $3,090 $3,183 $3,278 $3,377 $3,478 $3,582 $3,690 $3,800 $3,914 $4,032 $4,153 $4,277 $4,406 $4,538 $4,674
GP Partnership Management Fee $5,000 $5,150 $5,305 $5,464 $5,628 $5,796 $5,970 $6,149 $6,334 $6,524 $6,720 $6,921 $7,129 $7,343 $7,563 $7,790


Cash Available For Distribution 35,392 37,893 40,328 42,690 44,976 47,181 49,298 51,324 53,251 55,075 56,789 58,386 59,861 61,205 62,412 75,141




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Artspace Colorado Springs 8/21/25
Colorado Springs, CO

INCOME SUMMARY


RESIDENTIAL Proposed
 Unit Gross Utility Net Rent Total Total Unit Avg. Total Max Market
Unit Type Count Rent Allowance Paid Rent/Mo. Rent/Yr. Sq. Ft. Sq. Ft. Rents Rent

1 Bedroom 60% AMI 40 $1,170 $69.00 $1,101 $44,040 $528,480 649 25,960 $1,170 $1,183
2 Bedroom 60% AMI 11 $1,404 $91.00 $1,313 $14,443 $173,316 875 9,625 $1,404 $1,484
Residential Totals 51 $58,483 $701,796 698 35,585


COMMERCIAL
 Unit Base NNN Gross Total Total Add'l Total Unit Total
Unit Type Count Rent/SF Reimb. Rent/SF Base Rent/Yr Rent/Year Rent/Yr. Sq. Ft. Sq. Ft.

Commercial Space 1 $1.00 $0.00 $4.11 $4.11 $0 $14,961 $14,961 3,643 3,643
Commercial Totals $1.00 $0 $14,961 $14,961 3,643 3,643

MISCELLANEOUS Notes
 Laundry and other fees $8,000
 Laundry and other fees $0

PROJECT TOTAL $ 58,483 $724,757


Affordability Matrix Utility Allowance Worksheet

 AMI Units Pct Studio 1 BR 2 BR 3 BR Description
 30% $0.00 0% 0.00% Heat $0.00 $26.00 $36.00 $0.00 # $35.00 $11.00
 40% $0.00 0% Cooking $0.00 $5.00 $8.00 $0.00 # $9.00 $4.00
 50% $0.00 0% 0.00% Other Electric $0.00 $20.00 $28.00 $0.00 # $34.00 $15.00
 60% $51.00 100% 60.00% AC $0.00 $2.00 $3.00 $0.00 # $6.00 $0.00
 80% AMI $0.00 0% Water Heat $0.00 $0.00 $0.00 $0.00 Owner $3.00
 Total $51.00 100% 60.00% Water $0.00 $0.00 $0.00 $0.00 Owner $0.00
 Sewer $0.00 $0.00 $0.00 $0.00 Owner $0.00
Unit Type Matrix Trash $0.00 $0.00 $0.00 $0.00 Owner $0.00
 Other $0.00 $0.00 $0.00 $0.00 $5.00
 Type Units Pct Electric Service Charge
 $0.00 $16.00 $16.00 $0.00 $14.00
 Studio $0.00 0% Total $0.00 $69.00 $91.00 $0.00 HOME UA's $52.00
 1BR $40.00 78.43%
 2 BR $11.00 21.57% RESNET $0.00 $69.00 $91.00 $0.00 LIHTC Unit UA's
 3 BR $0.00 0.00%
 Total $51.00 100%




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Artspace Colorado Springs 8/21/25
Colorado Springs, CO
Operating Expense Summary
 Units 51 Comm SF 3,643
 Total Per Unit Total Per SF
SALARY AND BENEFITS
##### On Site Management Salary $39,398 $772.50 $1,093 $0.30
##### Maintenance Salary/Contracts $34,145 $669.50 $729 $0.20
##### Janitorial Salary/Contracts $1,418 $27.81 $729 $0.20
##### Other Salary $3,625 $71.07 $0 $0.00
##### Payroll Taxes $13,920 $272.95 $0 $0.00
##### Employee Benefits $8,773 $172.01 $0 $0.00
Total Salary and Benefits $101,278 $1,986 $2,550 $1

ADMINISTRATIVE
##### Administrative $6,671 $130.81 $0 $0.00
##### Office Supplies $2,574 $50.47 $0 $0.00
##### Employee Training & Travel $578 $11.33 $0 $0.00
##### Administrative Fees $1,786 $35.02 $0 $0.00
##### Resident Services $0 $0.00 $0 $0.00
##### Bookkeeping Fees $0 $0.00 $0 $0.00
##### Compliance Fee $3,204 $62.83 $0 $0.00
##### Telephone/Internet $7,880 $154.50 $0 $0.00
##### Bank Charges $946 $18.54 $0 $0.00
##### Legal Fees $1,523 $29.87 $0 $0.00
##### Audit & Tax Prep Fees $8,878 $174.07 $0 $0.00
##### Other Professional Fees $525 $10.30 $0 $0.00
##### Other Operating Expenses $0 $0.00 $0 $0.00
Total Administrative $34,565 $678 $0 $0

MARKETING AND MANAGEMENT
##### Marketing and Advertising $2,574 $50 $0 $0.00

MANAGEMENT FEE
##### Property Management Fee 5.06% $35,950 $705 $1,275 $0.35

UTILITIES
##### Electricity $20,697 $405.82 $911 $0.25
##### Water $20,066 $393.46 $364 $0.10
##### Sewer $2,574 $50.47 $182 $0.05
##### Gas $3,414 $66.95 $0 $0.00
##### Trash Removal $3,362 $65.92 $1,822 $0.50
##### Other Utilities $0 $0.00 $0 $0.00
Total Utilities $50,114 $983 $3,279 $1

REPAIRS AND MAINTENANCE
##### Leasing Fees $5,411 $106.09 $0 $0.00
##### Electrical $2,627 $51.50 $0 $0.00
##### Exterminating $893 $17.51 $0 $0.00
##### Appliance Service and Repairs $683 $13.39 $0 $0.00
##### Locks and Keys $4,675 $91.67 $0 $0.00
##### Contracted Repairs and Maintenance $420 $8.24 $0 $0.00
##### Maintenance Supplies $1,208 $23.69 $0 $0.00
##### Janitorial Supplies $998 $19.57 $0 $0.00
##### Other Service Contracts $2,101 $41.20 $0 $0.00
##### HVAC $9,140 $179.22 $364 $0.10
##### Elevator $9,928 $194.67 $0 $0.00
##### Grounds and Landscaping $5,253 $103.00 $0 $0.00
##### Snow Removal $2,259 $44.29 $0 $0.00
##### Security $1,208 $23.69 $0 $0.00
##### Turnover/Unit Prep $2,206 $43.26 $0 $0.00
##### Plumbing $3,835 $75.19 $0 $0.00
##### Fire Protection $3,723 $73.00 $0 $0.00
Total Maintenance $56,568 $1,109 $364 $0

REAL ESTATE TAXES
##### Real Estate Taxes $0 $0 $3,643 $1.00
##### Other Taxes, Licenses, Permits $525 $10 $0 $0.00
Total Real Estate Taxes $525 $10 $3,643 $1.00

INSURANCE
##### Property & Liability Insurance $57,422 $1,126 $3,850 $1.06
##### Flood Insurance $0 $0 $0 $0.00
##### Other Insurance $0 $0 $0 $0.00
Total Insurance $57,422 $1,126 $3,850 $1.06

ANNUAL OPERATING EXPENSES $338,996 $6,647 $14,961 $4

REPLACEMENT RESERVE DEPOSITS $15,300 $300 $0 $0.00

TOTAL OPERATING EXPENSES AND RESERVES $354,296 $6,947 $14,961 $4.11




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Artspace Colorado Springs 8/21/25
Colorado Springs, CO

 Tax Credit Inputs 8/21/25 Federal Acquisition Credits
  Total Project Cost $29,445,918 10:07 Acquisition Basis ("Y" or "N") n $0
 Four or nine percent credit? 4.00% Adjustment $0
 4.00% 4% Acquisition Credit Rate Jan-00 4.00%
 Acquisition Credits $0
 ADD: Eligible Basis $26,358,331 A Credits to LP @ 99.99% $0
 LESS: Non-Residential Deprec.Basis (commercial) $0 0.00% Acquisition Equity @ $0.000 $0
 Res. Portion of Historic Rehab Credit $0
 Disallowed Offsite Improvements $0 State LIHTC
 Grants $171,585 n229
 Acquisition Basis $0 Annual Allocation $0
 $ 171,585 B Total Allocation 0 $0
 Credits To LP 100%
 Eligible LIHTC Basis $26,186,746 A-B Estimated Price $0.000
 Eligible Basis Limit as per Cost Caps $0
 Eligible Basis used in Tax Credit Calculation $0 Estimated State LIHTC Equity $0
 Adjust for Difficult to Develop Area (1) 130%
 Adjusted Eligible Basis $34,042,770
 Low-Income Occupancy Percentage 100.00% Historic Credits
 Qualified Basis $34,042,770 Yes (Y) or No (N) y
 Credit Percentage 4.00% Federal State Total
 Calculated Annual Credit 1,361,711 MAX Elig. Depr. Basis for $0 $0
 Allocated Credits (if 9%) assumption $0 $0 Historic Credits
 Used in Forecast 1,361,711 Less Acquisition $0 $0
 Less Personal Property $0 $0
 Credits to Limited Partner @ 99.982% $1,361,466 Less Pro Rata Grant $0 $0
 Eligible Hist. Basis $0 $0
 Estimated Price $0.8650 Hist. Credit Rate 20% 20%
 Hist. Rehab. Credits $0 $0
 Estimated Equity $ 11,776,678 Credits to LP @ 99.99% $0 $0
 Estimated Price $0.000 $0.000
 Estimated Equity $0 $0 $0
  (1) Only eligible basis attributable to new construction or rehabilitation expenditures can
  qualify for difficult to develop area basis increase. Equity Summary
 Estimated LP Equity for Rehab Credits $11,776,678
 Estimated LP Equity for Acquisition Credits $0
 Estimated LP Equity for Historic Credits $0
 Estimated LP Equity State LIHTC $0
 Total Estimated LP Equity $11,776,678




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 Submit by Email




 CITY OF FAYETTEVILLE

 DONATED PUBLIC ART, MONUMENT AND MEMORIAL
 POLICY



I. Purpose
The City of Fayetteville is committed to the aesthetic development of the community.
The City strives to promote community involvement and provide opportunities for the
community to participate in the public display of art on City property, parks and rights of
way, as the City determines appropriate, on a case by case basis. In order to accomplish
these objectives and provide guidelines and procedures for governing the acquisition,
display, maintenance, potential deaccessioning and lending of Public Art for public
display, the City has developed this policy.



II. Donation Criteria

The following items will be considered by City Staff, Fayetteville Arts Council and
Fayetteville City Council when reviewing each donation request.

1. Identification of Art Work: Individuals or groups may be recognized for their
donation of public art, monument or memorial project on public property. All art design
and text of the project must be approved by the Fayetteville Arts Council and Fayetteville
City Council. Memorial proposals honoring individuals or a personal event should be
represented in a form that has a broad community interest and marks an event that has
affected the community. The memorial must have timeless qualities that are considered
to be significant of the individual, community or event being memorialized. Memorial
proposals should represent the values of the community and be mindful of future
generations. The artist must complete the attached form and submit it to the City of
Fayetteville Planning Department at 125 W. Mountain St. Description of the project, as
well as a biography of the artist, is to be included. The memorial should be designed by a
qualified professional in the field appropriate to the size, scale and complexity of the
proposal. The Fayetteville Arts Council and the Fayetteville City Council will reject
display works of art that are obscene (as defined by A.C.A.§ 5-68-302 et seq.) or violate
other local, state or federal laws.

2. Site: All proposed public art, monuments or memorials must relate to and
support their proposed site and/or community. While appropriate memorials may enrich a
citizen’s experience on public property, public open space is also a very precious
commodity. Public art, monuments and memorials should be carefully reviewed to
balance these two public benefits to protect the greater good. Any party proposing to
install public art, monuments or memorials must propose three (3) feasible sites for their
project along with an explanation of the significance and relationship to each site. A
location may reach a saturation point and it may be appropriate to consider limitations or
a moratorium of future art works or memorials at this particular location or area. Please
consider the following when choosing a project site:

 a. The location will not interfere with existing and proposed circulation, use
 patterns or master plans.
 b. The quality, scale and character of the project is at a level commensurate
 with the particular location or setting.
 c. The project contributes to the proposed site location from a functional or
 design standpoint.

3. All Inclusive Costs: All costs of the project including, but not limited to cost of
design, fabrication, plaques, transportation, installation, site preparation work,
foundation, lighting, electrical, and permits must be financed by the requesting party. All
inclusive costs should be stated clearly on the proposal form. Any party hired or
employed by the requesting party must provide proof of insurance that may include and is
not limited to: general liability, professional liability insurance, performance insurance
bonds, workman’s compensation coverage and others as required by the City.

4. Maintenance: The City may consider maintenance of approved donated art
work, monuments and memorials if they meet City standards for construction and
materials. However, complex or large memorials that require significant and costly
maintenance may require insurance, a bond or an endowment fund, and a maintenance
schedule by the donor to ensure the project’s condition is satisfactory to the City, as well
as the donor. The posted insurance or bond should cover costs of installation and/or
removal. If an adequate level of maintenance is not continued, the City reserves the right
to remove or modify the project or a portion of the project. If the City commits to
maintaining a particular art work, monument or memorial, and is unable to maintain the
project at a level satisfactory to the donor, the donor shall have the opportunity to
supplement maintenance as approved by the City in a written agreement.

 2
III. APPROVAL PROCESS

In order for donated art work, monument, or memorial to be accepted by the City
of Fayetteville, each request must be reviewed in the following process.

1. Initial Feasibility Consultation: Applicants desiring to place art work,
monument, or a memorial project on public property must submit a letter to the City of
Fayetteville’s Planning Staff that outlines in sufficient detail the main purpose and
concept of their proposal. Staff will schedule a feasibility consultation with the applicant
and advise of this procedure. Planning Staff reserves the right to submit proposals that
are substantial or significant in size or scope to the Fayetteville Arts Council for their
approval of the project’s concept before embarking on further costly planning and study.

2. Written Proposal: After the consultation meeting with Planning Staff, the
applicant must complete the attached form. Applicant may be required to review the
plans with the Engineering Division in order to comply with City regulations. (e.g. right-
of-way, property set-back requirements, grading permit, etc.) A maintenance plan
developed and approved by a conservator must also be submitted prior to final approval.

3. Proposal Review, Approval, Modification or Rejection: The Fayetteville Arts
Council will meet to review the proposal and schedule the applicant for a presentation of
the project in order to make a recommendation to the City Council regarding the quality,
validity and significance of the requested art work, monument or memorial to be placed
on public lands. The Fayetteville Arts Council will consider appropriateness of the site
location, size, shape and design, as well as general aesthetics in its review. The
Fayetteville Arts Council will review the project to determine:

 a. If the project is adequately documented.
 b. The appropriateness and availability of the requested site for placement of
 the item.
 c. Whether the City has sufficient resources to: authenticate, document,
 research, display, retrofit or add buildings, improvements, lighting or
 landscaping, interpret, store, protect, conserve, insure and maintain the
 item(s).
 d. Public safety of the project.
 e. The legal issues, including but not limited to, ability of the current legal
 owner of the items to deliver unrestricted clear legal title together with all
 applicable copyrights, patents or other title rights in or to the item(s)
 without any limitations or conditions on the City’s ownership and the time
 and costs required to acquire the item(s).

Planning Staff reserves the right to submit the project for review to the Parks and
Recreation Advisory Board if the project is viewed as having a significant impact on a
City Park or a recreational program. The recommendation for this project by the Parks
and Recreation Advisory Board will be submitted to the Fayetteville Arts Council.




 3
The Fayetteville Arts Council will recommend approval, approval with modification, or
rejection of the project. Fayetteville Arts Council’s recommendation to reject the
proposal is final unless the City Council requests a review.

If approved, the Fayetteville Arts Council will request the applicant to complete the
following steps prior to submittal to the City Council if deemed necessary.

 a. Prepare any additional submission requests as required by City Staff or
 the Fayetteville Arts Council.
 b. Provide evidence of financing or fund raising activities.
 c. Submit proof of insurance requirements for review by City Staff.
 d. Notify and present the project to the appropriate neighboring community
 groups or business associations that may be affected by the location of the
 project.
 e. Provide the Fayetteville Arts Council with comments and feedback from
 these organizations.
 f. Provide additional site plans, detailed design, schematic drawings and
 information as deemed necessary.
 g. Finalize engineering, structural or other similar review of the project
 with appropriate City Staff.

4. Legal Department Review and Documentation: If the Fayetteville Arts
Council should recommend accepting an offer of donation, the Fayetteville Arts Council
will forward the project to the City Attorney for review and/or preparation of title transfer
documents acceptable to the City.

5. City Council Approval: The Fayetteville Arts Council will prepare and submit
the City Council Agenda Item. If approved, City Council will execute a formal
resolution including any conditions to be placed on the donated projected and approve a
contractual agreement with the artist and/or applicant and the City. The decision of the
City Council is final. No offer to donate an item to the City will be deemed accepted
without adoption and recording of a formal resolution by the City Council, duly executed
and expressly accepting title to the donated item(s).

The City Council has no obligation to accept, display, or maintain any item(s) donated to
the City. The City Council has the right to determine, in it’s sole and absolute discretion,
what item(s) offered to it for public display will be accepted, displayed or maintained by
the City. Once an item(s) is accepted by the City Council, the City shall be the sole owner
of the donated item(s) and will have the right, in its sole and absolute discretion, except
as limited by written title documents, to deaccession any donated item(s) without notice
to or obtaining the consent of the donor.

Deaccessioning: In order to maintain growing collections of Public Art it may be
necessary, from time to time, to deaccession donated item(s).




 4
IV. RETENTION POLICY:

Donated item(s) will be retained in the City’s Public Art Collection so long as they:
 a. Continue to be relevant and useful to the purposes and activities of the
 City.
 b. An appropriate site for public display is available.
 c. A public safety problem is not created by the project.
 d. No adverse environmental effects are created.
 e. Project remains authentic and original.
 f. The project withstands exposure to the natural elements.
 g. Project can be properly and cost-effectively stored, maintained, preserved,
 and/or used.



V. DEACCESSIONING POLICY:
Deaccessioning of donated item(s) may be considered when the conditions identified in
the Retention Policy no longer prevail, or in the interest of improving the quality of the
Public Art Collection. Examples of situations where deaccessioning would be considered
include:

 a. The item(s) has deteriorated beyond a reasonable means of conservation or
 in deteriorating, has lost its usefulness.
 b. The authenticity, attribution, or genuineness of the item(s) is determined to
 be false or fraudulent.
 c. The item(s) is redundant or is a duplicate that has no value as part of a
 series.
 d. The item(s) is located in an area where jurisdiction will be transferred to
 another entity or is made inaccessible to the public.

Consensus: Donated items which have been accepted into the City’s Public Art
Collection will be deaccessioned only at the direction of the City Council, which shall
consider the recommendations and comments of the Fayetteville Arts Council, City Staff
and any public comment received.

Deaccessioning Donated Items: The City will comply with all applicable laws
pertaining to deaccessioning of art items, including contacting the donor and artist (if
known). If the Title Transfer Documents provide for deaccessioning, such documents
will determine the method and manner of the deaccessioning. Otherwise, the City will
select from one of the deaccessioning methods outlined below. Generally, preference will
be given to public sale, unless the City’s analysis determines that another method would
yield advantages or better serve the interests of the public or the City. In appropriate
instances, appraisals of the item(s) to be deaccessioned will be sought from outside
sources. Deaccessioned item(s) may be disposed of by means of private sale; exchange
for another work; gifting the item(s) to a tax-exempt public institution; donating the item
for recycling or destruction. In each case, the applicable laws will be followed before an

 5
item(s) is deaccessioned. Destruction of the item(s) may be considered where the
physical condition of the work is severely deteriorated or will be irreparably damaged by
the deaccessioning process.

Records of Public Art and Other Property: The City will be responsible for
maintaining a data base in the City Clerk’s Office of all Public Art Collection items
acquired by the City under this policy. The database and/or files will include the
following information:

 a. Copies of all correspondence and submittals from the donor(s);
 b. Copies of all correspondence and submittals to the donor(s) from the City;
 c. Copies of all executed title documents;
 d. Copies of all other documentation associated with a particular item(s),
 including but not limited to: drawings, photos, written descriptions,
 estimates of costs associated with acquiring, maintaining, providing
 security and legal expenses, etc.; any agreements between the City and
 donor(s) regarding the item(s); all estimates of value and appraisals, any
 public comment on the item(s); environmental impact reports or studies, if
 applicable; all written descriptions of the background/historical
 information associated with the item, including, information about the
 creation of the item(s) and the artist (if applicable) who created it; any
 warrant of originality; and any other information acquired by the City
 pertaining to the item(s);
 e. Copies of the Title Transfer Documents and any other written agreements;
 f. Records of maintenance; and
 g. Records of any deaccessioning.




 6
 FAYETTEVILLE ARTS COUNCIL
 DONATED PUBLIC ART / MONUMENT / MEMORIAL
 REQUEST FORM
 Gretchen Wilkes
Name: __________________________________________________________________
 PO Box 3054
Address: ________________________________________________________________
 Fayetteville AR 72702
City: _____________________________________ State: ___________ Zip: ________
 479-530-5840
Phone – Home _____________________________ Work/Cell _____________________
 ggdwilkes@gmail.com
Email: __________________________________________________________________

1. Types of Donation
 ___ Monument ___ Fountain

 ___ Sculpture ___
 ✔ Other (Please specify below.)

 ___ Memorial
Student generated painted mural consisting of six 4’ x 8’ plywood panels
________________________________________________________________________

________________________________________________________________________

2. Artist Description of Donated Art/Monument: A written description
 of the background/historical information associated with any donated art item,
 including but not limited to, information about the creation of the item(s) and
 materials used. Additional information may be attached. (Models and/or pictures
 are to be attached or submitted with the proposal.)
________________________________________________________________________
 “We Are the Differece” is the product of a Partnership between Farmington Junior High art

educator Gretchen Wilkes and internationally known mural artist Octavio Logo. Logo
________________________________________________________________________
mentored Wilkes’ ninth grade art club students through a five moth residency that resulted in the
________________________________________________________________________
creation of a large scale mural loosely based on the Greek myth of Pandora’s Box. In the end,
________________________________________________________________________
instead of despair, there is hope that comes in the form of young people with the will to heal the
________________________________________________________________________
wounds they will inherit. The characters are self portraits and voice their commitment to the world.
________________________________________________________________________


 7
If a plaque is requested in this project, please complete the following:

Plaque Exact Wording: There is an existing plaque that
 __________________________________________________
 could be used. See attached.
________________________________________________________________________
 8’ x 24’
Size of Plaque: _________________________________________________________
 painted plywood panels
Plaque Material: _______________________________________________________


3. Biography of artist(s): (To be attached.)


4. Location for Donation: (Please prioritize.)

 Priority 1
 Fayetteville Square
 Site:______________________________________________________________
 west side of West Mountain Brewery, west side of Onyx, north side of Bank of Fayetteville
 Specific Location:__________________________________________________
 (Please attach a map.)
 Visibility
 Site Geographic Justification:________________________________________

 _________________________________________________________________

 Priority 2
 Courthouse
 Site:______________________________________________________________

 Specific Location:__________________________________________________
 (Please attach a map.)
 mural topic relates to youth involvement, specifically voting
 Site Geographic Justification:________________________________________

 _________________________________________________________________

 Priority 3
 Boys and Girls Club or Yvonne Richardson Center
 Site:______________________________________________________________

 Specific Location:__________________________________________________
 (Please attach a map.)
 Mural is student generated and give voice to
 Site Geographic Justification:________________________________________
 the involvement of young people and their commitment to the world.
 _________________________________________________________________

 8
5. Project Budget

 Site Preparation Required: Cost:_minimal
 ___________
 Narrative:_________________________________________
 Mural only needs bolting to a surface
 ________________________________________________
 ________________________________________________

 Foundation: Cost:____________
 Narrative:_none
 ________________________________________
 ________________________________________________
 ________________________________________________

 Donated Art/Monument/Memorial: Cost:____________

 Electricity Required: Cost:____________
 Be specific:______________________________________
 none
 ________________________________________________
 ________________________________________________

 Lighting Required: Cost:____________
 Be specific:______________________________________
 none
 ________________________________________________
 ________________________________________________

 Maintenance/Endowment: Cost:___________
 Note: A maintenance plan must be attached. If an
 Endowment Fund is setup, please give proper justification
 for the funding required.

 Other:
 Be specific:______________________________________ Cost:___________
 ________________________________________________
 ________________________________________________

 0
 Total Project Cost: $_______________

6. Cost Exclusion: Please list any cost or part of the project that will not be
 provided by the artist / donor.
 __________________________________________________________________
 It would be difficult for me to install this piece, so my hope is that a city facilities crew
 __________________________________________________________________
 would  be assist  with  this process
 __________________________________________________________________

7. Additional Employment Required by Artist: Please list additional
 party(s) hired or employed by artist to assist with work:
 __________________________________________________________________
 none
 __________________________________________________________________


 9
8. Written explanation of legal issues, including but not limited to, identifying the
 current legal owner of the items, the existence of any copyrights, patents or other
 title rights in or to the item(s) - such as any interests to remain with the artist or
 designer of the item(s), and an explanation of any conditions or limitations on the
 donation of the item(s) and whether the City or donor will pay for such costs.
I am responsible for this work of art
________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________


9. The estimated value of each item, including appraisals of the item(s) if available:
________________________________________________________________________
 The total monetary investment in this mural was approximately $3000


________________________________________________________________________

________________________________________________________________________


10. The anticipated date for the project to begin, construction schedule, and
 completion date:_As
 ___________________________________________________
 quickly as possible. The mural is currently on display at the Fayetteville


 Public Library, but I was recently given a few weeks to find another location for it.
________________________________________________________________________


 None, that I’m aware of
11. Environmental effects of the item(s): __________________________________

_______________________________________________________________________


12. 10+ years
 Anticipated life of the item(s): ________________________________________

13. Please attach public support for the proposed donation.

14. Please attach a warrant of originality (if applicable).

Please include any additional information or documentation you deem as
necessary or appropriate for the Fayetteville Arts Council to evaluate the project.
Failure to provide the information outlined above may result in the City’s rejection
of this proposal until all the requested information is provided.

 10
We Are the Difference (November 2019-July 2020)
We Are the Difference is the product of a partnership between Farmington Junior
High Art Educator, Gretchen Wilkes and internationally known mural artist,
 Octavio Logo . The collaboration began in the fall of 2019 when the two met at
the site of Logo’s Fayetteville mural, Athena. Following a couple of strategy
sessions, the two determined Logo would mentor Wilkes’ ninth grade art club
students through a five month residency that would result in the creation of a
large-scale mural. Project funding was secured through Donors Choose by a
generous donation from the Thea Foundation, and from contributions from
parents, family members and friends.

Logo’s regular project meetings with students came to a halt in March 2020 due
to the COVID-19 pandemic. However, by late May, Wilkes and Logo had devised
safety protocols so that students could return to work. The final design phase
took approximately eight hours to complete. Preparing the surface of six 4’ x 8’
panels, dropping in a grid, transferring the design and completing the painting
process consumed another two weeks, with students working 4-7 hours per day.
Cleaning, touch up painting and varnishing followed, and the piece was ready for
installation in August 2020.
.
The mural is loosely based on the Greek myth, Pandora’s Box. From the jar came
disease and destruction. In the end, instead of despair, there is hope that comes
in the form of young people with the will and energy to heal the wounds they will
inherit. The characters in this piece are self-portraits of the artists and give voice
to their commitment to care for the planet, care for themselves and for each
other.

Muralists: Bianca Burciaga, Haley Clanton, Leigh Davis, Landon Gadberry, Joselyn
McCall, Aubree McWhorter, Cooper Tidwell
“We Are the Difference” Mural Maintenance Plan

The plywood surface was primed prior to being painted with a specially
formulated paint designed specifically for outdoor murals.

Prior to exterior mounting, two coats of Minwax Polycrylic Protective
Sealant will need to be applied
Artist Biographies

The following student artists were ninth grade Art I students at
Farmington Junior high from August 2019 - May 2020.

Bianca Burciaga
Haley Claton
Leigh Davis
Landon Gadberry
Joselyn McCall
Aubree McWorter
Cooper Tidwell
 Submit by Email




 CITY OF FAYETTEVILLE

 DONATED PUBLIC ART, MONUMENT AND MEMORIAL
 POLICY



I. Purpose
The City of Fayetteville is committed to the aesthetic development of the community.
The City strives to promote community involvement and provide opportunities for the
community to participate in the public display of art on City property, parks and rights of
way, as the City determines appropriate, on a case by case basis. In order to accomplish
these objectives and provide guidelines and procedures for governing the acquisition,
display, maintenance, potential deaccessioning and lending of Public Art for public
display, the City has developed this policy.



II. Donation Criteria

The following items will be considered by City Staff, Fayetteville Arts Council and
Fayetteville City Council when reviewing each donation request.

1. Identification of Art Work: Individuals or groups may be recognized for their
donation of public art, monument or memorial project on public property. All art design
and text of the project must be approved by the Fayetteville Arts Council and Fayetteville
City Council. Memorial proposals honoring individuals or a personal event should be
represented in a form that has a broad community interest and marks an event that has
affected the community. The memorial must have timeless qualities that are considered
to be significant of the individual, community or event being memorialized. Memorial
proposals should represent the values of the community and be mindful of future
generations. The artist must complete the attached form and submit it to the City of
Fayetteville Planning Department at 125 W. Mountain St. Description of the project, as
well as a biography of the artist, is to be included. The memorial should be designed by a
qualified professional in the field appropriate to the size, scale and complexity of the
proposal. The Fayetteville Arts Council and the Fayetteville City Council will reject
display works of art that are obscene (as defined by A.C.A.§ 5-68-302 et seq.) or violate
other local, state or federal laws.

2. Site: All proposed public art, monuments or memorials must relate to and
support their proposed site and/or community. While appropriate memorials may enrich a
citizen’s experience on public property, public open space is also a very precious
commodity. Public art, monuments and memorials should be carefully reviewed to
balance these two public benefits to protect the greater good. Any party proposing to
install public art, monuments or memorials must propose three (3) feasible sites for their
project along with an explanation of the significance and relationship to each site. A
location may reach a saturation point and it may be appropriate to consider limitations or
a moratorium of future art works or memorials at this particular location or area. Please
consider the following when choosing a project site:

 a. The location will not interfere with existing and proposed circulation, use
 patterns or master plans.
 b. The quality, scale and character of the project is at a level commensurate
 with the particular location or setting.
 c. The project contributes to the proposed site location from a functional or
 design standpoint.

3. All Inclusive Costs: All costs of the project including, but not limited to cost of
design, fabrication, plaques, transportation, installation, site preparation work,
foundation, lighting, electrical, and permits must be financed by the requesting party. All
inclusive costs should be stated clearly on the proposal form. Any party hired or
employed by the requesting party must provide proof of insurance that may include and is
not limited to: general liability, professional liability insurance, performance insurance
bonds, workman’s compensation coverage and others as required by the City.

4. Maintenance: The City may consider maintenance of approved donated art
work, monuments and memorials if they meet City standards for construction and
materials. However, complex or large memorials that require significant and costly
maintenance may require insurance, a bond or an endowment fund, and a maintenance
schedule by the donor to ensure the project’s condition is satisfactory to the City, as well
as the donor. The posted insurance or bond should cover costs of installation and/or
removal. If an adequate level of maintenance is not continued, the City reserves the right
to remove or modify the project or a portion of the project. If the City commits to
maintaining a particular art work, monument or memorial, and is unable to maintain the
project at a level satisfactory to the donor, the donor shall have the opportunity to
supplement maintenance as approved by the City in a written agreement.

 2
III. APPROVAL PROCESS

In order for donated art work, monument, or memorial to be accepted by the City
of Fayetteville, each request must be reviewed in the following process.

1. Initial Feasibility Consultation: Applicants desiring to place art work,
monument, or a memorial project on public property must submit a letter to the City of
Fayetteville’s Planning Staff that outlines in sufficient detail the main purpose and
concept of their proposal. Staff will schedule a feasibility consultation with the applicant
and advise of this procedure. Planning Staff reserves the right to submit proposals that
are substantial or significant in size or scope to the Fayetteville Arts Council for their
approval of the project’s concept before embarking on further costly planning and study.

2. Written Proposal: After the consultation meeting with Planning Staff, the
applicant must complete the attached form. Applicant may be required to review the
plans with the Engineering Division in order to comply with City regulations. (e.g. right-
of-way, property set-back requirements, grading permit, etc.) A maintenance plan
developed and approved by a conservator must also be submitted prior to final approval.

3. Proposal Review, Approval, Modification or Rejection: The Fayetteville Arts
Council will meet to review the proposal and schedule the applicant for a presentation of
the project in order to make a recommendation to the City Council regarding the quality,
validity and significance of the requested art work, monument or memorial to be placed
on public lands. The Fayetteville Arts Council will consider appropriateness of the site
location, size, shape and design, as well as general aesthetics in its review. The
Fayetteville Arts Council will review the project to determine:

 a. If the project is adequately documented.
 b. The appropriateness and availability of the requested site for placement of
 the item.
 c. Whether the City has sufficient resources to: authenticate, document,
 research, display, retrofit or add buildings, improvements, lighting or
 landscaping, interpret, store, protect, conserve, insure and maintain the
 item(s).
 d. Public safety of the project.
 e. The legal issues, including but not limited to, ability of the current legal
 owner of the items to deliver unrestricted clear legal title together with all
 applicable copyrights, patents or other title rights in or to the item(s)
 without any limitations or conditions on the City’s ownership and the time
 and costs required to acquire the item(s).

Planning Staff reserves the right to submit the project for review to the Parks and
Recreation Advisory Board if the project is viewed as having a significant impact on a
City Park or a recreational program. The recommendation for this project by the Parks
and Recreation Advisory Board will be submitted to the Fayetteville Arts Council.




 3
The Fayetteville Arts Council will recommend approval, approval with modification, or
rejection of the project. Fayetteville Arts Council’s recommendation to reject the
proposal is final unless the City Council requests a review.

If approved, the Fayetteville Arts Council will request the applicant to complete the
following steps prior to submittal to the City Council if deemed necessary.

 a. Prepare any additional submission requests as required by City Staff or
 the Fayetteville Arts Council.
 b. Provide evidence of financing or fund raising activities.
 c. Submit proof of insurance requirements for review by City Staff.
 d. Notify and present the project to the appropriate neighboring community
 groups or business associations that may be affected by the location of the
 project.
 e. Provide the Fayetteville Arts Council with comments and feedback from
 these organizations.
 f. Provide additional site plans, detailed design, schematic drawings and
 information as deemed necessary.
 g. Finalize engineering, structural or other similar review of the project
 with appropriate City Staff.

4. Legal Department Review and Documentation: If the Fayetteville Arts
Council should recommend accepting an offer of donation, the Fayetteville Arts Council
will forward the project to the City Attorney for review and/or preparation of title transfer
documents acceptable to the City.

5. City Council Approval: The Fayetteville Arts Council will prepare and submit
the City Council Agenda Item. If approved, City Council will execute a formal
resolution including any conditions to be placed on the donated projected and approve a
contractual agreement with the artist and/or applicant and the City. The decision of the
City Council is final. No offer to donate an item to the City will be deemed accepted
without adoption and recording of a formal resolution by the City Council, duly executed
and expressly accepting title to the donated item(s).

The City Council has no obligation to accept, display, or maintain any item(s) donated to
the City. The City Council has the right to determine, in it’s sole and absolute discretion,
what item(s) offered to it for public display will be accepted, displayed or maintained by
the City. Once an item(s) is accepted by the City Council, the City shall be the sole owner
of the donated item(s) and will have the right, in its sole and absolute discretion, except
as limited by written title documents, to deaccession any donated item(s) without notice
to or obtaining the consent of the donor.

Deaccessioning: In order to maintain growing collections of Public Art it may be
necessary, from time to time, to deaccession donated item(s).




 4
IV. RETENTION POLICY:

Donated item(s) will be retained in the City’s Public Art Collection so long as they:
 a. Continue to be relevant and useful to the purposes and activities of the
 City.
 b. An appropriate site for public display is available.
 c. A public safety problem is not created by the project.
 d. No adverse environmental effects are created.
 e. Project remains authentic and original.
 f. The project withstands exposure to the natural elements.
 g. Project can be properly and cost-effectively stored, maintained, preserved,
 and/or used.



V. DEACCESSIONING POLICY:
Deaccessioning of donated item(s) may be considered when the conditions identified in
the Retention Policy no longer prevail, or in the interest of improving the quality of the
Public Art Collection. Examples of situations where deaccessioning would be considered
include:

 a. The item(s) has deteriorated beyond a reasonable means of conservation or
 in deteriorating, has lost its usefulness.
 b. The authenticity, attribution, or genuineness of the item(s) is determined to
 be false or fraudulent.
 c. The item(s) is redundant or is a duplicate that has no value as part of a
 series.
 d. The item(s) is located in an area where jurisdiction will be transferred to
 another entity or is made inaccessible to the public.

Consensus: Donated items which have been accepted into the City’s Public Art
Collection will be deaccessioned only at the direction of the City Council, which shall
consider the recommendations and comments of the Fayetteville Arts Council, City Staff
and any public comment received.

Deaccessioning Donated Items: The City will comply with all applicable laws
pertaining to deaccessioning of art items, including contacting the donor and artist (if
known). If the Title Transfer Documents provide for deaccessioning, such documents
will determine the method and manner of the deaccessioning. Otherwise, the City will
select from one of the deaccessioning methods outlined below. Generally, preference will
be given to public sale, unless the City’s analysis determines that another method would
yield advantages or better serve the interests of the public or the City. In appropriate
instances, appraisals of the item(s) to be deaccessioned will be sought from outside
sources. Deaccessioned item(s) may be disposed of by means of private sale; exchange
for another work; gifting the item(s) to a tax-exempt public institution; donating the item
for recycling or destruction. In each case, the applicable laws will be followed before an

 5
item(s) is deaccessioned. Destruction of the item(s) may be considered where the
physical condition of the work is severely deteriorated or will be irreparably damaged by
the deaccessioning process.

Records of Public Art and Other Property: The City will be responsible for
maintaining a data base in the City Clerk’s Office of all Public Art Collection items
acquired by the City under this policy. The database and/or files will include the
following information:

 a. Copies of all correspondence and submittals from the donor(s);
 b. Copies of all correspondence and submittals to the donor(s) from the City;
 c. Copies of all executed title documents;
 d. Copies of all other documentation associated with a particular item(s),
 including but not limited to: drawings, photos, written descriptions,
 estimates of costs associated with acquiring, maintaining, providing
 security and legal expenses, etc.; any agreements between the City and
 donor(s) regarding the item(s); all estimates of value and appraisals, any
 public comment on the item(s); environmental impact reports or studies, if
 applicable; all written descriptions of the background/historical
 information associated with the item, including, information about the
 creation of the item(s) and the artist (if applicable) who created it; any
 warrant of originality; and any other information acquired by the City
 pertaining to the item(s);
 e. Copies of the Title Transfer Documents and any other written agreements;
 f. Records of maintenance; and
 g. Records of any deaccessioning.




 6
 FAYETTEVILLE ARTS COUNCIL
 DONATED PUBLIC ART / MONUMENT / MEMORIAL
 REQUEST FORM
 Su A Chae
Name: __________________________________________________________________
 696 W Praxis Ln
Address: ________________________________________________________________
 Fayetteville AR 72701
City: _____________________________________ State: ___________ Zip: ________
 8123208676 8123208676
Phone – Home _____________________________ Work/Cell _____________________
 suac@uark.edu
Email: __________________________________________________________________

1. Types of Donation
 ___ Monument ___ Fountain

 ___ Sculpture ___
 ✔ Other (Please specify below.)

 ___ Memorial
Hand-painted utility boxes created by University of Arkansas students enrolled in ARTS41503: Advanced Painting Top
________________________________________________________________________

________________________________________________________________________

2. Artist Description of Donated Art/Monument: A written description
 of the background/historical information associated with any donated art item,
 including but not limited to, information about the creation of the item(s) and
 materials used. Additional information may be attached. (Models and/or pictures
 are to be attached or submitted with the proposal.)
________________________________________________________________________
Building on the success of the Community Art Wall at Poplar Street project, I propose another meaningful public art init
________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________


 7
If a plaque is requested in this project, please complete the following:

Plaque Exact Wording: __________________________________________________
________________________________________________________________________

Size of Plaque: _________________________________________________________

Plaque Material: _______________________________________________________


3. Biography of artist(s): (To be attached.) See the Appendix 1.




4. Location for Donation: (Please prioritize.)

 Priority 1
 The site may be assigned by the City.
 Site:______________________________________________________________
 To be______________________________________________
 Specific Location:____  determined in consultation with the City of Fayetteville
 (Please attach a map.)
 The preferred location is near the Studio + Design Center, where the Mural
 Site Geographic Justification:________________________________________

 _________________________________________________________________

 Priority 2
 The site may be assigned by the City.
 Site:______________________________________________________________
 To be______________________________________________
 Specific Location:____  determined in consultation with the City of Fayetteville
 (Please attach a map.)
 The preferred location is near the Studio + Design Center, where the Mural
 Site Geographic Justification:________________________________________

 _________________________________________________________________

 Priority 3

 Site:______________________________________________________________

 Specific Location:__________________________________________________
 (Please attach a map.)

 Site Geographic Justification:________________________________________

 _________________________________________________________________

 8
5. Project Budget

 Site Preparation Required: Cost:____________
 Narrative:__ _______________________________________
 Cleaning and priming of utility boxes (provided or supervised by City).
 ________________________________________________
 ________________________________________________

 Foundation: Cost:____________
 Narrative:_________________________________________
 ________________________________________________
 ________________________________________________

 Donated Art/Monument/Memorial: Cost:____________
 in-kind donation
 Student labor and painting materials provided through UA School of Art.
 Electricity Required: Cost:____________
 Be specific:______________________________________
 ________________________________________________
 ________________________________________________

 Lighting Required: Cost:____________
 Be specific:______________________________________
 ________________________________________________
 ________________________________________________

 Maintenance/Endowment: Cost:___________
 Note: A maintenance plan must be attached. If an
 Endowment Fund is setup, please give proper justification
 for the funding required.

 Other:
 Be specific:______________________________________ Cost:___________
 ________________________________________________
 ________________________________________________

 Total Project Cost: $_______________
 0


6. Cost Exclusion: Please list any cost or part of the project that will not be
 provided by the artist / donor.
 __________________________________________________________________
 I request that the City provide surface preparation, roadway safety supervision, and maintenance consistent wi
 __________________________________________________________________
 __________________________________________________________________

7. Additional Employment Required by Artist: Please list additional
 party(s) hired or employed by artist to assist with work:
 __________________________________________________________________
 Olivia Trimble — muralist hired through the University of Arkansas School of Art to assist with project implemen
 __________________________________________________________________


 9
8. Written explanation of legal issues, including but not limited to, identifying the
 current legal owner of the items, the existence of any copyrights, patents or other
 title rights in or to the item(s) - such as any interests to remain with the artist or
 designer of the item(s), and an explanation of any conditions or limitations on the
 donation of the item(s) and whether the City or donor will pay for such costs.
Upon acceptance, the City of Fayetteville will assume ownership of the physical artwork and retain the right to display,
________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

________________________________________________________________________


9. The estimated value of each item, including appraisals of the item(s) if available:
 / community value project; estimated material value ≈ $1500; collective appraised value of artwork ≈ $1,50
________________________________________________________________________
Educational

________________________________________________________________________

________________________________________________________________________


10. The anticipated date for the project to begin, construction schedule, and
 completion date:_Begin
 ___________________________________________________
 painting on site: Monday, 10/20/2025, Complete the project: Wednesday, 10/22, from

________________________________________________________________________


 Non-toxic acrylic paint; minimal environmental impact.
11. Environmental effects of the item(s): __________________________________

_______________________________________________________________________


12. 5 years or so
 Anticipated life of the item(s): ________________________________________

13. Please attach public support for the proposed donation. See the Appendix 2.



14. Please attach a warrant of originality (if applicable).

Please include any additional information or documentation you deem as
necessary or appropriate for the Fayetteville Arts Council to evaluate the project.
Failure to provide the information outlined above may result in the City’s rejection
of this proposal until all the requested information is provided.
All utility box designs will be original works created by University of Arkansas students enrolled in ARTS 41503 under
faculty supervision. No copyrighted imagery will be used without permission. 10
Appendix 1. Biography of Artist



Su A Chae is an artist and educator with a primary focus on painting. Having initially worked in
accounting academia in South Korea, she gained insights into the role of accounting in reducing
information asymmetry and moral hazards within capitalism. After relocating to the United States
and transitioning to a career as an artist, Chae now explores the evolving role of painting in the
digital age. She holds an MFA in Painting from Indiana University and an MA and BA in Business
from Ewha Womans University in South Korea. She completed the Tyler School of Art Summer
Painting Intensive. Chae’s work has been widely exhibited at venues including the Painting Center,
Deanna Evans Projects, Ortega y Gasset Projects, Paradise Palace, 5-50 Gallery, and Wassaic
Project in New York, as well as Gross McCleaf Gallery and Icebox Project Space in Philadelphia, the
Indianapolis Art Center, and many others across the Midwest. Her work has been featured on
platforms like Young Space and the Hopper Prize, and in publications such as New American
Paintings, White Hot Magazine, and I Like Your Work. Chae has participated in artist residencies at
Penland School of Craft, Wassaic Project, Vermont Studio Center, and ACRE. She has served as a
juror for the Dairy Barn Arts Center and as a guest lecturer at the University of Connecticut. Her work
is collected by Eskenazi Health, Indiana University, and private collectors.

Chae is currently an Assistant Professor of Painting at the University of Arkansas. Her mural painting
course focuses on community-engaged learning and large-scale public art projects. Students gain
hands-on experience in collaborative design, site preparation, and painting for civic spaces. Chae
recently successfully completed the Community Art Wall project in partnership with the City of
Fayetteville.
Appendix 2. Photos of Past and Current Mural Projects demonstrating Public Support



Image 1: Community Art Wall at Poplar Street, September 2025




Image 2: Magdalene Serenity House Project, October 2025
Image 3: Fayetteville High School Project Mockup Design




Detail 1- Right Half




Detail 2 – Left Half