[PAGE 1]
Enterprise Zone Commission Meeting
Agenda
December 3, 2013
5:30 p.m.
City Council Chambers ‐ 220 S. Market Street (2nd floor), Oskaloosa, IA 52577
I. Call to order
II. Election of Chairperson
III. Approval of Minutes
IV. Oath of Office – Linda Rouse
V. Application and action on resolution – Overland Property Group (Enterprise Zone
Benefits)
VI. Public Comments
VII. Reports from staff
VIII. Adjournment
If you require special accommodations, please contact the City Manager's Office at least 24
hours prior to the meeting at (641) 673‐9431.

[PAGE 4]
NMoicvheamelb Serc h2r5o,c 2k0 13
Enterprise Zone Commission
City of Oskaloosa
220 South Market St.
cO/sok aloosa, IA 52577
Re: Enterprise Zone Credit Application Submittal
Dear Mr. Schrock,
I am pleased to present, on behalf of the Overland Property Group, an application for
Enterprise Zone Credits for The Reserves at Ironwood. The proposed development will be
located in the City’s Enterprise Zone Oskaloosa EZ-1. The subject property is located in Tract
1907, Zone 9507, sub-section R: Intersection of High Avenue West and South L Street.
The equity from the Enterprise Zone Credits, along with the related Sales Tax Rebate will fill a
development gap and make this 48 unit, low-density, new construction multi-family property
a reality. The project will serve extremely low to low income households, with affordable
rents for families earning 60% of the area median income. The project is financially feasible
without the use of Section 8 or other types of rental assistance programs. The development
plan includes three buildings of 16 units each, with a mix of 2, 3, and 4 bedroom floor plans
available. 40% of the units will be fully ADA accessible.
The Enterprise Zone Credits will be highly leveraged with a mix of conventional debt and
other repayable loans, as well as a cash contribution from Overland Property Group equal to
5% of the total development sources. The Reserves at Ironwood development will bring a
number of economic benefits to the community, such as increase in jobs and expansion of
sales tax revenues.
In the event additional information is needed, I am available at your convenience at
swohlhart@housingdeveloper.com or 312.920.1500, x – 108. It is my understanding that
once evaluated and approved by the City’s Enterprise Zone Commission, the application will
be forwarded to the Iowa Economic Development Authority for further consideration. I am
available to coordinate this effort at the appropriate time.
I thank you kindly for your consideration.
Sincerely,
Susan Wohlhart
Lighten-Gale Group, LLC
cc: Jeremy Babcock, Iowa Economic Development Authority
39 S LaSalle Street Suite 808 Chicago, IL 60603 Phone 312-920-1500 www.housingdeveloper.com

[PAGE 5]
IOWA ECONOMIC DEVELOPMENT AUTHORITY
APPLICATION for ENTERPRISE ZONE BENEFITS
Housing Development
Iowa Economic Development Authority
Division of Community Development
200 East Grand Avenue
Des Moines, Iowa 50309
JANUARY 1, 2012

[PAGE 6]
INTENT: The Enterprise Zone Program was established by the Iowa Legislature with the intent of promoting
new economic development in economically distressed areas of Iowa by encouraging communities to target
resources in ways that attract productive private investment.
PROJECT INITIATION: Projects that have already been initiated before receiving formal application approval
by the Iowa Economic Development Authority shall not be eligible for tax incentives and assistance under this
program.
“Project initiation” means any one of the following: the start of construction of new or expanded buildings; the
start of rehabilitation of existing buildings; the purchase or leasing of existing buildings; or the installation of new
machinery and equipment or new computers to be used in the operation of the business’ project. The purchase of
land or signing an option to purchase land or earth moving or other site development activities not involving
actual building construction, expansion or rehabilitation shall not constitute project initiation.
GENERAL INSTRUCTIONS
1. If more than six months has elapsed since the date on the front of this application, please contact IEDA to see
if this version of the application is still current.
2. Before filling out this application form, please read Iowa Code Sections 15E.191 through 15E.196, as
amended and the Enterprise Zone administrative rules.
3. Only typed or computer-generated applications will be accepted and reviewed. (Contact the IEDA to have an
electronic copy of this application e-mailed to you.) Any material change to the format, questions or wording
of questions presented in this application, will render the application invalid and will not be accepted.
4. Complete the application fully; if any questions are left unanswered or required attachments are not
submitted, an explanation must be included.
5. Use clear and concise language. Attachments should only be used when requested or as supporting
documentation.
6. Any inaccurate information of a significant nature may disqualify the application from consideration.
7. Send the ORIGINAL plus TWO copies of the completed application form and all required attachments to:
Jeremy Babcock
Iowa Economic Development Authority
200 East Grand Avenue
Des Moines, Iowa 50309
Phone: (515) 725-3128
Fax: (515) 725-3010
E-mail: Jeremy.Babcock@iowa.gov
It is not necessary to bind the application and/or the required attachments. Staples and/or binder clips may
be utilized. Please provide photocopies of any documents, which in their original form, IEDA would not be
able to 2-hole punch for purposes of creating the applicant’s file.
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[PAGE 7]
PUBLIC RECORDS POLICIES
The Iowa Economic Development Authority (IEDA) is subject to the Open Records law (2001 Iowa Code,
Chapter 22). Treatment of information submitted the IEDA in an Enterprise Zone application is governed by the
provisions of the Open Records law. All public records are available for public inspection. Some public records
are considered confidential and will not be disclosed to the public unless ordered by a court, the lawful custodian
of the record, or by another person duly authorized to release the information. Copies of Iowa's Open Records
law and IEDA's administrative rules relating to public records are available from the Authority upon request.
APPLICANT INFORMATION
Name of Housing Business:
Ironwood Partners LLC (Owner)
Ironwood Managers, LLC (Managing Member)
Overland Property Group, LLC (Sole Member)
Contact Name & Title: Brett Johnson, Partner
Address: 534 S. Kansas Avenue, Suite 900
City, State & Zip Code: Topeka, KS 66603
Telephone: 785. 371.1663
Fax: 785.371.1659
E-mail Address: brett@ovpgroup.com www.ovpgroup.com
Type of Housing Business: Limited Liability Company
Local Enterprise Zone Commission
Enterprise Zone Commission Name: City of Oskaloosa
Contact Name & Title: Michael Schrock, Jr., City Manager
Organization: City of Oskaloosa
Address: 220 South Market St.
City, State & Zip Code: Oskaloosa, IA 52577
Telephone: 641.673.9431
Fax: 641.673.3047
E-mail Address: Michael.Schrock@oskaloosaiowa.org
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[PAGE 8]
CERTIFICATION & RELEASE OF INFORMATION
I, the undersigned, on behalf of the Housing Business identified above, hereby submit the following application
under Iowa Code Sections 15E.191 through 15E.196. I certify that the Housing Business is in good standing, and
has complied or will upon receipt of approval by the Authority, with all applicable laws of the State of Iowa to
conduct business within the State. I certify that all information, representations, or statements provided to the
Iowa Economic Development Authority (IEDA), in connection with this application, are true and correct in all
material respects.
I certify and understand that in order to receive benefits under the Enterprise Zone Program that the project
described in this application has not been initiated and that the project will not be initiated until the business
receives final approval of this application from the IEDA.
I hereby give permission to IEDA to make credit checks, contact the company's financial institution(s), and
perform other related activities necessary for reasonable evaluation of this application.
I understand this application is subject to final approval by the Authority and am aware that Enterprise Zone
benefits are not available until final Authority approval is secured and an agreement is executed with the Housing
Business, IEDA and the Community, within a reasonable time period following approval. This application will
be used as the basis for the Enterprise Zone agreement.
For the Housing Business:
__________________________________________
Signature, Title
__________________________________________
Print name and title
____________________________
Date
For the Enterprise Zone Commission:
__________________________________________
Signature, Title
__________________________________________
Print name and title
____________________________
Date
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July 1, 2011

[PAGE 9]
CERTIFICATION & RELEASE OF INFORMATION
I, the undersigned, on behalf of the Housing Business identified above, hereby submit the following application
under Iowa Code Sections 15E.191 through 15E.196. I certify that the Housing Business is in good standing, and
has complied or will upon receipt of approval by the Authority, with all applicable laws of the State of Iowa to
conduct business within the State. I certify that all information, representations, or statements provided to the
Iowa Economic Development Authority (IEDA), in connection with this application, are true and correct in all
material respects.
I certify and understand that in order to receive benefits under the Enterprise Zone Program that the project
described in this application has not been initiated and that the project will not be initiated until the business
receives final approval of this application from the IEDA.
I hereby give permission to IEDA to make credit checks, contact the company's financial institution(s), and
perform other related activities necessary for reasonable evaluation of this application.
I understand this application is subject to final approval by the Authority and am aware that Enterprise Zone
benefits are not available until final Authority approval is secured and an agreement is executed with the Housing
Business, IEDA and the Community, within a reasonable time period following approval. This application will
be used as the basis for the Enterprise Zone agreement.
For the Housing Business:
__________________________________________
Signature, Title
__________________________________________
Print name and title
____________________________
Date
For the Enterprise Zone Commission:
__________________________________________
Signature, Title
__________________________________________
Print name and title
____________________________
Date
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July 1, 2011

[PAGE 10]
APPLICATION INFORMATION
1. Please provide a brief description of the proposed housing development project.
The Reserves at Ironwood is a proposed mixed income, 48 unit new construction walk-up development of
24 – two bedroom, 12 – three bedroom, and 12 – four bedroom units. The development will include three
identical 16-unit buildings. Each residential building will be approximately 18,000 square feet. Forty
percent (40%) of the units or 20 will be ADA accessible, with an additional unit being accessible for
persons with sensory disabilities. The units will be restricted to households earning no more than 60% of
the area median income. Forty-five (45) units will be affordable to families with annual incomes between
$12,950 and $36,900. Three (3) of the units will be unrestricted and available to on-site property manager
staff. Rents for the unit will include water/sewer, trash and range from $235 to $550 for the affordable
two bedroom unit, $265 to $625 for the affordable three bedroom unit, and $280 to $725 for the
affordable four bedroom unit. The total development budget is approximately $8,500,000. Overland
Property Group will use a mix of debt, soft monies, and Low Income Housing Tax Credit equity to
finance the development of the property. There is no federal, state or local rental assistance program
associated with this project.
2. In which Enterprise Zone will this project occur (include the zone’s name, number, size in acres, and date
certified)?
The property is located in Enterprise Zone Oskaloosa EZ-1, which is 3,112.0 acres and was certified on
June 25, 2009 by the Board of Directors of the Iowa Department of Economic Development. Within this
enterprise zone there are four (4) tracts. The subject property is located in Tract 1907, Zone 9507
(Yellow), subsection R: Intersection of High Avenue West and South L Street.
3. Does the project involve new construction or rehabilitation?
The Reserves at Ironwood will consist of new construction and will result in the creation of 48 units of
new family housing, plus a clubhouse to be shared among the residents as common space.
4. How many single-family homes or multi-family units are proposed?
Forty eight (48) low density multi-family units are proposed. There will be three identical buildings on
the site, each with 16 attached walk-up units.
5. What will be the per unit value of the housing?
The total development costs are approximately $8,473,834 for a per unit value of $176,538.
6. The single family homes or multi-family units being constructed or rehabilitated must be modest homes
or units and include the necessary amenities. Please explain how the proposed project will satisfy this
requirement?
The project is subject to meeting Iowa Finance Agency cost caps, which are based on the HUD 224(d)(4)
limits. The total development costs cannot exceed $10,123,104. The projected budget of $8,473,834 is
within this limit. The homes will be modest, but will include a generous amenity package and energy
efficiency features. The unit amenities will include central air-conditioning, ceiling fans, blinds, vinyl
flooring in the kitchen and bathrooms, carpet in the living room and bedrooms, a refrigerator, dishwasher,
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[PAGE 11]
stove/oven, microwave, in unit laundry space with washer/dryer hook ups, patio/balcony and a dedicated,
lockable storage space.
7. Will the project meet U.S. Department of Housing and Urban Development Housing Standards and
applicable local codes?
The buildings will be designed and built to meet any federal, state, and local building codes and
standards. The Iowa Finance Authority requires low income housing tax credit properties to be designed
and built to meet the following standards which includes the U.S. Department of Housing and Urban
Development Housing Standards and applicable local codes:
1) 2012 International Building Code
2) 2012 International Existing Building Code
3) 2012 International Residential Code
4) 2012 International Fire Code
5) 2012 International Mechanical Code
6) 2009 Uniform Plumbing Code
7) 2012 National Electric Code
8) 2012 International Energy Conservation Code
9) Iowa Administrative Code Chapters 300, 301, 302, 303, 350 and 25
10) Uniform Federal Accessibility Standards provided in 24 CFR part 8
11) The Americans with Disabilities Act 1990
12) The Federal Fair Housing Act of 1988, Title VI of the Civil Rights Act of 1964, Section 109 of the
Housing and community Development Act of 1974, Title VIII of the Civil Rights Act of 1968,
Section 3 of the Housing and Urban Development Act of 1968, Executive Order 11063, Section 504
of the Rehabilitation Act of 1973.
Additionally, the design will meet various green building and energy efficient standards and practices. To
be acceptable to the Iowa Finance Authority, the project must be built to meet or exceed Energy Star 3.0
standards and receive a Home Energy Rating Systems (HERS) Index of 70 or less.
8. What is the current status of the project? When is construction scheduled to begin? What is the
anticipated project completion date?
The development team is assembling the financing for the project. An application to obtain low income
housing tax credits will be submitted to the Iowa Finance Authority on December 9, 2013. It is
anticipated an allocation of credits will be approved in March of 2014, with construction commencing 4
months later in July 2014. Construction will take 9 months, with lease-up beginning in June 2015, with
full occupancy by end of 2015.
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[PAGE 12]
9. Attach a legal description of the business site on which the project will occur.
The project site is located at 1302/1320 High Ave West, Oskaloosa, Iowa, in Mahaska County. The legal
description is attached.
10. Attach a detailed map (no larger than 8” x 14”) showing the housing development site in relation to the
boundaries of the certified Enterprise Zone.
A detailed map is attached.
11. Is any part of the project located in a 100-year flood plain?
The project or any part of the project is not located in a 100-year flood plain.
12. Please indicate the total capital investment that will be made as the result of this project?
Description of Capital Expenditure Amount
Land Acquisition $152,500
Construction $6,477,821
Professional Fees $252,500
Financing Fees $206,046
Soft Costs, includes Reserves and Developer Fee $1,384,967
Total $8,473,834
13. Please identify the sources of project financing that will be utilized and the amount of the financing. (The
total amount of the financing should equal the total expenditures in Question #12.)
Source of Project Financing Amount
Permanent Debt $1,178,030
Tax Credit Equity $6,466,605
Owner Contribution $455,254
Iowa Housing Trust Funds $100,000
EZ Credit Equity/Sales Tax Rebate $273,945
Total $8,473,834
14. For purposes of determining the amount of investment tax credits the housing business may receive, the
Iowa Economic Development Authority cannot include capital expenditures financed through federal,
state, and local government tax credits, grants and forgivable loans. Based on this information, what
portion of your total capital investment (identified in Question #12) will be eligible for the investment tax
credit?
Based on the attached Enterprise Zone Credit calculation, $1,444,168 of the capital investment will be
eligible for the investment tax credit. This basis will generate $144,417 of credits and attract $122, 754 of
equity to be used to cover the development cost of the project.
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[PAGE 13]
15. Please attach a long-term plan for the proposed housing development project including labor and
infrastructure needs.
A long-term plan for the development is attached.
16. What economic benefits will the project bring to the area?
The creation of new affordable housing brings many economic benefits to a local community, such as
increase in jobs and growth of sales tax revenues. The purchase of construction materials benefits local
vendors and increases jobs created by the demand for those materials. The surrounding retail owners will
have an increase in customers as various on-site workers will patronize these establishments on a daily
basis. Local workforce can live closer to their employers, reducing transportation costs and increasing
real disposable income for additional consumer buying power. Paying affordable rents translates to
increase purchases for other living necessities, such as food, medical care, daycare, etc. Having a supply
of quality and affordable housing stock retains local residents and attracts new residents, thereby
maintaining and growing the source of revenue for a local government. Lastly, potential employers see
affordable housing as an asset, used to attract and retain their workforce and limit long commute times for
their employees.
17. Explain why the proposed project would be considered a good housing development project.
The proposed development is a good project on many levels. First it will address an identified need for
the City of Oskaloosa. According to the Oskaloosa Housing Needs Assessment – 2012, prepared for the
Oskaloosa Housing Trust Fund by the University of Iowa School of Urban and Regional Planning, the
availability of affordable housing is a problem facing the town, as a large number of residents have
difficulty obtaining good-quality, reasonably priced ownership and rental housing within the City limits.
The Reserves at Ironwood will help the City of Oskaloosa address this problem and increase its stock of
high-quality affordable rental housing. The housing quality and design will exceed that currently
available in the surrounding market. The affordability of the offered rents will allow the local workforce
to live closer to their jobs, leaving more free time and disposable cash with the households as well as
promoting a cleaner environment.
Secondly, the various unit/project amenities will attract many households looking for quality housing to
meet their current household needs. The site location allows easy access for residents to many services
needed for daily living. The site is in proximity to a full service grocery and department store, an
elementary and middle school, the Oskaloosa Public Library, and various health and medical clinics.
Bike racks, playground, and club house amenities will encourage healthy and active lifestyles.
Third, the proposed development has the full support from the City of Oskaloosa. A resolution for an
86% property tax rebate over a 15 year period was presented to the City Council. The total rebate of up to
$530,000 will attract conventional debt in the amount of approximately $230,052. The resolution also
includes provisions for the support and use of Enterprise Zone Credits and the related sales tax rebate. A
City resolution has been presented to the board and will receive final approval on December 5, 2013.
Lastly, the OPG has assembled a mixed-financing package that ensures the long term financial feasibility
of the property. In the attached development and financial overview, you’ll see the property is self-
sustaining based on the rental income it will generate and the appropriate level of debt it can carry.
18. Please attach an affidavit that states the Housing Business has not, within the last five years, violated state
or federal environmental and worker safety statutes, rules, and regulations or, if such violations have
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[PAGE 14]
occurred, that there were mitigating circumstances or such violations did not seriously affect public health
or safety or the environment.
Affidavit is attached.
19. Explain why Enterprise Zone Benefits are needed in order for the project to proceed.
The developers have coupled low income housing tax credit equity with as much hard debt as the
project’s rents can support. The remaining development gap must be filled to bring this project to
fruition. At the moment that gap is approximately $700,000. The property is located in an enterprise
zone and therefore can utilize the Enterprise Zone Credits to attract additional capital, which in turn will
leverage more of the State’s available, yet scarce resources. The project will not be feasible without the
equity leveraged through the enterprise zone benefits.
20. Please indicate the amount of Enterprise Zone tax benefits being requested for this project.
State Sales, Service, and Use Tax Refund: $151,191
Investment Tax Credit: $144,417
21. Please list any additional requirements adopted by the local Enterprise Zone Commission and explain
how the Housing Business will meet each requirement.
No additional requirements were adopted by the local Enterprise Zone Commission.
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[PAGE 15]
ATTACHMENTS
Please make sure the following items are included with this application:
Housing Business:
X Legal description of the business site on which the project will occur.
X Detailed map (no larger than 8” x 14”) showing the business site in relation to the boundaries of the
certified Enterprise Zone.
X Long term strategic plan, which includes labor and infrastructure needs.
X Affidavit that states the Business has not, within the last 5 years, violated state or federal environmental
and worker safety statutes, rules, and regulations.
Enterprise Zone Commission:
 Resolution by the Enterprise Zone Commission approving this application.
 Proof that the meeting, in which this application was approved, was open to the public (i.e. public notice
which was published and/or posted).
 Meeting minutes from the meeting, in which this application was approved.
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[PAGE 16]
Exhibit A
Legal Description
1302 High Ave West
Lots H and K SW SW
1320 High Ave West
Lots 4 and 6 SD Lot 4 SE SE EXC
S 117’ Lot 6 and EXC N 6’ S 123’
E and EXC N 6’ S 123’ E 189’
Lot 6

[PAGE 17]
Enterprise Zone Map
1302 & 1320 High Ave West, Oskaloosa
Zone 9507 (Yellow) (Intersection of High Ave West and South L St)
Project Site

[PAGE 18]
Enterprise Zone Map
1302 & 1320 High Ave West, Oskaloosa
Zone 9507 (Yellow)
(Intersection of High Ave West and South L St)
Project Site

[PAGE 19]
Enter data in highlighted boxes only.
HEZ Credit Calculation for Project Name:
HEZ Application #
§42 Eligible Basis $7,740,261
Plus Land Costs $152,500
Less Federal LIHTC Equity $6,448,593
Less Federal Historic Equity $0
Less Other Grants/ Forgivable Loans
Equals Eligible Costs $1,444,168 A
X 10% HEZ Credit Rate 10% B
Calculated HEZ Credit $144,417 C = A X B
Maximum $14,000 per unit @ 48 units $672,000 D
Amount of HEZ Credit $144,417 Lesser of C or D
$122,754.28

[PAGE 20]
IOWA ECONOMIC DEVELOPMENT AUTHORITY
APPLICATION for ENTERPRISE ZONE BENEFITS – Housing Development
Overland Property Group – The Reserves at Ironwood – Oskaloosa, Iowa
LONG TERM HOUSING DEVELOPMENT PLAN
15. Please attach a long-term plan for the proposed housing development project including labor and
infrastructure needs.
The proposed site is located at 1302 and 1320 High Ave W in Oskaloosa. The site is in the eastern part
of town one block south of A Ave W, which is the primary east-west road through Oskaloosa and well
within close proximity of grocery stores, medical services and schools. Currently the property contains
two structures that will be demolished. Both buildings are currently vacant. Infrastructure upgrades will
need to be made to accommodate the intended residential use. Gas lines will be extended to site to
provide gas for furnaces and heating water. The water main will be upgraded from a 4” pipe to an 8”
pipe. Electricity upgrades may include converting from phase one power to phase three power. These
infrastructure improvements will result in the properties having a Home Energy Rating Systems Index of
64 or less, thereby exceeding the energy efficiency of the Iowa Finance Agency low income housing tax
credit standards.
The Reserves at Ironwood is a proposed mixed income, 48 unit new construction walk-up development
of 24 – two bedroom, 12 – three bedroom, and 12 – four bedroom units. The development will include
three identical 16-unit buildings. Each residential building will be approximately 18,000 square feet.
Forty percent (40%) of the units or 20 will be ADA accessible, with an additional unit being accessible for
persons with sensory disabilities. The project will have hardi-plank siding exterior with stone accents,
varied elevation and a pitched asphalt shingle roof. A clubhouse will be accessible to all residents and
will include the following amenities: fitness room with 24-hour access, a community room with kitchen,
a computer learning center with at least two computers, and a property management office. The
clubhouse will be staffed by one full time employee. The asset will be regularly maintained and
protected by maintenance staff shared with other OPG properties located in close proximity.

[PAGE 22]
IOWA ECONOMIC DEVELOPMENT AUTHORITY
APPLICATION for ENTERPRISE ZONE BENEFITS
Housing Development
Iowa Economic Development Authority
Division of Community Development
200 East Grand Avenue
Des Moines, Iowa 50309
JANUARY 1, 2012

[PAGE 23]
INTENT: The Enterprise Zone Program was established by the Iowa Legislature with the intent of promoting
new economic development in economically distressed areas of Iowa by encouraging communities to target
resources in ways that attract productive private investment.
PROJECT INITIATION: Projects that have already been initiated before receiving formal application approval
by the Iowa Economic Development Authority shall not be eligible for tax incentives and assistance under this
program.
“Project initiation” means any one of the following: the start of construction of new or expanded buildings; the
start of rehabilitation of existing buildings; the purchase or leasing of existing buildings; or the installation of new
machinery and equipment or new computers to be used in the operation of the business’ project. The purchase of
land or signing an option to purchase land or earth moving or other site development activities not involving
actual building construction, expansion or rehabilitation shall not constitute project initiation.
GENERAL INSTRUCTIONS
1. If more than six months has elapsed since the date on the front of this application, please contact IEDA to see
if this version of the application is still current.
2. Before filling out this application form, please read Iowa Code Sections 15E.191 through 15E.196, as
amended and the Enterprise Zone administrative rules.
3. Only typed or computer-generated applications will be accepted and reviewed. (Contact the IEDA to have an
electronic copy of this application e-mailed to you.) Any material change to the format, questions or wording
of questions presented in this application, will render the application invalid and will not be accepted.
4. Complete the application fully; if any questions are left unanswered or required attachments are not
submitted, an explanation must be included.
5. Use clear and concise language. Attachments should only be used when requested or as supporting
documentation.
6. Any inaccurate information of a significant nature may disqualify the application from consideration.
7. Send the ORIGINAL plus TWO copies of the completed application form and all required attachments to:
Jeremy Babcock
Iowa Economic Development Authority
200 East Grand Avenue
Des Moines, Iowa 50309
Phone: (515) 725-3128
Fax: (515) 725-3010
E-mail: Jeremy.Babcock@iowa.gov
It is not necessary to bind the application and/or the required attachments. Staples and/or binder clips may
be utilized. Please provide photocopies of any documents, which in their original form, IEDA would not be
able to 2-hole punch for purposes of creating the applicant’s file.
1
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[PAGE 24]
PUBLIC RECORDS POLICIES
The Iowa Economic Development Authority (IEDA) is subject to the Open Records law (2001 Iowa Code,
Chapter 22). Treatment of information submitted the IEDA in an Enterprise Zone application is governed by the
provisions of the Open Records law. All public records are available for public inspection. Some public records
are considered confidential and will not be disclosed to the public unless ordered by a court, the lawful custodian
of the record, or by another person duly authorized to release the information. Copies of Iowa's Open Records
law and IEDA's administrative rules relating to public records are available from the Authority upon request.
APPLICANT INFORMATION
Name of Housing Business:
Ironwood Partners LLC (Owner)
Ironwood Managers, LLC (Managing Member)
Overland Property Group, LLC (Sole Member)
Contact Name & Title: Brett Johnson, Partner
Address: 534 S. Kansas Avenue, Suite 900
City, State & Zip Code: Topeka, KS 66603
Telephone: 785. 371.1663
Fax: 785.371.1659
E-mail Address: brett@ovpgroup.com www.ovpgroup.com
Type of Housing Business: Limited Liability Company
Local Enterprise Zone Commission
Enterprise Zone Commission Name: City of Oskaloosa
Contact Name & Title: Michael Schrock, Jr., City Manager
Organization: City of Oskaloosa
Address: 220 South Market St.
City, State & Zip Code: Oskaloosa, IA 52577
Telephone: 641.673.9431
Fax: 641.673.3047
E-mail Address: Michael.Schrock@oskaloosaiowa.org
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[PAGE 25]
CERTIFICATION & RELEASE OF INFORMATION
I, the undersigned, on behalf of the Housing Business identified above, hereby submit the following application
under Iowa Code Sections 15E.191 through 15E.196. I certify that the Housing Business is in good standing, and
has complied or will upon receipt of approval by the Authority, with all applicable laws of the State of Iowa to
conduct business within the State. I certify that all information, representations, or statements provided to the
Iowa Economic Development Authority (IEDA), in connection with this application, are true and correct in all
material respects.
I certify and understand that in order to receive benefits under the Enterprise Zone Program that the project
described in this application has not been initiated and that the project will not be initiated until the business
receives final approval of this application from the IEDA.
I hereby give permission to IEDA to make credit checks, contact the company's financial institution(s), and
perform other related activities necessary for reasonable evaluation of this application.
I understand this application is subject to final approval by the Authority and am aware that Enterprise Zone
benefits are not available until final Authority approval is secured and an agreement is executed with the Housing
Business, IEDA and the Community, within a reasonable time period following approval. This application will
be used as the basis for the Enterprise Zone agreement.
For the Housing Business:
__________________________________________
Signature, Title
__________________________________________
Print name and title
____________________________
Date
For the Enterprise Zone Commission:
__________________________________________
Signature, Title
__________________________________________
Print name and title
____________________________
Date
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CERTIFICATION & RELEASE OF INFORMATION
I, the undersigned, on behalf of the Housing Business identified above, hereby submit the following application
under Iowa Code Sections 15E.191 through 15E.196. I certify that the Housing Business is in good standing, and
has complied or will upon receipt of approval by the Authority, with all applicable laws of the State of Iowa to
conduct business within the State. I certify that all information, representations, or statements provided to the
Iowa Economic Development Authority (IEDA), in connection with this application, are true and correct in all
material respects.
I certify and understand that in order to receive benefits under the Enterprise Zone Program that the project
described in this application has not been initiated and that the project will not be initiated until the business
receives final approval of this application from the IEDA.
I hereby give permission to IEDA to make credit checks, contact the company's financial institution(s), and
perform other related activities necessary for reasonable evaluation of this application.
I understand this application is subject to final approval by the Authority and am aware that Enterprise Zone
benefits are not available until final Authority approval is secured and an agreement is executed with the Housing
Business, IEDA and the Community, within a reasonable time period following approval. This application will
be used as the basis for the Enterprise Zone agreement.
For the Housing Business:
__________________________________________
Signature, Title
__________________________________________
Print name and title
____________________________
Date
For the Enterprise Zone Commission:
__________________________________________
Signature, Title
__________________________________________
Print name and title
____________________________
Date
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APPLICATION INFORMATION
1. Please provide a brief description of the proposed housing development project.
The Reserves at Ironwood is a proposed mixed income, 48 unit new construction walk-up development of
24 – two bedroom, 12 – three bedroom, and 12 – four bedroom units. The development will include three
identical 16-unit buildings. Each residential building will be approximately 18,000 square feet. Forty
percent (40%) of the units or 20 will be ADA accessible, with an additional unit being accessible for
persons with sensory disabilities. The units will be restricted to households earning no more than 60% of
the area median income. Forty-five (45) units will be affordable to families with annual incomes between
$12,950 and $36,900. Three (3) of the units will be unrestricted and available to on-site property manager
staff. Rents for the unit will include water/sewer, trash and range from $235 to $550 for the affordable
two bedroom unit, $265 to $625 for the affordable three bedroom unit, and $280 to $725 for the
affordable four bedroom unit. The total development budget is approximately $8,500,000. Overland
Property Group will use a mix of debt, soft monies, and Low Income Housing Tax Credit equity to
finance the development of the property. There is no federal, state or local rental assistance program
associated with this project.
2. In which Enterprise Zone will this project occur (include the zone’s name, number, size in acres, and date
certified)?
The property is located in Enterprise Zone Oskaloosa EZ-1, which is 3,112.0 acres and was certified on
June 25, 2009 by the Board of Directors of the Iowa Department of Economic Development. Within this
enterprise zone there are four (4) tracts. The subject property is located in Tract 1907, Zone 9507
(Yellow), subsection R: Intersection of High Avenue West and South L Street.
3. Does the project involve new construction or rehabilitation?
The Reserves at Ironwood will consist of new construction and will result in the creation of 48 units of
new family housing, plus a clubhouse to be shared among the residents as common space.
4. How many single-family homes or multi-family units are proposed?
Forty eight (48) low density multi-family units are proposed. There will be three identical buildings on
the site, each with 16 attached walk-up units.
5. What will be the per unit value of the housing?
The total development costs are approximately $8,473,834 for a per unit value of $176,538.
6. The single family homes or multi-family units being constructed or rehabilitated must be modest homes
or units and include the necessary amenities. Please explain how the proposed project will satisfy this
requirement?
The project is subject to meeting Iowa Finance Agency cost caps, which are based on the HUD 224(d)(4)
limits. The total development costs cannot exceed $10,123,104. The projected budget of $8,473,834 is
within this limit. The homes will be modest, but will include a generous amenity package and energy
efficiency features. The unit amenities will include central air-conditioning, ceiling fans, blinds, vinyl
flooring in the kitchen and bathrooms, carpet in the living room and bedrooms, a refrigerator, dishwasher,
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stove/oven, microwave, in unit laundry space with washer/dryer hook ups, patio/balcony and a dedicated,
lockable storage space.
7. Will the project meet U.S. Department of Housing and Urban Development Housing Standards and
applicable local codes?
The buildings will be designed and built to meet any federal, state, and local building codes and
standards. The Iowa Finance Authority requires low income housing tax credit properties to be designed
and built to meet the following standards which includes the U.S. Department of Housing and Urban
Development Housing Standards and applicable local codes:
1) 2012 International Building Code
2) 2012 International Existing Building Code
3) 2012 International Residential Code
4) 2012 International Fire Code
5) 2012 International Mechanical Code
6) 2009 Uniform Plumbing Code
7) 2012 National Electric Code
8) 2012 International Energy Conservation Code
9) Iowa Administrative Code Chapters 300, 301, 302, 303, 350 and 25
10) Uniform Federal Accessibility Standards provided in 24 CFR part 8
11) The Americans with Disabilities Act 1990
12) The Federal Fair Housing Act of 1988, Title VI of the Civil Rights Act of 1964, Section 109 of the
Housing and community Development Act of 1974, Title VIII of the Civil Rights Act of 1968,
Section 3 of the Housing and Urban Development Act of 1968, Executive Order 11063, Section 504
of the Rehabilitation Act of 1973.
Additionally, the design will meet various green building and energy efficient standards and practices. To
be acceptable to the Iowa Finance Authority, the project must be built to meet or exceed Energy Star 3.0
standards and receive a Home Energy Rating Systems (HERS) Index of 70 or less.
8. What is the current status of the project? When is construction scheduled to begin? What is the
anticipated project completion date?
The development team is assembling the financing for the project. An application to obtain low income
housing tax credits will be submitted to the Iowa Finance Authority on December 9, 2013. It is
anticipated an allocation of credits will be approved in March of 2014, with construction commencing 4
months later in July 2014. Construction will take 9 months, with lease-up beginning in June 2015, with
full occupancy by end of 2015.
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9. Attach a legal description of the business site on which the project will occur.
The project site is located at 1302/1320 High Ave West, Oskaloosa, Iowa, in Mahaska County. The legal
description is attached.
10. Attach a detailed map (no larger than 8” x 14”) showing the housing development site in relation to the
boundaries of the certified Enterprise Zone.
A detailed map is attached.
11. Is any part of the project located in a 100-year flood plain?
The project or any part of the project is not located in a 100-year flood plain.
12. Please indicate the total capital investment that will be made as the result of this project?
Description of Capital Expenditure Amount
Land Acquisition $152,500
Construction $6,477,821
Professional Fees $252,500
Financing Fees $206,046
Soft Costs, includes Reserves and Developer Fee $1,384,967
Total $8,473,834
13. Please identify the sources of project financing that will be utilized and the amount of the financing. (The
total amount of the financing should equal the total expenditures in Question #12.)
Source of Project Financing Amount
Permanent Debt $1,178,030
Tax Credit Equity $6,466,605
Owner Contribution $455,254
Iowa Housing Trust Funds $100,000
EZ Credit Equity/Sales Tax Rebate $273,945
Total $8,473,834
14. For purposes of determining the amount of investment tax credits the housing business may receive, the
Iowa Economic Development Authority cannot include capital expenditures financed through federal,
state, and local government tax credits, grants and forgivable loans. Based on this information, what
portion of your total capital investment (identified in Question #12) will be eligible for the investment tax
credit?
Based on the attached Enterprise Zone Credit calculation, $1,444,168 of the capital investment will be
eligible for the investment tax credit. This basis will generate $144,417 of credits and attract $122, 754 of
equity to be used to cover the development cost of the project.
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15. Please attach a long-term plan for the proposed housing development project including labor and
infrastructure needs.
A long-term plan for the development is attached.
16. What economic benefits will the project bring to the area?
The creation of new affordable housing brings many economic benefits to a local community, such as
increase in jobs and growth of sales tax revenues. The purchase of construction materials benefits local
vendors and increases jobs created by the demand for those materials. The surrounding retail owners will
have an increase in customers as various on-site workers will patronize these establishments on a daily
basis. Local workforce can live closer to their employers, reducing transportation costs and increasing
real disposable income for additional consumer buying power. Paying affordable rents translates to
increase purchases for other living necessities, such as food, medical care, daycare, etc. Having a supply
of quality and affordable housing stock retains local residents and attracts new residents, thereby
maintaining and growing the source of revenue for a local government. Lastly, potential employers see
affordable housing as an asset, used to attract and retain their workforce and limit long commute times for
their employees.
17. Explain why the proposed project would be considered a good housing development project.
The proposed development is a good project on many levels. First it will address an identified need for
the City of Oskaloosa. According to the Oskaloosa Housing Needs Assessment – 2012, prepared for the
Oskaloosa Housing Trust Fund by the University of Iowa School of Urban and Regional Planning, the
availability of affordable housing is a problem facing the town, as a large number of residents have
difficulty obtaining good-quality, reasonably priced ownership and rental housing within the City limits.
The Reserves at Ironwood will help the City of Oskaloosa address this problem and increase its stock of
high-quality affordable rental housing. The housing quality and design will exceed that currently
available in the surrounding market. The affordability of the offered rents will allow the local workforce
to live closer to their jobs, leaving more free time and disposable cash with the households as well as
promoting a cleaner environment.
Secondly, the various unit/project amenities will attract many households looking for quality housing to
meet their current household needs. The site location allows easy access for residents to many services
needed for daily living. The site is in proximity to a full service grocery and department store, an
elementary and middle school, the Oskaloosa Public Library, and various health and medical clinics.
Bike racks, playground, and club house amenities will encourage healthy and active lifestyles.
Third, the proposed development has the full support from the City of Oskaloosa. A resolution for an
83% property tax rebate over a 15 year period was presented to the City Council. The total rebate of
$510,000 will attract conventional debt in the amount of approximately $230,052. The resolution also
includes provisions for the support and use of Enterprise Zone Credits and the related sales tax rebate. A
City resolution has been presented to the board and will receive final approval on December 5, 2013.
Lastly, the OPG has assembled a mixed-financing package that ensures the long term financial feasibility
of the property. In the attached development and financial overview, you’ll see the property is self-
sustaining based on the rental income it will generate and the appropriate level of debt it can carry.
18. Please attach an affidavit that states the Housing Business has not, within the last five years, violated state
or federal environmental and worker safety statutes, rules, and regulations or, if such violations have
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occurred, that there were mitigating circumstances or such violations did not seriously affect public health
or safety or the environment.
Affidavit is attached.
19. Explain why Enterprise Zone Benefits are needed in order for the project to proceed.
The developers have coupled low income housing tax credit equity with as much hard debt as the
project’s rents can support. The remaining development gap must be filled to bring this project to
fruition. At the moment that gap is approximately $700,000. The property is located in an enterprise
zone and therefore can utilize the Enterprise Zone Credits to attract additional capital, which in turn will
leverage more of the State’s available, yet scarce resources. The project will not be feasible without the
equity leveraged through the enterprise zone benefits.
20. Please indicate the amount of Enterprise Zone tax benefits being requested for this project.
State Sales, Service, and Use Tax Refund: $151,191
Investment Tax Credit: $144,417
21. Please list any additional requirements adopted by the local Enterprise Zone Commission and explain
how the Housing Business will meet each requirement.
No additional requirements were adopted by the local Enterprise Zone Commission.
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ATTACHMENTS
Please make sure the following items are included with this application:
Housing Business:
X Legal description of the business site on which the project will occur.
X Detailed map (no larger than 8” x 14”) showing the business site in relation to the boundaries of the
certified Enterprise Zone.
X Long term strategic plan, which includes labor and infrastructure needs.
X Affidavit that states the Business has not, within the last 5 years, violated state or federal environmental
and worker safety statutes, rules, and regulations.
Enterprise Zone Commission:
 Resolution by the Enterprise Zone Commission approving this application.
 Proof that the meeting, in which this application was approved, was open to the public (i.e. public notice
which was published and/or posted).
 Meeting minutes from the meeting, in which this application was approved.
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Exhibit A
Legal Description
1302 High Ave West
Lots H and K SW SW
1320 High Ave West
Lots 4 and 6 SD Lot 4 SE SE EXC
S 117’ Lot 6 and EXC N 6’ S 123’
E and EXC N 6’ S 123’ E 189’
Lot 6

[PAGE 34]
Enterprise Zone Map
1302 & 1320 High Ave West, Oskaloosa
Zone 9507 (Yellow) (Intersection of High Ave West and South L St)
Project Site

[PAGE 35]
Enterprise Zone Map
1302 & 1320 High Ave West, Oskaloosa
Zone 9507 (Yellow)
(Intersection of High Ave West and South L St)
Project Site

[PAGE 36]
Enter data in highlighted boxes only.
HEZ Credit Calculation for Project Name:
HEZ Application #
§42 Eligible Basis $7,740,261
Plus Land Costs $152,500
Less Federal LIHTC Equity $6,448,593
Less Federal Historic Equity $0
Less Other Grants/ Forgivable Loans
Equals Eligible Costs $1,444,168 A
X 10% HEZ Credit Rate 10% B
Calculated HEZ Credit $144,417 C = A X B
Maximum $14,000 per unit @ 48 units $672,000 D
Amount of HEZ Credit $144,417 Lesser of C or D
$122,754.28

[PAGE 37]
IOWA ECONOMIC DEVELOPMENT AUTHORITY
APPLICATION for ENTERPRISE ZONE BENEFITS – Housing Development
Overland Property Group – The Reserves at Ironwood – Oskaloosa, Iowa
LONG TERM HOUSING DEVELOPMENT PLAN
15. Please attach a long-term plan for the proposed housing development project including labor and
infrastructure needs.
The proposed site is located at 1302 and 1320 High Ave W in Oskaloosa. The site is in the eastern part
of town one block south of A Ave W, which is the primary east-west road through Oskaloosa and well
within close proximity of grocery stores, medical services and schools. Currently the property contains
two structures that will be demolished. Both buildings are currently vacant. Infrastructure upgrades will
need to be made to accommodate the intended residential use. Gas lines will be extended to site to
provide gas for furnaces and heating water. The water main will be upgraded from a 4” pipe to an 8”
pipe. Electricity upgrades may include converting from phase one power to phase three power. These
infrastructure improvements will result in the properties having a Home Energy Rating Systems Index of
64 or less, thereby exceeding the energy efficiency of the Iowa Finance Agency low income housing tax
credit standards.
The Reserves at Ironwood is a proposed mixed income, 48 unit new construction walk-up development
of 24 – two bedroom, 12 – three bedroom, and 12 – four bedroom units. The development will include
three identical 16-unit buildings. Each residential building will be approximately 18,000 square feet.
Forty percent (40%) of the units or 20 will be ADA accessible, with an additional unit being accessible for
persons with sensory disabilities. The project will have hardi-plank siding exterior with stone accents,
varied elevation and a pitched asphalt shingle roof. A clubhouse will be accessible to all residents and
will include the following amenities: fitness room with 24-hour access, a community room with kitchen,
a computer learning center with at least two computers, and a property management office. The
clubhouse will be staffed by one full time employee. The asset will be regularly maintained and
protected by maintenance staff shared with other OPG properties located in close proximity.