CA1CC1ln C8LLk

1CWnL CLn1L8
lnLroducuon
AppllcanLs

Cwners

ueslgn 1eam
1lmlng and lnLerdependence of uses -
developed concurrenLly
Coals
MeeL unmeL houslng need
rovlde unlque LourlsL, commerclal, and
recreauonal servlces
8enLal unlL need
Coal ls Lo sausfy unmeL need ln urcellvllle and wesLern Loudoun CounLy

!usucauon of need
AparLmenL communlues play an lmporLanL role ln houslng Lhe area workforce
and acuve senlors,
Lack of aordable houslng: LasL aparLmenL bullL ln urcellvllle was 12 years
ago,
CMu SLudy clearly lndlcaLes demand ln Lhe area and counLy - More Lhan half
of new renLers wlll need houslng wlLh renLs less Lhan $1,230 a monLh."
Loudoun CounLy referral memo references loss of pro[ecLed aordable
houslng ln 81 7 wesL plannlng area.
MarkeL sLudy commlssloned by parLnershlp (MC Mlller) clearly recognlzed
demand - 1he houslng serves Lo sausfy Lhe ever-presenL and growlng need
for aordable renLal houslng" ln Lhe urcellvllle area.
CounLywlde houslng pollcles adopLed by 8CS ln 2007 recognlzes LhaL Lhere ls
unmeL houslng needs ln Loudoun and LhaL Lhe markeL alone cannoL meeL all
areas of need.
1he need for quallLy renLal houslng LhaL ls aordable Lo urcellvllle
area workers and senlors ls slgnlcanL and undenlable.

A market study conducLed by MG M|||er Va|uanons ln lebruary of
2013 conrms LhaL Lhere ls a slgnlcanL need for Lhe aparLmenLs
proposed aL CaLocun Creek 1owne CenLer. 1he Concluslons and
8ecommendauons secuon of Lhe sLudy sLaLes "1he houslng serves
Lo sausfy Lhe ever-presenL and growlng need for aordable renLal
houslng" ln Lhe urcellvllle area markeL.

A recenL comprehenslve houslng sLudy (Pouslng Lhe 8eglons luLure
Workforce) conducLed by George Mason Un|vers|ty's School of
ubllc ollcy has concluded LhaL over Lhe nexL 20 years "more Lhan
half of new renLers wlll need houslng wlLh renLs less Lhan$1,230 a
monLh." lL also concludes LhaL local [urlsdlcuons are noL adequaLely
plannlng for houslng Lo accommodaLe fuLure workers and LhaL
Lhere ls a need for more mulu-famlly houslng and smaller, more
aordable owner and renLer homes.
Countyw|de nous|ng o||c|es adopLed by Lhe Loudoun CounLy 8CS ln 2007
recognlzes LhaL Lhere ls unmeL houslng needs ln Loudoun and LhaL Lhe markeL ls
noL meeung all areas of need. 1he greaLesL need ls for houslng LhaL ls aordable Lo
households earnlng up Lo 100 of Lhe WashlngLon MSA Area Medlan lncome
[$107 ,000). ln order Lo address Lhls need, lL concludes LhaL "Lhe CounLy should
allow hlgher resldenual denslues LhaL are close Lo employmenL opporLunlues,
schools, communlLy cenLers LranslL rouLes and oLher amenlues where waLer,
sewer, roads, schools, open space, and recreauon are, or wlll be ln place."

Western Loudoun has a very llmlLed supply of renLal houslng Lo accommodaLe
workers comlng Lo 1own for employmenL. Accordlng Lo Lhe 2010 census, only 21
of urcellvllle's houslng unlLs were occupled by renLer households. A slgnlcanL
poruon of Lhe 1own's workforce has Lo commuLe long dlsLances from Lhelr homes
Lo work because Lhere ls no aordable houslng ln Lhe area. CaLocun Creek wlll also
provlde houslng LhaL wlll allow for senlors Lo remaln ln 1own Lhrough dlerenL
sLages of Lhelr llves wlLhouL Lhe hassle of malnLalnlng slngle-famlly homes.

ln addluon Lo Lhe prlnclpals of CaLocun Creek ApLs., L.. who wlll personally
guaranLee Lhe nanclal performance of Lhe aparLmenL communlLy, lL has dlscussed
Lhe developmenL poLenual and markeL need wlLh lLs lnvesLmenL arLner and
Lender and Lhey are very comfortab|e w|th the market need ln urcellvllle.
LnLerLalnmenL CenLer
1llleys ls a buslness focuslng on famlly enLerLalnmenL where Lhere wlll be sporLs
and acuvlues LhaL all ages can paruclpaLe ln and en[oy as lndlvlduals or as a group.
lL ls where parenLs and grandparenLs can Lake chlldren of all ages. lL makes a greaL
daLe nlghL or famlly ouung.

1he slmpllclLy of Lhe acuvlues enables anyone Lo experlence exclLemenL wlLhouL
havlng Lo know how Lo play llke a pro. MlnlaLure Colf, 8umper 8oaLs, Co karLs,
8owllng, Laser Lag and oLher relaLed acuvlues (LhaL requlre mlnlmum sLrengLh and
aLhleuc ablllLy) are some of Lhe hlghesL-raLed famlly paruclpauon sporLs ln Lhe
unlLed SLaLes. 1hls makes lL greaL for prlvaLe parues, corporaLe evenLs, church
ouung, famlly reunlons or whole Lown evenLs. Cur faclllLy wlll also be avallable for
fundralsers and charlLable evenLs.

8y far, Lhe mosL slgnlcanL facLor Lo aecL Lhe enLerLalnmenL buslness ln Lhe
forLhcomlng decade ls Lhe dramauc growLh of Lhe 23 Lo 44 year old segmenL of Lhe
populauon. 1hls age group represenLs Lhe prlme segmenL of Lhe populauon LhaL
en[oys soclallzlng and compeung wlLh frlends. Cur enLerLalnmenL cenLer wlll be a
hlgh-Lech, LoLally compuLerlzed cenLer. All acuvlues wlll be oered ln Lhe faclllLy
year-round.

1here currenLly are no slmllar faclllues ln all of norLhern vlrglnla.
Locauonal CharacLerlsucs
(ldeal locauon wlLhln Lown.)
vldeo
AparLmenL CommunlLy ueslgn
8oad lmprovemenLs
Lxlsung Condluons

roposed lmprovemenLs - PlghllghLed roposed lmprovemenLs - As CompleLed

llnanclal 8eneLs
8oad lmprovemenLs
1ap fees
ersonal properLy Laxes
8eal esLaLe Laxes
ro[ecLed meal and sales Laxes
8eoccurrlng waLer and sewer fees
LnvlronmenLal 8eneLs
rogress/LorL on Appllcauon
Large deslgn and englneerlng Leam
aruclpauon of 3 properLy owners
Worklng on appllcauon for 18 monLhs
llnanclng SLrucLure
uebL - ApproxlmaLely $20,000,000 ln
convenuonal consLrucuon and permanenL
nanclng.

1ax CredlLs - ApproxlmaLely $13,300,000 ln
proceeds from Lhe sale of Lax credlLs already
allocaLed Lo pro[ecL.
Who wlll llve aL CaLocun Creek 1owne CenLer?
lncome range of $23,000 Lo $70,000 for ma[orlLy of
resldenLs.

number of resldenLs per unlL expecLed Lo average 2 people
for a communlLy LoLal of 332.
73 of prospecuve resldenLs already work ln WesLern
Loudoun.

uebble lranco, oruollo Manager for norLhern vlrglnla, Lo
speak abouL resldenL selecuon process.
ln Summary, CaLocun Creek AparLmenLs:


W||| be an extreme|y we|| des|gned, bu||t and managed
commun|ty by a team of peop|e who are monvated and know
what they are do|ng,

W||| prov|de the 1own w|th hnanc|a| benehts that are un|que and
substanna| when compared w|th other res|denna| deve|opments,

W||| prov|de the 1own w|th needed new hous|ng that |s aordab|e
to |ts area workers ||ke teachers, po||ce omcers, hea|th care
prov|ders and reta||ers. A|so prov|de for another hous|ng opnon
for |ts sen|ors,

W||| prov|de the 1own w|th an |mportant econom|c deve|opment
resource that w||| he|p grow the depth of the work force to
further recru|tment of wanted new bus|nesses to urce||v|||e.
Bumper Boat
Pond
Adventure
Golf
Batting
cages
Go karts
Ice cream
Food, fun
& games
Event area 1
uses
Company Cuungs
?ouLh Croups
nelghborhood arues
lamlly 8eunlons
LLc.
restaurant
Sports bar
bowling
Laser tag
Arcade
Party/meeting rooms
event area 2
LvenLs
ConcerLs
Car Shows
lesuvals
Cra Shows
1own LvenLs

kCILC1LD INCCML 1C UkCLLLVILLL
kea| Lstate Va|ue roperty
1ax kevenue
hase 1 $7,800,000 $17,330
hase 2 $8,200,000 $18,430
1oLal $16,000,000 $36,000
Iood, 8everage & Ice Cream Sa|es ro[ecnons
Sa|es kevenue
?ear 1 $1,061,730 $33,087
?ear 2 $2,307,300 $113,373
?ear 3 $2,962,300 $148,123
?ear 4 $3,333,000 $167,730
?ear 3 $3,747,300 $187,373
8CL Iees
?ear 1 $3,624,000 $6,166
?ear 2 $7,232,000 $12,328
?ear 3 $8,920,000 $13,164
?ear 4 $10,219,000 $17,372
?ear 3 $11,373,000 $19,677

All pro[ecuons are esumaLes