Laserfiche WebLink
ii. An asset management fee to the limited partnership of $5,000 for 15 <br />years escalated at 3% per year; and <br />iii. An asset management fee to the general partner of $5,000 for 55 years <br />escalated at 3% per year; <br />iv. A managing general partnership fee of $10,000 for 55 years escalated at <br />3% per year; and <br />V. Repayment of the deferred Developer Fee, which will have a 0% interest <br />rate. <br />g. The annual residual receipts payments to the soft lenders will be set as follows: <br />City Inclusionary Housing Loan: $4,775,000 loan will be repaid with <br />18.58% of the total annual residual receipts. This loan will have a 3% <br />simple interest rate and a 55 -year term. At the end of the term, the <br />outstanding loan balance is estimated at $11.33 million. <br />ii. City CDBG Loan: $500,000 will be repaid with 1.95% of the total annual <br />residual receipts. This loan will have a 3% simple interest rate and a 55 - <br />year term. At the end of the term, the outstanding loan balance is <br />estimated at $1.19 million. <br />iii. City HOME Loan: $2,627,631 will be repaid with 10.23% of the total <br />annual residual receipts. This loan will have a 3% simple interest rate and <br />a 55 -year term. At the end of the term, the outstanding loan balance is <br />estimated at $6.23 million. <br />iv. AHSC Loan: $4,944,000 will be repaid with 19.24% of the total annual <br />residual receipts. This loan will have a 3% simple interest rate and a 55 - <br />year term. At the end of the term, the outstanding loan balance is <br />estimated at $11.73 million. <br />h. The City HOME Loan is estimated to generate the following in nominal terms and <br />present value terms, assuming a 6.0% discount rate: <br />Loan Amount Nominal Value Present Value <br />City HOME Loan $2,627,631 $730,000 $63,000 <br />City of Santa Ana HOME Subsidy Layering Review: Santa Ana Arts Collective Page 112 <br />25J-34 <br />