|
APPENDIX A -TABLE 1
<br />ESTIMATED DEVELOPMENT COSTS
<br />SANTA ANA ARTS COLLECTIVE
<br />SANTA ANA, CALIFORNIA
<br />I. Property Assemblage Costs
<br />Property Acquisition Costs
<br />2
<br />43,299
<br />Sf Land
<br />$171
<br />/Sf Land
<br />$7,405,000
<br />Relocation Costs
<br />2
<br />1,473,000
<br />Closing Costs
<br />0.5%
<br />Purchase Price
<br />34,000
<br />Total Property Assemblage Costs
<br />$8,912,000
<br />II. Direct Costs
<br />3
<br />Off-site Improvements
<br />$376,000
<br />On-site Improvements
<br />43,299
<br />Sf Land
<br />$11
<br />/Sf Land
<br />469,000
<br />Adaptive Reuse & New Const Costs
<br />4
<br />74,499
<br />Sf GBA
<br />$189
<br />/Sf GBA
<br />14,080,000
<br />Furnishings, Fixtures & Equipment
<br />350,000
<br />Contractor Fees / General Requirements
<br />12%
<br />Construction Costs
<br />1,791,000
<br />Construction Bonds
<br />2%
<br />Construction Costs
<br />299,000
<br />Contingency Allowance
<br />3%
<br />Other Direct Costs
<br />521,000
<br />Total Direct Costs
<br />58
<br />Units
<br />$308,400
<br />/Unit
<br />17,886,000
<br />III. Indirect Costs
<br />Arch, Eng, Consulting & Construction Mgt
<br />16%
<br />Direct Costs
<br />$2,862,000
<br />Public Permits & Fees
<br />6
<br />58
<br />Units
<br />$28,220
<br />/Unit
<br />1,637,000
<br />Taxes, Insurance, Legal & Accounting
<br />3%
<br />Direct Costs
<br />537,000
<br />Marketing & Leasing
<br />58
<br />Units
<br />$2,414
<br />/Unit
<br />140,000
<br />Developer Fee
<br />6
<br />8%
<br />Eligible Basis
<br />2,000,000
<br />Contingency Allowance
<br />2%
<br />Other Indirect Costs
<br />144,000
<br />Total Indirect Costs
<br />$7,320,000
<br />IV. Financing Costs
<br />Interest During Construction
<br />Predevelopment Loan
<br />7
<br />$206,000
<br />Construction Loan
<br />a
<br />$21,260,574
<br />Loan Amount
<br />4.86%
<br />Interest
<br />995,000
<br />Financing Fees
<br />Construction Loan
<br />$21,260,574
<br />Loan Amount
<br />1.25
<br />Points
<br />266,000
<br />Permanent Loan
<br />$3,442,000
<br />Loan Amount
<br />1.50
<br />Points
<br />52,000
<br />Operating Reserve
<br />3
<br />Months Operating Expenses / Debt Service
<br />162,000
<br />TCAC Fees
<br />'
<br />97,000
<br />V.
<br />Total Financing Costs $1,778,000
<br />Total Construction Costs 58 Units $465,200 /Unit $26,984,000
<br />Total Development Costs 58 Units $618,900 /Unit $35,896,000
<br />2 An appraisal prepared on June 27, 2017 estimates the As -Is market value of the property at $8,200,000.
<br />2 Based on Developer estimate. LACAL Consulting, Inc. prepared a relocation plan on May 31, 2016 and estimated the relocation costs at $907,000.
<br />However, the report underestimaterd the lease termination options. The Developer provided back-up documenation for the additional costs.
<br />3 Estimates assume prevailing wage requirements will not be imposed on the Project.
<br />4 Based on Developer estimate. The Developer provided a general contractor contract and change orders to support the construction cost estimates.
<br />s Based on Developer estimate. The estimate should be verified by City staff.
<br />6 This is the maximum amount allowed to be included in the Project by TCAC.
<br />7 Based on Developer estimate.
<br />6 Includes debt on the 78% of the Tax Credit Equity which will not be funded during construction. Assumes a 21 -month development period with a
<br />55% average outstanding balance.
<br />3 Includes a $2,000 application fee; $410/unit monitoring fee; and 4% of the gross Tax Credit proceeds for one year.
<br />Prepared by: Keyser Marston Associates, Inc.
<br />Filename: Meta -8 618; PF_9%; trb 25J-47
<br />
|