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Judson Brown, City of Santa Ana <br />EXHIBIT 2 <br />September 7, 2018 <br />Depot at Santiago: Permanent Loan Analysis Page 3 <br />2. It is estimated that the City will begin to receive residual receipts payments in <br />Year 13. <br />3. The residual receipts payments to the City over the 55 -year loan term are <br />estimated as follows: <br />a. $4.26 million in nominal dollars; and <br />b. $164,000 in net present value dollars. <br />2018 Financing Assumptions <br />The cash flow analysis based on the 2018 financing assumptions can be summarized as <br />follows: <br />1. The Deferred Developer Fee is set at $203,000 and is estimated to be repaid by <br />Year 3. <br />2. It is estimated that the City will begin to receive residual receipts payments in <br />Year 4. <br />3. The residual receipts payments to the City over the 55 -year loan term are <br />estimated as follows: <br />a. $6.78 million in nominal dollars; and <br />b. $366,000 in net present value dollars. <br />As such, it is anticipated that the City will receive residual receipts payments sooner <br />than previously estimated using the 2018 financing assumptions. Furthermore, it is <br />estimated that the residual receipts payments to the City will be higher (in both nominal <br />and net present value terms) under the requested higher permanent loan amount of <br />$6.42 million rather than the $5.43 million permanent loan based on the 2016 financing <br />assumptions. <br />25C-9 <br />1809002:SA:TRB <br />19090.017.006 <br />