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EXHIBIT 1
<br />Cornerstone
<br />Sources & Uses City of Santa Ana
<br />Inifial Proforma
<br />07/17/17
<br />175,121
<br />USES OF FUNDS•
<br />•N
<br />NEW OR
<br />REHAB COST
<br />ELIGIBLE
<br />HISTORIC
<br />ELIGIBLE
<br />NOT
<br />TOTAL
<br />Land al $1,475,410 Per Acre or $33.87 Per SF
<br />2,700,000
<br />0
<br />0
<br />0
<br />0
<br />2,700,000
<br />21,429
<br />Existing Structure
<br />14,860,000
<br />14,860,000
<br />0
<br />0
<br />0
<br />0
<br />117,937
<br />Other Acquisition Costs
<br />1
<br />1
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Hard Cost Residential 5,087,500 40,377
<br />5,000,000
<br />0
<br />5,000,000
<br />0
<br />5,000,000
<br />0
<br />39,683
<br />Site Improvements
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />General Conditions, Profit & Overhead 0.00%
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />GC Bond / Insurance / Leiter of Credit 1.75%
<br />87,500
<br />0
<br />87,500
<br />0
<br />87,500
<br />0
<br />694
<br />Hard Cost Contingency 10.00%
<br />508,750
<br />0
<br />508,750
<br />0
<br />508,750
<br />0
<br />4,038
<br />Construction Interest (3.5%)al Perm. Rate +-12: 3.50%
<br />524,763
<br />0
<br />28,125
<br />0
<br />28,125
<br />496,638
<br />4,165
<br />Bridge Interest at 10.00%
<br />293
<br />0
<br />0
<br />0
<br />0
<br />293
<br />2
<br />Construction Loan Fees
<br />82,500
<br />0
<br />82,500
<br />0
<br />82,500
<br />0
<br />655
<br />Permanent Loan Fees
<br />98,364
<br />0
<br />0
<br />0
<br />0
<br />98,364
<br />781
<br />Bridge Loan Fees
<br />1
<br />0
<br />1
<br />0
<br />1
<br />0
<br />0
<br />4% Related Costs / Cost of Issuance
<br />287,750
<br />0
<br />275,000
<br />0
<br />275,000
<br />12,750
<br />2,284
<br />Accoun0ng&Audit
<br />20,000
<br />0
<br />20,000
<br />0
<br />20,000
<br />0
<br />159
<br />Appraisal/Market Study
<br />20,000
<br />0
<br />20,000
<br />0
<br />20,000
<br />0
<br />159
<br />Architecture (Architect, Landscape Architect)
<br />570,000
<br />0
<br />570,000
<br />0
<br />570,000
<br />0
<br />4,524
<br />Civil Engineering
<br />60,000
<br />0
<br />60,000
<br />0
<br />60,000
<br />0
<br />476
<br />Construction Manager
<br />125,000
<br />0
<br />125,000
<br />0
<br />125,000
<br />0
<br />992
<br />Consultants (CM, Geo, LEED, Utilities, exc.)
<br />185,000
<br />0
<br />185,000
<br />0
<br />185,000
<br />0
<br />1,468
<br />Environmental (EIR, Phase I, Asbestos. exc.)
<br />50,000
<br />0
<br />50,000
<br />0
<br />50,000
<br />0
<br />397
<br />Financial Advisor/ Syndication Consultant
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Furnishings
<br />150,000
<br />0
<br />150,000
<br />0
<br />150,000
<br />0
<br />1,190
<br />Parking Lifts
<br />1,303,000
<br />0
<br />1,303,000
<br />0
<br />1,303,000
<br />0
<br />10,341
<br />Lease -up & Marketing Expenses
<br />50,000
<br />0
<br />0
<br />0
<br />0
<br />50,000
<br />397
<br />Legal
<br />190,000
<br />0
<br />145,000
<br />0
<br />145,000
<br />45,000
<br />1,508
<br />MHSA Construction Period Fees
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />�Operating & Debt Service Reserve (3-mo's / debt 3-
<br />345,294
<br />0
<br />0
<br />0
<br />0
<br />345,294
<br />2,740
<br />Other (Admin, Repro. & Reimb.)
<br />15,000
<br />0
<br />15,000
<br />0
<br />15,000
<br />0
<br />119
<br />Other (Bank Inspections)
<br />25,000
<br />0
<br />25,000
<br />0
<br />25,000
<br />0
<br />198
<br />,Other- Bond Negative Arbitrage
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Allowance- Community Building
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Permit Fees
<br />127,188
<br />0
<br />127,188
<br />0
<br />127,188
<br />0
<br />1,009
<br />Property Taxes and Insurance
<br />217,500
<br />0
<br />187,500
<br />0
<br />187,500
<br />30,000
<br />1,726
<br />Relocation
<br />150,000
<br />0
<br />150,000
<br />0
<br />150,000
<br />0
<br />1,190
<br />Allowance - PV/ Solar Thermal installation
<br />1,100,000
<br />0
<br />1,025,000
<br />0
<br />1,025,000
<br />75,000
<br />8,730
<br />Soft Cost ConlIngency 8.84%
<br />450,000
<br />0
<br />450,000
<br />0
<br />450,000
<br />0
<br />3,571
<br />Tax Credit Fees (App., Mon., & Res.)
<br />53,000
<br />0
<br />2,000
<br />0
<br />2,000
<br />51,000
<br />421
<br />Title & Recording
<br />45,000
<br />0
<br />32,250
<br />0
<br />32,250
<br />12,750
<br />357
<br />Developer Overhead
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Developer Fee
<br />2,158,000 1
<br />01
<br />2,083,000
<br />1 -OJ
<br />2,083,000 1
<br />75.0001
<br />17.127
<br />TOTAL USES
<br />31,558,904
<br />14,860,001
<br />12,706,814
<br />0
<br />12,706,814
<br />3,992,090
<br />25D 467
<br />80A-11
<br />
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