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Judson Brown, City of Santa Ana <br />EXHIBIT 3 <br />January 3, 2019 <br />Santa Ana United Methodist Church: Financial Gap Analysis Page 4 <br />C. The Project will include Flex Space estimated at 7,720 square feet;' and <br />d. The circulation and common area GBA is estimated at 30,997 square feet. <br />5. The Project will include 110 at -grade podium parking spaces, which equates to <br />1.2 spaces per unit. <br />6. The Project's affordability mix is as follows: <br />Tax Credit @ 30% Median <br />44 <br />Tax Credit @ 50% Median <br />31 <br />Tax Credit @ 60% Median <br />17 <br />Unrestricted Manager's Unit <br />1 <br />Total Units <br />93 <br />7. The Project will include 33 permanent supportive housing (PSH) units. <br />FINANCIAL GAP ANALYSIS <br />KMA prepared a pro forma analysis to estimate the Project's financial gap. The analysis <br />is located at the end of this memorandum, and is organized as follows: <br />Table 1: Estimated Development Costs <br />Table 2: Stabilized Net Operating Income <br />Table 3: Financial Gap Calculation <br />Estimated Development Costs (Table 1) <br />KMA reviewed the Developer's January 2, 2019 pro forma and then independently <br />prepared a pro forma analysis of the Project. The resulting development costs are as <br />follows: <br />'The City should work with the Developer to further define the Flex Space area. <br />1812009:SA:TRB <br />19090.017.008 <br />