Laserfiche WebLink
Judson Brown, City of Santa Ana <br />EXHIBIT 3 <br />January 3, 2019 <br />Santa Ana United Methodist Church: Financial Gap Analysis Page 6 <br />2. The off-site improvement costs are estimated at $1.26 million. City staff should <br />verify the accuracy of this assumption. <br />3. The Site is currently occupied with church buildings, which will be demolished to <br />complete the Project. The Developer estimates the demolition costs at $1.01 <br />million, or $13 per square foot of land area. <br />4. The on-site improvement costs are estimated at $40 per square foot of land <br />area, or $3.03 million, which is higher than typical. The Developer stated that <br />the higher than typical costs are due to courtyard waterproofing and stormwater <br />mitigation costs. The tight constraints of the Site will require the Developer to <br />underground the storm water detention, which is more costly than typical basins <br />or bio swales. <br />5. The Developer estimates the at -grade podium parking costs at $23,000 per <br />space, or $2.53 million. This is at the low end of the typical range for podium <br />parking costs. <br />6. The Developer estimates the building costs at $123 per square foot of GBA, <br />which equates to $15.19 million. This is at the low end of the typical range for <br />similar affordable housing projects. <br />A $150,000 allowance for furnishings, fixtures and equipment is provided. <br />8. The contractor costs are estimated as follows: <br />A 14% allowance for contractors' fees and general requirements is <br />provided. <br />b. An allowance for construction bonds / general liability insurance at 2% of <br />construction costs is provided. <br />9. KMA included a $1.34 million direct cost contingency allowance, which is equal <br />to 5% of other direct costs (excluding the AHSC line items). <br />KMA estimates the total direct costs at $32.55 million. This equates to $264 per square <br />foot of GBA. <br />1812009:SA:TRB <br />19090.017.008 <br />