|
i0:cu-111K
<br />TABLE 1
<br />ESTIMATED DEVELOPMENT COSTS 1
<br />SANTA ANA UNITED METHODIST CHURCH PROJECT
<br />SANTA ANA, CALIFORNIA
<br />I. Direct Costs
<br />`
<br />AHSC Elements
<br />$850,000
<br />AHSC Transit Improvements
<br />3,500,000
<br />Off-site Improvements
<br />1,264,000
<br />Demolition Costs
<br />75,794
<br />Sf Land
<br />$13
<br />/Sf land
<br />1,006,000
<br />On-site Improvements
<br />75,794
<br />Sf Land
<br />$40
<br />/5f Land
<br />3,027,000
<br />Parking Costs
<br />110
<br />Spaces
<br />$23,000
<br />/Space
<br />2,530,000
<br />Residential Shell Costs
<br />123,062
<br />Sf GBA
<br />$123
<br />/Sf GBA
<br />15,193,000
<br />Furnishings, Fixtures & Equipment
<br />150,000
<br />Contractor Fees / General Requirements
<br />3
<br />14%
<br />Construction Costs
<br />3,223,000
<br />General Liability Insurance / Const Bonds
<br />3
<br />2%
<br />Construction Costs
<br />460,000
<br />Contingency Allowance
<br />3
<br />5%
<br />Other Direct Costs
<br />1,343,000
<br />Total Direct Costs
<br />123,062
<br />Sf GBA
<br />$264
<br />/Sf GBA
<br />$32,546,000
<br />II. Indirect Costs
<br />Architecture, Engineering & Consulting
<br />6.0%
<br />Direct Costs
<br />$1,953,000
<br />Permits & Fees
<br />4
<br />93
<br />Units
<br />$26,075
<br />/Unit
<br />2,425,000
<br />Taxes, Ins, Legal & Accounting
<br />1.5%
<br />Direct Costs
<br />488,000
<br />Relocation Costs
<br />50,000
<br />Marketing&Leasing
<br />93
<br />Units
<br />$968
<br />/Unit
<br />90,000
<br />Developer Fee
<br />s
<br />15%
<br />Eligible Costs
<br />5,215,000
<br />Contingency Allowance
<br />-
<br />5%
<br />Other lndirects
<br />511,000
<br />Total Indirect Costs
<br />$10,732,000
<br />III. Financing Costs
<br />Interest During Construction
<br />Series A Bond
<br />6
<br />$1,133,000
<br />Loan Amount
<br />4.00%
<br />Interest
<br />$63,000
<br />Series B Bond
<br />7.
<br />$34,469,000
<br />Loan Amount
<br />4.00%
<br />Interest
<br />1,930,000
<br />Financing Fees
<br />Series A Bond
<br />$1,133,000
<br />Loan Amount
<br />1.50
<br />Points
<br />17,000
<br />Series B Bond
<br />$34,469,000
<br />Loan Amount
<br />1.50
<br />Points
<br />517,000
<br />Capitalized Reserves
<br />Bus Passes
<br />8
<br />609,000
<br />Operating Reserve
<br />9
<br />3
<br />Months Oper Expenses & Dbt Svc Pmts
<br />176,000
<br />TCAC Fees
<br />10
<br />159,000
<br />Total Financing Costs
<br />$3,471,000
<br />IV. Total Development Costs
<br />93
<br />Units
<br />$502,700
<br />/Unit
<br />$46,749,000
<br />1 The Developer will ground lease the Site from the Santa Ana United Methodist Church.
<br />z Based on Developer estimates. Estimates assume prevailing wage requirements will not be Imposed on the Project.
<br />9 Perthe Developer, the costs for the ASHC Elements and Transit Improvements are excluded from this calculation.
<br />4 Based on Developer estimate. The estimate should be verified by City staff.
<br />9 Based on Developer estimate. The maximum amount allowed by TCAC is equal to 15% of the Project's eligible Tax Credit basis.
<br />6 Includes debt on the 80% of the Tax Credit Equity which will not be funded during construction. Assumes an 18 -month construction period with a 60%
<br />average outstanding balance and a 6 -month absorption period with a 100% average outstanding balance.
<br />7 Equal to the unfunded construction costs minus the Series A Bond amount; an 18 -month construction period with a 60% average outstanding balance;
<br />and a 6 -month absorption period with a 100% average outstanding balance.
<br />8 Based on Developer estimates.
<br />9 Per the Developer, for the operating reserve estimate, the operating expenses exclude property taxes, social services, issuer fee, AHSC payment, and
<br />replacement reserve deposits.
<br />10 Includes a $2,000 application fee; $410/unit monitoring fee; and 1% of the gross Tax Credit proceeds for one year.
<br />Prepared by: Keyser Marston Associates, Inc.
<br />Filename: SA United Methodist Church -41% TC—AHSC-1 3 198AF/kn!36
<br />
|