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Judson Brown, City of Santa Ana <br />February 21, 2019 <br />Budget Inn: Preliminary Financial Gap Analysis Page 5 <br />3. The Developer estimates the costs to build out the clinic space at $1.20 million, <br />or $300 per square foot of clinic GBA. This estimate assumes a full build -out of <br />the clinic space including both shell costs and tenant improvement costs. <br />4. The Developer included a $512,000 allowance for furnishings, fixtures and <br />equipment, which assumes that all of the affordable units are fully furnished. <br />5. The contractor costs are estimated as follows: <br />a. An 11% allowance for contractor 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 />6. A direct cost contingency allowance equal to 10% of other direct costs is <br />provided. <br />KMA estimates the total direct costs at $8.48 million. This equates to $93,200 per unit. <br />Indirect Costs <br />KMA utilized the following assumptions in estimating the indirect costs: <br />1. The architecture, engineering and consulting costs are estimated at 8% of direct <br />costs. <br />2. The construction management fee is estimated at $100,000. <br />3. The Developer estimated the public permits and fees costs at $570,000, or <br />$6,300 per unit. City staff should verify the accuracy of this estimate. <br />4. The taxes, insurance, legal and accounting costs are estimated at 3% of direct <br />costs. <br />An approximately $1,200 per unit allowance for marketing and leasing costs is <br />provided. <br />6. The Developer set the Developer Fee at $1.71 million, which is equal to the <br />maximum amount allowed by TCAC. <br />80B-23 119090.17.009 <br />19090.017.009 <br />