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TABLE 1
<br />ESTIMATED DEVELOPMENT COSTS
<br />BUDGET INN
<br />SANTA ANA. CALIFORNIA
<br />I. Property Assemblage Costs
<br />Property Acquisition Costs
<br />Closing Costs
<br />Total Land Assemblage Costs
<br />II. Direct Costs
<br />Off-site Improvements
<br />Residential Rehabilitation Costs
<br />Clinic Space Building Costs
<br />Furnishings, Fixtures & Equipment
<br />Contractor Fees / General Requirements
<br />Construction Bonds / General Liability Insurance
<br />Contingency Allowance
<br />Total Direct Costs
<br />III. Indirect Costs
<br />Arch, Eng, & Consulting
<br />Construction Management
<br />Public Permits & Fees
<br />Taxes, Insurance, Legal & Accounting
<br />Marketing & Leasing
<br />Developer Fee
<br />Contingency Allowance
<br />Total Indirect Costs
<br />IV. Financing Costs
<br />Interest During Construction
<br />Financing Fees
<br />Construction Loan
<br />Permanent Loan
<br />Operating Reserve
<br />TCAC Fees
<br />Total Financing Costs
<br />IM
<br />1 91
<br />Units
<br />$165,800
<br />/Unit
<br />$15,089,000
<br />0.17%
<br />Acq Costs
<br />25,000
<br />$15,114,000
<br />2
<br />3
<br />$0
<br />4 91
<br />Units
<br />$57,100
<br />/Unit
<br />5,196,000
<br />4 4,000
<br />Sf GBA
<br />$300
<br />/Sf GBA
<br />1,200,000
<br />4 91
<br />Units
<br />$5,621
<br />/Unit
<br />512,000
<br />11%
<br />Construction Costs
<br />704,000
<br />2%
<br />Construction Costs
<br />96,000
<br />10%
<br />Other Direct Costs
<br />771,000
<br />91
<br />Units
<br />$93,200
<br />/Unit
<br />$8,479,000
<br />8%
<br />Direct Costs
<br />$678,000
<br />100,000
<br />' 91
<br />Units
<br />$6,263
<br />/Unit
<br />570,000
<br />3%
<br />Direct Costs
<br />254,000
<br />91
<br />Units
<br />$1,220
<br />/Unit
<br />111,000
<br />6 15%
<br />Eligible Basis
<br />1,714,000
<br />30%
<br />Other Indirect Costs
<br />343,000
<br />$3,770,000
<br />6 $25,461,000
<br />Loan Amount
<br />.5.00%
<br />Interest
<br />$1,639,000
<br />$25,461,000 Loan Amount 1.00 Points
<br />$6,399,000 Loan Amount 1.00 Points
<br />3 Months Operating Expenses/ Debt Service
<br />7
<br />255,000
<br />64,000
<br />320,000
<br />104,000
<br />$2,382,000
<br />Total Construction Costs 91 Units $160,800 /Unit $14,631,000
<br />Total Development Costs 91 Units $326,90D /Unit $29,745,000
<br />2 Based on Developer estimate. An appraisal was not provided for review.
<br />2 Estimates assume prevailing wage requirements will be imposed on the Project.
<br />3 Based on Developer estimate. The estimate should be verified by City staff.
<br />4 Based on Developer estimates. A detailed scope of work or physical needs assessment was not provided for review.
<br />s This is the maximum amount allowed to be included in the Project's eligible Tax Credit basis.
<br />6 Includes debt on the 90% of the Tax Credit Equity which will not be funded during construction. Assumes a 13 -month construction period with a 65%
<br />average outstanding balance and a 7 -month absorption period with a 100% average outstanding balance.
<br />r Includes a $2,000 application fee; $410/unit monitoring fee; and 4% of the gross Tax Credit proceeds for one year.
<br />Prepared by: Keyser Marston Associates, Inc. 80B-32
<br />Filename: Jamboree Budget Inn -2 19 19; PF -9%; trb
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