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Judson Brown, qty of Santa Ana March 1, 2017 Santa Ana Arts Coliective: Financial Gap Analysis page 6 KMA Recommendatlon The Project's budget Includes a $2.0 million Developer Fee, which Is the maximum amount allowed for 9% Tax Credit transactions. If the Developer is unable to obtain additional outside funding, KMA recommends that the City require the Developer to defer or forgo the $600,000 component of this Fee that exceeds the $1.40 million that can be included in the Project's Tax Credit eligible basis. This would decrease the Project's unfunded financial gap to approximately $2.90 million. The City previously committed $4.64 million to the Project. If the City grants the Develeper's request for $3.49 million In additional financial assistance, the City assistance package would total $8.13 million. If the City requires the Developer to defer or forgo $600,000 of the Developer Fee, the City's assistance would total $7.54 million. PROJECT IDESCRI PTION The proposed scope of development can be described as follows: 1. The Site is comprised of 1.0 acre, or43,560 square feet of land area. 2. The 58 -unit Project represents a density of 58 units per acre, 3. The Project's unit mix is as follows: 4. The existing building Is five stories In height and consists of approximately 66,800 square feet of gross building area (GBA). S. The existing building contains a 142 -space subterranean parking garage. 6. The Project's proposed affordability mix is as follows: 1703001SNA:T11B 19090.014.007 FO R Number of Unit Size Units (SF) One -Bedroom Units 26 550 Two -Bedroom Units 15 871 Three -Bedroom Units 17 1,252 Total / Weighted Average 58 839 4. The existing building Is five stories In height and consists of approximately 66,800 square feet of gross building area (GBA). S. The existing building contains a 142 -space subterranean parking garage. 6. The Project's proposed affordability mix is as follows: 1703001SNA:T11B 19090.014.007 FO R