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A": ai <br />Judson Brown, City of Santa Ana March 1, 2017 <br />Santa Ana Arts Collective: Financial Gap Analysis Page 7 <br />Low HOME/ AHSC/Tax Credit@ 30% Median <br />20 <br />Low HOME/ AHSC/Tax Credit@ 35% Median <br />6 <br />Low HOME / AHSC f Tax Credit @ 40% Median <br />6 <br />Low HOME/AHSC/Tax Credit @ 60% Median <br />25 <br />Unrestricted On -Site Manager's Unit <br />1 <br />Total Units <br />58 <br />FINANCIAL GAP ANALYSIS <br />KMA prepared pro forma analysis to assist in evaluating the Developer's proposal assuming that <br />no additional financial assistance from outside funding sources can be obtained. The analysis is <br />located at the end of this memorandum, and is organized as follows: <br />Table 1: <br />Estimated Development Costs <br />Table 2: <br />Stabilized Net Operating Income <br />Table 3: <br />unfunded Financial Gap Calculation <br />Estimated Development Costs (Table 3) <br />KMA reviewed the Developer's development cost estimate, and then Independently prepared a <br />pro forma analysis for the Project. The development cost estimates used in this analysis are as <br />follows: <br />Property Assemblage Costs <br />The following summarizes the property assemblage costs: <br />1. The purchase price for the Site was $7.20 million. The Developer submitted an appraisal <br />prepared by BC Valu on August 21, 2015 that estimated the market value of the Site at <br />$7.15 million, which is approximately equal to the purchase price. <br />2. The building was approximately 50% occupied with office tenants when it was acquired <br />by the Developer, and the Developer initially estimated the relocation costs for these <br />tenants at $782,000. However, the Developer has since stated that there are lease <br />270300LSNA:r11a <br />19090,034.007 <br />80A-31 <br />