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Judson Brown, City of Santa Ana March 1, 2017 <br />Santa Ana Arts Collective: Financial Gap Analysis Page 13 <br />syndication value Is ultimately determined based on competitive market conditions and on the <br />timing of the disbursements. Based on currently available information, KMA and the Developer <br />estimate the proceeds at $0.99 per gross Tax Credit dollar. As such, the total net Tax Credit <br />proceeds are estimated at $17.70 million. <br />AMSC Program Funds <br />The Developer received a total of $6.26 million in funding from the AHSC Program. The specific <br />sources for these funds are as follows: <br />1. A $4.94 million AHSC Affordable Housing Capital Loan; <br />2. A $1.29 million AHSC Sustainable Transportation Infrastructure (STI) Grant; and <br />3. A $23,000 AHSC Program Activities (PRG) Grant. <br />Deferred Developer Fee <br />The Developer did not include a deferral of any portion of the Developer Fee as a funding source <br />forthe Project. However, KMA does not agree with this assumption, which Is discussed <br />subsequently in this memorandum. <br />Previous City Commitment <br />The City previously committed to provide $4.64 million In financial assistance to the Project. <br />Total Avallabie Funding Sources <br />As shown In Table 3, KMA estimates the total available funding sources at $30.69 million. <br />Unfunded Financial Gap Calculation <br />Based on the assumptions outlined In this analysis, KMA estimates the Project's financial gap as <br />follows: <br />Total Development Costs <br />$34,145,000 <br />(Less) Total Available Funding Sources <br />(30,694,000) <br />Unfunded Financial Gap <br />$3,451,001) <br />Per Unit <br />$59,500 <br />1103001:SNA7Pa <br />1990.014.007 <br />80A-37 <br />