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EXHIBIT 1
<br />Judson Brown, City of Santa Ana
<br />May 9, 2017
<br />Santa Ana Arts Collective Financial Feasibility
<br />Pape 2 of 5
<br />Table 1: Proposed Units and Affordability
<br />Restriction (AMI) 1 -Dgdrpom 2•aedroom 3„Taedmom
<br />30% AM( (flaw HOME*) 5 2 4
<br />LOW
<br />11
<br />30°%AM]
<br />9
<br />9
<br />35% AM[
<br />6
<br />6
<br />40% AMI
<br />6
<br />6
<br />60% AMI
<br />12 13
<br />25
<br />Manager's Unit
<br />I
<br />1
<br />Total
<br />26 1s 17
<br />58
<br />* These HOME units will be "floating"I.e., not assigned to specific units
<br />Request for Funds
<br />In addition to the $4,635,000 funds already committed by the City, the Developer has requested
<br />addltlonal City financing to eliminate an expected financing deficit. The Developer's budget Indicates a
<br />financing deficit of approximately $3,500,000.
<br />Financial Plan Ana
<br />We have focused our analysis on a review of the Project's sources and uses in the context of the Project's
<br />proposed 9% tax credit financing. Table 2, below, provides a consolidated form of the Developer's
<br />budget, and modifications proposed by CSG. In creating this analysis and variance, we have used the
<br />Developer ,'s assumptions (except, as noted) and modeled the Project using the CTCAC application form
<br />applicable to the existing credit reservation, updating where necessary (e.g„ 2017 rents),
<br />Table 2: Variance Analysis of Developer's Budget
<br />USES
<br />8udaet Item Developer CSG Variance gxplanotion of Variance
<br />Total Land CosWalus
<br />$7,230,000
<br />$7,230,000
<br />$0
<br />Total Acquisition Cost
<br />$2,413,522
<br />$2,413,522
<br />$a _
<br />Total New Construction Costs _ _ _
<br />_ $13,236,620
<br />$13,236,620
<br />$0
<br />Total Architectural Costs
<br />$830,000
<br />$830,000
<br />_
<br />$0
<br />Total Survey and Engineering
<br />$800,000,$800,000
<br />$o
<br />Total Constructlon Interest and Fees
<br />$1 A67,534
<br />$1,467,534
<br />$0
<br />Total Permanent Financing Costs
<br />$30,934
<br />$37,095
<br />^_
<br />$6,161 origination fee for higher loan amount
<br />Total Attorney Costs
<br />$205,001
<br />_ $205,001
<br />$0
<br />Total Reserve Costs
<br />$140,564
<br />_
<br />$140,564
<br />$0
<br />Total Appraisal Costs
<br />$5,700_
<br />$5,700
<br />$0
<br />Total Contingency Cost
<br />$1,330,262
<br />$1,330,262
<br />$0
<br />CSG Iadvisors SAN FRANCISCO
<br />LOS ANGELES NEW YORK
<br />
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