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EXHIBIT 2 <br />Judson Brown, City of Santa Ana May 22, 2019 <br />1126-46 E. Washington Ave: Preliminary Financial Gap Analysis Page 6 <br />4. The residential shell costs are estimated at $170 per square foot of residential <br />GBA, or $14.43 million. <br />5. A $550,000 allowance for furnishings, fixtures and equipment is provided. <br />6. A 14% allowance for contractor fees and general requirements is provided. <br />7. An allowance for construction bonds / general liability insurance at 2% of <br />construction costs is provided. <br />8. The third -party construction management costs are estimated at $150,000. <br />9. A direct cost contingency allowance equal to 5% of other direct costs is provided <br />KMA estimates the total direct costs at $22.95 million. This equates to $270 per square <br />foot of GBA. <br />Indirect costs <br />KMA utilized the following assumptions in estimating the indirect costs: <br />1. The architecture, engineering and consulting costs are estimated at 7% of direct <br />costs. <br />2. The Developer estimated the public permits and fees costs at $3.05 million, or <br />$35,500 per unit. City staff should verify the accuracy of this estimate. <br />3. The taxes, insurance, legal and accounting costs are estimated at 2.5% of direct <br />costs. <br />4. An approximately $1,700 per unit allowance for marketing and leasing costs is <br />provided. <br />5. The Developer Fee is set at $2.41 million, which is the maximum amount allowed <br />to be included in the Project by TCAC. <br />6. An indirect cost contingency allowance equal to 5% of other indirect costs is <br />provided. <br />KMA estimates the total indirect costs at $8.18 million. <br />1905019:SA:TRB <br />19090.017.019 <br />FO <br />