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EXHIBIT 2 <br />TABLE 1 <br />ESTIMATED DEVELOPMENT COSTS <br />1126-46 EAST WASHINGTON AVENUE <br />SANTA ANA, CALIFORNIA <br />I. Capitalized Ground Rent Payment <br />II. Direct Costs <br />Off -site Improvements <br />On -site Improvements <br />Surface Parking Costs <br />Residential Building Costs <br />Furnishings, Fixtures & Equipment <br />Contractor Fees / General Requirements <br />Construction Bonds/Insurance <br />Construction Management <br />Direct Cost Contingency Allowance <br />Total Direct Costs <br />III. Indirect Costs <br />Arch, Eng, & Consulting <br />Public Permits & Fees <br />Taxes, Insurance, Legal & Accounting <br />Marketing & Leasing <br />Developer Fee <br />Soft Cost Contingency Allowance <br />Total Indirect Costs <br />IV. Financing Costs <br />Interest During Construction <br />Financing Fees <br />Construction Loan <br />Permanent Loans <br />Capitalized Reserves <br />Operating Reserve <br />TCAC Fees <br />Total Financing Costs <br />3 99,317 <br />Sf Land <br />2 <br />3 <br />99,317 <br />Sf Land <br />110 <br />Spaces <br />85,000 <br />Sf GBA <br />14.0% <br />Construction Costs <br />2.0°% <br />Construction Costs <br />5.0% <br />Other Direct Costs <br />85,000 <br />Sf GBA <br />7.0% <br />Direct Costs <br />3 86 <br />Units <br />2.5% <br />Direct Costs <br />86 <br />Units <br />° 8.1% <br />Eligible Basis <br />5.0% <br />Other Indirect Costs <br />S $24,081,000 Loan Amount <br />$24,081,000 Loan Amount <br />$2,904,000 Loan Amount <br />$56 /Sf Land $5,580,000 <br />$493,000 <br />$30 <br />/Sf Land <br />2,980,000 <br />$3,000 <br />/Space <br />330,000 <br />$170 <br />/Sf GBA <br />14,433,000 <br />550,000 <br />2,553,000 <br />365,000 <br />150,000 <br />1,093,000 <br />$270 /Sf GBA $22,947,000 <br />$1,606,000 <br />$35,465 /Unit 3,050,000 <br />574,000 <br />$1,744 /Unit 150,000 <br />2,410,000 <br />390,000 <br />$8,180,000 <br />4.38% Interest <br />1.50 Points <br />1.50 Points <br />3 Months Operating Expenses/ Debt Service <br />6 <br />1,213,000 <br />361,000 <br />44,000 <br />248,000 <br />115,000 <br />$1,981,000 <br />V. JTotal Development Costs 86 Units $449,900 /Unit $38,688,000 <br />Based on the estimated fair market value of the Housing Authority and County parcels. <br />z Estimates assume Federal Davis Bacon and/or State prevailing wage requirements will be imposed on the Project. <br />3 Based on Developer estimate. The estimate should be verified by City staff. <br />° Based on the maximum amount allowed by TCAC. <br />s Includes debt on the 81°% of the Tax Credit Equity which will not be funded during construction. Assumes an 18-month construction period with a 60% <br />average outstanding balance and a 3-month absorption period with a 100% average outstanding balance. <br />6 Includes a $2,000 application fee; $410/unit monitoring fee; and 4% of the gross Tax Credit proceeds for one year. <br />Prepared by: Keyser Marston Associates, Inc. <br />Filename: 112646 E Washington_5 22 19; PF; trb 80 B-33 <br />