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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
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