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TABLE 1
<br />ESTIMATED DEVELOPMENT COSTS
<br />WESTVIEW HOUSE
<br />SANTA ANA, CALIFORNIA
<br />I. Property Acquisition Costs
<br />II. Direct Costs
<br />Off -site Improvements
<br />On -site Improvements
<br />Building Shell Costs
<br />Prevailing Wage
<br />Furnishings, Fixtures & Equipment
<br />Contractor Fees / General Requirements
<br />General Liability Insurance / Contt Bonds
<br />Contingency Allowance
<br />Total Direct Costs
<br />III. Indirect Costs
<br />Architecture, Engineering & Consulting
<br />Public Permits & Fees
<br />Taxes, Insurance, Legal & Accounting
<br />Marketing & Leasing
<br />Developer Fee
<br />City -Controlled Project Contingency
<br />Total Indirect Costs
<br />IV. Financing Costs
<br />Acquisition Loan Interest Reserve
<br />Interest During Construction
<br />Series A Bond
<br />Series B Bond
<br />Financing Fees
<br />Series A Bond
<br />Series B Bond
<br />Capitalized Reserves
<br />Operating Reserve
<br />Transition Reserve
<br />TCAC Fees
<br />Total Financing Costs
<br />It
<br />92,434 Sf Land $72 /Sf Land
<br />$6,675,000
<br />3
<br />$250,000
<br />92,434 Sf Land
<br />$15
<br />/Sf Land
<br />1,387,000
<br />95,370 Sf GBA
<br />$150
<br />/Sf GBA
<br />14,306,000
<br />17% Construction Costs
<br />2,710,000
<br />213,000
<br />12% Construction Costs
<br />2,238,000
<br />1% Construction Costs
<br />187,000
<br />5% Other Direct Costs
<br />1,065,000
<br />95,370 Sf GBA
<br />$234
<br />/Sf GBA
<br />$22,356,000
<br />5.5% Direct Costs
<br />$1,230,000
<br />4 85 Units
<br />$17,426
<br />/Unit
<br />1,481,000
<br />2.0% Direct Costs
<br />447,000
<br />85 Units
<br />$500
<br />/Unit
<br />43,000
<br />5 15% Eligible Costs
<br />3,926,000
<br />1% Total Project Costs
<br />400,000
<br />$7,527,000
<br />6 $6,341,000 Loan Amount
<br />4.00%
<br />Interest
<br />$254,000
<br />7 $13,980,000 Loan Amount
<br />3.25%
<br />Interest
<br />568,000
<br />8 $13,160,000 Loan Amount
<br />3.25%
<br />Interest
<br />535,000
<br />$13,980,000 Loan Amount
<br />1.75
<br />Points
<br />245,000
<br />$13,160,000 Loan Amount
<br />1.75
<br />Points
<br />230,000
<br />3 Months Op Expand Debt Svc Pmts
<br />331,000
<br />250,000
<br />49,000
<br />$2,462,000
<br />Total Construction Costs 85 Units $380,500 /Unit $32,3450000
<br />Total Development Costs 85 Units $459,100 /Unit $39,020,000
<br />1 The purchase price is based on a Purchase and Sale Agreement provided by Developer. The Developer provided an appraisal prepared by James G.
<br />Palmer Appraisals, Inc. on January 3, 2020 that estimates the "As Is" market value of the property at $6,286,000. As such, the appraised value is
<br />$389,000, or 6% higher than the appraised value.
<br />z Estimates assume prevailing wage requirements will be imposed on the Project.
<br />3 Based on Developer estimate. City staff should verify the scope and cost of the required off -site improvements.
<br />4 Based on Developer estimate. The estimate should be verified by City staff.
<br />5 The Developer Fee is the maximum amount allowed by TCAC.
<br />6 The Developer intends to obtain a short-term acquisition loan at the close of escrow. The proposed terms are: a 95% Loan -to -Value, a 4% interest
<br />rate, and a 12-month term.
<br />7 Includes debt on the 70% of the Tax Credit Equity that will not be funded during construction. Assumes an 18-month construction period with a 50%
<br />average outstanding balance and a 6-month absorption period with a 100%average outstanding balance.
<br />8 Equal to the unfunded construction costs minus the Series A Bond amount; an 18-month construction period with a 50% average outstanding balance;
<br />and a 6-month absorption period with a 100%average outstanding balance.
<br />a Includes a $2,000 application fee;$410/unit monitoring fee; and 1% of the gross Tax Credit proceeds for one year.
<br />60B_�2 Prepared by: Keyser Marston Associates, Inc.
<br />J File name: Westview House 3 19 20.xlsm; Pro Forma; trb
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