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Judson Brown, City of Santa Ana October 6, 2021 <br />Francis Xavier Residence: Financial Gap Analysis Page 3 <br />The results of the KMA financial gap analysis are compared to the Developer's financial <br />proposal in the following table: <br />KMA Developer Difference <br />Total Construction Costs $6,898,000 $6,899,000 ($1,000) <br />Outside Funding Sources 6,311,000 6,311,000 -0- <br />Financial Gap $587,000 $588,000 ($1,000) <br />As shown in the preceding table, KMA estimates the Project's additional financial gap at <br />$587,000, which is approximately equal to the Developer's request for $588,000 in <br />additional financial assistance from the Authority. However, it is important to note that <br />the KMA and Developer estimates differ on a line item by line item basis. <br />PROJECT DESCRIPTION <br />The proposed scope of development can be described as follows: <br />1. The Site area totals 0.34 acres, or approximately 15,000 square feet of land area. <br />2. The Project includes 17 one -bedroom units, which equates to a density of 49 <br />units per acre. <br />3. The Project's gross building area (GBA) is estimated at approximately 14,300 <br />square feet. <br />4. The Project will include 12 garage parking spaces, which equates to 0.71 spaces <br />per unit. <br />5. The Project's affordability mix is summarized as follows:1 <br />1 H&SC = California Health and Safety Code income and rent definitions <br />City Council 16 — 56 1202WRIB <br />19090.017.010 <br />