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EXHIBIT 3
<br />Westview House
<br />Sources & Uses
<br />City of Santa Ana
<br />Pre-Dev Proforma
<br />04/28/22
<br />NEW OR
<br />ELIGIBLE
<br />ELIGIBLE
<br />NOTTOTAL
<br />USES OF •S
<br />Land at $3,148,585 Per Acre or $72.28 Per SF
<br />TOTAL
<br />6,675,000
<br />ACQUISITION•HISTORIC
<br />0
<br />0
<br />0
<br />STATE
<br />0
<br />ELIGIBLE
<br />6,675,000
<br />PER UNIT
<br />78,529
<br />Associated Acq. Costs
<br />726,288
<br />0
<br />0
<br />0
<br />0
<br />726,288
<br />8,545
<br />Prevailing Wage
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Hard Cost Residential 30,689,128 361,049
<br />22,879,658
<br />0
<br />22,879,658
<br />0
<br />22,879,658
<br />0
<br />269,172
<br />Site Improvements
<br />3,558,174
<br />0
<br />3,558,174
<br />0
<br />3,558,174to
<br />0
<br />41,861
<br />General Conditions, Overhead, GC Fee 14.00%
<br />3,701,296
<br />0
<br />3,701,296
<br />0
<br />3:701:2960
<br />43,545
<br />GC Bond / Insurance / Letter of Credit 2.40%
<br />550,000
<br />0
<br />550,000
<br />0
<br />550,0000
<br />6,471
<br />Hard Cost Contingency 5.00%
<br />1,535,000
<br />0
<br />1,535,000
<br />0
<br />1,535,000
<br />18,059
<br />Construction Interest (2.6%) at Perm. Rate + -1� 2.60%
<br />1,633,319
<br />0
<br />955,844
<br />0
<br />955,844
<br />677,475
<br />19,216
<br />Bridge Interest at 10.00%
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Construction Loan Fees
<br />241,200
<br />0
<br />12,060
<br />0
<br />12,060
<br />2,838
<br />Conversion Fee
<br />136,426
<br />0
<br />0
<br />0
<br />0
<br />136,426
<br />1,605
<br />Bridge Loan Fees
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />4% Related Costs / Cost of Issuance
<br />40,000
<br />0
<br />2,000
<br />0
<br />2,000
<br />000
<br />13i,500
<br />471
<br />Accounting & Audit
<br />37,500
<br />0
<br />0
<br />0
<br />0
<br />441
<br />Appraisal / Market Study
<br />11,350
<br />0
<br />11,350
<br />0
<br />11,350
<br />0
<br />134
<br />Architecture (Architect, Landscape Architect)
<br />1,052,500
<br />0
<br />1,052,500
<br />0
<br />1,052,500
<br />0
<br />12,382
<br />Civil Engineering
<br />113,300
<br />0
<br />113,300
<br />0
<br />113,300
<br />0
<br />1,333
<br />Construction Site Inspector
<br />138,500
<br />0
<br />138,500
<br />0
<br />138,500
<br />0
<br />1,629
<br />Consultants (Geo, LEED, Dry Utilities, Security, Bank Insp.)
<br />154,380
<br />0
<br />130,440
<br />0
<br />130,440
<br />23,940
<br />1,816
<br />Environmental (EIR, Phase I, Asbestos, exc.)
<br />5,100
<br />0
<br />5,100
<br />0
<br />5,100
<br />0
<br />60
<br />F.A. / Syndication Consultant / Syndication Fee
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Furnishings
<br />226,000
<br />0
<br />226,000
<br />0
<br />226,000
<br />0
<br />2,659
<br />Special Inspections (Concrete, SWPPs)
<br />75,000
<br />0
<br />75,000
<br />0
<br />75,000
<br />0
<br />882
<br />Lease -up & Marketing Expenses
<br />60,000
<br />0
<br />0
<br />0
<br />0
<br />60,000
<br />706
<br />Legal
<br />275,000
<br />0
<br />13,750
<br />0
<br />13,750
<br />261,250
<br />3,235
<br />Utility Undergrounding
<br />100,000
<br />0
<br />100,000
<br />0
<br />100,000
<br />0
<br />1,176
<br />Operating & Debt Service Reserve (3-mo's / det
<br />343,824
<br />0
<br />0
<br />0
<br />0
<br />343,824
<br />4,045
<br />Other (Lease Up Reserve)
<br />229,216
<br />0
<br />0
<br />0
<br />0
<br />229,216
<br />2,697
<br />Other (Admin, Repo, Shipping, Reimburseables)
<br />22,000
<br />0
<br />0
<br />0
<br />0
<br />22,000
<br />259
<br />Impact Fees
<br />1,445,871
<br />0
<br />1,445,871
<br />0
<br />1,445,871
<br />0
<br />17,010
<br />Insurance
<br />80,000
<br />0
<br />54,026
<br />0
<br />54,026
<br />25,974
<br />941
<br />Permit Fees
<br />325,000
<br />0
<br />325,000
<br />0
<br />325,000
<br />0
<br />3,824
<br />Property Taxes
<br />110,138
<br />0
<br />0
<br />0
<br />0
<br />110,138
<br />1,296
<br />Solar (Structure & Panels)
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />City Controlled Contingency
<br />400,000
<br />0
<br />200,000
<br />0
<br />200,000
<br />200,000
<br />4,706
<br />Soft Cost Contingency 4.98%
<br />272,500
<br />0
<br />272,500
<br />0
<br />272,500
<br />0
<br />3,206
<br />Tax Credit/Bond Fees (App., Mon., & Res.)
<br />56,879
<br />0
<br />0
<br />0
<br />0
<br />56,879
<br />669
<br />Title & Recording
<br />55,000
<br />0
<br />2,750
<br />0
<br />2,750
<br />52,250
<br />647
<br />Developer Overhead
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Developer Fee
<br />TOTAL•
<br />2,500,000
<br />0
<br />i
<br />2,500,000
<br />39,860,120
<br />0
<br />0
<br />0
<br />9,905,300
<br />29,412
<br />585,476
<br />City Council 39 - 82 5/17/2022
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