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VMmI:31WA <br />TABLE 1 <br />ESTIMATED DEVELOPMENT COSTS <br />BEWLEY STREET PSH PROJECT <br />SANTA ANA, CALIFORNIA <br />Property Assemblage Costs <br />Property Acquisition Costs <br />Seller Broker Fees <br />Total Property Assemblage Costs <br />Direct Costs <br />Demolition <br />Site Improvements <br />Rehabilitation & New Construction Costs <br />General Conditions / Profit <br />Insurance <br />Direct Cost Contingency <br />Total Direct Costs <br />Indirect Costs <br />Architecture, Engineering & 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. Total Financing Costs <br />V. <br />11 <br />4.0% Purchase Price <br />2 <br />3 11 Units $190,400 /Unit <br />11% Construction Costs <br />1% Construction Costs <br />15% Other Direct Costs <br />11 Units $261,400 /Unit <br />$3,900,000 <br />156,000 <br />$71,000 <br />71,000 <br />21094,400 <br />240,000 <br />24,000 <br />3751000 <br />3.5% Direct Costs $100,600 <br />4 11 Units $5,630 /Unit 61,900 <br />1.5 % Direct Costs 43,100 <br />11 Units $0 /Unit 0 <br />5 3% Net Dev. Costs (Exc. Developer Fee) 183,000 <br />5% Other Indirect Costs 19,000 <br />6 <br />$4,056,000 <br />$2,875,400 <br />$407,600 <br />$0 <br />Total Rehabilitation & New Const Costs 11 Units $312,600 /Unit $3,439,000 <br />Total Development Costs 11 Units $667,200 /Unit $7,3391000 <br />1 Based on Developer estimate. An appraisal was not provided for review. <br />2 Based on Developer's estimates. The estimates assume that prevailing wage requirements will be imposed on the Project. <br />3 Based on Developer estimate. Includes the costs to rehabilitate the existing residential buildings and to newly construct an ADU on the Site. <br />Per Developer, Head Start will be responsible for any costs associated with the preschool building. <br />4 Based on Developer estimate. City staff should verify the accuracy of this estimate. <br />5 Based on Developer estimate. <br />6 The Developer did not include any financing costs in their development budget. If the Illumination Foundation Loan accrues interest during <br />the development period, the addition of these interest costs (estimated at $228,500/year) may increase the Project's financial gap. <br />Prepared by: Keyser Marston Associates, Inc. <br />File name: Bewley Street_6 6 23; Pf; trb <br />