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HA - Item 03 - Pre -Commitment of Affordable Housing Funds for Illumination Foundation
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HA - Item 03 - Pre -Commitment of Affordable Housing Funds for Illumination Foundation
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7/13/2023 10:43:01 AM
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7/12/2023 12:51:24 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Clerk of the Council
Item #
HA-3
Date
7/18/2023
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EXHIBIT 2 <br />Terri Eggers / Judson Brown, City of Santa Ana June 22, 2023 <br />Bewley Street — Preliminary Financial Gap Analysis Page 10 <br />4. The Developer provided an allowance for replacement reserve deposits at $545 <br />per unit per year. This is a reasonable allowance given the small size of the <br />Project. <br />RESIDENTIAL STABILIZED NET OPERATING INCOME <br />The Project's residential EGI is estimated at $239,000, and the operating expenses are <br />estimated at $107,200. This results in an estimated residential stabilized NOI of <br />$131,800. <br />TOTAL PROJECT STABILIZED NET OPERATING INCOME <br />In addition to the $131,800 in residential NOI, the Developer intends to lease the <br />preschool space to Head Start. The Developer estimates the preschool lease payments <br />at $5,000 per month, or $60,000 per year. When the preschool lease payments are <br />added to the residential NOI, KMA estimates the Project's total NOI at $191,800. <br />Financial Gap Calculation <br />The financial gap is estimated by deducting the available outside funding sources from <br />the Project's total development costs. The outside funding sources anticipated to be <br />received by the Project are described below. <br />AVAILABLE FUNDING SOURCES <br />Illumination Foundation Loan <br />The Developer, or one of its affiliated legal entities, proposes to provide a loan to the <br />Project. The proposed terms of the Illumination Foundation Loan include the following: <br />1. Interest -only payments based on a variable interest rate set at the Wall Street <br />Journal (WSJ) Prime Rate. The WSJ Prime Rate is currently set at 8.25%. <br />2. The Developer anticipates repaying this loan through a capital campaign. <br />Therefore, no repayment term was specified. However, the Developer did not <br />provide the loan documents for review. <br />230600203A.TRB <br />19090.018.028 <br />
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