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TABLE 1
<br />ESTIMATED DEVELOPMENT COSTS
<br />9% TAX CREDITS
<br />WISEPLACE PSH PROJECT
<br />SANTA ANA, CALIFORNIA
<br />I.Direct Costs 1
<br />Off-site Improvements 2 $463,000
<br />On-site Improvements 26,136 Sf Land $54 /Sf Land 1,410,000
<br />Residential Building Costs 31,428 Sf GBA $425 /SF GBA 13,357,000
<br />Furnishings, Fixtures & Equipment 192,000
<br />Contractor Fees / General Requirements 14%Construction Costs 2,132,000
<br />General Liability Insurance / Const Bonds 2%Construction Costs 305,000
<br />Contingency Allowance 5%Other Direct Costs 893,000
<br />Total Direct Costs 31,428 Sf GBA $597 /Sf GBA $18,752,000
<br />II.Indirect Costs
<br />Architecture, Engineering & Consulting 7%Direct Costs $1,219,000
<br />Public Permits & Fees 2 48 Units $31,049 /Unit 1,490,000
<br />Taxes, Insurance, Legal & Accounting 3%Direct Costs 563,000
<br />Relocation Costs 85,000
<br />Marketing & Leasing 48 Units $2,667 /Unit 128,000
<br />Developer Fee 3 11%Eligible Costs 2,200,000
<br />Contingency Allowance 10%Other Indirect Costs 569,000
<br />Total Indirect Costs $6,254,000
<br />III.Financing Costs
<br />Interest During Construction 4 $16,577,000 Loan Amount 5.25%Interest $1,160,000
<br />Financing Fees
<br />Construction Loan $16,577,000 Loan Amount 1.25 Points 207,000
<br />Capitalized Reserves
<br />COSR 5 2,100,000
<br />Operating Reserve 3 Months Op Exp 146,000
<br />TCAC Fees 6 107,000
<br />Total Financing Costs $3,720,000
<br />IV.Total Construction Costs (Net COSR)48 Units $554,700 /Unit $26,626,000
<br />Total Development Costs 48 Units $598,500 /Unit $28,726,000
<br />1
<br />2 Based on Developer estimate. City staff should verify this estimate.
<br />3 Equal to the maximum amount allowed by TCAC.
<br />4
<br />5 Based on Developer estimate. See TABLE 4 for KMA estimate.
<br />6 Includes a $2,000 application fee; $410/unit monitoring fee; and 4% of the gross Tax Credit proceeds for one year.
<br />Includes debt on the 90% of the Tax Credit Equity that will not be funded during construction. Assumes a 20-month construction period with a 50%
<br />average outstanding balance and a 6-month absorption period with a 100% average outstanding balance.
<br />Estimates assume that Federal Davis Bacon and/or State prevailing wage requirements will be imposed on the Project. The direct costs are based on
<br />Developer estimates, and will need to be verified with general contractor bids.
<br />Prepared by: Keyser Marston Associates, Inc.
<br />File name: Santa Ana Wiseplace_6 4 22.xlsx; Pro Forma_9%; trb
<br />EXHIBIT 3
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