Item 16 - Affordable Housing Project at 801, 807, 809 and 809 ½ E. Santa Ana Blvd

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TABLE 1 ESTIMATED CONSTRUCTION COSTS FRANCIS XAVIER RESIDENCE SANTA ANA, CALIFORNIA I.Direct Costs 1 Site Improvements 15,000 Sf Land $25 /Sf Land $375,000 Residential Building Costs 14,321 Sf GBA $220 /Sf GBA 3,151,000 Furnishings, Fixtures & Equipment 50,000 Contractor Fees / General Requirements 12.0%Construction Costs 423,000 General Liability Insurance / Const Bonds 2.0%Construction Costs 71,000 Contingency Allowance 20.0%Other Direct Costs 814,000 Total Direct Costs 14,321 Sf GBA $341 /Sf GBA $4,884,000 II.Indirect Costs Architecture, Engineering & Consulting 7.0%Direct Costs $342,000 Permits & Fees 2 17 Units $31,353 /Unit 533,000 Taxes, Ins., Legal & Accounting 3.0%Direct Costs 147,000 Marketing & Leasing 17 Units $882 /Unit 15,000 Developer Fee 3 7%Net Construction Costs 442,000 Contingency Allowance 10.0%Other Indirects 148,000 Total Indirect Costs $1,627,000 III.Financing Costs Interest During Construction 4 $3,493,000 Loan Amount 5.05%Interest $235,000 Financing Fees Construction Loan $3,493,000 Loan Amount 1.00 Point 35,000 Capitalized Reserves Operating Reserve 4 Months Operating Expenses & Debt Svc Pmts 60,000 NPLH Transition Reserve 5 57,000 Total Financing Costs $387,000 IV.Total Development Costs 17 Units $405,800 /Unit $6,898,000 1 Estimates assume prevailing wage requirements will not be imposed on the Project. 2 Based on Developer estimate. The estimate should be verified by City staff. 3 Per Developer. Net construction costs equate to the total construction costs less the developer fee. 4 5 Based on Developer estimate. Based on a 20-month construction period with a 60% average outstanding balance; and a 4-month absorption period with a 100% average outstanding balance. Prepared by: Keyser Marston Associates, Inc. Filename: Francis Xavier Residence PF_8 27 21.xlsm; Pro Forma_w 3 PBV; trb 1 of 12 EXHIBIT 3