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All proposed sources (both public and pri3afe) '(~f funds and the dollar <br />amounts for each source. The application must include documentation such as <br />commitment letters from all fund sources. <br /> <br />All uses of funds (including acquisition costs, rehabilitation and/or <br />construction costs, financing costs and professional fees) required for the <br />project. All uses must also be documented. Appropriate forms of <br />documentation include, but are not limited to_, .appraisals for property to be <br />purchased, escrow closing cost estimates, construction, cost estimates prepared <br />by competent professionals, and reserve requirement statements from other <br />lenders. <br /> <br />If the documentation is not adequate for either the sources or uses of funds, the <br />City will request additional documentation, a second opinion and/or reference <br />from another source such as another construction cost estimator. <br /> <br />C. Project Development Budget <br /> <br />In addition to the Sources and Uses Statement, applicants are required to submit a <br />Project Development Budget. This Budget should categorize costs in a manner <br />consistent with the Sources and Uses Statement and be presented in such a <br />manner that the City can easily refer back to the Statement to determine the <br />source of funding to be used for all costs. It should include all costs associated <br />with the project regardless of funding sources. <br /> <br />In its review of the Development Budget, the City will focus on the quality of the <br />end product, construction costs, architectural and engineering fees, and consulting <br />fees. The City will determine what costs are customary and necessary depending <br />on the type of development activity. For example, it will consider the demands of <br />new construction as opposed to rehabilitation and senior housing as opposed to <br />housing for large families. · It will also determine if these costs are reasonable. <br />The City's determination of "reasonableness" will be based on all of the <br />following factors: <br /> <br />· Costs of comparable projects in Southern California; <br /> <br />· The qualifications of the cost estimators for the various budget line items; and <br /> <br />· Comparable costs as published by recognized industry cost index services. <br /> <br />D. Rate of Return on Equity Investment <br /> <br />The City of Santa Ana will require the applicant to furnish a proforma, or project <br />income and expense statement. At a minimum, the proforma must include <br />achievable rent levels, market vacancies and operating expenses. It must also <br /> <br />EXHIBIT <br /> <br />Resolution No. 2003-032 <br />Page 4 of 5 <br /> <br /> <br />