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815 N Harbor Page 2 of8
<br />Revised: 712612013
<br />Version: Preliminary Feasibility (9%)
<br />DEVELOPMENT BUDGET
<br />Tax Credit Elialble
<br /> Total
<br /> Total Project Residential Depreciable Non - Acq. Construction
<br />Item Costs Costs (100%) Residential Depreciable Amortize Expense Basis /Rehab Basis
<br />ACOUISITTON
<br />Lesser of Land Cost or Value $3,856,365 $3,856,366 $0 $3,856,366
<br />Demolition $200,000 $200,000 $0 $200,000 $0
<br />Legal: Acquisition $30,000 $30,000 $0 30000 $0
<br />Subtotal Acquisition $4,086,366 $4,086,366 $0 $4,086,366 $0 $0 $0 $0
<br />CONSTRUCTION
<br />Residential Structures (Inc. Site Work)*
<br />$12,550,000
<br />$12,550,000
<br />$12,550,000
<br />$12,550,000
<br />GC Gen. Requtrement $191,250 $191,250 $191,250 $191,250
<br />GC Overhead $573,750 $573,750 $573,750 $573,750
<br />Contractor Profit $1,020,000 $1,020,000 $1,020,000 $1,020,000
<br />Construction Bonds $275,000 $275,000 $275,000 $275,000
<br />Construction Contingency (5%) $726,750 $726,750 $726,75D $726,750
<br />Subtotal Construction $15,336,750 $15,336,750 $15,336,750 $0 $0 $0 $0 $15,336,750
<br />SOFT C05T5
<br />Local Development Impact Fees
<br />$1,250,000
<br />$1,250,000
<br />$1,250,000
<br />$1,250,000
<br />Local Permit Processing Fees $215,000 $215,000 $215,000 $215,000
<br />Environmental Studies - CEQA $40,000 $40,000 $40,000 $40,000
<br />Appraisal $15,000 $15,000 $15,000 $15,000
<br />Architectural Design & Supervision $718,504 $718,504 $718,504 $718,504
<br />Market Study $15,000 $15,000 $0 $15,000 $0
<br />Survey & Engineering $300,000 $300,000 $300,000 $300,000
<br />Syndication Consultant $65,000 $65,000 $0 $65,000 $0
<br />Legal: Construction $20,000 $20,000 $20,000
<br />$20,000
<br />Legal: Permanent $20,000 $20,000 $0 $20,000 $0
<br />Legal: Organization of Partnership $20,000 $20,000 $0 $20,000 $0
<br />Legal: Syndication $40,000 $40,000 $0 $40,000 s0
<br />Title/Retarding/Escrow - Acquisition $20,000 $20,000 $0 $20,000 $0
<br />Title/Recording/Escrow - Construction $20,000 $20,000 $20,000 $20,000
<br />Cunst. Loan Interest (60% ADS) $633,859 $633,859 $475,394 $158,465 $475,394
<br />Marketing (lease-up, Advertisement, Setup) $40,000 $40,000 $0 $40,000 $0
<br />Lender Construction Inspection $15,000 $15,000 $15,000
<br />;15,00
<br />Furnishing Excluded from Contract $50,000 $50,000 $0 $50,000 $ $0
<br />Insurance $120,000 $120,000 $90,000 $30,000 $90,000
<br />Real Estate Taxes $84,840 $84,840 $63,630 $21,210 $63,630
<br />TCAC App/Allocation - (Monitoring Fee Below) $76,373 ;76,373 $0 $76,373 $0
<br />Soft Cost Contingency $150,000 $150,000 $150,000 ;150,000
<br />Investor Due Diligence $54,500 $54,500 $0 $54,500 $0
<br />Audit/Cost Certification $30,000 $30,000 $30,000
<br />$30,000
<br />Developer Fee (Overhead) $500,000 $500,000 $500,000 $0 $500,000
<br />Developer Fee(Prorit) $1,500000 $1,500,000 $900,000 $600,000 $0 $900,000
<br />Subtotal Solt Costs $6,013,076 $6,013,076 $4,802,528 $829,500 $131,373 $249,675 $0 $4,802,528
<br />COSTS DEFERRED UNTIL CONVERSION
<br />Title/Recording/Escrow - Permanent $10,000 $10,000 $0 $10,000 $0
<br />Operating Reserve $396,600 $396,600 $0 $396,600 $0
<br />Replacement Reserve $66,500 $66,500 $0 $66,500 $0
<br />TCAC Monitoring Fee $28,290 $28,290 $0 $28,290 $0
<br />Subtotal Deferred Costs $501,390 $501,390 $0 $463,100 $38,290 $0 $0 $0
<br />FINANCING COSTS
<br />Constr. Lender Orig. Fees $176,072 $176,072 $176,072 $176,072
<br />Constr. Lender Expense $60,000 $60,000 ;60,000 $60,000
<br />Constr. Lender Legal $45,000 ;45,000 $45,000
<br />$45,00
<br />Perm Lender Orig. Fees $43,704 $93,704 $0 $43,704 $ $0
<br />Perm Lender Legal s25,000 $25,000 $0 $25,000 $0
<br />Subtotal Financing Costs $349,776 $349,776 $281,072 $0 $58,704 $0 $0 $281,072
<br />TOTAL DEVELOPMENT COST $26,287,358 $26,2HJ,358 $20,420,350 $5,378,966 $238,367 ;249,675 $0 $20,420,350
<br />Costs do not assume payment of Davis Bacon wages.
<br />File: 130726_N Harbor pff
<br />80A-139
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