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forma should identify important underlying assumptions that govern the cash flows, including but not <br />necessarily limited to the amounts and frequency of loan repayments (all sources), annual rent increases, <br />occupancy levels, operating costs as a percent of revenue, timing and amounts of replacement costs. The <br />developer should indicate whether the cost estimates in the Sources and Uses budget assume the payment of <br />Davis Bacon wages and relocation benefits, if applicable. The pro forma must include a calculation of the return <br />on investment to the developer. This will enable the City to comply with the new HUD requirement that it <br />evaluate the reasonableness of the "level of profit or return on owner's or developer's investment in a project." <br />To date, HUD has provided no further guidance on the required evaluation. <br />3. Projected Rental Income. Include evidence that the rental <br />achievable. If proposing all rents to be at low- income, i <br />achievable. , <br />4. Section 3 and Section 504 Compliance. Describe the <br />for maximum feasible participation of local low inc i <br />funded projects. Describe how the project will eloK <br />relevant components of the Americans with Disa , Act. <br />5. Proposed Development Schedule. Taking as a sta <br />provide a proposed development ule that <br />acquisition, additional required loan <br />ents and <br />approvals if necessary, preparation a <br />of c <br />construction, and lease -up. The schedul <br />st r <br />City cannot commit HOME funds to the p <br />t unti <br />has obtained firm c for all ad <br />al requ <br />signed a loan agre <br />6. Current Tenants. P a listing 4&1 tenants <br />7. Exh <br />10. Exhibit E- <br />11. ExhibitF — <br />fact <br />residing in <br />9ncil approval o roposed City loan, <br />n <br />)wing milestoes minimum: Site <br />all other funding sources, zoning change <br />ins, start of construction, completion of <br />the new HOME Program regulation the <br />n underwriting, until the developer <br />I the City and the developer have <br />if applicable. <br />I General Liability Policy. Not required until after <br />The proposal must be comolefflWonsive to the RFP. Incomplete proposals will be deemed as nonresponsive and <br />will be rejected. The City reserve the right to reject any or all proposals submitted and no representation is made <br />hereby that any contract will be awarded pursuant to this RFP or otherwise. <br />XIV. DEVELOPER SELECTION —PROPOSAL AND EVALUATION <br />Immediately following the submission deadline, the Community Development Agency will create a review panel <br />City of Santa Ana Community Development Agency <br />Request for Proposals for Affordable Housing Development <br />19 -13 <br />