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Natalie Verlinich, City of Santa AnaApril 15, 2016 <br />First Street Apartments: Financial Gap Analysis Page 5 <br />Direct Costs <br />The direct cost estimates assume that the Project will not be subject to State of <br />California or Federal Davis Bacon prevailing wage requirements. The direct costs <br />applied in this analysis are estimated at $14.38 million, and can be summarized as <br />follows: <br />1.A $550,000 allowance for remedial work and demolition costs is provided. <br />2.The Developer estimated the off-site improvement costs at $319,000. City staff <br />should verify the scope and cost of the off-site improvements required to serve <br />the Project. <br />3.The on-site improvement costs are estimated at $17 per square foot of land <br />area, or $1.63 million. <br />4.The residential shell costs are estimated at $115 per square foot of residential <br />GBA, or $9.34 million. <br />5.A $76,000 allowance for furnishings, fixtures and equipment is provided. <br />6.A 14% allowance for contractor fees and general requirements is provided. <br />7.An allowance for construction bonds / general liability insurance at 2% of <br />construction costs is provided. <br />8.A direct cost contingency allowance equal to 5% of other direct costs is provided. <br />Indirect Costs <br />KMA estimated the indirect costs at approximately $6.5 million, based on the following <br />assumptions: <br />1.The architecture, engineering and consulting costs are estimated at 10% of direct <br />costs. <br />2.The Developer estimated the public permits and fees costs at $2.2 million, or <br />$31,900 per unit. City staff should verify the accuracy of this estimate. <br />1604007:SA;TRB <br />19090.014.001 <br />