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Judson Brown, City of Santa Ana March 1, 2017 <br />Santa Ana Arts Collective: Financial Gap Analysis Page 6 <br />KMA Recommendation <br />The Project's budget includes a $2.0 million Developer Fee, which is the maximum amount <br />allowed for 9% Tax Credit transactions. If the Developer is unable to obtain additional outside <br />funding, KMA recommends that the City require the Developer to defer or forgo the $600,000 <br />component of this Fee that exceeds the $1.40 million that can be included in the Project's Tax <br />Credit eligible basis. This would decrease the Project's unfunded financial gap to approximately <br />$2.90 million. <br />The City previously committed $4.64 million to the Project. If the City grants the Developers <br />request for $3.49 million in additional financial assistance, the City assistance package would <br />total $8.13 million. If the City requires the Developer to defer or forgo $600,000 of the <br />Developer Fee, the City's assistance would total $7.54 million. <br />PROJECT DESCRIPTION <br />The proposed scope of development can be described as follows: <br />1. The Site is comprised of 1.0 acre, or 43,560 square feet of land area. <br />2. The 58 -unit Project represents a density of 58 units per acre. <br />3. The Project's unit mix is as follows: <br />4. The existing building is five stories in height and consists of approximately 66,800 square <br />feet of gross building area (GBA). <br />5. The existing building contains a 142 -space subterranean parking garage. <br />6. The Project's proposed affordability mix is as follows: <br />1703001:SNA:TRB <br />19090.014.007 <br />65A-22 <br />Number of <br />Unit Size <br />Units <br />(SF) <br />One -Bedroom Units <br />26 <br />550 <br />Two -Bedroom Units <br />15 <br />871 <br />Three -Bedroom Units <br />17 <br />1,252 <br />Total / Weighted Average <br />58 <br />839 <br />4. The existing building is five stories in height and consists of approximately 66,800 square <br />feet of gross building area (GBA). <br />5. The existing building contains a 142 -space subterranean parking garage. <br />6. The Project's proposed affordability mix is as follows: <br />1703001:SNA:TRB <br />19090.014.007 <br />65A-22 <br />